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)
Diana R. Gonzalez
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, 2021
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 | | |
As permitted by regulations adopted by the Securities and Exchange Commission, paper copies of the Funds' annual and semi-annual shareholder reports will not be sent to you 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.
You may elect to receive shareholder reports and other communications from the Funds electronically at any time by contacting the financial intermediary (such as a broker-dealer or bank) through which you hold your Fund 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,
More than a year has passed since the World Health Organization declared COVID-19 a global pandemic in March 2020, resulting in a year of global economic recession, financial market turbulence and some immeasurable losses. Although the health crisis persists, with the widespread distribution of vaccines in the U.S. and extraordinary economic interventions by governments and central banks around the world, we collectively look forward to what our “new normal” might be.
With vaccine progress and economic stimulus providing real benefits to the global economy, markets continue to anticipate a strong rebound in growth, especially in the U.S., along with higher inflation. To extend relief programs enacted earlier in the crisis, the U.S. government passed $900 billion in aid to individuals and businesses in late December 2020. Another $1.9 trillion relief package was signed into law in March 2021 providing extended unemployment benefits, direct payments to individuals and families, assistance to state and local municipalities, grants to education and public health, and other support. Currently, Congress is working on an infrastructure spending plan, although its final shape and whether it passes remains to be seen. The U.S. Federal Reserve (Fed) and other central banks around the world remain committed to supporting the recovery by maintaining accommodative monetary conditions. However, as economies have reopened, the surge in consumer demand has outpaced supply chain capacity, resulting in a jump in inflation indicators in recent months. Whether inflation persists is a subject of debate by economists and market observers, while the Fed and other central banks believe it to be more transitory.
While the markets’ longer-term outlook has brightened, we expect intermittent bouts of volatility to continue. Markets are closely monitoring central bank signals, particularly if inflation remains elevated, as a sooner-than-expected shift to monetary tightening could slow the economic recovery. Additionally, COVID-19 cases are still elevated in some regions, as more virulent strains have spread and vaccination rollouts have been uneven around the world. The recovery hinges on controlling the virus, and estimates vary considerably on when economic activity might be fully restored and what level of public inoculation would be sufficient to contain the virus spread. On the political front, the Biden administration’s full policy agenda and the potential for Congressional gridlock remain to be seen, either of which could cause investment outlooks to shift. Short-term market fluctuations can provide your Fund opportunities to invest in new ideas as well as upgrade existing positioning while providing long-term value for shareholders. For more than 120 years, the careful consideration of risk and reward has guided Nuveen’s focus on delivering long-term results to our shareholders.
If you have concerns about what’s coming next, it can be an opportune time to assess your portfolio. We encourage you to review your time horizon, risk tolerance and investment goals with your financial professional. 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 22, 2021
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
Vaccination progress across Western countries has been encouraging for the markets, although the spread of new variants of the COVID-19 coronavirus is being closely watched. Although the pace of vaccinations in the U.S. has recently slowed, half of U.S. states and Washington D.C. have fully vaccinated at least 50% of their adult populations as of May 2021 according to the Centers for Disease Control and Prevention. In other regions of the world, vaccine rollouts have been slower than expected. Nevertheless, there are more vaccines still in development, some of which have announced positive trial results, vaccine trials have begun for children and governments are looking to adjust rollout plans to speed and/or broaden distribution.
After moderating in late 2020, the U.S. economic recovery reaccelerated in early 2021 as vaccinations, reopening and federal stimulus checks encouraged consumer spending. Pledges from central banks and governments to sustain the recovery with policy support are underpinning positive economic outlooks for the full year and beyond. The U.S. government approved a $900 billion relief package in late December 2020 and followed with another $1.9 trillion stimulus plan in March 2021. The Biden administration has proposed a $2 trillion infrastructure improvement plan and a $1.8 trillion families plan investing in education, child care, paid family leave and other support, although the specifics of both proposals are expected to be highly debated in Congress.
Markets rallied on optimism for normalization in daily life and in the economy, furthering the recovery from the March 2020 sell-off. 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 issu-
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)
ers. 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 shut-downs across the global economy sharply reduced oil demand, although oil prices have recovered to well above those lows.
Nuveen Fund Advisors, LLC, and the portfolio management teams are monitoring the situation carefully and 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, 2021, 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 are further required to meet certain carbon-based ownership and emissions thresholds in order to be included in 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.
How did the Funds perform during the six-month reporting period ended April 30, 2021?
The tables in each Fund’s Performance Overview and Expense Ratios section of this report provides the Funds’ total return performance at net asset value (NAV) for the period ended April 30, 2021. Each Fund’s total returns at NAV are compared with the performance of the Index, which each Fund is designed to track.
Portfolio Managers’ Comments (continued)
The total return for each Fund underperformed its respective Index during the six-month reporting periods. The trailing performance is primarily attributable to fees and expenses. Transaction costs in emerging markets for NUEM’s purchase and sale of securities due to higher levels of turnover in the NUEM Index during the reporting period, as well as fees and expenses incurred by the Fund that are not incurred by the NUEM Index, reduced relative performance. 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.
Global equity markets performed strongly over the six-month reporting period. Fiscal stimulus, accommodative central banks, economic reopenings and vaccine rollouts led to upgraded economic growth forecasts for 2021. However, progress toward economic normalization was uneven. The U.S., U.K. and selected other countries ran relatively more successful vaccination campaigns, while Europe, Japan and many emerging markets lagged. Equity investors began to favor sectors and stocks perceived to benefit from economic reopening, rotating away from technology and other “stay-at-home” stocks that had outperformed at the beginning of the COVID-19 crisis. Against this backdrop, U.S. stocks outperformed those of international (non-U.S.) developed markets and emerging markets, although all three segments posted double-digit gains in this reporting period. Within the U.S. market, the more economically sensitive areas, such as value stocks and small-capitalization stocks, outperformed those areas that led early on in the COVID-19 crisis, such as growth stocks and large-cap stocks.
NUSC, with its small-cap focus, and NUMV, which invests in mid-cap value stocks, posted the highest returns of the eight Funds during the reporting period. The three U.S. large-cap Funds – NULC, NULG and NULV – and NUMG, which also has high exposure to information technology stocks, were the middle performers. Among the non-U.S. Funds, NUDM outperformed NUEM. Emerging markets stocks were the weakest performing global equity segment as they continued to face challenges in containing COVID-19 and procuring and administering vaccines, as well as contending with increased political and/or geopolitical uncertainty in some countries.
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. Due to the percentage weight within the base index, the Fund may at times be significantly invested in certain countries, such as China. Investing in China involves additional risks, including a reduction in growth if global or domestic demand for Chinese goods decreases significantly, pricing anomalies that may be connected to governmental influence, a lack of publicy-available information and/or social instability. 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
Risk Considerations (continued)
(ESG) criteria, the Fund may forgo some market opportunities available to funds that don’t use these criteria. The value of equity securities may decline significantly over short or extended periods of time. Value stocks may not be fully recognized by the market and be undervalued. Because it invests primarily in large-capitalization stocks, the Fund may underperform funds that invest primarily in stocks of smaller capitalization companies during periods when the stocks of such companies are in favor. These and other risk considerations are described in detail in the Fund’s prospectus.
Nuveen 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. Refer to the Financial Highlights later in this report for each Fund's expense ratios as of the end of the reporting period.
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, 2021 | | |
| | | Cumulative | | Average Annual | |
| | Inception
Date | 6-Month | | 1-Year | Since
Inception | Expense
Ratios |
| NUEM at NAV | 6/06/17 | 23.27% | | 56.56% | 11.16% | 0.45% |
| NUEM at Market Price | 6/06/17 | 22.71% | | 59.28% | 11.20% | — |
| TIAA ESG Emerging Markets Equity Index | — | 23.86% | | 58.30% | 12.01% | — |
| MSCI Emerging Markets Index | — | 22.95% | | 48.71% | 10.05% | — |
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, 2021 | | |
| | | Cumulative | | Average Annual | |
| | Inception
Date | 6-Month | | 1-Year | Since
Inception | Expense
Ratios |
| NUDM at NAV | 6/06/17 | 28.74% | | 40.13% | 7.81% | 0.40% |
| NUDM at Market Price | 6/06/17 | 28.09% | | 41.78% | 7.85% | — |
| TIAA ESG International Developed Markets Equity Index | — | 29.07% | | 40.79% | 8.13% | — |
| MSCI EAFE Index | — | 28.84% | | 39.88% | 7.27% | — |
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, 2021 | | |
| | | Cumulative | | Average Annual | |
| | Inception
Date | 6-Month | | 1-Year | Since
Inception | Expense
Ratios |
| NULC at NAV | 6/03/19 | 30.38% | | 50.63% | 29.39% | 0.20% |
| NULC at Market Price | 6/03/19 | 30.93% | | 50.61% | 29.45% | — |
| TIAA ESG USA Large-Cap Index | — | 30.59% | | 51.05% | 29.67% | — |
| MSCI USA Index | — | 29.21% | | 48.47% | 28.18% | — |
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, 2021 | | |
| | | Cumulative | | Average Annual | |
| | Inception
Date | 6-Month | | 1-Year | Since
Inception | Expense
Ratios |
| NULG at NAV | 12/13/16 | 27.14% | | 55.82% | 24.84% | 0.35% |
| NULG at Market Price | 12/13/16 | 27.31% | | 55.69% | 24.84% | — |
| TIAA ESG USA Large-Cap Growth Index | — | 27.41% | | 56.47% | 25.30% | — |
| MSCI USA Growth Index | — | 25.18% | | 55.11% | 24.81% | — |
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, 2021 | | |
| | | Cumulative | | Average Annual | |
| | Inception
Date | 6-Month | | 1-Year | Since
Inception | Expense
Ratios |
| NULV at NAV | 12/13/16 | 32.23% | | 41.07% | 11.46% | 0.35% |
| NULV at Market Price | 12/13/16 | 32.19% | | 40.95% | 11.47% | — |
| TIAA ESG USA Large-Cap Value Index | — | 32.56% | | 41.71% | 11.85% | — |
| MSCI USA Value Index | — | 33.57% | | 40.65% | 10.32% | — |
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, 2021 | | |
| | | Cumulative | | Average Annual | |
| | Inception
Date | 6-Month | | 1-Year | Since
Inception | Expense
Ratios |
| NUMG at NAV | 12/13/16 | 27.42% | | 61.94% | 21.10% | 0.40% |
| NUMG at Market Price | 12/13/16 | 27.72% | | 61.48% | 21.10% | — |
| TIAA ESG USA Mid-Cap Growth Index | — | 27.72% | | 62.73% | 21.61% | — |
| MSCI USA Mid-Cap Growth Index | — | 27.90% | | 61.06% | 19.99% | — |
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, 2021 | | |
| | | Cumulative | | Average Annual | |
| | Inception
Date | 6-Month | | 1-Year | Since
Inception | Expense
Ratios |
| NUMV at NAV | 12/13/16 | 43.51% | | 62.42% | 10.99% | 0.40% |
| NUMV at Market Price | 12/13/16 | 43.29% | | 62.33% | 10.98% | — |
| TIAA ESG USA Mid-Cap Value Index | — | 43.93% | | 63.32% | 11.45% | — |
| MSCI USA Mid-Cap Value Index | — | 42.58% | | 60.84% | 10.60% | — |
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, 2021 | | |
| | | Cumulative | | Average Annual | |
| | Inception
Date | 6-Month | | 1-Year | Since
Inception | Expense
Ratios |
| NUSC at NAV | 12/13/16 | 46.10% | | 80.22% | 15.77% | 0.40% |
| NUSC at Market Price | 12/13/16 | 45.87% | | 80.31% | 15.78% | — |
| TIAA ESG USA Small-Cap Index | — | 46.48% | | 81.07% | 16.25% | — |
| MSCI USA Small-Cap Index | — | 47.23% | | 76.24% | 15.04% | — |
Holding Summaries as of April 30, 2021
This data relates to the securities held in each Fund's portfolio of investments as of the end of this reporting period. It should not be construed as a measure of performance for the Fund itself. Holdings are subject to change.
Nuveen ESG Emerging Markets Equity ETF (NUEM)
Fund Allocation
(% of net assets) | |
| Common Stocks | 99.7% |
| Common Stock Rights | 0.0% |
| U.S. Government and Agency Obligations | 0.3% |
| Other Assets Less Liabilities | (0.0)% |
| Net Assets | 100% |
Top Five Common Stock Holdings
(% of net assets) | |
| Taiwan Semiconductor Manufacturing Co Ltd | 7.7% |
| Tencent Holdings Ltd | 6.8% |
| Alibaba Group Holding Ltd, Sponsored ADR | 6.4% |
| Meituan., Class B | 2.6% |
| MediaTek Inc | 2.5% |
Portfolio Composition
(% of net assets) | |
| Information Technology | 21.2% |
| Consumer Discretionary | 17.4% |
| Financials | 16.5% |
| Communication Services | 12.6% |
| Materials | 7.9% |
| Consumer Staples | 6.0% |
| Industrials | 5.7% |
| Health Care | 4.5% |
| Utilities | 3.3% |
| Energy | 2.5% |
| Real Estate | 2.1% |
| U.S. Government and Agency Obligations | 0.3% |
| Other Assets Less Liabilities | (0.0)% |
| Net Assets | 100% |
Country Allocation1
(% of net assets) | |
| China | 37.3% |
| Taiwan | 15.2% |
| South Korea | 12.9% |
| India | 10.1% |
| Brazil | 4.4% |
| South Africa | 4.0% |
| Saudi Arabia | 3.0% |
| Thailand | 1.8% |
| Mexico | 1.7% |
| Malaysia | 1.6% |
| Other | 8.0% |
| Other Assets Less Liabilities | (0.0)% |
| Net Assets | 100% |
| 1 | Includes 99.1% (as a percentage of net assets) in emerging market countries. | |
Nuveen ESG International Developed Markets Equity ETF (NUDM)
Fund Allocation
(% of net assets) | |
| Common Stocks | 99.4% |
| Warrants | 0.0% |
| U.S. Government and Agency Obligations | 0.2% |
| Other Assets Less Liabilities | 0.4% |
| Net Assets | 100% |
Top Five Common Stock Holdings
(% of net assets) | |
| Nestle SA | 3.4% |
| Siemens AG | 2.1% |
| ASML Holding NV | 1.9% |
| GlaxoSmithKline PLC | 1.8% |
| L'Oreal SA | 1.8% |
Portfolio Composition
(% of net assets) | |
| Financials | 18.8% |
| Industrials | 18.2% |
| Consumer Staples | 12.7% |
| Consumer Discretionary | 11.4% |
| Health Care | 11.1% |
| Materials | 8.3% |
| Information Technology | 7.6% |
| Communication Services | 4.1% |
| Real Estate | 3.3% |
| Utilities | 2.2% |
| Energy | 1.7% |
| U.S. Government and Agency Obligations | 0.2% |
| Other Assets Less Liabilities | 0.4% |
| Net Assets | 100% |
Country Allocation
(% of net assets) | |
| Japan | 23.3% |
| United Kingdom | 14.0% |
| France | 9.9% |
| Switzerland | 9.6% |
| Germany | 9.0% |
| Australia | 7.1% |
| Netherlands | 3.3% |
| Italy | 2.9% |
| Sweden | 2.8% |
| Hong Kong | 2.4% |
| Other | 15.3% |
| Other Assets Less Liabilities | 0.4% |
| Net Assets | 100% |
Holding Summaries as of April 30, 2021 (continued)
Nuveen ESG Large-Cap ETF (NULC)
Fund Allocation
(% of net assets) | |
| Common Stocks | 99.7% |
| Investments Purchased with Collateral from Securities Lending | 0.1% |
| Other Assets Less Liabilities | 0.2% |
| Net Assets | 100% |
Portfolio Composition
(% of net assets) | |
| Information Technology | 28.8% |
| Financials | 13.3% |
| Health Care | 11.2% |
| Consumer Discretionary | 10.5% |
| Communication Services | 10.3% |
| Industrials | 8.1% |
| Consumer Staples | 6.8% |
| Real Estate | 3.9% |
| Materials | 2.7% |
| Energy | 2.1% |
| Utilities | 2.0% |
| Investments Purchased with Collateral from Securities Lending | 0.1% |
| Other Assets Less Liabilities | 0.2% |
| Net Assets | 100% |
Top Five Common Stock Holdings
(% of net assets) | |
| Microsoft Corp | 4.9% |
| Alphabet Inc., Class A | 3.2% |
| NVIDIA Corp | 2.1% |
| Walt Disney Co | 2.1% |
| Tesla Inc | 2.0% |
Nuveen ESG Large-Cap Growth ETF (NULG)
Fund Allocation
(% of net assets) | |
| Common Stocks | 99.8% |
| Investments Purchased with Collateral from Securities Lending | 0.5% |
| U.S. Government and Agency Obligations | 0.2% |
| Other Assets Less Liabilities | (0.5)% |
| Net Assets | 100% |
Portfolio Composition
(% of net assets) | |
| Information Technology | 40.1% |
| Consumer Discretionary | 15.4% |
| Communication Services | 13.1% |
| Health Care | 10.9% |
| Industrials | 8.3% |
| Financials | 4.7% |
| Consumer Staples | 4.3% |
| Materials | 1.5% |
| Real Estate | 1.5% |
| Investments Purchased with Collateral from Securities Lending | 0.5% |
| U.S. Government and Agency Obligations | 0.2% |
| Other Assets Less Liabilities | (0.5)% |
| Net Assets | 100% |
Top Five Common Stock Holdings
(% of net assets) | |
| Microsoft Corp | 8.9% |
| Alphabet Inc., Class A | 5.3% |
| Alphabet Inc, Class C | 4.5% |
| Tesla Inc | 3.9% |
| NVIDIA Corp | 3.2% |
Holding Summaries as of April 30, 2021 (continued)
Nuveen ESG Large-Cap Value ETF (NULV)
Fund Allocation
(% of net assets) | |
| Common Stocks | 99.7% |
| U.S. Government and Agency Obligations | 0.1% |
| Other Assets Less Liabilities | 0.2% |
| Net Assets | 100% |
Portfolio Composition
(% of net assets) | |
| Financials | 20.3% |
| Health Care | 15.2% |
| Information Technology | 14.2% |
| Industrials | 12.8% |
| Consumer Staples | 10.4% |
| Communication Services | 6.2% |
| Consumer Discretionary | 4.8% |
| Real Estate | 4.4% |
| Utilities | 4.3% |
| Materials | 3.8% |
| Energy | 3.3% |
| U.S. Government and Agency Obligations | 0.1% |
| Other Assets Less Liabilities | 0.2% |
| Net Assets | 100% |
Top Five Common Stock Holdings
(% of net assets) | |
| Procter & Gamble Co | 2.7% |
| Home Depot Inc | 2.4% |
| Coca-Cola Co | 2.4% |
| Intel Corp | 2.3% |
| Verizon Communications Inc | 2.3% |
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 | 39.6% |
| Health Care | 18.7% |
| Industrials | 14.1% |
| Consumer Discretionary | 12.0% |
| Communication Services | 7.3% |
| Materials | 3.3% |
| Financials | 3.2% |
| Consumer Staples | 1.7% |
| 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) | |
| Align Technology Inc | 3.2% |
| Fortinet Inc | 2.8% |
| Cadence Design Systems Inc | 2.8% |
| Okta Inc | 2.6% |
| Mettler-Toledo International Inc | 2.6% |
Holding Summaries as of April 30, 2021 (continued)
Nuveen ESG Mid-Cap Value ETF (NUMV)
Fund Allocation
(% of net assets) | |
| Common Stocks | 99.8% |
| U.S. Government and Agency Obligations | 0.1% |
| Other Assets Less Liabilities | 0.1% |
| Net Assets | 100% |
Portfolio Composition
(% of net assets) | |
| Financials | 21.1% |
| Industrials | 14.8% |
| Real Estate | 12.9% |
| Consumer Discretionary | 11.2% |
| Information Technology | 9.9% |
| Materials | 7.9% |
| Health Care | 5.9% |
| Utilities | 5.0% |
| Communication Services | 4.9% |
| Energy | 3.4% |
| Consumer Staples | 2.8% |
| U.S. Government and Agency Obligations | 0.1% |
| Other Assets Less Liabilities | 0.1% |
| Net Assets | 100% |
Top Five Common Stock Holdings
(% of net assets) | |
| Arthur J Gallagher & Co | 2.1% |
| Carrier Global Corp | 2.1% |
| ONEOK Inc | 2.0% |
| Kansas City Southern | 1.9% |
| CMS Energy Corp | 1.9% |
Nuveen ESG Small-Cap ETF (NUSC)
Fund Allocation
(% of net assets) | |
| Common Stocks | 99.9% |
| Investments Purchased with Collateral from Securities Lending | 0.4% |
| U.S. Government and Agency Obligations | 0.1% |
| Other Assets Less Liabilities | (0.4)% |
| Net Assets | 100% |
Portfolio Composition
(% of net assets) | |
| Consumer Discretionary | 16.9% |
| Industrials | 16.4% |
| Information Technology | 15.5% |
| Financials | 14.5% |
| Health Care | 13.4% |
| Real Estate | 9.5% |
| Materials | 5.1% |
| Consumer Staples | 3.0% |
| Energy | 2.1% |
| Communication Services | 1.9% |
| Utilities | 1.6% |
| Investments Purchased with Collateral from Securities Lending | 0.4% |
| U.S. Government and Agency Obligations | 0.1% |
| Other Assets Less Liabilities | (0.4)% |
| Net Assets | 100% |
Top Five Common Stock Holdings
(% of net assets) | |
| Reliance Steel & Aluminum Co | 0.9% |
| WEX Inc | 0.8% |
| First Horizon Corp | 0.8% |
| DXC Technology Co | 0.8% |
| GameStop Corp., Class A | 0.7% |
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, 2021.
The beginning of the period is November 1, 2020.
The information under “Actual Performance,” together with the amount you invested, allows you to estimate actual expenses incurred over the reporting period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.60) and multiply the result by the cost shown for your Fund in the row entitled “Expenses Incurred During Period” to estimate the expenses incurred on your account during this period.
The information under “Hypothetical Performance” provides information about hypothetical account values and hypothetical expenses based on each Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expense you incurred for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.
Please note that the expenses shown in the tables are meant to highlight your ongoing costs only and do not reflect any transaction costs. Therefore, the hypothetical information is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transaction costs were included, your costs would have been higher.
Nuveen ESG Emerging Markets Equity ETF (NUEM)
| Actual Performance | |
| Beginning Account Value | $1,000.00 |
| Ending Account Value | $1,232.70 |
| Expenses Incurred During Period | $ 2.49 |
Hypothetical Performance
(5% annualized return before expenses) | |
| Beginning Account Value | $1,000.00 |
| Ending Account Value | $1,022.56 |
| Expenses Incurred During the Period | $ 2.26 |
Expenses are equal to the Fund's annualized net expense ratio of 0.45% multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).
Nuveen ESG International Developed Markets Equity ETF (NUDM)
| Actual Performance | |
| Beginning Account Value | $1,000.00 |
| Ending Account Value | $1,287.40 |
| Expenses Incurred During Period | $ 2.27 |
Hypothetical Performance
(5% annualized return before expenses) | |
| Beginning Account Value | $1,000.00 |
| Ending Account Value | $1,022.81 |
| Expenses Incurred During the Period | $ 2.01 |
Expenses are equal to the Fund's annualized net expense ratio of 0.40% multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).
Nuveen ESG Large-Cap ETF (NULC)
| Actual Performance | |
| Beginning Account Value | $1,000.00 |
| Ending Account Value | $1,303.80 |
| Expenses Incurred During Period | $ 1.14 |
Hypothetical Performance
(5% annualized return before expenses) | |
| Beginning Account Value | $1,000.00 |
| Ending Account Value | $1,023.80 |
| Expenses Incurred During the Period | $ 1.00 |
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 181/365 (to reflect the one-half year period).
Nuveen ESG Large-Cap Growth ETF (NULG)
| Actual Performance | |
| Beginning Account Value | $1,000.00 |
| Ending Account Value | $1,271.40 |
| Expenses Incurred During Period | $ 1.97 |
Hypothetical Performance
(5% annualized return before expenses) | |
| Beginning Account Value | $1,000.00 |
| Ending Account Value | $1,023.06 |
| Expenses Incurred During the Period | $ 1.76 |
Expenses are equal to the Fund's annualized net expense ratio of 0.35% multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).
Expense Examples (continued)
Nuveen ESG Large-Cap Value ETF (NULV)
| Actual Performance | |
| Beginning Account Value | $1,000.00 |
| Ending Account Value | $1,322.30 |
| Expenses Incurred During Period | $ 2.02 |
Hypothetical Performance
(5% annualized return before expenses) | |
| Beginning Account Value | $1,000.00 |
| Ending Account Value | $1,023.06 |
| Expenses Incurred During the Period | $ 1.76 |
Expenses are equal to the Fund's annualized net expense ratio of 0.35% multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).
Nuveen ESG Mid-Cap Growth ETF (NUMG)
| Actual Performance | |
| Beginning Account Value | $1,000.00 |
| Ending Account Value | $1,274.20 |
| Expenses Incurred During Period | $ 2.26 |
Hypothetical Performance
(5% annualized return before expenses) | |
| Beginning Account Value | $1,000.00 |
| Ending Account Value | $1,022.81 |
| Expenses Incurred During the Period | $ 2.01 |
Expenses are equal to the Fund's annualized net expense ratio of 0.40% multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).
Nuveen ESG Mid-Cap Value ETF (NUMV)
| Actual Performance | |
| Beginning Account Value | $1,000.00 |
| Ending Account Value | $1,435.10 |
| Expenses Incurred During Period | $ 2.42 |
Hypothetical Performance
(5% annualized return before expenses) | |
| Beginning Account Value | $1,000.00 |
| Ending Account Value | $1,022.81 |
| Expenses Incurred During the Period | $ 2.01 |
Expenses are equal to the Fund's annualized net expense ratio of 0.40% multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).
Nuveen ESG Small-Cap ETF (NUSC)
| Actual Performance | |
| Beginning Account Value | $1,000.00 |
| Ending Account Value | $1,461.00 |
| Expenses Incurred During Period | $ 2.44 |
Hypothetical Performance
(5% annualized return before expenses) | |
| Beginning Account Value | $1,000.00 |
| Ending Account Value | $1,022.81 |
| Expenses Incurred During the Period | $ 2.01 |
Expenses are equal to the Fund's annualized net expense ratio of 0.40% multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).
