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, 2024
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.
This
semi-annual
report
contains
the
Funds'
unaudited financial
statements.
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
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
Important
Notices
3
Risk
Considerations
4
About
the
Funds’
Benchmarks
7
Fund
Performance,
Expense
Ratios
and
Holdings
Summaries
9
Expense
Examples
36
Portfolios
of
Investments
40
Statement
of
Assets
and
Liabilities
86
Statement
of
Operations
89
Statement
of
Changes
in
Net
Assets
92
Financial
Highlights
99
Notes
to
Financial
Statements
105
Shareholder
Meeting
Report
115
Additional
Fund
Information
116
Glossary
of
Terms
Used
in
this
Report
119
Liquidity
Risk
Management
Program
120
Annual
Investment
Management
Agreement
Approval
Process
121
Portfolio
Manager
Commentaries
in
Semi-annual
Shareholder
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,
2023
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
Fund
Performance,
Expense
Ratios
and
Holdings
Summaries
section
within
this
report.
Securities
and
Exchange
Commission
(the
“SEC”)
Adopts
Amendments
for
Tailored
Shareholder
Reports
On
October
26,
2022,
the
SEC
adopted
rule
and
form
amendments
(the
“Amendments”)
that
require
mutual
funds
and
exchange-traded
funds
registered
on
Form
N-1A
to
provide
shareholders
with
streamlined
annual
and
semi-annual
shareholder
reports
(“Tailored
Shareholder
Reports”). Tailored
Shareholder
Reports
are
meant
to
be
three
to
four
pages
in
length
and
will
highlight
key
information
such
as
a
fund’s
expenses,
performance
and
portfolio
holdings.
Other,
more
detailed
information
that
currently
appears
in
fund
shareholder
reports
will
be
made
available
online,
filed
with
the
SEC,
and
delivered
to
investors
free
of
charge
in
paper
or
electronically
upon
request.
The
first
Tailored
Shareholder
Reports
to
be
prepared
for
these
Funds
will
be
for
the
reporting
period
ended
October
31,
2024.
Events
that
Occurred
Subsequent
to
the
Reporting
Period
Portfolio
Manager
Updates
Effective
June
18,
2024,
Lei
Liao
retired
and
is
no
longer
a
portfolio
manager
of
the
Funds
listed
below.
Additionally,
effective
June
18,
2024,
Nazar
Romanyak,
CFA
and
Darren
Tran,
CFA
have
been
added
as
portfolio
managers
of
the
Funds
listed
below.
Nuveen
ESG
Small-Cap
ETF
(NUSC)
Nuveen
ESG
Emerging
Markets
Equity
ETF
(NUEM)
Nuveen
ESG
Large-Cap
Value
ETF
(NULV)
Nuveen
ESG
Large-Cap
Growth
ETF
(NULG)
Nuveen
ESG
Mid-Cap
Value
ETF
(NUMV)
Nuveen
ESG
Mid-Cap
Growth
ETF
(NUMG)
Nuveen
ESG
International
Developed
Markets
Equity
ETF
(NUDM)
Nuveen
ESG
Large-Cap
ETF
(NULC)
Nuveen
ESG
Dividend
ETF
(NUDV)
Nuveen
ESG
Dividend
ETF
(NUDV)
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.
Dividend-paying
stocks,
such
as
those
held
by
the
Fund,
are
subject
to
market
risk,
concentration
or
sector
risk,
preferred
security
risk,
and
common
stock
risk.
These
and
other
risk
considerations
are
described
in
detail
in
the
Fund’s
prospectus.
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)
Investing
involves
risk;
principal
loss
is
possible.
There
is
no
guarantee
the
Fund’s
investment
objectives
will
be
achieved.
This
ETF
seeks
to
generally
track
the
investment
results
of
an
index;
however
the
Fund
may
underperform,
outperform
or
be
more
volatile
than
the
referenced
index.
In
addition,
because
the
Index
selects
securities
for
inclusion
based
on
environmental,
social,
and
governance
(ESG)
criteria,
the
Fund
may
forgo
some
market
opportunities
available
to
funds
that
don’t
use
these
criteria.
The
value
of
equity
securities
may
decline
significantly
over
short
or
extended
periods
of
time.
Because
it
invests
primarily
in
large-
capitalization
stocks,
the
Fund
may
underperform
funds
that
invest
primarily
in
stocks
of
smaller
capitalization
companies
during
periods
when
the
stocks
of
such
companies
are
in
favor.
These
and
other
risk
considerations
are
described
in
detail
in
the
Fund’s
prospectus.
Nuveen
ESG
Large-Cap
Growth
ETF
(NULG)
Investing
involves
risk;
principal
loss
is
possible.
There
is
no
guarantee
the
Fund’s
investment
objectives
will
be
achieved.
This
ETF
seeks
to
generally
track
the
investment
results
of
an
index;
however
the
Fund
may
underperform,
outperform
or
be
more
volatile
than
the
referenced
index.
In
addition,
because
the
Index
selects
securities
for
inclusion
based
on
environmental,
social,
and
governance
(ESG)
criteria,
the
Fund
may
forgo
some
market
opportunities
available
to
funds
that
don’t
use
these
criteria.
The
value
of
equity
securities
may
decline
significantly
over
short
or
extended
periods
of
time.
Growth
stocks
tend
to
be
more
volatile
and
can
experience
sharp
price
declines.
Because
it
invests
primarily
in
large-capitalization
stocks,
the
Fund
may
underperform
funds
that
invest
primarily
in
stocks
of
smaller
capitalization
companies
during
periods
when
the
stocks
of
such
companies
are
in
favor.
These
and
other
risk
considerations
are
described
in
detail
in
the
Fund’s
prospectus.
Nuveen
ESG
Large-Cap
Value
ETF
(NULV)
Investing
involves
risk;
principal
loss
is
possible.
There
is
no
guarantee
the
Fund’s
investment
objectives
will
be
achieved.
This
ETF
seeks
to
generally
track
the
investment
results
of
an
index;
however
the
Fund
may
underperform,
outperform
or
be
more
volatile
than
the
referenced
index.
In
addition,
because
the
Index
selects
securities
for
inclusion
based
on
environmental,
social,
and
governance
(ESG)
criteria,
the
Fund
may
forgo
some
market
opportunities
available
to
funds
that
don’t
use
these
criteria.
The
value
of
equity
securities
may
decline
significantly
over
short
or
extended
periods
of
time.
Value
stocks
may
not
be
fully
recognized
by
the
market
and
be
undervalued.
Because
it
invests
primarily
in
large-capitalization
stocks,
the
Fund
may
underperform
funds
that
invest
primarily
in
stocks
of
smaller
capitalization
companies
during
periods
when
the
stocks
of
such
companies
are
in
favor.
These
and
other
risk
considerations
are
described
in
detail
in
the
Fund’s
prospectus.
Nuveen
ESG
Mid-Cap
Growth
ETF
(NUMG)
Investing
involves
risk;
principal
loss
is
possible.
There
is
no
guarantee
the
Fund’s
investment
objectives
will
be
achieved.
This
ETF
seeks
to
generally
track
the
investment
results
of
an
index;
however
the
Fund
may
underperform,
outperform
or
be
more
volatile
than
the
referenced
index.
In
addition,
because
the
Index
selects
securities
for
inclusion
based
on
environmental,
social,
and
governance
(ESG)
criteria,
the
Fund
may
forgo
some
market
opportunities
available
to
funds
that
don’t
use
these
criteria.
The
value
of
equity
securities
may
decline
significantly
over
short
or
extended
periods
of
time.
Because
it
invests
primarily
in
mid-capitalization
stocks,
the
Fund
may
be
subject
to
greater
volatility
than
those
that
invest
in
larger
companies,
but
may
be
less
volatile
than
investments
in
smaller
companies.
Growth
stocks
tend
to
be
more
volatile
and
can
experience
sharp
price
declines.
These
and
other
risk
considerations
are
described
in
detail
in
the
Fund’s
prospectus.
Nuveen
ESG
Mid-Cap
Value
ETF
(NUMV)
Investing
involves
risk;
principal
loss
is
possible.
There
is
no
guarantee
the
Fund’s
investment
objectives
will
be
achieved.
This
ETF
seeks
to
generally
track
the
investment
results
of
an
index;
however
the
Fund
may
underperform,
outperform
or
be
more
volatile
than
the
referenced
index.
In
addition,
because
the
Index
selects
securities
for
inclusion
based
on
environmental,
social,
and
governance
(ESG)
criteria,
the
Fund
may
forgo
some
market
opportunities
available
to
funds
that
don’t
use
these
criteria.
The
value
of
equity
securities
may
decline
significantly
over
short
or
extended
periods
of
time.
Value
stocks
may
not
be
fully
recognized
by
the
market
and
be
undervalued.
Because
it
invests
primarily
in
mid-capitalization
stocks,
the
Fund
may
be
subject
to
greater
volatility
than
those
that
invest
in
larger
companies,
but
may
be
less
volatile
than
investments
in
smaller
companies.
These
and
other
risk
considerations
are
described
in
detail
in
the
Fund’s
prospectus.
Nuveen
ESG
Small-Cap
ETF
(NUSC)
Investing
involves
risk;
principal
loss
is
possible.
There
is
no
guarantee
the
Fund’s
investment
objectives
will
be
achieved.
This
ETF
seeks
to
generally
track
the
investment
results
of
an
index;
however
the
Fund
may
underperform,
outperform
or
be
more
volatile
than
the
referenced
index.
In
addition,
because
the
Index
selects
securities
for
inclusion
based
on
environmental,
social,
and
governance
(ESG)
criteria,
the
Fund
may
forgo
some
market
opportunities
available
to
funds
that
don’t
use
these
criteria.
The
value
of
equity
securities
may
decline
significantly
over
short
or
extended
periods
of
time.
Investments
in
smaller
companies
are
subject
to
greater
volatility
than
those
of
larger
companies.
These
and
other
risk
considerations
are
described
in
detail
in
the
Fund’s
prospectus.
Nuveen
Dividend
Growth
ETF
(NDVG)
Investing
involves
risk;
principal
loss
is
possible.
There
is
no
guarantee
the
Fund’s
investment
objectives
will
be
achieved.
Dividend
paying
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.
Risk
Considerations
(continued)
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.
MSCI
EAFE
(Europe,
Australasia,
Far
East)
Index
(Net):
An
index
designed
to
measure
the
performance
of
large
and
mid-cap
securities
across
21
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
(Net):
An
index
designed
to
measure
the
performance
of
large
and
mid-cap
equity
securities
across
24
emerging
market
countries.
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
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
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.
Nuveen
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
reflect
any
applicable
sales
charges
or
management
fees.
Nuveen
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
reflect
any
applicable
sales
charges
or
management
fees.
About
the
Funds’
Benchmarks
(continued)
Nuveen
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.
Nuveen
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.
Nuveen
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.
Nuveen
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.
Nuveen
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.
Nuveen
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.
Nuveen
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.
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.
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
Performance
data
shown
represents
past
performance
and
does
not
predict
or
guarantee
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.
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 including
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.
Nuveen
ESG
Dividend
ETF
(NUDV)
(continued)
Fund
Performance,
Expense
Ratios
and
Holdings
Summaries
April
30,
2024
Refer
to
the
first
page
of
this
Fund
Performance,
Expense
Ratios
and
Holdings
Summaries section
for
further
expla-
nation
of the
information
included
within
this
section.
Refer
to
the
Glossary
of
Terms
Used
in
this
Report
for
further
definition
of
terms
used
in
this
section.
Fund
Performance
and
Expense
Ratios*
*
For
purposes
of
Fund
performance,
relative
results
are
measured
against
the
Nuveen
ESG
USA
High
Dividend
Yield
Index.
Effec-
tive
May
1,
2024,
the
name
of
this
custom
index
changed
from
TIAA
ESG
USA
High
Dividend
Yield
Index.
Total
Returns
as
of
April
30,
2024
Cumulative
Average
Annual
Expense
Ratios
Inception
Date
6-Month
1-Year
Since
Inception
NUDV
at
NAV
9/27/21
18.22%
12.97%
4.51%
0.26%
NUDV
at
Market
Price
9/27/21
18.32%
13.05%
4.50%
—
MSCI
USA
Index
—
21.29%
23.32%
5.76%
—
Nuveen
ESG
USA
High
Dividend
Yield
Index
—
18.44%
13.30%
4.77%
—
Holdings
Summaries
as
of
April
30,
2024
Fund
Allocation
(%
of
net
assets)
Common
Stocks
99
.8
%
Other
Assets
&
Liabilities,
Net
0
.2
%
Net
Assets
100
%
Portfolio
Composition
(%
of
net
assets)
Financials
22.4%
Industrials
15.9%
Health
Care
12.2%
Information
Technology
12.0%
Consumer
Staples
10.8%
Real
Estate
8.2%
Consumer
Discretionary
5.8%
Communication
Services
4.2%
Materials
3.3%
Utilities
3.2%
Energy
1.8%
Other
Assets
&
Liabilities,
Net
0.2%
Total
100%
Top
Five
Common
Stock
Holdings
(%
of
net
assets)
UnitedHealth
Group
Inc
2.1%
Bank
of
America
Corp
1.9%
Johnson
&
Johnson
1.9%
Home
Depot
Inc/The
1.9%
Coca-Cola
Co/The
1.8%
Nuveen
ESG
Emerging
Markets
Equity
ETF
(NUEM)
(continued)
Fund
Performance,
Expense
Ratios
and
Holdings
Summaries
April
30,
2024
Refer
to
the
first
page
of
this
Fund
Performance,
Expense
Ratios
and
Holdings
Summaries section
for
further
expla-
nation
of the
information
included
within
this
section.
Refer
to
the
Glossary
of
Terms
Used
in
this
Report
for
further
definition
of
terms
used
in
this
section.
Fund
Performance
and
Expense
Ratios*
*
For
purposes
of
Fund
performance,
relative
results
are
measured
against
the
Nuveen
ESG
Emerging
Markets
Equity
Index.
Effec-
tive
May
1,
2024,
the
name
of
this
custom
index
changed
from
TIAA
ESG
Emerging
Markets
Equity
Index.
Total
Returns
as
of
April
30,
2024
Cumulative
Average
Annual
Expense
Ratios
Inception
Date
6-Month
1-Year
5-Year
Since
Inception
NUEM
at
NAV
6/06/17
11.95%
6.52%
2.64%
3.20%
0.36%
NUEM
at
Market
Price
6/06/17
12.05%
5.57%
2.45%
3.18%
—
MSCI
Emerging
Markets
Index
(Net)
—
15.40%
9.88%
1.89%
2.91%
—
Nuveen
ESG
Emerging
Markets
Equity
Index
—
12.70%
7.82%
3.49%
4.03%
—
Holdings
Summaries
as
of
April
30,
2024
Fund
Allocation
(%
of
net
assets)
Common
Stocks
100
.2
%
Corporate
Bonds
0
.0
%
Other
Assets
&
Liabilities,
Net
(
0
.2
)
%
Net
Assets
100
%
Top
Five
Common
Stock
Holdings
(%
of
net
assets)
Taiwan
Semiconductor
Manufacturing
Co
Ltd
9.8%
Alibaba
Group
Holding
Ltd
3.3%
SK
Hynix
Inc
2.3%
HDFC
Bank
Ltd
1.9%
China
Construction
Bank
Corp
1.9%
Portfolio
Composition
(%
of
net
assets)
Financials
23.9%
Information
Technology
20.0%
Consumer
Discretionary
14.3%
Communication
Services
9.8%
Materials
7.8%
Consumer
Staples
6.6%
Industrials
5.8%
Energy
3.6%
Utilities
3.3%
Health
Care
3.3%
Real
Estate
1.8%
Other
Assets
&
Liabilities,
Net
(0.2)%
Total
100%
Country
Allocation
1
(%
of
net
assets)
China
26.9%
India
18.5%
Taiwan
17.5%
South
Korea
11.3%
Brazil
4.7%
Saudi
Arabia
4.7%
South
Africa
2.7%
Mexico
2.5%
Indonesia
1.8%
Thailand
1.6%
Other
8.0%
Other
Assets
&
Liabilities,
Net
(0.2)%
Net
Assets
100%
1
Includes
100.2%
(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,
2024
Refer
to
the
first
page
of
this
Fund
Performance,
Expense
Ratios
and
Holdings
Summaries section
for
further
expla-
nation
of the
information
included
within
this
section.
Refer
to
the
Glossary
of
Terms
Used
in
this
Report
for
further
definition
of
terms
used
in
this
section.
Fund
Performance
and
Expense
Ratios*
*
For
purposes
of
Fund
performance,
relative
results
are
measured
against
the
Nuveen
ESG
International
Developed
Markets
Equity
Index.
Effective
May
1,
2024,
the
name
of
this
custom
index
changed
from
TIAA
ESG
International
Developed
Markets
Equity
Index.
Total
Returns
as
of
April
30,
2024
Cumulative
Average
Annual
Expense
Ratios
Inception
Date
6-Month
1-Year
5-Year
Since
Inception
NUDM
at
NAV
6/06/17
19.77%
7.61%
6.67%
5.42%
0.31%
NUDM
at
Market
Price
6/06/17
18.76%
7.31%
6.38%
5.37%
—
MSCI
EAFE®
Index
(Net)
—
18.63%
9.28%
6.18%
5.33%
—
Nuveen
ESG
International
Developed
Markets
Equity
Index
—
19.98%
7.84%
6.94%
5.69%
—
Holdings
Summaries
as
of
April
30,
2024
Fund
Allocation
(%
of
net
assets)
Common
Stocks
99
.1
%
Other
Assets
&
Liabilities,
Net
0
.9
%
Net
Assets
100
%
Top
Five
Common
Stock
Holdings
(%
of
net
assets)
Novo
Nordisk
A/S
3.5%
ASML
Holding
NV
3.4%
Siemens
AG
2.1%
Intesa
Sanpaolo
SpA
1.8%
Sony
Group
Corp
1.7%
Portfolio
Composition
(%
of
net
assets)
Financials
21.4%
Industrials
17.6%
Consumer
Discretionary
12.9%
Health
Care
12.7%
Consumer
Staples
9.9%
Materials
7.3%
Information
Technology
7.2%
Communication
Services
3.9%
Real
Estate
2.8%
Utilities
2.5%
Energy
0.9%
Other
Assets
&
Liabilities,
Net
0.9%
Total
100%
Country
Allocation
(%
of
net
assets)
Japan
22.8%
United
Kingdom
15.4%
France
10.5%
Switzerland
8.7%
Germany
8.1%
Australia
6.3%
Denmark
4.0%
Netherlands
3.5%
Italy
3.2%
Spain
2.9%
Other
13.7%
Other
Assets
&
Liabilities,
Net
0.9%
Net
Assets
100%
Nuveen
ESG
Large-Cap
ETF
(NULC)
(continued)
Fund
Performance,
Expense
Ratios
and
Holdings
Summaries
April
30,
2024
Refer
to
the
first
page
of
this
Fund
Performance,
Expense
Ratios
and
Holdings
Summaries section
for
further
expla-
nation
of the
information
included
within
this
section.
Refer
to
the
Glossary
of
Terms
Used
in
this
Report
for
further
definition
of
terms
used
in
this
section.
Fund
Performance
and
Expense
Ratios*
*
For
purposes
of
Fund
performance,
relative
results
are
measured
against
the
Nuveen
ESG
USA
Large-Cap
Index.
Effective
May
1,
2024,
the
name
of
this
custom
index
changed
from
TIAA
ESG
USA
Large-Cap
Index.
Total
Returns
as
of
April
30,
2024
Cumulative
Average
Annual
Expense
Ratios
Inception
Date
6-Month
1-Year
Since
Inception
NULC
at
NAV
6/03/19
20.33%
21.78%
14.02%
0.21%
NULC
at
Market
Price
6/03/19
20.39%
21.99%
14.03%
—
MSCI
USA
Index
—
21.29%
23.32%
15.01%
—
Nuveen
ESG
USA
Large-Cap
Index
—
20.46%
22.03%
14.27%
—
Holdings
Summaries
as
of
April
30,
2024
Fund
Allocation
(%
of
net
assets)
Common
Stocks
99
.8
%
Other
Assets
&
Liabilities,
Net
0
.2
%
Net
Assets
100
%
Portfolio
Composition
(%
of
net
assets)
Information
Technology
25.6%
Financials
15.3%
Health
Care
13.3%
Industrials
10.2%
Communication
Services
9.9%
Consumer
Discretionary
7.7%
Consumer
Staples
7.0%
Materials
4.7%
Energy
2.6%
Real
Estate
2.0%
Utilities
1.5%
Other
Assets
&
Liabilities,
Net
0.2%
Total
100%
Top
Five
Common
Stock
Holdings
(%
of
net
assets)
Microsoft
Corp
7.4%
NVIDIA
Corp
6.3%
Alphabet
Inc,
Class
A
3.6%
Eli
Lilly
&
Co
2.7%
Visa
Inc,
Class
A
2.2%
Nuveen
ESG
Large-Cap
Growth
ETF
(NULG)
(continued)
Fund
Performance,
Expense
Ratios
and
Holdings
Summaries
April
30,
2024
Refer
to
the
first
page
of
this
Fund
Performance,
Expense
Ratios
and
Holdings
Summaries section
for
further
expla-
nation
of the
information
included
within
this
section.
Refer
to
the
Glossary
of
Terms
Used
in
this
Report
for
further
definition
of
terms
used
in
this
section.
Fund
Performance
and
Expense
Ratios*
*
For
purposes
of
Fund
performance,
relative
results
are
measured
against
the
Nuveen
ESG
USA
Large-Cap
Growth
Index.
Effective
May
1,
2024,
the
name
of
this
custom
index
changed
from
TIAA
ESG
USA
Large-Cap
Growth
Index.
Total
Returns
as
of
April
30,
2024
Cumulative
Average
Annual
Expense
Ratios
Inception
Date
6-Month
1-Year
5-Year
Since
Inception
NULG
at
NAV
12/13/16
25.63%
32.74%
17.11%
17.79%
0.26%
NULG
at
Market
Price
12/13/16
25.76%
32.71%
17.11%
17.80%
—
MSCI
USA
Growth
Index
—
24.12%
32.35%
16.89%
17.58%
—
Nuveen
ESG
USA
Large-Cap
Growth
Index
—
25.80%
33.12%
17.51%
18.21%
—
Holdings
Summaries
as
of
April
30,
2024
Fund
Allocation
(%
of
net
assets)
Common
Stocks
99
.9
%
Other
Assets
&
Liabilities,
Net
0
.1
%
Net
Assets
100
%
Portfolio
Composition
(%
of
net
assets)
Information
Technology
19.5%
Consumer
Discretionary
18.8%
Health
Care
15.8%
Communication
Services
13.8%
Industrials
13.8%
Financials
8.5%
Consumer
Staples
5.7%
Materials
2.8%
Real
Estate
1.2%
Other
Assets
&
Liabilities,
Net
0.1%
Total
100%
Top
Five
Common
Stock
Holdings
(%
of
net
assets)
NVIDIA
Corp
10.9%
Alphabet
Inc,
Class
A
5.7%
Alphabet
Inc,
Class
C
5.2%
Eli
Lilly
&
Co
4.0%
Tesla
Inc
3.5%
Nuveen
ESG
Large-Cap
Value
ETF
(NULV)
(continued)
Fund
Performance,
Expense
Ratios
and
Holdings
Summaries
April
30,
2024
Refer
to
the
first
page
of
this
Fund
Performance,
Expense
Ratios
and
Holdings
Summaries section
for
further
expla-
nation
of the
information
included
within
this
section.
Refer
to
the
Glossary
of
Terms
Used
in
this
Report
for
further
definition
of
terms
used
in
this
section.
Fund
Performance
and
Expense
Ratios*
*
For
purposes
of
Fund
performance,
relative
results
are
measured
against
the
Nuveen
ESG
USA
Large-Cap
Value
Index.
Effective
May
1,
2024,
the
name
of
this
custom
index
changed
from
TIAA
ESG
USA
Large-Cap
Value
Index.
Total
Returns
as
of
April
30,
2024
Cumulative
Average
Annual
Expense
Ratios
Inception
Date
6-Month
1-Year
5-Year
Since
Inception
NULV
at
NAV
12/13/16
16.33%
10.64%
6.78%
7.86%
0.26%
NULV
at
Market
Price
12/13/16
16.43%
10.53%
6.77%
7.85%
—
MSCI
USA
Value
Index
—
18.16%
13.83%
8.46%
8.52%
—
Nuveen
ESG
USA
Large-Cap
Value
Index
—
16.52%
10.96%
7.11%
8.21%
—
Holdings
Summaries
as
of
April
30,
2024
Fund
Allocation
(%
of
net
assets)
Common
Stocks
99
.7
%
Other
Assets
&
Liabilities,
Net
0
.3
%
Net
Assets
100
%
Portfolio
Composition
(%
of
net
assets)
Financials
20.6%
Health
Care
16.5%
Information
Technology
13.6%
Industrials
12.6%
Consumer
Staples
12.4%
Materials
5.9%
Communication
Services
4.8%
Utilities
4.5%
Real
Estate
3.4%
Consumer
Discretionary
2.8%
Energy
2.6%
Other
Assets
&
Liabilities,
Net
0.3%
Total
100%
Top
Five
Common
Stock
Holdings
(%
of
net
assets)
Coca-Cola
Co/The
2.5%
PepsiCo
Inc
2.3%
Procter
&
Gamble
Co/The
2.2%
Walt
Disney
Co/The
2.2%
Eaton
Corp
PLC
2.0%
Nuveen
ESG
Mid-Cap
Growth
ETF
(NUMG)
(continued)
Fund
Performance,
Expense
Ratios
and
Holdings
Summaries
April
30,
2024
Refer
to
the
first
page
of
this
Fund
Performance,
Expense
Ratios
and
Holdings
Summaries section
for
further
expla-
nation
of the
information
included
within
this
section.
Refer
to
the
Glossary
of
Terms
Used
in
this
Report
for
further
definition
of
terms
used
in
this
section.
Fund
Performance
and
Expense
Ratios*
*
For
purposes
of
Fund
performance,
relative
results
are
measured
against
the
Nuveen
ESG
USA
Mid-Cap
Growth
Index.
Effective
May
1,
2024,
the
name
of
this
custom
index
changed
from
TIAA
ESG
USA
Mid-Cap
Growth
Index.
Total
Returns
as
of
April
30,
2024
Cumulative
Average
Annual
Expense
Ratios
Inception
Date
6-Month
1-Year
5-Year
Since
Inception
NUMG
at
NAV
12/13/16
20.80%
14.04%
8.65%
10.39%
0.31%
NUMG
at
Market
Price
12/13/16
20.91%
14.15%
8.64%
10.39%
—
MSCI
USA
Mid-Cap
Growth
Index
—
24.32%
19.99%
11.12%
11.99%
—
Nuveen
ESG
USA
Mid-Cap
Growth
Index
—
20.98%
14.38%
9.03%
10.80%
—
Holdings
Summaries
as
of
April
30,
2024
Fund
Allocation
(%
of
net
assets)
Common
Stocks
99
.9
%
Other
Assets
&
Liabilities,
Net
0
.1
%
Net
Assets
100
%
Portfolio
Composition
(%
of
net
assets)
Information
Technology
35.2%
Industrials
16.7%
Health
Care
11.8%
Financials
10.9%
Communication
Services
9.3%
Consumer
Discretionary
7.4%
Real
Estate
3.8%
Materials
3.1%
Consumer
Staples
1.7%
Other
Assets
&
Liabilities,
Net
0.1%
Total
100%
Top
Five
Common
Stock
Holdings
(%
of
net
assets)
Quanta
Services
Inc
3.6%
WW
Grainger
Inc
3.5%
Vulcan
Materials
Co
3.1%
Gartner
Inc
2.9%
HubSpot
Inc
2.8%
Nuveen
ESG
Mid-Cap
Value
ETF
(NUMV)
(continued)
Fund
Performance,
Expense
Ratios
and
Holdings
Summaries
April
30,
2024
Refer
to
the
first
page
of
this
Fund
Performance,
Expense
Ratios
and
Holdings
Summaries section
for
further
expla-
nation
of the
information
included
within
this
section.
Refer
to
the
Glossary
of
Terms
Used
in
this
Report
for
further
definition
of
terms
used
in
this
section.
Fund
Performance
and
Expense
Ratios*
*
For
purposes
of
Fund
performance,
relative
results
are
measured
against
the
Nuveen
ESG
USA
Mid-Cap
Value
Index.
Effective
May
1,
2024,
the
name
of
this
custom
index
changed
from
TIAA
ESG
USA
Mid-Cap
Value
Index.
Total
Returns
as
of
April
30,
2024
Cumulative
Average
Annual
Expense
Ratios
Inception
Date
6-Month
1-Year
5-Year
Since
Inception
NUMV
at
NAV
12/13/16
23.69%
15.24%
6.56%
6.86%
0.31%
NUMV
at
Market
Price
12/13/16
23.81%
15.30%
6.56%
6.86%
—
MSCI
USA
Mid-Cap
Value
Index
—
21.89%
15.24%
7.04%
7.30%
—
Nuveen
ESG
USA
Mid-Cap
Value
Index
—
23.93%
15.61%
6.92%
7.25%
—
Holdings
Summaries
as
of
April
30,
2024
Fund
Allocation
(%
of
net
assets)
Common
Stocks
99
.7
%
Other
Assets
&
Liabilities,
Net
0
.3
%
Net
Assets
100
%
Portfolio
Composition
(%
of
net
assets)
Industrials
18.4%
Financials
17.2%
Materials
9.1%
Utilities
8.5%
Real
Estate
8.5%
Information
Technology
8.0%
Consumer
Discretionary
7.9%
Health
Care
7.6%
Consumer
Staples
6.3%
Energy
4.5%
Communication
Services
3.7%
Other
Assets
&
Liabilities,
Net
0.3%
Total
100%
Top
Five
Common
Stock
Holdings
(%
of
net
assets)
ONEOK
Inc
2.6%
United
Rentals
Inc
2.5%
Ferguson
PLC
2.5%
Martin
Marietta
Materials
Inc
2.2%
Hartford
Financial
Services
Group
Inc/The
2.1%
Nuveen
ESG
Small-Cap
ETF
(NUSC)
(continued)
Fund
Performance,
Expense
Ratios
and
Holdings
Summaries
April
30,
2024
Refer
to
the
first
page
of
this
Fund
Performance,
Expense
Ratios
and
Holdings
Summaries section
for
further
expla-
nation
of the
information
included
within
this
section.
Refer
to
the
Glossary
of
Terms
Used
in
this
Report
for
further
definition
of
terms
used
in
this
section.
Fund
Performance
and
Expense
Ratios*
*
For
purposes
of
Fund
performance,
relative
results
are
measured
against
the
Nuveen
ESG
USA
Small-Cap
Index.
Effective
May
1,
2024,
the
name
of
this
custom
index
changed
from
TIAA
ESG
USA
Small-Cap
Index.
Total
Returns
as
of
April
30,
2024
Cumulative
Average
Annual
Expense
Ratios
Inception
Date
6-Month
1-Year
5-Year
Since
Inception
NUSC
at
NAV
12/13/16
20.38%
11.29%
7.55%
8.32%
0.31%
NUSC
at
Market
Price
12/13/16
20.35%
11.22%
7.52%
8.31%
—
MSCI
USA
Small-Cap
Index
—
19.92%
14.11%
7.89%
8.52%
—
Nuveen
ESG
USA
Small-Cap
Index
—
20.58%
11.56%
7.89%
8.70%
—
Holdings
Summaries
as
of
April
30,
2024
Fund
Allocation
(%
of
net
assets)
Common
Stocks
99
.8
%
Common
Stock
Rights
0
.0
%
Other
Assets
&
Liabilities,
Net
0
.2
%
Net
Assets
100
%
Portfolio
Composition
(%
of
net
assets)
Industrials
18.4%
Financials
17.0%
Consumer
Discretionary
15.8%
Information
Technology
13.4%
Health
Care
10.9%
Real
Estate
6.4%
Materials
5.7%
Energy
4.2%
Consumer
Staples
3.6%
Utilities
2.4%
Communication
Services
2.0%
Other
Assets
&
Liabilities,
Net
0.2%
Total
100%
Top
Five
Common
Stock
Holdings
(%
of
net
assets)
EMCOR
Group
Inc
1.1%
Service
Corp
International/US
1.0%
Murphy
USA
Inc
1.0%
US
Foods
Holding
Corp
0.9%
WEX
Inc
0.8%
Nuveen
Dividend
Growth
ETF
(NDVG)
(continued)
Fund
Performance,
Expense
Ratios
and
Holding
Summaries
April
30,
2024
Refer
to
the
first
page
of
this
Fund
Performance,
Expense
Ratios
and
Holdings
Summaries section
for
further
expla-
nation
of the
information
included
within
this
section.
Refer
to
the
Glossary
of
Terms
Used
in
this
Report
for
further
definition
of
terms
used
in
this
section.
Fund
Performance
and
Expense
Ratios*
*
For
purposes
of
Fund
performance,
relative
results
are
measured
against
the
S&P
500
®
Index.
Total
Returns
as
of
April
30,
2024
Cumulative
Average
Annual
Expense
Ratios
Inception
Date
6-Month
1-Year
Since
Inception
NDVG
at
NAV
8/04/21
15.14%
12.97%
6.28%
0.65%
NDVG
at
Market
Price
8/04/21
15.20%
13.12%
6.31%
—
S&P
500®
Index
—
20.98%
22.66%
6.70%
—
Holdings
Summaries
as
of
April
30,
2024
Fund
Allocation
(%
of
net
assets)
Common
Stocks
99.0%
Other
Assets
&
Liabilities,
Net
1.0%
Net
Assets
100%
Portfolio
Composition
(%
of
net
assets)
Software
&
Services
10.8%
Financial
Services
9.9%
Technology
Hardware
&
Equipment
9.9%
Health
Care
Equipment
&
Services
7.6%
Semiconductors
&
Semiconductor
Equipment
7.6%
Capital
Goods
7.3%
Food,
Beverage
&
Tobacco
5.2%
Energy
4.8%
Materials
4.7%
Utilities
4.3%
Equity
Real
Estate
Investment
Trusts
(REITs)
4.2%
Consumer
Discretionary
Distribution
&
Retail
4.1%
Pharmaceuticals,
Biotechnology
&
Life
Sciences
4.0%
Banks
3.4%
Consumer
Services
3.2%
Other
8.0%
Other
Assets
&
Liabilities,
Net
1.0%
Net
Assets
100%
Top
Five
Common
Stock
Holdings
(%
of
net
assets)
Microsoft
Corp
8.1%
Apple
Inc
6.3%
Broadcom
Inc
4.7%
Motorola
Solutions
Inc
3.5%
JPMorgan
Chase
&
Co
3.4%
Nuveen
Growth
Opportunities
ETF
(NUGO)
(continued)
Fund
Performance,
Expense
Ratios
and
Holding
Summaries
April
30,
2024
Refer
to
the
first
page
of
this
Fund
Performance,
Expense
Ratios
and
Holdings
Summaries section
for
further
expla-
nation
of the
information
included
within
this
section.
Refer
to
the
Glossary
of
Terms
Used
in
this
Report
for
further
definition
of
terms
used
in
this
section.
Fund
Performance
and
Expense
Ratios*
*
For
purposes
of
Fund
performance,
relative
results
are
measured
against
the
Russell
1000
®
Growth
Index.
Total
Returns
as
of
April
30,
2024
Cumulative
Average
Annual
Expense
Ratios
Inception
Date
6-Month
1-Year
Since
Inception
NUGO
at
NAV
9/27/21
27.27%
38.15%
4.75%
0.56%
NUGO
at
Market
Price
9/27/21
27.73%
38.39%
4.87%
—
Russell
1000®
Growth
Index
—
23.56%
31.80%
5.91%
—
Holdings
Summaries
as
of
April
30,
2024
Fund
Allocation
(%
of
net
assets)
Common
Stocks
99.2%
Other
Assets
&
Liabilities,
Net
0.8%
Net
Assets
100%
Portfolio
Composition
(%
of
net
assets)
Software
&
Services
22.1%
Semiconductors
&
Semiconductor
Equipment
16.6%
Media
&
Entertainment
12.0%
Consumer
Discretionary
Distribution
&
Retail
9.7%
Pharmaceuticals,
Biotechnology
&
Life
Sciences
7.4%
Technology
Hardware
&
Equipment
7.3%
Financial
Services
6.1%
Health
Care
Equipment
&
Services
4.7%
Consumer
Services
4.3%
Capital
Goods
3.2%
Materials
2.6%
Consumer
Staples
Distribution
&
Retail
2.4%
Food,
Beverage
&
Tobacco
0.8%
Other
Assets
&
Liabilities,
Net
0.8%
Net
Assets
100%
Top
Five
Common
Stock
Holdings
(%
of
net
assets)
Microsoft
Corp
12.6%
NVIDIA
Corp
11.3%
Amazon.com
Inc
9.8%
Apple
Inc
6.6%
Alphabet
Inc,
Class
A
6.2%
Nuveen
Small
Cap
Select
ETF
(NSCS)
(continued)
Fund
Performance,
Expense
Ratios
and
Holding
Summaries
April
30,
2024
Refer
to
the
first
page
of
this
Fund
Performance,
Expense
Ratios
and
Holdings
Summaries section
for
further
expla-
nation
of the
information
included
within
this
section.
Refer
to
the
Glossary
of
Terms
Used
in
this
Report
for
further
definition
of
terms
used
in
this
section.
Fund
Performance
and
Expense
Ratios*
*
For
purposes
of
Fund
performance,
relative
results
are
measured
against
the
Russell
2000
®
Index.
Total
Returns
as
of
April
30,
2024
Cumulative
Average
Annual
Expense
Ratios
Inception
Date
6-Month
1-Year
Since
Inception
NSCS
at
NAV
8/04/21
21.82%
19.01%
0.56%
0.86%
NSCS
at
Market
Price
8/04/21
21.95%
19.12%
0.60%
—
Russell
2000®
Index
—
19.66%
13.32%
(2.45)%
—
Holdings
Summaries
as
of
April
30,
2024
Fund
Allocation
(%
of
net
assets)
Common
Stocks
97.8%
Exchange-Traded
Funds
1.3%
Other
Assets
&
Liabilities,
Net
0.9%
Net
Assets
100%
Portfolio
Composition
(%
of
net
assets)
Capital
Goods
13.4%
Health
Care
Equipment
&
Services
10.2%
Software
&
Services
9.1%
Banks
7.4%
Energy
7.1%
Financial
Services
6.5%
Semiconductors
&
Semiconductor
Equipment
6.1%
Pharmaceuticals,
Biotechnology
&
Life
Sciences
5.0%
Commercial
&
Professional
Services
3.9%
Materials
3.7%
Equity
Real
Estate
Investment
Trusts
(REITs)
3.4%
Consumer
Discretionary
Distribution
&
Retail
3.2%
Technology
Hardware
&
Equipment
2.6%
Automobiles
&
Components
2.4%
Consumer
Durables
&
Apparel
2.4%
Other
12.7%
Other
Assets
&
Liabilities,
Net
0.9%
Net
Assets
100%
Top
Five
Common
Stock
Holdings
(%
of
net
assets)
Permian
Resources
Corp
2.4%
Wintrust
Financial
Corp
2.2%
Northern
Oil
&
Gas
Inc
2.1%
Evercore
Inc,
Class
A
2.1%
SPX
Technologies
Inc
1.8%
Nuveen
Winslow
Large-Cap
Growth
ESG
ETF
(NWLG)
(continued)
Fund
Performance,
Expense
Ratios
and
Holding
Summaries
April
30,
2024
Refer
to
the
first
page
of
this
Fund
Performance,
Expense
Ratios
and
Holdings
Summaries section
for
further
expla-
nation
of the
information
included
within
this
section.
Refer
to
the
Glossary
of
Terms
Used
in
this
Report
for
further
definition
of
terms
used
in
this
section.
Fund
Performance
and
Expense
Ratios*
*
For
purposes
of
Fund
performance,
relative
results
are
measured
against
the
Russell
1000
®
Index.
Total
Returns
as
of
April
30,
2024
Cumulative
Average
Annual
Expense
Ratios
Inception
Date
6-Month
1-Year
Since
Inception
NWLG
at
NAV
8/04/21
29.50%
36.55%
4.50%
0.65%
NWLG
at
Market
Price
8/04/21
29.66%
36.84%
4.56%
—
Russell
1000®
Growth
Index
—
23.56%
31.80%
5.95%
—
Holdings
Summaries
as
of
April
30,
2024
Fund
Allocation
(%
of
net
assets)
Common
Stocks
98.9%
Other
Assets
&
Liabilities,
Net
1.1%
Net
Assets
100%
Portfolio
Composition
(%
of
net
assets)
Software
&
Services
23.1%
Semiconductors
&
Semiconductor
Equipment
18.5%
Health
Care
Equipment
&
Services
10.4%
Consumer
Discretionary
Distribution
&
Retail
9.9%
Media
&
Entertainment
8.5%
Capital
Goods
6.9%
Financial
Services
5.0%
Technology
Hardware
&
Equipment
4.4%
Consumer
Services
3.8%
Materials
2.8%
Transportation
2.6%
Pharmaceuticals,
Biotechnology
&
Life
Sciences
2.0%
Consumer
Staples
Distribution
&
Retail
1.0%
Other
Assets
&
Liabilities,
Net
1.1%
Net
Assets
100%
Top
Five
Common
Stock
Holdings
(%
of
net
assets)
Microsoft
Corp
12.7%
Amazon.com
Inc
8.7%
NVIDIA
Corp
8.3%
Apple
Inc
4.4%
Alphabet
Inc,
Class
A
4.0%
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
Fund
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,
2024.
