Nuveen Short-Term REIT ETF (NURE) N-CSR Certified annual shareholder report (management investment company)

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number  811‑23161                            

Nushares ETF Trust

(Exact name of registrant as specified in charter)

Nuveen Investments

333 West Wacker Drive

Chicago, Illinois 60606

(Address of principal executive offices) (Zip code)

Diana R. Gonzalez

Vice President and Secretary

8500 Andrew Carnegie Boulevard

Charlotte, North Carolina 28262

(Name and address of agent for service)

Registrant’s telephone number, including area code: (312) 917‑7700

Date of fiscal year end: July 31

Date of reporting period: July 31, 2024

Item 1. Reports to Stockholders.

    

Annual Shareholder Report     July 31, 2024  

Nuveen Core Plus Bond ETF

NCPB/NASDAQ Stock Market LLC

Annual Shareholder Report

This annual shareholder report contains important information about the Nuveen Core Plus Bond ETF for the period of March 5, 2024 (inception) to July 31, 2024. You can find additional information at https://www.nuveen.com/en‑us/exchange‑traded‑funds/prospectuses. You can also request this information by contacting us at (800) 257-8787.

This report describes changes to the Fund that occurred during the reporting period.

What were the Fund costs for the period since inception? (based on a hypothetical $10,000 investment)

	Cost of a  $10,000 investment	Costs paid as a percentage of $10,000 investment*
Nuveen Core Plus Bond ETF	$30	0.30%

* Annualized for period less than one year.

How did the Fund perform since inception? What affected the Fund’s performance?

Performance Highlights   •  The Nuveen Core Plus Bond ETF returned 2.99% for Common Shares at net asset value (NAV) for the abbreviated reporting period from the Fund’s inception on March 5, 2024, through July 31, 2024. The Fund outperformed the Bloomberg U.S. Aggregate Bond Index, which returned 2.6%.   •  Top contributors to relative performance   »   The Fund’s exposure to higher-yielding spread sectors, particularly an out-of-benchmark allocation to high yield corporate bonds and overweight to emerging markets debt.   »   Underweight to U.S. Treasury bonds and an overweight to mortgage-backed securities (MBS).   »   Security selection within commercial mortgage-backed securities (CMBS), asset-backed securities (ABS) and corporate bonds.   •  Top detractors from relative performance   »   Yield curve positioning, including an underweight to the two- and five-year segments of the curve, as short-term rates decreased during the reporting period.   »   Security selection within U.S. Treasury bonds. Performance Attribution    Corporate bonds and emerging markets debt    Underweight to U.S. Treasury bonds and MBS    CMBS and ABS    Yield curve positioning    Security selection within U.S. Treasury bonds  

1 continued>>

How did the Fund perform over the period since inception?

Performance data shown represents past performance and does not predict or guarantee future results. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund Shares.

Fund Performance (March 5, 2024 through July 31, 2024) Initial Investment of $10,000

Average Annual Total Returns

	Since Inception (3/5/24)
Nuveen Core Plus Bond ETF (NAV)		2.99	%
Bloomberg U.S. Aggregate Bond Index		2.60	%

Investment return and principal value will fluctuate, and you may have a gain or loss when you sell your shares. Current performance may differ from figures shown. For most recent month-end performance, go to https://www.nuveen.com/en-us/exchange-traded-funds/prospectuses or call (800) 257-8787.

2 continued>>

Fund Statistics (as of July 31, 2024)

Fund net assets	$	40,558,405
Total number of portfolio holdings		352
Portfolio turnover (%)		34%
Total management fees paid for the year	$	39,070

What did the Fund invest in? (as of July 31, 2024)

⁽¹⁾ The Fund uses credit quality ratings for its portfolio securities provided by Standard & Poor’s Group (“Standard & Poor’s”), Moody’s Investors Service, Inc. (“Moody’s”) and Fitch, Inc.(“Fitch”). If all three provide a rating for a security, the middle is used; if two of the three agencies rate a security, the lower rating is used; and if only one rating agency rates a security, that rating is used. AAA, AA, A, and BBB are investment grade ratings; BB, B, CCC/CC/C and D are below-investment grade ratings. Credit ratings are subject to change. Holdings designated N/R are not rated by Moody’s, S&P or Fitch.

How has the Fund changed?

For more complete information, you may review the Fund’s next prospectus, which is expected to be available by November 29, 2024 at https://www.nuveen.com/en-us/exchange-traded-funds/prospectuses or upon request at (800) 257-8787.

Availability of additional information about the Fund

You can find additional information about the Fund at https://www.nuveen.com/en-us/exchange-traded-funds/prospectuses, including its:

• prospectus   •  financial statements and other information   •  fund holdings   •  proxy voting information

You can also request this information at (800) 257‑8787.

67092P763_AR_0724 3824552-INV-Y-09/25

3

    

Annual Shareholder Report     July 31, 2024  

Nuveen Enhanced Yield U.S. Aggregate Bond ETF

NUAG/NYSE Arca

Annual Shareholder Report

This annual shareholder report contains important information about the Nuveen Enhanced Yield U.S. Aggregate Bond ETF for the period of August 1, 2023 to July 31, 2024. You can find additional information at

https://www.nuveen.com/en-us/exchange-traded-funds/prospectuses. You can also request this information by contacting us at (800) 257-8787.

This report describes changes to the Fund that occurred during the reporting period.

What were the Fund costs for the last year? (based on a hypothetical $10,000 investment)

	Cost of a  $10,000 investment	Costs paid as a percentage of $10,000 investment*
Nuveen Enhanced Yield U.S. Aggregate Bond ETF	$21	0.21%

* Annualized for period less than one year.

How did the Fund perform last year? What affected the Fund’s performance?

Performance Highlights

•  The Nuveen Enhanced Yield U.S. Aggregate Bond ETF (NUAG)’s total return at net asset value (NAV) was 6.44% for the 12 months ended July 31, 2024. The Fund’s custom index, the ICE BofA Enhanced Yield U.S. Broad Bond Index, returned 6.83%.

•  The difference between the Fund’s total return at NAV and that of the custom index is attributable to management fees and other expenses incurred by the Fund that are not incurred by the custom index, along with the representative sampling process, which utilizes a subset of index securities in an effort to provide exposure similar to that of the custom index.

•  During the reporting period, the Fund’s custom index outperformed the Fund’s base index, the ICE BofA U.S. Broad Market Index, which returned 5.18%

•  Performance drivers between the Fund’s custom index and base index during the reporting period:

»   Top contributors to the custom index’s relative performance

§  Overweight to corporate bonds and commercial mortgage-backed securities (CMBS).

§  Underweight to US treasury bonds, which generally underperformed spread sectors over the reporting period.

»   There were no material detractors from the custom index’s relative performance during the reporting period.

1 continued>>

How did the Fund perform over the period since inception?

Performance data shown represents past performance and does not predict or guarantee future results. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund Shares.

Fund Performance (September 14, 2016 through July 31, 2024) Initial Investment of $10,000

Average Annual Total Returns

	1-Year			5-Year			Since Inception (9/14/16)
Nuveen Enhanced Yield U.S. Aggregate Bond ETF (NAV)		6.44	%		0.29	%		1.14	%
ICE BofA U.S. Broad Market Index		5.18	%		0.17	%		1.04	%
ICE BofA Enhanced Yield U.S. Broad Bond Index		6.83	%		0.53	%		1.50	%

Investment return and principal value will fluctuate, and you may have a gain or loss when you sell your shares. Current performance may differ from figures shown. For most recent month-end performance, go to https://www.nuveen.com/en-us/exchange-traded-funds/prospectuses or call (800) 257-8787.

2 continued>>

Fund Statistics (as of July 31, 2024)

Fund net assets	$	35,816,801
Total number of portfolio holdings		692
Portfolio turnover (%)		48%
Total management fees paid for the year	$	66,045

What did the Fund invest in? (as of July 31, 2024)

⁽¹⁾ The Fund uses credit quality ratings for its portfolio securities provided by Moody’s, S&P and Fitch. If all three of Moody’s, S&P, and Fitch provide a rating for a security, an average of the ratings is used; if two of the three agencies rate a security, an average of the two is used; and if only one rating agency rates a security, that rating is used. AAA, AA, A, and BBB are investment grade ratings; BB, B, CCC/CC/C and D are below-investment grade ratings. Credit ratings are subject to change. Holdings designated N/R are not rated by Moody’s, S&P or Fitch.

How has the Fund changed?

For more complete information, you may review the Fund’s next prospectus, which is expected to be available by November 29, 2024 at https://www.nuveen.com/en-us/exchange-traded-funds/prospectuses or upon request at (800) 257-8787.

Availability of additional information about the Fund

You can find additional information about the Fund at https://www.nuveen.com/en-us/exchange-traded-funds/prospectuses, including its:

• prospectus   •  financial statements and other information   •  fund holdings   •  proxy voting information

You can also request this information at (800) 257-8787.

67092P102_AR_0724 3824569-INV-Y-09/25

3

    

Annual Shareholder Report     July 31, 2024  

Nuveen ESG 1-5 Year U.S. Aggregate Bond ETF

NUSA/NYSE Arca

Annual Shareholder Report

This annual shareholder report contains important information about the Nuveen ESG 1-5 Year U.S. Aggregate Bond ETF for the period of August 1, 2023 to July 31, 2024. You can find additional information at https://www.nuveen.com/en‑us/exchange‑traded‑funds/prospectuses. You can also request this information by contacting us at (800) 257-8787.

This report describes changes to the Fund that occurred during the reporting period.

What were the Fund costs for the last year? (based on a hypothetical $10,000 investment)

	Cost of a  $10,000 investment	Costs paid as a percentage of $10,000 investment*
Nuveen ESG 1-5 Year U.S. Aggregate Bond ETF	$16	0.16%

* Annualized for period less than one year.

How did the Fund perform last year? What affected the Fund’s performance?

Performance Highlights

•  The Nuveen ESG 1-5 Year U.S. Aggregate Bond ETF (NUSA)’s total return at net asset value (NAV) was 5.65% for the 12 months ended July 31, 2024. The Fund’s custom index, the Bloomberg MSCI 1-5 Year U.S. Aggregate ESG Select Index, returned 5.85%.

•  The difference between the Fund’s total return at NAV and that of the custom index is attributable to management fees and other expenses incurred by the Fund that are not incurred by the custom index, along with the representative sampling process, which utilizes a subset of index securities in an effort to provide exposure similar to that of the custom index.

•  During the reporting period, the Fund’s custom index performed in line with the Fund’s base index, the Bloomberg 1-5 Year U.S. Aggregate Bond Index, which returned 5.91%

•  Sector allocations and performance were consistent in both the custom index and base index, and there were no material contributors or detractors between the custom index and base index over the reporting period.

1 continued>>

How did the Fund perform over the period since inception?

Performance data shown represents past performance and does not predict or guarantee future results. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund Shares.

Fund Performance (March 31, 2017 through July 31, 2024) Initial Investment of $10,000

Average Annual Total Returns

	1‑Year			5‑Year			Since Inception (3/31/17)
Nuveen ESG 1-5 Year U.S. Aggregate Bond ETF (NAV)		5.65	%		1.38	%		1.76	%
Bloomberg 1‑5 Year U.S. Aggregate Bond Index		5.91	%		1.22	%		1.60	%
Bloomberg U.S. Aggregate Bond Index		5.10	%		0.19	%		1.34	%
NUSA Custom Index *		5.85	%		1.53	%		1.98	%

* The NUSA Custom Index is defined as the linked returns between the Bloomberg MSCI 1-5 Year U.S. Aggregate ESG Select Index (effective July 1, 2023) and the ICE BofA Enhanced Yield 1-5 Year U.S. Broad Bond Index (through market close on June 30, 2023).

Investment return and principal value will fluctuate, and you may have a gain or loss when you sell your shares. Current performance may differ from figures shown. For most recent month‑end performance, go to
https://www.nuveen.com/en-us/exchange-traded-funds/prospectuses or call (800) 257‑8787.

2 continued>>

Fund Statistics (as of July 31, 2024)

Fund net assets	$	32,433,010
Total number of portfolio holdings		294
Portfolio turnover (%)		37%
Total management fees paid for the year	$	47,258

What did the Fund invest in? (as of July 31, 2024)

⁽¹⁾ The Fund uses credit quality ratings for its portfolio securities provided by Standard & Poor’s Group (“Standard & Poor’s”), Moody’s Investors Service, Inc. (“Moody’s”) and Fitch, Inc.(“Fitch”). If all three provide a rating for a security, the middle is used; if two of the three agencies rate a security, the lower rating is used; and if only one rating agency rates a security, that rating is used. AAA, AA, A, and BBB are investment grade ratings; BB, B, CCC/CC/C and D are below-investment grade ratings. Credit ratings are subject to change. Holdings designated N/R are not rated by Moody’s, S&P or Fitch.

How has the Fund changed?

For more complete information, you may review the Fund’s next prospectus, which is expected to be available by November 29, 2024 at https://www.nuveen.com/en‑us/exchange‑traded‑funds/prospectuses or upon request at (800) 257‑8787.

Availability of additional information about the Fund

You can find additional information about the Fund at https://www.nuveen.com/en‑us/exchange‑traded‑funds/prospectuses, including its:

• prospectus   • financial statements and other information  • fund holdings  • proxy voting information

You can also request this information at (800) 257‑8787.

67092P110_AR_0724 3824576-INV-Y-09/25

3

 
Annual Shareholder Report     July 31, 2024  

Nuveen ESG High Yield Corporate Bond ETF

NUHY/NYSE Arca

Annual Shareholder Report

This annual shareholder report contains important information about the Nuveen ESG High Yield Corporate Bond ETF for the period of August 1, 2023 to July 31, 2024. You can find additional information at

https://www.nuveen.com/en‑us/exchange‑traded‑funds/prospectuses. You can also request this information by contacting us at (800) 257-8787.

This report describes changes to the Fund that occurred during the reporting period.

What were the Fund costs for the last year? (based on a hypothetical $10,000 investment)

	Cost of a  $10,000 investment	Costs paid as a percentage of $10,000 investment*
Nuveen ESG High Yield Corporate Bond ETF	$33	0.31%

* Annualized for period less than one year.

How did the Fund perform last year? What affected the Fund’s performance?

Performance Highlights

•  The Nuveen ESG High Yield Corporate Bond ETF (NUHY)’s total return at net asset value (NAV) was 10.43% for the 12 months ended July 31, 2024. The Fund’s custom index, the Bloomberg MSCI U.S. High Yield Very Liquid ESG Select Index, returned 10.91%.

•  The difference between the Fund’s total return at NAV and that of the custom index is attributable to management fees and other expenses incurred by the Fund that are not incurred by the custom index, along with the representative sampling process, which utilizes a subset of index securities in an effort to provide exposure similar to that of the custom index.

•  During the reporting period, the Fund’s custom index performed in line with the Fund’s base index, the Bloomberg U.S. High Yield Very Liquid Index, which returned 11.06%.

•  Performance drivers between the Fund’s custom index and base index during the reporting period:

»   Top contributors to the custom index’s relative performance

§  Security selection in the communications sector, led by overweights to Frontier Communications and CSC Holdings LLC.

»   Top detractors from the custom index’s relative performance

§  An overweight to lumber production and distribution company Enviva Inc., which filed for bankruptcy during the reporting period.

1 continued>>

How did the Fund perform over the period since inception?

Performance data shown represents past performance and does not predict or guarantee future results. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund Shares.

Fund Performance (September 25, 2019 through July 31, 2024) Initial Investment of $10,000

Average Annual Total Returns

	1‑Year			Since Inception (9/25/19)
Nuveen ESG High Yield Corporate Bond ETF (NAV)		10.43	%		2.39	%
Bloomberg U.S. Aggregate Bond Index		5.10	%		(0.15	)%
Bloomberg U.S. High Yield Very Liquid Index		11.06	%		3.60	%
Bloomberg MSCI U.S. High Yield Very Liquid ESG Select Index		10.91	%		2.77	%

Investment return and principal value will fluctuate, and you may have a gain or loss when you sell your shares. Current performance may differ from figures shown. For most recent month‑end performance, go to https://www.nuveen.com/en‑us/exchange‑traded‑funds/prospectuses or call (800) 257‑8787.

2 continued>>

Fund Statistics (as of July 31, 2024)

Fund net assets	$	89,221,581
Total number of portfolio holdings		394
Portfolio turnover (%)		43%
Total management fees paid for the year	$	284,454

What did the Fund invest in? (as of July 31, 2024)

⁽¹⁾ The Fund uses credit quality ratings for its portfolio securities provided by Standard & Poor’s Group (“Standard & Poor’s”), Moody’s Investors Service, Inc. (“Moody’s”) and Fitch, Inc. (“Fitch”). If all three provide a rating for a security, the middle is used; if two of the three agencies rate a security, the lower rating is used; and if only one rating agency rates a security, that rating is used. AAA, AA, A, and BBB are investment grade ratings; BB, B, CCC/CC/C and D are below-investment grade ratings. Credit ratings are subject to change. Holdings designated N/R are not rated by Moody’s, S&P or Fitch.

How has the Fund changed?

For more complete information, you may review the Fund’s next prospectus, which is expected to be available by November 29, 2024 at https://www.nuveen.com/en‑us/exchange‑traded‑funds/prospectuses or upon request at (800) 257‑8787.

Availability of additional information about the Fund

You can find additional information about the Fund at https://www.nuveen.com/en‑us/exchange‑traded‑funds/prospectuses, including its:

• prospectus   •  financial statements and other information  •  fund holdings   •  proxy voting information

You can also request this information at (800) 257‑8787.

67092P854_AR_0724 3824581-INV-Y-09/25

3

    

Annual Shareholder Report     July 31, 2024  

Nuveen ESG U.S. Aggregate Bond ETF

NUBD/NYSE Arca

Annual Shareholder Report

This annual shareholder report contains important information about the Nuveen ESG U.S. Aggregate Bond ETF for the period of August 1, 2023 to July 31, 2024. You can find additional information at

https://www.nuveen.com/en-us/exchange-traded-funds/prospectuses. You can also request this information by contacting us at (800) 257-8787.

This report describes changes to the Fund that occurred during the reporting period.

What were the Fund costs for the last year? (based on a hypothetical $10,000 investment)

	Cost of a  $10,000 investment	Costs paid as a percentage of $10,000 investment*
Nuveen ESG U.S. Aggregate Bond ETF	$16	0.16%

* Annualized for period less than one year.

How did the Fund perform last year? What affected the Fund’s performance?

Performance Highlights

•  The Nuveen ESG U.S. Aggregate Bond ETF (NUBD)’s total return at net asset value (NAV) was 5.03% for the 12 months ended July 31, 2024. The Fund’s custom index, the Bloomberg MSCI U.S. Aggregate ESG Select Index, returned 5.09%.

•  The difference between the Fund’s total return at NAV and that of the custom index is attributable to management fees and other expenses incurred by the Fund that are not incurred by the custom index, along with the representative sampling process, which utilizes a subset of index securities in an effort to provide exposure similar to that of the custom index.

•  During the reporting period, the Fund’s custom index performed in line with the Fund’s base index, the Bloomberg U.S. Aggregate Bond Index, which returned 5.10%.

•  Sector allocations and performance were consistent in both the custom index and base index, and there were no material contributors or detractors between the custom index and base index over the reporting period.

1 continued>>

How did the Fund perform over the period since inception?

Performance data shown represents past performance and does not predict or guarantee future results. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund Shares.

Fund Performance (September 29, 2017 through July 31, 2024) Initial Investment of $10,000

Average Annual Total Returns

	1‑Year			5‑Year			Since Inception (9/29/17)
Nuveen ESG U.S. Aggregate Bond ETF (NAV)		5.03	%		(0.04	)%		0.89	%
Bloomberg U.S. Aggregate Bond Index		5.10	%		0.19	%		1.10	%
Bloomberg MSCI U.S. Aggregate ESG Select Index		5.09	%		0.19	%		1.10	%

Investment return and principal value will fluctuate, and you may have a gain or loss when you sell your shares. Current performance may differ from figures shown. For most recent month‑end performance, go to

https://www.nuveen.com/en-us/exchange-traded-funds/prospectuses or call (800) 257‑8787.

2 continued>>

Fund Statistics (as of July 31, 2024)

Fund net assets	$	368,721,828
Total number of portfolio holdings		1,714
Portfolio turnover (%)		13%
Total management fees paid for the year	$	473,283

What did the Fund invest in? (as of July 31, 2024)

⁽¹⁾ The Fund uses credit quality ratings for its portfolio securities provided by Standard & Poor’s Group (“Standard & Poor’s”), Moody’s Investors Service, Inc. (“Moody’s”) and Fitch, Inc.(“Fitch”). If all three provide a rating for a security, the middle is used; if two of the three agencies rate a security, the lower rating is used; and if only one rating agency rates a security, that rating is used. AAA, AA, A, and BBB are investment grade ratings; BB, B, CCC/CC/C and D are below-investment grade ratings. Credit ratings are subject to change. Holdings designated N/R are not rated by Moody’s, S&P or Fitch.

How has the Fund changed?

For more complete information, you may review the Fund’s next prospectus, which is expected to be available by November 29, 2024 at https://www.nuveen.com/en-us/exchange-traded-funds/prospectuses or upon request at (800) 257-8787.

Availability of additional information about the Fund

You can find additional information about the Fund at https://www.nuveen.com/en-us/exchange-traded-funds/prospectuses, including its:

• prospectus   • financial statements and other information  • fund holdings  • proxy voting information

You can also request this information at (800) 257‑8787.

67092P870_AR_0724 3824595‑INV‑Y‑09/25

3

    

Annual Shareholder Report     July 31, 2024  

Nuveen Global Net Zero Transition ETF

NTZG/NASDAQ Stock Market LLC

Annual Shareholder Report

This annual shareholder report contains important information about the Nuveen Global Net Zero Transition ETF for the period of August 1, 2023 to July 31, 2024. You can find additional information at https://www.nuveen.com/en‑us/exchange‑traded‑funds/prospectuses. You can also request this information by contacting us at (800) 257-8787.

This report describes changes to the Fund that occurred during the reporting period.

What were the Fund costs for the last year? (based on a hypothetical $10,000 investment)

	Cost of a  $10,000 investment	Costs paid as a percentage of $10,000 investment*
Nuveen Global Net Zero Transition ETF	$59	0.56%

* Annualized for period less than one year.

How did the Fund perform last year? What affected the Fund’s performance?

Performance Highlights   •  The Nuveen Global Net Zero Transition returned 10.99% for Common Shares at net asset value (NAV) for the 12 months ended July 31, 2024. The Fund significantly underperformed the MSCI ACWI Index (Net), which returned 17.02%.   •  Top contributors to relative performance   »   Security selection in the industrials sector, including an overweight to U.S. HVAC company Trane Technologies PLC.   »   Security selection in the consumer staples sector, including overweights to U.S.-based retailers Costco Wholesale Corporation and Walmart Inc.   »   An overweight to Danish pharmaceutical company Novo Nordisk A/S.   •  Top detractors from relative performance   »   Security selection in the information technology sector, including a lack of exposure to U.S.-based NVIDIA Corporation and an overweight to South Korean battery manufacturer Samsung SDI Co Ltd.   »   Security selection in the consumer discretionary sector, including an overweight to French luxury goods firm Kering SA.   »   Security selection in the financials sector, including an overweight to Dutch payment company Adyen NV. Performance Attribution    Industrials    Consumer staples    Novo Nordisk A/S    Information technology    Consumer discretionary    Financials

1 continued>>

How did the Fund perform over the period since inception?

Performance data shown represents past performance and does not predict or guarantee future results. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund Shares.

Fund Performance (June 23, 2022 through July 31, 2024) Initial Investment of $10,000

Average Annual Total Returns

	1‑Year			Since Inception (6/23/22)
Nuveen Global Net Zero Transition ETF (NAV)		10.99	%		13.85	%
MSCI ACWI Index (Net)		17.02	%		17.89	%

Investment return and principal value will fluctuate, and you may have a gain or loss when you sell your shares. Current performance may differ from figures shown. For most recent month‑end performance, go to https://www.nuveen.com/en‑us/exchange‑traded‑funds/prospectuses or call (800) 257‑8787.

2 continued>>

Fund Statistics (as of July 31, 2024)

Fund net assets	$	6,440,931
Total number of portfolio holdings		70
Portfolio turnover (%)		22%
Total management fees paid for the year	$	32,928

What did the Fund invest in? (as of July 31, 2024)

How has the Fund changed?

• On August 21, 2024, the Fund’s Board of Trustees approved the liquidation of the Fund, effective October 22, 2024.

Availability of additional information about the Fund

You can find additional information about the Fund at https://www.nuveen.com/en-us/exchange-traded-funds/prospectuses, including its:

• prospectus   •  financial statements and other information  •  fund holdings  •  proxy voting information

You can also request this information at (800) 257‑8787.

67092P789_AR_0724 3824602‑INV‑Y‑09/25

3

    

Annual Shareholder Report     July 31, 2024  

Nuveen Preferred and Income ETF

NPFI/NASDAQ Stock Market LLC

Annual Shareholder Report

This annual shareholder report contains important information about the Nuveen Preferred and Income ETF for the period of March 5, 2024 (inception) to July 31, 2024. You can find additional information at https://www.nuveen.com/en‑us/exchange‑traded‑funds/prospectuses. You can also request this information by contacting us at (800) 257-8787.

This report describes changes to the Fund that occurred during the reporting period.

What were the Fund costs for the period since inception? (based on a hypothetical $10,000 investment)

	Cost of a  $10,000 investment	Costs paid as a percentage of $10,000 investment*
Nuveen Preferred and Income ETF	$56	0.55%

* Annualized for period less than one year.

How did the Fund perform since inception? What affected the Fund’s performance?

Performance Highlights   •  The Nuveen Preferred and Income ETF returned 4.05% for Common Shares at net asset value (NAV) for the abbreviated reporting period since the Fund’s inception on March 5, 2024, through July 31, 2024. The Fund underperformed the NPFI Blended Benchmark, which returned 4.61%. The NPFI Blended Benchmark consists of: 60% ICE US Institutional Capital Securities Index (IIPS), and 40% ICE USD Contingent Capital Index (CDLR).   •  Top contributors to relative performance   »   Security selection within fixed-to-fixed rate coupon securities, particularly recently issued, higher coupon securities, which outperformed the broader preferred securities market.   •  Top detractors from relative performance   »   Shorter-duration positioning, resulting from an overweight to floating-rate coupon securities, which detracted as short-term rates decreased during the reporting period.   »   Underweight to contingent capital securities (CoCos), which was partially offset by favorable security selection within that segment. Performance Attribution    Fixed-to-fixed rate coupon securities    Shorter-duration positioning    Underweight CoCos  

1 continued>>

How did the Fund perform over the period since inception?

Performance data shown represents past performance and does not predict or guarantee future results. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund Shares.

Fund Performance (March 5, 2024 through July 31, 2024) Initial Investment of $10,000

Average Annual Total Returns

	Since Inception (3/5/24)
Nuveen Preferred and Income ETF (NAV)		4.05	%
Bloomberg U.S. Aggregate Bond Index		2.60	%
ICE US Institutional Capital Securities Index		4.13	%
NPFI Blended Benchmark		4.61	%

Investment return and principal value will fluctuate, and you may have a gain or loss when you sell your shares. Current performance may differ from figures shown. For most recent month-end performance, go to https://www.nuveen.com/en-us/exchange-traded-funds/prospectuses or call (800) 257-8787.

Return of Capital: During the current reporting period, $0.17 per share of the Fund’s distribution was re-characterized as a return of capital resulting from subsequent re-characterizations of cash flows received from the Fund’s investments.

2 continued>>

Fund Statistics (as of July 31, 2024)

Fund net assets	$	17,240,876
Total number of portfolio holdings		123
Portfolio turnover (%)		6%
Total management fees paid for the year	$	35,238

What did the Fund invest in? (as of July 31, 2024)

⁽¹⁾ The ratings disclosed are the highest rating given by one of the following national rating agencies: Standard & Poor’s (S&P), Moody’s Investors Service, Inc. (Moody’s) or Fitch, Inc (Fitch). This treatment of split-rated securities may differ from that used for other purposes, such as for Fund investment policies. Credit ratings are subject to change. AAA, AA, A, and BBB are investment grade ratings; BB, B, CCC, CC, C and D are below-investment grade ratings. Holdings designated N/R are not rated by these national ratings agencies.

How has the Fund changed?

For more complete information, you may review the Fund’s next prospectus, which is expected to be available by November 29, 2024 at https://www.nuveen.com/en-us/exchange-traded-funds/prospectuses or upon request at (800) 257-8787.

Availability of additional information about the Fund

You can find additional information about the Fund at https://www.nuveen.com/en-us/exchange-traded-funds/prospectuses, including its:

• prospectus  •  financial statements and other information •  fund holdings •  proxy voting information

You can also request this information at (800) 257‑8787.

67092P771_AR_0724 3824613-INV-Y-09/25

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Annual Shareholder Report     July 31, 2024   

Nuveen Sustainable Core ETF

NSCR/NASDAQ Stock Market LLC

Annual Shareholder Report

This annual shareholder report contains important information about the Nuveen Sustainable Core ETF for the period of March 5, 2024 (inception) to July 31, 2024. You can find additional information at https://www.nuveen.com/en‑us/exchange‑traded‑funds/prospectuses. You can also request this information by contacting us at (800) 257‑8787.

This report describes changes to the Fund that occurred during the reporting period.

What were the Fund costs for the period since inception? (based on a hypothetical $10,000 investment)

	Cost of a  $10,000 investment	Costs paid as a percentage of $10,000 investment*
Nuveen Sustainable Core ETF	$47	0.46%

* Annualized for period less than one year.

How did the Fund perform since inception? What affected the Fund’s performance?

Performance Highlights   •  The Nuveen Sustainable Core ETF returned 8.33% for Common Shares at net asset value (NAV) for the abbreviated reporting period from the Fund’s inception on March 5, 2024, through July 31, 2024. The Fund underperformed the S&P 500 Index, which returned 9.31%.   •  Top contributors to relative performance   »   Security selection in the information technology sector, including a lack of exposure to U.S. chipmakers Advanced Micro Devices, Inc. and Intel Corporation.   »   Security selection in the utilities sector, including overweights to NextEra Energy, Inc. and American Electric Power Company, Inc.   »   An overweight to Bank of New York Mellon Corp.   •  Top detractors from relative performance   »   Security selection in the health care sector, including overweights to pharmaceutical firms Merck & Co., Inc. and Bristol-Myers Squibb Company.   »   An underweight to Apple, Inc. Performance Attribution    Information technology    Utilities    Bank of New York Mellon Corp.    Health care    Apple, Inc.  

1 continued>>

How did the Fund perform over the period since inception?

Performance data shown represents past performance and does not predict or guarantee future results. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund Shares.

Fund Performance (March 5, 2024 through July 31, 2024) Initial Investment of $10,000

Average Annual Total Returns

	Since Inception (3/5/24)
Nuveen Sustainable Core ETF (NAV)		8.33	%
S&P 500® Index		9.31	%

Investment return and principal value will fluctuate, and you may have a gain or loss when you sell your shares. Current performance may differ from figures shown. For most recent month‑end performance, go to https://www.nuveen.com/en‑us/exchange‑traded‑funds/prospectuses or call (800) 257‑8787.

2 continued>>

Fund Statistics (as of July 31, 2024)

Fund net assets	$	5,689,198
Total number of portfolio holdings		51
Portfolio turnover (%)		4%
Total management fees paid for the year	$	10,076

What did the Fund invest in? (as of July 31, 2024)

How has the Fund changed?

For more complete information, you may review the Fund’s next prospectus, which is expected to be available by November 29, 2024 at https://www.nuveen.com/en‑us/exchange‑traded‑funds/prospectuses or upon request at (800) 257‑8787.

Availability of additional information about the Fund

You can find additional information about the Fund at https://www.nuveen.com/en‑us/exchange‑traded‑funds/prospectuses, including its:

• prospectus   •  financial statements and other information •  fund holdings •  proxy voting information

You can also request this information at (800) 257‑8787.

67092P748_AR_0724 3824623-INV-Y-09/25

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Annual Shareholder Report     July 31, 2024  

Nuveen Ultra Short Income ETF

NUSB/NASDAQ Stock Market LLC

Annual Shareholder Report

This annual shareholder report contains important information about the Nuveen Ultra Short Income ETF for the period of March 5, 2024 (inception) to July 31, 2024. You can find additional information at https://www.nuveen.com/enus/exchange‑traded‑funds/prospectuses. You can also request this information by contacting us at (800) 257-8787.

This report describes changes to the Fund that occurred during the reporting period.

What were the Fund costs for the period since inception? (based on a hypothetical $10,000 investment)

	Cost of a  $10,000 investment	Costs paid as a percentage of $10,000 investment*
Nuveen Ultra Short Income ETF	$17	0.17%

* Annualized for period less than one year.

How did the Fund perform last year? What affected the Fund’s performance?

Performance Highlights   •  The Nuveen Ultra Short Income ETF returned 2.22% for Common Shares at net asset value (NAV) for the abbreviated reporting period since the Fund’s inception on March 5, 2024, through July 31, 2024. The Fund performed in line with the ICE BofA U.S. 3-Month Treasury Bill Index, which returned 2.16%.   •  Top contributors to relative performance   »   Out-of-benchmark allocations to spread sectors, notably to investment grade corporate bonds, which was driven by strong performance in the banking and insurance industries.   »   Out-of-benchmark allocation to asset-backed securities (ABS), led by automotive related securities.   »   Out-of-benchmark allocation to commercial mortgage-backed securities (CMBS), which rallied and outperformed during the reporting period.   •  There were no material detractors from relative performance. Performance Attribution    Investment grade
corporate bonds    ABS    CMBS  

1 continued>>

How did the Fund perform over the period since inception?

Performance data shown represents past performance and does not predict or guarantee future results. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund Shares.

Fund Performance (March 5, 2024 through July 31, 2024) Initial Investment of $10,000

Average Annual Total Returns

	Since Inception (3/5/24)
Nuveen Ultra Short Income ETF (NAV)		2.22	%
Bloomberg U.S. Aggregate Bond Index		2.60	%
ICE BofA U.S. 3‑Month Treasury Bill Index		2.16	%

Investment return and principal value will fluctuate, and you may have a gain or loss when you sell your shares. Current performance may differ from figures shown. For most recent month‑end performance, go to https://www.nuveen.com/en‑us/exchange‑traded‑funds/prospectuses or call (800) 257‑8787.

2

Fund Statistics (as of July 31, 2024)

Fund net assets	$	25,792,704
Total number of portfolio holdings		134
Portfolio turnover (%)		7%
Total management fees paid for the year	$	11,077

What did the Fund invest in? (as of July 31, 2024)

⁽¹⁾ The Fund uses credit quality ratings for its portfolio securities provided by Standard & Poor’s Group (“Standard & Poor’s”), Moody’s Investors Service, Inc. (“Moody’s”) and Fitch, Inc.(“Fitch”). If all three provide a rating for a security, the middle is used; if two of the three agencies rate a security, the lower rating is used; and if only one rating agency rates a security, that rating is used. AAA, AA, A, and BBB are investment grade ratings; BB, B, CCC/CC/C and D are below-investment grade ratings. Credit ratings are subject to change. Holdings designated N/R are not rated by Moody’s, S&P or Fitch.

How has the Fund changed?

For more complete information, you may review the Fund’s next prospectus, which is expected to be available by November 29, 2024 at https://www.nuveen.com/en‑us/exchange‑traded‑funds/prospectuses or upon request at (800) 257‑8787.

Availability of additional information about the Fund

You can find additional information about the Fund at https://www.nuveen.com/en‑us/exchange‑traded‑funds/prospectuses, including its:

• prospectus   •  financial statements and other information  •  fund holdings  •  proxy voting information

You can also request this information at (800) 257‑8787.

67092P755_AR_0724 3824631-INV-Y-09/25

3

Item 2. Code of Ethics.

As of the end of the period covered by this report, the registrant has adopted a code of ethics that applies to the registrant’s principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions. There were no amendments to or waivers from the code during the period covered by this report. Upon request, a copy of the registrant’s code of ethics is available without charge by calling 800-257-8787.

Item 3. Audit Committee Financial Expert.

As of the end of the period covered by this report, the registrant’s Board of Directors or Trustees (“Board”) had determined that the registrant has at least one “audit committee financial expert” (as defined in Item 3 of Form N-CSR) serving on its Audit Committee. The members of the registrant’s audit committee that have been designated as audit committee financial experts are Joseph A. Boateng, Albin F. Moschner, John K. Nelson, Loren M. Starr and Robert L. Young, who are “independent” for purposes of Item 3 of Form N-CSR.

Mr. Boateng has served as the Chief Investment Officer for Casey Family Programs since 2007. He was previously Director of U.S. Pension Plans for Johnson & Johnson from 2002-2006. Mr. Boateng is a board member of the Lumina Foundation and Waterside School, an emeritus board member of Year Up Puget Sound, member of the Investment Advisory Committee and former Chair for the Seattle City Employees’ Retirement System, and an Investment Committee Member for The Seattle Foundation. Mr. Boateng previously served on the Board of Trustees for the College Retirement Equities Fund (2018-2023) and on the Management Committee for TIAA Separate Account VA-1 (2019-2023).

Mr. Moschner is a consultant in the wireless industry and, in July 2012, founded Northcroft Partners, LLC, a management consulting firm that provides operational, management and governance solutions. Prior to founding Northcroft Partners, LLC, Mr. Moschner held various positions at Leap Wireless International, Inc., a provider of wireless services, where he was as a consultant from February 2011 to July 2012, Chief Operating Officer from July 2008 to February 2011, and Chief Marketing Officer from August 2004 to June 2008. Before he joined Leap Wireless International, Inc., Mr. Moschner was President of the Verizon Card Services division of Verizon Communications, Inc. from 2000 to 2003, and President of One Point Services at One Point Communications from 1999 to 2000. Mr. Moschner also served at Zenith Electronics Corporation as Director, President and Chief Executive Officer from 1995 to 1996, and as Director, President and Chief Operating Officer from 1994 to 1995.

Mr. Nelson formerly served on the Board of Directors of Core12, LLC from 2008 to 2023, a private firm which develops branding, marketing, and communications strategies for clients. Mr. Nelson has extensive experience in global banking and markets, having served in several senior executive positions with ABN AMRO Holdings N.V. and its affiliated entities and predecessors, including LaSalle Bank Corporation from 1996 to 2008, ultimately serving as Chief Executive Officer of ABN AMRO N.V. North America. During his tenure at the bank, he also served as Global Head of its Financial Markets Division, which encompassed the bank’s Currency, Commodity, Fixed Income, Emerging Markets, and Derivatives businesses. He was a member of the Foreign Exchange Committee of the Federal Reserve Bank of the United States and during his tenure with ABN AMRO served as the bank’s representative on various committees of The Bank of Canada, European Central Bank, and The Bank of England. Mr. Nelson previously served as a senior, external advisor to the financial services practice of Deloitte Consulting LLP. (2012-2014).

Mr. Starr was Vice Chair, Senior Managing Director from 2020 to 2021, and Chief Financial Officer, Senior Managing Director from 2005 to 2020, for Invesco Ltd. Mr. Starr is also a Director and member of the Audit Committee for AMG. He is former Chair and member of the Board of Directors, Georgia Leadership Institute for School Improvement (GLISI); former Chair and member of the Board of Trustees, Georgia Council on Economic Education (GCEE). Mr. Starr previously served on the Board of Trustees for the College Retirement Equities Fund and on the Management Committee for TIAA Separate Account VA-1 (2022-2023).

Mr. Young has more than 30 years of experience in the investment management industry. From 1997 to 2017, he held various positions with J.P. Morgan Investment Management Inc. (“J.P. Morgan Investment”) and its affiliates (collectively, “J.P. Morgan”). Most recently, he served as Chief Operating Officer and Director of J.P. Morgan Investment (from 2010 to 2016) and as President and Principal Executive Officer of the J.P. Morgan Funds (from 2013 to 2016). As Chief Operating Officer of J.P. Morgan Investment, Mr. Young led service, administration and business platform support activities for J.P. Morgan’s domestic retail mutual fund and institutional commingled and separate account businesses and co-led these activities for J.P. Morgan’s global retail and institutional

investment management businesses. As President of the J.P. Morgan Funds, Mr. Young interacted with various service providers to these funds, facilitated the relationship between such funds and their boards, and was directly involved in establishing board agendas, addressing regulatory matters, and establishing policies and procedures. Before joining J.P. Morgan, Mr. Young, a former Certified Public Accountant (CPA), was a Senior Manager (Audit) with Deloitte & Touche LLP (formerly, Touche Ross LLP), where he was employed from 1985 to 1996. During his tenure there, he actively participated in creating, and ultimately led, the firm’s midwestern mutual fund practice.

Item 4. Principal Accountant Fees and Services.

The following tables show the amount of fees that KPMG LLP, the Funds’ auditor, billed to the Funds during the Funds’ last two full fiscal years. The Audit Committee approved in advance all audit services and non-audit services that KPMG LLP provided to the Funds, except for those non-audit services that were subject to the pre-approval exception under Rule 2-01 of Regulation S-X (the “pre-approval exception”). The pre-approval exception for services provided directly to the Funds waives the pre-approval requirement for services other than audit, review or attest services if: (A) the aggregate amount of all such services provided constitutes no more than 5% of the total amount of revenues paid by the Funds during the fiscal year in which the services are provided; (B) the Funds did not recognize the services as non-audit services at the time of the engagement; and (C) the services are promptly brought to the Audit Committee’s attention, and the Committee (or its delegate) approves the services before the audit is completed.

The Audit Committee has delegated certain pre-approval responsibilities to its Chair (or, in his absence, any other member of the Audit Committee).

Fiscal Year Ended July 31, 2024	Audit Fees Billed to Funds1		Audit-Related Fees Billed to Funds2		Tax Fees Billed to Funds3		All Other Fees Billed to Funds4
Nuveen Enhanced Yield U.S. Aggregate Bond ETF		$20,000		$0		$0		$0
Nuveen ESG U.S. Aggregate Bond ETF		$20,000		$0		$0		$0
Nuveen ESG High Yield Corporate Bond ETF		$22,800		$0		$0		$0
Nuveen ESG 1-5 Year U.S. Aggregate Bond ETF		$20,000		$0		$0		$0
Nuveen Global Net Zero Transition ETF		$22,800		$0		$0		$0
Nuveen Core Plus Bond ETF5		$20,000		$0		$0		$0
Nuveen Preferred and Income ETF5		$22,800		$0		$0		$0
Nuveen Sustainable Core ETF5		$17,100		$0		$0		$0
Nuveen Ultra Short Income ETF5		$20,000		$0		$0		$0
Total		$185,500		$0		$0		$0

1 “Audit Fees” are the aggregate fees billed for professional services for the audit of the Fund’s annual financial statements and services provided in connection with statutory and regulatory filings or engagements.

2 “Audit-Related Fees” are the aggregate fees billed for assurance and related services reasonably related to the performance of the audit or review of financial statements that are not reported under “Audit Fees”. These fees include offerings related to the Fund’s common shares and leverage.

3 “Tax Fees” are the aggregate fees billed for professional services for tax advice, tax compliance, and tax planning. These fees include: all global withholding tax services; excise and state tax reviews; capital gain, tax equalization and taxable basis calculations performed by the principal accountant.

4 “All Other Fees” are the aggregate fees billed for products and services other than “Audit Fees”, “Audit-Related Fees” and “Tax Fees”. These fees represent all “Agreed-Upon Procedures” engagements pertaining to the Fund’s use of leverage.

5 Funds commenced operations on 3/5/2024.

Fiscal Year Ended July 31, 2024	Percentage Approved Pursuant to Pre-approval Exception
	Audit Fees Billed to Funds			Audit-Related Fees Billed to Funds			Tax Fees Billed to Funds			All Other Fees Billed to Funds
Nuveen Enhanced Yield U.S. Aggregate Bond ETF		0	%		0	%		0	%		0	%

	Percentage Approved Pursuant to Pre-approval Exception
Fiscal Year Ended July 31, 2024	Audit Fees Billed to Funds		Audit-Related Fees Billed to Funds		Tax Fees Billed to Funds		All Other Fees Billed to Funds
Nuveen ESG U.S. Aggregate Bond ETF		0%		0%		0%		0%
Nuveen ESG High Yield Corporate Bond ETF		0%		0%		0%		0%
Nuveen ESG 1-5 Year U.S. Aggregate Bond ETF		0%		0%		0%		0%
Nuveen Global Net Zero Transition ETF		0%		0%		0%		0%
Nuveen Core Plus Bond ETF		0%		0%		0%		0%
Nuveen Preferred and Income ETF		0%		0%		0%		0%
Nuveen Sustainable Core ETF		0%		0%		0%		0%
Nuveen Ultra Short Income ETF		0%		0%		0%		0%
Fiscal Year Ended July 31, 2023	Audit Fees Billed to Funds1		Audit-Related Fees Billed to Funds2		Tax Fees Billed to Funds3		All Other Fees Billed to Funds4
Nuveen Enhanced Yield U.S. Aggregate Bond ETF		$21,000		$0		$0		$0
Nuveen ESG U.S. Aggregate Bond ETF		$21,000		$0		$0		$0
Nuveen ESG High Yield Corporate Bond ETF		$24,000		$0		$0		$0
Nuveen ESG 1-5 Year U.S. Aggregate Bond ETF		$21,000		$0		$0		$0
Nuveen Global Net Zero Transition ETF		$24,000		$0		$0		$0
Total		$111,000		$0		$0		$0

1 “Audit Fees” are the aggregate fees billed for professional services for the audit of the Fund’s annual financial statements and services provided in connection with statutory and regulatory filings or engagements.

2 “Audit-Related Fees” are the aggregate fees billed for assurance and related services reasonably related to the performance of the audit or review of financial statements that are not reported under “Audit Fees”. These fees include offerings related to the Fund’s common shares and leverage.

3 “Tax Fees” are the aggregate fees billed for professional services for tax advice, tax compliance, and tax planning. These fees include: all global withholding tax services; excise and state tax reviews; capital gain, tax equalization and taxable basis calculations performed by the principal accountant.

4 “All Other Fees” are the aggregate fees billed for products and services other than “Audit Fees”, “Audit-Related Fees” and “Tax Fees”. These fees represent all “Agreed-Upon Procedures” engagements pertaining to the Fund’s use of leverage.

	Percentage Approved Pursuant to Pre-approval Exception
Fiscal Year Ended July 31, 2023	Audit Fees Billed to Funds			Audit-Related Fees Billed to Funds			Tax Fees Billed to Funds			All Other Fees Billed to Funds
Nuveen Enhanced Yield U.S. Aggregate Bond ETF		0	%		0	%		0	%		0	%
Nuveen ESG U.S. Aggregate Bond ETF		0	%		0	%		0	%		0	%
Nuveen ESG High Yield Corporate Bond ETF		0	%		0	%		0	%		0	%

	Percentage Approved Pursuant to Pre-approval Exception
Fiscal Year Ended July 31, 2023	Audit Fees Billed to Funds			Audit-Related Fees Billed to Funds			Tax Fees Billed to Funds			All Other Fees Billed to Funds
Nuveen ESG 1-5 Year U.S. Aggregate Bond ETF		0	%		0	%		0	%		0	%
Nuveen Global Net Zero Transition ETF		0	%		0	%		0	%		0	%

Fiscal Year Ended July 31, 2024	Audit-Related Fees Billed to Adviser and Affiliated Fund Service Providers			Tax Fees Billed to Adviser and Affiliated Fund Service Providers			All Other Fees Billed to Adviser and Affiliated Fund Service Providers
Nushares ETF Trust		$0			$0			$0
	Percentage Approved Pursuant to Pre-approval Exception
	Audit-Related Fees Billed to Adviser and Affiliated Fund Service Providers			Tax Fees Billed to Adviser and Affiliated Fund Service Providers			All Other Fees Billed to Adviser and Affiliated Fund Service Providers
		0	%		0	%		0	%
Fiscal Year Ended July 31, 2023	Audit-Related Fees Billed to Adviser and Affiliated Fund Service Providers			Tax Fees Billed to Adviser and Affiliated Fund Service Providers			All Other Fees Billed to Adviser and Affiliated Fund Service Providers
Nushares ETF Trust		$0			$0			$0
	Percentage Approved Pursuant to Pre-approval Exception
	Audit-Related Fees Billed to Adviser and Affiliated Fund Service Providers			Tax Fees Billed to Adviser and Affiliated Fund Service Providers			All Other Fees Billed to Adviser and Affiliated Fund Service Providers
		0	%		0	%		0	%

Fiscal Year Ended July 31, 2024	Total Non-Audit Fees Billed to Fund		Total Non-Audit Fees Billed to Adviser and Affiliated Fund Service Providers (engagements related directly to the operations and financial reporting of the Trust)		Total Non-Audit Fees Billed to Adviser and Affiliated Fund Service Providers (all other engagements)		Total
Nuveen Enhanced Yield U.S. Aggregate Bond ETF		$0		$0		$0		$0
Nuveen ESG U.S. Aggregate Bond ETF		$0		$0		$0		$0
Nuveen ESG High Yield Corporate Bond ETF		$0		$0		$0		$0
Nuveen ESG 1-5 Year U.S. Aggregate Bond ETF		$0		$0		$0		$0
Nuveen Global Net Zero Transition ETF		$0		$0		$0		$0
Nuveen Core Plus Bond ETF		$0		$0		$0		$0
Nuveen Preferred and Income ETF		$0		$0		$0		$0
Nuveen Sustainable Core ETF		$0		$0		$0		$0

Fiscal Year Ended July 31, 2024	Total Non-Audit Fees Billed to Fund		Total Non-Audit Fees Billed to Adviser and Affiliated Fund Service Providers (engagements related directly to the operations and financial reporting of the Trust)		Total Non-Audit Fees Billed to Adviser and Affiliated Fund Service Providers (all other engagements)		Total
Nuveen Ultra Short Income ETF		$0		$0		$0		$0
Total		$0		$0		$0		$0

“Non-Audit Fees billed to Fund” for both fiscal year ends represent “Tax Fees” and “All Other Fees” billed to Fund in their respective amounts from the previous table.

Less than 50 percent of the hours expended on the principal accountant’s engagement to audit the registrant’s financial statements for the most recent fiscal year were attributed to work performed by persons other than the principal accountant’s full-time, permanent employees.

