Nuveen Short-Term REIT ETF NCSRS Certified semi-annual shareholder report (management investment company)

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, 2022

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.

LOGO

Exchange-Traded Funds

30 April

2022

Nuveen Exchange-Traded Funds


Fund Name	Listing Exchange	Ticker Symbol
Nuveen ESG Dividend ETF	Cboe BZX Exchange, Inc.	NUDV
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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Must be preceded by or accompanied by a prospectus.

NOT FDIC INSURED MAY LOSE VALUE NO BANK GUARANTEE

LOGO

Table

of Contents


Chair’s Letter to Shareholders			4

Important Semiannual Shareholder Report Notice			5

Risk Considerations			7

Fund Performance and Expense Ratios			9

Holding Summaries			11

Expense Examples			28

Portfolio of Investments			32

Statement of Assets and Liabilities			85

Statement of Operations			86

Statement of Changes in Net Assets			87

Financial Highlights			92

Notes to Financial Statements			96

Additional Fund Information			105

Glossary of Terms Used in this Report			107

Liquidity Risk Management Program			109

Chair’s Letter to Shareholders

LOGO

Dear Shareholders,

Markets have had a turbulent start to 2022. Global economic activity has been deteriorating from post-pandemic peaks, and crisis-era monetary and fiscal support programs are being phased out. Inflation has surged partially due to supply chain bottlenecks and exacerbated by Russia’s war in Ukraine and recent lockdowns across China to contain a large-scale COVID-19 outbreak.

We are now almost four months into the Eastern European conflict and are witnessing the scale of the humanitarian crisis and the economic impact caused by this event. Market uncertainty has remained elevated, as the situations in Russia/Ukraine and China have increased inflation and recession risks. The U.S. Federal Reserve (Fed) and other central banks now face an even more difficult task of slowing inflation without pulling the economy into recession. As anticipated, the Fed began the rate hiking cycle in March 2022, raising its short-term rate by 0.25% from near zero for the first time since the pandemic was declared two years ago, then made increasingly more aggressive moves of 0.50% in May and 0.75% in June 2022. Additional rate hikes of these larger magnitudes are expected this year, as inflation has lingered at a 40-year high and consumer sentiment indicators are slumping. Forecasting was made difficult given the wide range of potential outcomes with regard to the Russia-Ukraine war, the resilience of China’s economy, the reopening of supply chains, the impact of inflation on economic growth, and the Fed’s response to inflation. Accordingly, markets are struggling with pricing these risks.

In the meantime, while markets will likely continue fluctuating with the daily headlines, we encourage investors to keep a long-term perspective. To learn more about how well your portfolio is aligned to your time horizon, risk tolerance and investment goals, consider reviewing it with your financial professional.

On behalf of the other members of the Nuveen Fund Board, I look forward to continuing to earn your trust in the months and years ahead.

LOGO

Terence J. Toth

Chair of the Board

June 22, 2022

Important Notices

For Shareholders of

Nuveen ESG Dividend ETF (NUDV)

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)

Portfolio Manager Commentaries in Semiannual Reports

The Funds include portfolio manager commentary in their annual shareholder reports. For the Fund’s most recent annual portfolio manager discussion, please refer to the Portfolio Managers’ Comments section of the Fund’s October 31, 2021 annual shareholder report.

For current information on the Fund’s investment objectives, portfolio management team and average annual total returns please refer to the Fund’s website at www.nuveen.com.

For changes that occurred to your Fund both during and subsequent to this reporting period, please refer to the Notes to Financial Statements section of this report.

For average annual total returns as of the end of this reporting period, please refer to the Performance Overview and Holding Summaries section within this report.

Additional Market Disruption Risk

Additional sanctions may be imposed in the future. Such sanctions may adversely impact, among other things, the Russian economy and various sectors of the global economy, including but not limited to, the financials, energy, metals and mining, engineering and defense sectors. The sanctions and any related boycotts, tariffs, and financial restrictions imposed on Russia’s government, companies and certain individuals may cause a decline in the value and liquidity of Russian securities; weaken the value of the ruble; downgrade the country’s credit rating; freeze Russian securities and/or funds invested in prohibited assets and impair the ability to trade in Russian securities and/or other assets; and have other adverse consequences on the Russian government, economy, companies and region. Further, several large corporations and U.S. states have announced plans to divest interests or otherwise curtail business dealings with certain Russian businesses.

Important Notices (continued)

The ramifications of the hostilities and sanctions, however, may not be limited to Russia and Russian companies but may spill over to and negatively impact other regional and global economic markets (including Europe and the United States), companies in other countries (particularly those that have done business with Russia) and on various sectors, industries and markets for securities and commodities globally, such as oil and natural gas. Accordingly, the actions discussed above and the potential for a wider conflict could increase financial market volatility, cause severe negative effects on regional and global economic markets, industries, and companies and have a negative effect on your Fund’s investments and performance beyond any direct exposure to Russian issuers or those of adjoining geographic regions. In addition, Russia may take retaliatory actions and other countermeasures, including cyberattacks and espionage against other countries and companies around the world, which may negatively impact such countries and the companies in which your Fund invests.

The extent and duration of the military action or future escalation of such hostilities, the extent and impact of existing and future sanctions, market disruptions and volatility, and the result of any diplomatic negotiations cannot be predicted. These and any related events could have a significant impact on Fund performance and the value of an investment in the Fund, particularly with respect to Russian exposure.

Risk Considerations

Nuveen ESG Dividend ETF (NUDV)

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. This 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)

Nuveen ESG Large-Cap Growth ETF (NULG)

Risk Considerations (continued)

experience sharp price declines. Because it invests primarily in large-capitalization stocks, the Fund may underperform funds that invest primarily in stocks of smaller capitalization companies during periods when the stocks of such companies are in favor. These and other risk considerations are described in detail in the Fund’s prospectus.

Nuveen ESG Large-Cap Value ETF (NULV)

Investing involves risk; principal loss is possible. There is no guarantee the Fund’s investment objectives will be achieved. This ETF seeks to generally track the investment results of an index; however the Fund may underperform, outperform or be more volatile than the referenced index. In addition, because the Index selects securities for inclusion based on environmental, social, and governance (ESG) criteria, the Fund may forgo some market opportunities available to funds that don’t use these criteria. The value of equity 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)

Fund Performance, Expense Ratios and Holdings Summaries

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.

Holdings Summaries

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 Dividend ETF (NUDV) (continued)

Fund Performance, Expense Ratios and Holdings Summaries

April 30, 2022

Refer to the first page of this Fund Performance, Expense Ratios and Holdings Summaries 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, 2022
			Cumulative
	Inception Date		6-Month		Since Inception		Expense Ratios
NUDV at NAV		9/27/21		(2.56)%		0.04%		0.25%
NUDV at Market Price		9/27/21		(2.73)%		0.11%		—
MSCI USA Index		—		(11.30)%		(8.02)%		—
TIAA ESG USA High Dividend Yield Index		—		(2.47)%		0.25%		—

*	For purposes of Fund performance, relative results are measured against the TIAA ESG USA High Dividend Yield Index.

Holdings Summaries as of April 30, 2022

Fund Allocation

(% of net assets)



Common Stocks			99.5%

Other Assets Less Liabilities			0.5%

Net Assets			100%

Portfolio Composition

(% of net assets)



Industrials			15.3%

Health Care			14.6%

Financials			12.9%

Information Technology			12.3%

Consumer Staples			10.8%

Real Estate			9.5%

Consumer Discretionary			6.6%

Utilities			4.9%

Communication Services			4.7%

Energy			4.4%

Materials			3.5%

Other Assets Less Liabilities			0.5%

Net Assets			100%

Top Five Common Stock Holdings (% of net assets)



Procter & Gamble Co.			2.3%

Eli Lilly & Co.			2.1%

Coca-Cola Co.			2.0%

Merck & Co Inc.			2.0%

PepsiCo Inc.			1.9%

Nuveen ESG Emerging Markets Equity ETF (NUEM) (continued)

Fund Performance, Expense Ratios and Holdings Summaries

April 30, 2022

Fund Performance and Expense Ratio*


			Total Returns as of April 30, 2022
			Cumulative		Average Annual
	Inception Date		6-Month		1-Year		Since Inception		Expense Ratios
NUEM at NAV		6/06/17		(14.19)%		(17.54)%		4.59%		0.35%
NUEM at Market Price		6/06/17		(15.09)%		(18.52)%		4.36%		—
MSCI Emerging Markets Index (Net)		—		(14.15)%		(18.33)%		3.55%		—
TIAA ESG Emerging Markets Equity Index		—		(14.02)%		(16.91)%		5.39%		—

*	For purposes of Fund performance, relative results are measured against the TIAA ESG Emerging Markets Equity Index.

Holdings Summaries as of April 30, 2022

Fund Allocation

(% of net assets)



Common Stocks			99.9%

Corporate Bonds			0.0%

Investments Purchased with Collateral from Securities Lending			0.1%

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.			5.1%

China Construction Bank Corp.			2.3%

Saudi Arabian Mining Co.			2.3%

Meituan, Class B			2.3%

Portfolio Composition

(% of net assets)



Information Technology			19.4%

Financials			19.4%

Communication Services			13.4%

Consumer Discretionary			12.4%

Materials			12.0%

Consumer Staples			6.2%

Industrials			5.0%

Utilities			3.4%

Health Care			3.4%

Energy			3.2%

Real Estate			2.1%

Investments Purchased with Collateral from Securities Lending			0.1%

Corporate Bonds			0.0%

Other Assets Less Liabilities			0.0%

Net Assets			100%

Country Allocation¹

(% of net assets)



China			30.8%

Taiwan			16.2%

India			13.2%

South Korea			11.9%

Brazil			5.3%

Saudi Arabia			4.9%

South Africa			3.4%

Mexico			2.3%

Indonesia			2.2%

Thailand			1.9%

Other			7.8%

Investments Purchased with Collateral from Securities Lending			0.1%

Other Assets Less Liabilities			0.0%

Net Assets			100%

1	Includes 99.9% (as a percentage of net assets) in emerging market countries.

Nuveen ESG International Developed Markets Equity ETF (NUDM) (continued)

Fund Performance, Expense Ratios and Holdings Summaries

April 30, 2022

Fund Performance and Expense Ratio*


			Total Returns as of April 30, 2022
			Cumulative		Average Annual
	Inception Date		6-Month		1-Year		Since Inception		Expense Ratios
NUDM at NAV		6/06/17		(11.92)%		(7.75)%		4.43%		0.30%
NUDM at Market Price		6/06/17		(13.26)%		(8.76)%		4.23%		—
MSCI EAFE Index (Net)		—		(11.80)%		(8.15)%		3.93%		—
TIAA ESG International Developed Markets Equity Index		—		(11.84)%		(7.60)%		4.71%		—

*	For purposes of Fund performance, relative results are measured against the TIAA ESG International Developed Markets Equity Index.

Holdings Summaries as of April 30, 2022

Fund Allocation

(% of net assets)



Common Stocks			99.1%

Other Assets Less Liabilities			0.9%

Net Assets			100%

Top Five Common Stock Holdings

(% of net assets)



Nestle SA			3.8%

GlaxoSmithKline PLC			2.2%

ASML Holding NV			1.9%

Allianz SE			1.8%

RELX PLC			1.7%

Portfolio Composition

(% of net assets)



Financials			17.6%

Industrials			16.4%

Health Care			12.9%

Consumer Staples			12.0%

Consumer Discretionary			11.2%

Materials			8.7%

Information Technology			7.2%

Communication Services			5.8%

Utilities			3.0%

Real Estate			2.7%

Energy			1.6%

Other Assets Less Liabilities			0.9%

Net Assets			100%

Country Allocation

(% of net assets)



Japan			22.1%

United Kingdom			15.6%

France			10.1%

Switzerland			10.1%

Australia			8.2%

Germany			8.2%

Netherlands			3.8%

Hong Kong			3.2%

Sweden			2.5%

Denmark			2.2%

Other			13.1%

Other Assets Less Liabilities			0.9%

Net Assets			100%

Nuveen ESG Large-Cap ETF (NULC) (continued)

Fund Performance, Expense Ratios and Holdings Summaries

April 30, 2022

Fund Performance and Expense Ratio*


			Total Returns as of April 30, 2022
			Cumulative		Average Annual
	Inception Date		6-Month		1-Year		Since Inception		Expense Ratios
NULC at NAV		6/03/19		(13.48)%		(3.60)%		16.91%		0.20%
NULC at Market Price		6/03/19		(13.66)%		(3.78)%		16.88%		—
MSCI USA Index		—		(11.30)%		(1.60)%		17.04%		—
TIAA ESG USA Large-Cap Index		—		(13.41)%		(3.40)%		17.18%		—

*	For purposes of Fund performance, relative results are measured against the TIAA ESG USA Large-Cap Index.

Holdings Summaries as of April 30, 2022

Fund Allocation

(% of net assets)



Common Stocks			99.7%

Other Assets Less Liabilities			0.3%

Net Assets			100%

Portfolio Composition

(% of net assets)



Information Technology			27.4%

Health Care			13.7%

Financials			13.2%

Consumer Discretionary			9.8%

Consumer Staples			8.4%

Industrials			8.3%

Communication Services			6.2%

Real Estate			4.1%

Energy			3.1%

Materials			2.8%

Utilities			2.7%

Other Assets Less Liabilities			0.3%

Net Assets			100%

Top Five Common Stock Holdings

(% of net assets)



Microsoft Corp			6.5%

Tesla Inc			2.7%

Procter & Gamble Co			2.4%

S&P Global Inc			2.2%

NVIDIA Corp			2.2%

Nuveen ESG Large-Cap Growth ETF (NULG) (continued)

Fund Performance, Expense Ratios and Holdings Summaries

April 30, 2022

Fund Performance and Expense Ratio*


			Total Returns as of April 30, 2022
			Cumulative		Average Annual
	Inception Date		6-Month		1-Year		5-Year		Since Inception		Expense Ratios
NULG at NAV		12/31/16		(21.61)%		(8.11)%		17.18%		17.92%		0.25%
NULG at Market Price		12/31/16		(21.61)%		(8.08)%		17.42%		17.93%		—
MSCI USA Growth Index		—		(19.99)%		(8.05)%		17.19%		17.92%		—
TIAA ESG USA Large-Cap Growth Index		—		(21.52)%		(7.80)%		17.63%		18.36%		—

*	For purposes of Fund performance, relative results are measured against the TIAA ESG USA Large-Cap Growth Index.

Holdings Summaries as of April 30, 2022

Fund Allocation

(% of net assets)



Common Stocks			99.8%

Other Assets Less Liabilities			0.2%

Net Assets			100%

Portfolio Composition

(% of net assets)



Information Technology			42.4%

Consumer Discretionary			14.4%

Health Care			11.9%

Communication Services			11.0%

Industrials			5.9%

Financials			4.8%

Consumer Staples			3.9%

Materials			2.7%

Real Estate			1.6%

Energy			1.2%

Other Assets Less Liabilities			0.2%

Net Assets			100%

Top Five Common Stock Holdings

(% of net assets)



Microsoft Corp		12.8%

Tesla Inc		5.6%

NVIDIA Corp	��	3.7%

Visa Inc, Class A		3.2%

S&P Global Inc		3.1%

Nuveen ESG Large-Cap Value ETF (NULV) (continued)

Fund Performance, Expense Ratios and Holdings Summaries

April 30, 2022

Fund Performance and Expense Ratio*


			Total Returns as of April 30, 2022
			Cumulative		Average Annual
	Inception Date		6-Month		1-Year		5-Year		Since Inception		Expense Ratios
NULV at NAV		12/31/16		(4.38)%		1.01%		9.64%		9.44%		0.25%
NULV at Market Price		12/31/16		(4.44)%		0.93%		9.63%		9.43%		—
MSCI USA Value Index		—		(2.56)%		4.12%		9.40%		9.14%		—
TIAA ESG USA Large-Cap Value Index		—		(4.28)%		1.30%		10.03%		9.81%		—

*	For purposes of Fund performance, relative results are measured against the TIAA ESG USA Large-Cap Value Index.

Holdings Summaries as of April 30, 2022

Fund Allocation

(% of net assets)



Common Stocks			99.8%

Investments Purchased with Collateral from Securities Lending			0.2%

Other Assets Less Liabilities			(0.0)%

Net Assets			100%

Portfolio Composition

(% of net assets)



Health Care			17.5%

Financials			17.3%

Information Technology			13.2%

Consumer Staples			12.9%

Industrials			11.9%

Real Estate			6.1%

Consumer Discretionary			5.3%

Utilities			4.8%

Energy			3.8%

Communication Services			3.7%

Materials			3.3%

Investments Purchased with Collateral from Securities Lending			0.2%

Other Assets Less Liabilities			(0.0)%

Net Assets			100%

Top Five Common Stock Holdings

(% of net assets)



Procter & Gamble Co			3.3%

JPMorgan Chase & Co			2.8%

Coca-Cola Co			2.7%

PepsiCo Inc			2.5%

Home Depot Inc			2.4%

Nuveen ESG Mid-Cap Growth ETF (NUMG) (continued)

Fund Performance, Expense Ratios and Holdings Summaries

April 30, 2022

Fund Performance and Expense Ratio*


			Total Returns as of April 30, 2022
			Cumulative		Average Annual
	Inception Date		6-Month		1-Year		5-Year		Since Inception		Expense Ratios
NUMG at NAV		12/31/16		(24.87)%		(17.74)%		12.52%		12.70%		0.30%
NUMG at Market Price		12/31/16		(24.87)%		(17.70)%		12.52%		12.71%		—
MSCI USA Mid-Cap Growth Index		—		(24.10)%		(14.24)%		12.51%		12.73%		—
TIAA ESG USA Mid-Cap Growth Index		—		(24.81)%		(17.49)%		12.99%		13.16%		—

*	For purposes of Fund performance, relative results are measured against the TIAA ESG USA Mid-Cap Growth Index.

Holdings Summaries as of April 30, 2022

Fund Allocation

(% of net assets)



Common Stocks			99.9%

Investments Purchased with Collateral from Securities Lending			2.4%

Other Assets Less Liabilities			(2.3)%

Net Assets			100%

Portfolio Composition

(% of net assets)



Information Technology			34.1%

Health Care			20.9%

Industrials			12.8%

Consumer Discretionary			11.7%

Communication Services			6.7%

Energy			5.5%

Financials			3.6%

Materials			3.3%

Real Estate			1.3%

Investments Purchased with Collateral from Securities Lending			2.4%

Other Assets Less Liabilities			(2.3)%

Net Assets			100%

Top Five Common Stock Holdings

(% of net assets)



Cadence Design Systems Inc			3.8%

Cheniere Energy Inc			3.5%

Mettler-Toledo International Inc			2.9%

Ulta Beauty Inc			2.6%

Tractor Supply Co			2.6%

Nuveen ESG Mid-Cap Value ETF (NUMV) (continued)

Fund Performance, Expense Ratios and Holdings Summaries

April 30, 2022

Fund Performance and Expense Ratio*


			Total Returns as of April 30, 2022
			Cumulative		Average Annual
	Inception Date		6-Month		1-Year		5-Year		Since Inception		Expense Ratios
NUMV at NAV		12/31/16		(5.75)%		(0.19)%		9.16%		8.82%		0.30%
NUMV at Market Price		12/31/16		(5.96)%		(0.20)%		8.94%		8.81%		—
MSCI USA Mid-Cap Value Index		—		(5.18)%		0.62%		8.71%		8.68%		—
TIAA ESG USA Mid-Cap Value Index		—		(5.67)%		0.09%		9.59%		9.25%		—

*	For purposes of Fund performance, relative results are measured against the TIAA ESG USA Mid-Cap Value Index.

Holdings Summaries as of April 30, 2022

Fund Allocation

(% of net assets)



Common Stocks			99.8%

Other Assets Less Liabilities			0.2%

Net Assets			100%

Portfolio Composition

(% of net assets)



Financials			17.6%

Real Estate			14.9%

Industrials			13.9%

Consumer Discretionary			9.6%

Materials			8.5%

Utilities			6.7%

Information Technology			6.6%

Consumer Staples			6.3%

Energy			5.9%

Health Care			5.9%

Communication Services			3.9%

Other Assets Less Liabilities			0.2%

Net Assets			100%

Top Five Common Stock Holdings

(% of net assets)



Arthur J Gallagher & Co			2.5%

ONEOK Inc			2.2%

McCormick & Co Inc			2.1%

Ventas Inc			2.1%

Hartford Financial Services Group Inc			2.0%

Nuveen ESG Small-Cap ETF (NUSC) (continued)

Fund Performance, Expense Ratios and Holdings Summaries

April 30, 2022

Fund Performance and Expense Ratio*


			Total Returns as of April 30, 2022
			Cumulative		Average Annual
	Inception Date		6-Month		1-Year		5-Year		Since Inception		Expense Ratios
NUSC at NAV		12/31/16		(13.40)%		(12.11)%		10.11%		9.99%		0.30%
NUSC at Market Price		12/31/16		(13.38)%		(12.09)%		10.04%		10.00%		—
MSCI USA Small-Cap Index		—		(14.71)%		(12.10)%		9.46%		9.43%		—
TIAA ESG USA Small-Cap Index		—		(13.35)%		(11.89)%		10.54%		10.41%		—

*	For purposes of Fund performance, relative results are measured against the TIAA ESG USA Small-Cap Index.

Holdings Summaries as of April 30, 2022

Fund Allocation

(% of net assets)



Common Stocks			99.8%

Investments Purchased with Collateral from Securities Lending			0.6%

Other Assets Less Liabilities			(0.4)%

Net Assets			100%

Portfolio Composition

(% of net assets)



Industrials			18.1%

Consumer Discretionary			14.9%

Financials			14.0%

Information Technology			13.8%

Health Care			10.2%

Real Estate			10.1%

Materials			6.1%

Consumer Staples			4.7%

Energy			3.7%

Communication Services			2.2%

Utilities			2.0%

Investments Purchased with Collateral from Securities Lending			0.6%

Other Assets Less Liabilities			(0.4)%

Net Assets			100%

Top Five Common Stock Holdings

(% of net assets)



Darling Ingredients Inc			1.2%

First Horizon Corp			1.2%

Nielsen Holdings PLC			1.1%

Reliance Steel & Aluminum Co			1.0%

Kilroy Realty Corp			0.9%

Expense

Examples

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, 2022.

The beginning of the period is November 1, 2021.

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 Dividend ETF (NUDV)


Actual Performance
Beginning Account Value	$	1,000.00
Ending Account Value	$	974.38
Expenses Incurred During Period	$	1.22
Hypothetical Performance (5% annualized return before expenses)
Beginning Account Value	$	1,000.00
Ending Account Value	$	1,023.55
Expenses Incurred During the Period	$	1.25

Expenses are equal to the Fund’s annualized net expense ratio of 0.25%, multiplied by 181/365 (to reflect the one-half year period).

Nuveen ESG Emerging Markets Equity ETF (NUEM)


Actual Performance
Beginning Account Value	$	1,000.00
Ending Account Value	$	858.10
Expenses Incurred During Period	$	1.61
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 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	$	880.80
Expenses Incurred During Period	$	1.40
Hypothetical Performance (5% annualized return before expenses)
Beginning Account Value	$	1,000.00
Ending Account Value	$	1,023.31
Expenses Incurred During the Period	$	1.51

Expenses are equal to the Fund’s annualized net expense ratio of 0.30%, 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	$	865.20
Expenses Incurred During Period	$	0.92
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 181/365 (to reflect the one-half year period).

Expense Examples (continued)

Nuveen ESG Large-Cap Growth ETF (NULG)


Actual Performance
Beginning Account Value	$	1,000.00
Ending Account Value	$	783.88
Expenses Incurred During Period	$	1.11
Hypothetical Performance (5% annualized return before expenses)
Beginning Account Value	$	1,000.00
Ending Account Value	$	1,023.55
Expenses Incurred During the Period	$	1.25

Expenses are equal to the Fund’s annualized net expense ratio of 0.25%, multiplied by 181/365 (to reflect the one-half year period).

Nuveen ESG Large-Cap Value ETF (NULV)


Actual Performance
Beginning Account Value	$	1,000.00
Ending Account Value	$	956.24
Expenses Incurred During Period	$	1.21
Hypothetical Performance (5% annualized return before expenses)
Beginning Account Value	$	1,000.00
Ending Account Value	$	1,023.55
Expenses Incurred During the Period	$	1.25

Expenses are equal to the Fund’s annualized net expense ratio of 0.25%, 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	$	751.27
Expenses Incurred During Period	$	1.30
Hypothetical Performance (5% annualized return before expenses)
Beginning Account Value	$	1,000.00
Ending Account Value	$	1,023.31
Expenses Incurred During the Period	$	1.51

Expenses are equal to the Fund’s annualized net expense ratio of 0.30%, 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	$	942.49
Expenses Incurred During Period	$	1.44
Hypothetical Performance (5% annualized return before expenses)
Beginning Account Value	$	1,000.00
Ending Account Value	$	1,023.31
Expenses Incurred During the Period	$	1.51

Expenses are equal to the Fund’s annualized net expense ratio of 0.30%, 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	$	866.01
Expenses Incurred During Period	$	1.39
Hypothetical Performance (5% annualized return before expenses)
Beginning Account Value	$	1,000.00
Ending Account Value	$	1,023.31
Expenses Incurred During the Period	$	1.51

Expenses are equal to the Fund’s annualized net expense ratio of 0.30%, multiplied by 181/365 (to reflect the one-half year period).

Nuveen ESG Dividend ETF (NUDV)

Portfolio of Investments April 30, 2022

(Unaudited)


Shares		Description (1)	Value

		LONG-TERM INVESTMENTS – 99.5%

		COMMON STOCKS – 99.5%

		Communication Services – 4.7%

	2,360	Comcast Corp, Class A	$	93,834

	621	Interpublic Group of Cos Inc		20,257

	1,361	Lumen Technologies Inc		13,692

	335	Omnicom Group Inc		25,503

	949	Paramount Global, Class B		27,635

	1,581	Sirius XM Holdings Inc		9,486

	2,131	Verizon Communications Inc		98,665
		Total Communication Services		289,072

		Consumer Discretionary – 6.6%

	349	Best Buy Co Inc		31,386

	207	Hasbro Inc		18,228

	389	Home Depot Inc		116,856

	437	LKQ Corp		21,688

	454	Lowe’s Cos Inc		89,770

	456	Target Corp		104,264

	526	VF Corp		27,352
		Total Consumer Discretionary		409,544

		Consumer Staples – 10.8%

	878	Archer-Daniels-Midland Co		78,634

	223	Bunge Ltd		25,226

	194	Clorox Co		27,833

	1,954	Coca-Cola Co		126,248

	89	Colgate-Palmolive Co		6,857

	1,118	Keurig Dr Pepper Inc		41,813

	1,109	Kroger Co		59,842

	393	McCormick & Co Inc/MD		39,524

	693	PepsiCo Inc		118,995

	881	Procter & Gamble Co		141,444
		Total Consumer Staples		666,416

		Energy – 4.4%

	1,303	Baker Hughes Co		40,419

	1,403	Halliburton Co		49,975

	698	ONEOK Inc		44,204

	645	Valero Energy Corp		71,904


Shares		Description (1)	Value

		Energy (continued)

	1,916	Williams Cos Inc	$	65,700
		Total Energy		272,202

		Financials – 12.9%

	1,236	Bank of New York Mellon Corp		51,986

	125	BlackRock Inc		78,085

	168	Cboe Global Markets Inc		18,981

	459	Discover Financial Services		51,619

	272	Goldman Sachs Group Inc		83,094

	2,280	Huntington Bancshares Inc/OH		29,982

	545	Invesco Ltd		10,017

	975	JPMorgan Chase & Co		116,376

	596	Marsh & McLennan Cos Inc		96,373

	992	Morgan Stanley		79,945

	311	Northern Trust Corp		32,049

	1,503	Regions Financial Corp		31,142

	576	State Street Corp		38,575

	867	Synchrony Financial		31,914

	352	T Rowe Price Group Inc		43,310

	86	Truist Financial Corp		4,158
		Total Financials		797,606

		Health Care – 14.6%

	444	Amgen Inc		103,536

	784	Baxter International Inc		55,711

	1,518	Bristol-Myers Squibb Co		114,260

	444	Cardinal Health Inc		25,774

	397	Cigna Corp		97,972

	967	CVS Health Corp		92,958

	450	Eli Lilly & Co		131,459

	1,472	Gilead Sciences Inc		87,348

	1,421	Merck & Co Inc		126,029

	193	Quest Diagnostics Inc		25,831

	542	Royalty Pharma PLC, Class A		23,078

	1,907	Viatris Inc		19,699
		Total Health Care		903,655

		Industrials – 15.3%

	210	A O Smith Corp		12,270

	45	Allegion plc		5,141

	1,291	Carrier Global Corp		49,407

	476	Caterpillar Inc		100,217

Nuveen ESG Dividend ETF (NUDV) Fund (continued)

Portfolio of Investments April 30, 2022

(Unaudited)


Shares		Description (1)	Value

		Industrials (continued)

	205	CH Robinson Worldwide Inc	$	21,761

	223	Cummins Inc		42,189

	568	Eaton Corp PLC		82,371

	917	Emerson Electric Co		82,695

	907	Fastenal Co		50,166

	328	Illinois Tool Works Inc		64,652

	1,105	Johnson Controls International plc		66,156

	384	Masco Corp		20,233

	160	Owens Corning		14,549

	261	Pentair PLC		13,246

	350	Republic Services Inc		46,995

	183	Rockwell Automation Inc		46,239

	350	Rollins Inc		11,739

	86	Snap-on Inc		18,274

	375	Trane Technologies PLC		52,459

	482	United Parcel Service Inc, Class B		86,750

	68	WW Grainger Inc		34,002

	284	Xylem Inc/NY		22,862
		Total Industrials		944,373

		Information Technology – 12.3%

	453	Automatic Data Processing Inc		98,835

	2,121	Cisco Systems Inc		103,887

	885	Fidelity National Information Services Inc		87,748

	2,062	Hewlett Packard Enterprise Co		31,775

	1,806	HP Inc		66,154

	2,279	Intel Corp		99,342

	753	International Business Machines Corp		99,554

	265	Motorola Solutions Inc		56,628

	615	Texas Instruments Inc		104,704

	649	Western Union Co		10,877
		Total Information Technology		759,504

		Materials – 3.5%

	2,417	Amcor PLC		28,666

	399	International Flavors & Fragrances Inc		48,399

	1,253	Newmont Corp		91,281

	374	PPG Industries Inc		47,868
		Total Materials		216,214

		Real Estate – 9.5%

	412	American Tower Corp		99,300


Shares		Description (1)	Value

		Real Estate (continued)

	547	Crown Castle International Corp	$	101,310

	445	Digital Realty Trust Inc		65,023

	132	Equinix Inc		94,919

	451	Iron Mountain Inc		24,232

	664	Prologis Inc		106,433

	629	Ventas Inc		34,941

	683	Welltower Inc		62,023
		Total Real Estate		588,181

		Utilities – 4.9%

	284	American Water Works Co Inc		43,759

	209	Atmos Energy Corp		23,700

	991	CenterPoint Energy Inc		30,334

	558	Consolidated Edison Inc		51,749

	379	Essential Utilities Inc		16,964

	542	Eversource Energy		47,371

	502	Sempra Energy		81,003

	330	UGI Corp		11,319
		Total Utilities		306,199
		Total Long-Term Investments (cost $6,239,500)		6,152,966
		Other Assets Less Liabilities – 0.5%		31,992
		Net Assets – 100%	$	6,184,958

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.