The
beginning
of
the
period
is
November
1,
2023.
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
share
class,
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
ratios
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
following
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
or
share
classes.
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
$1,182.22
Expenses
Incurred
During
the
Period
$1.41
Hypothetical
Performance
(5%
annualized
return
before
expenses)
Beginning
Account
Value
$1,000.00
Ending
Account
Value
$1,023.57
Expenses
Incurred
During
the
Period
$1.31
Expenses
are
equal
to
the
Fund’s
annualized
net
expense
ratio
of
0.26%
multiplied
by
the
average
account
value
over
the
period,
multiplied
by
182/366
(to
reflect
the
one-half
year
period).
Nuveen
ESG
Emerging
Markets
Equity
ETF
(NUEM)
Actual
Performance
Beginning
Account
Value
$1,000.00
Ending
Account
Value
$1,119.49
Expenses
Incurred
During
the
Period
$1.90
Hypothetical
Performance
(5%
annualized
return
before
expenses)
Beginning
Account
Value
$1,000.00
Ending
Account
Value
$1,023.07
Expenses
Incurred
During
the
Period
$1.81
Expenses
are
equal
to
the
Fund’s
annualized
net
expense
ratio
of
0.36%
multiplied
by
the
average
account
value
over
the
period,
multiplied
by
182/366
(to
reflect
the
one-half
year
period).
Nuveen
ESG
International
Developed
Markets
Equity
ETF
(NUDM)
Actual
Performance
Beginning
Account
Value
$1,000.00
Ending
Account
Value
$1,197.72
Expenses
Incurred
During
the
Period
$1.69
Hypothetical
Performance
(5%
annualized
return
before
expenses)
Beginning
Account
Value
$1,000.00
Ending
Account
Value
$1,023.32
Expenses
Incurred
During
the
Period
$1.56
Expenses
are
equal
to
the
Fund’s
annualized
net
expense
ratio
of
0.31%
multiplied
by
the
average
account
value
over
the
period,
multiplied
by
182/366
(to
reflect
the
one-half
year
period).
Nuveen
ESG
Large-Cap
ETF
(NULC)
Actual
Performance
Beginning
Account
Value
$1,000.00
Ending
Account
Value
$1,203.26
Expenses
Incurred
During
the
Period
$1.15
Hypothetical
Performance
(5%
annualized
return
before
expenses)
Beginning
Account
Value
$1,000.00
Ending
Account
Value
$1,023.82
Expenses
Incurred
During
the
Period
$1.06
Expenses
are
equal
to
the
Fund’s
annualized
net
expense
ratio
of
0.21%
multiplied
by
the
average
account
value
over
the
period,
multiplied
by
182/366
(to
reflect
the
one-half
year
period).
Nuveen
ESG
Large-Cap
Growth
ETF
(NULG)
Actual
Performance
Beginning
Account
Value
$1,000.00
Ending
Account
Value
$1,256.31
Expenses
Incurred
During
the
Period
$1.46
Hypothetical
Performance
(5%
annualized
return
before
expenses)
Beginning
Account
Value
$1,000.00
Ending
Account
Value
$1,023.57
Expenses
Incurred
During
the
Period
$1.31
Expenses
are
equal
to
the
Fund’s
annualized
net
expense
ratio
of
0.26%
multiplied
by
the
average
account
value
over
the
period,
multiplied
by
182/366
(to
reflect
the
one-half
year
period).
Nuveen
ESG
Large-Cap
Value
ETF
(NULV)
Actual
Performance
Beginning
Account
Value
$1,000.00
Ending
Account
Value
$1,163.29
Expenses
Incurred
During
the
Period
$1.40
Hypothetical
Performance
(5%
annualized
return
before
expenses)
Beginning
Account
Value
$1,000.00
Ending
Account
Value
$1,023.57
Expenses
Incurred
During
the
Period
$1.31
Expenses
are
equal
to
the
Fund’s
annualized
net
expense
ratio
of
0.26%
multiplied
by
the
average
account
value
over
the
period,
multiplied
by
182/366
(to
reflect
the
one-half
year
period).
Expense
Examples
(continued)
Nuveen
ESG
Mid-Cap
Growth
ETF
(NUMG)
Actual
Performance
Beginning
Account
Value
$1,000.00
Ending
Account
Value
$1,207.98
Expenses
Incurred
During
the
Period
$1.70
Hypothetical
Performance
(5%
annualized
return
before
expenses)
Beginning
Account
Value
$1,000.00
Ending
Account
Value
$1,023.32
Expenses
Incurred
During
the
Period
$1.56
Expenses
are
equal
to
the
Fund’s
annualized
net
expense
ratio
of
0.31%
multiplied
by
the
average
account
value
over
the
period,
multiplied
by
182/366
(to
reflect
the
one-half
year
period).
Nuveen
ESG
Mid-Cap
Value
ETF
(NUMV)
Actual
Performance
Beginning
Account
Value
$1,000.00
Ending
Account
Value
$1,236.93
Expenses
Incurred
During
the
Period
$1.72
Hypothetical
Performance
(5%
annualized
return
before
expenses)
Beginning
Account
Value
$1,000.00
Ending
Account
Value
$1,023.32
Expenses
Incurred
During
the
Period
$1.56
Expenses
are
equal
to
the
Fund’s
annualized
net
expense
ratio
of
0.31%
multiplied
by
the
average
account
value
over
the
period,
multiplied
by
182/366
(to
reflect
the
one-half
year
period).
Nuveen
ESG
Small-Cap
ETF
(NUSC)
Actual
Performance
Beginning
Account
Value
$1,000.00
Ending
Account
Value
$1,203.80
Expenses
Incurred
During
the
Period
$1.70
Hypothetical
Performance
(5%
annualized
return
before
expenses)
Beginning
Account
Value
$1,000.00
Ending
Account
Value
$1,023.32
Expenses
Incurred
During
the
Period
$1.56
Expenses
are
equal
to
the
Fund’s
annualized
net
expense
ratio
of
0.31%
multiplied
by
the
average
account
value
over
the
period,
multiplied
by
182/366
(to
reflect
the
one-half
year
period).
Nuveen
Dividend
Growth
ETF
(NDVG)
Actual
Performance
Beginning
Account
Value
$1,000.00
Ending
Account
Value
$1,151.36
Expenses
Incurred
During
the
Period
$3.42
Hypothetical
Performance
(5%
annualized
return
before
expenses)
Beginning
Account
Value
$1,000.00
Ending
Account
Value
$1,021.68
Expenses
Incurred
During
the
Period
$3.22
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
182/366
(to
reflect
the
one-half
year
period).
Nuveen
Growth
Opportunities
ETF
(NUGO)
Actual
Performance
Beginning
Account
Value
$1,000.00
Ending
Account
Value
$1,272.70
Expenses
Incurred
During
the
Period
$3.16
Hypothetical
Performance
(5%
annualized
return
before
expenses)
Beginning
Account
Value
$1,000.00
Ending
Account
Value
$1,022.08
Expenses
Incurred
During
the
Period
$2.82
Expenses
are
equal
to
the
Fund’s
annualized
net
expense
ratio
of
0.56%
multiplied
by
the
average
account
value
over
the
period,
multiplied
by
182/366
(to
reflect
the
one-half
year
period).
Nuveen
Small
Cap
Select
ETF
(NSCS)
Actual
Performance
Beginning
Account
Value
$1,000.00
Ending
Account
Value
$1,218.19
Expenses
Incurred
During
the
Period
$4.69
Hypothetical
Performance
(5%
annualized
return
before
expenses)
Beginning
Account
Value
$1,000.00
Ending
Account
Value
$1,020.64
Expenses
Incurred
During
the
Period
$4.27
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
182/366
(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
$1,294.99
Expenses
Incurred
During
the
Period
$3.71
Hypothetical
Performance
(5%
annualized
return
before
expenses)
Beginning
Account
Value
$1,000.00
Ending
Account
Value
$1,021.63
Expenses
Incurred
During
the
Period
$3.27
Expenses
are
equal
to
the
Fund’s
annualized
net
expense
ratio
of
0.65%
multiplied
by
the
average
account
value
over
the
period,
multiplied
by
182/366
(to
reflect
the
one-half
year
period).
Nuveen
ESG
Dividend
ETF
(NUDV)
Portfolio
of
Investments
April
30,
2024
(Unaudited)
Shares
Description
(a)
Value
LONG-TERM
INVESTMENTS
-
99.8%
X
–
COMMON
STOCKS
-
99.8%
Communication
Services
-
4.2%
3,030
Comcast
Corp,
Class
A
$
115,473
435
Fox
Corp,
Class
A
13,489
249
Fox
Corp,
Class
B
7,141
672
Interpublic
Group
of
Cos
Inc/The
20,456
347
Omnicom
Group
Inc
32,215
856
Paramount
Global,
Class
B
9,750
1,342
Sirius
XM
Holdings
Inc
3,946
3,112
Verizon
Communications
Inc
122,893
Total
Communication
Services
325,363
Consumer
Discretionary
-
5.8%
376
Bath
&
Body
Works
Inc
17,078
339
Best
Buy
Co
Inc
24,964
411
BorgWarner
Inc
13,468
234
Hasbro
Inc
14,344
440
Home
Depot
Inc/The
147,057
469
LKQ
Corp
20,228
524
Lowe's
Cos
Inc
119,467
189
Tractor
Supply
Co
51,612
67
Vail
Resorts
Inc
12,688
107
Williams-Sonoma
Inc
30,685
Total
Consumer
Discretionary
451,591
Consumer
Staples
-
10.8%
934
Archer-Daniels-Midland
Co
54,788
256
Bunge
Global
SA
26,051
217
Clorox
Co/The
32,088
2,338
Coca-Cola
Co/The
144,418
201
Hershey
Co/The
38,978
1,837
Keurig
Dr
Pepper
Inc
61,907
592
Kimberly-Clark
Corp
80,826
254
Lamb
Weston
Holdings
Inc
21,168
439
McCormick
&
Co
Inc/MD
33,390
818
PepsiCo
Inc
143,894
884
Sysco
Corp
65,699
723
Target
Corp
116,389
1,285
Walgreens
Boots
Alliance
Inc
22,783
Total
Consumer
Staples
842,379
Energy
-
1.8%
1,763
Baker
Hughes
Co
57,509
1,020
ONEOK
Inc
80,703
Total
Energy
138,212
Financials
-
22.4%
478
Ally
Financial
Inc
18,331
874
Annaly
Capital
Management
Inc
16,379
93
Assurant
Inc
16,219
4,069
Bank
of
America
Corp
150,594
1,330
Bank
of
New
York
Mellon
Corp/The
75,132
668
Capital
One
Financial
Corp
95,811
2,087
Citigroup
Inc
127,996
439
Discover
Financial
Services
55,634
1,038
Fidelity
National
Information
Services
Inc
70,501
1,190
Fifth
Third
Bancorp
43,387
Shares
Description
(a)
Value
Financials
(continued)
307
Goldman
Sachs
Group
Inc/The
$
131,000
2,542
Huntington
Bancshares
Inc/OH
34,241
566
Marsh
&
McLennan
Cos
Inc
112,877
1,101
MetLife
Inc
78,259
1,325
Morgan
Stanley
120,363
608
Nasdaq
Inc
36,389
361
Northern
Trust
Corp
29,743
697
PNC
Financial
Services
Group
Inc/The
106,822
417
Principal
Financial
Group
Inc
33,001
630
Prudential
Financial
Inc
69,602
349
Raymond
James
Financial
Inc
42,578
541
State
Street
Corp
39,217
726
Synchrony
Financial
31,930
262
Travelers
Cos
Inc/The
55,586
1,578
Truist
Financial
Corp
59,254
2,587
US
Bancorp
105,110
Total
Financials
1,755,956
Health
Care
-
12.2%
433
Amgen
Inc
118,616
2,281
Bristol-Myers
Squibb
Co
100,227
431
Cardinal
Health
Inc
44,410
333
Cigna
Group/The
118,894
1,560
Gilead
Sciences
Inc
101,712
1,036
Johnson
&
Johnson
149,795
4,473
Pfizer
Inc
114,598
197
Quest
Diagnostics
Inc
27,222
241
(b)
Solventum
Corp
15,668
347
UnitedHealth
Group
Inc
167,844
Total
Health
Care
958,986
Industrials
-
15.9%
967
3M
Co
93,325
452
Automatic
Data
Processing
Inc
109,334
205
Broadridge
Financial
Solutions
Inc
39,649
1,416
Carrier
Global
Corp
87,070
388
Caterpillar
Inc
129,813
205
CH
Robinson
Worldwide
Inc
14,555
1,754
(b)
CNH
Industrial
NV
19,996
248
Cummins
Inc
70,058
313
Deere
&
Co
122,511
357
Ferguson
PLC
74,934
1,191
Johnson
Controls
International
plc
77,498
156
Owens
Corning
26,241
567
Paychex
Inc
67,365
186
Robert
Half
Inc
12,860
201
Rockwell
Automation
Inc
54,463
182
Toro
Co/The
15,941
497
Union
Pacific
Corp
117,869
774
United
Parcel
Service
Inc,
Class
B
114,150
Total
Industrials
1,247,632
Information
Technology
-
12.0%
2,697
Cisco
Systems
Inc
126,705
420
Dell
Technologies
Inc,
Class
C
52,349
1,010
Gen
Digital
Inc
20,341
2,278
Hewlett
Packard
Enterprise
Co
38,726
1,650
HP
Inc
46,349
672
International
Business
Machines
Corp
111,686
560
Juniper
Networks
Inc
19,499
Nuveen
ESG
Dividend
ETF
(NUDV)
(continued)
Portfolio
of
Investments
April
30,
2024
(Unaudited)
Shares
Description
(a)
Value
Information
Technology
(continued)
362
NetApp
Inc
$
37,000
451
NXP
Semiconductors
NV
115,542
1,154
Oracle
Corp
131,268
347
Seagate
Technology
Holdings
PLC
29,811
542
TE
Connectivity
Ltd
76,682
758
Texas
Instruments
Inc
133,726
Total
Information
Technology
939,684
Materials
-
3.3%
2,534
Amcor
PLC
22,654
448
International
Flavors
&
Fragrances
Inc
37,923
577
International
Paper
Co
20,160
453
LyondellBasell
Industries
NV,
Class
A
45,287
2,018
Newmont
Corp
82,012
413
PPG
Industries
Inc
53,277
Total
Materials
261,313
Real
Estate
-
8.2%
595
American
Tower
Corp
102,078
249
AvalonBay
Communities
Inc
47,203
260
Boston
Properties
Inc
16,091
760
Crown
Castle
Inc
71,273
129
Equinix
Inc
91,733
1,239
Host
Hotels
&
Resorts
Inc
23,380
511
Iron
Mountain
Inc
39,613
277
Public
Storage
71,868
309
Regency
Centers
Corp
18,299
189
SBA
Communications
Corp
35,177
704
Ventas
Inc
31,173
969
Welltower
Inc
92,326
Total
Real
Estate
640,214
Utilities
-
3.2%
341
American
Water
Works
Co
Inc
41,711
263
Atmos
Energy
Corp
31,008
602
Consolidated
Edison
Inc
56,829
457
Essential
Utilities
Inc
16,717
613
Eversource
Energy
37,160
1,744
Exelon
Corp
65,539
Total
Utilities
248,964
Total
Common
Stocks
(cost
$7,871,120)
7,810,294
Total
Long-Term
Investments
(cost
$7,871,120)
7,810,294
Other
Assets
&
Liabilities,
Net
-
0.2%
18,598
Net
Assets
-
100%
$
7,828,892
For
Fund
portfolio
compliance
purposes,
the
Fund’s
industry
classifications
refer
to
any
one
or
more
of
the
industry
sub-classifications
used
by
one
or
more
widely
recognized
market
indexes
or
ratings
group
indexes,
and/or
as
defined
by
Fund
management.
This
definition
may
not
apply
for
purposes
of
this
report,
which
may
combine
industry
sub-classifications
into
sectors
for
reporting
ease.
(a)
All
percentages
shown
in
the
Portfolio
of
Investments
are
based
on
net
assets.
(b)
Non-income
producing;
issuer
has
not
declared
an
ex-dividend
date
within
the
past
twelve
months.
See
Notes
to
Financial
Statements
Nuveen
ESG
Emerging
Markets
Equity
ETF
(NUEM)
Portfolio
of
Investments
April
30,
2024
(Unaudited)
Shares
Description
(a)
Value
LONG-TERM
INVESTMENTS
-
100.2%
X
–
COMMON
STOCKS
-
100.2%
Communication
Services
-
9.8%
29,205
37
Interactive
Entertainment
Network
Technology
Group
Co
Ltd,
Class
A
$
67,351
782,443
America
Movil
SAB
de
CV
748,989
308,235
(b)
Baidu
Inc,
Class
A
4,126,247
208,670
Bharti
Airtel
Ltd
3,307,008
1,033
CD
Projekt
SA
30,252
17,098
Chunghwa
Telecom
Co
Ltd
65,111
360
HYBE
Co
Ltd
52,616
21,550
Info
Edge
India
Ltd
1,563,569
66,653
Kakao
Corp
2,343,778
17,030
Kanzhun
Ltd,
ADR
337,024
42,800
Kingnet
Network
Co
Ltd,
Class
A
69,683
8,356
KT
Corp
209,187
429,790
(b),(c)
Kuaishou
Technology
3,074,560
1,819
NCSoft
Corp
231,768
173,776
NetEase
Inc
3,339,453
284,867
Ooredoo
QPSC
781,604
319,885
Saudi
Telecom
Co
3,211,132
14,606
SK
Telecom
Co
Ltd
542,137
7,607
Tata
Communications
Ltd
157,713
51,455
Telefonica
Brasil
SA
469,966
17,378
Turkcell
Iletisim
Hizmetleri
AS
43,369
Total
Communication
Services
24,772,517
Consumer
Discretionary
-
14.3%
9,944
AIMA
Technology
Group
Co
Ltd,
Class
A
48,446
868,082
Alibaba
Group
Holding
Ltd
8,252,173
35,094
(b),(c)
Allegro.eu
SA
295,016
80,049
BYD
Co
Ltd
2,206,639
38,620
BYD
Co
Ltd,
Class
A
1,165,293
28,926
(c)
China
Tourism
Group
Duty
Free
Corp
Ltd
257,224
11,183
China
Tourism
Group
Duty
Free
Corp
Ltd,
Class
A
115,668
606,240
Chow
Tai
Fook
Jewellery
Group
Ltd
834,033
19,747
Coway
Co
Ltd
795,824
108,439
(b),(c)
East
Buy
Holding
Ltd
231,819
39,550
Eclat
Textile
Co
Ltd
625,522
8,532
Eicher
Motors
Ltd
470,120
460
(b),(d)
FF
Group
5
61,833
Great
Wall
Motor
Co
Ltd
94,396
50,100
Great
Wall
Motor
Co
Ltd,
Class
A
181,264
241,608
Haier
Smart
Home
Co
Ltd
903,574
14,000
Haier
Smart
Home
Co
Ltd,
Class
A
58,502
6,196
Hanon
Systems
25,015
6,262
Hero
MotoCorp
Ltd
340,962
17,090
Hotai
Motor
Co
Ltd
325,404
304,474
Indian
Hotels
Co
Ltd
2,104,665
1,067
JUMBO
SA
33,291
33,578
LG
Electronics
Inc
2,256,998
99,842
(b)
Li
Auto
Inc,
Class
A
1,327,618
85,539
Mahindra
&
Mahindra
Ltd
2,210,694
8,157
Naspers
Ltd
1,562,214
113,776
(c)
Pop
Mart
International
Group
Ltd
493,148
349,504
PTT
Oil
&
Retail
Business
PCL
176,355
329,173
(b)
Tongcheng
Travel
Holdings
Ltd
873,311
41,766
Trent
Ltd
2,207,480
70,870
TVS
Motor
Co
Ltd
1,749,745
Nuveen
ESG
Emerging
Markets
Equity
ETF
(NUEM)
(continued)
Portfolio
of
Investments
April
30,
2024
(Unaudited)
Shares
Description
(a)
Value
Consumer
Discretionary
(continued)
33,379
Vipshop
Holdings
Ltd,
ADR
$
502,020
24,532
Yum
China
Holdings
Inc
895,663
1,190,273
(b)
Zomato
Ltd
2,755,412
Total
Consumer
Discretionary
36,375,513
Consumer
Staples
-
6.6%
49,270
Arca
Continental
SAB
de
CV
483,259
1,722
Bid
Corp
Ltd
39,456
3,971
(b)
Britannia
Industries
Ltd
227,303
169,430
Fomento
Economico
Mexicano
SAB
de
CV
1,992,867
104,348
Hindustan
Unilever
Ltd
2,789,471
106,595
Inner
Mongolia
Yili
Industrial
Group
Co
Ltd,
Class
A
421,140
8,755
Marico
Ltd
54,354
87,251
Nestle
India
Ltd
2,622,040
282,019
(c)
Nongfu
Spring
Co
Ltd
1,665,892
96,772
Raia
Drogasil
SA
477,596
79,910
Savola
Group/The
1,075,949
37,875
Tata
Consumer
Products
Ltd
503,124
146,388
Varun
Beverages
Ltd
2,595,679
477,861
Wal-Mart
de
Mexico
SAB
de
CV
1,792,697
17,464
Yihai
Kerry
Arawana
Holdings
Co
Ltd,
Class
A
75,726
Total
Consumer
Staples
16,816,553
Energy
-
3.6%
166,734
Cosan
SA
466,447
135,734
Empresas
Copec
SA
972,611
15,550
HD
Hyundai
Co
Ltd
758,317
23,814
Motor
Oil
Hellas
Corinth
Refineries
SA
691,582
100,610
Offshore
Oil
Engineering
Co
Ltd,
Class
A
88,502
214,016
Qatar
Fuel
QSC
849,951
15,185
(b)
SK
Innovation
Co
Ltd
1,220,645
16,137
S-Oil
Corp
848,824
442,810
Thai
Oil
PCL
651,191
206,954
Turkiye
Petrol
Rafinerileri
AS
1,251,574
260,072
Ultrapar
Participacoes
SA
1,297,074
23,400
Yantai
Jereh
Oilfield
Services
Group
Co
Ltd,
Class
A
103,210
Total
Energy
9,199,928
Financials
-
23.9%
6,263,247
Agricultural
Bank
of
China
Ltd
2,810,822
1,016,564
Agricultural
Bank
of
China
Ltd,
Class
A
617,673
41,464
(c)
AU
Small
Finance
Bank
Ltd
314,870
734,674
B3
SA
-
Brasil
Bolsa
Balcao
1,529,419
610,745
Banco
Bradesco
SA
1,649,675
156,411
Banco
do
Brasil
SA
827,457
2,554,204
Bank
Central
Asia
Tbk
PT
1,539,434
1,033,330
Bank
Negara
Indonesia
Persero
Tbk
PT
333,640
6,695,678
Bank
Rakyat
Indonesia
Persero
Tbk
PT
2,034,234
739
Capitec
Bank
Holdings
Ltd
91,332
219,010
Cathay
Financial
Holding
Co
Ltd
339,660
212,963
Chailease
Holding
Co
Ltd
1,128,190
7,444,053
China
Construction
Bank
Corp
4,854,072
207,598
China
Construction
Bank
Corp,
Class
A
204,115
781,690
China
Merchants
Bank
Co
Ltd
3,433,112
9,738
China
Merchants
Bank
Co
Ltd,
Class
A
46,138
96,740
CITIC
Securities
Co
Ltd
155,354
258,200
CITIC
Securities
Co
Ltd,
Class
A
677,813
145,977
Commercial
International
Bank
-
Egypt
(CIB)
219,347
3,999
Credicorp
Ltd
662,274
3,714,652
CTBC
Financial
Holding
Co
Ltd
3,890,106
Shares
Description
(a)
Value
Financials
(continued)
416,831
First
Abu
Dhabi
Bank
PJSC
$
1,416,333
774,967
FirstRand
Ltd
2,680,919
1,058,069
Fubon
Financial
Holding
Co
Ltd
2,245,334
23,831
Grupo
Financiero
Banorte
SAB
de
CV
237,142
39,455
(b)
Haci
Omer
Sabanci
Holding
AS
112,480
18,294
Hana
Financial
Group
Inc
776,976
269,406
HDFC
Bank
Ltd
4,908,227
38,679
(c)
Huatai
Securities
Co
Ltd
45,992
156,329
Huatai
Securities
Co
Ltd,
Class
A
297,266
812,864
(b)
IDFC
First
Bank
Ltd
800,333
6,773,990
Industrial
&
Commercial
Bank
of
China
Ltd
3,663,629
653,080
Industrial
&
Commercial
Bank
of
China
Ltd,
Class
A
489,709
30,904
Industrial
Bank
Co
Ltd,
Class
A
71,909
32,969
KB
Financial
Group
Inc
1,803,384
10,662
(b)
Komercni
Banka
AS
393,739
110,400
Kotak
Mahindra
Bank
Ltd
2,148,755
529,385
Malayan
Banking
Bhd
1,079,291
210
(b)
mBank
SA
35,593
26,487
Mega
Financial
Holding
Co
Ltd
32,537
766,918
Ping
An
Insurance
Group
Co
of
China
Ltd
3,525,124
5,450
Ping
An
Insurance
Group
Co
of
China
Ltd,
Class
A
31,128
38,644
(b)
Piraeus
Financial
Holdings
SA
155,984
43,278
Powszechna
Kasa
Oszczednosci
Bank
Polski
SA
649,229
1,491,636
Public
Bank
Bhd
1,287,698
9,414
Samsung
Life
Insurance
Co
Ltd
595,995
7,636
Santander
Bank
Polska
SA
1,058,317
36,213
Shinhan
Financial
Group
Co
Ltd
1,222,297
94,430
Standard
Bank
Group
Ltd
887,817
3,866
Woori
Financial
Group
Inc
39,804
710,494
Yapi
ve
Kredi
Bankasi
AS
708,376
42,171
Yuanta
Financial
Holding
Co
Ltd
39,695
Total
Financials
60,799,749
Health
Care
-
3.3%
29,000
Beijing
Tongrentang
Co
Ltd,
Class
A
169,519
19,700
China
Resources
Sanjiu
Medical
&
Pharmaceutical
Co
Ltd,
Class
A
163,144
51,300
Chongqing
Zhifei
Biological
Products
Co
Ltd,
Class
A
248,654
11,355
Cipla
Ltd/India
190,529
29,820
CSPC
Innovation
Pharmaceutical
Co
Ltd,
Class
A
141,122
30,371
Dr
Sulaiman
Al
Habib
Medical
Services
Group
Co
2,515,126
58,110
(c)
Hansoh
Pharmaceutical
Group
Co
Ltd
129,279
53,159
IHH
Healthcare
Bhd
70,507
136,100
Jiangsu
Hengrui
Pharmaceuticals
Co
Ltd,
Class
A
867,552
33,900
Joincare
Pharmaceutical
Group
Industry
Co
Ltd,
Class
A
56,879
9,600
Livzon
Pharmaceutical
Group
Inc,
Class
A
53,160
65,206
(b)
PharmaEssentia
Corp
587,739
16,606
Richter
Gedeon
Nyrt
424,281
4,600
Shenzhen
Mindray
Bio-Medical
Electronics
Co
Ltd,
Class
A
193,484
16,500
Shenzhen
New
Industries
Biomedical
Engineering
Co
Ltd,
Class
A
161,092
2,833
(b)
SK
Bioscience
Co
Ltd
120,117
7,834
Torrent
Pharmaceuticals
Ltd
248,115
29,819
(c)
WuXi
AppTec
Co
Ltd
135,156
21,490
WuXi
AppTec
Co
Ltd,
Class
A
129,596
246,480
(b),(c)
Wuxi
Biologics
Cayman
Inc
433,007
20,071
Yuhan
Corp
1,051,400
8,540
Zhangzhou
Pientzehuang
Pharmaceutical
Co
Ltd,
Class
A
279,780
Total
Health
Care
8,369,238
Nuveen
ESG
Emerging
Markets
Equity
ETF
(NUEM)
(continued)
Portfolio
of
Investments
April
30,
2024
(Unaudited)
Shares
Description
(a)
Value
Industrials
-
5.8%
869
ABB
India
Ltd
$
68,123
679,248
Airports
of
Thailand
PCL
1,195,924
2,764
Budimex
SA
469,627
15,298
CCR
SA
36,392
60,661
Contemporary
Amperex
Technology
Co
Ltd,
Class
A
1,697,151
61,996
Evergreen
Marine
Corp
Taiwan
Ltd
360,796
549,018
Gamuda
Bhd
610,851
3,887
Grupo
Aeroportuario
del
Centro
Norte
SAB
de
CV
43,267
30,013
Grupo
Aeroportuario
del
Pacifico
SAB
de
CV,
Class
B
549,617
2,012
Grupo
Aeroportuario
del
Sureste
SAB
de
CV,
Class
B
69,487
5,834
Havells
India
Ltd
116,350
6,670
Hyundai
Glovis
Co
Ltd
878,330
71,968
Jiangsu
Zhongtian
Technology
Co
Ltd,
Class
A
134,862
7,286,289
(b)
Latam
Airlines
Group
SA
98,995
21,649
LG
Corp
1,243,709
2,216
Localiza
Rent
a
Car
SA
20,963
16,407
Mytilineos
SA
670,153
217,063
(b)
Rumo
SA
844,281
8,343
(b)
Samsung
E&A
Co
Ltd
159,665
104,972
SF
Holding
Co
Ltd,
Class
A
525,476
17,248
Shanghai
M&G
Stationery
Inc,
Class
A
84,245
27,513
Shenzhen
Inovance
Technology
Co
Ltd,
Class
A
226,061
10,230
Siemens
Ltd
716,243
84,646
SM
Investments
Corp
1,391,999
4,576
Sungrow
Power
Supply
Co
Ltd,
Class
A
65,308
775,630
(b)
Suzlon
Energy
Ltd
386,717
4,792
(b)
Turk
Hava
Yollari
AO
48,251
2,921
Voltronic
Power
Technology
Corp
139,044
580,495
Weichai
Power
Co
Ltd
1,194,953
147,100
Weichai
Power
Co
Ltd,
Class
A
353,251
11,408
ZTO
Express
Cayman
Inc,
ADR
239,454
Total
Industrials
14,639,545
Information
Technology
-
20.0%
1,033,898
Acer
Inc
1,433,588
506,686
AUO
Corp
284,760
406,543
Delta
Electronics
Inc
4,001,506
989,796
Delta
Electronics
Thailand
PCL
1,869,555
80,154
HCL
Technologies
Ltd
1,312,840
125,462
Infosys
Ltd
2,136,062
2,876,848
Lenovo
Group
Ltd
3,284,695
4,854
LG
Display
Co
Ltd
37,017
713,966
Lite-On
Technology
Corp
2,192,636
19,995
Samsung
Electro-Mechanics
Co
Ltd
2,255,423
1,512
Samsung
SDI
Co
Ltd
474,791
46,757
SK
Hynix
Inc
5,893,256
1,028,124
Taiwan
Semiconductor
Manufacturing
Co
Ltd
24,943,737
470,342
United
Microelectronics
Corp
732,336
Total
Information
Technology
50,852,202
Materials
-
7.8%
937,910
(b)
Amman
Mineral
Internasional
PT
559,516
9,348
Anglo
American
Platinum
Ltd
328,417
2,814
Anglogold
Ashanti
Plc
65,228
70,094
Asian
Paints
Ltd
2,416,016
24,200
Beijing
Oriental
Yuhong
Waterproof
Technology
Co
Ltd,
Class
A
48,958
13,686
Berger
Paints
India
Ltd
83,417
344,835
(b)
Cemex
SAB
de
CV
274,637
23,666
China
Jushi
Co
Ltd,
Class
A
38,989
685,263
China
Steel
Corp
522,965
85,242
(c)
Ganfeng
Lithium
Group
Co
Ltd
252,853
Shares
Description
(a)
Value
Materials
(continued)
34,810
Ganfeng
Lithium
Group
Co
Ltd,
Class
A
$
169,495
495,858
Gerdau
SA
1,746,902
54,823
Gold
Fields
Ltd
904,323
7,108
(b)
Industrias
Penoles
SAB
de
CV
103,713
316,174
Klabin
SA
279,384
127,628
Klabin
SA
567,334
2,987
Korea
Zinc
Co
Ltd
1,001,718
15,315
Kumba
Iron
Ore
Ltd
376,882
931
LG
Chem
Ltd
180,528
3,650
LG
Chem
Ltd
1,062,966
364,677
Nan
Ya
Plastics
Corp
635,010
720
PI
Industries
Ltd
31,532
6,426
Pidilite
Industries
Ltd
234,824
3,457
POSCO
Future
M
Co
Ltd
709,109
203,623
Press
Metal
Aluminium
Holdings
Bhd
229,116
42,744
SABIC
Agri-Nutrients
Co
1,319,724
15,864
Sahara
International
Petrochemical
Co
145,080
276,982
(b)
Saudi
Arabian
Mining
Co
3,736,813
207,400
Shandong
Nanshan
Aluminum
Co
Ltd,
Class
A
102,533
4,618
Sociedad
Quimica
y
Minera
de
Chile
SA,
Class
B
211,797
15,349
Supreme
Industries
Ltd
931,228
31,428
Tianqi
Lithium
Corp,
Class
A
171,473
50,600
Western
Mining
Co
Ltd,
Class
A
140,449
25,800
Xiamen
Tungsten
Co
Ltd,
Class
A
68,299
33,496
Zangge
Mining
Co
Ltd,
Class
A
133,401
Total
Materials
19,784,629
Real
Estate
-
1.8%
1,096,118
Aldar
Properties
PJSC
1,629,449
156,112
Central
Pattana
PCL
267,488
38,951
China
Resources
Land
Ltd
141,686
8,651
(c)
China
Resources
Mixc
Lifestyle
Services
Ltd
30,805
222,556
DLF
Ltd
2,378,901
Total
Real
Estate
4,448,329
Utilities
-
3.3%
2,921
(b)
Adani
Green
Energy
Ltd
62,933
264,324
China
Resources
Gas
Group
Ltd
836,447
7,615
Cia
de
Saneamento
Basico
do
Estado
de
Sao
Paulo
SABESP
118,740
322,790
Companhia
Paranaense
de
Energia
566,102
47,768
CPFL
Energia
SA
293,994
655,562
Enel
Chile
SA
39,083
72,970
Engie
Brasil
Energia
SA
575,808
282,883
ENN
Energy
Holdings
Ltd
2,446,816
46,546
Equatorial
Energia
SA
274,709
88,618
Interconexion
Electrica
SA
ESP
412,127
100,384
Manila
Electric
Co
641,209
504,365
Power
Grid
Corp
of
India
Ltd
1,824,657
152,152
Tenaga
Nasional
Bhd
381,297
Total
Utilities
8,473,922
Total
Common
Stocks
(cost
$235,183,433)
254,532,125
Nuveen
ESG
Emerging
Markets
Equity
ETF
(NUEM)
(continued)
Portfolio
of
Investments
April
30,
2024
(Unaudited)
Principal
Amount
(000)
Description
(a)
Coupon
Maturity
Value
X
–
CORPORATE
BONDS
-
0.0%
Consumer
Staples
-
0.0%
$
25
Britannia
Industries
Ltd
5.500%
6/03/24
$
298
Total
Consumer
Staples
298
Total
Corporate
Bonds
(cost
$5)
298
Total
Long-Term
Investments
(cost
$235,183,438)
254,532,423
Other
Assets
&
Liabilities,
Net
-
(0.2)%
(
586,417
)
Net
Assets
-
100%
$
253,946,006
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.
(a)
All
percentages
shown
in
the
Portfolio
of
Investments
are
based
on
net
assets.
(b)
Non-income
producing;
issuer
has
not
declared
an
ex-dividend
date
within
the
past
twelve
months.
(c)
Security
is
exempt
from
registration
under
Rule
144A
of
the
Securities
Act
of
1933,
as
amended.
These
securities
are
deemed
liquid
and
may
be
resold
in
transactions
exempt
from
registration,
which
are
normally
those
transactions
with
qualified
institutional
buyers.
As
of
the
end
of
the
reporting
period,
the
aggregate
value
of
these
securities
is
$7,359,621
or
2.9%
of
Total
Investments.
(d)
For
fair
value
measurement
disclosure
purposes,
investment
classified
as
Level
3.