Fiscal Year Ended July 31, 2023	Total Non-Audit Fees Billed to Fund		Total Non-Audit Fees Billed to Adviser and Affiliated Fund Service Providers (engagements related directly to the operations and financial reporting of the Trust)		Total Non-Audit Fees Billed to Adviser and Affiliated Fund Service Providers (all other engagements)		Total
Nuveen Enhanced Yield U.S. Aggregate Bond ETF		$0		$0		$0		$0
Nuveen ESG U.S. Aggregate Bond ETF		$0		$0		$0		$0
Nuveen ESG High Yield Corporate Bond ETF		$0		$0		$0		$0
Nuveen ESG 1-5 Year U.S. Aggregate Bond ETF		$0		$0		$0		$0
Nuveen Global Net Zero Transition ETF		$0		$0		$0		$0
Total		$0		$0		$0		$0

“Non-Audit Fees billed to Fund” for both fiscal year ends represent “Tax Fees” and “All Other Fees” billed to Fund in their respective amounts from the previous table.

Audit Committee Pre-Approval Policies and Procedures. Generally, the Audit Committee must approve (i) all non-audit services to be performed for the Funds by the Funds’ independent accountant and (ii) all audit and non-audit services to be performed by the Funds’ independent accountant for the Affiliated Fund Service Providers with respect to the operations and financial reporting of the Funds. Regarding tax and research projects conducted by the independent accountant for the Funds and Affiliated Fund Service Providers (with respect to operations and financial reports of the Trust), such engagements will be (i) pre-approved by the Audit Committee if they are expected to be for amounts greater than $10,000; (ii) reported to the Audit Committee Chair for his verbal approval prior to engagement if they are expected to be for amounts under $10,000 but greater than $5,000; and (iii) reported to the Audit Committee at the next Audit Committee meeting if they are expected to be for an amount under $5,000.

Item 4(i) and Item 4(j) are not applicable to the registrant.

Item 5. Audit Committee of Listed Registrants.

The registrant is an issuer as defined in Rule 10A-3 under the Securities Exchange Act of 1934 (the “Exchange Act”). The registrant’s Board has a separately designated Audit Committee established in accordance with Section 3(a)(58)(A) of the Securities Exchange Act of 1934, as amended (15 U.S.C. 78c(a)(58)(A)). The members of the audit committee are Joseph A. Boateng, Albin F. Moschner, John K. Nelson, Chair, Loren M. Starr, Margaret L. Wolff and Robert L. Young.

Item 6. Investments.

(a) Schedule of Investments is included as part of the financial statements filed under Item 7 of this Form N-CSR.

(b) Not applicable.

Item 7. Financial Statements and Financial Highlights for Open-End Management Investment Companies.

Report

of

Independent

Registered

Public

Accounting

Firm

1

To

the

Shareholders

and

Board

of

Trustees

Nushares

ETF

Trust:

Opinion

on

the

Financial

Statements

We

have

audited

the

accompanying

statements

of

assets

and

liabilities

of

the

funds

listed

in

Appendix

A

(nine

of

the

funds

comprising

Nushares

ETF

Trust)

(the

Funds),

including

the

portfolios

of

investments,

as

of

July 31, 2024,

the

related

statements

of

operations

and

changes

in

net

assets

for

the

Funds

and

periods

listed

in

Appendix

A,

and

the

related

notes

(collectively,

the

financial

statements)

and

the

financial

highlights

for

the

Funds

and

periods

listed

in

Appendix

A.

In

our

opinion,

the

financial

statements

and

financial

highlights

present

fairly,

in

all

material

respects,

the

financial

position

of

the

Funds

as

of

July 31, 2024,

the

results

of

their

operations

and

changes

in

their

net

assets

for

the

Funds

and

periods

listed

in

Appendix

A,

and

the

financial

highlights

for

the

Funds

and

periods

listed

in

Appendix

A,

in

conformity

with

U.S. generally

accepted

accounting

principles.

Basis

for

Opinion

These

financial

statements

and

financial

highlights

are

the

responsibility

of

the

Funds'

management.

Our

responsibility

is

to

express

an

opinion

on

these

financial

statements

and

financial

highlights

based

on

our

audits.

We

are

a

public

accounting

firm

registered

with

the

Public

Company

Accounting

Oversight

Board

(United

States)

(PCAOB)

and

are

required

to

be

independent

with

respect

to

the

Funds

in

accordance

with

the

U.S.

federal

securities

laws

and

the

applicable

rules

and

regulations

of

the

Securities

and

Exchange

Commission

and

the

PCAOB.

We

conducted

our

audits

in

accordance

with

the

standards

of

the

PCAOB.

Those

standards

require

that

we

plan

and

perform

the

audit

to

obtain

reasonable

assurance

about

whether

the

financial

statements

and

financial

highlights

are

free

of

material

misstatement,

whether

due

to

error

or

fraud.

Our

audits

included

performing

procedures

to

assess

the

risks

of

material

misstatement

of

the

financial

statements

and

financial

highlights,

whether

due

to

error

or

fraud,

and

performing

procedures

that

respond

to

those

risks.

Such

procedures

included

examining,

on

a

test

basis,

evidence

regarding

the

amounts

and

disclosures

in

the

financial

statements

and

financial

highlights.

Such

procedures

also

included

confirmation

of

securities

owned

as

of

July 31, 2024,

by

correspondence

with

custodians

and

brokers;

when

replies

were

not

received

from

brokers,

we

performed

other

auditing

procedures.

Our

audits

also

included

evaluating

the

accounting

principles

used

and

significant

estimates

made

by

management,

as

well

as

evaluating

the

overall

presentation

of

the

financial

statements

and

financial

highlights.

We

believe

that

our

audits

provide

a

reasonable

basis

for

our

opinion.

Emphasis

of

Matter

As

discussed

in

note

9

to

the

financial

statements,

the

Board

of

Trustees

approved

the

liquidation

of

Nuveen

Global

Net

Zero

Transition

ETF,

effective

October

22,

2024.

Our

opinion

is

not

modified

with

respect

to

this

matter.

/s/

KPMG

LLP

We

have

served

as

the

auditor

of

one

or

more

Nuveen

investment

companies

since

2014.

Chicago,

Illinois 

September

27,

2024

Report

of

Independent

Registered

Public

Accounting

Firm

(continued)

2

Appendix

A

Funds

and

Periods:

For

the

year

ended

July

31,

2024

(statements

of

operations);

each

of

the

years

in

the

two-year

period

ended

July

31,

2024

(statements

of

changes

in

net

assets);

each

of

the

years

in

the

five-year

period

ended

July

31,

2024

(financial

highlights):

Nuveen

Enhanced

Yield

U.S.

Aggregate

Bond

ETF

(NUAG)

Nuveen

ESG

1-5

Year

U.S.

Aggregate

Bond

ETF

(NUSA)

Nuveen

ESG

U.S.

Aggregate

Bond

ETF

(NUBD)

For

the

year

ended

July

31,

2024

(statements

of

operations);

each

of

the

years

in

the

two-year

period

ended

July

31,

2024

(statements

of

changes

in

net

assets);

each

of

the

years

in

the

four-year

period

ended

July

31,

2024

and

the

period

September

25,

2019

(commencement

of

operations)

through

July

31,

2020

(financial

highlights):

Nuveen

ESG

High

Yield

Corporate

Bond

ETF

(NUHY)

For

the

year

ended

July

31,

2024

(statements

of

operations);

each

of

the

years

in

the

two-

year

period

ended

July

31,

2024

(statements

of

changes

in

net

assets);

each

of

the

years

in

the

two-year

period

ended

July

31,

2024

and

the

period

June

23,

2022

(commencement

of

operations)

through

July

31,

2022

(financial

highlights):

Nuveen

Global

Net

Zero

Transition

ETF

(NTZG)

For

the

period

March

5,

2024

(commencement

of

operations)

through

July

31,

2024

(statements

of

operations,

change

in

net

assets

and

the

financial

highlights):

Nuveen

Core

Plus

Bond

ETF

(NCPB)

Nuveen

Preferred

and

Income

ETF

(NPFI)

Nuveen

Sustainable

Core

ETF

(NSCR)

Nuveen

Ultra

Short

Income

ETF

(NUSB)

3

Nuveen

Core

Plus

Bond

ETF

(NCPB)

Portfolio

of

Investments

July

31,

2024

Principal

Amount

(000)

Description

(a)

Coupon

Maturity

Value

LONG-TERM

INVESTMENTS

-

98.5%

X

–

SECURITIZED

-

37.6%

$

250

(b)

Avis

Budget

Rental

Car

Funding

AESOP

LLC

2023

2A

6.180%

10/20/27

$

250,227

250

BANK5

2024-5YR7

2024

5YR7

5.769%

6/15/57

257,906

250

(b)

BBCMS

Trust

2015-SRCH

2015

SRCH

4.957%

8/10/35

214,555

150

(b)

BBCMS

Trust

2018-CBM

2018

CBM

6.626%

7/15/37

148,309

200

Benchmark

2018-B2

Mortgage

Trust

2018

B2

4.284%

2/15/51

169,534

120

(b)

BX

TRUST

2022

PSB

7.780%

8/15/39

119,922

150

(b)

BX

Trust

2023-DELC

2023

DELC

8.668%

5/15/38

150,863

250

COMM

2015-CCRE26

Mortgage

Trust

2015

CR26

3.630%

10/10/48

243,831

25

(b)

Connecticut

Avenue

Securities

Trust

2022-R03

2022

R03

8.847%

3/25/42

26,355

300

(b)

Connecticut

Avenue

Securities

Trust

2023-R04

2023

R04

8.898%

5/25/43

321,982

185

(b)

Connecticut

Avenue

Securities

Trust

2023-R05

2023

R05

10.098%

6/25/43

200,877

150

(b)

DBSG

2024-ALTA

Mortgage

Trust

2024

ALTA

6.595%

6/10/37

152,009

387

Fannie

Mae

Pool

FN

FS1533

3.000%

4/01/52

340,947

90

Fannie

Mae

Pool

FN

FS7299

3.000%

5/01/52

79,409

229

Fannie

Mae

Pool

FN

MA4624

3.000%

6/01/52

200,203

59

Fannie

Mae

Pool

FN

MA4653

3.000%

7/01/52

51,456

55

Fannie

Mae

Pool

FN

MA4699

2022

1

3.500%

7/01/52

49,710

754

Fannie

Mae

Pool

FN

MA4700

2022

1

4.000%

7/01/52

706,939

775

Fannie

Mae

Pool

FN

MA4731

2022

1

3.500%

9/01/52

702,819

576

Fannie

Mae

Pool

FN

MA4733

4.500%

9/01/52

555,401

639

Fannie

Mae

Pool

FN

MA4784

4.500%

10/01/52

615,674

297

Fannie

Mae

Pool

FN

MA4785

5.000%

10/01/52

292,992

574

Fannie

Mae

Pool

FN

MA4805

2022

1

4.500%

11/01/52

553,575

914

Fannie

Mae

Pool

FN

MA4962

4.000%

3/01/53

856,755

872

Fannie

Mae

Pool

FN

MA4978

5.000%

4/01/53

859,301

487

Fannie

Mae

Pool

FN

MA5039

5.500%

6/01/53

487,691

425

Fannie

Mae

Pool

FN

MA5165

5.500%

10/01/53

425,652

263

Fannie

Mae

Pool

FN

MA5247

6.000%

1/01/54

266,188

459

Freddie

Mac

Pool

FR

RA6766

2.500%

2/01/52

389,773

66

Freddie

Mac

Pool

FR

SD4810

3.000%

4/01/52

58,642

185

(b)

Freddie

Mac

STACR

REMIC

Trust

2022-DNA3

2022

DNA3

8.647%

4/25/42

200,962

200

(b)

Freddie

Mac

STACR

REMIC

Trust

2022-DNA6

2022

DNA6

9.047%

9/25/42

213,189

150

(b)

Frontier

Issuer

LLC

2023

1

6.600%

8/20/53

153,009

54

Ginnie

Mae

II

Pool

G2

MA7419

2021

MTGE

3.000%

6/20/51

48,327

65

Ginnie

Mae

II

Pool

G2

MA8043

3.000%

5/20/52

57,589

294

Ginnie

Mae

II

Pool

G2

MA8149

3.500%

7/20/52

270,112

211

Ginnie

Mae

II

Pool

G2

MA8267

2022

A

4.000%

9/20/52

199,530

207

Ginnie

Mae

II

Pool

G2

MA8489

4.500%

12/20/52

200,352

150

(b)

GS

Mortgage

Securities

Corp

Trust

2022-AGSS

2022

ECI

7.022%

8/15/39

150,269

125

GS

Mortgage

Securities

Trust

2015-GC28

2015

GC28

3.980%

2/10/48

122,743

250

GS

Mortgage

Securities

Trust

2017-GS5

2017

GS5

3.826%

3/10/50

232,982

96

(b)

GS

Mortgage-Backed

Securities

Trust

2022-LTV2

2022

LTV2

4.336%

12/25/52

83,374

250

(b)

Hertz

Vehicle

Financing

III

LP

2021

2A

2.520%

12/27/27

229,831

186

(b)

J.P.

Morgan

Mortgage

Trust

2021-INV5

2021

INV5

3.188%

12/25/51

152,376

188

(b)

J.P.

Morgan

Mortgage

Trust

2021-INV8

2021

INV8

3.288%

5/25/52

149,914

80

(b)

JP

Morgan

Mortgage

Trust

2017-5

2017

5

5.477%

10/26/48

80,467

78

(b)

JP

Morgan

Mortgage

Trust

2021-11

2021

11

2.500%

1/25/52

63,275

186

(b)

JP

Morgan

Mortgage

Trust

2021-INV4

2021

INV4

3.216%

1/25/52

146,740

187

(b)

JP

Morgan

Mortgage

Trust

2021-INV6

2021

INV6

3.344%

4/25/52

147,999

82

(b)

JP

Morgan

Mortgage

Trust

Series

2024-3

2024

3

3.000%

5/25/54

69,264

100

JPMCC

Commercial

Mortgage

Securities

Trust

2017-JP6

2017

JP6

3.700%

7/15/50

72,316

150

JPMDB

Commercial

Mortgage

Securities

Trust

2017-C5

2017

C5

3.694%

3/15/50

143,147

250

(b)

Magnetite

XXIII

Ltd

2019

23A

8.596%

1/25/35

251,825

150

(b)

MetroNet

Infrastructure

Issuer

LLC

2024

1A

7.590%

4/20/54

155,045

Nuveen

Core

Plus

Bond

ETF

(NCPB)

(continued)

Portfolio

of

Investments

July

31,

2024

4

Principal

Amount

(000)

Description

(a)

Coupon

Maturity

Value

$

250

(b)

MetroNet

Infrastructure

Issuer

LLC

2024

1A

10.860%

4/20/54

$

252,753

91

(b)

Morgan

Stanley

Residential

Mortgage

Loan

Trust

2023-1

2023

1

4.000%

2/25/53

82,376

221

(b)

MVW

2021-1W

LLC

2021

1WA

1.940%

1/22/41

206,728

175

(b)

One

Bryant

Park

Trust

2019-OBP

2019

OBP

2.516%

9/15/54

151,403

441

(b)

RCKT

Mortgage

Trust

2021-2

2021

2

2.500%

6/25/51

356,548

221

(b)

Sequoia

Mortgage

Trust

2020-1

2020

1

3.851%

2/25/50

177,937

150

(b)

Subway

Funding

LLC

2024

1A

6.028%

7/30/54

153,914

147

(b)

Taco

Bell

Funding

LLC

2021

1A

2.294%

8/25/51

130,330

150

(b)

TX

Trust

2024-HOU

2024

HOU

6.920%

6/15/39

148,977

268

(b)

VR

Funding

LLC

2020

1A

2.790%

11/15/50

241,869

TOTAL

SECURITIZED

(cost

$15,049,591)

15,246,969

Principal

Amount

(000)

Description

(a)

Coupon

Maturity

Value

X

–

CORPORATE

DEBT

-

37.4%

FINANCIALS

-

12.5%

$

30

(b)

Acrisure

LLC

/

Acrisure

Finance

Inc

4.250%

2/15/29

27,608

170

AerCap

Ireland

Capital

DAC

/

AerCap

Global

Aviation

Trust

3.000%

10/29/28

157,303

200

AerCap

Ireland

Capital

DAC

/

AerCap

Global

Aviation

Trust

6.950%

3/10/55

202,241

30

(b)

Alliant

Holdings

Intermediate

LLC

/

Alliant

Holdings

Co-Issuer

6.750%

4/15/28

30,149

320

Bank

of

America

Corp

5.202%

4/25/29

323,908

280

Bank

of

America

Corp

5.468%

1/23/35

286,310

15

Bank

of

America

Corp

6.250%

N/A

(c)

14,986

75

Bank

of

America

Corp

6.125%

N/A

(c)

75,136

55

Bank

of

New

York

Mellon

Corp/

The

4.700%

N/A

(c)

54,061

45

Berkshire

Hathaway

Finance

Corp

3.850%

3/15/52

35,988

115

(b)

BNP

Paribas

SA

5.335%

6/12/29

116,811

100

Brixmor

Operating

Partnership

LP

3.850%

2/01/25

99,019

75

Brixmor

Operating

Partnership

LP

2.250%

4/01/28

68,117

40

Capital

One

Financial

Corp

3.950%

N/A

(c)

36,918

75

Centene

Corp

3.000%

10/15/30

65,556

75

Charles

Schwab

Corp/The

5.375%

N/A

(c)

74,122

170

Citigroup

Inc

4.910%

5/24/33

166,992

70

Citigroup

Inc

7.625%

N/A

(c)

72,799

25

Citigroup

Inc

4.000%

N/A

(c)

23,933

30

(b)

Compass

Group

Diversified

Holdings

LLC

5.250%

4/15/29

28,745

100

Deutsche

Bank

AG/New

York

NY

6.819%

11/20/29

105,783

60

Discover

Financial

Services

6.125%

N/A

(c)

59,554

35

Elevance

Health

Inc

5.125%

2/15/53

32,886

50

Equitable

Holdings

Inc

4.950%

N/A

(c)

49,076

120

Federal

Realty

OP

LP

1.250%

2/15/26

113,133

25

(b)

FirstCash

Inc

6.875%

3/01/32

25,284

55

(b)

Five

Corners

Funding

Trust

II

2.850%

5/15/30

49,751

55

Goldman

Sachs

Group

Inc/The

5.727%

4/25/30

56,812

80

Goldman

Sachs

Group

Inc/The

5.851%

4/25/35

83,597

30

Goldman

Sachs

Group

Inc/The

5.500%

N/A

(c)

29,918

80

Goldman

Sachs

Group

Inc/The

7.500%

N/A

(c)

83,692

95

Hartford

Financial

Services

Group

Inc/The

2.800%

8/19/29

86,590

5

Principal

Amount

(000)

Description

(a)

Coupon

Maturity

Value

FINANCIALS

(continued)

$

45

(b)

HAT

Holdings

I

LLC

/

HAT

Holdings

II

LLC

8.000%

6/15/27

$

47,074

40

Highwoods

Realty

LP

2.600%

2/01/31

32,858

115

HSBC

Holdings

PLC

7.390%

11/03/28

123,065

30

(b)

HUB

International

Ltd

7.250%

6/15/30

30,941

70

Huntington

Bancshares

Inc/OH

5.625%

N/A

(c)

67,049

40

Icahn

Enterprises

LP

/

Icahn

Enterprises

Finance

Corp

5.250%

5/15/27

38,364

40

JPMorgan

Chase

&

Co

3.875%

9/10/24

39,929

100

JPMorgan

Chase

&

Co

5.294%

7/22/35

101,403

225

JPMorgan

Chase

&

Co

3.157%

4/22/42

172,281

50

JPMorgan

Chase

&

Co

3.650%

N/A

(c)

47,480

55

JPMorgan

Chase

&

Co

6.875%

N/A

(c)

56,829

30

Kennedy-Wilson

Inc

4.750%

3/01/29

26,403

80

Kite

Realty

Group

Trust

4.750%

9/15/30

78,415

40

(b)

Liberty

Mutual

Group

Inc

3.951%

10/15/50

29,784

55

M&T

Bank

Corp

3.500%

N/A

(c)

47,414

50

MetLife

Inc

3.850%

N/A

(c)

48,468

100

Mid-America

Apartments

LP

2.750%

3/15/30

90,388

75

Morgan

Stanley

5.042%

7/19/30

75,522

125

Morgan

Stanley

5.320%

7/19/35

126,030

25

MPT

Operating

Partnership

LP

/

MPT

Finance

Corp

3.500%

3/15/31

16,426

30

Navient

Corp

5.500%

3/15/29

27,899

35

Northern

Trust

Corp

4.600%

N/A

(c)

33,953

30

OneMain

Finance

Corp

5.375%

11/15/29

28,829

30

(b)

Panther

Escrow

Issuer

LLC

7.125%

6/01/31

30,783

50

(b)

PennyMac

Financial

Services

Inc

7.875%

12/15/29

52,339

40

PNC

Financial

Services

Group

Inc/The

3.400%

N/A

(c)

35,763

30

PNC

Financial

Services

Group

Inc/The

6.200%

N/A

(c)

29,922

70

Prudential

Financial

Inc

5.125%

3/01/52

65,837

35

(b)

Rocket

Mortgage

LLC

/

Quicken

Loans

Co-Issuer

Inc

4.000%

10/15/33

30,103

140

SITE

Centers

Corp

3.625%

2/01/25

138,580

60

State

Street

Corp

6.700%

N/A

(c)

60,064

30

Truist

Financial

Corp

4.950%

N/A

(c)

29,404

60

Truist

Financial

Corp

4.800%

N/A

(c)

59,100

130

(b)

UBS

Group

AG

6.442%

8/11/28

134,892

80

UnitedHealth

Group

Inc

2.300%

5/15/31

68,798

65

Wells

Fargo

&

Co

5.574%

7/25/29

66,560

100

Wells

Fargo

&

Co

7.625%

N/A

(c)

106,367

40

Wells

Fargo

&

Co

3.900%

N/A

(c)

38,369

TOTAL

FINANCIALS

5,070,463

INDUSTRIAL

-

21.8%

35

AbbVie

Inc

5.050%

3/15/34

35,645

35

AbbVie

Inc

5.400%

3/15/54

35,457

30

(b)

Adient

Global

Holdings

Ltd

4.875%

8/15/26

29,444

35

(b)

ADT

Security

Corp/The

4.875%

7/15/32

32,540

30

(b)

Ahead

DB

Holdings

LLC

6.625%

5/01/28

28,534

30

(b)

Albertsons

Cos

Inc

/

Safeway

Inc

/

New

Albertsons

LP

/

Albertsons

LLC

6.500%

2/15/28

30,434

35

Amcor

Flexibles

North

America

Inc

4.000%

5/17/25

34,590

35

Amcor

Group

Finance

PLC

5.450%

5/23/29

35,688

205

American

Tower

Corp

2.750%

1/15/27

194,865

Nuveen

Core

Plus

Bond

ETF

(NCPB)

(continued)

Portfolio

of

Investments

July

31,

2024

6

Principal

Amount

(000)

Description

(a)

Coupon

Maturity

Value

INDUSTRIAL

(continued)

$

35

Amgen

Inc

5.250%

3/02/25

$

34,970

45

Amgen

Inc

5.250%

3/02/33

45,733

115

Amgen

Inc

5.650%

3/02/53

115,876

95

Anheuser-Busch

Cos

LLC

/

Anheuser-Busch

InBev

Worldwide

Inc

4.900%

2/01/46

89,938

65

Anheuser-Busch

InBev

Worldwide

Inc

5.000%

6/15/34

65,918

30

(b)

Antero

Midstream

Partners

LP

/

Antero

Midstream

Finance

Corp

6.625%

2/01/32

30,607

245

Apple

Inc

2.450%

8/04/26

235,437

30

(b)

Archrock

Partners

LP

/

Archrock

Partners

Finance

Corp

6.250%

4/01/28

29,928

30

(b)

Arsenal

AIC

Parent

LLC

8.000%

10/01/30

31,918

30

(b)

Asbury

Automotive

Group

Inc

5.000%

2/15/32

27,646

35

(b)

ASGN

Inc

4.625%

5/15/28

33,537

80

AT&T

Inc

2.550%

12/01/33

65,422

220

AT&T

Inc

3.500%

9/15/53

153,810

85

AT&T

Inc

3.800%

12/01/57

61,139

30

(b)

Avient

Corp

5.750%

5/15/25

29,928

30

Ball

Corp

6.875%

3/15/28

30,846

30

(b)

Bath

&

Body

Works

Inc

6.625%

10/01/30

30,285

35

(b)

Beacon

Roofing

Supply

Inc

6.500%

8/01/30

35,789

130

Berry

Global

Inc

1.570%

1/15/26

123,554

30

(b)

Block

Inc

6.500%

5/15/32

30,486

60

Boeing

Co/The

3.250%

2/01/28

55,948

85

Boeing

Co/The

5.805%

5/01/50

79,208

200

(b)

Brightline

East

LLC

11.000%

1/31/30

181,969

40

Bristol-Myers

Squibb

Co

2.350%

11/13/40

27,340

85

(b)

Broadcom

Inc

4.926%

5/15/37

82,025

45

Burlington

Northern

Santa

Fe

LLC

3.050%

2/15/51

30,928

200

(b)

C&W

Senior

Finance

Ltd

6.875%

9/15/27

195,280

30

(b)

Caesars

Entertainment

Inc

6.500%

2/15/32

30,396

100

Canadian

Pacific

Railway

Co

2.050%

3/05/30

87,334

30

(b)

Cargo

Aircraft

Management

Inc

4.750%

2/01/28

28,207

30

(b)

CCO

Holdings

LLC

/

CCO

Holdings

Capital

Corp

5.125%

5/01/27

29,138

30

(b)

CCO

Holdings

LLC

/

CCO

Holdings

Capital

Corp

4.500%

8/15/30

26,266

30

(b)

CCO

Holdings

LLC

/

CCO

Holdings

Capital

Corp

4.250%

2/01/31

25,526

20

Cenovus

Energy

Inc

5.400%

6/15/47

18,949

30

(b)

Chart

Industries

Inc

7.500%

1/01/30

31,209

95

Charter

Communications

Operating

LLC

/

Charter

Communications

Operating

Capital

5.250%

4/01/53

76,848

30

(b)

CHS/Community

Health

Systems

Inc

5.250%

5/15/30

26,162

55

(b)

Churchill

Downs

Inc

5.750%

4/01/30

53,926

55

(b)

Civitas

Resources

Inc

8.625%

11/01/30

59,406

30

(b)

Clarios

Global

LP

/

Clarios

US

Finance

Co

6.750%

5/15/28

30,550

25

(b)

Cleveland-Cliffs

Inc

7.000%

3/15/32

25,090

100

Comcast

Corp

2.650%

2/01/30

90,487

140

Comcast

Corp

2.887%

11/01/51

89,756

100

Constellation

Brands

Inc

2.875%

5/01/30

90,225

7

Principal

Amount

(000)

Description

(a)

Coupon

Maturity

Value

INDUSTRIAL

(continued)

$

35

(b)

Coty

Inc/HFC

Prestige

Products

Inc/HFC

Prestige

International

US

LLC

6.625%

7/15/30

$

35,939

30

(b)

CSC

Holdings

LLC

5.500%

4/15/27

25,081

30

(b)

Cushman

&

Wakefield

US

Borrower

LLC

6.750%

5/15/28

30,060

35

CVS

Health

Corp

4.780%

3/25/38

32,149

45

CVS

Health

Corp

5.050%

3/25/48

39,686

40

(b)

DaVita

Inc

4.625%

6/01/30

36,630

45

Diamondback

Energy

Inc

4.400%

3/24/51

37,044

20

(b)

DT

Midstream

Inc

4.125%

6/15/29

18,696

35

Enbridge

Inc

5.750%

7/15/80

33,206

30

Encompass

Health

Corp

4.500%

2/01/28

29,004

75

Energy

Transfer

LP

5.550%

5/15/34

75,673

55

Energy

Transfer

LP

5.950%

5/15/54

54,312

65

Energy

Transfer

LP

6.500%

N/A

(c)

64,576

25

Enterprise

Products

Operating

LLC

5.350%

1/31/33

25,814

100

Enterprise

Products

Operating

LLC

4.450%

2/15/43

88,206

30

(b)

EQM

Midstream

Partners

LP

4.500%

1/15/29

28,746

30

(b)

Ferrellgas

LP

/

Ferrellgas

Finance

Corp

5.875%

4/01/29

27,946

30

(b)

Flutter

Treasury

Designated

Activity

Co

6.375%

4/29/29

30,542

95

Ford

Motor

Credit

Co

LLC

6.950%

3/06/26

97,063

35

Ford

Motor

Credit

Co

LLC

7.350%

3/06/30

37,589

200

(b)

Ford

Otomotiv

Sanayi

AS

7.125%

4/25/29

203,789

55

(b)

Frontier

Communications

Holdings

LLC

5.875%

10/15/27

54,459

30

(b)

Garda

World

Security

Corp

4.625%

2/15/27

28,883

35

(b)

Gen

Digital

Inc

6.750%

9/30/27

35,599

100

General

Motors

Financial

Co

Inc

5.000%

4/09/27

100,168

45

General

Motors

Financial

Co

Inc

3.600%

6/21/30

41,370

80

General

Motors

Financial

Co

Inc

5.700%

N/A

(c)

75,895

20

General

Motors

Financial

Co

Inc

5.750%

N/A

(c)

18,990

30

Genesis

Energy

LP

/

Genesis

Energy

Finance

Corp

8.000%

1/15/27

30,676

30

Goodyear

Tire

&

Rubber

Co/

The

5.000%

7/15/29

28,314

30

Goodyear

Tire

&

Rubber

Co/

The

5.250%

4/30/31

27,975

35

(b)

Group

1

Automotive

Inc

4.000%

8/15/28

32,628

30

(b)

H&E

Equipment

Services

Inc

3.875%

12/15/28

27,412

50

Haleon

US

Capital

LLC

3.625%

3/24/32

45,911

41

(b)

Hawaiian

Brand

Intellectual

Property

Ltd

/

HawaiianMiles

Loyalty

Ltd

11.000%

4/15/29

39,273

105

HCA

Inc

3.500%

9/01/30

96,870

15

HCA

Inc

5.900%

6/01/53

14,928

55

(b)

Hilcorp

Energy

I

LP

/

Hilcorp

Finance

Co

8.375%

11/01/33

59,495

120

(b)

Hilton

Domestic

Operating

Co

Inc

5.875%

4/01/29

120,933

30

(b)

Hilton

Grand

Vacations

Borrower

Escrow

LLC

/

Hilton

Grand

Vacations

Borrower

Esc

6.625%

1/15/32

30,294

Nuveen

Core

Plus

Bond

ETF

(NCPB)

(continued)

Portfolio

of

Investments

July

31,

2024

8

Principal

Amount

(000)

Description

(a)

Coupon

Maturity

Value

INDUSTRIAL

(continued)

$

30

(b)

Hologic

Inc

3.250%

2/15/29

$

27,351

25

Home

Depot

Inc/The

4.950%

6/25/34

25,245

45

Honeywell

International

Inc

5.250%

3/01/54

44,623

40

(b)

Husky

Injection

Molding

Systems

Ltd

/

Titan

Co-

Borrower

LLC

9.000%

2/15/29

41,079

30

(b)

IHO

Verwaltungs

GmbH,

(cash

4.750%,

PIK

5.500%)

4.750%

9/15/26

29,251

30

(b)

Iliad

Holding

SASU

6.500%

10/15/26

30,062

30

(b)

Imola

Merger

Corp

4.750%

5/15/29

28,236

30

(b)

Iron

Mountain

Inc

7.000%

2/15/29

30,823

30

(b)

Kinetik

Holdings

LP

6.625%

12/15/28

30,591

30

(b)

Kodiak

Gas

Services

LLC

7.250%

2/15/29

30,861

30

Kohl's

Corp

4.625%

5/01/31

24,352

35

L3Harris

Technologies

Inc

5.400%

7/31/33

35,640

30

Lamar

Media

Corp

4.875%

1/15/29

29,123

30

(b)

LCM

Investments

Holdings

II

LLC

8.250%

8/01/31

31,462

50

(b)

Level

3

Financing

Inc

10.500%

5/15/30

51,100

30

(b)

Light

&

Wonder

International

Inc

7.500%

9/01/31

31,305

30

(b)

Live

Nation

Entertainment

Inc

6.500%

5/15/27

30,358

15

Lockheed

Martin

Corp

5.200%

2/15/64

14,735

40

Lowe's

Cos

Inc

4.250%

4/01/52

32,190

45

Marathon

Oil

Corp

5.300%

4/01/29

45,992

65

Marathon

Petroleum

Corp

4.750%

9/15/44

56,864

30

(b)

Marriott

Ownership

Resorts

Inc

4.500%

6/15/29

27,900

35

(b)

Michaels

Cos

Inc/The

5.250%

5/01/28

25,891

55

(b)

Mineral

Resources

Ltd

9.250%

10/01/28

58,490

80

MPLX

LP

1.750%

3/01/26

76,037

60

MPLX

LP

2.650%

8/15/30

52,978

40

MPLX

LP

4.700%

4/15/48

33,914

30

Newell

Brands

Inc

6.375%

9/15/27

29,966

55

Northrop

Grumman

Corp

3.250%

1/15/28

52,606

80

Nutrien

Ltd

4.900%

3/27/28

80,226

20

Occidental

Petroleum

Corp

6.600%

3/15/46

21,301

20

ONEOK

Inc

4.500%

3/15/50

16,362

30

(b)

Open

Text

Holdings

Inc

4.125%

2/15/30

27,363

35

Oracle

Corp

4.900%

2/06/33

34,744

65

Oracle

Corp

5.550%

2/06/53

63,217

45

O'Reilly

Automotive

Inc

4.200%

4/01/30

43,761

30

(b)

Organon

&

Co

/

Organon

Foreign

Debt

Co-Issuer

BV

4.125%

4/30/28

28,186

30

(b)

Organon

&

Co

/

Organon

Foreign

Debt

Co-Issuer

BV

5.125%

4/30/31

27,609

30

Paramount

Global

6.375%

3/30/62

27,544

30

(b)

Parkland

Corp/Canada

4.625%

5/01/30

27,892

30

(b)

Permian

Resources

Operating

LLC

7.000%

1/15/32

31,062

95

Pfizer

Investment

Enterprises

Pte

Ltd

5.300%

5/19/53

93,816

175

Philip

Morris

International

Inc

4.875%

2/13/29

176,038

40

Philip

Morris

International

Inc

5.250%

2/13/34

40,306

45

Phillips

66

Co

5.300%

6/30/33

45,528

30

(b)

Post

Holdings

Inc

6.250%

2/15/32

30,381

30

(b)

Prime

Security

Services

Borrower

LLC

/

Prime

Finance

Inc

6.250%

1/15/28

29,901

30

(b)

Primo

Water

Holdings

Inc

4.375%

4/30/29

27,937

80

Roper

Technologies

Inc

2.000%

6/30/30

68,553

65

RTX

Corp

1.900%

9/01/31

53,622

9

Principal

Amount

(000)

Description

(a)

Coupon

Maturity

Value

INDUSTRIAL

(continued)

$

75

Salesforce

Inc

2.700%

7/15/41

$

54,072

30

(b)

Sirius

XM

Radio

Inc

4.125%

7/01/30

26,075

35

(b)

Standard

Industries

Inc/NJ

5.000%

2/15/27

34,245

30

(b)

SunCoke

Energy

Inc

4.875%

6/30/29

27,436

30

(b)

Sunoco

LP

7.000%

5/01/29

30,878

30

(b)

Sunrise

FinCo

I

BV

4.875%

7/15/31

27,293

40

Sysco

Corp

6.600%

4/01/50

45,303

30

Tenet

Healthcare

Corp

6.125%

10/01/28

30,075

30

Tenet

Healthcare

Corp

4.375%

1/15/30

28,142

150

Teva

Pharmaceutical

Finance

Netherlands

III

BV

3.150%

10/01/26

142,050

250

T-Mobile

USA

Inc

2.250%

11/15/31

209,587

45

TotalEnergies

Capital

International

SA

2.986%

6/29/41

33,596

25

Transcanada

Trust

5.500%

9/15/79

23,241

30

(b)

TransDigm

Inc

6.875%

12/15/30

30,851

27

(b)

Transocean

Inc

8.750%

2/15/30

28,362

60

(b)

Tronox

Inc

4.625%

3/15/29

54,649

30

(b)

Univision

Communications

Inc

4.500%

5/01/29

26,204

65

USA

Compression

Partners

LP

/

USA

Compression

Finance

Corp

6.875%

9/01/27

65,372

20

(b)

Venture

Global

Calcasieu

Pass

LLC

4.125%

8/15/31

18,181

40

(b)

Venture

Global

LNG

Inc

9.875%

2/01/32

44,403

200

Verizon

Communications

Inc

1.750%

1/20/31

165,437

30

(b)

Vmed

O2

UK

Financing

I

PLC

4.750%

7/15/31

25,756

40

Vodafone

Group

PLC

4.125%

6/04/81

35,207

35

(b)

VZ

Secured

Financing

BV

5.000%

1/15/32

30,670

35

Walmart

Inc

1.050%

9/17/26

32,664

65

Walmart

Inc

1.800%

9/22/31

54,846

25

Walmart

Inc

4.500%

4/15/53

22,860

30

(b)

Wand

NewCo

3

Inc

7.625%

1/30/32

31,313

75

Warnermedia

Holdings

Inc

5.050%

3/15/42

59,166

30

(b)

WESCO

Distribution

Inc

7.250%

6/15/28

30,742

35

Williams

Cos

Inc/The

5.650%

3/15/33

36,147

30

(b)

Windsor

Holdings

III

LLC

8.500%

6/15/30

31,575

30

(b)

XPO

Inc

6.250%

6/01/28

30,327

30

ZF

North

America

Capital

Inc

6.750%

4/23/30

30,560

TOTAL

INDUSTRIAL

8,845,620

UTILITY

-

3.1%

105

AEP

Transmission

Co

LLC

5.400%

3/15/53

103,830

105

Ameren

Illinois

Co

4.950%

6/01/33

105,088

100

American

Water

Capital

Corp

2.300%

6/01/31

85,100

40

Atmos

Energy

Corp

6.200%

11/15/53

44,182

30

(b)

Clearway

Energy

Operating

LLC

4.750%

3/15/28

28,798

25

CMS

Energy

Corp

4.750%

6/01/50

23,070

35

Consolidated

Edison

Co

of

New

York

Inc

5.700%

5/15/54

35,913

45

Dominion

Energy

Inc

3.300%

4/15/41

33,629

35

Dominion

Energy

Inc

7.000%

6/01/54

36,757

25

DTE

Electric

Co

5.400%

4/01/53

24,890

45

Duke

Energy

Carolinas

LLC

4.250%

12/15/41

38,914

75

Exelon

Corp

4.050%

4/15/30

72,183

100

Florida

Power

&

Light

Co

4.800%

5/15/33

99,833

170

Georgia

Power

Co

2.650%

9/15/29

154,680

40

Interstate

Power

and

Light

Co

3.100%

11/30/51

26,184

Nuveen

Core

Plus

Bond

ETF

(NCPB)

(continued)

Portfolio

of

Investments

July

31,

2024

10

Principal

Amount

(000)

Description

(a)

Coupon

Maturity

Value

UTILITY

(continued)

$

55

NextEra

Energy

Capital

Holdings

Inc

6.750%

6/15/54

$

57,171

60

NiSource

Inc

1.700%

2/15/31

49,036

30

NRG

Energy

Inc

5.750%

1/15/28

29,814

30

(b)

Pattern

Energy

Operations

LP

/

Pattern

Energy

Operations

Inc

4.500%

8/15/28

28,310

45

PECO

Energy

Co

2.800%

6/15/50

28,890

45

Public

Service

Co

of

Colorado

4.050%

9/15/49

35,189

45

Sempra

4.875%

N/A

(c)

44,081

30

(b)

Talen

Energy

Supply

LLC

8.625%

6/01/30

32,329

30

(b)

TerraForm

Power

Operating

LLC

4.750%

1/15/30

27,854

TOTAL

UTILITY

1,245,725

TOTAL

CORPORATE

DEBT

(cost

$15,022,931)

15,161,808

Principal

Amount

(000)

Description

(a)

Coupon

Maturity

Value

X

–

U.S.

TREASURY

-

19.3%

$

1,000

United

States

Treasury

Note/Bond

4.250%

5/31/25

994,891

40

United

States

Treasury

Note/Bond

4.625%

2/28/26

40,103

41

United

States

Treasury

Note/Bond

4.000%

7/31/29

41,141

1,550

United

States

Treasury

Note/Bond

4.375%

5/15/34

1,589,719

3,275

United

States

Treasury

Note/Bond

4.625%

5/15/44

3,363,527

1,720

United

States

Treasury

Note/Bond

4.250%

2/15/54

1,691,512

100

United

States

Treasury

Note/Bond

4.625%

5/15/54

104,719

TOTAL

U.S.

TREASURY

(cost

$7,615,876)

7,825,612

Principal

Amount

(000)

Description

(a)

Coupon

Maturity

Value

X

–

GOVERNMENT

RELATED

-

4.2%

GOVERNMENT

AGENCY

-

2.2%

$

200

(b)

Corp

Nacional

del

Cobre

de

Chile

6.150%

10/24/36

204,962

200

Indian

Railway

Finance

Corp

Ltd

3.835%

12/13/27

192,644

25

(b)

NOVA

Chemicals

Corp

5.250%

6/01/27

24,398

200

(b)

Perusahaan

Perseroan

Persero

PT

Perusahaan

Listrik

Negara

5.450%

5/21/28

201,557

150

Petrobras

Global

Finance

BV

5.500%

6/10/51

122,620

200

Petroleos

Mexicanos

6.700%

2/16/32

170,520

TOTAL

GOVERNMENT

AGENCY

916,701

SOVEREIGN

DEBT

-

2.0%

225

Angolan

Government

International

Bond

8.750%

4/14/32

200,999

275

Colombia

Government

International

Bond

5.000%

6/15/45

195,959

250

(b)

Hungary

Government

International

Bond

2.125%

9/22/31

201,556

11

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

purpos-

es

of

this

report,

which

may

combine

industry

sub-classifications

into

sectors

for

reporting

ease.

Principal

Amount

(000)

Description

(a)

Coupon

Maturity

Value

SOVEREIGN

DEBT

(continued)

$

225

Republic

of

South

Africa

Government

International

Bond

6.250%

3/08/41

$

197,236

TOTAL

SOVEREIGN

DEBT

795,750

TOTAL

GOVERNMENT

RELATED

(cost

$1,691,166)

1,712,451

TOTAL

LONG-TERM

INVESTMENTS

(cost

$39,379,564)

39,946,840

OTHER

ASSETS

&

LIABILITIES,

NET

-

1.5%

611,565

NET

ASSETS

-

100%

$

40,558,405

(a)

All

percentages

shown

in

the

Portfolio

of

Investments

are

based

on

net

assets.

(b)

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

$10,476,183

or

26.2%

of

Total

Investments.

(c)

Perpetual

security.

Maturity

date

is

not

applicable.

PIK

Payment-in-kind

(“PIK”)

security.  Depending

on

the

terms

of

the

security,

income

may

be

received

in

the

form

of

cash,

securities,

or

a

combination

of

both.  The

PIK

rate

shown,

where

applicable,

represents

the

annualized

rate

of

the

last

PIK

payment

made

by

the

issuer

as

of

the

end

of

the

reporting

period.

12

Nuveen

Enhanced

Yield

U.S.

Aggregate

Bond

ETF

(NUAG)

Portfolio

of

Investments

July

31,

2024

Principal

Amount

(000)

Description

(a)

Coupon

Maturity

Value

LONG-TERM

INVESTMENTS

-

98.6%

X

–

CORPORATE

DEBT

-

42.4%

FINANCIALS

-

15.9%

$

18

AerCap

Ireland

Capital

DAC

/

AerCap

Global

Aviation

Trust

1.750%

1/30/26

$

17,127

18

AerCap

Ireland

Capital

DAC

/

AerCap

Global

Aviation

Trust

2.450%

10/29/26

17,004

5

AerCap

Ireland

Capital

DAC

/

AerCap

Global

Aviation

Trust

4.625%

10/15/27

4,940

1

AerCap

Ireland

Capital

DAC

/

AerCap

Global

Aviation

Trust

3.000%

10/29/28

925

50

AerCap

Ireland

Capital

DAC

/

AerCap

Global

Aviation

Trust

6.150%

9/30/30

52,815

38

AerCap

Ireland

Capital

DAC

/

AerCap

Global

Aviation

Trust

3.300%

1/30/32

33,451

4

Aetna

Inc

4.500%

5/15/42

3,426

10

Aetna

Inc

4.750%

3/15/44

8,664

12

Affiliated

Managers

Group

Inc

3.500%

8/01/25

11,787

10

Affiliated

Managers

Group

Inc

3.300%

6/15/30

9,133

21

Air

Lease

Corp

1.875%

8/15/26

19,725

7

Air

Lease

Corp

2.200%

1/15/27

6,562

8

Air

Lease

Corp

3.625%

4/01/27

7,678

22

Air

Lease

Corp

3.250%

10/01/29

20,309

10

Air

Lease

Corp

3.000%

2/01/30

9,065

23

Alexandria

Real

Estate

Equities

Inc

3.550%

3/15/52

15,922

50

Allstate

Corp/The

5.250%

3/30/33

51,004

20

Ally

Financial

Inc

7.100%

11/15/27

21,103

28

Ally

Financial

Inc

2.200%

11/02/28

24,813

11

Ally

Financial

Inc

8.000%

11/01/31

12,378

30

American

Express

Co

5.098%

2/16/28

30,159

50

American

International

Group

Inc

4.750%

4/01/48

45,506

9

Aon

Corp

2.800%

5/15/30

8,096

1

Aon

Corp

/

Aon

Global

Holdings

PLC

2.600%

12/02/31

853

100

Aon

Corp

/

Aon

Global

Holdings

PLC

5.350%

2/28/33

101,746

5

Ares

Capital

Corp

3.875%

1/15/26

4,873

40

Ares

Capital

Corp

7.000%

1/15/27

41,281

40

Arthur

J

Gallagher

&

Co

6.750%

2/15/54

45,240

7

Assurant

Inc

3.700%

2/22/30

6,493

10

Assurant

Inc

2.650%

1/15/32

8,379

1

Athene

Holding

Ltd

6.150%

4/03/30

1,055

30

Athene

Holding

Ltd

6.250%

4/01/54

30,601

7

AXIS

Specialty

Finance

PLC

4.000%

12/06/27

6,785

64

Banco

Santander

SA

2.749%

12/03/30

54,986

44

Bank

of

America

Corp

4.948%

7/22/28

44,120

170

Bank

of

America

Corp

5.015%

7/22/33

169,864

100

Bank

of

America

Corp

5.872%

9/15/34

104,944

10

Bank

of

Montreal

5.920%

9/25/25

10,100

40

Bank

of

New

York

Mellon

Corp/

The

4.947%

4/26/27

40,080

57

Bank

of

Nova

Scotia/The

3.625%

10/27/81

49,295

11

BankUnited

Inc

5.125%

6/11/30

10,316

3

Barclays

PLC

5.200%

5/12/26

2,994

70

Barclays

PLC

5.501%

8/09/28

70,776

13

Principal

Amount

(000)

Description

(a)

Coupon

Maturity

Value

FINANCIALS

(continued)

$

3

Barclays

PLC

5.088%

6/20/30

$

2,935

4

Barclays

PLC

2.667%

3/10/32

3,414

14

Barclays

PLC

2.894%

11/24/32

11,925

24

Barclays

PLC

3.811%

3/10/42

19,024

14

Blackstone

Private

Credit

Fund

2.625%

12/15/26

12,997

20

(b)

Blackstone

Private

Credit

Fund

4.000%

1/15/29

18,664

16

Blackstone

Secured

Lending

Fund

2.125%

2/15/27

14,667

18

Blue

Owl

Capital

Corp

4.250%

1/15/26

17,650

1

Blue

Owl

Capital

Corp

2.625%

1/15/27

928

14

Blue

Owl

Credit

Income

Corp

4.700%

2/08/27

13,554

14

Brighthouse

Financial

Inc

5.625%

5/15/30

14,350

34

Brown

&

Brown

Inc

2.375%

3/15/31

28,599

40

(b)

Canadian

Imperial

Bank

of

Commerce

5.001%

4/28/28

40,349

6

Capital

One

Financial

Corp

1.878%

11/02/27

5,581

44

Capital

One

Financial

Corp

3.800%

1/31/28

42,437

21

Capital

One

Financial

Corp

4.927%

5/10/28

20,935

7

Capital

One

Financial

Corp

3.273%

3/01/30

6,447

46

Capital

One

Financial

Corp

2.359%

7/29/32

36,593

1

Capital

One

Financial

Corp

5.268%

5/10/33

986

45

Charles

Schwab

Corp/The

5.643%

5/19/29

46,104

36

CI

Financial

Corp

3.200%

12/17/30

29,027

20

Citigroup

Inc

4.450%

9/29/27

19,745

11

Citigroup

Inc

3.070%

2/24/28

10,514

10

Citigroup

Inc

4.658%

5/24/28

9,951

50

Citigroup

Inc

4.412%

3/31/31

48,598

60

Citigroup

Inc

4.910%

5/24/33

58,938

150

Citigroup

Inc

5.827%

2/13/35

152,039

42

Citizens

Financial

Group

Inc

2.500%

2/06/30

36,407

8

CNA

Financial

Corp

3.900%

5/01/29

7,712

8

CNO

Financial

Group

Inc

5.250%

5/30/29

7,874

10

CNO

Financial

Group

Inc

6.450%

6/15/34

10,238

20

Cooperatieve

Rabobank

UA

3.750%

7/21/26

19,479

46

Corebridge

Financial

Inc

3.850%

4/05/29

43,877

10

Deutsche

Bank

AG/New

York

NY

4.100%

1/13/26

9,847

4

Deutsche

Bank

AG/New

York

NY

2.129%

11/24/26

3,832

4

Deutsche

Bank

AG/New

York

NY

2.311%

11/16/27

3,739

1

Deutsche

Bank

AG/New

York

NY

3.547%

9/18/31

903

80

Deutsche

Bank

AG/New

York

NY

7.079%

2/10/34

83,342

7

Discover

Financial

Services

4.500%

1/30/26

6,920

8

Discover

Financial

Services

4.100%

2/09/27

7,796

40

Discover

Financial

Services

7.964%

11/02/34

46,077

30

Elevance

Health

Inc

5.650%

6/15/54

30,312

10

Enact

Holdings

Inc

6.250%

5/28/29

10,180

13

Enstar

Group

Ltd

3.100%

9/01/31

10,718

43

Equitable

Holdings

Inc

4.350%

4/20/28

42,216

24

Fairfax

Financial

Holdings

Ltd

4.625%

4/29/30

23,446

50

(c)

Fairfax

Financial

Holdings

Ltd

6.100%

3/15/55

49,962

31

Fidelity

National

Financial

Inc

3.400%

6/15/30

28,091

2

Fifth

Third

Bancorp

1.707%

11/01/27

1,859

3

Fifth

Third

Bancorp

3.950%

3/14/28

2,911

40

Fifth

Third

Bancorp

6.361%

10/27/28

41,436

11

First

American

Financial

Corp

2.400%

8/15/31

8,963

11

FS

KKR

Capital

Corp

3.250%

7/15/27

10,196

16

GATX

Corp

4.550%

11/07/28

15,874

Nuveen

Enhanced

Yield

U.S.