Nuveen ESG Emerging Markets Equity ETF (NUEM)
Portfolio of Investments April 30, 2021
(Unaudited)
| Shares | | Description (1) | | | | Value |
| | | LONG-TERM INVESTMENTS – 99.7% | | | | |
| | | COMMON STOCKS – 99.7% | | | | |
| | | Communication Services – 12.6% | | | | |
| 24,238 | | Advanced Info Service PCL, (2) | | | | $133,109 |
| 252,284 | | Axiata Group Bhd | | | | 238,341 |
| 137 | | CD Projekt SA, (3) | | | | 6,296 |
| 162,614 | | Chunghwa Telecom Co Ltd | | | | 663,659 |
| 10,510 | | DiGiCom Bhd | | | | 10,750 |
| 19,295 | | Emirates Telecommunications Group Co PJSC | | | | 111,258 |
| 236 | | Globe Telecom Inc | | | | 8,984 |
| 2,433 | | Hellenic Telecommunications Organization SA | | | | 41,326 |
| 8,015 | | Info Edge India Ltd, (3) | | | | 531,794 |
| 5,218 | | Intouch Holdings PCL, (2) | | | | 10,683 |
| 8,257 | | Maxis Bhd | | | | 9,272 |
| 106,124 | | MTN Group, (3) | | | | 670,211 |
| 991 | | MultiChoice Group | | | | 8,524 |
| 3,151 | | NAVER Corp | | | | 1,018,371 |
| 4,665 | | Ooredoo QPSC | | | | 9,110 |
| 6,409 | | Orange Polska SA, (3) | | | | 11,527 |
| 4,463 | | SK Telecom Co Ltd | | | | 1,217,711 |
| 2,882 | | Taiwan Mobile Co Ltd | | | | 10,318 |
| 50,832 | | Telefonica Brasil SA | | | | 404,763 |
| 7,686 | | Telekom Malaysia Bhd | | | | 10,714 |
| 77,936 | | Tencent Holdings Ltd | | | | 6,251,457 |
| 8,313 | | Total Access Communication PCL, (2) | | | | 8,743 |
| 82,771 | | True Corp PCL | | | | 8,719 |
| 116,315 | | Turkcell Iletisim Hizmetleri AS | | | | 208,166 |
| 1,134 | | Vodacom Group Ltd | | | | 9,828 |
| 2,100 | | Wuhu Sanqi Interactive Entertainment Network Technology Group Co Ltd | | | | 7,162 |
| | | Total Communication Services | | | | 11,620,796 |
| | | Consumer Discretionary – 17.4% | | | | |
| 25,792 | | Alibaba Group Holding Ltd, Sponsored ADR, (3) | | | | 5,956,662 |
| 724 | | Allegroeu SA, 144A, (3) | | | | 11,109 |
| 60,633 | | Asset World Corp PCL, (2), (3) | | | | 9,269 |
| 633 | | B2W Cia Digital, (3) | | | | 7,855 |
| 176 | | Bajaj Auto Ltd, (3) | | | | 9,109 |
| 188 | | Baozun Inc, Sponsored ADR, (3) | | | | 6,526 |
| 34,772 | | BYD Co Ltd | | | | 717,659 |
| Shares | | Description (1) | | | | Value |
| | | Consumer Discretionary (continued) | | | | |
| 4,550 | | BYD Co Ltd | | | | $111,542 |
| 6,695 | | Cheng Shin Rubber Industry Co Ltd | | | | 12,967 |
| 4,662 | | China Education Group Holdings Ltd | | | | 11,261 |
| 3,300 | | Chongqing Changan Automobile Co Ltd, (3) | | | | 8,352 |
| 152 | | Coway Co Ltd | | | | 9,142 |
| 678 | | Eclat Textile Co Ltd | | | | 13,010 |
| 322 | | Eicher Motors Ltd, (3) | | | | 10,527 |
| 2,567 | | Falabella SA | | | | 11,537 |
| 460 | | FF Group, (3), (4) | | | | 664 |
| 256 | | Fila Holdings Corp | | | | 10,494 |
| 1,000 | | Fuyao Glass Industry Group Co Ltd | | | | 7,936 |
| 1,168 | | Fuyao Glass Industry Group Co Ltd, 144A | | | | 6,790 |
| 188,975 | | Geely Automobile Holdings Ltd | | | | 490,269 |
| 3,651 | | Great Wall Motor Co Ltd | | | | 9,035 |
| 1,400 | | Great Wall Motor Co Ltd | | | | 7,235 |
| 1,200 | | Guangdong Xinbao Electrical Appliances Holdings Co Ltd | | | | 6,946 |
| 9,579 | | Guangzhou Automobile Group Co Ltd | | | | 8,177 |
| 6,195 | | Hangzhou Robam Appliances Co Ltd | | | | 36,748 |
| 231 | | Hankook Tire & Technology Co Ltd | | | | 9,989 |
| 629 | | Hanon Systems | | | | 9,161 |
| 288 | | Hero MotoCorp Ltd | | | | 10,957 |
| 21,968 | | Home Product Center PCL, (2) | | | | 9,948 |
| 487 | | Hotai Motor Co Ltd | | | | 10,530 |
| 6,622 | | Jarir Marketing Co | | | | 351,398 |
| 880 | | JD Health International Inc, 144A, (3) | | | | 13,710 |
| 1,900 | | Joyoung Co Ltd | | | | 9,341 |
| 4,536 | | JUMBO SA | | | | 84,910 |
| 26,967 | | Koolearn Technology Holding Ltd, 144A, (3) | | | | 51,873 |
| 9,134 | | LG Electronics Inc | | | | 1,293,302 |
| 2,800 | | Liaoning Cheng Da Co Ltd | | | | 9,757 |
| 1,349 | | Lojas Renner SA | | | | 10,046 |
| 6 | | LPP SA, (3) | | | | 15,518 |
| 6,698 | | Mahindra & Mahindra Ltd | | | | 68,049 |
| 62,697 | | Meituan., Class B, 144A, (3) | | | | 2,405,571 |
| 11,183 | | Minor International PCL, (2), (3) | | | | 10,774 |
| 812 | | Mr Price Group Ltd | | | | 10,179 |
| 6,645 | | Naspers Ltd | | | | 1,516,297 |
| 749 | | Nien Made Enterprise Co Ltd | | | | 12,120 |
| 20,804 | | NIO Inc., ADR, (3) | | | | 828,831 |
| 9,400 | | Shenzhen Overseas Chinese Town Co Ltd | | | | 13,530 |
| 17,300 | | Songcheng Performance Development Co Ltd | | | | 58,118 |
Nuveen ESG Emerging Markets Equity ETF (NUEM) (continued)
Portfolio of Investments April 30, 2021
(Unaudited)
| Shares | | Description (1) | | | | Value |
| | | Consumer Discretionary (continued) | | | | |
| 63,453 | | Suningcom Co Ltd | | | | $65,333 |
| 94,616 | | TCL Technology Group Corp, (3) | | | | 131,648 |
| 17,850 | | Titan Co Ltd | | | | 359,458 |
| 15,536 | | Tongcheng-Elong Holdings Ltd, (3) | | | | 38,966 |
| 6,006 | | Topsports International Holdings Ltd, 144A | | | | 8,119 |
| 982 | | Trent Ltd | | | | 10,314 |
| 4,951 | | Via Varejo S/A, (3) | | | | 10,796 |
| 3,791 | | Vipshop Holdings Ltd., ADR, (3) | | | | 116,649 |
| 2,700 | | Weifu High-Technology Group Co Ltd | | | | 10,177 |
| 3,209 | | Woolworths Holdings Ltd/South Africa, (3) | | | | 10,874 |
| 14,400 | | Wuchan Zhongda Group Co Ltd | | | | 10,285 |
| 1,700 | | Xiamen Intretech Inc | | | | 10,691 |
| 236 | | XPeng Inc., ADR, (3) | | | | 7,059 |
| 3,685 | | Yadea Group Holdings Ltd, 144A | | | | 8,066 |
| 14,794 | | Yum China Holdings Inc | | | | 930,838 |
| | | Total Consumer Discretionary | | | | 16,034,003 |
| | | Consumer Staples – 6.0% | | | | |
| 28,203 | | Almarai Co JSC | | | | 404,608 |
| 53 | | Amorepacific Corp | | | | 12,889 |
| 177 | | AMOREPACIFIC Group | | | | 11,696 |
| 1,000 | | Angel Yeast Co Ltd | | | | 9,078 |
| 2,665 | | Atacadao SA | | | | 10,669 |
| 7,626 | | Berli Jucker PCL, (2) | | | | 8,694 |
| 875 | | BGF retail Co Ltd | | | | 120,353 |
| 470 | | Bid Corp Ltd, (3) | | | | 9,263 |
| 861 | | Britannia Industries Ltd | | | | 40,090 |
| 10,500 | | By-health Co Ltd | | | | 53,082 |
| 900 | | Chacha Food Co Ltd | | | | 7,507 |
| 11,053 | | Charoen Pokphand Foods PCL, (2) | | | | 10,294 |
| 13,900 | | China Feihe Ltd, 144A | | | | 39,641 |
| 124,037 | | China Mengniu Dairy Co Ltd | | | | 664,354 |
| 26 | | CJ CheilJedang Corp | | | | 9,244 |
| 579 | | Clicks Group Ltd | | | | 9,666 |
| 2,396 | | Coca-Cola Femsa SAB de CV | | | | 11,285 |
| 425 | | Colgate-Palmolive India Ltd | | | | 8,503 |
| 5,155 | | CP ALL PCL, (2) | | | | 10,347 |
| 1,253 | | Dabur India Ltd | | | | 9,102 |
| 218,156 | | Dali Foods Group Co Ltd, 144A | | | | 129,767 |
| 146 | | Dino Polska SA, 144A, (3) | | | | 9,487 |
| 3,729 | | Embotelladora Andina SA | | | | 8,850 |
| 108,296 | | Fomento Economico Mexicano SAB de CV | | | | 844,005 |
| Shares | | Description (1) | | | | Value |
| | | Consumer Staples (continued) | | | | |
| 1,349 | | Fraser & Neave Holdings Bhd | | | | $9,879 |
| 300 | | Fu Jian Anjoy Foods Co Ltd | | | | 11,688 |
| 874 | | Gruma SAB de CV | | | | 9,558 |
| 3,037 | | GS Retail Co Ltd | | | | 97,743 |
| 31,645 | | Hindustan Unilever Ltd | | | | 1,005,561 |
| 41,006 | | Inner Mongolia Yili Industrial Group Co Ltd | | | | 259,602 |
| 6,714 | | Kimberly-Clark de Mexico SAB de CV | | | | 11,685 |
| 1,766 | | Kuala Lumpur Kepong Bhd | | | | 9,484 |
| 900 | | Laobaixing Pharmacy Chain JSC | | | | 7,465 |
| 7 | | LG Household & Health Care Ltd | | | | 9,685 |
| 10,848 | | Magnit PJSC, GDR, (2) | | | | 152,794 |
| 336 | | Magnit PJSC, GDR | | | | 4,733 |
| 1,653 | | Marico Ltd | | | | 9,152 |
| 1,010 | | Natura & Co Holding SA, (3) | | | | 9,074 |
| 2,629 | | Nestle India Ltd | | | | 578,852 |
| 294 | | Nestle Malaysia Bhd | | | | 9,739 |
| 2,203 | | PPB Group Bhd | | | | 9,949 |
| 1,045 | | President Chain Store Corp | | | | 10,138 |
| 12,482 | | Puregold Price Club Inc | | | | 9,669 |
| 6,674 | | QL Resources Bhd | | | | 9,857 |
| 29,739 | | Savola Group | | | | 316,811 |
| 962 | | Shoprite Holdings Ltd | | | | 9,588 |
| 835 | | SPAR Group Ltd | | | | 10,559 |
| 10,430 | | Sun Art Retail Group Ltd | | | | 9,615 |
| 21,642 | | Thai Union Group PCL, (2) | | | | 10,495 |
| 378,327 | | Unilever Indonesia Tbk PT | | | | 157,145 |
| 8,785 | | Uni-President China Holdings Ltd | | | | 10,700 |
| 4,086 | | Uni-President Enterprises Corp | | | | 10,986 |
| 3,419 | | Universal Robina Corp | | | | 9,721 |
| 3,057 | | Vinda International Holdings Ltd | | | | 10,883 |
| 13,269 | | Want Want China Holdings Ltd | | | | 9,618 |
| 10,050 | | X5 Retail Group NV, GDR | | | | 308,535 |
| 500 | | Yifeng Pharmacy Chain Co Ltd | | | | 6,945 |
| | | Total Consumer Staples | | | | 5,570,382 |
| | | Energy – 2.5% | | | | |
| 17,788 | | Cosan SA | | | | 295,284 |
| 445,660 | | Dialog Group Bhd | | | | 330,731 |
| 29,851 | | Offshore Oil Engineering Co Ltd | | | | 20,075 |
| 33,496 | | Petronas Dagangan Bhd | | | | 164,847 |
| 55,230 | | Qatar Fuel QSC | | | | 276,074 |
| 281,260 | | Qatar Gas Transport Co Ltd | | | | 244,104 |
Nuveen ESG Emerging Markets Equity ETF (NUEM) (continued)
Portfolio of Investments April 30, 2021
(Unaudited)
| Shares | | Description (1) | | | | Value |
| | | Energy (continued) | | | | |
| 5,080 | | S-Oil Corp, (3) | | | | $397,778 |
| 126,596 | | Thai Oil PCL, (2) | | | | 240,893 |
| 81,714 | | Ultrapar Participacoes SA | | | | 317,954 |
| | | Total Energy | | | | 2,287,740 |
| | | Financials – 16.5% | | | | |
| 1,209 | | Absa Group Ltd, (3) | | | | 10,205 |
| 5,600 | | Abu Dhabi Commercial Bank PJSC | | | | 9,559 |
| 7,712 | | Abu Dhabi Islamic Bank PJSC | | | | 10,141 |
| 10,198 | | AMMB Holdings Bhd | | | | 7,419 |
| 34,086 | | Axis Bank Ltd, (3) | | | | 328,976 |
| 85,939 | | B3 SA - Brasil Bolsa Balcao | | | | 815,789 |
| 119,640 | | Banco Bradesco SA | | | | 525,951 |
| 37,016 | | Banco Bradesco SA | | | | 141,030 |
| 11,219 | | Banco do Brasil SA | | | | 61,293 |
| 1,839 | | Banco Santander Brasil SA | | | | 13,061 |
| 154,832 | | Banco Santander Chile | | | | 8,455 |
| 2,722 | | Bancolombia SA | | | | 20,315 |
| 1,164 | | Bancolombia SA | | | | 8,712 |
| 81,748 | | Bandhan Bank Ltd, 144A, (3) | | | | 363,919 |
| 6,688 | | Bank Central Asia Tbk PT | | | | 14,828 |
| 5,692 | | Bank of the Philippine Islands | | | | 9,788 |
| 20,722 | | Bank Polska Kasa Opieki SA, (3) | | | | 437,732 |
| 1,583,150 | | Bank Rakyat Indonesia Persero Tbk PT | | | | 443,874 |
| 408,418 | | Cathay Financial Holding Co Ltd | | | | 764,696 |
| 1,727 | | Chailease Holding Co Ltd | | | | 12,489 |
| 1,058,449 | | China Construction Bank Corp | | | | 838,108 |
| 64,400 | | China Construction Bank Corp | | | | 67,005 |
| 9,372 | | CIMB Group Holdings Bhd | | | | 9,472 |
| 8,290 | | Commercial Bank PSQC | | | | 12,295 |
| 1,132 | | Credicorp Ltd, (3) | | | | 135,161 |
| 14,515 | | CTBC Financial Holding Co Ltd | | | | 11,848 |
| 11,664 | | ESun Financial Holding Co Ltd | | | | 11,254 |
| 143,579 | | First Abu Dhabi Bank PJSC | | | | 556,624 |
| 13,646 | | First Financial Holding Co Ltd | | | | 11,187 |
| 2,855 | | FirstRand Ltd | | | | 10,044 |
| 495,203 | | Fubon Financial Holding Co Ltd | | | | 1,138,153 |
| 92,243 | | Grupo Financiero Banorte SAB de CV | | | | 525,901 |
| 50,625 | | Huatai Securities Co Ltd | | | | 124,599 |
| 166,038 | | Huatai Securities Co Ltd, 144A | | | | 237,293 |
| 80,853 | | Huaxia Bank Co Ltd | | | | 77,999 |
| 896 | | Hyundai Marine & Fire Insurance Co Ltd | | | | 19,614 |
| Shares | | Description (1) | | | | Value |
| | | Financials (continued) | | | | |
| 140,522 | | Industrial Bank Co Ltd | | | | $472,292 |
| 3,074 | | Kasikornbank PCL | | | | 13,130 |
| 16,287 | | KB Financial Group Inc | | | | 800,916 |
| 1,826 | | Komercni banka as, (3) | | | | 55,443 |
| 34,463 | | Kotak Mahindra Bank Ltd, (3) | | | | 813,647 |
| 4,776 | | Krungthai Card PCL, (2) | | | | 11,696 |
| 4,974 | | Malayan Banking Bhd | | | | 9,993 |
| 8,379 | | MCB Bank Ltd | | | | 8,900 |
| 9,777 | | Mega Financial Holding Co Ltd | | | | 11,428 |
| 3,125 | | Moneta Money Bank AS, 144A, (3) | | | | 11,633 |
| 4,501 | | Muangthai Capital PCL, (2) | | | | 9,251 |
| 1,349 | | Nedbank Group Ltd, (3) | | | | 13,749 |
| 529,988 | | Old Mutual Ltd | | | | 462,130 |
| 1,194 | | OTP Bank Nyrt, (3) | | | | 53,758 |
| 115,723 | | Ping An Insurance Group Co of China Ltd | | | | 1,265,722 |
| 46,643 | | Ping An Insurance Group Co of China Ltd | | | | 522,794 |
| 410,105 | | Public Bank Bhd | | | | 415,471 |
| 39,254 | | Qatar National Bank QPSC | | | | 192,982 |
| 7,356 | | RHB Bank Bhd | | | | 9,356 |
| 349 | | Samsung Card Co Ltd | | | | 11,075 |
| 3,489 | | Samsung Fire & Marine Insurance Co Ltd | | | | 621,047 |
| 2,311 | | Sanlam Ltd | | | | 8,924 |
| 3,296 | | Santander Bank Polska SA, (3) | | | | 195,200 |
| 7,237 | | Shanghai Commercial & Savings Bank Ltd | | | | 11,257 |
| 29,863 | | Shinhan Financial Group Co Ltd | | | | 1,073,871 |
| 3,185 | | Siam Commercial Bank PCL, (2) | | | | 10,740 |
| 25,129 | | SinoPac Financial Holdings Co Ltd | | | | 11,965 |
| 1,050 | | Standard Bank Group Ltd | | | | 8,541 |
| 65,658 | | State Bank of India, (3) | | | | 313,343 |
| 22,097 | | Taishin Financial Holding Co Ltd | | | | 11,154 |
| 14,327 | | Taiwan Cooperative Financial Holding Co Ltd | | | | 10,976 |
| 13,738 | | Yuanta Financial Holding Co Ltd | | | | 12,787 |
| | | Total Financials | | | | 15,249,960 |
| | | Health Care – 4.5% | | | | |
| 136,839 | | 3SBio Inc, 144A, (3) | | | | 129,671 |
| 5,339 | | AK Medical Holdings Ltd, 144A | | | | 8,318 |
| 15,040 | | Alibaba Health Information Technology Ltd, (3) | | | | 45,893 |
| 972 | | Aspen Pharmacare Holdings Ltd, (3) | | | | 10,820 |
| 14,675 | | Bangkok Dusit Medical Services PCL, (2) | | | | 10,227 |
| 1,293 | | BeiGene Ltd., ADR, (3) | | | | 444,197 |
| 1,769 | | Biocon Ltd, (3) | | | | 9,067 |
Nuveen ESG Emerging Markets Equity ETF (NUEM) (continued)
Portfolio of Investments April 30, 2021
(Unaudited)
| Shares | | Description (1) | | | | Value |
| | | Health Care (continued) | | | | |
| 2,530 | | Bumrungrad Hospital PCL, (2) | | | | $10,888 |
| 196 | | CanSino Biologics Inc, 144A, (3) | | | | 9,817 |
| 2,400 | | Chengdu Kanghong Pharmaceutical Group Co Ltd | | | | 8,011 |
| 34,552 | | China Medical System Holdings Ltd | | | | 80,076 |
| 269,155 | | CSPC Pharmaceutical Group Ltd | | | | 333,375 |
| 5,919 | | Dr Sulaiman Al Habib Medical Services Group Co | | | | 238,648 |
| 6,725 | | Genscript Biotech Corp, (3) | | | | 15,585 |
| 2,118 | | Guangzhou Baiyunshan Pharmaceutical Holdings Co Ltd | | | | 10,033 |
| 700 | | Guangzhou Kingmed Diagnostics Group Co Ltd | | | | 15,613 |
| 27 | | Hanmi Pharm Co Ltd | | | | 8,204 |
| 1,834 | | Hansoh Pharmaceutical Group Co Ltd, 144A, (3) | | | | 7,922 |
| 3,248 | | Hartalega Holdings Bhd | | | | 8,151 |
| 8,198 | | Hutchison China MediTech Ltd., ADR, (3) | | | | 231,921 |
| 7,927 | | IHH Healthcare Bhd | | | | 10,411 |
| 600 | | Jafron Biomedical Co Ltd | | | | 8,951 |
| 3,918 | | Jinxin Fertility Group Ltd, 144A | | | | 10,089 |
| 92,031 | | Kalbe Farma Tbk PT | | | | 9,174 |
| 1,600 | | Livzon Pharmaceutical Group Inc | | | | 11,626 |
| 1,448 | | Microport Scientific Corp | | | | 10,459 |
| 18,259 | | Notre Dame Intermedica Participacoes SA | | | | 273,519 |
| 2,100 | | Ovctek China Inc | | | | 37,712 |
| 1,046 | | Piramal Enterprises Ltd | | | | 23,727 |
| 370 | | Richter Gedeon Nyrt | | | | 10,599 |
| 5,074 | | Shandong Weigao Group Medical Polymer Co Ltd | | | | 11,380 |
| 1,893 | | Shanghai Fosun Pharmaceutical Group Co Ltd | | | | 12,028 |
| 1,200 | | Shanghai Fosun Pharmaceutical Group Co Ltd | | | | 11,176 |
| 66,266 | | Shanghai Pharmaceuticals Holding Co Ltd | | | | 150,844 |
| 3,400 | | Shanghai Pharmaceuticals Holding Co Ltd | | | | 11,764 |
| 102 | | SK Biopharmaceuticals Co Ltd, (3) | | | | 9,995 |
| 7,542 | | Sri Trang Gloves Thailand PCL, (2) | | | | 10,718 |
| 82,851 | | Supermax Corp Bhd | | | | 121,959 |
| 16,200 | | Tianjin Chase Sun Pharmaceutical Co Ltd | | | | 10,945 |
| 29,141 | | WuXi AppTec Co Ltd, 144A | | | | 689,237 |
| 14,475 | | WuXi AppTec Co Ltd | | | | 355,254 |
| 43,519 | | Wuxi Biologics Cayman Inc, 144A, (3) | | | | 613,547 |
| 8,605 | | Yunnan Baiyao Group Co Ltd | | | | 143,076 |
| | | Total Health Care | | | | 4,194,627 |
| | | Industrials – 5.7% | | | | |
| 12,543 | | Air China Ltd | | | | 9,948 |
| 8,512 | | Air China Ltd | | | | 10,765 |
| 243,874 | | Airports of Thailand PCL, (2) | | | | 485,594 |
| Shares | | Description (1) | | | | Value |
| | | Industrials (continued) | | | | |
| 25,169 | | A-Living Smart City Services Co Ltd, 144A | | | | $116,012 |
| 20,537 | | Ayala Corp | | | | 316,052 |
| 754 | | Bidvest Group Ltd | | | | 8,705 |
| 23,485 | | BOC Aviation Ltd, 144A | | | | 211,965 |
| 31,856 | | BTS Group Holdings PCL | | | | 9,259 |
| 2,154 | | China Conch Venture Holdings Ltd | | | | 10,192 |
| 122,472 | | China Lesso Group Holdings Ltd | | | | 308,748 |
| 136 | | CJ Corp | | | | 11,676 |
| 8,629 | | Contemporary Amperex Technology Co Ltd | | | | 517,832 |
| 12,716 | | Country Garden Services Holdings Co Ltd | | | | 133,433 |
| 367 | | Doosan Bobcat Inc, (3) | | | | 15,061 |
| 85,577 | | ElSewedy Electric Co, (3) | | | | 43,991 |
| 861 | | Eve Energy Co Ltd | | | | 11,803 |
| 11,907 | | Evergreen Marine Corp Taiwan Ltd, (3) | | | | 33,675 |
| 10,427 | | Far Eastern New Century Corp | | | | 12,412 |
| 9,285 | | Greentown Service Group Co Ltd | | | | 14,800 |
| 10,856 | | Grupo Aeroportuario del Pacifico SAB de CV, (3) | | | | 112,211 |
| 585 | | Grupo Aeroportuario del Sureste SAB de CV, (3) | | | | 9,947 |
| 6,774 | | GS Engineering & Construction Corp | | | | 268,865 |
| 1,098 | | GT Capital Holdings Inc | | | | 11,972 |
| 4,968 | | HAP Seng Consolidated Bhd | | | | 9,739 |
| 604 | | Havells India Ltd | | | | 8,075 |
| 876 | | Hiwin Technologies Corp | | | | 13,328 |
| 59,216 | | JG Summit Holdings Inc | | | | 64,873 |
| 6,600 | | Jiangsu Zhongtian Technology Co Ltd | | | | 10,428 |
| 378 | | Korean Air Lines Co Ltd, (3) | | | | 9,141 |
| 10,706 | | LG Corp, (4) | | | | 1,217,521 |
| 2,595 | | Localiza Rent a Car SA | | | | 30,756 |
| 366 | | Lotte Corp | | | | 12,043 |
| 7,135 | | Malaysia Airports Holdings Bhd | | | | 10,433 |
| 2,678 | | Rumo SA, (3) | | | | 9,872 |
| 834 | | Samsung Engineering Co Ltd, (3) | | | | 13,008 |
| 613 | | Shenzhen Inovance Technology Co Ltd | | | | 8,477 |
| 123,772 | | Shenzhen International Holdings Ltd | | | | 206,211 |
| 3,075 | | Siemens Ltd | | | | 77,910 |
| 18,410 | | Sime Darby Bhd | | | | 10,157 |
| 29,172 | | Sinotrans Ltd | | | | 22,009 |
| 500 | | Sungrow Power Supply Co Ltd | | | | 6,949 |
| 46,438 | | WEG SA | | | | 299,672 |
| 9,301 | | Westports Holdings Bhd | | | | 9,763 |
| 82,753 | | Xinjiang Goldwind Science & Technology Co Ltd | | | | 136,380 |
Nuveen ESG Emerging Markets Equity ETF (NUEM) (continued)
Portfolio of Investments April 30, 2021
(Unaudited)
| Shares | | Description (1) | | | | Value |
| | | Industrials (continued) | | | | |
| 20,510 | | Xinjiang Goldwind Science & Technology Co Ltd | | | | $38,652 |
| 15,832 | | Zhengzhou Yutong Bus Co Ltd | | | | 33,312 |
| 44,002 | | Zoomlion Heavy Industry Science and Technology Co Ltd | | | | 80,340 |
| 151,123 | | Zoomlion Heavy Industry Science and Technology Co Ltd | | | | 209,362 |
| | | Total Industrials | | | | 5,233,329 |
| | | Information Technology – 21.2% | | | | |
| 81,784 | | AAC Technologies Holdings Inc | | | | 455,417 |
| 10,732 | | Acer Inc | | | | 13,178 |
| 1,112 | | Asustek Computer Inc | | | | 14,968 |
| 11,623 | | Compal Electronics Inc | | | | 10,403 |
| 146,137 | | Delta Electronics Inc | | | | 1,582,588 |
| 7,982 | | Delta Electronics Thailand PCL, (2) | | | | 90,747 |
| 376 | | Globant SA, (3) | | | | 86,172 |
| 786 | | HCL Technologies Ltd | | | | 9,539 |
| 79,379 | | Infosys Ltd | | | | 1,451,375 |
| 12,124 | | Inventec Corp | | | | 11,784 |
| 2,471 | | Kingdee International Software Group Co Ltd | | | | 8,176 |
| 185 | | Larsen & Toubro Infotech Ltd, 144A | | | | 9,716 |
| 813,298 | | Lenovo Group Ltd | | | | 1,118,346 |
| 26,239 | | LG Display Co Ltd, (3) | | | | 573,208 |
| 5,417 | | Lite-On Technology Corp | | | | 12,392 |
| 53,697 | | MediaTek Inc | | | | 2,277,985 |
| 6,318 | | Samsung Electro-Mechanics Co Ltd | | | | 1,016,696 |
| 2,325 | | Samsung SDI Co Ltd | | | | 1,366,971 |
| 54 | | Samsung SDS Co Ltd | | | | 8,884 |
| 23,512 | | Sunny Optical Technology Group Co Ltd | | | | 573,356 |
| 333,497 | | Taiwan Semiconductor Manufacturing Co Ltd | | | | 7,163,506 |
| 33,786 | | Tata Consultancy Services Ltd | | | | 1,384,623 |
| 14,421 | | Unisplendour Corp Ltd | | | | 40,732 |
| 45,558 | | Wipro Ltd | | | | 303,064 |
| 10,355 | | Wistron Corp | | | | 12,122 |
| | | Total Information Technology | | | | 19,595,948 |
| | | Materials – 7.9% | | | | |
| 316 | | Anglo American Platinum Ltd | | | | 43,233 |
| 1,349 | | Asian Paints Ltd | | | | 46,193 |
| 3,159,837 | | Barito Pacific Tbk PT, (3) | | | | 218,749 |
| 15,798 | | Beijing Oriental Yuhong Waterproof Technology Co Ltd | | | | 141,070 |
| 972 | | Berger Paints India Ltd | | | | 9,239 |
| 23,579 | | China Jushi Co Ltd | | | | 65,688 |
| 365,475 | | China Molybdenum Co Ltd | | | | 247,984 |
| 11,765 | | China Molybdenum Co Ltd | | | | 10,568 |
| Shares | | Description (1) | | | | Value |
| | | Materials (continued) | | | | |
| 988 | | Cia de Minas Buenaventura SAA, ADR, (3) | | | | $9,603 |
| 3,363 | | Empresas CMPC SA | | | | 9,300 |
| 7,352 | | Ganfeng Lithium Co Ltd | | | | 124,448 |
| 10,900 | | GEM Co Ltd | | | | 16,851 |
| 122,834 | | Gerdau SA | | | | 752,140 |
| 1,077 | | Gold Fields Ltd | | | | 10,185 |
| 1,687 | | Grasim Industries Ltd | | | | 31,910 |
| 2,500 | | Guangdong Hongda Blasting Co Ltd | | | | 10,737 |
| 250 | | Hanwha Solutions Corp, (3) | | | | 10,350 |
| 29,458 | | Hengli Petrochemical Co Ltd | | | | 135,031 |
| 23,609 | | Impala Platinum Holdings Ltd | | | | 441,878 |
| 9,024 | | Indorama Ventures PCL, (2) | | | | 13,911 |
| 1,752 | | KGHM Polska Miedz SA, (3) | | | | 89,980 |
| 3,100 | | Kingfa Sci & Tech Co Ltd | | | | 10,917 |
| 1,930 | | Klabin SA, (3) | | | | 9,911 |
| 824 | | Korea Zinc Co Ltd | | | | 330,385 |
| 7,267 | | Kumba Iron Ore Ltd | | | | 329,766 |
| 62 | | Kumho Petrochemical Co Ltd | | | | 14,492 |
| 882 | | Lotte Chemical Corp | | | | 241,046 |
| 407,435 | | Merdeka Copper Gold Tbk PT, (3) | | | | 73,900 |
| 46,933 | | Nan Ya Plastics Corp | | | | 148,194 |
| 36,974 | | National Industrialization Co, (3) | | | | 189,302 |
| 745 | | Northam Platinum Ltd, (3) | | | | 12,838 |
| 58,000 | | Pangang Group Vanadium Titanium & Resources Co Ltd, (3) | | | | 19,996 |
| 5,542 | | PhosAgro PJSC, GDR | | | | 101,807 |
| 326 | | PI Industries Ltd | | | | 11,054 |
| 378 | | Pidilite Industries Ltd, (3) | | | | 9,266 |
| 6,455 | | Polymetal International PLC | | | | 133,657 |
| 6,617 | | Polyus PJSC, GDR | | | | 613,065 |
| 39,188 | | Press Metal Aluminium Holdings Bhd | | | | 49,746 |
| 211,620 | | PTT Global Chemical PCL, (2) | | | | 460,450 |
| 48,592 | | Saudi Arabian Mining Co, (3) | | | | 742,466 |
| 20,900 | | Shandong Nanshan Aluminum Co Ltd | | | | 12,343 |
| 1,300 | | Shandong Sinocera Functional Material Co Ltd | | | | 9,948 |
| 840 | | Shanghai Putailai New Energy Technology Co Ltd | | | | 10,528 |
| 2,400 | | Sinoma Science & Technology Co Ltd | | | | 8,148 |
| 300 | | Skshu Paint Co Ltd | | | | 10,989 |
| 1,239 | | Sociedad Quimica y Minera de Chile SA | | | | 64,965 |
| 6,935 | | Taiwan Cement Corp | | | | 12,935 |
| 10,705 | | Transfar Zhilian Co Ltd | | | | 10,112 |
| 56,024 | | UPL Ltd | | | | 459,023 |
Nuveen ESG Emerging Markets Equity ETF (NUEM) (continued)
Portfolio of Investments April 30, 2021
(Unaudited)
| Shares | | Description (1) | | | | Value |
| | | Materials (continued) | | | | |
| 3,300 | | Xiamen Tungsten Co Ltd | | | | $9,851 |
| 28,557 | | Yanbu National Petrochemical Co | | | | 556,656 |
| 5,341 | | Yunnan Energy New Material Co Ltd | | | | 111,100 |
| 9,025 | | Zhaojin Mining Industry Co Ltd | | | | 8,192 |
| 7,825 | | Zhejiang Huayou Cobalt Co Ltd, (3) | | | | 98,920 |
| | | Total Materials | | | | 7,325,016 |
| | | Real Estate – 2.1% | | | | |
| 16,866 | | Ayala Land Inc | | | | 11,279 |
| 53,950 | | Cencosud Shopping SA | | | | 87,623 |
| 6,615 | | China Merchants Shekou Industrial Zone Holdings Co Ltd | | | | 11,883 |
| 302,826 | | China Overseas Land & Investment Ltd | | | | 766,535 |
| 15,542 | | China Overseas Property Holdings Ltd | | | | 15,768 |
| 2,436 | | China Resources Land Ltd | | | | 11,432 |
| 91,656 | | China Vanke Co Ltd | | | | 320,985 |
| 2,100 | | China Vanke Co Ltd | | | | 9,146 |
| 69,774 | | DLF Ltd | | | | 232,949 |
| 10,362 | | Growthpoint Properties Ltd | | | | 10,371 |
| 36,797 | | Guangzhou R&F Properties Co Ltd | | | | 47,093 |
| 3,127 | | Hopson Development Holdings Ltd | | | | 12,300 |
| 33,361 | | Land & Houses PCL, (2) | | | | 9,268 |
| 1,838 | | Longfor Group Holdings Ltd, 144A | | | | 11,465 |
| 1,760 | | NEPI Rockcastle PLC | | | | 11,853 |
| 1,581 | | Poly Property Services Co Ltd | | | | 11,572 |
| 354,127 | | Shenzhen Investment Ltd | | | | 129,945 |
| 16,675 | | Shimao Group Holdings Ltd | | | | 48,306 |
| 244,990 | | SM Prime Holdings Inc | | | | 175,284 |
| | | Total Real Estate | | | | 1,935,057 |
| | | Utilities – 3.3% | | | | |
| 10,333 | | Adani Green Energy Ltd, (3) | | | | 142,142 |
| 24,380 | | Beijing Enterprises Water Group Ltd | | | | 9,323 |
| 5,029 | | China Longyuan Power Group Corp Ltd | | | | 7,407 |
| 3,971 | | Cia Energetica de Minas Gerais | | | | 10,130 |
| 8,174 | | Cia Paranaense de Energia | | | | 9,432 |
| 1,388 | | CPFL Energia SA | | | | 7,509 |
| 3,206,379 | | Enel Americas SA | | | | 454,190 |
| 1,066 | | Energisa SA | | | | 8,657 |
| 4,823 | | Energy Absolute PCL, (2) | | | | 9,449 |
| 1,171 | | Engie Brasil Energia SA | | | | 8,778 |
| 85,652 | | ENN Energy Holdings Ltd | | | | 1,460,093 |
| 2,591 | | Equatorial Energia SA | | | | 11,983 |
| 49,985 | | Interconexion Electrica SA ESP | | | | 285,666 |
| Shares | | Description (1) | | | | Value |
| | | Utilities (continued) | | | | |
| 215,347 | | Power Grid Corp of India Ltd | | | | $ 640,612 |
| | | Total Utilities | | | | 3,065,371 |
| | | Total Common Stocks (cost $72,898,741) | | | | 92,112,229 |
| Shares | | Description (1) | | | | Value |
| | | COMMON STOCK RIGHTS – 0.0% | | | | |
| | | Information Technology – 0.0% | | | | |
| 3,176 | | Legend Holdings Corp, (4) | | | | $ — |
| | | Total Common Stock Rights (cost $-) | | | | — |
| | | Total Long-Term Investments (cost $72,898,741) | | | | 92,112,229 |
| Principal Amount (000) | | Description (1) | Coupon | Maturity | Ratings (5) | Value |
| | | SHORT-TERM INVESTMENTS – 0.3% | | | | |
| | | U.S. GOVERNMENT AND AGENCY OBLIGATIONS – 0.3% | | | | |
| $ 257 | | Federal Agricultural Mortgage Corp Discount Notes | 0.000% | 5/03/21 | N/R | $ 257,000 |
| | | Total Short-Term Investments (cost $257,000) | | | | 257,000 |
| | | Total Investments (cost $73,155,741) – 100.0% | | | | 92,369,229 |
| | | Other Assets Less Liabilities – (0.0)% | | | | (4,723) |
| | | Net Assets – 100% | | | | $ 92,364,506 |
| | 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 an ex-dividend date within the past twelve months. | |
| (4) | Investment valued at fair value using methods determined in good faith by, or at the discretion of, the Board. For fair value measurement disclosure purposes, investment classified as Level 3. See Notes to Financial Statements, Note 3 - Investment Valuation and Fair Value Measurements for more information. | |
| (5) | For financial reporting purposes, the ratings disclosed are the highest of Standard & Poor’s Group (“Standard & Poor’s”), Moody’s Investors Service, Inc. (“Moody’s”) or Fitch, Inc. (“Fitch”) rating. This treatment of split-rated securities may differ from that used for other purposes, such as for Fund investment policies. Ratings below BBB by Standard & Poor’s, Baa by Moody’s or BBB by Fitch are considered to be below investment grade. Holdings designated N/R are not rated by any of these national rating agencies. | |
| 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 | |
See accompanying notes to financial statements.