See accompanying notes to financial statements.

Nuveen ESG Emerging Markets Equity ETF (NUEM)

Portfolio of Investments April 30, 2022

(Unaudited)


Shares		Description (1)	Value

		LONG-TERM INVESTMENTS – 99.9%

		COMMON STOCKS – 99.9%

		Communication Services – 13.4%

	676,384	Axiata Group Bhd	$	545,333

	380	Baidu Inc, (2)		47,185

	16,564	Bharti Airtel Ltd, (2)		160,347

	69,030	Emirates Telecommunications Group Co PJSC		657,778

	120	HYBE Co Ltd, (2)		24,029

	18,991	Info Edge India Ltd		1,158,179

	25,877	Kakao Corp		1,852,183

	93,530	MTN Group Ltd		997,555

	1,064	NCSoft Corp		357,067

	163,830	NetEase Inc		3,215,567

	195,720	Ooredoo QPSC		402,484

	6,470	SK Telecom Co Ltd		293,623

	124,484	Telefonica Brasil SA		1,337,043

	7,654,398	Telkom Indonesia Persero Tbk PT		2,439,354

	180,316	Tencent Holdings Ltd		8,673,204

	106,087	TIM SA/Brazil		288,771

	72,865	Turkcell Iletisim Hizmetleri AS		106,139
		Total Communication Services		22,555,841

		Consumer Discretionary – 12.4%

	217,106	Alibaba Group Holding Ltd, (2)		2,825,146

	88,020	Allegro.eu SA, 144A, (2)		456,900

	43,794	Americanas SA		212,240

	63,042	BYD Co Ltd		1,894,599

	21,899	BYD Co Ltd, Class A		801,219

	684,068	China Ruyi Holdings Ltd, (2)		166,524

	13,594	Coway Co Ltd		767,368

	9,336	Eicher Motors Ltd		321,437

	460	FF Group, (2), (3)		582

	4,058	Hero MotoCorp Ltd		132,661

	85,507	JD Health International Inc, 144A, (2)		550,892

	8,628	JD.com Inc, Class A, (2)		292,066

	26,127	LG Electronics Inc		2,423,404


Shares		Description (1)	Value

		Consumer Discretionary (continued)

	34,064	Li Auto Inc, ADR, (2)	$	764,056

	76,848	Mahindra & Mahindra Ltd		926,941

	173,367	Meituan, Class B, 144A, (2)		3,800,479

	13,053	Naspers Ltd		1,326,861

	733,651	PTT Oil & Retail Business PCL, (4)		535,512

	139,900	Suning.com Co Ltd, (2)		68,036

	53,199	Vipshop Holdings Ltd, ADR, (2)		407,504

	29,030	XPeng Inc, ADR, (2)		714,428

	35,469	Yum China Holdings Inc		1,482,604
		Total Consumer Discretionary		20,871,459

		Consumer Staples – 6.2%

	61,383	Almarai Co JSC		850,996

	1,014	AMOREPACIFIC Group		40,366

	834	BGF retail Co Ltd		120,186

	1,575	Britannia Industries Ltd		67,766

	184,362	Cencosud SA		295,005

	447,647	China Feihe Ltd, 144A		428,469

	111,409	China Mengniu Dairy Co Ltd		604,886

	123,113	Coca-Cola Femsa SAB de CV		671,833

	329,662	Fomento Economico Mexicano SAB de CV		2,465,458

	75,374	Hindustan Unilever Ltd		2,213,620

	4,971	Kuala Lumpur Kepong Bhd		33,639

	339	LG Household & Health Care Ltd		245,343

	519	LG Household & Health Care Ltd		205,369

	3,982	Nestle India Ltd		954,836

	52,009	PPB Group Bhd		205,240

	64,373	Savola Group, (2)		612,700

	1,846,722	Unilever Indonesia Tbk PT		495,533
		Total Consumer Staples		10,511,245

		Energy – 3.2%

	426,189	China Suntien Green Energy Corp Ltd		243,346

	253,065	Cosan SA		1,073,132

	964,246	Dialog Group Bhd		553,719

	11,564	HD Hyundai Co Ltd		536,769

	66,451	Offshore Oil Engineering Co Ltd		40,921

	73,543	Petronas Dagangan Bhd		367,250

	119,961	Qatar Fuel QSC		603,799

	608,249	Qatar Gas Transport Co Ltd		571,212

	276,888	Thai Oil PCL, (4)		456,764

Nuveen ESG Emerging Markets Equity ETF (NUEM) (continued)

Portfolio of Investments April 30, 2022

(Unaudited)


Shares		Description (1)	Value

		Energy (continued)

	30,947	Turkiye Petrol Rafinerileri AS, (2)	$	487,869

	178,951	Ultrapar Participacoes SA		472,293

	13,902	Yantai Jereh Oilfield Services Group Co Ltd, Class A		65,139
		Total Energy		5,472,213

		Financials – 19.4%

	213,995	Alpha Services and Holdings SA, (2)		245,169

	286,184	Axis Bank Ltd		2,732,773

	87,464	B3 SA - Brasil Bolsa Balcao		234,900

	313,959	Banco Bradesco SA		1,139,894

	71,209	Banco Bradesco SA		214,395

	167,506	Banco do Brasil SA		1,123,652

	158,485	Bandhan Bank Ltd, 144A		691,846

	774,375	Bank Central Asia Tbk PT		434,007

	10,034	Bank Polska Kasa Opieki SA		221,591

	574,826	Cathay Financial Holding Co Ltd		1,218,864

	5,380,008	China Construction Bank Corp		3,832,994

	139,473	China Construction Bank Corp		127,468

	221,284	China Merchants Bank Co Ltd		1,350,918

	91,400	China Merchants Bank Co Ltd		549,498

	3,370	Credicorp Ltd		468,059

	375,961	First Abu Dhabi Bank PJSC		2,296,883

	314,747	FirstRand Ltd		1,362,967

	504,782	Fubon Financial Holding Co Ltd		1,274,136

	37,803	Hana Financial Group Inc		1,414,603

	108,499	Huatai Securities Co Ltd		218,086

	377,451	Huatai Securities Co Ltd, 144A		524,361

	47,161	KB Financial Group Inc		2,196,591

	29,879	Kotak Mahindra Bank Ltd		698,874

	41,176	Malayan Banking Bhd		85,785

	29,234	Moneta Money Bank AS, 144A		109,679

	5,401	Nedbank Group Ltd		75,704

	1,096,621	Old Mutual Ltd		879,862

	29,288	Piramal Enterprises Ltd		829,876

	183,936	Postal Savings Bank of China Co Ltd, 144A		140,657

	388,600	Postal Savings Bank of China Co Ltd		316,534

	768,835	Public Bank Bhd		828,261

	27,635	Qatar National Bank QPSC		176,430

	7,566	Samsung Fire & Marine Insurance Co Ltd		1,265,016

	16,238	Samsung Life Insurance Co Ltd		841,635

	64,776	Shinhan Financial Group Co Ltd		2,173,812


Shares		Description (1)	Value

		Financials (continued)

	3,087	Standard Bank Group Ltd	$	32,790

	30,236	Woori Financial Group Inc		355,080
		Total Financials		32,683,650

		Health Care – 3.4%

	307,667	3SBio Inc, 144A, (2)		217,629

	69,635	Akeso Inc, 144A, (2)		132,771

	86,045	CSPC Pharmaceutical Group Ltd		88,829

	12,913	Dr Sulaiman Al Habib Medical Services Group Co		688,547

	83,160	Genscript Biotech Corp, (2)		241,123

	21,240	Guangzhou Baiyunshan Pharmaceutical Holdings Co Ltd		92,837

	1,713	Hangzhou Tigermed Consulting Co Ltd, 144A		16,898

	171,234	Hansoh Pharmaceutical Group Co Ltd, 144A		284,148

	36,050	Hartalega Holdings Bhd		36,435

	11,800	Huadong Medicine Co Ltd		60,584

	3,696,362	Kalbe Farma Tbk PT		418,158

	4,914	Richter Gedeon Nyrt		97,995

	51,219	Shanghai Fosun Pharmaceutical Group Co Ltd		221,296

	9,068	Shanghai Fosun Pharmaceutical Group Co Ltd		58,681

	27,300	Shanghai Pharmaceuticals Holding Co Ltd		72,302

	13,600	Shenzhen Mindray Bio-Medical Electronics Co Ltd		639,897

	63,057	WuXi AppTec Co Ltd, 144A		875,998

	20,962	WuXi AppTec Co Ltd		325,806

	113,608	Wuxi Biologics Cayman Inc, 144A, (2)		868,768

	18,720	Yunnan Baiyao Group Co Ltd		214,999
		Total Health Care		5,653,701

		Industrials – 5.0%

	709,851	Airports of Thailand PCL, (4)		1,383,432

	1,548	Ayala Corp		21,869

	12,600	China Baoan Group Co Ltd, Class A		17,074

	268,156	China Lesso Group Holdings Ltd		340,059

	576	CJ Corp		39,898

	20,117	Contemporary Amperex Technology Co Ltd		1,239,877

	72,254	Evergreen Marine Corp Taiwan Ltd		355,442

	46,774	Grupo Aeroportuario del Pacifico SAB de CV		720,524

	1,661	Grupo Aeroportuario del Sureste SAB de CV		36,218

	15,340	GS Engineering & Construction Corp		513,572

	21,280	LG Corp		1,241,898

	2,985	Localiza Rent a Car SA		31,910

	132,441	Rumo SA		437,797

Nuveen ESG Emerging Markets Equity ETF (NUEM) (continued)

Portfolio of Investments April 30, 2022

(Unaudited)


Shares		Description (1)	Value

		Industrials (continued)

	72,100	SF Holding Co Ltd, Class A, (2)	$	556,895

	178,400	Shanghai Electric Group Co Ltd		103,145

	19,900	Shenzhen Inovance Technology Co Ltd		172,882

	70,400	Tianshan Aluminum Group Co Ltd		72,820

	41,731	WEG SA		253,645

	190,999	Xinjiang Goldwind Science & Technology Co Ltd		274,589

	10,500	Xinjiang Goldwind Science & Technology Co Ltd		17,849

	349,236	Zhejiang Expressway Co Ltd, (2)		288,873

	11,800	Zhejiang Weixing New Building Materials Co Ltd		33,739

	102,502	Zoomlion Heavy Industry Science and Technology Co Ltd		89,512

	332,071	Zoomlion Heavy Industry Science and Technology Co Ltd		196,801
		Total Industrials		8,440,320

		Information Technology – 19.4%

	179,125	AAC Technologies Holdings Inc, (5)		422,349

	712,908	Acer Inc		667,546

	173,296	Asustek Computer Inc		2,098,919

	311,158	Delta Electronics Inc		2,639,124

	43,898	Delta Electronics Thailand PCL, (4)		465,255

	1,676	HCL Technologies Ltd		23,805

	137,532	Infosys Ltd		2,820,717

	1,024,798	Lenovo Group Ltd		1,003,097

	57,069	LG Display Co Ltd		761,071

	8,282	Samsung SDS Co Ltd		979,201

	93,582	Sunny Optical Technology Group Co Ltd		1,389,510

	710,785	Taiwan Semiconductor Manufacturing Co Ltd		12,973,566

	61,298	Tata Consultancy Services Ltd		2,844,282

	41,921	Unisplendour Corp Ltd		107,300

	1,552,469	United Microelectronics Corp		2,517,617

	76,624	Yageo Corp		1,051,531
		Total Information Technology		32,764,890

		Materials – 12.0%

	284	Anglo American Platinum Ltd		31,507

	50,902	Asian Paints Ltd		2,156,139

	2,193	Berger Paints India Ltd		20,607

	13,000	Chengxin Lithium Group Co Ltd, (2)		86,886

	59,181	China Jushi Co Ltd		140,162

	824,137	China Molybdenum Co Ltd		419,098

	261,165	China Molybdenum Co Ltd		184,027

	16,852	Ganfeng Lithium Co Ltd		280,803


Shares		Description (1)	Value

		Materials (continued)

	2,596	Ganfeng Lithium Co Ltd, 144A	$	31,697

	281,633	Gerdau SA		1,590,662

	64,487	Grasim Industries Ltd		1,426,530

	30,647	Hanwha Solutions Corp, (2)		780,815

	40,564	Impala Platinum Holdings Ltd		528,868

	14,893	KGHM Polska Miedz SA		486,466

	33,465	Kingfa Sci & Tech Co Ltd, Class A		41,720

	106,872	Klabin SA		447,584

	15,831	Kumba Iron Ore Ltd		534,498

	4,207	Lotte Chemical Corp		658,181

	885,191	Nan Ya Plastics Corp		2,603,724

	236,183	PTT Global Chemical PCL, (4)		344,793

	52,612	SABIC Agri-Nutrients Co		2,280,770

	105,793	Saudi Arabian Mining Co, (2)		3,892,352

	42,504	Shandong Nanshan Aluminum Co Ltd		20,862

	2,115	Shanghai Putailai New Energy Technology Co Ltd, (2)		37,812

	91,700	Sinopec Shanghai Petrochemical Co Ltd		42,939

	44,400	Transfar Zhilian Co Ltd		42,383

	49,918	UPL Ltd		540,695

	12,600	Yunnan Energy New Material Co Ltd, (2)		385,017

	17,925	Zhejiang Huayou Cobalt Co Ltd		222,143

	13,700	Zhejiang Yongtai Technology Co Ltd, Class A, (2)		51,981
		Total Materials		20,311,721

		Real Estate – 2.1%

	16,731	A-Living Smart City Services Co Ltd, 144A		26,740

	89,821	China Resources Land Ltd		404,107

	419,484	China Vanke Co Ltd		996,563

	143,300	China Vanke Co Ltd, Class A		418,139

	29,369	Country Garden Services Holdings Co Ltd		126,704

	25,993	Greentown Service Group Co Ltd		26,171

	2,019,611	SM Prime Holdings Inc, (2)		1,354,016

	195,136	Sunac Services Holdings Ltd, 144A		107,937
		Total Real Estate		3,460,377

		Utilities – 3.4%

	14,270	Adani Green Energy Ltd, (2)		537,254

	3,020	Adani Total Gas Ltd		97,586

	221,277	China Resources Gas Group Ltd		841,829

	5,252,642	Enel Americas SA		549,863

	160,819	ENN Energy Holdings Ltd		2,170,585

Nuveen ESG Emerging Markets Equity ETF (NUEM) (continued)

Portfolio of Investments April 30, 2022

(Unaudited)

Shares

Description (1)

Value

Utilities (continued)

108,718

Interconexion Electrica SA ESP

594,698

318,619

Power Grid Corp of India Ltd

957,410

Total Utilities

5,749,225

Total Common Stocks (cost $172,355,860)

168,474,642

Principal
Amount (000)

Description (1)

Coupon

Maturity

Ratings (6)

Value

CORPORATE BONDS – 0.0%

Food Products – 0.0%

Britannia Industries Ltd

5.500%

6/03/24

N/R

323

Total Corporate Bonds (cost $0)

323

Total Long-Term Investments (cost $172,355,860)

168,474,965

Shares

Description (1)

Coupon

Value

INVESTMENTS PURCHASED WITH COLLATERAL FROM SECURITIES LENDING – 0.1%

MONEY MARKET FUNDS – 0.1%

132,345

State Street Navigator Securities Lending Government Money Market Portfolio, (7)

0.310%(8)

132,345

Total Investments Purchased with Collateral from Securities Lending (cost $132,345)

132,345

Total Investments (cost $172,488,205) – 100.0%

168,607,310

Other Assets Less Liabilities – 0.0%

62,676

Net Assets – 100%

168,669,986

(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.

(4)	For fair value measurement disclosure purposes, investment classified as Level 2.

(5)	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 $135,608.

(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.

(7)

The Fund may loan securities representing up to one third of the market value of its total assets (which includes collateral for securities on loan) to broker dealers, banks, and other institutions. The collateral maintained by the Fund shall have a market value, at the inception of each loan, equal to not less than 100% of the market value of the loaned securities. The cash collateral received by the Fund is invested in this money market fund.

(8)	The rate shown is the one-day yield as of the end of the reporting period.

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

See accompanying notes to financial statements.

Nuveen ESG International Developed Markets Equity ETF (NUDM)

Portfolio of Investments April 30, 2022

(Unaudited)


Shares		Description (1)	Value

		LONG-TERM INVESTMENTS – 99.1%

		COMMON STOCKS – 99.1%

		Communication Services – 5.8%

	504,403	BT Group PLC	$	1,123,119

	536,771	HKT Trust & HKT Ltd		770,319

	9,191	Informa PLC, (2)		66,305

	74,700	KDDI Corp		2,499,417

	3,745	Nintendo Co Ltd		1,731,730

	7,253	Publicis Groupe SA		440,576

	73,549	SoftBank Corp		860,040

	98,720	Telenor ASA		1,408,235

	75,173	Telia Co AB		313,792

	42,966	Vivendi SE		496,784

	1,066,793	Vodafone Group PLC		1,627,856

	446	Vodafone Group PLC, Sponsored ADR		6,775

	41,263	WPP PLC		520,647

	154,462	Z Holdings Corp		613,508
		Total Communication Services		12,479,103

		Consumer Discretionary – 11.2%

	20,101	Accor SA, (2)		668,611

	8,073	Bayerische Motoren Werke AG		601,699

	21,381	Bayerische Motoren Werke AG		1,770,862

	1,039	Bridgestone Corp		38,229

	26,258	Cie Financiere Richemont SA		3,124,503

	12,333	EssilorLuxottica SA		2,131,152

	4,187	Fiverr International Ltd, (2)		222,958

	25,099	IDP Education Ltd		479,269

	71,547	Industria de Diseno Textil SA		1,517,118

	80,641	Mazda Motor Corp		578,230

	45,912	Mercedes-Benz Group AG, (2)		3,249,979

	170,953	Panasonic Holdings Corp		1,531,267

	5,263	Prosus NV		258,677

	42,704	Sony Group Corp		3,698,201

	5,566	Valeo		102,787

	88,325	Wesfarmers Ltd		3,101,375

Nuveen ESG International Developed Markets Equity ETF (NUDM) (continued)

Portfolio of Investments April 30, 2022

(Unaudited)


Shares		Description (1)	Value

		Consumer Discretionary (continued)

	9,185	Whitbread PLC, (2)	$	324,850

	39,827	Yamaha Motor Co Ltd		826,911
		Total Consumer Discretionary		24,226,678

		Consumer Staples – 12.0%

	50,509	Associated British Foods PLC		1,018,747

	29,115	Coca-Cola Europacific Partners PLC, (2)		1,454,294

	21,255	Coca-Cola HBC AG		436,978

	56,597	Danone SA		3,441,512

	248,704	J Sainsbury PLC		728,474

	17,978	Kao Corp		725,864

	3,895	Kerry Group PLC, Class A		431,448

	15,596	Koninklijke Ahold Delhaize NV		462,165

	4,741	Lawson Inc		174,549

	9,465	L’Oreal SA		3,483,802

	62,486	Mowi ASA		1,788,754

	63,379	Nestle SA		8,227,223

	106,830	Orkla ASA		875,596

	18,342	Reckitt Benckiser Group PLC		1,436,971

	24,155	Unilever PLC		1,127,846
		Total Consumer Staples		25,814,223

		Energy – 1.6%

	34,008	Ampol Ltd		818,080

	60,071	Neste Oyj		2,610,922
		Total Energy		3,429,002

		Financials – 17.6%

	261,865	AIA Group Ltd		2,594,904

	17,273	Allianz SE		3,939,629

	85,964	Australia & New Zealand Banking Group Ltd		1,667,766

	121,096	AXA SA		3,252,521

	426,068	Banco Bilbao Vizcaya Argentaria SA		2,273,921

	161,129	Bank Hapoalim BM		1,503,494

	525,328	BOC Hong Kong Holdings Ltd		1,918,221

	24,642	CNP Assurances		542,798

	3,812	Erste Group Bank AG		119,277

	28,292	Gjensidige Forsikring ASA		612,208

	236,452	HSBC Holdings PLC		1,488,187

	118,045	ING Groep NV		1,133,237

	1,170,350	Intesa Sanpaolo SpA		2,413,515

	1	Isracard Ltd		4


Shares		Description (1)	Value

		Financials (continued)

	87,611	Legal & General Group PLC	$	277,299

	3,280,300	Lloyds Banking Group PLC		1,889,529

	63,292	MS&AD Insurance Group Holdings Inc		1,895,927

	28,379	NatWest Group PLC		77,673

	436,463	Nomura Holdings Inc, (2)		1,684,405

	292,236	Resona Holdings Inc		1,274,190

	34,611	Societe Generale SA		846,003

	47,930	Sumitomo Mitsui Trust Holdings Inc		1,491,246

	7,125	Swiss Re AG		589,584

	5,315	Tokyo Century Corp		164,299

	112,017	UBS Group AG		1,928,980

	104,702	United Overseas Bank Ltd		2,273,889
		Total Financials		37,852,706

		Health Care – 12.9%

	1,684	Ambu A/S		22,550

	4,436	Argenx SE, (2)		1,281,786

	185,879	Astellas Pharma Inc		2,837,825

	27,071	AstraZeneca PLC		3,632,599

	108	AstraZeneca PLC, Sponsored ADR		7,171

	76,425	Chugai Pharmaceutical Co Ltd		2,302,306

	90,033	Daiichi Sankyo Co Ltd		2,266,808

	26,400	Eisai Co Ltd		1,154,134

	1,079	Genmab A/S, (2)		383,319

	210,551	GlaxoSmithKline PLC		4,750,312

	15,879	Kyowa Kirin Co Ltd		334,959

	39	Lonza Group AG		23,240

	9,855	Merck KGaA		1,839,666

	3,701	NMC Health PLC, (2), (3)		5

	22,865	Novo Nordisk A/S		2,634,016

	16,660	Ramsay Health Care Ltd		960,296

	39,347	Ryman Healthcare Ltd		235,207

	1,462	Shionogi & Co Ltd		82,048

	1,267	Sonova Holding AG		463,646

	10,546	Straumann Holding AG		1,266,302

	24,360	Sumitomo Pharma Co Ltd		217,540

	707	Vifor Pharma AG		126,374

	6,203	Vifor Pharma AG		1,099,496
		Total Health Care		27,921,605

Nuveen ESG International Developed Markets Equity ETF (NUDM) (continued)

Portfolio of Investments April 30, 2022

(Unaudited)


Shares		Description (1)	Value

		Industrials – 16.4%

	82,482	ABB Ltd	$	2,515,291

	21,985	Adecco Group AG		864,089

	24,739	Ashtead Group PLC		1,297,990

	637	Atlas Copco AB, Class B		25,634

	32,495	Bouygues SA		1,126,118

	190,366	Brambles Ltd		1,427,242

	145,293	CNH Industrial NV		2,104,491

	31,333	Dai Nippon Printing Co Ltd		657,567

	10,945	Daikin Industries Ltd		1,693,366

	4,798	DCC PLC		366,132

	31,863	East Japan Railway Co		1,677,013

	6,403	Eiffage SA		637,927

	3,326	Ferguson PLC		423,425

	82,988	Komatsu Ltd		1,871,009

	6,618	Kornit Digital Ltd, (2)		440,097

	220,778	MTR Corp Ltd		1,177,591

	7,591	MTU Aero Engines AG, (2)		1,550,773

	103,246	Nibe Industrier AB		1,027,257

	124,223	RELX PLC		3,732,170

	10,377	Schneider Electric SE		1,507,432

	46	SGS SA		119,520

	17,998	Siemens AG		2,236,288

	55,880	Smiths Group PLC		1,036,575

	312,291	Transurban Group		3,182,470

	13,051	Vestas Wind Systems A/S		338,375

	100,558	Volvo AB		1,626,860

	16,116	Volvo AB, Class A		267,576

	12,850	West Japan Railway Co		480,437
		Total Industrials		35,410,715

		Information Technology – 7.2%

	6,997	ASML Holding NV		4,045,054

	17,024	Fujitsu Ltd		2,455,182

	14,891	Ibiden Co Ltd		567,780

	11,433	Logitech International SA		759,020

	32,929	Nomura Research Institute Ltd		942,934

	22,867	SAP SE		2,353,493

	33,271	STMicroelectronics NV		1,254,271

	96,068	Telefonaktiebolaget LM Ericsson		778,385

	240	Temenos AG		24,553

	3,458	Tokyo Electron Ltd		1,480,780


Shares		Description (1)	Value

		Information Technology (continued)

	11,829	Xero Ltd, (2)	$	809,945
		Total Information Technology		15,471,397

		Materials – 8.7%

	10,644	Akzo Nobel NV		933,120

	55,778	Antofagasta PLC		1,086,154

	177,988	Asahi Kasei Corp		1,472,014

	28,655	Boliden AB		1,261,676

	19,817	Croda International PLC		1,941,654

	105,500	Fortescue Metals Group Ltd		1,621,678

	170	Givaudan SA		682,172

	14,247	James Hardie Industries PLC		420,577

	2,333	Johnson Matthey PLC		65,172

	24,108	Mineral Resources Ltd		1,002,928

	16,652	Mitsui Chemicals Inc		382,369

	11,091	Newcrest Mining Ltd		211,863

	11,574	Nitto Denko Corp		781,665

	52,668	Northern Star Resources Ltd		367,548

	57,451	Orica Ltd		672,430

	34,296	Smurfit Kappa Group PLC		1,471,825

	210,815	Sumitomo Chemical Co Ltd		896,566

	35,071	Sumitomo Metal Mining Co Ltd		1,535,101

	196,219	Toray Industries Inc		937,326

	26,004	Umicore SA		1,013,098
		Total Materials		18,756,936

		Real Estate – 2.7%

	3,693	British Land Co PLC		24,008

	55,745	CapitaLand Integrated Commercial Trust		94,059

	363,766	Capitaland Investment Ltd/Singapore, (2)		1,114,295

	57,594	City Developments Ltd		356,183

	54,798	Hulic Co Ltd		464,404

	28,812	Klepierre SA		694,835

	98,056	Lendlease Corp Ltd		853,623

	16,712	Nomura Real Estate Holdings Inc		406,965

	165,227	Swire Properties Ltd		399,687

	17,352	Unibail-Rodamco-Westfield, (2)		1,244,773

	30,631	Vicinity Centres		40,815

	1,215	Vonovia SE, (2)		48,707
		Total Real Estate		5,742,354

Nuveen ESG International Developed Markets Equity ETF (NUDM) (continued)

Portfolio of Investments April 30, 2022

(Unaudited)


Shares		Description (1)	Value

		Utilities – 3.0%

	147,617	EDP-Energias de Portugal SA	$	691,746

	10,882	Endesa SA		229,944

	208,224	National Grid PLC		3,121,417

	12,854	Orsted AS, 144A		1,445,399

	9,656	Verbund AG, (2)		1,041,070
		Total Utilities		6,529,576
		Total Long-Term Investments (cost $224,540,631)		213,634,295
		Other Assets Less Liabilities – 0.9%		1,906,439
		Net Assets – 100%	$	215,540,734

(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.