Aggregate

Bond

ETF

(NUAG)

(continued)

Portfolio

of

Investments

July

31,

2024

14

Principal

Amount

(000)

Description

(a)

Coupon

Maturity

Value

FINANCIALS

(continued)

$

30

GATX

Corp

6.050%

3/15/34

$

31,457

10

Globe

Life

Inc

4.550%

9/15/28

9,721

10

(b)

Goldman

Sachs

BDC

Inc

2.875%

1/15/26

9,658

6

Goldman

Sachs

Group

Inc/The

1.948%

10/21/27

5,615

80

Goldman

Sachs

Group

Inc/The

4.482%

8/23/28

79,043

54

Goldman

Sachs

Group

Inc/The

2.615%

4/22/32

46,389

66

Goldman

Sachs

Group

Inc/The

2.383%

7/21/32

55,498

81

Goldman

Sachs

Group

Inc/The

6.450%

5/01/36

88,837

23

Golub

Capital

BDC

Inc

2.050%

2/15/27

20,964

12

Hartford

Financial

Services

Group

Inc/The

2.800%

8/19/29

10,938

20

Hartford

Financial

Services

Group

Inc/The

2.900%

9/15/51

12,968

10

Hercules

Capital

Inc

3.375%

1/20/27

9,397

190

HSBC

Holdings

PLC

6.547%

6/20/34

200,802

96

HSBC

Holdings

PLC

6.800%

6/01/38

104,955

12

Huntington

Bancshares

Inc/OH

2.550%

2/04/30

10,550

50

ING

Groep

NV

4.050%

4/09/29

48,338

8

Jackson

Financial

Inc

5.170%

6/08/27

8,057

2

Janus

Henderson

US

Holdings

Inc

4.875%

8/01/25

1,989

9

Jefferies

Financial

Group

Inc

4.150%

1/23/30

8,571

40

Jefferies

Financial

Group

Inc

2.750%

10/15/32

32,942

6

JPMorgan

Chase

&

Co

1.470%

9/22/27

5,585

20

JPMorgan

Chase

&

Co

6.070%

10/22/27

20,519

50

JPMorgan

Chase

&

Co

4.979%

7/22/28

50,258

10

JPMorgan

Chase

&

Co

2.069%

6/01/29

9,050

4

JPMorgan

Chase

&

Co

3.702%

5/06/30

3,807

6

JPMorgan

Chase

&

Co

2.545%

11/08/32

5,113

12

JPMorgan

Chase

&

Co

4.912%

7/25/33

11,888

220

JPMorgan

Chase

&

Co

5.717%

9/14/33

227,861

12

(b)

Kemper

Corp

3.800%

2/23/32

10,506

10

KeyBank

NA/Cleveland

OH

6.950%

2/01/28

10,419

57

KeyCorp

2.550%

10/01/29

49,865

22

Kimco

Realty

OP

LLC

4.250%

4/01/45

18,034

21

Lazard

Group

LLC

4.500%

9/19/28

20,614

16

(b)

Lincoln

National

Corp

3.625%

12/12/26

15,534

63

Lloyds

Banking

Group

PLC

4.716%

8/11/26

62,608

21

Main

Street

Capital

Corp

3.000%

7/14/26

19,861

20

Manufacturers

&

Traders

Trust

Co

4.650%

1/27/26

19,815

9

Manulife

Financial

Corp

4.061%

2/24/32

8,745

12

Markel

Group

Inc

3.350%

9/17/29

11,246

50

Markel

Group

Inc

6.000%

5/16/54

50,696

50

MetLife

Inc

5.375%

7/15/33

51,553

20

Mitsubishi

UFJ

Financial

Group

Inc

5.017%

7/20/28

20,144

60

Mitsubishi

UFJ

Financial

Group

Inc

2.559%

2/25/30

53,518

50

(b)

Mizuho

Financial

Group

Inc

5.739%

5/27/31

51,809

13

Morgan

Stanley

4.350%

9/08/26

12,843

2

Morgan

Stanley

3.950%

4/23/27

1,951

110

Morgan

Stanley

3.622%

4/01/31

103,104

1

Morgan

Stanley

4.889%

7/20/33

985

100

Morgan

Stanley

5.424%

7/21/34

101,503

50

Morgan

Stanley

6.627%

11/01/34

55,124

1

Morgan

Stanley

2.484%

9/16/36

811

60

Nasdaq

Inc

5.550%

2/15/34

61,617

47

NatWest

Group

PLC

5.076%

1/27/30

47,057

11

NNN

REIT

Inc

3.000%

4/15/52

6,987

63

Nomura

Holdings

Inc

5.386%

7/06/27

63,824

15

Principal

Amount

(000)

Description

(a)

Coupon

Maturity

Value

FINANCIALS

(continued)

$

4

Nomura

Holdings

Inc

2.710%

1/22/29

$

3,636

12

Nomura

Holdings

Inc

3.103%

1/16/30

10,834

1

Nomura

Holdings

Inc

2.679%

7/16/30

871

10

Oaktree

Specialty

Lending

Corp

2.700%

1/15/27

9,223

50

(b),(c)

Oaktree

Strategic

Credit

Fund

6.500%

7/23/29

50,219

7

Old

Republic

International

Corp

3.875%

8/26/26

6,837

10

ORIX

Corp

4.000%

4/13/32

9,398

60

PNC

Financial

Services

Group

Inc/The

6.875%

10/20/34

66,775

13

(b)

Prospect

Capital

Corp

3.437%

10/15/28

11,381

7

Prudential

Financial

Inc

5.700%

9/15/48

6,892

51

Prudential

Financial

Inc

3.700%

10/01/50

44,939

7

Regency

Centers

LP

4.400%

2/01/47

5,860

24

Regions

Financial

Corp

1.800%

8/12/28

21,181

10

Reinsurance

Group

of

America

Inc

3.950%

9/15/26

9,807

10

Reinsurance

Group

of

America

Inc

3.150%

6/15/30

9,114

30

Royal

Bank

of

Canada

5.200%

8/01/28

30,684

7

Santander

Holdings

USA

Inc

3.244%

10/05/26

6,711

40

Santander

Holdings

USA

Inc

4.400%

7/13/27

39,200

1

Santander

Holdings

USA

Inc

2.490%

1/06/28

932

32

Santander

UK

Group

Holdings

PLC

1.532%

8/21/26

30,708

30

State

Street

Corp

5.159%

5/18/34

30,391

12

Stifel

Financial

Corp

4.000%

5/15/30

11,311

60

Sumitomo

Mitsui

Financial

Group

Inc

5.520%

1/13/28

61,411

50

Synchrony

Financial

5.935%

8/02/30

50,308

50

Toronto-Dominion

Bank/The

5.156%

1/10/28

50,712

10

Truist

Bank

3.800%

10/30/26

9,713

60

Truist

Financial

Corp

7.161%

10/30/29

64,629

17

Unum

Group

3.875%

11/05/25

16,708

50

Unum

Group

6.000%

6/15/54

49,327

80

US

Bancorp

5.775%

6/12/29

82,388

10

Wachovia

Corp

7.574%

8/01/26

10,479

1

Wells

Fargo

&

Co

3.526%

3/24/28

965

40

Wells

Fargo

&

Co

4.808%

7/25/28

39,897

50

Wells

Fargo

&

Co

5.389%

4/24/34

50,582

210

Wells

Fargo

&

Co

5.557%

7/25/34

214,703

37

Westpac

Banking

Corp

2.668%

11/15/35

31,438

14

Willis

North

America

Inc

4.500%

9/15/28

13,780

TOTAL

FINANCIALS

5,713,018

INDUSTRIAL

-

8.4%

34

Altria

Group

Inc

5.800%

2/14/39

34,982

5

American

Airlines

2016-2

Class

AA

Pass

Through

Trust2020

A

3.200%

6/15/28

4,294

88

Amgen

Inc

3.150%

2/21/40

67,492

6

Amgen

Inc

5.150%

11/15/41

5,763

1

Amgen

Inc

3.000%

1/15/52

675

11

Amgen

Inc

4.200%

2/22/52

8,913

13

Aptiv

PLC

3.100%

12/01/51

8,100

67

AT&T

Inc

4.850%

3/01/39

63,267

80

AT&T

Inc

3.500%

6/01/41

62,947

40

AT&T

Inc

3.500%

2/01/61

27,053

11

Barrick

North

America

Finance

LLC

5.700%

5/30/41

11,211

Nuveen

Enhanced

Yield

U.S.

Aggregate

Bond

ETF

(NUAG)

(continued)

Portfolio

of

Investments

July

31,

2024

16

Principal

Amount

(000)

Description

(a)

Coupon

Maturity

Value

INDUSTRIAL

(continued)

$

30

BAT

Capital

Corp

7.079%

8/02/43

$

32,839

13

Becton

Dickinson

&

Co

4.685%

12/15/44

11,766

22

Bell

Telephone

Co

of

Canada

or

Bell

Canada

3.650%

8/15/52

16,423

24

Biogen

Inc

5.200%

9/15/45

22,592

65

Boeing

Co/The

5.705%

5/01/40

61,955

10

Boeing

Co/The

3.825%

3/01/59

6,575

8

BorgWarner

Inc

4.375%

3/15/45

6,645

7

Boston

Scientific

Corp

4.550%

3/01/39

6,712

54

(c)

Broadcom

Inc

3.187%

11/15/36

44,044

5

Canadian

Natural

Resources

Ltd

5.850%

2/01/35

5,102

2

Canadian

Natural

Resources

Ltd

6.750%

2/01/39

2,186

24

Canadian

Pacific

Railway

Co

4.700%

5/01/48

21,238

10

Cardinal

Health

Inc

4.500%

11/15/44

8,545

16

Carrier

Global

Corp

3.577%

4/05/50

12,061

5

Cenovus

Energy

Inc

5.250%

6/15/37

4,881

10

CF

Industries

Inc

5.375%

3/15/44

9,450

1

Charter

Communications

Operating

LLC

/

Charter

Communications

Operating

Capital

3.500%

3/01/42

685

74

Charter

Communications

Operating

LLC

/

Charter

Communications

Operating

Capital

5.375%

5/01/47

61,256

21

Charter

Communications

Operating

LLC

/

Charter

Communications

Operating

Capital

5.250%

4/01/53

16,988

33

Cigna

Group/The

4.900%

12/15/48

29,653

11

Conagra

Brands

Inc

5.300%

11/01/38

10,714

10

Constellation

Brands

Inc

5.250%

11/15/48

9,516

10

Corning

Inc

3.900%

11/15/49

7,787

10

Crown

Castle

Inc

4.750%

5/15/47

8,758

49

CVS

Health

Corp

4.875%

7/20/35

46,876

18

CVS

Health

Corp

4.780%

3/25/38

16,534

20

CVS

Health

Corp

6.000%

6/01/63

19,746

10

Dell

International

LLC

/

EMC

Corp

8.350%

7/15/46

12,996

19

Devon

Energy

Corp

5.600%

7/15/41

18,232

26

Diamondback

Energy

Inc

4.250%

3/15/52

20,720

40

Discovery

Communications

LLC

5.300%

5/15/49

31,045

7

Dollar

General

Corp

4.125%

4/03/50

5,437

11

Dollar

Tree

Inc

3.375%

12/01/51

7,289

22

Dow

Chemical

Co/The

4.250%

10/01/34

20,578

8

Dow

Chemical

Co/The

5.250%

11/15/41

7,608

15

DuPont

de

Nemours

Inc

5.319%

11/15/38

15,888

26

Eastman

Chemical

Co

4.800%

9/01/42

23,301

22

Energy

Transfer

LP

5.800%

6/15/38

22,360

22

Energy

Transfer

LP

5.000%

5/15/44

19,508

17

Equifax

Inc

2.600%

12/15/25

16,422

22

Equifax

Inc

2.350%

9/15/31

18,557

20

FactSet

Research

Systems

Inc

3.450%

3/01/32

17,798

14

FedEx

Corp

4.050%

2/15/48

11,115

41

Fidelity

National

Information

Services

Inc

1.650%

3/01/28

36,817

37

Fiserv

Inc

2.250%

6/01/27

34,604

50

Fiserv

Inc

5.625%

8/21/33

51,768

10

Freeport-McMoRan

Inc

5.400%

11/14/34

9,977

17

Principal

Amount

(000)

Description

(a)

Coupon

Maturity

Value

INDUSTRIAL

(continued)

$

11

General

Electric

Co

4.350%

5/01/50

$

9,613

12

General

Mills

Inc

4.550%

4/17/38

11,006

32

General

Motors

Co

6.600%

4/01/36

34,207

17

Gilead

Sciences

Inc

4.000%

9/01/36

15,376

9

Gilead

Sciences

Inc

4.750%

3/01/46

8,214

20

Gilead

Sciences

Inc

5.550%

10/15/53

20,439

6

Global

Payments

Inc

4.950%

8/15/27

6,013

6

Global

Payments

Inc

4.450%

6/01/28

5,885

15

Global

Payments

Inc

2.900%

5/15/30

13,350

41

Global

Payments

Inc

2.900%

11/15/31

35,183

9

Halliburton

Co

4.500%

11/15/41

7,943

18

Halliburton

Co

4.750%

8/01/43

16,210

10

HCA

Inc

4.375%

3/15/42

8,437

10

HCA

Inc

3.500%

7/15/51

6,866

20

HCA

Inc

6.000%

4/01/54

20,151

14

Hewlett

Packard

Enterprise

Co

6.200%

10/15/35

15,060

18

International

Paper

Co

4.800%

6/15/44

16,041

10

International

Paper

Co

5.150%

5/15/46

9,288

7

International

Paper

Co

4.400%

8/15/47

5,840

16

J

M

Smucker

Co/The

4.250%

3/15/35

14,772

20

JBS

USA

Holding

Lux

Sarl/

JBS

USA

Food

Co/

JBS

Lux

Co

Sarl

6.500%

12/01/52

20,191

10

Johnson

Controls

International

plc

5.125%

9/14/45

9,316

12

Johnson

Controls

International

plc

4.950%

7/02/64

10,659

13

Keurig

Dr

Pepper

Inc

4.500%

4/15/52

11,095

41

Kinder

Morgan

Energy

Partners

LP

6.375%

3/01/41

42,930

11

Kinder

Morgan

Inc

3.600%

2/15/51

7,715

24

Kraft

Heinz

Foods

Co

5.500%

6/01/50

23,468

24

Kroger

Co/The

5.400%

1/15/49

23,231

10

L3Harris

Technologies

Inc

5.054%

4/27/45

9,454

2

Leggett

&

Platt

Inc

3.500%

11/15/51

1,338

9

Lowe's

Cos

Inc

4.050%

5/03/47

7,162

41

Lowe's

Cos

Inc

4.250%

4/01/52

32,994

19

LYB

International

Finance

BV

5.250%

7/15/43

17,678

21

Marathon

Petroleum

Corp

6.500%

3/01/41

22,437

5

Marriott

International

Inc/MD

4.500%

10/01/34

4,674

1

Martin

Marietta

Materials

Inc

3.200%

7/15/51

687

30

Mastercard

Inc

4.875%

3/09/28

30,591

45

McDonald's

Corp

4.700%

12/09/35

44,065

13

(b)

MDC

Holdings

Inc

3.966%

8/06/61

11,172

8

Molson

Coors

Beverage

Co

4.200%

7/15/46

6,593

7

Moody's

Corp

3.250%

1/15/28

6,713

35

Moody's

Corp

2.000%

8/19/31

29,227

42

MPLX

LP

4.500%

4/15/38

37,891

41

National

Fuel

Gas

Co

5.500%

1/15/26

41,127

20

Newmont

Corp

5.875%

4/01/35

21,301

11

Norfolk

Southern

Corp

4.800%

8/15/43

9,932

28

Norfolk

Southern

Corp

3.700%

3/15/53

20,826

30

Northrop

Grumman

Corp

5.200%

6/01/54

28,862

12

Nutrien

Ltd

5.625%

12/01/40

11,904

21

(b)

NXP

BV

/

NXP

Funding

LLC

/

NXP

USA

Inc

3.250%

11/30/51

14,181

20

Occidental

Petroleum

Corp

4.400%

4/15/46

16,157

13

ONEOK

Inc

5.150%

10/15/43

12,063

19

ONEOK

Partners

LP

6.125%

2/01/41

19,396

57

Oracle

Corp

3.800%

11/15/37

48,325

96

Oracle

Corp

3.650%

3/25/41

75,436

24

Orange

SA

5.375%

1/13/42

23,649

Nuveen

Enhanced

Yield

U.S.

Aggregate

Bond

ETF

(NUAG)

(continued)

Portfolio

of

Investments

July

31,

2024

18

Principal

Amount

(000)

Description

(a)

Coupon

Maturity

Value

INDUSTRIAL

(continued)

$

4

Owens

Corning

4.300%

7/15/47

$

3,304

3

Packaging

Corp

of

America

3.050%

10/01/51

2,030

24

Paramount

Global

4.900%

8/15/44

17,469

14

Parker-Hannifin

Corp

4.450%

11/21/44

12,274

6

Phillips

66

4.650%

11/15/34

5,733

5

Phillips

66

5.875%

5/01/42

5,159

16

Phillips

66

3.300%

3/15/52

10,732

10

(b)

Republic

Services

Inc

5.200%

11/15/34

10,209

33

Rogers

Communications

Inc

5.000%

3/15/44

30,243

14

RPM

International

Inc

4.250%

1/15/48

11,908

10

RTX

Corp

4.450%

11/16/38

9,153

40

RTX

Corp

6.400%

3/15/54

44,941

10

Sherwin-Williams

Co/The

4.000%

12/15/42

8,270

7

Southern

Copper

Corp

5.250%

11/08/42

6,613

40

Spectra

Energy

Partners

LP

4.500%

3/15/45

33,584

10

Stanley

Black

&

Decker

Inc

4.850%

11/15/48

8,766

31

Starbucks

Corp

3.350%

3/12/50

21,535

16

Stryker

Corp

4.100%

4/01/43

13,583

24

Suncor

Energy

Inc

4.000%

11/15/47

18,581

15

Sysco

Corp

3.150%

12/14/51

10,022

20

Takeda

Pharmaceutical

Co

Ltd

3.175%

7/09/50

13,590

30

Telefonica

Emisiones

SA

5.213%

3/08/47

27,420

9

TELUS

Corp

4.300%

6/15/49

7,314

20

Thomson

Reuters

Corp

3.350%

5/15/26

19,460

28

Time

Warner

Cable

LLC

5.500%

9/01/41

24,022

65

T-Mobile

USA

Inc

3.400%

10/15/52

45,574

20

T-Mobile

USA

Inc

6.000%

6/15/54

21,152

4

Trane

Technologies

Global

Holding

Co

Ltd

5.750%

6/15/43

4,192

19

TransCanada

PipeLines

Ltd

5.100%

3/15/49

17,730

36

Transcontinental

Gas

Pipe

Line

Co

LLC

3.950%

5/15/50

27,863

4

Triton

Container

International

Ltd

/

TAL

International

Container

Corp

3.250%

3/15/32

3,400

11

Tyson

Foods

Inc

5.100%

9/28/48

9,875

15

United

Airlines

2014-1

Class

A

Pass

Through

Trust2020

A

4.000%

4/11/26

14,884

33

Valero

Energy

Corp

3.650%

12/01/51

23,497

2

Verizon

Communications

Inc

3.400%

3/22/41

1,568

7

Verizon

Communications

Inc

2.850%

9/03/41

5,038

80

(b)

Verizon

Communications

Inc

4.862%

8/21/46

74,685

16

Verizon

Communications

Inc

4.000%

3/22/50

12,799

16

Verizon

Communications

Inc

3.875%

3/01/52

12,504

36

Viatris

Inc

3.850%

6/22/40

27,155

27

Vodafone

Group

PLC

4.875%

6/19/49

24,083

22

Warnermedia

Holdings

Inc

5.050%

3/15/42

17,355

11

Western

Union

Co/The

1.350%

3/15/26

10,361

23

Westlake

Corp

3.125%

8/15/51

14,907

10

Whirlpool

Corp

5.150%

3/01/43

8,950

2

Zimmer

Biomet

Holdings

Inc

4.250%

8/15/35

1,811

6

Zimmer

Biomet

Holdings

Inc

5.750%

11/30/39

6,185

11

Zoetis

Inc

4.700%

2/01/43

10,045

TOTAL

INDUSTRIAL

3,004,106

UTILITY

-

18.1%

65

AEP

Texas

Inc

3.800%

10/01/47

48,434

100

AEP

Texas

Inc

5.250%

5/15/52

92,863

50

AEP

Transmission

Co

LLC

5.400%

3/15/53

49,443

9

Ameren

Corp

1.950%

3/15/27

8,375

19

Principal

Amount

(000)

Description

(a)

Coupon

Maturity

Value

UTILITY

(continued)

$

8

Ameren

Corp

1.750%

3/15/28

$

7,202

4

American

Electric

Power

Co

Inc

4.300%

12/01/28

3,914

4

American

Electric

Power

Co

Inc

3.875%

2/15/62

3,723

60

American

Water

Capital

Corp

4.150%

6/01/49

49,561

10

American

Water

Capital

Corp

3.250%

6/01/51

6,974

50

Arizona

Public

Service

Co

5.700%

8/15/34

51,325

50

Arizona

Public

Service

Co

2.650%

9/15/50

30,131

40

Atmos

Energy

Corp

6.200%

11/15/53

44,182

30

Avangrid

Inc

3.200%

4/15/25

29,520

4

Black

Hills

Corp

3.150%

1/15/27

3,837

10

Black

Hills

Corp

4.200%

9/15/46

8,219

61

Black

Hills

Corp

3.875%

10/15/49

45,986

100

(b)

CenterPoint

Energy

Inc

5.400%

6/01/29

102,018

18

Cleco

Corporate

Holdings

LLC

4.973%

5/01/46

15,483

11

CMS

Energy

Corp

4.875%

3/01/44

10,192

100

CMS

Energy

Corp

3.750%

12/01/50

83,937

120

Consolidated

Edison

Co

of

New

York

Inc

5.900%

11/15/53

126,472

101

Constellation

Energy

Generation

LLC

5.600%

6/15/42

99,704

10

Consumers

Energy

Co

4.350%

8/31/64

7,956

70

Dayton

Power

&

Light

Co/The

3.950%

6/15/49

52,550

13

Delmarva

Power

&

Light

Co

4.000%

6/01/42

10,457

6

Dominion

Energy

Inc

3.600%

3/15/27

5,830

110

Dominion

Energy

Inc

3.375%

4/01/30

101,392

20

Dominion

Energy

Inc

2.250%

8/15/31

16,783

7

Dominion

Energy

Inc

4.900%

8/01/41

6,349

43

Dominion

Energy

Inc

4.850%

8/15/52

38,122

50

Dominion

Energy

Inc

7.000%

6/01/54

52,510

120

DTE

Energy

Co

5.100%

3/01/29

121,097

60

Duke

Energy

Corp

0.900%

9/15/25

57,336

11

Duke

Energy

Corp

3.150%

8/15/27

10,516

111

Duke

Energy

Corp

4.300%

3/15/28

109,386

337

Duke

Energy

Corp

3.950%

8/15/47

257,750

1

Duke

Energy

Corp

5.000%

8/15/52

897

100

Duke

Energy

Indiana

LLC

5.400%

4/01/53

98,105

27

El

Paso

Electric

Co

5.000%

12/01/44

23,666

18

Emera

US

Finance

LP

3.550%

6/15/26

17,402

52

Emera

US

Finance

LP

4.750%

6/15/46

43,840

23

Enel

Chile

SA

4.875%

6/12/28

22,615

50

Entergy

Arkansas

LLC

5.450%

6/01/34

51,630

1

Entergy

Corp

0.900%

9/15/25

956

1

Entergy

Corp

1.900%

6/15/28

899

1

Entergy

Corp

3.750%

6/15/50

729

50

Entergy

Louisiana

LLC

5.350%

3/15/34

50,962

50

Entergy

Louisiana

LLC

4.200%

9/01/48

40,443

21

Essential

Utilities

Inc

3.351%

4/15/50

14,507

50

Evergy

Kansas

Central

Inc

4.250%

12/01/45

42,063

4

Eversource

Energy

0.800%

8/15/25

3,819

21

Eversource

Energy

3.300%

1/15/28

19,941

100

Eversource

Energy

5.850%

4/15/31

103,721

6

Eversource

Energy

3.450%

1/15/50

4,268

6

Exelon

Corp

2.750%

3/15/27

5,708

50

Exelon

Corp

5.150%

3/15/29

50,816

100

Exelon

Corp

5.450%

3/15/34

102,007

3

Exelon

Corp

4.950%

6/15/35

2,891

21

Exelon

Corp

5.100%

6/15/45

19,616

7

Exelon

Corp

4.450%

4/15/46

5,973

1

Exelon

Corp

4.700%

4/15/50

873

50

FirstEnergy

Corp

2.250%

9/01/30

42,768

Nuveen

Enhanced

Yield

U.S.

Aggregate

Bond

ETF

(NUAG)

(continued)

Portfolio

of

Investments

July

31,

2024

20

Principal

Amount

(000)

Description

(a)

Coupon

Maturity

Value

UTILITY

(continued)

$

48

FirstEnergy

Pennsylvania

Electric

Co

6.150%

10/01/38

$

51,087

30

Fortis

Inc/Canada

3.055%

10/04/26

28,792

50

Georgia

Power

Co

5.004%

2/23/27

50,487

81

Georgia

Power

Co

3.700%

1/30/50

61,715

28

Iberdrola

International

BV

6.750%

7/15/36

32,231

10

Idaho

Power

Co

5.800%

4/01/54

10,213

10

Interstate

Power

and

Light

Co

4.100%

9/26/28

9,754

17

IPALCO

Enterprises

Inc

4.250%

5/01/30

16,132

1

ITC

Holdings

Corp

5.300%

7/01/43

947

12

National

Grid

USA

5.803%

4/01/35

12,304

60

National

Rural

Utilities

Cooperative

Finance

Corp

4.800%

3/15/28

60,283

18

NextEra

Energy

Capital

Holdings

Inc

4.450%

6/20/25

17,872

8

NextEra

Energy

Capital

Holdings

Inc

1.875%

1/15/27

7,463

100

NextEra

Energy

Capital

Holdings

Inc

4.900%

2/28/28

100,509

67

NextEra

Energy

Capital

Holdings

Inc

1.900%

6/15/28

60,377

4

NextEra

Energy

Capital

Holdings

Inc

3.500%

4/01/29

3,785

129

(b)

NextEra

Energy

Capital

Holdings

Inc

5.000%

7/15/32

128,974

100

NextEra

Energy

Capital

Holdings

Inc

6.700%

9/01/54

101,623

4

NextEra

Energy

Capital

Holdings

Inc

5.650%

5/01/79

3,859

3

NextEra

Energy

Capital

Holdings

Inc

3.800%

3/15/82

2,793

9

NiSource

Inc

3.490%

5/15/27

8,693

98

NiSource

Inc

5.950%

6/15/41

100,848

56

NiSource

Inc

5.650%

2/01/45

55,651

7

NiSource

Inc

3.950%

3/30/48

5,437

19

NiSource

Inc

5.000%

6/15/52

17,372

50

Northern

States

Power

Co/WI

5.650%

6/15/54

51,350

100

NSTAR

Electric

Co

4.950%

9/15/52

92,801

4

Oglethorpe

Power

Corp

5.950%

11/01/39

4,119

79

Oglethorpe

Power

Corp

4.200%

12/01/42

63,115

14

Oglethorpe

Power

Corp

4.250%

4/01/46

11,115

13

Oglethorpe

Power

Corp

5.050%

10/01/48

11,654

7

Oglethorpe

Power

Corp

5.250%

9/01/50

6,487

50

Ohio

Power

Co

5.650%

6/01/34

51,407

50

Oncor

Electric

Delivery

Co

LLC

5.350%

10/01/52

48,946

8

Pacific

Gas

and

Electric

Co

3.300%

12/01/27

7,567

9

(b)

Pacific

Gas

and

Electric

Co

3.000%

6/15/28

8,393

9

Pacific

Gas

and

Electric

Co

4.200%

3/01/29

8,664

100

Pacific

Gas

and

Electric

Co

5.900%

6/15/32

102,709

210

(b)

Pacific

Gas

and

Electric

Co

6.950%

3/15/34

231,669

109

Pacific

Gas

and

Electric

Co

4.200%

6/01/41

87,443

6

Pacific

Gas

and

Electric

Co

4.450%

4/15/42

4,908

8

Pacific

Gas

and

Electric

Co

3.750%

8/15/42

5,973

7

Pacific

Gas

and

Electric

Co

4.300%

3/15/45

5,507

7

Pacific

Gas

and

Electric

Co

4.000%

12/01/46

5,226

7

Pacific

Gas

and

Electric

Co

3.950%

12/01/47

5,179

106

Pacific

Gas

and

Electric

Co

4.950%

7/01/50

90,349

104

Pacific

Gas

and

Electric

Co

5.250%

3/01/52

91,726

230

PacifiCorp

5.500%

5/15/54

218,468

65

Piedmont

Natural

Gas

Co

Inc

3.640%

11/01/46

47,907

11

Piedmont

Natural

Gas

Co

Inc

3.350%

6/01/50

7,545

21

Principal

Amount

(000)

Description

(a)

Coupon

Maturity

Value

UTILITY

(continued)

$

30

Pinnacle

West

Capital

Corp

1.300%

6/15/25

$

28,928

100

Potomac

Electric

Power

Co

5.500%

3/15/54

100,660

10

PPL

Capital

Funding

Inc

3.100%

5/15/26

9,694

1

PPL

Capital

Funding

Inc

4.125%

4/15/30

962

100

PPL

Electric

Utilities

Corp

4.150%

6/15/48

83,501

110

Public

Service

Co

of

Colorado

5.250%

4/01/53

103,811

100

Public

Service

Electric

and

Gas

Co

5.450%

8/01/53

101,206

50

Public

Service

Enterprise

Group

Inc

5.200%

4/01/29

50,852

26

Puget

Energy

Inc

2.379%

6/15/28

23,490

36

Puget

Energy

Inc

4.100%

6/15/30

34,001

50

San

Diego

Gas

&

Electric

Co

4.150%

5/15/48

41,416

4

Sempra

3.250%

6/15/27

3,830

52

Sempra

3.400%

2/01/28

49,661

38

Sempra

3.800%

2/01/38

32,041

59

Sempra

4.000%

2/01/48

46,237

14

Sempra

4.125%

4/01/52

12,918

20

Southern

California

Edison

Co

5.150%

6/01/29

20,356

100

Southern

California

Edison

Co

5.700%

3/01/53

100,655

50

Southern

Co

Gas

Capital

Corp

6.000%

10/01/34

51,508

1

Southern

Co

Gas

Capital

Corp

4.400%

5/30/47

838

1

Southern

Co/The

5.113%

8/01/27

1,008

50

Southern

Co/The

4.850%

6/15/28

50,254

120

Southern

Co/The

5.700%

3/15/34

124,962

51

Southern

Power

Co

4.950%

12/15/46

45,572

45

Southwest

Gas

Corp

4.150%

6/01/49

35,121

8

Southwestern

Electric

Power

Co

1.650%

3/15/26

7,599

104

Southwestern

Electric

Power

Co

4.100%

9/15/28

100,978

1

Southwestern

Electric

Power

Co

3.900%

4/01/45

764

109

Southwestern

Electric

Power

Co

3.250%

11/01/51

71,411

21

Southwestern

Public

Service

Co

6.000%

10/01/36

21,808

38

Spire

Inc

4.700%

8/15/44

32,570

50

Union

Electric

Co

5.200%

4/01/34

50,810

35

Union

Electric

Co

5.450%

3/15/53

34,505

100

Virginia

Electric

and

Power

Co

5.350%

1/15/54

97,678

90

WEC

Energy

Group

Inc

4.750%

1/15/28

90,244

60

Wisconsin

Power

and

Light

Co

4.100%

10/15/44

48,185

11

Xcel

Energy

Inc

1.750%

3/15/27

10,163

1

Xcel

Energy

Inc

4.000%

6/15/28

971

7

Xcel

Energy

Inc

4.800%

9/15/41

6,189

TOTAL

UTILITY

6,487,429

TOTAL

CORPORATE

DEBT

(cost

$15,950,045)

15,204,553

Principal

Amount

(000)

Description

(a)

Coupon

Maturity

Value

X

–

U.S.

TREASURY

-

27.5%

$

425

United

States

Treasury

Note/Bond

0.375%

1/31/26

399,932

400

United

States

Treasury

Note/Bond

4.250%

1/31/26

398,703

425

United

States

Treasury

Note/Bond

0.750%

3/31/26

400,264

700

United

States

Treasury

Note/Bond

4.500%

3/31/26

701,012

703

United

States

Treasury

Note/Bond

0.750%

4/30/26

661,164

425

United

States

Treasury

Note/Bond

4.875%

4/30/26

428,536

100

United

States

Treasury

Note/Bond

4.875%

5/31/26

100,922

3

United

States

Treasury

Note/Bond

0.875%

6/30/26

2,626

Nuveen

Enhanced

Yield

U.S.

Aggregate

Bond

ETF

(NUAG)

(continued)

Portfolio

of

Investments

July

31,

2024

22

Principal

Amount

(000)

Description

(a)

Coupon

Maturity

Value

$

600

United

States

Treasury

Note/Bond

4.625%

6/30/26

$

603,492

450

United

States

Treasury

Note/Bond

4.375%

7/31/26

450,984

4

United

States

Treasury

Note/Bond

1.250%

12/31/26

3,363

1,200

United

States

Treasury

Note/Bond

4.000%

1/15/27

1,195,359

250

United

States

Treasury

Note/Bond

4.250%

3/15/27

250,801

1

United

States

Treasury

Note/Bond

2.500%

3/31/27

960

30

United

States

Treasury

Note/Bond

2.750%

4/30/27

28,952

200

United

States

Treasury

Note/Bond

4.500%

5/15/27

202,063

3

United

States

Treasury

Note/Bond

3.250%

6/30/27

2,738

0

(d)

United

States

Treasury

Note/Bond

2.750%

7/31/27

385

150

United

States

Treasury

Note/Bond

3.625%

5/31/28

148,078

105

United

States

Treasury

Note/Bond

4.375%

8/31/28

106,567

100

United

States

Treasury

Note/Bond

4.875%

10/31/28

103,512

150

United

States

Treasury

Note/Bond

3.125%

11/15/28

145,002

500

United

States

Treasury

Note/Bond

4.000%

1/31/29

501,035

275

United

States

Treasury

Note/Bond

4.250%

2/28/29

278,599

600

United

States

Treasury

Note/Bond

4.625%

4/30/29

617,625

550

United

States

Treasury

Note/Bond

4.500%

5/31/29

563,664

300

United

States

Treasury

Note/Bond

4.000%

7/31/29

301,031

100

United

States

Treasury

Note/Bond

4.250%

2/28/31

101,660

30

United

States

Treasury

Note/Bond

4.000%

2/15/34

29,873

250

United

States

Treasury

Note/Bond

4.375%

5/15/34

256,406

300

United

States

Treasury

Note/Bond

3.375%

8/15/42

261,633

100

United

States

Treasury

Note/Bond

3.875%

2/15/43

93,215

270

United

States

Treasury

Note/Bond

4.500%

2/15/44

272,700

150

United

States

Treasury

Note/Bond

4.625%

5/15/44

154,055

25

United

States

Treasury

Note/Bond

4.750%

11/15/53

26,684

50

United

States

Treasury

Note/Bond

4.625%

5/15/54

52,359

TOTAL

U.S.

TREASURY

(cost

$9,925,542)

9,845,954

Principal

Amount

(000)

Description

(a)

Coupon

Maturity

Value

X

–

SECURITIZED

-

19.2%

$

250

American

Express

Credit

Account

Master

Trust

2022

2

3.390%

5/17/27

246,615

100

(c)

Avis

Budget

Rental

Car

Funding

AESOP

LLC

2020

1A

2.330%

8/20/26

97,438

150

BANK

2024-BNK47

2024

BNK47

6.457%

6/15/57

157,692

50

BANK5

2023-5YR3

2023

5YR3

6.724%

9/15/56

53,117

43

BANK5

2023-5YR4

2023

5YR4

6.500%

12/15/56

45,566

100

BBCMS

Mortgage

Trust

2022-C17

2022

C17

4.174%

9/15/55

95,022

150

Benchmark

2021-B27

Mortgage

Trust

2021

B27

2.703%

7/15/54

105,024

100

Benchmark

2024-V7

Mortgage

Trust

2024

V7

6.228%

6/15/29

105,049

45

BMO

Mortgage

Trust

2023

5C2

6.673%

11/15/56

47,465

150

Capital

One

Multi-Asset

Execution

Trust

2022

A2

3.490%

5/15/27

148,015

50

Carmax

Auto

Owner

Trust

2024-3

2024

3

5.210%

9/15/27

50,069

50

(c)

Chase

Auto

Owner

Trust

2024-3

2024

3A

5.220%

7/25/29

50,536

250

COMM

2015-LC19

Mortgage

Trust

2015

LC19

3.527%

2/10/48

246,240

85

(c)

Dell

Equipment

Finance

Trust

2023

3

6.100%

4/23/29

85,085

50

(c)

Enterprise

Fleet

Financing

2024-3

LLC

2024

3

5.310%

4/20/27

50,157

50

Exeter

Automobile

Receivables

Trust

2024-4

2024

4A

5.290%

8/15/30

50,207

23

Fannie

Mae

Pool

FN

MA1489

3.000%

7/01/43

21,232

59

Fannie

Mae

Pool

FN

MA3211

4.000%

12/01/47

56,726

36

Fannie

Mae

Pool

FN

MA3277

4.000%

2/01/48

34,004

79

Fannie

Mae

Pool

FN

MA3305

3.500%

3/01/48

72,542

24

Fannie

Mae

Pool

FN

MA3306

4.000%

3/01/48

23,053

48

Fannie

Mae

Pool

FN

MA3383

3.500%

6/01/48

44,388

136

Fannie

Mae

Pool

FN

MA3416

4.500%

7/01/48

132,783

45

Fannie

Mae

Pool

FN

MA3663

3.500%

5/01/49

41,567

69

Fannie

Mae

Pool

FN

MA3744

3.000%

8/01/49

61,539

173

Fannie

Mae

Pool

FN

MA4160

3.000%

10/01/50

153,641

234

Fannie

Mae

Pool

FN

MA4305

2021

MTGE

2.000%

4/01/51

189,206

124

Fannie

Mae

Pool

FN

MA4438

2021

1

2.500%

10/01/51

105,289

23

Principal

Amount

(000)

Description

(a)

Coupon

Maturity

Value

$

115

Fannie

Mae

Pool

FN

MA4562

2.000%

3/01/52

$

92,498

242

Fannie

Mae

Pool

FN

MA4578

2.500%

4/01/52

204,499

85

Fannie

Mae

Pool

FN

MA4737

2022

1

5.000%

8/01/52

83,538

421

Fannie

Mae

Pool

FN

MA4738

5.500%

8/01/52

422,633

172

Fannie

Mae

Pool

FN

MA4761

5.000%

9/01/52

169,747

99

Fannie

Mae

Pool

FN

MA5216

6.000%

12/01/53

99,920

96

Fannie

Mae

Pool

FN

MA5295

6.000%

3/01/54

96,855

96

Fannie

Mae

Pool

FN

MA5329

6.500%

4/01/54

97,902

95

Fannie

Mae

Pool

FN

MA5391

7.000%

6/01/54

97,946

50

Ford

Credit

Auto

Lease

Trust

2024-B

2024

B

4.990%

12/15/27

50,263

50

Ford

Credit

Auto

Owner

Trust

2024-B

2024

B

5.100%

4/15/29

50,597

200

Freddie

Mac

Multifamily

Structured

Pass

Through

Certificates

2023

K505

4.819%

6/25/28

202,706

200

Freddie

Mac

Multifamily

Structured

Pass

Through

Certificates

2023

K506

4.650%

8/25/28

201,288

100

Freddie

Mac

Multifamily

Structured

Pass

Through

Certificates

2023

K507

4.800%

9/25/28

101,149

191

Freddie

Mac

Multifamily

Structured

Pass

Through

Certificates

2021

K127

1.353%

11/25/30

171,561

246

Freddie

Mac

Pool

FR

SD5345

2.500%

4/01/52

207,474

100

GM

Financial

Automobile

Leasing

Trust

2024-1

2024

1

5.090%

3/22/27

100,200

70

GM

Financial

Consumer

Automobile

Receivables

Trust

2022-2

2022

2

3.100%

2/16/27

69,114

221

GS

Mortgage

Securities

Trust

2016-GS4

2016

GS4

3.178%

11/10/49

213,096

100

(c)

Hertz

Vehicle

Financing

III

LLC

2022

1A

1.990%

6/25/26

97,658

50

Honda

Auto

Receivables

2024-2

Owner

Trust

2024

2

5.270%

11/20/28

50,674

100

(c)

HPEFS

Equipment

Trust

2023

2A

6.040%

1/21/31

100,319

108

Hyundai

Auto

Receivables

Trust

2022-B

2022

B

3.720%

11/16/26

107,173

100

John

Deere

Owner

Trust

2022

2022

A

2.490%

1/16/29

97,147

25

Mercedes-Benz

Auto

Receivables

Trust

2024-1

2024

1

4.790%

7/15/31

25,244

20

Morgan

Stanley

Bank

of

America

Merrill

Lynch

Trust

2015-

C20

2015

C20

3.249%

2/15/48

19,800

250

Morgan

Stanley

Capital

I

Trust

2021-L5

2021

L5

1.518%

5/15/54

230,821

100

(c)

OneMain

Financial

Issuance

Tru

2023

2A

6.170%

9/15/36

103,331

100

Santander

Drive

Auto

Receivabl

2023

4

6.040%

12/15/31

102,548

1

Santander

Drive

Auto

Receivables

Trust

2022-5

2022

5

4.110%

8/17/26

1,300

63

(c)

Tesla

Auto

Lease

Trust

2023-A

2023

A

5.860%

8/20/25

63,120

50

Toyota

Auto

Receivables

2024-C

Owner

Trust

2024

C

4.880%

3/15/29

50,309

100

UNITED

STATES

2023

B

5.600%

2/15/29

101,528

100

Verizon

Master

Trust

2022

7

5.230%

11/22/27

99,906

45

Verizon

Master

Trust

Series

2024-4

2024

4

5.210%

6/20/29

45,479

200

Wells

Fargo

Commercial

Mortgage

Trust

2024-5C1

2024

5C1

5.928%

7/15/57

207,422

10

(c)

Westlake

Automobile

Receivables

Trust

2022-1

2022

1A

2.750%

3/15/27

10,150

50

World

Omni

Auto

Receivables

Trust

2024-B

2024

B

5.270%

9/17/29

50,720

TOTAL

SECURITIZED

(cost

$6,714,361)

6,866,902

Principal

Amount

(000)

Description

(a)

Coupon

Maturity

Value

X

–

GOVERNMENT

RELATED

-

9.5%

GOVERNMENT

AGENCY

-

0.4%

$

20

Export-Import

Bank

of

Korea

2.500%

6/29/41

14,355

1

Federal

National

Mortgage

Association

1.875%

9/24/26

951

6

Federal

National

Mortgage

Association

5.625%

7/15/37

6,775

9

Tennessee

Valley

Authority

5.250%

9/15/39

9,527

129

Tennessee

Valley

Authority

3.500%

12/15/42

109,136

Nuveen

Enhanced

Yield

U.S.

Aggregate

Bond

ETF

(NUAG)

(continued)

Portfolio

of

Investments

July

31,

2024

24

Principal

Amount

(000)

Description

(a)

Coupon

Maturity

Value

GOVERNMENT

AGENCY

(continued)

$

5

Tennessee

Valley

Authority

4.250%

9/15/52

$

4,501

TOTAL

GOVERNMENT

AGENCY

145,245

MUNICIPAL

BONDS

-

3.6%

(e)

18

Bay

Area

Toll

Authority,

California,

Revenue

Bonds,

San

Francisco

Bay

Area

Toll

Bridge,

Series

2021

(Optional

Call:

4/31

at

100.00)

3.126%

4/01/55

12,789

16

Bay

Area

Toll

Authority,

California,

Revenue

Bonds,

San

Francisco

Bay

Area

Toll

Bridge,

Subordinate

Lien,

Build

America

Federally

Taxable

Bond

Series

2010S-1

(No

Opt.

Call)

6.918%

4/01/40

18,524

60

Board

of

Regents

of

the

University

of

Texas

System,

Revenue

Financing

System

Bonds,

Green

Series

2016B

(No

Opt.

Call)

3.852%

8/15/46

51,820

42

California

State

University,

Systemwide

Revenue

Bonds,

Taxable

Series

2021B

(No

Opt.

Call)

2.719%

11/01/52

29,472

10

California

State

University,

Systemwide

Revenue

Bonds,

Taxable

Series

2021B

(Optional

Call:

11/31

at

100.00)

2.939%

11/01/52

7,100

50

California

State,

General

Obligation

Bonds,

Taxable

Various

Purpose

Series

2018

(Optional

Call:

4/28

at

100.00)

4.500%

4/01/33

49,192

70

California

State,

General

Obligation

Bonds,

Taxable

Various

Purpose

Series

2018

(Optional

Call:

4/28

at

100.00)

4.600%

4/01/38

68,050

50

California

State,

General

Obligation

Bonds,

Various

Purpose

Build

America

Taxable

Bond

Series

2010

(No

Opt.

Call)

7.625%

3/01/40

61,265

10

Chicago

Greater

Metropolitan

Water

Reclamation

District,

Illinois,

General

Obligation

Bonds,

Build

America

Taxable

Bonds,

Series

2009

(No

Opt.

Call)

5.720%

12/01/38

10,560

29

Chicago

Transit

Authority,

Illinois,

Sales

and

Transfer

Tax

Receipts

Revenue

Bonds,

Pension

Funding

Taxable

Series

2008B

(No

Opt.

Call)

6.899%

12/01/40

32,701

47

Chicago,

Illinois,

General

Airport

Revenue

Bonds,

O'Hare

International

Airport,

Taxable

Senior

Lien

Series

2018C

(No

Opt.

Call)

4.572%

1/01/54

44,187

25

Principal

Amount

(000)

Description

(a)

Coupon

Maturity

Value

MUNICIPAL

BONDS

(continued)

$

40

Commonwealth

Financing

Authority,

Pennsylvania,

Revenue

Bonds,

Taxable

Series

2021A

(No

Opt.

Call)

2.991%

6/01/42

$

30,700

6

Commonwealth

Financing

Authority,

Pennsylvania,

State

Appropriation

Lease

Bonds,

Plancon

Program,

Taxable

Series

2018A

(No

Opt.

Call)

3.864%

6/01/38

5,527

10

Cook

County,

Illinois,

General

Obligation

Bonds,

Build

America

Taxable

Bonds,

Series

2010D

(No

Opt.

Call)

6.229%

11/15/34

10,789

40

Dallas

Area

Rapid

Transit,

Texas,

Sales

Tax

Revenue

Bonds,

Taxable

Refunding

Senior

Lien

Series

2021A

(Optional

Call:

12/31

at

100.00)

2.613%

12/01/48

28,095

20

Dallas

Fort

Worth

International

Airport,

Texas,  Joint

Revenue

Bonds,

Taxable

Improvement

Series

2022A

(No

Opt.

Call)

4.087%

11/01/51

17,271

20

Dallas

Fort

Worth

International

Airport,

Texas,  Joint

Revenue

Bonds,

Taxable

Improvement

Series

2022A

(Optional

Call:

11/32

at

100.00)

4.507%

11/01/51

18,452

40

Dallas-Fort

Worth

International

Airport,

Texas,

Joint

Revenue

Bonds,

Taxable

Refunding

Series

2021C

(Optional

Call:

11/31

at

100.00)

2.843%

11/01/46

29,721

1

Dormitory

Authority

of

the

State

of

New

York,

State

Personal

Income

Tax

Revenue

Bonds,

General

Purpose,

Series

2021C

(No

Opt.

Call)

2.202%

3/15/34

814

20

Florida

State

Board

of

Administration

Finance

Corporation,

Revenue

Bonds,

Taxable,

Series

2024A

(Optional

Call:

1/34

at

100.00)

5.526%

7/01/34

20,540

30

Golden

State

Tobacco

Securitization

Corporation,

California,

Tobacco

Settlement

Asset-Backed

Bonds,

Taxable

Senior

Series

2021A-1

(Optional

Call:

12/31

at

100.00)

4.214%

6/01/50

23,146

40

Grand

Parkway

Transportation

Corporation,

Texas,

System

Toll

Revenue

Bonds,

Taxable

Refunding

Subordinate

Lien

Series

2020B.

Tela

Supported

(Optional

Call:

4/30

at

100.00)

3.236%

10/01/52

30,234

126

Illinois

State,

General

Obligation

Bonds,

Pension

Funding

Series

2003

(No

Opt.

Call)

5.100%

6/01/33

125,550

40

Kansas

Development

Finance

Authority,

Kansas,

Revenue

Bonds,

State

of

Kansas

KPERS

Projects,

Taxable

Series

2021K

(No

Opt.

Call)

2.774%

5/01/51

28,513

Nuveen

Enhanced

Yield

U.S.

Aggregate

Bond

ETF

(NUAG)

(continued)

Portfolio

of

Investments

July

31,

2024

26

Principal

Amount

(000)

Description

(a)

Coupon

Maturity

Value

MUNICIPAL

BONDS

(continued)

$

30

Los

Angeles

Community

College

District,

California,

General

Obligation

Bonds,

Build

America

Taxable

Bonds,

Series

2010

(No

Opt.

Call)

6.750%

8/01/49

$

35,192

11

Michigan

Finance

Authority,

Hospital

Revenue

Bonds,

Trinity

Health

Credit

Group,

Taxable

Refunding

Series

2019-T

(No

Opt.

Call)

3.384%

12/01/40

9,175

21

Missouri

Health

and

Educational

Facilities

Authority,

Revenue

Bonds,

Washington

University,

Series

2016B

(No

Opt.