Nuveen ESG International Developed Markets Equity ETF (NUDM)
Portfolio of Investments April 30, 2021
(Unaudited)
| Shares | | Description (1) | | | | Value |
| | | LONG-TERM INVESTMENTS – 99.4% | | | | |
| | | COMMON STOCKS – 99.4% | | | | |
| | | Communication Services – 4.1% | | | | |
| 1,398 | | Auto Trader Group PLC, 144A, (2) | | | | $11,037 |
| 6,426 | | BT Group PLC, (2) | | | | 14,676 |
| 418 | | Capcom Co Ltd | | | | 13,576 |
| 209 | | Elisa Oyj | | | | 11,873 |
| 9,597 | | HKT Trust & HKT Ltd | | | | 13,938 |
| 26,049 | | KDDI Corp | | | | 787,869 |
| 4,013 | | Koninklijke KPN NV | | | | 13,845 |
| 4,864 | | Nippon Telegraph & Telephone Corp | | | | 122,596 |
| 985 | | Orange SA | | | | 12,272 |
| 565 | | Proximus SADP | | | | 12,059 |
| 640 | | SEEK Ltd, (2) | | | | 15,311 |
| 555,621 | | Singapore Telecommunications Ltd | | | | 1,044,086 |
| 20,989 | | SoftBank Corp | | | | 270,655 |
| 3,680 | | Spark New Zealand Ltd | | | | 11,618 |
| 20 | | Swisscom AG | | | | 10,861 |
| 675 | | Tele2 AB | | | | 8,729 |
| 4,233 | | Telefonica Deutschland Holding AG | | | | 12,321 |
| 47,529 | | Telenor ASA | | | | 849,243 |
| 2,908 | | Telia Co AB | | | | 12,050 |
| 4,717 | | Telstra Corp Ltd | | | | 12,352 |
| 614,647 | | Vodafone Group PLC | | | | 1,164,181 |
| 1,262 | | WPP PLC | | | | 17,047 |
| 59,356 | | Z Holdings Corp | | | | 274,231 |
| | | Total Communication Services | | | | 4,716,426 |
| | | Consumer Discretionary – 11.4% | | | | |
| 12,498 | | Accor SA | | | | 503,559 |
| 27 | | adidas AG | | | | 8,348 |
| 1,208 | | Barratt Developments PLC | | | | 12,912 |
| 3,876 | | Bayerische Motoren Werke AG | | | | 318,216 |
| 11,736 | | Bayerische Motoren Werke AG | | | | 1,178,258 |
| 165 | | Berkeley Group Holdings PLC | | | | 10,570 |
| 451 | | Burberry Group PLC, (2) | | | | 12,870 |
| 7,997 | | Cie Financiere Richemont SA | | | | 821,051 |
| 85 | | Cie Generale des Etablissements Michelin SCA | | | | 12,315 |
| 23,612 | | Compass Group PLC, (2) | | | | 514,082 |
| Shares | | Description (1) | | | | Value |
| | | Consumer Discretionary (continued) | | | | |
| 4,479 | | Delivery Hero SE, 144A, (2) | | | | $711,990 |
| 11,952 | | Denso Corp | | | | 771,869 |
| 466 | | Electrolux AB | | | | 13,094 |
| 472 | | EssilorLuxottica SA | | | | 78,638 |
| 14 | | Fast Retailing Co Ltd | | | | 11,490 |
| 532 | | H & M Hennes & Mauritz AB | | | | 13,137 |
| 196 | | HelloFresh SE, (2) | | | | 16,280 |
| 941 | | Husqvarna AB | | | | 13,115 |
| 24,291 | | Industria de Diseno Textil SA | | | | 866,133 |
| 1,089 | | JD Sports Fashion PLC, (2) | | | | 13,847 |
| 1,134 | | Kering SA | | | | 909,845 |
| 2,743 | | Kingfisher PLC, (2) | | | | 13,570 |
| 600 | | Marui Group Co Ltd | | | | 11,231 |
| 36,270 | | Mazda Motor Corp, (2) | | | | 280,723 |
| 5,849 | | Mercari Inc, (2) | | | | 288,958 |
| 123 | | Next PLC | | | | 13,287 |
| 16,918 | | Ocado Group PLC, (2) | | | | 491,197 |
| 8,457 | | Oriental Land Co Ltd/Japan | | | | 1,197,311 |
| 115,310 | | Panasonic Corp | | | | 1,359,815 |
| 175 | | Pandora A/S | | | | 19,886 |
| 90 | | Prosus NV | | | | 9,776 |
| 102 | | Puma SE | | | | 10,771 |
| 59 | | SEB SA | | | | 10,760 |
| 645 | | Sekisui Chemical Co Ltd | | | | 11,224 |
| 556 | | Sekisui House Ltd | | | | 11,237 |
| 20,872 | | Sony Group Corp | | | | 2,081,376 |
| 5,810 | | Taylor Wimpey PLC | | | | 14,448 |
| 7,868 | | Valeo SA | | | | 255,162 |
| 241 | | Whitbread PLC, (2) | | | | 10,825 |
| 201 | | Yamaha Corp | | | | 10,941 |
| 673 | | Yamaha Motor Co Ltd | | | | 16,803 |
| 112 | | Zalando SE, 144A, (2) | | | | 11,668 |
| 430 | | ZOZO Inc | | | | 14,516 |
| | | Total Consumer Discretionary | | | | 12,957,104 |
| | | Consumer Staples – 12.7% | | | | |
| 349 | | Aeon Co Ltd | | | | 9,523 |
| 20,192 | | Associated British Foods PLC, (2) | | | | 645,244 |
| 5 | | Barry Callebaut AG | | | | 11,052 |
| 114 | | Beiersdorf AG | | | | 12,886 |
| 12,979 | | Carrefour SA | | | | 251,626 |
| 34,497 | | Coca-Cola Amatil Ltd, (3) | | | | 354,941 |
Nuveen ESG International Developed Markets Equity ETF (NUDM) (continued)
Portfolio of Investments April 30, 2021
(Unaudited)
| Shares | | Description (1) | | | | Value |
| | | Consumer Staples (continued) | | | | |
| 13,934 | | Coca-Cola European Partners PLC | | | | $791,730 |
| 13,633 | | Coca-Cola HBC AG | | | | 472,267 |
| 15,188 | | Danone SA | | | | 1,071,951 |
| 389 | | Essity AB | | | | 12,711 |
| 192 | | Etablissements Franz Colruyt NV | | | | 11,402 |
| 7,059 | | Henkel AG & Co KGaA | | | | 702,753 |
| 118 | | Henkel AG & Co KGaA | | | | 13,574 |
| 240 | | ICA Gruppen AB | | | | 11,069 |
| 3,725 | | J Sainsbury PLC | | | | 12,259 |
| 10,604 | | Jeronimo Martins SGPS SA | | | | 193,902 |
| 15,956 | | Kao Corp | | | | 1,022,860 |
| 1,306 | | Kerry Group PLC | | | | 169,479 |
| 420 | | Kesko Oyj | | | | 12,812 |
| 19,215 | | Koninklijke Ahold Delhaize NV | | | | 517,903 |
| 3,258 | | Lawson Inc | | | | 146,052 |
| 5,064 | | L'Oreal SA | | | | 2,082,713 |
| 29,950 | | Mowi ASA | | | | 741,162 |
| 32,270 | | Nestle SA | | | | 3,852,374 |
| 49,619 | | Orkla ASA | | | | 507,406 |
| 5,267 | | Reckitt Benckiser Group PLC | | | | 470,434 |
| 133,422 | | Tesco PLC | | | | 408,252 |
| 5,036 | | Wm Morrison Supermarkets PLC | | | | 12,122 |
| | | Total Consumer Staples | | | | 14,522,459 |
| | | Energy – 1.7% | | | | |
| 17,093 | | Ampol Ltd | | | | 337,877 |
| 4,674 | | Koninklijke Vopak NV | | | | 214,372 |
| 23,054 | | Neste Oyj | | | | 1,398,721 |
| | | Total Energy | | | | 1,950,970 |
| | | Financials – 18.8% | | | | |
| 66,183 | | 3i Group PLC | | | | 1,174,744 |
| 89,794 | | Aegon NV | | | | 417,891 |
| 4,043 | | Allianz SE | | | | 1,053,211 |
| 114 | | Amundi SA, 144A | | | | 10,169 |
| 70,275 | | Assicurazioni Generali SpA | | | | 1,411,502 |
| 222 | | ASX Ltd | | | | 12,515 |
| 44,610 | | AXA SA | | | | 1,263,328 |
| 272,294 | | Banco Bilbao Vizcaya Argentaria SA | | | | 1,530,932 |
| 77,813 | | Bank Hapoalim BM, (2) | | | | 621,381 |
| 59,635 | | Bank Leumi Le-Israel BM, (2) | | | | 420,691 |
| 5,368 | | BNP Paribas SA | | | | 345,006 |
| 252,134 | | BOC Hong Kong Holdings Ltd | | | | 889,482 |
| Shares | | Description (1) | | | | Value |
| | | Financials (continued) | | | | |
| 91,325 | | CaixaBank SA, (2) | | | | $293,202 |
| 8,760 | | Commonwealth Bank of Australia | | | | 602,504 |
| 12,581 | | DBS Group Holdings Ltd | | | | 282,846 |
| 65 | | Deutsche Boerse AG | | | | 11,213 |
| 2,037 | | DNB ASA | | | | 43,899 |
| 8,403 | | Erste Group Bank AG | | | | 299,420 |
| 159 | | Eurazeo SE | | | | 13,264 |
| 8,900 | | Hang Seng Bank Ltd | | | | 174,749 |
| 28,257 | | Hong Kong Exchanges & Clearing Ltd | | | | 1,709,933 |
| 2,872 | | ING Groep NV | | | | 36,751 |
| 667,073 | | Intesa Sanpaolo SpA | | | | 1,863,815 |
| 672 | | KBC Group NV | | | | 52,275 |
| 185,421 | | Legal & General Group PLC | | | | 699,318 |
| 1,202,725 | | Lloyds Banking Group PLC | | | | 756,599 |
| 6,573 | | MS&AD Insurance Group Holdings Inc | | | | 186,116 |
| 49 | | Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen | | | | 14,195 |
| 64,824 | | Natixis SA | | | | 317,135 |
| 268 | | NN Group NV | | | | 13,411 |
| 52,337 | | Nomura Holdings Inc, (2) | | | | 281,017 |
| 1,657 | | Oversea-Chinese Banking Corp Ltd | | | | 15,195 |
| 100,374 | | QBE Insurance Group Ltd | | | | 764,484 |
| 140,832 | | Resona Holdings Inc | | | | 578,506 |
| 234 | | Schroders PLC | | | | 11,689 |
| 1,577 | | Singapore Exchange Ltd | | | | 12,387 |
| 1,111 | | Skandinaviska Enskilda Banken AB | | | | 14,275 |
| 611 | | Societe Generale SA | | | | 17,410 |
| 785 | | St James's Place PLC | | | | 14,798 |
| 1,753 | | Standard Chartered PLC | | | | 12,611 |
| 2,601 | | Standard Life Aberdeen PLC | | | | 9,993 |
| 22,946 | | Sumitomo Mitsui Trust Holdings Inc | | | | 780,926 |
| 1,286 | | Svenska Handelsbanken AB | | | | 14,932 |
| 599 | | Swedbank AB | | | | 10,537 |
| 8,573 | | Swiss Re AG | | | | 797,847 |
| 2,943 | | Tokyo Century Corp | | | | 181,741 |
| 353 | | Tryg A/S | | | | 8,088 |
| 88,200 | | UBS Group AG | | | | 1,346,620 |
| 97 | | Wendel SE | | | | 12,926 |
| 23 | | Zurich Insurance Group AG | | | | 9,449 |
| | | Total Financials | | | | 21,416,928 |
| | | Health Care – 11.1% | | | | |
| 8,029 | | Alcon Inc | | | | 603,022 |
Nuveen ESG International Developed Markets Equity ETF (NUDM) (continued)
Portfolio of Investments April 30, 2021
(Unaudited)
| Shares | | Description (1) | | | | Value |
| | | Health Care (continued) | | | | |
| 543 | | Alfresa Holdings Corp | | | | $9,722 |
| 54,161 | | Astellas Pharma Inc | | | | 812,873 |
| 12,043 | | AstraZeneca PLC | | | | 1,286,409 |
| 82 | | BioMerieux | | | | 9,765 |
| 33,020 | | Chugai Pharmaceutical Co Ltd | | | | 1,238,873 |
| 4,467 | | Cochlear Ltd | | | | 767,744 |
| 65 | | Coloplast A/S | | | | 10,769 |
| 5,173 | | CSL Ltd | | | | 1,083,524 |
| 272 | | Demant A/S, (2) | | | | 13,658 |
| 13,526 | | Eisai Co Ltd | | | | 882,182 |
| 537 | | Fisher & Paykel Healthcare Corp Ltd | | | | 13,851 |
| 29 | | Genmab A/S, (2) | | | | 10,656 |
| 113,855 | | GlaxoSmithKline PLC | | | | 2,111,718 |
| 129 | | GN Store Nord AS | | | | 11,660 |
| 712 | | Ipsen SA | | | | 68,946 |
| 493 | | Kyowa Kirin Co Ltd | | | | 14,974 |
| 449 | | Lonza Group AG, (2) | | | | 285,926 |
| 3,848 | | Merck KGaA | | | | 676,999 |
| 3,701 | | NMC Health PLC, (2), (3) | | | | 5 |
| 3,775 | | Novo Nordisk A/S | | | | 276,847 |
| 279 | | Orion Oyj | | | | 12,370 |
| 86 | | Orpea SA | | | | 11,083 |
| 5,663 | | Ramsay Health Care Ltd | | | | 294,484 |
| 4,616 | | Roche Holding AG | | | | 1,506,191 |
| 8,745 | | Ryman Healthcare Ltd | | | | 89,036 |
| 26 | | Sartorius Stedim Biotech | | | | 11,956 |
| 204 | | Shionogi & Co Ltd | | | | 10,726 |
| 39 | | Sonova Holding AG, (2) | | | | 11,550 |
| 11,953 | | Sumitomo Dainippon Pharma Co Ltd | | | | 207,227 |
| 3,793 | | Sysmex Corp | | | | 379,109 |
| | | Total Health Care | | | | 12,723,855 |
| | | Industrials – 18.2% | | | | |
| 1,909 | | ABB Ltd | | | | 62,060 |
| 189 | | Adecco Group AG | | | | 12,815 |
| 388 | | Alfa Laval AB | | | | 13,142 |
| 2,866 | | Alstom SA, (2) | | | | 156,772 |
| 12,868 | | Ashtead Group PLC | | | | 828,640 |
| 1,620 | | Assa Abloy AB | | | | 46,230 |
| 199 | | Atlas Copco AB | | | | 12,073 |
| 4,491 | | Atlas Copco AB | | | | 233,426 |
| 2,988 | | Auckland International Airport Ltd, (2) | | | | 16,272 |
| Shares | | Description (1) | | | | Value |
| | | Industrials (continued) | | | | |
| 15,586 | | Bouygues SA | | | | $668,693 |
| 97,738 | | Brambles Ltd | | | | 785,176 |
| 150 | | Brenntag SE | | | | 13,485 |
| 876 | | Bureau Veritas SA | | | | 26,226 |
| 29,267 | | CNH Industrial NV | | | | 435,815 |
| 16,526 | | Dai Nippon Printing Co Ltd | | | | 328,237 |
| 8,018 | | Daikin Industries Ltd | | | | 1,608,662 |
| 2,309 | | DCC PLC | | | | 200,895 |
| 273 | | Deutsche Post AG | | | | 16,089 |
| 13,335 | | East Japan Railway Co | | | | 912,424 |
| 3,011 | | Eiffage SA | | | | 330,277 |
| 569 | | Epiroc AB | | | | 12,348 |
| 630 | | Epiroc AB | | | | 12,375 |
| 3,900 | | Ferguson PLC | | | | 493,105 |
| 16 | | Geberit AG | | | | 10,533 |
| 336 | | Hankyu Hanshin Holdings Inc | | | | 10,574 |
| 241 | | Intertek Group PLC | | | | 20,481 |
| 126 | | Keio Corp | | | | 8,184 |
| 44,150 | | Komatsu Ltd | | | | 1,294,550 |
| 49 | | Kuehne + Nagel International AG | | | | 14,667 |
| 481 | | Kyushu Railway Co | | | | 10,790 |
| 132 | | Legrand SA | | | | 12,871 |
| 200 | | Miura Co Ltd | | | | 10,484 |
| 105,791 | | MTR Corp Ltd | | | | 589,782 |
| 3,629 | | MTU Aero Engines AG | | | | 916,967 |
| 240 | | Nabtesco Corp | | | | 10,792 |
| 336 | | Nibe Industrier AB | | | | 12,310 |
| 167 | | Nippon Express Co Ltd | | | | 12,757 |
| 1,342 | | Obayashi Corp | | | | 12,241 |
| 407 | | Odakyu Electric Railway Co Ltd | | | | 11,003 |
| 175 | | Randstad NV | | | | 12,657 |
| 67,862 | | RELX PLC | | | | 1,765,947 |
| 1,452 | | Rentokil Initial PLC | | | | 10,060 |
| 39,169 | | Sandvik AB | | | | 969,526 |
| 7,383 | | Schneider Electric SE | | | | 1,182,236 |
| 5,060 | | Secom Co Ltd | | | | 420,151 |
| 461 | | SG Holdings Co Ltd | | | | 10,476 |
| 246 | | SGS SA | | | | 728,250 |
| 1,356 | | Shimizu Corp | | | | 11,103 |
| 14,179 | | Siemens AG | | | | 2,369,474 |
| 481 | | Skanska AB | | | | 13,061 |
Nuveen ESG International Developed Markets Equity ETF (NUDM) (continued)
Portfolio of Investments April 30, 2021
(Unaudited)
| Shares | | Description (1) | | | | Value |
| | | Industrials (continued) | | | | |
| 462 | | SKF AB | | | | $11,944 |
| 27,006 | | Smiths Group PLC | | | | 607,793 |
| 246 | | Sohgo Security Services Co Ltd | | | | 10,780 |
| 74 | | Spirax-Sarco Engineering PLC | | | | 12,105 |
| 28 | | Teleperformance | | | | 10,823 |
| 817 | | Tokyu Corp | | | | 10,502 |
| 173 | | TOTO Ltd | | | | 8,974 |
| 138,689 | | Transurban Group | | | | 1,518,037 |
| 8,770 | | Vestas Wind Systems A/S | | | | 366,549 |
| 22,250 | | Volvo AB | | | | 544,294 |
| 1,189 | | Wartsila OYJ Abp | | | | 15,365 |
| 139 | | Wolters Kluwer NV | | | | 12,593 |
| | | Total Industrials | | | | 20,806,923 |
| | | Information Technology – 7.6% | | | | |
| 3,321 | | ASML Holding NV | | | | 2,163,620 |
| 117 | | Atos SE | | | | 7,974 |
| 246 | | Azbil Corp | | | | 9,947 |
| 2,550 | | CyberArk Software Ltd, (2) | | | | 358,275 |
| 4,681 | | Edenred | | | | 265,690 |
| 3,166 | | Fujitsu Ltd | | | | 504,133 |
| 7,224 | | Ibiden Co Ltd | | | | 342,348 |
| 20,794 | | Infineon Technologies AG | | | | 840,193 |
| 1,249 | | Logitech International SA | | | | 140,231 |
| 2,741 | | Nokia Oyj, (2) | | | | 13,009 |
| 2,005 | | Nomura Research Institute Ltd | | | | 61,725 |
| 1,133 | | Omron Corp | | | | 85,930 |
| 1,052 | | Sage Group PLC | | | | 9,293 |
| 12,432 | | SAP SE | | | | 1,747,388 |
| 226 | | TeamViewer AG, 144A, (2) | | | | 10,762 |
| 37,077 | | Telefonaktiebolaget LM Ericsson | | | | 508,377 |
| 2,022 | | Tokyo Electron Ltd | | | | 893,857 |
| 3,746 | | Xero Ltd, (2) | | | | 409,618 |
| 15,614 | | Yokogawa Electric Corp | | | | 283,410 |
| | | Total Information Technology | | | | 8,655,780 |
| | | Materials – 8.3% | | | | |
| 154 | | Akzo Nobel NV | | | | 18,524 |
| 26,935 | | Antofagasta PLC | | | | 695,698 |
| 1,498 | | Arkema SA | | | | 187,542 |
| 85,670 | | Asahi Kasei Corp | | | | 902,511 |
| 18,626 | | Boliden AB | | | | 726,471 |
| 125 | | Chr Hansen Holding A/S, (2) | | | | 11,505 |
| Shares | | Description (1) | | | | Value |
| | | Materials (continued) | | | | |
| 4,987 | | Covestro AG, 144A | | | | $326,702 |
| 60,772 | | Evolution Mining Ltd | | | | 217,348 |
| 32,524 | | Fortescue Metals Group Ltd | | | | 567,532 |
| 14,693 | | Hitachi Metals Ltd, (2) | | | | 284,975 |
| 359 | | Johnson Matthey PLC | | | | 16,154 |
| 384 | | Kansai Paint Co Ltd | | | | 9,672 |
| 1,867 | | Koninklijke DSM NV | | | | 335,326 |
| 87,182 | | Mitsubishi Chemical Holdings Corp | | | | 648,850 |
| 9,631 | | Nitto Denko Corp | | | | 798,288 |
| 902 | | Sika AG | | | | 269,398 |
| 16,105 | | Smurfit Kappa Group PLC | | | | 825,119 |
| 497 | | Stora Enso Oyj | | | | 9,531 |
| 101,613 | | Sumitomo Chemical Co Ltd | | | | 517,803 |
| 15,850 | | Sumitomo Metal Mining Co Ltd | | | | 672,688 |
| 88 | | Symrise AG | | | | 11,377 |
| 691 | | Teijin Ltd | | | | 11,367 |
| 94,567 | | Toray Industries Inc | | | | 587,621 |
| 12,979 | | Umicore SA | | | | 789,956 |
| 306 | | UPM-Kymmene Oyj | | | | 11,990 |
| | | Total Materials | | | | 9,453,948 |
| | | Real Estate – 3.3% | | | | |
| 12,239 | | British Land Co PLC | | | | 87,845 |
| 7,477 | | CapitaLand Integrated Commercial Trust | | | | 12,083 |
| 126,404 | | CapitaLand Ltd | | | | 353,445 |
| 2,209 | | City Developments Ltd | | | | 13,101 |
| 153 | | Covivio | | | | 13,666 |
| 192 | | Deutsche Wohnen SE | | | | 10,401 |
| 1,493 | | Dexus | | | | 11,729 |
| 81 | | Gecina SA | | | | 11,862 |
| 829 | | Goodman Group | | | | 12,109 |
| 3,768 | | GPT Group | | | | 13,447 |
| 5,720 | | Hulic Co Ltd | | | | 65,099 |
| 10 | | Japan Metropolitan Fund Invest | | | | 9,853 |
| 13,365 | | Klepierre SA | | | | 354,919 |
| 82 | | LEG Immobilien SE | | | | 11,421 |
| 47,000 | | Lendlease Corp Ltd | | | | 461,438 |
| 6,496 | | Mirvac Group | | | | 13,498 |
| 37,395 | | Mitsubishi Estate Co Ltd | | | | 614,269 |
| 12,300 | | Mitsui Fudosan Co Ltd | | | | 266,694 |
| 2 | | Nippon Building Fund Inc | | | | 13,138 |
| 500 | | Nomura Real Estate Holdings Inc | | | | 12,305 |
Nuveen ESG International Developed Markets Equity ETF (NUDM) (continued)
Portfolio of Investments April 30, 2021
(Unaudited)
| Shares | | Description (1) | | | | Value |
| | | Real Estate (continued) | | | | |
| 936 | | Segro PLC | | | | $13,031 |
| 3,409 | | Stockland | | | | 12,324 |
| 79,276 | | Swire Properties Ltd | | | | 236,802 |
| 128 | | Swiss Prime Site AG | | | | 12,455 |
| 9,441 | | Unibail-Rodamco-Westfield | | | | 779,531 |
| 2,162 | | UOL Group Ltd | | | | 12,513 |
| 250,163 | | Vicinity Centres | | | | 306,283 |
| | | Total Real Estate | | | | 3,735,261 |
| | | Utilities – 2.2% | | | | |
| 95,277 | | National Grid PLC | | | | 1,201,225 |
| 8,934 | | Orsted AS, 144A | | | | 1,304,745 |
| 678 | | Red Electrica Corp SA | | | | 12,467 |
| | | Total Utilities | | | | 2,518,437 |
| | | Total Common Stocks (cost $99,729,072) | | | | 113,458,091 |
| Shares | | Description (1) | | | | Value |
| | | WARRANTS – 0.0% | | | | |
| 468 | | Cie Financiere Richemont SA | | | | $ 200 |
| | | Total Warrants (cost $-) | | | | 200 |
| | | Total Long-Term Investments (cost $99,729,072) | | | | 113,458,291 |
| Principal Amount (000) | | Description (1) | Coupon | Maturity | Ratings (4) | Value |
| | | SHORT-TERM INVESTMENTS – 0.2% | | | | |
| | | U.S. GOVERNMENT AND AGENCY OBLIGATIONS – 0.2% | | | | |
| $ 226 | | Federal Agricultural Mortgage Corp Discount Notes | 0.000% | 5/03/21 | N/R | $ 226,000 |
| | | Total Short-Term Investments (cost $226,000) | | | | 226,000 |
| | | Total Investments (cost $99,955,072) – 99.6% | | | | 113,684,291 |
| | | Other Assets Less Liabilities – 0.4% | | | | 511,132 |
| | | Net Assets – 100% | | | | $ 114,195,423 |
| | 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 an ex-dividend date 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 3 - Investment Valuation and Fair Value Measurements for more information. | |
| (4) | For financial reporting purposes, the ratings disclosed are the highest of Standard & Poor’s Group (“Standard & Poor’s”), Moody’s Investors Service, Inc. (“Moody’s”) or Fitch, Inc. (“Fitch”) rating. This treatment of split-rated securities may differ from that used for other purposes, such as for Fund investment policies. Ratings below BBB by Standard & Poor’s, Baa by Moody’s or BBB by Fitch are considered to be below investment grade. Holdings designated N/R are not rated by any of these national rating agencies. | |
| 144A | Investment is exempt from registration under Rule 144A of the Securities Act of 1933, as amended. These investments may only be resold in transactions exempt from registration, which are normally those transactions with qualified institutional buyers. | |
See accompanying notes to financial statements.