ADR
American
Depositary
Receipt
See
Notes
to
Financial
Statements
Nuveen
ESG
International
Developed
Markets
Equity
ETF
(NUDM)
Portfolio
of
Investments
April
30,
2024
(Unaudited)
h
Shares
Description
(a)
Value
LONG-TERM
INVESTMENTS
-
99.1%
X
–
COMMON
STOCKS
-
99.1%
Communication
Services
-
3.9%
1,594,161
BT
Group
PLC
$
2,048,019
120,317
KDDI
Corp
3,364,120
11,774
Publicis
Groupe
SA
1,307,411
119,862
SoftBank
Corp
1,455,573
27,605
SoftBank
Group
Corp
1,388,451
3,111
Swisscom
AG
1,707,887
9,050
Tele2
AB
85,009
152,904
Telenor
ASA
1,765,952
209,739
Telia
Co
AB
482,695
29,254
Telstra
Group
Ltd
69,716
226,683
WPP
PLC
2,293,993
Total
Communication
Services
15,968,826
Consumer
Discretionary
-
12.9%
77,806
Amadeus
IT
Group
SA
4,971,704
23,957
(b)
Avolta
AG
913,717
41,457
Bayerische
Motoren
Werke
AG
4,541,417
14,130
Bayerische
Motoren
Werke
AG
1,457,978
65,286
Cie
Generale
des
Etablissements
Michelin
SCA
2,525,633
5,149
D'ieteren
Group
1,118,737
9,585
Fast
Retailing
Co
Ltd
2,530,783
66,283
H
&
M
Hennes
&
Mauritz
AB
1,067,386
1,746
Hermes
International
SCA
4,202,438
551,482
Honda
Motor
Co
Ltd
6,350,112
208
Kering
SA
73,394
16,705
Mazda
Motor
Corp
191,503
28,729
Mercedes-Benz
Group
AG
2,179,181
153,765
Oriental
Land
Co
Ltd/Japan
4,262,212
550,364
Panasonic
Holdings
Corp
4,833,369
204,557
(b)
Rakuten
Group
Inc
992,465
63,067
(b)
Sharp
Corp/Japan
333,039
11,857
Sodexo
SA
1,036,440
85,257
Sony
Group
Corp
7,089,174
61,601
Wesfarmers
Ltd
2,671,643
Total
Consumer
Discretionary
53,342,325
Consumer
Staples
-
9.9%
116,797
Ajinomoto
Co
Inc
4,360,451
494
Barry
Callebaut
AG
799,320
94
Chocoladefabriken
Lindt
&
Spruengli
AG
1,087,434
2
Chocoladefabriken
Lindt
&
Spruengli
AG
232,023
39,095
(b)
Coca-Cola
Europacific
Partners
PLC
2,815,622
92,043
Danone
SA
5,773,171
70,477
Jeronimo
Martins
SGPS
SA
1,458,176
22,001
Kerry
Group
PLC,
Class
A
1,900,795
8,848
L'Oreal
SA
4,159,429
99,542
Mowi
ASA
1,761,332
171,903
Orkla
ASA
1,176,636
41,589
Reckitt
Benckiser
Group
PLC
2,326,730
1,367,834
Tesco
PLC
5,074,806
130,754
Unilever
PLC
6,778,127
479,624
Wilmar
International
Ltd
1,135,975
Total
Consumer
Staples
40,840,027
Nuveen
ESG
International
Developed
Markets
Equity
ETF
(NUDM)
(contin-
ued)
Portfolio
of
Investments
April
30,
2024
Shares
Description
(a)
Value
Energy
-
0.9%
59,400
Ampol
Ltd
$
1,419,814
105,650
Neste
Oyj
2,410,713
Total
Energy
3,830,527
Financials
-
21.4%
187,980
3i
Group
PLC
6,769,474
62,895
AIA
Group
Ltd
464,805
23,947
Allianz
SE
6,826,417
179,886
Assicurazioni
Generali
SpA
4,404,681
196,388
AXA
SA
6,812,043
493,359
Banco
Santander
SA
2,412,381
295,754
Bank
Hapoalim
BM
2,683,018
7,509
Banque
Cantonale
Vaudoise
787,620
921,222
BOC
Hong
Kong
Holdings
Ltd
2,844,514
117,013
DNB
Bank
ASA
2,050,922
10,450
(b)
Eurazeo
SE
947,532
34,800
Gjensidige
Forsikring
ASA
561,556
98,575
Hong
Kong
Exchanges
&
Clearing
Ltd
3,171,057
1,994,244
Intesa
Sanpaolo
SpA
7,518,690
15,296
KBC
Group
NV
1,143,238
10,327,935
Lloyds
Banking
Group
PLC
6,711,742
335,363
Mizuho
Financial
Group
Inc
6,504,165
1,421,404
NatWest
Group
PLC
5,401,702
15,098
NN
Group
NV
699,826
102,079
(c)
Poste
Italiane
SpA
1,301,051
136,070
Standard
Chartered
PLC
1,175,276
256,331
Suncorp
Group
Ltd
2,766,377
35,404
Svenska
Handelsbanken
AB
310,239
4,157
Swiss
Re
AG
452,436
182,730
Tokio
Marine
Holdings
Inc
5,795,478
183,297
UBS
Group
AG
4,850,480
112,190
United
Overseas
Bank
Ltd
2,500,881
60,030
(b),(c)
Worldline
SA/France
629,293
Total
Financials
88,496,894
Health
Care
-
12.7%
281,223
Astellas
Pharma
Inc
2,705,631
135,486
Chugai
Pharmaceutical
Co
Ltd
4,347,881
24,178
CSL
Ltd
4,345,132
195,178
Daiichi
Sankyo
Co
Ltd
6,652,907
12,914
EBOS
Group
Ltd
267,924
1,255
Eisai
Co
Ltd
51,854
49,608
(b)
Hoya
Corp
5,822,513
8,052
Lonza
Group
AG
4,480,991
20,297
Merck
KGaA
3,232,615
3,701
(b),(d)
NMC
Health
PLC
–
112,088
Novo
Nordisk
A/S,
Class
B
14,504,022
42,257
Ramsay
Health
Care
Ltd
1,433,720
322
Sartorius
AG
97,196
168,229
Takeda
Pharmaceutical
Co
Ltd
4,439,710
Total
Health
Care
52,382,096
Industrials
-
17.6%
108,256
ABB
Ltd
5,298,601
51,908
ACS
Actividades
de
Construccion
y
Servicios
SA
2,085,800
40,222
(b)
AerCap
Holdings
NV
3,398,357
7,587
Aeroports
de
Paris
969,437
47,086
Bouygues
SA
1,742,509
345,919
Brambles
Ltd
3,283,984
59,414
Bunzl
PLC
2,286,899
Shares
Description
(a)
Value
Industrials
(continued)
133,814
Computershare
Ltd
$
2,366,075
50,565
Dai
Nippon
Printing
Co
Ltd
1,480,014
2,950
Daikin
Industries
Ltd
407,637
24,386
DCC
PLC
1,674,833
18,153
Eiffage
SA
1,946,843
11,148
Getlink
SE
190,721
190,300
(b)
Grab
Holdings
Ltd
666,050
2,793
(b)
Hitachi
Construction
Machinery
Co
Ltd
80,543
362,651
Keppel
Ltd
1,829,543
18,611
Komatsu
Ltd
562,357
44,835
Mitsubishi
Electric
Corp
790,058
384,247
MTR
Corp
Ltd
1,269,982
13,438
MTU
Aero
Engines
AG
3,255,938
36,944
Recruit
Holdings
Co
Ltd
1,620,357
165,232
RELX
PLC
6,833,719
30,600
Rentokil
Initial
PLC
155,983
30,737
Schneider
Electric
SE
7,069,415
2,732
SGS
SA
241,461
46,601
Siemens
AG
8,764,813
86,155
Smiths
Group
PLC
1,743,316
408,376
Transurban
Group
3,325,347
41,846
Vestas
Wind
Systems
A/S
1,130,235
5,284
Volvo
AB
140,959
232,600
Volvo
AB
6,005,780
Total
Industrials
72,617,566
Information
Technology
-
7.2%
15,533
ASML
Holding
NV
13,830,105
2,169
Dassault
Systemes
SE
85,881
367,098
Fujitsu
Ltd
5,681,487
6,992
Ibiden
Co
Ltd
270,767
40,971
Logitech
International
SA
3,219,070
36,274
Nokia
Oyj
132,319
3,425
Nomura
Research
Institute
Ltd
83,468
17,767
SAP
SE
3,223,870
83,490
STMicroelectronics
NV
3,360,650
Total
Information
Technology
29,887,617
Materials
-
7.3%
63,328
Antofagasta
PLC
1,752,437
68,370
Boliden
AB
2,292,932
33,073
Croda
International
PLC
1,909,101
14,486
Endeavour
Mining
PLC
308,900
147,607
Fortescue
Metals
Group
Ltd
2,496,859
1,437
Givaudan
SA
6,182,633
28,529
(b)
James
Hardie
Industries
PLC
1,004,258
43,673
Mineral
Resources
Ltd
2,047,243
34,806
Mitsui
Chemicals
Inc
996,195
711,907
Pilbara
Minerals
Ltd
1,876,846
45,454
SIG
Group
AG
911,905
18,492
Sika
AG
5,308,775
53,271
Sumitomo
Metal
Mining
Co
Ltd
1,798,888
51,819
Umicore
SA
1,155,806
Total
Materials
30,042,778
Real
Estate
-
2.8%
12,008
Covivio
SA/France
601,665
147,507
Daiwa
House
Industry
Co
Ltd
4,161,860
236,447
Dexus
1,093,183
28,825
Goodman
Group
593,159
Nuveen
ESG
International
Developed
Markets
Equity
ETF
(NUDM)
(contin-
ued)
Portfolio
of
Investments
April
30,
2024
Shares
Description
(a)
Value
Real
Estate
(continued)
282,634
Mitsui
Fudosan
Co
Ltd
$
2,897,014
914,528
Sino
Land
Co
Ltd
983,376
105,977
Stockland
306,232
106,660
Swire
Pacific
Ltd
906,880
Total
Real
Estate
11,543,369
Utilities
-
2.5%
212,016
Iberdrola
SA
2,609,309
460,245
National
Grid
PLC
6,039,552
11,348
Orsted
AS
627,485
16,896
Verbund
AG
1,293,536
Total
Utilities
10,569,882
Total
Common
Stocks
(cost
$357,929,639)
409,521,907
Total
Long-Term
Investments
(cost
$357,929,639)
409,521,907
Other
Assets
&
Liabilities,
Net
-
0.9%
3,795,133
Net
Assets
-
100%
$
413,317,040
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.
(a)
All
percentages
shown
in
the
Portfolio
of
Investments
are
based
on
net
assets.
(b)
Non-income
producing;
issuer
has
not
declared
an
ex-dividend
date
within
the
past
twelve
months.
(c)
Security
is
exempt
from
registration
under
Rule
144A
of
the
Securities
Act
of
1933,
as
amended.
These
securities
are
deemed
liquid
and
may
be
resold
in
transactions
exempt
from
registration,
which
are
normally
those
transactions
with
qualified
institutional
buyers.
As
of
the
end
of
the
reporting
period,
the
aggregate
value
of
these
securities
is
$1,930,344
or
0.5%
of
Total
Investments.
(d)
For
fair
value
measurement
disclosure
purposes,
investment
classified
as
Level
3.
See
Notes
to
Financial
Statements
Nuveen
ESG
Large-Cap
ETF
(NULC)
Portfolio
of
Investments
April
30,
2024
(Unaudited)
Shares
Description
(a)
Value
LONG-TERM
INVESTMENTS
-
99.8%
X
–
COMMON
STOCKS
-
99.8%
Communication
Services
-
9.9%
6,312
(b)
Alphabet
Inc,
Class
A
$
1,027,467
3,434
(b)
Alphabet
Inc,
Class
C
565,374
16,876
AT&T
Inc
285,036
5,931
Comcast
Corp,
Class
A
226,030
1,452
Electronic
Arts
Inc
184,143
5,023
Sirius
XM
Holdings
Inc
14,768
279
(b)
Take-Two
Interactive
Software
Inc
39,844
778
Verizon
Communications
Inc
30,723
4,031
Walt
Disney
Co/The
447,844
2,260
(b)
Warner
Bros
Discovery
Inc
16,633
Total
Communication
Services
2,837,862
Consumer
Discretionary
-
7.7%
54
(b)
AutoZone
Inc
159,646
119
Booking
Holdings
Inc
410,792
182
DR
Horton
Inc
25,933
3,097
eBay
Inc
159,619
1,324
Lowe's
Cos
Inc
301,859
203
(b)
Lululemon
Athletica
Inc
73,202
232
(b)
MercadoLibre
Inc
338,418
2,178
Starbucks
Corp
192,731
2,404
(b)
Tesla
Inc
440,605
1,211
TJX
Cos
Inc/The
113,943
Total
Consumer
Discretionary
2,216,748
Consumer
Staples
-
7.0%
3,477
Archer-Daniels-Midland
Co
203,961
823
Bunge
Global
SA
83,748
1,599
Church
&
Dwight
Co
Inc
172,516
7,476
Coca-Cola
Co/The
461,793
617
Costco
Wholesale
Corp
446,029
1,042
(b)
Darling
Ingredients
Inc
44,150
3,188
Kroger
Co/The
176,551
1,486
PepsiCo
Inc
261,402
918
Target
Corp
147,780
Total
Consumer
Staples
1,997,930
Energy
-
2.6%
6,562
Baker
Hughes
Co
214,052
1,553
Cheniere
Energy
Inc
245,095
3,793
ONEOK
Inc
300,102
Total
Energy
759,249
Financials
-
15.3%
695
Bank
of
America
Corp
25,722
687
Cboe
Global
Markets
Inc
124,450
1,219
Citigroup
Inc
74,761
100
Fidelity
National
Information
Services
Inc
6,792
2,048
(b)
Fiserv
Inc
312,668
286
Goldman
Sachs
Group
Inc/The
122,039
222
LPL
Financial
Holdings
Inc
59,747
1,977
Marsh
&
McLennan
Cos
Inc
394,273
1,307
Mastercard
Inc,
Class
A
589,718
1,722
MetLife
Inc
122,400
3,894
Morgan
Stanley
353,731
Nuveen
ESG
Large-Cap
ETF
(NULC)
(continued)
Portfolio
of
Investments
April
30,
2024
(Unaudited)
Shares
Description
(a)
Value
Financials
(continued)
2,507
PNC
Financial
Services
Group
Inc/The
$
384,223
2,270
Progressive
Corp/The
472,727
327
Regions
Financial
Corp
6,301
2,636
(b)
Robinhood
Markets
Inc,
Class
A
43,468
1,055
S&P
Global
Inc
438,701
481
Travelers
Cos
Inc/The
102,049
4,083
Truist
Financial
Corp
153,317
2,314
Visa
Inc,
Class
A
621,564
Total
Financials
4,408,651
Health
Care
-
13.3%
841
Amgen
Inc
230,384
7,062
Bristol-Myers
Squibb
Co
310,304
80
Cigna
Group/The
28,563
1,284
(b)
Cooper
Cos
Inc/The
114,353
1,749
Danaher
Corp
431,339
3,820
(b)
Edwards
Lifesciences
Corp
323,440
982
Eli
Lilly
&
Co
767,040
457
(b)
Exact
Sciences
Corp
27,123
4,341
Gilead
Sciences
Inc
283,033
1,121
HCA
Healthcare
Inc
347,308
1,558
(b)
Hologic
Inc
118,050
438
McKesson
Corp
235,298
10
(b)
Solventum
Corp
650
156
STERIS
PLC
31,911
396
UnitedHealth
Group
Inc
191,545
997
(b)
Veeva
Systems
Inc,
Class
A
197,964
445
West
Pharmaceutical
Services
Inc
159,079
179
Zimmer
Biomet
Holdings
Inc
21,530
Total
Health
Care
3,818,914
Industrials
-
10.2%
40
3M
Co
3,861
1,680
Automatic
Data
Processing
Inc
406,375
465
(b)
Axon
Enterprise
Inc
145,852
715
Broadridge
Financial
Solutions
Inc
138,288
98
(b)
Builders
FirstSource
Inc
17,916
5,264
Carrier
Global
Corp
323,683
998
Deere
&
Co
390,627
908
Dover
Corp
162,804
661
Eaton
Corp
PLC
210,370
1,326
Ferguson
PLC
278,327
2,259
Fortive
Corp
170,035
818
Fortune
Brands
Innovations
Inc
59,796
250
Jacobs
Solutions
Inc
35,883
44
Old
Dominion
Freight
Line
Inc
7,995
101
Paycom
Software
Inc
18,986
1,263
TransUnion
92,199
267
Union
Pacific
Corp
63,322
2,391
United
Parcel
Service
Inc,
Class
B
352,625
102
United
Rentals
Inc
68,135
Total
Industrials
2,947,079
Information
Technology
-
25.6%
539
(b)
Adobe
Inc
249,465
1,733
Applied
Materials
Inc
344,261
1,011
(b)
Atlassian
Corp
Ltd,
Class
A
174,195
3,757
Gen
Digital
Inc
75,666
8,445
Hewlett
Packard
Enterprise
Co
143,565
10,950
Intel
Corp
333,647
Shares
Description
(a)
Value
Information
Technology
(continued)
2,497
International
Business
Machines
Corp
$
415,001
172
Intuit
Inc
107,607
2,079
Juniper
Networks
Inc
72,391
1,136
(b)
Keysight
Technologies
Inc
168,060
52
Lam
Research
Corp
46,509
5,622
Marvell
Technology
Inc
370,546
5,479
Microsoft
Corp
2,133,139
2,099
NVIDIA
Corp
1,813,578
511
NXP
Semiconductors
NV
130,913
1,861
Salesforce
Inc
500,497
1,012
Texas
Instruments
Inc
178,537
1,615
(b)
Trimble
Inc
97,013
Total
Information
Technology
7,354,590
Materials
-
4.7%
96
Ball
Corp
6,679
2,804
DuPont
de
Nemours
Inc
203,290
1,514
Ecolab
Inc
342,391
815
FMC
Corp
48,093
1,684
LyondellBasell
Industries
NV,
Class
A
168,349
1,534
Newmont
Corp
62,342
1,314
Sherwin-Williams
Co/The
393,687
997
Steel
Dynamics
Inc
129,730
Total
Materials
1,354,561
Real
Estate
-
2.0%
1,668
American
Tower
Corp
286,162
144
Crown
Castle
Inc
13,504
133
Equinix
Inc
94,578
4,578
Host
Hotels
&
Resorts
Inc
86,387
1,094
Welltower
Inc
104,236
Total
Real
Estate
584,867
Utilities
-
1.5%
909
Atmos
Energy
Corp
107,171
2,251
Consolidated
Edison
Inc
212,495
3,147
Exelon
Corp
118,264
Total
Utilities
437,930
Total
Common
Stocks
(cost
$23,454,764)
28,718,381
Total
Long-Term
Investments
(cost
$23,454,764)
28,718,381
Other
Assets
&
Liabilities,
Net
-
0.2%
57,442
Net
Assets
-
100%
$
28,775,823
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.
(a)
All
percentages
shown
in
the
Portfolio
of
Investments
are
based
on
net
assets.
(b)
Non-income
producing;
issuer
has
not
declared
an
ex-dividend
date
within
the
past
twelve
months.
S&P
Standard
&
Poor's
See
Notes
to
Financial
Statements
Nuveen
ESG
Large-Cap
Growth
ETF
(NULG)
Portfolio
of
Investments
April
30,
2024
(Unaudited)
Shares
Description
(a)
Value
LONG-TERM
INVESTMENTS
-
99.9%
X
–
COMMON
STOCKS
-
99.9%
Communication
Services
-
13.8%
458,381
(b)
Alphabet
Inc,
Class
A
$
74,615,259
413,143
(b)
Alphabet
Inc,
Class
C
68,019,864
55,544
(b)
Charter
Communications
Inc,
Class
A
14,215,931
98,249
(b)
Take-Two
Interactive
Software
Inc
14,030,940
1,338,234
(b)
Warner
Bros
Discovery
Inc
9,849,402
Total
Communication
Services
180,731,396
Consumer
Discretionary
-
18.8%
132,562
(b)
Airbnb
Inc,
Class
A
21,020,356
94,245
(b)
Aptiv
PLC
6,691,395
3,126
(b)
AutoZone
Inc
9,241,706
6,421
Booking
Holdings
Inc
22,165,485
7,886
(b)
Chipotle
Mexican
Grill
Inc
24,916,606
14,866
(b)
Deckers
Outdoor
Corp
12,167,375
149,919
(b)
DoorDash
Inc,
Class
A
19,378,530
38,490
(b)
Expedia
Group
Inc
5,181,909
43,061
(b)
Lululemon
Athletica
Inc
15,527,796
11,884
(b)
MercadoLibre
Inc
17,335,191
18,445
(b)
O'Reilly
Automotive
Inc
18,689,581
12,694
Pool
Corp
4,601,956
68,082
Ross
Stores
Inc
8,820,023
247,151
(b)
Tesla
Inc
45,297,835
10,581
(b)
Ulta
Beauty
Inc
4,283,612
35,195
Williams-Sonoma
Inc
10,093,222
Total
Consumer
Discretionary
245,412,578
Consumer
Staples
-
5.7%
71,196
Church
&
Dwight
Co
Inc
7,681,337
48,253
Costco
Wholesale
Corp
34,882,094
86,574
Hershey
Co/The
16,788,430
83,413
Lamb
Weston
Holdings
Inc
6,951,639
102,456
Sysco
Corp
7,614,530
Total
Consumer
Staples
73,918,030
Financials
-
8.5%
22,006
FactSet
Research
Systems
Inc
9,174,081
21,901
MarketAxess
Holdings
Inc
4,382,171
83,355
Mastercard
Inc,
Class
A
37,609,776
53,682
Moody's
Corp
19,880,055
150,222
Visa
Inc,
Class
A
40,351,132
Total
Financials
111,397,215
Health
Care
-
15.8%
59,225
Agilent
Technologies
Inc
8,116,194
114,446
(b)
Cooper
Cos
Inc/The
10,192,561
79,687
Danaher
Corp
19,652,408
225,177
(b)
Edwards
Lifesciences
Corp
19,065,737
16,103
Elevance
Health
Inc
8,511,724
67,550
Eli
Lilly
&
Co
52,763,305
36,807
(b)
Exact
Sciences
Corp
2,184,495
26,434
(b)
Henry
Schein
Inc
1,831,347
49,898
(b)
Hologic
Inc
3,780,771
34,269
(b)
IDEXX
Laboratories
Inc
16,886,392
40,323
(b)
Insulet
Corp
6,933,137
19,673
McKesson
Corp
10,568,532
Shares
Description
(a)
Value
Health
Care
(continued)
5,514
(b)
Mettler-Toledo
International
Inc
$
6,780,566
30,684
(b)
Repligen
Corp
5,038,313
42,741
West
Pharmaceutical
Services
Inc
15,279,053
113,432
Zoetis
Inc
18,062,912
Total
Health
Care
205,647,447
Industrials
-
13.8%
88,483
Automatic
Data
Processing
Inc
21,403,153
41,125
(b)
Axon
Enterprise
Inc
12,899,268
23,779
Broadridge
Financial
Solutions
Inc
4,599,096
31,914
Cintas
Corp
21,010,263
384,362
(b)
Copart
Inc
20,874,700
1,752
Deere
&
Co
685,750
33,991
Graco
Inc
2,726,078
8,355
IDEX
Corp
1,841,943
10,966
Nordson
Corp
2,831,312
88,672
Old
Dominion
Freight
Line
Inc
16,112,589
93,470
Paychex
Inc
11,105,171
31,312
Paycom
Software
Inc
5,886,030
83,932
Quanta
Services
Inc
21,701,458
72,717
TransUnion
5,308,341
135,181
Veralto
Corp
12,663,756
20,075
WW
Grainger
Inc
18,496,101
Total
Industrials
180,145,009
Information
Technology
-
19.5%
56,060
(b)
Adobe
Inc
25,946,250
130,069
Applied
Materials
Inc
25,838,207
75,751
(b)
Autodesk
Inc
16,123,600
23,680
(b)
Dayforce
Inc
1,453,242
35,405
(b)
Keysight
Technologies
Inc
5,237,816
165,229
NVIDIA
Corp
142,761,160
74,460
NXP
Semiconductors
NV
19,075,907
8,894
(b)
Paylocity
Holding
Corp
1,379,993
66,171
(b)
Workday
Inc,
Class
A
16,194,029
Total
Information
Technology
254,010,204
Materials
-
2.8%
23,252
Avery
Dennison
Corp
5,052,194
51,900
Ecolab
Inc
11,737,185
67,026
Sherwin-Williams
Co/The
20,081,660
Total
Materials
36,871,039
Real
Estate
-
1.2%
176,088
(b)
CBRE
Group
Inc,
Class
A
15,300,286
Total
Real
Estate
15,300,286
Total
Common
Stocks
(cost
$1,164,343,252)
1,303,433,204
Total
Long-Term
Investments
(cost
$1,164,343,252)
1,303,433,204
Other
Assets
&
Liabilities,
Net
-
0.1%
1,681,501
Net
Assets
-
100%
$
1,305,114,705
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.
(a)
All
percentages
shown
in
the
Portfolio
of
Investments
are
based
on
net
assets.
(b)
Non-income
producing;
issuer
has
not
declared
an
ex-dividend
date
within
the
past
twelve
months.
See
Notes
to
Financial
Statements
Nuveen
ESG
Large-Cap
Value
ETF
(NULV)
Portfolio
of
Investments
April
30,
2024
(Unaudited)
Shares
Description
(a)
Value
LONG-TERM
INVESTMENTS
-
99.7%
X
–
COMMON
STOCKS
-
99.7%
Communication
Services
-
4.8%
8,564
Electronic
Arts
Inc
$
1,086,087
276,757
Interpublic
Group
of
Cos
Inc/The
8,424,483
776,566
Verizon
Communications
Inc
30,666,591
303,962
Walt
Disney
Co/The
33,770,178
Total
Communication
Services
73,947,339
Consumer
Discretionary
-
2.8%
31,111
Home
Depot
Inc/The
10,397,918
124,642
Lowe's
Cos
Inc
28,417,130
27,285
Vail
Resorts
Inc
5,166,960
Total
Consumer
Discretionary
43,982,008
Consumer
Staples
-
12.4%
281,060
Archer-Daniels-Midland
Co
16,486,980
104,669
Bunge
Global
SA
10,651,117
616,042
Coca-Cola
Co/The
38,052,914
74,556
(b)
Darling
Ingredients
Inc
3,158,938
431,771
Keurig
Dr
Pepper
Inc
14,550,683
94,066
Kimberly-Clark
Corp
12,842,831
451,053
Kroger
Co/The
24,979,315
202,204
PepsiCo
Inc
35,569,706
208,372
Procter
&
Gamble
Co/The
34,006,310
25,239
Sysco
Corp
1,875,762
Total
Consumer
Staples
192,174,556
Energy
-
2.6%
471,905
Baker
Hughes
Co
15,393,541
307,890
ONEOK
Inc
24,360,257
Total
Energy
39,753,798
Financials
-
20.6%
74,957
American
Express
Co
17,542,187
38,042
Assurant
Inc
6,634,525
62,455
Bank
of
America
Corp
2,311,460
401,810
Bank
of
New
York
Mellon
Corp/The
22,698,247
3,618
BlackRock
Inc
2,730,287
76,154
Cboe
Global
Markets
Inc
13,795,297
380,917
Citigroup
Inc
23,361,640
166,568
Fidelity
National
Information
Services
Inc
11,313,299
172,818
(b)
Fiserv
Inc
26,384,124
52,011
Goldman
Sachs
Group
Inc/The
22,193,614
216,705
Hartford
Financial
Services
Group
Inc/The
20,996,547
131,287
Marsh
&
McLennan
Cos
Inc
26,182,566
320,513
MetLife
Inc
22,782,064
287,531
Morgan
Stanley
26,119,316
157,297
PNC
Financial
Services
Group
Inc/The
24,107,338
11,174
Prudential
Financial
Inc
1,234,503
670,880
Regions
Financial
Corp
12,927,858
104,435
Travelers
Cos
Inc/The
22,156,930
131,428
Truist
Financial
Corp
4,935,121
37,771
Willis
Towers
Watson
PLC
9,485,809
Total
Financials
319,892,732
Shares
Description
(a)
Value
Health
Care
-
16.5%
63,697
Agilent
Technologies
Inc
$
8,729,037
106,136
Amgen
Inc
29,074,896
531,163
Bristol-Myers
Squibb
Co
23,339,302
163,386
Cardinal
Health
Inc
16,835,294
59,800
Cencora
Inc
14,295,190
48,307
Cigna
Group/The
17,247,531
109,612
Danaher
Corp
27,032,511
2,514
GE
HealthCare
Technologies
Inc
191,667
257,640
Gilead
Sciences
Inc
16,798,128
69,806
HCA
Healthcare
Inc
21,627,295
1,006,201
Pfizer
Inc
25,778,870
503
(b)
Solventum
Corp
32,700
71,254
STERIS
PLC
14,575,718
53,613
UnitedHealth
Group
Inc
25,932,608
118,960
Zimmer
Biomet
Holdings
Inc
14,308,509
Total
Health
Care
255,799,256
Industrials
-
12.6%
2,009
3M
Co
193,889
55,223
Broadridge
Financial
Solutions
Inc
10,680,680
70,739
(b)
Builders
FirstSource
Inc
12,932,504
12,046
Caterpillar
Inc
4,030,230
48,680
Deere
&
Co
19,053,839
97,876
Eaton
Corp
PLC
31,150,016
44,230
FedEx
Corp
11,578,529
110,871
Ferguson
PLC
23,271,823
248,597
Fortive
Corp
18,711,896
12,431
Hubbell
Inc
4,605,934
111,652
Ingersoll
Rand
Inc
10,419,365
91,154
Jacobs
Solutions
Inc
13,083,334
6,844
Johnson
Controls
International
plc
445,339
74,454
Otis
Worldwide
Corp
6,790,205
31,551
Owens
Corning
5,307,194
32,538
TransUnion
2,375,274
122,024
United
Parcel
Service
Inc,
Class
B
17,996,099
4,982
United
Rentals
Inc
3,327,926
Total
Industrials
195,954,076
Information
Technology
-
13.6%
74,374
Accenture
PLC,
Class
A
22,379,880
2,952
(b)
Akamai
Technologies
Inc
297,945
20,613
(b)
Aspentech
Corp
4,058,081
418,876
Cisco
Systems
Inc
19,678,795
76,856
Dell
Technologies
Inc,
Class
C
9,579,332
73,288
(b)
First
Solar
Inc
12,920,675
416,610
Gen
Digital
Inc
8,390,525
323,986
Hewlett
Packard
Enterprise
Co
5,507,762
112,321
HP
Inc
3,155,097
744,610
Intel
Corp
22,688,267
168,025
International
Business
Machines
Corp
27,925,755
12,674
Lam
Research
Corp
11,335,752
177,351
Marvell
Technology
Inc
11,689,205
85,469
NXP
Semiconductors
NV
21,896,303
173,241
Texas
Instruments
Inc
30,563,177
Total
Information
Technology
212,066,551
Materials
-
5.9%
282,899
DuPont
de
Nemours
Inc
20,510,177
100,904
Ecolab
Inc
22,819,440
90,485
FMC
Corp
5,339,520
Nuveen
ESG
Large-Cap
Value
ETF
(NULV)
(continued)
Portfolio
of
Investments
April
30,
2024
(Unaudited)
Shares
Description
(a)
Value
Materials
(continued)
187,156
LyondellBasell
Industries
NV,
Class
A
$
18,709,985
288,604
Newmont
Corp
11,728,867
30,126
PPG
Industries
Inc
3,886,254
72,223
Steel
Dynamics
Inc
9,397,657
Total
Materials
92,391,900
Real
Estate
-
3.4%
108,212
American
Tower
Corp
18,564,851
504,585
Host
Hotels
&
Resorts
Inc
9,521,519
15,255
Iron
Mountain
Inc
1,182,568
35,768
Prologis
Inc
3,650,124
217,854
Welltower
Inc
20,757,129
Total
Real
Estate
53,676,191
Utilities
-
4.5%
17,871
Atmos
Energy
Corp
2,106,991
244,022
Consolidated
Edison
Inc
23,035,677
30,115
Eversource
Energy
1,825,571
528,601
Exelon
Corp
19,864,825
316,887
Sempra
22,698,616
Total
Utilities
69,531,680
Total
Common
Stocks
(cost
$1,469,423,849)
1,549,170,087
Total
Long-Term
Investments
(cost
$1,469,423,849)
1,549,170,087
Other
Assets
&
Liabilities,
Net
-
0.3%
5,138,918
Net
Assets
-
100%
$
1,554,309,005
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.
(a)
All
percentages
shown
in
the
Portfolio
of
Investments
are
based
on
net
assets.
(b)
Non-income
producing;
issuer
has
not
declared
an
ex-dividend
date
within
the
past
twelve
months.
See
Notes
to
Financial
Statements
Nuveen
ESG
Mid-Cap
Growth
ETF
(NUMG)
Portfolio
of
Investments
April
30,
2024
(Unaudited)
Shares
Description
(a)
Value
LONG-TERM
INVESTMENTS
-
99.9%
X
–
COMMON
STOCKS
-
99.9%
Communication
Services
-
9.3%
4,242
(b)
Liberty
Broadband
Corp,
Class
C
$
210,955
86,849
(b)
Liberty
Media
Corp-Liberty
Formula
One,
Class
C
6,076,825
171,093
(b)
ROBLOX
Corp,
Class
A
6,084,067
85,235
(b)
Roku
Inc
4,914,650
651,289
(b)
Snap
Inc,
Class
A
9,801,899
56,315
(b)
Take-Two
Interactive
Software
Inc
8,042,345
Total
Communication
Services
35,130,741
Consumer
Discretionary
-
7.4%
15,227
(b)
Burlington
Stores
Inc
2,739,947
10,822
(b)
Deckers
Outdoor
Corp
8,857,482
20,455
Pool
Corp
7,415,551
144
(b)
Ulta
Beauty
Inc
58,297
30,883
Williams-Sonoma
Inc
8,856,627
Total
Consumer
Discretionary
27,927,904
Consumer
Staples
-
1.7%
12,693
Church
&
Dwight
Co
Inc
1,369,448
59,339
Lamb
Weston
Holdings
Inc
4,945,312
Total
Consumer
Staples
6,314,760
Financials
-
10.9%
107,738
Brown
&
Brown
Inc
8,784,956
12,163
Everest
Group
Ltd
4,456,645
14,997
FactSet
Research
Systems
Inc
6,252,099
34,175
LPL
Financial
Holdings
Inc
9,197,518
26,873
MarketAxess
Holdings
Inc
5,377,019
288,672
(b)
Toast
Inc,
Class
A
6,821,319
Total
Financials
40,889,556
Health
Care
-
11.8%
92,444
(b)
Cooper
Cos
Inc/The
8,233,063
51,566
(b)
DaVita
Inc
7,168,190
1,282
(b)
Mettler-Toledo
International
Inc
1,576,475
9,368
(b)
Molina
Healthcare
Inc
3,204,793
34,333
(b)
Repligen
Corp
5,637,478
26,742
(b)
Waters
Corp
8,264,348
28,243
West
Pharmaceutical
Services
Inc
10,096,308
Total
Health
Care
44,180,655
Industrials
-
16.7%
32,437
(b)
Axon
Enterprise
Inc
10,174,189
32,340
Broadridge
Financial
Solutions
Inc
6,254,879
13,751
Expeditors
International
of
Washington
Inc
1,530,624
66,595
Graco
Inc
5,340,919
15,492
Lennox
International
Inc
7,179,303
5,671
Paycom
Software
Inc
1,066,035
52,051
Quanta
Services
Inc
13,458,307
50,411
Veralto
Corp
4,722,502
14,081
WW
Grainger
Inc
12,973,529
Total
Industrials
62,700,287
Nuveen
ESG
Mid-Cap
Growth
ETF
(NUMG)
(continued)
Portfolio
of
Investments
April
30,
2024
(Unaudited)
Shares
Description
(a)
Value
Information
Technology
-
35.2%
54,603
(b)
Akamai
Technologies
Inc
$
5,511,081
7,977
(b)
ANSYS
Inc
2,591,568
183,797
(b)
Confluent
Inc,
Class
A
5,168,372
92,901
(b)
Dayforce
Inc
5,701,334
64,582
(b)
Enphase
Energy
Inc
7,023,938
8,755
(b)
Fair
Isaac
Corp
9,922,304
26,256
(b)
Gartner
Inc
10,832,963
17,495
(b)
HubSpot
Inc
10,582,201
44,165
(b)
Keysight
Technologies
Inc
6,533,770
95,183
(b)
Lattice
Semiconductor
Corp
6,529,554
24,862
(b)
MongoDB
Inc
9,079,105
36,924
(b)
Paylocity
Holding
Corp
5,729,128
51,393
(b)
PTC
Inc
9,119,174
95,946
Seagate
Technology
Holdings
PLC
8,242,721
60,616
Teradyne
Inc
7,050,853
61,493
(b)
Trade
Desk
Inc/The,
Class
A
5,094,695
102,027
(b)
Twilio
Inc,
Class
A
6,109,377
275,712
(b)
UiPath
Inc,
Class
A
5,230,256
37,169
(b)
Zscaler
Inc
6,428,007
Total
Information
Technology
132,480,401
Materials
-
3.1%
45,564
Vulcan
Materials
Co
11,738,653
Total
Materials
11,738,653
Real
Estate
-
3.8%
113,268
(b)
CBRE
Group
Inc,
Class
A
9,841,856
24,088
SBA
Communications
Corp
4,483,259
Total
Real
Estate
14,325,115
Total
Common
Stocks
(cost
$351,287,979)
375,688,072
Total
Long-Term
Investments
(cost
$351,287,979)
375,688,072
Other
Assets
&
Liabilities,
Net
-
0.1%
521,942
Net
Assets
-
100%
$
376,210,014
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.
(a)
All
percentages
shown
in
the
Portfolio
of
Investments
are
based
on
net
assets.
(b)
Non-income
producing;
issuer
has
not
declared
an
ex-dividend
date
within
the
past
twelve
months.
See
Notes
to
Financial
Statements
Nuveen
ESG
Mid-Cap
Value
ETF
(NUMV)
Portfolio
of
Investments
April
30,
2024
(Unaudited)
Shares
Description
(a)
Value
LONG-TERM
INVESTMENTS
-
99.7%
X
–
COMMON
STOCKS
-
99.7%
Communication
Services
-
3.7%
90,584
Fox
Corp,
Class
B
$
2,597,949
129,089
Interpublic
Group
of
Cos
Inc/The
3,929,469
58,525
Omnicom
Group
Inc
5,433,461
Total
Communication
Services
11,960,879
Consumer
Discretionary
-
7.9%
41,789
Bath
&
Body
Works
Inc
1,898,056
644
Best
Buy
Co
Inc
47,424
56,494
BorgWarner
Inc
1,851,308
69,114
(b)
CarMax
Inc
4,697,679
46,158
Hasbro
Inc
2,829,486
6,509
Lear
Corp
819,288
102,702
LKQ
Corp
4,429,537
48,479
PulteGroup
Inc
5,401,530
20,997
Vail
Resorts
Inc
3,976,202
Total
Consumer
Discretionary
25,950,510
Consumer
Staples
-
6.3%
56,208
Bunge
Global
SA
5,719,726
33,844
Church
&
Dwight
Co
Inc
3,651,429
4,000
Clorox
Co/The
591,480
57,774
Hormel
Foods
Corp
2,054,443
95,606
Kellanova
5,531,763
39,792
McCormick
&
Co
Inc/MD
3,026,580
Total
Consumer
Staples
20,575,421
Energy
-
4.5%
194,565
Baker
Hughes
Co
6,346,710
107,303
ONEOK
Inc
8,489,814
Total
Energy
14,836,524
Financials
-
17.2%
134,520
Ally
Financial
Inc
5,158,842
244,322
Annaly
Capital
Management
Inc
4,578,594
27,547
Assurant
Inc
4,804,197
29,627
Cboe
Global
Markets
Inc
5,366,931
18,422
Citizens
Financial
Group
Inc
628,374
7,709
Discover
Financial
Services
976,962
61,721
Fifth
Third
Bancorp
2,250,348
69,510
Hartford
Financial
Services
Group
Inc/The
6,734,824
151,184
Huntington
Bancshares
Inc/OH
2,036,448
13,503
Jack
Henry
&
Associates
Inc
2,196,803
48,923
Nasdaq
Inc
2,928,042
12,648
Northern
Trust
Corp
1,042,069
55,401
Principal
Financial
Group
Inc
4,384,435
281,890
Regions
Financial
Corp
5,432,020
294,996
(b)
Robinhood
Markets
Inc,
Class
A
4,864,484
31,456
State
Street
Corp
2,280,245
14,357
Synchrony
Financial
631,421
Total
Financials
56,295,039
Nuveen
ESG
Mid-Cap
Value
ETF
(NUMV)
(continued)
Portfolio
of
Investments
April
30,
2024
(Unaudited)
Shares
Description
(a)
Value
Health
Care
-
7.6%
155,063
(b)
Avantor
Inc
$
3,757,176
38,172
Cardinal
Health
Inc
3,933,243
12,893
(b)
Exact
Sciences
Corp
765,200
8,402
(b)
Henry
Schein
Inc
582,091
5,728
(b)
Incyte
Corp
298,142
36,645
(b)
Jazz
Pharmaceuticals
PLC
4,058,434
21,834
Laboratory
Corp
of
America
Holdings
4,396,713
10,111
Quest
Diagnostics
Inc
1,397,138
26,007
STERIS
PLC
5,319,992
2,018
Teleflex
Inc
421,257
Total
Health
Care
24,929,386
Industrials
-
18.4%
26,863
Broadridge
Financial
Solutions
Inc
5,195,573
27,597
(b)
Builders
FirstSource
Inc
5,045,284
5,390
CH
Robinson
Worldwide
Inc
382,690
9,145
Dover
Corp
1,639,699
40,353
Expeditors
International
of
Washington
Inc
4,491,692
38,156
Ferguson
PLC
8,008,944
5,679
IDEX
Corp
1,251,992
66,525
Ingersoll
Rand
Inc
6,208,113
11,624
JB
Hunt
Transport
Services
Inc
1,889,714
35,347
Owens
Corning
5,945,719
42,170
Pentair
PLC
3,335,225
58,165
Robert
Half
Inc
4,021,528
12,050
United
Rentals
Inc
8,049,279
35,791
Xylem
Inc/NY
4,677,884
Total
Industrials
60,143,336
Information
Technology
-
8.0%
31,411
(b)
First
Solar
Inc
5,537,759
223,700
Gen
Digital
Inc
4,505,318
337,909
Hewlett
Packard
Enterprise
Co
5,744,453
21,091
(b)
Keysight
Technologies
Inc
3,120,203
9,958
NetApp
Inc
1,017,807
85,049
(b)
Trimble
Inc
5,108,894
14,170
(b)
Western
Digital
Corp
1,003,661
Total
Information
Technology
26,038,095
Materials
-
9.1%
6,292
Amcor
PLC
56,250
267
Avery
Dennison
Corp
58,014
89,515
Ball
Corp
6,227,559
86,886
FMC
Corp
5,127,143
71,694
International
Flavors
&
Fragrances
Inc
6,068,897
12,402
Martin
Marietta
Materials
Inc
7,280,842
38,146
Steel
Dynamics
Inc
4,963,557
Total
Materials
29,782,262
Real
Estate
-
8.5%
27,935
Alexandria
Real
Estate
Equities
Inc
3,236,828
58,492
Boston
Properties
Inc
3,620,070
16,017
Camden
Property
Trust
1,596,575
143,359
Healthpeak
Properties
Inc
2,667,911
264,204
Host
Hotels
&
Resorts
Inc
4,985,530
82,510
Iron
Mountain
Inc
6,396,175
1,159
Regency
Centers
Corp
68,636
113,272
Ventas
Inc
5,015,684
Total
Real
Estate
27,587,409
Shares
Description
(a)
Value
Utilities
-
8.5%
48,285
Atmos
Energy
Corp
$
5,692,801
198,713
CenterPoint
Energy
Inc
5,790,497
132,325
Essential
Utilities
Inc
4,840,449
98,461
Eversource
Energy
5,968,706
193,173
NiSource
Inc
5,381,800
Total
Utilities
27,674,253
Total
Common
Stocks
(cost
$297,731,337)
325,773,114
Total
Long-Term
Investments
(cost
$297,731,337)
325,773,114
Other
Assets
&
Liabilities,
Net
-
0.3%
902,478
Net
Assets
-
100%
$
326,675,592
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.
(a)
All
percentages
shown
in
the
Portfolio
of
Investments
are
based
on
net
assets.
(b)
Non-income
producing;
issuer
has
not
declared
an
ex-dividend
date
within
the
past
twelve
months.