Call)

3.086%

9/15/51

15,297

36

Municipal

Electric

Authority

of

Georgia,

Plant

Vogtle

Units

3

&

4

Project

J

Bonds,

Taxable

Build

America

Bonds

Series

2010A

(No

Opt.

Call)

6.637%

4/01/57

40,536

45

New

Jersey

Turnpike

Authority,

Revenue

Bonds,

Build

America

Taxable

Bonds,

Series

2010A

(No

Opt.

Call)

7.102%

1/01/41

52,438

1

New

York

City

Municipal

Water

Finance

Authority,

New

York,

Water

and

Sewer

System

Revenue

Bonds,

Second

Generation

Resolution,

Build

America

Taxable

Bonds,

Fiscal

2011

Series

AA

(No

Opt.

Call)

5.440%

6/15/43

1,001

15

New

York

City

Transitional

Finance

Authority,

New

York,

Future

Tax

Secured

Bonds,

Build

America

Taxable

Bonds,

Series

2010B-1

(No

Opt.

Call)

5.572%

11/01/38

15,481

50

North

Texas

Tollway

Authority,

System

Revenue

Bonds,

Refunding

First

Tier

Taxable

Series

2021A

(Optional

Call:

1/31

at

100.00)

3.011%

1/01/43

39,161

10

Ohio

State

University,

General

Receipts

Bonds,

Build

America

Taxable

Bond

Series

2010C

(No

Opt.

Call)

4.910%

6/01/40

9,871

100

Port

Authority

of

New

York

and

New

Jersey,

Consolidated

Revenue

Bonds,

Two

Hundred

Twenty-Fifth

Series

2021

(Optional

Call:

7/31

at

100.00)

3.175%

7/15/60

69,534

39

Province

of

British

Columbia

Canada

(No

Opt.

Call)

1.300%

1/29/31

32,549

75

Sales

Tax

Securitization

Corporation,

Illinois,

Series

2021

(No

Opt.

Call)

3.238%

1/01/42

60,448

90

Texas

Transportation

Commission,

General

Obligation

Bonds,

Mobility

Fund,

Refunding

Series

2020

(Optional

Call:

10/30

at

100.00)

2.472%

10/01/44

64,992

27

Principal

Amount

(000)

Description

(a)

Coupon

Maturity

Value

MUNICIPAL

BONDS

(continued)

$

93

The

Rector

and

Visitors

of

the

University

of

Virginia,

General

Revenue

Bonds,

Taxable

Pledge

and

Refunding

Series

2020

(Optional

Call:

3/50

at

100.00)

2.256%

9/01/50

$

57,662

32

Tucson,

Arizona,

Certificates

of

Participation,

Taxable

Series

2021A

(No

Opt.

Call)

2.856%

7/01/47

23,851

30

University

of

Michigan,

General

Revenue

Bonds,

Series

2022A

(Optional

Call:

10/51

at

100.00)

3.504%

4/01/52

23,728

TOTAL

MUNICIPAL

BONDS

1,305,928

SOVEREIGN

DEBT

-

5.4%

1

Chile

Government

International

Bond

3.625%

10/30/42

786

102

Chile

Government

International

Bond

3.500%

1/25/50

74,628

13

Chile

Government

International

Bond

4.000%

1/31/52

10,232

13

Chile

Government

International

Bond

3.250%

9/21/71

8,225

9

Colombia

Government

International

Bond

4.125%

2/22/42

5,995

13

Colombia

Government

International

Bond

5.000%

6/15/45

9,264

19

Colombia

Government

International

Bond

5.200%

5/15/49

13,586

13

Colombia

Government

International

Bond

4.125%

5/15/51

7,904

13

Colombia

Government

International

Bond

3.875%

2/15/61

7,288

1

Hungary

Government

International

Bond

7.625%

3/29/41

1,151

1

Indonesia

Government

International

Bond

4.350%

1/11/48

872

1

Indonesia

Government

International

Bond

5.350%

2/11/49

1,009

143

Indonesia

Government

International

Bond

4.300%

3/31/52

122,015

10

Indonesia

Government

International

Bond

4.450%

4/15/70

8,354

25

Indonesia

Government

International

Bond

3.350%

3/12/71

16,435

20

Inter-American

Development

Bank

4.375%

1/24/44

19,165

28

Israel

Government

International

Bond

4.500%

1/30/43

23,240

100

Israel

Government

International

Bond

4.125%

1/17/48

75,157

11

Korea

International

Bond

3.875%

9/20/48

9,478

200

Mexico

Government

International

Bond

6.000%

5/07/36

199,038

70

Mexico

Government

International

Bond

4.280%

8/14/41

55,490

200

Mexico

Government

International

Bond

4.750%

3/08/44

163,733

200

Mexico

Government

International

Bond

6.338%

5/04/53

191,646

Nuveen

Enhanced

Yield

U.S.

Aggregate

Bond

ETF

(NUAG)

(continued)

Portfolio

of

Investments

July

31,

2024

28

Principal

Amount

(000)

Description

(a)

Coupon

Maturity

Value

SOVEREIGN

DEBT

(continued)

$

200

Panama

Government

International

Bond

6.875%

1/31/36

$

200,208

98

Panama

Government

International

Bond

4.500%

5/15/47

69,538

130

Panama

Government

International

Bond

3.870%

7/23/60

76,564

93

Peruvian

Government

International

Bond

3.300%

3/11/41

70,348

17

Peruvian

Government

International

Bond

3.550%

3/10/51

12,301

5

Peruvian

Government

International

Bond

2.780%

12/01/60

2,860

1

Peruvian

Government

International

Bond

3.600%

1/15/72

653

16

Peruvian

Government

International

Bond

3.230%

7/28/21

9,188

20

Philippine

Government

International

Bond

6.375%

10/23/34

22,175

10

Philippine

Government

International

Bond

5.000%

1/13/37

9,950

19

Philippine

Government

International

Bond

3.700%

3/01/41

15,675

200

Philippine

Government

International

Bond

3.200%

7/06/46

143,782

60

Republic

of

Italy

Government

International

Bond

4.000%

10/17/49

45,257

110

Republic

of

Poland

Government

International

Bond

5.125%

9/18/34

110,359

30

Republic

of

Poland

Government

International

Bond

5.500%

4/04/53

29,661

17

Uruguay

Government

International

Bond

5.100%

6/18/50

16,314

90

Uruguay

Government

International

Bond

4.975%

4/20/55

83,631

TOTAL

SOVEREIGN

DEBT

1,943,155

UTILITY

-

0.1%

20

San

Antonio,

Texas,

Electric

and

Gas

System

Revenue

Bonds,

Build

America

Taxable

Bond

Series

2010A

5.718%

2/01/41

20,621

TOTAL

UTILITY

20,621

TOTAL

GOVERNMENT

RELATED

(cost

$4,186,410)

3,414,949

TOTAL

LONG-TERM

INVESTMENTS

(cost

$36,776,358)

35,332,358

29

Shares

Description

(a)

Coupon

Value

INVESTMENTS

PURCHASED

WITH

COLLATERAL

FROM

SECURITIES

LENDING

-

1.7%

603,972

(f)

State

Street

Navigator

Securities

Lending

Government

Money

Market

Portfolio

5.310%(g)

$

603,972

TOTAL

INVESTMENTS

PURCHASED

WITH

COLLATERAL

FROM

SECURITIES

LENDING

(cost

$603,972)

$

603,972

TOTAL

INVESTMENTS

(cost

$37,380,330

)

-

100.3%

35,936,330

OTHER

ASSETS

&

LIABILITIES,

NET

-

(0.3)%

(119,529)

NET

ASSETS

-

100%

$

35,816,801

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)

Investment,

or

a

portion

of

investment,

is

out

on

loan

for

securities

lending.

The

total

value

of

the

securities

out

on

loan

as

of

the

end

of

the

reporting

period

was

$590,797.

(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

$802,019

or

2.2%

of

Total

Investments.

(d)

Principal

Amount

(000)

rounds

to

less

than

$1,000.

(e)

Optional

Call

Provisions:

Dates

(month

and

year)

and

prices

of

the

earliest

optional

call

or

redemption.

There

may

be

other

call

provisions

at

varying

prices

at

later

dates.

Certain

mortgage-backed

securities

may

be

subject

to

periodic

principal

paydowns.

Optional

Call

Provisions

are

not

covered

by

the

report

of

independent

registered

public

accounting

firm.

(f)

The

Fund

may

loan

securities

representing

up

to

one

third

of

the

value

of

its

total

assets

(which

includes

collateral

for

securities

on

loan)

to

broker

dealers,

banks,

and

other

institutions.

The

collateral

maintained

by

the

Fund

shall

have

a

value,

at

the

inception

of

each

loan,

equal

to

not

less

than

100%

of

the

value

of

the

loaned

securities.

The

cash

collateral

received

by

the

Fund

is

invested

in

this

money

market

fund.

(g)

The

rate

shown

is

the

one-day

yield

as

of

the

end

of

the

reporting

period.

REIT

Real

Estate

Investment

Trust

See

Notes

to

Financial

Statements

30

Nuveen

ESG

1-5

Year

U.S.

Aggregate

Bond

ETF

(NUSA)

Portfolio

of

Investments

July

31,

2024

Principal

Amount

(000)

Description

(a)

Coupon

Maturity

Value

LONG-TERM

INVESTMENTS

-

98.2%

X

–

U.S.

TREASURY

-

61.2%

$

150

United

States

Treasury

Note/Bond

4.875%

11/30/25

$

150,586

200

United

States

Treasury

Note/Bond

0.375%

12/31/25

188,758

550

United

States

Treasury

Note/Bond

4.250%

12/31/25

547,959

250

United

States

Treasury

Note/Bond

3.875%

1/15/26

247,793

800

United

States

Treasury

Note/Bond

4.000%

2/15/26

794,531

300

United

States

Treasury

Note/Bond

0.750%

4/30/26

281,906

2,700

United

States

Treasury

Note/Bond

4.875%

4/30/26

2,722,465

700

United

States

Treasury

Note/Bond

4.875%

5/31/26

706,453

50

United

States

Treasury

Note/Bond

0.875%

6/30/26

46,891

950

United

States

Treasury

Note/Bond

4.625%

6/30/26

955,529

550

United

States

Treasury

Note/Bond

4.375%

7/31/26

551,203

100

United

States

Treasury

Note/Bond

1.125%

10/31/26

93,449

100

United

States

Treasury

Note/Bond

1.250%

12/31/26

93,422

900

United

States

Treasury

Note/Bond

1.875%

2/28/27

850,676

300

United

States

Treasury

Note/Bond

2.500%

3/31/27

288,082

850

United

States

Treasury

Note/Bond

2.750%

4/30/27

820,316

850

United

States

Treasury

Note/Bond

2.625%

5/31/27

816,963

150

United

States

Treasury

Note/Bond

3.250%

6/30/27

146,684

250

United

States

Treasury

Note/Bond

2.750%

7/31/27

240,752

150

United

States

Treasury

Note/Bond

3.125%

8/31/27

145,969

500

United

States

Treasury

Note/Bond

4.125%

10/31/27

501,328

500

United

States

Treasury

Note/Bond

3.875%

11/30/27

497,559

100

United

States

Treasury

Note/Bond

3.875%

12/31/27

99,551

500

United

States

Treasury

Note/Bond

3.500%

1/31/28

491,621

300

United

States

Treasury

Note/Bond

4.000%

2/29/28

299,894

700

United

States

Treasury

Note/Bond

3.625%

3/31/28

691,113

700

United

States

Treasury

Note/Bond

3.500%

4/30/28

687,969

400

United

States

Treasury

Note/Bond

3.625%

5/31/28

394,875

200

United

States

Treasury

Note/Bond

4.000%

6/30/28

200,101

75

United

States

Treasury

Note/Bond

4.125%

7/31/28

75,390

300

United

States

Treasury

Note/Bond

4.625%

9/30/28

307,430

250

United

States

Treasury

Note/Bond

4.375%

11/30/28

254,141

300

United

States

Treasury

Note/Bond

4.000%

1/31/29

300,621

500

United

States

Treasury

Note/Bond

4.250%

2/28/29

506,543

300

United

States

Treasury

Note/Bond

4.125%

3/31/29

302,273

2,150

United

States

Treasury

Note/Bond

4.625%

4/30/29

2,213,156

1,000

United

States

Treasury

Note/Bond

4.500%

5/31/29

1,024,844

100

United

States

Treasury

Note/Bond

4.250%

6/30/29

101,383

200

United

States

Treasury

Note/Bond

4.000%

7/31/29

200,687

TOTAL

U.S.

TREASURY

(cost

$19,840,187)

19,840,866

Principal

Amount

(000)

Description

(a)

Coupon

Maturity

Value

X

–

CORPORATE

DEBT

-

24.7%

FINANCIALS

-

10.4%

$

60

AerCap

Ireland

Capital

DAC

/

AerCap

Global

Aviation

Trust

3.875%

1/23/28

57,844

20

Aflac

Inc

1.125%

3/15/26

18,879

20

Air

Lease

Corp

2.875%

1/15/26

19,335

30

Ally

Financial

Inc

7.100%

11/15/27

31,654

60

American

Express

Co

5.850%

11/05/27

62,196

90

Banco

Santander

SA

1.722%

9/14/27

83,612

131

Bank

of

America

Corp

1.734%

7/22/27

122,967

160

Bank

of

America

Corp

4.376%

4/27/28

158,001

31

Principal

Amount

(000)

Description

(a)

Coupon

Maturity

Value

FINANCIALS

(continued)

$

40

Bank

of

Montreal

5.717%

9/25/28

$

41,431

50

Bank

of

New

York

Mellon

Corp/

The

0.750%

1/28/26

47,136

50

Bank

of

Nova

Scotia/The

1.350%

6/24/26

46,858

80

Barclays

PLC

2.279%

11/24/27

75,072

11

Boston

Properties

LP

2.750%

10/01/26

10,372

20

Brixmor

Operating

Partnership

LP

3.900%

3/15/27

19,418

30

Canadian

Imperial

Bank

of

Commerce

3.945%

8/04/25

29,656

50

Canadian

Imperial

Bank

of

Commerce

5.260%

4/08/29

50,831

74

Capital

One

Financial

Corp

7.149%

10/29/27

77,156

14

Capital

One

Financial

Corp

3.800%

1/31/28

13,503

20

Centene

Corp

4.250%

12/15/27

19,364

20

Charles

Schwab

Corp/The

1.150%

5/13/26

18,704

17

Charles

Schwab

Corp/The

2.450%

3/03/27

16,037

20

Charles

Schwab

Corp/The

5.643%

5/19/29

20,491

150

Citigroup

Inc

4.658%

5/24/28

149,266

60

Citizens

Financial

Group

Inc

2.850%

7/27/26

57,425

30

Cooperatieve

Rabobank

UA

4.375%

8/04/25

29,683

60

Deutsche

Bank

AG/New

York

NY

2.129%

11/24/26

57,473

30

Digital

Realty

Trust

LP

3.700%

8/15/27

29,025

20

Elevance

Health

Inc

3.650%

12/01/27

19,390

20

Equitable

Holdings

Inc

4.350%

4/20/28

19,635

20

Fifth

Third

Bancorp

1.707%

11/01/27

18,592

20

GATX

Corp

3.250%

9/15/26

19,330

170

Goldman

Sachs

Group

Inc/The

4.482%

8/23/28

167,966

24

Goldman

Sachs

Group

Inc/The

6.484%

10/24/29

25,397

20

Healthpeak

OP

LLC

3.250%

7/15/26

19,376

122

HSBC

Holdings

PLC

4.755%

6/09/28

121,299

60

Humana

Inc

5.750%

12/01/28

62,111

30

ING

Groep

NV

1.726%

4/01/27

28,381

260

JPMorgan

Chase

&

Co

2.947%

2/24/28

248,119

58

JPMorgan

Chase

&

Co

4.851%

7/25/28

58,084

50

JPMorgan

Chase

&

Co

4.995%

7/22/30

50,371

40

Kimco

Realty

OP

LLC

3.800%

4/01/27

38,938

20

(b)

Lincoln

National

Corp

3.625%

12/12/26

19,418

60

Lloyds

Banking

Group

PLC

4.582%

12/10/25

59,382

30

(b)

M&T

Bank

Corp

7.413%

10/30/29

32,246

20

Manulife

Financial

Corp

4.150%

3/04/26

19,770

60

Mitsubishi

UFJ

Financial

Group

Inc

4.080%

4/19/28

58,840

83

Morgan

Stanley

5.164%

4/20/29

83,836

50

Morgan

Stanley

5.042%

7/19/30

50,348

40

Nasdaq

Inc

5.350%

6/28/28

40,994

30

NatWest

Group

PLC

4.800%

4/05/26

29,887

5

ORIX

Corp

5.000%

9/13/27

5,038

20

PNC

Financial

Services

Group

Inc/The

1.150%

8/13/26

18,600

50

PNC

Financial

Services

Group

Inc/The

6.615%

10/20/27

51,782

10

Progressive

Corp/The

2.500%

3/15/27

9,473

50

Royal

Bank

of

Canada

1.200%

4/27/26

46,989

50

(b)

Royal

Bank

of

Canada

4.969%

8/02/30

50,427

40

Santander

Holdings

USA

Inc

2.490%

1/06/28

37,280

20

Santander

UK

Group

Holdings

PLC

1.673%

6/14/27

18,727

20

SITE

Centers

Corp

4.700%

6/01/27

20,013

20

(b)

State

Street

Corp

5.820%

11/04/28

20,703

Nuveen

ESG

1-5

Year

U.S.

Aggregate

Bond

ETF

(NUSA)

(continued)

Portfolio

of

Investments

July

31,

2024

32

Principal

Amount

(000)

Description

(a)

Coupon

Maturity

Value

FINANCIALS

(continued)

$

68

Sumitomo

Mitsui

Financial

Group

Inc

3.784%

3/09/26

$

66,764

20

Toronto-Dominion

Bank/The

1.200%

6/03/26

18,759

50

Toronto-Dominion

Bank/The

1.250%

9/10/26

46,480

50

Truist

Financial

Corp

7.161%

10/30/29

53,857

50

UBS

Group

AG

4.550%

4/17/26

49,576

50

UnitedHealth

Group

Inc

4.600%

4/15/27

50,143

70

US

Bancorp

3.100%

4/27/26

67,842

30

Ventas

Realty

LP

3.850%

4/01/27

29,177

50

Westpac

Banking

Corp

5.050%

4/16/29

51,036

20

Willis

North

America

Inc

4.650%

6/15/27

19,883

TOTAL

FINANCIALS

3,387,648

INDUSTRIAL

-

12.7%

40

3M

Co

2.250%

9/19/26

37,939

60

Adobe

Inc

4.850%

4/04/27

60,695

10

Amcor

Finance

USA

Inc

3.625%

4/28/26

9,758

50

Amcor

Group

Finance

PLC

5.450%

5/23/29

50,983

50

American

Honda

Finance

Corp

5.250%

7/07/26

50,488

50

American

Tower

Corp

3.650%

3/15/27

48,512

70

Amgen

Inc

3.200%

11/02/27

66,911

50

Astrazeneca

Finance

LLC

1.200%

5/28/26

47,017

70

AT&T

Inc

1.700%

3/25/26

66,480

20

AutoZone

Inc

5.050%

7/15/26

20,106

20

Baxter

International

Inc

2.600%

8/15/26

19,126

50

Bristol-Myers

Squibb

Co

3.200%

6/15/26

48,676

40

Broadcom

Corp

/

Broadcom

Cayman

Finance

Ltd

3.875%

1/15/27

39,212

20

Canadian

Pacific

Railway

Co

1.750%

12/02/26

18,704

77

Caterpillar

Financial

Services

Corp

0.800%

11/13/25

73,348

20

Celanese

US

Holdings

LLC

6.165%

7/15/27

20,536

40

Charter

Communications

Operating

LLC

/

Charter

Communications

Operating

Capital

6.150%

11/10/26

40,765

21

Cigna

Group/The

1.250%

3/15/26

19,824

60

Cisco

Systems

Inc

4.900%

2/26/26

60,319

20

CNH

Industrial

Capital

LLC

1.450%

7/15/26

18,719

80

Comcast

Corp

3.300%

4/01/27

77,424

20

Conagra

Brands

Inc

5.300%

10/01/26

20,181

80

Crown

Castle

Inc

2.900%

3/15/27

76,083

70

CVS

Health

Corp

3.625%

4/01/27

67,981

14

Dell

International

LLC

/

EMC

Corp

6.020%

6/15/26

14,230

20

Dell

International

LLC

/

EMC

Corp

5.250%

2/01/28

20,373

20

Discovery

Communications

LLC

3.950%

3/20/28

18,820

10

Dollar

General

Corp

4.625%

11/01/27

9,916

10

DXC

Technology

Co

1.800%

9/15/26

9,321

50

Eastman

Chemical

Co

5.000%

8/01/29

50,148

20

eBay

Inc

1.400%

5/10/26

18,794

10

Equinix

Inc

1.450%

5/15/26

9,393

20

(b)

Equinix

Inc

1.800%

7/15/27

18,390

60

Fidelity

National

Information

Services

Inc

1.650%

3/01/28

53,879

30

Fiserv

Inc

5.450%

3/02/28

30,705

30

Fortive

Corp

3.150%

6/15/26

28,986

30

General

Mills

Inc

4.200%

4/17/28

29,553

33

Principal

Amount

(000)

Description

(a)

Coupon

Maturity

Value

INDUSTRIAL

(continued)

$

50

General

Motors

Financial

Co

Inc

5.400%

4/06/26

$

50,244

60

General

Motors

Financial

Co

Inc

5.800%

1/07/29

61,707

40

Gilead

Sciences

Inc

2.950%

3/01/27

38,449

60

Global

Payments

Inc

4.950%

8/15/27

60,127

100

HCA

Inc

3.125%

3/15/27

95,784

31

Home

Depot

Inc/The

2.125%

9/15/26

29,487

10

Home

Depot

Inc/The

4.900%

4/15/29

10,189

40

HP

Inc

1.450%

6/17/26

37,597

20

Illumina

Inc

5.750%

12/13/27

20,510

60

Intel

Corp

2.600%

5/19/26

57,767

60

International

Business

Machines

Corp

3.300%

5/15/26

58,609

20

IQVIA

Inc

6.250%

2/01/29

20,897

10

Jabil

Inc

4.250%

5/15/27

9,820

30

John

Deere

Capital

Corp

0.700%

1/15/26

28,319

93

John

Deere

Capital

Corp

4.950%

7/14/28

94,617

40

Johnson

&

Johnson

0.550%

9/01/25

38,283

50

Johnson

&

Johnson

4.800%

6/01/29

51,253

50

Kellanova

3.400%

11/15/27

47,983

60

Keurig

Dr

Pepper

Inc

5.050%

3/15/29

60,950

20

Kinder

Morgan

Inc

1.750%

11/15/26

18,689

30

Kinder

Morgan

Inc

4.300%

3/01/28

29,608

40

Kraft

Heinz

Foods

Co

3.000%

6/01/26

38,767

10

Kyndryl

Holdings

Inc

2.050%

10/15/26

9,341

20

Laboratory

Corp

of

America

Holdings

3.600%

9/01/27

19,319

30

Lennox

International

Inc

1.700%

8/01/27

27,428

40

Lowe's

Cos

Inc

4.800%

4/01/26

39,972

30

Mastercard

Inc

4.875%

3/09/28

30,591

50

McDonald's

Corp

5.000%

5/17/29

50,901

10

McKesson

Corp

1.300%

8/15/26

9,336

30

Merck

&

Co

Inc

4.050%

5/17/28

29,794

60

Microsoft

Corp

2.400%

8/08/26

57,719

20

Mondelez

International

Inc

2.625%

3/17/27

18,997

10

Motorola

Solutions

Inc

4.600%

2/23/28

9,965

30

MPLX

LP

4.125%

3/01/27

29,467

20

MPLX

LP

4.250%

12/01/27

19,612

20

Nokia

Oyj

4.375%

6/12/27

19,451

50

Nutrien

Ltd

5.200%

6/21/27

50,531

26

ONEOK

Inc

5.550%

11/01/26

26,363

80

Oracle

Corp

2.800%

4/01/27

76,140

30

PACCAR

Financial

Corp

5.050%

8/10/26

30,295

50

PACCAR

Financial

Corp

5.000%

5/13/27

50,729

10

Parker-Hannifin

Corp

4.250%

9/15/27

9,863

10

PayPal

Holdings

Inc

3.900%

6/01/27

9,829

30

PepsiCo

Inc

5.125%

11/10/26

30,412

20

PepsiCo

Inc

2.625%

3/19/27

19,090

50

(b)

PepsiCo

Inc

4.500%

7/17/29

50,429

70

Pfizer

Investment

Enterprises

Pte

Ltd

4.450%

5/19/26

69,736

30

Phillips

66

Co

3.750%

3/01/28

29,038

40

Procter

&

Gamble

Co/The

1.900%

2/01/27

37,720

10

Regal

Rexnord

Corp

6.050%

4/15/28

10,248

10

Republic

Services

Inc

2.900%

7/01/26

9,659

20

Rogers

Communications

Inc

3.200%

3/15/27

19,210

30

Roper

Technologies

Inc

1.400%

9/15/27

27,142

11

Ryder

System

Inc

2.850%

3/01/27

10,480

50

Ryder

System

Inc

6.300%

12/01/28

52,938

10

S&P

Global

Inc

2.450%

3/01/27

9,482

Nuveen

ESG

1-5

Year

U.S.

Aggregate

Bond

ETF

(NUSA)

(continued)

Portfolio

of

Investments

July

31,

2024

34

Principal

Amount

(000)

Description

(a)

Coupon

Maturity

Value

INDUSTRIAL

(continued)

$

50

Sabine

Pass

Liquefaction

LLC

5.000%

3/15/27

$

50,149

20

Sherwin-Williams

Co/The

3.450%

6/01/27

19,319

20

Starbucks

Corp

3.500%

3/01/28

19,241

60

Sysco

Corp

3.250%

7/15/27

57,594

20

Thermo

Fisher

Scientific

Inc

5.000%

1/31/29

20,401

80

Toyota

Motor

Corp

5.275%

7/13/26

80,889

10

Toyota

Motor

Credit

Corp

4.450%

5/18/26

9,959

50

Toyota

Motor

Credit

Corp

4.650%

1/05/29

50,249

32

TransCanada

PipeLines

Ltd

4.250%

5/15/28

31,337

50

Tyco

Electronics

Group

SA

4.625%

2/01/30

50,124

20

Unilever

Capital

Corp

4.875%

9/08/28

20,332

30

Verizon

Communications

Inc

3.000%

3/22/27

28,815

40

Verizon

Communications

Inc

2.100%

3/22/28

36,664

50

Visa

Inc

3.150%

12/14/25

48,997

10

VMware

LLC

1.400%

8/15/26

9,327

50

VMware

LLC

3.900%

8/21/27

48,620

50

Walt

Disney

Co/The

1.750%

1/13/26

47,890

30

Warnermedia

Holdings

Inc

3.755%

3/15/27

28,577

10

Waste

Management

Inc

3.150%

11/15/27

9,587

20

Western

Union

Co/The

1.350%

3/15/26

18,837

80

Weyerhaeuser

Co

4.750%

5/15/26

79,826

10

Zimmer

Biomet

Holdings

Inc

5.350%

12/01/28

10,233

TOTAL

INDUSTRIAL

4,110,145

UTILITY

-

1.6%

8

American

Water

Capital

Corp

2.950%

9/01/27

7,612

10

Atmos

Energy

Corp

3.000%

6/15/27

9,572

20

CMS

Energy

Corp

3.000%

5/15/26

19,313

50

DTE

Energy

Co

4.950%

7/01/27

50,185

10

(b)

Enel

Americas

SA

4.000%

10/25/26

9,724

10

Evergy

Kansas

Central

Inc

2.550%

7/01/26

9,618

49

Eversource

Energy

2.900%

3/01/27

46,675

27

Exelon

Corp

3.400%

4/15/26

26,374

20

Fortis

Inc/Canada

3.055%

10/04/26

19,195

10

Louisville

Gas

and

Electric

Co

3.300%

10/01/25

9,803

50

National

Rural

Utilities

Cooperative

Finance

Corp

5.100%

5/06/27

50,763

26

NiSource

Inc

0.950%

8/15/25

24,911

50

OGE

Energy

Corp

5.450%

5/15/29

51,212

20

Public

Service

Electric

and

Gas

Co

2.250%

9/15/26

19,035

50

Public

Service

Enterprise

Group

Inc

5.200%

4/01/29

50,852

48

Sempra

5.400%

8/01/26

48,429

36

Southern

California

Edison

Co

4.900%

6/01/26

35,984

20

WEC

Energy

Group

Inc

5.000%

9/27/25

19,981

TOTAL

UTILITY

509,238

TOTAL

CORPORATE

DEBT

(cost

$7,979,026)

8,007,031

Principal

Amount

(000)

Description

(a)

Coupon

Maturity

Value

X

–

SECURITIZED

-

7.3%

$

50

BANK

2021-BNK34

2021

BN34

1.935%

6/15/63

46,823

100

Benchmark

2021-B29

Mortgage

Trust

2021

B29

2.024%

9/15/54

90,046

50

Benchmark

2024-V7

Mortgage

Trust

2024

V7

6.228%

6/15/29

52,525

100

CarMax

Auto

Owner

Trust

2023

4

6.000%

7/17/28

101,888

68

Fannie

Mae

Pool

FN

MA3798

3.000%

10/01/34

64,211

18

Fannie

Mae

Pool

FN

MA3828

3.000%

11/01/34

17,636

35

Principal

Amount

(000)

Description

(a)

Coupon

Maturity

Value

$

20

Fannie

Mae

Pool

FN

MA3897

3.000%

1/01/35

$

19,293

112

Fannie

Mae

Pool

FN

MA3985

3.000%

4/01/35

106,223

266

Fannie

Mae

Pool

FN

MA4206

2.000%

12/01/35

239,950

107

Fannie

Mae

Pool

FN

MA4417

1.500%

9/01/36

93,724

199

Fannie

Mae

Pool

FN

MA4469

1.500%

11/01/36

174,512

154

Fannie

Mae

Pool

FN

MA4567

2022

2022

2.000%

3/01/37

138,295

78

Fannie

Mae

Pool

FN

MA4583

2.500%

4/01/37

71,501

120

Fannie

Mae

Pool

FN

MA4602

2.000%

5/01/37

107,506

83

Fannie

Mae

Pool

FN

MA4990

4.500%

4/01/38

82,628

88

Fannie

Mae

Pool

FN

MA5023

4.000%

5/01/38

85,701

98

Fannie

Mae

Pool

FN

MA5061

5.500%

6/01/38

99,469

40

Fannie

Mae

Pool

FN

MA5093

5.000%

7/01/38

40,423

95

Fannie

Mae

Pool

FN

MA5145

6.000%

9/01/38

96,576

68

Freddie

Mac

Gold

Pool

FG

G18642

3.500%

4/01/32

66,393

199

Freddie

Mac

Multifamily

Structured

Pass

Through

Certificates

2015

K046

3.205%

3/25/25

195,917

100

Freddie

Mac

Multifamily

Structured

Pass

Through

Certificates

2023

K505

4.819%

6/25/28

101,353

50

John

Deere

Owner

Trust

2021

B

0.740%

5/15/28

48,505

48

(c)

SoFi

Professional

Loan

Program

2020-C

Trust

2020

C

1.950%

2/15/46

44,345

50

Toyota

Auto

Receivables

2021-B

Owner

Trust

2021

B

0.530%

10/15/26

48,410

45

Verizon

Master

Trust

Series

2024-4

2024

4

5.210%

6/20/29

45,479

100

Wells

Fargo

Commercial

Mortgage

Trust

2018-C44

2018

C44

3.948%

5/15/51

96,812

TOTAL

SECURITIZED

(cost

$2,489,642)

2,376,144

Principal

Amount

(000)

Description

(a)

Coupon

Maturity

Value

X

–

GOVERNMENT

RELATED

-

5.0%

GOVERNMENT

AGENCY

-

2.2%

$

50

Export

Development

Canada

4.375%

6/29/26

50,003

100

Federal

National

Mortgage

Association

0.625%

4/22/25

96,939

37

Kreditanstalt

fuer

Wiederaufbau

0.625%

1/22/26

34,974

265

Kreditanstalt

fuer

Wiederaufbau

3.625%

4/01/26

261,555

110

Landwirtschaftliche

Rentenbank

1.750%

7/27/26

104,586

10

Oesterreichische

Kontrollbank

AG

2.875%

5/23/25

9,835

60

(b)

Oesterreichische

Kontrollbank

AG

0.500%

2/02/26

56,507

50

Oesterreichische

Kontrollbank

AG

4.750%

5/21/27

50,698

36

Svensk

Exportkredit

AB

4.375%

2/13/26

35,879

TOTAL

GOVERNMENT

AGENCY

700,976

MUNICIPAL

BONDS

-

0.5%

(d)

28

Province

of

British

Columbia

Canada

(No

Opt.

Call)

4.800%

11/15/28

28,671

60

Province

of

Ontario

Canada

(No

Opt.

Call)

4.200%

1/18/29

60,001

60

Province

of

Quebec

Canada

(No

Opt.

Call)

4.500%

4/03/29

60,789

TOTAL

MUNICIPAL

BONDS

149,461

Nuveen

ESG

1-5

Year

U.S.

Aggregate

Bond

ETF

(NUSA)

(continued)

Portfolio

of

Investments

July

31,

2024

36

Principal

Amount

(000)

Description

(a)

Coupon

Maturity

Value

SOVEREIGN

DEBT

-

2.3%

$

100

African

Development

Bank

0.875%

7/22/26

$

93,404

50

Asian

Development

Bank

4.250%

1/09/26

49,807

130

Asian

Development

Bank

1.000%

4/14/26

122,730

50

Canada

Government

International

Bond

3.750%

4/26/28

49,442

30

European

Bank

for

Reconstruction

&

Development

0.500%

5/19/25

28,963

50

European

Investment

Bank

2.750%

8/15/25

48,998

110

European

Investment

Bank

2.375%

5/24/27

104,902

50

European

Investment

Bank

4.750%

6/15/29

51,600

100

Inter-American

Development

Bank

4.500%

5/15/26

100,154

60

International

Bank

for

Reconstruction

&

Development

4.625%

8/01/28

61,234

32

International

Finance

Corp

3.625%

9/15/25

31,633

18

International

Finance

Corp

4.500%

7/13/28

18,289

TOTAL

SOVEREIGN

DEBT

761,156

TOTAL

GOVERNMENT

RELATED

(cost

$1,519,502)

1,611,593

TOTAL

LONG-TERM

INVESTMENTS

(cost

$31,828,357)

31,835,634

Shares

Description

(a)

Coupon

Value

INVESTMENTS

PURCHASED

WITH

COLLATERAL

FROM

SECURITIES

LENDING

-

0.6%

196,094

(e)

State

Street

Navigator

Securities

Lending

Government

Money

Market

Portfolio

5.310%(f)

$

196,094

TOTAL

INVESTMENTS

PURCHASED

WITH

COLLATERAL

FROM

SECURITIES

LENDING

(cost

$196,094)

196,094

TOTAL

INVESTMENTS

(cost

$32,024,451

)

-

98.8%

32,031,728

OTHER

ASSETS

&

LIABILITIES,

NET

-

1.2%

401,282

NET

ASSETS

-

100%

$

32,433,010

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)

Investment,

or

a

portion

of

investment,

is

out

on

loan

for

securities

lending.

The

total

value

of

the

securities

out

on

loan

as

of

the

end

of

the

reporting

period

was

$191,735.

(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

$44,345

or

0.1%

of

Total

Investments.

(d)

Optional

Call

Provisions:

Dates

(month

and

year)

and

prices

of

the

earliest

optional

call

or

redemption.

There

may

be

other

call

provisions

at

varying

prices

at

later

dates.

Certain

mortgage-backed

securities

may

be

subject

to

periodic

principal

paydowns.

Optional

Call

Provisions

are

not

covered

by

the

report

of

independent

registered

public

accounting

firm.

(e)

The

Fund

may

loan

securities

representing

up

to

one

third

of

the

value

of

its

total

assets

(which

includes

collateral

for

securities

on

loan)

to

broker

dealers,

banks,

and

other

institutions.

The

collateral

maintained

by

the

Fund

shall

have

a

value,

at

the

inception

of

each

loan,

equal

to

not

less

than

100%

of

the

value

of

the

loaned

securities.

The

cash

collateral

received

by

the

Fund

is

invested

in

this

money

market

fund.

(f)

The

rate

shown

is

the

one-day

yield

as

of

the

end

of

the

reporting

period.

S&P

Standard

&

Poor's

See

Notes

to

Financial

Statements

37

Nuveen

ESG

High

Yield

Corporate

Bond

ETF

(NUHY)

Portfolio

of

Investments

July

31,

2024

Principal

Amount

(000)

Description

(a)

Coupon

Maturity

Value

LONG-TERM

INVESTMENTS

-

97.9%

X

–

CORPORATE

DEBT

-

97.9%

FINANCIALS

-

9.1%

$

150

Ally

Financial

Inc

6.700%

2/14/33

$

154,182

50

(b)

Apollo

Commercial

Real

Estate

Finance

Inc

4.625%

6/15/29

42,662

250

(b)

Baldwin

Insurance

Group

Holdings

LLC

/

Baldwin

Insurance

Group

Holdings

Finance

7.125%

5/15/31

257,784

20

(b)

Bread

Financial

Holdings

Inc

7.000%

1/15/26

19,938

10

(b)

Bread

Financial

Holdings

Inc

9.750%

3/15/29

10,722

160

(b)

Brookfield

Property

REIT

Inc

/

BPR

Cumulus

LLC

/

BPR

Nimbus

LLC

/

GGSI

Sellco

LL

4.500%

4/01/27

151,245

10

(b)

Compass

Group

Diversified

Holdings

LLC

5.250%

4/15/29

9,582

150

(b),(c)

Credit

Acceptance

Corp

9.250%

12/15/28

160,072

19

Diversified

Healthcare

Trust

4.375%

3/01/31

14,472

200

(b)

Encore

Capital

Group

Inc

8.500%

5/15/30

207,471

100

(b)

FTAI

Aviation

Ltd

7.000%

5/01/31

103,102

450

(b)

Global

Atlantic

Fin

Co

4.700%

10/15/51

422,128

100

(b)

Global

Atlantic

Fin

Co

7.950%

10/15/54

101,484

200

goeasy

Ltd

9.250%

12/01/28

204,570

100

(b)

goeasy

Ltd

9.250%

12/01/28

107,242

70

(b)

Howard

Hughes

Corp/The

5.375%

8/01/28

67,882

140

(b)

Howard

Hughes

Corp/The

4.375%

2/01/31

125,130

90

(b)

Intesa

Sanpaolo

SpA

4.198%

6/01/32

77,921

410

(b)

Jefferies

Finance

LLC

/

JFIN

Co-Issuer

Corp

5.000%

8/15/28

380,794

200

Kennedy-Wilson

Inc

4.750%

3/01/29

176,018

350

Kennedy-Wilson

Inc

4.750%

2/01/30

299,135

265

(c)

Kennedy-Wilson

Inc

5.000%

3/01/31

223,645

70

(b)

Liberty

Mutual

Group

Inc

4.125%

12/15/51

65,519

30

(b)

Molina

Healthcare

Inc

4.375%

6/15/28

28,559

110

(b)

Molina

Healthcare

Inc

3.875%

11/15/30

99,477

90

(b)

Molina

Healthcare

Inc

3.875%

5/15/32

79,367

200

(b)

Nationstar

Mortgage

Holdings

Inc

5.500%

8/15/28

194,242

300

OneMain

Finance

Corp

3.875%

9/15/28

274,056

300

OneMain

Finance

Corp

7.875%

3/15/30

312,799

150

OneMain

Finance

Corp

4.000%

9/15/30

131,303

400

OneMain

Finance

Corp

7.500%

5/15/31

411,309

140

(b)

Park

Intermediate

Holdings

LLC

/

PK

Domestic

Property

LLC

/

PK

Finance

Co-Issuer

5.875%

10/01/28

138,600

150

(b)

Park

Intermediate

Holdings

LLC

/

PK

Domestic

Property

LLC

/

PK

Finance

Co-Issuer

4.875%

5/15/29

141,736

80

(b)

PennyMac

Financial

Services

Inc

5.375%

10/15/25

79,521

210

(b)

PennyMac

Financial

Services

Inc

7.875%

12/15/29

219,825

145

(b),(c)

PennyMac

Financial

Services

Inc

5.750%

9/15/31

138,521

310

(b)

PROG

Holdings

Inc

6.000%

11/15/29

298,208

100

RHP

Hotel

Properties

LP

/

RHP

Finance

Corp

4.750%

10/15/27

97,082

Nuveen

ESG

High

Yield

Corporate

Bond

ETF

(NUHY)

(continued)

Portfolio

of

Investments

July

31,

2024

38

Principal

Amount

(000)

Description

(a)

Coupon

Maturity

Value

FINANCIALS

(continued)

$

360

(b)

RHP

Hotel

Properties

LP

/

RHP

Finance

Corp

4.500%

2/15/29

$

341,056

200

(b)

RHP

Hotel

Properties

LP

/

RHP

Finance

Corp

6.500%

4/01/32

202,259

40

SLM

Corp

4.200%

10/29/25

39,269

251

SLM

Corp

3.125%

11/02/26

237,525

70

(b)

Starwood

Property

Trust

Inc

4.375%

1/15/27

67,216

65

(b)

Starwood

Property

Trust

Inc

7.250%

4/01/29

66,849

80

Synchrony

Financial

7.250%

2/02/33

81,821

270

(b)

UniCredit

SpA

5.459%

6/30/35

259,195

300

Western

Alliance

Bancorp

3.000%

6/15/31

268,509

40

(b)

XHR

LP

6.375%

8/15/25

40,004

460

(b)

XHR

LP

4.875%

6/01/29

434,065

TOTAL

FINANCIALS

8,065,073

INDUSTRIAL

-

87.9%

302

(b)

1011778

BC

ULC

/

New

Red

Finance

Inc

3.875%

1/15/28

283,946

350

(b)

1011778

BC

ULC

/

New

Red

Finance

Inc

4.375%

1/15/28

332,811

320

(b),(c)

1011778

BC

ULC

/

New

Red

Finance

Inc

3.500%

2/15/29

293,260

930

(b)

1011778

BC

ULC

/

New

Red

Finance

Inc

4.000%

10/15/30

829,536

60

(b)

180

Medical

Inc

3.875%

10/15/29

54,392

100

(b),(c)

ACCO

Brands

Corp

4.250%

3/15/29

91,042

130

(b),(c)

AdaptHealth

LLC

4.625%

8/01/29

116,043

310

(b),(c)

AdaptHealth

LLC

5.125%

3/01/30

277,085

200

(b)

Adient

Global

Holdings

Ltd

7.000%

4/15/28

204,429

150

(b)

Adient

Global

Holdings

Ltd

8.250%

4/15/31

157,707

200

(b)

Air

Canada

3.875%

8/15/26

192,368

350

(b)

Albertsons

Cos

Inc

/

Safeway

Inc

/

New

Albertsons

LP

/

Albertsons

LLC

4.625%

1/15/27

341,234

150

(b)

Albertsons

Cos

Inc

/

Safeway

Inc

/

New

Albertsons

LP

/

Albertsons

LLC

5.875%

2/15/28

148,727

550

(b),(c)

Albertsons

Cos

Inc

/

Safeway

Inc

/

New

Albertsons

LP

/

Albertsons

LLC

6.500%

2/15/28

557,955

410

(b)

Albertsons

Cos

Inc

/

Safeway

Inc

/

New

Albertsons

LP

/

Albertsons

LLC

4.875%

2/15/30

391,718

110

(b),(c)

Allegiant

Travel

Co

7.250%

8/15/27

102,594

40

(b)

Allison

Transmission

Inc

5.875%

6/01/29

39,992

110

(b),(c)

Allison

Transmission

Inc

3.750%

1/30/31

97,905

200

(b),(c)

Amer

Sports

Co

6.750%

2/16/31

198,940

410

(b),(c)

American

Airlines

Inc

7.250%

2/15/28

409,652

270

(b)

American

Airlines

Inc

8.500%

5/15/29

277,968

400

(b)

American

Airlines

Inc/

AAdvantage

Loyalty

IP

Ltd2022

1

5.750%

4/20/29

390,882

150

American

Axle

&

Manufacturing

Inc

5.000%

10/01/29

137,576

110

(b)

AmeriGas

Partners

LP

/

AmeriGas

Finance

Corp

9.375%

6/01/28

115,154

100

(b)

AMN

Healthcare

Inc

4.625%

10/01/27

96,062

30

(b)

Antero

Midstream

Partners

LP

/

Antero

Midstream

Finance

Corp

5.750%

1/15/28

29,798

39

Principal

Amount

(000)

Description

(a)

Coupon

Maturity

Value

INDUSTRIAL

(continued)

$

170

(b)

Antero

Midstream

Partners

LP

/

Antero

Midstream

Finance

Corp

5.375%

6/15/29

$

166,227

172

(b)

Anywhere

Real

Estate

Group

LLC

/

Anywhere

Co-Issuer

Corp

7.000%

4/15/30

145,877

20

(b)

Anywhere

Real

Estate

Group

LLC

/

Realogy

Co-Issuer

Corp

5.750%

1/15/29

13,748

120

(b)

APX

Group

Inc

6.750%

2/15/27

119,861

460

(b)

APX

Group

Inc

5.750%

7/15/29

447,524

120

(b)

Archrock

Partners

LP

/

Archrock

Partners

Finance

Corp

6.875%

4/01/27

120,532

510

(b)

Archrock

Partners

LP

/

Archrock

Partners

Finance

Corp

6.250%

4/01/28

508,773

80

(b),(c)

Ardagh

Metal

Packaging

Finance

USA

LLC

/

Ardagh

Metal

Packaging

Finance

PLC

4.000%

9/01/29

67,948

175

(b)

Asbury

Automotive

Group

Inc

4.625%

11/15/29

163,523

260

(b)

Asbury

Automotive

Group

Inc

5.000%

2/15/32

239,598

120

(b)

ASGN

Inc

4.625%

5/15/28

114,982

200

(b)

Aston

Martin

Capital

Holdings

Ltd

10.000%

3/31/29

200,806

120

(b)

Avantor

Funding

Inc

4.625%

7/15/28

115,537

100

(b)

Avantor

Funding

Inc

3.875%

11/01/29

92,144

100

(b)

Avient

Corp

7.125%

8/01/30

102,675

140

(b)

Avis

Budget

Car

Rental

LLC

/

Avis

Budget

Finance

Inc

4.750%

4/01/28

128,749

200

(b)

Avis

Budget

Car

Rental

LLC

/

Avis

Budget

Finance

Inc

5.375%

3/01/29

183,056

50

(b),(c)

Axalta

Coating

Systems

Dutch

Holding

B

BV

7.250%

2/15/31

52,437

60

(b)

Axalta

Coating

Systems

LLC

3.375%

2/15/29

54,617

60

(b)

Axalta

Coating

Systems

LLC

/

Axalta

Coating

Systems

Dutch

Holding

B

BV

4.750%

6/15/27

58,737

50

(c)

B&G

Foods

Inc

5.250%

9/15/27

46,838

150

(b)

B&G

Foods

Inc

8.000%

9/15/28

152,948

220

Ball

Corp

2.875%

8/15/30

188,978

200

Ball

Corp

3.125%

9/15/31

170,724

150

(b)

Bath

&

Body

Works

Inc

6.625%

10/01/30

151,425

100

(b)

Bausch

Health

Cos

Inc

4.875%

6/01/28

77,010

720

(b)

Bausch

Health

Cos

Inc

11.000%

9/30/28

673,560

55

(b)

Block

Inc

6.500%

5/15/32

55,891

29

(b)

Bombardier

Inc

7.875%

4/15/27

29,044

200

(b)

British

Telecommunications

PLC

4.875%

11/23/81

179,822

240

(b)

Brookfield

Residential

Properties

Inc

/

Brookfield

Residential

US

LLC

4.875%

2/15/30

220,015

60

(b)

Builders

FirstSource

Inc

5.000%

3/01/30

57,406

371

(b)

Builders

FirstSource

Inc

4.250%

2/01/32

331,571

150

(b)

Cable

One

Inc

4.000%

11/15/30

115,329

80

(b)

Camelot

Finance

SA

4.500%

11/01/26

77,990

100

(b)

Camelot

Return

Merger

Sub

Inc

8.750%

8/01/28

99,421

250

(b)

Catalent

Pharma

Solutions

Inc

3.125%

2/15/29

241,371

470

(b)

Catalent

Pharma

Solutions

Inc

3.500%

4/01/30

452,916

450

(b)

CCO

Holdings

LLC

/

CCO

Holdings

Capital

Corp

4.750%

3/01/30

402,864

410

(b)

CCO

Holdings

LLC

/

CCO

Holdings

Capital

Corp

4.500%

8/15/30

358,972

510

(b)

CCO

Holdings

LLC

/

CCO

Holdings

Capital

Corp

4.250%

2/01/31

433,938

Nuveen

ESG

High

Yield

Corporate

Bond

ETF

(NUHY)

(continued)

Portfolio

of

Investments

July

31,

2024

40

Principal

Amount

(000)

Description

(a)

Coupon

Maturity

Value

INDUSTRIAL

(continued)

$

250

(b)

CCO

Holdings

LLC

/

CCO

Holdings

Capital

Corp

4.750%

2/01/32

$

213,801

500

CCO

Holdings

LLC

/

CCO

Holdings

Capital

Corp

4.500%

5/01/32

418,639

100

(b)

CCO

Holdings

LLC

/

CCO

Holdings

Capital

Corp

4.500%

6/01/33

82,150

100

(b)

CCO

Holdings

LLC

/

CCO

Holdings

Capital

Corp

4.250%

1/15/34

78,999

210

(b)

Central

Parent

Inc

/

CDK

Global

Inc

7.250%

6/15/29

211,801

290

(b)

Century

Communities

Inc

3.875%

8/15/29

264,407

610

(b)

Charles

River

Laboratories

International

Inc

3.750%

3/15/29

564,298

750

(b)

Charles

River

Laboratories

International

Inc

4.000%

3/15/31

681,469

200

(b)

Chart

Industries

Inc

7.500%

1/01/30

208,060

130

(b)

Chart

Industries

Inc

9.500%

1/01/31

141,201

310

(b)

Chemours

Co/The

5.750%

11/15/28

290,004

420

(b),(c)