Nuveen ESG Large-Cap ETF (NULC)
Portfolio of Investments April 30, 2021
(Unaudited)
| Shares | | Description (1) | | | | Value |
| | | LONG-TERM INVESTMENTS – 99.7% | | | | |
| | | COMMON STOCKS – 99.7% | | | | |
| | | Communication Services – 10.3% | | | | |
| 2,253 | | Activision Blizzard Inc | | | | $205,451 |
| 186 | | Alphabet Inc, Class C, (2) | | | | 448,282 |
| 318 | | Alphabet Inc., Class A, (2) | | | | 748,413 |
| 29 | | Cable One Inc | | | | 51,910 |
| 785 | | Discovery Inc, (2) | | | | 29,563 |
| 765 | | Discovery Inc, (2) | | | | 24,717 |
| 4 | | Electronic Arts Inc | | | | 568 |
| 2 | | Omnicom Group Inc | | | | 165 |
| 7,102 | | Verizon Communications Inc | | | | 410,425 |
| 2,622 | | Walt Disney Co, (2) | | | | 487,744 |
| | | Total Communication Services | | | | 2,407,238 |
| | | Consumer Discretionary – 10.5% | | | | |
| 110 | | Aramark | | | | 4,276 |
| 140 | | Booking Holdings Inc, (2) | | | | 345,251 |
| 42 | | Chipotle Mexican Grill Inc, (2) | | | | 62,665 |
| 241 | | Domino's Pizza Inc | | | | 101,784 |
| 2,121 | | eBay Inc | | | | 118,331 |
| 237 | | Etsy Inc, (2) | | | | 47,113 |
| 7 | | Hasbro Inc | | | | 696 |
| 407 | | Hilton Worldwide Holdings Inc, (2) | | | | 52,381 |
| 403 | | Home Depot Inc | | | | 130,439 |
| 36 | | Lowe's Cos Inc | | | | 7,065 |
| 59 | | Lululemon Athletica Inc, (2) | | | | 19,781 |
| 137 | | MercadoLibre Inc, (2) | | | | 215,224 |
| 2,446 | | Newell Brands Inc | | | | 65,944 |
| 1,895 | | NIKE Inc., Class B | | | | 251,315 |
| 2,626 | | Starbucks Corp | | | | 300,651 |
| 701 | | Target Corp | | | | 145,289 |
| 647 | | Tesla Inc, (2) | | | | 459,008 |
| 2 | | Tractor Supply Co | | | | 377 |
| 397 | | Wayfair Inc., Class A, (2) | | | | 117,341 |
| | | Total Consumer Discretionary | | | | 2,444,931 |
| | | Consumer Staples – 6.8% | | | | |
| 20 | | Archer-Daniels-Midland Co | | | | 1,263 |
| 789 | | Bunge Ltd | | | | 66,607 |
Nuveen ESG Large-Cap ETF (NULC) (continued)
Portfolio of Investments April 30, 2021
(Unaudited)
| Shares | | Description (1) | | | | Value |
| | | Consumer Staples (continued) | | | | |
| 2 | | Campbell Soup Co | | | | $95 |
| 8,067 | | Coca-Cola Co | | | | 435,457 |
| 5 | | Colgate-Palmolive Co | | | | 403 |
| 1,140 | | General Mills Inc | | | | 69,380 |
| 12 | | Kellogg Co | | | | 749 |
| 2,149 | | Keurig Dr Pepper Inc | | | | 77,042 |
| 6 | | Kimberly-Clark Corp | | | | 800 |
| 3,781 | | Kroger Co | | | | 138,158 |
| 80 | | Lamb Weston Holdings Inc | | | | 6,440 |
| 2 | | McCormick & Co Inc/MD | | | | 181 |
| 2,548 | | PepsiCo Inc | | | | 367,320 |
| 3,093 | | Procter & Gamble Co | | | | 412,668 |
| | | Total Consumer Staples | | | | 1,576,563 |
| | | Energy – 2.1% | | | | |
| 4,294 | | Baker Hughes Co | | | | 86,223 |
| 1,410 | | Cheniere Energy Inc, (2) | | | | 109,303 |
| 1,920 | | ONEOK Inc | | | | 100,493 |
| 2,535 | | Valero Energy Corp | | | | 187,489 |
| | | Total Energy | | | | 483,508 |
| | | Financials – 13.3% | | | | |
| 213 | | Aflac Inc | | | | 11,445 |
| 602 | | American Express Co | | | | 92,317 |
| 2 | | Arch Capital Group Ltd, (2) | | | | 79 |
| 1,329 | | Bank of New York Mellon Corp | | | | 66,291 |
| 78 | | BlackRock Inc | | | | 63,905 |
| 2 | | Carlyle Group Inc | | | | 85 |
| 2,511 | | Charles Schwab Corp | | | | 176,774 |
| 1,084 | | Chubb Ltd | | | | 186,004 |
| 5,362 | | Citigroup Inc | | | | 381,989 |
| 7 | | Citizens Financial Group Inc | | | | 324 |
| 1,049 | | CME Group Inc | | | | 211,888 |
| 3 | | Equitable Holdings Inc | | | | 103 |
| 3 | | Franklin Resources Inc | | | | 90 |
| 6,205 | | Huntington Bancshares Inc/OH | | | | 95,061 |
| 1,079 | | Intercontinental Exchange Inc | | | | 127,009 |
| 9 | | Invesco Ltd | | | | 243 |
| 3 | | Lincoln National Corp | | | | 192 |
| 1,539 | | Loews Corp | | | | 85,799 |
| 5 | | M&T Bank Corp | | | | 788 |
| 33 | | MarketAxess Holdings Inc | | | | 16,119 |
| 2,300 | | Marsh & McLennan Cos Inc | | | | 312,110 |
| Shares | | Description (1) | | | | Value |
| | | Financials (continued) | | | | |
| 4,508 | | Morgan Stanley | | | | $372,135 |
| 1,795 | | PNC Financial Services Group Inc | | | | 335,575 |
| 1,758 | | Progressive Corp | | | | 177,101 |
| 600 | | Regions Financial Corp | | | | 13,080 |
| 6 | | Reinsurance Group of America Inc., Class A | | | | 783 |
| 868 | | S&P Global Inc | | | | 338,859 |
| 5 | | State Street Corp | | | | 420 |
| 264 | | Travelers Cos Inc | | | | 40,830 |
| 16 | | Truist Financial Corp | | | | 949 |
| 2 | | Willis Towers Watson PLC | | | | 518 |
| | | Total Financials | | | | 3,108,865 |
| | | Health Care – 11.2% | | | | |
| 1,354 | | AbbVie Inc | | | | 150,971 |
| 46 | | ABIOMED Inc, (2) | | | | 14,754 |
| 855 | | Agilent Technologies Inc | | | | 114,262 |
| 446 | | Align Technology Inc, (2) | | | | 265,606 |
| 436 | | Amgen Inc | | | | 104,483 |
| 270 | | Anthem Inc | | | | 102,435 |
| 624 | | Becton Dickinson and Co | | | | 155,257 |
| 864 | | BioMarin Pharmaceutical Inc, (2) | | | | 67,323 |
| 1,915 | | Bristol-Myers Squibb Co | | | | 119,534 |
| 39 | | Cardinal Health Inc | | | | 2,353 |
| 2 | | Cerner Corp | | | | 150 |
| 354 | | Cigna Corp | | | | 88,150 |
| 510 | | Dexcom Inc, (2) | | | | 196,911 |
| 303 | | Edwards Lifesciences Corp, (2) | | | | 28,943 |
| 1,192 | | Elanco Animal Health Inc, (2) | | | | 37,798 |
| 1,889 | | Eli Lilly & Co | | | | 345,253 |
| 1,298 | | Gilead Sciences Inc | | | | 82,384 |
| 325 | | HCA Inc | | | | 65,345 |
| 2 | | Hologic Inc, (2) | | | | 131 |
| 172 | | Humana Inc | | | | 76,581 |
| 48 | | IDEXX Laboratories Inc, (2) | | | | 26,352 |
| 23 | | Illumina Inc, (2) | | | | 9,035 |
| 3 | | Insulet Corp, (2) | | | | 886 |
| 172 | | Merck & Co Inc | | | | 12,814 |
| 6 | | Quest Diagnostics Inc | | | | 791 |
| 698 | | Teladoc Health Inc, (2) | | | | 120,300 |
| 660 | | Thermo Fisher Scientific Inc | | | | 310,352 |
| 529 | | Vertex Pharmaceuticals Inc, (2) | | | | 115,428 |
Nuveen ESG Large-Cap ETF (NULC) (continued)
Portfolio of Investments April 30, 2021
(Unaudited)
| Shares | | Description (1) | | | | Value |
| | | Health Care (continued) | | | | |
| 13 | | Zoetis Inc | | | | $ 2,249 |
| | | Total Health Care | | | | 2,616,831 |
| | | Industrials – 8.1% | | | | |
| 1,400 | | 3M Co | | | | 275,996 |
| 6 | | Allegion plc | | | | 806 |
| 2 | | AMERCO | | | | 1,193 |
| 3,921 | | Carrier Global Corp | | | | 170,877 |
| 784 | | Caterpillar Inc | | | | 178,838 |
| 715 | | CH Robinson Worldwide Inc | | | | 69,412 |
| 3,122 | | CSX Corp | | | | 314,542 |
| 26 | | Deere & Co | | | | 9,642 |
| 8 | | Emerson Electric Co | | | | 724 |
| 2 | | Expeditors International of Washington Inc | | | | 220 |
| 2 | | Fastenal Co | | | | 105 |
| 853 | | Fortive Corp | | | | 60,409 |
| 843 | | Fortune Brands Home & Security Inc | | | | 88,498 |
| 312 | | IHS Markit Ltd | | | | 33,565 |
| 4 | | Illinois Tool Works Inc | | | | 922 |
| 127 | | Johnson Controls International plc | | | | 7,917 |
| 334 | | Nordson Corp | | | | 70,611 |
| 78 | | Old Dominion Freight Line Inc | | | | 20,109 |
| 13 | | Otis Worldwide Corp | | | | 1,012 |
| 801 | | Parker-Hannifin Corp | | | | 251,362 |
| 710 | | Rockwell Automation Inc | | | | 187,625 |
| 2 | | Roper Technologies Inc | | | | 893 |
| 229 | | Teledyne Technologies Inc, (2) | | | | 102,535 |
| 209 | | United Parcel Service Inc., Class B | | | | 42,607 |
| 40 | | Verisk Analytics Inc | | | | 7,528 |
| 7 | | Waste Connections Inc | | | | 834 |
| | | Total Industrials | | | | 1,898,782 |
| | | Information Technology – 28.8% | | | | |
| 1,204 | | Accenture PLC, Class A | | | | 349,124 |
| 640 | | Adobe Inc, (2) | | | | 325,338 |
| 1,651 | | Applied Materials Inc | | | | 219,104 |
| 272 | | Autodesk Inc, (2) | | | | 79,399 |
| 902 | | Automatic Data Processing Inc | | | | 168,665 |
| 3,319 | | Cisco Systems Inc | | | | 168,970 |
| 1,055 | | Cognex Corp | | | | 90,857 |
| 4,639 | | Corning Inc | | | | 205,090 |
| 7,996 | | Hewlett Packard Enterprise Co | | | | 128,096 |
| 8,563 | | HP Inc | | | | 292,084 |
| Shares | | Description (1) | | | | Value |
| | | Information Technology (continued) | | | | |
| 7,011 | | Intel Corp | | | | $403,343 |
| 1,682 | | International Business Machines Corp | | | | 238,642 |
| 1,143 | | Keysight Technologies Inc, (2) | | | | 164,992 |
| 25 | | Lam Research Corp | | | | 15,511 |
| 630 | | Mastercard Inc, Class A | | | | 240,698 |
| 4,518 | | Microsoft Corp | | | | 1,139,349 |
| 2 | | NortonLifeLock Inc | | | | 43 |
| 831 | | NVIDIA Corp | | | | 498,916 |
| 744 | | Okta Inc, (2) | | | | 200,657 |
| 16 | | ON Semiconductor Corp, (2) | | | | 624 |
| 1,226 | | PayPal Holdings Inc, (2) | | | | 321,568 |
| 1,503 | | salesforcecom Inc, (2) | | | | 346,171 |
| 237 | | ServiceNow Inc, (2) | | | | 120,010 |
| 1,088 | | Slack Technologies Inc., Class A, (2) | | | | 46,131 |
| 2,017 | | TE Connectivity Ltd | | | | 271,226 |
| 2,112 | | Texas Instruments Inc | | | | 381,237 |
| 1,535 | | Trimble Inc, (2) | | | | 125,870 |
| 171 | | VMware Inc., Class A, (2), (3) | | | | 27,502 |
| 3 | | Western Union Co | | | | 77 |
| 327 | | Zebra Technologies Corp., Class A, (2) | | | | 159,491 |
| | | Total Information Technology | | | | 6,728,785 |
| | | Materials – 2.7% | | | | |
| 2,008 | | Amcor PLC | | | | 23,594 |
| 1 | | Axalta Coating Systems Ltd, (2) | | | | 32 |
| 202 | | Ball Corp | | | | 18,915 |
| 18 | | DuPont de Nemours Inc | | | | 1,388 |
| 966 | | Ecolab Inc | | | | 216,500 |
| 5 | | International Flavors & Fragrances Inc | | | | 711 |
| 574 | | LyondellBasell Industries NV Class A | | | | 59,547 |
| 2,238 | | Mosaic Co | | | | 78,733 |
| 499 | | Newmont Corp | | | | 31,142 |
| 1,005 | | PPG Industries Inc | | | | 172,096 |
| 364 | | Steel Dynamics Inc | | | | 19,736 |
| | | Total Materials | | | | 622,394 |
| | | Real Estate – 3.9% | | | | |
| 1,297 | | American Tower Corp | | | | 330,437 |
| 7 | | Boston Properties Inc | | | | 765 |
| 387 | | Equinix Inc | | | | 278,934 |
| 4,294 | | Host Hotels & Resorts Inc, (2) | | | | 77,979 |
| 2 | | Iron Mountain Inc | | | | 80 |
| 1,316 | | Prologis Inc | | | | 153,354 |
Nuveen ESG Large-Cap ETF (NULC) (continued)
Portfolio of Investments April 30, 2021
(Unaudited)
| Shares | | Description (1) | | | | Value |
| | | Real Estate (continued) | | | | |
| 272 | | Ventas Inc | | | | $15,085 |
| 682 | | Welltower Inc | | | | 51,171 |
| | | Total Real Estate | | | | 907,805 |
| | | Utilities – 2.0% | | | | |
| 2,047 | | Consolidated Edison Inc | | | | 158,458 |
| 1,515 | | Eversource Energy | | | | 130,624 |
| 1,360 | | Sempra Energy | | | | 187,095 |
| 3 | | UGI Corp | | | | 131 |
| | | Total Utilities | | | | 476,308 |
| | | Total Long-Term Investments (cost $17,488,033) | | | | 23,272,010 |
| Shares | | Description (1) | Coupon | | | Value |
| | | INVESTMENTS PURCHASED WITH COLLATERAL FROM SECURITIES LENDING – 0.1% | | | |
| | | MONEY MARKET FUNDS – 0.1% | | | | |
| 21,248 | | State Street Navigator Securities Lending Government Money Market Portfolio, (4) | 0.020% (5) | | | $ 21,248 |
| | | Total Investments Purchased with Collateral from Securities Lending (cost $21,248) | | | 21,248 |
| | | Total Investments (cost $17,509,281) – 99.8% | | | | 23,293,258 |
| | | Other Assets Less Liabilities – 0.2% | | | | 42,178 |
| | | Net Assets – 100% | | | | $ 23,335,436 |
| | 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 an ex-dividend date within the past twelve months. | |
| (3) | Investment, or a portion of investment, is out on loan for securities lending. The total value of the securities out on loan as of the end of the reporting period was $20,586. | |
| (4) | The Fund may loan securities representing up to one third of the fair value of its total assets (which includes collateral for securities on loan) to broker dealers, banks, and other institutions. The Fund maintains collateral equal to at least 100% of the fair value of the securities loaned. The cash collateral received by the Fund is invested in this money market fund. See Notes to Financial Statements, Note 4 – Portfolio Securities and Investments in Derivatives for more information. | |
| (5) | The rate shown is the one-day yield as of the end of the reporting period. | |
See accompanying notes to financial statements.
Nuveen ESG Large-Cap Growth ETF (NULG)
Portfolio of Investments April 30, 2021
(Unaudited)
| Shares | | Description (1) | | | | Value |
| | | LONG-TERM INVESTMENTS – 99.8% | | | | |
| | | COMMON STOCKS – 99.8% | | | | |
| | | Communication Services – 13.1% | | | | |
| 107,352 | | Activision Blizzard Inc | | | | $9,789,429 |
| 12,332 | | Alphabet Inc, Class C, (2) | | | | 29,721,600 |
| 14,742 | | Alphabet Inc., Class A, (2) | | | | 34,695,297 |
| 1,740 | | Cable One Inc | | | | 3,114,600 |
| 62,786 | | Electronic Arts Inc | | | | 8,920,635 |
| | | Total Communication Services | | | | 86,241,561 |
| | | Consumer Discretionary – 15.4% | | | | |
| 12,871 | | Aptiv PLC, (2) | | | | 1,852,008 |
| 2,973 | | Booking Holdings Inc, (2) | | | | 7,331,656 |
| 250 | | Burlington Stores Inc, (2) | | | | 81,583 |
| 2,775 | | Chipotle Mexican Grill Inc, (2) | | | | 4,140,383 |
| 13,890 | | Domino's Pizza Inc | | | | 5,866,303 |
| 831 | | DR Horton Inc | | | | 81,679 |
| 29,258 | | Etsy Inc, (2) | | | | 5,816,198 |
| 23,630 | | Lowe's Cos Inc | | | | 4,637,388 |
| 17,258 | | Lululemon Athletica Inc, (2) | | | | 5,786,090 |
| 5,835 | | MercadoLibre Inc, (2) | | | | 9,166,668 |
| 96,708 | | NIKE Inc., Class B | | | | 12,825,415 |
| 199 | | Pool Corp | | | | 84,081 |
| 565 | | Ross Stores Inc | | | | 73,981 |
| 80,349 | | Starbucks Corp | | | | 9,199,157 |
| 36,075 | | Tesla Inc, (2) | | | | 25,593,048 |
| 6,303 | | TJX Cos Inc | | | | 447,513 |
| 13,449 | | Wayfair Inc., Class A, (2) | | | | 3,975,121 |
| 37,220 | | Yum! Brands Inc | | | | 4,448,534 |
| | | Total Consumer Discretionary | | | | 101,406,806 |
| | | Consumer Staples – 4.3% | | | | |
| 51,791 | | Church & Dwight Co Inc | | | | 4,440,560 |
| 1,115 | | Clorox Co | | | | 203,487 |
| 26,074 | | Costco Wholesale Corp | | | | 9,701,875 |
| 35,680 | | Estee Lauder Cos Inc., Class A | | | | 11,196,384 |
| 857 | | Lamb Weston Holdings Inc | | | | 68,989 |
| 28,159 | | McCormick & Co Inc/MD | | | | 2,544,447 |
| | | Total Consumer Staples | | | | 28,155,742 |
Nuveen ESG Large-Cap Growth ETF (NULG) (continued)
Portfolio of Investments April 30, 2021
(Unaudited)
| Shares | | Description (1) | | | | Value |
| | | Financials – 4.7% | | | | |
| 10,905 | | FactSet Research Systems Inc | | | | $3,666,479 |
| 58,022 | | Marsh & McLennan Cos Inc | | | | 7,873,585 |
| 28,877 | | Moody's Corp | | | | 9,434,405 |
| 26,209 | | S&P Global Inc | | | | 10,231,732 |
| 1,175 | | Voya Financial Inc | | | | 79,688 |
| | | Total Financials | | | | 31,285,889 |
| | | Health Care – 10.9% | | | | |
| 4,128 | | ABIOMED Inc, (2) | | | | 1,323,973 |
| 74,904 | | Agilent Technologies Inc | | | | 10,010,171 |
| 528 | | Catalent Inc, (2) | | | | 59,384 |
| 65,045 | | Cerner Corp | | | | 4,881,627 |
| 16,029 | | Dexcom Inc, (2) | | | | 6,188,797 |
| 33,748 | | Edwards Lifesciences Corp, (2) | | | | 3,223,609 |
| 48,777 | | Eli Lilly & Co | | | | 8,914,972 |
| 9,102 | | Hologic Inc, (2) | | | | 596,636 |
| 22,180 | | Horizon Therapeutics Plc, (2) | | | | 2,098,672 |
| 130 | | IDEXX Laboratories Inc, (2) | | | | 71,369 |
| 8,029 | | Illumina Inc, (2) | | | | 3,154,112 |
| 5,107 | | Insulet Corp, (2) | | | | 1,507,689 |
| 641 | | Mettler-Toledo International Inc, (2) | | | | 841,838 |
| 37,929 | | ResMed Inc | | | | 7,129,514 |
| 364 | | STERIS PLC | | | | 76,811 |
| 25,462 | | Teladoc Health Inc, (2) | | | | 4,388,376 |
| 40,190 | | Vertex Pharmaceuticals Inc, (2) | | | | 8,769,458 |
| 231 | | Waters Corp, (2) | | | | 69,270 |
| 223 | | West Pharmaceutical Services Inc | | | | 73,260 |
| 51,116 | | Zoetis Inc | | | | 8,844,602 |
| | | Total Health Care | | | | 72,224,140 |
| | | Industrials – 8.3% | | | | |
| 599 | | Allegion plc | | | | 80,494 |
| 192 | | Cintas Corp | | | | 66,267 |
| 561 | | Copart Inc, (2) | | | | 69,850 |
| 14,489 | | CSX Corp | | | | 1,459,767 |
| 20,805 | | Expeditors International of Washington Inc | | | | 2,285,637 |
| 92,783 | | Fastenal Co | | | | 4,850,695 |
| 10,170 | | Generac Holdings Inc, (2) | | | | 3,294,571 |
| 510 | | HEICO Corp | | | | 71,808 |
| 582 | | HEICO Corp., Class A | | | | 73,495 |
| 14,443 | | IDEX Corp | | | | 3,238,120 |
| 64,894 | | IHS Markit Ltd | | | | 6,981,296 |
| 2,750 | | Lennox International Inc | | | | 922,185 |
| Shares | | Description (1) | | | | Value |
| | | Industrials (continued) | | | | |
| 25,959 | | Masco Corp | | | | $1,658,261 |
| 12,532 | | Nordson Corp | | | | 2,649,390 |
| 306 | | Old Dominion Freight Line Inc | | | | 78,890 |
| 58,553 | | Plug Power Inc, (2) | | | | 1,669,346 |
| 20,987 | | Rockwell Automation Inc | | | | 5,546,025 |
| 12,929 | | Roper Technologies Inc | | | | 5,772,023 |
| 41,524 | | Sunrun Inc, (2) | | | | 2,034,676 |
| 11,462 | | Teledyne Technologies Inc, (2) | | | | 5,132,110 |
| 740 | | TransUnion | | | | 77,397 |
| 35,394 | | Verisk Analytics Inc | | | | 6,661,151 |
| 661 | | Xylem Inc/NY | | | | 73,140 |
| | | Total Industrials | | | | 54,746,594 |
| | | Information Technology – 40.1% | | | | |
| 36,763 | | Accenture PLC, Class A | | | | 10,660,167 |
| 29,878 | | Adobe Inc, (2) | | | | 15,188,183 |
| 102,112 | | Applied Materials Inc | | | | 13,551,284 |
| 34,285 | | Autodesk Inc, (2) | | | | 10,008,134 |
| 65,487 | | Cadence Design Systems Inc, (2) | | | | 8,629,222 |
| 26,910 | | Citrix Systems Inc | | | | 3,332,803 |
| 63,295 | | Cognex Corp | | | | 5,450,965 |
| 130 | | HubSpot Inc, (2) | | | | 68,438 |
| 26,113 | | Intuit Inc | | | | 10,762,734 |
| 33,472 | | Keysight Technologies Inc, (2) | | | | 4,831,683 |
| 17,688 | | Lam Research Corp | | | | 10,974,520 |
| 48,837 | | Mastercard Inc, Class A | | | | 18,658,664 |
| 234,165 | | Microsoft Corp | | | | 59,051,730 |
| 35,679 | | NVIDIA Corp | | | | 21,420,958 |
| 32,959 | | Okta Inc, (2) | | | | 8,889,042 |
| 67,058 | | PayPal Holdings Inc, (2) | | | | 17,588,643 |
| 59,151 | | salesforcecom Inc, (2) | | | | 13,623,658 |
| 20,462 | | ServiceNow Inc, (2) | | | | 10,361,343 |
| 104,390 | | Slack Technologies Inc., Class A, (2) | | | | 4,426,136 |
| 2,711 | | Splunk Inc, (2) | | | | 342,725 |
| 45,182 | | Trimble Inc, (2) | | | | 3,704,924 |
| 26,912 | | VMware Inc., Class A, (2), (3) | | | | 4,328,257 |
| 237 | | Workday Inc, Class A, (2) | | | | 58,539 |
| 18,751 | | Zebra Technologies Corp., Class A, (2) | | | | 9,145,613 |
| | | Total Information Technology | | | | 265,058,365 |
| | | Materials – 1.5% | | | | |
| 2,421 | | Axalta Coating Systems Ltd, (2) | | | | 77,206 |
| 736 | | Ball Corp | | | | 68,919 |
Nuveen ESG Large-Cap Growth ETF (NULG) (continued)
Portfolio of Investments April 30, 2021
(Unaudited)
| Shares | | Description (1) | | | | Value |
| | | Materials (continued) | | | | |
| 7,124 | | Ecolab Inc | | | | $1,596,631 |
| 53,737 | | Newmont Corp | | | | 3,353,726 |
| 16,573 | | Sherwin-Williams Co | | | | 4,538,847 |
| | | Total Materials | | | | 9,635,329 |
| | | Real Estate – 1.5% | | | | |
| 23,553 | | American Tower Corp | | | | 6,000,598 |
| 5,829 | | Equinix Inc | | | | 4,201,310 |
| | | Total Real Estate | | | | 10,201,908 |
| | | Total Long-Term Investments (cost $525,431,770) | | | | 658,956,334 |
| Shares | | Description (1) | Coupon | | | Value |
| | | INVESTMENTS PURCHASED WITH COLLATERAL FROM SECURITIES LENDING – 0.5% | | | |
| | | MONEY MARKET FUNDS – 0.5% | | | | |
| 3,319,348 | | State Street Navigator Securities Lending Government Money Market Portfolio, (4) | 0.020% (5) | | | $ 3,319,348 |
| | | Total Investments Purchased with Collateral from Securities Lending (cost $3,319,348) | | | 3,319,348 |
| Principal Amount (000) | | Description (1) | Coupon | Maturity | Ratings (6) | Value |
| | | SHORT-TERM INVESTMENTS – 0.2% | | | | |
| | | U.S. GOVERNMENT AND AGENCY OBLIGATIONS – 0.2% | | | | |
| $ 1,084 | | Federal Agricultural Mortgage Corp Discount Notes | 0.000% | 5/03/21 | N/R | $ 1,084,000 |
| | | Total Short-Term Investments (cost $1,084,000) | | | | 1,084,000 |
| | | Total Investments (cost $529,835,118) – 100.5% | | | | 663,359,682 |
| | | Other Assets Less Liabilities – (0.5)% | | | | (3,307,212) |
| | | Net Assets – 100% | | | | $ 660,052,470 |
| | 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 an ex-dividend date within the past twelve months. | |
| (3) | Investment, or a portion of investment, is out on loan for securities lending. The total value of the securities out on loan as of the end of the reporting period was $3,215,957. | |
| (4) | The Fund may loan securities representing up to one third of the fair value of its total assets (which includes collateral for securities on loan) to broker dealers, banks, and other institutions. The Fund maintains collateral equal to at least 100% of the fair value of the securities loaned. The cash collateral received by the Fund is invested in this money market fund. See Notes to Financial Statements, Note 4 – Portfolio Securities and Investments in Derivatives for more information. | |
| (5) | The rate shown is the one-day yield as of the end of the reporting period. | |
| (6) | 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, 2021
(Unaudited)
| Shares | | Description (1) | | | | Value |
| | | LONG-TERM INVESTMENTS – 99.7% | | | | |
| | | COMMON STOCKS – 99.7% | | | | |
| | | Communication Services – 6.2% | | | | |
| 437,568 | | AT&T Inc | | | | $13,744,011 |
| 85,751 | | Discovery Inc, (2) | | | | 2,770,615 |
| 564 | | Electronic Arts Inc | | | | 80,133 |
| 7,166 | | Lumen Technologies Inc | | | | 91,940 |
| 1,299 | | Omnicom Group Inc | | | | 106,856 |
| 9,308 | | Roku Inc, (2) | | | | 3,192,365 |
| 357,621 | | Verizon Communications Inc | | | | 20,666,917 |
| 86,020 | | Walt Disney Co, (2) | | | | 16,001,440 |
| | | Total Communication Services | | | | 56,654,277 |
| | | Consumer Discretionary – 4.8% | | | | |
| 6,271 | | Aptiv PLC, (2) | | | | 902,334 |
| 675 | | Best Buy Co Inc | | | | 78,482 |
| 2,066 | | BorgWarner Inc | | | | 100,366 |
| 1,496 | | eBay Inc | | | | 83,462 |
| 838 | | Genuine Parts Co | | | | 104,725 |
| 948 | | Hasbro Inc | | | | 94,279 |
| 68,980 | | Home Depot Inc | | | | 22,326,757 |
| 2,257 | | LKQ Corp, (2) | | | | 105,424 |
| 190,628 | | Newell Brands Inc | | | | 5,139,331 |
| 24,315 | | Target Corp | | | | 5,039,527 |
| 6,717 | | Vail Resorts Inc, (2) | | | | 2,184,100 |
| 89,747 | | VF Corp | | | | 7,867,222 |
| | | Total Consumer Discretionary | | | | 44,026,009 |
| | | Consumer Staples – 10.4% | | | | |
| 1,495 | | Archer-Daniels-Midland Co | | | | 94,379 |
| 65,991 | | Bunge Ltd | | | | 5,570,960 |
| 1,830 | | Campbell Soup Co | | | | 87,383 |
| 459 | | Clorox Co | | | | 83,768 |
| 401,260 | | Coca-Cola Co | | | | 21,660,015 |
| 6,377 | | Colgate-Palmolive Co | | | | 514,624 |
| 2,468 | | Conagra Brands Inc | | | | 91,538 |
| 114,960 | | General Mills Inc | | | | 6,996,466 |
| 1,801 | | Hormel Foods Corp | | | | 83,206 |
| 713 | | J M Smucker Co | | | | 93,396 |
| 51,706 | | Keurig Dr Pepper Inc | | | | 1,853,660 |
Nuveen ESG Large-Cap Value ETF (NULV) (continued)
Portfolio of Investments April 30, 2021
(Unaudited)
| Shares | | Description (1) | | | | Value |
| | | Consumer Staples (continued) | | | | |
| 626 | | Kimberly-Clark Corp | | | | $83,458 |
| 345,148 | | Kroger Co | | | | 12,611,708 |
| 968 | | McCormick & Co Inc/MD | | | | 87,468 |
| 143,151 | | PepsiCo Inc | | | | 20,636,648 |
| 188,923 | | Procter & Gamble Co | | | | 25,206,107 |
| | | Total Consumer Staples | | | | 95,754,784 |
| | | Energy – 3.3% | | | | |
| 325,122 | | Baker Hughes Co | | | | 6,528,450 |
| 210,292 | | ONEOK Inc | | | | 11,006,683 |
| 175,427 | | Valero Energy Corp | | | | 12,974,581 |
| | | Total Energy | | | | 30,509,714 |
| | | Financials – 20.3% | | | | |
| 1,831 | | Aflac Inc | | | | 98,380 |
| 870 | | Allstate Corp | | | | 110,316 |
| 1,966 | | Ally Financial Inc | | | | 101,151 |
| 52,269 | | American Express Co | | | | 8,015,451 |
| 392 | | Ameriprise Financial Inc | | | | 101,293 |
| 2,402 | | Arch Capital Group Ltd, (2) | | | | 95,383 |
| 644 | | Assurant Inc | | | | 100,206 |
| 185,193 | | Bank of New York Mellon Corp | | | | 9,237,427 |
| 19,741 | | BlackRock Inc | | | | 16,173,801 |
| 2,589 | | Carlyle Group Inc | | | | 110,447 |
| 58,192 | | Charles Schwab Corp | | | | 4,096,717 |
| 80,973 | | Chubb Ltd | | | | 13,894,157 |
| 927 | | Cincinnati Financial Corp | | | | 104,454 |
| 261,477 | | Citigroup Inc | | | | 18,627,621 |