See
Notes
to
Financial
Statements
Nuveen
ESG
Small-Cap
ETF
(NUSC)
Portfolio
of
Investments
April
30,
2024
(Unaudited)
Shares
Description
(a)
Value
LONG-TERM
INVESTMENTS
-
99.8%
X
–
COMMON
STOCKS
-
99.8%
Communication
Services
-
2.0%
69,054
(b)
AMC
Entertainment
Holdings
Inc,
Class
A
$
202,328
80,975
(b)
Cars.com
Inc
1,353,092
83,216
(b)
Cinemark
Holdings
Inc
1,426,322
342,297
(b)
Clear
Channel
Outdoor
Holdings
Inc
475,793
49,095
(b)
Consolidated
Communications
Holdings
Inc
212,090
56,269
(b)
Frontier
Communications
Parent
Inc
1,302,065
62,250
(b)
Gogo
Inc
563,985
102,230
Gray
Television
Inc
587,822
108,535
(b)
iHeartCommunications
Inc,
Class
A
227,924
53,568
Iridium
Communications
Inc
1,649,359
55,738
John
Wiley
&
Sons
Inc,
Class
A
2,094,077
24,422
(b)
Liberty
Latin
America
Ltd,
Class
A
184,386
27,060
(b)
Lions
Gate
Entertainment
Corp,
Class
B
255,176
148,769
(b)
Magnite
Inc
1,313,630
26,738
(b)
MediaAlpha
Inc,
Class
A
541,444
89,320
New
York
Times
Co/The,
Class
A
3,843,440
171,316
TEGNA
Inc
2,336,750
39,310
(b)
Vimeo
Inc
141,123
54,287
(b)
Ziff
Davis
Inc
2,720,322
36,841
(b)
ZoomInfo
Technologies
Inc
584,298
Total
Communication
Services
22,015,426
Consumer
Discretionary
-
15.8%
38,665
(b)
1-800-Flowers.com
Inc,
Class
A
350,692
276,997
ADT
Inc
1,800,480
9,987
Advance
Auto
Parts
Inc
728,851
43,278
American
Eagle
Outfitters
Inc
1,049,924
7,754
(b)
America's
Car-Mart
Inc/TX
443,839
180,945
Aramark
5,701,577
19,138
(b)
Asbury
Automotive
Group
Inc
4,023,573
10,176
(b)
AutoNation
Inc
1,639,862
36,727
(b)
Beazer
Homes
USA
Inc
1,029,458
56,035
(b)
Bright
Horizons
Family
Solutions
Inc
5,811,390
21,858
(b)
Brinker
International
Inc
1,171,589
56,645
Brunswick
Corp/DE
4,567,853
17,522
Carriage
Services
Inc
448,213
8,226
Carter's
Inc
562,741
142,877
(b)
Chegg
Inc
738,674
10,694
Columbia
Sportswear
Co
851,563
46,007
Cricut
Inc,
Class
A
244,757
47,674
(b)
Crocs
Inc
5,929,215
12,870
Dine
Brands
Global
Inc
567,567
45,869
(b)
European
Wax
Center
Inc,
Class
A
539,419
14,044
Foot
Locker
Inc
292,817
101,430
(b)
Frontdoor
Inc
3,112,887
59,298
Gap
Inc/The
1,216,795
17,588
Group
1
Automotive
Inc
5,171,224
183,910
H&R
Block
Inc
8,686,069
23,697
Harley-Davidson
Inc
814,940
26,687
(b)
Helen
of
Troy
Ltd
2,474,152
37,592
(b)
iRobot
Corp
321,787
26,909
KB
Home
1,742,627
5,969
Kohl's
Corp
142,898
62,272
Kontoor
Brands
Inc
3,864,600
25,455
LCI
Industries
2,646,811
Shares
Description
(a)
Value
Consumer
Discretionary
(continued)
6,406
Leggett
&
Platt
Inc
$
115,756
224,886
(b)
Leslie's
Inc
883,802
118,489
Levi
Strauss
&
Co,
Class
A
2,514,337
26,332
Lithia
Motors
Inc
6,698,334
423,461
(b)
Lucid
Group
Inc
1,079,826
326,728
(b)
Luminar
Technologies
Inc
480,290
120,137
Macy's
Inc
2,214,125
25,583
(b)
MarineMax
Inc
631,133
39,197
Marriott
Vacations
Worldwide
Corp
3,767,224
19,799
(b)
MasterCraft
Boat
Holdings
Inc
400,534
379,161
(b)
Mattel
Inc
6,946,229
6,474
Meritage
Homes
Corp
1,073,001
31,698
(b)
Modine
Manufacturing
Co
2,936,186
15,776
Monro
Inc
429,896
20,260
Movado
Group
Inc
516,022
25,811
Murphy
USA
Inc
10,681,108
87,066
(b)
National
Vision
Holdings
Inc
1,516,690
164,861
Newell
Brands
Inc
1,308,996
93,288
Nordstrom
Inc
1,773,405
50,685
(b)
Overstock.com
Inc
1,020,289
115,628
(b)
Petco
Health
&
Wellness
Co
Inc
173,442
46,981
(b)
Planet
Fitness
Inc
2,811,343
5,321
PVH
Corp
578,925
157,034
Service
Corp
International/US
11,260,908
3,956
Signet
Jewelers
Ltd
387,807
151,688
(b)
Sonos
Inc
2,563,527
11,867
Steven
Madden
Ltd
479,545
52,346
(b)
Stride
Inc
3,494,095
74,143
Tapestry
Inc
2,959,789
32,054
(b)
Taylor
Morrison
Home
Corp
1,795,345
37,201
Thor
Industries
Inc
3,698,523
12,606
(b)
TopBuild
Corp
5,101,270
107,051
(b)
Topgolf
Callaway
Brands
Corp
1,714,957
89,411
Travel
+
Leisure
Co
3,892,955
8,909
(b)
Tri
Pointe
Homes
Inc
328,297
48,335
(b)
United
Parks
&
Resorts
Inc
2,456,385
79,434
(b)
Valvoline
Inc
3,377,534
28,804
VF
Corp
358,898
49,456
(b)
Victoria's
Secret
&
Co
871,415
68,555
Wendy's
Co/The
1,370,414
19,560
Whirlpool
Corp
1,855,462
37,359
Winnebago
Industries
Inc
2,300,567
27,920
(b)
XPEL
Inc
1,467,196
29,126
(b)
Xponential
Fitness
Inc,
Class
A
371,356
62,164
(b)
YETI
Holdings
Inc
2,220,498
Total
Consumer
Discretionary
173,566,480
Consumer
Staples
-
3.6%
40,873
Andersons
Inc/The
2,245,562
10,736
Casey's
General
Stores
Inc
3,431,011
128,722
Flowers
Foods
Inc
3,210,327
53,704
(b)
Freshpet
Inc
5,696,383
44,443
(b)
Hain
Celestial
Group
Inc/The
272,880
54,254
(b)
Mission
Produce
Inc
615,783
34,636
(b)
Performance
Food
Group
Co
2,351,092
44,941
Spectrum
Brands
Holdings
Inc
3,679,320
50,449
(b)
TreeHouse
Foods
Inc
1,894,360
184,873
(b)
US
Foods
Holding
Corp
9,289,868
14,111
(b)
USANA
Health
Sciences
Inc
585,889
34,924
(b)
Vital
Farms
Inc
934,566
15,233
WD-40
Co
3,444,638
Nuveen
ESG
Small-Cap
ETF
(NUSC)
(continued)
Portfolio
of
Investments
April
30,
2024
(Unaudited)
Shares
Description
(a)
Value
Consumer
Staples
(continued)
88,193
WK
Kellogg
Co
$
2,058,425
Total
Consumer
Staples
39,710,104
Energy
-
4.2%
187,551
Archrock
Inc
3,599,104
57,699
Cactus
Inc,
Class
A
2,864,178
248,623
ChampionX
Corp
8,346,274
233,599
(b)
Clean
Energy
Fuels
Corp
541,950
81,710
Delek
US
Holdings
Inc
2,233,134
25,369
(b)
DMC
Global
Inc
402,099
24,081
Excelerate
Energy
Inc,
Class
A
406,006
117,118
(b)
Expro
Group
Holdings
NV
2,197,134
76,991
(b)
Green
Plains
Inc
1,591,404
246,055
NOV
Inc
4,549,557
83,428
(b)
Oceaneering
International
Inc
1,911,335
306,707
TechnipFMC
PLC
7,857,833
58,544
(b)
Weatherford
International
PLC
7,237,209
77,161
World
Kinect
Corp
1,813,284
Total
Energy
45,550,501
Financials
-
17.0%
678,967
AGNC
Investment
Corp
6,212,548
21,335
Amalgamated
Financial
Corp
523,561
24,252
A-Mark
Precious
Metals
Inc
971,778
56,577
(b)
Ambac
Financial
Group
Inc
817,538
133,737
Apollo
Commercial
Real
Estate
Finance
Inc
1,287,887
52,977
Artisan
Partners
Asset
Management
Inc,
Class
A
2,168,349
5,504
Atlantic
Union
Bankshares
Corp
174,862
56,958
(b)
AvidXchange
Holdings
Inc
664,130
21,133
Banc
of
California
Inc
289,311
53,177
(b)
Bancorp
Inc/The
1,592,119
29,415
Bank
OZK
1,313,380
6,423
Banner
Corp
280,235
18,283
Bar
Harbor
Bankshares
458,538
30,586
Berkshire
Hills
Bancorp
Inc
652,093
37,877
BOK
Financial
Corp
3,360,826
62,150
Bread
Financial
Holdings
Inc
2,293,956
77,653
(b)
BRP
Group
Inc
2,068,676
9,381
Cadence
Bank
259,572
9,104
Cambridge
Bancorp
558,712
75,150
(b)
Cantaloupe
Inc
435,118
16,010
Cass
Information
Systems
Inc
691,472
88,095
Commerce
Bancshares
Inc/MO
4,817,035
31,844
(b)
Donnelley
Financial
Solutions
Inc
1,999,166
120,512
East
West
Bancorp
Inc
8,976,939
37,330
Enterprise
Financial
Services
Corp
1,418,913
81,486
EVERTEC
Inc
3,058,170
131,209
First
American
Financial
Corp
7,028,866
157,824
First
BanCorp/Puerto
Rico
2,722,464
10,656
First
Financial
Bancorp
235,604
392,014
First
Horizon
Corp
5,848,849
20,934
First
Interstate
BancSystem
Inc,
Class
A
558,938
405,350
FNB
Corp/PA
5,407,369
93,487
Glacier
Bancorp
Inc
3,382,360
49,222
(b)
Green
Dot
Corp,
Class
A
430,692
49,857
Hancock
Whitney
Corp
2,263,009
34,250
Hanmi
Financial
Corp
524,025
127,694
Hannon
Armstrong
Sustainable
Infrastructure
Capital
Inc
3,193,627
5,309
Hanover
Insurance
Group
Inc/The
689,214
30,344
Independent
Bank
Corp
1,524,483
24,475
Independent
Bank
Corp/MI
607,225
Shares
Description
(a)
Value
Financials
(continued)
68,167
International
Bancshares
Corp
$
3,793,494
59,969
Invesco
Mortgage
Capital
Inc
512,735
83,966
Jackson
Financial
Inc,
Class
A
5,736,557
8,521
Lincoln
National
Corp
232,368
34,101
Moelis
&
Co,
Class
A
1,673,677
17,168
Morningstar
Inc
4,852,535
3,888
Nelnet
Inc,
Class
A
366,172
60,780
Old
National
Bancorp/IN
1,005,301
7,272
Old
Republic
International
Corp
217,142
31,467
(b)
Palomar
Holdings
Inc
2,475,509
46,170
PennyMac
Financial
Services
Inc
3,953,999
3,008
Pinnacle
Financial
Partners
Inc
230,714
29,271
PJT
Partners
Inc,
Class
A
2,765,817
37,178
Primerica
Inc
7,876,531
63,656
ProAssurance
Corp
850,444
54,407
PROG
Holdings
Inc
1,808,489
36,196
Reinsurance
Group
of
America
Inc
6,768,290
102,795
(b)
Repay
Holdings
Corp
1,045,425
147,136
(b)
Rocket
Cos
Inc,
Class
A
1,806,830
125,938
Ryan
Specialty
Holdings
Inc
6,213,781
4,663
Selective
Insurance
Group
Inc
473,994
45,325
SouthState
Corp
3,431,102
245,942
Starwood
Property
Trust
Inc
4,665,520
34,984
Stewart
Information
Services
Corp
2,169,358
101,623
Synovus
Financial
Corp
3,637,087
57,150
Unum
Group
2,897,505
417,071
Valley
National
Bancorp
2,923,668
41,696
Walker
&
Dunlop
Inc
3,820,604
68,961
Webster
Financial
Corp
3,022,561
102,124
Western
Alliance
Bancorp
5,803,707
380,402
Western
Union
Co/The
5,112,603
42,687
(b)
WEX
Inc
9,018,056
141,650
WisdomTree
Inc
1,260,685
64,674
Zions
Bancorp
NA
2,637,406
Total
Financials
186,821,275
Health
Care
-
10.9%
342,452
(b)
23andMe
Holding
Co,
Class
A
171,979
87,914
(b)
89bio
Inc
748,148
2,872
(b)
Acadia
Healthcare
Co
Inc
212,356
85,772
(b)
Accolade
Inc
654,440
97,389
(b)
AdaptHealth
Corp
959,282
52,184
(b)
Agiliti
Inc
529,668
56,167
(b)
Alector
Inc
285,328
101,043
(b)
Alkermes
PLC
2,479,595
58,263
(b)
Alphatec
Holdings
Inc
735,279
41,411
(b)
Alpine
Immune
Sciences
Inc
2,674,737
48,145
(b)
AMN
Healthcare
Services
Inc
2,887,737
11,126
(b)
AnaptysBio
Inc
270,807
67,325
(b)
Anavex
Life
Sciences
Corp
245,736
16,601
(b)
Apogee
Therapeutics
Inc
835,030
30,212
(b)
Arcturus
Therapeutics
Holdings
Inc
772,521
32,035
(b)
Arvinas
Inc
1,017,752
1,746
Atrion
Corp
739,064
33,773
(b)
Azenta
Inc
1,771,732
81,986
(b)
Biohaven
Ltd
3,181,057
228,782
(b)
Brookdale
Senior
Living
Inc
1,553,430
32,909
(b)
Cabaletta
Bio
Inc
350,316
33,049
(b)
Castle
Biosciences
Inc
697,003
11,905
(b)
CorVel
Corp
2,843,509
29,503
(b)
CRISPR
Therapeutics
AG
1,563,364
Nuveen
ESG
Small-Cap
ETF
(NUSC)
(continued)
Portfolio
of
Investments
April
30,
2024
(Unaudited)
Shares
Description
(a)
Value
Health
Care
(continued)
42,105
(b)
Cross
Country
Healthcare
Inc
$
741,048
61,510
(b)
CryoPort
Inc
995,847
30,335
(b)
Cullinan
Therapeutics
Inc
819,348
53,601
(b)
Cytokinetics
Inc
3,286,813
15,200
(b)
Disc
Medicine
Inc
423,168
114,505
(b)
DocGo
Inc
387,027
44,709
(b)
Edgewise
Therapeutics
Inc
802,080
314,068
(b)
Elanco
Animal
Health
Inc
4,133,135
74,062
Embecta
Corp
750,248
18,179
(b)
Enliven
Therapeutics
Inc
316,133
38,712
(b)
Enovis
Corp
2,138,064
26,059
Ensign
Group
Inc/The
3,084,343
15,144
(b)
Entrada
Therapeutics
Inc
179,456
25,025
(b)
Envista
Holdings
Corp
492,492
19,204
(b)
Establishment
Labs
Holdings
Inc
960,392
107,098
(b)
Fortrea
Holdings
Inc
3,918,716
24,122
(b)
Fulgent
Genetics
Inc
490,883
120,023
(b)
Geron
Corp
471,690
11,828
(b)
Glaukos
Corp
1,135,488
42,735
(b)
Haemonetics
Corp
3,929,483
55,321
(b)
Health
Catalyst
Inc
344,097
63,999
(b)
Ideaya
Biosciences
Inc
2,601,559
18,478
(b)
Inari
Medical
Inc
689,969
11,056
(b)
Integer
Holdings
Corp
1,234,181
10,451
(b)
Integra
LifeSciences
Holdings
Corp
304,856
11,905
(b)
Intellia
Therapeutics
Inc
254,767
19,932
(b)
Janux
Therapeutics
Inc
1,136,124
26,183
(b)
Keros
Therapeutics
Inc
1,476,459
10,753
(b)
Kura
Oncology
Inc
210,974
156,951
(b)
Lyell
Immunopharma
Inc
340,584
5,269
(b)
Merit
Medical
Systems
Inc
390,433
46,574
(b)
Merus
NV
2,091,638
14,606
(b)
ModivCare
Inc
342,803
23,232
(b)
MoonLake
Immunotherapeutics
950,421
36,833
(b)
Morphic
Holding
Inc
1,004,436
102,242
(b)
NeoGenomics
Inc
1,423,209
77,190
(b)
Novocure
Ltd
944,806
49,971
(b)
Omnicell
Inc
1,339,723
43,392
(b)
OraSure
Technologies
Inc
229,544
41,671
(b)
Orthofix
Medical
Inc
541,723
88,036
(b)
Owens
&
Minor
Inc
2,178,011
42,116
(b)
Paragon
28
Inc
388,310
105,401
Patterson
Cos
Inc
2,684,564
14,214
(b)
Pennant
Group
Inc/The
297,215
4,977
(b)
Penumbra
Inc
977,831
8,849
Perrigo
Co
PLC
289,008
36,223
(b)
PetIQ
Inc
591,159
35,681
(b)
Phathom
Pharmaceuticals
Inc
322,199
23,846
Phibro
Animal
Health
Corp,
Class
A
398,228
55,926
(b)
Pliant
Therapeutics
Inc
661,045
19,464
Premier
Inc,
Class
A
406,408
40,861
(b)
PROCEPT
BioRobotics
Corp
2,164,816
24,900
(b)
Progyny
Inc
798,294
212,126
(b)
Project
Roadrunner
Parent
Inc
2,607,029
58,621
(b)
Protagonist
Therapeutics
Inc
1,471,973
49,969
(b)
Prothena
Corp
PLC
1,016,370
37,077
(b)
QuidelOrtho
Corp
1,503,472
28,300
(b)
RAPT
Therapeutics
Inc
217,910
181,785
(b)
Recursion
Pharmaceuticals
Inc,
Class
A
1,421,559
101,069
(b)
Revance
Therapeutics
Inc
364,859
29,704
(b)
RxSight
Inc
1,548,470
Shares
Description
(a)
Value
Health
Care
(continued)
56,548
(b)
Sana
Biotechnology
Inc
$
508,932
50,005
(b)
Scholar
Rock
Holding
Corp
733,573
395,026
(b)
Sharecare
Inc
282,799
22,744
(b)
Shockwave
Medical
Inc
7,509,841
126,252
(b)
Sotera
Health
Co
1,414,022
6,464
(b)
STAAR
Surgical
Co
297,085
52,755
(b)
Tango
Therapeutics
Inc
406,214
27,484
(b)
Tarsus
Pharmaceuticals
Inc
863,822
124,999
(b)
Teladoc
Health
Inc
1,593,737
39,623
(b)
Terns
Pharmaceuticals
Inc
200,096
47,603
(b)
Treace
Medical
Concepts
Inc
493,643
16,473
(b)
Ultragenyx
Pharmaceutical
Inc
700,761
49,198
(b)
Varex
Imaging
Corp
799,468
24,835
(b)
Vaxcyte
Inc
1,503,759
39,971
(b)
Vera
Therapeutics
Inc
1,579,254
51,742
(b)
Verve
Therapeutics
Inc
310,969
46,747
(b)
Viridian
Therapeutics
Inc
619,865
42,473
(b)
Xenon
Pharmaceuticals
Inc
1,726,528
52,838
(b)
Zymeworks
Inc
453,350
Total
Health
Care
119,794,478
Industrials
-
18.4%
53,301
AAON
Inc
5,015,091
121,992
ACCO
Brands
Corp
588,001
3,657
Acuity
Brands
Inc
908,033
56,860
Advanced
Drainage
Systems
Inc
8,927,020
4,276
AGCO
Corp
488,276
134,131
Air
Lease
Corp
6,738,741
1,842
(b)
American
Woodmark
Corp
169,611
1,267
ArcBest
Corp
140,523
23,020
Arcosa
Inc
1,749,980
163,717
(b)
Array
Technologies
Inc
2,020,268
45,918
(b)
ASGN
Inc
4,428,791
20,865
Atkore
Inc
3,657,634
61,017
Barnes
Group
Inc
2,118,510
28,295
(b)
Beacon
Roofing
Supply
Inc
2,787,906
50,362
Boise
Cascade
Co
6,661,382
56,739
Brady
Corp
3,347,601
22,731
(b)
CECO
Environmental
Corp
491,444
32,806
(b)
Chart
Industries
Inc
4,726,032
381,080
(b)
Clarivate
PLC
2,576,101
19,377
Comfort
Systems
USA
Inc
5,995,438
55,343
Concentrix
Corp
3,025,602
61,029
Crane
Co
8,544,670
37,412
CSG
Systems
International
Inc
1,767,343
54,695
Deluxe
Corp
1,080,226
135,812
(b)
DNOW
Inc
1,916,307
2,551
Donaldson
Co
Inc
184,182
32,842
EMCOR
Group
Inc
11,730,177
70,697
(b)
Energy
Recovery
Inc
1,053,385
69,163
Enerpac
Tool
Group
Corp
2,464,278
210,840
(b)
ExlService
Holdings
Inc
6,114,360
65,490
First
Advantage
Corp
1,067,487
30,472
(b)
FTI
Consulting
Inc
6,515,828
586,471
(b)
FuelCell
Energy
Inc
544,128
33,231
(b)
Generac
Holdings
Inc
4,518,087
28,500
Greenbrier
Cos
Inc/The
1,407,615
49,508
(b)
GXO
Logistics
Inc
2,458,567
59,415
Hexcel
Corp
3,815,037
3,899
Hillenbrand
Inc
186,060
59,123
HNI
Corp
2,480,210
Nuveen
ESG
Small-Cap
ETF
(NUSC)
(continued)
Portfolio
of
Investments
April
30,
2024
(Unaudited)
Shares
Description
(a)
Value
Industrials
(continued)
4,414
ICF
International
Inc
$
636,896
72,404
Interface
Inc
1,107,057
16,060
John
Bean
Technologies
Corp
1,430,785
80,240
KBR
Inc
5,210,786
11,094
Kelly
Services
Inc,
Class
A
254,496
84,873
(b)
Kratos
Defense
&
Security
Solutions
Inc
1,512,437
1,953
Landstar
System
Inc
340,623
88,232
(b)
Leonardo
DRS
Inc
1,898,753
13,840
Lindsay
Corp
1,607,516
58,238
(b)
Mercury
Systems
Inc
1,642,312
34,569
Moog
Inc,
Class
A
5,498,891
107,972
(b)
MRC
Global
Inc
1,212,526
16,603
Mueller
Water
Products
Inc,
Class
A
262,992
21,179
(b)
MYR
Group
Inc
3,521,009
80,834
(b)
NEXTracker
Inc,
Class
A
3,458,887
197,236
Pitney
Bowes
Inc
840,225
660,733
(b)
Plug
Power
Inc
1,526,293
12,242
Powell
Industries
Inc
1,750,606
29,661
(b)
Proto
Labs
Inc
904,067
187,005
(b)
Resideo
Technologies
Inc
3,652,208
9,527
Rush
Enterprises
Inc
389,750
32,403
Rush
Enterprises
Inc,
Class
A
1,423,140
15,907
Ryder
System
Inc
1,938,268
10,613
(b)
Saia
Inc
4,211,557
57,046
(b)
SiteOne
Landscape
Supply
Inc
8,949,947
6,279
(b)
SPX
Technologies
Inc
764,845
198,486
(b)
Stem
Inc
365,214
256,816
(b)
Sunrun
Inc
2,642,637
41,735
TriNet
Group
Inc
4,188,942
30,247
(b)
Triumph
Group
Inc
404,100
39,315
(b)
TrueBlue
Inc
409,662
16,241
(b)
V2X
Inc
788,988
475,240
(b)
Virgin
Galactic
Holdings
Inc
413,506
16,722
VSE
Corp
1,305,487
11,912
WESCO
International
Inc
1,819,558
95,485
(b)
WillScot
Mobile
Mini
Holdings
Corp
3,529,126
53,026
(b)
XPO
Inc
5,698,174
Total
Industrials
201,922,198
Information
Technology
-
13.4%
137,297
(b)
ACI
Worldwide
Inc
4,681,828
27,163
(b)
Altair
Engineering
Inc,
Class
A
2,185,263
24,066
(b)
Appfolio
Inc,
Class
A
5,457,688
37,398
Badger
Meter
Inc
6,840,842
51,338
Belden
Inc
4,172,239
31,738
(b)
Blackbaud
Inc
2,473,025
14,861
(b)
Box
Inc,
Class
A
386,683
74,988
(b)
Calix
Inc
2,079,417
45,437
(b)
Cerence
Inc
413,931
48,142
(b)
Cirrus
Logic
Inc
4,263,937
242,013
(b)
CommScope
Holding
Co
Inc
216,360
7,882
(b)
CommVault
Systems
Inc
807,669
23,142
(b)
CS
Disco
Inc
174,722
43,773
(b)
Digi
International
Inc
1,342,080
17,603
(b)
Digimarc
Corp
372,127
75,533
Dolby
Laboratories
Inc,
Class
A
5,865,893
111,965
(b)
DoubleVerify
Holdings
Inc
3,280,575
247,261
(b)
DXC
Technology
Co
4,819,117
211,182
(b)
E2open
Parent
Holdings
Inc
1,024,233
3,202
(b)
Elastic
NV
327,308
51,906
(b)
Envestnet
Inc
3,221,805
Shares
Description
(a)
Value
Information
Technology
(continued)
210,888
(b)
Flex
Ltd
$
6,041,941
25,601
(b)
Gitlab
Inc,
Class
A
1,343,284
136,557
(b)
Harmonic
Inc
1,466,622
127,699
(b)
Infinera
Corp
615,509
39,443
(b)
Informatica
Inc,
Class
A
1,221,550
19,637
(b)
Insight
Enterprises
Inc
3,585,127
32,719
InterDigital
Inc
3,230,347
57,465
(b)
Itron
Inc
5,293,676
9,877
(b)
Jamf
Holding
Corp
192,305
22,314
(b)
Kimball
Electronics
Inc
467,032
38,345
Kulicke
&
Soffa
Industries
Inc
1,774,607
4,662
Littelfuse
Inc
1,075,244
18,310
(b)
LiveRamp
Holdings
Inc
587,934
2,873
(b)
Lumentum
Holdings
Inc
125,723
70,650
(b)
Matterport
Inc
324,990
42,413
Methode
Electronics
Inc
517,014
221,766
(b)
Mirion
Technologies
Inc
2,410,596
8,689
(b)
Model
N
Inc
257,629
76,938
(b)
N-able
Inc/US
943,260
171,244
(b)
NCR
Corp
2,097,739
33,740
(b)
NETGEAR
Inc
498,677
34,929
(b)
Novanta
Inc
5,466,389
126,474
(b)
Nutanix
Inc,
Class
A
7,676,972
23,486
(b)
Onto
Innovation
Inc
4,356,418
59,678
(b)
Paycor
HCM
Inc
1,036,607
38,176
(b)
PDF
Solutions
Inc
1,148,334
3,933
Pegasystems
Inc
233,699
17,529
Power
Integrations
Inc
1,169,535
95,477
(b)
Procore
Technologies
Inc
6,532,536
47,699
Progress
Software
Corp
2,376,364
15,025
(b)
PROS
Holdings
Inc
492,069
102,314
(b)
Rambus
Inc
5,608,853
121,951
(b)
Ribbon
Communications
Inc
386,585
14,958
(b)
Rogers
Corp
1,781,348
17,512
(b)
Silicon
Laboratories
Inc
2,127,533
2,321
(b)
SolarEdge
Technologies
Inc
136,127
32,275
(b)
SPS
Commerce
Inc
5,611,654
48,841
(b)
Teradata
Corp
1,812,001
60,474
(b)
Veeco
Instruments
Inc
2,137,151
125,452
Vontier
Corp
5,097,115
42,809
(b)
Weave
Communications
Inc
457,628
67,010
(b)
Wolfspeed
Inc
1,811,280
8,264
Xerox
Holdings
Corp
109,829
53,775
(b)
Xperi
Inc
565,175
Total
Information
Technology
146,608,750
Materials
-
5.7%
2,947
AptarGroup
Inc
425,488
26,310
(b)
ATI
Inc
1,570,707
168,190
(b)
Axalta
Coating
Systems
Ltd
5,287,894
40,698
Balchem
Corp
5,753,883
83,776
Berry
Global
Group
Inc
4,745,073
113,457
Commercial
Metals
Co
6,097,179
44,136
Compass
Minerals
International
Inc
549,493
270,010
Element
Solutions
Inc
6,245,331
100,806
Graphic
Packaging
Holding
Co
2,605,835
5,338
Greif
Inc,
Class
B
333,518
4,333
HB
Fuller
Co
323,718
29,403
Innospec
Inc
3,528,360
48,157
(b)
Knife
River
Corp
3,765,396
26,045
Koppers
Holdings
Inc
1,335,588
Nuveen
ESG
Small-Cap
ETF
(NUSC)
(continued)
Portfolio
of
Investments
April
30,
2024
(Unaudited)
Shares
Description
(a)
Value
Materials
(continued)
47,031
Louisiana-Pacific
Corp
$
3,442,199
26,234
Materion
Corp
3,015,336
35,143
(b)
Metallus
Inc
722,540
39,296
Minerals
Technologies
Inc
2,864,285
12,467
Olympic
Steel
Inc
792,527
25,396
(b)
Piedmont
Lithium
Inc
311,101
32,466
Radius
Recycling
Inc
565,558
56,303
(b)
Ranpak
Holdings
Corp
407,634
12,660
Royal
Gold
Inc
1,520,846
45,742
Sensient
Technologies
Corp
3,349,229
28,447
Stepan
Co
2,360,817
Total
Materials
61,919,535
Real
Estate
-
6.4%
46,599
(b)
Anywhere
Real
Estate
Inc
226,471
59,130
Armada
Hoffler
Properties
Inc
622,048
208,309
Brandywine
Realty
Trust
945,723
15,365
CBL
&
Associates
Properties
Inc
334,189
444,383
(b)
Compass
Inc,
Class
A
1,399,806
93,157
(b)
Cushman
&
Wakefield
PLC
898,965
114,183
Easterly
Government
Properties
Inc
1,334,799
170,439
Empire
State
Realty
Trust
Inc,
Class
A
1,550,995
119,588
(b)
Equity
Commonwealth
2,238,687
22,591
Federal
Realty
Investment
Trust
2,353,305
59,897
First
Industrial
Realty
Trust
Inc
2,720,522
3,037
(b)
Howard
Hughes
Holdings
Inc
197,891
154,928
Hudson
Pacific
Properties
Inc
898,582
20,520
(b)
Jones
Lang
LaSalle
Inc
3,707,964
35,707
Kennedy-Wilson
Holdings
Inc
306,723
136,465
Kilroy
Realty
Corp
4,612,517
5,915
Marcus
&
Millichap
Inc
187,328
143,054
Omega
Healthcare
Investors
Inc
4,350,272
178,454
Outfront
Media
Inc
2,830,280
189,780
Park
Hotels
&
Resorts
Inc
3,061,151
121,176
Phillips
Edison
&
Co
Inc
3,962,455
45,033
Piedmont
Office
Realty
Trust
Inc,
Class
A
310,277
100,964
PotlatchDeltic
Corp
4,039,570
144,860
Rexford
Industrial
Realty
Inc
6,201,457
56,195
Ryman
Hospitality
Properties
Inc
5,927,449
61,408
SL
Green
Realty
Corp
3,059,961
133,100
Tanger
Inc
3,773,385
25,839
(b)
Tejon
Ranch
Co
433,578
61,873
Terreno
Realty
Corp
3,362,798
304,499
Uniti
Group
Inc
1,750,869
13,870
Veris
Residential
Inc
199,867
133,921
Xenia
Hotels
&
Resorts
Inc
1,857,484
Total
Real
Estate
69,657,368
Utilities
-
2.4%
27,943
American
States
Water
Co
1,979,482
24,739
Chesapeake
Utilities
Corp
2,619,118
41,054
Clearway
Energy
Inc,
Class
A
891,282
105,107
Clearway
Energy
Inc,
Class
C
2,457,402
121,493
New
Jersey
Resources
Corp
5,308,029
70,426
ONE
Gas
Inc
4,543,885
11,368
SJW
Group
618,988
138,417
(b)
Sunnova
Energy
International
Inc
582,736
Shares
Description
(a)
Value
Utilities
(continued)
267,996
UGI
Corp
$
6,849,978
Total
Utilities
25,850,900
Total
Common
Stocks
(cost
$1,052,073,378)
1,093,417,015
Shares
Description
(a)
Value
X
–
COMMON
STOCK
RIGHTS
-
0.0%
Health
Care
-
0.0%
26,689
(c)
Bristol-Myers
Squibb
Co
18,682
23,934
(c)
CinCor
Pharma
Inc
73,238
Total
Health
Care
91,920
Total
Common
Stock
Rights
(cost
$0)
91,920
Total
Long-Term
Investments
(cost
$1,052,073,378)
1,093,508,935
Other
Assets
&
Liabilities,
Net
-
0.2%
2,125,535
Net
Assets
-
100%
$
1,095,634,470
For
Fund
portfolio
compliance
purposes,
the
Fund’s
industry
classifications
refer
to
any
one
or
more
of
the
industry
sub-classifications
used
by
one
or
more
widely
recognized
market
indexes
or
ratings
group
indexes,
and/or
as
defined
by
Fund
management.
This
definition
may
not
apply
for
purposes
of
this
report,
which
may
combine
industry
sub-classifications
into
sectors
for
reporting
ease.
(a)
All
percentages
shown
in
the
Portfolio
of
Investments
are
based
on
net
assets.
(b)
Non-income
producing;
issuer
has
not
declared
an
ex-dividend
date
within
the
past
twelve
months.
(c)
For
fair
value
measurement
disclosure
purposes,
investment
classified
as
Level
3.
See
Notes
to
Financial
Statements
Nuveen
Dividend
Growth
ETF
(NDVG)
Portfolio
of
Investments
April
30,
2024
(Unaudited)
Shares
Description
(a)
Value
LONG-TERM
INVESTMENTS
-
99.0%
X
13,813,378
COMMON
STOCKS
-
99.0%
X
13,813,378
Banks
-
3
.4
%
2,442
JPMorgan
Chase
&
Co
$
468,229
Total
Banks
468,229
Capital
Goods
-
7
.3
%
1,070
Eaton
Corp
PLC
340,538
1,258
Honeywell
International
Inc
242,454
349
Northrop
Grumman
Corp
169,276
838
Trane
Technologies
PLC
265,931
Total
Capital
Goods
1,018,199
Consumer
Discretionary
Distribution
&
Retail
-
4
.1
%
1,306
Lowe's
Cos
Inc
297,755
2,858
TJX
Cos
Inc/The
268,909
Total
Consumer
Discretionary
Distribution
&
Retail
566,664
Consumer
Services
-
3
.2
%
1,058
McDonald's
Corp
288,876
1,858
Starbucks
Corp
164,415
Total
Consumer
Services
453,291
Consumer
Staples
Distribution
&
Retail
-
2
.0
%
4,764
Walmart
Inc
282,743
Total
Consumer
Staples
Distribution
&
Retail
282,743
Energy
-
4
.8
%
2,004
Chevron
Corp
323,185
2,970
Exxon
Mobil
Corp
351,262
Total
Energy
674,447
Equity
Real
Estate
Investment
Trusts
(REITs)
-
4
.2
%
1,648
American
Tower
Corp
282,731
2,992
Prologis
Inc
305,334
Total
Equity
Real
Estate
Investment
Trusts
(REITs)
588,065
Financial
Services
-
9
.9
%
1,669
American
Express
Co
390,596
4,664
Charles
Schwab
Corp/The
344,903
829
Mastercard
Inc,
Class
A
374,045
666
S&P
Global
Inc
276,942
Total
Financial
Services
1,386,486
Food,
Beverage
&
Tobacco
-
5
.2
%
3,407
Mondelez
International
Inc,
Class
A
245,100
1,354
PepsiCo
Inc
238,182
2,564
Philip
Morris
International
Inc
243,426
Total
Food,
Beverage
&
Tobacco
726,708
Health
Care
Equipment
&
Services
-
7
.6
%
3,061
Abbott
Laboratories
324,374
591
Elevance
Health
Inc
312,391
879
UnitedHealth
Group
Inc
425,172
Total
Health
Care
Equipment
&
Services
1,061,937
Shares
Description
(a)
Value
Insurance
-
2
.3
%
1,597
Marsh
&
McLennan
Cos
Inc
$
318,490
Total
Insurance
318,490
Materials
-
4
.7
%
1,053
Linde
PLC
464,331
1,103
Packaging
Corp
of
America
190,797
Total
Materials
655,128
Media
&
Entertainment
-
2
.1
%
7,515
Comcast
Corp,
Class
A
286,397
Total
Media
&
Entertainment
286,397
Pharmaceuticals,
Biotechnology
&
Life
Sciences
-
4
.0
%
2,038
AbbVie
Inc
331,460
1,409
Zoetis
Inc
224,369
Total
Pharmaceuticals,
Biotechnology
&
Life
Sciences
555,829
Semiconductors
&
Semiconductor
Equipment
-
7
.6
%
500
Broadcom
Inc
650,135
2,028
Taiwan
Semiconductor
Manufacturing
Co
Ltd,
Sponsored
ADR
278,526
755
Texas
Instruments
Inc
133,197
Total
Semiconductors
&
Semiconductor
Equipment
1,061,858
Software
&
Services
-
10
.8
%
1,264
Accenture
PLC,
Class
A
380,350
2,902
Microsoft
Corp
1,129,836
Total
Software
&
Services
1,510,186
Technology
Hardware
&
Equipment
-
9
.9
%
5,196
Apple
Inc
885,035
1,451
Motorola
Solutions
Inc
492,106
Total
Technology
Hardware
&
Equipment
1,377,141
Transportation
-
1
.6
%
953
Union
Pacific
Corp
226,013
Total
Transportation
226,013
Utilities
-
4
.3
%
5,101
NextEra
Energy
Inc
341,614
3,073
WEC
Energy
Group
Inc
253,953
Total
Utilities
595,567
Total
Common
Stocks
(cost
$13,014,985)
13,813,378
Total
Long-Term
Investments
(cost
$13,014,985)
13,813,378
Other
Assets
&
Liabilities,
Net
-
1.0%
145,463
Net
Assets
-
100%
$
13,958,841
For
Fund
portfolio
compliance
purposes,
the
Fund’s
industry
classifications
refer
to
any
one
or
more
of
the
industry
sub-classifications
used
by
one
or
more
widely
recognized
market
indexes
or
ratings
group
indexes,
and/or
as
defined
by
Fund
management.
This
definition
may
not
apply
for
purposes
of
this
report,
which
may
combine
industry
sub-classifications
into
sectors
for
reporting
ease.
(a)
All
percentages
shown
in
the
Portfolio
of
Investments
are
based
on
net
assets.
ADR
American
Depositary
Receipt
S&P
Standard
&
Poor's
See
Notes
to
Financial
Statements
Nuveen
Growth
Opportunities
ETF
(NUGO)
Portfolio
of
Investments
April
30,
2024
(Unaudited)
Shares
Description
(a)
Value
LONG-TERM
INVESTMENTS
-
99.2%
X
2,777,548,852
COMMON
STOCKS
-
99.2%
X
2,777,548,852
Capital
Goods
-
3
.2
%
144,974
(b)
Boeing
Co/The
$
24,332,436
394,273
Carrier
Global
Corp
24,243,847
84,939
Eaton
Corp
PLC
27,032,686
127,675
Emerson
Electric
Co
13,760,812
Total
Capital
Goods
89,369,781
Consumer
Discretionary
Distribution
&
Retail
-
9
.7
%
1,561,230
(b)
Amazon.com
Inc
273,215,250
Total
Consumer
Discretionary
Distribution
&
Retail
273,215,250
Consumer
Services
-
4
.3
%
11,126
Booking
Holdings
Inc
38,407,286
14,336
(b)
Chipotle
Mexican
Grill
Inc
45,296,026
580,029
(b)
DraftKings
Inc,
Class
A
24,106,005
244,170
Las
Vegas
Sands
Corp
10,831,381
Total
Consumer
Services
118,640,698
Consumer
Staples
Distribution
&
Retail
-
2
.4
%
91,747
Costco
Wholesale
Corp
66,323,907
Total
Consumer
Staples
Distribution
&
Retail
66,323,907
Financial
Services
-
6
.1
%
272,227
(b)
Fiserv
Inc
41,560,896
284,300
Mastercard
Inc,
Class
A
128,276,160
Total
Financial
Services
169,837,056
Food,
Beverage
&
Tobacco
-
0
.8
%
453,654
(b)
Monster
Beverage
Corp
24,247,806
Total
Food,
Beverage
&
Tobacco
24,247,806
Health
Care
Equipment
&
Services
-
4
.7
%
331,500
(b)
Dexcom
Inc
42,229,785
52,002
Elevance
Health
Inc
27,487,217
101,253
(b)
Intuitive
Surgical
Inc
37,526,387
48,083
UnitedHealth
Group
Inc
23,257,747
Total
Health
Care
Equipment
&
Services
130,501,136
Materials
-
2
.6
%
819,256
Corteva
Inc
44,346,327
63,285
Linde
PLC
27,906,154
Total
Materials
72,252,481
Media
&
Entertainment
-
12
.0
%
1,072,985
(b)
Alphabet
Inc,
Class
A
174,660,498
312,649
Meta
Platforms
Inc
134,492,220
51,337
(b)
Netflix
Inc
28,268,206
Total
Media
&
Entertainment
337,420,924
Pharmaceuticals,
Biotechnology
&
Life
Sciences
-
7
.4
%
134,073
AstraZeneca
PLC,
Sponsored
ADR
10,173,459
162,326
Eli
Lilly
&
Co
126,792,839
397,863
Novo
Nordisk
A/S,
Sponsored
ADR
51,049,801
Shares
Description
(a)
Value
Pharmaceuticals,
Biotechnology
&
Life
Sciences
(continued)
120,095
Zoetis
Inc
$
19,123,928
Total
Pharmaceuticals,
Biotechnology
&
Life
Sciences
207,140,027
Semiconductors
&
Semiconductor
Equipment
-
16
.6
%
81,859
Broadcom
Inc
106,438,802
45,704
Lam
Research
Corp
40,878,115
365,933
NVIDIA
Corp
316,173,431
Total
Semiconductors
&
Semiconductor
Equipment
463,490,348
Software
&
Services
-
22
.1
%
34,472
(b)
Adobe
Inc
15,954,676
45,467
(b)
Crowdstrike
Holdings
Inc,
Class
A
13,300,916
64,962
(b)
EPAM
Systems
Inc
15,282,960
51,022
Intuit
Inc
31,920,383
906,089
Microsoft
Corp
352,767,630
65,203
(b)
Palo
Alto
Networks
Inc
18,966,901
138,162
(b)
PTC
Inc
24,515,465
139,819
Salesforce
Inc
37,602,922
54,742
(b)
ServiceNow
Inc
37,954,271
64,859
(b)
Synopsys
Inc
34,413,537
201,099
(b)
Trade
Desk
Inc/The,
Class
A
16,661,052
81,972
(b)
Workday
Inc,
Class
A
20,061,007
Total
Software
&
Services
619,401,720
Technology
Hardware
&
Equipment
-
7
.3
%
1,086,157
Apple
Inc
185,005,122
80,693
(b)
Arista
Networks
Inc
20,702,596
Total
Technology
Hardware
&
Equipment
205,707,718
Total
Common
Stocks
(cost
$2,047,522,640)
2,777,548,852
Total
Long-Term
Investments
(cost
$2,047,522,640)
2,777,548,852
Other
Assets
&
Liabilities,
Net
-
0.8%
22,582,448
Net
Assets
-
100%
$
2,800,131,300
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.