Chemours

Co/The

4.625%

11/15/29

367,869

400

(b)

CHS/Community

Health

Systems

Inc

5.625%

3/15/27

383,022

600

(b)

CHS/Community

Health

Systems

Inc

6.000%

1/15/29

557,072

200

(b)

CHS/Community

Health

Systems

Inc

5.250%

5/15/30

174,415

350

(b),(c)

Cinemark

USA

Inc

5.250%

7/15/28

338,355

45

(b)

Cinemark

USA

Inc

7.000%

8/01/32

45,799

450

(b)

Clarios

Global

LP

/

Clarios

US

Finance

Co

6.750%

5/15/28

458,243

118

(b)

Clarivate

Science

Holdings

Corp

3.875%

7/01/28

110,682

200

(b)

Clarivate

Science

Holdings

Corp

4.875%

7/01/29

188,931

310

(b)

Clear

Channel

Outdoor

Holdings

Inc

5.125%

8/15/27

300,275

350

(b)

Clear

Channel

Outdoor

Holdings

Inc

7.750%

4/15/28

309,114

440

(b)

Clear

Channel

Outdoor

Holdings

Inc

9.000%

9/15/28

467,200

410

(b)

Clear

Channel

Outdoor

Holdings

Inc

7.500%

6/01/29

352,055

250

(b)

Clear

Channel

Outdoor

Holdings

Inc

7.875%

4/01/30

254,425

120

(b)

Cogent

Communications

Group

LLC

3.500%

5/01/26

115,287

460

(b)

Coherent

Corp

5.000%

12/15/29

438,793

350

(b)

Concentra

Escrow

Issuer

Corp

6.875%

7/15/32

360,610

300

(b)

Condor

Merger

Sub

Inc

7.375%

2/15/30

279,842

700

(b)

Connect

Finco

SARL

/

Connect

US

Finco

LLC

6.750%

10/01/26

688,117

350

(b)

Consolidated

Communications

Inc

6.500%

10/01/28

315,217

382

Crowdstrike

Holdings

Inc

3.000%

2/15/29

342,806

170

(b)

Cushman

&

Wakefield

US

Borrower

LLC

6.750%

5/15/28

170,338

260

(b)

DaVita

Inc

4.625%

6/01/30

238,095

640

(b)

DaVita

Inc

3.750%

2/15/31

553,616

590

(b)

Directv

Financing

LLC

/

Directv

Financing

Co-Obligor

Inc

5.875%

8/15/27

568,142

270

(b)

Domtar

Corp

6.750%

10/01/28

245,764

140

(b)

DT

Midstream

Inc

4.125%

6/15/29

130,873

41

Principal

Amount

(000)

Description

(a)

Coupon

Maturity

Value

INDUSTRIAL

(continued)

$

161

(b)

DT

Midstream

Inc

4.375%

6/15/31

$

148,437

70

(b)

Dycom

Industries

Inc

4.500%

4/15/29

66,136

100

(b)

Dye

&

Durham

Ltd

8.625%

4/15/29

102,325

310

(b)

Edgewell

Personal

Care

Co

5.500%

6/01/28

303,888

100

(b)

Edgewell

Personal

Care

Co

4.125%

4/01/29

93,053

170

(b)

Elastic

NV

4.125%

7/15/29

156,624

300

(b)

Element

Solutions

Inc

3.875%

9/01/28

277,898

120

Encompass

Health

Corp

4.500%

2/01/28

116,014

210

Encompass

Health

Corp

4.750%

2/01/30

200,188

170

(b)

Enerflex

Ltd

9.000%

10/15/27

175,297

460

(b)

Energizer

Holdings

Inc

4.750%

6/15/28

436,339

250

(b)

Energizer

Holdings

Inc

4.375%

3/31/29

230,817

200

(b)

Entegris

Inc

5.950%

6/15/30

199,534

430

(b)

EQM

Midstream

Partners

LP

6.500%

7/01/27

438,193

12

(b)

EQM

Midstream

Partners

LP

7.500%

6/01/30

12,951

100

(b)

Fair

Isaac

Corp

4.000%

6/15/28

94,089

550

(b)

Frontier

Communications

Holdings

LLC

5.875%

10/15/27

544,588

800

(b)

Frontier

Communications

Holdings

LLC

5.000%

5/01/28

770,449

270

(b),(c)

Frontier

Communications

Holdings

LLC

6.750%

5/01/29

255,113

650

(b)

Frontier

Communications

Holdings

LLC

8.750%

5/15/30

680,961

270

(b)

Frontier

Communications

Holdings

LLC

8.625%

3/15/31

282,797

335

(b)

Gap

Inc/The

3.625%

10/01/29

292,822

100

(b)

Garrett

Motion

Holdings

Inc

/

Garrett

LX

I

Sarl

7.750%

5/31/32

101,681

150

(b)

Gates

Corp/DE

6.875%

7/01/29

152,739

150

(b)

Gen

Digital

Inc

6.750%

9/30/27

152,569

150

(b),(c)

Gen

Digital

Inc

7.125%

9/30/30

155,071

320

Genesis

Energy

LP

/

Genesis

Energy

Finance

Corp

8.000%

1/15/27

327,209

300

Genesis

Energy

LP

/

Genesis

Energy

Finance

Corp

7.750%

2/01/28

304,427

400

Genesis

Energy

LP

/

Genesis

Energy

Finance

Corp

8.250%

1/15/29

416,150

400

Genesis

Energy

LP

/

Genesis

Energy

Finance

Corp

8.875%

4/15/30

423,490

25

Genesis

Energy

LP

/

Genesis

Energy

Finance

Corp

7.875%

5/15/32

25,529

110

(b),(c)

Glatfelter

Corp

4.750%

11/15/29

93,184

100

Goodyear

Tire

&

Rubber

Co/

The

5.000%

7/15/29

94,380

200

(c)

Goodyear

Tire

&

Rubber

Co/

The

5.250%

7/15/31

186,984

870

(b)

Gray

Escrow

Inc

5.375%

11/15/31

567,107

200

(b)

Gray

Television

Inc

10.500%

7/15/29

208,701

290

(b)

Gray

Television

Inc

4.750%

10/15/30

194,695

180

Griffon

Corp

5.750%

3/01/28

176,203

210

(b)

Grifols

SA

4.750%

10/15/28

191,604

300

(b)

H&E

Equipment

Services

Inc

3.875%

12/15/28

274,121

495

(b)

Hawaiian

Brand

Intellectual

Property

Ltd

/

HawaiianMiles

Loyalty

Ltd

11.000%

4/15/29

471,279

260

(b)

HealthEquity

Inc

4.500%

10/01/29

244,910

195

(b)

Heartland

Dental

LLC

/

Heartland

Dental

Finance

Corp

10.500%

4/30/28

207,675

50

(b)

Herbalife

Nutrition

Ltd

/

HLF

Financing

Inc

7.875%

9/01/25

49,673

Nuveen

ESG

High

Yield

Corporate

Bond

ETF

(NUHY)

(continued)

Portfolio

of

Investments

July

31,

2024

42

Principal

Amount

(000)

Description

(a)

Coupon

Maturity

Value

INDUSTRIAL

(continued)

$

230

(b)

Herc

Holdings

Inc

5.500%

7/15/27

$

228,102

250

(b)

Hess

Midstream

Operations

LP

6.500%

6/01/29

254,881

100

Hillenbrand

Inc

6.250%

2/15/29

101,241

210

(b)

Hilton

Domestic

Operating

Co

Inc

5.750%

5/01/28

209,779

200

(b)

Hilton

Domestic

Operating

Co

Inc

3.750%

5/01/29

185,420

130

(b)

Hilton

Domestic

Operating

Co

Inc

4.000%

5/01/31

117,750

110

(b)

Hilton

Domestic

Operating

Co

Inc

3.625%

2/15/32

96,343

350

(b)

Hilton

Grand

Vacations

Borrower

Escrow

LLC

/

Hilton

Grand

Vacations

Borrower

Esc

5.000%

6/01/29

329,199

208

(b)

Hilton

Grand

Vacations

Borrower

Escrow

LLC

/

Hilton

Grand

Vacations

Borrower

Esc

4.875%

7/01/31

187,279

120

(b)

Hilton

Grand

Vacations

Borrower

Escrow

LLC

/

Hilton

Grand

Vacations

Borrower

Esc

6.625%

1/15/32

121,176

220

(b)

HLF

Financing

Sarl

LLC

/

Herbalife

International

Inc

4.875%

6/01/29

149,600

170

(b)

Hologic

Inc

3.250%

2/15/29

154,986

120

(b)

Ingevity

Corp

3.875%

11/01/28

109,871

1,160

(b)

Intelsat

Jackson

Holdings

SA

6.500%

3/15/30

1,103,535

100

(b)

Iron

Mountain

Inc

5.000%

7/15/28

96,940

230

(b)

Iron

Mountain

Inc

4.875%

9/15/29

219,754

111

(b)

Iron

Mountain

Inc

5.250%

7/15/30

106,828

160

(b)

Iron

Mountain

Information

Management

Services

Inc

5.000%

7/15/32

149,441

220

(b)

ITT

Holdings

LLC

6.500%

8/01/29

206,435

480

(b)

Jaguar

Land

Rover

Automotive

PLC

5.875%

1/15/28

475,264

410

(b)

Jazz

Securities

DAC

4.375%

1/15/29

385,055

180

(b),(c)

Kinetik

Holdings

LP

5.875%

6/15/30

178,180

10

Lamar

Media

Corp

4.000%

2/15/30

9,223

150

(b)

Lamb

Weston

Holdings

Inc

4.875%

5/15/28

145,327

400

(b)

Level

3

Financing

Inc

10.500%

5/15/30

408,800

60

(b)

Lithia

Motors

Inc

3.875%

6/01/29

54,491

310

(b)

Lithia

Motors

Inc

4.375%

1/15/31

278,247

200

(b)

Live

Nation

Entertainment

Inc

6.500%

5/15/27

202,384

200

(b),(c)

Live

Nation

Entertainment

Inc

4.750%

10/15/27

193,926

250

(b)

Live

Nation

Entertainment

Inc

3.750%

1/15/28

235,059

33

(b)

Macy's

Retail

Holdings

LLC

5.875%

4/01/29

32,231

280

(b),(c)

Marriott

Ownership

Resorts

Inc

4.500%

6/15/29

260,398

200

(b)

Masterbrand

Inc

7.000%

7/15/32

205,481

70

(b)

McGraw-Hill

Education

Inc

8.000%

8/01/29

68,252

350

(c)

Mercer

International

Inc

5.125%

2/01/29

296,642

74

Methanex

Corp

5.125%

10/15/27

72,052

150

(c)

Methanex

Corp

5.250%

12/15/29

145,981

130

(b)

Michaels

Cos

Inc/The

5.250%

5/01/28

96,165

110

(b)

MicroStrategy

Inc

6.125%

6/15/28

108,789

250

(b)

Mobius

Merger

Sub

Inc

9.000%

6/01/30

247,574

33

(b)

MPH

Acquisition

Holdings

LLC

5.500%

9/01/28

25,761

60

Murphy

Oil

USA

Inc

4.750%

9/15/29

57,400

100

(b)

Murphy

Oil

USA

Inc

3.750%

2/15/31

88,796

490

(b)

NCL

Corp

Ltd

5.875%

3/15/26

487,810

720

(b)

NCL

Corp

Ltd

5.875%

2/15/27

714,783

140

(b)

NCL

Corp

Ltd

8.375%

2/01/28

147,498

400

(b)

NCL

Corp

Ltd

8.125%

1/15/29

425,234

310

(b),(c)

NCL

Corp

Ltd

7.750%

2/15/29

326,271

43

Principal

Amount

(000)

Description

(a)

Coupon

Maturity

Value

INDUSTRIAL

(continued)

$

421

(b),(c)

NCR

Voyix

Corp

5.000%

10/01/28

$

402,573

540

(b)

NCR

Voyix

Corp

5.125%

4/15/29

515,905

483

(b)

New

Fortress

Energy

Inc

6.750%

9/15/25

474,841

500

(b),(c)

New

Fortress

Energy

Inc

6.500%

9/30/26

464,922

200

(b)

New

Fortress

Energy

Inc

8.750%

3/15/29

181,352

200

Newell

Brands

Inc

6.375%

9/15/27

199,773

200

(c)

Newell

Brands

Inc

6.625%

9/15/29

200,656

350

(b)

Nexstar

Media

Inc

5.625%

7/15/27

339,453

438

(b),(c)

Nexstar

Media

Inc

4.750%

11/01/28

402,992

81

Nordstrom

Inc

4.375%

4/01/30

73,645

250

NuStar

Logistics

LP

5.750%

10/01/25

250,031

450

NuStar

Logistics

LP

6.375%

10/01/30

459,261

260

(b)

ON

Semiconductor

Corp

3.875%

9/01/28

242,867

110

(b)

Open

Text

Corp

3.875%

2/15/28

102,686

210

(b)

Open

Text

Holdings

Inc

4.125%

12/01/31

186,956

300

(b)

Optics

Bidco

SpA

7.721%

6/04/38

321,246

110

(b)

Option

Care

Health

Inc

4.375%

10/31/29

102,738

500

(b)

Organon

&

Co

/

Organon

Foreign

Debt

Co-Issuer

BV

4.125%

4/30/28

469,760

220

(b),(c)

Organon

&

Co

/

Organon

Foreign

Debt

Co-Issuer

BV

5.125%

4/30/31

202,465

510

(b)

Outfront

Media

Capital

LLC

/

Outfront

Media

Capital

Corp

4.250%

1/15/29

472,890

100

(b),(c)

Outfront

Media

Capital

LLC

/

Outfront

Media

Capital

Corp

4.625%

3/15/30

91,883

200

(b),(c)

Owens-Brockway

Glass

Container

Inc

6.625%

5/13/27

200,195

70

(b),(c)

Owens-Brockway

Glass

Container

Inc

7.250%

5/15/31

69,261

20

(b)

Pactiv

Evergreen

Group

Issuer

Inc/Pactiv

Evergreen

Group

Issuer

LLC

4.375%

9/30/28

18,775

375

Paramount

Global

6.375%

3/30/62

344,297

160

(b)

Parkland

Corp

5.875%

7/15/27

159,459

100

(b)

Parkland

Corp/Canada

4.625%

5/01/30

92,972

200

(c)

PBF

Holding

Co

LLC

/

PBF

Finance

Corp

6.000%

2/15/28

196,185

200

(b)

PBF

Holding

Co

LLC

/

PBF

Finance

Corp

7.875%

9/15/30

207,139

611

(b)

Performance

Food

Group

Inc

5.500%

10/15/27

602,844

485

(b)

Performance

Food

Group

Inc

4.250%

8/01/29

449,197

110

Perrigo

Finance

Unlimited

Co

4.900%

6/15/30

103,828

200

(b)

Phinia

Inc

6.750%

4/15/29

204,002

440

(b),(c)

Post

Holdings

Inc

4.625%

4/15/30

409,912

550

(b)

Post

Holdings

Inc

4.500%

9/15/31

500,180

135

(b)

Post

Holdings

Inc

6.250%

2/15/32

136,713

120

(b)

Prestige

Brands

Inc

3.750%

4/01/31

105,792

230

(b)

Prime

Security

Services

Borrower

LLC

/

Prime

Finance

Inc

6.250%

1/15/28

229,244

100

(b)

Primo

Water

Holdings

Inc

4.375%

4/30/29

93,123

60

(b)

PTC

Inc

4.000%

2/15/28

56,827

201

(b),(c)

Rakuten

Group

Inc

5.125%

N/A

(d)

183,856

355

(b)

Rakuten

Group

Inc

6.250%

N/A

(d)

293,273

100

(b)

RB

Global

Inc

6.750%

3/15/28

102,102

110

(b)

RB

Global

Inc

7.750%

3/15/31

115,665

150

(b)

Reworld

Holding

Corp

4.875%

12/01/29

137,165

60

(b)

ROBLOX

Corp

3.875%

5/01/30

53,765

210

(b)

Rogers

Communications

Inc

5.250%

3/15/82

203,281

100

(b),(c)

Royal

Caribbean

Cruises

Ltd

4.250%

7/01/26

97,395

50

(b)

Royal

Caribbean

Cruises

Ltd

5.500%

8/31/26

49,775

Nuveen

ESG

High

Yield

Corporate

Bond

ETF

(NUHY)

(continued)

Portfolio

of

Investments

July

31,

2024

44

Principal

Amount

(000)

Description

(a)

Coupon

Maturity

Value

INDUSTRIAL

(continued)

$

60

(b)

Royal

Caribbean

Cruises

Ltd

5.375%

7/15/27

$

59,648

100

(b)

Royal

Caribbean

Cruises

Ltd

5.500%

4/01/28

99,620

640

(b)

Royal

Caribbean

Cruises

Ltd

7.250%

1/15/30

670,774

100

(b)

Royal

Caribbean

Cruises

Ltd

6.250%

3/15/32

101,980

117

(b)

Sabre

GLBL

Inc

8.625%

6/01/27

109,373

300

(b)

Sabre

GLBL

Inc

11.250%

12/15/27

297,092

350

SBA

Communications

Corp

3.875%

2/15/27

336,979

188

Seagate

HDD

Cayman

9.625%

12/01/32

215,063

100

(b)

Sealed

Air

Corp

6.125%

2/01/28

100,691

370

(b)

SeaWorld

Parks

&

Entertainment

Inc

5.250%

8/15/29

352,443

220

(b)

Sensata

Technologies

BV

4.000%

4/15/29

203,869

200

(b)

Sensata

Technologies

BV

5.875%

9/01/30

197,390

300

(b)

Sensata

Technologies

Inc

3.750%

2/15/31

264,971

400

Service

Corp

International/US

4.000%

5/15/31

360,384

215

(b),(c)

Sinclair

Television

Group

Inc

4.125%

12/01/30

149,438

135

(b)

Sirius

XM

Radio

Inc

3.125%

9/01/26

128,258

210

(b)

Sirius

XM

Radio

Inc

5.500%

7/01/29

200,736

150

(b)

Sirius

XM

Radio

Inc

4.125%

7/01/30

130,376

140

(b)

Sirius

XM

Radio

Inc

3.875%

9/01/31

116,949

250

(b)

Six

Flags

Entertainment

Corp

/

Six

Flags

Theme

Parks

Inc

6.625%

5/01/32

256,709

170

(b),(c)

Six

Flags

Entertainment

Corp/

DE

7.250%

5/15/31

175,260

300

(b),(c)

Sonic

Automotive

Inc

4.625%

11/15/29

274,220

300

(b)

Sonic

Automotive

Inc

4.875%

11/15/31

267,913

200

(b)

Sotera

Health

Holdings

LLC

7.375%

6/01/31

204,010

390

(b),(c)

Sotheby's

7.375%

10/15/27

324,716

200

(b)

Spirit

Loyalty

Cayman

Ltd

/

Spirit

IP

Cayman

Ltd

8.000%

9/20/25

126,450

150

(b)

SPX

FLOW

Inc

8.750%

4/01/30

156,291

300

(b)

Stagwell

Global

LLC

5.625%

8/15/29

282,874

200

(b)

Stena

International

SA

7.250%

1/15/31

204,593

420

(b),(c)

Studio

City

Finance

Ltd

6.500%

1/15/28

402,435

420

(b)

Studio

City

Finance

Ltd

5.000%

1/15/29

374,200

310

(b)

Suburban

Propane

Partners

LP/

Suburban

Energy

Finance

Corp

5.000%

6/01/31

281,380

100

(b)

Summit

Materials

LLC

/

Summit

Materials

Finance

Corp

5.250%

1/15/29

97,761

55

(b)

Summit

Materials

LLC

/

Summit

Materials

Finance

Corp

7.250%

1/15/31

57,350

300

(b)

Sunoco

LP

7.000%

5/01/29

308,779

580

(b),(c)

Sunoco

LP

7.250%

5/01/32

602,940

60

(b)

Superior

Plus

LP

/

Superior

General

Partner

Inc

4.500%

3/15/29

55,760

150

(b)

Surgery

Center

Holdings

Inc

7.250%

4/15/32

154,912

261

(b)

Taylor

Morrison

Communities

Inc

5.125%

8/01/30

254,481

100

(b)

TEGNA

Inc

4.750%

3/15/26

98,462

190

TEGNA

Inc

5.000%

9/15/29

173,383

50

(b)

Teleflex

Inc

4.250%

6/01/28

47,496

40

(b)

Tempur

Sealy

International

Inc

4.000%

4/15/29

36,536

200

(b)

Tempur

Sealy

International

Inc

3.875%

10/15/31

172,145

250

(b)

Tenneco

Inc

8.000%

11/17/28

226,890

110

(b)

Terex

Corp

5.000%

5/15/29

105,714

160

(b)

Thor

Industries

Inc

4.000%

10/15/29

144,176

50

(b)

TopBuild

Corp

4.125%

2/15/32

45,040

11

(b)

TransDigm

Inc

6.625%

3/01/32

11,251

100

(b)

Travel

+

Leisure

Co

6.625%

7/31/26

100,923

240

(b)

Travel

+

Leisure

Co

4.500%

12/01/29

223,071

120

(c)

TreeHouse

Foods

Inc

4.000%

9/01/28

108,264

45

Principal

Amount

(000)

Description

(a)

Coupon

Maturity

Value

INDUSTRIAL

(continued)

$

185

(b)

Triumph

Group

Inc

9.000%

3/15/28

$

194,859

210

(b)

Tronox

Inc

4.625%

3/15/29

191,271

250

(b)

TTM

Technologies

Inc

4.000%

3/01/29

232,129

140

Twilio

Inc

3.875%

3/15/31

125,715

70

(b)

Uber

Technologies

Inc

6.250%

1/15/28

70,618

570

(b)

Uber

Technologies

Inc

4.500%

8/15/29

549,430

150

(b),(c)

United

Natural

Foods

Inc

6.750%

10/15/28

137,029

99

(c)

United

Rentals

North

America

Inc

4.000%

7/15/30

90,550

300

(b)

United

Rentals

North

America

Inc

6.125%

3/15/34

301,414

120

(b)

Uniti

Group

LP

/

Uniti

Group

Finance

Inc

/

CSL

Capital

LLC

10.500%

2/15/28

121,374

700

(b)

Uniti

Group

LP

/

Uniti

Group

Finance

Inc

/

CSL

Capital

LLC

4.750%

4/15/28

604,541

24

(b)

Univision

Communications

Inc

4.500%

5/01/29

20,963

328

(b)

US

Foods

Inc

4.750%

2/15/29

314,074

100

(b)

US

Foods

Inc

4.625%

6/01/30

93,739

90

(b)

Valvoline

Inc

3.625%

6/15/31

78,673

130

(b)

Vertiv

Group

Corp

4.125%

11/15/28

123,167

328

(b),(c)

Victoria's

Secret

&

Co

4.625%

7/15/29

272,093

70

(b)

Virgin

Media

Finance

PLC

5.000%

7/15/30

58,992

110

(b)

Viridien

8.750%

4/01/27

105,686

220

Vodafone

Group

PLC

3.250%

6/04/81

207,398

325

Vodafone

Group

PLC

4.125%

6/04/81

286,059

1,430

(b)

VZ

Secured

Financing

BV

5.000%

1/15/32

1,253,082

345

(b)

Weatherford

International

Ltd

8.625%

4/30/30

359,119

401

(b)

WESCO

Distribution

Inc

7.250%

6/15/28

410,921

190

(b)

Williams

Scotsman

Inc

4.625%

8/15/28

180,803

100

(b)

Williams

Scotsman

Inc

7.375%

10/01/31

103,970

770

(b)

Windstream

Escrow

LLC

/

Windstream

Escrow

Finance

Corp

7.750%

8/15/28

742,753

210

(b)

WMG

Acquisition

Corp

3.875%

7/15/30

189,297

81

(b)

WMG

Acquisition

Corp

3.000%

2/15/31

69,838

200

(b),(c)

Wolverine

World

Wide

Inc

4.000%

8/15/29

170,512

150

(b)

Wyndham

Hotels

&

Resorts

Inc

4.375%

8/15/28

141,531

160

(b)

Xerox

Holdings

Corp

5.500%

8/15/28

135,747

180

(b)

XPO

Inc

7.125%

2/01/32

186,159

156

(b)

Yum!

Brands

Inc

4.750%

1/15/30

150,335

160

Yum!

Brands

Inc

3.625%

3/15/31

142,714

150

Yum!

Brands

Inc

4.625%

1/31/32

139,887

110

Yum!

Brands

Inc

5.375%

4/01/32

106,577

270

(b)

Ziggo

BV

4.875%

1/15/30

245,806

230

(b)

ZipRecruiter

Inc

5.000%

1/15/30

201,231

200

(b),(c)

ZoomInfo

Technologies

LLC/

ZoomInfo

Finance

Corp

3.875%

2/01/29

182,702

TOTAL

INDUSTRIAL

78,413,768

UTILITY

-

0.9%

110

Algonquin

Power

&

Utilities

Corp

4.750%

1/18/82

100,556

200

(b)

Clearway

Energy

Operating

LLC

4.750%

3/15/28

191,989

110

(b)

Clearway

Energy

Operating

LLC

3.750%

2/15/31

97,424

150

Edison

International

8.125%

6/15/53

157,146

210

(b)

NextEra

Energy

Operating

Partners

LP

7.250%

1/15/29

218,133

Nuveen

ESG

High

Yield

Corporate

Bond

ETF

(NUHY)

(continued)

Portfolio

of

Investments

July

31,

2024

46

Principal

Amount

(000)

Description

(a)

Coupon

Maturity

Value

UTILITY

(continued)

$

71

(b)

TerraForm

Power

Operating

LLC

4.750%

1/15/30

$

65,921

TOTAL

UTILITY

831,169

TOTAL

CORPORATE

DEBT

(cost

$87,408,285)

87,310,010

TOTAL

LONG-TERM

INVESTMENTS

(cost

$87,408,285)

87,310,010

Shares

Description

(a)

Coupon

Value

INVESTMENTS

PURCHASED

WITH

COLLATERAL

FROM

SECURITIES

LENDING

-

8.7%

7,774,979

(e)

State

Street

Navigator

Securities

Lending

Government

Money

Market

Portfolio

5.310%(f)

$

7,774,979

TOTAL

INVESTMENTS

PURCHASED

WITH

COLLATERAL

FROM

SECURITIES

LENDING

(cost

$7,774,979)

7,774,979

TOTAL

INVESTMENTS

(cost

$95,183,264

)

-

106.6%

95,084,989

OTHER

ASSETS

&

LIABILITIES,

NET

-

(6.6)%

(5,863,408)

NET

ASSETS

-

100%

$

89,221,581

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)

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

$75,747,290

or

79.7%

of

Total

Investments.

(c)

Investment,

or

a

portion

of

investment,

is

out

on

loan

for

securities

lending.

The

total

value

of

the

securities

out

on

loan

as

of

the

end

of

the

reporting

period

was

$7,486,605.

(d)

Perpetual

security.

Maturity

date

is

not

applicable.

(e)

The

Fund

may

loan

securities

representing

up

to

one

third

of

the

value

of

its

total

assets

(which

includes

collateral

for

securities

on

loan)

to

broker

dealers,

banks,

and

other

institutions.

The

collateral

maintained

by

the

Fund

shall

have

a

value,

at

the

inception

of

each

loan,

equal

to

not

less

than

100%

of

the

value

of

the

loaned

securities.

The

cash

collateral

received

by

the

Fund

is

invested

in

this

money

market

fund.

(f)

The

rate

shown

is

the

one-day

yield

as

of

the

end

of

the

reporting

period.

REIT

Real

Estate

Investment

Trust

See

Notes

to

Financial

Statements

47

Nuveen

ESG

U.S.

Aggregate

Bond

ETF

(NUBD)

Portfolio

of

Investments

July

31,

2024

Principal

Amount

(000)

Description

(a)

Coupon

Maturity

Value

LONG-TERM

INVESTMENTS

-

98.6%

X

–

U.S.

TREASURY

-

42.2%

$

950

United

States

Treasury

Note/Bond

0.250%

8/31/25

$

905,691

1,800

United

States

Treasury

Note/Bond

0.250%

9/30/25

1,711,125

900

United

States

Treasury

Note/Bond

5.000%

9/30/25

903,340

800

United

States

Treasury

Note/Bond

0.250%

10/31/25

758,250

900

United

States

Treasury

Note/Bond

5.000%

10/31/25

904,043

1,820

United

States

Treasury

Note/Bond

0.375%

11/30/25

1,722,530

500

United

States

Treasury

Note/Bond

4.875%

11/30/25

501,953

1,300

United

States

Treasury

Note/Bond

0.375%

12/31/25

1,226,926

1,800

United

States

Treasury

Note/Bond

4.250%

12/31/25

1,793,320

3,500

United

States

Treasury

Note/Bond

0.375%

1/31/26

3,293,555

2,150

United

States

Treasury

Note/Bond

4.250%

1/31/26

2,143,029

500

United

States

Treasury

Note/Bond

0.500%

2/28/26

470,195

2,450

United

States

Treasury

Note/Bond

4.625%

2/28/26

2,456,316

1,900

United

States

Treasury

Note/Bond

0.750%

3/31/26

1,789,414

1,300

United

States

Treasury

Note/Bond

4.500%

3/31/26

1,301,879

3,200

United

States

Treasury

Note/Bond

0.750%

4/30/26

3,007,000

400

United

States

Treasury

Note/Bond

4.875%

4/30/26

403,328

700

United

States

Treasury

Note/Bond

0.750%

5/31/26

656,195

100

United

States

Treasury

Note/Bond

4.875%

5/31/26

100,922

1,700

United

States

Treasury

Note/Bond

0.875%

6/30/26

1,594,281

1,550

United

States

Treasury

Note/Bond

4.625%

6/30/26

1,559,021

1,100

United

States

Treasury

Note/Bond

0.625%

7/31/26

1,023,945

1,450

United

States

Treasury

Note/Bond

0.750%

8/31/26

1,349,859

2,600

United

States

Treasury

Note/Bond

0.875%

9/30/26

2,422,672

900

United

States

Treasury

Note/Bond

1.125%

10/31/26

841,043

1,600

United

States

Treasury

Note/Bond

1.250%

11/30/26

1,496,562

1,100

United

States

Treasury

Note/Bond

1.250%

12/31/26

1,027,641

1,750

United

States

Treasury

Note/Bond

1.875%

2/28/27

1,654,092

500

United

States

Treasury

Note/Bond

2.500%

3/31/27

480,137

1,250

United

States

Treasury

Note/Bond

2.750%

4/30/27

1,206,348

200

United

States

Treasury

Note/Bond

4.500%

5/15/27

202,062

2,000

United

States

Treasury

Note/Bond

2.625%

5/31/27

1,922,266

900

United

States

Treasury

Note/Bond

0.500%

6/30/27

812,461

2,500

United

States

Treasury

Note/Bond

3.250%

6/30/27

2,444,727

1,000

United

States

Treasury

Note/Bond

2.750%

7/31/27

963,008

2,186

United

States

Treasury

Note/Bond

2.250%

8/15/27

2,073,114

100

United

States

Treasury

Note/Bond

4.125%

9/30/27

100,262

1,600

United

States

Treasury

Note/Bond

4.125%

10/31/27

1,604,250

888

United

States

Treasury

Note/Bond

2.250%

11/15/27

839,299

320

United

States

Treasury

Note/Bond

0.625%

11/30/27

286,262

1,600

United

States

Treasury

Note/Bond

3.875%

11/30/27

1,592,188

3,798

United

States

Treasury

Note/Bond

3.875%

12/31/27

3,780,939

1,500

United

States

Treasury

Note/Bond

3.500%

1/31/28

1,474,863

2,344

United

States

Treasury

Note/Bond

2.750%

2/15/28

2,245,662

1,200

United

States

Treasury

Note/Bond

4.000%

2/29/28

1,199,578

3,200

United

States

Treasury

Note/Bond

3.625%

3/31/28

3,159,375

2,000

United

States

Treasury

Note/Bond

3.500%

4/30/28

1,965,625

1,100

United

States

Treasury

Note/Bond

3.625%

5/31/28

1,085,906

1,900

United

States

Treasury

Note/Bond

4.000%

6/30/28

1,900,965

2,450

United

States

Treasury

Note/Bond

4.125%

7/31/28

2,462,729

3,700

United

States

Treasury

Note/Bond

4.625%

9/30/28

3,791,633

650

United

States

Treasury

Note/Bond

1.375%

10/31/28

584,695

2,000

United

States

Treasury

Note/Bond

4.875%

10/31/28

2,070,234

2,550

United

States

Treasury

Note/Bond

4.375%

11/30/28

2,592,234

4,750

United

States

Treasury

Note/Bond

3.750%

12/31/28

4,710,479

300

United

States

Treasury

Note/Bond

1.750%

1/31/29

272,930

Nuveen

ESG

U.S.

Aggregate

Bond

ETF

(NUBD)

(continued)

Portfolio

of

Investments

July

31,

2024

48

Principal

Amount

(000)

Description

(a)

Coupon

Maturity

Value

$

2,850

United

States

Treasury

Note/Bond

4.000%

1/31/29

$

2,855,900

3,850

United

States

Treasury

Note/Bond

4.250%

2/28/29

3,900,381

2,650

United

States

Treasury

Note/Bond

4.125%

3/31/29

2,670,082

800

United

States

Treasury

Note/Bond

4.625%

4/30/29

823,500

1,470

United

States

Treasury

Note/Bond

2.375%

5/15/29

1,369,627

2,200

United

States

Treasury

Note/Bond

4.500%

5/31/29

2,254,656

3,650

United

States

Treasury

Note/Bond

4.250%

6/30/29

3,700,473

1,000

United

States

Treasury

Note/Bond

4.000%

7/31/29

1,003,438

514

United

States

Treasury

Note/Bond

1.625%

8/15/29

460,411

500

United

States

Treasury

Note/Bond

3.875%

12/31/29

498,008

100

United

States

Treasury

Note/Bond

0.625%

5/15/30

82,906

150

United

States

Treasury

Note/Bond

4.000%

1/31/31

150,287

750

United

States

Treasury

Note/Bond

4.625%

5/31/31

779,180

1,000

United

States

Treasury

Note/Bond

1.875%

2/15/32

862,656

3,050

United

States

Treasury

Note/Bond

2.875%

5/15/32

2,820,773

1,150

United

States

Treasury

Note/Bond

2.750%

8/15/32

1,050,813

1,150

United

States

Treasury

Note/Bond

4.125%

11/15/32

1,158,805

700

United

States

Treasury

Note/Bond

3.500%

2/15/33

673,039

800

United

States

Treasury

Note/Bond

3.375%

5/15/33

760,938

1,300

United

States

Treasury

Note/Bond

3.875%

8/15/33

1,282,938

1,750

United

States

Treasury

Note/Bond

4.500%

11/15/33

1,810,156

1,650

United

States

Treasury

Note/Bond

4.000%

2/15/34

1,643,039

2,500

United

States

Treasury

Note/Bond

4.375%

5/15/34

2,564,062

200

United

States

Treasury

Note/Bond

1.125%

8/15/40

126,647

1,300

United

States

Treasury

Note/Bond

1.875%

2/15/41

921,578

500

United

States

Treasury

Note/Bond

2.250%

5/15/41

374,590

1,050

United

States

Treasury

Note/Bond

1.750%

8/15/41

719,455

198

United

States

Treasury

Note/Bond

2.000%

11/15/41

140,789

1,400

United

States

Treasury

Note/Bond

2.375%

2/15/42

1,054,648

3,900

United

States

Treasury

Note/Bond

3.250%

5/15/42

3,346,992

1,964

United

States

Treasury

Note/Bond

2.750%

8/15/42

1,560,536

500

United

States

Treasury

Note/Bond

3.375%

8/15/42

436,055

135

United

States

Treasury

Note/Bond

2.750%

11/15/42

106,787

498

United

States

Treasury

Note/Bond

4.000%

11/15/42

473,489

600

United

States

Treasury

Note/Bond

3.875%

5/15/43

558,375

950

United

States

Treasury

Note/Bond

4.375%

8/15/43

945,361

2,340

United

States

Treasury

Note/Bond

4.750%

11/15/43

2,443,838

1,650

United

States

Treasury

Note/Bond

4.500%

2/15/44

1,666,500

800

United

States

Treasury

Note/Bond

4.625%

5/15/44

821,625

4,221

United

States

Treasury

Note/Bond

2.750%

8/15/47

3,176,632

1,850

United

States

Treasury

Note/Bond

1.250%

5/15/50

950,076

700

United

States

Treasury

Note/Bond

1.375%

8/15/50

370,699

200

United

States

Treasury

Note/Bond

1.625%

11/15/50

113,266

3,800

United

States

Treasury

Note/Bond

1.875%

2/15/51

2,294,844

1,100

United

States

Treasury

Note/Bond

2.375%

5/15/51

748,172

160

United

States

Treasury

Note/Bond

1.875%

11/15/51

96,031

1,300

United

States

Treasury

Note/Bond

2.250%

2/15/52

856,477

1,350

United

States

Treasury

Note/Bond

2.875%

5/15/52

1,022,414

550

United

States

Treasury

Note/Bond

3.000%

8/15/52

427,496

949

United

States

Treasury

Note/Bond

4.000%

11/15/52

892,727

550

United

States

Treasury

Note/Bond

3.625%

2/15/53

483,076

1,210

United

States

Treasury

Note/Bond

3.625%

5/15/53

1,063,288

1,590

United

States

Treasury

Note/Bond

4.125%

8/15/53

1,529,133

1,200

United

States

Treasury

Note/Bond

4.750%

11/15/53

1,280,813

1,700

United

States

Treasury

Note/Bond

4.250%

2/15/54

1,671,844

875

United

States

Treasury

Note/Bond

4.625%

5/15/54

916,289

TOTAL

U.S.

TREASURY

(cost

$165,684,323)

155,608,968

49

Principal

Amount

(000)

Description

(a)

Coupon

Maturity

Value

X

–

SECURITIZED

-

26.8%

$

150

American

Express

Credit

Account

Master

Trust

2023

3

5.230%

9/15/28

$

151,978

50

AmeriCredit

Automobile

Receivables

Trust

2021-2

2021

2

1.010%

1/19/27

47,935

50

BA

Credit

Card

Trust

2023

A2

4.980%

11/15/28

50,476

200

Bank

2019-BNK19

2019

BN19

2.926%

8/15/61

183,746

100

BANK

2021-BNK34

2021

BN34

1.935%

6/15/63

93,646

100

BANK

2021-BNK35

2021

BN35

2.067%

6/15/64

89,057

43

BANK5

2023-5YR4

2023

5YR4

6.500%

12/15/56

45,566

50

BANK5

Trust

2024-5YR6

2024

5YR6

6.225%

5/15/57

52,528

100

Barclays

Commercial

Mortgage

S

2023

C21

6.000%

9/15/56

107,409

500

BBCMS

Mortgage

Trust

2020-C6

2020

C6

2.690%

2/15/53

483,768

100

BBCMS

Mortgage

Trust

2024-C26

2024

C26

5.829%

5/15/57

106,574

200

Benchmark

2021-B24

Mortgage

Trust

2021

B24

2.264%

3/15/54

171,844

100

Benchmark

2021-B27

Mortgage

Trust

2021

B27

2.703%

7/15/54

70,016

100

Benchmark

2021-B28

Mortgage

Trust

2021

B28

2.073%

8/15/54

88,455

90

BMARK

2023-V4

2023

V4

6.841%

11/15/56

95,850

90

BMO

2024-C8

Mortgage

Trust

2024

C8

5.598%

3/15/57

94,037

100

BMO

Mortgage

Trust

2023

5C1

7.118%

8/15/56

105,766

100

Capital

One

Multi-Asset

Execution

Trust

2022

A2

3.490%

5/15/27

98,677

100

CarMax

Auto

Owner

Trust

2022

1

1.700%

8/16/27

95,156

57

(b)

Carvana

Auto

Receivables

Trust

2022-N1

2022

N1

4.130%

12/11/28

55,741

100

Citibank

Credit

Card

Issuance

Trust

2023

A1

5.230%

12/08/27

100,393

180

Citigroup

Commercial

Mortgage

Trust

2016-C1

2016

C1

3.209%

5/10/49

173,668

500

COMM

2015-LC19

Mortgage

Trust

2015

LC19

3.183%

2/10/48

494,716

100

Discover

Card

Execution

Note

Trust

2021

A1

0.580%

9/15/26

99,377

50

Exeter

Automobile

Receivables

Trust

2024-4

2024

4A

5.290%

8/15/30

50,207

251

Fannie

Mae

FN

MA4547

2023

MA4547

2.000%

2/01/52

202,059

183

Fannie

Mae

Pool

FN

MA2941

3.500%

3/01/32

178,337

57

Fannie

Mae

Pool

FN

MA3392

3.500%

6/01/33

55,278

121

Fannie

Mae

Pool

FN

MA3490

4.000%

10/01/33

119,478

46

Fannie

Mae

Pool

FN

MA3828

3.000%

11/01/34

44,089

93

Fannie

Mae

Pool

FN

MA3865

3.000%

12/01/34

88,582

110

Fannie

Mae

Pool

FN

MA3957

3.500%

3/01/35

106,724

513

Fannie

Mae

Pool

FN

MA4074

2.000%

7/01/35

462,122

794

Fannie

Mae

Pool

FN

MA4123

2.000%

9/01/35

717,564

443

Fannie

Mae

Pool

FN

MA4180

2.500%

11/01/35

407,793

345

Fannie

Mae

Pool

FN

MA4228

1.500%

1/01/36

303,078

456

Fannie

Mae

Pool

FN

MA4278

1.500%

3/01/36

399,448

520

Fannie

Mae

Pool

FN

MA4298

2.500%

3/01/36

479,529

135

Fannie

Mae

Pool

FN

MA4302

1.500%

4/01/36

118,745

59

Fannie

Mae

Pool

FN

MA4316

2021

MTGE

2.500%

4/01/36

54,029

151

Fannie

Mae

Pool

FN

MA4330

2.500%

5/01/36

139,302

280

Fannie

Mae

Pool

FN

MA4359

1.500%

6/01/36

245,212

63

Fannie

Mae

Pool

FN

MA4361

2021

MTGE

2.500%

6/01/36

58,240

143

Fannie

Mae

Pool

FN

MA4402

1.500%

8/01/36

125,125

262

Fannie

Mae

Pool

FN

MA4516

2.000%

1/01/37

235,152

214

Fannie

Mae

Pool

FN

MA4535

1.500%

2/01/37

186,412

1,037

Fannie

Mae

Pool

FN

MA4536

2.000%

2/01/37

930,803

314

Fannie

Mae

Pool

FN

MA4566

1.500%

3/01/37

274,045

204

Fannie

Mae

Pool

FN

MA4602

2.000%

5/01/37

182,761

95

Fannie

Mae

Pool

FN

MA4604

3.000%

5/01/37

88,905

283

Fannie

Mae

Pool

FN

MA4629

2022

1

3.000%

6/01/37

265,949

86

Fannie

Mae

Pool

FN

MA5042

4.500%

6/01/38

85,858

105

Fannie

Mae

Pool

FN

MA3890

3.000%

1/01/40

96,371

680

Fannie

Mae

Pool

FN

MA4268

2.000%

2/01/41

584,921

114

Fannie

Mae

Pool

FN

MA4310

1.500%

4/01/41

94,459

522

Fannie

Mae

Pool

FN

MA4334

2.500%

5/01/41

458,444

79

Fannie

Mae

Pool

FN

MA4364

2.000%

6/01/41

67,700

73

Fannie

Mae

Pool

FN

MA4366

2.500%

6/01/41

64,536

227

Fannie

Mae

Pool

FN

MA4387

2.000%

7/01/41

195,333

305

Fannie

Mae

Pool

FN

MA4423

2.500%

9/01/41

268,342

743

Fannie

Mae

Pool

FN

MA3143

3.000%

9/01/47

663,306

Nuveen

ESG

U.S.

Aggregate

Bond

ETF

(NUBD)

(continued)

Portfolio

of

Investments

July

31,

2024

50

Principal

Amount

(000)

Description

(a)

Coupon

Maturity

Value

$

435

Fannie

Mae

Pool

FN

MA3120

3.500%

9/01/47

$

401,942

48

Fannie

Mae

Pool

FN

MA3182

3.500%

11/01/47

44,439

160

Fannie

Mae

Pool

FN

MA3358

4.500%

5/01/48

156,420

2,168

Fannie

Mae

Pool

FN

FM5665

3.500%

8/01/48

2,005,617

90

Fannie

Mae

Pool

FN

MA3536

4.000%

12/01/48

86,427

155

Fannie

Mae

Pool

FN

MA3574

3.500%

1/01/49

142,854

1,444

Fannie

Mae

Pool

FN

FM5488

4.000%

5/01/49

1,383,250

908

Fannie

Mae

Pool

FN

MA3774

3.000%

9/01/49

806,833

612

Fannie

Mae

Pool

FN

MA3905

3.000%

1/01/50

544,196

364

Fannie

Mae

Pool

FN

MA4019

2.500%

5/01/50

309,171

640

Fannie

Mae

Pool

FN

MA4077

2.000%

7/01/50

521,244

234

Fannie

Mae

Pool

FN

MA4078

2.500%

7/01/50

198,993

347

Fannie

Mae

Pool

FN

MA4079

3.000%

7/01/50

308,203

223

Fannie

Mae

Pool

FN

MA4097

3.000%

8/01/50

198,145

247

Fannie

Mae

Pool

FN

MA4158

2.000%

10/01/50

200,304

1,944

Fannie

Mae

Pool

FN

MA4182

2.000%

11/01/50

1,577,648

244

Fannie

Mae

Pool

FN

MA4183

2.500%

11/01/50

207,169

1,252

Fannie

Mae

Pool

FN

MA4208

2.000%

12/01/50

1,016,566

798

Fannie

Mae

Pool

FN

MA4254

1.500%

2/01/51

613,699

862

Fannie

Mae

Pool

FN

MA4255

2.000%

2/01/51

696,262

327

Fannie

Mae

Pool

FN

MA4304

1.500%

4/01/51

252,119

2,198

Fannie

Mae

Pool

FN

MA4305

2021

MTGE

2.000%

4/01/51

1,779,350

76

Fannie

Mae

Pool

FN

MA4337

4.000%

4/01/51

72,021

1,431

Fannie

Mae

Pool

FN

MA4325

2.000%

5/01/51

1,158,634

292

Fannie

Mae

Pool

FN

MA4327

3.000%

5/01/51

257,755

1,698

Fannie

Mae

Pool

FN

MA4355

2021

MTGE

2.000%

6/01/51

1,374,675

575

Fannie

Mae

Pool

FN

MA4357

3.000%

6/01/51

506,163

170

Fannie

Mae

Pool

FN

MA4377

1.500%

7/01/51

131,016

245

Fannie

Mae

Pool

FN

MA4378

2.000%

7/01/51

198,056

431

Fannie

Mae

Pool

FN

MA4397

1.500%

8/01/51

332,245

1,278

Fannie

Mae

Pool

FN

MA4398

2.000%

8/01/51

1,030,277

928

Fannie

Mae

Pool

FN

MA4437

2021

MA4437

2.000%

10/01/51

749,857

305

Fannie

Mae

Pool

FN

MA4439

3.000%

10/01/51

267,027

691

Fannie

Mae

Pool

FN

MA4465

2.000%

11/01/51

557,502

1,545

Fannie

Mae

Pool

FN

MA4492

2.000%

12/01/51

1,245,331

1,387

Fannie

Mae

Pool

FN

MA4511

2021

2021

2.000%

12/01/51

1,116,406

6,770

Fannie

Mae

Pool

FN

MA4493

2.500%

12/01/51

5,733,755

801

Fannie

Mae

Pool

FN

MA4512

2.500%

1/01/52

676,689

437

Fannie

Mae

Pool

FN

MA4513

2021

2021

3.000%

1/01/52

383,133

1,338

Fannie

Mae

Pool

FN

MA4549

3.000%

2/01/52

1,170,292

1,298

Fannie

Mae

Pool

FN

MA4562

2.000%

3/01/52

1,044,512

2,900

Fannie

Mae

Pool

FN

MA4563

2.500%

3/01/52

2,449,858

319

Fannie

Mae

Pool

FN

MA4564

2022

1

3.000%

3/01/52

279,354

809

Fannie

Mae

Pool

FN

MA4565

3.500%

3/01/52

736,653

359

Fannie

Mae

Pool

FN

MA4577

2.000%

4/01/52

289,040

2,113

Fannie

Mae

Pool

FN

MA4578

2.500%

4/01/52

1,784,908

434

Fannie

Mae

Pool

FN

MA4579

3.000%

4/01/52

379,283

222

Fannie

Mae

Pool

FN

MA4600

2022

2

3.500%

5/01/52

201,247

595

Fannie

Mae

Pool

FN

MA4644

2022

1

4.000%

5/01/52

558,151

266

Fannie

Mae

Pool

FN

MA4625

2022

1

3.500%

6/01/52

240,929

852

Fannie

Mae

Pool

FN

MA4684

2022

1

4.500%

6/01/52

821,484

366

Fannie

Mae

Pool

FN

MA4686

5.000%

6/01/52

361,390

534

Fannie

Mae

Pool

FN

MA4653

3.000%

7/01/52

467,058

525

Fannie

Mae

Pool

FN

MA4699

2022

1

3.500%

7/01/52

476,388

210

Fannie

Mae

Pool

FN

MA4654

3.500%

7/01/52

190,994

312

Fannie

Mae

Pool

FN

MA4655

4.000%

7/01/52

291,960

624

Fannie

Mae

Pool

FN

MA4700

2022

1

4.000%

7/01/52

584,908

526

Fannie

Mae

Pool

FN

MA4701

2022

1

4.500%

7/01/52

506,893

698

Fannie

Mae

Pool

FN

MA4656

4.500%

7/01/52

672,679

339

Fannie

Mae

Pool

FN

MA4709

5.000%

7/01/52

333,823

931

Fannie

Mae

Pool

FN

MA4737

2022

1

5.000%

8/01/52

918,919

926

Fannie

Mae

Pool

FN

MA4738

5.500%

8/01/52

929,791

312

Fannie

Mae

Pool

FN

MA4731

2022

1

3.500%

9/01/52

282,791

51

Principal

Amount

(000)

Description

(a)

Coupon

Maturity

Value

$

360

Fannie

Mae

Pool

FN

MA4732

4.000%

9/01/52

$

337,566

555

Fannie

Mae

Pool

FN

MA4781

3.000%

10/01/52

485,383

462

Fannie

Mae

Pool

FN

MA4782

3.500%

10/01/52

418,730

575

Fannie

Mae

Pool

FN

MA4783

4.000%

10/01/52

538,551

543

Fannie

Mae

Pool

FN

MA4805

2022

1

4.500%

11/01/52

523,063

345

Fannie

Mae

Pool

FN

MA4807

5.500%

11/01/52

346,207

577

Fannie

Mae

Pool

FN

MA4847

6.000%

11/01/52

587,446

229

Fannie

Mae

Pool

FN

MA4852

6.500%

11/01/52

235,172

439

Fannie

Mae

Pool

FN

MA4842

2022

1

5.500%

12/01/52

441,038

919

Fannie

Mae

Pool

FN

MA4894

6.000%

1/01/53

933,684

626

Fannie

Mae

Pool

FN

MA4895

6.500%

1/01/53

643,581

415

Fannie

Mae

Pool

FN

MA5027

4.000%

5/01/53

388,814

280

Fannie

Mae

Pool

FN

MA5008

4.500%

5/01/53

269,881

378

Fannie

Mae

Pool

FN

MA5009

5.000%

5/01/53

372,629

249

Fannie

Mae

Pool

FN

MA5012

6.500%

5/01/53

255,674

192

Fannie

Mae

Pool

FN

MA5071

5.000%

7/01/53

189,238

797

Fannie

Mae

Pool

FN

MA5106

5.000%

8/01/53

785,204

195

Fannie

Mae

Pool

FN

MA5108

6.000%

8/01/53

198,186

1,119

Fannie

Mae

Pool

FN

MA5165

5.500%

10/01/53

1,120,884

92

Fannie

Mae

Pool

FN

MA5166

6.000%

10/01/53

93,471

262

Fannie

Mae

Pool

FN

MA5190

5.500%

11/01/53

262,379

193

Fannie

Mae

Pool

FN

MA5192

6.500%

11/01/53

198,343

84

Fannie

Mae

Pool

FN

MA5193

7.000%

11/01/53

87,218

859

Fannie

Mae

Pool

FN

MA5216

6.000%

12/01/53

870,732

181

Fannie

Mae

Pool

FN

MA5217

6.500%

12/01/53

185,596

249

Fannie

Mae

Pool

FN

MA5218

7.000%

12/01/53

256,821

191

Fannie

Mae

Pool

FN

MA5247

6.000%

1/01/54

193,591

203

Fannie

Mae

Pool

FN

MA5271

5.500%

2/01/54

203,195

179

Fannie

Mae

Pool

FN

MA5273

6.500%

2/01/54

183,136

143

Fannie

Mae

Pool

FN

MA5295

6.000%

3/01/54

145,282

88

Fannie

Mae

Pool

FN

MA5298

7.000%

3/01/54

90,899

234

Fannie

Mae

Pool

FN

MA5329

6.500%

4/01/54

239,860

263

Fannie

Mae

Pool

FN

MA5342

7.000%

4/01/54

271,441

402

Fannie

Mae

Pool

FN

MA5353

5.500%

5/01/54

402,683

153

Fannie

Mae

Pool

FN

MA5388

5.500%

6/01/54

153,248

191

Fannie

Mae

Pool

FN

MA5390

6.500%

6/01/54

195,729

155

Fannie

Mae

Pool

FN

MA5419

5.000%

7/01/54

152,609

399

Fannie

Mae

Pool

FN

MA5421

6.000%

7/01/54

404,652

195

Fannie

Mae

Pool

FN

MA5446

6.500%

8/01/54

199,932

180

Fannie

Mae-Aces

2018

M7

3.032%

3/25/28

172,954

249

Fannie

Mae-Aces

2018

M10

3.357%

7/25/28

240,472

50

Ford

Credit

Auto

Lease

Trust

2024-B

2024

B

4.990%

12/15/27

50,263

41

Ford

Credit

Auto

Owner

Trust

2022-A

2022

A

1.290%

6/15/26

40,297

50

Ford

Credit

Auto

Owner

Trust

2024-A

2024

A

5.010%

9/15/29

50,664

777

Freddie

Mac

Multifamily

Structured

Pass

Through

Certificates

2019

K735

2.862%

5/25/26

752,502

97

Freddie

Mac

Multifamily

Structured

Pass

Through

Certificates

2021

K742

0.861%

6/25/27

91,469

62

Freddie

Mac

Multifamily

Structured

Pass

Through

Certificates

2021

K742

1.760%

3/25/28

56,663

100

Freddie

Mac

Multifamily

Structured

Pass

Through

Certificates

2021

K743

1.770%

5/25/28

90,912

100

Freddie

Mac

Multifamily

Structured

Pass

Through

Certificates

2023

K505

4.819%

6/25/28

101,353

100

Freddie

Mac

Multifamily

Structured

Pass

Through

Certificates

2023

K506

4.650%

8/25/28

100,644

100

Freddie

Mac

Multifamily

Structured

Pass

Through

Certificates

2023

K507

4.800%

9/25/28

101,149

100

Freddie

Mac

Multifamily

Structured

Pass

Through

Certificates

2024

K517

5.355%

1/25/29

103,499

35

Freddie

Mac

Multifamily

Structured

Pass

Through

Certificates

2024

K518

5.400%

1/25/29

36,281

Nuveen

ESG

U.S.