| 1,993 | | Citizens Financial Group Inc | | | | 92,236 |
| 71,621 | | CME Group Inc | | | | 14,466,726 |
| 886 | | Discover Financial Services | | | | 101,004 |
| 167,275 | | Equitable Holdings Inc | | | | 5,725,823 |
| 2,975 | | Franklin Resources Inc | | | | 89,250 |
| 1,694 | | Hartford Financial Services Group Inc | | | | 111,736 |
| 481,190 | | Huntington Bancshares Inc/OH | | | | 7,371,831 |
| 3,635 | | Invesco Ltd | | | | 98,145 |
| 4,255 | | KeyCorp | | | | 92,589 |
| 116,942 | | Loews Corp | | | | 6,519,516 |
| 558 | | M&T Bank Corp | | | | 87,991 |
| 103,018 | | Marsh & McLennan Cos Inc | | | | 13,979,543 |
| 1,502 | | MetLife Inc | | | | 95,572 |
| 201,606 | | Morgan Stanley | | | | 16,642,575 |
| 570 | | Nasdaq Inc | | | | 92,078 |
| Shares | | Description (1) | | | | Value |
| | | Financials (continued) | | | | |
| 860 | | Northern Trust Corp | | | | $97,868 |
| 81,557 | | PNC Financial Services Group Inc | | | | 15,247,081 |
| 1,545 | | Principal Financial Group Inc | | | | 98,679 |
| 80,061 | | Progressive Corp | | | | 8,065,345 |
| 144,907 | | Prudential Financial Inc | | | | 14,542,867 |
| 272,621 | | Regions Financial Corp | | | | 5,943,138 |
| 924 | | Reinsurance Group of America Inc., Class A | | | | 120,610 |
| 1,106 | | State Street Corp | | | | 92,849 |
| 191 | | SVB Financial Group, (2) | | | | 109,220 |
| 2,189 | | Synchrony Financial | | | | 95,747 |
| 509 | | T Rowe Price Group Inc | | | | 91,213 |
| 34,168 | | Travelers Cos Inc | | | | 5,284,423 |
| 2,458 | | Truist Financial Corp | | | | 145,784 |
| 1,256 | | W R Berkley Corp | | | | 100,128 |
| 418 | | Willis Towers Watson PLC | | | | 108,203 |
| | | Total Financials | | | | 186,576,574 |
| | | Health Care – 15.2% | | | | |
| 158,747 | | AbbVie Inc | | | | 17,700,291 |
| 530 | | Alexion Pharmaceuticals Inc, (2) | | | | 89,400 |
| 537 | | Alnylam Pharmaceuticals Inc, (2) | | | | 75,524 |
| 12,148 | | Amgen Inc | | | | 2,911,147 |
| 19,455 | | Anthem Inc | | | | 7,381,033 |
| 100,841 | | Baxter International Inc | | | | 8,641,065 |
| 38,246 | | Becton Dickinson and Co | | | | 9,515,987 |
| 321 | | Biogen Inc, (2) | | | | 85,813 |
| 207,680 | | Bristol-Myers Squibb Co | | | | 12,963,386 |
| 74,509 | | Cardinal Health Inc | | | | 4,495,873 |
| 669 | | Catalent Inc, (2) | | | | 75,242 |
| 68,214 | | Cigna Corp | | | | 16,985,968 |
| 7,243 | | Danaher Corp | | | | 1,839,287 |
| 827 | | DaVita Inc, (2) | | | | 96,370 |
| 89,074 | | DENTSPLY SIRONA Inc | | | | 6,013,386 |
| 55,690 | | Elanco Animal Health Inc, (2) | | | | 1,765,930 |
| 539 | | Exact Sciences Corp, (2) | | | | 71,051 |
| 49,973 | | Gilead Sciences Inc | | | | 3,171,786 |
| 60,315 | | HCA Inc | | | | 12,126,934 |
| 1,164 | | Henry Schein Inc, (2) | | | | 84,390 |
| 293 | | Humana Inc | | | | 130,455 |
| 51,215 | | IQVIA Holdings Inc, (2) | | | | 12,019,648 |
| 503 | | Jazz Pharmaceuticals PLC, (2) | | | | 82,693 |
| 7,699 | | Laboratory Corp of America Holdings, (2) | | | | 2,046,933 |
Nuveen ESG Large-Cap Value ETF (NULV) (continued)
Portfolio of Investments April 30, 2021
(Unaudited)
| Shares | | Description (1) | | | | Value |
| | | Health Care (continued) | | | | |
| 241,618 | | Merck & Co Inc | | | | $18,000,541 |
| 571 | | PerkinElmer Inc | | | | 74,019 |
| 667 | | Quest Diagnostics Inc | | | | 87,964 |
| 1,781 | | Royalty Pharma PLC Class A | | | | 78,364 |
| 462 | | STERIS PLC | | | | 97,491 |
| 42,012 | | Viatris Inc, (2) | | | | 558,760 |
| 318 | | Waters Corp, (2) | | | | 95,359 |
| | | Total Health Care | | | | 139,362,090 |
| | | Industrials – 12.8% | | | | |
| 86,370 | | 3M Co | | | | 17,026,982 |
| 1,427 | | A O Smith Corp | | | | 96,679 |
| 787 | | Allegion plc | | | | 105,757 |
| 4,632 | | AMERCO | | | | 2,763,590 |
| 1,023 | | Booz Allen Hamilton Holding Corp | | | | 84,858 |
| 206,538 | | Carrier Global Corp | | | | 9,000,926 |
| 77,360 | | Caterpillar Inc | | | | 17,646,590 |
| 64,225 | | CH Robinson Worldwide Inc | | | | 6,234,963 |
| 362 | | Cummins Inc | | | | 91,238 |
| 4,843 | | Deere & Co | | | | 1,796,027 |
| 6,767 | | Eaton Corp PLC | | | | 967,207 |
| 1,530 | | Emerson Electric Co | | | | 138,450 |
| 30,183 | | Expeditors International of Washington Inc | | | | 3,315,904 |
| 52,141 | | Fortive Corp | | | | 3,692,626 |
| 966 | | Fortune Brands Home & Security Inc | | | | 101,411 |
| 432 | | IDEX Corp | | | | 96,854 |
| 26,757 | | Illinois Tool Works Inc | | | | 6,166,418 |
| 131,542 | | Johnson Controls International plc | | | | 8,200,328 |
| 44,276 | | Kansas City Southern | | | | 12,937,890 |
| 1,556 | | Masco Corp | | | | 99,397 |
| 455 | | Nordson Corp | | | | 96,192 |
| 1,969 | | Otis Worldwide Corp | | | | 153,326 |
| 1,326 | | Owens Corning | | | | 128,370 |
| 877 | | PACCAR Inc | | | | 78,825 |
| 43,920 | | Parker-Hannifin Corp | | | | 13,782,535 |
| 1,529 | | Pentair PLC | | | | 98,636 |
| 1,104 | | Robert Half International Inc | | | | 96,721 |
| 353 | | Rockwell Automation Inc | | | | 93,284 |
| 21,392 | | Roper Technologies Inc | | | | 9,550,245 |
| 549 | | Trane Technologies PLC | | | | 95,433 |
| 10,760 | | Verisk Analytics Inc | | | | 2,025,032 |
| 202 | | WW Grainger Inc | | | | 87,575 |
| Shares | | Description (1) | | | | Value |
| | | Industrials (continued) | | | | |
| 879 | | Xylem Inc/NY | | | | $ 97,261 |
| | | Total Industrials | | | | 116,947,530 |
| | | Information Technology – 14.2% | | | | |
| 60,156 | | Accenture PLC, Class A | | | | 17,443,435 |
| 73,141 | | Automatic Data Processing Inc | | | | 13,676,636 |
| 268,688 | | Cisco Systems Inc | | | | 13,678,906 |
| 599 | | Citrix Systems Inc | | | | 74,186 |
| 283,301 | | Corning Inc | | | | 12,524,737 |
| 606,795 | | Hewlett Packard Enterprise Co | | | | 9,720,856 |
| 11,162 | | HP Inc | | | | 380,736 |
| 361,254 | | Intel Corp | | | | 20,782,943 |
| 126,072 | | International Business Machines Corp | | | | 17,887,095 |
| 547 | | Keysight Technologies Inc, (2) | | | | 78,959 |
| 465 | | Motorola Solutions Inc | | | | 87,560 |
| 3,917 | | NortonLifeLock Inc | | | | 84,646 |
| 128,258 | | ON Semiconductor Corp, (2) | | | | 5,002,062 |
| 493 | | Splunk Inc, (2) | | | | 62,325 |
| 2,511 | | TE Connectivity Ltd | | | | 337,654 |
| 101,288 | | Texas Instruments Inc | | | | 18,283,497 |
| 1,752 | | Trimble Inc, (2) | | | | 143,664 |
| 3,506 | | Western Union Co | | | | 90,315 |
| | | Total Information Technology | | | | 130,340,212 |
| | | Materials – 3.8% | | | | |
| 126,559 | | Amcor PLC | | | | 1,487,068 |
| 48,713 | | DuPont de Nemours Inc | | | | 3,756,259 |
| 42,538 | | Ecolab Inc | | | | 9,533,617 |
| 600 | | International Flavors & Fragrances Inc | | | | 85,302 |
| 1,694 | | International Paper Co | | | | 98,252 |
| 48,029 | | LyondellBasell Industries NV Class A | | | | 4,982,529 |
| 23,207 | | Newmont Corp | | | | 1,448,349 |
| 68,289 | | PPG Industries Inc | | | | 11,693,808 |
| 37,062 | | Steel Dynamics Inc | | | | 2,009,502 |
| | | Total Materials | | | | 35,094,686 |
| | | Real Estate – 4.4% | | | | |
| 814 | | Camden Property Trust | | | | 98,071 |
| 11,219 | | CBRE Group Inc, (2) | | | | 955,859 |
| 119,229 | | Equity Residential | | | | 8,850,368 |
| 2,792 | | Healthpeak Properties Inc | | | | 95,877 |
| 333,530 | | Host Hotels & Resorts Inc, (2) | | | | 6,056,905 |
| 2,541 | | Iron Mountain Inc | | | | 101,945 |
| 131,357 | | Prologis Inc | | | | 15,307,031 |
Nuveen ESG Large-Cap Value ETF (NULV) (continued)
Portfolio of Investments April 30, 2021
(Unaudited)
| Shares | | Description (1) | | | | Value |
| | | Real Estate (continued) | | | | |
| 1,591 | | Regency Centers Corp | | | | $101,283 |
| 1,757 | | Ventas Inc | | | | 97,443 |
| 115,658 | | Welltower Inc | | | | 8,677,820 |
| | | Total Real Estate | | | | 40,342,602 |
| | | Utilities – 4.3% | | | | |
| 141,214 | | Consolidated Edison Inc | | | | 10,931,376 |
| 129,742 | | Eversource Energy | | | | 11,186,355 |
| 97,460 | | Sempra Energy | | | | 13,407,572 |
| 98,682 | | UGI Corp | | | | 4,313,390 |
| | | Total Utilities | | | | 39,838,693 |
| | | Total Long-Term Investments (cost $767,165,728) | | | | 915,447,171 |
| Principal Amount (000) | | Description (1) | Coupon | Maturity | Ratings (3) | Value |
| | | SHORT-TERM INVESTMENTS – 0.1% | | | | |
| | | U.S. GOVERNMENT AND AGENCY OBLIGATIONS – 0.1% | | | | |
| $ 914 | | Federal Home Loan Bank Discount Notes | 0.000% | 5/04/21 | Aaa | $ 914,000 |
| | | Total Short-Term Investments (cost $914,000) | | | | 914,000 |
| | | Total Investments (cost $768,079,728) – 99.8% | | | | 916,361,171 |
| | | Other Assets Less Liabilities – 0.2% | | | | 1,569,448 |
| | | Net Assets – 100% | | | | $ 917,930,619 |
| | 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 an ex-dividend date 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, 2021
(Unaudited)
| Shares | | Description (1) | | | | Value |
| | | LONG-TERM INVESTMENTS – 99.9% | | | | |
| | | COMMON STOCKS – 99.9% | | | | |
| | | Communication Services – 7.3% | | | | |
| 2,022 | | Cable One Inc | | | | $3,619,380 |
| 67,530 | | Live Nation Entertainment Inc, (2) | | | | 5,529,357 |
| 112,935 | | Pinterest Inc., Class A, (2) | | | | 7,495,496 |
| 32,737 | | Take-Two Interactive Software Inc, (2) | | | | 5,741,415 |
| | | Total Communication Services | | | | 22,385,648 |
| | | Consumer Discretionary – 12.0% | | | | |
| 23,044 | | Burlington Stores Inc, (2) | | | | 7,519,948 |
| 47,644 | | Darden Restaurants Inc | | | | 6,990,328 |
| 656 | | Domino's Pizza Inc | | | | 277,055 |
| 34,080 | | Etsy Inc, (2) | | | | 6,774,763 |
| 10,690 | | Pool Corp | | | | 4,516,739 |
| 34,651 | | Tractor Supply Co | | | | 6,535,179 |
| 12,097 | | Vail Resorts Inc, (2) | | | | 3,933,460 |
| | | Total Consumer Discretionary | | | | 36,547,472 |
| | | Consumer Staples – 1.7% | | | | |
| 64,507 | | Lamb Weston Holdings Inc | | | | 5,192,814 |
| | | Financials – 3.2% | | | | |
| 4,872 | | FactSet Research Systems Inc | | | | 1,638,064 |
| 8,501 | | MarketAxess Holdings Inc | | | | 4,152,398 |
| 60,328 | | Voya Financial Inc | | | | 4,091,445 |
| | | Total Financials | | | | 9,881,907 |
| | | Health Care – 18.7% | | | | |
| 7,971 | | ABIOMED Inc, (2) | | | | 2,556,539 |
| 16,495 | | Align Technology Inc, (2) | | | | 9,823,267 |
| 56,319 | | BioMarin Pharmaceutical Inc, (2) | | | | 4,388,376 |
| 45,979 | | Catalent Inc, (2) | | | | 5,171,258 |
| 74,284 | | Hologic Inc, (2) | | | | 4,869,316 |
| 51,941 | | Horizon Therapeutics Plc, (2) | | | | 4,914,657 |
| 21,660 | | Insulet Corp, (2) | | | | 6,394,465 |
| 5,968 | | Mettler-Toledo International Inc, (2) | | | | 7,837,894 |
| 14,648 | | STERIS PLC | | | | 3,091,021 |
| 5,396 | | Waters Corp, (2) | | | | 1,618,099 |
| 19,201 | | West Pharmaceutical Services Inc | | | | 6,307,913 |
| | | Total Health Care | | | | 56,972,805 |
Nuveen ESG Mid-Cap Growth ETF (NUMG) (continued)
Portfolio of Investments April 30, 2021
(Unaudited)
| Shares | | Description (1) | | | | Value |
| | | Industrials – 14.1% | | | | |
| 57,436 | | Copart Inc, (2) | | | | $7,151,356 |
| 56,708 | | Fastenal Co | | | | 2,964,694 |
| 19,565 | | Generac Holdings Inc, (2) | | | | 6,338,082 |
| 23,241 | | IDEX Corp | | | | 5,210,632 |
| 5,288 | | Lennox International Inc | | | | 1,773,278 |
| 69,314 | | Masco Corp | | | | 4,427,778 |
| 21,043 | | Nordson Corp | | | | 4,448,701 |
| 13,413 | | Teledyne Technologies Inc, (2) | | | | 6,005,671 |
| 42,888 | | Xylem Inc/NY | | | | 4,745,557 |
| | | Total Industrials | | | | 43,065,749 |
| | | Information Technology – 39.6% | | | | |
| 349 | | Akamai Technologies Inc, (2) | | | | 37,936 |
| 21,308 | | ANSYS Inc, (2) | | | | 7,791,483 |
| 10,134 | | Arista Networks Inc, (2) | | | | 3,193,933 |
| 64,454 | | Cadence Design Systems Inc, (2) | | | | 8,493,104 |
| 65,470 | | Cloudflare Inc., Class A, (2) | | | | 5,547,928 |
| 53,066 | | Cognex Corp | | | | 4,570,044 |
| 11,483 | | Fair Isaac Corp, (2) | | | | 5,987,351 |
| 42,189 | | Fortinet Inc, (2) | | | | 8,616,259 |
| 66,252 | | GoDaddy Inc., Class A, (2) | | | | 5,751,999 |
| 13,249 | | HubSpot Inc, (2) | | | | 6,974,936 |
| 8,139 | | Keysight Technologies Inc, (2) | | | | 1,174,865 |
| 164,227 | | Marvell Technology Inc | | | | 7,424,703 |
| 29,886 | | Okta Inc, (2) | | | | 8,060,254 |
| 16,665 | | Paycom Software Inc, (2) | | | | 6,406,193 |
| 41,484 | | PTC Inc, (2) | | | | 5,431,915 |
| 19,100 | | RingCentral Inc, (2) | | | | 6,091,945 |
| 143,306 | | Slack Technologies Inc., Class A, (2) | | | | 6,076,174 |
| 34,204 | | Splunk Inc, (2) | | | | 4,324,070 |
| 68,308 | | Trimble Inc, (2) | | | | 5,601,256 |
| 15,202 | | Zebra Technologies Corp., Class A, (2) | | | | 7,414,623 |
| 40,986 | | Zendesk Inc, (2) | | | | 5,990,104 |
| | | Total Information Technology | | | | 120,961,075 |
| | | Materials – 3.3% | | | | |
| 101,255 | | Axalta Coating Systems Ltd, (2) | | | | 3,229,022 |
| 29,840 | | Ball Corp | | | | 2,794,217 |
| 35,220 | | FMC Corp | | | | 4,164,413 |
| | | Total Materials | | | | 10,187,652 |
| | | Total Long-Term Investments (cost $242,111,083) | | | | 305,195,122 |
| Principal Amount (000) | | Description (1) | Coupon | Maturity | Ratings (3) | Value |
| | | SHORT-TERM INVESTMENTS – 0.1% | | | | |
| | | U.S. GOVERNMENT AND AGENCY OBLIGATIONS – 0.1% | | | | |
| $ 300 | | Federal Home Loan Bank Discount Notes | 0.000% | 5/05/21 | Aaa | $ 300,000 |
| | | Total Short-Term Investments (cost $300,000) | | | | 300,000 |
| | | Total Investments (cost $242,411,083) – 100.0% | | | | 305,495,122 |
| | | Other Assets Less Liabilities – 0.0% | | | | 47,723 |
| | | Net Assets – 100% | | | | $ 305,542,845 |
| | 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 an ex-dividend date 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, 2021
(Unaudited)
| Shares | | Description (1) | | | | Value |
| | | LONG-TERM INVESTMENTS – 99.8% | | | | |
| | | COMMON STOCKS – 99.8% | | | | |
| | | Communication Services – 4.9% | | | | |
| 7,111 | | Discovery Inc, (2) | | | | $267,800 |
| 81,097 | | Discovery Inc, (2) | | | | 2,620,244 |
| 36,658 | | Interpublic Group of Cos Inc | | | | 1,163,892 |
| 76,122 | | Liberty Global PLC, (2) | | | | 2,059,861 |
| 50,954 | | Liberty Media Corp-Liberty Formula One, (2) | | | | 2,391,781 |
| 161,803 | | Lumen Technologies Inc | | | | 2,075,932 |
| 327 | | Omnicom Group Inc | | | | 26,899 |
| | | Total Communication Services | | | | 10,606,409 |
| | | Consumer Discretionary – 11.2% | | | | |
| 81,632 | | Aramark | | | | 3,173,036 |
| 15,430 | | Best Buy Co Inc | | | | 1,794,046 |
| 37,172 | | BorgWarner Inc | | | | 1,805,816 |
| 11,065 | | CarMax Inc, (2) | | | | 1,474,301 |
| 36,020 | | Hasbro Inc | | | | 3,582,189 |
| 35,080 | | LKQ Corp, (2) | | | | 1,638,587 |
| 14,176 | | Mohawk Industries Inc, (2) | | | | 2,913,168 |
| 110,251 | | Newell Brands Inc | | | | 2,972,367 |
| 36,019 | | PulteGroup Inc | | | | 2,129,443 |
| 9,120 | | Vail Resorts Inc, (2) | | | | 2,965,459 |
| | | Total Consumer Discretionary | | | | 24,448,412 |
| | | Consumer Staples – 2.8% | | | | |
| 39,467 | | Bunge Ltd | | | | 3,331,804 |
| 52,352 | | Campbell Soup Co | | | | 2,499,808 |
| 7,970 | | Conagra Brands Inc | | | | 295,607 |
| | | Total Consumer Staples | | | | 6,127,219 |
| | | Energy – 3.4% | | | | |
| 151,282 | | Baker Hughes Co | | | | 3,037,742 |
| 82,935 | | ONEOK Inc | | | | 4,340,818 |
| | | Total Energy | | | | 7,378,560 |
| | | Financials – 21.1% | | | | |
| 52,881 | | Ally Financial Inc | | | | 2,720,728 |
| 31,460 | | Arthur J Gallagher & Co | | | | 4,560,127 |
| 17,833 | | Assurant Inc | | | | 2,774,815 |
| 75,562 | | Carlyle Group Inc | | | | 3,223,475 |
| 76,965 | | Citizens Financial Group Inc | | | | 3,561,940 |
| Shares | | Description (1) | | | | Value |
| | | Financials (continued) | | | | |
| 114,340 | | Equitable Holdings Inc | | | | $3,913,858 |
| 3,558 | | First Republic Bank/CA | | | | 651,968 |
| 49,447 | | Franklin Resources Inc | | | | 1,483,410 |
| 49,426 | | Invesco Ltd | | | | 1,334,502 |
| 100,476 | | KeyCorp | | | | 2,186,358 |
| 51,610 | | Lincoln National Corp | | | | 3,309,749 |
| 66,822 | | Loews Corp | | | | 3,725,327 |
| 2,319 | | M&T Bank Corp | | | | 365,683 |
| 62,907 | | Principal Financial Group Inc | | | | 4,017,870 |
| 8,675 | | Regions Financial Corp | | | | 189,115 |
| 16,618 | | Reinsurance Group of America Inc., Class A | | | | 2,169,148 |
| 7,033 | | SVB Financial Group, (2) | | | | 4,021,680 |
| 25,959 | | Voya Financial Inc | | | | 1,760,539 |
| | | Total Financials | | | | 45,970,292 |
| | | Health Care – 5.9% | | | | |
| 23,855 | | BioMarin Pharmaceutical Inc, (2) | | | | 1,858,782 |
| 12,977 | | Catalent Inc, (2) | | | | 1,459,523 |
| 553 | | DaVita Inc, (2) | | | | 64,441 |
| 48,220 | | DENTSPLY SIRONA Inc | | | | 3,255,332 |
| 4,153 | | Jazz Pharmaceuticals PLC, (2) | | | | 682,753 |
| 27,165 | | Quest Diagnostics Inc | | | | 3,582,520 |
| 1,426 | | STERIS PLC | | | | 300,915 |
| 5,374 | | Waters Corp, (2) | | | | 1,611,501 |
| | | Total Health Care | | | | 12,815,767 |
| | | Industrials – 14.8% | | | | |
| 104,246 | | Carrier Global Corp | | | | 4,543,041 |
| 12,137 | | CH Robinson Worldwide Inc | | | | 1,178,260 |
| 733 | | Expeditors International of Washington Inc | | | | 80,527 |
| 58,549 | | Fastenal Co | | | | 3,060,942 |
| 21,992 | | Fortune Brands Home & Security Inc | | | | 2,308,720 |
| 11,325 | | IDEX Corp | | | | 2,539,065 |
| 14,547 | | Kansas City Southern | | | | 4,250,779 |
| 35,935 | | Masco Corp | | | | 2,295,528 |
| 25,144 | | Owens Corning | | | | 2,434,191 |
| 37,574 | | Robert Half International Inc | | | | 3,291,858 |
| 1,250 | | Snap-on Inc | | | | 297,000 |
| 5,605 | | WW Grainger Inc | | | | 2,429,992 |
| 32,564 | | Xylem Inc/NY | | | | 3,603,206 |
| | | Total Industrials | | | | 32,313,109 |
| | | Information Technology – 9.9% | | | | |
| 172,656 | | Hewlett Packard Enterprise Co | | | | 2,765,949 |
Nuveen ESG Mid-Cap Value ETF (NUMV) (continued)
Portfolio of Investments April 30, 2021
(Unaudited)
| Shares | | Description (1) | | | | Value |
| | | Information Technology (continued) | | | | |
| 15,101 | | Keysight Technologies Inc, (2) | | | | $2,179,829 |
| 5,271 | | Maxim Integrated Products Inc | | | | 495,474 |
| 97,392 | | NortonLifeLock Inc | | | | 2,104,641 |
| 85,978 | | ON Semiconductor Corp, (2) | | | | 3,353,142 |
| 18,799 | | Skyworks Solutions Inc | | | | 3,408,823 |
| 8,773 | | Splunk Inc, (2) | | | | 1,109,083 |
| 41,004 | | Trimble Inc, (2) | | | | 3,362,328 |
| 108,255 | | Western Union Co | | | | 2,788,649 |
| | | Total Information Technology | | | | 21,567,918 |
| | | Materials – 7.9% | | | | |
| 289,117 | | Amcor PLC | | | | 3,397,125 |
| 90,976 | | Axalta Coating Systems Ltd, (2) | | | | 2,901,224 |
| 18,341 | | Celanese Corp | | | | 2,873,118 |
| 7,628 | | Martin Marietta Materials Inc | | | | 2,693,599 |
| 73,355 | | Mosaic Co | | | | 2,580,629 |
| 32,705 | | Sealed Air Corp | | | | 1,615,627 |
| 20,363 | | Steel Dynamics Inc | | | | 1,104,082 |
| | | Total Materials | | | | 17,165,404 |
| | | Real Estate – 12.9% | | | | |
| 20,929 | | Alexandria Real Estate Equities Inc | | | | 3,790,242 |
| 15,747 | | Boston Properties Inc | | | | 1,721,934 |
| 27,453 | | CBRE Group Inc, (2) | | | | 2,338,995 |
| 38,857 | | Duke Realty Corp | | | | 1,807,628 |
| 92,358 | | Healthpeak Properties Inc | | | | 3,171,574 |
| 204,241 | | Host Hotels & Resorts Inc, (2) | | | | 3,709,016 |
| 48,473 | | Iron Mountain Inc | | | | 1,944,737 |
| 57,412 | | Regency Centers Corp | | | | 3,654,848 |
| 45,086 | | UDR Inc | | | | 2,094,245 |
| 70,189 | | Ventas Inc | | | | 3,892,682 |
| | | Total Real Estate | | | | 28,125,901 |
| | | Utilities – 5.0% | | | | |
| 63,313 | | CMS Energy Corp | | | | 4,076,724 |
| 135,304 | | NiSource Inc | | | | 3,520,610 |
| 75,167 | | UGI Corp | | | | 3,285,550 |
| | | Total Utilities | | | | 10,882,884 |
| | | Total Long-Term Investments (cost $163,910,173) | | | | 217,401,875 |
| Principal Amount (000) | | Description (1) | Coupon | Maturity | Ratings (3) | Value |
| | | SHORT-TERM INVESTMENTS – 0.1% | | | | |
| | | U.S. GOVERNMENT AND AGENCY OBLIGATIONS – 0.1% | | | | |
| $ 173 | | Federal Home Loan Bank Discount Notes | 0.000% | 5/04/21 | Aaa | $ 173,000 |
| | | Total Short-Term Investments (cost $173,000) | | | | 173,000 |
| | | Total Investments (cost $164,083,173) – 99.9% | | | | 217,574,875 |
| | | Other Assets Less Liabilities – 0.1% | | | | 207,535 |
| | | Net Assets – 100% | | | | $ 217,782,410 |
| | 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 an ex-dividend date 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, 2021
(Unaudited)
| Shares | | Description (1) | | | | Value |
| | | LONG-TERM INVESTMENTS – 99.9% | | | | |
| | | COMMON STOCKS – 99.9% | | | | |
| | | Communication Services – 1.9% | | | | |
| 8,509 | | Bandwidth Inc, Class A, (2) | | | | $1,124,890 |
| 22,414 | | Boingo Wireless Inc, (2) | | | | 312,899 |
| 13,770 | | Cardlytics Inc, (2) | | | | 1,893,788 |
| 5,475 | | Cincinnati Bell Inc, (2) | | | | 84,479 |
| 5,320 | | Cinemark Holdings Inc, (2) | | | | 112,784 |
| 42,138 | | Clear Channel Outdoor Holdings Inc, (2) | | | | 105,766 |
| 8,866 | | Cogent Communications Holdings Inc | | | | 669,472 |
| 10,426 | | Gogo Inc, (2), (3) | | | | 108,639 |
| 67,410 | | Gray Television Inc | | | | 1,369,771 |
| 7,496 | | Hemisphere Media Group Inc, (2) | | | | 91,601 |
| 5,729 | | iHeartMedia Inc., Class A, (2) | | | | 109,653 |
| 4,233 | | IMAX Corp, (2) | | | | 87,285 |
| 34,841 | | John Wiley & Sons Inc., Class A | | | | 1,983,847 |
| 8,796 | | New York Times Co | | | | 399,426 |
| 25,593 | | Scholastic Corp | | | | 776,236 |
| 1,915 | | Shenandoah Telecommunications Co | | | | 90,503 |
| 4,681 | | TEGNA Inc | | | | 93,901 |
| 20,959 | | WideOpenWest Inc, (2) | | | | 294,893 |
| 19,611 | | World Wrestling Entertainment Inc | | | | 1,080,762 |
| 33,413 | | ZoomInfo Technologies Inc, (2) | | | | 1,732,798 |
| 344,371 | | Zynga Inc., Class A, (2) | | | | 3,726,094 |
| | | Total Communication Services | | | | 16,249,487 |
| | | Consumer Discretionary – 16.9% | | | | |
| 14,363 | | 1-800-Flowerscom Inc., Class A, (2) | | | | 459,257 |
| 29,395 | | Aaron's Co Inc | | | | 908,012 |
| 41,285 | | American Axle & Manufacturing Holdings Inc, (2) | | | | 383,125 |
| 44,602 | | American Eagle Outfitters Inc | | | | 1,541,891 |
| 13,216 | | American Public Education Inc, (2) | | | | 402,559 |
| 8,637 | | Arko Corp, (2) | | | | 90,861 |
| 5,799 | | Asbury Automotive Group Inc, (2) | | | | 1,151,739 |
| 16,059 | | At Home Group Inc, (2) | | | | 507,143 |
| 33,168 | | Big Lots Inc | | | | 2,286,602 |
| 2,720 | | Boot Barn Holdings Inc, (2) | | | | 191,869 |
| 35,509 | | Bright Horizons Family Solutions Inc, (2) | | | | 5,142,768 |
| 12,194 | | Brunswick Corp/DE | | | | 1,306,343 |
| Shares | | Description (1) | | | | Value |
| | | Consumer Discretionary (continued) | | | | |
| 13,412 | | Buckle Inc | | | | $562,499 |
| 53,388 | | Callaway Golf Co | | | | 1,545,583 |
| 28,465 | | Camping World Holdings Inc | | | | 1,239,366 |
| 14,941 | | Carriage Services Inc | | | | 555,506 |
| 16,138 | | Carter's Inc, (2) | | | | 1,755,653 |
| 375 | | Cavco Industries Inc, (2) | | | | 78,536 |
| 1,868 | | Century Communities Inc, (2) | | | | 138,120 |
| 2,636 | | Children's Place Inc, (2) | | | | 206,531 |
| 1,524 | | Columbia Sportswear Co | | | | 166,131 |
| 2,275 | | Cooper Tire & Rubber Co | | | | 129,652 |
| 39,720 | | Core-Mark Holding Co Inc | | | | 1,690,483 |
| 13,161 | | Crocs Inc, (2) | | | | 1,317,679 |
| 17,809 | | Dana Inc | | | | 450,568 |
| 37,846 | | Dave & Buster's Entertainment Inc, (2) | | | | 1,728,048 |
| 3,370 | | Deckers Outdoor Corp, (2) | | | | 1,139,734 |
| 1,153 | | Dick's Sporting Goods Inc | | | | 95,215 |
| 13,784 | | Dine Brands Global Inc, (2) | | | | 1,332,224 |
| 14,248 | | Dorman Products Inc, (2) | | | | 1,413,117 |
| 17,318 | | El Pollo Loco Holdings Inc, (2) | | | | 293,367 |
| 20,427 | | Ethan Allen Interiors Inc | | | | 586,459 |
| 58,829 | | Extended Stay America Inc | | | | 1,170,109 |
| 7,202 | | Five Below Inc, (2) | | | | 1,449,547 |
| 40,291 | | Foot Locker Inc | | | | 2,376,363 |
| 15,764 | | Franchise Group Inc | | | | 607,387 |
| 49,260 | | frontdoor Inc, (2) | | | | 2,636,888 |
| 36,923 | | GameStop Corp., Class A, (2) | | | | 6,409,464 |
| 33,332 | | Gap Inc | | | | 1,103,289 |
| 3,540 | | Genesco Inc, (2) | | | | 177,000 |
| 1,189 | | Gentherm Inc, (2) | | | | 84,657 |
| 100,763 | | GoPro Inc., Class A, (2) | | | | 1,131,569 |
| 3,576 | | Graham Holdings Co., Class B | | | | 2,272,941 |
| 12,684 | | Grand Canyon Education Inc, (2) | | | | 1,373,550 |