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

See accompanying notes to financial statements.

Nuveen ESG Large-Cap ETF (NULC)

Portfolio of Investments April 30, 2022

(Unaudited)


Shares		Description (1)	Value

		LONG-TERM INVESTMENTS – 99.7%

		COMMON STOCKS – 99.7%

		Communication Services – 6.2%

	1	Cable One Inc	$	1,166

	34	Electronic Arts Inc		4,014

	8	Liberty Broadband Corp, Class C, (2)		895

	1,601	Liberty Global PLC, Class C, (2)		37,944

	48	Liberty Global PLC, Class A, (2)		1,092

	391	Liberty Media Corp-Liberty Formula One, Class C, (2)		24,371

	1,468	Match Group Inc, (2)		116,192

	724	Netflix Inc, (2)		137,821

	2	Paramount Global, Class B		58

	2,880	Pinterest Inc, Class A, (2)		59,098

	7,605	Snap Inc, Class A, (2)		216,438

	76	T-Mobile US Inc, (2)		9,359

	5,645	Twitter Inc, (2)		276,718

	7,535	Verizon Communications Inc		348,870

	3,553	Walt Disney Co, (2)		396,621

	5	Warner Bros Discovery Inc, (2)		91

	106	ZoomInfo Technologies Inc, (2)		5,024
		Total Communication Services		1,635,772

		Consumer Discretionary – 9.8%

	4	Aptiv PLC, (2)		426

	2	BorgWarner Inc		74

	220	Domino’s Pizza Inc		74,360

	4	Etsy Inc, (2)		373

	1,962	Hilton Worldwide Holdings Inc, (2)		304,679

	933	Home Depot Inc		280,273

	14	Lowe’s Cos Inc		2,768

	72	Lululemon Athletica Inc, (2)		25,533

	81	MercadoLibre Inc, (2)		78,864

	21	Newell Brands Inc		486

	2,406	NIKE Inc, Class B		300,028

	159	Pool Corp		64,430

	9	Ross Stores Inc		898

	1,563	Target Corp		357,380

	832	Tesla Inc, (2)		724,472

Nuveen ESG Large-Cap ETF (NULC) (continued)

Portfolio of Investments April 30, 2022

(Unaudited)


Shares		Description (1)	Value

		Consumer Discretionary (continued)

	3,497	TJX Cos Inc	$	214,296

	803	Tractor Supply Co		161,764

	3	Ulta Beauty Inc, (2)		1,191

	3	Vail Resorts Inc		763

	15	Yum! Brands Inc		1,755
		Total Consumer Discretionary		2,594,813

		Consumer Staples – 8.4%

	2	Archer-Daniels-Midland Co		179

	877	Church & Dwight Co Inc		85,560

	8,743	Coca-Cola Co		564,885

	13	Colgate-Palmolive Co		1,002

	2	General Mills Inc		141

	5	Hormel Foods Corp		262

	19	Kellogg Co		1,302

	3,502	Keurig Dr Pepper Inc		130,975

	4,978	Kroger Co		268,613

	3,117	PepsiCo Inc		535,220

	3,964	Procter & Gamble Co		636,420
		Total Consumer Staples		2,224,559

		Energy – 3.1%

	5,834	Baker Hughes Co		180,971

	1,701	Cheniere Energy Inc		231,013

	6,349	Halliburton Co		226,151

	3,092	ONEOK Inc		195,816
		Total Energy		833,951

		Financials – 13.2%

	1,600	American Express Co		279,536

	475	Bank of New York Mellon Corp		19,979

	233	BlackRock Inc		145,551

	6,076	Citigroup Inc		292,924

	1,083	CME Group Inc		237,545

	186	Huntington Bancshares Inc/OH		2,446

	124	Intercontinental Exchange Inc		14,360

	3,079	JPMorgan Chase & Co		367,510

	43	KeyCorp		830

	2,669	Marsh & McLennan Cos Inc		431,577

	3,523	MetLife Inc		231,391

	12	Moody’s Corp		3,798

	2,948	Morgan Stanley		237,579


Shares		Description (1)	Value

		Financials (continued)

	2,007	PNC Financial Services Group Inc	$	333,363

	6	Regions Financial Corp		124

	1,538	S&P Global Inc		579,057

	3	State Street Corp		201

	11	T Rowe Price Group Inc		1,353

	1,737	Travelers Cos Inc		297,131

	244	Truist Financial Corp		11,797
		Total Financials		3,488,052

		Health Care – 13.7%

	2	ABIOMED Inc, (2)		573

	2,132	Agilent Technologies Inc		254,284

	491	Align Technology Inc, (2)		142,346

	944	Amgen Inc		220,131

	654	Anthem Inc		328,262

	13	Baxter International Inc		924

	623	BioMarin Pharmaceutical Inc, (2)		50,681

	3,955	Bristol-Myers Squibb Co		297,693

	57	Cerner Corp		5,337

	432	Cigna Corp		106,609

	279	CVS Health Corp		26,820

	1,695	Danaher Corp		425,665

	1,025	DENTSPLY SIRONA Inc		40,990

	8	Dexcom Inc, (2)		3,269

	2,886	Edwards Lifesciences Corp, (2)		305,281

	1,078	Eli Lilly & Co		314,916

	502	Gilead Sciences Inc		29,789

	1,060	HCA Inc		227,423

	10	Hologic Inc, (2)		720

	68	Humana Inc		30,230

	128	IDEXX Laboratories Inc, (2)		55,101

	139	Illumina Inc, (2)		41,234

	3	Insulet Corp, (2)		717

	27	Intuitive Surgical Inc, (2)		6,461

	5	IQVIA Holdings Inc, (2)		1,090

	3	Laboratory Corp of America Holdings, (2)		721

	1,053	Merck & Co Inc		93,391

	3	Novocure Ltd, (2)		230

	6	Quest Diagnostics Inc		803

	18	Regeneron Pharmaceuticals Inc, (2)		11,864

Nuveen ESG Large-Cap ETF (NULC) (continued)

Portfolio of Investments April 30, 2022

(Unaudited)


Shares		Description (1)	Value

		Health Care (continued)

	13	ResMed Inc	$	2,600

	1,516	Vertex Pharmaceuticals Inc, (2)		414,201

	6	West Pharmaceutical Services Inc		1,890

	1,055	Zoetis Inc		186,999
		Total Health Care		3,629,245

		Industrials – 8.3%

	2,102	3M Co		303,150

	2	AMERCO		1,071

	3,828	Carrier Global Corp		146,498

	944	Caterpillar Inc		198,750

	2	CH Robinson Worldwide Inc		212

	497	Copart Inc, (2)		56,484

	11,656	CSX Corp		400,267

	226	Deere & Co		85,326

	1,005	Dover Corp		133,967

	4	Eaton Corp PLC		580

	19	Emerson Electric Co		1,713

	21	Expeditors International of Washington Inc		2,081

	25	Fastenal Co		1,383

	1,272	Fortive Corp		73,140

	959	Fortune Brands Home & Security Inc		68,329

	176	Generac Holdings Inc, (2)		38,611

	4	Illinois Tool Works Inc		788

	243	Ingersoll Rand Inc		10,682

	160	Johnson Controls International plc		9,579

	690	Old Dominion Freight Line Inc		193,283

	11	Owens Corning		1,000

	13	Pentair PLC		660

	80	Robert Half International Inc		7,865

	819	Rockwell Automation Inc		206,937

	32	Rollins Inc		1,073

	541	Roper Technologies Inc		254,227

	2	WW Grainger Inc		1,000
		Total Industrials		2,198,656

		Information Technology – 27.4%

	1,088	Accenture PLC, Class A		326,792

	776	Adobe Inc, (2)		307,257

	1,147	Akamai Technologies Inc, (2)		128,785

	1,965	Applied Materials Inc		216,838


Shares		Description (1)	Value

		Information Technology (continued)

	317	Autodesk Inc, (2)	$	60,002

	1,401	Automatic Data Processing Inc		305,670

	327	Cadence Design Systems Inc, (2)		49,328

	3,023	Cisco Systems Inc		148,067

	1,249	Cognex Corp		84,470

	9,233	Hewlett Packard Enterprise Co		142,281

	8,167	HP Inc		299,157

	10,253	Intel Corp		446,928

	3,033	International Business Machines Corp		400,993

	221	Intuit Inc		92,544

	1,300	Keysight Technologies Inc, (2)		182,351

	6,233	Microsoft Corp		1,729,782

	5	NortonLifeLock Inc		125

	3,109	NVIDIA Corp		576,626

	84	NXP Semiconductors NV		14,356

	908	Okta Inc, (2)		108,333

	2,493	ON Semiconductor Corp, (2)		129,910

	4	PayPal Holdings Inc, (2)		352

	1,984	Salesforce Inc, (2)		349,065

	1,415	Seagate Technology Holdings PLC		116,087

	546	ServiceNow Inc, (2)		261,043

	3	Synopsys Inc, (2)		860

	2,566	Texas Instruments Inc		436,861

	1,772	Trimble Inc, (2)		118,192

	623	VMware Inc, Class A		67,309

	377	Zebra Technologies Corp, Class A, (2)		139,362
		Total Information Technology		7,239,726

		Materials – 2.8%

	1,551	Amcor PLC		18,395

	1,296	Ball Corp		105,183

	1,430	Ecolab Inc		242,156

	2,598	Mosaic Co		162,167

	514	Newmont Corp		37,445

	1,202	PPG Industries Inc		153,844

	282	Steel Dynamics Inc		24,182
		Total Materials		743,372

		Real Estate – 4.1%

	1,398	American Tower Corp		336,946

	14	CBRE Group Inc, Class A		1,163

Nuveen ESG Large-Cap ETF (NULC) (continued)

Portfolio of Investments April 30, 2022

(Unaudited)


Shares		Description (1)	Value

		Real Estate (continued)

	429	Crown Castle International Corp	$	79,455

	463	Equinix Inc		332,934

	1,821	Prologis Inc		291,888

	6	Ventas Inc		333

	427	Welltower Inc		38,776
		Total Real Estate		1,081,495

		Utilities – 2.7%

	2,509	Consolidated Edison Inc		232,685

	820	Eversource Energy		71,668

	2,261	Sempra Energy		364,835

	1,362	UGI Corp		46,716
		Total Utilities		715,904
		Total Long-Term Investments (cost $23,820,006)		26,385,545
		Other Assets Less Liabilities – 0.3%		66,427
		Net Assets – 100%	$	26,451,972

(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.

See accompanying notes to financial statements.

Nuveen ESG Large-Cap Growth ETF (NULG)

Portfolio of Investments April 30, 2022

(Unaudited)


Shares		Description (1)	Value

		LONG-TERM INVESTMENTS – 99.8%

		COMMON STOCKS – 99.8%

		Communication Services – 11.0%

	108,493	Match Group Inc, (2)	$	8,587,221

	48,952	Netflix Inc, (2)		9,318,503

	262,833	Pinterest Inc, Class A, (2)		5,393,333

	331,961	Snap Inc, Class A, (2)		9,447,610

	27,590	Take-Two Interactive Software Inc, (2)		3,297,281

	117,459	T-Mobile US Inc, (2)		14,463,901

	347,912	Twitter Inc, (2)		17,054,646

	131,704	Walt Disney Co, (2)		14,702,118

	131,822	ZoomInfo Technologies Inc, (2)		6,248,363
		Total Communication Services		88,512,976

		Consumer Discretionary – 14.4%

	5,403	Aptiv PLC, (2)		574,879

	2,868	AutoZone Inc, (2)		5,608,288

	4,135	Booking Holdings Inc, (2)		9,139,632

	16,999	Domino’s Pizza Inc		5,745,662

	10,448	Lululemon Athletica Inc, (2)		3,705,174

	1,083	MercadoLibre Inc, (2)		1,054,441

	136,462	NIKE Inc, Class B		17,016,812

	9,313	O’Reilly Automotive Inc, (2)		5,648,800

	6,543	Pool Corp		2,651,355

	153,484	Starbucks Corp		11,456,046

	52,063	Tesla Inc, (2)		45,334,378

	16,083	Tractor Supply Co		3,239,920

	41,517	Yum! Brands Inc		4,857,904
		Total Consumer Discretionary		116,033,291

		Consumer Staples – 3.9%

	35,383	Costco Wholesale Corp		18,813,849

	47,286	Estee Lauder Cos Inc, Class A		12,486,341
		Total Consumer Staples		31,300,190

		Energy – 1.2%

	113,973	Baker Hughes Co		3,535,443

Nuveen ESG Large-Cap Growth ETF (NULG) (continued)

Portfolio of Investments April 30, 2022

(Unaudited)


Shares		Description (1)	Value

		Energy (continued)

	43,836	Cheniere Energy Inc	$	5,953,367
		Total Energy		9,488,810

		Financials – 4.8%

	8,657	FactSet Research Systems Inc		3,493,013

	32,182	Moody’s Corp		10,184,959

	66,795	S&P Global Inc		25,148,318
		Total Financials		38,826,290

		Health Care – 11.9%

	84,398	Agilent Technologies Inc		10,066,149

	13,169	Dexcom Inc, (2)		5,380,590

	130,749	Edwards Lifesciences Corp, (2)		13,830,629

	73,166	Eli Lilly & Co		21,373,984

	4,098	Hologic Inc, (2)		295,015

	10,796	IDEXX Laboratories Inc, (2)		4,647,462

	2,443	Mettler-Toledo International Inc, (2)		3,121,006

	21,712	ResMed Inc		4,341,749

	59,615	Vertex Pharmaceuticals Inc, (2)		16,288,010

	13,763	West Pharmaceutical Services Inc		4,336,171

	68,920	Zoetis Inc		12,216,070
		Total Health Care		95,896,835

		Industrials – 5.9%

	64,005	Caterpillar Inc		13,475,612

	42,560	Deere & Co		16,068,528

	34,673	Old Dominion Freight Line Inc		9,712,601

	17,240	Roper Technologies Inc		8,101,421
		Total Industrials		47,358,162

		Information Technology – 42.4%

	48,480	Accenture PLC, Class A		14,561,453

	45,775	Adobe Inc, (2)		18,124,611

	49,313	Akamai Technologies Inc, (2)		5,536,864

	122,015	Applied Materials Inc		13,464,355

	39,172	Automatic Data Processing Inc		8,546,547

	89,963	Cadence Design Systems Inc, (2)		13,570,919

	82,588	Cognex Corp		5,585,426

	33,828	Intuit Inc		14,165,475

	74,765	Keysight Technologies Inc, (2)		10,487,287

	19,673	Lam Research Corp		9,162,897

	370,759	Microsoft Corp		102,893,038

	32,509	Motorola Solutions Inc		6,946,848


Shares		Description (1)	Value

		Information Technology (continued)

	159,239	NVIDIA Corp	$	29,534,057

	34,477	Okta Inc, (2)		4,113,451

	100,625	ON Semiconductor Corp, (2)		5,243,569

	71,710	Salesforce Inc, (2)		12,616,657

	15,379	ServiceNow Inc, (2)		7,352,700

	43,803	Synopsys Inc, (2)		12,562,262

	117,259	Trimble Inc, (2)		7,821,175

	120,418	Visa Inc, Class A		25,664,688

	32,185	VMware Inc, Class A		3,477,267

	24,962	Zebra Technologies Corp, Class A, (2)		9,227,453
		Total Information Technology		340,658,999

		Materials – 2.7%

	61,560	Ball Corp		4,996,210

	12,081	Ecolab Inc		2,045,796

	52,914	Sherwin-Williams Co		14,549,233
		Total Materials		21,591,239

		Real Estate – 1.6%

	21,889	American Tower Corp		5,275,687

	10,609	Equinix Inc		7,628,719
		Total Real Estate		12,904,406
		Total Long-Term Investments (cost $825,962,352)		802,571,198
		Other Assets Less Liabilities – 0.2%		1,458,395
		Net Assets – 100%	$	804,029,593

(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.

See accompanying notes to financial statements.

Nuveen ESG Large-Cap Value ETF (NULV)

Portfolio of Investments April 30, 2022

(Unaudited)


Shares		Description (1)	Value

		LONG-TERM INVESTMENTS – 99.8%

		COMMON STOCKS – 99.8%

		Communication Services – 3.7%

	29,210	Fox Corp, Class B	$	970,940

	277,350	Interpublic Group of Cos Inc		9,047,157

	612,514	Lumen Technologies Inc		6,161,891

	30,522	Omnicom Group Inc		2,323,640

	162,402	Paramount Global, Class B		4,729,146

	328,846	Sirius XM Holdings Inc		1,973,076

	509,928	Verizon Communications Inc		23,609,667

	219,421	Warner Bros Discovery Inc, (2)		3,982,491
		Total Communication Services		52,798,008

		Consumer Discretionary – 5.3%

	89,955	BorgWarner Inc		3,313,043

	111,436	Home Depot Inc		33,475,374

	48,201	LKQ Corp		2,392,216

	55,752	Lowe’s Cos Inc		11,023,843

	270,390	Newell Brands Inc		6,259,528

	53,385	Target Corp		12,206,480

	117,674	VF Corp		6,119,048
		Total Consumer Discretionary		74,789,532

		Consumer Staples – 12.9%

	165,805	Archer-Daniels-Midland Co		14,849,496

	57,547	Bunge Ltd		6,509,717

	592,028	Coca-Cola Co		38,250,929

	499,159	Keurig Dr Pepper Inc		18,668,546

	386,707	Kroger Co		20,866,710

	208,281	PepsiCo Inc		35,763,930

	287,287	Procter & Gamble Co		46,123,928
		Total Consumer Staples		181,033,256

		Energy – 3.8%

	378,937	Baker Hughes Co		11,754,626

	613,041	Halliburton Co		21,836,520

	314,604	ONEOK Inc		19,923,871
		Total Energy		53,515,017

		Financials – 17.3%

	653	Ameriprise Financial Inc		173,365


Shares		Description (1)	Value

		Financials (continued)

	139,561	Bank of New York Mellon Corp	$	5,869,936

	8,032	BlackRock Inc		5,017,430

	20,393	Cboe Global Markets Inc		2,304,001

	75,880	Chubb Ltd		15,665,426

	415,502	Citigroup Inc		20,031,351

	102,469	CME Group Inc		22,475,550

	9,358	Discover Financial Services		1,052,401

	1,016,299	Huntington Bancshares Inc/OH		13,364,332

	327,299	JPMorgan Chase & Co		39,066,409

	155,364	Marsh & McLennan Cos Inc		25,122,359

	307,878	MetLife Inc		20,221,427

	255,551	Morgan Stanley		20,594,855

	118,329	PNC Financial Services Group Inc		19,654,447

	182,712	Prudential Financial Inc		19,826,079

	257,004	Regions Financial Corp		5,325,123

	2,602	SVB Financial Group, (2)		1,268,839

	148,361	Synchrony Financial		5,461,168

	7,044	Truist Financial Corp		340,577
		Total Financials		242,835,075

		Health Care – 17.5%

	94,459	Amgen Inc		22,026,894

	46,631	Anthem Inc		23,405,498

	155,589	Baxter International Inc		11,056,154

	347,835	Boston Scientific Corp, (2)		14,647,332

	428,309	Bristol-Myers Squibb Co		32,238,818

	32,474	Cigna Corp		8,013,934

	270,061	CVS Health Corp		25,960,964

	75,742	Danaher Corp		19,021,088

	113,939	DENTSPLY SIRONA Inc		4,556,421

	295,939	Elanco Animal Health Inc, (2)		7,490,216

	42,454	Exact Sciences Corp, (2)		2,337,093

	78,389	Gilead Sciences Inc		4,651,603

	41,149	HCA Inc		8,828,518

	26,472	McKesson Corp		8,195,996

	134,386	Merck & Co Inc		11,918,694

	5,777	Regeneron Pharmaceuticals Inc, (2)		3,807,679

	58,391	Stryker Corp		14,087,413

	43,137	Thermo Fisher Scientific Inc		23,851,310
		Total Health Care		246,095,625

Nuveen ESG Large-Cap Value ETF (NULV) (continued)

Portfolio of Investments April 30, 2022

(Unaudited)


Shares		Description (1)	Value

		Industrials – 11.9%

	132,620	3M Co	$	19,126,457

	6,969	AMERCO		3,731,760

	114,692	Carrier Global Corp		4,389,263

	115,300	Caterpillar Inc		24,275,262

	676,707	CSX Corp		23,238,118

	26,294	Eaton Corp PLC		3,813,156

	37,068	Emerson Electric Co		3,342,792

	76,685	Expeditors International of Washington Inc		7,597,183

	47,213	Illinois Tool Works Inc		9,306,155

	53,266	Ingersoll Rand Inc		2,341,573

	243,409	Johnson Controls International plc		14,572,897

	110,972	Knight-Swift Transportation Holdings Inc		5,314,449

	202,995	Plug Power Inc, (2), (3)		4,266,955

	78,217	Robert Half International Inc		7,689,513

	43,360	Roper Technologies Inc		20,375,731

	78,402	United Parcel Service Inc, Class B		14,110,792
		Total Industrials		167,492,056

		Information Technology – 13.2%

	49,172	Accenture PLC, Class A		14,769,302

	109,616	Automatic Data Processing Inc		23,916,019

	369,092	Cisco Systems Inc		18,078,126

	102,056	Fidelity National Information Services Inc		10,118,852

	921,948	Hewlett Packard Enterprise Co		14,207,219

	240,919	HP Inc		8,824,863

	667,508	Intel Corp		29,096,674

	205,990	International Business Machines Corp		27,233,938

	62,296	NXP Semiconductors NV		10,646,386

	151,531	ON Semiconductor Corp, (2)		7,896,281

	795	Salesforce Inc, (2)		139,872

	121,557	Texas Instruments Inc		20,695,079
		Total Information Technology		185,622,611

		Materials – 3.3%

	81,952	Amcor PLC		971,951

	31,978	Ecolab Inc		5,415,154

	39,927	International Flavors & Fragrances Inc		4,843,145

	3,717	International Paper Co		172,023

	261,023	Mosaic Co		16,293,056

	52,492	Newmont Corp		3,824,042


Shares		Description (1)			Value

		Materials (continued)

	122,329	PPG Industries Inc			$	15,656,889
		Total Materials				47,176,260

		Real Estate – 6.1%

	55,985	American Tower Corp				13,493,505

	13,464	Boston Properties Inc				1,583,366

	82,653	CBRE Group Inc, Class A				6,863,505

	67,732	Crown Castle International Corp				12,544,644

	34,962	Digital Realty Trust Inc				5,108,648

	33,117	Iron Mountain Inc				1,779,376

	179,679	Prologis Inc				28,800,747

	170,531	Welltower Inc				15,485,920
		Total Real Estate				85,659,711

		Utilities – 4.8%

	215,545	Consolidated Edison Inc				19,989,643

	191,592	Eversource Energy				16,745,141

	158,844	Sempra Energy				25,631,068

	147,979	UGI Corp				5,075,680
		Total Utilities				67,441,532
		Total Long-Term Investments (cost $1,343,953,995)				1,404,458,683

Shares		Description (1)	Coupon		Value

		INVESTMENTS PURCHASED WITH COLLATERAL FROM SECURITIES LENDING – 0.2%

		MONEY MARKET FUNDS – 0.2%

	3,286,668	State Street Navigator Securities Lending Government Money Market Portfolio, (4)		0.310%(5)	$	3,286,668
		Total Investments Purchased with Collateral from Securities Lending (cost $3,286,668)				3,286,668
		Total Investments (cost $1,347,240,663) – 100.0%				1,407,745,351
		Other Assets Less Liabilities – (0.0)%				(613,737)
		Net Assets – 100%			$	1,407,131,614

(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 $3,104,885.

(4)

(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 Mid-Cap Growth ETF (NUMG)

Portfolio of Investments April 30, 2022

(Unaudited)


Shares		Description (1)	Value

		LONG-TERM INVESTMENTS – 99.9%

		COMMON STOCKS – 99.9%

		Communication Services – 6.7%

	315,588	AMC Entertainment Holdings Inc, Class A, (2), (3)	$	4,828,497

	3,800	Cable One Inc		4,431,560

	90,933	Liberty Media Corp-Liberty Formula One, Class C, (2)		5,667,854

	17,922	Match Group Inc, (2)		1,418,526

	142,580	ZoomInfo Technologies Inc, (2)		6,758,292
		Total Communication Services		23,104,729

		Consumer Discretionary – 11.7%

	53,454	Etsy Inc, (2)		4,981,378

	25,510	Lear Corp		3,263,749

	18,199	Pool Corp		7,374,599

	45,110	Tractor Supply Co		9,087,410

	22,973	Ulta Beauty Inc, (2)		9,115,686

	25,754	Vail Resorts Inc		6,545,637
		Total Consumer Discretionary		40,368,459

		Energy – 5.5%

	222,052	Baker Hughes Co		6,888,053

	89,827	Cheniere Energy Inc		12,199,405
		Total Energy		19,087,458

		Financials – 3.6%

	118,418	Carlyle Group Inc		4,297,389

	181	MarketAxess Holdings Inc		47,713

	252,831	Robinhood Markets Inc, Class A, (2), (3)		2,479,008

	11,526	SVB Financial Group, (2)		5,620,539
		Total Financials		12,444,649

		Health Care – 20.9%

	3,579	ABIOMED Inc, (2)		1,025,670

	245,557	Avantor Inc, (2)		7,828,357

	15,864	Bio-Techne Corp		6,023,402

	80,042	Catalent Inc, (2)		7,248,604

	84,616	Exact Sciences Corp, (2)		4,658,111

	93,778	Hologic Inc, (2)		6,751,078

	32,939	Insulet Corp, (2)		7,872,092

	7,853	Mettler-Toledo International Inc, (2)		10,032,443

	69,737	Novocure Ltd, (2)		5,340,459


Shares		Description (1)	Value

		Health Care (continued)

	22,480	Waters Corp, (2)	$	6,811,890

	26,352	West Pharmaceutical Services Inc		8,302,461
		Total Health Care		71,894,567

		Industrials – 12.8%

	34,525	Allegion plc		3,944,136

	57,225	Copart Inc, (2)		6,503,621

	26,533	Generac Holdings Inc, (2)		5,820,810

	7,619	Lennox International Inc		1,624,295

	107,608	Masco Corp		5,669,866

	31,502	Old Dominion Freight Line Inc		8,824,340

	241,025	Plug Power Inc, (2), (3)		5,066,345

	81,211	Xylem Inc/NY		6,537,485
		Total Industrials		43,990,898

		Information Technology – 34.1%

	26,780	ANSYS Inc, (2)		7,382,978

	28,524	Bill.com Holdings Inc, (2)		4,869,332

	86,679	Cadence Design Systems Inc, (2)		13,075,527

	88,957	Cognex Corp		6,016,162

	107,108	Dropbox Inc, Class A, (2)		2,329,599

	62,780	Entegris Inc		6,993,064

	13,309	Fair Isaac Corp, (2)		4,971,045

	15,899	HubSpot Inc, (2)		6,032,558

	36,861	Keysight Technologies Inc, (2)		5,170,492

	40,470	Okta Inc, (2)		4,828,476

	119,947	ON Semiconductor Corp, (2)		6,250,438

	22,740	Paycom Software Inc, (2)		6,400,628

	64,762	PTC Inc, (2)		7,396,468

	1,918	RingCentral Inc,Class A, (2)		162,742

	55,153	Splunk Inc, (2)		6,729,769

	120,611	Trimble Inc, (2)		8,044,754

	13,435	Tyler Technologies Inc, (2)		5,302,929

	20,341	Zebra Technologies Corp, Class A, (2)		7,519,254

	65,279	Zendesk Inc, (2)		7,966,649
		Total Information Technology		117,442,864

		Materials – 3.3%

	21,821	Avery Dennison Corp		3,940,872

	92,524	Ball Corp		7,509,248
		Total Materials		11,450,120

Nuveen ESG Mid-Cap Growth ETF (NUMG) (continued)

Portfolio of Investments April 30, 2022

(Unaudited)

Shares

Description (1)

Value

Real Estate – 1.3%

109,785

Zillow Group Inc, Class C, (2)

4,371,639

Total Long-Term Investments (cost $390,549,560)

344,155,383

Shares

Description (1)

Coupon

Value

INVESTMENTS PURCHASED WITH COLLATERAL FROM SECURITIES LENDING – 2.4%

MONEY MARKET FUNDS – 2.4%

8,194,547

State Street Navigator Securities Lending Government Money Market Portfolio, (4)

0.310% (5)

8,194,547

Total Investments Purchased with Collateral from Securities Lending (cost $8,194,547)

8,194,547

Total Investments (cost $398,744,107) – 102.3%

352,349,930

Other Assets Less Liabilities – (2.3)%

(7,894,447)

Net Assets – 100%

344,455,483

(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 $7,744,081.