(a)
All
percentages
shown
in
the
Portfolio
of
Investments
are
based
on
net
assets.
(b)
Non-income
producing;
issuer
has
not
declared
an
ex-dividend
date
within
the
past
twelve
months.
ADR
American
Depositary
Receipt
See
Notes
to
Financial
Statements
Nuveen
Small
Cap
Select
ETF
(NSCS)
Portfolio
of
Investments
April
30,
2024
(Unaudited)
Shares
Description
(a)
Value
LONG-TERM
INVESTMENTS
-
99.1%
X
6,415,072
COMMON
STOCKS
-
97.8%
X
6,415,072
Automobiles
&
Components
-
2
.4
%
2,905
(b)
Atmus
Filtration
Technologies
Inc
$
87,993
5,680
Dana
Inc
70,602
Total
Automobiles
&
Components
158,595
Banks
-
7
.4
%
1,666
Banner
Corp
72,688
3,947
Home
BancShares
Inc/AR
93,465
1,055
Preferred
Bank/Los
Angeles
CA
79,853
1,259
SouthState
Corp
95,306
1,464
Wintrust
Financial
Corp
141,481
Total
Banks
482,793
Capital
Goods
-
13
.4
%
485
(b)
AeroVironment
Inc
77,498
499
Applied
Industrial
Technologies
Inc
91,442
1,133
Arcosa
Inc
86,131
4,391
(b)
Array
Technologies
Inc
54,185
320
Comfort
Systems
USA
Inc
99,011
572
Enpro
Inc
85,874
901
ESCO
Technologies
Inc
91,406
9,785
(b)
Hillman
Solutions
Corp
93,545
4,611
(b)
Kratos
Defense
&
Security
Solutions
Inc
82,168
983
(b)
SPX
Technologies
Inc
119,739
Total
Capital
Goods
880,999
Commercial
&
Professional
Services
-
3
.9
%
1,007
(b)
ASGN
Inc
97,125
1,141
Maximus
Inc
91,600
1,543
(b)
WNS
Holdings
Ltd
64,667
Total
Commercial
&
Professional
Services
253,392
Consumer
Discretionary
Distribution
&
Retail
-
3
.2
%
1,623
Academy
Sports
&
Outdoors
Inc
94,621
3,719
(b)
Savers
Value
Village
Inc
61,438
534
Signet
Jewelers
Ltd
52,348
Total
Consumer
Discretionary
Distribution
&
Retail
208,407
Consumer
Durables
&
Apparel
-
2
.4
%
2,012
Steven
Madden
Ltd
81,305
4,750
(b)
Topgolf
Callaway
Brands
Corp
76,095
Total
Consumer
Durables
&
Apparel
157,400
Consumer
Services
-
1
.7
%
983
Boyd
Gaming
Corp
52,600
7,072
(b)
Everi
Holdings
Inc
57,778
Total
Consumer
Services
110,378
Energy
-
7
.1
%
5,551
(b)
Diamond
Offshore
Drilling
Inc
67,944
1,702
Matador
Resources
Co
106,035
3,364
Northern
Oil
&
Gas
Inc
137,217
9,292
Permian
Resources
Corp
155,641
Total
Energy
466,837
Shares
Description
(a)
Value
Equity
Real
Estate
Investment
Trusts
(REITs)
-
3
.4
%
553
EastGroup
Properties
Inc
$
85,914
2,621
STAG
Industrial
Inc
90,136
8,017
Summit
Hotel
Properties
Inc
48,182
Total
Equity
Real
Estate
Investment
Trusts
(REITs)
224,232
Financial
Services
-
6
.5
%
747
Evercore
Inc,
Class
A
135,581
1,017
FirstCash
Holdings
Inc
114,901
6,091
Ladder
Capital
Corp
65,356
557
Piper
Sandler
Cos
109,055
Total
Financial
Services
424,893
Food,
Beverage
&
Tobacco
-
1
.7
%
5,949
Primo
Water
Corp
112,258
Total
Food,
Beverage
&
Tobacco
112,258
Health
Care
Equipment
&
Services
-
10
.2
%
1,965
(b)
AtriCure
Inc
47,396
1,152
Encompass
Health
Corp
96,054
991
(b)
Establishment
Labs
Holdings
Inc
49,560
606
(b)
Glaukos
Corp
58,176
1,360
(b)
HealthEquity
Inc
107,318
2,981
(b)
Option
Care
Health
Inc
89,102
1,684
(b)
Progyny
Inc
53,989
2,223
Select
Medical
Holdings
Corp
63,066
3,018
(b)
SI-BONE
Inc
43,037
2,372
(b)
Tactile
Systems
Technology
Inc
32,662
270
(b)
Tenet
Healthcare
Corp
30,318
Total
Health
Care
Equipment
&
Services
670,678
Household
&
Personal
Products
-
1
.0
%
1,191
(b)
BellRing
Brands
Inc
65,707
Total
Household
&
Personal
Products
65,707
Insurance
-
0
.8
%
233
Primerica
Inc
49,363
Total
Insurance
49,363
Materials
-
3
.7
%
1,831
Avient
Corp
77,671
1,894
Silgan
Holdings
Inc
88,374
2,053
(b)
Summit
Materials
Inc,
Class
A
79,862
Total
Materials
245,907
Media
&
Entertainment
-
1
.8
%
6,810
(b)
Magnite
Inc
60,132
1,204
(b)
Ziff
Davis
Inc
60,333
Total
Media
&
Entertainment
120,465
Pharmaceuticals,
Biotechnology
&
Life
Sciences
-
5
.0
%
363
(b)
Biohaven
Ltd
14,084
835
(b)
Crinetics
Pharmaceuticals
Inc
36,590
401
(b)
Cytokinetics
Inc
24,589
1,191
(b)
Halozyme
Therapeutics
Inc
45,377
1,155
(b)
Immunovant
Inc
31,693
281
(b)
Krystal
Biotech
Inc
43,027
124
(b)
Madrigal
Pharmaceuticals
Inc
25,298
1,405
(b)
Myriad
Genetics
Inc
27,496
1,566
(b)
Pacira
BioSciences
Inc
41,108
Nuveen
Small
Cap
Select
ETF
(NSCS)
(continued)
Portfolio
of
Investments
April
30,
2024
(Unaudited)
Shares
Description
(a)
Value
Pharmaceuticals,
Biotechnology
&
Life
Sciences
(continued)
463
(b)
Viking
Therapeutics
Inc
$
36,846
Total
Pharmaceuticals,
Biotechnology
&
Life
Sciences
326,108
Semiconductors
&
Semiconductor
Equipment
-
6
.1
%
2,454
(b)
Ichor
Holdings
Ltd
95,166
626
(b)
Onto
Innovation
Inc
116,117
3,072
(b)
Semtech
Corp
115,569
625
(b)
Silicon
Laboratories
Inc
75,931
Total
Semiconductors
&
Semiconductor
Equipment
402,783
Software
&
Services
-
9
.1
%
995
(b)
CommVault
Systems
Inc
101,958
911
(b)
Envestnet
Inc
56,546
3,525
(b)
Freshworks
Inc,
Class
A
62,921
2,914
(b)
Grid
Dynamics
Holdings
Inc
28,470
3,755
(b)
PowerSchool
Holdings
Inc,
Class
A
65,037
2,204
(b)
Q2
Holdings
Inc
113,263
1,100
(b)
Rubrik
Inc,
Class
A
35,222
1,359
(b)
Sprout
Social
Inc,
Class
A
68,561
822
(b)
Workiva
Inc
64,774
Total
Software
&
Services
596,752
Technology
Hardware
&
Equipment
-
2
.6
%
122
(b)
Super
Micro
Computer
Inc
104,774
4,206
(b)
TTM
Technologies
Inc
62,795
Total
Technology
Hardware
&
Equipment
167,569
Transportation
-
2
.2
%
566
ArcBest
Corp
62,775
763
(b)
Kirby
Corp
83,266
Total
Transportation
146,041
Utilities
-
2
.2
%
1,519
Black
Hills
Corp
83,393
973
Spire
Inc
60,122
Total
Utilities
143,515
Total
Common
Stocks
(cost
$5,686,014)
6,415,072
Shares
Description
(a)
Value
X
85,466
EXCHANGE-TRADED
FUNDS
-
1.3%
X
85,466
1,010
SPDR
S&P
Biotech
ETF
$
85,466
Total
Exchange-Traded
Funds
(cost
$81,862)
85,466
Total
Long-Term
Investments
(cost
$5,767,876)
6,500,538
Other
Assets
&
Liabilities,
Net
-
0.9%
59,889
Net
Assets
-
100%
$
6,560,427
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.
(a)
All
percentages
shown
in
the
Portfolio
of
Investments
are
based
on
net
assets.
(b)
Non-income
producing;
issuer
has
not
declared
an
ex-dividend
date
within
the
past
twelve
months.
ETF
Exchange-Traded
Fund
S&P
Standard
&
Poor's
SPDR
Standard
&
Poor's
Depositary
Receipt
See
Notes
to
Financial
Statements
Nuveen
Winslow
Large-Cap
Growth
ESG
ETF
(NWLG)
Portfolio
of
Investments
April
30,
2024
(Unaudited)
Shares
Description
(a)
Value
LONG-TERM
INVESTMENTS
-
98.9%
X
6,971,986
COMMON
STOCKS
-
98.9%
X
6,971,986
Capital
Goods
-
6
.9
%
405
AMETEK
Inc
$
70,737
390
General
Electric
Co
63,110
157
Parker-Hannifin
Corp
85,551
613
Trane
Technologies
PLC
194,530
780
Vertiv
Holdings
Co,
Class
A
72,540
Total
Capital
Goods
486,468
Consumer
Discretionary
Distribution
&
Retail
-
9
.9
%
3,500
(b)
Amazon.com
Inc
612,500
88
(b)
O'Reilly
Automotive
Inc
89,167
Total
Consumer
Discretionary
Distribution
&
Retail
701,667
Consumer
Services
-
3
.8
%
28
Booking
Holdings
Inc
96,657
32
(b)
Chipotle
Mexican
Grill
Inc
101,107
355
Hilton
Worldwide
Holdings
Inc
70,034
Total
Consumer
Services
267,798
Consumer
Staples
Distribution
&
Retail
-
1
.0
%
95
Costco
Wholesale
Corp
68,676
Total
Consumer
Staples
Distribution
&
Retail
68,676
Financial
Services
-
5
.0
%
1,320
KKR
&
Co
Inc
122,852
263
Mastercard
Inc,
Class
A
118,666
407
Visa
Inc,
Class
A
109,324
Total
Financial
Services
350,842
Health
Care
Equipment
&
Services
-
10
.4
%
690
Abbott
Laboratories
73,119
960
(b)
Boston
Scientific
Corp
68,995
1,720
(b)
Edwards
Lifesciences
Corp
145,632
259
(b)
IDEXX
Laboratories
Inc
127,625
522
(b)
Intuitive
Surgical
Inc
193,464
268
UnitedHealth
Group
Inc
129,632
Total
Health
Care
Equipment
&
Services
738,467
Materials
-
2
.8
%
555
Ecolab
Inc
125,513
157
Linde
PLC
69,231
Total
Materials
194,744
Media
&
Entertainment
-
8
.5
%
1,729
(b)
Alphabet
Inc,
Class
A
281,446
1,345
(b)
Alphabet
Inc,
Class
C
221,441
343
(b)
Spotify
Technology
SA
96,191
Total
Media
&
Entertainment
599,078
Pharmaceuticals,
Biotechnology
&
Life
Sciences
-
2
.0
%
178
Eli
Lilly
&
Co
139,036
Total
Pharmaceuticals,
Biotechnology
&
Life
Sciences
139,036
Shares
Description
(a)
Value
Semiconductors
&
Semiconductor
Equipment
-
18
.5
%
415
(b)
Advanced
Micro
Devices
Inc
$
65,728
225
ASML
Holding
NV
196,306
168
Broadcom
Inc
218,445
268
Lam
Research
Corp
239,702
677
NVIDIA
Corp
584,942
Total
Semiconductors
&
Semiconductor
Equipment
1,305,123
Software
&
Services
-
23
.1
%
340
(b)
Adobe
Inc
157,362
231
Intuit
Inc
144,518
2,299
Microsoft
Corp
895,070
615
Salesforce
Inc
165,398
156
(b)
ServiceNow
Inc
108,160
153
(b)
Synopsys
Inc
81,180
317
(b)
Workday
Inc,
Class
A
77,579
Total
Software
&
Services
1,629,267
Technology
Hardware
&
Equipment
-
4
.4
%
1,807
Apple
Inc
307,786
Total
Technology
Hardware
&
Equipment
307,786
Transportation
-
2
.6
%
380
Old
Dominion
Freight
Line
Inc
69,050
1,720
(b)
Uber
Technologies
Inc
113,984
Total
Transportation
183,034
Total
Common
Stocks
(cost
$5,168,381)
6,971,986
Total
Long-Term
Investments
(cost
$5,168,381)
6,971,986
Other
Assets
&
Liabilities,
Net
-
1.1%
76,660
Net
Assets
-
100%
$
7,048,646
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.
(a)
All
percentages
shown
in
the
Portfolio
of
Investments
are
based
on
net
assets.
(b)
Non-income
producing;
issuer
has
not
declared
an
ex-dividend
date
within
the
past
twelve
months.
See
Notes
to
Financial
Statements
Statement
of
Assets
and
Liabilities
See
Notes
to
Financial
Statements
April
30,
2024
(Unaudited)
NUDV
NUEM
NUDM
NULC
NULG
ASSETS
Long-term
investments,
at
value
†
$
7,810,294
$
254,532,423
$
409,521,907
$
28,718,381
$
1,303,433,204
Cash
10,269
3,624,285
615,121
35,343
1,765,045
Cash
denominated
in
foreign
currencies
^
—
—
316,318
—
—
Receivables:
Dividends
10,317
278,376
2,339,586
27,764
219,085
Reclaims
—
13,725
677,513
—
—
Other
162
3,335
16,375
436
21,733
Total
assets
7,831,042
258,452,144
413,486,820
28,781,924
1,305,439,067
LIABILITIES
Cash
denominated
in
foreign
currencies
^
—
3,104,957
—
—
—
Payables:
Management
fees
1,632
71,067
100,066
4,873
271,952
Capital
gains
tax
—
1,300,368
—
—
—
Accrued
expenses:
Professional
fees
207
3,683
6,095
466
18,517
Trustees
fees
150
2,227
3,797
328
12,161
Other
161
23,836
59,822
434
21,732
Total
liabilities
2,150
4,506,138
169,780
6,101
324,362
Net
assets
$
7,828,892
$
253,946,006
$
413,317,040
$
28,775,823
$
1,305,114,705
Shares
outstanding
–
–
–
–
–
Net
asset
value
("NAV")
per
share
$
–
$
–
$
–
$
–
$
–
NET
ASSETS
CONSIST
OF:
Paid-in
capital
7,059,813
273,984,992
381,283,358
23,404,584
1,117,198,565
Total
distributable
earnings
(loss)
769,079
(20,038,986)
32,033,682
5,371,239
187,916,140
Net
assets
$
7,828,892
$
253,946,006
$
413,317,040
$
28,775,823
$
1,305,114,705
Authorized
shares
Unlimited
Unlimited
Unlimited
Unlimited
Unlimited
Par
value
per
share
$
0.01
$
0.01
$
0.01
$
0.01
$
0.01
†
Long-term
investments,
cost
$
7,871,120
$
235,183,438
$
357,929,639
$
23,454,764
$
1,164,343,252
^ Cash
denominated
in
foreign
currencies,
cost
$
—
$
3,107,566
$
316,750
$
—
$
—
Statement
of
Assets
and
Liabilities
(continued)
See
Notes
to
Financial
Statements
April
30,
2024
(Unaudited)
NULV
NUMG
NUMV
NUSC
NDVG
ASSETS
Long-term
investments,
at
value
†
$
1,549,170,087
$
375,688,072
$
325,773,114
$
1,093,508,935
$
13,813,378
Cash
2,303,090
568,944
690,283
2,067,526
141,747
Receivables:
Dividends
3,122,932
57,528
298,779
355,365
10,656
Reclaims
70,798
—
8,992
—
—
Other
33,545
7,744
6,005
23,379
139
Total
assets
1,554,700,452
376,322,288
326,777,173
1,095,955,205
13,965,920
LIABILITIES
Payables:
Management
fees
318,944
94,767
82,178
271,253
6,688
Shares
redeemed
—
—
4,660
—
—
Accrued
expenses:
Professional
fees
24,646
5,958
5,441
16,153
136
Trustees
fees
14,312
3,805
3,297
9,950
116
Other
33,545
7,744
6,005
23,379
139
Total
liabilities
391,447
112,274
101,581
320,735
7,079
Net
assets
$
1,554,309,005
$
376,210,014
$
326,675,592
$
1,095,634,470
$
13,958,841
Shares
outstanding
–
–
–
–
–
Net
asset
value
("NAV")
per
share
$
–
$
–
$
–
$
–
$
–
NET
ASSETS
CONSIST
OF:
Paid-in
capital
1,613,224,390
410,137,615
336,030,182
1,211,905,147
12,902,053
Total
distributable
earnings
(loss)
(58,915,385)
(33,927,601)
(9,354,590)
(116,270,677)
1,056,788
Net
assets
$
1,554,309,005
$
376,210,014
$
326,675,592
$
1,095,634,470
$
13,958,841
Authorized
shares
Unlimited
Unlimited
Unlimited
Unlimited
Unlimited
Par
value
per
share
$
0.01
$
0.01
$
0.01
$
0.01
$
0.01
†
Long-term
investments,
cost
$
1,469,423,849
$
351,287,979
$
297,731,337
$
1,052,073,378
$
13,014,985
Statement
of
Assets
and
Liabilities
(continued)
See
Notes
to
Financial
Statements
April
30,
2024
(Unaudited)
NUGO
NSCS
NWLG
ASSETS
Long-term
investments,
at
value
†
$
2,777,548,852
$
6,500,538
$
6,971,986
Cash
17,198,761
48,519
79,373
Receivables:
Dividends
346,434
1,282
1,206
Investments
sold
6,320,910
14,828
—
Reclaims
83,536
—
—
Other
47,366
100
92
Total
assets
2,801,545,859
6,565,267
7,052,657
LIABILITIES
Payables:
Management
fees
1,298,651
4,585
3,765
Accrued
expenses:
Professional
fees
42,237
95
93
Trustees
fees
26,306
60
61
Other
47,365
100
92
Total
liabilities
1,414,559
4,840
4,011
Net
assets
$
2,800,131,300
$
6,560,427
$
7,048,646
Shares
outstanding
–
–
–
Net
asset
value
("NAV")
per
share
$
–
$
–
$
–
NET
ASSETS
CONSIST
OF:
Paid-in
capital
2,693,065,063
6,595,717
6,258,562
Total
distributable
earnings
(loss)
107,066,237
(35,290)
790,084
Net
assets
$
2,800,131,300
$
6,560,427
$
7,048,646
Authorized
shares
Unlimited
Unlimited
Unlimited
Par
value
per
share
$
0.01
$
0.01
$
0.01
†
Long-term
investments,
cost
$
2,047,522,640
$
5,767,876
$
5,168,381
See
Notes
to
Financial
Statements
Six
Months
Ended
April
30,
2024
(Unaudited)
NUDV
NUEM
NUDM
NULC
NULG
INVESTMENT
INCOME
Dividends
$
167,520
$
2,605,430
$
6,030,225
$
195,586
$
4,049,842
Interest
399
21
11,892
1,446
27,690
Securities
lending
income,
net
124
5,263
283
2,273
4,927
Foreign
tax
withheld
on
dividend
income
(
205
)
(
620,321
)
(
499,342
)
(
149
)
(
22,079
)
Total
investment
income
167,838
1,990,393
5,543,058
199,156
4,060,380
EXPENSES
Management
fees
13,909
404,642
582,674
27,155
1,550,044
Professional
fees
230
3,977
6,687
503
20,220
Trustees
fees
223
3,464
5,888
464
19,263
Other
—
3,336
—
436
—
Total
expenses
14,362
415,419
595,249
28,558
1,589,527
Net
expenses
14,362
415,419
595,249
28,558
1,589,527
Net
investment
income
(loss)
153,476
1,574,974
4,947,809
170,598
2,470,853
REALIZED
AND
UNREALIZED
GAIN
(LOSS)
Realized
gain
(loss):
Investments*
399,407
(
2,345,229
)
3,586,402
466,491
(
10,459,757
)
In-kind
redemptions
501,011
—
424,181
—
156,834,846
Foreign
currency
transactions
—
(
1,758,055
)
(
695,113
)
—
—
Net
realized
gain
(loss)
900,418
(
4,103,284
)
3,315,470
466,491
146,375,089
Change
in
unrealized
appreciation
(depreciation)
on:
Investments**
1,025,822
27,952,686
59,902,048
4,033,175
118,018,261
Foreign
currency
translations
—
(
467
)
88,626
—
—
Change
in
net
unrealized
appreciation
(depreciation)
1,025,822
27,952,219
59,990,674
4,033,175
118,018,261
Net
realized
and
unrealized
gain
(loss)
1,926,240
23,848,935
63,306,144
4,499,666
264,393,350
Net
increase
(decrease)
in
net
assets
from
operations
$
2,079,716
$
25,423,909
$
68,253,953
$
4,670,264
$
266,864,203
*
Net
of
foreign
capital
gains
tax
$
—
$
(
238,587
)
$
—
$
—
$
—
**
Net
of
change
in
foreign
capital
gains
tax
$
—
$
839,325
$
—
$
—
$
—
Statement
of
Operations
(continued)
See
Notes
to
Financial
Statements
Six
Months
Ended
April
30,
2024
(Unaudited)
NULV
NUMG
NUMV
NUSC
NDVG
INVESTMENT
INCOME
Dividends
$
18,394,927
$
787,133
$
4,000,113
$
6,108,416
$
103,215
Interest
34,825
9,736
9,018
35,967
2,897
Securities
lending
income,
net
1,118
12,451
5,899
149,949
—
Foreign
tax
withheld
on
dividend
income
(
485
)
—
6,555
(
7,788
)
(
508
)
Total
investment
income
18,430,385
809,320
4,021,585
6,286,544
105,604
EXPENSES
Management
fees
1,874,281
571,232
496,598
1,574,190
35,173
Professional
fees
26,532
6,580
5,912
17,572
155
Trustees
fees
22,115
5,954
5,110
15,471
188
Total
expenses
1,922,928
583,766
507,620
1,607,233
35,516
Net
expenses
1,922,928
583,766
507,620
1,607,233
35,516
Net
investment
income
(loss)
16,507,457
225,554
3,513,965
4,679,311
70,088
REALIZED
AND
UNREALIZED
GAIN
(LOSS)
Realized
gain
(loss):
Investments
(
36,717,681
)
(
13,482,644
)
(
13,726,217
)
(
52,752,904
)
(
95,482
)
In-kind
redemptions
43,769,498
28,156,083
20,986,362
47,811,767
620,312
Net
realized
gain
(loss)
7,051,817
14,673,439
7,260,145
(
4,941,137
)
524,830
Change
in
unrealized
appreciation
(depreciation)
on:
Investments
195,951,019
53,637,899
59,142,330
179,382,503
731,306
Change
in
net
unrealized
appreciation
(depreciation)
195,951,019
53,637,899
59,142,330
179,382,503
731,306
Net
realized
and
unrealized
gain
(loss)
203,002,836
68,311,338
66,402,475
174,441,366
1,256,136
Net
increase
(decrease)
in
net
assets
from
operations
$
219,510,293
$
68,536,892
$
69,916,440
$
179,120,677
$
1,326,224
Statement
of
Operations
(continued)
See
Notes
to
Financial
Statements
Six
Months
Ended
April
30,
2024
(Unaudited)
NUGO
NSCS
NWLG
INVESTMENT
INCOME
Dividends
$
8,723,452
$
35,292
$
18,523
Interest
134,419
1,153
884
Securities
lending
income,
net
—
2,111
(
1
)
Foreign
tax
withheld
on
dividend
income
(
65,498
)
(
157
)
(
224
)
Total
investment
income
8,792,373
38,399
19,182
EXPENSES
Management
fees
7,748,162
26,804
21,496
Professional
fees
45,279
105
102
Trustees
fees
41,324
93
96
Total
expenses
7,834,765
27,002
21,694
Net
expenses
7,834,765
27,002
21,694
Net
investment
income
(loss)
957,608
11,397
(
2,512
)
REALIZED
AND
UNREALIZED
GAIN
(LOSS)
Realized
gain
(loss):
Investments
(
5,828,788
)
292,676
355,165
In-kind
redemptions
107,896,812
—
—
Net
realized
gain
(loss)
102,068,024
292,676
355,165
Change
in
unrealized
appreciation
(depreciation)
on:
Investments
558,248,170
871,144
1,252,493
Change
in
net
unrealized
appreciation
(depreciation)
558,248,170
871,144
1,252,493
Net
realized
and
unrealized
gain
(loss)
660,316,194
1,163,820
1,607,658
Net
increase
(decrease)
in
net
assets
from
operations
$
661,273,802
$
1,175,217
$
1,605,146
Statement
of
Changes
in
Net
Assets
See
Notes
to
Financial
Statements
NUDV
NUEM
Unaudited
Six
Months
Ended
4/30/24
Year
Ended
10/31/23
Unaudited
Six
Months
Ended
4/30/24
Year
Ended
10/31/23
OPERATIONS
Net
investment
income
(loss)
$
153,476
$
278,129
$
1,574,974
$
5,034,923
Net
realized
gain
(loss)
900,418
286,044
(
4,103,284
)
(
13,341,599
)
Change
in
net
unrealized
appreciation
(depreciation)
1,025,822
(
795,812
)
27,952,219
29,435,732
Net
increase
(decrease)
in
net
assets
from
operations
2,079,716
(
231,639
)
25,423,909
21,129,056
DISTRIBUTIONS
TO
SHAREHOLDERS
Dividends
(
162,730
)
(
326,285
)
(
5,500,560
)
(
3,969,620
)
Total
distributions
(
162,730
)
(
326,285
)
(
5,500,560
)
(
3,969,620
)
FUND
SHARE
TRANSACTIONS
Subscriptions
–
7,139,645
19,108,748
30,858,962
Redemptions
(
5,303,640
)
(
3,598,170
)
–
(
10,718,220
)
Net
increase
(decrease)
from
Fund
share
transactions
(
5,303,640
)
3,541,475
19,108,748
20,140,742
Net
increase
(decrease)
in
net
assets
(
3,386,654
)
2,983,551
39,032,097
37,300,178
Net
assets
at
the
beginning
of
period
11,215,546
8,231,995
214,913,909
177,613,731
Net
assets
at
the
end
of
period
$
7,828,892
$
11,215,546
$
253,946,006
$
214,913,909
Statement
of
Changes
in
Net
Assets
(continued)
See
Notes
to
Financial
Statements
NUDM
NULC
Unaudited
Six
Months
Ended
4/30/24
Year
Ended
10/31/23
Unaudited
Six
Months
Ended
4/30/24
Year
Ended
10/31/23
OPERATIONS
Net
investment
income
(loss)
$
4,947,809
$
9,980,684
$
170,598
$
354,786
Net
realized
gain
(loss)
3,315,470
(
9,418,512
)
466,491
1,353,183
Change
in
net
unrealized
appreciation
(depreciation)
59,990,674
30,173,610
4,033,175
245,183
Net
increase
(decrease)
in
net
assets
from
operations
68,253,953
30,735,782
4,670,264
1,953,152
DISTRIBUTIONS
TO
SHAREHOLDERS
Dividends
(
12,192,840
)
(
5,913,680
)
(
334,750
)
(
648,635
)
Total
distributions
(
12,192,840
)
(
5,913,680
)
(
334,750
)
(
648,635
)
FUND
SHARE
TRANSACTIONS
Subscriptions
15,220,118
60,945,222
1,936,660
4,918,970
Redemptions
(
11,487,440
)
–
–
(
8,309,095
)
Net
increase
(decrease)
from
Fund
share
transactions
3,732,678
60,945,222
1,936,660
(
3,390,125
)
Net
increase
(decrease)
in
net
assets
59,793,791
85,767,324
6,272,174
(
2,085,608
)
Net
assets
at
the
beginning
of
period
353,523,249
267,755,925
22,503,649
24,589,257
Net
assets
at
the
end
of
period
$
413,317,040
$
353,523,249
$
28,775,823
$
22,503,649
Statement
of
Changes
in
Net
Assets
(continued)
See
Notes
to
Financial
Statements
NULG
NULV
Unaudited
Six
Months
Ended
4/30/24
Year
Ended
10/31/23
Unaudited
Six
Months
Ended
4/30/24
Year
Ended
10/31/23
OPERATIONS
Net
investment
income
(loss)
$
2,470,853
$
4,124,487
$
16,507,457
$
38,907,636
Net
realized
gain
(loss)
146,375,089
67,858,673
7,051,817
21,621,444
Change
in
net
unrealized
appreciation
(depreciation)
118,018,261
89,994,365
195,951,019
(
95,040,172
)
Net
increase
(decrease)
in
net
assets
from
operations
266,864,203
161,977,525
219,510,293
(
34,511,092
)
DISTRIBUTIONS
TO
SHAREHOLDERS
Dividends
(
5,151,450
)
(
3,194,800
)
(
37,705,745
)
(
32,805,740
)
Total
distributions
(
5,151,450
)
(
3,194,800
)
(
37,705,745
)
(
32,805,740
)
FUND
SHARE
TRANSACTIONS
Subscriptions
554,106,928
597,868,760
304,528,370
723,029,485
Redemptions
(
548,203,750
)
(
512,906,665
)
(
315,660,060
)
(
803,390,155
)
Net
increase
(decrease)
from
Fund
share
transactions
5,903,178
84,962,095
(
11,131,690
)
(
80,360,670
)
Net
increase
(decrease)
in
net
assets
267,615,931
243,744,820
170,672,858
(
147,677,502
)
Net
assets
at
the
beginning
of
period
1,037,498,774
793,753,954
1,383,636,147
1,531,313,649
Net
assets
at
the
end
of
period
$
1,305,114,705
$
1,037,498,774
$
1,554,309,005
$
1,383,636,147
Statement
of
Changes
in
Net
Assets
(continued)
See
Notes
to
Financial
Statements
NUMG
NUMV
Unaudited
Six
Months
Ended
4/30/24
Year
Ended
10/31/23
Unaudited
Six
Months
Ended
4/30/24
Year
Ended
10/31/23
OPERATIONS
Net
investment
income
(loss)
$
225,554
$
731,134
$
3,513,965
$
7,554,459
Net
realized
gain
(loss)
14,673,439
(
22,597,495
)
7,260,145
(
19,922,300
)
Change
in
net
unrealized
appreciation
(depreciation)
53,637,899
22,679,298
59,142,330
(
16,157,098
)
Net
increase
(decrease)
in
net
assets
from
operations
68,536,892
812,937
69,916,440
(
28,524,939
)
DISTRIBUTIONS
TO
SHAREHOLDERS
Dividends
(
696,525
)
(
626,285
)
(
7,463,725
)
(
18,324,390
)
Total
distributions
(
696,525
)
(
626,285
)
(
7,463,725
)
(
18,324,390
)
FUND
SHARE
TRANSACTIONS
Subscriptions
102,271,754
141,769,215
62,111,446
141,288,495
Redemptions
(
117,964,320
)
(
130,837,060
)
(
94,705,797
)
(
108,286,065
)
Net
increase
(decrease)
from
Fund
share
transactions
(
15,692,566
)
10,932,155
(
32,594,351
)
33,002,430
Net
increase
(decrease)
in
net
assets
52,147,801
11,118,807
29,858,364
(
13,846,899
)
Net
assets
at
the
beginning
of
period
324,062,213
312,943,406
296,817,228
310,664,127
Net
assets
at
the
end
of
period
$
376,210,014
$
324,062,213
$
326,675,592
$
296,817,228
Statement
of
Changes
in
Net
Assets
(continued)
See
Notes
to
Financial
Statements
NUSC
NDVG
Unaudited
Six
Months
Ended
4/30/24
Year
Ended
10/31/23
Unaudited
Six
Months
Ended
4/30/24
Year
Ended
10/31/23
OPERATIONS
Net
investment
income
(loss)
$
4,679,311
$
11,618,485
$
70,088
$
116,926
Net
realized
gain
(loss)
(
4,941,137
)
(
4,949,463
)
524,830
(
162,734
)
Change
in
net
unrealized
appreciation
(depreciation)
179,382,503
(
80,326,221
)
731,306
328,589
Net
increase
(decrease)
in
net
assets
from
operations
179,120,677
(
73,657,199
)
1,326,224
282,781
DISTRIBUTIONS
TO
SHAREHOLDERS
Dividends
(
11,720,700
)
(
10,372,580
)
(
69,492
)
(
115,641
)
Total
distributions
(
11,720,700
)
(
10,372,580
)
(
69,492
)
(
115,641
)
FUND
SHARE
TRANSACTIONS
Subscriptions
220,861,772
523,390,850
7,560,489
1,021,307
Redemptions
(
182,228,670
)
(
459,587,365
)
(
3,072,460
)
(
737,015
)
Net
increase
(decrease)
from
Fund
share
transactions
38,633,102
63,803,485
4,488,029
284,292
Net
increase
(decrease)
in
net
assets
206,033,079
(
20,226,294
)
5,744,761
451,432
Net
assets
at
the
beginning
of
period
889,601,391
909,827,685
8,214,080
7,762,648
Net
assets
at
the
end
of
period
$
1,095,634,470
$
889,601,391
$
13,958,841
$
8,214,080
Statement
of
Changes
in
Net
Assets
(continued)
See
Notes
to
Financial
Statements
NUGO
NSCS
Unaudited
Six
Months
Ended
4/30/24
Year
Ended
10/31/23
Unaudited
Six
Months
Ended
4/30/24
Year
Ended
10/31/23
OPERATIONS
Net
investment
income
(loss)
$
957,608
$
5,915,201
$
11,397
$
10,935
Net
realized
gain
(loss)
102,068,024
(
151,903,256
)
292,676
(
293,748
)
Change
in
net
unrealized
appreciation
(depreciation)
558,248,170
666,187,348
871,144
87,311
Net
increase
(decrease)
in
net
assets
from
operations
661,273,802
520,199,293
1,175,217
(
195,502
)
DISTRIBUTIONS
TO
SHAREHOLDERS
Dividends
(
5,148,114
)
(
5,361,255
)
(
7,904
)
(
16,390
)
Return
of
capital
–
–
–
(
3,136
)
Total
distributions
(
5,148,114
)
(
5,361,255
)
(
7,904
)
(
19,526
)
FUND
SHARE
TRANSACTIONS
Subscriptions
5,145,134
169,892,907
–
–
Redemptions
(
338,135,235
)
(
540,562,557
)
–
–
Net
increase
(decrease)
from
Fund
share
transactions
(
332,990,101
)
(
370,669,650
)
–
–
Net
increase
(decrease)
in
net
assets
323,135,587
144,168,388
1,167,313
(
215,028
)
Net
assets
at
the
beginning
of
period
2,476,995,713
2,332,827,325
5,393,114
5,608,142
Net
assets
at
the
end
of
period
$
2,800,131,300
$
2,476,995,713
$
6,560,427
$
5,393,114
Statement
of
Changes
in
Net
Assets
(continued)
See
Notes
to
Financial
Statements
NWLG
Unaudited
Six
Months
Ended
4/30/24
Year
Ended
10/31/23
OPERATIONS
Net
investment
income
(loss)
$
(
2,512
)
$
384
Net
realized
gain
(loss)
355,165
(
440,594
)
Change
in
net
unrealized
appreciation
(depreciation)
1,252,493
1,387,412
Net
increase
(decrease)
in
net
assets
from
operations
1,605,146
947,202
DISTRIBUTIONS
TO
SHAREHOLDERS
Dividends
(
1,000
)
–
Total
distributions
(
1,000
)
–
FUND
SHARE
TRANSACTIONS
Subscriptions
–
188,861
Redemptions
–
(
192,596
)
Net
increase
(decrease)
from
Fund
share
transactions
–
(
3,735
)
Net
increase
(decrease)
in
net
assets
1,604,146
943,467
Net
assets
at
the
beginning
of
period
5,444,500
4,501,033
Net
assets
at
the
end
of
period
$
7,048,646
$
5,444,500
The
following
data
is
for
a
share
outstanding
for
each
fiscal
year
end
unless
otherwise
noted:
Investment
Operations
Less
Distributions
Net
Asset
Value,
Beginning
of
Period
Net
Investment
Income
(Loss)(a)
Net
Realized
/Unrealized
Gain
(Loss)
Total
From
Net
Investment
Income
From
Net
Realized
Gains
Total
Net
Asset
Value,
End
of
Period
Market
Price,
End
of
Period
NUDV
4/30/24(d)
$
22.43
$
0.35
$
3.74
$
4.09
$
(
0.42
)
$
—
$
(
0.42
)
$
26.10
$
26.09
10/31/23
23.52
0.65
(
0.99
)
(
0.34
)
(
0.61
)
(
0.14
)
(
0.75
)
22.43
22.41
10/31/22
25.69
0.62
(
2.21
)
(
1.59
)
(
0.58
)
—
(
0.58
)
23.52
23.52
10/31/21(f)
25.00
0.05
0.64
0.69
—
—
—
25.69
25.71
NUEM
4/30/24(d)
24.99
0.18
2.78
2.96
(
0.64
)
—
(
0.64
)
27.31
27.29
10/31/23
22.77
0.60
2.10
2.70
(
0.48
)
—
(
0.48
)
24.99
24.95
10/31/22
34.14
0.69
(
11.27
)
(
10.58
)
(
0.38
)
(
0.41
)
(
0.79
)
22.77
22.71
10/31/21
29.18
0.52
4.86
5.38
(
0.42
)
—
(
0.42
)
34.14
34.15
10/31/20
25.57
0.40
3.75
4.15
(
0.54
)
—
(
0.54
)
29.18
29.37
10/31/19
23.78
0.58
1.70
2.28
(
0.49
)
—
(
0.49
)
25.57
25.71
NUDM
4/30/24(d)
25.99
0.37
4.73
5.10
(
0.92
)
—
(
0.92
)
30.17
30.09
10/31/23
23.49
0.81
2.20
3.01
(
0.51
)
—
(
0.51
)
25.99
26.15
10/31/22
32.30
0.78
(
8.26
)
(
7.48
)
(
0.88
)
(
0.45
)
(
1.33
)
23.49
23.51
10/31/21
24.33
0.98
7.42
8.40
(
0.43
)
—
(
0.43
)
32.30
32.53
10/31/20
26.74
0.54
(
2.03
)
(
1.49
)
(
0.92
)
—
(
0.92
)
24.33
24.50
10/31/19
24.10
0.75
2.44
3.19
(
0.55
)
—
(
0.55
)
26.74
26.86
NULC
4/30/24(d)
34.62
0.25
6.76
7.01
(
0.52
)
—
(
0.52
)
41.11
41.13
10/31/23
32.79
0.51
2.08
2.59
(
0.44
)
(
0.32
)
(
0.76
)
34.62
34.62
10/31/22
43.34
0.51
(
8.52
)
(
8.01
)
(
0.43
)
(
2.11
)
(
2.54
)
32.79
32.82
10/31/21
31.05
0.46
13.25
13.71
(
0.48
)
(
0.94
)
(
1.42
)
43.34
43.39
10/31/20
28.01
0.53
2.74
3.27
(
0.21
)
(
0.02
)
(
0.23
)
31.05
30.95
10/31/19(g)
24.96
0.19
2.86
3.05
—
—
—
28.01
27.99
NULG
4/30/24(d)
58.62
0.14
14.86
15.00
(
0.30
)
—
(
0.30
)
73.32
73.35
10/31/23
49.30
0.24
9.28
9.52
(
0.20
)
—
(
0.20
)
58.62
58.58
10/31/22
71.98
0.25
(
19.45
)
(
19.20
)
(
0.14
)
(
3.34
)
(
3.48
)
49.30
49.30
10/31/21
49.60
0.07
23.82
23.89
(
0.11
)
(
1.40
)
(
1.51
)
71.98
72.01
10/31/20
38.97
0.18
10.91
11.09
(
0.20
)
(
0.26
)
(
0.46
)
49.60
49.54
10/31/19
33.84
0.29
5.96
6.25
(
0.24
)
(
0.88
)
(
1.12
)
38.97
39.00
(a)
Based
on
average
shares
outstanding.