| 9,348 | | Green Brick Partners Inc, (2) | | | | 241,272 |
| 10,087 | | Group 1 Automotive Inc | | | | 1,655,882 |
| 207,935 | | Hanesbrands Inc | | | | 4,379,111 |
| 66,120 | | Harley-Davidson Inc | | | | 3,198,224 |
| 11,907 | | Helen of Troy Ltd, (2) | | | | 2,514,877 |
| 3,145 | | Hibbett Sports Inc, (2) | | | | 249,870 |
| 71,054 | | Hilton Grand Vacations Inc, (2) | | | | 3,166,166 |
| 23,651 | | iRobot Corp, (2) | | | | 2,573,229 |
| 18,231 | | Jack in the Box Inc | | | | 2,199,570 |
Nuveen ESG Small-Cap ETF (NUSC) (continued)
Portfolio of Investments April 30, 2021
(Unaudited)
| Shares | | Description (1) | | | | Value |
| | | Consumer Discretionary (continued) | | | | |
| 5,493 | | Johnson Outdoors Inc | | | | $778,962 |
| 5,776 | | KB Home | | | | 278,577 |
| 36,347 | | Kontoor Brands Inc | | | | 2,283,682 |
| 11,266 | | Lands' End Inc, (2) | | | | 259,569 |
| 2,092 | | La-Z-Boy Inc | | | | 93,010 |
| 10,460 | | LCI Industries | | | | 1,532,390 |
| 35,580 | | Leggett & Platt Inc | | | | 1,767,259 |
| 53,387 | | Levi Strauss & Co., Class A | | | | 1,540,749 |
| 3,110 | | LGI Homes Inc, (2) | | | | 515,576 |
| 5,729 | | Lithia Motors Inc., Class A | | | | 2,202,113 |
| 2,295 | | Lovesac Co, (2) | | | | 168,155 |
| 188,068 | | Macy's Inc, (2) | | | | 3,118,167 |
| 18,462 | | Malibu Boats Inc, (2) | | | | 1,538,992 |
| 18,937 | | MarineMax Inc, (2) | | | | 1,075,622 |
| 4,001 | | Meritage Homes Corp, (2) | | | | 425,666 |
| 29,614 | | Monro Inc | | | | 2,090,452 |
| 13,107 | | Murphy USA Inc | | | | 1,827,116 |
| 3,861 | | National Vision Holdings Inc, (2) | | | | 194,633 |
| 82,457 | | Nordstrom Inc, (2) | | | | 3,024,523 |
| 9,978 | | Overstockcom Inc, (2) | | | | 813,207 |
| 1,120 | | Oxford Industries Inc | | | | 102,178 |
| 59,897 | | Planet Fitness Inc., Class A, (2) | | | | 5,030,749 |
| 7,660 | | PVH Corp, (2) | | | | 866,959 |
| 64,506 | | Quotient Technology Inc, (2) | | | | 1,054,028 |
| 3,168 | | Ralph Lauren Corp, (2) | | | | 422,263 |
| 19,772 | | RealReal Inc, (2) | | | | 489,752 |
| 12,178 | | Rent-A-Center Inc/TX | | | | 700,844 |
| 14,529 | | Revolve Group Inc, (2) | | | | 704,511 |
| 45,016 | | SeaWorld Entertainment Inc, (2) | | | | 2,465,076 |
| 30,447 | | Shake Shack Inc., Class A, (2) | | | | 3,311,111 |
| 18,531 | | Signet Jewelers Ltd, (2) | | | | 1,107,227 |
| 11,960 | | Sleep Number Corp, (2) | | | | 1,338,204 |
| 66,172 | | Sonos Inc, (2) | | | | 2,648,865 |
| 10,912 | | Steven Madden Ltd | | | | 443,791 |
| 77,894 | | Tapestry Inc, (2) | | | | 3,727,228 |
| 25,909 | | Taylor Morrison Home Corp, (2) | | | | 808,620 |
| 74,364 | | Terminix Global Holdings Inc, (2) | | | | 3,784,384 |
| 25,027 | | Thor Industries Inc | | | | 3,543,573 |
| 4,222 | | Tri Pointe Homes Inc, (2) | | | | 100,568 |
| 2,617 | | Tupperware Brands Corp, (2) | | | | 63,776 |
| 3,768 | | Under Armour Inc., Class A, (2) | | | | 91,600 |
| Shares | | Description (1) | | | | Value |
| | | Consumer Discretionary (continued) | | | | |
| 118,621 | | Under Armour Inc., Class C, (2) | | | | $2,361,744 |
| 3,799 | | Visteon Corp, (2) | | | | 462,756 |
| 165,953 | | Wendy's Co | | | | 3,745,559 |
| 10,549 | | Williams-Sonoma Inc | | | | 1,801,242 |
| 17,128 | | Wingstop Inc | | | | 2,713,247 |
| 457 | | Winmark Corp | | | | 88,005 |
| 2,810 | | Wolverine World Wide Inc | | | | 117,233 |
| 37,934 | | Workhorse Group Inc, (2), (3) | | | | 470,002 |
| 41,848 | | WW International Inc, (2) | | | | 1,160,864 |
| 1,800 | | XPEL Inc, (2) | | | | 115,380 |
| 25,530 | | YETI Holdings Inc, (2) | | | | 2,180,773 |
| 3,484 | | Zumiez Inc, (2) | | | | 149,708 |
| | | Total Consumer Discretionary | | | | 145,467,845 |
| | | Consumer Staples – 3.0% | | | | |
| 19,478 | | Beyond Meat Inc, (2) | | | | 2,564,863 |
| 11,595 | | BJ's Wholesale Club Holdings Inc, (2) | | | | 517,949 |
| 17,477 | | Edgewell Personal Care Co | | | | 667,621 |
| 51,001 | | Energizer Holdings Inc | | | | 2,514,349 |
| 6,487 | | Flowers Foods Inc | | | | 155,429 |
| 27,306 | | Fresh Del Monte Produce Inc | | | | 770,029 |
| 30,619 | | Freshpet Inc, (2) | | | | 5,659,004 |
| 1,529 | | Herbalife Nutrition Ltd, (2) | | | | 69,982 |
| 9,173 | | Medifast Inc | | | | 2,083,097 |
| 5,127 | | MGP Ingredients Inc | | | | 308,133 |
| 77,386 | | Performance Food Group Co, (2) | | | | 4,542,558 |
| 834 | | PriceSmart Inc | | | | 70,089 |
| 4,520 | | SpartanNash Co | | | | 87,552 |
| 3,860 | | Sprouts Farmers Market Inc, (2) | | | | 98,855 |
| 18,228 | | TreeHouse Foods Inc, (2) | | | | 867,653 |
| 8,247 | | United Natural Foods Inc, (2) | | | | 303,984 |
| 107,706 | | US Foods Holding Corp, (2) | | | | 4,465,491 |
| 11,539 | | Vital Farms Inc, (2) | | | | 280,628 |
| | | Total Consumer Staples | | | | 26,027,266 |
| | | Energy – 2.1% | | | | |
| 115,443 | | Archrock Inc | | | | 1,078,238 |
| 41,609 | | Cactus Inc | | | | 1,240,364 |
| 97,761 | | ChampionX Corp, (2) | | | | 2,053,958 |
| 132,270 | | Clean Energy Fuels Corp, (2) | | | | 1,454,970 |
| 32,921 | | Core Laboratories NV | | | | 927,714 |
| 64,815 | | Delek US Holdings Inc | | | | 1,538,060 |
| 13,118 | | DMC Global Inc, (2) | | | | 708,372 |
Nuveen ESG Small-Cap ETF (NUSC) (continued)
Portfolio of Investments April 30, 2021
(Unaudited)
| Shares | | Description (1) | | | | Value |
| | | Energy (continued) | | | | |
| 78,300 | | Liberty Oilfield Services Inc, (2) | | | | $916,110 |
| 156,171 | | NOV Inc, (2) | | | | 2,334,756 |
| 69,804 | | Oceaneering International Inc, (2) | | | | 750,393 |
| 34,600 | | Renewable Energy Group Inc, (2) | | | | 1,920,992 |
| 376,727 | | TechnipFMC PLC, (2) | | | | 2,787,780 |
| | | Total Energy | | | | 17,711,707 |
| | | Financials – 14.5% | | | | |
| 12,243 | | Amalgamated Financial Corp | | | | 197,724 |
| 6,241 | | Amerant Bancorp Inc, (2) | | | | 118,267 |
| 32,012 | | Ameris Bancorp | | | | 1,731,529 |
| 8,409 | | Argo Group International Holdings Ltd, (2) | | | | 438,782 |
| 41,467 | | Artisan Partners Asset Management Inc | | | | 2,111,500 |
| 4,352 | | Banc of California Inc | | | | 77,901 |
| 62,402 | | Bank OZK | | | | 2,557,858 |
| 9,245 | | Banner Corp | | | | 525,486 |
| 39,779 | | Berkshire Hills Bancorp Inc | | | | 882,696 |
| 13,941 | | BOK Financial Corp | | | | 1,225,972 |
| 9,269 | | Boston Private Financial Holdings Inc | | | | 136,440 |
| 2,655 | | Bryn Mawr Bank Corp | | | | 122,024 |
| 21,607 | | Byline Bancorp Inc | | | | 490,479 |
| 2,157 | | Camden National Corp | | | | 102,932 |
| 43,234 | | CNO Financial Group Inc | | | | 1,103,764 |
| 16,685 | | Cohen & Steers Inc | | | | 1,134,914 |
| 4,250 | | Columbia Banking System Inc | | | | 185,002 |
| 4,579 | | Commerce Bancshares Inc/MO | | | | 356,292 |
| 2,241 | | Community Trust Bancorp Inc | | | | 99,859 |
| 20,982 | | Cowen Inc., Class A | | | | 828,579 |
| 14,271 | | Crawford & Co., Class A | | | | 149,703 |
| 8,756 | | Cullen/Frost Bankers Inc | | | | 1,051,245 |
| 15,453 | | CVB Financial Corp | | | | 327,758 |
| 2,703 | | Diamond Hill Investment Group Inc | | | | 462,213 |
| 3,815 | | Dime Community Bancshares Inc | | | | 126,353 |
| 19,625 | | East West Bancorp Inc | | | | 1,494,444 |
| 15,969 | | eHealth Inc, (2) | | | | 1,129,647 |
| 19,132 | | Encore Capital Group Inc, (2) | | | | 752,653 |
| 3,130 | | Federal Agricultural Mortgage Corp | | | | 321,952 |
| 66,043 | | First American Financial Corp | | | | 4,259,773 |
| 42,230 | | First Busey Corp | | | | 1,054,905 |
| 1,243 | | First Eagle Private Credit LLC, (2), (4) | | | | 104 |
| 20,432 | | First Financial Bancorp | | | | 500,788 |
| 378,002 | | First Horizon Corp | | | | 6,913,657 |
| Shares | | Description (1) | | | | Value |
| | | Financials (continued) | | | | |
| 3,601 | | First Interstate BancSystem Inc | | | | $169,139 |
| 1,880 | | Flagstar Bancorp Inc | | | | 87,495 |
| 47,974 | | Fulton Financial Corp | | | | 817,957 |
| 448,367 | | Genworth Financial Inc., Class A, (2) | | | | 1,936,945 |
| 11,727 | | Glacier Bancorp Inc | | | | 691,307 |
| 12,695 | | Goosehead Insurance Inc | | | | 1,395,688 |
| 10,364 | | Great Western Bancorp Inc | | | | 342,530 |
| 13,772 | | Green Dot Corp., Class A, (2) | | | | 630,207 |
| 75,759 | | Hancock Whitney Corp | | | | 3,503,096 |
| 42,547 | | Hannon Armstrong Sustainable Infrastructure Capital Inc | | | | 2,229,463 |
| 17,624 | | Hanover Insurance Group Inc | | | | 2,437,575 |
| 3,114 | | Heritage Financial Corp/WA | | | | 87,503 |
| 26,115 | | Hilltop Holdings Inc | | | | 919,248 |
| 2,264 | | HomeStreet Inc | | | | 92,462 |
| 8,437 | | Independent Bank Corp | | | | 690,990 |
| 47,546 | | International Bancshares Corp | | | | 2,253,205 |
| 89,083 | | Janus Henderson Group PLC | | | | 3,063,564 |
| 26,874 | | KKR Real Estate Finance Trust Inc | | | | 567,041 |
| 24,723 | | Live Oak Bancshares Inc | | | | 1,581,283 |
| 14,671 | | LPL Financial Holdings Inc | | | | 2,298,946 |
| 7,732 | | Merchants Bancorp/IN | | | | 315,388 |
| 34,340 | | MGIC Investment Corp | | | | 523,342 |
| 16,184 | | Morningstar Inc | | | | 4,288,922 |
| 64,472 | | Mr Cooper Group Inc, (2) | | | | 2,222,995 |
| 2,343 | | National Bank Holdings Corp., Class A | | | | 93,486 |
| 227,857 | | New York Community Bancorp Inc | | | | 2,725,170 |
| 3,596 | | NMI Holdings Inc., Class A, (2) | | | | 92,921 |
| 50,532 | | OceanFirst Financial Corp | | | | 1,155,161 |
| 44,795 | | OFG Bancorp | | | | 1,061,194 |
| 22,424 | | Old National Bancorp/IN | | | | 423,814 |
| 16,200 | | Open Lending Corp., Class A, (2) | | | | 632,610 |
| 11,899 | | Origin Bancorp Inc | | | | 520,343 |
| 35,855 | | PennyMac Financial Services Inc | | | | 2,158,830 |
| 236,370 | | People's United Financial Inc | | | | 4,285,388 |
| 35,763 | | Pinnacle Financial Partners Inc | | | | 3,134,269 |
| 73,952 | | Popular Inc | | | | 5,469,490 |
| 39,784 | | PRA Group Inc, (2) | | | | 1,499,061 |
| 19,006 | | Premier Financial Corp | | | | 600,400 |
| 9,931 | | Primerica Inc | | | | 1,586,676 |
| 47,848 | | ProAssurance Corp | | | | 1,196,200 |
| 23,173 | | PROG Holdings Inc | | | | 1,180,433 |
Nuveen ESG Small-Cap ETF (NUSC) (continued)
Portfolio of Investments April 30, 2021
(Unaudited)
| Shares | | Description (1) | | | | Value |
| | | Financials (continued) | | | | |
| 2,062 | | Republic Bancorp Inc., Class A | | | | $92,646 |
| 35,905 | | Rocket Cos Inc., Class A | | | | 806,067 |
| 3,094 | | S&T Bancorp Inc | | | | 101,947 |
| 13,144 | | Seacoast Banking Corp of Florida, (2) | | | | 477,784 |
| 1,846 | | ServisFirst Bancshares Inc | | | | 116,741 |
| 15,321 | | South State Corp | | | | 1,291,867 |
| 2,433 | | Southside Bancshares Inc | | | | 97,685 |
| 196,414 | | Starwood Property Trust Inc | | | | 5,071,409 |
| 6,940 | | Stewart Information Services Corp | | | | 407,031 |
| 14,606 | | StoneX Group Inc, (2) | | | | 927,773 |
| 105,087 | | Synovus Financial Corp | | | | 4,924,377 |
| 16,438 | | TCF Financial Corp | | | | 748,258 |
| 22,300 | | Texas Capital Bancshares Inc, (2) | | | | 1,530,449 |
| 5,750 | | TFS Financial Corp | | | | 112,470 |
| 2,581 | | TriCo Bancshares | | | | 119,449 |
| 21,270 | | TriState Capital Holdings Inc, (2) | | | | 507,715 |
| 1,472 | | Triumph Bancorp Inc, (2) | | | | 130,463 |
| 24,243 | | Trupanion Inc, (2) | | | | 1,966,107 |
| 5,114 | | Umpqua Holdings Corp | | | | 95,325 |
| 2,613 | | United Community Banks Inc/GA | | | | 85,497 |
| 3,539 | | Univest Financial Corp | | | | 98,844 |
| 153,753 | | Valley National Bancorp | | | | 2,117,179 |
| 14,339 | | Victory Capital Holdings Inc | | | | 397,907 |
| 1,524 | | Virtus Investment Partners Inc | | | | 416,753 |
| 1,839 | | Washington Trust Bancorp Inc | | | | 93,881 |
| 29,344 | | Webster Financial Corp | | | | 1,552,591 |
| 28,359 | | Western Alliance Bancorp | | | | 2,979,680 |
| 38,785 | | Wintrust Financial Corp | | | | 2,990,323 |
| 10,062 | | WSFS Financial Corp | | | | 514,068 |
| 3,116 | | Zions Bancorp NA | | | | 173,873 |
| | | Total Financials | | | | 124,881,091 |
| | | Health Care – 13.4% | | | | |
| 8,498 | | 1Life Healthcare Inc, (2) | | | | 369,748 |
| 13,043 | | Acadia Healthcare Co Inc, (2) | | | | 794,580 |
| 67,913 | | ACADIA Pharmaceuticals Inc, (2) | | | | 1,396,291 |
| 28,265 | | Accelerate Diagnostics Inc, (2), (3) | | | | 206,617 |
| 20,991 | | Acceleron Pharma Inc, (2) | | | | 2,623,245 |
| 11,339 | | Accolade Inc, (2) | | | | 568,651 |
| 18,959 | | Achillion Pharmaceuticals Inc, (4) | | | | 8,721 |
| 18,951 | | Adaptive Biotechnologies Corp, (2) | | | | 788,362 |
| 818 | | Addus HomeCare Corp, (2) | | | | 86,544 |
| Shares | | Description (1) | | | | Value |
| | | Health Care (continued) | | | | |
| 34,058 | | Agios Pharmaceuticals Inc, (2) | | | | $1,900,436 |
| 11,990 | | Akouos Inc, (2) | | | | 170,498 |
| 13,184 | | Alder Biopharmaceuticals Inc, (2), (4) | | | | 11,602 |
| 10,482 | | Allakos Inc, (2) | | | | 1,143,796 |
| 114,738 | | Allscripts Healthcare Solutions Inc, (2) | | | | 1,785,323 |
| 6,926 | | ALX Oncology Holdings Inc, (2) | | | | 433,983 |
| 3,414 | | Amedisys Inc, (2) | | | | 921,268 |
| 39,549 | | AMN Healthcare Services Inc, (2) | | | | 3,136,236 |
| 21,595 | | AnaptysBio Inc, (2) | | | | 504,243 |
| 16,968 | | AngioDynamics Inc, (2) | | | | 412,322 |
| 43,622 | | Antares Pharma Inc, (2) | | | | 165,327 |
| 13,394 | | Applied Therapeutics Inc, (2) | | | | 248,057 |
| 16,758 | | Arvinas Inc, (2) | | | | 1,155,296 |
| 64,384 | | Atara Biotherapeutics Inc, (2) | | | | 905,239 |
| 5,799 | | AtriCure Inc, (2) | | | | 446,929 |
| 1,268 | | Atrion Corp | | | | 809,745 |
| 5,411 | | Axogen Inc, (2) | | | | 101,294 |
| 1,534 | | Axonics Inc, (2) | | | | 96,535 |
| 9,982 | | Axsome Therapeutics Inc, (2) | | | | 603,512 |
| 125,506 | | BioCryst Pharmaceuticals Inc, (2) | | | | 1,460,262 |
| 58,214 | | Bluebird Bio Inc, (2) | | | | 1,746,420 |
| 150,833 | | Brookdale Senior Living Inc, (2) | | | | 986,448 |
| 12,199 | | Cardiovascular Systems Inc, (2) | | | | 491,864 |
| 10,886 | | Cerus Corp, (2) | | | | 66,405 |
| 5,136 | | Chemed Corp | | | | 2,447,869 |
| 47,400 | | Coherus Biosciences Inc, (2) | | | | 701,520 |
| 27,279 | | Collegium Pharmaceutical Inc, (2) | | | | 608,322 |
| 3,116 | | Computer Programs and Systems Inc | | | | 93,542 |
| 27,548 | | Corcept Therapeutics Inc, (2) | | | | 627,819 |
| 13,266 | | Cortexyme Inc, (2), (3) | | | | 519,629 |
| 8,806 | | CorVel Corp, (2) | | | | 1,030,390 |
| 38,354 | | Covetrus Inc, (2) | | | | 1,098,842 |
| 3,405 | | CryoLife Inc, (2) | | | | 99,358 |
| 18,941 | | CryoPort Inc, (2) | | | | 1,071,492 |
| 41,537 | | Cymabay Therapeutics Inc, (2) | | | | 179,855 |
| 47,933 | | Durect Corp, (2) | | | | 91,073 |
| 10,085 | | Eagle Pharmaceuticals Inc/DE, (2) | | | | 411,771 |
| 1,593 | | Encompass Health Corp | | | | 135,182 |
| 19,992 | | Ensign Group Inc | | | | 1,716,313 |
| 55,550 | | Envista Holdings Corp, (2) | | | | 2,404,204 |
| 34,760 | | FibroGen Inc, (2) | | | | 775,843 |
Nuveen ESG Small-Cap ETF (NUSC) (continued)
Portfolio of Investments April 30, 2021
(Unaudited)
| Shares | | Description (1) | | | | Value |
| | | Health Care (continued) | | | | |
| 18,857 | | Fluidigm Corp, (2) | | | | $94,474 |
| 6,827 | | Fulgent Genetics Inc, (2), (3) | | | | 525,816 |
| 12,089 | | Glaukos Corp, (2) | | | | 1,138,300 |
| 48,882 | | Global Blood Therapeutics Inc, (2) | | | | 1,993,408 |
| 21,730 | | Globus Medical Inc, (2) | | | | 1,559,562 |
| 8,175 | | Haemonetics Corp, (2) | | | | 549,850 |
| 31,349 | | Hanger Inc, (2) | | | | 781,531 |
| 6,121 | | Heska Corp, (2) | | | | 1,118,001 |
| 11,055 | | Hill-Rom Holdings Inc | | | | 1,218,482 |
| 19,619 | | Homology Medicines Inc, (2) | | | | 132,821 |
| 5,700 | | IGM Biosciences Inc, (2) | | | | 403,104 |
| 29,976 | | Immunovant Inc, (2) | | | | 470,024 |
| 732 | | Inari Medical Inc, (2) | | | | 83,660 |
| 11,019 | | Inogen Inc, (2) | | | | 720,532 |
| 53,962 | | Inovio Pharmaceuticals Inc, (2), (3) | | | | 367,481 |
| 1,209 | | Integra LifeSciences Holdings Corp, (2) | | | | 89,563 |
| 41,583 | | Intellia Therapeutics Inc, (2) | | | | 3,192,327 |
| 26,100 | | Intersect ENT Inc, (2) | | | | 569,241 |
| 8,613 | | Intra-Cellular Therapies Inc, (2) | | | | 296,546 |
| 9,124 | | iRhythm Technologies Inc, (2) | | | | 710,395 |
| 13,392 | | Kala Pharmaceuticals Inc, (2), (3) | | | | 103,520 |
| 48,020 | | Kura Oncology Inc, (2) | | | | 1,293,179 |
| 2,634 | | LeMaitre Vascular Inc | | | | 138,206 |
| 3,786 | | LHC Group Inc, (2) | | | | 788,510 |
| 14,193 | | Ligand Pharmaceuticals Inc, (2) | | | | 2,070,617 |
| 1,191 | | LivaNova PLC, (2) | | | | 101,080 |
| 3,381 | | Luminex Corp | | | | 124,049 |
| 24,207 | | MacroGenics Inc, (2) | | | | 783,339 |
| 890 | | Magellan Health Inc, (2) | | | | 83,838 |
| 4,733 | | MEDNAX Inc, (2) | | | | 124,573 |
| 26,216 | | Meridian Bioscience Inc, (2) | | | | 513,309 |
| 27,650 | | Merit Medical Systems Inc, (2) | | | | 1,758,540 |
| 23,967 | | Mirati Therapeutics Inc, (2) | | | | 3,983,795 |
| 1,200 | | ModivCare Inc, (2) | | | | 168,096 |
| 6,266 | | Myovant Sciences Ltd, (2), (3) | | | | 130,959 |
| 10,301 | | National Research Corp | | | | 528,441 |
| 3,222 | | Natus Medical Inc, (2) | | | | 82,322 |
| 55,458 | | NeoGenomics Inc, (2) | | | | 2,716,887 |
| 463 | | Nevro Corp, (2) | | | | 80,011 |
| 4,400 | | NextGen Healthcare Inc, (2) | | | | 80,564 |
| 7,055 | | Nkarta Inc, (2) | | | | 224,702 |
| Shares | | Description (1) | | | | Value |
| | | Health Care (continued) | | | | |
| 14,235 | | Novavax Inc, (2) | | | | $3,372,699 |
| 10,014 | | Nurix Therapeutics Inc, (2) | | | | 348,687 |
| 11,620 | | Odonate Therapeutics Inc, (2) | | | | 38,927 |
| 344,290 | | OPKO Health Inc, (2) | | | | 1,411,589 |
| 1,951 | | Orthofix Medical Inc, (2) | | | | 86,527 |
| 11,082 | | OrthoPediatrics Corp, (2) | | | | 648,297 |
| 33,647 | | Owens & Minor Inc | | | | 1,214,320 |
| 20,687 | | Passage Bio Inc, (2) | | | | 388,088 |
| 36,743 | | Patterson Cos Inc | | | | 1,180,920 |
| 23,064 | | Pennant Group Inc, (2) | | | | 932,247 |
| 5,122 | | Penumbra Inc, (2) | | | | 1,567,281 |
| 37,908 | | Perrigo Co PLC | | | | 1,578,110 |
| 9,190 | | Personalis Inc, (2) | | | | 226,442 |
| 18,900 | | PetIQ Inc, (2), (3) | | | | 805,140 |
| 5,068 | | Phathom Pharmaceuticals Inc, (2) | | | | 195,219 |
| 4,954 | | Phibro Animal Health Corp | | | | 121,472 |
| 2,821 | | Pliant Therapeutics Inc, (2), (3) | | | | 94,503 |
| 2,815 | | Premier Inc., Class A | | | | 99,510 |
| 15,390 | | Progyny Inc, (2) | | | | 875,845 |
| 21,868 | | Prothena Corp PLC, (2) | | | | 580,377 |
| 7,288 | | Provention Bio Inc, (2) | | | | 52,401 |
| 15,968 | | Quidel Corp, (2) | | | | 1,673,287 |
| 19,731 | | Quotient Ltd, (2) | | | | 77,346 |
| 81,827 | | R1 RCM Inc, (2) | | | | 2,232,241 |
| 8,185 | | RadNet Inc, (2) | | | | 182,853 |
| 6,702 | | Reata Pharmaceuticals Inc, (2) | | | | 679,583 |
| 3,843 | | Relmada Therapeutics Inc, (2) | | | | 148,186 |
| 17,879 | | Repligen Corp, (2) | | | | 3,785,163 |
| 37,574 | | Revance Therapeutics Inc, (2) | | | | 1,094,155 |
| 24,178 | | Rhythm Pharmaceuticals Inc, (2) | | | | 521,278 |
| 26,682 | | Rocket Pharmaceuticals Inc, (2) | | | | 1,223,103 |
| 3,461 | | Select Medical Holdings Corp, (2) | | | | 130,549 |
| 7,251 | | Shockwave Medical Inc, (2) | | | | 1,185,248 |
| 2,695 | | SI-BONE Inc, (2) | | | | 95,672 |
| 1,279 | | Silk Road Medical Inc, (2) | | | | 78,198 |
| 1,425 | | Simulations Plus Inc | | | | 89,974 |
| 10,315 | | STAAR Surgical Co, (2) | | | | 1,413,258 |
| 12,272 | | Surgery Partners Inc, (2) | | | | 591,510 |
| 1,621 | | Surmodics Inc, (2) | | | | 86,707 |
| 1,581 | | Tactile Systems Technology Inc, (2) | | | | 90,591 |
| 1,183 | | Tandem Diabetes Care Inc, (2) | | | | 108,718 |
Nuveen ESG Small-Cap ETF (NUSC) (continued)
Portfolio of Investments April 30, 2021
(Unaudited)
| Shares | | Description (1) | | | | Value |
| | | Health Care (continued) | | | | |
| 6,488 | | Theravance Biopharma Inc, (2) | | | | $128,073 |
| 55,956 | | Tilray Inc, (2), (3) | | | | 1,026,233 |
| 29,975 | | Tivity Health Inc, (2) | | | | 724,795 |
| 22,076 | | Tricida Inc, (2) | | | | 102,653 |
| 22,107 | | Turning Point Therapeutics Inc, (2) | | | | 1,685,217 |
| 36,205 | | Ultragenyx Pharmaceutical Inc, (2) | | | | 4,041,926 |
| 15,711 | | uniQure NV, (2) | | | | 506,994 |
| 1,927 | | US Physical Therapy Inc | | | | 216,691 |
| 11,917 | | Vapotherm Inc, (2) | | | | 262,174 |
| 33,119 | | Varex Imaging Corp, (2) | | | | 786,245 |
| 26,515 | | Vocera Communications Inc, (2) | | | | 959,048 |
| 18,651 | | Xenon Pharmaceuticals Inc, (2) | | | | 341,686 |
| 17,442 | | Y-mAbs Therapeutics Inc, (2) | | | | 524,481 |
| | | Total Health Care | | | | 115,064,915 |
| | | Industrials – 16.4% | | | | |
| 16,614 | | AAON Inc | | | | 1,086,722 |
| 17,372 | | Acuity Brands Inc | | | | 3,222,853 |
| 136,369 | | ADT Inc | | | | 1,254,595 |
| 13,581 | | Advanced Drainage Systems Inc | | | | 1,516,454 |
| 2,585 | | AECOM, (2) | | | | 171,722 |
| 25,690 | | Aegion Corp, (2) | | | | 773,269 |
| 63,195 | | Allison Transmission Holdings Inc | | | | 2,620,697 |
| 6,080 | | ArcBest Corp | | | | 442,381 |
| 1,819 | | Armstrong World Industries Inc | | | | 188,539 |
| 5,731 | | Astec Industries Inc | | | | 429,882 |
| 25,460 | | Axon Enterprise Inc, (2) | | | | 3,859,991 |
| 4,230 | | AZEK Co Inc, (2) | | | | 204,224 |
| 25,211 | | Barnes Group Inc | | | | 1,258,533 |
| 66,494 | | Bloom Energy Corp, (2) | | | | 1,726,849 |
| 16,472 | | Boise Cascade Co | | | | 1,099,012 |
| 27,681 | | Brady Corp., Class A | | | | 1,510,552 |
| 51,080 | | Builders FirstSource Inc, (2) | | | | 2,486,064 |
| 20,685 | | Carlisle Cos Inc | | | | 3,964,280 |
| 4,633 | | Cimpress PLC, (2) | | | | 441,340 |
| 17,466 | | Comfort Systems USA Inc | | | | 1,438,500 |
| 43,719 | | Cornerstone Building Brands Inc, (2) | | | | 614,689 |
| 19,600 | | Cubic Corp | | | | 1,466,864 |
| 7,110 | | Curtiss-Wright Corp | | | | 909,369 |
| 32,262 | | Donaldson Co Inc | | | | 2,028,635 |
| 3,081 | | Echo Global Logistics Inc, (2) | | | | 100,749 |
| 17,011 | | EMCOR Group Inc | | | | 2,037,918 |
| Shares | | Description (1) | | | | Value |
| | | Industrials (continued) | | | | |
| 14,365 | | EnerSys | | | | $1,315,547 |
| 15,516 | | ESCO Technologies Inc | | | | 1,687,520 |
| 37,548 | | Flowserve Corp | | | | 1,488,403 |
| 33,243 | | Franklin Electric Co Inc | | | | 2,701,659 |
| 23,209 | | FTI Consulting Inc, (2) | | | | 3,222,570 |
| 14,200 | | GATX Corp | | | | 1,387,482 |
| 37,443 | | GMS Inc, (2) | | | | 1,636,634 |
| 41,404 | | Granite Construction Inc | | | | 1,577,492 |
| 43,636 | | Great Lakes Dredge & Dock Corp, (2) | | | | 685,085 |
| 65,674 | | Healthcare Services Group Inc | | | | 1,966,936 |
| 15,140 | | Herman Miller Inc | | | | 628,310 |
| 23,965 | | Hexcel Corp, (2) | | | | 1,351,866 |
| 1,508 | | Hub Group Inc, Class A, (2) | | | | 99,106 |
| 15,222 | | Hubbell Inc | | | | 2,922,776 |
| 5,666 | | Hyster-Yale Materials Handling Inc | | | | 458,096 |
| 17,317 | | IAA Inc, (2) | | | | 1,087,681 |
| 1,061 | | ICF International Inc | | | | 96,615 |
| 1,827 | | IES Holdings Inc, (2) | | | | 96,447 |
| 1,077 | | ITT Inc | | | | 101,572 |
| 4,599 | | KAR Auction Services Inc, (2) | | | | 68,939 |
| 4,383 | | Kelly Services Inc, (2) | | | | 109,794 |
| 4,975 | | Knoll Inc | | | | 118,902 |
| 6,646 | | Korn Ferry | | | | 451,197 |
| 2,972 | | Landstar System Inc | | | | 512,016 |
| 5,719 | | Lindsay Corp | | | | 948,096 |
| 24,223 | | Luxfer Holdings PLC | | | | 535,571 |
| 65,343 | | Macquarie Infrastructure Corp | | | | 2,176,575 |
| 11,996 | | ManpowerGroup Inc | | | | 1,450,196 |
| 26,531 | | Matthews International Corp., Class A | | | | 1,097,853 |
| 34,362 | | Maxar Technologies Inc | | | | 1,333,589 |
| 21,368 | | McGrath RentCorp | | | | 1,751,749 |
| 33,748 | | Mercury Systems Inc, (2) | | | | 2,539,199 |
| 15,693 | | Middleby Corp, (2) | | | | 2,845,455 |
| 13,551 | | Montrose Environmental Group Inc, (2) | | | | 734,600 |
| 3,409 | | Moog Inc., Class A | | | | 295,049 |
| 8,888 | | MSA Safety Inc | | | | 1,428,835 |
| 14,727 | | MYR Group Inc, (2) | | | | 1,147,233 |
| 2,853 | | Navistar International Corp, (2) | | | | 126,245 |
| 121,525 | | Nielsen Holdings PLC | | | | 3,117,116 |
| 8,854 | | Oshkosh Corp | | | | 1,101,703 |
| 56,027 | | PAE Inc, (2) | | | | 502,562 |
Nuveen ESG Small-Cap ETF (NUSC) (continued)
Portfolio of Investments April 30, 2021
(Unaudited)
| Shares | | Description (1) | | | | Value |
| | | Industrials (continued) | | | | |
| 134,741 | | Pitney Bowes Inc | | | | $1,006,515 |
| 37,588 | | Quanta Services Inc | | | | 3,632,504 |