(4)

(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 Mid-Cap Value ETF (NUMV)

Portfolio of Investments April 30, 2022

(Unaudited)


Shares		Description (1)	Value

		LONG-TERM INVESTMENTS – 99.8%

		COMMON STOCKS – 99.8%

		Communication Services – 3.9%

	1,871	Cable One Inc	$	2,181,960

	135,922	Interpublic Group of Cos Inc		4,433,776

	405,636	Lumen Technologies Inc		4,080,698

	65,655	Paramount Global, Class B		1,911,874
		Total Communication Services		12,608,308

		Consumer Discretionary – 9.6%

	14,053	Best Buy Co Inc		1,263,786

	56,853	BorgWarner Inc		2,093,896

	28,478	CarMax Inc, (2)		2,442,843

	7,725	DR Horton Inc		537,583

	34,986	Genuine Parts Co		4,549,929

	57,128	Hasbro Inc		5,030,692

	2,044	Lear Corp		261,509

	102,790	LKQ Corp		5,101,468

	203,210	Newell Brands Inc		4,704,311

	112,138	PulteGroup Inc		4,682,883
		Total Consumer Discretionary		30,668,900

		Consumer Staples – 6.3%

	55,652	Bunge Ltd		6,295,354

	36,421	Clorox Co		5,225,321

	26,817	Kellogg Co		1,836,965

	68,286	McCormick & Co Inc		6,867,523
		Total Consumer Staples		20,225,163

		Energy – 5.9%

	197,482	Baker Hughes Co		6,125,892

	163,381	Halliburton Co		5,819,631

	112,388	ONEOK Inc		7,117,532
		Total Energy		19,063,055

		Financials – 17.6%

	118,722	Ally Financial Inc		4,744,131

	173,090	Annaly Capital Management Inc		1,111,238

	47,929	Arthur J Gallagher & Co		8,075,557

	41,252	Cboe Global Markets Inc		4,660,651

	18,428	Discover Financial Services		2,072,413

Nuveen ESG Mid-Cap Value ETF (NUMV) (continued)

Portfolio of Investments April 30, 2022

(Unaudited)


Shares		Description (1)	Value

		Financials (continued)

	6,757	FactSet Research Systems Inc	$	2,726,382

	93,913	Hartford Financial Services Group Inc		6,567,336

	103,663	Huntington Bancshares Inc		1,363,168

	114,495	Invesco Ltd		2,104,418

	247,144	KeyCorp		4,772,351

	75,307	Lincoln National Corp		4,529,716

	194,822	Regions Financial Corp		4,036,712

	10,264	SVB Financial Group, (2)		5,005,137

	18,949	Synchrony Financial		697,513

	78,103	Webster Financial Corp		3,904,369
		Total Financials		56,371,092

		Health Care – 5.9%

	48,535	Cardinal Health Inc		2,817,457

	29,455	DaVita Inc, (2)		3,192,038

	46,633	Hologic Inc, (2)		3,357,110

	10,081	Laboratory Corp of America Holdings, (2)		2,422,263

	11,200	Quest Diagnostics Inc		1,499,008

	24,672	STERIS PLC		5,527,761
		Total Health Care		18,815,637

		Industrials – 13.9%

	9,499	Allegion plc		1,085,166

	136,155	Carrier Global Corp		5,210,652

	19,720	CH Robinson Worldwide Inc		2,093,278

	24,624	Dover Corp		3,282,379

	1,147	Expeditors International of Washington Inc		113,633

	96,343	Fastenal Co		5,328,731

	44,649	Fortune Brands Home & Security Inc		3,181,241

	30,156	IDEX Corp		5,724,212

	22,862	JB Hunt Transport Services Inc		3,905,973

	41,416	Knight-Swift Transportation Holdings Inc		1,983,412

	38,448	Owens Corning		3,496,077

	88,709	Pentair PLC		4,501,982

	45,529	Robert Half International Inc		4,475,956

	458	WW Grainger Inc		229,014
		Total Industrials		44,611,706

		Information Technology – 6.6%

	8,449	Akamai Technologies Inc, (2)		948,654

	11,851	Black Knight Inc, (2)		779,677

	19,983	Coupa Software Inc, (2)		1,724,533

	830	Guidewire Software Inc, (2)		72,160


Shares		Description (1)	Value

		Information Technology (continued)

	305,093	Hewlett Packard Enterprise Co	$	4,701,483

	24,522	NortonLifeLock Inc		614,031

	8,276	Okta Inc, (2)		987,410

	62,812	ON Semiconductor Corp, (2)		3,273,133

	531	RingCentral Inc, Class A, (2)		45,055

	39,964	Seagate Technology Holdings PLC		3,278,647

	30,884	Splunk Inc, (2)		3,768,466

	52,574	Western Union Co		881,140
		Total Information Technology		21,074,389

		Materials – 8.5%

	295,720	Amcor PLC		3,507,239

	14,826	Celanese Corp		2,178,532

	39,606	FMC Corp		5,249,379

	13,119	Martin Marietta Materials Inc		4,647,012

	69,294	Mosaic Co		4,325,332

	53,344	Steel Dynamics Inc		4,574,248

	53,113	Westrock Co		2,630,687
		Total Materials		27,112,429

		Real Estate – 14.9%

	35,718	Alexandria Real Estate Equities Inc		6,506,391

	49,713	Boston Properties Inc		5,846,249

	10,634	Camden Property Trust		1,668,368

	47,192	CBRE Group Inc, Class A		3,918,824

	72,555	Duke Realty Corp		3,972,386

	187,299	Healthpeak Properties Inc		6,145,280

	82,825	Iron Mountain Inc		4,450,187

	110,251	Kimco Realty Corp		2,792,658

	121,297	Ventas Inc		6,738,048

	196,608	VICI Properties Inc		5,860,885
		Total Real Estate		47,899,276

		Utilities – 6.7%

	53,594	Atmos Energy Corp		6,077,559

	118,651	Essential Utilities Inc		5,310,819

	190,166	NiSource Inc		5,537,634

	133,591	UGI Corp		4,582,171
		Total Utilities		21,508,183
		Total Long-Term Investments (cost $299,547,534)		319,958,138
		Other Assets Less Liabilities – 0.2%		692,585
		Net Assets – 100%	$	320,650,723

Nuveen ESG Mid-Cap Value ETF (NUMV) (continued)

Portfolio of Investments April 30, 2022

(Unaudited)

(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.

See accompanying notes to financial statements.

Nuveen ESG Small-Cap ETF (NUSC)

Portfolio of Investments April 30, 2022

(Unaudited)


Shares		Description (1)	Value

		LONG-TERM INVESTMENTS – 99.8%

		COMMON STOCKS – 99.8%

		Communication Services – 2.2%

	22,604	Bandwidth Inc, Class A, (2)	$	500,000

	14,407	Cardlytics Inc, (2)		491,711

	403,026	Clear Channel Outdoor Holdings Inc, (2)		991,444

	33,695	Cogent Communications Holdings Inc		1,971,158

	90,533	Consolidated Communications Holdings Inc, (2)		538,671

	168,800	Gannett Co Inc, (2)		676,888

	407,317	Globalstar Inc, (2)		472,488

	25,199	Gogo Inc, (2)		463,914

	92,382	Gray Television Inc		1,710,915

	54,678	John Wiley & Sons Inc, Class A		2,782,563

	24,320	New York Times Co		931,942

	73,902	Radius Global Infrastructure Inc, (2)		917,863

	93,288	TEGNA Inc		2,057,000

	20,351	Vimeo Inc, (2)		207,377

	13,483	WideOpenWest Inc, (2)		270,334

	24,553	ZipRecruiter Inc, Class A, (2)		552,688

	914,388	Zynga Inc, Class A, (2)		7,561,989
		Total Communication Services		23,098,945

		Consumer Discretionary – 14.9%

	15,595	1-800-Flowers.com Inc, Class A, (2)		159,069

	27,633	2U Inc, (2)		275,777

	33,268	Aaron’s Co Inc		682,992

	86,808	Academy Sports & Outdoors Inc		3,243,147

	22,973	American Public Education Inc, (2)		446,595

	105,381	AMMO Inc, (2), (3)		426,793

	114,751	Beachbody Co Inc, (2), (3)		188,192

	44,055	Bright Horizons Family Solutions Inc, (2)		5,032,843

	31,997	Caleres Inc		733,691

	49,645	Callaway Golf Co, (2)		1,089,211

	27,432	Camping World Holdings Inc, Class A		704,454

	117,490	Canoo Inc, (2), (3)		563,952

	19,624	Carriage Services Inc		841,673

	48,354	Carter’s Inc		4,073,341

	18,063	Columbia Sportswear Co		1,484,056

Nuveen ESG Small-Cap ETF (NUSC) (continued)

Portfolio of Investments April 30, 2022

(Unaudited)


Shares		Description (1)	Value

		Consumer Discretionary (continued)

	61,792	ContextLogic Inc, (2), (3)	$	105,046

	60,000	Coursera Inc, (2)		1,128,600

	22,497	Crocs Inc, (2)		1,494,476

	88,741	Dana Inc		1,314,254

	26,164	Ethan Allen Interiors Inc		621,133

	16,351	European Wax Center Inc, Class A		448,835

	11,670	F45 Training Holdings Inc, (2)		102,579

	97,641	Foot Locker Inc		2,861,858

	29,688	Franchise Group Inc		1,107,066

	22,805	GameStop Corp, Class A, (2)		2,852,221

	31,949	Gap Inc		396,807

	4,900	Graham Holdings Co, Class B		2,902,613

	9,740	Group 1 Automotive Inc		1,696,124

	233,180	Hanesbrands Inc		3,091,967

	133,946	Harley-Davidson Inc		4,882,332

	18,823	Helen of Troy Ltd, (2)		4,037,722

	108,651	Hilton Grand Vacations Inc, (2)		5,088,126

	33,141	iRobot Corp, (2)		1,678,592

	7,023	Johnson Outdoors Inc		537,119

	43,605	Kohl’s Corp		2,523,857

	41,233	Kontoor Brands Inc		1,638,187

	37,481	Latham Group Inc, (2)		449,772

	26,708	LCI Industries		2,599,223

	48,309	Leggett & Platt Inc		1,721,250

	97,899	Leslie’s Inc, (2)		1,918,820

	126,159	Lordstown Motors Corp, Class A, (2)		275,027

	15,449	Lovesac Co, (2)		677,284

	174,009	Macy’s Inc		4,205,798

	25,569	Malibu Boats Inc, (2)		1,285,865

	26,305	MarineMax Inc, (2)		1,076,401

	29,838	Marriott Vacations Worldwide Corp		4,455,709

	307,296	Mattel Inc, (2)		7,470,366

	34,987	Membership Collective Group Inc, (2), (3)		262,053

	41,107	Monro Inc		1,879,823

	19,004	Movado Group Inc		683,574

	23,779	Murphy USA Inc		5,554,774

	124,416	Nordstrom Inc		3,197,491

	63,376	ODP Corp, (2)		2,727,069

	109,961	Petco Health & Wellness Co Inc, (2)		2,117,849

	10,026	Planet Fitness Inc, Class A, (2)		802,381


Shares		Description (1)	Value

		Consumer Discretionary (continued)

	27,052	PVH Corp	$	1,968,845

	97,822	Quotient Technology Inc, (2)		519,435

	42,755	Ralph Lauren Corp		4,461,057

	68,925	RealReal Inc, (2)		373,573

	27,054	Rent-A-Center Inc/TX		652,542

	106,646	Rover Group Inc, (2)		675,069

	47,362	SeaWorld Entertainment Inc, (2)		3,194,093

	21,386	Signet Jewelers Ltd		1,501,297

	69,448	Six Flags Entertainment Corp, (2)		2,657,775

	6,289	Sleep Number Corp, (2)		255,082

	35,197	Steven Madden Ltd		1,445,189

	118,219	Tapestry Inc		3,891,769

	145,172	Terminix Global Holdings Inc, (2)		6,661,943

	49,194	Thor Industries Inc		3,765,801

	63,524	ThredUp Inc, Class A, (2)		418,623

	27,793	Traeger Inc, (2), (3)		166,480

	82,986	Travel + Leisure Co		4,604,063

	7,816	TravelCenters of America Inc, (2)		297,086

	43,393	Tupperware Brands Corp, (2)		762,849

	59,925	Victoria’s Secret & Co, (2)		2,823,666

	98,219	Wendy’s Co		1,940,807

	27,950	Wingstop Inc		2,564,692

	6,495	Wolverine World Wide Inc		128,731

	138,302	Workhorse Group Inc, (2), (3)		416,289

	63,675	WW International Inc, (2)		623,378

	47,987	Wyndham Hotels & Resorts Inc		4,220,937

	85,792	XL Fleet Corp, (2)		120,109

	19,842	XPEL Inc, (2)		858,563

	35,508	YETI Holdings Inc, (2)		1,735,276
		Total Consumer Discretionary		157,520,848

		Consumer Staples – 4.7%

	10,242	Andersons Inc		514,456

	7,429	BJ’s Wholesale Club Holdings Inc, (2)		478,056

	8,048	Casey’s General Stores Inc		1,620,062

	41,680	Chefs’ Warehouse Inc, (2)		1,525,488

	170,241	Darling Ingredients Inc, (2)		12,493,987

	63,465	Edgewell Personal Care Co		2,420,555

	24,965	Freshpet Inc, (2)		2,330,483

	64,793	Herbalife Nutrition Ltd, (2)		1,722,198

Nuveen ESG Small-Cap ETF (NUSC) (continued)

Portfolio of Investments April 30, 2022

(Unaudited)


Shares		Description (1)		Value

		Consumer Staples (continued)

	40,218	Ingredion Inc		$	3,422,954

	105,160	Lamb Weston Holdings Inc			6,951,076

	13,540	Medifast Inc			2,414,994

	12,363	MGP Ingredients Inc			1,129,113

	71,185	Performance Food Group Co, (2)			3,505,861

	4,100	United Natural Foods Inc, (2)			176,013

	204,702	US Foods Holding Corp, (2)			7,700,889

	79,687	Veru Inc, (2)			933,932

	20,187	Vital Farms Inc, (2)			232,151
		Total Consumer Staples			49,572,268

		Energy – 3.7%

	161,530	Archrock Inc			1,406,926

	72,549	Cactus Inc, Class A			3,622,372

	248,727	ChampionX Corp			5,248,140

	205,996	Clean Energy Fuels Corp, (2)			1,207,137

	56,987	Core Laboratories NV			1,481,662

	82,202	Delek US Holdings Inc, (2)			1,989,288

	22,804	DMC Global Inc, (2)			455,852

	43,464	Dril-Quip Inc, (2)			1,255,240

	480,887	NOV Inc			8,718,481

	122,740	Oceaneering International Inc, (2)			1,390,644

	61,759	Renewable Energy Group Inc, (2)			3,771,005

	526,869	TechnipFMC PLC, (2)			3,645,934

	85,958	Weatherford International PLC, (2)			2,774,724

	77,773	World Fuel Services Corp			1,883,662
		Total Energy			38,851,067

		Financials – 14.0%

	2,927	Affiliated Managers Group Inc			367,543

	16,216	Amalgamated Financial Corp			285,239

	26,084	Amerant Bancorp Inc			693,574

	11,153	Ameris Bancorp			465,080

	30,260	Artisan Partners Asset Management Inc			972,556

	57,255	Bancorp Inc, (2)			1,299,116

	8,314	Bank First Corp	��		587,800

	44,884	Bank OZK			1,724,443

	51,927	Berkshire Hills Bancorp Inc			1,284,674

	37,464	BOK Financial Corp			3,106,890

	29,584	Byline Bancorp Inc			694,041

	28,865	Capitol Federal Financial Inc			277,970


Shares		Description (1)	Value

		Financials (continued)

	5,682	Cathay General Bancorp	$	227,791

	5,708	Comerica Inc		467,485

	5,737	Commerce Bancshares Inc/MO		392,239

	3,558	Community Trust Bancorp Inc		141,644

	30,074	Cowen Inc, Class A		687,191

	7,173	Cullen/Frost Bankers Inc		948,916

	835	Diamond Hill Investment Group Inc		140,589

	36,938	Donnelley Financial Solutions Inc, (2)		1,081,175

	39,177	East West Bancorp Inc		2,793,320

	4,722	Employers Holdings Inc		185,763

	11,340	Federal Agricultural Mortgage Corp, Class C		1,161,556

	113,127	First American Financial Corp		6,596,435

	63,902	First Busey Corp		1,435,878

	11,398	First Financial Bancorp		233,089

	552,193	First Horizon Corp		12,358,079

	24,755	First of Long Island Corp		415,389

	10,025	Flagstar Bancorp Inc		353,882

	388,643	FNB Corp/PA		4,477,167

	616,205	Genworth Financial Inc, Class A, (2)		2,286,121

	16,870	Glacier Bancorp Inc		771,971

	105,525	Hancock Whitney Corp		4,935,404

	90,236	Hannon Armstrong Sustainable Infrastructure Capital Inc		3,608,538

	10,032	Hanover Insurance Group Inc		1,472,898

	58,711	HarborOne Bancorp Inc		786,140

	64,569	International Bancshares Corp		2,569,201

	59,349	Janus Henderson Group PLC		1,808,958

	36,029	Live Oak Bancshares Inc		1,525,108

	28,950	LPL Financial Holdings Inc		5,438,836

	10,375	MGIC Investment Corp		135,498

	20,243	Morningstar Inc		5,126,135

	73,934	Mr Cooper Group Inc, (2)		3,324,812

	72,645	OceanFirst Financial Corp		1,360,641

	10,383	Old National Bancorp/IN		157,406

	108,570	Open Lending Corp, Class A, (2)		1,480,895

	26,795	Origin Bancorp Inc		1,009,636

	56,450	PennyMac Financial Services Inc		2,741,212

	53,621	Pinnacle Financial Partners Inc		4,158,309

	88,228	Popular Inc		6,880,902

	48,255	Primerica Inc		6,251,918

	42,325	ProAssurance Corp		1,039,925

Nuveen ESG Small-Cap ETF (NUSC) (continued)

Portfolio of Investments April 30, 2022

(Unaudited)


Shares		Description (1)	Value

		Financials (continued)

	4,957	PROG Holdings Inc, (2)	$	131,212

	7,175	QCR Holdings Inc		389,531

	47,512	Radian Group Inc		1,016,282

	20,980	Reinsurance Group of America Inc, Class A		2,251,574

	12,689	Seacoast Banking Corp of Florida		412,392

	25,071	Silvergate Capital Corp, Class A, (2)		2,932,304

	300,835	SLM Corp		5,032,970

	2,228	SouthState Corp		172,536

	222,192	Starwood Property Trust Inc		5,083,753

	20,510	StoneX Group Inc, (2)		1,390,168

	158,433	Synovus Financial Corp		6,581,307

	61,464	TFS Financial Corp		921,345

	34,311	TriState Capital Holdings Inc, (2)		1,036,535

	42,164	Trupanion Inc, (2)		2,682,474

	230,326	Valley National Bancorp		2,759,305

	19,453	Victory Capital Holdings Inc, Class A		525,036

	14,964	Voya Financial Inc		944,827

	12,346	Western Alliance Bancorp		939,654

	58,259	Wintrust Financial Corp		5,087,176

	50,315	Zions Bancorp NA		2,843,301
		Total Financials		147,860,660

		Health Care – 10.2%

	13,307	1Life Healthcare Inc, (2)		93,814

	40,146	Accolade Inc, (2)		223,212

	18,959	Achillion Pharmaceuticals Inc, (4)		8,721

	38,378	Aclaris Therapeutics Inc, (2)		472,817

	94,966	AdaptHealth Corp, (2)		1,202,270

	55,830	Aerie Pharmaceuticals Inc, (2)		396,951

	45,095	Agios Pharmaceuticals Inc, (2)		990,737

	254,901	Alaunos Therapeutics Inc, (2)		135,454

	64,476	Alector Inc, (2)		618,970

	148,910	Alkermes PLC, (2)		4,296,054

	96,203	Allogene Therapeutics Inc, (2)		803,295

	47,309	Allscripts Healthcare Solutions Inc, (2)		977,404

	40,426	Alphatec Holdings Inc, (2)		438,622

	58,036	AMN Healthcare Services Inc, (2)		5,673,019

	21,797	AnaptysBio Inc, (2)		510,050

	89,432	Anavex Life Sciences Corp, (2)		768,221

	46,468	AngioDynamics Inc, (2)		978,151


Shares		Description (1)	Value

		Health Care (continued)

	181,731	Antares Pharma Inc, (2)	$	1,011,333

	37,376	Apollo Medical Holdings Inc, (2), (3)		1,363,476

	15,940	Arcturus Therapeutics Holdings Inc, (2)		308,917

	37,998	Arrowhead Pharmaceuticals Inc, (2)		1,562,098

	7,763	Artivion Inc, (2)		157,511

	19,049	Arvinas Inc, (2)		1,047,124

	91,336	Atara Biotherapeutics Inc, (2)		580,897

	8,362	AtriCure Inc, (2)		434,239

	46,831	Axogen Inc, (2)		339,056

	16,312	Axsome Therapeutics Inc, (2)		517,906

	29,855	Beam Therapeutics Inc, (2)		1,120,458

	27,646	BioAtla Inc, (2)		96,208

	24,252	Bioxcel Therapeutics Inc, (2)		317,944

	85,291	Bluebird Bio Inc, (2)		309,606

	46,595	Bridgebio Pharma Inc, (2)		373,692

	96,967	Brookdale Senior Living Inc, (2)		599,256

	27,927	Caribou Biosciences Inc, (2)		206,660

	33,556	Cassava Sciences Inc, (2), (3)		700,314

	54,293	Cerevel Therapeutics Holdings Inc, (2)		1,589,699

	59,943	ChemoCentryx Inc, (2)		1,106,548

	73,337	Chimerix Inc, (2)		322,683

	38,469	Collegium Pharmaceutical Inc, (2)		619,351

	7,694	Computer Programs and Systems Inc, (2)		245,592

	1,814	CONMED Corp		241,189

	13,718	Corcept Therapeutics Inc, (2)		295,074

	11,947	CorVel Corp, (2)		1,852,741

	90,971	Covetrus Inc, (2)		1,255,400

	44,863	Cross Country Healthcare Inc, (2)		840,733

	34,385	CryoPort Inc, (2)		775,726

	33,863	Cue Biopharma Inc, (2)		134,097

	18,977	Cullinan Oncology Inc, (2)		186,164

	83,203	Curis Inc, (2)		76,023

	18,449	Cutera Inc, (2)		1,001,965

	44,673	Denali Therapeutics Inc, (2)		1,063,217

	28,105	Dyne Therapeutics Inc, (2)		224,278

	29,026	Ensign Group Inc		2,331,659

	34,603	Envista Holdings Corp, (2)		1,370,971

	28,996	Erasca Inc, (2), (3)		211,091

	29,624	Essa Pharma Inc, (2), (3)		167,968

	22,771	Establishment Labs Holdings Inc, (2)		1,611,276

Nuveen ESG Small-Cap ETF (NUSC) (continued)

Portfolio of Investments April 30, 2022

(Unaudited)


Shares		Description (1)	Value

		Health Care (continued)

	13,364	Fulgent Genetics Inc, (2)	$	733,416

	36,449	G1 Therapeutics Inc, (2)		187,348

	9,575	Glaukos Corp, (2)		452,802

	34,860	Globus Medical Inc, Class A, (2)		2,308,429

	31,709	Haemonetics Corp, (2)		1,606,695

	20,849	Harmony Biosciences Holdings Inc, (2)		939,039

	12,204	Heska Corp, (2)		1,340,487

	97,318	Hims & Hers Health Inc, (2)		409,709

	48,578	Homology Medicines Inc, (2)		80,639

	61,435	Humacyte Inc, (2)		434,960

	68,029	Humanigen Inc, (2), (3)		127,895

	13,963	Icosavax Inc, (2)		101,232

	32,003	Ideaya Biosciences Inc, (2)		306,909

	8,190	IGM Biosciences Inc, (2)		137,101

	14,011	Imago Biosciences Inc, (2)		229,080

	49,277	Immunovant Inc, (2)		227,167

	8,564	Inari Medical Inc, (2)		691,115

	10,619	Inogen Inc, (2)		268,448

	218,674	Inovio Pharmaceuticals Inc, (2), (3)		596,980

	2,905	Intellia Therapeutics Inc, (2)		142,432

	30,778	Intersect ENT Inc, (2)		842,394

	24,301	iRhythm Technologies Inc, (2)		2,998,014

	17,282	iTeos Therapeutics Inc, (2)		461,257

	17,281	Joint Corp, (2)		527,416

	13,381	Kinnate Biopharma Inc, (2)		99,956

	20,814	Kronos Bio Inc, (2)		98,450

	21,409	Krystal Biotech Inc, (2)		1,297,599

	1,941	LivaNova PLC, (2)		148,797

	5,836	MEDNAX Inc, (2)		108,083

	24,870	Meridian Bioscience Inc, (2)		636,423

	40,282	Merit Medical Systems Inc, (2)		2,497,887

	61,934	Mersana Therapeutics Inc, (2)		215,530

	33,948	Merus NV, (2)		692,539

	13,850	Monte Rosa Therapeutics Inc, (2), (3)		150,965

	15,018	National Research Corp		515,117

	37,175	Natus Medical Inc, (2)		1,236,812

	83,502	NeoGenomics Inc, (2)		789,094

	127,794	Nuvation Bio Inc, (2), (3)		595,520

	515,343	OPKO Health Inc, (2)		1,391,426

	43,374	Oramed Pharmaceuticals Inc, (2)		222,942


Shares		Description (1)	Value

		Health Care (continued)

	32,689	Owens & Minor Inc	$	1,160,133

	41,916	Patterson Cos Inc		1,289,755

	9,641	Penumbra Inc, (2)		1,663,651

	61,263	Perrigo Co PLC		2,101,321

	29,914	PetIQ Inc, (2)		595,289

	16,617	Phathom Pharmaceuticals Inc, (2)		215,024

	14,810	Pliant Therapeutics Inc, (2)		86,787

	42,401	Point Biopharma Global Inc, (2), (3)		360,833

	29,121	Praxis Precision Medicines Inc, (2)		235,880

	47,356	Precision BioSciences Inc, (2)		94,238

	14,906	Prelude Therapeutics Inc, (2)		68,419

	6,909	Premier Inc, Class A		250,175

	14,853	Prometheus Biosciences Inc, (2)		390,634

	26,777	Prothena Corp PLC, (2)		780,817

	27,353	Provention Bio Inc, (2)		122,815

	24,016	Pulmonx Corp, (2)		578,786

	18,588	Quidel Corp, (2)		1,870,325

	151,574	R1 RCM Inc, (2)		3,413,446

	24,417	Reata Pharmaceuticals Inc, (2)		619,703

	47,799	Recursion Pharmaceuticals Inc, (2)		296,354

	7,164	Relmada Therapeutics Inc, (2)		179,888

	17,036	Repligen Corp, (2)		2,678,741

	24,790	Replimune Group Inc, (2)		415,728

	14,131	Revance Therapeutics Inc, (2)		231,466

	43,080	Rhythm Pharmaceuticals Inc, (2)		269,681

	51,318	Rubius Therapeutics Inc, (2)		85,188

	44,456	Sana Biotechnology Inc, (2)		335,643

	21,861	Scholar Rock Holding Corp, (2)		154,557

	84,136	Sema4 Holdings Corp, (2)		180,892

	462,340	Senseonics Holdings Inc, (2), (3)		647,276

	12,396	Shockwave Medical Inc, (2)		1,873,407

	29,571	Signify Health Inc, Class A, (2)		408,080

	11,224	Simulations Plus Inc		523,712

	1,523	STAAR Surgical Co, (2)		86,948

	30,226	Sutro Biopharma Inc, (2)		181,658

	5,578	Tandem Diabetes Care Inc, (2)		538,165

	44,903	Tango Therapeutics Inc, (2)		330,486

	21,020	Taysha Gene Therapies Inc, (2)		76,933

	20,196	Theravance Biopharma Inc, (2)		194,891

	14,793	Tivity Health Inc, (2)		475,299

Nuveen ESG Small-Cap ETF (NUSC) (continued)