Aggregate

Bond

ETF

(NUBD)

(continued)

Portfolio

of

Investments

July

31,

2024

52

Principal

Amount

(000)

Description

(a)

Coupon

Maturity

Value

$

100

Freddie

Mac

Multifamily

Structured

Pass

Through

Certificates

2024

K520

5.180%

3/25/29

$

102,961

294

Freddie

Mac

Multifamily

Structured

Pass

Through

Certificates

2019

K094

2.701%

4/25/29

281,723

93

Freddie

Mac

Multifamily

Structured

Pass

Through

Certificates

2021

K125

1.101%

8/25/30

82,482

100

Freddie

Mac

Multifamily

Structured

Pass

Through

Certificates

2023

K753

4.400%

10/25/30

100,012

95

Freddie

Mac

Multifamily

Structured

Pass

Through

Certificates

2021

K127

1.353%

11/25/30

85,780

50

Freddie

Mac

Multifamily

Structured

Pass

Through

Certificates

2024

K755

5.203%

2/25/31

52,193

100

Freddie

Mac

Multifamily

Structured

Pass

Through

Certificates

2021

K129

1.647%

5/25/31

84,120

100

Freddie

Mac

Multifamily

Structured

Pass

Through

Certificates

2024

K756

4.963%

5/25/31

103,133

100

Freddie

Mac

Multifamily

Structured

Pass

Through

Certificates

2023

160

4.500%

8/25/33

100,229

95

Freddie

Mac

Multifamily

Structured

Pass

Through

Certificates

2024

162

5.150%

12/25/33

99,669

98

Freddie

Mac

Multifamily

Structured

Pass

Through

Certificates

2021

1520

2.007%

7/25/35

82,034

685

Freddie

Mac

Pool

FR

SD3574

3.000%

11/01/48

613,820

99

Freddie

Mac

Pool

FR

SD8071

4.500%

6/01/50

96,496

237

Freddie

Mac

Pool

FR

SD8161

2.500%

8/01/51

201,303

355

Freddie

Mac

Pool

FR

SD5345

2.500%

4/01/52

298,762

215

Freddie

Mac

Pool

FR

SD8428

4.000%

5/01/54

201,246

421

Ginnie

Mae

II

Pool

G2

MA3663

3.500%

5/20/46

392,297

54

Ginnie

Mae

II

Pool

G2

MA5264

4.000%

6/20/48

51,211

61

Ginnie

Mae

II

Pool

G2

MA5398

4.000%

8/20/48

58,261

378

Ginnie

Mae

II

Pool

G2

MA6038

3.000%

7/20/49

340,555

176

Ginnie

Mae

II

Pool

G2

MA6283

3.000%

11/20/49

158,251

690

Ginnie

Mae

II

Pool

G2

MA6338

3.000%

12/20/49

618,824

206

Ginnie

Mae

II

Pool

G2

MA6340

4.000%

12/20/49

196,794

215

Ginnie

Mae

II

Pool

G2

MA6410

3.500%

1/20/50

198,975

133

Ginnie

Mae

II

Pool

G2

MA6542

3.500%

3/20/50

123,769

69

Ginnie

Mae

II

Pool

G2

MA6600

3.500%

4/20/50

64,193

70

Ginnie

Mae

II

Pool

G2

MA6820

3.000%

8/20/50

62,956

685

Ginnie

Mae

II

Pool

G2

MA6864

2.000%

9/20/50

567,670

612

Ginnie

Mae

II

Pool

G2

MA6865

2.500%

9/20/50

528,190

74

Ginnie

Mae

II

Pool

G2

MA6931

2.500%

10/20/50

63,733

246

Ginnie

Mae

II

Pool

G2

MA6995

2.500%

11/20/50

212,221

436

Ginnie

Mae

II

Pool

G2

MA7051

2020

GNMA

II

2.000%

12/20/50

362,079

213

Ginnie

Mae

II

Pool

G2

MA7054

3.500%

12/20/50

197,862

408

Ginnie

Mae

II

Pool

G2

MA7136

2.500%

1/20/51

351,426

464

Ginnie

Mae

II

Pool

G2

MA7312

2021

MTGE

2.500%

4/20/51

399,021

513

Ginnie

Mae

II

Pool

G2

MA7367

2.500%

5/20/51

441,743

337

Ginnie

Mae

II

Pool

G2

MA7419

2021

MTGE

3.000%

6/20/51

301,332

744

Ginnie

Mae

II

Pool

G2

MA7472

2.500%

7/20/51

640,482

238

Ginnie

Mae

II

Pool

G2

MA7533

2.000%

8/20/51

197,497

228

Ginnie

Mae

II

Pool

G2

MA7534

2.500%

8/20/51

195,887

744

Ginnie

Mae

II

Pool

G2

MA7704

2.000%

11/20/51

616,444

117

Ginnie

Mae

II

Pool

G2

MA7767

2.500%

12/20/51

101,080

251

Ginnie

Mae

II

Pool

G2

MA7826

2.000%

1/20/52

208,215

165

Ginnie

Mae

II

Pool

G2

MA7827

2.500%

1/20/52

142,187

1,381

Ginnie

Mae

II

Pool

G2

MA7882

3.000%

2/20/52

1,232,396

204

Ginnie

Mae

II

Pool

G2

MA7883

3.500%

2/20/52

187,441

1,447

Ginnie

Mae

II

Pool

G2

MA7935

2.000%

3/20/52

1,199,889

213

Ginnie

Mae

II

Pool

G2

MA7936

2.500%

3/20/52

183,505

415

Ginnie

Mae

II

Pool

G2

MA7937

3.000%

3/20/52

370,301

768

Ginnie

Mae

II

Pool

G2

MA7938

3.500%

3/20/52

705,594

198

Ginnie

Mae

II

Pool

G2

MA7939

4.000%

3/20/52

186,755

544

Ginnie

Mae

II

Pool

G2

MA8042

2.500%

5/20/52

468,494

53

Principal

Amount

(000)

Description

(a)

Coupon

Maturity

Value

$

203

Ginnie

Mae

II

Pool

G2

MA8044

3.500%

5/20/52

$

186,618

431

Ginnie

Mae

II

Pool

G2

MA8046

4.500%

5/20/52

417,791

742

Ginnie

Mae

II

Pool

G2

MA8100

4.000%

6/20/52

701,339

217

Ginnie

Mae

II

Pool

G2

MA8101

4.500%

6/20/52

210,819

424

Ginnie

Mae

II

Pool

G2

MA8102

5.000%

6/20/52

420,071

439

Ginnie

Mae

II

Pool

G2

MA8151

4.500%

7/20/52

425,644

179

Ginnie

Mae

II

Pool

G2

MA8200

4.000%

8/20/52

168,861

177

Ginnie

Mae

II

Pool

G2

MA8201

4.500%

8/20/52

171,955

174

Ginnie

Mae

II

Pool

G2

MA8202

5.000%

8/20/52

172,877

179

Ginnie

Mae

II

Pool

G2

MA8266

3.500%

9/20/52

164,501

198

Ginnie

Mae

II

Pool

G2

MA8267

2022

A

4.000%

9/20/52

186,794

169

Ginnie

Mae

II

Pool

G2

MA8349

5.500%

10/20/52

170,360

180

Ginnie

Mae

II

Pool

G2

MA8428

5.000%

11/20/52

177,898

160

Ginnie

Mae

II

Pool

G2

MA8430

6.000%

11/20/52

163,053

255

Ginnie

Mae

II

Pool

G2

MA8487

3.500%

12/20/52

234,014

437

Ginnie

Mae

II

Pool

G2

MA8491

5.500%

12/20/52

439,451

157

Ginnie

Mae

II

Pool

G2

MA8492

6.000%

12/20/52

160,282

401

Ginnie

Mae

II

Pool

G2

MA8571

6.000%

1/20/53

408,460

199

Ginnie

Mae

II

Pool

G2

MA8572

6.500%

1/20/53

203,092

328

Ginnie

Mae

II

Pool

G2

MA8801

5.500%

4/20/53

328,691

188

Ginnie

Mae

II

Pool

G2

MA8876

4.000%

5/20/53

177,624

144

Ginnie

Mae

II

Pool

G2

MA8881

6.500%

5/20/53

146,613

96

Ginnie

Mae

II

Pool

G2

MA9015

4.500%

7/20/53

93,414

287

Ginnie

Mae

II

Pool

G2

MA9106

5.500%

8/20/53

288,106

267

Ginnie

Mae

II

Pool

G2

MA9170

5.000%

9/20/53

263,994

192

Ginnie

Mae

II

Pool

G2

MA9171

5.500%

9/20/53

192,788

93

Ginnie

Mae

II

Pool

G2

MA9172

6.000%

9/20/53

95,144

82

Ginnie

Mae

II

Pool

G2

MA9244

7.000%

10/20/53

84,340

207

Ginnie

Mae

II

Pool

G2

MA9303

4.500%

11/20/53

200,491

296

Ginnie

Mae

II

Pool

G2

MA9361

5.000%

12/20/53

292,756

305

Ginnie

Mae

II

Pool

G2

MA9422

5.000%

1/20/54

301,788

291

Ginnie

Mae

II

Pool

G2

MA9424

6.000%

1/20/54

293,991

147

Ginnie

Mae

II

Pool

G2

MA9425

6.500%

1/20/54

149,844

290

Ginnie

Mae

II

Pool

G2

MA9490

6.500%

2/20/54

295,736

243

Ginnie

Mae

II

Pool

G2

MA9671

7.000%

5/20/54

248,994

100

Ginnie

Mae

II

Pool

G2

MA9725

5.500%

6/20/54

100,317

250

Ginnie

Mae

II

Pool

G2

MA9726

6.000%

6/20/54

252,460

250

Ginnie

Mae

II

Pool

G2

MA9779

5.500%

7/20/54

250,791

25

GM

Financial

Consumer

Automobile

Receivables

Trust

2022-1

2022

1

1.260%

11/16/26

24,065

50

GM

Financial

Consumer

Automobile

Receivables

Trust

2024-2

2024

2

5.100%

3/16/29

50,454

200

GS

Mortgage

Securities

Trust

2019-GC38

2019

GC38

3.968%

2/10/52

190,426

7

Honda

Auto

Receivables

2021-2

Owner

Trust

2021

2

0.330%

8/15/25

6,769

40

Honda

Auto

Receivables

2024-2

Owner

Trust

2024

2

5.210%

7/18/30

40,773

100

Hyundai

Auto

Receivables

Trust

2023

C

5.540%

10/16/28

101,415

50

John

Deere

Owner

Trust

2021

B

0.740%

5/15/28

48,505

25

Mercedes-Benz

Auto

Receivables

Trust

2024-1

2024

1

4.790%

7/15/31

25,244

100

Morgan

Stanley

Capital

I

Trust

2021-L5

2021

L5

1.518%

5/15/54

92,328

100

Santander

Drive

Auto

Receivables

Trust

2024-2

2024

2

5.630%

11/15/28

101,037

100

Synchrony

Card

Funding

LLC

2023

A1

5.540%

7/15/29

101,411

100

Toyota

Auto

Receivables

2021-B

Owner

Trust

2021

B

0.530%

10/15/26

96,821

100

UNITED

STATES

2023

B

5.600%

2/15/29

101,528

100

UNITED

STATES

2023

C22

6.804%

11/15/56

113,534

90

Verizon

Master

Trust

Series

2024-4

2024

4

5.210%

6/20/29

90,958

72

Wells

Fargo

Commercial

Mortgage

Trust

2016-C32

2016

C32

3.324%

1/15/59

71,175

300

Wells

Fargo

Commercial

Mortgage

Trust

2019-C49

2019

C49

3.760%

3/15/52

285,827

22

World

Omni

Auto

Receivables

Trust

2021-B

2021

B

0.420%

6/15/26

21,346

TOTAL

SECURITIZED

(cost

$105,797,473)

99,039,056

Nuveen

ESG

U.S.

Aggregate

Bond

ETF

(NUBD)

(continued)

Portfolio

of

Investments

July

31,

2024

54

Principal

Amount

(000)

Description

(a)

Coupon

Maturity

Value

X

–

CORPORATE

DEBT

-

25.1%

FINANCIALS

-

8.3%

$

10

Aegon

Ltd

5.500%

4/11/48

$

9,737

200

AerCap

Ireland

Capital

DAC

/

AerCap

Global

Aviation

Trust

2.450%

10/29/26

188,938

30

AerCap

Ireland

Capital

DAC

/

AerCap

Global

Aviation

Trust

3.650%

7/21/27

28,888

20

AerCap

Ireland

Capital

DAC

/

AerCap

Global

Aviation

Trust

3.875%

1/23/28

19,281

10

AerCap

Ireland

Capital

DAC

/

AerCap

Global

Aviation

Trust

5.100%

1/19/29

10,063

10

AerCap

Ireland

Capital

DAC

/

AerCap

Global

Aviation

Trust

6.150%

9/30/30

10,563

190

AerCap

Ireland

Capital

DAC

/

AerCap

Global

Aviation

Trust

3.300%

1/30/32

167,257

60

Aetna

Inc

4.125%

11/15/42

48,326

20

Affiliated

Managers

Group

Inc

3.500%

8/01/25

19,645

60

Aflac

Inc

3.600%

4/01/30

56,622

160

Air

Lease

Corp

2.875%

1/15/26

154,684

10

Air

Lease

Corp

4.625%

10/01/28

9,864

30

Air

Lease

Corp

3.125%

12/01/30

26,878

50

Air

Lease

Corp

5.200%

7/15/31

49,971

30

Air

Lease

Corp

2.875%

1/15/32

25,748

50

Aircastle

Ltd

4.250%

6/15/26

49,096

100

Alexandria

Real

Estate

Equities

Inc

3.375%

8/15/31

90,297

100

Alexandria

Real

Estate

Equities

Inc

2.950%

3/15/34

83,253

50

Alexandria

Real

Estate

Equities

Inc

5.625%

5/15/54

48,142

92

Ally

Financial

Inc

8.000%

11/01/31

103,526

30

Ally

Financial

Inc

8.000%

11/01/31

33,518

90

American

Express

Co

1.650%

11/04/26

84,038

150

American

Express

Co

5.625%

7/28/34

154,039

50

American

Homes

4

Rent

5.500%

7/15/34

50,333

120

American

International

Group

Inc

3.400%

6/30/30

111,062

70

Ameriprise

Financial

Inc

5.700%

12/15/28

72,706

10

Ameriprise

Financial

Inc

4.500%

5/13/32

9,779

110

Aon

Corp

/

Aon

Global

Holdings

PLC

5.350%

2/28/33

111,921

50

Aon

North

America

Inc

5.450%

3/01/34

51,030

10

Apollo

Global

Management

Inc

6.375%

11/15/33

10,826

90

Arthur

J

Gallagher

&

Co

3.050%

3/09/52

56,811

42

Assurant

Inc

2.650%

1/15/32

35,193

60

Australia

&

New

Zealand

Banking

Group

Ltd/New

York

NY

3.700%

11/16/25

59,237

120

AvalonBay

Communities

Inc

5.300%

12/07/33

122,082

320

Banco

Santander

SA

4.175%

3/24/28

311,886

150

Banco

Santander

SA

3.490%

5/28/30

137,980

170

Bank

of

America

Corp

5.080%

1/20/27

170,103

40

Bank

of

America

Corp

1.734%

7/22/27

37,547

300

Bank

of

America

Corp

2.087%

6/14/29

271,183

150

Bank

of

America

Corp

4.271%

7/23/29

146,920

740

Bank

of

America

Corp

3.974%

2/07/30

712,691

200

Bank

of

America

Corp

2.592%

4/29/31

176,747

250

Bank

of

America

Corp

2.651%

3/11/32

216,281

100

Bank

of

America

Corp

2.299%

7/21/32

83,953

310

Bank

of

America

Corp

5.872%

9/15/34

325,326

272

Bank

of

America

Corp

3.311%

4/22/42

209,222

55

Principal

Amount

(000)

Description

(a)

Coupon

Maturity

Value

FINANCIALS

(continued)

$

250

Bank

of

America

Corp

2.972%

7/21/52

$

168,590

100

Bank

of

Montreal

2.650%

3/08/27

95,150

50

Bank

of

Montreal

5.717%

9/25/28

51,789

48

Bank

of

Montreal

3.803%

12/15/32

45,811

100

Bank

of

New

York

Mellon

Corp/

The

2.800%

5/04/26

96,735

100

Bank

of

New

York

Mellon

Corp/

The

2.050%

1/26/27

94,289

100

Bank

of

New

York

Mellon

Corp/

The

5.188%

3/14/35

100,868

50

Bank

of

New

York

Mellon

Corp/

The

5.606%

7/21/39

50,794

130

Bank

of

Nova

Scotia/The

1.350%

6/24/26

121,831

100

Bank

of

Nova

Scotia/The

5.400%

6/04/27

101,853

310

Barclays

PLC

4.836%

5/09/28

304,817

200

Barclays

PLC

7.385%

11/02/28

213,237

200

Barclays

PLC

6.692%

9/13/34

216,873

50

BlackRock

Funding

Inc

5.350%

1/08/55

50,121

40

BlackRock

Inc

3.250%

4/30/29

37,956

30

BlackRock

Inc

2.400%

4/30/30

26,693

30

BlackRock

Inc

1.900%

1/28/31

25,368

10

BlackRock

Inc

4.750%

5/25/33

10,008

162

Boston

Properties

LP

2.900%

3/15/30

140,926

50

Brixmor

Operating

Partnership

LP

4.125%

6/15/26

49,160

120

Brookfield

Finance

I

UK

Plc

/

Brookfield

Finance

Inc

2.340%

1/30/32

99,741

20

Brookfield

Finance

Inc

3.900%

1/25/28

19,381

50

Brookfield

Finance

Inc

6.350%

1/05/34

53,725

10

Brookfield

Finance

Inc

5.968%

3/04/54

10,243

50

Brown

&

Brown

Inc

5.650%

6/11/34

50,621

50

Canadian

Imperial

Bank

of

Commerce

5.260%

4/08/29

50,831

100

Canadian

Imperial

Bank

of

Commerce

6.092%

10/03/33

106,214

200

Capital

One

Financial

Corp

5.468%

2/01/29

201,958

100

Capital

One

Financial

Corp

6.312%

6/08/29

103,716

100

Capital

One

Financial

Corp

7.624%

10/30/31

111,853

100

Capital

One

Financial

Corp

6.051%

2/01/35

102,778

10

Cboe

Global

Markets

Inc

3.650%

1/12/27

9,766

30

Cboe

Global

Markets

Inc

3.000%

3/16/32

26,520

280

Centene

Corp

3.375%

2/15/30

252,272

10

Charles

Schwab

Corp/The

3.200%

3/02/27

9,610

200

Charles

Schwab

Corp/The

2.000%

3/20/28

182,291

10

Charles

Schwab

Corp/The

4.000%

2/01/29

9,755

110

Charles

Schwab

Corp/The

5.643%

5/19/29

112,698

10

Charles

Schwab

Corp/The

3.250%

5/22/29

9,387

10

Charles

Schwab

Corp/The

6.136%

8/24/34

10,590

119

Chubb

Corp/The

6.000%

5/11/37

129,665

10

Chubb

INA

Holdings

LLC

1.375%

9/15/30

8,340

988

Citigroup

Inc

3.980%

3/20/30

949,304

190

Citigroup

Inc

2.561%

5/01/32

162,105

280

Citigroup

Inc

2.520%

11/03/32

235,911

100

Citigroup

Inc

6.174%

5/25/34

103,811

50

Citigroup

Inc

5.827%

2/13/35

50,680

100

Citigroup

Inc

5.449%

6/11/35

101,648

20

Citizens

Financial

Group

Inc

2.850%

7/27/26

19,142

100

Citizens

Financial

Group

Inc

2.638%

9/30/32

79,238

100

CME

Group

Inc

2.650%

3/15/32

87,595

60

CME

Group

Inc

5.300%

9/15/43

61,794

50

CNO

Financial

Group

Inc

6.450%

6/15/34

51,188

Nuveen

ESG

U.S.

Aggregate

Bond

ETF

(NUBD)

(continued)

Portfolio

of

Investments

July

31,

2024

56

Principal

Amount

(000)

Description

(a)

Coupon

Maturity

Value

FINANCIALS

(continued)

$

50

Comerica

Inc

5.982%

1/30/30

$

50,126

250

Commonwealth

Bank

of

Australia/New

York

NY

5.499%

9/12/25

251,869

140

Cooperatieve

Rabobank

UA

3.750%

7/21/26

136,355

100

COPT

Defense

Properties

LP

2.000%

1/15/29

86,939

150

Deutsche

Bank

AG/New

York

NY

2.552%

1/07/28

140,583

150

Deutsche

Bank

AG/New

York

NY

6.819%

11/20/29

158,675

100

Digital

Realty

Trust

LP

5.550%

1/15/28

102,004

130

Discover

Financial

Services

6.700%

11/29/32

139,930

10

Eaton

Vance

Corp

3.500%

4/06/27

9,690

30

Elevance

Health

Inc

3.650%

12/01/27

29,085

100

Elevance

Health

Inc

2.250%

5/15/30

87,548

50

Elevance

Health

Inc

5.500%

10/15/32

51,978

100

Elevance

Health

Inc

4.650%

1/15/43

89,971

30

Elevance

Health

Inc

3.125%

5/15/50

20,608

110

Elevance

Health

Inc

4.550%

5/15/52

94,746

36

Equitable

Holdings

Inc

5.000%

4/20/48

33,092

70

ERP

Operating

LP

2.500%

2/15/30

62,685

30

Everest

Reinsurance

Holdings

Inc

3.500%

10/15/50

20,558

50

Federal

Realty

OP

LP

3.500%

6/01/30

46,257

132

Fifth

Third

Bancorp

1.707%

11/01/27

122,708

100

Fifth

Third

Bancorp

6.339%

7/27/29

104,221

50

Fifth

Third

Bancorp

5.631%

1/29/32

50,833

30

First

American

Financial

Corp

2.400%

8/15/31

24,446

30

Franklin

Resources

Inc

1.600%

10/30/30

24,899

50

GATX

Corp

4.700%

4/01/29

49,551

10

GATX

Corp

4.000%

6/30/30

9,526

30

GATX

Corp

3.500%

6/01/32

26,633

10

GATX

Corp

5.450%

9/15/33

10,172

20

GATX

Corp

6.050%

3/15/34

20,971

10

GATX

Corp

5.200%

3/15/44

9,408

80

Goldman

Sachs

Bank

USA/New

York

NY

5.283%

3/18/27

80,317

200

Goldman

Sachs

Group

Inc/The

1.948%

10/21/27

187,156

350

Goldman

Sachs

Group

Inc/The

3.800%

3/15/30

333,593

50

Goldman

Sachs

Group

Inc/The

5.727%

4/25/30

51,647

652

Goldman

Sachs

Group

Inc/The

2.383%

7/21/32

548,252

200

Goldman

Sachs

Group

Inc/The

2.650%

10/21/32

170,320

100

Goldman

Sachs

Group

Inc/The

6.561%

10/24/34

109,932

50

Goldman

Sachs

Group

Inc/The

5.330%

7/23/35

50,371

80

Hartford

Financial

Services

Group

Inc/The

2.900%

9/15/51

51,873

100

Healthpeak

OP

LLC

2.125%

12/01/28

89,555

60

Healthpeak

OP

LLC

3.500%

7/15/29

56,479

70

Host

Hotels

&

Resorts

LP

4.500%

2/01/26

69,340

10

Host

Hotels

&

Resorts

LP

3.375%

12/15/29

9,128

200

HSBC

Holdings

PLC

7.336%

11/03/26

205,209

200

HSBC

Holdings

PLC

2.013%

9/22/28

182,716

270

HSBC

Holdings

PLC

2.206%

8/17/29

242,416

450

HSBC

Holdings

PLC

2.804%

5/24/32

385,440

200

HSBC

Holdings

PLC

6.547%

6/20/34

211,371

10

Humana

Inc

5.750%

12/01/28

10,352

30

Humana

Inc

4.875%

4/01/30

30,048

60

Humana

Inc

5.375%

4/15/31

60,932

100

Humana

Inc

2.150%

2/03/32

81,789

120

Huntington

Bancshares

Inc/OH

5.709%

2/02/35

121,315

100

ING

Groep

NV

3.950%

3/29/27

97,805

70

ING

Groep

NV

4.050%

4/09/29

67,674

57

Principal

Amount

(000)

Description

(a)

Coupon

Maturity

Value

FINANCIALS

(continued)

$

40

ING

Groep

NV

5.550%

3/19/35

$

40,614

64

Intercontinental

Exchange

Inc

3.750%

9/21/28

61,800

10

Intercontinental

Exchange

Inc

4.350%

6/15/29

9,808

50

Intercontinental

Exchange

Inc

5.250%

6/15/31

51,126

20

Intercontinental

Exchange

Inc

1.850%

9/15/32

15,951

20

Intercontinental

Exchange

Inc

4.600%

3/15/33

19,566

90

Intercontinental

Exchange

Inc

4.250%

9/21/48

76,242

30

Invesco

Finance

PLC

3.750%

1/15/26

29,433

100

Invitation

Homes

Operating

Partnership

LP

5.450%

8/15/30

102,369

20

Janus

Henderson

US

Holdings

Inc

4.875%

8/01/25

19,886

150

JPMorgan

Chase

&

Co

1.470%

9/22/27

139,622

50

JPMorgan

Chase

&

Co

4.979%

7/22/28

50,258

50

JPMorgan

Chase

&

Co

5.581%

4/22/30

51,560

570

JPMorgan

Chase

&

Co

3.702%

5/06/30

542,469

260

JPMorgan

Chase

&

Co

2.739%

10/15/30

235,160

648

JPMorgan

Chase

&

Co

4.493%

3/24/31

637,442

110

JPMorgan

Chase

&

Co

2.545%

11/08/32

93,729

160

JPMorgan

Chase

&

Co

3.157%

4/22/42

122,511

450

JPMorgan

Chase

&

Co

3.328%

4/22/52

326,943

20

KeyBank

NA/Cleveland

OH

6.950%

2/01/28

20,839

20

KeyBank

NA/Cleveland

OH

3.900%

4/13/29

18,445

110

KeyCorp

2.250%

4/06/27

101,787

60

KeyCorp

6.401%

3/06/35

62,587

40

Kilroy

Realty

LP

4.750%

12/15/28

38,665

20

Kilroy

Realty

LP

2.500%

11/15/32

15,439

100

Kimco

Realty

OP

LLC

2.250%

12/01/31

82,484

30

Legg

Mason

Inc

4.750%

3/15/26

29,990

40

Legg

Mason

Inc

5.625%

1/15/44

39,867

70

Lincoln

National

Corp

3.050%

1/15/30

63,731

20

Lincoln

National

Corp

3.400%

3/01/32

17,724

30

Lincoln

National

Corp

4.375%

6/15/50

23,498

90

Lloyds

Banking

Group

PLC

4.550%

8/16/28

89,031

200

Lloyds

Banking

Group

PLC

5.721%

6/05/30

205,714

50

Lloyds

Banking

Group

PLC

4.344%

1/09/48

40,267

20

LPL

Holdings

Inc

6.750%

11/17/28

21,116

60

LXP

Industrial

Trust

6.750%

11/15/28

63,084

100

(c)

M&T

Bank

Corp

7.413%

10/30/29

107,486

50

M&T

Bank

Corp

6.082%

3/13/32

51,302

40

Manulife

Financial

Corp

5.375%

3/04/46

39,851

120

Marsh

&

McLennan

Cos

Inc

2.250%

11/15/30

104,813

10

Marsh

&

McLennan

Cos

Inc

4.750%

3/15/39

9,567

40

Marsh

&

McLennan

Cos

Inc

4.350%

1/30/47

34,496

10

Marsh

&

McLennan

Cos

Inc

4.200%

3/01/48

8,347

50

Marsh

&

McLennan

Cos

Inc

5.450%

3/15/54

50,369

220

MetLife

Inc

4.875%

11/13/43

205,859

200

Mitsubishi

UFJ

Financial

Group

Inc

2.757%

9/13/26

191,749

150

Mitsubishi

UFJ

Financial

Group

Inc

1.538%

7/20/27

140,582

64

Mitsubishi

UFJ

Financial

Group

Inc

3.961%

3/02/28

62,611

200

Mitsubishi

UFJ

Financial

Group

Inc

5.441%

2/22/34

205,780

10

Mizuho

Financial

Group

Inc

3.663%

2/28/27

9,724

50

Mizuho

Financial

Group

Inc

4.254%

9/11/29

48,660

100

Mizuho

Financial

Group

Inc

2.869%

9/13/30

90,423

10

Mizuho

Financial

Group

Inc

1.979%

9/08/31

8,406

200

Mizuho

Financial

Group

Inc

5.594%

7/10/35

204,393

50

Morgan

Stanley

4.350%

9/08/26

49,398

Nuveen

ESG

U.S.

Aggregate

Bond

ETF

(NUBD)

(continued)

Portfolio

of

Investments

July

31,

2024

58

Principal

Amount

(000)

Description

(a)

Coupon

Maturity

Value

FINANCIALS

(continued)

$

50

Morgan

Stanley

5.652%

4/13/28

$

50,944

110

Morgan

Stanley

4.210%

4/20/28

108,204

10

Morgan

Stanley

3.591%

7/22/28

9,619

517

Morgan

Stanley

3.772%

1/24/29

499,374

100

Morgan

Stanley

5.123%

2/01/29

100,939

291

Morgan

Stanley

4.431%

1/23/30

286,011

50

Morgan

Stanley

5.656%

4/18/30

51,576

120

Morgan

Stanley

3.622%

4/01/31

112,477

200

Morgan

Stanley

2.239%

7/21/32

166,924

130

Morgan

Stanley

5.424%

7/21/34

131,954

100

Morgan

Stanley

6.627%

11/01/34

110,249

100

Morgan

Stanley

5.466%

1/18/35

101,767

50

Morgan

Stanley

5.831%

4/19/35

52,240

50

Morgan

Stanley

5.320%

7/19/35

50,412

100

Morgan

Stanley

2.484%

9/16/36

81,092

100

Morgan

Stanley

5.942%

2/07/39

101,721

20

Morgan

Stanley

4.300%

1/27/45

17,602

120

Nasdaq

Inc

5.550%

2/15/34

123,235

200

National

Australia

Bank

Ltd/

New

York

3.375%

1/14/26

196,333

80

NatWest

Group

PLC

4.892%

5/18/29

79,456

100

NatWest

Group

PLC

5.808%

9/13/29

103,076

100

NatWest

Group

PLC

5.076%

1/27/30

100,121

150

Nomura

Holdings

Inc

2.172%

7/14/28

134,802

10

Nomura

Holdings

Inc

6.087%

7/12/33

10,645

72

Northern

Trust

Corp

3.950%

10/30/25

71,108

20

Northern

Trust

Corp

3.150%

5/03/29

18,840

50

Old

Republic

International

Corp

5.750%

3/28/34

50,821

30

ORIX

Corp

3.700%

7/18/27

29,070

40

ORIX

Corp

2.250%

3/09/31

33,948

20

ORIX

Corp

4.000%

4/13/32

18,797

10

ORIX

Corp

5.200%

9/13/32

10,161

20

Piedmont

Operating

Partnership

LP

3.150%

8/15/30

16,533

10

PNC

Bank

NA

3.100%

10/25/27

9,507

90

PNC

Bank

NA

4.050%

7/26/28

87,376

20

PNC

Bank

NA

2.700%

10/22/29

17,900

100

PNC

Financial

Services

Group

Inc/The

5.582%

6/12/29

102,348

140

PNC

Financial

Services

Group

Inc/The

6.875%

10/20/34

155,808

50

PNC

Financial

Services

Group

Inc/The

5.676%

1/22/35

51,562

54

Principal

Financial

Group

Inc

3.700%

5/15/29

51,525

10

Principal

Financial

Group

Inc

2.125%

6/15/30

8,581

34

Progressive

Corp/The

3.200%

3/26/30

31,601

40

Progressive

Corp/The

3.000%

3/15/32

35,643

50

Progressive

Corp/The

4.200%

3/15/48

42,287

91

Prologis

LP

3.875%

9/15/28

88,476

50

Prologis

LP

2.875%

11/15/29

45,925

10

Prologis

LP

4.375%

9/15/48

8,637

100

Prologis

LP

5.250%

6/15/53

97,099

50

Prologis

LP

5.250%

3/15/54

48,344

41

Prudential

Financial

Inc

1.500%

3/10/26

38,947

30

Prudential

Financial

Inc

2.100%

3/10/30

26,273

70

Prudential

Financial

Inc

3.000%

3/10/40

53,355

20

(c)

Prudential

Financial

Inc

4.500%

9/15/47

19,039

133

Prudential

Financial

Inc

3.905%

12/07/47

106,089

10

Prudential

Financial

Inc

3.700%

10/01/50

8,812

30

Prudential

Funding

Asia

PLC

3.625%

3/24/32

27,183

59

Principal

Amount

(000)

Description

(a)

Coupon

Maturity

Value

FINANCIALS

(continued)

$

110

Public

Storage

Operating

Co

5.125%

1/15/29

$

112,682

30

Raymond

James

Financial

Inc

4.950%

7/15/46

27,885

50

Regency

Centers

Corp

5.250%

1/15/34

50,126

10

Regions

Financial

Corp

1.800%

8/12/28

8,825

20

Regions

Financial

Corp

7.375%

12/10/37

22,632

30

Reinsurance

Group

of

America

Inc

3.950%

9/15/26

29,420

29

Reinsurance

Group

of

America

Inc

3.900%

5/15/29

27,746

50

Reinsurance

Group

of

America

Inc

5.750%

9/15/34

51,145

100

Royal

Bank

of

Canada

1.200%

4/27/26

93,978

100

Royal

Bank

of

Canada

1.150%

7/14/26

93,332

110

Royal

Bank

of

Canada

5.200%

8/01/28

112,507

50

(c)

Royal

Bank

of

Canada

4.969%

8/02/30

50,427

100

Santander

Holdings

USA

Inc

2.490%

1/06/28

93,200

50

Santander

Holdings

USA

Inc

6.342%

5/31/35

51,230

200

Simon

Property

Group

LP

5.500%

3/08/33

206,202

50

State

Street

Corp

4.993%

3/18/27

50,501

10

State

Street

Corp

4.141%

12/03/29

9,775

160

State

Street

Corp

2.400%

1/24/30

144,197

60

State

Street

Corp

6.123%

11/21/34

63,827

50

Sumitomo

Mitsui

Financial

Group

Inc

2.632%

7/14/26

47,896

330

Sumitomo

Mitsui

Financial

Group

Inc

3.364%

7/12/27

317,831

90

Sumitomo

Mitsui

Financial

Group

Inc

3.544%

1/17/28

86,442

170

Sumitomo

Mitsui

Financial

Group

Inc

2.750%

1/15/30

152,733

10

Sumitomo

Mitsui

Financial

Group

Inc

1.710%

1/12/31

8,178

50

Sumitomo

Mitsui

Financial

Group

Inc

5.836%

7/09/44

52,092

50

Synchrony

Financial

5.935%

8/02/30

50,308

212

Toronto-Dominion

Bank/The

1.200%

6/03/26

198,849

100

Toronto-Dominion

Bank/The

5.523%

7/17/28

102,942

50

Toronto-Dominion

Bank/The

3.625%

9/15/31

48,194

102

Travelers

Cos

Inc/The

4.600%

8/01/43

93,865

20

Travelers

Cos

Inc/The

3.750%

5/15/46

16,028

20

Travelers

Cos

Inc/The

4.000%

5/30/47

16,601

10

Travelers

Cos

Inc/The

4.050%

3/07/48

8,379

51

Truist

Bank

3.625%

9/16/25

50,047

50

Truist

Financial

Corp

1.887%

6/07/29

44,741

100

Truist

Financial

Corp

7.161%

10/30/29

107,714

10

Truist

Financial

Corp

1.950%

6/05/30

8,515

200

UBS

AG/London

5.650%

9/11/28

207,073

60

UnitedHealth

Group

Inc

4.600%

4/15/27

60,172

80

UnitedHealth

Group

Inc

4.000%

5/15/29

78,317

210

UnitedHealth

Group

Inc

5.300%

2/15/30

217,590

110

UnitedHealth

Group

Inc

4.200%

5/15/32

105,615

100

UnitedHealth

Group

Inc

5.350%

2/15/33

103,433

401

UnitedHealth

Group

Inc

4.750%

5/15/52

362,489

300

US

Bancorp

5.384%

1/23/30

305,888

21

Ventas

Realty

LP

3.850%

4/01/27

20,424

20

Ventas

Realty

LP

4.400%

1/15/29

19,631

10

Ventas

Realty

LP

3.000%

1/15/30

9,043

54

Ventas

Realty

LP

4.750%

11/15/30

53,171

19

Voya

Financial

Inc

4.800%

6/15/46

16,556

40

Voya

Financial

Inc

4.700%

1/23/48

34,789

118

Welltower

OP

LLC

4.125%

3/15/29

114,811

Nuveen

ESG

U.S.

Aggregate

Bond

ETF

(NUBD)

(continued)

Portfolio

of

Investments

July

31,

2024

60

Principal

Amount

(000)

Description

(a)

Coupon

Maturity

Value

FINANCIALS

(continued)

$

10

Welltower

OP

LLC

2.750%

1/15/31

$

8,802

110

Westpac

Banking

Corp

1.953%

11/20/28

98,981

100

Westpac

Banking

Corp

2.150%

6/03/31

85,682

176

Westpac

Banking

Corp

4.322%

11/23/31

172,298

10

Willis

North

America

Inc

4.500%

9/15/28

9,843

60

Willis

North

America

Inc

2.950%

9/15/29

54,679

50

Willis

North

America

Inc

5.900%

3/05/54

50,032

20

XL

Group

Ltd

5.250%

12/15/43

19,121

20

Zions

Bancorp

NA

3.250%

10/29/29

17,197

TOTAL

FINANCIALS

30,425,100

INDUSTRIAL

-

14.4%

30

3M

Co

3.375%

3/01/29

28,422

78

3M

Co

2.375%

8/26/29

69,882

100

3M

Co

3.050%

4/15/30

92,211

10

3M

Co

3.625%

10/15/47

7,524

20

3M

Co

3.250%

8/26/49

13,957

20

ABB

Finance

USA

Inc

3.800%

4/03/28

19,750

48

Adobe

Inc

2.150%

2/01/27

45,391

70

Adobe

Inc

4.800%

4/04/29

71,254

60

Agilent

Technologies

Inc

2.100%

6/04/30

52,024

119

Air

Products

and

Chemicals

Inc

1.850%

5/15/27

110,743

10

Air

Products

and

Chemicals

Inc

2.050%

5/15/30

8,751

10

Air

Products

and

Chemicals

Inc

2.700%

5/15/40

7,331

30

Albemarle

Corp

4.650%

6/01/27

29,745

40

Allegion

US

Holding

Co

Inc

5.411%

7/01/32

40,855

90

Alphabet

Inc

0.800%

8/15/27

81,450

20

Alphabet

Inc

1.100%

8/15/30

16,771

50

Alphabet

Inc

1.900%

8/15/40

33,755

90

Alphabet

Inc

2.250%

8/15/60

51,972

10

Amcor

Finance

USA

Inc

4.500%

5/15/28

9,855

60

Amcor

Flexibles

North

America

Inc

2.630%

6/19/30

52,653

170

America

Movil

SAB

de

CV

4.700%

7/21/32

166,038

67

American

Airlines

2017-1

Class

AA

Pass

Through

Trust2020

A

3.650%

2/15/29

63,027

60

American

Honda

Finance

Corp

4.900%

3/13/29

60,814

100

American

Honda

Finance

Corp

5.850%

10/04/30

106,402

50

American

Honda

Finance

Corp

5.050%

7/10/31

50,631

10

American

Tower

Corp

3.375%

10/15/26

9,667

40

American

Tower

Corp

1.500%

1/31/28

35,803

110

American

Tower

Corp

5.250%

7/15/28

111,544

50

American

Tower

Corp

5.800%

11/15/28

51,871

70

American

Tower

Corp

2.900%

1/15/30

63,343

20

American

Tower

Corp

1.875%

10/15/30

16,734

110

American

Tower

Corp

4.050%

3/15/32

103,344

10

American

Tower

Corp

3.700%

10/15/49

7,454

30

American

Tower

Corp

3.100%

6/15/50

20,008

110

Amgen

Inc

5.150%

3/02/28

111,502

130

Amgen

Inc

3.000%

2/22/29

121,571

138

Amgen

Inc

2.300%

2/25/31

118,559

110

Amgen

Inc

2.000%

1/15/32

90,772

20

Amgen

Inc

5.750%

3/15/40

20,558

10

Amgen

Inc

4.950%

10/01/41

9,403

320

Amgen

Inc

5.600%

3/02/43

323,085

210

Amgen

Inc

4.400%

5/01/45

181,224

40

Amgen

Inc

4.663%

6/15/51

35,042

60

Amphenol

Corp

4.350%

6/01/29

59,275

70

Analog

Devices

Inc

1.700%

10/01/28

62,889

50

Analog

Devices

Inc

5.300%

4/01/54

50,256

61

Principal

Amount

(000)

Description

(a)

Coupon

Maturity

Value

INDUSTRIAL

(continued)

$

10

Applied

Materials

Inc

3.900%

10/01/25

$

9,908

22

Applied

Materials

Inc

5.100%

10/01/35

22,758

70

Applied

Materials

Inc

4.350%

4/01/47

62,863

20

Aptiv

PLC

4.350%

3/15/29

19,594

82

Aptiv

PLC

/

Aptiv

Corp

4.150%

5/01/52

62,375

20

Archer-Daniels-Midland

Co

2.500%

8/11/26

19,151

10

Archer-Daniels-Midland

Co

3.250%

3/27/30

9,328

120

Archer-Daniels-Midland

Co

2.700%

9/15/51

76,368

20

Astrazeneca

Finance

LLC

1.200%

5/28/26

18,807

50

Astrazeneca

Finance

LLC

4.800%

2/26/27

50,345

10

AstraZeneca

PLC

3.375%

11/16/25

9,837

50

AstraZeneca

PLC

0.700%

4/08/26

46,846

49

AstraZeneca

PLC

1.375%

8/06/30

41,041

205

AstraZeneca

PLC

6.450%

9/15/37

233,931

20

AstraZeneca

PLC

4.375%

11/16/45

17,811

20

AstraZeneca

PLC

2.125%

8/06/50

11,470

170

AT&T

Inc

5.539%

2/20/26

170,005

130

AT&T

Inc

5.400%

2/15/34

132,812

760

AT&T

Inc

4.850%

3/01/39

717,651

230

AT&T

Inc

6.375%

3/01/41

247,563

280

AT&T

Inc

3.650%

6/01/51

203,099

60

Autodesk

Inc

2.400%

12/15/31

51,000

70

Automatic

Data

Processing

Inc

1.700%

5/15/28

63,525

30

AutoNation

Inc

1.950%

8/01/28

26,570

30

AutoNation

Inc

4.750%

6/01/30

29,335

50

AutoZone

Inc

4.500%

2/01/28

49,603

100

AutoZone

Inc

5.200%

8/01/33

100,652

50

Avery

Dennison

Corp

2.250%

2/15/32

41,465

30

Avnet

Inc

4.625%

4/15/26

29,709

115

Baker

Hughes

Holdings

LLC

/

Baker

Hughes

Co-Obligor

Inc

3.138%

11/07/29

107,060

20

Baker

Hughes

Holdings

LLC

/

Baker

Hughes

Co-Obligor

Inc

4.486%

5/01/30

19,838

10

Baxter

International

Inc

2.600%

8/15/26

9,563

60

Baxter

International

Inc

1.730%

4/01/31

49,029

120

Baxter

International

Inc

2.539%

2/01/32

101,050

12

Bell

Telephone

Co

of

Canada

or

Bell

Canada

2.150%

2/15/32

9,824

80

Bell

Telephone

Co

of

Canada

or

Bell

Canada

3.650%

3/17/51

59,698

80

Berry

Global

Inc

5.500%

4/15/28

81,009

20

Biogen

Inc

2.250%

5/01/30

17,410

110

Biogen

Inc

3.150%

5/01/50

73,284

60

Block

Financial

LLC

2.500%

7/15/28

54,643

50

Booking

Holdings

Inc

3.600%

6/01/26

49,065

20

Booz

Allen

Hamilton

Inc

5.950%

8/04/33

20,829

62

BorgWarner

Inc

2.650%

7/01/27

58,591

60

Bristol-Myers

Squibb

Co

4.900%

2/22/29

60,943

90

Bristol-Myers

Squibb

Co

1.450%

11/13/30

74,877

40

Bristol-Myers

Squibb

Co

5.900%

11/15/33

43,010

660

Bristol-Myers

Squibb

Co

4.125%

6/15/39

589,341

50

Bristol-Myers

Squibb

Co

6.250%

11/15/53

55,330

60

British

Telecommunications

PLC

9.625%

12/15/30

74,724

50

Broadcom

Inc

5.150%

11/15/31

50,649

212

(b)

Broadcom

Inc

4.150%

4/15/32

200,012

485

Broadcom

Inc

4.300%

11/15/32

462,842

50

Broadridge

Financial

Solutions

Inc

2.600%

5/01/31

43,030

40

Brunswick

Corp/DE

4.400%

9/15/32

36,413

10

Bunge

Ltd

Finance

Corp

1.630%

8/17/25

9,638

Nuveen

ESG

U.S.