| 31,677 | | Raven Industries Inc | | | | 1,286,720 |
| 65,317 | | Resideo Technologies Inc, (2) | | | | 1,960,163 |
| 47,555 | | Ryder System Inc | | | | 3,796,791 |
| 20,131 | | Schneider National Inc | | | | 487,774 |
| 29,595 | | SiteOne Landscape Supply Inc, (2) | | | | 5,308,751 |
| 2,330 | | SP Plus Corp, (2) | | | | 79,989 |
| 68,527 | | Steelcase Inc., Class A | | | | 945,673 |
| 14,952 | | Tennant Co | | | | 1,179,862 |
| 25,959 | | Tetra Tech Inc | | | | 3,313,147 |
| 52,433 | | Toro Co | | | | 6,008,822 |
| 38,858 | | Trex Co Inc, (2) | | | | 4,196,275 |
| 16,508 | | TriNet Group Inc, (2) | | | | 1,299,345 |
| 60,656 | | Triton International Ltd | | | | 3,043,111 |
| 32,056 | | TrueBlue Inc, (2) | | | | 907,185 |
| 361 | | UniFirst Corp/MA | | | | 80,933 |
| 15,517 | | Valmont Industries Inc | | | | 3,830,371 |
| 1,676 | | Vectrus Inc, (2) | | | | 87,739 |
| 19,137 | | Watts Water Technologies Inc | | | | 2,383,513 |
| 6,908 | | Welbilt Inc, (2) | | | | 154,325 |
| 2,004 | | Werner Enterprises Inc | | | | 92,645 |
| 38,305 | | WESCO International Inc, (2) | | | | 3,513,335 |
| 150,572 | | WillScot Mobile Mini Holdings Corp, (2) | | | | 4,407,242 |
| 18,104 | | Woodward Inc | | | | 2,263,181 |
| | | Total Industrials | | | | 141,024,865 |
| | | Information Technology – 15.5% | | | | |
| 22,085 | | 8x8 Inc, (2) | | | | 726,376 |
| 61,487 | | ACI Worldwide Inc, (2) | | | | 2,322,979 |
| 5,736 | | ADTRAN Inc | | | | 98,028 |
| 12,275 | | Altair Engineering Inc, (2) | | | | 797,875 |
| 30,446 | | Anaplan Inc, (2) | | | | 1,816,104 |
| 644 | | Aspen Technology Inc, (2) | | | | 84,261 |
| 73,869 | | Avaya Holdings Corp, (2) | | | | 2,125,211 |
| 24,314 | | Avnet Inc | | | | 1,067,871 |
| 24,022 | | Badger Meter Inc | | | | 2,243,415 |
| 7,798 | | Benchmark Electronics Inc | | | | 234,096 |
| 10,485 | | BigCommerce Holdings Inc, (2) | | | | 628,471 |
| 16,448 | | Billcom Holdings Inc, (2) | | | | 2,543,354 |
| 29,511 | | Blackbaud Inc, (2) | | | | 2,098,822 |
| 15,860 | | Blackline Inc, (2) | | | | 1,840,712 |
| Shares | | Description (1) | | | | Value |
| | | Information Technology (continued) | | | | |
| 11,996 | | Box Inc., Class A, (2) | | | | $255,515 |
| 7,819 | | CDK Global Inc | | | | 419,020 |
| 23,653 | | Ciena Corp, (2) | | | | 1,193,767 |
| 23,457 | | Cirrus Logic Inc, (2) | | | | 1,745,435 |
| 692 | | Coherent Inc, (2) | | | | 179,913 |
| 69,544 | | CommScope Holding Co Inc, (2) | | | | 1,143,999 |
| 1,211 | | CommVault Systems Inc, (2) | | | | 84,177 |
| 12,217 | | Concentrix Corp, (2) | | | | 1,898,277 |
| 148,596 | | Conduent Inc, (2) | | | | 1,010,453 |
| 37,251 | | Cree Inc, (2) | | | | 3,703,494 |
| 2,756 | | CSG Systems International Inc | | | | 126,748 |
| 8,894 | | CTS Corp | | | | 289,233 |
| 29,818 | | Dolby Laboratories Inc., Class A | | | | 3,025,632 |
| 202,786 | | DXC Technology Co, (2) | | | | 6,673,687 |
| 18,570 | | Elastic NV, (2) | | | | 2,239,913 |
| 10,692 | | ePlus Inc, (2) | | | | 1,073,049 |
| 29,703 | | ExlService Holdings Inc, (2) | | | | 2,743,963 |
| 994 | | Fabrinet, (2) | | | | 85,106 |
| 1,074 | | FARO Technologies Inc, (2) | | | | 81,458 |
| 52,412 | | First Solar Inc, (2) | | | | 4,011,090 |
| 20,906 | | Five9 Inc, (2) | | | | 3,929,701 |
| 64,841 | | Flex Ltd, (2) | | | | 1,128,233 |
| 38,546 | | FLIR Systems Inc | | | | 2,311,604 |
| 12,396 | | Harmonic Inc, (2) | | | | 96,937 |
| 51,344 | | Inseego Corp, (2), (3) | | | | 455,935 |
| 24,456 | | Insight Enterprises Inc, (2) | | | | 2,454,649 |
| 23,697 | | Itron Inc, (2) | | | | 2,131,308 |
| 21,653 | | Kimball Electronics Inc, (2) | | | | 498,236 |
| 4,282 | | Knowles Corp, (2) | | | | 89,494 |
| 54,862 | | Kulicke & Soffa Industries Inc | | | | 3,118,905 |
| 1,072 | | Littelfuse Inc | | | | 284,337 |
| 19,588 | | Lumentum Holdings Inc, (2) | | | | 1,665,959 |
| 10,321 | | Manhattan Associates Inc, (2) | | | | 1,416,454 |
| 5,683 | | Methode Electronics Inc | | | | 255,337 |
| 26,189 | | Mimecast Ltd, (2) | | | | 1,137,126 |
| 8,845 | | Model N Inc, (2) | | | | 351,854 |
| 67,276 | | National Instruments Corp | | | | 2,785,899 |
| 113,425 | | NCR Corp, (2) | | | | 5,189,194 |
| 24,959 | | New Relic Inc, (2) | | | | 1,604,864 |
| 5,967 | | Novanta Inc, (2) | | | | 785,914 |
| 67,476 | | Nutanix Inc, (2) | | | | 1,824,551 |
Nuveen ESG Small-Cap ETF (NUSC) (continued)
Portfolio of Investments April 30, 2021
(Unaudited)
| Shares | | Description (1) | | | | Value |
| | | Information Technology (continued) | | | | |
| 43,135 | | Onto Innovation Inc, (2) | | | | $2,955,610 |
| 12,636 | | OSI Systems Inc, (2) | | | | 1,220,259 |
| 1,931 | | PAR Technology Corp, (2), (3) | | | | 158,612 |
| 9,120 | | Paylocity Holding Corp, (2) | | | | 1,762,349 |
| 25,575 | | Plantronics Inc, (2) | | | | 1,022,744 |
| 1,075 | | Plexus Corp, (2) | | | | 99,373 |
| 12,351 | | Progress Software Corp | | | | 539,245 |
| 24,633 | | PROS Holdings Inc, (2) | | | | 1,058,726 |
| 1,836 | | Qualys Inc, (2) | | | | 186,097 |
| 17,041 | | Rackspace Technology Inc, (2) | | | | 423,810 |
| 94,224 | | Rambus Inc, (2) | | | | 1,788,372 |
| 1,819 | | Rapid7 Inc, (2) | | | | 147,794 |
| 64,581 | | Ribbon Communications Inc, (2) | | | | 435,922 |
| 3,381 | | Rogers Corp, (2) | | | | 662,135 |
| 231,382 | | Sabre Corp, (2) | | | | 3,466,102 |
| 21,965 | | ScanSource Inc, (2) | | | | 664,002 |
| 15,478 | | Silicon Laboratories Inc, (2) | | | | 2,181,624 |
| 22,023 | | Smartsheet Inc., Class A, (2) | | | | 1,305,964 |
| 13,239 | | Sprout Social Inc., Class A, (2) | | | | 877,613 |
| 29,875 | | SPS Commerce Inc, (2) | | | | 3,060,395 |
| 5,848 | | SVMK Inc, (2) | | | | 105,206 |
| 33,029 | | Sykes Enterprises Inc, (2) | | | | 1,447,661 |
| 73,417 | | Teradata Corp, (2) | | | | 3,631,939 |
| 16,494 | | TTEC Holdings Inc | | | | 1,677,935 |
| 21,206 | | Universal Display Corp | | | | 4,743,570 |
| 4,963 | | Viavi Solutions Inc, (2) | | | | 81,195 |
| 3,470 | | Vishay Precision Group Inc, (2) | | | | 110,624 |
| 41,665 | | Vontier Corp, (2) | | | | 1,305,781 |
| 34,602 | | WEX Inc, (2) | | | | 7,100,676 |
| 7,336 | | Workiva Inc, (2) | | | | 689,584 |
| 145,575 | | Xerox Holdings Corp | | | | 3,514,180 |
| 31,697 | | Zuora Inc., Class A, (2) | | | | 513,491 |
| | | Total Information Technology | | | | 133,066,585 |
| | | Materials – 5.1% | | | | |
| 20,540 | | AptarGroup Inc | | | | 3,097,637 |
| 80,665 | | Avient Corp | | | | 4,095,362 |
| 17,406 | | Balchem Corp | | | | 2,213,869 |
| 1,969 | | Clearwater Paper Corp, (2) | | | | 65,883 |
| 81,899 | | Coeur Mining Inc, (2) | | | | 661,744 |
| 16,951 | | Compass Minerals International Inc | | | | 1,151,312 |
| 29,561 | | Domtar Corp, (2) | | | | 1,165,295 |
| Shares | | Description (1) | | | | Value |
| | | Materials (continued) | | | | |
| 5,119 | | Graphic Packaging Holding Co | | | | $94,957 |
| 3,255 | | Greif Inc | | | | 194,681 |
| 3,456 | | Greif Inc., Class A | | | | 209,122 |
| 42,152 | | HB Fuller Co | | | | 2,816,597 |
| 21,709 | | Innospec Inc | | | | 2,114,674 |
| 18,438 | | Koppers Holdings Inc, (2) | | | | 612,879 |
| 49,536 | | Louisiana-Pacific Corp | | | | 3,263,432 |
| 18,028 | | Materion Corp | | | | 1,276,563 |
| 12,041 | | Minerals Technologies Inc | | | | 940,884 |
| 15,078 | | Myers Industries Inc | | | | 340,160 |
| 1,652 | | Neenah Inc | | | | 87,837 |
| 46,273 | | Reliance Steel & Aluminum Co | | | | 7,418,025 |
| 8,662 | | Royal Gold Inc | | | | 968,931 |
| 23,584 | | Schnitzer Steel Industries Inc | | | | 1,113,401 |
| 9,182 | | Scotts Miracle-Gro Co | | | | 2,122,511 |
| 16,452 | | Stepan Co | | | | 2,149,618 |
| 26,976 | | Trinseo SA | | | | 1,670,084 |
| 138,183 | | Valvoline Inc | | | | 4,338,946 |
| | | Total Materials | | | | 44,184,404 |
| | | Real Estate – 9.5% | | | | |
| 4,711 | | Alexander & Baldwin Inc | | | | 86,353 |
| 1,992 | | Apartment Income REIT Corp | | | | 89,939 |
| 48,658 | | Armada Hoffler Properties Inc | | | | 663,209 |
| 20,083 | | Brandywine Realty Trust | | | | 271,723 |
| 83,838 | | Brixmor Property Group Inc | | | | 1,872,941 |
| 42,744 | | CatchMark Timber Trust Inc | | | | 497,113 |
| 10,649 | | Centerspace | | | | 749,583 |
| 38,161 | | City Office REIT Inc | | | | 417,100 |
| 362,029 | | Colony Capital Inc, (2) | | | | 2,534,203 |
| 5,891 | | Columbia Property Trust Inc | | | | 106,097 |
| 24,066 | | CoreSite Realty Corp | | | | 2,923,778 |
| 4,281 | | Corporate Office Properties Trust | | | | 120,039 |
| 2,344 | | CubeSmart | | | | 99,245 |
| 31,753 | | Cushman & Wakefield PLC, (2) | | | | 539,801 |
| 53,776 | | CyrusOne Inc | | | | 3,916,506 |
| 167,200 | | DiamondRock Hospitality Co, (2) | | | | 1,742,224 |
| 50,479 | | Douglas Emmett Inc | | | | 1,693,066 |
| 71,168 | | Easterly Government Properties Inc | | | | 1,525,130 |
| 128,084 | | Empire State Realty Trust Inc | | | | 1,458,877 |
| 82,720 | | Essential Properties Realty Trust Inc | | | | 2,166,437 |
| 12,019 | | Federal Realty Investment Trust | | | | 1,356,224 |
Nuveen ESG Small-Cap ETF (NUSC) (continued)
Portfolio of Investments April 30, 2021
(Unaudited)
| Shares | | Description (1) | | | | Value |
| | | Real Estate (continued) | | | | |
| 65,718 | | First Industrial Realty Trust Inc | | | | $3,270,785 |
| 45,086 | | Five Point Holdings LLC, Class A, (2) | | | | 323,717 |
| 14,984 | | Four Corners Property Trust Inc | | | | 432,588 |
| 94,915 | | Franklin Street Properties Corp | | | | 501,151 |
| 1,926 | | Howard Hughes Corp, (2) | | | | 207,892 |
| 3,520 | | Hudson Pacific Properties Inc | | | | 98,947 |
| 83,795 | | Independence Realty Trust Inc | | | | 1,411,108 |
| 5,374 | | iStar Inc | | | | 99,473 |
| 105,315 | | JBG SMITH Properties | | | | 3,434,322 |
| 8,423 | | Jones Lang LaSalle Inc, (2) | | | | 1,582,766 |
| 87,681 | | Kennedy-Wilson Holdings Inc | | | | 1,801,845 |
| 40,834 | | Kilroy Realty Corp | | | | 2,798,762 |
| 131,959 | | Kimco Realty Corp | | | | 2,771,139 |
| 2,757 | | Life Storage Inc | | | | 264,837 |
| 98,066 | | Macerich Co | | | | 1,352,330 |
| 20,987 | | Marcus & Millichap Inc, (2) | | | | 741,261 |
| 99,079 | | MGM Growth Properties LLC | | | | 3,568,826 |
| 52,612 | | Outfront Media Inc, (2) | | | | 1,282,154 |
| 153,670 | | Park Hotels & Resorts Inc, (2) | | | | 3,428,378 |
| 31,559 | | Physicians Realty Trust | | | | 591,100 |
| 66,692 | | Piedmont Office Realty Trust Inc | | | | 1,241,805 |
| 59,006 | | PotlatchDeltic Corp | | | | 3,502,596 |
| 30,229 | | QTS Realty Trust Inc., Class A | | | | 2,009,926 |
| 117,277 | | Rayonier Inc | | | | 4,254,810 |
| 60,759 | | Realogy Holdings Corp, (2) | | | | 1,049,915 |
| 45,836 | | Rexford Industrial Realty Inc | | | | 2,546,190 |
| 58,738 | | RLJ Lodging Trust | | | | 948,031 |
| 13,196 | | RMR Group Inc | | | | 522,298 |
| 8,790 | | SITE Centers Corp | | | | 129,652 |
| 28,569 | | SL Green Realty Corp | | | | 2,114,392 |
| 15,507 | | St Joe Co | | | | 710,065 |
| 181,410 | | Sunstone Hotel Investors Inc, (2) | | | | 2,387,356 |
| 81,833 | | Tanger Factory Outlet Centers Inc | | | | 1,427,986 |
| 6,612 | | Tejon Ranch Co, (2) | | | | 104,602 |
| 145,601 | | Uniti Group Inc | | | | 1,659,851 |
| 36,976 | | Washington Real Estate Investment Trust | | | | 858,583 |
| 99,242 | | Xenia Hotels & Resorts Inc, (2) | | | | 1,928,272 |
| | | Total Real Estate | | | | 82,189,299 |
| | | Utilities – 1.6% | | | | |
| 20,007 | | American States Water Co | | | | 1,584,354 |
| 61,227 | | NextEra Energy Partners LP | | | | 4,564,473 |
| Shares | | Description (1) | | | | Value |
| | | Utilities (continued) | | | | |
| 33,989 | | Ormat Technologies Inc | | | | $2,460,804 |
| 49,544 | | Southwest Gas Holdings Inc | | | | 3,454,208 |
| 45,083 | | Sunnova Energy International Inc, (2) | | | | 1,592,331 |
| | | Total Utilities | | | | 13,656,170 |
| | | Total Long-Term Investments (cost $671,036,220) | | | | 859,523,634 |
| Shares | | Description (1) | Coupon | | | Value |
| | | INVESTMENTS PURCHASED WITH COLLATERAL FROM SECURITIES LENDING – 0.4% | | | |
| | | MONEY MARKET FUNDS – 0.4% | | | | |
| 2,874,822 | | State Street Navigator Securities Lending Government Money Market Portfolio, (5) | 0.020% (6) | | | $ 2,874,822 |
| | | Total Investments Purchased with Collateral from Securities Lending (cost $2,874,822) | | | 2,874,822 |
| Principal Amount (000) | | Description (1) | Coupon | Maturity | Ratings (7) | Value |
| | | SHORT-TERM INVESTMENTS – 0.1% | | | | |
| | | U.S. GOVERNMENT AND AGENCY OBLIGATIONS – 0.1% | | | | |
| $ 150 | | Federal Agricultural Mortgage Corp Discount Notes | 0.000% | 5/03/21 | N/R | $150,000 |
| 1,000 | | Federal Home Loan Bank Discount Notes | 0.000% | 5/19/21 | N/R | 999,998 |
| | | Total Short-Term Investments (cost $1,149,998) | | | | 1,149,998 |
| | | Total Investments (cost $675,061,040) – 100.4% | | | | 863,548,454 |
| | | Other Assets Less Liabilities – (0.4)% | | | | (3,042,534) |
| | | Net Assets – 100% | | | | $ 860,505,920 |
| | 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 an ex-dividend date within the past twelve months. | |
| (3) | Investment, or a portion of investment, is out on loan for securities lending. The total value of the securities out on loan as of the end of the reporting period was $2,737,616. | |
| (4) | Investment valued at fair value using methods determined in good faith by, or at the discretion of, the Board. For fair value measurement disclosure purposes, investment classified as Level 3. See Notes to Financial Statements, Note 3 - Investment Valuation and Fair Value Measurements for more information. | |
| (5) | The Fund may loan securities representing up to one third of the fair value of its total assets (which includes collateral for securities on loan) to broker dealers, banks, and other institutions. The Fund maintains collateral equal to at least 100% of the fair value of the securities loaned. The cash collateral received by the Fund is invested in this money market fund. See Notes to Financial Statements, Note 4 – Portfolio Securities and Investments in Derivatives for more information. | |
| (6) | The rate shown is the one-day yield as of the end of the reporting period. | |
| (7) | 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, 2021
| | NUEM | NUDM | NULC | NULG | NULV | NUMG | NUMV | NUSC |
| Assets | | | | | | | | |
| Long-term investments, at value (cost $72,898,741, $99,729,072, $17,488,033, $525,431,770, $767,165,728, $242,111,083, $163,910,173 and $671,036,220, respectively)(1) | $92,112,229 | $113,458,291 | $23,272,010 | $658,956,334 | $915,447,171 | $305,195,122 | $217,401,875 | $859,523,634 |
| Investment purchased with collateral from securities lending (at cost, which approximates value) | — | — | 21,248 | 3,319,348 | — | — | — | 2,874,822 |
| Short-term investments, at value (cost approximates value) | 257,000 | 226,000 | — | 1,084,000 | 914,000 | 300,000 | 173,000 | 1,149,998 |
| Cash | 1,493 | 1,784 | 41,457 | 666 | 6,653 | 99,793 | 29,691 | — |
| Cash denominated in foreign currencies (cost $1,465, $55,828, $—, $—, $—, $—, $—and $—, respectively) | 1,467 | 55,515 | — | — | — | — | — | — |
| Receivable for: | | | | | | | | |
| Capital Gains Tax Refund | 22,126 | — | — | — | — | — | — | — |
| Dividends | 109,321 | 354,789 | 26,025 | 207,956 | 1,828,119 | 59,686 | 254,136 | 140,047 |
| Reclaims | 182 | 139,018 | 490 | 7,937 | 13,147 | — | — | — |
| Securities lending income | 10,127 | 5 | 33 | 4,232 | 2 | — | — | 26,534 |
| Shares sold | — | — | — | — | 3,754,490 | — | — | — |
| Other Assets | 514 | — | — | 2,081 | 4,704 | 323 | — | 2,679 |
| Total assets | 92,514,459 | 114,235,402 | 23,361,263 | 663,582,554 | 921,968,286 | 305,654,924 | 217,858,702 | 863,717,714 |
| Liabilities | | | | | | | | |
| Cash overdraft | — | — | — | — | — | — | — | 31,170 |
| Payable for: | | | | | | | | |
| Capital gains tax | 111,959 | — | — | — | — | — | — | — |
| Collateral from securities lending program | — | — | 21,248 | 3,319,348 | — | — | — | 2,874,822 |
| Investments purchased - regular settlement | 384 | — | — | — | 3,745,892 | — | — | — |
| Accrued expenses: | | | | | | | | |
| Management fees | 35,827 | 37,906 | 4,060 | 197,848 | 273,023 | 105,429 | 72,342 | 291,052 |
| Professional fees | 869 | 964 | 230 | 5,937 | 8,046 | 3,105 | 1,836 | 6,823 |
| Trustees fees | 914 | 1,109 | 289 | 5,608 | 8,777 | 3,545 | 2,114 | 6,513 |
| Other | — | — | — | 1,343 | 1,929 | — | — | 1,414 |
| Total liabilities | 149,953 | 39,979 | 25,827 | 3,530,084 | 4,037,667 | 112,079 | 76,292 | 3,211,794 |
| Net assets | $92,364,506 | $114,195,423 | $23,335,436 | $660,052,470 | $917,930,619 | $305,542,845 | $217,782,410 | $860,505,920 |
| Shares outstanding | 2,600,000 | 3,700,000 | 600,000 | 10,750,000 | 24,600,000 | 5,800,000 | 6,000,000 | 19,300,000 |
| Net asset value ("NAV") per share | $ 35.52 | $ 30.86 | $ 38.89 | $ 61.40 | $ 37.31 | $ 52.68 | $ 36.30 | $ 44.59 |
| Net assets consist of: | | | | | | | | |
| Capital paid-in | $79,612,283 | $102,051,522 | $16,937,953 | $506,034,828 | $745,579,597 | $219,979,340 | $162,944,878 | $635,991,362 |
| Total distributable earnings | 12,752,223 | 12,143,901 | 6,397,483 | 154,017,642 | 172,351,022 | 85,563,505 | 54,837,532 | 224,514,558 |
| Net assets | $92,364,506 | $114,195,423 | $23,335,436 | $660,052,470 | $917,930,619 | $305,542,845 | $217,782,410 | $860,505,920 |
| 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 |
| (1) | Includes securities loaned of $20,586, $3,215,957 and $2,737,616 for NULC, NULG and NUSC, respectively. |
See accompanying notes to financial statements.
Statement of Operations
Six Months Ended April 30, 2021
| | NUEM | NUDM | NULC | NULG | NULV | NUMG | NUMV | NUSC |
| Investment Income | | | | | | | | |
| Investment Income | $ 608,455 | $ 1,294,339 | $ 150,115 | $ 1,218,902 | $ 9,189,061 | $ 452,072 | $ 1,399,193 | $ 4,086,863 |
| Securities lending income, net | 10,127 | 9 | 33 | 4,232 | 30,589 | — | 1,232 | 54,289 |
| Foreign tax withheld on dividend income | (80,236) | (110,513) | — | — | — | — | — | (5,220) |
| Total investment income | 538,346 | 1,183,835 | 150,148 | 1,223,134 | 9,219,650 | 452,072 | 1,400,425 | 4,135,932 |
| Expenses | | | | | | | | |
| Management fees | 173,547 | 174,964 | 20,592 | 905,155 | 1,275,227 | 523,252 | 333,106 | 1,268,930 |
| Professional fees | 853 | 945 | 225 | 5,836 | 7,895 | 3,048 | 1,801 | 6,713 |
| Trustees fees | 913 | 1,107 | 288 | 6,105 | 9,552 | 3,548 | 2,116 | 7,078 |
| Other | 82 | — | — | — | — | — | — | — |
| Total expenses | 175,395 | 177,016 | 21,105 | 917,096 | 1,292,674 | 529,848 | 337,023 | 1,282,721 |
| Net investment income (loss) | 362,951 | 1,006,819 | 129,043 | 306,038 | 7,926,976 | (77,776) | 1,063,402 | 2,853,211 |
| Realized and Unrealized Gain (Loss) | | | | | | | | |
| Net realized gain (loss) from: | | | | | | | | |
| Investments and foreign currency and foreign currency | 2,629,935 | 2,639,004 | 537,957 | 12,286,881 | 14,436,216 | 19,030,117 | 6,526,261 | 36,655,599 |
| In-kind redemptions | — | — | — | 8,159,690 | 11,096,983 | 3,709,342 | — | 1,716,397 |
| Change in net unrealized appreciation (depreciation) of investments and foreign currency | 10,091,504 | 15,030,738 | 4,526,857 | 89,207,151 | 157,129,465 | 35,023,692 | 48,999,008 | 156,637,548 |
| Net realized and unrealized gain (loss) | 12,721,439 | 17,669,742 | 5,064,814 | 109,653,722 | 182,662,664 | 57,763,151 | 55,525,269 | 195,009,544 |
| Net increase (decrease) in net assets from operations | $13,084,390 | $18,676,561 | $5,193,857 | $109,959,760 | $190,589,640 | $57,685,375 | $56,588,671 | $197,862,755 |
See accompanying notes to financial statements.
Statement of Changes in Net Assets
| | NUEM | | NUDM |
| | Unaudited
Six Months
Ended
4/30/21 | Year Ended
10/31/20 | | Unaudited
Six Months
Ended
4/30/21 | Year Ended
10/31/20 |
| Operations | | | | | |
| Net investment income (loss) | $ 362,951 | $ 763,309 | | $ 1,006,819 | $ 1,156,154 |
| Net realized gain (loss) from: | | | | | |
| Investments and foreign currency | 2,629,935 | (5,403,584) | | 2,639,004 | (2,030,056) |
| In-kind redemptions | — | (293,179) | | — | 1,935,815 |
| Change in net unrealized appreciation (depreciation) of investments and foreign currency | 10,091,504 | 8,514,368 | | 15,030,738 | (5,058,657) |
| Net increase (decrease) in net assets from operations | 13,084,390 | 3,580,914 | | 18,676,561 | (3,996,744) |
| Distributions to Shareholders | | | | | |
| Dividends | (843,800) | (1,191,300) | | (1,159,650) | (1,843,400) |
| Decrease in net assets from distributions to shareholders | (843,800) | (1,191,300) | | (1,159,650) | (1,843,400) |
| Fund Share Transactions | | | | | |
| Proceeds from shares sold | 33,428,504 | 11,165,263 | | 43,158,455 | 19,293,749 |
| Cost of shares redeemed | — | (23,113,970) | | — | (26,786,180) |
| Net increase (decrease) in net assets from Fund share transactions | 33,428,504 | (11,948,707) | | 43,158,455 | (7,492,431) |
| Net increase (decrease) in net assets | 45,669,094 | (9,559,093) | | 60,675,366 | (13,332,575) |
| Net assets at the beginning of period | 46,695,412 | 56,254,505 | | 53,520,057 | 66,852,632 |
| Net assets at the end of period | $92,364,506 | $ 46,695,412 | | $114,195,423 | $ 53,520,057 |
See accompanying notes to financial statements.
Statement of Changes in Net Assets (continued)
| | NULC | | NULG |
| | Unaudited
Six Months
Ended
4/30/21 | Year Ended
10/31/20 | | Unaudited
Six Months
Ended
4/30/21 | Year Ended
10/31/20 |
| Operations | | | | | |
| Net investment income (loss) | $ 129,043 | $ 255,435 | | $ 306,038 | $ 852,764 |
| Net realized gain (loss) from: | | | | | |
| Investments and foreign currency | 537,957 | 509,675 | | 12,286,881 | 10,491,776 |
| In-kind redemptions | — | 85,192 | | 8,159,690 | 9,595,121 |
| Change in net unrealized appreciation (depreciation) of investments and foreign currency | 4,526,857 | 671,696 | | 89,207,151 | 39,445,744 |
| Net increase (decrease) in net assets from operations | 5,193,857 | 1,521,998 | | 109,959,760 | 60,385,405 |
| Distributions to Shareholders | | | | | |
| Dividends | (781,000) | (91,800) | | (11,336,250) | (1,371,300) |
| Decrease in net assets from distributions to shareholders | (781,000) | (91,800) | | (11,336,250) | (1,371,300) |
| Fund Share Transactions | | | | | |
| Proceeds from shares sold | 1,843,520 | 13,875,505 | | 240,144,615 | 240,116,860 |
| Cost of shares redeemed | — | (6,630,100) | | (23,418,585) | (38,217,265) |
| Net increase (decrease) in net assets from Fund share transactions | 1,843,520 | 7,245,405 | | 216,726,030 | 201,899,595 |
| Net increase (decrease) in net assets | 6,256,377 | 8,675,603 | | 315,349,540 | 260,913,700 |
| Net assets at the beginning of period | 17,079,059 | 8,403,456 | | 344,702,930 | 83,789,230 |
| Net assets at the end of period | $23,335,436 | $17,079,059 | | $660,052,470 | $344,702,930 |
See accompanying notes to financial statements.
Statement of Changes in Net Assets (continued)
| | NULV | | NUMG |
| | Unaudited
Six Months
Ended
4/30/21 | Year Ended
10/31/20 | | Unaudited
Six Months
Ended
4/30/21 | Year Ended
10/31/20 |
| Operations | | | | | |
| Net investment income (loss) | $ 7,926,976 | $ 7,466,383 | | $ (77,776) | $ 84,917 |
| Net realized gain (loss) from: | | | | | |
| Investments and foreign currency | 14,436,216 | (6,207,055) | | 19,030,117 | 9,721,815 |
| In-kind redemptions | 11,096,983 | 2,086,040 | | 3,709,342 | 1,601,784 |
| Change in net unrealized appreciation (depreciation) of investments and foreign currency | 157,129,465 | (13,711,403) | | 35,023,692 | 24,595,440 |
| Net increase (decrease) in net assets from operations | 190,589,640 | (10,366,035) | | 57,685,375 | 36,003,956 |
| Distributions to Shareholders | | | | | |
| Dividends | (9,383,400) | (1,925,600) | | (9,360,450) | (158,565) |
| Decrease in net assets from distributions to shareholders | (9,383,400) | (1,925,600) | | (9,360,450) | (158,565) |
| Fund Share Transactions | | | | | |
| Proceeds from shares sold | 244,511,600 | 466,973,250 | | 74,129,900 | 114,305,485 |
| Cost of shares redeemed | (43,015,010) | (14,023,180) | | (10,127,755) | (10,156,730) |
| Net increase (decrease) in net assets from Fund share transactions | 201,496,590 | 452,950,070 | | 64,002,145 | 104,148,755 |
| Net increase (decrease) in net assets | 382,702,830 | 440,658,435 | | 112,327,070 | 139,994,146 |
| Net assets at the beginning of period | 535,227,789 | 94,569,354 | | 193,215,775 | 53,221,629 |
| Net assets at the end of period | $917,930,619 | $535,227,789 | | $305,542,845 | $193,215,775 |
See accompanying notes to financial statements.