Portfolio of Investments April 30, 2022

(Unaudited)


Shares		Description (1)	Value

		Health Care (continued)

	17,004	Ultragenyx Pharmaceutical Inc, (2)	$	1,202,013

	37,156	uniQure NV, (2)		555,111

	47,741	Varex Imaging Corp, (2)		947,659

	20,592	Verve Therapeutics Inc, (2)		307,233

	106,916	VG Acquisition Corp, (2), (3)		319,679

	80,368	Vir Biotechnology Inc, (2)		1,635,489

	24,422	XBiotech Inc		189,515

	50,493	Xenon Pharmaceuticals Inc, (2)		1,427,437

	59,658	Zogenix Inc, (2), (5)		40,567

	1,158,976	Zomedica Corp, (2), (3)		286,267

	36,834	Zymeworks Inc, (2)		225,056
		Total Health Care		107,205,056

		Industrials – 18.1%

	30,849	AAON Inc		1,503,580

	58,435	ABM Industries Inc		2,820,657

	35,425	Acuity Brands Inc		6,110,104

	187,499	ADT Inc		1,284,368

	24,746	Advanced Drainage Systems Inc		2,535,475

	37,712	AECOM		2,660,959

	28,187	AeroVironment Inc, (2)		2,263,980

	98,328	Allison Transmission Holdings Inc		3,681,400

	1,560	ArcBest Corp		112,570

	9,281	Armstrong World Industries Inc		785,729

	28,989	ASGN Inc, (2)		3,288,802

	26,900	Atkore Inc, (2)		2,585,090

	54,351	Axon Enterprise Inc, (2)		6,098,182

	46,629	Blink Charging Co, (2), (3)		890,614

	48,292	Boise Cascade Co		3,649,909

	41,237	Builders FirstSource Inc, (2)		2,538,962

	34,496	Columbus McKinnon Corp/NY		1,222,883

	44,260	Comfort Systems USA Inc		3,736,429

	61,745	Cornerstone Building Brands Inc, (2)		1,505,961

	16,667	Curtiss-Wright Corp		2,381,881

	6,818	EMCOR Group Inc		725,981

	44,478	Energy Recovery Inc, (2)		823,733

	23,501	EnPro Industries Inc		2,190,528

	73,532	Evoqua Water Technologies Corp, (2)		3,065,549

	29,883	First Advantage Corp, (2)		518,769

	105,689	Flowserve Corp		3,457,087


Shares		Description (1)	Value

		Industrials (continued)

	2,244	Franklin Electric Co Inc	$	156,945

	108,696	FREYR Battery SA, (2), (3)		976,090

	37,739	FTI Consulting Inc, (2)		5,951,818

	39,556	GATX Corp		4,089,695

	47,561	GMS Inc, (2)		2,280,550

	77,002	Great Lakes Dredge & Dock Corp, (2)		1,063,398

	59,267	GXO Logistics Inc, (2)		3,508,014

	91,235	Healthcare Services Group Inc		1,559,206

	16,756	Hexcel Corp		910,856

	9,983	Hubbell Inc		1,950,279

	116,245	Hyliion Holdings Corp, (2), (3)		373,146

	8,186	Hyster-Yale Materials Handling Inc		251,474

	9,263	IAA Inc, (2)		339,489

	3,340	ICF International Inc		330,025

	14,579	John Bean Technologies Corp		1,718,718

	39,529	Kelly Services Inc, Class A		762,514

	41,191	Korn Ferry		2,530,775

	16,020	Kratos Defense & Security Solutions Inc, (2)		243,023

	5,527	Landstar System Inc		856,132

	9,157	Lindsay Corp		1,237,569

	33,577	Luxfer Holdings PLC		541,933

	38,561	Manitowoc Co Inc, (2)		510,548

	25,546	ManpowerGroup Inc		2,304,249

	38,634	Matthews International Corp, Class A		1,151,680

	73,025	Maxar Technologies Inc		2,352,135

	29,809	McGrath RentCorp		2,487,859

	63,701	Mercury Systems Inc, (2)		3,553,879

	77,461	MillerKnoll Inc		2,457,838

	30,441	Montrose Environmental Group Inc, (2)		1,381,108

	5,600	Moog Inc, Class A		447,272

	96,097	MRC Global Inc, (2)		1,152,203

	18,428	MSA Safety Inc		2,224,075

	190,820	Mueller Water Products Inc		2,295,565

	20,455	MYR Group Inc, (2)		1,617,786

	419,350	Nielsen Holdings PLC		11,242,773

	1,729	Oshkosh Corp		159,829

	209,302	Pitney Bowes Inc		1,103,022

	63,893	Primoris Services Corp		1,481,040

	7,287	Proto Labs Inc, (2)		310,499

	10,815	Quanta Services Inc		1,254,324

Nuveen ESG Small-Cap ETF (NUSC) (continued)

Portfolio of Investments April 30, 2022

(Unaudited)


Shares		Description (1)	Value

		Industrials (continued)

	81,901	Resideo Technologies Inc, (2)	$	1,841,953

	65,513	Ryder System Inc		4,579,359

	9,865	Saia Inc, (2)		2,031,795

	7,232	Schneider National Inc, Class B		170,892

	43,435	SiteOne Landscape Supply Inc, (2)		6,125,638

	103,232	Steelcase Inc, Class A		1,210,911

	61,978	Stem Inc, (2), (3)		444,382

	9,068	Sterling Construction Co Inc, (2)		207,567

	22,881	Tennant Co		1,477,655

	75,652	Toro Co		6,061,995

	61,084	Trex Co Inc, (2)		3,554,478

	23,158	TriNet Group Inc, (2)		2,054,115

	82,017	Triton International Ltd		5,010,419

	43,039	TrueBlue Inc, (2)		1,100,507

	47,723	TuSimple Holdings Inc, (2)		494,888

	81,791	Upwork Inc, (2)		1,715,157

	11,630	Vectrus Inc, (2)		419,843

	17,105	Veritiv Corp, (2)		2,403,937

	149,165	Virgin Galactic Holdings Inc, (2)		1,117,246

	11,636	Watts Water Technologies Inc, Class A		1,483,125

	43,024	WESCO International Inc, (2)		5,303,138

	206,005	WillScot Mobile Mini Holdings Corp, (2)		7,230,775

	28,514	Zurn Water Solutions Corp		890,207
		Total Industrials		190,488,497

		Information Technology – 13.8%

	128,470	ACI Worldwide Inc, (2)		3,548,341

	56,475	Altair Engineering Inc, (2)		3,067,722

	20,479	Aspen Technology Inc, (2)		3,246,741

	53,671	Avaya Holdings Corp, (2)		496,457

	6,733	Avnet Inc		293,963

	18,744	Badger Meter Inc		1,512,453

	55,180	Bottomline Technologies DE Inc, (2)		3,124,292

	44,704	Box Inc, Class A, (2)		1,368,836

	57,877	Bread Financial Holdings Inc		3,171,660

	78,546	BTRS Holdings Inc, (2)		527,829

	16,087	Cerence Inc, (2)		474,567

	7,051	Ciena Corp, (2)		389,004

	12,438	Cirrus Logic Inc, (2)		942,800

	5,896	Coherent Inc, (2)		1,579,538

	221,821	CommScope Holding Co Inc, (2)		1,337,581


Shares		Description (1)	Value

		Information Technology (continued)

	52,176	Concentrix Corp	$	8,216,677

	40,166	CSG Systems International Inc		2,469,004

	21,044	CTS Corp		744,326

	61,821	Dolby Laboratories Inc, Class A		4,789,273

	6,708	Duck Creek Technologies Inc, (2)		106,858

	181,311	E2open Parent Holdings Inc, (2)		1,403,347

	66,271	Envestnet Inc, (2)		5,277,822

	33,171	ePlus Inc, (2)		1,873,498

	74,493	EVERTEC Inc		2,935,024

	40,973	ExlService Holdings Inc, (2)		5,578,474

	64,612	First Solar Inc, (2)		4,718,614

	1,580	Five9 Inc, (2)		173,958

	69,161	Flex Ltd, (2)		1,140,465

	66,674	Harmonic Inc, (2)		553,394

	42,720	Insight Enterprises Inc, (2)		4,245,086

	13,456	Intapp Inc, (2)		335,593

	37,591	InterDigital Inc		2,137,048

	52,190	Itron Inc, (2)		2,493,638

	42,834	Jamf Holding Corp, (2)		1,319,287

	30,715	Kimball Electronics Inc, (2)		547,956

	7,207	KnowBe4 Inc, Class A, (2)		171,527

	76,847	Kulicke & Soffa Industries Inc		3,566,469

	37,252	Lumentum Holdings Inc, (2)		3,025,235

	4,867	Manhattan Associates Inc, (2)		635,387

	46,813	Methode Electronics Inc		2,088,328

	34,931	MicroVision Inc, (2), (3)		112,827

	16,945	Model N Inc, (2)		437,859

	53,621	N-able Inc, (2)		536,210

	36,576	National Instruments Corp		1,321,857

	2,368	nCino OpCo Inc, (2)		88,776

	31,681	New Relic Inc, (2)		2,004,457

	15,095	Novanta Inc, (2)		1,942,727

	66,449	Nutanix Inc, (2)		1,663,218

	40,569	Olo Inc, Class A, (2)		433,683

	13,809	OSI Systems Inc, (2)		1,092,292

	29,713	PAR Technology Corp, (2), (3)		981,718

	47,956	Plantronics Inc, (2)		1,911,526

	7,101	Plexus Corp, (2)		576,175

	50,932	Progress Software Corp		2,443,717

	27,511	PROS Holdings Inc, (2)		768,382

Nuveen ESG Small-Cap ETF (NUSC) (continued)

Portfolio of Investments April 30, 2022

(Unaudited)


Shares		Description (1)	Value

		Information Technology (continued)

	42,631	Rekor Systems Inc, (2), (3)	$	126,614

	112,615	Ribbon Communications Inc, (2)		388,522

	8,479	Rogers Corp, (2)		2,295,435

	10,865	ShotSpotter Inc, (2)		298,244

	97,145	Sprinklr Inc, (2)		1,326,029

	20,647	Sprout Social Inc, Class A, (2)		1,265,248

	25,941	SPS Commerce Inc, (2)		3,103,322

	32,529	SYNAPTICS INC, (2)		4,828,605

	94,099	Teradata Corp, (2)		3,890,994

	32,256	Universal Display Corp		4,120,059

	61,811	Veeco Instruments Inc, (2)		1,416,708

	6,056	Vishay Precision Group Inc, (2)		189,008

	115,079	Vontier Corp		2,948,324

	51,168	WEX Inc, (2)		8,506,168

	66,348	Wolfspeed Inc, (2)		6,084,775

	184,628	Xerox Holdings Corp		3,212,527
		Total Information Technology		145,944,078

		Materials – 6.1%

	16,466	AptarGroup Inc		1,890,791

	123,916	Arconic Corp, (2)		3,117,727

	110,962	Avient Corp		5,463,769

	167,144	Axalta Coating Systems Ltd, (2)		4,240,443

	1,536	Balchem Corp		189,235

	14,578	Clearwater Paper Corp, (2)		482,678

	26,201	Commercial Metals Co		1,074,241

	41,960	Compass Minerals International Inc		2,481,095

	11,351	Graphic Packaging Holding Co		247,452

	3,007	Greif Inc, Class B		175,489

	23,290	Hawkins Inc		868,251

	6,488	HB Fuller Co		432,750

	31,865	Ingevity Corporation, (2)		1,908,713

	30,068	Innospec Inc		2,865,781

	25,971	Koppers Holdings Inc		630,056

	101,406	Louisiana-Pacific Corp		6,542,715

	25,295	Materion Corp		2,153,869

	40,917	Minerals Technologies Inc		2,602,730

	48,089	Ranpak Holdings Corp, (2)		725,182

	50,717	Reliance Steel & Aluminum Co		10,054,645

	16,648	Royal Gold Inc		2,172,231

	10,360	Ryerson Holding Corp		381,352


Shares		Description (1)	Value

		Materials (continued)

	20,975	Schnitzer Steel Industries Inc	$	957,089

	36,093	Sensient Technologies Corp		3,053,468

	10,535	Stepan Co		1,075,729

	3,461	Summit Materials Inc, Class A, (2)		96,216

	35,644	Trinseo PLC		1,691,308

	221,335	Valvoline Inc		6,690,957
		Total Materials		64,265,962

		Real Estate – 10.1%

	67,020	Acadia Realty Trust		1,402,058

	85,618	Alexander & Baldwin Inc		1,815,102

	118,837	Brandywine Realty Trust		1,386,828

	76,916	Brixmor Property Group Inc		1,952,128

	61,130	CatchMark Timber Trust Inc		501,877

	53,460	City Office REIT Inc		793,346

	97,819	Cousins Properties Inc		3,511,702

	14,389	Cushman & Wakefield PLC, (2)		257,563

	79,289	Douglas Emmett Inc		2,335,854

	105,967	Easterly Government Properties Inc		2,018,671

	179,113	Empire State Realty Trust Inc		1,547,536

	48,409	Federal Realty Investment Trust		5,666,758

	73,407	Five Point Holdings LLC, Class A, (2)		429,431

	15,053	Healthcare Realty Trust Inc		407,635

	6,184	Highwoods Properties Inc		252,555

	22,456	Howard Hughes Corp, (2)		2,252,112

	67,989	Hudson Pacific Properties Inc		1,582,784

	143,644	JBG SMITH Properties		3,786,456

	154,052	Kennedy-Wilson Holdings Inc		3,473,873

	128,493	Kilroy Realty Corp		8,994,510

	96,595	Kite Realty Group Trust		2,154,069

	15,156	Life Storage Inc		2,008,018

	300,011	LXP Industrial Trust		3,765,138

	146,441	Macerich Co		1,837,835

	20,381	Marcus & Millichap Inc		912,865

	77,952	Outfront Media Inc		1,995,571

	286,428	Park Hotels & Resorts Inc		5,645,496

	106,575	Piedmont Office Realty Trust Inc		1,715,858

	82,578	PotlatchDeltic Corp		4,573,995

	176,082	Rayonier Inc		7,606,742

	10,639	Realogy Holdings Corp, (2)		116,603

	105,398	Rexford Industrial Realty Inc		8,225,260

Nuveen ESG Small-Cap ETF (NUSC) (continued)

Portfolio of Investments April 30, 2022

(Unaudited)


Shares		Description (1)			Value

		Real Estate (continued)

	70,152	SL Green Realty Corp			$	4,855,922

	38,741	St Joe Co				2,061,409

	26,411	Tejon Ranch Co, (2)				483,585

	290,407	Uniti Group Inc				3,598,143

	203,110	VICI Properties Inc				6,054,709

	103,216	Washington Real Estate Investment Trust				2,486,473

	138,525	Xenia Hotels & Resorts Inc, (2)				2,672,147
		Total Real Estate				107,138,617

		Utilities – 2.0%

	94,388	Clearway Energy Inc, Class C				2,881,666

	40,159	Clearway Energy Inc				1,141,319

	117,488	New Jersey Resources Corp				5,070,782

	93,278	NextEra Energy Partners LP				6,217,911

	42,429	ONE Gas Inc				3,579,735

	102,880	Sunnova Energy International Inc, (2)				1,776,737
		Total Utilities				20,668,150
		Total Long-Term Investments (cost $1,067,327,890)				1,052,614,148

Shares		Description (1)	Coupon		Value

		INVESTMENTS PURCHASED WITH COLLATERAL FROM SECURITIES LENDING – 0.6%

		MONEY MARKET FUNDS – 0.6%

	6,516,677	State Street Navigator Securities Lending Government Money Market Portfolio, (6)		0.310% (7)	$	6,516,677
		Total Investments Purchased with Collateral from Securities Lending (cost $6,516,677)				6,516,677
		Total Investments (cost $1,073,844,567) – 100.4%				1,059,130,825
		Other Assets Less Liabilities – (0.4)%				(4,249,661)
		Net Assets – 100%			$	1,054,881,164

(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 $5,719,307.

(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.

(5)	For fair value measurement disclosure purposes, investment classified as Level 2.

(6)

(7)	The rate shown is the one-day yield as of the end of the reporting period.

REIT	Real Estate Investment Trust

See accompanying notes to financial statements.

Statement of Assets and Liabilities

April 30, 2022

(Unaudited)


	NUDV			NUEM			NUDM			NULC		NULG			NULV		NUMG			NUMV		NUSC
Assets
Long-term investments, at value (cost $6,239,500, $172,355,860, $224,540,631, $23,820,006, $825,962,352, $1,343,953,995, $390,549,560, $299,547,534 and $1,067,327,890, respectively)⁽¹⁾	$	6,152,966		$	168,474,965		$	213,634,295		$	26,385,545	$	802,571,198		$	1,404,458,683	$	344,155,383		$	319,958,138	$	1,052,614,148
Investment purchased with collateral from securities lending, at value (cost approximates value)		—			132,345			—			—		—			3,286,668		8,194,547			—		6,516,677
Cash		24,660			244,255			531,865			40,598		4,108,572			25,892,167		390,336			396,236		2,278,566
Cash denominated in foreign currencies (cost $—, $49,448, $125,916, $—, $—, $—, $—, $— and $—, respectively)		—			49,552			126,159			—		—			—		—			—		—
Receivable for:
Dividends		8,650			174,823			968,129			30,321		206,965			2,461,418		4,743			378,409		232,855
Interest		—			374			7,299			—		—			—		—			—		63
Reclaims		104			609			330,060			540		11,755			11,527		—			4,633		—
Securities lending income		8			118			—			—		—			1,699		1,951			—		46,994
Shares sold		—			—			154			—		—			5,579,640		—			—		—
Other Assets		—			—			—			—		5,191			7,069		2,342			1,523		6,852
Total assets		6,186,388			169,077,041			215,597,961			26,457,004		806,903,681			1,441,698,871		352,749,302			320,738,939		1,061,696,155
Liabilities
Payable for:
Capital gains tax		—			223,438			—			—		—			—		—			—		—
Collateral from securities lending program		—			132,345			—			—		—			3,286,668		8,194,547			—		6,516,677
Investments purchased – regular settlement		—			—			—			—		2,677,688			30,959,006		—			—		—
Accrued expenses:
Management fees		1,375			49,054			54,769			4,796		184,066			302,408		94,639			85,062		282,610
Professional fees		20			569			718			80		2,373			4,563		1,028			1,074		3,348
Trustees fees		35			816			1,007			156		4,770			7,545		1,991			1,743		6,180
Other		—			833			733			—		5,191			7,067		1,614			337		6,176
Total liabilities		1,430			407,055			57,227			5,032		2,874,088			34,567,257		8,293,819			88,216		6,814,991
Net assets	$	6,184,958		$	168,669,986		$	215,540,734		$	26,451,972	$	804,029,593		$	1,407,131,614	$	344,455,483		$	320,650,723	$	1,054,881,164
Shares outstanding		250,000			5,900,000			7,900,000			750,000		15,000,000			39,050,000		9,000,000			9,450,000		28,900,000
Net asset value (“NAV”) per share	$	24.74		$	28.59		$	27.28		$	35.27	$	53.60		$	36.03	$	38.27		$	33.93	$	36.50
Net assets consist of:
Capital paid-in	$	6,254,190		$	185,895,434		$	228,441,312		$	23,088,679	$	812,463,640		$	1,311,198,179	$	384,954,189		$	288,651,343	$	981,952,687
Total distributable earnings		(69,232	)		(17,225,448	)		(12,900,578	)		3,363,293		(8,434,047	)		95,933,435		(40,498,706	)		31,999,380		72,928,477
Net assets	$	6,184,958		$	168,669,986		$	215,540,734		$	26,451,972	$	804,029,593		$	1,407,131,614	$	344,455,483		$	320,650,723	$	1,054,881,164
Authorized shares		Unlimited			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	$	0.01

(1)	Includes securities loaned of $135,608, $3,104,885, $7,744,081 and $5,719,307 for NUEM, NULV, NUMG and NUSC, respectively.

See accompanying notes to financial statements.

Statement of Operations

Six Months Ended April 30, 2022

(Unaudited)


	NUDV			NUEM			NUDM			NULC			NULG			NULV			NUMG			NUMV			NUSC

Investment Income

Investment Income	$	72,357		$	1,429,691		$	3,363,027		$	220,574		$	3,012,164		$	14,151,238		$	608,149		$	2,638,300		$	5,712,795

Securities lending income, net		9			288			—			—			3,185			1,699			5,724			631			184,984

Foreign tax withheld on dividend income		—			(169,553	)		(271,529	)		(40	)		—			(13,657	)		—			—			(9,365	)

Total investment income		72,366			1,260,426			3,091,498			220,534			3,015,349			14,139,280			613,873			2,638,931			5,888,414

Expenses

Management fees		7,046			250,935			268,663			29,017			1,110,449			1,620,195			555,917			450,954			1,666,918

Professional fees		46			1,248			1,571			245			7,495			11,005			3,154			2,553			9,341

Trustees fees		56			1,814			2,294			379			12,515			18,004			5,170			3,870			15,515

Other		—			688			—			—			—			—			—			—			—

Total expenses		7,148			254,685			272,528			29,641			1,130,459			1,649,204			564,241			457,377			1,691,774

Net investment income (loss)		65,218			1,005,741			2,818,970			190,893			1,884,890			12,490,076			49,632			2,181,554			4,196,640

Realized and Unrealized Gain (Loss)

Net realized gain (loss) from:

Investments and foreign currency		11,110			(7,434,467	)		(1,302,563	)		697,051			675,704			16,686,489			2,846,057			8,890,139			2,640,159

In-kind redemptions		—			—			—			—			13,828,185			10,615,686			3,105,178			1,697,878			12,518,776

Change in net unrealized appreciation (depreciation) of investments and foreign currency		(214,521	)		(16,171,249	)		(25,274,291	)		(5,024,804	)		(230,025,389	)		(101,289,630	)		(115,154,337	)		(31,827,996	)		(181,336,156	)

Net realized and unrealized gain (loss)		(203,411	)		(23,605,716	)		(26,576,854	)		(4,327,753	)		(215,521,500	)		(73,987,455	)		(109,203,102	)		(21,239,979	)		(166,177,221	)

Net increase (decrease) in net assets from operations	$	(138,193	)	$	(22,599,975	)	$	(23,757,884	)	$	(4,136,860	)	$	(213,636,610	)	$	(61,497,379	)	$	(109,153,470	)	$	(19,058,425	)	$	(161,980,581	)

See accompanying notes to financial statements.

Statement of Changes in Net Assets


	NUDV						NUEM
	Unaudited Six Months Ended 4/30/22			For the Period 9/27/21 (commencement of operations) through 10/31/21			Unaudited Six Months Ended 4/30/22			Year Ended 10/31/21

Operations

Net investment income (loss)	$	65,218		$	9,824		$	1,005,741		$	1,364,689

Net realized gain (loss) from:

Investments and foreign currency		11,110			(745	)		(7,434,467	)		4,176,730

In-kind redemptions		—			—			—			—

Change in net unrealized appreciation (depreciation) of investments and foreign currency		(214,521	)		127,987			(16,171,249	)		3,168,035

Net increase (decrease) in net assets from operations		(138,193	)		137,066			(22,599,975	)		8,709,454

Distributions to Shareholders

Dividends		(68,105	)		—			(3,002,760	)		(843,800	)

Decrease in net assets from distributions to shareholders		(68,105	)		—			(3,002,760	)		(843,800	)

Fund Share Transactions

Proceeds from shares sold		1,254,190			5,000,000			71,377,169			68,334,486

Cost of shares redeemed		—			—			—			—

Net increase (decrease) in net assets from Fund share transactions		1,254,190			5,000,000			71,377,169			68,334,486

Net increase (decrease) in net assets		1,047,892			5,137,066			45,774,434			76,200,140

Net assets at the beginning of period		5,137,066			—			122,895,552			46,695,412

Net assets at the end of period	$	6,184,958		$	5,137,066		$	168,669,986		$	122,895,552

See accompanying notes to financial statements.

Statement of Changes in Net Assets (continued)



	NUDM						NULC
	Unaudited Six Months Ended 4/30/22			Year Ended 10/31/21			Unaudited Six Months Ended 4/30/22			Year Ended 10/31/21

Operations

Net investment income (loss)	$	2,818,970		$	3,505,041		$	190,893		$	283,914

Net realized gain (loss) from:

Investments and foreign currency		(1,302,563	)		5,484,486			697,051			1,580,986

In-kind redemptions		—			—			—			—

Change in net unrealized appreciation (depreciation) of investments and foreign currency		(25,274,291	)		15,607,992			(5,024,804	)		6,333,223

Net increase (decrease) in net assets from operations		(23,757,884	)		24,597,519			(4,136,860	)		8,198,123

Distributions to Shareholders

Dividends		(7,207,380	)		(1,159,650	)		(1,900,650	)		(781,000	)

Decrease in net assets from distributions to shareholders		(7,207,380	)		(1,159,650	)		(1,900,650	)		(781,000	)

Fund Share Transactions

Proceeds from shares sold		85,003,087			84,544,985			2,154,555			5,838,745

Cost of shares redeemed		—			—			—			—

Net increase (decrease) in net assets from Fund share transactions		85,003,087			84,544,985			2,154,555			5,838,745

Net increase (decrease) in net assets		54,037,823			107,982,854			(3,882,955	)		13,255,868

Net assets at the beginning of period		161,502,911			53,520,057			30,334,927			17,079,059

Net assets at the end of period	$	215,540,734		$	161,502,911		$	26,451,972		$	30,334,927

See accompanying notes to financial statements.



	NULG						NULV
	Unaudited Six Months Ended 4/30/22			Year Ended 10/31/21			Unaudited Six Months Ended 4/30/22			Year Ended 10/31/21

Operations

Net investment income (loss)	$	1,884,890		$	705,723		$	12,490,076		$	18,945,374

Net realized gain (loss) from:

Investments and foreign currency		675,704			45,147,470			16,686,489			42,375,369

In-kind redemptions		13,828,185			33,580,463			10,615,686			16,717,581

Change in net unrealized appreciation (depreciation) of investments and foreign currency		(230,025,389	)		162,316,822			(101,289,630	)		170,642,340

Net increase (decrease) in net assets from operations		(213,636,610	)		241,750,478			(61,497,379	)		248,680,664

Distributions to Shareholders

Dividends		(47,021,850	)		(11,336,250	)		(56,331,080	)		(9,383,400	)

Decrease in net assets from distributions to shareholders		(47,021,850	)		(11,336,250	)		(56,331,080	)		(9,383,400	)

Fund Share Transactions

Proceeds from shares sold		159,796,105			462,008,315			390,656,530			466,092,655

Cost of shares redeemed		(37,983,900	)		(94,249,625	)		(42,309,320	)		(64,004,845	)

Net increase (decrease) in net assets from Fund share transactions		121,812,205			367,758,690			348,347,210			402,087,810

Net increase (decrease) in net assets		(138,846,255	)		598,172,918			230,518,751			641,385,074

Net assets at the beginning of period		942,875,848			344,702,930			1,176,612,863			535,227,789

Net assets at the end of period	$	804,029,593		$	942,875,848		$	1,407,131,614		$	1,176,612,863

See accompanying notes to financial statements.