(b)
Percentage
is
not
annualized.
(c)
Does
not
include
in-kind
transactions.
(d)
Unaudited
(e)
Annualized.
(f)
For
the
period
September
27,
2021
(commencement
of
operations)
through
October
31,
2021.
(g)
For
the
period
June
3,
2019
(commencement
of
operations)
through
October
31,
2019.
See
Notes
to
Financial
Statements
Ratios
and
Supplemental
Data
Total
Return
Ratios
to
Average
Net
Assets
Based
on
Net
Asset
Value(b)
Based
on
Market
Price(b)
Net
Assets,
End
of
Period
(000)
Expenses
Net
Investment
Income
(Loss)
Portfolio
Turnover
Rate(c)
18
.22
%
18
.32
%
$
7,829
0
.26
%
(e)
2
.76
%
(e)
44
%
(
1
.59
)
(
1
.69
)
11,216
0
.26
2
.74
57
(
6
.22
)
(
6
.31
)
8,232
0
.26
2
.52
76
2
.74
2
.85
5,137
0
.25
(e)
2
.04
(e)
0
11
.95
12
.05
253,946
0
.36
(e)
1
.36
(e)
29
11
.80
12
.00
214,914
0
.36
2
.28
71
(
31
.62
)
(
31
.88
)
177,614
0
.36
2
.45
63
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
19
.77
18
.76
413,317
0
.31
(e)
2
.55
(e)
31
12
.84
13
.40
353,523
0
.31
2
.94
66
(
24
.17
)
(
24
.57
)
267,756
0
.31
2
.93
62
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
20
.33
20
.39
28,776
0
.21
(e)
1
.26
(e)
31
8
.06
7
.96
22,504
0
.21
1
.48
71
(
19
.57
)
(
19
.59
)
24,589
0
.21
1
.39
57
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
(e)
1
.75
(e)
9
25
.63
25
.76
1,305,115
0
.26
(e)
0
.40
(e)
43
19
.36
19
.29
1,037,499
0
.26
0
.42
78
(
27
.90
)
(
27
.94
)
793,754
0
.26
0
.44
80
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
Financial
Highlights
(continued)
The
following
data
is
for
a
share
outstanding
for
each
fiscal
year
end
unless
otherwise
noted:
Investment
Operations
Less
Distributions
Net
Asset
Value,
Beginning
of
Period
Net
Investment
Income
(Loss)(a)
Net
Realized
/Unrealized
Gain
(Loss)
Total
From
Net
Investment
Income
From
Net
Realized
Gains
Total
Net
Asset
Value,
End
of
Period
Market
Price,
End
of
Period
NULV
4/30/24(d)
$
32.63
$
0.40
$
4.90
$
5.30
$
(
0.92
)
$
—
$
(
0.92
)
$
37.01
$
36.99
10/31/23
34.26
0.87
(
1.77
)
(
0.90
)
(
0.73
)
—
(
0.73
)
32.63
32.59
10/31/22
39.42
0.77
(
4.17
)
(
3.40
)
(
0.63
)
(
1.13
)
(
1.76
)
34.26
34.30
10/31/21
28.62
0.77
10.50
11.27
(
0.47
)
—
(
0.47
)
39.42
39.44
10/31/20
31.52
0.77
(
3.19
)
(
2.42
)
(
0.48
)
—
(
0.48
)
28.62
28.65
10/31/19
28.75
0.74
3.00
3.74
(
0.57
)
(
0.40
)
(
0.97
)
31.52
31.52
NUMG
4/30/24(d)
34.47
0.02
7.16
7.18
(
0.08
)
—
(
0.08
)
41.57
41.58
10/31/23
34.39
0.08
0.06
0.14
(
0.06
)
—
(
0.06
)
34.47
34.45
10/31/22
57.68
0.05
(
17.07
)
(
17.02
)
(
0.01
)
(
6.26
)
(
6.27
)
34.39
34.42
10/31/21
42.94
(
0.03
)
16.66
16.63
(
0.02
)
(
1.87
)
(
1.89
)
57.68
57.71
10/31/20
33.26
0.03
9.75
9.78
(
0.10
)
—
(
0.10
)
42.94
42.83
10/31/19
29.93
0.06
4.62
4.68
(
0.06
)
(
1.29
)
(
1.35
)
33.26
33.32
NUMV
4/30/24(d)
26.86
0.33
6.01
6.34
(
0.69
)
—
(
0.69
)
32.51
32.51
10/31/23
31.07
0.68
(
3.17
)
(
2.49
)
(
0.64
)
(
1.08
)
(
1.72
)
26.86
26.84
10/31/22
38.44
0.68
(
5.61
)
(
4.93
)
(
0.48
)
(
1.96
)
(
2.44
)
31.07
31.10
10/31/21
25.64
0.54
12.68
13.22
(
0.42
)
—
(
0.42
)
38.44
38.50
10/31/20
29.50
0.57
(
3.71
)
(
3.14
)
(
0.72
)
—
(
0.72
)
25.64
25.67
10/31/19
27.04
0.64
2.78
3.42
(
0.62
)
(
0.34
)
(
0.96
)
29.50
29.57
NUSC
4/30/24(d)
32.41
0.17
6.43
6.60
(
0.43
)
—
(
0.43
)
38.58
38.56
10/31/23
35.54
0.43
(
3.16
)
(
2.73
)
(
0.40
)
—
(
0.40
)
32.41
32.40
10/31/22
45.25
0.37
(
7.12
)
(
6.75
)
(
0.32
)
(
2.64
)
(
2.96
)
35.54
35.58
10/31/21
30.68
0.36
14.41
14.77
(
0.20
)
—
(
0.20
)
45.25
45.27
10/31/20
29.65
0.28
1.03
1.31
(
0.28
)
—
(
0.28
)
30.68
30.74
10/31/19
28.23
0.34
2.06
2.40
(
0.27
)
(
0.71
)
(
0.98
)
29.65
29.70
(a)
Based
on
average
shares
outstanding.
(b)
Percentage
is
not
annualized.
(c)
Does
not
include
in-kind
transactions.
(d)
Unaudited
(e)
Annualized.
See
Notes
to
Financial
Statements
Ratios
and
Supplemental
Data
Total
Return
Ratios
to
Average
Net
Assets
Based
on
Net
Asset
Value(b)
Based
on
Market
Price(b)
Net
Assets,
End
of
Period
(000)
Expenses
Net
Investment
Income
(Loss)
Portfolio
Turnover
Rate(c)
16
.33
%
16
.43
%
$
1,554,309
0
.26
%
(e)
2
.20
%
(e)
23
%
(
2
.73
)
(
2
.98
)
1,383,636
0
.26
2
.52
61
(
9
.09
)
(
9
.03
)
1,531,314
0
.26
2
.15
68
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
20
.80
20
.91
376,210
0
.31
(e)
0
.12
(e)
35
0
.43
0
.27
324,062
0
.31
0
.21
100
(
32
.50
)
(
32
.48
)
312,943
0
.31
0
.13
84
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
23
.69
23
.81
326,676
0
.31
(e)
2
.12
(e)
27
(
8
.58
)
(
8
.76
)
296,817
0
.31
2
.30
77
(
13
.71
)
(
13
.76
)
310,664
0
.31
2
.02
77
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
20
.38
20
.35
1,095,634
0
.31
(e)
0
.89
(e)
22
(
7
.77
)
(
7
.89
)
889,601
0
.31
1
.19
62
(
15
.68
)
(
15
.63
)
909,828
0
.31
0
.99
71
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
The
following
data
is
for
a
share
outstanding
for
each
fiscal
year
end
unless
otherwise
noted:
Investment
Operations
Less
Distributions
Net
Asset
Value,
Beginning
of
Period
Net
Investment
Income
(Loss)(a)
Net
Realized
/Unrealized
Gain
(Loss)
Total
From
Net
Investment
Income
From
Net
Realized
Gains
Return
of
Capital
Total
Net
Asset
Value,
End
of
Period
Market
Price,
End
of
Period
NDVG
4/30/24(d)
$
24.89
$
0.18
$
3.59
$
3.77
$
(
0.17
)
$
—
$
—
$
(
0.17
)
$
28.49
$
28.51
10/31/23
24.26
0.37
0.62
0.99
(
0.36
)
—
—
(
0.36
)
24.89
24.90
10/31/22
26.13
0.34
(
1.87
)
(
1.53
)
(
0.33
)
(
0.01
)
—
(
0.34
)
24.26
24.27
10/31/21(f)
25.00
0.09
1.10
1.19
(
0.06
)
—
—
(
0.06
)
26.13
26.14
NUGO
4/30/24(d)
22.10
0.01
6.01
6.02
(
0.05
)
—
—
(
0.05
)
28.07
28.15
10/31/23
17.97
0.05
4.13
4.18
(
0.05
)
—
—
(
0.05
)
22.10
22.08
10/31/22
26.04
0.02
(
8.09
)
(
8.07
)
—
—
—
—
17.97
17.93
10/31/21(g)
25.00
0.01
1.03
1.04
—
—
—
—
26.04
26.05
NSCS
4/30/24(d)
20.74
0.04
4.48
4.52
(
0.03
)
—
—
(
0.03
)
25.23
25.26
10/31/23
21.57
0.04
(
0.79
)
(
0.75
)
(
0.07
)
—
(
0.01
)
(
0.08
)
20.74
20.74
10/31/22
26.21
0.06
(
4.67
)
(
4.61
)
(
0.03
)
—
—
(
0.03
)
21.57
21.57
10/31/21(f)
25.00
0.01
1.20
1.21
—
—
—
—
26.21
26.22
NWLG
4/30/24(d)
21.78
(
0.01
)
6.42
6.41
—
(h)
—
—
—
28.19
28.24
10/31/23
18.00
—
3.78
3.78
—
—
—
—
21.78
21.78
10/31/22
26.39
(
0.02
)
(
8.37
)
(
8.39
)
—
—
—
—
18.00
18.00
10/31/21(f)
25.00
(
0.02
)
1.41
1.39
—
—
—
—
26.39
26.37
(a)
Based
on
average
shares
outstanding.
(b)
Percentage
is
not
annualized.
(c)
Does
not
include
in-kind
transactions.
(d)
Unaudited
(e)
Annualized.
(f)
For
the
period
August
4,
2021
(commencement
of
operations)
through
October
31,
2021.
(g)
For
the
period
September
27,
2021
(commencement
of
operations)
through
October
31,
2021.
(h)
Value
rounded
to
zero.
See
Notes
to
Financial
Statements.
Ratios
and
Supplemental
Data
Total
Return
Ratios
to
Average
Net
Assets
Based
on
Net
Asset
Value(b)
Based
on
Market
Price(b)
Net
Assets,
End
of
Period
(000)
Expenses
Net
Investment
Income
(Loss)
Portfolio
Turnover
Rate(c)
15
.14
%
15
.20
%
$
13,959
0
.64
%
(e)
1
.27
%
(e)
5
%
4
.08
4
.08
8,214
0
.65
1
.45
18
(
5
.89
)
(
5
.91
)
7,763
0
.64
1
.34
12
4
.76
4
.82
6,009
0
.64
(e)
1
.52
(e)
7
27
.27
27
.73
2,800,131
0
.56
(e)
0
.07
(e)
13
23
.30
23
.46
2,476,996
0
.56
0
.24
31
(
31
.01
)
(
31
.16
)
2,332,827
0
.55
0
.09
39
4
.18
4
.18
1,687,423
0
.55
(e)
0
.39
(e)
2
21
.82
21
.95
6,560
0
.85
(e)
0
.36
(e)
21
(
3
.49
)
(
3
.51
)
5,393
0
.86
0
.19
44
(
17
.61
)
(
17
.62
)
5,608
0
.85
0
.27
64
4
.84
4
.87
6,290
0
.85
(e)
0
.23
(e)
11
29
.50
29
.66
7,049
0
.65
(e)
(
0
.07
)
(e)
29
20
.95
21
.00
5,445
0
.65
0
.01
71
(
31
.77
)
(
31
.74
)
4,501
0
.64
(
0
.08
)
58
5
.56
5
.50
6,069
0
.64
(e)
(
0
.24
)
(e)
15
Notes
to
Financial
Statements
(Unaudited)
1.
General
Information
Trust
and
Fund
Information:
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),
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”).
The
Trust
was
organized
as
a
Massachusetts
business
trust
on
February
20,
2015.
Shares
of
NUDV,
NUEM,
NUDM,
NULC,
NULG,
NULV,
NUMG,
NUMV
AND
NUSC
are
listed
and
traded
on
the
Cboe
BZX
Exchange,
Inc.,
while
shares
of
NDVG,
NUGO,
NSCS
and
NWLG
are
listed
and
traded
on
the
NYSE
Arca.
The
Cboe
BZX
Exchange,
Inc.
and
NYSE
Arca
are
each
an
“Exchange”.
Current
Fiscal
Period:
The
end
of
the
reporting
period
for
the
Funds
is
April
30,
2024,
and
the
period
covered
by
these
Notes
to
Financial
Statements
is
the
six
months
ended
April
30,
2024
(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”)
and
Teachers
Advisors,
LLC
(“TAL”),
each
an
affiliate
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.
TAL
is
responsible
for
managing
the
investment
portfolio
of
NUDV,
NUEM,
NUDM,
NULC,
NULG,
NULV,
NUMG,
NUMV
AND
NUSC.
Winslow
Capital
is
responsible
for
managing
the
investment
portfolio
of
NWLG.
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
shareholder
transactions.
The
NAV
for
financial
reporting
purposes
includes
security
and
shareholder
transactions
through
the
date
of
the
report.
Total
return
is
computed
based
on
the
NAV
used
for
processing
security
and
shareholder
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 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:
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
the
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
foreign
currency
transactions”
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
unrealized
appreciation
(depreciation)
on foreign
currency
translations”
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
unrealized
appreciation
(depreciation)”
on
the
Statement
of
Operations,
when
applicable.
As
of
the
end
of
the
reporting
period,
the
following
Fund's
investments
in
non-U.S.
securities
were
as
follows:
Notes
to
Financial
Statements
(Unaudited)
(continued)
Foreign
Taxes:
The
Funds
may
be
subject
to
foreign
taxes
on
income,
gains
on
investments
or
foreign
currency
repatriation,
a
portion
of
which
may
be
recoverable.
The
Funds
will
accrue
such
taxes
and
recoveries
as
applicable,
based
upon
the
current
interpretation
of
tax
rules
and
regulations
that
exist
in
the
markets
in
which
the
Funds
invest.
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:
Securities
transactions
are
accounted
for
as
of
the
end
of
trade
date
for
financial
reporting
purposes.
Dividend
income
is
recorded
on
the
ex-dividend
date.
Foreign
dividend
income
is
recorded
on
the
ex-dividend
date
or
as
soon
as
possible
after
the
Funds
determine
the
existence
of
a
dividend
declaration.
Non-cash
dividends
received
in
the
form
of
stock,
if
any,
are
recognized
on
the
ex-dividend
date
and
recorded
at
fair
value.
Interest
income
is
recorded
on
an
accrual
basis.
Distributions
received
on
securities
that
represent
a
return
of
capital
or
capital
gains
are
recorded
as
a
reduction
of
cost
of
investments
and/or
as
a
realized
gain.
The
Funds
estimate
the
components
of
distributions
received
that
may
be
considered
return
of
capital
distributions
or
capital
gain
distributions.
Securities
lending
income
is
comprised
of
fees
earned
from
borrowers
and
income
earned
on
cash
collateral
investments.
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
Adviser,
subject
to
oversight
of
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.).
NUEM
Value
%
of
Net
Assets
Country:
China
$
68,282,520
26.9
%
India
46,970,310
18.5
Taiwan
44,525,676
17.5
South
Korea
28,791,593
11.3
Brazil
12,042,241
4.7
Saudi
Arabia
12,003,823
4.7
South
Africa
6,871,358
2.7
Mexico
6,295,677
2.5
Indonesia
4,466,824
1.8
Thailand
4,160,514
1.6
Other
20,121,887
8.0
Total
non-U.S.
Securities
$254,532,423
100.2%
NUDM
Value
%
of
Net
Assets
Country:
Japan
$
94,302,036
22.8
%
United
Kingdom
63,791,332
15.4
France
43,433,903
10.5
Switzerland
36,021,918
8.7
Germany
33,579,425
8.1
Australia
26,018,122
6.3
Denmark
16,261,742
4.0
Netherlands
14,529,931
3.5
Italy
13,224,421
3.2
Spain
12,079,193
2.9
Other
50,478,058
12.3
Total
non-U.S.
Securities
$403,720,081
97.7%
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
last
reported
sales
price
or
official
closing
price
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
reported
sales
price
or
official
closing
price
on
the
principal
exchange
where
traded,
and
converted
to
U.S.
dollars
at
the
prevailing
rates
of
exchange
on
the
valuation
date.
To
the
extent
these
securities
are
actively
traded
and
no
valuation
adjustments
are
applied,
they
are
generally
classified
as
Level
1.
When
valuation
adjustments
are
applied
to
the
most
recent
last
sales
price
or
official
closing
price,
these
securities
are
generally
classified
as
Level
2.
Investments
in
investment
companies
are
valued
at
their
respective
NAVs
or
share
price on
the
valuation
date
and
are
generally
classified
as
Level
1.
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
pricing
services and
are
generally
classified
as
Level
1
or
2.
Prices
of
fixed-income
securities
are
generally
provided
by
pricing
services
approved
by
the
Adviser,
which
is
subject
to
review
by
the
Adviser
and
oversight
of
the
Board. Pricing
services
establish
a
security’s
fair
value
using
methods
that
may
include
consideration
of
the
following:
yields
or
prices
of
investments
of
comparable
quality,
type
of
issue,
coupon,
maturity
and
rating,
market
quotes
or
indications
of
value
from
security
dealers,
evaluations
of
anticipated
cash
flows
or
collateral,
general
market
conditions
and
other
information
and
analysis,
including
the
obligor’s
credit
characteristics
considered
relevant.
In
pricing
certain
securities,
particularly
less
liquid
and
lower
quality
securities,
pricing
services
may
consider
information
about
a
security,
its
issuer
or
market
activity
provided
by
the
Adviser.
These
securities
are
generally
classified
as
Level
2.
For
any
portfolio
security
or
derivative
for
which
market
quotations
are
not
readily
available
or
for
which
the
Adviser
deems
the
valuations
derived
using
the
valuation
procedures
described
above
not
to
reflect
fair
value,
the
Adviser
will
determine
a
fair
value
in
good
faith
using
alternative
procedures
approved
by
the
Adviser,
subject
to
the
oversight
of
the
Board.
As
a
general
principle,
the
fair
value
of
a
security
is
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;
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
Stocks
$
7,810,294
$
–
$
–
$
7,810,294
Total
$
7,810,294
$
–
$
–
$
7,810,294
a
NUEM
Level
1
Level
2
Level
3
Total
Long-Term
Investments:
Common
Stocks
$
250,371,607
$
4,160,513
$
5*
$
254,532,125
Corporate
Bonds
–
298
–
298
Total
$
250,371,607
$
4,160,811
$
5
$
254,532,423
a
NUDM
Level
1
Level
2
Level
3
Total
Long-Term
Investments:
Common
Stocks
$
409,521,907
$
–
$
–**
$
409,521,907
Total
$
409,521,907
$
–
$
–
$
409,521,907
a
NULC
Level
1
Level
2
Level
3
Total
Long-Term
Investments:
Common
Stocks
$
28,718,381
$
–
$
–
$
28,718,381
Total
$
28,718,381
$
–
$
–
$
28,718,381
a
Notes
to
Financial
Statements
(Unaudited)
(continued)
NULG
Level
1
Level
2
Level
3
Total
Long-Term
Investments:
Common
Stocks
$
1,303,433,204
$
–
$
–
$
1,303,433,204
Total
$
1,303,433,204
$
–
$
–
$
1,303,433,204
a
NULV
Level
1
Level
2
Level
3
Total
Long-Term
Investments:
Common
Stocks
$
1,549,170,087
$
–
$
–
$
1,549,170,087
Total
$
1,549,170,087
$
–
$
–
$
1,549,170,087
a
NUMG
Level
1
Level
2
Level
3
Total
Long-Term
Investments:
Common
Stocks
$
375,688,072
$
–
$
–
$
375,688,072
Total
$
375,688,072
$
–
$
–
$
375,688,072
a
NUMV
Level
1
Level
2
Level
3
Total
Long-Term
Investments:
Common
Stocks
$
325,773,114
$
–
$
–
$
325,773,114
Total
$
325,773,114
$
–
$
–
$
325,773,114
a
NUSC
Level
1
Level
2
Level
3
Total
Long-Term
Investments:
Common
Stocks
$
1,093,417,015
$
–
$
–
$
1,093,417,015
Common
Stock
Rights
–
–
91,920*
91,920
Total
$
1,093,417,015
$
–
$
91,920
$
1,093,508,935
a
NDVG
Level
1
Level
2
Level
3
Total
Long-Term
Investments:
Common
Stocks
$
13,813,378
$
–
$
–
$
13,813,378
Total
$
13,813,378
$
–
$
–
$
13,813,378
a
NUGO
Level
1
Level
2
Level
3
Total
Long-Term
Investments:
Common
Stocks
$
2,777,548,852
$
–
$
–
$
2,777,548,852
Total
$
2,777,548,852
$
–
$
–
$
2,777,548,852
a
NSCS
Level
1
Level
2
Level
3
Total
Long-Term
Investments:
Common
Stocks
$
6,415,072
$
–
$
–
$
6,415,072
Exchange-Traded
Funds
85,466
–
–
85,466
Total
$
6,500,538
$
–
$
–
$
6,500,538
a
NWLG
Level
1
Level
2
Level
3
Total
Long-Term
Investments:
Common
Stocks
$
6,971,986
$
–
$
–
$
6,971,986
Total
$
6,971,986
$
–
$
–
$
6,971,986
a
*
Refer
to
the
Fund’s
Portfolio
of
Investments
for
securities
classified
as
Level
3.
**
Refer
to
the
Fund's
Portfolio
of
Investments
for
securities
classified
as
Level
3.
Value
equals
zero
as
of
the
end
of
the
reporting
period.
4.
Portfolio
Securities
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.
The
Funds’
custodian,
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
Statement
of
Operations.
As
of
the
end
of
the
reporting
period,
the
Fund
did
not
have
any
securities
out
of
loan.
Purchases
and
Sales:
Long-term
purchases
and
sales
(excluding in-kind
transactions)
during
the
current fiscal
period
were
as
follows:
In-kind
transactions
during
the
current
fiscal
period
were
as
follows:
Purchases
Sales
Fund
Non-U.S.
Government
Purchases
Non-U.S.
Government
Sales
NUDV
$
4,927,668
$
4,916,768
NUEM
80,076,165
67,621,308
NUDM
120,992,574
130,363,401
NULC
8,328,829
8,295,677
NULG
533,681,650
523,819,463
NULV
350,866,427
371,481,019
NUMG
138,891,504
132,332,689
NUMV
88,695,959
92,283,339
NUSC
242,903,827
228,904,274
NDVG
585,532
624,195
NUGO
375,444,920
367,057,103
NSCS
1,313,872
1,289,247
NWLG
1,949,139
1,999,875
Notes
to
Financial
Statements
(Unaudited)
(continued)
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. 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.
5.
Derivative
Investments
Each
Fund
is
authorized
to
invest
in
certain
derivative
instruments.
As
defined
by
U.S.
GAAP,
a
derivative
is
a
financial
instrument
whose
value
is
derived
from
an
underlying
security
price,
foreign
exchange
rate,
interest
rate,
index
of
prices
or
rates,
or
other
variables.
Investments
in
derivatives
as
of
the
end
of
and/or
during
the
current
fiscal
period,
if
any,
are
included
within
the
Statement
of
Assets
and
Liabilities
and
the
Statement
of
Operations,
respectively.
Although
the
Funds
are
authorized
to
invest
in
derivative
instruments,
and
may
do
so
in
the
future,
they
did
not
make
any
such
investments
during
the
current
fiscal
period.
Market
and
Counterparty
Credit
Risk:
In
the
normal
course
of
business
each
Fund
may
invest
in
financial
instruments
and
enter
into
financial
transactions
where
risk
of
potential
loss
exists
due
to
changes
in
the
market
(market
risk)
or
failure
of
the
other
party
to
the
transaction
to
perform
(counterparty
credit
risk).
The
potential
loss
could
exceed
the
value
of
the
financial
assets
recorded
on
the
financial
statements.
Financial
assets,
which
potentially
expose
each
Fund
to
counterparty
credit
risk,
consist
principally
of
cash
due
from
counterparties
on
forward,
option
and
swap
transactions,
when
applicable.
The
extent
of
each
Fund’s
exposure
to
counterparty
credit
risk
in
respect
to
these
financial
assets
approximates
their
carrying
value
as
recorded
on
the
Statement
of
Assets
and
Liabilities.
Each
Fund
helps
manage
counterparty
credit
risk
by
entering
into
agreements
only
with
counterparties
the
Adviser
believes
have
the
financial
resources
to
honor
their
obligations
and
by
having
the
Adviser
monitor
the
financial
stability
of
the
counterparties.
Additionally,
counterparties
may
be
required
to
pledge
collateral
daily
(based
on
the
daily
valuation
of
the
financial
asset)
on
behalf
of
each
Fund
with
a
value
approximately
equal
to
the
amount
of
any
unrealized
gain
above
a
pre-determined
threshold.
Reciprocally,
when
each
Fund
has
an
unrealized
loss,
the
Funds
have
instructed
the
custodian
to
pledge
assets
of
the
Funds
as
collateral
with
a
value
approximately
equal
to
the
amount
of
the
unrealized
loss
above
a
pre-determined
threshold.
Collateral
pledges
are
monitored
and
subsequently
adjusted
if
and
when
the
valuations
fluctuate,
either
up
or
down,
by
at
least
the
pre-determined
threshold
amount.
6.
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
period
were
as
follows:
Fund
In-Kind
Purchases
In-Kind
Sales
NUDV
$
—
$
5,296,805
NUEM
2,449,662
—
NUDM
14,672,451
10,994,093
NULC
1,933,523
—
NULG
553,759,941
550,399,381
NULV
301,347,978
315,326,698
NUMG
102,148,411
117,376,616
NUMV
61,955,574
93,041,878
NUSC
220,420,859
184,022,647
NDVG
7,541,410
3,065,387
NUGO
5,090,166
331,514,567
NSCS
—
—
NWLG
—
—
7.
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.
NUDV
NUEM
Six
Months
Ended
4/30/24
Year
Ended
10/31/23
Six
Months
Ended
4/30/24
Year
Ended
10/31/23
Shares
Amount
Shares
Amount
Shares
Amount
Shares
Amount
Subscriptions
–
$–
300,000
$7,139,645
700,000
$19,108,748
1,200,000
$30,858,962
Redemptions
(200,000)
(5,303,640)
(150,000)
(3,598,170)
–
–
(400,000)
(10,718,220)
Net
increase
(decrease)
(200,000)
$(5,303,640)
150,000
$3,541,475
700,000
$19,108,748
800,000
$20,140,742
NUDM
NULC
Six
Months
Ended
4/30/24
Year
Ended
10/31/23
Six
Months
Ended
4/30/24
Year
Ended
10/31/23
Shares
Amount
Shares
Amount
Shares
Amount
Shares
Amount
Subscriptions
500,000
$15,220,118
2,200,000
$60,945,222
50,000
$1,936,660
150,000
$4,918,970
Redemptions
(400,000)
(11,487,440)
–
–
–
–
(250,000)
(8,309,095)
Net
increase
(decrease)
100,000
$3,732,678
2,200,000
$60,945,222
50,000
$1,936,660
(100,000)
$(3,390,125)
NULG
NULV
Six
Months
Ended
4/30/24
Year
Ended
10/31/23
Six
Months
Ended
4/30/24
Year
Ended
10/31/23
Shares
Amount
Shares
Amount
Shares
Amount
Shares
Amount
Subscriptions
8,150,000
$554,106,928
10,450,000
$597,868,760
8,550,000
$304,528,370
20,750,000
$723,029,485
Redemptions
(8,100,000)
(548,203,750)
(8,850,000)
(512,906,665)
(8,950,000)
(315,660,060)
(23,050,000)
(803,390,155)
Net
increase
(decrease)
50,000
$5,903,178
1,600,000
$84,962,095
(400,000)
$(11,131,690)
(2,300,000)
$(80,360,670)
NUMG
NUMV
Six
Months
Ended
4/30/24
Year
Ended
10/31/23
Six
Months
Ended
4/30/24
Year
Ended
10/31/23
Shares
Amount
Shares
Amount
Shares
Amount
Shares
Amount
Subscriptions
2,550,000
$102,271,754
3,800,000
$141,769,215
2,050,000
$62,111,446
4,800,000
$141,288,495
Redemptions
(2,900,000)
(117,964,320)
(3,500,000)
(130,837,060)
(3,000,000)
(94,705,797)
(3,750,000)
(108,286,065)
Net
increase
(decrease)
(350,000)
$(15,692,566)
300,000
$10,932,155
(950,000)
$(32,594,351)
1,050,000
$33,002,430
NUSC
NDVG
Six
Months
Ended
4/30/24
Year
Ended
10/31/23
Six
Months
Ended
4/30/24
Year
Ended
10/31/23
Shares
Amount
Shares
Amount
Shares
Amount
Shares
Amount
Subscriptions
5,900,000
$220,861,772
14,550,000
$523,390,850
270,000
$7,560,489
40,000
$1,021,307
Redemptions
(5,050,000)
(182,228,670)
(12,700,000)
(459,587,365)
(110,000)
(3,072,460)
(30,000)
(737,015)
Net
increase
(decrease)
850,000
$38,633,102
1,850,000
$63,803,485
160,000
$4,488,029
10,000
$284,292
NUGO
NSCS
Six
Months
Ended
4/30/24
Year
Ended
10/31/23
Six
Months
Ended
4/30/24
Year
Ended
10/31/23
Shares
Amount
Shares
Amount
Shares
Amount
Shares
Amount
Subscriptions
190,000
$5,145,134
8,810,000
$169,892,907
–
$–
–
$–
Redemptions
(12,440,000)
(338,135,235)
(26,550,000)
(540,562,557)
–
–
–
–
Net
increase
(decrease)
(12,250,000)
$(332,990,101)
(17,740,000)
$(370,669,650)
–
$–
–
$–
NWLG
Six
Months
Ended
4/30/24
Year
Ended
10/31/23
Shares
Amount
Shares
Amount
Subscriptions
–
$–
10,000
$188,861
Redemptions
–
–
(10,000)
(192,596)
Net
increase
(decrease)
–
$–
–
$(3,735)
Notes
to
Financial
Statements
(Unaudited)
(continued)
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
were
as
follows:
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.
As
of
prior
fiscal
period
end,
the
components
of
accumulated
earnings
on
a
tax
basis
were
as
follows:
Fund
Tax
Cost
Gross
Unrealized
Appreciation
Gross
Unrealized
(Depreciation)
Net
Unrealized
Appreciation
(Depreciation)
NUDV
$
7,929,288
$
530,067
$
(649,061)
$
(118,994)
NUEM
239,526,470
35,841,150
(20,835,197)
15,005,953
NUDM
360,959,518
65,903,844
(17,341,455)
48,562,389
NULC
23,562,041
6,249,313
(1,092,973)
5,156,340
NULG
1,190,093,521
181,005,981
(67,666,297)
113,339,684
NULV
1,483,648,199
145,095,843
(79,573,955)
65,521,888
NUMG
354,638,956
37,581,790
(16,532,674)
21,049,116
NUMV
300,552,338
37,240,197
(12,019,421)
25,220,776
NUSC
1,075,120,097
133,178,623
(114,789,784)
18,388,839
NDVG
13,014,985
1,153,533
(355,140)
798,393
NUGO
2,063,293,974
762,554,085
(48,299,207)
714,254,878
NSCS
5,790,386
1,239,892
(529,740)
710,152
NWLG
5,229,784
1,878,414
(136,213)
1,742,201
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
$
18,474
$
—
$
(1,142,305)
$
(24,076)
$
—
$
—
$
(1,147,907)
NUEM
4,358,021
—
(13,640,002)
(30,912,083)
—
—
(40,194,064)
NUDM
11,342,358
—
(11,339,660)
(24,030,129)
—
—
(24,027,431)
NULC
276,660
—
1,126,094
(367,029)
—
—
1,035,725
NULG
3,287,234
—
(4,678,578)
(72,405,269)
—
—
(73,796,613)
NULV
31,936,836
—
(130,276,245)
(142,380,524)
—
—
(240,719,933)
NUMG
484,934
—
(32,588,783)
(69,664,119)
—
—
(101,767,968)
NUMV
5,529,795
—
(33,799,766)
(43,537,334)
—
—
(71,807,305)
NUSC
7,792,023
—
(160,491,921)
(130,970,756)
—
—
(283,670,654)
NDVG
8,868
—
67,087
(275,899)
—
—
(199,944)
NUGO
3,071,931
—
156,006,708
(708,138,090)
—
—
(549,059,451)
NSCS
—
—
(160,601)
(1,042,002)
—
—
(1,202,603)
NWLG
384
—
489,708
(1,304,154)
—
—
(814,062)
As
of
prior
fiscal
period
end,
the
Funds
had
capital
loss
carryforwards,
which
will
not
expire:
8.
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
Short-Term
Long-Term
Total
NUDV
$
—
$
24,076
$
24,076
NUEM
1
21,168,556
9,743,527
30,912,083
NUDM
1
13,264,626
10,765,503
24,030,129
NULC
91,524
275,505
367,029
NULG
50,827,171
21,578,098
72,405,269
NULV
94,751,198
47,629,326
142,380,524
NUMG
46,927,534
22,736,585
69,664,119
NUMV
25,765,934
17,771,400
43,537,334
NUSC
57,317,169
73,653,587
130,970,756
NDVG
138,085
137,814
275,899
NUGO
554,804,095
153,333,995
708,138,090
NSCS
689,147
352,855
1,042,002
NWLG
771,445
532,709
1,304,154
1
A
portion
of
NUEM's
and
NUDM's
capital
loss
carryforwards
is
subject
to
limitation
under
the
Internal
Revenue
Code
and
related
regulations.
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
NDVG
0.64
NUGO
0.55
NSCS
0.85
NWLG
0.64
Notes
to
Financial
Statements
(Unaudited)
(continued)
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.
During
the
current
fiscal
period,
the
Funds
engaged
in
cross-trades
pursuant
to
these
procedures
as
follows:
Fund
Purchases
Sales
Realized
Gain
(Loss)
NUDV
$
—
$
—
$
—
NUEM
—
—
—
NUDM
—
—
—
NULC
—
—
—
NULG
9,793,780
48,062,795
(9,985,298)
NULV
42,424,933
16,880,816
(3,783,504)
NUMG
9,074,141
22,233,194
(2,012,539)
NUMV
23,336,333
3,645,254
(1,236,172)
NUSC
7,649,362
765,473
87,300
NDVG
—
—
—
NUGO
381,606
54,650
(8,131)
NSCS
—
—
—
NWLG
—
—
—
Shareholder
Meeting
Report
(Unaudited)
The
special
meeting
of
shareholders
was
held
on
November
20,
2023,
for
Nushares
ETF
Trust;
at
this
meeting,
the
shareholders
were
asked
to
elect
Board
members.
Nushares
ETF
Trust
Approval
of
the
Board
Members
was
reached
as
follows:
Joseph
A.
Boateng
For
231,658,828
Withhold
1,776,304
Total
233,435,132
Michael
A.
Forrester
For
231,480,452
Withhold
1,954,680
Total
233,435,132
Thomas
J.
Kenny
For
231,469,963
Withhold
1,965,169
Total
233,435,132
Amy
B.R.
Lancellotta
For
231,359,871
Withhold
2,075,261
Total
233,435,132
Joanne
T.
Medero
For
231,334,099
Withhold
2,101,033
Total
233,435,132
Albin
F.
Moschner
For
231,007,039
Withhold
2,428,093
Total
233,435,132
John
K.
Nelson
For
229,951,286
Withhold
3,483,846
Total
233,435,132
Loren
M.
Starr
For
231,498,821
Withhold
1,936,311
Total
233,435,132
Matthew
Thornton
III
For
230,995,832
Withhold
2,439,300
Total
233,435,132
Terence
J.
Toth
For
230,107,507
Withhold
3,327,625
Total
233,435,132
Margaret
L.
Wolff
For
231,350,396
Withhold
2,084,736
Total
233,435,132
Robert
L.
Young
For
230,988,980
Withhold
2,446,152
Total
233,435,132
Additional
Fund
Information
(Unaudited)
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).
Investment
Adviser
Nuveen
Fund
Advisors,
LLC
333
West
Wacker
Drive
Chicago,
IL
60606
Sub-Advisers
Nuveen
Asset
Management,
LLC
333
West
Wacker
Drive
Chicago,
IL
60606
Teachers
Advisors,
LLC
730
Third
Avenue
New
York,
NY
10017-3206
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
Citibank,
N.A.
111
Wall
Street
New
York,
NY
10005
Legal
Counsel
Chapman
and
Cutler
LLP
Chicago,
IL
60603
Morgan
Lewis
&
Bockius
LLP
111
Pennsylvania
Avenue,
NW
Washington,
D.C.
20004
NUDV
NUEM
Year
Ended
April
30,
2024
Number
of
Days
%
of
Total
Days
Number
of
Days
%
of
Total
Days
Premium/Discount
Range:
Greater
than
3.00%
-
-
-
-
1.01%
to
3.00%
-
-
22
17.7%
0.51%
to
1.00%
-
-
41
33.1%
0.26%
to
0.50%
-
-
19
15.3%
0.00%
to
0.25%
-
-
13
10.5%
(0.01)%
to
(0.25)%
124
100.0%
10
8.1%
(0.26)%
to
(0.50)%
-
-
11
8.9%
(0.51)%
to
(1.00)%
-
-
7
5.6%
(1.01)%
to
(3.00)%
-
-
1
0.8%
124
100%
124
100%
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).
Investment
Adviser
Nuveen
Fund
Advisors,
LLC
333
West
Wacker
Drive
Chicago,
IL
60606
Sub-Advisers
Nuveen
Asset
Management,
LLC
333
West
Wacker
Drive
Chicago,
IL
60606
Teachers
Advisors,
LLC
730
Third
Avenue
New
York,
NY
10017-3206
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
Citibank,
N.A.
111
Wall
Street
New
York,
NY
10005
Legal
Counsel
Chapman
and
Cutler
LLP
Chicago,
IL
60603
Morgan
Lewis
&
Bockius
LLP
111
Pennsylvania
Avenue,
NW
Washington,
D.C.