Statement of Changes in Net Assets (continued)
| | NUMV | | NUSC |
| | Unaudited
Six Months
Ended
4/30/21 | Year Ended
10/31/20 | | Unaudited
Six Months
Ended
4/30/21 | Year Ended
10/31/20 |
| Operations | | | | | |
| Net investment income (loss) | $ 1,063,402 | $ 1,808,660 | | $ 2,853,211 | $ 2,446,835 |
| Net realized gain (loss) from: | | | | | |
| Investments and foreign currency | 6,526,261 | (4,217,352) | | 36,655,599 | (622,903) |
| In-kind redemptions | — | 2,303,883 | | 1,716,397 | 3,150,948 |
| Change in net unrealized appreciation (depreciation) of investments and foreign currency | 48,999,008 | 1,901,527 | | 156,637,548 | 27,550,720 |
| Net increase (decrease) in net assets from operations | 56,588,671 | 1,796,718 | | 197,862,755 | 32,525,600 |
| Distributions to Shareholders | | | | | |
| Dividends | (2,019,540) | (1,230,460) | | (2,657,985) | (1,786,255) |
| Decrease in net assets from distributions to shareholders | (2,019,540) | (1,230,460) | | (2,657,985) | (1,786,255) |
| Fund Share Transactions | | | | | |
| Proceeds from shares sold | 43,972,355 | 79,612,400 | | 299,496,039 | 179,693,885 |
| Cost of shares redeemed | — | (15,510,375) | | (3,828,860) | (8,314,620) |
| Net increase (decrease) in net assets from Fund share transactions | 43,972,355 | 64,102,025 | | 295,667,179 | 171,379,265 |
| Net increase (decrease) in net assets | 98,541,486 | 64,668,283 | | 490,871,949 | 202,118,610 |
| Net assets at the beginning of period | 119,240,924 | 54,572,641 | | 369,633,971 | 167,515,361 |
| Net assets at the end of period | $217,782,410 | $119,240,924 | | $860,505,920 | $369,633,971 |
See accompanying notes to financial statements.
Selected data for a share outstanding throughout each period:
| | | | | | | | | | |
| | | | | | | | | | |
| | | Investment Operations | | Less Distributions | | |
Year Ended
October 31, | Beginning
NAV | Net
Investment
Income
(Loss)(a) | Net
Realized/
Unrealized
Gain (Loss) | Total | | From
Net
Investment
Income | From
Accumulated
Net Realized
Gains | Total | Ending
NAV | Ending
Market
Price |
| NUEM | | | | | | | | | | |
| 2021(d) | $29.18 | $0.16 | $ 6.60 | $ 6.76 | | $(0.42) | $ — | $(0.42) | $35.52 | $35.59 |
| 2020 | 25.57 | 0.40 | 3.75 | 4.15 | | (0.54) | — | (0.54) | 29.18 | 29.37 |
| 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 | | | | | | | | | | |
| 2021(d) | 24.33 | 0.34 | 6.62 | 6.96 | | (0.43) | — | (0.43) | 30.86 | 30.93 |
| 2020 | 26.74 | 0.54 | (2.03) | (1.49) | | (0.92) | — | (0.92) | 24.33 | 24.50 |
| 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 | | | | | | | | | | |
| 2021(d) | 31.05 | 0.23 | 9.03 | 9.26 | | (0.48) | (0.94) | (1.42) | 38.89 | 38.93 |
| 2020 | 28.01 | 0.53 | 2.74 | 3.27 | | (0.21) | (0.02) | (0.23) | 31.05 | 30.95 |
| 2019(f) | 24.96 | 0.19 | 2.86 | 3.05 | | — | — | — | 28.01 | 27.99 |
| NULG | | | | | | | | | | |
| 2021(d) | 49.60 | 0.03 | 13.28 | 13.31 | | (0.11) | (1.40) | (1.51) | 61.40 | 61.41 |
| 2020 | 38.97 | 0.18 | 10.91 | 11.09 | | (0.20) | (0.26) | (0.46) | 49.60 | 49.54 |
| 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 |
| | | | | | |
| | | 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) |
| | | | | | |
| 23.27% | 22.71% | $ 92,365 | 0.45%* | 0.94%* | 33% |
| 16.41 | 16.47 | 46,695 | 0.45 | 1.56 | 81 |
| 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 |
| | | | | | |
| 28.74 | 28.09 | 114,195 | 0.40* | 2.30* | 36 |
| (5.91) | (5.67) | 53,520 | 0.40 | 2.17 | 66 |
| 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 |
| | | | | | |
| 30.38 | 30.93 | 23,335 | 0.20* | 1.25* | 24 |
| 11.71 | 11.43 | 17,079 | 0.20 | 1.81 | 61 |
| 12.22 | 12.14 | 8,403 | 0.20* | 1.75* | 9 |
| | | | | | |
| 27.14 | 27.31 | 660,052 | 0.35* | 0.12* | 27 |
| 28.66 | 28.42 | 344,703 | 0.35 | 0.39 | 86 |
| 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 |
| (a) | Per share Net Investment Income (Loss) is calculated using the average daily shares method. |
| (b) | Total Return Based on NAV reflects the change in NAV over the period, including the assumed reinvestment of distributions, if any, at NAV on each ex-dividend payment date during the period. Total Return Based on Market Price reflects the change in the market price per share over the period, including the assumed reinvestment of distributions, if any, at the ending market price per share on each ex-dividend payment date during the period. Total returns are not annualized. |
| (c) | Portfolio Turnover Rate is calculated based on the lesser of long-term purchases or sales (as disclosed in Note 4 - 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 5 - Fund Shares). |
| (d) | Unaudited. For the six months ended April 30, 2021. |
| (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.
Financial Highlights (continued)
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 |
| NULV | | | | | | | | | | |
| 2021(d) | $28.62 | $ 0.37 | $ 8.79 | $ 9.16 | | $(0.47) | $ — | $(0.47) | $37.31 | $37.34 |
| 2020 | 31.52 | 0.77 | (3.19) | (2.42) | | (0.48) | — | (0.48) | 28.62 | 28.65 |
| 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(e) | 25.09 | 0.53 | 2.21 | 2.74 | | — | — | — | 27.83 | 27.88 |
| NUMG | | | | | | | | | | |
| 2021(d) | 42.94 | (0.01) | 11.64 | 11.63 | | (0.02) | (1.87) | (1.89) | 52.68 | 52.68 |
| 2020 | 33.26 | 0.03 | 9.75 | 9.78 | | (0.10) | — | (0.10) | 42.94 | 42.83 |
| 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(e) | 25.10 | 0.09 | 3.25 | 3.34 | | — | — | — | 28.44 | 28.46 |
| NUMV | | | | | | | | | | |
| 2021(d) | 25.64 | 0.20 | 10.88 | 11.08 | | (0.42) | — | (0.42) | 36.30 | 36.28 |
| 2020 | 29.50 | 0.57 | (3.71) | (3.14) | | (0.72) | — | (0.72) | 25.64 | 25.67 |
| 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(e) | 25.04 | 0.48 | 1.48 | 1.96 | | — | — | — | 27.00 | 27.01 |
| NUSC | | | | | | | | | | |
| 2021(d) | 30.68 | 0.55 | 13.78 | 14.33 | | (0.42) | — | (0.42) | 44.59 | 44.61 |
| 2020 | 29.65 | 0.28 | 1.03 | 1.31 | | (0.28) | — | (0.28) | 30.68 | 30.74 |
| 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(e) | 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) |
| | | | | | |
| 32.23% | 32.19% | $917,931 | 0.35%* | 2.17%* | 29% |
| (7.87) | (7.78) | 535,228 | 0.35 | 2.63 | 38 |
| 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 |
| | | | | | |
| 27.42 | 27.72 | 305,543 | 0.40* | (0.06)* | 35 |
| 29.43 | 28.90 | 193,216 | 0.40 | 0.08 | 94 |
| 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 |
| | | | | | |
| 43.51 | 43.29 | 217,782 | 0.40* | 1.28* | 31 |
| (10.98) | (11.11) | 119,241 | 0.40 | 2.25 | 72 |
| 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 |
| | | | | | |
| 46.10 | 45.87 | 860,506 | 0.40* | 0.90* | 8 |
| 4.40 | 4.44 | 369,634 | 0.40 | 0.98 | 54 |
| 9.24 | 9.26 | 167,515 | 0.40 | 1.17 | 32 |
| 2.32 | 2.30 | 80,447 | 0.40 | 1.17 | 54 |
| 11.34 | 11.54 | 30,629 | 0.40* | 1.17* | 36 |
| (a) | Per share Net Investment Income (Loss) is calculated using the average daily shares method. |
| (b) | Total Return Based on NAV reflects the change in NAV over the period, including the assumed reinvestment of distributions, if any, at NAV on each ex-dividend payment date during the period. Total Return Based on Market Price reflects the change in the market price per share over the period, including the assumed reinvestment of distributions, if any, at the ending market price per share on each ex-dividend payment date during the period. Total returns are not annualized. |
| (c) | Portfolio Turnover Rate is calculated based on the lesser of long-term purchases or sales (as disclosed in Note 4 - 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 5 - Fund Shares). |
| (d) | Unaudited. For the six months ended April 30, 2021. |
| (e) | 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, 2021 and the period covered by these Notes to Financial Statements is the six months ended April 30, 2021 (the “current fiscal period”).
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. 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 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 Funds' Board of Trustees (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 | $34,442,221 | 37.3% |
| Taiwan | 14,082,392 | 15.2 |
| South Korea | 11,881,627 | 12.9 |
| India | 9,330,837 | 10.1 |
| Brazil | 4,055,924 | 4.4 |
| South Africa | 3,646,378 | 4.0 |
| Saudi Arabia | 2,799,889 | 3.0 |
| Thailand | 1,627,296 | 1.8 |
| Mexico | 1,524,592 | 1.7 |
| Malaysia | 1,495,633 | 1.6 |
| Other | 7,139,268 | 7.6 |
| Total non-U.S. securities | $92,026,057 | 99.6% |
| NUDM | Value | % of
Net Assets |
| Country: | | |
| Japan | $ 26,578,015 | 23.3% |
| United Kingdom | 15,941,753 | 14.0 |
| France | 11,278,911 | 9.9 |
| Switzerland | 10,978,819 | 9.6 |
| Germany | 10,314,952 | 9.0 |
| Australia | 8,164,657 | 7.1 |
| Netherlands | 3,766,669 | 3.3 |
| Italy | 3,275,317 | 2.9 |
| Sweden | 3,239,226 | 2.8 |
| Hong Kong | 2,725,204 | 2.4 |
| Other | 16,343,388 | 14.4 |
| Total non-U.S. securities | $112,606,911 | 98.7% |
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. Securities lending income is comprised of fees earned from borrowers and income earned on cash collateral investments.
New Accounting Pronouncements and Rule Issuances
Reference Rate Reform
In March 2020, FASB issued Accounting Standards Update ("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, 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. 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, is continuously evaluating the potential effect a discontinuation of LIBOR could have on the Funds’ investments and has currently determined that it is unlikely the ASU’s adoption will have a significant impact on the Funds’ financial statements and various filings.
Securities and Exchange Commission (“SEC”) Adopts New Rules to Modernize Fund Valuation Framework
In December 2020, the SEC voted to adopt a new rule governing fund valuation practices. New Rule 2a-5 under the 1940 Act establishes requirements for determining fair value in good faith for purposes of the 1940 Act. Rule 2a-5 will permit fund boards to designate certain parties to perform fair value determinations, subject to board oversight and certain other conditions. Rule 2a-5 also defines when market quotations are “readily available” for purposes of Section 2(a)(41) of the 1940 Act, which requires a fund to fair value a security when market quotation are not readily available. The SEC also adopted new Rule 31a-4 under the 1940 Act, which sets forth the recordkeeping requirements associated with fair value determinations. Finally, the SEC is rescinding previously issued guidance on related issues, including the role of a board in determining fair value and the accounting and auditing of fund investments. Rule 2a-5 and Rule 31a-4 will become effective on March 8, 2021, with a compliance date of September 8, 2022. A fund may voluntarily comply with the rules after the effective date, and in advance of the compliance date, under certain conditions. Management is currently assessing the impact of these provisions on the Funds' financial statements.
3. Investment Valuation and Fair Value Measurements
The Funds' investments in securities are recorded at their estimated fair value utilizing valuation methods approved by the Board. 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. U.S. GAAP establishes the three-tier hierarchy which 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 management’s 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).
A description of the valuation techniques applied to the Funds’ major classifications of assets and liabilities measured at fair value follows:
Equity securities and exchange-traded funds listed or traded on a national market or exchange are valued based on their sale price at the official close of business of such market or exchange on the valuation date. Foreign equity securities and registered investment companies that trade on a foreign exchange are valued at the last sale price or official closing price reported on the exchange where traded and converted to U.S. dollars at the prevailing rates of exchange on the date of valuation. To the extent these securities are actively traded and that valuation adjustments are not applied, they are generally classified as Level 1. If there is no official close of business, then the latest available sale price is utilized. If no sales are reported, then the mean of the latest available bid and ask prices is utilized and these securities 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 an evaluated price provided by the independent pricing service (“pricing service”) and are generally classified as Level 1 or 2.
Prices of fixed-income securities are generally provided by an independent pricing service (“pricing service”) approved by the Board. The pricing service establishes a security’s fair value using methods that may include consideration of the following: yields or prices of investments of comparable quality, type of issue, coupon, maturity and rating, market quotes or indications of value from security dealers, evaluations of anticipated cash flows or collateral, general market conditions and other information and analysis, including the obligor’s credit characteristics considered relevant. 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.
Any portfolio security or derivative for which market quotations are not readily available or for which the above valuation procedures are deemed not to reflect fair value are valued at fair value, as determined in good faith using procedures approved by the Board. 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. To the extent the inputs are observable and timely, the values would be classified as Level 2 of the fair value hierarchy; otherwise they would be classified as Level 3.
The following table summarizes the market value of the Funds' investments as of the end of the reporting period, based on the inputs used to value them:
| NUEM | Level 1 | Level 2 | Level 3 | Total |
| Long-Term Investments*: | | | | |
| Common Stocks | $89,293,122 | $1,600,922** | $1,218,185*** | $92,112,229 |
| Common Stock Rights | — | — | —**** | —**** |
| Short-Term Investments: | | | | |
| U.S. Government and Agency Obligations | — | 257,000 | — | 257,000 |
| Total | $89,293,122 | $1,857,922 | $1,218,185 | $92,369,229 |
| NUDM | Level 1 | Level 2 | Level 3 | Total |
| Long-Term Investments*: | | | | |
| Common Stocks | $113,103,145 | $ — | $354,946*** | $113,458,091 |
| Warrants | 200 | — | — | 200 |
| Short-Term Investments: | | | | |
| U.S. Government and Agency Obligations | — | 226,000 | — | 226,000 |
| Total | $113,103,345 | $226,000 | $354,946 | $113,684,291 |
| NULC | Level 1 | Level 2 | Level 3 | Total |
| Long-Term Investments*: | | | | |
| Common Stocks | $23,272,010 | $ — | $ — | $23,272,010 |
| Investments Purchased with Collateral from Securities Lending | 21,248 | — | — | 21,248 |
| Total | $23,293,258 | $ — | $ — | $23,293,258 |
| NULG | Level 1 | Level 2 | Level 3 | Total |
| Long-Term Investments*: | | | | |
| Common Stocks | $658,956,334 | $ — | $ — | $658,956,334 |
| Investments Purchased with Collateral from Securities Lending | 3,319,348 | — | — | 3,319,348 |
| Short-Term Investments: | | | | |
| U.S. Government and Agency Obligations | — | 1,084,000 | — | 1,084,000 |
| Total | $662,275,682 | $1,084,000 | $ — | $663,359,682 |
| NULV | Level 1 | Level 2 | Level 3 | Total |
| Long-Term Investments*: | | | | |
| Common Stocks | $915,447,171 | $ — | $ — | $915,447,171 |
| Short-Term Investments: | | | | |
| U.S. Government and Agency Obligations | — | 914,000 | — | 914,000 |
| Total | $915,447,171 | $914,000 | $ — | $916,361,171 |
Notes to Financial Statements (Unaudited) (continued)
| NUMG | Level 1 | Level 2 | Level 3 | Total |
| Long-Term Investments*: | | | | |
| Common Stocks | $305,195,122 | $ — | $ — | $305,195,122 |
| Short-Term Investments: | | | | |
| U.S. Government and Agency Obligations | — | 300,000 | — | 300,000 |
| Total | $305,195,122 | $300,000 | $ — | $305,495,122 |
| NUMV | Level 1 | Level 2 | Level 3 | Total |
| Long-Term Investments*: | | | | |
| Common Stocks | $217,401,875 | $ — | $ — | $217,401,875 |
| Short-Term Investments: | | | | |
| U.S. Government and Agency Obligations | — | 173,000 | — | 173,000 |
| Total | $217,401,875 | $173,000 | $ — | $217,574,875 |
| NUSC | Level 1 | Level 2 | Level 3 | Total |
| Long-Term Investments*: | | | | |
| Common Stocks | $859,503,207 | $ — | $20,427*** | $859,523,634 |
| Investments Purchased with Collateral from Securities Lending | 2,874,822 | — | — | 2,874,822 |
| Short-Term Investments: | | | | |
| U.S. Government and Agency Obligations | — | 1,149,998 | — | 1,149,998 |
| Total | $862,378,029 | $1,149,998 | $20,427 | $863,548,454 |
| * | 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. |
The following is a reconciliation of the Funds' Level 3 investments held at the beginning and end of the measurement period:
| | NUEM | NUDM | NUSC |
| | Level 3 | Level 3 | Level 3 |
| | Common Stocks | Rights | Common Stocks | Common Stocks |
| Balance at the beginning of period | $ 643 | $ – **** | $ 5,820 | $20,427 |
| Gains (losses): | | | | |
| Net realized gains (losses) | – | – | – | – |
| Change in net unrealized appreciation (depreciation) | 21 | – | 4,309 | – |
| Purchases at cost | – | – | 5,187 | – |
| Sales at proceeds | – | – | – | – |
| Net discounts (premiums) | – | – | – | – |
| Transfers into | 1,217,521 | – | 354,941 | – |
| Transfers (out of) | – | – | (15,311) | – |
| Balance at the end of period | $1,218,185 | $ – | $354,946 | $20,427 |
| Change in net unrealized appreciation (depreciation) during the period of Level 3 securities held as of period end | $ 485,775 | $ – | $ 18,267 | $ – |
**** 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.
The table below presents the transfers in and out of the three valuation levels for the Funds as of the end of the reporting period when compared to the valuation levels at the end of the previous fiscal year. Changes in valuation inputs or methodologies may result in transfers into or out of an assigned level within the fair value hierarchy. Transfers in or out of levels are generally due to the availability of publicly available information and to the significance or extent the Adviser determines that the valuation inputs or methodologies may impact the valuation of those securities.
| | Level 1 | | Level 2 | | Level 3 |
| | Transfers In | (Transfers Out) | | Transfers In | (Transfers Out) | | Transfers In | (Transfers Out) |
| NUEM | | | | | | | | |
| Common Stocks | $ — | $(1,217,521) | | $ — | $ — | | $1,217,521 | $ — |
| | Level 1 | | Level 2 | | Level 3 |
| | Transfers In | (Transfers Out) | | Transfers In | (Transfers Out) | | Transfers In | (Transfers Out) |
| NUDM | | | | | | | | |
| Common Stocks | $15,311 | $(354,941) | | $ — | $ — | | $354,941 | $(15,311) |
4. Portfolio Securities and Investments in Derivatives
Portfolio Securities
Securities Lending
Each Fund may lend securities representing up to one-third of the value of its total assets to broker-dealers, banks, and other institutions in order to generate additional income. When loaning securities, the Fund retains the benefits of owning the securities, including the economic equivalent of dividends or interest generated by the security. The loans are continuous, can be recalled at any time, and have no set maturity. State Street Bank and Trust Company, serves as the securities lending agent (the “Agent”).
When a Fund loans its portfolio securities, it will receive, at the inception of each loan, cash collateral equal to an amount not less than 100% of the market value of the loaned securities. The actual percentage of the cash collateral will vary depending upon the asset type of the loaned securities. Collateral for the loaned securities is invested in a government money market vehicle maintained by the Agent, which is subject to the requirements of Rule 2a-7 under the 1940 Act. The value of the loaned securities and the liability to return the cash collateral received are recognized on the Statement of Assets and Liabilities. If the market value of the loaned securities increases, the borrower must furnish additional collateral to the Fund, which is also recognized on the Statement of Assets and Liabilities. Securities out on loan are subject to termination at any time at the option of the borrower or the Fund. Upon termination, the borrower is required to return to the Fund securities identical to the securities loaned. During the term of the loan, the Fund bears the market risk with respect to the investment of collateral and the risk that the Agent may default on its contractual obligations to the Fund. The Agent bears the risk that the borrower may default on its obligation to return the loaned securities as the Agent is contractually obligated to indemnify the Fund if at the time of a default by a borrower some or all of the loan securities have not been returned.
Securities lending income recognized by a Fund consists of earnings on invested collateral and lending fees, net of any rebates to the borrower and compensation to the Agent. Such income is recognized on the Statements of Operations.
As of the end of the reporting period, the total value of the loaned securities and the total value of collateral received were as follows:
| Fund | Asset Class out on Loan | Long-Term
Investments, at Value | Total Collateral
Received |
| NULC | Common Stocks | $ 20,586 | $ 21,248 |
| NULG | Common Stocks | $3,215,957 | $3,319,348 |
| NUSC | Common Stocks | $2,737,616 | $2,874,822 |
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 | $50,758,300 | $31,986,854 | $4,820,712 | $137,148,916 | $208,649,313 | $89,684,886 | $51,622,944 | $171,874,615 |
| Sales | 24,851,721 | 30,778,545 | 5,485,827 | 148,369,887 | 209,880,854 | 99,001,914 | 52,237,964 | 171,336,865 |
In-kind transactions during the current fiscal period were as follows:
| | NUEM | NUDM | NULC | NULG | NULV | NUMG | NUMV | NUSC |
| In-kind purchases | $6,718,051 | $41,283,047 | $1,841,176 | $239,788,234 | $243,865,874 | $73,882,598 | $43,909,085 | $298,732,617 |
| In-kind sales | — | — | — | 23,387,118 | 42,895,802 | 10,114,777 | — | 3,818,928 |
The Funds may purchase securities on a when-issued or delayed-delivery basis. Securities purchased on a when-issued or delayed-delivery basis may have extended settlement periods; interest income is not accrued until settlement date. Any securities 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. If a Fund has outstanding when-issued/delayed-delivery purchases commitments as of the end of the reporting period, such amounts are recognized on the Statement of Assets and Liabilities.
Notes to Financial Statements (Unaudited) (continued)
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 and prior fiscal period were as follows:
| | NUEM | | NUDM |
| | Six Months Ended
4/30/21 | | Year Ended
10/31/20 | | Six Months Ended
4/30/21 | | Year Ended
10/31/20 |
| | Shares | Amount | | Shares | Amount | | Shares | Amount | | Shares | Amount |
| Shares sold | 1,000,000 | $33,428,504 | | 500,000 | $ 11,165,263 | | 1,500,000 | $43,158,455 | | 800,000 | $ 19,293,749 |
| Shares redeemed | — | — | | (1,100,000) | (23,113,970) | | — | — | | (1,100,000) | (26,786,180) |
| Net increase (decrease) | 1,000,000 | $33,428,504 | | (600,000) | $(11,948,707) | | 1,500,000 | $43,158,455 | | (300,000) | $ (7,492,431) |
| | NULC | | NULG |
| | Six Months Ended
4/30/21 | | Year Ended
10/31/20 | | Six Months Ended
4/30/21 | | Year Ended
10/31/20 |
| | Shares | Amount | | Shares | Amount | | Shares | Amount | | Shares | Amount |
| Shares sold | 50,000 | $1,843,520 | | 500,000 | $13,875,505 | | 4,200,000 | $240,144,615 | | 5,650,000 | $240,116,860 |
| Shares redeemed | — | — | | (250,000) | (6,630,100) | | (400,000) | (23,418,585) | | (850,000) | (38,217,265) |
| Net increase (decrease) | 50,000 | $1,843,520 | | 250,000 | $ 7,245,405 | | 3,800,000 | $216,726,030 | | 4,800,000 | $201,899,595 |
| | NULV | | NUMG |
| | Six Months Ended
4/30/21 | | Year Ended
10/31/20 | | Six Months Ended
4/30/21 | | Year Ended
10/31/20 |
| | Shares | Amount | | Shares | Amount | | Shares | Amount | | Shares | Amount |
| Shares sold | 7,150,000 | $244,511,600 | | 16,200,000 | $466,973,250 | | 1,500,000 | $ 74,129,900 | | 3,200,000 | $114,305,485 |
| Shares redeemed | (1,250,000) | (43,015,010) | | (500,000) | (14,023,180) | | (200,000) | (10,127,755) | | (300,000) | (10,156,730) |
| Net increase (decrease) | 5,900,000 | $201,496,590 | | 15,700,000 | $452,950,070 | | 1,300,000 | $ 64,002,145 | | 2,900,000 | $104,148,755 |
| | NUMV | | NUSC |
| | Six Months Ended
4/30/21 | | Year Ended
10/31/20 | | Six Months Ended
4/30/21 | | Year Ended
10/31/20 |
| | Shares | Amount | | Shares | Amount | | Shares | Amount | | Shares | Amount |
| Shares sold | 1,350,000 | $43,972,355 | | 3,350,000 | $ 79,612,400 | | 7,350,000 | $299,496,039 | | 6,700,000 | $179,693,885 |
| Shares redeemed | — | — | | (550,000) | (15,510,375) | | (100,000) | (3,828,860) | | (300,000) | (8,314,620) |
| Net increase (decrease) | 1,350,000 | $43,972,355 | | 2,800,000 | $ 64,102,025 | | 7,250,000 | $295,667,179 | | 6,400,000 | $171,379,265 |
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, 2021.
| | NUEM | NUDM | NULC | NULG | NULV | NUMG | NUMV | NUSC |
| Tax cost of investments | $74,902,407 | $100,268,792 | $17,515,974 | $529,916,864 | $769,046,883 | $242,505,078 | $164,504,938 | $675,920,779 |
| Gross unrealized: | | | | | | | | |
| Appreciation | $20,690,482 | $ 14,994,925 | $ 5,862,633 | $137,940,742 | $151,106,594 | $ 65,915,059 | $ 53,920,573 | $200,013,102 |
| Depreciation | (3,223,660) | (1,579,426) | (85,349) | (4,497,924) | (3,792,306) | (2,925,015) | (850,636) | (12,385,427) |
| Net unrealized appreciation (depreciation) of investments | $17,466,822 | $ 13,415,499 | $ 5,777,284 | $133,442,818 | $147,314,288 | $ 62,990,044 | $ 53,069,937 | $187,627,675 |
Permanent differences, primarily due to foreign currency transactions, redemption in-kind, capital gain tax expense, REIT adjustments, and investments in passive foreign investment companies, resulted in reclassifications among the Funds' components of net assets as of October 31, 2020, the Funds' last tax year end.
The tax components of undistributed net ordinary income and net long-term capital gains as of October 31, 2020, the Funds' last tax year end, were as follows:
| | NUEM | NUDM | NULC | NULG | NULV | NUMG | NUMV | NUSC |
| Undistributed net ordinary income1 | $651,107 | $1,022,566 | $723,010 | $10,578,653 | $6,756,817 | $7,417,156 | $1,462,023 | $1,413,997 |
| Undistributed net long-term capital gains | — | — | 11,185 | 579,812 | — | 1,855,072 | — | — |
| 1 | Net ordinary income consists of net taxable income derived from dividends, interest, and net short-term capital gains, if any. |
Notes to Financial Statements (Unaudited) (continued)
The tax character of distributions paid during the Funds' last tax year ended October 31, 2020 was designated for purposes of the dividends paid deduction as follows:
| | NUEM | NUDM | NULC | NULG | NULV | NUMG | NUMV | NUSC |
| Distributions from net ordinary income1 | $1,191,300 | $1,843,400 | $91,799 | $586,800 | $1,925,600 | $158,565 | $1,230,460 | $1,786,255 |
| Distributions from net long-term capital gains | — | — | 1 | 784,500 | — | — | — | — |
| 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, 2020, 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 | NUMV | NUSC |
| Not subject to expiration: | | | | | |
| Short-term | $3,957,661 | $1,441,018 | $3,730,030 | $3,145,654 | $1,797,501 |
| Long-term | 3,525,154 | 3,346,073 | 2,068,025 | 2,167,495 | 1,451,749 |
| Total | $7,482,815 | $4,787,091 | $5,798,055 | $5,313,149 | $3,249,250 |
During the Funds' last tax year ended October 31, 2020, NUMG utilized $472,279 of its capital loss carryforward.
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 Funds did not engage in cross-trades pursuant to these procedures.
As of the end of the reporting period, the percentage of Funds shares owned by TIAA are as follows:
Additional Fund Information
(Unaudited)
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, 2021 | Number of Days | % of Total Days | | Number of Days | % of Total Days |
| Premium/Discount Range: | | | | | |
| 1.01% to 3.00% | 46 | 37.1% | | 19 | 14.7% |
| 0.51% to 1.00% | 47 | 37.9% | | 60 | 40.5% |
| 0.26% to 0.50% | 12 | 9.7% | | 23 | 15.9% |
| 0.00 to 0.25% | 11 | 8.9% | | 8 | 11.5% |
| (0.01)% to (0.25)% | 3 | 2.4% | | 8 | 5.9% |
| (0.26)% to (0.50)% | 1 | 0.8% | | 4 | 2.4% |
| (0.51)% to (1.00)% | 3 | 2.4% | | 2 | 4.0% |
| (1.01)% to (3.00)% | 1 | 0.8% | | - | - |
| | 124 | 100% | | 124 | 100% |
| | NULC | | | NULG | | | NULV |
| Six Months Ended April 30, 2021 | Number of Days | % of Total Days | | Number of Days | % of Total Days | | Number of Days | % of Total Days |
| Premium/Discount Range: | | | | | | | | |
| 0.26% to 0.50% | – | – | | 1 | 0.8% | | - | - |
| 0.00% to 0.25% | 99 | 79.8% | | 107 | 86.3% | | 121 | 97.6% |
| (0.01)% to (0.25)% | 25 | 20.2% | | 36 | 12.9% | | 3 | 2.4% |
| | 124 | 100% | | 124 | 100% | | 124 | 100% |
| | NUMG | | | NUMV | | | NUSC |
| Six Months Ended April 30, 2021 | Number of Days | % of Total Days | | Number of Days | % of Total Days | | Number of Days | % of Total Days |
| Premium/Discount Range: | | | | | | | | |
| 0.00% to 0.25% | 114 | 91.9% | | 123 | 99.2% | | 116 | 93.5% |
| (0.01)% to (0.25)% | 10 | 8.1% | | 1 | 0.8% | | 8 | 6.5% |
| | 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.
Additional Fund Information (Unaudited) (continued)
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 Emerging Markets Index: An unmanaged index considered representative of stocks of developing countries. The 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.
Glossary of Terms Used in this Report (continued)
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.
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
(Unaudited)
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 has adopted and implemented a liquidity risk management program (the “Program”), which is designed to manage each Fund’s liquidity risk. The Program consists of various protocols for assessing and managing each Fund’s liquidity risk. The Funds’ Board of Directors (the “Board”) previously designated Nuveen Fund Advisors, LLC, the Funds’ investment adviser (the “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 (“LOSC”). LMAT and LOSC are composed of personnel from the Adviser and Teachers Advisors, LLC, an affiliate of the Adviser.
At a May 26, 2021 meeting of the Board, the Adviser provided the Board with a written report addressing the Program’s operation, adequacy and effectiveness of implementation for the calendar year 2020 (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, 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 its 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 of the Funds’ portfolio investments are classified into one of four liquidity categories (including the most liquid, “Highly Liquid,” and the least liquid, “Illiquid,” as 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, using third-party vendor data.
A fund that does not primarily hold Highly Liquid investments must, among other things, determine a minimum percentage of the fund’s net 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’s 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, the Funds did not exceed 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-0421D1668429-INV-B-06/22
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/ Diana R. Gonzalez | | |
| | | | Diana R. Gonzalez Vice President and Secretary | | |
Date: July 7, 2021
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, 2021
| | | | | | |
| By | | (Signature and Title) | | /s/ E. Scott Wickerham | | |
| | | | E. Scott Wickerham Vice President and Controller (principal financial officer) | | |
Date: July 7, 2021