Aggregate

Bond

ETF

(NUBD)

(continued)

Portfolio

of

Investments

July

31,

2024

62

Principal

Amount

(000)

Description

(a)

Coupon

Maturity

Value

INDUSTRIAL

(continued)

$

40

Bunge

Ltd

Finance

Corp

3.250%

8/15/26

$

38,720

10

Bunge

Ltd

Finance

Corp

3.750%

9/25/27

9,685

50

Bunge

Ltd

Finance

Corp

2.750%

5/14/31

43,855

20

Cabot

Corp

5.000%

6/30/32

19,840

110

Campbell

Soup

Co

2.375%

4/24/30

97,106

10

Canadian

National

Railway

Co

2.750%

3/01/26

9,715

10

Canadian

National

Railway

Co

3.850%

8/05/32

9,439

60

Canadian

National

Railway

Co

6.375%

11/15/37

67,488

50

Canadian

National

Railway

Co

3.650%

2/03/48

39,706

30

Canadian

National

Railway

Co

4.450%

1/20/49

26,872

10

Canadian

Pacific

Railway

Co

2.050%

3/05/30

8,733

60

Canadian

Pacific

Railway

Co

2.450%

12/02/31

55,523

10

Canadian

Pacific

Railway

Co

4.800%

9/15/35

9,718

70

Canadian

Pacific

Railway

Co

4.300%

5/15/43

60,998

60

Canadian

Pacific

Railway

Co

6.125%

9/15/15

63,158

120

Cardinal

Health

Inc

4.500%

11/15/44

102,541

10

Cardinal

Health

Inc

4.900%

9/15/45

9,027

10

Carlisle

Cos

Inc

2.750%

3/01/30

8,991

20

Carlisle

Cos

Inc

2.200%

3/01/32

16,535

202

Carrier

Global

Corp

3.377%

4/05/40

161,023

10

Caterpillar

Financial

Services

Corp

0.800%

11/13/25

9,526

50

Caterpillar

Financial

Services

Corp

5.000%

5/14/27

50,697

180

Caterpillar

Inc

3.803%

8/15/42

151,335

10

Caterpillar

Inc

3.250%

9/19/49

7,368

30

CBRE

Services

Inc

4.875%

3/01/26

29,934

30

CBRE

Services

Inc

5.950%

8/15/34

31,478

112

CDW

LLC

/

CDW

Finance

Corp

2.670%

12/01/26

105,898

153

Celanese

US

Holdings

LLC

1.400%

8/05/26

142,166

50

Cencora

Inc

5.125%

2/15/34

50,405

60

CF

Industries

Inc

5.150%

3/15/34

59,392

20

CH

Robinson

Worldwide

Inc

4.200%

4/15/28

19,563

150

Charter

Communications

Operating

LLC

/

Charter

Communications

Operating

Capital

2.250%

1/15/29

131,224

200

Charter

Communications

Operating

LLC

/

Charter

Communications

Operating

Capital

4.400%

4/01/33

180,991

200

Charter

Communications

Operating

LLC

/

Charter

Communications

Operating

Capital

6.650%

2/01/34

206,715

290

Charter

Communications

Operating

LLC

/

Charter

Communications

Operating

Capital

5.500%

4/01/63

231,529

82

Cheniere

Corpus

Christi

Holdings

LLC

5.125%

6/30/27

82,407

50

(b)

Cheniere

Energy

Inc

5.650%

4/15/34

50,808

150

Cheniere

Energy

Partners

LP

5.950%

6/30/33

154,954

50

Church

&

Dwight

Co

Inc

3.150%

8/01/27

48,049

116

Cigna

Group/The

4.500%

2/25/26

115,309

300

Cigna

Group/The

3.050%

10/15/27

286,393

90

Cigna

Group/The

4.800%

8/15/38

85,431

10

Cigna

Group/The

6.125%

11/15/41

10,600

40

Cigna

Group/The

3.875%

10/15/47

31,052

100

Cintas

Corp

No

2

3.700%

4/01/27

97,684

308

Cisco

Systems

Inc

2.500%

9/20/26

295,992

63

Principal

Amount

(000)

Description

(a)

Coupon

Maturity

Value

INDUSTRIAL

(continued)

$

110

Cisco

Systems

Inc

5.300%

2/26/54

$

110,860

40

Clorox

Co/The

4.400%

5/01/29

39,674

10

Clorox

Co/The

1.800%

5/15/30

8,548

80

CNH

Industrial

NV

3.850%

11/15/27

77,604

10

Coca-Cola

Co/The

3.375%

3/25/27

9,762

5

Coca-Cola

Co/The

1.450%

6/01/27

4,621

50

Coca-Cola

Co/The

1.000%

3/15/28

44,665

170

Coca-Cola

Co/The

1.650%

6/01/30

145,711

10

Coca-Cola

Co/The

1.375%

3/15/31

8,224

110

Coca-Cola

Co/The

3.000%

3/05/51

76,615

50

Coca-Cola

Co/The

5.300%

5/13/54

50,879

70

Coca-Cola

Co/The

2.750%

6/01/60

43,806

10

Colgate-Palmolive

Co

3.100%

8/15/25

9,822

100

Colgate-Palmolive

Co

3.250%

8/15/32

91,561

80

Comcast

Corp

3.300%

4/01/27

77,424

290

Comcast

Corp

3.400%

4/01/30

271,977

250

Comcast

Corp

1.500%

2/15/31

204,977

100

Comcast

Corp

5.500%

11/15/32

104,419

150

Comcast

Corp

6.450%

3/15/37

166,719

370

(c)

Comcast

Corp

3.750%

4/01/40

307,398

60

Comcast

Corp

5.650%

6/01/54

61,181

390

Comcast

Corp

2.987%

11/01/63

235,799

20

Conagra

Brands

Inc

4.600%

11/01/25

19,881

60

Conagra

Brands

Inc

8.250%

9/15/30

70,320

30

Conagra

Brands

Inc

5.300%

11/01/38

29,219

70

Corning

Inc

5.350%

11/15/48

67,726

10

Corning

Inc

3.900%

11/15/49

7,787

10

Corning

Inc

4.375%

11/15/57

8,072

100

Costco

Wholesale

Corp

1.375%

6/20/27

92,028

20

Crown

Castle

Inc

3.700%

6/15/26

19,509

40

Crown

Castle

Inc

4.300%

2/15/29

38,969

154

Crown

Castle

Inc

3.300%

7/01/30

140,468

150

Crown

Castle

Inc

2.500%

7/15/31

127,067

55

CSX

Corp

4.250%

3/15/29

54,334

30

CSX

Corp

6.000%

10/01/36

32,659

120

CSX

Corp

4.100%

3/15/44

101,613

10

CSX

Corp

3.800%

11/01/46

7,983

80

CSX

Corp

4.750%

11/15/48

73,301

10

CSX

Corp

3.800%

4/15/50

7,873

62

CSX

Corp

4.250%

11/01/66

49,632

39

Cummins

Inc

1.500%

9/01/30

32,735

102

Cummins

Inc

2.600%

9/01/50

63,500

100

CVS

Health

Corp

5.400%

6/01/29

102,021

100

CVS

Health

Corp

5.550%

6/01/31

102,213

300

CVS

Health

Corp

2.125%

9/15/31

246,558

50

CVS

Health

Corp

5.700%

6/01/34

51,019

50

CVS

Health

Corp

6.000%

6/01/44

50,258

250

CVS

Health

Corp

6.050%

6/01/54

251,404

100

Danaher

Corp

2.800%

12/10/51

65,294

70

DCP

Midstream

Operating

LP

5.125%

5/15/29

70,650

130

Deere

&

Co

3.900%

6/09/42

111,800

162

Dell

International

LLC

/

EMC

Corp

8.100%

7/15/36

197,367

15

Delta

Air

Lines

2020-1

Class

AA

Pass

Through

Trust2020

A

2.000%

6/10/28

14,028

202

Discovery

Communications

LLC

3.625%

5/15/30

178,253

340

Discovery

Communications

LLC

5.000%

9/20/37

291,176

61

Discovery

Communications

LLC

6.350%

6/01/40

57,443

100

Dollar

General

Corp

3.500%

4/03/30

92,855

82

Dollar

Tree

Inc

3.375%

12/01/51

54,338

Nuveen

ESG

U.S.

Aggregate

Bond

ETF

(NUBD)

(continued)

Portfolio

of

Investments

July

31,

2024

64

Principal

Amount

(000)

Description

(a)

Coupon

Maturity

Value

INDUSTRIAL

(continued)

$

30

Dover

Corp

5.375%

10/15/35

$

31,160

10

(c)

Dow

Chemical

Co/The

2.100%

11/15/30

8,641

161

Dow

Chemical

Co/The

4.250%

10/01/34

150,593

70

Dow

Chemical

Co/The

5.600%

2/15/54

69,046

70

DR

Horton

Inc

1.300%

10/15/26

64,894

20

DuPont

de

Nemours

Inc

4.493%

11/15/25

19,833

100

DuPont

de

Nemours

Inc

5.319%

11/15/38

105,923

30

DXC

Technology

Co

1.800%

9/15/26

27,962

211

Eastern

Gas

Transmission

&

Storage

Inc

4.800%

11/01/43

190,188

60

Eastman

Chemical

Co

5.750%

3/08/33

61,723

48

Eaton

Corp

3.103%

9/15/27

46,037

62

Eaton

Corp

4.000%

11/02/32

59,224

154

eBay

Inc

2.700%

3/11/30

138,715

36

Ecolab

Inc

3.250%

12/01/27

34,548

10

Ecolab

Inc

4.800%

3/24/30

10,153

10

Ecolab

Inc

1.300%

1/30/31

8,145

110

Ecolab

Inc

2.700%

12/15/51

70,581

62

Electronic

Arts

Inc

1.850%

2/15/31

52,044

25

Eli

Lilly

&

Co

3.375%

3/15/29

24,037

180

Eli

Lilly

&

Co

4.700%

2/27/33

180,806

110

Eli

Lilly

&

Co

5.000%

2/09/54

107,226

50

Emerson

Electric

Co

2.000%

12/21/28

45,255

72

Emerson

Electric

Co

1.950%

10/15/30

62,248

30

Enbridge

Inc

3.700%

7/15/27

29,133

180

Enbridge

Inc

3.125%

11/15/29

165,837

140

Enbridge

Inc

4.500%

6/10/44

119,110

50

Enbridge

Inc

5.950%

4/05/54

50,727

50

Enbridge

Inc

8.250%

1/15/84

52,438

100

Enterprise

Products

Operating

LLC

7.550%

4/15/38

121,535

200

Enterprise

Products

Operating

LLC

6.125%

10/15/39

216,850

120

Enterprise

Products

Operating

LLC

4.850%

3/15/44

111,138

50

Equifax

Inc

5.100%

6/01/28

50,570

160

Equinix

Inc

3.900%

4/15/32

149,162

70

Equinix

Inc

3.000%

7/15/50

45,590

120

Estee

Lauder

Cos

Inc/The

2.600%

4/15/30

107,566

310

FedEx

Corp

3.900%

2/01/35

283,339

122

Fidelity

National

Information

Services

Inc

1.650%

3/01/28

109,554

40

Fiserv

Inc

2.250%

6/01/27

37,410

254

Fiserv

Inc

3.500%

7/01/29

240,237

40

Fiserv

Inc

2.650%

6/01/30

35,716

60

Flex

Ltd

4.875%

6/15/29

59,282

60

Flowserve

Corp

2.800%

1/15/32

50,870

10

FMC

Corp

5.150%

5/18/26

10,012

40

FMC

Corp

3.450%

10/01/29

36,833

20

FMC

Corp

4.500%

10/01/49

15,797

10

Fomento

Economico

Mexicano

SAB

de

CV

4.375%

5/10/43

8,764

89

Fomento

Economico

Mexicano

SAB

de

CV

3.500%

1/16/50

65,064

20

Fortinet

Inc

2.200%

3/15/31

16,833

40

Fortive

Corp

3.150%

6/15/26

38,648

100

Fortune

Brands

Innovations

Inc

5.875%

6/01/33

104,270

20

Fox

Corp

4.709%

1/25/29

19,972

100

Fox

Corp

6.500%

10/13/33

107,307

20

GE

HealthCare

Technologies

Inc

5.600%

11/15/25

20,115

65

Principal

Amount

(000)

Description

(a)

Coupon

Maturity

Value

INDUSTRIAL

(continued)

$

140

GE

HealthCare

Technologies

Inc

5.857%

3/15/30

$

146,815

184

General

Mills

Inc

2.875%

4/15/30

166,461

90

General

Motors

Co

5.600%

10/15/32

91,801

190

General

Motors

Financial

Co

Inc

5.000%

4/09/27

190,320

284

General

Motors

Financial

Co

Inc

5.650%

1/17/29

289,884

210

General

Motors

Financial

Co

Inc

4.300%

4/06/29

203,317

160

General

Motors

Financial

Co

Inc

6.100%

1/07/34

164,822

40

Genuine

Parts

Co

2.750%

2/01/32

34,022

190

Gilead

Sciences

Inc

4.600%

9/01/35

184,069

176

Gilead

Sciences

Inc

4.000%

9/01/36

159,182

50

Gilead

Sciences

Inc

5.650%

12/01/41

51,421

10

Gilead

Sciences

Inc

4.800%

4/01/44

9,222

40

GlaxoSmithKline

Capital

Inc

6.375%

5/15/38

45,300

70

GlaxoSmithKline

Capital

PLC

3.375%

6/01/29

66,794

200

Global

Payments

Inc

3.200%

8/15/29

183,277

60

Grupo

Televisa

SAB

5.000%

5/13/45

51,203

20

GXO

Logistics

Inc

1.650%

7/15/26

18,706

120

Haleon

US

Capital

LLC

3.375%

3/24/29

113,467

202

Halliburton

Co

4.850%

11/15/35

198,400

30

Harley-Davidson

Inc

4.625%

7/28/45

25,030

10

Hasbro

Inc

3.550%

11/19/26

9,662

10

Hasbro

Inc

3.500%

9/15/27

9,565

100

Hasbro

Inc

3.900%

11/19/29

94,360

30

HCA

Inc

5.250%

6/15/26

30,067

40

HCA

Inc

4.500%

2/15/27

39,549

80

HCA

Inc

3.125%

3/15/27

76,627

100

HCA

Inc

5.200%

6/01/28

101,043

206

HCA

Inc

4.125%

6/15/29

198,730

110

HCA

Inc

5.125%

6/15/39

104,879

120

HCA

Inc

3.500%

7/15/51

82,386

70

Hershey

Co/The

4.250%

5/04/28

69,792

30

Hewlett

Packard

Enterprise

Co

6.102%

4/01/26

30,001

100

Hewlett

Packard

Enterprise

Co

6.200%

10/15/35

107,574

30

Hexcel

Corp

4.950%

8/15/25

29,749

60

(b)

HF

Sinclair

Corp

5.000%

2/01/28

59,092

120

Home

Depot

Inc/The

4.875%

6/25/27

121,338

20

Home

Depot

Inc/The

2.950%

6/15/29

18,683

299

Home

Depot

Inc/The

5.400%

9/15/40

304,992

130

Home

Depot

Inc/The

5.950%

4/01/41

140,518

42

Home

Depot

Inc/The

4.400%

3/15/45

37,381

70

Home

Depot

Inc/The

4.500%

12/06/48

62,331

60

Home

Depot

Inc/The

3.125%

12/15/49

42,130

120

Honda

Motor

Co

Ltd

2.534%

3/10/27

113,938

50

Hormel

Foods

Corp

1.700%

6/03/28

45,173

52

HP

Inc

3.400%

6/17/30

48,429

110

HP

Inc

4.200%

4/15/32

104,121

30

Huntsman

International

LLC

4.500%

5/01/29

28,929

50

Hyatt

Hotels

Corp

5.750%

1/30/27

50,860

120

IBM

International

Capital

Pte

Ltd

5.300%

2/05/54

115,478

30

IDEX

Corp

2.625%

6/15/31

25,943

70

Illinois

Tool

Works

Inc

4.875%

9/15/41

68,255

50

Ingersoll

Rand

Inc

5.197%

6/15/27

50,664

10

Intel

Corp

3.750%

3/25/27

9,787

292

Intel

Corp

2.450%

11/15/29

262,134

130

Intel

Corp

5.125%

2/10/30

133,192

Nuveen

ESG

U.S.

Aggregate

Bond

ETF

(NUBD)

(continued)

Portfolio

of

Investments

July

31,

2024

66

Principal

Amount

(000)

Description

(a)

Coupon

Maturity

Value

INDUSTRIAL

(continued)

$

10

Intel

Corp

4.000%

12/15/32

$

9,433

110

Intel

Corp

4.600%

3/25/40

101,533

70

Intel

Corp

4.250%

12/15/42

59,503

70

Intel

Corp

4.100%

5/11/47

57,012

160

Intel

Corp

3.734%

12/08/47

121,296

10

Intel

Corp

3.250%

11/15/49

6,885

50

Intel

Corp

5.600%

2/21/54

49,694

20

International

Business

Machines

Corp

7.000%

10/30/25

20,509

200

International

Business

Machines

Corp

3.300%

5/15/26

195,363

10

International

Business

Machines

Corp

3.300%

1/27/27

9,709

100

International

Business

Machines

Corp

2.720%

2/09/32

87,838

72

International

Business

Machines

Corp

5.600%

11/30/39

75,897

70

International

Business

Machines

Corp

4.000%

6/20/42

58,836

90

International

Business

Machines

Corp

4.700%

2/19/46

81,187

40

International

Flavors

&

Fragrances

Inc

4.375%

6/01/47

31,724

10

International

Flavors

&

Fragrances

Inc

5.000%

9/26/48

8,838

45

International

Paper

Co

4.800%

6/15/44

40,102

52

International

Paper

Co

4.350%

8/15/48

43,504

60

Interpublic

Group

of

Cos

Inc/

The

2.400%

3/01/31

51,138

10

Interpublic

Group

of

Cos

Inc/

The

5.375%

6/15/33

10,062

80

Intuit

Inc

5.250%

9/15/26

81,162

18

Intuit

Inc

1.350%

7/15/27

16,479

10

Intuit

Inc

1.650%

7/15/30

8,522

50

IQVIA

Inc

6.250%

2/01/29

52,243

80

J

M

Smucker

Co/The

4.250%

3/15/35

73,860

100

J

M

Smucker

Co/The

2.750%

9/15/41

68,108

40

Jabil

Inc

4.250%

5/15/27

39,280

40

Jacobs

Engineering

Group

Inc

6.350%

8/18/28

41,826

30

JB

Hunt

Transport

Services

Inc

3.875%

3/01/26

29,519

30

JD.com

Inc

3.875%

4/29/26

29,449

8

JetBlue

2019-1

Class

AA

Pass

Through

Trust2020

A

2.750%

5/15/32

6,939

23

JetBlue

2020-1

Class

A

Pass

Through

Trust

4.000%

11/15/32

21,891

280

John

Deere

Capital

Corp

1.300%

10/13/26

261,080

110

John

Deere

Capital

Corp

4.900%

6/11/27

111,281

40

John

Deere

Capital

Corp

3.350%

4/18/29

38,271

110

John

Deere

Capital

Corp

4.700%

6/10/30

111,425

70

Johnson

&

Johnson

2.950%

3/03/27

67,822

60

Johnson

&

Johnson

4.800%

6/01/29

61,504

390

Johnson

&

Johnson

3.550%

3/01/36

351,819

50

Johnson

&

Johnson

5.250%

6/01/54

51,622

10

Johnson

Controls

International

plc

4.625%

7/02/44

8,807

16

Johnson

Controls

International

plc

5.125%

9/14/45

14,906

20

Johnson

Controls

International

plc

/

Tyco

Fire

&

Security

Finance

SCA

1.750%

9/15/30

16,957

67

Principal

Amount

(000)

Description

(a)

Coupon

Maturity

Value

INDUSTRIAL

(continued)

$

30

Johnson

Controls

International

plc

/

Tyco

Fire

&

Security

Finance

SCA

2.000%

9/16/31

$

24,820

40

Juniper

Networks

Inc

1.200%

12/10/25

37,864

70

Kellanova

3.400%

11/15/27

67,176

20

Kellanova

2.100%

6/01/30

17,306

20

Kellanova

4.500%

4/01/46

17,225

160

Kenvue

Inc

4.900%

3/22/33

161,506

10

Keurig

Dr

Pepper

Inc

3.400%

11/15/25

9,811

50

Keurig

Dr

Pepper

Inc

5.100%

3/15/27

50,535

30

Keurig

Dr

Pepper

Inc

3.200%

5/01/30

27,632

10

Keurig

Dr

Pepper

Inc

3.800%

5/01/50

7,626

180

Keurig

Dr

Pepper

Inc

4.500%

4/15/52

153,619

50

Keysight

Technologies

Inc

3.000%

10/30/29

45,569

20

Kimberly-Clark

Corp

3.950%

11/01/28

19,649

98

Kimberly-Clark

Corp

6.625%

8/01/37

114,408

90

Kinder

Morgan

Inc

1.750%

11/15/26

84,101

372

Kinder

Morgan

Inc

5.300%

12/01/34

371,131

60

Kinder

Morgan

Inc

3.250%

8/01/50

39,599

50

Kinder

Morgan

Inc

5.950%

8/01/54

50,153

10

KLA

Corp

4.650%

7/15/32

9,989

100

KLA

Corp

4.950%

7/15/52

95,294

10

Koninklijke

KPN

NV

8.375%

10/01/30

11,721

30

Kraft

Heinz

Foods

Co

3.875%

5/15/27

29,419

110

Kraft

Heinz

Foods

Co

4.250%

3/01/31

106,960

130

Kraft

Heinz

Foods

Co

5.500%

6/01/50

127,120

30

Kroger

Co/The

2.200%

5/01/30

26,109

10

Kroger

Co/The

1.700%

1/15/31

8,248

110

Kroger

Co/The

6.900%

4/15/38

126,339

9

Kroger

Co/The

5.400%

7/15/40

8,844

20

Kroger

Co/The

4.450%

2/01/47

17,036

60

Kyndryl

Holdings

Inc

6.350%

2/20/34

62,633

10

Laboratory

Corp

of

America

Holdings

3.600%

9/01/27

9,659

110

Laboratory

Corp

of

America

Holdings

2.700%

6/01/31

95,778

10

Lam

Research

Corp

3.750%

3/15/26

9,845

10

Lam

Research

Corp

1.900%

6/15/30

8,656

90

Lam

Research

Corp

3.125%

6/15/60

59,184

60

Lear

Corp

2.600%

1/15/32

50,355

40

Leggett

&

Platt

Inc

4.400%

3/15/29

37,590

30

Leggett

&

Platt

Inc

3.500%

11/15/51

20,070

10

Lennox

International

Inc

1.700%

8/01/27

9,143

50

Linde

Inc/CT

4.700%

12/05/25

49,961

20

Linde

Inc/CT

1.100%

8/10/30

16,504

90

Lowe's

Cos

Inc

3.350%

4/01/27

86,998

191

Lowe's

Cos

Inc

4.500%

4/15/30

189,036

300

Lowe's

Cos

Inc

5.000%

4/15/40

282,638

10

LYB

International

Finance

III

LLC

1.250%

10/01/25

9,549

190

LYB

International

Finance

III

LLC

3.375%

10/01/40

143,622

21

LYB

International

Finance

III

LLC

4.200%

5/01/50

16,400

70

Magna

International

Inc

2.450%

6/15/30

62,022

200

Marriott

International

Inc/MD

5.550%

10/15/28

206,158

142

Martin

Marietta

Materials

Inc

3.200%

7/15/51

97,605

60

Marvell

Technology

Inc

2.450%

4/15/28

55,092

10

Masco

Corp

2.000%

10/01/30

8,455

70

Masco

Corp

2.000%

2/15/31

58,472

20

Masco

Corp

4.500%

5/15/47

17,109

Nuveen

ESG

U.S.

Aggregate

Bond

ETF

(NUBD)

(continued)

Portfolio

of

Investments

July

31,

2024

68

Principal

Amount

(000)

Description

(a)

Coupon

Maturity

Value

INDUSTRIAL

(continued)

$

10

Mastercard

Inc

2.950%

11/21/26

$

9,665

32

Mastercard

Inc

2.950%

6/01/29

30,058

44

Mastercard

Inc

3.350%

3/26/30

41,685

120

Mastercard

Inc

2.000%

11/18/31

101,212

40

Mastercard

Inc

3.800%

11/21/46

32,863

70

McCormick

&

Co

Inc/MD

1.850%

2/15/31

58,211

250

McDonald's

Corp

4.600%

9/09/32

247,350

220

McDonald's

Corp

5.150%

9/09/52

208,380

50

McKesson

Corp

4.900%

7/15/28

50,632

10

McKesson

Corp

5.100%

7/15/33

10,216

50

(c)

MDC

Holdings

Inc

3.966%

8/06/61

42,969

30

Mead

Johnson

Nutrition

Co

4.125%

11/15/25

29,675

100

Merck

&

Co

Inc

1.900%

12/10/28

90,254

200

Merck

&

Co

Inc

1.450%

6/24/30

169,186

60

Merck

&

Co

Inc

6.500%

12/01/33

68,187

250

Merck

&

Co

Inc

2.750%

12/10/51

161,259

20

Micron

Technology

Inc

4.975%

2/06/26

19,972

50

Micron

Technology

Inc

4.185%

2/15/27

49,130

110

Micron

Technology

Inc

5.300%

1/15/31

111,953

10

Microsoft

Corp

3.400%

9/15/26

9,806

20

Microsoft

Corp

3.300%

2/06/27

19,539

50

Microsoft

Corp

1.350%

9/15/30

42,373

211

Microsoft

Corp

3.450%

8/08/36

189,568

60

Microsoft

Corp

3.750%

2/12/45

51,801

586

Microsoft

Corp

2.921%

3/17/52

411,603

70

Mohawk

Industries

Inc

5.850%

9/18/28

72,678

50

(c)

Mondelez

International

Inc

4.750%

2/20/29

50,304

20

Moody's

Corp

2.000%

8/19/31

16,701

10

Moody's

Corp

5.250%

7/15/44

9,815

110

Moody's

Corp

3.750%

2/25/52

84,487

10

Mosaic

Co/The

4.050%

11/15/27

9,737

50

Mosaic

Co/The

5.375%

11/15/28

50,957

120

Motorola

Solutions

Inc

2.750%

5/24/31

104,570

240

MPLX

LP

2.650%

8/15/30

211,910

180

MPLX

LP

4.950%

3/14/52

156,863

40

National

Fuel

Gas

Co

5.500%

1/15/26

40,124

10

National

Fuel

Gas

Co

5.500%

10/01/26

10,084

60

NetApp

Inc

2.375%

6/22/27

56,273

50

Norfolk

Southern

Corp

2.300%

5/15/31

43,115

32

Norfolk

Southern

Corp

4.837%

10/01/41

29,971

120

Norfolk

Southern

Corp

2.900%

8/25/51

77,143

130

Norfolk

Southern

Corp

5.350%

8/01/54

127,420

50

NOV

Inc

3.950%

12/01/42

38,737

120

Novartis

Capital

Corp

2.200%

8/14/30

106,295

110

Novartis

Capital

Corp

4.400%

5/06/44

100,999

20

Novartis

Capital

Corp

2.750%

8/14/50

13,421

40

Nutrien

Ltd

5.950%

11/07/25

40,438

100

Nutrien

Ltd

4.200%

4/01/29

97,611

60

NVIDIA

Corp

2.000%

6/15/31

51,680

122

NVIDIA

Corp

3.500%

4/01/40

103,513

50

NVR

Inc

3.000%

5/15/30

45,427

10

NXP

BV

/

NXP

Funding

LLC

/

NXP

USA

Inc

3.150%

5/01/27

9,566

92

NXP

BV

/

NXP

Funding

LLC

/

NXP

USA

Inc

2.500%

5/11/31

78,765

110

NXP

BV

/

NXP

Funding

LLC

/

NXP

USA

Inc

2.650%

2/15/32

93,435

10

Omnicom

Group

Inc

2.450%

4/30/30

8,815

80

Omnicom

Group

Inc

/

Omnicom

Capital

Inc

3.600%

4/15/26

78,156

69

Principal

Amount

(000)

Description

(a)

Coupon

Maturity

Value

INDUSTRIAL

(continued)

$

273

ONEOK

Inc

4.550%

7/15/28

$

270,418

39

ONEOK

Inc

4.350%

3/15/29

38,208

10

ONEOK

Inc

4.500%

3/15/50

8,181

70

ONEOK

Inc

7.150%

1/15/51

78,824

70

Oracle

Corp

2.800%

4/01/27

66,623

20

Oracle

Corp

4.650%

5/06/30

19,958

120

Oracle

Corp

4.900%

2/06/33

119,123

690

Oracle

Corp

4.300%

7/08/34

645,758

30

Oracle

Corp

6.125%

7/08/39

31,815

280

Oracle

Corp

6.900%

11/09/52

321,259

100

Orange

SA

5.375%

1/13/42

98,536

90

O'Reilly

Automotive

Inc

3.900%

6/01/29

86,907

110

Otis

Worldwide

Corp

3.112%

2/15/40

84,030

2

Owens

Corning

3.400%

8/15/26

1,940

70

Owens

Corning

3.875%

6/01/30

66,366

70

PACCAR

Financial

Corp

3.550%

8/11/25

69,052

20

PACCAR

Financial

Corp

5.200%

11/09/26

20,302

50

PACCAR

Financial

Corp

5.000%

5/13/27

50,729

20

Packaging

Corp

of

America

5.700%

12/01/33

20,836

60

Packaging

Corp

of

America

4.050%

12/15/49

48,117

20

Paramount

Global

4.200%

6/01/29

18,429

200

Paramount

Global

4.200%

5/19/32

170,559

50

Paramount

Global

5.900%

10/15/40

42,183

10

Parker-Hannifin

Corp

3.250%

3/01/27

9,653

30

Parker-Hannifin

Corp

3.250%

6/14/29

28,137

114

Parker-Hannifin

Corp

4.200%

11/21/34

107,349

20

Parker-Hannifin

Corp

4.450%

11/21/44

17,534

10

Parker-Hannifin

Corp

4.000%

6/14/49

8,073

10

PayPal

Holdings

Inc

3.900%

6/01/27

9,829

170

PayPal

Holdings

Inc

2.850%

10/01/29

155,992

40

PepsiCo

Inc

2.375%

10/06/26

38,269

50

PepsiCo

Inc

5.125%

11/10/26

50,686

50

(c)

PepsiCo

Inc

4.500%

7/17/29

50,429

100

PepsiCo

Inc

1.625%

5/01/30

85,757

10

PepsiCo

Inc

4.450%

4/14/46

9,065

364

PepsiCo

Inc

2.875%

10/15/49

250,864

50

Pepsico

Singapore

Financing

I

Pte

Ltd

4.650%

2/16/27

50,185

100

(c)

Pfizer

Inc

3.600%

9/15/28

97,256

350

Pfizer

Inc

4.200%

9/15/48

299,513

100

Pfizer

Investment

Enterprises

Pte

Ltd

4.450%

5/19/26

99,624

100

Pfizer

Investment

Enterprises

Pte

Ltd

4.450%

5/19/28

99,755

150

Pfizer

Investment

Enterprises

Pte

Ltd

4.650%

5/19/30

151,033

190

Pfizer

Investment

Enterprises

Pte

Ltd

4.750%

5/19/33

189,390

150

Pfizer

Investment

Enterprises

Pte

Ltd

5.110%

5/19/43

146,153

40

Phillips

66

Co

3.550%

10/01/26

38,934

173

Phillips

66

Co

4.680%

2/15/45

151,947

150

Plains

All

American

Pipeline

LP

/

PAA

Finance

Corp

5.700%

9/15/34

152,303

50

PPG

Industries

Inc

3.750%

3/15/28

48,482

50

Procter

&

Gamble

Co/The

1.000%

4/23/26

47,226

250

Procter

&

Gamble

Co/The

3.000%

3/25/30

234,645

10

Procter

&

Gamble

Co/The

4.050%

1/26/33

9,782

11

PulteGroup

Inc

5.000%

1/15/27

11,052

220

QUALCOMM

Inc

1.650%

5/20/32

177,714

40

QUALCOMM

Inc

4.250%

5/20/32

39,063

Nuveen

ESG

U.S.

Aggregate

Bond

ETF

(NUBD)

(continued)

Portfolio

of

Investments

July

31,

2024

70

Principal

Amount

(000)

Description

(a)

Coupon

Maturity

Value

INDUSTRIAL

(continued)

$

30

QUALCOMM

Inc

4.650%

5/20/35

$

30,008

20

Quanta

Services

Inc

2.900%

10/01/30

17,947

80

Quanta

Services

Inc

2.350%

1/15/32

66,765

50

Quest

Diagnostics

Inc

3.450%

6/01/26

48,745

10

Quest

Diagnostics

Inc

2.950%

6/30/30

9,103

130

Regal

Rexnord

Corp

6.300%

2/15/30

135,587

60

Regeneron

Pharmaceuticals

Inc

1.750%

9/15/30

50,715

20

Regeneron

Pharmaceuticals

Inc

2.800%

9/15/50

12,659

50

RELX

Capital

Inc

4.750%

5/20/32

49,686

10

Republic

Services

Inc

3.375%

11/15/27

9,624

70

Republic

Services

Inc

3.950%

5/15/28

68,492

28

Republic

Services

Inc

2.300%

3/01/30

24,806

80

Republic

Services

Inc

1.450%

2/15/31

65,309

20

Republic

Services

Inc

5.700%

5/15/41

20,664

10

Revvity

Inc

3.300%

9/15/29

9,269

110

Revvity

Inc

2.250%

9/15/31

91,399

50

Rockwell

Automation

Inc

4.200%

3/01/49

42,374

10

Rogers

Communications

Inc

3.625%

12/15/25

9,809

10

Rogers

Communications

Inc

2.900%

11/15/26

9,563

50

Rogers

Communications

Inc

3.200%

3/15/27

48,025

10

Rogers

Communications

Inc

3.800%

3/15/32

9,147

150

Rogers

Communications

Inc

5.450%

10/01/43

145,437

10

Rogers

Communications

Inc

3.700%

11/15/49

7,314

130

Roper

Technologies

Inc

3.800%

12/15/26

127,093

100

Royalty

Pharma

PLC

1.200%

9/02/25

95,723

50

Royalty

Pharma

PLC

5.900%

9/02/54

49,744

30

RPM

International

Inc

2.950%

1/15/32

25,879

10

Ryder

System

Inc

2.850%

3/01/27

9,527

50

Ryder

System

Inc

6.300%

12/01/28

52,938

50

Ryder

System

Inc

5.375%

3/15/29

51,095

50

Ryder

System

Inc

4.950%

9/01/29

50,091

130

S&P

Global

Inc

2.900%

3/01/32

114,848

60

(b)

S&P

Global

Inc

5.250%

9/15/33

62,059

23

S&P

Global

Inc

2.300%

8/15/60

12,425

20

Sabine

Pass

Liquefaction

LLC

5.875%

6/30/26

20,201

160

Sabine

Pass

Liquefaction

LLC

4.500%

5/15/30

156,919

60

Salesforce

Inc

2.700%

7/15/41

43,258

152

Salesforce

Inc

2.900%

7/15/51

100,898

10

Schlumberger

Finance

Canada

Ltd

1.400%

9/17/25

9,618

82

Schlumberger

Investment

SA

2.650%

6/26/30

73,961

10

Sherwin-Williams

Co/The

4.250%

8/08/25

9,913

101

Sherwin-Williams

Co/The

2.950%

8/15/29

93,054

42

Sherwin-Williams

Co/The

4.500%

6/01/47

36,561

20

Smith

&

Nephew

PLC

2.032%

10/14/30

16,973

60

(b)

Smurfit

Kappa

Treasury

ULC

5.438%

4/03/34

61,015

50

Snap-on

Inc

3.100%

5/01/50

34,604

150

(b)

Solventum

Corp

5.600%

3/23/34

150,913

70

Sonoco

Products

Co

2.850%

2/01/32

60,081

110

Stanley

Black

&

Decker

Inc

3.000%

5/15/32

96,361

10

Starbucks

Corp

2.250%

3/12/30

8,827

20

Starbucks

Corp

2.550%

11/15/30

17,662

150

Starbucks

Corp

3.000%

2/14/32

132,835

100

Starbucks

Corp

4.800%

2/15/33

99,741

60

Starbucks

Corp

3.500%

11/15/50

43,042

150

Stryker

Corp

1.950%

6/15/30

129,235

130

Sysco

Corp

3.250%

7/15/27

124,786

50

Sysco

Corp

6.000%

1/17/34

53,657

20

Sysco

Corp

6.600%

4/01/50

22,652

10

Takeda

Pharmaceutical

Co

Ltd

2.050%

3/31/30

8,643

71

Principal

Amount

(000)

Description

(a)

Coupon

Maturity

Value

INDUSTRIAL

(continued)

$

20

Takeda

Pharmaceutical

Co

Ltd

3.025%

7/09/40

$

14,869

60

Takeda

Pharmaceutical

Co

Ltd

3.375%

7/09/60

39,545

50

Take-Two

Interactive

Software

Inc

3.700%

4/14/27

48,685

30

Tapestry

Inc

4.125%

7/15/27

29,090

140

Tapestry

Inc

3.050%

3/15/32

116,259

75

Targa

Resources

Corp

6.150%

3/01/29

78,623

100

Targa

Resources

Corp

6.500%

3/30/34

108,256

1

Target

Corp

3.375%

4/15/29

959

120

Target

Corp

2.350%

2/15/30

107,524

72

Target

Corp

6.500%

10/15/37

81,894

19

Target

Corp

3.900%

11/15/47

15,494

40

TC

PipeLines

LP

3.900%

5/25/27

38,700

40

Teledyne

Technologies

Inc

2.250%

4/01/28

36,601

70

TELUS

Corp

3.700%

9/15/27

67,684

10

TELUS

Corp

4.600%

11/16/48

8,598

10

Texas

Eastern

Transmission

LP

7.000%

7/15/32

11,099

60

Texas

Instruments

Inc

1.750%

5/04/30

51,988

100

(c)

Texas

Instruments

Inc

1.900%

9/15/31

85,022

100

Texas

Instruments

Inc

3.875%

3/15/39

90,398

30

Texas

Instruments

Inc

4.150%

5/15/48

25,688

50

Thermo

Fisher

Scientific

Inc

4.953%

8/10/26

50,305

190

Thermo

Fisher

Scientific

Inc

2.800%

10/15/41

139,336

50

Thomson

Reuters

Corp

3.350%

5/15/26

48,649

170

Time

Warner

Cable

LLC

6.750%

6/15/39

168,355

30

Timken

Co/The

4.125%

4/01/32

27,979

50

TJX

Cos

Inc/The

3.875%

4/15/30

48,426

40

Toll

Brothers

Finance

Corp

4.875%

11/15/25

39,783

100

Toyota

Motor

Corp

5.118%

7/13/28

102,187

142

Toyota

Motor

Corp

2.760%

7/02/29

132,218

50

Toyota

Motor

Credit

Corp

5.200%

5/15/26

50,464

100

Toyota

Motor

Credit

Corp

1.125%

6/18/26

93,725

110

Toyota

Motor

Credit

Corp

5.250%

9/11/28

112,972

60

Toyota

Motor

Credit

Corp

4.650%

1/05/29

60,298

10

Toyota

Motor

Credit

Corp

2.150%

2/13/30

8,837

50

Toyota

Motor

Credit

Corp

4.550%

5/17/30

49,981

10

Trane

Technologies

Financing

Ltd

3.800%

3/21/29

9,641

70

Trane

Technologies

Financing

Ltd

5.250%

3/03/33

71,817

50

Trane

Technologies

Financing

Ltd

5.100%

6/13/34

50,876

290

TransCanada

PipeLines

Ltd

2.500%

10/12/31

249,544

60

Transcontinental

Gas

Pipe

Line

Co

LLC

7.850%

2/01/26

61,984

80

Transcontinental

Gas

Pipe

Line

Co

LLC

3.250%

5/15/30

73,678

70

Transcontinental

Gas

Pipe

Line

Co

LLC

3.950%

5/15/50

54,179

30

Trimble

Inc

6.100%

3/15/33

31,588

10

Triton

Container

International

Ltd

/

TAL

International

Container

Corp

3.250%

3/15/32

8,499

150

TSMC

Arizona

Corp

4.250%

4/22/32

148,107

39

TWDC

Enterprises

18

Corp

3.150%

9/17/25

38,277

10

TWDC

Enterprises

18

Corp

2.950%

6/15/27

9,583

20

TWDC

Enterprises

18

Corp

4.375%

8/16/41

17,895

30

TWDC

Enterprises

18

Corp

4.125%

12/01/41

26,094

50

Tyco

Electronics

Group

SA

4.625%

2/01/30

50,124

60

Tyco

Electronics

Group

SA

2.500%

2/04/32

51,913

21

Unilever

Capital

Corp

2.000%

7/28/26

19,976

Nuveen

ESG

U.S.

Aggregate

Bond

ETF

(NUBD)

(continued)

Portfolio

of

Investments

July

31,

2024

72

Principal

Amount

(000)

Description

(a)

Coupon

Maturity

Value

INDUSTRIAL

(continued)

$

150

Unilever

Capital

Corp

1.750%

8/12/31

$

125,245

10

Union

Pacific

Corp

3.750%

7/15/25

9,881

10

Union

Pacific

Corp

2.150%

2/05/27

9,437

20

Union

Pacific

Corp

3.375%

2/01/35

17,620

20

Union

Pacific

Corp

3.600%

9/15/37

17,316

498

Union

Pacific

Corp

3.550%

8/15/39

420,138

20

Union

Pacific

Corp

3.875%

2/01/55

15,649

80

United

Parcel

Service

Inc

4.450%

4/01/30

79,994

170

United

Parcel

Service

Inc

5.200%

4/01/40

169,604

10

United

Parcel

Service

Inc

3.750%

11/15/47

7,853

10

United

Parcel

Service

Inc

5.300%

4/01/50

9,893

60

United

Parcel

Service

Inc

5.500%

5/22/54

60,644

10

Valero

Energy

Corp

2.150%

9/15/27

9,258

130

Valero

Energy

Corp

2.800%

12/01/31

112,627

40

Valero

Energy

Corp

6.625%

6/15/37

43,810

30

Valmont

Industries

Inc

5.250%

10/01/54

27,601

30

VeriSign

Inc

4.750%

7/15/27

29,763

50

Verisk

Analytics

Inc

4.125%

3/15/29

48,986

149

Verizon

Communications

Inc

4.016%

12/03/29

144,004

90

Verizon

Communications

Inc

1.500%

9/18/30

75,314

115

Verizon

Communications

Inc

2.550%

3/21/31

99,630

605

Verizon

Communications

Inc

2.355%

3/15/32

506,131

100

Verizon

Communications

Inc

5.050%

5/09/33

100,748

112

Verizon

Communications

Inc

2.850%

9/03/41

80,613

50

Verizon

Communications

Inc

5.500%

3/16/47

51,440

80

Verizon

Communications

Inc

4.000%

3/22/50

63,997

320

Verizon

Communications

Inc

3.875%

3/01/52

250,073

20

Verizon

Communications

Inc

2.987%

10/30/56

12,612

30

VF

Corp

2.800%

4/23/27

27,894

50

Visa

Inc

2.050%

4/15/30

44,029

10

Visa

Inc

1.100%

2/15/31

8,155

241

Visa

Inc

4.150%

12/14/35

231,220

20

Visa

Inc

2.000%

8/15/50

11,608

120

VMware

LLC

1.400%

8/15/26

111,925

20

Vodafone

Group

PLC

6.250%

11/30/32

21,738

155

Vodafone

Group

PLC

6.150%

2/27/37

167,879

20

Vodafone

Group

PLC

4.875%

6/19/49

17,839

20

Vodafone

Group

PLC

4.250%

9/17/50

16,112

50

Vodafone

Group

PLC

5.750%

6/28/54

49,622

10

Walt

Disney

Co/The

3.800%

3/22/30

9,633

50

Walt

Disney

Co/The

2.650%

1/13/31

44,497

160

Walt

Disney

Co/The

6.400%

12/15/35

179,379

40

Walt

Disney

Co/The

6.650%

11/15/37

46,095

12

Walt

Disney

Co/The

4.750%

9/15/44

11,175

60

Walt

Disney

Co/The

4.950%

10/15/45

56,390

300

Walt

Disney

Co/The

2.750%

9/01/49

195,920

10

Walt

Disney

Co/The

3.600%

1/13/51

7,648

1

Warnermedia

Holdings

Inc

3.788%

3/15/25

987

11

Warnermedia

Holdings

Inc

5.391%

3/15/62

8,203

110

Waste

Connections

Inc

2.200%

1/15/32

92,000

10

Waste

Management

Inc

1.500%

3/15/31

8,213

120

Waste

Management

Inc

4.150%

4/15/32

115,782

70

Waste

Management

Inc

4.875%

2/15/34

70,276

110

Western

Midstream

Operating

LP

6.150%

4/01/33

114,285

30

Western

Union

Co/The

6.200%

11/17/36

31,255

50

Westlake

Corp

5.000%

8/15/46

44,904

20

Westlake

Corp

4.375%

11/15/47

16,496

30

Weyerhaeuser

Co

4.000%

4/15/30

28,734

20

Weyerhaeuser

Co

7.375%

3/15/32

22,784

73

Principal

Amount

(000)

Description

(a)

Coupon

Maturity

Value

INDUSTRIAL

(continued)

$

40

Weyerhaeuser

Co

3.375%

3/09/33

$

35,256

100

Whirlpool

Corp

4.700%

5/14/32

97,037

200

Williams

Cos

Inc/The

2.600%

3/15/31

172,991

50

Williams

Cos

Inc/The

5.150%

3/15/34

49,864

70

Workday

Inc

3.700%

4/01/29

66,985

90

WRKCo

Inc

4.000%

3/15/28

87,442

10

WRKCo

Inc

3.000%

6/15/33

8,595

10

WW

Grainger

Inc

4.600%

6/15/45

9,158

50

Xilinx

Inc

2.375%

6/01/30

44,314

31

Xylem

Inc/NY

2.250%

1/30/31

26,523

60

Zimmer

Biomet

Holdings

Inc

2.600%

11/24/31

51,391

20

Zoetis

Inc

4.500%

11/13/25

19,879

126

Zoetis

Inc

3.900%

8/20/28

122,509

9

Zoetis

Inc

2.000%

5/15/30

7,773

20

Zoetis

Inc

5.600%

11/16/32

20,892

TOTAL

INDUSTRIAL

53,182,228

UTILITY

-

2.4%

62

AEP

Texas

Inc

4.150%

5/01/49

48,330

20

AEP

Texas

Inc

3.450%

1/15/50

13,683

75

Ameren

Corp

5.000%

1/15/29

75,453

30

American

Electric

Power

Co

Inc

5.750%

11/01/27

30,882

80

American

Electric

Power

Co

Inc

5.200%

1/15/29

81,050

120

American

Water

Capital

Corp

2.800%

5/01/30

108,104

110

American

Water

Capital

Corp

2.300%

6/01/31

93,610

20

American

Water

Capital

Corp

3.750%

9/01/47

15,601

20

American

Water

Capital

Corp

4.200%

9/01/48

16,689

50

American

Water

Capital

Corp

5.450%

3/01/54

49,608

160

Appalachian

Power

Co

4.400%

5/15/44

131,894

10

Appalachian

Power

Co

3.700%

5/01/50

7,174

40

Atmos

Energy

Corp

2.625%

9/15/29

36,425

100

Atmos

Energy

Corp

5.900%

11/15/33

106,699

100

Atmos

Energy

Corp

2.850%

2/15/52

64,005

10

Avista

Corp

4.350%

6/01/48

8,486

70

Avista

Corp

4.000%

4/01/52

54,220

120

Berkshire

Hathaway

Energy

Co

3.700%

7/15/30

114,003

210

Berkshire

Hathaway

Energy

Co

5.150%

11/15/43

203,482

100

Berkshire

Hathaway

Energy

Co

4.600%

5/01/53

86,024

50

Black

Hills

Corp

5.950%

3/15/28

51,716

10

CenterPoint

Energy

Houston

Electric

LLC

5.200%

10/01/28

10,201

100

CenterPoint

Energy

Houston

Electric

LLC

3.000%

3/01/32

88,018

50

CenterPoint

Energy

Houston

Electric

LLC

5.150%

3/01/34

50,542

10

CenterPoint

Energy

Houston

Electric

LLC

3.550%

8/01/42

7,929

110

CenterPoint

Energy

Inc

1.450%

6/01/26

103,226

100

CenterPoint

Energy

Resources

Corp

4.100%

9/01/47

80,456

120

Cleveland

Electric

Illuminating

Co/The

5.950%

12/15/36

125,001

121

Commonwealth

Edison

Co

6.450%

1/15/38

135,092

110

Commonwealth

Edison

Co

2.750%

9/01/51

68,159

120

Connecticut

Light

and

Power

Co/The

2.050%

7/01/31

100,487

50

Consolidated

Edison

Co

of

New

York

Inc

2.400%

6/15/31

43,271

124

Consolidated

Edison

Co

of

New

York

Inc

5.500%

12/01/39

125,786

Nuveen

ESG

U.S.