20004
NUDV
NUEM
Year
Ended
April
30,
2024
Number
of
Days
%
of
Total
Days
Number
of
Days
%
of
Total
Days
Premium/Discount
Range:
Greater
than
3.00%
-
-
-
-
1.01%
to
3.00%
-
-
22
17.7%
0.51%
to
1.00%
-
-
41
33.1%
0.26%
to
0.50%
-
-
19
15.3%
0.00%
to
0.25%
-
-
13
10.5%
(0.01)%
to
(0.25)%
124
100.0%
10
8.1%
(0.26)%
to
(0.50)%
-
-
11
8.9%
(0.51)%
to
(1.00)%
-
-
7
5.6%
(1.01)%
to
(3.00)%
-
-
1
0.8%
124
100%
124
100%
NUDM
NULC
Year
Ended
April
30,
2024
Number
of
Days
%
of
Total
Days
Number
of
Days
%
of
Total
Days
Premium/Discount
Range:
1.01%
to
3.00%
3
2.4%
-
-
0.51%
to
1.00%
19
15.3%
-
-
0.26%
to
0.50%
23
18.5%
-
-
0.00%
to
0.25%
37
29.8%
41
33.1%
(0.01)%
to
(0.25)%
21
16.9%
83
66.9%
(0.26)%
to
(0.50)%
12
9.7%
-
-
(0.51)%
to
(1.00)%
5
4.0%
-
-
(1.01)%
to
(3.00)%
4
3.2%
-
-
124
100%
124
100%
NULG
NULV
Year
Ended
April
30,
2024
Number
of
Days
%
of
Total
Days
Number
of
Days
%
of
Total
Days
Premium/Discount
Range:
0.00%
to
0.25%
77
62.1%
66
53.2%
(0.01)%
to
(0.25)%
47
37.9%
58
46.8%
124
100%
124
100%
NUMG
NUMV
Year
Ended
April
30,
2024
Number
of
Days
%
of
Total
Days
Number
of
Days
%
of
Total
Days
Premium/Discount
Range:
0.00%
to
0.25%
53
42.7%
15
12.1%
(0.01)%
to
(0.25)%
71
57.3%
109
87.9%
124
100%
124
100%
NUSC
NDVG
Year
Ended
April
30,
2024
Number
of
Days
%
of
Total
Days
Number
of
Days
%
of
Total
Days
Premium/Discount
Range:
0.51%
to
1.00%
-
-
1
0.8%
0.00%
to
0.25%
81
65.3%
85
63.3%
(0.01)%
to
(0.25)%
43
34.7%
38
36.7%
124
100.0%
124
100%
NUGO
NSCS
Year
Ended
April
30,
2024
Number
of
Days
%
of
Total
Days
Number
of
Days
%
of
Total
Days
Premium/Discount
Range:
0.00%
to
0.25%
73
58.9%
83
66.9%
(0.01)%
to
(0.25)%
51
41.1%
41
33.1%
124
100.0%
124
100%
NWLG
Year
Ended
April
30,
2024
Number
of
Days
%
of
Total
Days
Premium/Discount
Range:
0.00%
to
0.25%
74
59.7%
(0.01)%
to
(0.25)%
50
40.3%
124
100%
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
on
Nuveen’s
website
at
www.nuveen.com
and
(ii)
a
description
of
the
policies
and
procedures
that
each
fund
used
to
determine
how
to
vote
proxies
relating
to
portfolio
securities
without
charge,
upon
request,
by
calling
Nuveen
toll-free
at
(800)
257-8787.
You
may
also
obtain
this
information
directly
from
the
SEC.
Visit
the
SEC
on-line
at
http://www.sec.gov.
FINRA
BrokerCheck:
The
Financial
Industry
Regulatory
Authority
(FINRA)
provides
information
regarding
the
disciplinary
history
of
FINRA
member
firms
and
associated
investment
professionals.
This
information
as
well
as
an
investor
brochure
describing
FINRA
BrokerCheck
is
available
to
the
public
by
calling
the
FINRA
BrokerCheck
Hotline
number
at
(800)
289-9999
or
by
visiting
www.FINRA.org.
Glossary
of
Terms
Used
in
this
Report
(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
offer
price
and
reinvested
dividends
and
capital
gains
distributions,
if
any)
over
the
time
period
being
considered.
Net
Assets
Value
(NAV)
Per
Share:
A
fund’s
Net
Assets
is
equal
to
its
total
assets
(securities,
cash
and
accrued
earnings)
less
its
total
liabilities.
NAV
per
share
is
equal
to
the
fund’s
Net
Assets
divided
by
its
number
of
shares
outstanding.
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 (the
"Board")
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,
2023
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
2022
(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,
“Illiquid”,
discussed
below),
The
classification
is
based
on
a
determination
of
how
long
it
is
reasonably
expected
to
take
to
convert
the
investment
into
cash,
or
sell
or
dispose
of
the
investment,
in
current
market
conditions
without
significantly
changing
the
market
value
of
the
investment
Liquidity
classification
determinations
take
into
account
various
market,
trading,
and
investment-specific
considerations,
as
well
as
market
depth,
and
use
third-
party
vendor
data.
Any
Fund
that
does
not
primarily
hold
highly
liquid
investments
must,
among
other
things,
determine
a
minimum
percentage
of
Fund
assets
that
must
be
invested
in
highly
liquid
investments
(a
“Highly
Liquid
Investment
Minimum”).
During
the
Review
Period,
each
Fund
primarily
held
Highly
Liquid
investments
and
therefore
was
exempt
from
the
requirement
to
adopt
a
Highly
Liquid
Investment
Minimum
and
to
comply
with
the
related
requirements
under
the
Liquidity
Rule.
The
Liquidity
Rule
also
limits
a
Fund’s
investments
in
Illiquid
investments.
Specifically,
the
Liquidity
Rule
prohibits
a
Fund
from
acquiring
Illiquid
investments
if
doing
so
would
result
in
the
Fund
holding
more
than
15%
of
its
net
assets
in
illiquid
investments,
and
requires
certain
reporting
to
the
Fund
Board
and
the
Securities
and
Exchange
Commission
any
time
a
Fund’s
holdings
of
Illiquid
investments
exceeds
15%
of
net
assets.
During
the
Review
Period,
no
Fund
exceeded
the
15%
limit
on
Illiquid
investments.
Annual
Investment
Management
Agreement
Approval
Process
(Unaudited)
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)
Nuveen
Dividend
Growth
ETF
(NDVG)
Nuveen
Growth
Opportunities
ETF
(NUGO)
Nuveen
Small
Cap
Select
ETF
(NSCS)
Nuveen
Winslow
Large-Cap
Growth
ESG
ETF
(NWLG)
The
Approval
Process
At
meetings
held
on
April
18
and
19,
2024
(the
“Meeting”),
the
Board
of
Trustees
(the
“Board”
and
each
Trustee,
a
“Board
Member”)
of
Nushares
ETF
Trust
approved,
for
each
respective
Fund,
the
renewal
of
the
investment
management
agreement
(each
an
“Investment
Management
Agreement”)
with
Nuveen
Fund
Advisors,
LLC
(“NFAL”;
NFAL
is
an
“Adviser”),
pursuant
to
which
NFAL
serves
as
investment
adviser
to
such
Fund.
Similarly,
for
each
respective
Fund,
the
Board
approved
the
renewal
of
the
sub-advisory
agreement
(each
a
“Sub-Advisory
Agreement”)
with
(a)
in
the
case
of
Nuveen
ESG
Dividend
ETF
(the
“ESG
Dividend
Fund”),
Nuveen
ESG
Emerging
Markets
Equity
ETF
(the
“ESG
Emerging
Markets
Equity
Fund”),
Nuveen
ESG
International
Developed
Markets
Equity
ETF
(the
“ESG
International
Developed
Markets
Equity
Fund”),
Nuveen
ESG
Large-Cap
ETF
(the
“ESG
Large-Cap
Fund”),
Nuveen
ESG
Large-Cap
Growth
ETF
(the
“ESG
Large-Cap
Growth
Fund”),
Nuveen
ESG
Large-Cap
Value
ETF
(the
“ESG
Large-Cap
Value
Fund”),
Nuveen
ESG
Mid-Cap
Growth
ETF
(the
“ESG
Mid-Cap
Growth
Fund”),
Nuveen
ESG
Mid-Cap
Value
ETF
(the
“ESG
Mid-Cap
Value
Fund”)
and
Nuveen
ESG
Small-Cap
ETF
(the
“ESG
Small-Cap
Fund”),
Teachers
Advisors,
LLC
(“TAL”),
pursuant
to
which
TAL
serves
as
the
sub-adviser
to
such
Fund;
(b)
in
the
case
of
Nuveen
Dividend
Growth
ETF
(the
“Dividend
Growth
Fund”),
Nuveen
Growth
Opportunities
ETF
(the
“Growth
Opportunities
Fund”)
and
Nuveen
Small
Cap
Select
ETF
(the
“Small
Cap
Select
Fund”),
Nuveen
Asset
Management,
LLC
(“NAM”),
pursuant
to
which
NAM
serves
as
the
sub-adviser
to
such
Fund;
and
(c)
in
the
case
of
Nuveen
Winslow
Large-Cap
Growth
ESG
ETF
(the
“Winslow
Large-Cap
Growth
ESG
Fund”),
Winslow
Capital
Management,
LLC
(“Winslow,”
and
Winslow,
TAL
and
NAM
are
each
a
“Sub-Adviser”),
pursuant
to
which
Winslow
serves
as
the
sub-adviser
o
such
Fund.
The
Board
Members
are
not
“interested
persons”
(as
defined
under
the
Investment
Company
Act
of
1940
(the
“1940
Act”))
and,
therefore,
the
Board
is
deemed
to
be
comprised
of
all
disinterested
Board
Members.
References
to
the
Board
and
the
Board
Members
are
interchangeable.
Below
is
a
summary
of
the
annual
review
process
the
Board
undertook
related
to
its
most
recent
renewal
of
each
Investment
Management
Agreement
and
Sub-Advisory
Agreement
on
behalf
of
the
applicable
Fund.
In
accordance
with
applicable
law,
following
up
to
an
initial
two-year
period,
the
Board
considers
the
renewal
of
each
Investment
Management
Agreement
and
Sub-Advisory
Agreement
on
behalf
of
the
applicable
Fund
on
an
annual
basis.
The
Investment
Management
Agreements
and
Sub-
Advisory
Agreements
are
collectively
referred
to
as
the
“Advisory
Agreements,”
and
NFAL
and
the
Sub-Advisers
are
collectively,
the
“Fund
Advisers”
and
each
a
“Fund
Adviser.”
In
addition,
the
fund
complex
consists
of
the
group
of
funds
advised
by
NFAL
(collectively
referred
to
as
the
“Nuveen
funds”)
and
the
group
of
funds
advised
by
TAL
(collectively
referred
to
as
the
“TC
funds”).
For
clarity,
NFAL
serves
as
Adviser
to
the
Nuveen
funds,
including
the
Funds,
and
TAL,
in
addition
to
serving
as
the
sub-adviser
to
certain
Nuveen
funds
(including
certain
of
the
Funds),
serves
as
“Adviser”
to
the
TC
funds.
The
Board
Members
considered
that
the
prior
separate
boards
of
the
TC
funds
and
Nuveen
funds
were
consolidated
effective
in
January
2024.
Accordingly,
at
the
Meeting,
the
Board
Members
considered
the
review
of
the
advisory
agreements
for
the
Nuveen
funds
as
well
as
reviewed
the
investment
management
agreements
for
the
TC
funds.
Depending
on
the
appropriate
context,
references
to
“the
Adviser”
may
be
to
NFAL
with
respect
to
the
Nuveen
funds
and/or
TAL
with
respect
to
the
TC
funds.
The
Board
Members
considered
the
review
of
the
advisory
agreements
of
the
Nuveen
funds
and
the
TC
funds
to
be
an
ongoing
process.
The
Board
Members
therefore
employed
the
accumulated
information,
knowledge
and
experience
they
had
gained
during
their
tenure
on
the
respective
board
of
the
TC
funds
or
Nuveen
funds
(as
the
case
may
be)
governing
the
applicable
funds
and
working
with
the
respective
investment
advisers
and
sub-
advisers,
as
applicable,
in
their
review
of
the
advisory
agreements
for
the
fund
complex.
During
the
course
of
the
year
prior
to
the
Meeting,
the
Board
and/or
its
committees
received
a
wide
variety
of
materials
that
covered
a
range
of
topics
relevant
to
the
Board’s
annual
consideration
of
the
renewal
of
the
advisory
agreements,
including
reports
on
fund
investment
results
over
various
periods;
product
initiatives
for
various
funds;
fund
expenses;
compliance,
regulatory
and
risk
management
matters;
trading
practices
including
soft
dollar
arrangements
(as
applicable);
the
liquidity
and
derivatives
risk
management
programs;
management
of
distributions;
valuation
of
securities;
payments
to
financial
intermediaries
(as
applicable);
securities
lending
(as
applicable);
and
overall
market
and
regulatory
developments.
The
Board
also
met
periodically
with
and/or
received
presentations
by
key
investment
professionals
managing
a
fund’s
portfolio.
In
particular,
at
the
Board
meeting
held
on
February
27-29,
2024
(the
“February
Meeting”),
the
Board
and/or
its
Investment
Committee
received
the
annual
Annual
Investment
Management
Agreement
Approval
Process
(Unaudited)
(continued)
performance
review
of
the
funds
as
described
in
further
detail
below.
The
presentations,
discussions
and
meetings
throughout
the
year
also
provide
a
means
for
the
Board
to
evaluate
and
consider
the
level,
breadth
and
quality
of
services
provided
by
the
Adviser
and
sub-advisers,
as
applicable,
and
how
such
services
have
changed
over
time
in
light
of
new
or
modified
regulatory
requirements,
changes
to
market
conditions
or
other
factors.
In
connection
with
its
annual
consideration
of
the
advisory
agreements,
the
Board,
through
its
independent
legal
counsel,
requested
and
received
extensive
materials
and
information
prepared
specifically
for
its
review
of
the
advisory
agreements.
The
materials
provided
at
the
Meeting
and/or
prior
meetings
covered
a
wide
range
of
matters
including,
but
not
limited
to,
a
description
of
the
nature,
extent
and
quality
of
services
provided
by
the
Fund
Advisers;
the
consolidation
of
the
Nuveen
fund
family
and
TC
fund
family;
a
review
of
product
actions
advanced
in
2023
for
the
benefit
of
particular
funds
and/or
the
fund
complex;
a
review
of
each
sub-adviser,
if
applicable,
and/or
applicable
investment
team;
an
analysis
of
fund
performance
with
a
focus
on
funds
considered
to
have
met
certain
challenged
performance
measurements;
an
analysis
of
the
fees
and
expense
ratios
of
the
funds
with
a
focus
on
funds
considered
to
have
certain
expense
characteristics;
a
list
of
management
fee
and,
if
applicable,
sub-advisory
fee
schedules;
a
description
of
portfolio
manager
compensation;
a
description
of
the
profitability
and/or
financial
data
of
Nuveen,
TAL
and
the
sub-advisers;
and
a
description
of
indirect
benefits
received
by
the
Adviser
and
the
sub-advisers
as
a
result
of
their
relationships
with
the
funds,
as
applicable.
The
Board
also
considered
information
provided
by
Broadridge
Financial
Solutions,
Inc.
(“Broadridge”),
an
independent
provider
of
investment
company
data,
comparing
fee
and
expense
levels
of
each
respective
fund
to
those
of
a
peer
universe
and,
with
respect
to
open-end
funds,
also
to
a
peer
group
of
funds
selected
by
Broadridge,
subject
to
certain
exceptions.
The
information
prepared
specifically
for
the
annual
review
supplemented
the
information
provided
to
the
Board
and
its
committees
and
the
evaluations
of
the
funds
by
the
Board
and
its
committees
during
the
year.
The
Board’s
review
of
the
advisory
agreements
for
the
fund
complex
is
based
on
all
the
information
provided
to
the
Board
and
its
committees
over
time.
The
performance,
fee
and
expense
data
and
other
information
provided
by
a
Fund
Adviser,
Broadridge
or
other
service
providers
were
not
independently
verified
by
the
Board
Members.
As
part
of
their
review,
the
Board
Members
and
independent
legal
counsel
met
by
videoconference
in
executive
session
on
April
10,
2024
(the
“April
Executive
Session”)
to
review
and
discuss
materials
provided
in
connection
with
their
annual
review
of
the
advisory
agreements
for
the
fund
complex.
After
reviewing
this
information,
the
Board
Members
requested,
directly
or
through
independent
legal
counsel,
additional
information,
and
the
Board
subsequently
reviewed
and
discussed
the
responses
to
these
follow-up
questions
and
requests.
The
Board
Members
were
advised
by
independent
legal
counsel
during
the
annual
review
process
as
well
as
throughout
the
year,
including
meeting
in
executive
sessions
with
such
counsel
at
which
no
representatives
of
management
were
present.
In
connection
with
their
annual
review,
the
Board
Members
also
received
a
memorandum
from
independent
legal
counsel
outlining
their
fiduciary
duties
and
legal
standards
in
reviewing
the
Advisory
Agreements,
including
guidance
from
court
cases
evaluating
advisory
fees.
The
Board’s
decisions
to
renew
each
Advisory
Agreement
were
not
based
on
a
single
identified
factor,
but
rather
each
decision
reflected
the
comprehensive
consideration
of
all
the
information
provided
to
the
Board
and
its
committees
throughout
the
year
as
well
as
the
materials
prepared
specifically
in
connection
with
the
annual
review
process.
The
contractual
arrangements
may
reflect
the
results
of
prior
year(s)
of
review,
negotiation
and
information
provided
in
connection
with
the
Board’s
annual
review
of
the
funds’
advisory
arrangements
and
oversight
of
the
funds.
Each
Board
Member
may
have
attributed
different
levels
of
importance
to
the
various
factors
and
information
considered
in
connection
with
the
annual
review
process
and
may
have
placed
different
emphasis
on
the
relevant
information
year
to
year
in
light
of,
among
other
things,
changing
market
and
economic
conditions.
A
summary
of
the
principal
factors
and
information,
but
not
all
the
factors,
the
Board
considered
in
deciding
to
renew
the
Advisory
Agreements
is
set
forth
below.
A.
Nature,
Extent
and
Quality
of
Services
In
evaluating
the
renewal
of
the
Advisory
Agreements,
the
Board
Members
received
and
considered
information
regarding
the
nature,
extent
and
quality
of
the
applicable
Fund
Adviser’s
services
provided
to
each
respective
Fund
with
particular
focus
on
the
services
and
enhancements
or
changes
to
such
services
provided
during
the
last
year.
The
Board
Members
considered
the
Investment
Management
Agreements
and
the
Sub-
Advisory
Agreements
separately
in
the
course
of
their
review.
With
this
approach,
they
considered
the
roles
of
NFAL
and
the
Sub-Advisers
in
providing
services
to
the
applicable
Fund(s).
The
Board
considered
that
the
Adviser
provides
a
wide
array
of
management,
oversight
and
other
services
to
manage
and
operate
the
applicable
funds.
The
Board
considered
the
Adviser’s
and
its
affiliates’
dedication
of
resources,
time,
people
and
capital
as
well
as
continual
program
of
improvement
and
innovation
aimed
at
enhancing
the
funds
and
fund
complex
for
investors
and
meeting
the
needs
of
an
increasingly
complex
regulatory
environment.
In
particular,
over
the
past
several
years,
the
Board
considered
the
significant
resources,
both
financial
and
personnel,
the
Adviser
and
its
affiliates
have
committed
in
working
to
consolidate
the
Nuveen
fund
family
and
TC
fund
family
under
one
centralized
umbrella.
The
Board
considered
that
the
organizational
changes
in
bringing
together
Nuveen,
its
affiliates
and
TIAA’s
(as
defined
below)
asset
management
businesses,
consolidating
the
Nuveen
and
TC
fund
families
and
other
initiatives
were
anticipated
to
provide
various
benefits
for
the
funds
through,
among
other
things,
enhanced
operating
efficiencies,
centralized
investment
leadership
and
a
centralized
shared
resources
and
support
model.
As
part
of
these
efforts,
the
boards
of
the
TC
funds
and
Nuveen
funds
were
consolidated
effective
in
January
2024.
The
Board
also
reviewed
information
regarding
other
product
actions
undertaken
or
continued
by
management
in
the
2023
calendar
year
in
seeking
to
improve
the
effectiveness
of
the
organization,
the
product
line-up
as
well
as
particular
funds
through,
among
other
things,
continuing
to
review
and
optimize
the
product
line
and
gaining
efficiencies
through
mergers
and
liquidations;
reviewing
and
updating
investment
policies
and
benchmarks;
implementing
fee
waivers
and/or
expense
cap
changes
for
certain
funds;
evaluating
and
adjusting
portfolio
management
teams
as
appropriate
for
various
funds;
and
developing
policy
positions
on
a
broad
range
of
regulatory
proposals
that
may
impact
the
funds
and
communicating
with
lawmakers
and
other
regulatory
authorities
to
help
ensure
these
positions
are
considered.
In
its
review,
the
Board
considered
that
the
funds
operated
in
a
highly
regulated
industry
and
the
scope
and
complexity
of
the
services
and
resources
that
the
Adviser
and
its
affiliates
must
provide
to
manage
and
operate
the
applicable
funds
have
expanded
over
the
years
as
a
result
of,
among
other
things,
regulatory,
market
and
other
developments,
such
as
the
adoption
of
the
tailored
shareholder
report
or
the
revised
fund
name
rule.
In
considering
the
breadth
and
quality
of
services
the
Adviser
and
its
various
teams
provide,
the
Board
considered
that
the
Adviser
provides
investment
advisory
services.
With
respect
to
the
Nuveen
funds,
such
funds
utilize
sub-advisers
to
manage
the
portfolios
of
the
funds
subject
to
the
supervision
of
NFAL.
Accordingly,
the
Board
considered
that
NFAL
and
its
affiliates,
among
other
things,
oversee
and
review
the
performance
of
the
respective
sub-adviser
and
its
investment
team(s);
evaluate
Nuveen
fund
performance
and
market
conditions;
evaluate
investment
strategies
and
recommend
changes
thereto;
set
and
manage
distributions
consistent
with
the
respective
Nuveen
fund’s
product
design;
oversee
trade
execution
and,
as
applicable,
securities
lending;
evaluate
investment
risks;
and
manage
valuation
matters.
As
each
Fund
is
an
exchange-traded
fund
(each
an
“ETF”),
such
services
also
include,
but
are
not
limited
to,
performance
monitoring
and
assessment,
evaluating
tax
efficiencies
consistent
with
portfolio
management,
reviewing
tracking
error
and
analyzing
secondary
market
dynamics.
The
Board
further
considered
that
over
the
course
of
the
2023
calendar
year,
the
Nuveen
global
public
product
team
which
supports
the
funds
in
the
fund
complex
and
their
shareholders
assessed
the
investment
personnel
across
the
investment
leadership
teams
which
resulted
in
additions
or
other
modifications
to
the
portfolio
management
teams
of
various
funds.
The
Board
also
reviewed
a
description
of
the
compensation
structure
applicable
to
certain
portfolio
managers.
In
addition
to
the
above
investment
advisory
services,
the
Board
further
considered
the
extensive
compliance,
regulatory,
administrative
and
other
services
the
Adviser
and
its
various
teams
or
affiliates
provide
to
manage
and
operate
the
applicable
funds.
Given
the
highly
regulated
industry
in
which
the
funds
operate,
the
Board
considered
the
breadth
of
the
Adviser’s
compliance
program
and
related
policies
and
procedures.
The
Board
reviewed
various
initiatives
the
Adviser’s
compliance
team
undertook
or
continued
in
2023,
in
part,
to
address
new
regulatory
requirements,
support
international
business
growth
and
product
development,
enhance
international
trading
capabilities,
enhance
monitoring
capabilities
in
light
of
the
new
regulatory
requirements
and
guidance
and
maintain
a
comprehensive
training
program.
The
Board
further
considered,
among
other
things,
that
other
non-advisory
services
provided
included,
among
other
things,
board
support
and
reporting;
establishing
and
reviewing
the
services
provided
by
other
fund
service
providers
(such
as
a
fund’s
custodian,
accountant,
and
transfer
agent);
risk
management,
including
reviews
of
the
liquidity
risk
management
and
derivatives
risk
management
programs;
legal
support
services;
regulatory
advocacy;
and
cybersecurity,
business
continuity
and
disaster
recovery
planning
and
testing.
Aside
from
the
services
provided,
the
Board
considered
the
financial
resources
of
the
Adviser
and/or
its
affiliates
and
their
willingness
to
make
investments
in
the
technology,
personnel
and
infrastructure
to
support
the
funds,
including
to
enhance
global
talent,
middle
office
systems,
software
and
international
and
internal
capabilities.
The
Board
considered
the
access
provided
by
the
Adviser
and
its
affiliates
to
a
seed
capital
budget
to
support
new
or
existing
funds
and/or
facilitate
changes
for
a
respective
fund.
The
Board
considered
the
benefits
to
shareholders
of
investing
in
a
fund
that
is
a
part
of
a
large
fund
complex
with
a
variety
of
investment
disciplines,
capabilities,
expertise
and
resources
available
to
navigate
and
support
the
funds
including
during
stressed
times.
The
Board
considered
the
overall
reputation
and
capabilities
of
the
Adviser
and
its
affiliates
and
the
Adviser’s
continuing
commitment
to
provide
high
quality
services.
In
its
review,
the
Board
also
considered
the
significant
risks
borne
by
the
Adviser
and
its
affiliates
in
connection
with
their
services
to
the
applicable
funds,
including
entrepreneurial
risks
in
sponsoring
and
supporting
new
funds
and
smaller
funds
and
ongoing
risks
with
managing
the
funds
such
as
investment,
operational,
reputational,
regulatory,
compliance
and
litigation
risks.
With
respect
to
the
Funds,
the
Board
considered
the
division
of
responsibilities
between
NFAL
and
the
Sub-Advisers
and
considered
that
each
Sub-Adviser
and
its
investment
personnel
generally
are
responsible
for
the
management
of
each
applicable
Fund’s
portfolio
under
the
oversight
of
NFAL
and
the
Board.
The
Board
considered
an
analysis
of
each
Sub-Adviser
provided
by
NFAL
which
included,
among
other
things,
a
summary
of
changes
in
the
leadership
teams
and/or
portfolio
manager
teams;
the
performance
of
the
Nuveen
funds
sub-advised
by
the
Sub-Adviser
over
various
periods
of
time;
and
data
reflecting
product
changes
(if
any)
taken
with
respect
to
certain
Nuveen
funds.
The
Board
considered
that
NFAL
recommended
the
renewal
of
the
Sub-Advisory
Agreements.
Based
on
its
review,
the
Board
determined,
in
the
exercise
of
its
reasonable
business
judgment,
that
it
was
satisfied
with
the
nature,
extent
and
quality
of
services
provided
to
the
respective
Funds
under
each
applicable
Advisory
Agreement.
B.
The
Investment
Performance
of
the
Funds
and
Fund
Advisers
In
evaluating
the
quality
of
the
services
provided
by
the
Fund
Advisers,
the
Board
also
considered
a
variety
of
investment
performance
data
of
the
Funds.
In
this
regard,
the
Board
and/or
its
Investment
Committee
reviewed,
among
other
things,
net
asset
value
performance
of
the
Funds
over
the
quarter,
one-,
three-
and
five-year
periods
ending
December
31,
2023
and
March
31,
2024
(or
for
such
shorter
periods
to
the
extent
a
Fund
was
not
in
existence
during
such
periods).
The
Board
performed
its
annual
review
of
fund
performance
at
its
February
Meeting
and
an
additional
review
at
the
April
Executive
Session
and
also
reviewed
and
discussed
performance
data
at
its
other
regularly
scheduled
quarterly
meetings
throughout
the
year.
The
Board
therefore
took
into
account
the
performance
data,
presentations
and
discussions
(written
and
oral)
that
were
provided
at
the
Meeting
and
in
prior
meetings
over
time
in
evaluating
fund
performance,
including
management’s
analysis
of
a
fund’s
performance
with
particular
focus
on
funds
that
met
certain
challenged
performance
measurements
as
determined
pursuant
to
a
methodology
approved
by
the
Board
or
additional
measurements
as
determined
by
management’s
investment
analysts.
As
various
Nuveen
funds
have
modified
their
portfolio
teams
and/
or
made
significant
changes
to
their
portfolio
strategies
over
time,
the
Board
reviewed,
among
other
things,
certain
tracking
performance
data
over
specific
periods
comparing
performance
before
and
after
such
changes.
The
Board
considered
that
performance
data
reflects
performance
over
a
specified
period
which
may
differ
significantly
depending
on
the
ending
dates
selected,
particularly
during
periods
of
market
volatility.
Further,
the
Board
considered
that
shareholders
may
evaluate
performance
based
on
their
own
respective
holding
periods
which
may
differ
from
the
performance
periods
reviewed
by
the
Board
and
lead
to
differing
results.
In
its
evaluation,
the
Board
reviewed
fund
performance
results
from
different
perspectives.
In
general,
subject
to
certain
exceptions,
the
Board
reviewed
both
absolute
and
relative
fund
performance
over
the
various
time
periods
and
considered
performance
results
in
light
of
a
fund’s
investment
objective(s),
strategies
and
risks.
With
respect
to
the
relative
performance,
the
Board
considered
fund
performance
in
comparison
to
the
performance
of
peer
funds
(the
“Performance
Peer
Group”),
subject
to
certain
exceptions,
and
recognized
and/or
customized
benchmarks
(i.e.,
generally
benchmarks
derived
from
multiple
recognized
benchmarks).
In
reviewing
such
comparative
performance,
the
Board
was
cognizant
of
Annual
Investment
Management
Agreement
Approval
Process
(Unaudited)
(continued)
the
inherent
limitations
of
such
data
which
can
make
meaningful
performance
comparisons
generally
difficult.
As
an
illustration,
differences
in
the
composition
of
the
Performance
Peer
Group,
the
investment
objective(s),
strategies,
dates
of
fund
inception
and
other
characteristics
of
the
peers
in
the
Performance
Peer
Group,
the
level,
type
and
cost
of
leverage
(if
any)
of
the
peers,
and
the
varying
sizes
of
peers
all
may
contribute
to
differences
in
the
performance
results
of
a
Performance
Peer
Group
compared
to
the
applicable
fund.
With
respect
to
relative
performance
of
a
fund
compared
to
a
benchmark
index,
differences,
among
other
things,
in
the
investment
objective(s)
and
strategies
of
a
fund
and
the
benchmark
(particularly
an
actively
managed
fund
that
does
not
directly
follow
an
index)
as
well
as
the
costs
of
operating
a
fund
would
necessarily
contribute
to
differences
in
performance
results
and
limit
the
value
of
the
comparative
performance
information.
To
assist
the
Board
in
its
review
of
the
comparability
of
the
relative
performance,
management
generally
has
ranked
the
relevancy
of
the
Performance
Peer
Groups
to
the
Funds
as
low,
medium
or
high,
subject
to
an
exception
with
respect
to
those
Funds
that
are
Nuveen
ETFs
designed
to
track
the
performance
of
a
specified
index
(an
“Underlying
Index”;
each
such
Nuveen
ETF
is
an
“Index
ETF”).
In
its
review
of
relative
performance,
the
Board
considered
a
Fund’s
performance
relative
to
its
Performance
Peer
Group,
among
other
things,
by
evaluating
its
quartile
ranking
with
the
1st
quartile
representing
the
top
performing
funds
within
the
Performance
Peer
Group
and
the
4th
quartile
representing
the
lowest
performing
funds.
With
respect
to
the
Funds,
the
Board
considered
that
the
ESG
Dividend
Fund,
ESG
Emerging
Markets
Equity
Fund,
ESG
International
Developed
Markets
Equity
Fund,
ESG
Large-Cap
Fund,
ESG
Large-Cap
Growth
Fund,
ESG
Large-Cap
Value
Fund,
ESG
Mid-Cap
Growth
Fund,
ESG
Mid-Cap
Value
Fund
and
ESG
Small-Cap
Fund
were
Index
ETFs,
and
the
other
Funds,
including
the
Dividend
Growth
Fund,
Growth
Opportunities
Fund,
Small
Cap
Select
Fund
and
Winslow
Large-Cap
Growth
ESG
Fund
were
actively
managed.
With
respect
to
the
relative
benchmark
performance
for
Index
ETFs,
the
Board
considered,
among
other
things,
the
Index
ETF’s
performance
in
comparison
to
the
performance
of
its
Underlying
Index
and
a
broad-based
index
from
which
the
Underlying
Index
is
generally
derived,
the
performance
of
the
Underlying
Index
compared
to
such
broad-based
index
over
the
one-,
three-
and
five-year
periods
ended
December
31,
2023
and
March
31,
2024
(or
such
shorter
periods
for
funds
that
did
not
exist
during
those
time
frames),
each
Index
ETF’s
tracking
error
over
various
periods
and
certain
peer
rankings.
However,
given
the
Index
ETFs’
investment
objective
of
seeking
investment
results
that
correspond
generally
to
the
performance
of
their
respective
Underlying
Index,
the
Board
considered
that
the
extent
to
which
an
Index
ETF
tracked
its
benchmark
was
of
greater
relevance
in
assessing
the
performance
of
these
funds
and
therefore
placed
more
emphasis
on
the
tracking
error
and
correlation
data.
The
Board
evaluated
performance
in
light
of
various
relevant
factors
which
may
include,
among
other
things,
general
market
conditions,
issuer-
specific
information,
asset
class
information,
leverage
and
fund
cash
flows.
The
Board
considered
that
long-term
performance
could
be
impacted
by
even
one
period
of
significant
outperformance
or
underperformance
and
that
a
single
investment
theme
could
disproportionately
affect
performance.
Further,
the
Board
considered
that
market
and
economic
conditions
may
significantly
impact
a
fund’s
performance,
particularly
over
shorter
periods,
and
such
performance
may
be
more
reflective
of
such
economic
or
market
events
and
not
necessarily
reflective
of
management
skill.
Although
the
Board
reviews
short-,
intermediate-
and
longer-term
performance
data,
the
Board
considered
that
longer
periods
of
performance
may
reflect
full
market
cycles.
In
their
review
from
year
to
year,
the
Board
Members
consider
and
may
place
different
emphasis
on
the
relevant
information
in
light
of
changing
circumstances
in
market
and
economic
conditions.
In
evaluating
performance,
the
Board
focused
particular
attention
on
funds
with
less
favorable
performance
records.
However,
depending
on
the
facts
and
circumstances
including
any
differences
between
the
respective
fund
and
its
benchmark
and/or
Performance
Peer
Group,
the
Board
may
be
satisfied
with
a
fund’s
performance
notwithstanding
that
its
performance
may
be
below
that
of
its
benchmark
and/or
peer
group
for
certain
periods.
With
respect
to
any
funds
for
which
the
Board
has
identified
performance
issues,
the
Board
seeks
to
monitor
such
funds
more
closely
until
performance
improves,
discuss
with
the
Adviser
the
reasons
for
such
results,
consider
whether
any
steps
are
necessary
or
appropriate
to
address
such
issues,
discuss
and
evaluate
the
potential
consequences
of
such
steps
and
review
the
results
of
any
steps
undertaken.
The
performance
determinations
with
respect
to
each
Fund
are
summarized
below.
For
the
ESG
Dividend
Fund,
the
Board
considered,
among
other
things,
the
performance
of
the
Fund
and
its
Underlying
Index
for
the
one-
year
periods
ended
December 31,
2023
and
March 31,
2024
as
well
as
its
tracking
error
compared
to
its
Underlying
Index
as
of
December
31,
2023
and
March
31,
2024
and
as
of
each
month
end
for
the
2023
calendar
year.
The
Board
considered
that
the
Fund
ranked
in
the
third
quartile
of
its
Performance
Peer
Group
for
the
one-year
periods
ended
December
31,
2023
and
March
31,
2024.
Given
the
Fund’s
investment
objective,
however,
the
Board
placed
more
emphasis
on
its
review
of
the
tracking
error
and
correlation
data
and
after
review
of
such
data
and
other
metrics,
the
Board
considered
that
the
Fund
had
performed
in
line
with
expectations
in
2023.
The
Board
further
considered
that
the
performance
history
of
the
Fund
was
too
short
for
a
meaningful
assessment
of
performance,
and
management
deserved
additional
time
to
develop
a
performance
record.
For
the
ESG
Emerging
Markets
Equity
Fund,
the
Board
considered,
among
other
things,
the
performance
of
the
Fund
and
its
Underlying
Index
for
the
one-,
three-
and
five-year
periods
ended
December 31,
2023
and
March 31,
2024
as
well
as
its
tracking
error
compared
to
its
Underlying
Index
as
of
December
31,
2023
and
March
31,
2024
and
as
of
each
month
end
for
the
2023
calendar
year.
The
Board
considered
that
although
the
Fund
ranked
in
the
fourth
quartile
of
its
Performance
Peer
Group
for
the
three-year
period
ended
December
31,
2023,
the
Fund
ranked
in
the
third
quartile
of
its
Performance
Peer
Group
for
the
one-year
period
and
second
quartile
for
the
five-year
period
ended
December
31,
2023.
In
addition,
although
the
Fund
ranked
in
the
fourth
quartile
of
its
Performance
Peer
Group
for
the
one-
and
three-year
periods
ended
March
31,
2024,
the
Fund
ranked
in
the
second
quartile
for
the
five-year
period
ended
March
31,
2024.
Given
the
Fund’s
investment
objective,
however,
the
Board
placed
more
emphasis
on
its
review
of
the
tracking
error
and
correlation
data
and
after
review
of
such
data
and
other
metrics,
the
Board
considered
that
the
Fund
had
performed
in
line
with
expectations
in
2023.
On
the
basis
of
the
Board’s
ongoing
review
of
investment
performance
and
all
relevant
factors,
including
the
relative
market
conditions
during
certain
reporting
periods,
the
Fund’s
investment
objective(s)
and
management’s
discussion
of
performance,
the
Board
concluded
that
the
Fund’s
performance
supported
renewal
of
the
Advisory
Agreements.
For
the
ESG
International
Developed
Markets
Equity
Fund,
the
Board
considered,
among
other
things,
the
performance
of
the
Fund
and
its
Underlying
Index
for
the
one-,
three-
and
five-year
periods
ended
December 31,
2023
and
March 31,
2024
as
well
as
its
tracking
error
compared
to
its
Underlying
Index
as
of
December
31,
2023
and
March
31,
2024
and
as
of
each
month
end
for
the
2023
calendar
year.
The
Board
considered
that
although
the
Fund
ranked
in
the
fourth
quartile
of
its
Performance
Peer
Group
for
the
three-year
period
ended
December
31,
2023,
the
Fund
ranked
in
the
third
quartile
for
the
one-
and
five-year
periods
ended
December
31,
2023.
In
addition,
although
the
Fund
ranked
in
the
fourth
quartile
of
its
Performance
Peer
Group
for
the
one-year
period
ended
March
31,
2024,
the
Fund
ranked
in
the
third
quartile
for
the
three-
and
five-year
periods
ended
March
31,
2024.
Given
the
Fund’s
investment
objective,
however,
the
Board
placed
more
emphasis
on
its
review
of
the
tracking
error
and
correlation
data
and
after
review
of
such
data
and
other
metrics,
the
Board
considered
that
the
Fund
had
performed
in
line
with
expectations
in
2023.
On
the
basis
of
the
Board’s
ongoing
review
of
investment
performance
and
all
relevant
factors,
including
the
relative
market
conditions
during
certain
reporting
periods,
the
Fund’s
investment
objective(s)
and
management’s
discussion
of
performance,
the
Board
concluded
that
the
Fund’s
performance
supported
renewal
of
the
Advisory
Agreements.
For
the
ESG
Large-Cap
Fund,
the
Board
considered,
among
other
things,
the
performance
of
the
Fund
and
its
Underlying
Index
for
the
one-
and
three-year
periods
ended
December 31,
2023
and
March 31,
2024
as
well
as
its
tracking
error
compared
to
its
Underlying
Index
as
of
December
31,
2023
and
March
31,
2024
and
as
of
each
month
end
for
the
2023
calendar
year.
The
Board
considered
that
the
Fund
ranked
in
the
fourth
quartile
of
its
Performance
Peer
Group
for
the
three-year
periods
ended
December
31,
2023
and
March
31,
2024
and
the
third
quartile
for
the
one-year
periods
ended
December
31,
2023
and
March
31,
2024.
Given
the
Fund’s
investment
objective,
however,
the
Board
placed
more
emphasis
on
its
review
of
the
tracking
error
and
correlation
data
and
after
review
of
such
data
and
other
metrics,
the
Board
considered
that
the
Fund
had
performed
in
line
with
expectations
in
2023.
On
the
basis
of
the
Board’s
ongoing
review
of
investment
performance
and
all
relevant
factors,
including
the
relative
market
conditions
during
certain
reporting
periods,
the
Fund’s
investment
objective(s)
and
management’s
discussion
of
performance,
the
Board
concluded
that
the
Fund’s
performance
supported
renewal
of
the
Advisory
Agreements.
For
the
ESG
Large-Cap
Growth
Fund,
the
Board
considered,
among
other
things,
the
performance
of
the
Fund
and
its
Underlying
Index
for
the
one-,
three-
and
five-year
periods
ended
December 31,
2023
and
March 31,
2024
as
well
as
its
tracking
error
compared
to
its
Underlying
Index
as
of
December
31,
2023
and
March
31,
2024
and
as
of
each
month
end
for
the
2023
calendar
year.
The
Board
considered
that
the
Fund
ranked
in
the
third
quartile
of
its
Performance
Peer
Group
for
the
one-year
period
and
first
quartile
for
the
three-
and
five-year
periods
ended
December
31,
2023.
In
addition,
the
Fund
ranked
in
the
third
quartile
of
its
Performance
Peer
Group
for
the
one-year
period,
second
quartile
for
the
three-year
period
and
first
quartile
for
the
five-year
period
ended
March
31,
2024.
Given
the
Fund’s
investment
objective,
however,
the
Board
placed
more
emphasis
on
its
review
of
the
tracking
error
and
correlation
data
and
after
review
of
such
data
and
other
metrics,
the
Board
considered
that
the
Fund
had
performed
in
line
with
expectations
in
2023.