Statement of Changes in Net Assets (continued)



	NUMG						NUMV
	Unaudited Six Months Ended 4/30/22			Year Ended 10/31/21			Unaudited Six Months Ended 4/30/22			Year Ended 10/31/21

Operations

Net investment income (loss)	$	49,632		$	(180,804	)	$	2,181,554		$	3,242,523

Net realized gain (loss) from:

Investments and foreign currency		2,846,057			47,003,207			8,890,139			20,277,055

In-kind redemptions		3,105,178			3,709,342			1,697,878			—

Change in net unrealized appreciation (depreciation) of investments and foreign currency		(115,154,337	)		40,699,813			(31,827,996	)		47,745,906

Net increase (decrease) in net assets from operations		(109,153,470	)		91,231,558			(19,058,425	)		71,265,484

Distributions to Shareholders

Dividends		(46,745,770	)		(9,360,450	)		(18,456,730	)		(2,019,540	)

Decrease in net assets from distributions to shareholders		(46,745,770	)		(9,360,450	)		(18,456,730	)		(2,019,540	)

Fund Share Transactions

Proceeds from shares sold		118,049,045			135,917,590			86,716,875			88,264,440

Cost of shares redeemed		(18,571,040	)		(10,127,755	)		(5,302,305	)		—

Net increase (decrease) in net assets from Fund share transactions		99,478,005			125,789,835			81,414,570			88,264,440

Net increase (decrease) in net assets		(56,421,235	)		207,660,943			43,899,415			157,510,384

Net assets at the beginning of period		400,876,718			193,215,775			276,751,308			119,240,924

Net assets at the end of period	$	344,455,483		$	400,876,718		$	320,650,723		$	276,751,308

See accompanying notes to financial statements.



	NUSC
	Unaudited Six Months Ended 4/30/22			Year Ended 10/31/21

Operations

Net investment income (loss)	$	4,196,640		$	6,840,586

Net realized gain (loss) from:

Investments and foreign currency		2,640,159			71,288,449

In-kind redemptions		12,518,776			1,716,397

Change in net unrealized appreciation (depreciation) of investments and foreign currency		(181,336,156	)		134,772,548

Net increase (decrease) in net assets from operations		(161,980,581	)		214,617,980

Distributions to Shareholders

Dividends		(77,261,695	)		(2,657,985	)

Decrease in net assets from distributions to shareholders		(77,261,695	)		(2,657,985	)

Fund Share Transactions

Proceeds from shares sold		220,552,760			528,600,519

Cost of shares redeemed		(32,794,945	)		(3,828,860	)

Net increase (decrease) in net assets from Fund share transactions		187,757,815			524,771,659

Net increase (decrease) in net assets		(51,484,461	)		736,731,654

Net assets at the beginning of period		1,106,365,625			369,633,971

Net assets at the end of period	$	1,054,881,164		$	1,106,365,625

See accompanying notes to financial statements.

Financial Highlights

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

NUDV

2022(d)	$	25.69	$	0.30	$	(0.95	)	$	(0.65	)	$	(0.30	)	$	—		$	(0.30	)	$	24.74	$	24.72

2021(e)		25.00		0.05		0.64			0.69			—			—			—			25.69		25.71

NUEM

2022(d)		34.14		0.22		(4.98	)		(4.76	)		(0.38	)		(0.41	)		(0.79	)		28.59		28.30

2021		29.18		0.52		4.86			5.38			(0.42	)		—			(0.42	)		34.14		34.15

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(f)		24.95		0.20		2.54			2.74			—			—			—			27.69		28.05

NUDM

2022(d)		32.30		0.47		(4.16	)		(3.69	)		(0.88	)		(0.45	)		(1.33	)		27.28		27.04

2021		24.33		0.98		7.42			8.40			(0.43	)		—			(0.43	)		32.30		32.53

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(f)		24.88		0.17		1.34			1.51			—			—			—			26.39		26.57

NULC

2022(d)		43.34		0.26		(5.79	)		(5.53	)		(0.43	)		(2.11	)		(2.54	)		35.27		35.24

2021		31.05		0.46		13.25			13.71			(0.48	)		(0.94	)		(1.42	)		43.34		43.39

2020		28.01		0.53		2.74			3.27			(0.21	)		(0.02	)		(0.23	)		31.05		30.95

2019(g)		24.96		0.19		2.86			3.05			—			—			—			28.01		27.99

NULG

2022(d)		71.98		0.13		(15.03	)		(14.90	)		(0.14	)		(3.34	)		(3.48	)		53.60		53.63

2021		49.60		0.07		23.82			23.89			(0.11	)		(1.40	)		(1.51	)		71.98		72.01

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(h)		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)



	(2.56	)%		(2.73	)%	$	6,185		0.25	%*		2.31	%*		38	%

	2.74			2.85			5,137		0.25	*		2.04	*		0



	(14.19	)		(15.09	)		168,670		0.35	*		1.40	*		32

	18.45			17.77			122,896		0.44			1.49			61

	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



	(11.92	)		(13.26	)		215,541		0.30	*		3.15	*		31

	34.83			34.73			161,503		0.39			3.16			64

	(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



	(13.48	)		(13.66	)		26,452		0.20	*		1.32	*		26

	45.28			45.91			30,335		0.20			1.20			49

	11.71			11.43			17,079		0.20			1.81			61

	12.22			12.14			8,403		0.20	*		1.75	*		9



	(21.61	)		(21.61	)		804,030		0.25	*		0.42	*		41

	49.04			49.29			942,876		0.34			0.11			66

	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, 2022.

(e)

For the period September 27, 2021 (commencement of operations) through October 31, 2021.

(f)

For the period June 6, 2017 (commencement of operations) through October 31, 2017.

(g)

For the period June 3, 2019 (commencement of operations) through October 31, 2019.

(h)

For the period December 13, 2016 (commencement of operations) through October 31, 2017.

Annualized.

See accompanying notes to financial statements.

Financial Highlights (Unaudited) (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

2022(d)	$	39.42	$	0.37			$	(2.00	)	$	(1.63	)	$	(0.63	)	$	(1.13	)	$	(1.76	)	$	36.03	$	36.03

2021		28.62		0.77				10.50			11.27			(0.47	)		—			(0.47	)		39.42		39.44

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

2022(d)		57.68		0.01				(13.15	)		(13.14	)		(0.01	)		(6.26	)		(6.27	)		38.27		38.30

2021		42.94		(0.03	)			16.66			16.63			(0.02	)		(1.87	)		(1.89	)		57.68		57.71

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

2022(d)		38.44		0.27				1.49			1.76			(0.01	)		(6.26	)		(6.27	)		33.93		33.91

2021		25.64		0.54				12.68			13.22			(0.42	)		—			(0.42	)		38.44		38.50

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

2022(d)		45.25		0.15				(2.63	)		(2.48	)		(0.01	)		(6.26	)		(6.27	)		36.50		36.53

2021		30.68		0.36				14.41			14.77			(0.20	)		—			(0.20	)		45.25		45.27

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 Returns								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)



	(4.38	)%		(4.44	)%	$	1,407,132		0.25	%*		1.93	%*		30	%

	39.68			39.63			1,176,613		0.34			2.13			59

	(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



	(24.87	)		(24.87	)		344,455		0.30	*		0.03	*		43

	39.51			39.92			400,877		0.39			(0.06	)		83

	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



	(5.75	)		(5.96	)		320,651		0.30	*		1.45	*		42

	51.97			52.06			276,751		0.39			1.57			67

	(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



	(13.40	)		(13.38	)		1,054,881		0.30	*		0.76	*		11

	48.28			48.03			1,106,366		0.39			0.85			60

	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)

(c)

(d)

Unaudited. For the six months ended April 30, 2022.

(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 Dividend ETF (NUDV), 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”).

Current Fiscal Period

The end of the reporting period for the Funds is April 30, 2022 and the period covered by these Notes to Financial Statements is the six months ended April 30, 2022 (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 Net Asset Value (“NAV”) for financial reporting purposes may differ from the NAV for processing security and creation unit transactions. The NAV for financial reporting purposes includes security and creation unit transactions through the date of the report. Total return is computed based on the NAV used for processing security and creation unit transactions. The following is a summary of the significant accounting policies consistently followed by the Funds.

Compensation

The Trust pays no compensation directly to those of its trustees 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 and Translation

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:
Hong Kong	$	51,992,026		30.8	%
Taiwan		27,400,468		16.2
India		22,314,505		13.2
South Korea		20,087,082		11.9
Brazil		8,857,919		5.3
Saudi Arabia		8,325,365		4.9
South Africa		5,770,611		3.4
Mexico		3,894,032		2.3
Indonesia		3,787,052		2.2
Thailand		3,185,755		1.9
Other		12,860,150		7.8
Total non-U.S. securities	$	168,474,965		99.9	%


NUDM	Value		% of Net Assets
Country:
Japan	$	47,686,112		22.1	%
United Kingdom		33,636,039		15.6
France		21,871,902		10.1
Switzerland		21,813,992		10.1
Australia		17,637,904		8.2
Germany		17,591,097		8.2
Netherlands		8,286,548		3.8
Hong Kong		6,860,723		3.2
Sweden		5,301,180		2.5
Denmark		4,823,658		2.2
Other		28,125,140		13.1
Total non-U.S. securities	$	213,634,295		99.1	%

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.

Investments and Investment Income

Notes to Financial Statements (Unaudited) (continued)

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 quotations are not readily available. The SEC also adopted new Rule 31 a-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 became 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. lf 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 a pricing service approved by the Board. The pricing service establishes a security’s fair value using methods that may include consideration of tile 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 tile market value of the Funds’ investments as of the end of the reporting period, based on the inputs used to value them:


NUDV	Level 1		Level 2			Level 3			Total
Long-Term Investments*:
Common Stock	$	6,152,966	$	—		$	—		$	6,152,966

NUEM	Level 1		Level 2			Level 3			Total
Long-Term Investments*:
Common Stocks	$	165,288,304	$	3,185,756	**	$	582	***	$	168,474,642
Corporate Bonds		—		323			—			323
Investments Purchased with Collateral from Securities Lending		132,345		—			—			132,345
Total	$	165,420,649	$	3,186,079		$	582		$	168,607,310

NUDM	Level 1		Level 2			Level 3			Total
Long-Term Investments*:
Common Stock	$	213,634,290	$	—		$	5	***	$	213,634,295

NULC	Level 1		Level 2			Level 3			Total
Long-Term Investments*:
Common Stock	$	26,385,545	$	—		$	—		$	26,385,545

NULG	Level 1		Level 2			Level 3			Total
Long-Term Investments*:
Common Stock	$	802,571,198	$	—		$	—		$	802,571,198

NULV	Level 1		Level 2			Level 3			Total
Long-Term Investments*:
Common Stock	$	1,404,458,683	$	—		$	—		$	1,404,458,683
Investments Purchased with Collateral from Securities Lending		3,286,668		—			—			3,286,668
Total	$	1,407,745,351	$	—		$	—		$	1,407,745,351

NUMG	Level 1		Level 2			Level 3			Total
Long-Term Investments*:
Common Stock	$	344,155,383	$	—		$	—		$	344,155,383
Investments Purchased with Collateral from Securities Lending		8,194,547		—			—			8,194,547
Total	$	352,349,930	$	—		$	—		$	352,349,930

NUMV	Level 1		Level 2			Level 3			Total
Long-Term Investments*:
Common Stock	$	319,958,138	$	—		$	—		$	319,958,138

NUSC	Level 1		Level 2			Level 3			Total
Long-Term Investments*:
Common Stocks	$	1,052,564,860	$	40,567	**	$	8,721	***	$	1,052,614,148
Investments Purchased with Collateral from Securities Lending		6,516,677		—			—			6,516,677
Total	$	1,059,081,537	$	40,567	**	$	8,721		$	1,059,130,825

*	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.

Notes to Financial Statements (Unaudited) (continued)

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
NUEM	Common Stocks	$	135,608	$	132,345
NULV	Common Stocks	$	3,104,885	$	3,286,668
NUMG	Common Stocks	$	7,744,081	$	8,194,547
NUSC	Common Stocks	$	5,719,307	$	6,516,677

Investment Transactions

Long-term purchases and sales (excluding in-kind transactions) during the current fiscal period were as follows:


	NUDV		NUEM		NUDM		NULC		NULG
Purchases	$	2,142,135	$	103,358,728	$	56,247,581	$	7,453,614	$	367,364,234
Sales		2,153,681		45,373,366		58,278,030		9,144,147		412,973,041


	NULV		NUMG		NUMV		NUSC
Purchases	$	389,054,173	$	159,215,258	$	125,051,179	$	381,385,894
Sales		431,292,769		205,746,466		205,746,466		205,746,466

In-kind transactions during the current fiscal period were as follows:


	NUDV		NUEM		NUDM		NULC		NULG
In-kind purchases	$	1,250,103	$	10,823,086	$	81,192,410	$	2,150,283	$	159,679,409
In-kind sales		—		—		—		—		37,933,079


	NULV		NUMG		NUMV		NUSC
In-kind purchases	$	389,435,215	$	117,856,178	$	86,502,193	$	219,981,637
In-kind sales		42,213,837		18,534,362		5,293,244		32,681,619

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.

100

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 predetermined 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:


	NUDV								NUEM
	Six Months Ended 4/30/22				For the Period 9/27/21 (commencement of operations) through 10/31/21				Six Months Ended 4/30/22				Year Ended 10/31/21
	Shares		Amount		Shares		Amount		Shares		Amount		Shares		Amount
Shares sold		50,000	$	1,254,190		200,000	$	5,000,000		2,300,000	$	71,377,169		2,000,000	$	68,334,486
Shares redeemed		—		—		—		—		—		—		—		—
Net increase (decrease)		50,000	$	1,254,190		200,000	$	5,000,000		2,300,000	$	71,377,169		2,000,000	$	68,334,486

	NUDM								NULC
	Six Months Ended 4/30/22				Year Ended 10/31/21				Six Months Ended 4/30/22				Year Ended 10/31/21
	Shares		Amount		Shares		Amount		Shares		Amount		Shares		Amount
Shares sold		2,900,000	$	85,003,087		2,800,000	$	84,544,985		50,000	$	2,154,555		150,000	$	5,838,745
Shares redeemed		—		—		—		—		—		—		—		—
Net increase (decrease)		2,900,000	$	85,003,087		2,800,000	$	84,544,985		50,000	$	2,154,555		150,000	$	5,838,745

101

Notes to Financial Statements (Unaudited) (continued)


	NULG												NULV
	Six Months Ended 4/30/22						Year Ended 10/31/21						Six Months Ended 4/30/22						Year Ended 10/31/21
	Shares			Amount			Shares			Amount			Shares			Amount			Shares			Amount
Shares sold		2,450,000		$	159,796,105			7,600,000		$	462,008,315			10,300,000		$	390,656,530			12,950,000		$	466,092,655
Shares redeemed		(550,000	)		(37,983,900	)		(1,450,000	)		(94,249,625	)		(1,100,000	)		(42,309,320	)		(1,800,000	)		(64,004,845	)
Net increase (decrease)		1,900,000		$	121,812,205			6,150,000		$	367,758,690			9,200,000		$	348,347,210			11,150,000		$	402,087,810

	NUMG												NUMV
	Six Months Ended 4/30/22						Year Ended 10/31/21						Six Months Ended 4/30/22						Year Ended 10/31/21
	Shares			Amount			Shares			Amount			Shares			Amount			Shares			Amount
Shares sold		2,500,000		$	118,049,045			2,650,000		$	135,917,590			2,400,000		$	86,716,875			2,550,000		$	88,264,440
Shares redeemed		(450,000	)		(18,571,040	)		(200,000	)		(10,127,755	)		(150,000	)		(5,302,305	)		—			—
Net increase (decrease)		2,050,000		$	99,478,005			2,450,000		$	125,789,835			2,250,000		$	81,414,570			2,550,000		$	88,264,440

													NUSC
													Six Months Ended 4/30/22						Year Ended 10/31/21
													Shares			Amount			Shares			Amount
Shares sold														5,250,000		$	220,552,760			12,500,000		$	528,600,519
Shares redeemed														(800,000	)		(32,794,945	)		(100,000	)		(3,828,860	)
Net increase (decrease)														4,450,000		$	187,757,815			12,400,000		$	524,771,659

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 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.

Each Fund files income tax returns in U.S. federal and applicable state and local jurisdictions. A Fund’s federal income tax returns are generally subject to examination for a period of three fiscal years after being filed. State and local tax returns may be subject to examination for an additional period of time depending on the jurisdiction. Management has analyzed each Fund’s tax positions taken for all open tax years and has concluded that no provision for income tax is required in the Fund’s financial statements.

As of the end of the reporting period, the aggregate cost and the net unrealized appreciation/(depreciation) of all investments for federal income tax purposes was as follows:


Fund	Tax Cost		Gross Unrealized Appreciation		Gross Unrealized (Depreciation)			Net Unrealized Appreciation (Depreciation)
NUDV	$	6,240,103	$	389,218	$	(476,355	)	$	(87,137	)
NUEM		174,210,817		10,214,366		(15,817,873	)		(5,603,507	)
NUDM		225,362,266		7,723,538		(19,451,509	)		(11,727,971	)
NULC		23,832,721		4,579,878		(2,027,054	)		2,552,824
NULG		826,082,388		69,365,634		(92,876,824	)		(23,511,190	)
NULV		1,347,685,037		140,947,507		(80,887,193	)		60,060,314
NUMG		398,767,261		13,428,026		(59,845,357	)		(46,417,331	)
NUMV		299,733,612		36,112,163		(15,887,637	)		20,224,526
NUSC		1,075,314,419		106,030,425		(122,214,019	)		(16,183,594	)

For purposes of this disclosure, tax cost generally includes the cost of portfolio investments as well as up-front fees or premiums exchanged on derivatives and any amounts unrealized for income statement reporting but realized income and/or capital gains for tax reporting, if applicable.

102

As of prior fiscal period end, the components of accumulated earnings on a tax basis were as follows:


Fund	Undistributed Ordinary Income		Undistributed Long-Term Capital Gains		Unrealized Appreciation (Depreciation)		Capital Loss Carryforwards			Late-Year Loss Deferrals		Other Book-to-Tax Differences			Total
NUDV	$	10,326	$	—	$	127,384	$	(644	)	$	—	$	—		$	137,066
NUEM		2,482,138		170,242		10,567,843		(4,493,889	)		—		(349,047	)		8,377,287
NUDM		6,345,262		—		13,491,419		(1,771,995	)		—		—			18,064,686
NULC		1,359,952		462,853		7,577,998		—			—		—			9,400,803
NULG		34,262,025		11,448,189		206,514,199		—			—		—			252,224,413
NULV		49,974,289		2,408,851		161,378,754		—			—		—			213,716,894
NUMG		31,768,184		14,895,344		68,737,006		—			—		—			115,400,534
NUMV		14,280,102		3,151,794		52,082,639		—			—		—			69,514,535
NUSC		54,974,733		19,060,527		165,515,631		—			—		—			239,550,891

As of prior fiscal period end, the Funds had capital loss carryforwards, which will not expire:


Fund	Short-Term		Long-Term		Total
NUDV	$	644	$	—	$	644
NUEM		2,376,818		2,117,071		4,493,889
NUDM		533,409		1,238,586		1,771,995
NULC		—		—		—
NULG		—		—		—
NULV		—		—		—
NUMG		—		—		—
NUMV		—		—		—
NUSC		—		—		—

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
NUDV		0.25	%
NUEM		0.35
NUDM		0.30
NULC		0.20
NULG		0.25
NULV		0.25
NUMG		0.30
NUMV		0.30
NUSC		0.30

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 current market price (as provided by an independent pricing service) without incurring broker commissions.

103

Notes to Financial Statements (continued)

During the current fiscal period, the following Funds engaged in cross-trades pursuant to these procedures as follows:


Cross-Trades	NULG		NULV		NUMV		NUSC
Purchases	$	1,220,221	$	349,608	$	244,269	$	617,559
Sales		—		—		—		—
Realized gain (loss)		—		—		—		—

As of the end of the reporting period, the percentage of Funds shares owned by TIAA are as follows:


	NULC
TIAA owned shares		26%

104

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).

	NUDV		NUEM		NUDM

Year Ended April 30, 2022	Number of Days	% of Total Days	Number of Days	% of Total Days	Number of Days	% of Total Days
Premium/Discount Range:
Greater than 3.00%	—	—	1	0.8%	—	—
1.01% to 3.00%	—	—	34	27.2%	8	6.4%
0.51% to 1.00%	—	—	31	24.8%	39	31.2%
0.26% to 0.50%	—	—	14	11.2%	22	17.6%
0.00% to 0.25%	89	71.2%	16	12.8%	15	12.0%
(0.01)% to (0.25)%	35	28.0%	6	4.8%	15	12.0%
(0.26)% to (0.50)%	1	0.8%	11	8.8%	6	4.8%
(0.51)% to (1.00)%	—	—	7	5.6%	16	12.8%
(1.01)% to (3.00)%	—	—	5	4.0%	4	3.2%
	125	100%	125	100%	125	100%

	NULC		NULG		NULV

Year Ended April 30, 2022	Number of Days	% of Total Days	Number of Days	% of Total Days	Number of Days	% of Total Days
Premium/Discount Range:
1.01% to 3.00%	1	0.8%	—	—	—	—
0.00% to 0.25%	109	87.2%	95	76.0%	108	86.4%
(0.01)% to (0.25)%	15	12.0%	30	24.0%	17	13.6%
	125	100%	125	100%	125	100%

	NUMG		NUMV		NUSC

Year Ended April 30, 2022	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%	105	84.0%	113	90.4%	97	77.6%
(0.01)% to (0.25)%	19	15.2%	12	9.6%	28	22.4%
	125	100%	125	100%	125	100%

105

Additional Fund Information (Unaudited) (continued)

Portfolio of Investments Information: Each Fund is required to file its complete schedule of portfolio holdings with the Securities and Exchange Commission (SEC) for the first and third quarters of each fiscal year as an exhibit to its report on Form N-PORT. You may obtain this information on the SEC’s website at http://www.sec.gov.

Nuveen Funds’ Proxy Voting Information: You may obtain (i) information regarding how each Fund voted proxies relating to portfolio securities held during the most recent twelve-month period ended June 30, without charge, upon request by calling Nuveen toll-free at (800) 257-8787 or Nuveen’s website at www.nuveen.com and (ii) a description of the policies and procedures that each Fund used to determine how to vote proxies relating to portfolio securities without charge, upon request, by calling Nuveen toll-free at (800) 257-8787. You may also obtain this information directly from the SEC. Visit the SEC on-line at http://www.sec.gov.

FINRA BrokerCheck: The Financial Industry Regulatory Authority (FINRA) provides information regarding the disciplinary history of FINRA member firms and associated investment professionals. This information as well as an investor brochure describing FINRA BrokerCheck is available to the public by calling the FINRA BrokerCheck Hotline number at (800) 289-9999 or by visiting www.FINRA.org.

106

Glossary of Terms Used in this Report

(Unaudited)

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 (Europe, Australasia, Far East) Index (Net): An index designed to measure the performance of large and midcap securities across 21 of 23 developed market countries, excluding the U.S. and Canada. Index returns assume reinvestment of distributions, but do not reflect any applicable sales charges or management fees.

MSCI Emerging Markets Index: An index designed to measure the performance of large and mid-cap equity securities across 25 emerging market countries. 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 over 600 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 U.S. equity securities that exhibit overall growth style characteristics based on five variables: 1) long-term forward earnings per share (EPS) growth rate, 2) short-term forward EPS growth rate, 3) current internal growth rate, 4) long-term historical EPS growth trend and 5) long-term historical sales per share growth trend. 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 U.S. equity securities that exhibit overall growth style characteristics based on five variables: 1) long-term forward earnings per share (EPS) growth rate, 2) short-term forward EPS growth rate, 3) current internal growth rate, 4) long-term historical EPS growth trend, and 5) long-term historical sales per share growth trend. 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. equity securities that exhibit overall value style characteristics based on three variables: 1) book value to price, 2) twelve-month forward earnings to price, and 3) dividend yield. 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. 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. equity securities that exhibit overall value style characteristics based on three variables: 1) book value to price, 2) twelve-month forward earnings to price, and 3) dividend yield. 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.

107

Glossary of Terms Used in this Report (Unaudited) (continued)

TIAA ESG Emerging Markets Equity Index: A custom index that is based on the MSCI Emerging Markets Index (Net) (defined herein), its Base Index, and uses a rules-based methodology that aims to increase the Base Index’s exposure to positive environmental, social and governance (ESG) factors as well as exhibit lower carbon exposure than the Base Index. Index returns assume reinvestment of distributions, but do not include the effects of any applicable sales charges or management fees.

TIAA ESG USA High Dividend Yield Index: A custom index that is based on the MSCI USA Index (defined herein), its Base Index, and uses a rules-based methodology that aims to represent the performance of a set of securities with high dividend income and quality characteristics while maximizing the exposure to positive environmental, social and governance (ESG) factors as well as exhibit lower carbon exposure than the Base Index. Index returns assume reinvestment of distributions, but do not reflect any applicable sales charges or management fees.

TIAA ESG International Developed Markets Equity Index: A custom index that is based on the MSCI EAFE Index (Net) (defined herein), its Base Index, and uses a rules-based methodology that aims to increase the Base Index’s exposure to positive environmental, social and governance (ESG) factors as well as exhibit lower carbon exposure than the Base Index. 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 based on the MSCI USA Index (defined herein), its Base Index, and uses a rules-based methodology that aims to increase the Base Index’s exposure to positive environmental, social and governance (ESG) factors as well as exhibit lower carbon exposure than the Base Index. Index returns assume reinvestment of distributions, but do not reflect any applicable sales charges or management fees.

TIAA ESG USA Large-Cap Growth Index: A custom index based on the MSCI USA Growth Index (defined herein), its Base Index, and uses a rules based methodology that aims to increase the Base Index’s exposure to positive environmental, social and governance (ESG) factors as well as exhibit lower carbon exposure than the Base Index. Index returns assume reinvestment of distributions, but do not reflect any applicable sales charges or management fees.

TIAA ESG USA Large-Cap Value Index: A custom index based on the MSCI USA Value Index (defined herein), its Base Index, and uses a rules-based methodology that aims to increase the Base Index’s exposure to positive environmental, social and governance (ESG) factors as well as exhibit lower carbon exposure than the Base Index. Index returns assume reinvestment of distributions, but do not reflect any applicable sales charges or management fees.

TIAA ESG USA Mid-Cap Growth Index: A custom index based on the MSCI USA Mid-Cap Growth Index (defined herein), its Base Index, and uses a rules-based methodology that aims to increase the Base Index’s exposure to positive environmental, social and governance (ESG) factors as well as exhibit lower carbon exposure than the Base Index. Index returns assume reinvestment of distributions, but do not reflect any applicable sales charges or management fees.

TIAA ESG USA Mid-Cap Value Index: A custom index based on the MSCI USA Mid-Cap Value Index (defined herein), its Base Index, and uses a rules-based methodology that aims to increase the Base Index’s exposure to positive environmental, social and governance (ESG) factors as well as exhibit lower carbon exposure than the Base Index. Index returns assume reinvestment of distributions, but do not reflect any applicable sales charges or management fees.

TIAA ESG USA Small-Cap Index: A custom index based on the MSCI USA Small-Cap Index (defined herein), its Base Index, and uses a rules based methodology that aims to increase the Base Index’s exposure to positive environmental, social and governance (ESG) factors as well as exhibit lower carbon exposure than the Base Index. Index returns assume reinvestment of distributions, but do not reflect any applicable sales charges or management fees.

108

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 the “Funds”) has adopted and implemented a liquidity risk management program (the “Program”), which is designed to manage the Fund’s liquidity risk. The Program consists of various protocols for assessing and managing each Fund’s liquidity risk. The Funds’ Board of Trustees previously designated Nuveen Fund Advisors, LLC, the Funds’ investment adviser, as the Administrator of the Program. The adviser’s Liquidity Monitoring and Analysis Team (“LMAT”) carries out day-to-day Program management with oversight by the adviser’s Liquidity Oversight Sub-Committee (the LOSC”). The LOSC is composed of personnel from the adviser and Teachers Advisors, LLC, an affiliate of the adviser.

At a May 23-25, 2022 meeting of the Board, the Administrator provided the Board with a written report addressing the Program’s operation, adequacy and effectiveness of implementation for calendar year 2021 (the “Review Period”), as required under the Liquidity Rule. The report noted that the Program has been and continues to be adequately and effectively implemented to monitor and (as applicable) respond to each Fund’s liquidity developments.

In accordance with the Program, the LMAT assesses each Fund’s liquidity risk no less frequently than annually based on various factors, such as (1) the Fund’s investment strategy and the liquidity of portfolio investments, (ii) cash flow projections, and (ii) holdings of cash and cash equivalents, borrowing arrangements, and other funding sources. Certain factors are considered under both normal and reasonably foreseeable stressed conditions.