On
the
basis
of
the
Board’s
ongoing
review
of
investment
performance
and
all
relevant
factors,
including
the
relative
market
conditions
during
certain
reporting
periods,
the
Fund’s
investment
objective(s)
and
management’s
discussion
of
performance,
the
Board
concluded
that
the
Fund’s
performance
supported
renewal
of
the
Advisory
Agreements.
For
the
ESG
Large-Cap
Value
Fund,
the
Board
considered,
among
other
things,
the
performance
of
the
Fund
and
its
Underlying
Index
for
the
one-,
three-
and
five-year
periods
ended
December 31,
2023
and
March 31,
2024
as
well
as
its
tracking
error
compared
to
its
Underlying
Index
as
of
December
31,
2023
and
March
31,
2024
and
as
of
each
month
end
for
the
2023
calendar
year.
The
Board
considered
that
the
Fund
ranked
in
the
fourth
quartile
of
its
Performance
Peer
Group
for
the
one-,
three-
and
five-year
periods
ended
December 31,
2023
and
March
31,
2024.
Given
the
Fund’s
investment
objective,
however,
the
Board
placed
more
emphasis
on
its
review
of
the
tracking
error
and
correlation
data
and
after
review
of
such
data
and
other
metrics,
the
Board
considered
that
the
Fund
had
performed
in
line
with
expectations
in
2023.
On
the
basis
of
the
Board’s
ongoing
review
of
investment
performance
and
all
relevant
factors,
including
the
relative
market
conditions
during
certain
reporting
periods,
the
Fund’s
investment
objective(s)
and
management’s
discussion
of
performance,
the
Board
concluded
that
the
Fund’s
performance
supported
renewal
of
the
Advisory
Agreements.
For
the
ESG
Mid-Cap
Growth
Fund,
the
Board
considered,
among
other
things,
the
performance
of
the
Fund
and
its
Underlying
Index
for
the
one-,
three-
and
five-year
periods
ended
December 31,
2023
and
March 31,
2024
as
well
as
its
tracking
error
compared
to
its
Underlying
Index
as
of
December
31,
2023
and
March
31,
2024
and
as
of
each
month
end
for
the
2023
calendar
year.
The
Board
considered
that
the
Fund
ranked
in
the
second
quartile
of
its
Performance
Peer
Group
for
the
one-
and
five-year
periods
ended
December 31,
2023
and
third
quartile
for
the
three-year
period
ended
December
31,
2023.
In
addition,
although
the
Fund
ranked
in
the
fourth
quartile
of
its
Performance
Peer
Group
for
the
one-year
period
ended
March
31,
2024,
the
Fund
ranked
in
the
third
quartile
for
the
three-
and
five-year
periods
ended
March
31,
2024.
Given
the
Fund’s
investment
objective,
however,
the
Board
placed
more
emphasis
on
its
review
of
the
tracking
error
and
correlation
data
and
after
review
of
such
data
and
other
metrics,
the
Board
considered
that
the
Fund
had
performed
in
line
with
expectations
in
2023.
On
the
basis
of
the
Board’s
ongoing
review
of
investment
performance
and
all
relevant
factors,
including
the
relative
market
conditions
during
certain
reporting
periods,
the
Fund’s
investment
objective(s)
and
management’s
discussion
of
performance,
the
Board
concluded
that
the
Fund’s
performance
supported
renewal
of
the
Advisory
Agreements.
Annual
Investment
Management
Agreement
Approval
Process
(Unaudited)
(continued)
For
the
ESG
Mid-Cap
Value
Fund,
the
Board
considered,
among
other
things,
the
performance
of
the
Fund
and
its
Underlying
Index
for
the
one-,
three-
and
five-year
periods
ended
December 31,
2023
and
March 31,
2024
as
well
as
its
tracking
error
compared
to
its
Underlying
Index
as
of
December
31,
2023
and
March
31,
2024
and
as
of
each
month
end
for
the
2023
calendar
year.
The
Board
considered
that
although
the
Fund
ranked
in
the
fourth
quartile
of
its
Performance
Peer
Group
for
the
one-,
three-
and
five-year
periods
ended
December 31,
2023
and
the
three-
and
five-year
periods
ended
March
31,
2024,
the
Fund
ranked
in
the
third
quartile
for
the
one-year
period
ended
March
31,
2024.
Given
the
Fund’s
investment
objective,
however,
the
Board
placed
more
emphasis
on
its
review
of
the
tracking
error
and
correlation
data
and
after
review
of
such
data
and
other
metrics,
the
Board
considered
that
the
Fund
had
performed
in
line
with
expectations
in
2023.
On
the
basis
of
the
Board’s
ongoing
review
of
investment
performance
and
all
relevant
factors,
including
the
relative
market
conditions
during
certain
reporting
periods,
the
Fund’s
investment
objective(s)
and
management’s
discussion
of
performance,
the
Board
concluded
that
the
Fund’s
performance
supported
renewal
of
the
Advisory
Agreements.
For
the
ESG
Small-Cap
Fund,
the
Board
considered,
among
other
things,
the
performance
of
the
Fund
and
its
Underlying
Index
for
the
one-,
three-
and
five-year
periods
ended
December 31,
2023
and
March 31,
2024
as
well
as
its
tracking
error
compared
to
its
Underlying
Index
as
of
December
31,
2023
and
March
31,
2024
and
as
of
each
month
end
for
the
2023
calendar
year.
The
Board
considered
that
although
the
Fund
ranked
in
the
fourth
quartile
of
its
Performance
Peer
Group
for
the
three-year
period
ended
December 31,
2023,
the
Fund
ranked
in
the
third
quartile
of
its
Performance
Peer
Group
for
the
one-year
period
and
second
quartile
for
the
five-year
period
ended
December
31,
2023.
In
addition,
although
the
Fund
ranked
in
the
fourth
quartile
of
its
Performance
Peer
Group
for
the
three-year
period
ended
March
31,
2024,
the
Fund
ranked
in
the
third
quartile
of
its
Performance
Peer
Group
for
the
one-year
period
and
second
quartile
for
the
five-year
period
ended
March 31,
2024.
Given
the
Fund’s
investment
objective,
however,
the
Board
placed
more
emphasis
on
its
review
of
the
tracking
error
and
correlation
data
and
after
review
of
such
data
and
other
metrics,
the
Board
considered
that
the
Fund
had
performed
in
line
with
expectations
in
2023.
On
the
basis
of
the
Board’s
ongoing
review
of
investment
performance
and
all
relevant
factors,
including
the
relative
market
conditions
during
certain
reporting
periods,
the
Fund’s
investment
objective(s)
and
management’s
discussion
of
performance,
the
Board
concluded
that
the
Fund’s
performance
supported
renewal
of
the
Advisory
Agreements.
For
the
Dividend
Growth
Fund,
the
Board
considered
that
although
the
Fund’s
performance
was
below
the
performance
of
its
benchmark
for
the
one-year
periods
ended
December
31,
2023
and
March
31,
2024,
the
Fund
ranked
in
the
second
quartile
of
its
Performance
Peer
Group
for
the
one-year
period
ended
December
31,
2023
and
third
quartile
for
the
one-year
period
ended
March
31,
2024.
The
Board,
however,
considered
that
the
Fund
was
relatively
new
with
performance
history
too
short
to
make
a
meaningful
assessment
of
performance,
and
management
deserved
additional
time
to
develop
a
performance
record.
For
the
Growth
Opportunities
Fund,
the
Board
considered
that
the
Fund
outperformed
its
benchmark
and
ranked
in
the
first
quartile
of
its
Performance
Peer
Group
for
the
one-year
periods
ended
December
31,
2023
and
March
31,
2024.
The
Board,
however,
considered
that
the
Fund
was
relatively
new
with
performance
history
too
short
to
make
a
meaningful
assessment
of
performance,
and
management
deserved
additional
time
to
develop
a
performance
record.
For
the
Small
Cap
Select
Fund,
the
Board
considered
that
the
Fund
outperformed
its
benchmark
for
the
one-year
periods
ended
December
31,
2023
and
March
31,
2024
and
ranked
in
the
second
quartile
of
its
Performance
Peer
Group
for
the
one-year
period
ended
December
31,
2023
and
first
quartile
for
the
one-year
period
ended
March
31,
2024.
The
Board,
however,
considered
that
the
Fund
was
relatively
new
with
performance
history
too
short
to
make
a
meaningful
assessment
of
performance,
and
management
deserved
additional
time
to
develop
a
performance
record.
For
the
Winslow
Large-Cap
Growth
ESG
Fund,
the
Board
considered
that
the
Fund
outperformed
its
benchmark
for
the
one-year
periods
ended
December
31,
2023
and
March
31,
2024
and
ranked
in
the
second
quartile
of
its
Performance
Peer
Group
for
the
one-year
period
ended
December
31,
2023
and
first
quartile
for
the
one-year
period
ended
March
31,
2024.
The
Board,
however,
considered
that
the
Fund
was
relatively
new
with
performance
history
too
short
to
make
a
meaningful
assessment
of
performance,
and
management
deserved
additional
time
to
develop
a
performance
record.
C.
Fees,
Expenses
and
Profitability
1.
Fees
and
Expenses
As
part
of
its
annual
review,
the
Board
generally
reviewed,
among
other
things,
the
contractual
management
fee
and
the
net/actual
management
fee
(i.e.,
the
management
fee
after
taking
into
consideration
fee
waivers
and/or
expense
reimbursements,
if
any)
paid
by
a
fund
to
the
Adviser
in
light
of
the
nature,
extent
and
quality
of
the
services
provided.
The
Board
also
reviewed
information
about
other
expenses
and
the
total
operating
expense
ratio
of
each
fund
(after
any
fee
waivers
and/or
expense
reimbursements).
More
specifically,
the
Board
Members
reviewed,
among
other
things,
each
fund’s
management
fee
rates
and
net
total
expense
ratio
in
relation
to
similar
data
for
a
comparable
universe
of
funds
(the
“Expense
Universe”)
and
with
respect
to
the
open-end
funds,
for
a
more
focused
subset
of
comparable
funds
(the
“Expense
Group”)
established
by
Broadridge
(subject
to
certain
exceptions).
The
Board
Members
reviewed
the
methodology
Broadridge
employed
to
establish
its
Expense
Universe
and
Expense
Group
(as
applicable)
and
considered
that
differences
between
the
applicable
fund
and
its
respective
Expense
Universe
and/or
Expense
Group,
as
well
as
changes
to
the
composition
of
the
Expense
Universe
and/or
Expense
Group
from
year
to
year,
may
limit
some
of
the
value
of
the
comparative
data.
The
Board
Members
also
considered
that
it
can
be
difficult
to
compare
management
fees
among
funds
as
there
are
variations
in
the
services
that
are
included
for
the
fees
paid.
The
Board
Members
took
these
limitations
and
differences
into
account
when
reviewing
comparative
peer
data.
The
Board
Members
also
considered
a
fund’s
operating
expense
ratio
as
it
more
directly
reflected
a
shareholder’s
total
costs
in
investing
in
the
respective
fund.
In
their
review,
the
Board
Members
considered,
in
particular,
each
fund
with
a
net
total
expense
ratio
meeting
certain
expense
or
fee
criteria
when
compared
to
its
Expense
Universe
and
Expense
Group
(if
any)
and
an
analysis
as
to
the
factors
contributing
to
each
such
fund’s
relative
net
total
expense
ratio.
The
Board
Members
also
considered,
in
relevant
part,
a
fund’s
management
fee
and
net
total
expense
ratio
in
light
of
the
fund’s
performance
history,
including
reviewing
certain
funds
identified
by
management
and/or
the
Board
as
having
a
higher
net
total
expense
ratio
or
management
fee
compared
to
their
respective
peers
coupled
with
experiencing
periods
of
challenged
performance
and
considering
the
reasons
for
such
comparative
positions.
In
their
evaluation
of
the
fee
arrangements
for
the
funds,
the
Board
Members
also
reviewed
the
management
fee
schedules.
With
respect
to
the
Funds,
the
Board
considered
that
the
Funds
pay
NFAL
a
single,
all-inclusive
(or
unified)
management
fee
for
providing
or
paying
for
all
services
necessary
for
the
management
and
operation
of
the
Fund,
subject
to
certain
exceptions.
Unlike
the
typical
fee
arrangements
of
other
funds
in
which
the
funds
pay
a
variety
of
fees
and
expenses
such
as
investment
advisory
fees,
transfer
agency
fees,
audit
fees,
custodian
fees,
administration
fees,
compliance
expenses,
recordkeeping
expenses,
marketing
and
shareholder
service
fees,
distribution
charges
and
other
expenses,
Nuveen
ETFs,
such
as
the
Funds,
pay
the
Adviser
a
unified
fee,
and
the
Adviser
is
responsible
for
providing
such
services
or
arranging
and
supervising
third
parties
to
provide
such
services
(subject
to
the
certain
exceptions).
Under
the
unified
fee
structure,
the
Board
considered
that
the
Adviser
generally
bears
the
risks
of
the
operating
costs
rising
(and
benefits
if
such
expenses
decrease)
and
therefore
has
an
incentive
to
be
administratively
efficient.
Accordingly,
as
part
of
the
Board’s
analysis
of
the
fee
level
of
each
Nuveen
ETF,
the
Board
Members
reviewed,
among
other
things,
the
unified
management
fee
compared
to
the
contractual
and
actual
management
fees
of
its
respective
Expense
Group
and
Expense
Universe,
as
well
as
the
fund’s
net
total
expense
ratio
compared
to
the
net
total
expense
ratio
of
its
respective
Expense
Group
and
Expense
Universe.
With
respect
to
each
Sub-Adviser,
the
Board
also
considered,
among
other
things,
the
sub-advisory
fee
schedule
paid
to
the
Sub-Adviser
in
light
of
the
sub-advisory
services
provided
to
the
respective
Fund.
In
its
review,
the
Board
considered
that
the
compensation
paid
to
each
Sub-Adviser
is
the
responsibility
of
NFAL,
not
the
applicable
Fund(s).
The
Board’s
considerations
regarding
the
comparative
fee
data
for
each
of
the
Funds
are
set
forth
below.
With
respect
to
the
quartile
rankings
noted
below,
the
first
quartile
represents
the
range
of
funds
with
the
lowest
management
fee
rate
or
net
total
expense
ratio,
as
applicable,
and
the
fourth
quartile
represents
the
range
of
funds
with
the
highest
management
fee
rate
or
net
total
expense
ratio,
as
applicable.
The
Board
considered
that
Broadridge
only
calculates
quartiles
if
a
minimum
number
of
peers
is
available
and
therefore
quartile
rankings
may
not
be
available
for
certain
Expense
Groups
and/or
Expense
Universes.
For
the
ESG
Dividend
Fund,
the
Fund’s
contractual
management
fee
rate,
actual
management
fee
rate
and
net
total
expense
ratio
each
ranked
in
the
first
quartile
of
its
Expense
Group
and
Expense
Universe.
In
addition,
the
Fund’s
actual
management
fee
rate
and
net
total
expense
ratio
were
below
the
Expense
Group
median.
For
the
ESG
Emerging
Markets
Equity
Fund,
although
the
Fund’s
contractual
management
fee
rate,
actual
management
fee
rate
and
net
total
expense
ratio
each
ranked
in
the
fourth
quartile
of
its
Expense
Group,
each
ranked
in
the
second
quartile
of
its
Expense
Universe.
In
addition,
the
Fund’s
actual
management
fee
and
net
total
expense
ratio
were
above
the
Expense
Group
median.
The
Fund’s
unified
management
fee,
however,
was
reduced
in
September 2021.
For
the
ESG
International
Developed
Markets
Equity
Fund,
although
the
Fund’s
contractual
management
fee
rate,
actual
management
fee
rate
and
net
total
expense
ratio
ranked
in
the
fourth
quartile
of
its
Expense
Group,
each
ranked
in
the
third
quartile
of
its
Expense
Universe.
In
addition,
the
Fund’s
actual
management
fee
rate
and
net
total
expense
ratio
were
above
the
Expense
Group
median.
The
Fund’s
unified
management
fee,
however,
was
reduced
in
September 2021.
For
the
ESG
Large-Cap
Fund,
the
Fund’s
contractual
management
fee
rate,
actual
management
fee
rate
and
net
total
expense
ratio
each
ranked
in
the
third
quartile
of
its
Expense
Group.
In
addition,
although
the
Fund’s
net
total
expense
ratio
ranked
in
the
fourth
quartile
of
its
Expense
Universe,
the
Fund’s
contractual
management
fee
rate
and
actual
management
fee
rate
ranked
in
the
third
quartile
of
its
Expense
Universe.
Further,
the
Fund’s
actual
management
fee
rate
and
net
total
expense
ratio
were
each
slightly
above
(within
6
basis
points
of)
the
Expense
Group
median.
For
the
ESG
Large-Cap
Growth
Fund,
the
Fund’s
contractual
management
fee
rate,
actual
management
fee
rate
and
net
total
expense
ratio
each
ranked
in
the
third
quartile
of
its
Expense
Group.
In
addition,
the
Fund’s
contractual
management
fee
rate,
actual
management
fee
rate
and
net
total
expense
ratio
ranked
in
the
second
quartile,
second
quartile
and
third
quartile
of
its
Expense
Universe,
respectively.
Further,
the
Fund’s
actual
management
fee
rate
and
net
total
expense
ratio
were
slightly
above
(within
5
basis
points
of)
the
Expense
Group
median.
The
Fund’s
unified
management
fee
also
was
reduced
in
September 2021.
For
the
ESG
Large-Cap
Value
Fund,
the
Fund’s
contractual
management
fee
rate,
actual
management
fee
rate
and
net
total
expense
ratio
each
ranked
in
the
third
quartile
of
its
Expense
Group.
In
addition,
the
Fund’s
contractual
management
fee
rate,
actual
management
fee
rate
and
net
total
expense
ratio
each
ranked
in
the
second
quartile
of
its
Expense
Universe.
The
Fund’s
actual
management
fee
rate
and
net
total
expense
ratio,
however,
were
above
the
Expense
Group
median.
The
Fund’s
unified
management
fee
also
was
reduced
in
September 2021.
For
the
ESG
Mid-Cap
Growth
Fund,
the
Fund’s
contractual
management
fee
rate,
actual
management
fee
rate
and
net
total
expense
ratio
each
ranked
in
the
third
quartile
of
its
Expense
Group
and
Expense
Universe.
In
addition,
the
Fund’s
actual
management
fee
rate
and
net
total
expense
ratio
were
above
the
Expense
Group
median.
The
Fund’s
unified
management
fee,
however,
was
reduced
in
September 2021.
Annual
Investment
Management
Agreement
Approval
Process
(Unaudited)
(continued)
For
the
ESG
Mid-Cap
Value
Fund,
the
Fund’s
contractual
management
fee
rate,
actual
management
fee
rate
and
net
total
expense
ratio
each
ranked
in
the
third
quartile
of
its
Expense
Group
and
Expense
Universe.
In
addition,
the
Fund’s
actual
management
fee
rate
and
net
total
expense
ratio
were
above
the
Expense
Group
median.
The
Fund’s
unified
management
fee,
however,
was
reduced
in
September 2021.
For
the
ESG
Small-Cap
Fund,
although
the
Fund’s
contractual
management
fee
rate,
actual
management
fee
rate
and
net
total
expense
ratio
each
ranked
in
the
fourth
quartile
of
its
Expense
Group,
the
Fund’s
contractual
management
fee
rate,
actual
management
fee
rate
and
net
total
expense
ratio
ranked
in
the
second
quartile,
third
quartile
and
third
quartile
of
its
Expense
Universe,
respectively.
In
addition,
the
Fund’s
actual
management
fee
rate
and
net
total
expense
ratio
were
above
the
Expense
Group
median.
The
Fund’s
unified
management
fee,
however,
was
reduced
in
September 2021.
For
the
Dividend
Growth
Fund,
the
Fund’s
contractual
management
fee
rate,
actual
management
fee
rate
and
net
total
expense
ratio
each
ranked
in
the
third
quartile
of
its
Expense
Group
and
Expense
Universe.
The
Fund’s
actual
management
fee
rate
and
net
total
expense
ratio,
however,
were
above
the
Expense
Group
median.
For
the
Growth
Opportunities
Fund,
the
Fund’s
contractual
management
fee
rate,
actual
management
fee
rate
and
net
total
expense
ratio
ranked
in
the
first
quartile,
second
quartile
and
first
quartile
of
its
Expense
Group,
respectively.
In
addition,
the
Fund’s
contractual
management
fee
rate,
actual
management
fee
rate
and
net
total
expense
ratio
each
ranked
in
the
second
quartile
of
its
Expense
Universe.
Further,
the
Fund’s
actual
management
fee
rate
and
net
total
expense
ratio
were
below
the
Expense
Group
median.
For
the
Small
Cap
Select
Fund,
although
the
Fund’s
contractual
management
fee
rate
and
actual
management
fee
rate
each
ranked
in
the
fourth
quartile
of
its
Expense
Group
and
Expense
Universe
and
the
Fund’s
net
total
expense
ratio
ranked
in
the
fourth
quartile
of
its
Expense
Universe,
the
Fund’s
net
total
expense
ratio
ranked
in
the
third
quartile
of
its
Expense
Group.
Further,
the
Fund’s
actual
management
fee
and
net
total
expense
ratio
were
above
the
Expense
Group
median.
For
the
Winslow
Large-Cap
Growth
ESG
Fund,
although
the
Fund’s
contractual
management
fee
rate,
actual
management
fee
rate
and
net
total
expense
ratio
each
ranked
in
the
fourth
quartile
of
its
Expense
Group,
the
Fund’s
contractual
management
fee
rate,
actual
management
fee
rate
and
net
total
expense
ratio
ranked
in
the
third
quartile
of
its
Expense
Universe.
Further,
the
Fund’s
actual
management
fee
rate
and
net
total
expense
ratio
were
above
(approximately
6
basis
points)
the
Expense
Group
median.
Based
on
its
review
of
the
information
provided,
the
Board
determined
that
each
Fund’s
management
fees
(as
applicable)
to
a
Fund
Adviser
were
reasonable
in
light
of
the
nature,
extent
and
quality
of
services
provided
to
the
Fund.
2.
Comparisons
with
the
Fees
of
Other
Clients
In
evaluating
the
appropriateness
of
fees,
the
Board
also
considered
that
the
Adviser,
affiliated
sub-advisers
and/or
their
affiliate(s)
provide
investment
management
services
to
other
types
of
clients
which
may
include:
separately
managed
accounts,
retail
managed
accounts,
foreign
funds
(UCITS),
other
investment
companies
(as
sub-advisers),
limited
partnerships
and
collective
investment
trusts.
The
Board
reviewed
the
equal
weighted
average
fee
or
other
fee
data
for
the
other
types
of
clients
managed
in
a
similar
manner
to
certain
of
the
Nuveen
funds
and
TC
funds.
The
Board
considered
the
Adviser’s
rationale
for
the
differences
in
the
management
fee
rates
of
the
funds
compared
to
the
management
fee
rates
charged
to
these
other
types
of
clients.
In
this
regard,
the
Board
considered
that
differences,
including
but
not
limited
to,
the
amount,
type
and
level
of
services
provided
by
the
Adviser
to
the
funds
compared
to
that
provided
to
other
clients
as
well
as
differences
in
investment
policies;
regulatory,
disclosure
and
governance
requirements;
servicing
relationships
with
vendors;
the
manner
of
managing
such
assets;
product
structure;
investor
profiles;
and
account
sizes
all
may
contribute
to
variations
in
relative
fee
rates.
Further,
differences
in
the
client
base,
governing
bodies,
distribution,
jurisdiction
and
operational
complexities
also
would
contribute
to
variations
in
management
fees
assessed
the
funds
compared
to
foreign
fund
clients.
In
addition,
differences
in
the
level
of
advisory
services
required
for
passively
managed
funds,
including
the
Index
ETFs,
also
contribute
to
differences
in
the
management
fee
levels
of
such
funds
compared
to
actively
managed
funds.
As
a
general
matter,
higher
fee
levels
reflect
higher
levels
of
service
provided
by
the
Adviser,
increased
investment
management
complexity,
greater
product
management
requirements,
and
higher
levels
of
business
risk
or
some
combination
of
these
factors.
The
Board
considered
the
wide
range
of
services
in
addition
to
investment
management
that
the
Adviser
had
provided
to
the
funds
compared
to
other
types
of
clients
as
well
as
the
increased
entrepreneurial,
legal
and
regulatory
risks
that
the
Adviser
incurs
in
sponsoring
and
managing
the
funds.
The
Board
further
considered
that
a
sub-adviser’s
fee
is
essentially
for
portfolio
management
services
and
therefore
more
comparable
to
the
fees
it
receives
for
retail
wrap
accounts
and
other
external
sub-
advisory
mandates.
The
Board
concluded
that
the
varying
levels
of
fees
were
reasonable
given,
among
other
things,
the
more
extensive
services,
regulatory
requirements
and
legal
liabilities,
and
the
entrepreneurial,
legal
and
regulatory
risks
incurred
in
sponsoring
and
advising
a
registered
investment
company
compared
to
that
required
in
advising
other
types
of
clients.
3.
Profitability
of
Fund
Advisers
In
their
review,
the
Board
Members
considered
various
profitability
data
relating
to
the
Fund
Advisers’
services
to
the
Nuveen
funds.
With
respect
to
the
Nuveen
funds,
the
Board
Members
reviewed
the
estimated
profitability
information
of
Nuveen
as
a
result
of
its
advisory
services
to
the
Nuveen
funds
overall
as
well
as
profitability
data
of
certain
other
asset
management
firms.
Such
profitability
information
included,
among
other
things,
gross
and
net
revenue
margins
(excluding
distribution)
of
Nuveen
Investments,
Inc.
(“Nuveen
Investments”)
for
services
to
the
Nuveen
funds
on
a
pre-tax
and
after-tax
basis
for
the
2023
and
2022
calendar
years
as
well
as
the
revenues
earned
(less
any
expense
reimbursements/fee
waivers)
and
expenses
incurred
by
Nuveen
Investments
for
its
advisory
activities
to
the
Nuveen
funds
(excluding
distribution)
for
the
2023
and
2022
calendar
years.
The
Board
Members
also
considered
the
rationale
for
the
change
in
Nuveen’s
profitability
from
2022
to
2023.
In
addition,
the
Board
reviewed
the
revenues,
expenses
and
operating
margin
(pre-
and
after-tax)
NFAL
derived
from
its
ETF
product
line
for
the
2023
and
2022
calendar
years.
In
developing
the
profitability
data,
the
Board
Members
considered
the
subjective
nature
of
calculating
profitability
as
the
information
is
not
audited
and
is
necessarily
dependent
on
cost
allocation
methodologies
to
allocate
expenses
throughout
the
complex
and
among
the
various
advisory
products.
Given
there
is
no
single
universally
recognized
expense
allocation
methodology
and
that
other
reasonable
and
valid
allocation
methodologies
could
be
employed
and
could
lead
to
significantly
different
results,
the
Board
reviewed,
among
other
things,
a
description
of
the
cost
allocation
methodologies
employed
to
develop
the
financial
information,
a
summary
of
the
refinements
Nuveen
had
made
to
the
methodology
that
had
occurred
over
the
years
from
2010
through
2021
to
provide
Nuveen’s
profitability
analysis,
and
a
historical
expense
analysis
of
Nuveen
Investments’
revenues,
expenses
and
pre-tax
net
revenue
margins
derived
from
its
advisory
services
to
the
Nuveen
funds
(excluding
distribution)
for
the
calendar
years
from
2017
through
2023.
The
Board
of
the
Nuveen
funds
had
also
appointed
two
Board
Members
to
serve
as
the
Board’s
liaisons
to
meet
with
representatives
of
NFAL
and
review
the
development
of
the
profitability
data
and
to
report
to
the
full
Board.
In
addition,
the
Board
considered
certain
comparative
operating
margin
data.
In
this
regard,
the
Board
reviewed
the
operating
margins
of
Nuveen
Investments
compared
to
the
adjusted
operating
margins
of
a
peer
group
of
asset
management
firms
with
publicly
available
data
and
the
most
comparable
assets
under
management
(based
on
asset
size
and
asset
composition)
to
Nuveen.
The
Board
considered
that
the
operating
margins
of
the
peers
were
adjusted
generally
to
address
that
certain
services
provided
by
the
peers
were
not
provided
by
Nuveen.
The
Board
also
reviewed,
among
other
things,
the
net
revenue
margins
(pre-tax)
of
Nuveen
Investments
on
a
company-wide
basis
and
the
net
revenue
margins
(pre-tax)
of
Nuveen
Investments
derived
from
its
services
to
the
Nuveen
funds
only
(including
and
excluding
distribution)
compared
to
the
adjusted
operating
margins
of
the
peer
group
for
each
calendar
year
from
2014
to
2023.
In
their
review
of
the
comparative
data,
the
Board
Members
considered
the
limitations
of
the
comparative
data
given
that
peer
data
is
not
generally
public
and
the
calculation
of
profitability
is
subjective
and
affected
by
numerous
factors
(such
as
types
of
funds
a
peer
manages,
its
business
mix,
its
cost
of
capital,
the
numerous
assumptions
underlying
the
methodology
used
to
allocate
expenses
and
other
factors)
that
can
have
a
significant
impact
on
the
results.
Aside
from
the
profitability
data,
the
Board
considered
that
NFAL
and
TAL
are
affiliates
of
Teachers
Insurance
and
Annuity
Association
of
America
(“TIAA”).
NFAL
is
a
subsidiary
of
Nuveen,
LLC,
the
investment
management
arm
of
TIAA,
and
TAL
is
an
indirect
wholly
owned
subsidiary
of
TIAA.
Accordingly,
the
Board
also
reviewed
a
balance
sheet
for
TIAA
reflecting
its
assets,
liabilities
and
capital
and
contingency
reserves
for
the
2023
and
2022
calendar
years
to
consider
the
financial
strength
of
TIAA.
The
Board
considered
the
benefit
of
an
investment
adviser
and
its
parent
with
significant
resources,
particularly
during
periods
of
market
volatility.
The
Board
also
considered
the
reinvestments
the
Adviser,
its
parent
and/or
other
affiliates
made
into
their
business
through,
among
other
things,
the
investment
of
seed
capital
in
certain
funds,
initiatives
in
international
expansion,
investments
in
infrastructure
and
continued
investments
in
enhancements
to
technological
capabilities.
The
Board
Members
considered
the
profitability
of
each
Sub-Adviser
from
its
relationships
with
the
respective
Nuveen
funds.
In
this
regard,
with
respect
to
NAM
and
Winslow,
the
Board
Members
reviewed,
among
other
things,
the
Sub-Adviser’s
revenues,
expenses
and
net
revenue
margins
(pre-
and
after-tax)
for
its
advisory
activities
to
the
respective
Nuveen
funds
for
the
calendar
years
ended
December
31,
2023
and
December
31,
2022.
The
Board
Members
also
reviewed
a
profitability
analysis
reflecting
the
revenues,
expenses
and
revenue
margin
(pre-
and
after-tax)
grouped
by
similar
types
of
funds
(such
as
municipal,
taxable
fixed
income,
equity,
real
assets
and
index/asset
allocation)
for
NAM
for
the
calendar
years
ending
December
31,
2023
and
December
31,
2022.
With
respect
to
TAL,
the
Board
Members
reviewed,
among
other
things,
the
revenues,
expenses
and
net
operating
income
for
its
advisory
services
to
the
Nuveen
ETFs
and
Nuveen
closed-end
funds
it
sub-advises
for
the
2023
and
2022
calendar
years.
In
evaluating
the
reasonableness
of
the
compensation,
the
Board
Members
also
considered
the
indirect
benefits
NFAL
or
the
Sub-Advisers
received
that
were
directly
attributable
to
the
management
of
the
applicable
funds
as
discussed
in
further
detail
below.
Based
on
its
review,
the
Board
was
satisfied
that
each
Fund
Adviser’s
level
of
profitability
from
its
relationship
with
each
Nuveen
fund
was
not
unreasonable
over
various
time
frames
in
light
of
the
nature,
extent
and
quality
of
services
provided.
D.
Economies
of
Scale
and
Whether
Fee
Levels
Reflect
These
Economies
of
Scale
The
Board
considered
whether
there
have
been
economies
of
scale
with
respect
to
the
management
of
the
funds
in
the
fund
complex,
whether
these
economies
of
scale
have
been
appropriately
shared
with
such
funds
and
whether
there
is
potential
for
realization
of
further
economies
of
scale.
Although
the
Board
considered
that
economies
of
scale
are
difficult
to
measure
with
any
precision
and
the
rates
at
which
certain
expenses
are
incurred
may
not
decline
with
a
rise
in
assets,
the
Board
considered
that
there
are
various
methods
that
may
be
employed
to
help
share
the
benefits
of
economies
of
scale,
including,
among
other
things,
through
the
use
of
breakpoints
in
the
management
fee
schedule,
fee
waivers
and/or
expense
limitations,
the
pricing
of
funds
at
scale
at
inception
and
investments
in
the
Adviser’s
business
which
can
enhance
the
services
provided
to
the
applicable
funds
for
the
fees
paid.
In
this
regard,
the
Board
considered
that,
with
respect
to
the
Nuveen
funds
generally,
although
the
management
fee
of
NFAL
typically
was
comprised
of
a
fund-level
component
and
a
complex-level
component
each
with
its
own
breakpoint
schedule,
the
Nuveen
ETFs
do
not
have
breakpoint
schedules.
The
Board
considered
that
the
Nuveen
ETFs
pay
a
unified
fee
and
as
a
result,
any
reduction
in
fixed
costs
associated
with
the
management
of
these
funds
would
benefit
the
Adviser.
However,
the
Board
Members
considered
that
the
unified
fee
schedule
Annual
Investment
Management
Agreement
Approval
Process
(Unaudited)
(continued)
provides
shareholders
with
a
level
of
certainty
of
the
expenses
of
the
Nuveen
ETFs.
The
Board
Members
considered
that
the
unified
fees
generally
provide
inherent
economies
of
scale
because
the
Nuveen
ETF
would
maintain
a
relatively
fixed
fee
over
the
annual
contract
period
even
if
the
particular
fund’s
assets
declined
and/or
operating
costs
rose.
The
Board
Members
further
considered
that
the
Nuveen
ETFs
do
not
participate
in
the
complex-level
fee
program.
The
Board
Members
also
considered
the
continued
reinvestment
in
Nuveen/TIAA’s
business
to
enhance
its
capabilities
and
services
to
the
benefit
of
its
various
clients.
The
Board
understood
that
many
of
these
investments
were
not
specific
to
individual
funds
but
rather
incurred
across
a
variety
of
products
and
services
pursuant
to
which
the
family
of
funds
as
a
whole
may
benefit.
The
Board
further
considered
that
the
Adviser
and
its
affiliates
have
provided
certain
additional
services,
including,
but
not
limited
to,
services
required
by
new
regulations
and
regulatory
interpretations,
without
raising
advisory
fees
to
the
funds,
and
this
was
also
a
means
of
sharing
economies
of
scale
with
the
funds
and
their
shareholders.
The
Board
considered
the
Adviser’s
and/or
its
affiliates’
ongoing
efforts
to
streamline
the
product
line-up,
among
other
things,
to
create
more
scaled
funds
which
may
help
improve
both
expense
and
trading
economies.
Based
on
its
review,
the
Board
was
satisfied
that
the
current
fee
arrangements
together
with
the
reinvestment
in
management’s
business
appropriately
shared
any
economies
of
scale
with
shareholders.
E.
Indirect
Benefits
The
Board
Members
received
and
considered
information
regarding
various
indirect
benefits
the
respective
Fund
Adviser
or
its
affiliates
may
receive
as
a
result
of
their
relationship
with
the
funds
in
the
fund
complex.
These
benefits
included,
among
other
things,
economies
of
scale
to
the
extent
the
Adviser
or
its
affiliates
share
investment
resources
and/or
personnel
with
other
clients
of
the
Adviser.
The
funds
may
also
be
used
as
investment
options
for
other
products
or
businesses
offered
by
the
Adviser
and/or
its
affiliates,
such
as
variable
products,
fund
of
funds
and
529
education
savings
plans,
and
affiliates
of
the
Adviser
may
serve
as
sub-advisers
to
various
funds
in
which
case
all
advisory
and
sub-advisory
fees
generated
by
such
funds
stay
within
Nuveen.
Further,
the
funds
may
pay
the
Adviser
and/or
its
affiliates
for
other
services,
such
as
distribution.
In
this
regard,
the
Board
Members
considered
that
an
affiliate
of
the
Adviser
serves
as
principal
underwriter
providing
distribution
and/or
shareholder
services
to
the
open-end
funds
for
which
it
may
be
compensated.
In
addition,
the
Board
Members
considered
that
the
Adviser
and
Sub-Advisers
may
utilize
soft
dollar
brokerage
arrangements
attributable
to
the
respective
fund(s)
to
obtain
research
and
other
services
for
any
or
all
of
their
clients,
although
the
Board
Members
also
considered
reimbursements
of
such
costs
by
the
Adviser
and/or
applicable
Sub-Adviser.
The
Adviser
and
its
affiliates
may
also
benefit
from
the
advisory
relationships
with
the
funds
in
the
fund
complex
to
the
extent
this
relationship
results
in
potential
investors
viewing
the
TIAA
group
of
companies
as
a
leading
retirement
plan
provider
in
the
academic
and
nonprofit
market
and
a
single
source
for
all
their
financial
service
needs.
The
Adviser
and/or
its
affiliates
may
further
benefit
to
the
extent
that
they
have
pricing
or
other
information
regarding
vendors
the
funds
utilize
in
establishing
arrangements
with
such
vendors
for
other
products.
Based
on
its
review,
the
Board
concluded
that
any
indirect
benefits
received
by
a
Fund
Adviser
as
a
result
of
its
relationship
with
the
applicable
Fund(s)
were
reasonable
in
light
of
the
services
provided.
F.
Other
Considerations
The
Board
Members
did
not
identify
any
single
factor
discussed
previously
as
all-important
or
controlling.
The
Board
Members
concluded
that
the
terms
of
each
Advisory
Agreement
were
reasonable,
that
the
respective
Fund
Adviser’s
fees
were
reasonable
in
light
of
the
services
provided
to
each
applicable
Fund
and
that
the
Advisory
Agreements
be
renewed
for
an
additional
one-year
period.
Nuveen
Securities,
LLC,
member
FINRA
and
SIPC
333
West
Wacker
Drive
Chicago,
IL
60606
www.nuveen.com
NSA-NSESG-0424P
3614374-INV-B-06/25
Nuveen:
Serving
Investors
for
Generations
Since
1898,
financial
advisors
and
their
clients
have
relied
on
Nuveen
to
provide
dependable
investment
solutions
through
continued
adherence
to
proven,
long-term
investing
principles.
Today,
we
offer
a
range
of
high
quality
solutions
designed
to
be
integral
components
of
a
well-diversified
core
portfolio.
Focused
on
meeting
investor
needs.
Nuveen
is
the
investment
manager
of
TIAA.
We
have
grown
into
one
of
the
world’s
premier
global
asset
managers,
with
specialist
knowledge
across
all
major
asset
classes
and
particular
strength
in
solutions
that
provide
income
for
investors
and
that
draw
on
our
expertise
in
alternatives
and
responsible
investing.
Nuveen
is
driven
not
only
by
the
independent
investment
processes
across
the
firm,
but
also
the
insights,
risk
management,
analytics
and
other
tools
and
resources
that
a
truly
world-class
platform
provides.
As
a
global
asset
manager,
our
mission
is
to
work
in
partnership
with
our
clients
to
create
solutions
which
help
them
secure
their
financial
future.
Find
out
how
we
can
help
you.
To
learn
more
about
how
the
products
and
services
of
Nuveen
may
be
able
to
help
you
meet
your
financial
goals,
talk
to
your
financial
advisor,
or
call
us
at
(800)
257-8787.
Please
read
the
information
provided
carefully
before
you
invest.
Investors
should
consider
the
investment
objective
and
policies,
risk
considerations,
charges
and
expenses
of
any
investment
carefully.
Where
applicable,
be
sure
to
obtain
a
prospectus,
which
contains
this
and
other
relevant
information.
To
obtain
a
prospectus,
please
contact
your
securities
representative
or
Nuveen,
333
W.
Wacker
Dr.,
Chicago,
IL
60606.
Please
read
the
prospectus
carefully
before
you
invest
or
send
money.
Learn
more
about
Nuveen
Funds
at:
www.nuveen.com/exchange-traded-funds
NOT
FDIC
INSURED
MAY
LOSE
VALUE
NO
BANK
GUARANTEE
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 ofChapter 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 otherwisesubject 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 specificallyincorporates it by reference: See EX-99.906 CERT attached hereto.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
(Registrant) Nushares ETF Trust
| | | | | | |
| By | | (Signature and Title) | | /s/ Briton Ryan | | |
| | | | Briton Ryan Chief Administrative Officer | | |
Date: July 2, 2024
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
| | | | | | |
| By | | (Signature and Title) | | /s/ Briton Ryan | | |
| | | | Briton Ryan Chief Administrative Officer (principal executive officer) | | |
Date: July 2, 2024
| | | | | | |
| By | | (Signature and Title) | | /s/ E. Scott Wickerham | | |
| | | | E. Scott Wickerham Vice President and Controller (principal financial officer) | | |
Date: July 2, 2024