Each Fund portfolio investment is classified into one of four liquidity categories (including the most liquid, “Highly Liquid”, and the least liquid, “lliquid”, discussed below), The classification is based on a determination of how long it is reasonably expected to take to convert the investment into cash, or sell or dispose of the investment, in current market conditions without significantly changing the market value of the investment Liquidity classification determinations take into account various market, trading, and investment-specific considerations, as well as market depth, and use third- party vendor data.

Any Fund that does not primarily hold highly liquid investments must, among other things, determine a minimum percentage of Fund assets that must be invested in highly liquid investments (a “Highly Liquid Investment Minimum”). During the Review Period, each Fund primarily held Highly Liquid investments and therefore was exempt from the requirement to adopt a Highly Liquid Investment Minimum and to comply with the related requirements under the Liquidity Rule.

The Liquidity Rule also limits a Fund’s investments in Illiquid investments. Specifically, the Liquidity Rule prohibits a Fund from acquiring Illiquid investments if doing so would result in the Fund holding more than 15% of its net assets in illiquid investments, and requires certain reporting to the Fund Board and the Securities and Exchange Commission any time a Fund’s holdings of Illiquid investments exceeds 15% of net assets. During the Review Period, no Fund exceeded the 15% limit on Illiquid investments.

109

Notes

110

Notes

111

LOGO

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-0422D 2216958-INV-B-06/23

LOGO

Exchange-Traded

Funds

30 April

2022

Nuveen Exchange-Traded Funds


Fund Name	Listing Exchange	Ticker Symbol
Nuveen Dividend Growth ETF	NYSE Arca	NDVG
Nuveen Growth Opportunities ETF	NYSE Arca	NUGO
Nuveen Small Cap Select ETF	NYSE Arca	NSCS
Nuveen Winslow Large-Cap Growth ESG ETF	NYSE Arca	NWLG

Semiannual Report

Life is Complex.

Nuveen makes things e-simple.

Free e-Reports right to your e-mail!

www.investordelivery.com

If you receive your Nuveen Fund distributions and statements from your financial professional or brokerage account.

www.nuveen.com/client-access

If you receive your Nuveen Fund distributions and statements directly from Nuveen.

Must be preceded or accompanied by a prospectus.

NOT FDIC INSURED MAY LOSE VALUE NO BANK GUARANTEE

LOGO

Table

of Contents


Chair’s Letter to Shareholders			4

Important Notices			5

Risk Considerations			6

Fund Performance, Expense Ratios and Holdings Summaries			7

Expense Examples			16

Portfolios of Investments			18

Statement of Assets and Liabilities			29

Statement of Operations			30

Statement of Changes in Net Assets			31

Financial Highlights			32

Notes to Financial Statements			34

Additional Fund Information			40

Glossary of Terms Used in this Report			41

Liquidity Risk Management Program			42

Chair’s Letter to Shareholders

LOGO

Dear Shareholders,

On behalf of the other members of the Nuveen Fund Board, I look forward to continuing to earn your trust in the months and years ahead.

Sincerely,

LOGO

Terence J. Toth

Chair of the Board

June 22, 2022

Important Notices

For Shareholders of

Nuveen Dividend Growth ETF (NDVG)

Nuveen Growth Opportunities ETF (NUGO)

Nuveen Small Cap Select ETF (NSCS)

Nuveen Winslow Large-Cap Growth ESG ETF (NWLG)

Portfolio Manager Commentaries in Semiannual Reports

The Funds include portfolio manager commentary in their annual shareholder reports. For the Funds’ most recent annual portfolio manager discussion, please refer to the Portfolio Managers’ Comments section of each Fund’s October 31, 2021 annual shareholder report.

For current information on your Fund’s investment objectives, portfolio management team and average annual total returns please refer to the Fund’s website at www.nuveen.com.

For changes that occurred to your Fund both during and subsequent to this reporting period, please refer to the Notes to Financial Statements section of this report.

For average annual total returns as of the end of this reporting period, please refer to the Performance Overview and Holding Summaries section within this report.

Additional Market Disruption Risk

In late February 2022, Russia launched a large scale military attack on Ukraine. The invasion significantly amplified already existing geopolitical tensions among Russia, Ukraine, Europe, NATO and other western nations, including the U.S. In response to the military action by Russia, various countries, including the U.S., the United Kingdom, and European Union issued broad-ranging economic sanctions against Russia. Such sanctions included, among other things, a prohibition on doing business with certain Russian companies, large financial institutions, officials and oligarchs; a commitment by certain countries and the European Union to remove selected Russian banks from the Society for Worldwide Interbank Financial Telecommunications (“SWIFT”), the electronic banking network that connects banks globally; and restrictive measures to prevent the Russian Central Bank from undermining the impact of the sanctions. Additional sanctions may be imposed in the future. Such sanctions may adversely impact, among other things, the Russian economy and various sectors of the global economy, including but not limited to, the financials, energy, metals and mining, engineering and defense sectors. The sanctions and any related boycotts, tariffs, and financial restrictions imposed on Russia’s government, companies and certain individuals may cause a decline in the value and liquidity of Russian securities; weaken the value of the ruble; downgrade the country’s credit rating; freeze Russian securities and/or funds invested in prohibited assets and impair the ability to trade in Russian securities and/or other assets; and have other adverse consequences on the Russian government, economy, companies and region. Further, several large corporations and U.S. states have announced plans to divest interests or otherwise curtail business dealings with certain Russian businesses.

Risk Considerations

Nuveen Dividend Growth ETF (NDVG)

Investing involves risk; principal loss is possible. There is no guarantee the Fund’s investment objectives will be achieved. Dividendpaying stocks, such as those held by the Fund, are subject to market risk, concentration or sector risk, preferred security risk, and common stock risk. Smaller company stocks are subject to greater volatility. Foreign investments involve additional risks including currency fluctuations, political and economic instability, and lack of liquidity. These and other risk considerations are described in detail in the Fund’s prospectus.

Nuveen Growth Opportunities ETF (NUGO)

Investing involves risk; principal loss is possible. There is no guarantee the Fund’s investment objectives will be achieved. Large companies are more mature and may grow more slowly than the overall market. Growth stocks tend to be more volatile than other equities and can experience sharp price declines. Non-U.S. investments involve risks such as currency fluctuation, political and economic instability, lack of liquidity and differing legal and accounting standards. These and other risk considerations, such as active management, issuer, mid-cap, and style risks of growth investing, are described in detail in the Fund’s prospectus.

Nuveen Small Cap Select ETF (NSCS)

Investing involves risk; principal loss is possible. There is no guarantee the Fund’s investment objectives will be achieved. Investments in smaller companies are subject to greater volatility than those of larger companies. 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. These and other risk considerations, such as derivatives and growth stock risks, are described in the Fund’s prospectus.

Nuveen Winslow Large-Cap Growth ESG ETF (NWLG)

Investing involves risk; principal loss is possible. There is no guarantee the Fund’s investment objectives will be achieved. Because the Fund’s Environmental Social Governance (ESG) investment strategy may exclude securities of certain issuers for non-financial reasons, the Fund may forgo some market opportunities available to funds that don’t use an ESG investment strategy. Prices of equity securities may decline significantly over short or extended periods of time. Growth stocks tend to be more volatile than certain other types of stocks and their prices usually fluctuate more dramatically than the overall stock market. Non-U.S. investments involve risks such as currency fluctuation, political and economic instability, lack of liquidity and differing legal and accounting standards. These and other risk considerations, such as active management and growth stock risks, are described in detail in the Fund’s prospectus.

Fund Performance, Expense Ratios and Holdings Summaries

The Fund Performance, Expense Ratios and Holdings Summaries for each Fund are shown within this section of the report.

Fund Performance

Returns quoted for the Funds 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.

Returns quoted for the Funds reflect management fees and other expenses such as transaction costs incurred by the Funds during the reporting period while the Indexes are unmanaged and therefore returns do not reflect any such fees and expenses. The Funds employ a representative sampling process that utilizes a sub-set of Index securities in an effort to provide exposure similar to that of the Indexes, which can lead the Funds to be overweight and underweight (and, in some cases, not invested at all in) certain securities as compared to the Indexes. This process can create tracking error relative to the Indexes.

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.

The returns quoted for the Funds 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, but do not reflect expected transaction costs. Refer to the Financial Highlights later in this report for each Fund’s expense ratios as of the end of the reporting period.

Holdings Summaries

The Holdings Summaries 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. Refer to the Fund’s Portfolio of Investments for individual security information.

Fund Performance, Expense Ratios and Holdings Summaries (continued)

Nuveen Dividend Growth ETF (NDVG)

Fund Performance and Expense Ratio*


			Total Returns as of April 30, 2022
			Cumulative			Average Annual
	Inception Date		6-Month			Since Inception			Expense Ratios
NDVG at NAV		8/04/21		(3.87	)%		0.71	%		0.64%
NDVG at Market Price		8/04/21		(4.04	)%		0.58	%		—
S&P 500^® Index		—		(9.65	)%		(5.17	)%		—

*	For purposes of Fund performance, relative results are measured against the S&P 500^® Index.

Holdings

Summaries as of April 30, 2022

Fund Allocation

(% of net assets)



Common Stocks			98.9%

Other Assets Less Liabilities			1.1%

Net Assets			100%

Portfolio Composition¹

(% of net assets)



IT Services			7.6%

Health Care Providers & Services			6.1%

Software			6.1%

Technology Hardware, Storage & Peripherals			5.8%

Semiconductors & Semiconductor Equipment			5.7%

Health Care Equipment & Supplies			5.6%

Specialty Retail			4.8%

Communications Equipment			4.6%

Chemicals			4.6%

Insurance			4.3%

Oil, Gas & Consumable Fuels			4.0%

Biotechnology			3.2%

Multi-Utilities			2.7%

Consumer Finance			2.6%

Road & Rail			2.6%

Banks			2.5%

Hotels, Restaurants & Leisure			2.4%

Equity Real Estate Investment Trust			2.4%

Capital Markets			2.2%

Other			19.1%

Other Assets Less Liabilities			1.1%

Net Assets			100%

Top Five Common Stock Holdings

(% of net assets)



Microsoft Corp			6.1%

Apple Inc			5.8%

UnitedHealth Group Inc			3.9%

Accenture PLC, Class A			3.3%

AbbVie Inc			3.2%

1	See the Portfolio of Investments for the remaining industries/sectors comprising “Other” and not listed in the Portfolio Composition above.

Fund Performance, Expense Ratios and Holdings Summaries (continued)

Nuveen Growth Opportunities ETF (NUGO)

Fund Performance and Expense Ratio*


			Total Returns as of April 30, 2022
			Cumulative			Average Annual
	Inception Date		6-Month			Since Inception			Expense Ratios
NUGO at NAV		9/27/21		(22.20	)%		(18.96	)%		0.55%
NUGO at Market Price		9/27/21		(22.13	)%		(18.88	)%		—
Russell 1000^® Growth Index		—		(17.84	)%		(13.97	)%		—

*	For purposes of Fund performance, relative results are measured against the Russell 1000^® Growth Index.

Holdings

Summaries as of April 30, 2022

Fund Allocation

(% of net assets)



Common Stocks			100.0%

Other Assets Less Liabilities			0.0%

Net Assets			100%

Portfolio Composition¹

(% of net assets)



Software			21.3%

Interactive Media & Services			10.8%

Semiconductors & Semiconductor Equipment			9.3%

Technology Hardware, Storage & Peripherals			8.8%

IT Services			7.0%

Internet & Direct Marketing Retail			5.0%

Pharmaceuticals			4.9%

Health Care Equipment & Supplies			3.8%

Automobiles			3.6%

Specialty Retail			3.0%

Food & Staples Retailing			2.4%

Hotels, Restaurants & Leisure			2.4%

Other			17.7%

Other Assets Less Liabilities			0.0%

Net Assets			100%

Top Five Common Stock Holdings

(% of net assets)



Microsoft Corp			13.1%

Apple Inc			8.8%

Alphabet Inc, Class A			7.2%

Mastercard Inc, Class A			5.8%

Amazon.com Inc			5.0%

1	See the Portfolio of Investments for the remaining industries/sectors comprising “Other” and not listed in the Portfolio Composition above.

Fund Performance, Expense Ratios and Holdings Summaries (continued)

Nuveen Small Cap Select ETF (NSCS)

Fund Performance and Expense Ratio*


			Total Returns as of April 30, 2022
			Cumulative			Average Annual
	Inception Date		6-Month			Since Inception			Expense Ratios
NSCS at NAV		8/04/21		(17.57	)%		(13.58	)%		0.85%
NSCS at Market Price		8/04/21		(17.72	)%		(13.71	)%		—
Russell 2000^® Index		—		(18.38	)%		(14.42	)%		—

*	For purposes of Fund performance, relative results are measured against the Russell 2000^® Growth Index.

Holdings

Summaries as of April 30, 2022

Fund Allocation

(% of net assets)



Common Stocks			98.1%

Other Assets Less Liabilities			1.9%

Net Assets			100%

Portfolio Composition¹

(% of net assets)



Banks			10.5%

Health Care Providers & Services			7.8%

Oil, Gas & Consumable Fuels			6.7%

Software			6.5%

Equity Real Estate Investment Trust			5.7%

Health Care Equipment & Supplies			4.7%

Machinery			4.6%

Semiconductors & Semiconductor Equipment			3.5%

Trading Companies & Distributors			3.3%

Professional Services			3.2%

Hotels, Restaurants & Leisure			3.2%

Capital Markets			2.6%

Personal Products			2.2%

IT Services			2.0%

Pharmaceuticals			1.9%

Biotechnology			1.9%

Multi-Utilities			1.7%

Textiles, Apparel & Luxury Goods			1.7%

Chemicals			1.6%

Electrical Equipment			1.6%

Gas Utilities			1.6%

Other			19.6%

Other Assets Less Liabilities			1.9%

Net Assets			100%

Top Five Common Stock Holdings

(% of net assets)



Northern Oil and Gas Inc.			1.9%

Wintrust Financial Corp			1.9%

PDC Energy Inc			1.9%

Matador Resources Co.			1.7%

Banner Corp			1.7%

1	See the Portfolio of Investments for the remaining industries/sectors comprising “Other” and not listed in the Portfolio Composition above.

Fund Performance, Expense Ratios and Holdings Summaries (continued)

Nuveen Winslow Large-Cap Growth ESG ETF (NWLG)

Fund Performance and Expense Ratio*


			Total Returns as of April 30, 2022
			Cumulative			Average Annual
	Inception Date		6-Month			Since Inception			Expense Ratios
NWLG at NAV		8/04/21		(23.33	)%		(19.08	)%		0.64%
NWLG at Market Price		8/04/21		(23.39	)%		(19.18	)%		—
Russell 1000^® Growth Index		—		(17.84	)%		(13.15	)%		—

*	For purposes of Fund performance, relative results are measured against the Russell 1000^® Growth Index.

Holdings

Summaries as of April 30, 2022

Fund Allocation

(% of net assets)



Common Stocks			99.4%

Other Assets Less Liabilities			0.6%

Net Assets			100%

Portfolio Composition¹

(% of net assets)



Software			24.7%

IT Services			10.2%

Interactive Media & Services			7.5%

Semiconductors & Semiconductor Equipment			7.2%

Internet & Direct Marketing Retail			7.0%

Life Sciences Tools & Services			4.8%

Health Care Equipment & Supplies			4.7%

Hotels, Restaurants & Leisure			4.1%

Textiles, Apparel & Luxury Goods			4.0%

Capital Markets			3.7%

Machinery			2.6%

Other			18.9%

Other Assets Less Liabilities			0.6%

Net Assets			100%

Top Five Common Stock Holdings

(% of net assets)



Microsoft Corp			12.4%

Amazon.com Inc			7.0%

Alphabet Inc, Class C			3.8%

Alphabet Inc, Class A			3.7%

Mastercard Inc, Class A			3.5%

1	See the Portfolio of Investments for the remaining industries/sectors comprising “Other” and not listed in the Portfolio Composition above.

Expense

Examples

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, 2022.

The beginning of the period is November 1, 2021.

Nuveen Dividend Growth ETF (NDVG)


Actual Performance
Beginning Account Value	$	1,000.00
Ending Account Value	$	961.30
Expenses Incurred During Period	$	3.13
Hypothetical Performance (5% annualized return before expenses)
Beginning Account Value	$	1,000.00
Ending Account Value	$	1,021.74
Expenses Incurred During the Period	$	3.23

Expenses are equal to the Fund’s annualized net expense ratio of 0.64%, multiplied by the average account value over the period, multiplied by 182/365 (to reflect the one-half year period).

Nuveen Growth Opportunities ETF (NUGO)


Actual Performance
Beginning Account Value	$	1,000.00
Ending Account Value	$	778.00
Expenses Incurred During Period	$	2.44
Hypothetical Performance (5% annualized return before expenses)
Beginning Account Value	$	1,000.00
Ending Account Value	$	1,022.19
Expenses Incurred During the Period	$	2.77

Expenses are equal to the Fund’s annualized net expense ratio of 0.55%, multiplied by the average account value over the period, multiplied by 182/365 (to reflect the one-half year period).

Nuveen Small Cap Select ETF (NSCS)


Actual Performance
Beginning Account Value	$	1,000.00
Ending Account Value	$	824.30
Expenses Incurred During Period	$	3.87
Hypothetical Performance (5% annualized return before expenses)
Beginning Account Value	$	1,000.00
Ending Account Value	$	1,020.69
Expenses Incurred During the Period	$	4.28

Expenses are equal to the Fund’s annualized net expense ratio of 0.85%, multiplied by the average account value over the period, multiplied by 182/365 (to reflect the one-half year period).

Nuveen Winslow Large-Cap Growth ESG ETF (NWLG)


Actual Performance
Beginning Account Value	$	1,000.00
Ending Account Value	$	766.70
Expenses Incurred During Period	$	2.82
Hypothetical Performance (5% annualized return before expenses)
Beginning Account Value	$	1,000.00
Ending Account Value	$	1,021.74
Expenses Incurred During the Period	$	3.23

Expenses are equal to the Fund’s annualized net expense ratio of 0.64%, multiplied by the average account value over the period, multiplied by 182/365 (to reflect the one-half year period).

NDVG

Nuveen Dividend Growth ETF

Portfolio of Investments April 30, 2022

(Unaudited)


Shares		Description (1)	Value

		LONG-TERM INVESTMENTS – 98.9%

		COMMON STOCKS – 98.9%

		Banks – 2.5%

	1,349	JPMorgan Chase & Co	$	161,017

		Beverages – 2.0%

	748	PepsiCo Inc		128,439

		Biotechnology – 3.2%

	1,415	AbbVie Inc		207,835

		Building Products – 1.8%

	812	Trane Technologies PLC		113,591

		Capital Markets – 2.2%

	2,176	Charles Schwab Corp		144,334

		Chemicals – 4.6%

	970	International Flavors & Fragrances Inc		117,661

	575	Linde PLC		179,377
		Total Chemicals		297,038

		Communications Equipment – 4.6%

	2,592	Cisco Systems Inc		126,956

	814	Motorola Solutions Inc		173,944
		Total Communications Equipment		300,900

		Consumer Finance – 2.6%

	970	American Express Co		169,469

		Containers & Packaging – 1.6%

	633	Packaging Corp of America		102,021

		Electric Utilities – 1.7%

	1,514	NextEra Energy Inc		107,524

		Electrical Equipment – 2.0%

	897	Eaton Corp PLC		130,083

		Equity Real Estate Investment Trust – 2.4%

	2,846	Duke Realty Corp		155,818

		Food & Staples Retailing – 2.1%

	878	Walmart Inc		134,325

		Food Products – 1.9%

	1,914	Mondelez International Inc, Class A		123,415

		Health Care Equipment & Supplies – 5.6%

	1,026	Abbott Laboratories		116,451

	1,895	Baxter International Inc		134,658

	1,102	Medtronic PLC		115,005
		Total Health Care Equipment & Supplies		366,114

		Health Care Providers & Services – 6.1%

	287	Anthem Inc		144,054

	497	UnitedHealth Group Inc		252,749
		Total Health Care Providers & Services		396,803


Shares		Description (1)	Value

		Hotels, Restaurants & Leisure – 2.4%

	630	McDonald’s Corp	$	156,971

		Industrial Conglomerates – 2.1%

	692	Honeywell International Inc		133,909

		Insurance – 4.3%

	630	Chubb Ltd		130,064

	919	Marsh & McLennan Cos Inc		148,602
		Total Insurance		278,666

		IT Services – 7.6%

	711	Accenture PLC, Class A		213,556

	1,461	Fidelity National Information Services Inc		144,858

	368	Mastercard Inc, Class A		133,724
		Total IT Services		492,138

		Media – 2.0%

	3,308	Comcast Corp, Class A		131,526

		Multi-Utilities – 2.7%

	1,726	WEC Energy Group Inc		172,686

		Oil, Gas & Consumable Fuels – 4.0%

	1,023	Chevron Corp		160,273

	1,179	Phillips 66		102,290
		Total Oil, Gas & Consumable Fuels		262,563

		Road & Rail – 2.6%

	711	Union Pacific Corp		166,580

		Semiconductors & Semiconductor Equipment – 5.7%

	362	Broadcom Inc		200,689

	996	Texas Instruments Inc		169,569
		Total Semiconductors & Semiconductor Equipment		370,258

		Software – 6.1%

	1,419	Microsoft Corp		393,801

		Specialty Retail – 4.8%

	919	Lowe’s Cos Inc		181,714

	2,163	TJX Cos Inc		132,549
		Total Specialty Retail		314,263

		Technology Hardware, Storage & Peripherals – 5.8%

	2,387	Apple Inc		376,311

		Tobacco – 1.9%

	1,263	Philip Morris International Inc		126,300
		Total Long-Term Investments (cost $6,491,724)		6,414,698
		Other Assets Less Liabilities – 1.1%		73,091
		Net Assets – 100%	$	6,487,789

(1)	All percentages shown in the Portfolio of Investments are based on net assets.

See accompanying notes to financial statements.

NUGO

Nuveen Growth Opportunities ETF

Portfolio of Investments April 30, 2022

(Unaudited)


Shares		Description (1)	Value

		LONG-TERM INVESTMENTS – 100.0%

		COMMON STOCKS – 100.0%

		Aerospace & Defense – 1.2%

	329,964	Raytheon Technologies Corp	$	31,316,883

		Auto Components – 0.9%

	209,425	Aptiv PLC, (2)		22,282,820

		Automobiles – 3.6%

	104,434	Tesla Inc, (2)		90,936,950

		Beverages – 0.7%

	198,906	Monster Beverage Corp, (2)		17,042,266

		Biotechnology – 1.5%

	387,783	Horizon Therapeutics Plc, (2)		38,219,893

		Building Products – 1.1%

	759,846	Carrier Global Corp		29,079,306

		Capital Markets – 1.4%

	409,146	Charles Schwab Corp		27,138,654

	120,232	Morgan Stanley		9,689,497
		Total Capital Markets		36,828,151

		Chemicals – 1.7%

	154,304	Sherwin-Williams Co		42,427,428

		Consumer Discretionary – 1.0%

	11,310	Booking Holdings Inc, (2)		24,998,606

		Electrical Equipment – 0.4%

	45,982	Generac Holdings Inc, (2)		10,087,531

		Food & Staples Retailing – 2.4%

	117,602	Costco Wholesale Corp		62,531,336

		Health Care Equipment & Supplies – 3.8%

	57,151	Align Technology Inc, (2)		16,568,646

	99,474	Dexcom Inc, (2)		40,643,087

	218,072	Edwards Lifesciences Corp, (2)		23,067,656

	75,365	Intuitive Surgical Inc, (2)		18,034,845
		Total Health Care Equipment & Supplies		98,314,234

		Health Care Providers & Services – 0.6%

	30,754	Anthem Inc		15,436,355

		Health Care Technology – 0.5%

	70,167	Veeva Systems Inc, Class A, (2)		12,766,886

		Hotels, Restaurants & Leisure – 2.4%

	287,876	Caesars Entertainment Inc, (2)		19,080,421

	8,651	Chipotle Mexican Grill Inc, (2)		12,592,482

	827,202	Las Vegas Sands Corp, (2)		29,307,767
		Total Hotels, Restaurants & Leisure		60,980,670

		Interactive Media & Services – 10.8%

	80,351	Alphabet Inc, Class A, (2)		183,376,249

	273,555	Match Group Inc, (2)		21,651,878

	248,441	Meta Platforms Inc, Class A, (2)		49,804,967


Shares		Description (1)	Value

		Interactive Media & Services (continued)

	462,221	ZoomInfo Technologies Inc, (2)	$	21,909,276
		Total Interactive Media & Services		276,742,370

		Internet & Direct Marketing Retail – 5.0%

	50,973	Amazon.com Inc, (2)		126,700,018

		IT Services – 7.0%

	60,821	EPAM Systems Inc, (2)		16,116,957

	409,283	Mastercard Inc., Class A		148,725,256

	27,444	Twilio Inc, Class A, (2)		3,068,788

	53,466	Visa Inc., Class A		11,395,209
		Total IT Services		179,306,210

		Life Sciences Tools & Services – 1.1%

	867,573	Avantor Inc, (2)		27,658,227

		Machinery – 0.7%

	46,029	Deere & Co		17,378,249

		Oil, Gas & Consumable Fuels – 1.7%

	363,167	EOG Resources Inc		42,403,379

		Personal Products – 0.8%

	74,147	Estee Lauder Cos Inc., Class A		19,579,257

		Pharmaceuticals – 4.9%

	629,880	AstraZeneca PLC, ADR		41,824,032

	145,751	Eli Lilly & Co		42,578,239

	235,803	Zoetis Inc		41,796,082
		Total Pharmaceuticals		126,198,353

		Road & Rail – 1.3%

	142,253	Union Pacific Corp		33,328,455

		Semiconductors & Semiconductor Equipment – 9.3%

	154,879	Advanced Micro Devices Inc, (2)		13,245,252

	81,012	Broadcom Inc		44,912,243

	96,508	Lam Research Corp		44,949,566

	190,082	Micron Technology Inc		12,961,692

	81,724	Monolithic Power Systems Inc		32,055,422

	475,724	NVIDIA Corp		88,232,530
		Total Semiconductors & Semiconductor Equipment		236,356,705

		Software – 21.3%

	28,084	Atlassian Corp PLC, Class A, (2)		6,314,126

	57,651	Crowdstrike Holdings Inc, Class A, (2)		11,458,713

	40,623	Intuit Inc		17,010,881

	1,204,301	Microsoft Corp		334,217,613

	68,771	Palo Alto Networks Inc, (2)		38,599,787

	285,982	Salesforce Inc, (2)		50,315,673

	83,850	ServiceNow Inc, (2)		40,088,685

	85,364	Synopsys Inc, (2)		24,481,542

	104,382	Zscaler Inc, (2)		21,162,407
		Total Software		543,649,427

		Specialty Retail – 3.0%

	161,646	Burlington Stores Inc, (2)		32,904,660

	223,842	Lowe’s Cos Inc		44,260,278
		Total Specialty Retail		77,164,938

		Technology Hardware, Storage & Peripherals – 8.8%

	1,423,722	Apple Inc		224,449,773



NUGO		Nuveen Growth Opportunities ETF (continued)
NUGO		Portfolio of Investments April 30, 2022 (Unaudited)

Shares

Description (1)

Value

Textiles, Apparel & Luxury Goods – 1.1%

216,366

NIKE Inc, Class B

26,980,840

Total Long-Term Investments (cost $3,098,874,334)

2,551,145,516

Other Assets Less Liabilities – 0.0%

620,705

Net Assets – 100%

2,551,766,221

(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.

ADR	American Depositary Receipt

See accompanying notes to financial statements.

NSCS

Nuveen Small Cap Select ETF

Portfolio of Investments April 30, 2022

(Unaudited)


Shares		Description (1)	Value

		LONG-TERM INVESTMENTS – 98.1%

		COMMON STOCKS – 98.1%

		Aerospace & Defense – 0.8%

	3,064	Kratos Defense & Security Solutions Inc, (2)	$	46,481

		Air Freight & Logistics – 1.5%

	1,248	Hub Group Inc, Class A, (2)		83,816

		Airlines – 1.2%

	2,514	Sun Country Airlines Holdings Inc, (2)		69,160

		Auto Components – 0.9%

	3,273	Dana Inc		48,473

		Banks – 10.5%

	1,344	Ameris Bancorp		56,045

	1,818	Banner Corp		97,627

	3,128	Home BancShares Inc/AR		67,627

	1,918	PacWest Bancorp		63,083

	873	Pinnacle Financial Partners Inc		67,701

	1,031	Preferred Bank/Los Angeles CA		69,201

	1,902	Veritex Holdings Inc		62,481

	1,195	Wintrust Financial Corp		104,347
		Total Banks		588,112

		Beverages – 1.4%

	847	MGP Ingredients Inc		77,356

		Biotechnology – 1.9%

	537	Arrowhead Pharmaceuticals Inc, (2)		22,076

	758	ChemoCentryx Inc, (2)		13,992

	714	Fate Therapeutics Inc, (2)		20,392

	812	Halozyme Therapeutics Inc, (2)		32,399

	331	Intellia Therapeutics Inc, (2)		16,229
		Total Biotechnology		105,088

		Capital Markets – 2.6%

	585	Evercore Inc., Class A		61,864

	714	Piper Sandler Cos		82,095
		Total Capital Markets		143,959

		Chemicals – 1.6%

	1,883	Avient Corp		92,719

		Construction & Engineering – 1.4%

	913	Comfort Systems USA Inc		77,075

		Consumer Discretionary – 1.2%

	1,778	Six Flags Entertainment Corp, (2)		68,044

		Consumer Finance – 0.7%

	976	Regional Management Corp		42,017

		Electrical Equipment – 1.6%

	1,951	Bloom Energy Corp, Class A, (2)		36,210

	437	Regal Rexnord Corp		55,604
		Total Electrical Equipment		91,814

		Electronic Equipment, Instruments & Components – 1.5%

	5,844	TTM Technologies Inc, (2)		81,524



NSCS		Nuveen Small-Cap Select ETF (continued)
NSCS		Portfolio of Investments April 30, 2022 (Unaudited)


Shares		Description (1)	Value

		Energy Equipment & Services – 1.5%

	5,163	Patterson-UTI Energy Inc	$	84,880

		Equity Real Estate Investment Trust – 5.7%

	4,636	Brandywine Realty Trust		54,102

	466	EastGroup Properties Inc		87,375

	2,651	Industrial Logistics Properties Trust		42,840

	2,063	STAG Industrial Inc		76,991

	5,777	Summit Hotel Properties Inc, (2)		57,019
		Total Equity Real Estate Investment Trust		318,327

		Gas Utilities – 1.6%

	1,246	Spire Inc		90,646

		Health Care Equipment & Supplies – 4.7%

	1,202	AtriCure Inc, (2)		62,420

	1,307	Axonics Inc, (2)		67,729

	1,712	BioLife Solutions Inc, (2)		21,691

	754	Establishment Labs Holdings Inc, (2)		53,353

	584	Tandem Diabetes Care Inc, (2)		56,344
		Total Health Care Equipment & Supplies		261,537

		Health Care Providers & Services – 7.8%

	1,104	Acadia Healthcare Co Inc, (2)		74,939

	1,235	HealthEquity Inc, (2)		76,965

	2,766	Option Care Health Inc, (2)		82,648

	2,747	Select Medical Holdings Corp		62,110

	1,443	Surgery Partners Inc, (2)		73,824

	898	Tenet Healthcare Corp, (2)		65,114
		Total Health Care Providers & Services		435,600

		Health Care Technology – 1.2%

	627	Omnicell Inc, (2)		68,450

		Hotels, Restaurants & Leisure – 3.2%

	3,686	Everi Holdings Inc, (2)		63,989

	5,325	Noodles & Co, (2)		29,660

	1,053	Texas Roadhouse Inc		86,694
		Total Hotels, Restaurants & Leisure		180,343

		Interactive Media & Services – 1.3%

	1,250	Eventbrite Inc, Class A, (2)		13,225

	651	Ziff Davis Inc, (2)		57,522
		Total Interactive Media & Services		70,747

		IT Services – 2.0%

	2,651	BigCommerce Holdings Inc, (2)		47,374

	4,509	Verra Mobility Corp, (2)		63,261
		Total IT Services		110,635

		Leisure Products – 1.3%

	3,437	Callaway Golf Co, (2)		75,408

		Machinery – 4.6%

	622	EnPro Industries Inc		57,977

	1,058	ESCO Technologies Inc		66,072

	2,616	Shyft Group Inc/The		66,630

	1,675	SPX Corp, (2)		70,182
		Total Machinery		260,861

		Media – 1.0%

	5,566	Magnite Inc, (2)		53,712


Shares		Description (1)	Value

		Metals & Mining – 0.8%

	630	Alcoa Corp	$	42,714

		Mortgage Real Estate Investment Trust – 1.0%

	4,750	Ladder Capital Corp		54,102

		Multi-Utilities – 1.7%

	1,320	Black Hills Corp		96,677

		Oil, Gas & Consumable Fuels – 6.7%

	2,000	Matador Resources Co		97,640

	4,308	Northern Oil and Gas Inc		107,614

	1,495	PDC Energy Inc		104,261

	2,848	Peabody Energy Corp, (2)		64,479
		Total Oil, Gas & Consumable Fuels		373,994

		Personal Products – 2.2%

	2,482	BellRing Brands Inc, (2)		53,189

	2,813	elf Beauty Inc, (2)		68,441
		Total Personal Products		121,630

		Pharmaceuticals – 1.9%

	392	Intra-Cellular Therapies Inc, (2)		19,839

	1,188	Pacira BioSciences Inc, (2)		88,589
		Total Pharmaceuticals		108,428

		Professional Services – 3.2%

	822	ASGN Inc, (2)		93,256

	902	ICF International Inc		89,127
		Total Professional Services		182,383

		Semiconductors & Semiconductor Equipment – 3.5%

	1,354	Lattice Semiconductor Corp, (2)		65,046

	1,237	MACOM Technology Solutions Holdings Inc, (2)		63,025

	528	Silicon Laboratories Inc, (2)		71,233
		Total Semiconductors & Semiconductor Equipment		199,304

		Software – 6.5%

	1,186	CommVault Systems Inc, (2)		72,346

	429	CyberArk Software Ltd, (2)		67,413

	2,018	Jamf Holding Corp, (2)		62,154

	1,672	Tenable Holdings Inc, (2)		92,345

	750	Workiva Inc, (2)		72,383
		Total Software		366,641

		Specialty Retail – 0.9%

	2,162	Urban Outfitters Inc, (2)		51,456

		Textiles, Apparel & Luxury Goods – 1.7%

	2,266	Steven Madden Ltd		93,042

		Trading Companies & Distributors – 3.3%

	930	Applied Industrial Technologies Inc		97,361

	7,419	MRC Global Inc, (2)		88,954
		Total Trading Companies & Distributors		186,315
		Total Long-Term Investments (cost $6,119,092)		5,503,470
		Other Assets Less Liabilities – 1.9%		107,146
		Net Assets – 100%	$	5,610,616



NSCS		Nuveen Small-Cap Select ETF (continued)
NSCS		Portfolio of Investments April 30, 2022 (Unaudited)

(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.

See accompanying notes to financial statements.

NWLG

Nuveen Winslow Large-Cap Growth
ESG ETF

Portfolio of Investments April 30, 2022

(Unaudited)


Shares		Description (1)	Value

		LONG-TERM INVESTMENTS – 99.4%

		COMMON STOCKS – 99.4%

		Auto Components – 1.3%

	639	Aptiv PLC, (2)	$	67,990

		Capital Markets – 3.7%

	205	Moody’s Corp		64,879

	693	Morgan Stanley		55,849

	157	MSCI Inc		66,136
		Total Capital Markets		186,864

		Chemicals – 2.3%

	368	Linde PLC		114,801

		Containers & Packaging – 1.6%

	1,026	Ball Corp		83,270

		Diversified Consumer Services – 1.5%

	685	Bright Horizons Family Solutions Inc, (2)		78,254

		Food & Staples Retailing – 1.0%

	96	Costco Wholesale Corp		51,045

		Health Care Equipment & Supplies – 4.7%

	338	ABIOMED Inc, (2)		96,864

	137	IDEXX Laboratories Inc, (2)		58,976

	349	Intuitive Surgical Inc, (2)		83,515
		Total Health Care Equipment & Supplies		239,355

		Health Care Providers & Services – 1.5%

	146	UnitedHealth Group Inc		74,248

		Health Care Technology – 1.9%

	1,270	Doximity Inc, Class A, (2)		50,635

	248	Veeva Systems Inc, Class A, (2)		45,124
		Total Health Care Technology		95,759

		Hotels, Restaurants & Leisure – 4.1%

	73	Chipotle Mexican Grill Inc, (2)		106,259

	640	Hilton Worldwide Holdings Inc, (2)		99,386
		Total Hotels, Restaurants & Leisure		205,645

		Interactive Media & Services – 7.5%

	83	Alphabet Inc, Class C, (2)		190,844

	82	Alphabet Inc, Class A, (2)		187,140
		Total Interactive Media & Services		377,984

		Internet & Direct Marketing Retail – 7.0%

	142	Amazon.com Inc, (2)		352,959

		IT Services – 10.2%

	344	Accenture PLC, Class A		103,324

	274	Gartner Inc, (2)		79,611

	493	Mastercard Inc., Class A		179,146

	721	Visa Inc		153,667
		Total IT Services		515,748



NWLG		Nuveen Winslow Large-Cap Growth ESG ETF (continued)
NWLG		Portfolio of Investments April 30, 2022 (Unaudited)


Shares		Description (1)	Value

		Life Sciences Tools & Services – 4.8%

	947	Agilent Technologies Inc	$	112,949

	185	Bio-Techne Corp		70,242

	284	IQVIA Holdings Inc, (2)		61,909
		Total Life Sciences Tools & Services		245,100

		Machinery – 2.6%

	225	Deere & Co		84,949

	7,077	Proterra Inc, (2)		43,948
		Total Machinery		128,897

		Multiline Retail – 1.5%

	479	Dollar Tree Inc, (2)		77,814

		Personal Products – 1.5%

	280	Estee Lauder Cos Inc/The, Class A		73,937

		Pharmaceuticals – 2.4%

	691	Zoetis Inc		122,480

		Real Estate Management & Development – 0.0%

	204	Compass Inc, Class A, (2)		1,108

		Road & Rail – 1.1%

	1,560	CSX Corp		53,570

		Semiconductors & Semiconductor Equipment – 7.2%

	688	Analog Devices Inc		106,214

	248	ASML Holding NV		139,815

	639	NVIDIA Corp		118,515
		Total Semiconductors & Semiconductor Equipment		364,544

		Software – 24.7%

	121	Adobe Inc, (2)		47,910

	286	Atlassian Corp PLC, Class A, (2)		64,301

	324	Intuit Inc		135,675

	2,251	Microsoft Corp		624,697

	113	Palo Alto Networks Inc, (2)		63,425

	808	Salesforce Inc, (2)		142,160

	187	ServiceNow Inc, (2)		89,405

	400	Workday Inc, Class A, (2)		82,680
		Total Software		1,250,253

		Specialty Retail – 1.3%

	328	Lowe’s Cos Inc		64,855

		Textiles, Apparel & Luxury Goods – 4.0%

	292	Lululemon Athletica Inc, (2)		103,552

	777	NIKE Inc		96,892
		Total Textiles, Apparel & Luxury Goods		200,444
		Total Long-Term Investments (cost $5,880,358)		5,026,924
		Other Assets Less Liabilities – 0.6%		30,867
		Net Assets – 100%	$	5,057,791

(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.

See accompanying notes to financial statements.

Statement of Assets and Liabilities

April 30, 2022

(Unaudited)


	NDVG			NUGO			NSCS			NWLG

Assets

Long-term investments, at value (cost $6,491,724, $3,098,874,334, $6,119,092 and $5,880,358, respectively)	$	6,414,698		$	2,551,145,516		$	5,503,470		$	5,026,924

Cash		70,464			727,962			107,990			32,036

Receivable for:

Dividends		6,157			809,606			1,729			1,787

Investments sold		—			404,517			24,348			—

Reclaims		172			—			—			83

Other Assets		—			3,571			—			—

Total assets		6,491,491			2,553,091,172			5,637,537			5,060,830

Liabilities

Payable for investments purchased- regular settlement		—			—			22,574			—

Accrued expenses:

Management fees		3,646			1,297,876			4,296			2,995

Professional fees		35			16,180			34			30

Trustees fees		21			7,324			17			14

Other		—			3,571			—			—

Total liabilities		3,702			1,324,951			26,921			3,039

Net assets	$	6,487,789		$	2,551,766,221		$	5,610,616		$	5,057,791

Shares outstanding		260,000			125,950,000			260,000			250,000

Net asset value (“NAV”) per share	$	24.95		$	20.26		$	21.58		$	20.23

Net assets consist of:

Capital paid-in	$	6,545,206		$	3,266,145,982		$	6,562,949		$	6,260,548

Total distributable earnings (loss)		(57,417	)		(714,379,761	)		(952,333	)		(1,202,757	)

Net assets	$	6,487,789		$	2,551,766,221		$	5,610,616		$	5,057,791

Authorized shares		Unlimited			Unlimited			Unlimited			Unlimited

Par value per share	$	0.01		$	0.01		$	0.01		$	0.01

See accompanying notes to financial statements.

Statement of Operations

Six Months Ended April 30, 2022

(Unaudited)


	NDVG			NUGO			NSCS			NWLG

Investment Income

Investment Income	$	58,366		$	7,363,926		$	35,884		$	13,791

Foreign tax withheld on dividend income		—			(9,521	)		—			(50	)

Total investment income		58,366			7,354,405			35,884			13,741

Expenses

Management fees		20,365			8,109,474			26,748			18,376

Professional fees		41			21,919			38			34

Trustees fees		51			43,526			50			76

Total expenses		20,457			8,174,919			26,836			18,486

Net investment income (loss)		37,909			(820,514	)		9,048			(4,745	)

Realized and Unrealized Gain (Loss)

Net realized gain (loss) from:

Investments		201			(173,306,808	)		(303,795	)		(313,225	)

In-kind redemptions		—			7,842,622			15,800			13,173

Change in net unrealized appreciation (depreciation) of investments		(304,185	)		(593,923,580	)		(934,554	)		(1,191,853	)

Net realized and unrealized gain (loss)		(303,984	)		(759,387,766	)		(1,222,549	)		(1,491,905	)

Net increase (decrease) in net assets from operations	$	(266,075	)	$	(760,208,280	)	$	(1,213,501	)	$	(1,496,650	)

See accompanying notes to financial statements.

Statement of Changes in Net Assets


	NDVG						NUGO						NSCS						NWLG
	Unaudited Six Months Ended 4/30/22			For the Period 8/04/21 commencement of operations) through 10/31/21			Unaudited Six Months Ended 4/30/22			For the Period 9/27/21 commencement of operations) through 10/31/21			Unaudited Six Months Ended 4/30/22			For the Period 8/04/21 commencement of operations) through 10/31/21			Unaudited Six Months Ended 4/30/22			For the Period 8/04/21 commencement of operations) through 10/31/21

Operations

Net investment income (loss)	$	37,909		$	20,555		$	(820,514	)	$	137,560		$	9,048		$	3,041		$	(4,745	)	$	(3,272	)

Net realized gain (loss) from:

Investments		201			1,541			(173,306,808	)		(352,399	)		(303,795	)		(53,057	)		(313,225	)		(41,254	)

In-kind redemptions		—			16,348			7,842,622			—			15,800			—			13,173			—

Change in net unrealized appreciation (depreciation) of investments		(304,185	)		227,159			(593,923,580	)		46,194,762			(934,554	)		318,932			(1,191,853	)		338,419

Net increase (decrease) in net assets from operations		(266,075	)		265,603			(760,208,280	)		45,979,923			(1,213,501	)		268,916			(1,496,650	)		293,893

Distributions to Shareholders

Dividends		(43,214	)		(13,731	)		(151,404	)		—			(7,748	)		—			—			—

Decrease in net assets from distributions to shareholders		(43,214	)		(13,731	)		(151,404	)		—			(7,748	)		—			—			—

Fund Share Transactions

Proceeds from shares sold		787,812			6,016,441			1,756,572,056			1,641,443,516			770,636			6,021,184			735,687			5,775,536

Cost of shares redeemed		—			(259,047	)		(131,869,590	)		—			(228,871	)		—			(250,675	)		—

Net increase (decrease) in net assets from Fund share transactions		787,812			5,757,394			1,624,702,466			1,641,443,516			541,765			6,021,184			485,012			5,775,536

Net increase (decrease) in net assets		478,523			6,009,266			864,342,782			1,687,423,439			(679,484	)		6,290,100			(1,011,638	)		6,069,429

Net assets at the beginning of period		6,009,266			—			1,687,423,439			—			6,290,100			—			6,069,429			—

Net assets at the end of period	$	6,487,789		$	6,009,266		$	2,551,766,221		$	1,687,423,439		$	5,610,616		$	6,290,100		$	5,057,791		$	6,069,429

See accompanying notes to financial statements.

Financial Highlights

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

NDVG

2022(d)	$	26.13	$	0.16		$	(1.16	)	$	(1.00	)	$	(0.17	)	$	(0.01	)	$	(0.18	)	$	24.95	$	24.92

2021(e)		25.00		0.09			1.10			1.19			(0.06	)		—			(0.06	)		26.13		26.14

NUGO

2022(d)		26.04		(0.01	)		(5.77	)		(5.78	)		—			—			—			20.26		20.28

2021(f)		25.00		0.01			1.03			1.04			—			—			—			26.04		26.05

NSCS

2022(d)		26.21		0.04			(4.64	)		(4.60	)		(0.03	)		—			(0.03	)		21.58		21.55

2021(e)		25.00		0.01			1.20			1.21			—			—			—			26.21		26.22

NWLG

2022(d)		26.39		(0.02	)		(6.14	)		(6.16	)		—			—			—			20.23		20.21

2021(e)		25.00		(0.02	)		1.41			1.39			—			—			—			26.39		26.37


						Ratios/Supplemental Data
Total Returns								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)



	(3.87	)%		(4.04	)%	$	6,488		0.64	%*		1.19	%*		9	%

	4.76			4.82			6,009		0.64	*		1.52	*		7



	(22.20	)		(22.13	)		2,551,766		0.55	*		(0.06	)*		20

	4.18			4.18			1,687,423		0.55	*		0.39	*		2



	(17.57	)		(17.72	)		5,611		0.85	*		0.29	*		31

	4.84			4.87			6,290		0.85	*		0.23	*		11



	(23.33	)		(23.39	)		5,058		0.64	*		(0.17	)*		31

	5.56			5.50			6,069		0.64	*		(0.24	)*		15

(a)

Per share Net Investment Income (Loss) is calculated using the average daily shares method.

(b)

(c)

Portfolio Turnover Rate is calculated based on the lesser of long-term purchases or sales (as disclosed in Note 4 – Portfolio Securities and Investments in Derivatives) divided by the average long-term market value during the period. Portfolio Turnover Rate excludes securities received or delivered as a result of processing in-kind creations or redemptions of Fund shares (as disclosed in Note 5 - Fund Shares).

(d)

Unaudited. For the six months ended April 30, 2022.

(e)

For the period August 4, 2021 (commencement of operations) through October 31, 2021.

(f)

For the period September 27, 2021 (commencement of operations) through October 31, 2021.

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 Dividend Growth ETF (NDVG), Nuveen Growth Opportunities ETF (NUGO), Nuveen Small Cap Select ETF (NSCS) and Nuveen Winslow Large-Cap Growth ESG ETF (NWLG) (each a “Fund” and collectively, the “Funds”), as diversified funds (non-diversified for NUGO and NWLG), 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 NYSE Arca (the “Exchange”).

Current Fiscal Period

The end of the reporting period for the Funds is April 30, 2022 and the period covered by these Notes to Financial Statements is the six months ended April 30, 2022 (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 Nuveen Asset Management (“NAM”), a subsidiary of the Adviser and Winslow Capital Management, LLC (“Winslow Capital”), (each a “Sub-Adviser” and collectively, the “Sub-Advisers”). NAM is responsible for managing the investment portfolio of NDVG, NUGO and NSCS. Winslow Capital is responsible for managing the investment portfolio of NWLG.

Other Matters

The outbreak of the novel coronavirus (“COVID-19”) and subsequent global pandemic began significantly impacting the U.S. and global financial mar- kets 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 de- pend 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”) Ac- counting Standards Codification 946, Financial Services — Investment Companies. The net asset value (“NAV”) for financial reporting purposes may differ from the NAV for processing security and creation unit transactions. The NAV for financial reporting purposes includes security and creation unit transactions through the date of the report. Total return is computed based on the NAV used for processing security and creation unit transactions. The following is a summary of the significant accounting policies consistently followed by the Funds.

Compensation

Distributions to Shareholders

Indemnifications

Under the Trust’s organizational documents, its officers and trustees are indemnified against certain liabilities arising out of the performance of their du- ties 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.

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 decla- ration. 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 Fi- nancial 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 deter- mined 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 pur- poses 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 became effective on March 8, 2021, with a compliance date of September 8, 2022. A fund may vol- untarily comply with the rules after the effective date, and in advance of the compliance date, under certain conditions. Management is currently as- sessing 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 princi- pal 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 in- vestments).

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 prevail- ing 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, offi- cial closing price, or an evaluated price provided by the independent pricing service (“pricing service”) and are generally classified as Level 1 or 2.

Notes to Financial Statements (Unaudited) (continued)

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 consid- ered 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:


NDVG	Level 1		Level 2		Level 3		Total
Long-Term Investments*:
Common Stocks	$	6,414,698	$	—	$	—	$	6,414,698

NUGO
Long-Term Investments*:
Common Stocks	$	2,551,145,516	$	—	$	—	$	2,551,145,516

NSCS
Long-Term Investments*:
Common Stocks	$	5,503,470	$	—	$	—	$	5,503,470

NWLG
Long-Term Investments*:
Common Stocks	$	5,026,924	$	—	$	—	$	5,026,924

*	Refer to the Fund’s Portfolio of Investments for industry classifications.

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 divi- dends 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.

As of the end of the reporting period, the Funds did not have any securities out on loan.

Investment Transactions

Long-term purchases and sales (excluding in-kind transactions) during the current fiscal period were as follows:


	NDVG		NUGO		NSCS		NWLG
Purchases	$	566,106	$	582,552,427	$	1,927,282	$	1,807,670
Sales		571,251		573,011,170		1,980,393		1,790,406

In-kind transactions during the current fiscal period were as follows:


	NDVG		NUGO		NSCS		NWLG
In-kind purchases	$	786,826	$	1,749,976,301	$	769,159	$	724,274
In-kind sales		—		131,258,298		259,477		247,016

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 pe- riod, such amounts are recognized on the Statement of Assets and Liabilities.

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 rec- ognized 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

Each Fund helps manage counterparty credit risk by entering into agreements only with counterparties the Adviser believes have the financial re- sources 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 (“Cre- ation 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.

Notes to Financial Statements (Unaudited) (continued)

Transactions in Fund shares during the current and prior fiscal period were as follows:


	NDVG												NUGO
	Six Months Ended 4/30/22						For the Period 8/04/21 (commencement of operations) through 10/31/21						Six Months Ended 4/30/22						For the Period 9/27/21 (commencement of operations) through 10/31/21
	Shares			Amount			Shares			Amount			Shares			Amount			Shares		Amount
Shares sold		30,000		$	787,812			240,000		$	6,016,441			66,730,000			1,756,572,056			64,790,000	$	1,641,443,516
Shares redeemed		—			—			(10,000	)		(259,047	)		(5,570,000	)		(131,869,590	)		—		—
Net increase (decrease)		30,000		$	787,812			230,000		$	5,757,394			61,160,000		$	1,624,702,466			64,790,000	$	1,641,443,516

	NSCS												NWLG
	Six Months Ended 4/30/22						For the Period 8/04/21 (commencement of operations) through 10/31/21						Six Months Ended 4/30/22						For the Period 8/04/21 (commencement of operations) through 10/31/21
	Shares			Amount			Shares			Amount			Shares			Amount			Shares		Amount
Shares sold		30,000		$	770,636			240,000		$	6,021,184			30,000		$	735,687			230,000	$	5,775,536
Shares redeemed		(10,000	)		(228,871	)		—			—			(10,000	)		(250,675	)		—		—
Net increase (decrease)		20,000		$	541,765			240,000		$	6,021,184			20,000		$	485,012			230,000	$	5,775,536

6. Income Tax Information

As of the end of the reporting period, the aggregate cost and the net unrealized appreciation/(depreciation) of all investments for federal income tax purposes was as follows:


Fund	Tax Cost		Gross Unrealized Appreciation		Gross Unrealized (Depreciation)			Net Unrealized Appreciation (Depreciation)
NDVG	$	6,491,724	$	329,525	$	(406,551	)	$	(77,026	)
NUGO		3,098,889,636		32,153,651		(579,897,771	)		(547,744,120	)
NSCS		6,119,092		287,476		(903,098	)		(615,622	)
NWLG		5,881,566		39,857		(894,499	)		(854,642	)

As of prior fiscal period end, the components of accumulated earnings on a tax basis were as follows:


Fund	Undistributed Ordinary Income		Undistributed Long-Term Capital Gains		Unrealized Appreciation (Depreciation)		Capital Loss Carryforwards			Late-Year Loss Deferrals			Other Book-to-Tax Differences		Total
NDVG	$	8,001	$	357	$	227,159	$	—		$	—		$	—	$	235,517
NUGO		137,560		—		46,179,460		(337,097	)		—			—		45,979,923
NSCS		2,132		—		319,062		(52,278	)		—			—		268,916
NWLG		—		—		337,211		(40,046	)		(3,272	)		—		293,893

As of prior fiscal period end, the Funds had capital loss carryforwards, which will not expire:


Fund	Short-Term		Long-Term		Total
NDVG	$	—	$	—	$	—
NUGO		337,097		—		337,097
NSCS		52,278		—		52,278
NWLG		40,046		—		40,046

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 ser- vices 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 port- folio 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
NDVG		0.64	%
NUGO		0.55
NSCS		0.85
NWLG		0.64

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 engaged in cross-trades pursuant to these procedures as follows:


Cross-Trades	NDVG		NUGO		NSCS		NWLG
Purchases	$	—	$	—	$	—	$	—
Sales		—		24,662,800		—		—
Realized gain (loss)		—		2,527,090		—		—

As of the end of the reporting period, the percentage of Fund shares owned by TIAA were as follows:


	NDVG		NUGO		NSCS		NWLG
TIAA owned shares		85%		—%		85%		88%

Additional Fund Information (Unaudited)

Investment Adviser

Nuveen Fund Advisors, LLC

333 West Wacker Drive

Chicago, IL 60606

Sub-Adviser

Nuveen Asset Management, LLC

333 West Wacker Drive

Chicago, IL 60606

Winslow Capital Management, LLC

80 South Eighth Street

Minneapolis, MN 55402

Independent Registered
Public Accounting Firm

KPMG LLP

200 East Randolph Street Chicago, IL 60601

Administrator, 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).

	NDVG		NUGO

Six months ended April 30, 2022	Number of Days	% of Total Days	Number of Days	% of Total Days
Premium/Discount Range:
0.00 to 0.25%	75	60.0%	75	60.0%
(0.01)% to (0.25)%	50	40.0%	50	40.0%
	125	100%	125	100%

	NSCS		NWLG

Six months ended April 30, 2022	Number of Days	% of Total Days	Number of Days	% of Total Days
Premium/Discount Range:
0.00 to 0.25%	72	57.6%	77	61.6%
(0.01)% to (0.25)%	53	42.4%	48	38.4%
	125	100%	125	100%

Glossary of Terms Used in this Report

(Unaudited)

Russell 1000^® Growth Index: An index designed to measure the performance of the large-cap growth segment of the U.S. equity universe. It includes those Russell 1000^® companies higher price-to-book ratios and higher forecasted growth values. The index returns assume reinvestment of distributions, but do not reflect any applicable sales charges or management fees.

Russell 2000^® Index: An index designed to measure the performance of the small-cap segment of the U.S. equity universe. The index returns assume reinvestment of distributions, but do not reflect any applicable sales charges or management fees.

S&P 500^® Index: An index generally considered representative of the U.S. equity market. The index includes 500 leading companies and covers approximately 80% of available market capitalization. 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

Notes

LOGO

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Focused on meeting investor needs.

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, 333W.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-ETF-0422P 2216966-INV-B-06/23

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

(Signature and Title)

/s/ Diana R. Gonzalez

Diana R. Gonzalez

Vice President and Secretary

Date: July 7, 2022

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.

(Signature and Title)

/s/ Jordan M. Farris

Jordan M. Farris

Chief Administrative Officer

(principal executive officer)

Date: July 7, 2022

(Signature and Title)

/s/ E. Scott Wickerham

E. Scott Wickerham

Vice President and Controller

(principal financial officer)

Date: July 7, 2022

Nuveen Short-Term REIT ETF (NURE) N-CSRSCertified semi-annual shareholder report (management investment company)