Aggregate

Bond

ETF

(NUBD)

(continued)

Portfolio

of

Investments

July

31,

2024

74

Principal

Amount

(000)

Description

(a)

Coupon

Maturity

Value

UTILITY

(continued)

$

162

Consolidated

Edison

Co

of

New

York

Inc

4.650%

12/01/48

$

143,329

30

Consolidated

Edison

Co

of

New

York

Inc

3.950%

4/01/50

24,273

70

Consolidated

Edison

Co

of

New

York

Inc

4.300%

12/01/56

57,020

10

Consolidated

Edison

Co

of

New

York

Inc

4.500%

5/15/58

8,414

10

Consolidated

Edison

Co

of

New

York

Inc

3.700%

11/15/59

7,185

41

Consolidated

Edison

Co

of

New

York

Inc

3.000%

12/01/60

25,046

10

Consumers

Energy

Co

3.800%

11/15/28

9,711

100

Consumers

Energy

Co

4.900%

2/15/29

101,279

100

Consumers

Energy

Co

3.500%

8/01/51

74,893

136

DTE

Energy

Co

2.950%

3/01/30

122,900

122

Duke

Energy

Florida

LLC

2.400%

12/15/31

104,062

67

Duke

Energy

Florida

LLC

6.350%

9/15/37

73,637

170

Duke

Energy

Florida

LLC

5.950%

11/15/52

178,809

20

Duke

Energy

Indiana

LLC

3.250%

10/01/49

13,809

50

Edison

International

5.450%

6/15/29

50,882

92

Emera

US

Finance

LP

4.750%

6/15/46

77,563

60

Entergy

Arkansas

LLC

5.150%

1/15/33

60,840

50

Entergy

Louisiana

LLC

5.700%

3/15/54

50,773

10

Entergy

Texas

Inc

3.550%

9/30/49

7,283

110

Essential

Utilities

Inc

2.400%

5/01/31

93,795

10

Essential

Utilities

Inc

3.351%

4/15/50

6,908

100

Evergy

Metro

Inc

4.950%

4/15/33

99,600

10

Eversource

Energy

1.650%

8/15/30

8,282

50

Eversource

Energy

5.850%

4/15/31

51,861

120

Exelon

Corp

2.750%

3/15/27

114,161

10

Exelon

Corp

4.050%

4/15/30

9,624

60

Exelon

Corp

4.950%

6/15/35

57,817

90

Exelon

Corp

4.450%

4/15/46

76,797

20

Exelon

Corp

4.700%

4/15/50

17,462

50

Georgia

Power

Co

5.250%

3/15/34

51,077

50

Idaho

Power

Co

5.800%

4/01/54

51,066

48

Interstate

Power

and

Light

Co

3.600%

4/01/29

45,812

70

IPALCO

Enterprises

Inc

4.250%

5/01/30

66,427

50

MidAmerican

Energy

Co

5.750%

11/01/35

52,829

30

MidAmerican

Energy

Co

3.150%

4/15/50

20,771

70

National

Grid

PLC

5.418%

1/11/34

70,227

100

National

Rural

Utilities

Cooperative

Finance

Corp

5.000%

2/07/31

101,255

100

National

Rural

Utilities

Cooperative

Finance

Corp

2.750%

4/15/32

86,596

10

NiSource

Inc

3.490%

5/15/27

9,659

161

NiSource

Inc

3.600%

5/01/30

151,252

30

NiSource

Inc

1.700%

2/15/31

24,518

50

NiSource

Inc

5.350%

4/01/34

50,370

20

NiSource

Inc

4.800%

2/15/44

17,959

50

NiSource

Inc

4.375%

5/15/47

41,641

50

Northern

States

Power

Co/MN

5.400%

3/15/54

49,790

50

NSTAR

Electric

Co

3.200%

5/15/27

48,174

110

NSTAR

Electric

Co

3.950%

4/01/30

106,222

62

NSTAR

Electric

Co

5.500%

3/15/40

63,165

50

OGE

Energy

Corp

5.450%

5/15/29

51,212

100

Oklahoma

Gas

and

Electric

Co

4.150%

4/01/47

82,324

20

Oncor

Electric

Delivery

Co

LLC

2.750%

5/15/30

18,091

77

Oncor

Electric

Delivery

Co

LLC

7.500%

9/01/38

94,548

110

Oncor

Electric

Delivery

Co

LLC

4.950%

9/15/52

102,123

75

Principal

Amount

(000)

Description

(a)

Coupon

Maturity

Value

UTILITY

(continued)

$

30

ONE

Gas

Inc

4.250%

9/01/32

$

29,158

40

ONE

Gas

Inc

4.500%

11/01/48

34,368

90

PacifiCorp

2.700%

9/15/30

79,742

10

PacifiCorp

5.250%

6/15/35

10,042

110

PacifiCorp

5.800%

1/15/55

109,183

180

PECO

Energy

Co

4.600%

5/15/52

158,465

60

Piedmont

Natural

Gas

Co

Inc

2.500%

3/15/31

51,692

76

Potomac

Electric

Power

Co

6.500%

11/15/37

85,979

50

PPL

Capital

Funding

Inc

3.100%

5/15/26

48,471

50

PPL

Electric

Utilities

Corp

4.850%

2/15/34

49,897

60

PPL

Electric

Utilities

Corp

4.150%

10/01/45

51,114

18

Public

Service

Co

of

Colorado

6.500%

8/01/38

20,042

150

Public

Service

Co

of

Colorado

4.100%

6/15/48

118,381

50

Public

Service

Co

of

New

Hampshire

2.200%

6/15/31

42,391

20

Public

Service

Co

of

Oklahoma

2.200%

8/15/31

16,594

10

Public

Service

Electric

and

Gas

Co

2.250%

9/15/26

9,517

70

Public

Service

Electric

and

Gas

Co

1.900%

8/15/31

58,146

140

Public

Service

Electric

and

Gas

Co

5.800%

5/01/37

150,624

20

Public

Service

Electric

and

Gas

Co

2.050%

8/01/50

11,158

50

Public

Service

Electric

and

Gas

Co

5.450%

3/01/54

50,857

100

Puget

Energy

Inc

4.224%

3/15/32

91,740

30

Puget

Sound

Energy

Inc

5.638%

4/15/41

30,304

100

San

Diego

Gas

&

Electric

Co

3.000%

3/15/32

88,278

43

San

Diego

Gas

&

Electric

Co

4.150%

5/15/48

35,618

10

San

Diego

Gas

&

Electric

Co

4.100%

6/15/49

8,118

134

Sempra

6.000%

10/15/39

139,721

20

Sempra

4.000%

2/01/48

15,673

220

Southern

California

Edison

Co

4.700%

6/01/27

219,915

50

Southern

California

Edison

Co

5.200%

6/01/34

50,151

20

Southern

California

Edison

Co

4.500%

9/01/40

17,677

50

Southern

California

Edison

Co

3.600%

2/01/45

37,661

90

Southern

California

Edison

Co

4.875%

3/01/49

80,811

10

Southern

California

Edison

Co

3.650%

2/01/50

7,381

200

Southern

California

Edison

Co

5.450%

6/01/52

194,760

10

Southern

California

Gas

Co

2.600%

6/15/26

9,614

20

Southern

California

Gas

Co

2.550%

2/01/30

17,932

40

Southern

California

Gas

Co

4.300%

1/15/49

32,979

140

Southern

California

Gas

Co

5.750%

6/01/53

143,922

60

Southern

Co/The

5.200%

6/15/33

60,330

10

Southwest

Gas

Corp

5.800%

12/01/27

10,257

10

Southwest

Gas

Corp

3.700%

4/01/28

9,643

40

Southwest

Gas

Corp

2.200%

6/15/30

34,591

20

Southwest

Gas

Corp

3.800%

9/29/46

15,175

140

Southwestern

Electric

Power

Co

3.250%

11/01/51

91,720

126

Southwestern

Public

Service

Co

4.500%

8/15/41

109,088

23

Southwestern

Public

Service

Co

4.400%

11/15/48

18,681

10

Southwestern

Public

Service

Co

3.150%

5/01/50

6,588

20

Spire

Missouri

Inc

4.800%

2/15/33

19,985

50

Tampa

Electric

Co

5.000%

7/15/52

46,579

40

Tucson

Electric

Power

Co

3.250%

5/15/32

35,751

50

Tucson

Electric

Power

Co

3.250%

5/01/51

33,922

25

Union

Electric

Co

5.450%

3/15/53

24,646

50

Union

Electric

Co

5.250%

1/15/54

47,978

30

Washington

Gas

Light

Co

3.796%

9/15/46

23,404

Nuveen

ESG

U.S.

Aggregate

Bond

ETF

(NUBD)

(continued)

Portfolio

of

Investments

July

31,

2024

76

Principal

Amount

(000)

Description

(a)

Coupon

Maturity

Value

UTILITY

(continued)

$

10

WEC

Energy

Group

Inc

5.000%

9/27/25

$

9,990

100

WEC

Energy

Group

Inc

5.600%

9/12/26

101,408

100

WEC

Energy

Group

Inc

2.200%

12/15/28

90,002

20

Wisconsin

Power

and

Light

Co

1.950%

9/16/31

16,384

50

Wisconsin

Power

and

Light

Co

4.950%

4/01/33

49,794

68

Wisconsin

Public

Service

Corp

3.671%

12/01/42

55,022

TOTAL

UTILITY

8,839,443

TOTAL

CORPORATE

DEBT

(cost

$99,595,861)

92,446,771

Principal

Amount

(000)

Description

(a)

Coupon

Maturity

Value

X

–

GOVERNMENT

RELATED

-

4.5%

GOVERNMENT

AGENCY

-

1.4%

$

20

Equinor

ASA

3.000%

4/06/27

19,263

10

Equinor

ASA

3.625%

9/10/28

9,705

154

Equinor

ASA

3.125%

4/06/30

142,901

30

Equinor

ASA

5.100%

8/17/40

29,634

62

Equinor

ASA

3.950%

5/15/43

52,352

10

Equinor

ASA

3.250%

11/18/49

7,189

30

Equinor

ASA

3.700%

4/06/50

23,477

100

Export

Development

Canada

3.375%

8/26/25

98,676

100

Export

Development

Canada

4.375%

6/29/26

100,005

170

Export

Development

Canada

4.125%

2/13/29

170,581

81

Federal

National

Mortgage

Association

2.625%

9/06/24

80,768

70

(c)

Federal

National

Mortgage

Association

1.625%

1/07/25

68,944

200

Federal

National

Mortgage

Association

0.500%

6/17/25

192,658

280

Federal

National

Mortgage

Association

1.875%

9/24/26

266,321

379

Federal

National

Mortgage

Association

5.625%

7/15/37

427,925

20

Industrial

&

Commercial

Bank

of

China

Ltd/New

York

NY

3.538%

11/08/27

19,335

10

Israel

Government

AID

Bond

5.500%

9/18/33

10,797

99

Japan

Bank

for

International

Cooperation

2.500%

5/28/25

97,027

100

Japan

International

Cooperation

Agency

4.000%

5/23/28

98,676

40

Korea

Development

Bank/The

1.375%

4/25/27

36,853

170

Korea

Development

Bank/The

4.375%

2/15/28

170,068

200

Korea

Development

Bank/The

5.375%

10/23/28

207,978

20

Kreditanstalt

fuer

Wiederaufbau

1.375%

8/05/24

19,992

744

Kreditanstalt

fuer

Wiederaufbau

2.500%

11/20/24

737,721

79

Kreditanstalt

fuer

Wiederaufbau

0.375%

7/18/25

75,805

50

Kreditanstalt

fuer

Wiederaufbau

5.000%

3/16/26

50,425

100

Kreditanstalt

fuer

Wiederaufbau

4.625%

8/07/26

100,596

442

Kreditanstalt

fuer

Wiederaufbau

3.000%

5/20/27

428,676

100

Kreditanstalt

fuer

Wiederaufbau

4.750%

10/29/30

103,887

77

Principal

Amount

(000)

Description

(a)

Coupon

Maturity

Value

GOVERNMENT

AGENCY

(continued)

$

110

Kreditanstalt

fuer

Wiederaufbau

4.125%

7/15/33

$

109,892

75

Kreditanstalt

fuer

Wiederaufbau

4.375%

2/28/34

76,493

40

Landwirtschaftliche

Rentenbank

0.500%

5/27/25

38,585

110

Landwirtschaftliche

Rentenbank

3.875%

9/28/27

109,130

100

Landwirtschaftliche

Rentenbank

4.625%

4/17/29

102,569

100

Landwirtschaftliche

Rentenbank

5.000%

10/24/33

105,975

20

Oesterreichische

Kontrollbank

AG

0.500%

9/16/24

19,876

160

Oesterreichische

Kontrollbank

AG

2.875%

5/23/25

157,361

50

Oesterreichische

Kontrollbank

AG

4.750%

5/21/27

50,698

80

Oesterreichische

Kontrollbank

AG

4.125%

1/18/29

80,169

260

Svensk

Exportkredit

AB

4.625%

11/28/25

259,760

TOTAL

GOVERNMENT

AGENCY

4,958,743

MUNICIPAL

BONDS

-

0.9%

(d)

250

Province

of

Alberta

Canada

(No

Opt.

Call)

1.000%

5/20/25

242,314

160

Province

of

Alberta

Canada

(No

Opt.

Call)

3.300%

3/15/28

155,130

50

Province

of

Alberta

Canada

(No

Opt.

Call)

4.500%

6/26/29

50,712

40

Province

of

Alberta

Canada

(No

Opt.

Call)

1.300%

7/22/30

33,868

50

Province

of

Alberta

Canada

(No

Opt.

Call)

4.500%

1/24/34

50,152

175

Province

of

British

Columbia

Canada

(No

Opt.

Call)

1.750%

9/27/24

173,987

150

Province

of

British

Columbia

Canada

(No

Opt.

Call)

2.250%

6/02/26

144,163

110

Province

of

British

Columbia

Canada

(No

Opt.

Call)

0.900%

7/20/26

102,719

85

Province

of

British

Columbia

Canada

(No

Opt.

Call)

4.200%

7/06/33

83,397

100

Province

of

British

Columbia

Canada

(No

Opt.

Call)

4.750%

6/12/34

102,087

100

(c)

Province

of

Manitoba

Canada

(No

Opt.

Call)

1.500%

10/25/28

89,620

100

Province

of

Manitoba

Canada

(No

Opt.

Call)

4.300%

7/27/33

98,870

80

Province

of

New

Brunswick

Canada

(No

Opt.

Call)

3.625%

2/24/28

77,801

300

Province

of

Ontario

Canada

(No

Opt.

Call)

2.500%

4/27/26

289,975

260

Province

of

Ontario

Canada

(No

Opt.

Call)

3.100%

5/19/27

251,943

23

Province

of

Ontario

Canada

(No

Opt.

Call)

1.050%

5/21/27

21,061

150

Province

of

Ontario

Canada

(No

Opt.

Call)

4.200%

1/18/29

150,003

150

Province

of

Ontario

Canada

(No

Opt.

Call)

1.800%

10/14/31

126,951

Nuveen

ESG

U.S.

Aggregate

Bond

ETF

(NUBD)

(continued)

Portfolio

of

Investments

July

31,

2024

78

Principal

Amount

(000)

Description

(a)

Coupon

Maturity

Value

MUNICIPAL

BONDS

(continued)

$

100

Province

of

Ontario

Canada

(No

Opt.

Call)

2.125%

1/21/32

$

86,187

89

Province

of

Quebec

Canada

(No

Opt.

Call)

2.875%

10/16/24

88,528

180

Province

of

Quebec

Canada

(No

Opt.

Call)

1.500%

2/11/25

176,570

120

Province

of

Quebec

Canada

(No

Opt.

Call)

0.600%

7/23/25

115,185

305

Province

of

Quebec

Canada

(No

Opt.

Call)

2.500%

4/20/26

294,919

70

Province

of

Quebec

Canada

(No

Opt.

Call)

2.750%

4/12/27

67,312

140

Province

of

Quebec

Canada

(No

Opt.

Call)

4.500%

4/03/29

141,842

100

Province

of

Quebec

Canada

(No

Opt.

Call)

4.500%

9/08/33

100,353

TOTAL

MUNICIPAL

BONDS

3,315,649

SOVEREIGN

DEBT

-

2.2%

20

African

Development

Bank

3.375%

7/07/25

19,736

110

African

Development

Bank

0.875%

7/22/26

102,745

100

Asian

Development

Bank

4.875%

5/21/26

100,815

250

Asian

Development

Bank

1.500%

1/20/27

234,164

120

Asian

Development

Bank

4.500%

8/25/28

121,890

100

Asian

Development

Bank

4.375%

3/06/29

101,478

100

Asian

Development

Bank

1.875%

3/15/29

91,014

100

Asian

Development

Bank

3.125%

4/27/32

93,595

110

Asian

Development

Bank

4.125%

1/12/34

109,693

210

Canada

Government

International

Bond

3.750%

4/26/28

207,657

80

Chile

Government

International

Bond

3.125%

1/21/26

77,388

30

Chile

Government

International

Bond

3.240%

2/06/28

28,388

160

Chile

Government

International

Bond

2.450%

1/31/31

138,657

90

Chile

Government

International

Bond

4.950%

1/05/36

87,708

260

Chile

Government

International

Bond

3.250%

9/21/71

164,505

50

Council

Of

Europe

Development

Bank

0.875%

9/22/26

46,479

100

Council

Of

Europe

Development

Bank

4.625%

6/11/27

101,228

30

European

Bank

for

Reconstruction

&

Development

1.500%

2/13/25

29,424

100

European

Bank

for

Reconstruction

&

Development

4.375%

3/09/28

100,894

110

European

Investment

Bank

2.750%

8/15/25

107,796

100

European

Investment

Bank

0.750%

10/26/26

92,567

112

European

Investment

Bank

1.375%

3/15/27

104,239

100

European

Investment

Bank

4.500%

10/16/28

101,713

225

European

Investment

Bank

4.000%

2/15/29

224,780

100

European

Investment

Bank

4.750%

6/15/29

103,200

170

European

Investment

Bank

3.625%

7/15/30

166,702

100

European

Investment

Bank

4.375%

10/10/31

101,505

85

European

Investment

Bank

4.125%

2/13/34

84,855

84

Hungary

Government

International

Bond

7.625%

3/29/41

96,708

190

Indonesia

Government

International

Bond

4.550%

1/11/28

188,085

79

Principal

Amount

(000)

Description

(a)

Coupon

Maturity

Value

SOVEREIGN

DEBT

(continued)

$

70

Indonesia

Government

International

Bond

4.850%

1/11/33

$

69,410

280

Indonesia

Government

International

Bond

5.650%

1/11/53

286,384

100

Inter-American

Development

Bank

4.500%

5/15/26

100,155

100

Inter-American

Development

Bank

1.500%

1/13/27

93,700

90

Inter-American

Development

Bank

4.375%

2/01/27

90,342

100

Inter-American

Development

Bank

4.000%

1/12/28

99,591

110

Inter-American

Development

Bank

1.125%

7/20/28

98,237

240

Inter-American

Development

Bank

3.875%

10/28/41

216,171

535

International

Bank

for

Reconstruction

&

Development

1.500%

8/28/24

533,388

161

International

Bank

for

Reconstruction

&

Development

2.125%

3/03/25

158,301

40

International

Bank

for

Reconstruction

&

Development

0.625%

4/22/25

38,778

60

International

Bank

for

Reconstruction

&

Development

3.125%

11/20/25

58,908

60

International

Bank

for

Reconstruction

&

Development

2.500%

11/22/27

57,019

100

International

Bank

for

Reconstruction

&

Development

4.625%

8/01/28

102,057

92

International

Bank

for

Reconstruction

&

Development

4.000%

7/25/30

92,028

95

International

Bank

for

Reconstruction

&

Development

4.000%

1/10/31

94,825

100

International

Bank

for

Reconstruction

&

Development

4.500%

4/10/31

102,763

100

International

Bank

for

Reconstruction

&

Development

1.625%

11/03/31

84,591

112

International

Bank

for

Reconstruction

&

Development

2.500%

3/29/32

100,411

100

International

Bank

for

Reconstruction

&

Development

4.750%

11/14/33

104,493

50

International

Finance

Corp

2.126%

4/07/26

48,131

35

International

Finance

Corp

4.375%

1/15/27

35,124

180

Israel

Government

International

Bond

2.750%

7/03/30

154,482

280

Israel

Government

International

Bond

3.875%

7/03/50

198,450

30

Korea

International

Bond

2.750%

1/19/27

28,862

30

Korea

International

Bond

2.500%

6/19/29

27,898

60

Korea

International

Bond

1.000%

9/16/30

49,819

70

Korea

International

Bond

1.750%

10/15/31

59,099

200

Nordic

Investment

Bank

5.000%

10/15/25

200,846

40

Panama

Government

International

Bond

3.160%

1/23/30

34,354

80

Panama

Government

International

Bond

6.875%

1/31/36

80,083

200

Panama

Government

International

Bond

8.000%

3/01/38

215,327

250

Panama

Government

International

Bond

4.500%

5/15/47

177,392

90

Panama

Government

International

Bond

4.500%

4/16/50

62,086

Nuveen

ESG

U.S.

Aggregate

Bond

ETF

(NUBD)

(continued)

Portfolio

of

Investments

July

31,

2024

80

Principal

Amount

(000)

Description

(a)

Coupon

Maturity

Value

SOVEREIGN

DEBT

(continued)

$

65

Peruvian

Government

International

Bond

3.000%

1/15/34

$

53,666

96

Peruvian

Government

International

Bond

5.625%

11/18/50

95,036

20

Peruvian

Government

International

Bond

3.550%

3/10/51

14,471

120

Republic

of

Italy

Government

International

Bond

1.250%

2/17/26

113,343

140

Republic

of

Italy

Government

International

Bond

2.875%

10/17/29

126,840

200

Republic

of

Poland

Government

International

Bond

4.875%

10/04/33

198,224

75

Republic

of

Poland

Government

International

Bond

5.125%

9/18/34

75,245

15

Uruguay

Government

International

Bond

4.375%

1/23/31

14,741

83

Uruguay

Government

International

Bond

5.750%

10/28/34

88,479

200

Uruguay

Government

International

Bond

4.125%

11/20/45

176,355

TOTAL

SOVEREIGN

DEBT

8,239,513

TOTAL

GOVERNMENT

RELATED

(cost

$17,477,871)

16,513,905

TOTAL

LONG-TERM

INVESTMENTS

(cost

$388,555,528)

363,608,700

Shares

Description

(a)

Coupon

Value

INVESTMENTS

PURCHASED

WITH

COLLATERAL

FROM

SECURITIES

LENDING

-

0.2%

590,778

(e)

State

Street

Navigator

Securities

Lending

Government

Money

Market

Portfolio

5.310%(f)

$

590,778

TOTAL

INVESTMENTS

PURCHASED

WITH

COLLATERAL

FROM

SECURITIES

LENDING

(cost

$590,778)

590,778

TOTAL

INVESTMENTS

(cost

$389,146,306

)

-

98.8%

364,199,478

OTHER

ASSETS

&

LIABILITIES,

NET

-

1.2%

4,522,350

NET

ASSETS

-

100%

$

368,721,828

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)

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

$639,640

or

0.2%

of

Total

Investments.

(c)

Investment,

or

a

portion

of

investment,

is

out

on

loan

for

securities

lending.

The

total

value

of

the

securities

out

on

loan

as

of

the

end

of

the

reporting

period

was

$574,282.

(d)

Optional

Call

Provisions:

Dates

(month

and

year)

and

prices

of

the

earliest

optional

call

or

redemption.

There

may

be

other

call

provisions

at

varying

prices

at

later

dates.

Certain

mortgage-backed

securities

may

be

subject

to

periodic

principal

paydowns.

Optional

Call

Provisions

are

not

covered

by

the

report

of

independent

registered

public

accounting

firm.

(e)

The

Fund

may

loan

securities

representing

up

to

one

third

of

the

value

of

its

total

assets

(which

includes

collateral

for

securities

on

loan)

to

broker

dealers,

banks,

and

other

institutions.

The

collateral

maintained

by

the

Fund

shall

have

a

value,

at

the

inception

of

each

loan,

equal

to

not

less

than

100%

of

the

value

of

the

loaned

securities.

The

cash

collateral

received

by

the

Fund

is

invested

in

this

money

market

fund.

(f)

The

rate

shown

is

the

one-day

yield

as

of

the

end

of

the

reporting

period.

S&P

Standard

&

Poor's

See

Notes

to

Financial

Statements

81

Nuveen

Global

Net

Zero

Transition

ETF

(NTZG)

Portfolio

of

Investments

July

31,

2024

Shares

Description

(a)

Value

LONG-TERM

INVESTMENTS

-

99.3%

X

–

COMMON

STOCKS

-

99.3%

COMMUNICATION

SERVICES

-

4.6%

1,284

Alphabet

Inc,

Class

A

$

220,257

848

Walt

Disney

Co/The

79,449

TOTAL

COMMUNICATION

SERVICES

299,706

CONSUMER

DISCRETIONARY

-

12.7%

586

(b)

Airbnb

Inc,

Class

A

81,782

1,742

(b)

Amazon.com

Inc

325,719

3,000

BYD

Co

Ltd

87,558

204

Kering

SA

62,803

256

McDonald's

Corp

67,943

476

NIKE

Inc,

Class

B

35,633

612

Starbucks

Corp

47,705

5,636

(b)

Toyota

Motor

Corp

110,465

TOTAL

CONSUMER

DISCRETIONARY

819,608

CONSUMER

STAPLES

-

7.0%

1,140

Anheuser-Busch

InBev

SA/NV

67,798

148

Costco

Wholesale

Corp

121,656

1,117

Kraft

Heinz

Co/The

39,330

476

Procter

&

Gamble

Co/The

76,522

2,079

Walmart

Inc

142,702

TOTAL

CONSUMER

STAPLES

448,008

ENERGY

-

9.5%

10,768

BP

PLC

63,464

588

Cheniere

Energy

Inc

107,392

632

Exxon

Mobil

Corp

74,945

7,407

(b)

NexGen

Energy

Ltd

49,328

1,293

Occidental

Petroleum

Corp

78,640

1,300

(c)

Reliance

Industries

Ltd,

Sponsored

GDR

93,730

1,102

Schlumberger

NV

53,216

2,450

Shell

PLC

89,372

TOTAL

ENERGY

610,087

FINANCIALS

-

11.0%

965

Commonwealth

Bank

of

Australia

86,639

404

(b)

Fiserv

Inc

66,082

3,856

ING

Groep

NV

69,891

562

JPMorgan

Chase

&

Co

119,594

434

London

Stock

Exchange

Group

PLC

52,791

240

Mastercard

Inc,

Class

A

111,290

396

Progressive

Corp/The

84,792

884

Sun

Life

Financial

Inc

43,859

1,292

Wells

Fargo

&

Co

76,667

TOTAL

FINANCIALS

711,605

HEALTH

CARE

-

11.2%

916

(b)

Centene

Corp

70,459

292

Cigna

Group/The

101,812

280

EssilorLuxottica

SA

64,142

4,119

GSK

PLC

79,995

578

Merck

&

Co

Inc

65,389

1,444

Novo

Nordisk

A/S,

Class

B

190,973

607

Sanofi

62,616

Nuveen

Global

Net

Zero

Transition

ETF

(NTZG)

(continued)

Portfolio

of

Investments

July

31,

2024

82

Shares

Description

(a)

Value

HEALTH

CARE

(continued)

269

Stryker

Corp

$

88,084

TOTAL

HEALTH

CARE

723,470

INDUSTRIALS

-

10.1%

1,752

Flowserve

Corp

88,564

420

Quanta

Services

Inc

111,460

784

Schneider

Electric

SE

189,058

396

Trane

Technologies

PLC

132,375

236

Union

Pacific

Corp

58,228

598

Vinci

SA

68,333

TOTAL

INDUSTRIALS

648,018

INFORMATION

TECHNOLOGY

-

21.5%

323

Apple

Inc

71,732

6,000

Delta

Electronics

Inc

75,662

14,000

E

Ink

Holdings

Inc

114,785

1,755

Infineon

Technologies

AG

60,866

1,623

Intel

Corp

49,891

188

Keyence

Corp

82,330

354

(b)

Manhattan

Associates

Inc

90,404

639

Microsoft

Corp

267,326

1,037

(b)

Procore

Technologies

Inc

73,658

3,300

Rohm

Co

Ltd

44,940

287

Samsung

SDI

Co

Ltd

66,603

95

(b)

ServiceNow

Inc

77,367

4,800

SUMCO

Corp

79,548

8,000

Taiwan

Semiconductor

Manufacturing

Co

Ltd

227,320

TOTAL

INFORMATION

TECHNOLOGY

1,382,432

MATERIALS

-

4.6%

2,254

BHP

Group

Ltd

62,260

733

Corteva

Inc

41,121

326

DSM-Firmenich

AG

41,644

332

Linde

PLC

150,562

TOTAL

MATERIALS

295,587

REAL

ESTATE

-

2.4%

2,807

Goodman

Group

64,337

696

Prologis

Inc

87,731

TOTAL

REAL

ESTATE

152,068

UTILITIES

-

4.7%

947

NextEra

Energy

Inc

72,341

2,444

RWE

AG

91,214

946

Southern

Co/The

79,010

1,951

Veolia

Environnement

SA

61,309

TOTAL

UTILITIES

303,874

TOTAL

COMMON

STOCKS

(cost

$5,050,854)

6,394,463

TOTAL

LONG-TERM

INVESTMENTS

(cost

$5,050,854)

6,394,463

OTHER

ASSETS

&

LIABILITIES,

NET

-

0.7%

46,468

NET

ASSETS

-

100%

$

6,440,931

83

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

$93,730

or

1.5%

of

Total

Investments.

GDR

Global

Depositary

Receipt

See

accompanying

notes

to

financial

statements.

84

Nuveen

Preferred

and

Income

ETF

(NPFI)

Portfolio

of

Investments

July

31,

2024

Principal

Amount

(000)

Description

(a)

Coupon

Maturity

Value

LONG-TERM

INVESTMENTS

-

98.2%  

$1,000

PAR

(OR

SIMILAR)

INSTITUTIONAL

PREFERRED

-

61.8%

AUTOMOBILES

&

COMPONENTS

-

1.4%

$

105

General

Motors

Financial

Co

Inc

5.700%

N/A

(b)

$

99,611

146

General

Motors

Financial

Co

Inc

5.750%

N/A

(b)

138,626

251

TOTAL

AUTOMOBILES

&

COMPONENTS

238,237

BANKS

-

23.4%

41

Bank

of

America

Corp

4.375%

12/30/49

38,723

44

Bank

of

America

Corp

6.300%

9/10/72

44,164

17

Bank

of

America

Corp

6.100%

9/17/72

16,949

188

Bank

of

America

Corp

6.250%

N/A

(b)

187,826

150

Bank

of

America

Corp

6.500%

4/23/73

149,600

50

Citigroup

Inc

7.000%

12/30/49

50,720

65

Citigroup

Inc

7.125%

12/30/49

65,049

59

Citigroup

Inc

7.375%

8/15/72

60,501

121

Citigroup

Inc

5.950%

11/15/72

120,134

60

Citigroup

Inc

9.007%

11/17/72

60,054

85

Citigroup

Inc

4.150%

N/A

(b)

78,818

151

Citigroup

Inc

6.250%

2/15/73

150,927

146

Citigroup

Inc

7.625%

N/A

(b)

151,837

80

Citizens

Financial

Group

Inc

8.733%

1/07/73

79,376

250

CoBank

ACB

7.250%

7/01/73

255,195

81

Fifth

Third

Bancorp

4.500%

9/30/72

78,720

39

Fifth

Third

Bancorp

8.626%

12/31/72

38,654

188

First

Citizens

BancShares

Inc/NC

9.573%

6/15/73

191,124

10

Goldman

Sachs

Group

Inc/The

4.400%

8/10/72

9,796

135

Huntington

Bancshares

Inc/OH

5.625%

N/A

(b)

129,309

98

JPMorgan

Chase

&

Co

3.650%

N/A

(b)

93,060

130

JPMorgan

Chase

&

Co

5.000%

2/01/73

130,000

72

JPMorgan

Chase

&

Co

6.100%

4/01/73

71,588

375

JPMorgan

Chase

&

Co

6.875%

N/A

(b)

387,470

77

KeyCorp

5.000%

12/15/72

70,392

83

M&T

Bank

Corp

9.194%

8/15/72

83,061

17

M&T

Bank

Corp

3.500%

N/A

(b)

14,655

22

M&T

Bank

Corp

5.125%

5/01/73

21,014

36

PNC

Financial

Services

Group

Inc/The

6.000%

8/15/70

35,493

49

PNC

Financial

Services

Group

Inc/The

8.648%

12/01/72

49,096

30

PNC

Financial

Services

Group

Inc/The

3.400%

N/A

(b)

26,823

20

PNC

Financial

Services

Group

Inc/The

6.200%

N/A

(b)

19,948

30

PNC

Financial

Services

Group

Inc/The

5.000%

5/01/73

28,711

160

PNC

Financial

Services

Group

Inc/The

6.250%

6/15/73

155,975

155

Regions

Financial

Corp

5.750%

9/15/72

153,397

64

Truist

Financial

Corp

4.800%

N/A

(b)

63,040

141

Truist

Financial

Corp

5.100%

3/01/73

131,694

41

Truist

Financial

Corp

8.703%

6/15/73

41,164

224

Wells

Fargo

&

Co

7.625%

N/A

(b)

238,262

109

Wells

Fargo

&

Co

3.900%

N/A

(b)

104,556

153

Wells

Fargo

&

Co

5.875%

6/15/73

152,371

4,046

TOTAL

BANKS

4,029,246

CAPITAL

GOODS

-

0.9%

161

Air

Lease

Corp

4.650%

N/A

(b)

155,405

161

TOTAL

CAPITAL

GOODS

155,405

85

Principal

Amount

(000)

Description

(a)

Coupon

Maturity

Value

ENERGY

-

3.7%

$

109

Energy

Transfer

LP

6.500%

N/A

(b)

$

108,289

100

Energy

Transfer

LP

6.625%

2/15/73

98,041

47

Energy

Transfer

LP

7.125%

5/15/73

46,850

150

Transcanada

Trust

5.300%

3/15/77

141,020

255

Transcanada

Trust

5.600%

3/07/82

236,515

661

TOTAL

ENERGY

630,715

FINANCIAL

SERVICES

-

11.3%

365

AerCap

Ireland

Capital

DAC

/

AerCap

Global

Aviation

Trust

6.950%

3/10/55

369,089

36

Ally

Financial

Inc

4.700%

8/15/72

33,005

62

Ally

Financial

Inc

4.700%

8/15/72

51,456

50

American

Express

Co

3.550%

N/A

(b)

46,686

76

Bank

of

New

York

Mellon

Corp/The

4.700%

N/A

(b)

74,703

105

Capital

One

Financial

Corp

3.950%

N/A

(b)

96,910

99

Charles

Schwab

Corp/The

5.375%

N/A

(b)

97,841

159

Charles

Schwab

Corp/The

4.000%

6/01/73

148,480

37

Discover

Financial

Services

6.125%

N/A

(b)

36,725

15

Discover

Financial

Services

5.500%

4/30/73

13,540

131

Equitable

Holdings

Inc

4.950%

N/A

(b)

128,580

10

Goldman

Sachs

Group

Inc/The

3.800%

11/10/72

9,390

90

Goldman

Sachs

Group

Inc/The

5.300%

11/10/72

89,091

100

Goldman

Sachs

Group

Inc/The

7.500%

11/10/72

103,066

177

Goldman

Sachs

Group

Inc/The

5.500%

N/A

(b)

176,516

144

Goldman

Sachs

Group

Inc/The

7.500%

N/A

(b)

150,645

17

Goldman

Sachs

Group

Inc/The

4.125%

5/10/73

15,916

151

State

Street

Corp

6.700%

N/A

(b)

151,161

150

Voya

Financial

Inc

7.758%

3/15/73

157,781

1,974

TOTAL

FINANCIAL

SERVICES

1,950,581

FOOD,

BEVERAGE

&

TOBACCO

-

2.1%

450

(c)

Land

O'

Lakes

Inc

7.250%

6/15/73

371,245

450

TOTAL

FOOD,

BEVERAGE

&

TOBACCO

371,245

INSURANCE

-

8.4%

69

American

International

Group

Inc

5.750%

4/01/48

68,095

114

AXIS

Specialty

Finance

LLC

4.900%

1/15/40

106,255

226

Enstar

Finance

LLC

5.500%

1/15/42

201,949

166

Markel

Group

Inc

6.000%

12/01/72

165,013

104

(c)

MetLife

Inc

9.250%

4/08/38

121,864

23

MetLife

Inc

5.875%

9/15/72

22,894

46

MetLife

Inc

3.850%

N/A

(b)

44,591

84

PartnerRe

Finance

B

LLC

4.500%

10/01/50

76,510

50

Prudential

Financial

Inc

5.375%

5/15/45

49,427

107

Prudential

Financial

Inc

3.700%

10/01/50

94,284

125

Prudential

Financial

Inc

5.125%

3/01/52

117,566

75

Prudential

Financial

Inc

6.500%

3/15/54

76,463

309

(c)

QBE

Insurance

Group

Ltd

5.875%

11/12/72

306,147

1,498

TOTAL

INSURANCE

1,451,058

MEDIA

&

ENTERTAINMENT

-

1.7%

250

(c)

Farm

Credit

Bank

of

Texas

7.750%

12/30/49

254,567

38

Paramount

Global

6.375%

3/30/62

34,889

288

TOTAL

MEDIA

&

ENTERTAINMENT

289,456

TELECOMMUNICATION

SERVICES

-

0.8%

73

Vodafone

Group

PLC

7.000%

4/04/79

75,572

70

Vodafone

Group

PLC

4.125%

6/04/81

61,613

143

TOTAL

TELECOMMUNICATION

SERVICES

137,185

Nuveen

Preferred

and

Income

ETF

(NPFI)

(continued)

Portfolio

of

Investments

July

31,

2024

86

Principal

Amount

(000)

Description

(a)

Coupon

Maturity

Value

UTILITIES

-

8.1%

$

150

AES

Corp/The

7.600%

1/15/55

$

152,637

86

American

Electric

Power

Co

Inc

3.875%

2/15/62

80,035

100

Dominion

Energy

Inc

7.000%

6/01/54

105,020

50

Edison

International

5.000%

12/30/49

48,053

94

Edison

International

5.375%

9/15/72

91,852

308

Emera

Inc

6.750%

6/15/76

306,383

200

Entergy

Corp

7.125%

12/01/54

200,092

84

Sempra

4.125%

4/01/52

77,507

115

Sempra

4.875%

10/15/72

112,651

102

Southern

Co/The

4.000%

1/15/51

99,070

100

(c)

Vistra

Corp

8.000%

12/30/49

102,363

19

(c)

Vistra

Corp

7.000%

N/A

(b)

19,109

1,408

TOTAL

UTILITIES

1,394,772

TOTAL

$1,000

PAR

(OR

SIMILAR)

INSTITUTIONAL

PREFERRED

(cost

$10,528,957)

10,647,900

Principal

Amount

(000)

Description

(a)

Coupon

Maturity

Value

CONTINGENT

CAPITAL

SECURITIES

-

33.5%

BANKS

-

28.8%

356

Banco

Bilbao

Vizcaya

Argentaria

SA

9.375%

12/19/72

383,847

200

Banco

Santander

SA

4.750%

8/12/72

184,342

200

Banco

Santander

SA

9.625%

2/21/73

228,272

402

Barclays

PLC

8.000%

12/30/49

412,873

200

Barclays

PLC

9.625%

12/30/49

218,420

291

(c)

BNP

Paribas

SA

8.500%

12/30/49

305,226

283

(c)

BNP

Paribas

SA

9.250%

5/17/73

303,638

257

(c)

Credit

Agricole

SA

8.125%

3/23/73

262,141

218

HSBC

Holdings

PLC

8.000%

12/30/49

230,411

227

HSBC

Holdings

PLC

6.375%

9/30/72

226,693

222

HSBC

Holdings

PLC

6.000%

11/22/72

217,324

388

ING

Groep

NV

7.500%

5/16/72

394,790

306

Lloyds

Banking

Group

PLC

7.500%

12/27/72

307,077

200

NatWest

Group

PLC

8.125%

12/30/49

207,093

297

NatWest

Group

PLC

6.000%

9/30/72

293,167

200

(c)

Societe

Generale

SA

10.000%

N/A

(b)

211,163

377

(c)

Societe

Generale

SA

9.375%

5/22/73

386,675

200

(c)

Standard

Chartered

PLC

7.750%

12/30/49

204,450

4,824

TOTAL

BANKS

4,977,602

FINANCIAL

SERVICES

-

4.7%

200

Deutsche

Bank

AG

6.000%

4/30/73

191,655

543

(c)

UBS

Group

AG

9.250%

N/A

(b)

614,489

743

TOTAL

FINANCIAL

SERVICES

806,144

TOTAL

CONTINGENT

CAPITAL

SECURITIES

(cost

$5,644,338)

5,783,746

Principal

Amount

(000)

Description

(a)

Coupon

Maturity

Value

CORPORATE

BONDS

-

2.9%

ENERGY

-

1.6%

47

Enbridge

Inc

6.000%

1/15/77

45,781

48

Enbridge

Inc

5.750%

7/15/80

45,540

89

Enbridge

Inc

7.625%

1/15/83

92,478

85

Enbridge

Inc

8.500%

1/15/84

92,962

269

TOTAL

ENERGY

276,761

87

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

purpos-

es

of

this

report,

which

may

combine

industry

sub-classifications

into

sectors

for

reporting

ease.

Principal

Amount

(000)

Description

(a)

Coupon

Maturity

Value

INSURANCE

-

1.3%

$

222

Assurant

Inc

7.000%

3/27/48

$

225,775

222

TOTAL

INSURANCE

225,775

TOTAL

CORPORATE

BONDS

(cost

$498,187)

502,536

TOTAL

LONG-TERM

INVESTMENTS

(cost

$16,671,482)

16,934,182

OTHER

ASSETS

&

LIABILITIES,

NET

-

1.8%

306,694

NET

ASSETS

-

100%

$

17,240,876

(a)

All

percentages

shown

in

the

Portfolio

of

Investments

are

based

on

net

assets.

(b)

Perpetual

security.

Maturity

date

is

not

applicable.

(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

$3,463,077

or

20.5%

of

Total

Investments.

88

Nuveen

Sustainable

Core

ETF

(NSCR)

Portfolio

of

Investments

July

31,

2024

Shares

Description

(a)

Value

LONG-TERM

INVESTMENTS

-

92.7%

X

–

COMMON

STOCKS

-

92.7%

COMMUNICATION

SERVICES

-

8.2%

756

Alphabet

Inc,

Class

A

$

129,684

672

Alphabet

Inc,

Class

C

116,357

347

Meta

Platforms

Inc

164,766

609

Walt

Disney

Co/The

57,057

TOTAL

COMMUNICATION

SERVICES

467,864

CONSUMER

DISCRETIONARY

-

7.3%

1,302

(b)

Amazon.com

Inc

243,448

1,436

General

Motors

Co

63,643

441

Lowe's

Cos

Inc

108,270

TOTAL

CONSUMER

DISCRETIONARY

415,361

CONSUMER

STAPLES

-

2.5%

525

Bunge

Global

SA

55,246

42

Costco

Wholesale

Corp

34,524

357

Target

Corp

53,696

TOTAL

CONSUMER

STAPLES

143,466

ENERGY

-

4.5%

567

Chevron

Corp

90,986

465

EOG

Resources

Inc

58,962

1,911

Marathon

Oil

Corp

53,604

294

Marathon

Petroleum

Corp

52,044

TOTAL

ENERGY

255,596

FINANCIALS

-

12.7%

315

American

Express

Co

79,708

315

Ameriprise

Financial

Inc

135,472

399

Apollo

Global

Management

Inc

49,999

2,112

Bank

of

New

York

Mellon

Corp/The

137,428

420

Chubb

Ltd

115,777

378

(b)

Fiserv

Inc

61,830

441

KKR

&

Co

Inc

54,441

189

Mastercard

Inc,

Class

A

87,641

TOTAL

FINANCIALS

722,296

HEALTH

CARE

-

16.7%

672

Abbott

Laboratories

71,192

231

Becton

Dickinson

&

Co

55,685

945

Cardinal

Health

Inc

95,284

630

(b)

Centene

Corp

48,460

374

Cigna

Group/The

130,402

126

Elevance

Health

Inc

67,036

147

Eli

Lilly

&

Co

118,228

378

Labcorp

Holdings

Inc

81,436

1,302

Merck

&

Co

Inc

147,295

231

UnitedHealth

Group

Inc

133,093

TOTAL

HEALTH

CARE

948,111

89

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

purpos-

es

of

this

report,

which

may

combine

industry

sub-classifications

into

sectors

for

reporting

ease.

Shares

Description

(a)

Value

INDUSTRIALS

-

3.5%

420

Dover

Corp

$

77,389

210

Ferguson

PLC

46,756

378

Honeywell

International

Inc

77,396

TOTAL

INDUSTRIALS

201,541

INFORMATION

TECHNOLOGY

-

28.4%

1,444

Apple

Inc

320,683

273

Applied

Materials

Inc

57,931

147

(b)

Arista

Networks

Inc

50,943

420

Broadcom

Inc

67,486

84

Lam

Research

Corp

77,384

1,008

Microsoft

Corp

421,697

3,405

NVIDIA

Corp

398,453

483

Oracle

Corp

67,354

546

QUALCOMM

Inc

98,799

210

Salesforce

Inc

54,348

TOTAL

INFORMATION

TECHNOLOGY

1,615,078

MATERIALS

-

2.2%

903

Corteva

Inc

50,658

168

Linde

PLC

76,188

TOTAL

MATERIALS

126,846

REAL

ESTATE

-

3.2%

890

Simon

Property

Group

Inc

136,562

336

Sun

Communities

Inc

42,581

TOTAL

REAL

ESTATE

179,143

UTILITIES

-

3.5%

651

American

Electric

Power

Co

Inc

63,876

1,750

NextEra

Energy

Inc

133,683

TOTAL

UTILITIES

197,559

TOTAL

COMMON

STOCKS

(cost

$4,872,699)

5,272,861

TOTAL

LONG-TERM

INVESTMENTS

(cost

$4,872,699)

5,272,861

OTHER

ASSETS

&

LIABILITIES,

NET

-

7.3%

416,337

NET

ASSETS

-

100%

$

5,689,198

(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.

90

Nuveen

Ultra

Short

Income

ETF

(NUSB)

Portfolio

of

Investments

July

31,

2024

Principal

Amount

(000)

Description

(a)

Coupon

Maturity

Value

LONG-TERM

INVESTMENTS

-

38.5%

X

–

CORPORATE

DEBT

-

23.3%

FINANCIALS

-

15.2%

$

195

(b)

American

Express

Co

6.118%

4/23/27

$

195,234

200

Banco

Santander

SA

5.147%

8/18/25

199,415

310

Bank

of

America

Corp

3.384%

4/02/26

305,853

180

Bank

of

New

York

Mellon

Corp/

The

4.947%

4/26/27

180,362

250

(b)

Citibank

NA

5.957%

4/30/26

250,035

100

Citigroup

Inc

5.610%

9/29/26

100,426

180

Goldman

Sachs

Group

Inc/The

5.798%

8/10/26

180,868

180

JPMorgan

Chase

&

Co

6.070%

10/22/27

184,674

260

(b),(c)

Massachusetts

Mutual

Life

Insurance

Co

6.109%

4/09/27

260,401

245

Morgan

Stanley

2.188%

4/28/26

239,237

180

Morgan

Stanley

5.050%

1/28/27

180,211

195

(b),(c)

New

York

Life

Global

Funding

6.040%

4/02/27

195,811

200

Prologis

LP

3.250%

6/30/26

194,624

245

(b)

Royal

Bank

of

Canada

6.447%

7/20/26

247,195

200

Simon

Property

Group

LP

3.300%

1/15/26

195,316

180

State

Street

Corp

5.104%

5/18/26

179,948

250

(b)

UnitedHealth

Group

Inc

5.862%

7/15/26

250,464

195

Wells

Fargo

&

Co

2.406%

10/30/25

193,487

180

Wells

Fargo

Bank

NA

4.811%

1/15/26

180,032

TOTAL

FINANCIALS

3,913,593

INDUSTRIAL

-

7.4%

100

AT&T

Inc

5.539%

2/20/26

100,003

195

(b),(c)

BMW

US

Capital

LLC

5.920%

4/02/26

195,682

180

Caterpillar

Financial

Services

Corp

4.350%

5/15/26

179,185

195

(b)

Caterpillar

Financial

Services

Corp

5.885%

5/14/27

195,481

180

Cigna

Group/The

5.685%

3/15/26

180,031

195

(b)

Home

Depot

Inc/The

5.698%

12/24/25

195,364

180

Intel

Corp

4.875%

2/10/26

180,092

180

John

Deere

Capital

Corp

4.800%

1/09/26

180,348

180

Lowe's

Cos

Inc

4.400%

9/08/25

178,718

180

Magna

International

Inc

4.150%

10/01/25

178,173

195

(b)

Toyota

Motor

Credit

Corp

5.814%

5/15/26

195,167

TOTAL

INDUSTRIAL

1,958,244

UTILITY

-

0.7%

180

NextEra

Energy

Capital

Holdings

Inc

4.950%

1/29/26

180,198

TOTAL

UTILITY

180,198

TOTAL

CORPORATE

DEBT

(cost

$6,038,862)

6,052,035

Principal

Amount

(000)

Description

(a)

Coupon

Maturity

Value

X

–

SECURITIZED

-

14.3%

$

100

American

Express

Credit

Account

Master

Trust

2022

2

3.390%

5/17/27

98,646

250

BA

Credit

Card

Trust

2022

A1

3.530%

11/15/27

246,606

122

Benchmark

2021-B30

Mortgage

Trust

2021

B30

1.190%

11/15/54

115,964

91

Principal

Amount

(000)

Description

(a)

Coupon

Maturity

Value

$

100

Capital

One

Multi-Asset

Execution

Trust

2022

A1

2.800%

3/15/27

$

98,496

150

CarMax

Auto

Owner

Trust

2024-2

2024

2

5.918%

5/17/27

150,309

200

(c)

Chase

Auto

Owner

Trust

2024-4

2024

4A

5.250%

9/27/27

200,121

68

Citigroup

Commercial

Mortgage

Trust

2016-C1

2016

C1

3.003%

5/10/49

66,536

96

(c)

Citizens

Auto

Receivables

Trust

2024-1

2024

1

5.937%

10/15/26

96,270

150

CNH

Equipment

Trust

2024-B

2024

B

5.737%

10/15/27

150,105

13

COMM

2014-CCRE17

Mortgage

Trust

2014

CR17

3.977%

5/10/47

12,927

80

COMM

2015-CCRE25

Mortgage

Trust

2015

CR25

3.537%

8/10/48

79,348

97

COMM

2015-CCRE27

Mortgage

Trust

2015

CR27

3.349%

10/10/48

95,117

85

COMM

2015-LC23

Mortgage

Trust

2015

LC23

3.521%

10/10/48

83,315

100

Discover

Card

Execution

Note

Trust

2022

A2

3.320%

5/15/27

98,585

250

Ford

Credit

Auto

Lease

Trust

2024-B

2024

B

0.000%

2/15/27

250,126

100

Ford

Credit

Auto

Owner

Trust

2024-A

2024

A

5.698%

1/15/27

100,020

150

GM

Financial

Consumer

Automobile

Receivables

Trust

2024-2

2024

2

5.728%

3/16/27

150,143

73

GS

Mortgage

Securities

Trust

2015-GC32

2015

GC32

3.498%

7/10/48

72,167

100

Hyundai

Auto

Receivables

Trust

2024-A

2024

A

5.757%

4/15/27

100,065

100

John

Deere

Owner

Trust

2024

2024

A

5.707%

2/16/27

100,041

99

JPMBB

Commercial

Mortgage

Securities

Trust

2015-C33

2015

C33

3.504%

12/15/48

96,785

84

(c)

MHC

Commercial

Mortgage

Trust

2021-MHC

2021

MHC

6.244%

4/15/38

83,202

115

Morgan

Stanley

Capital

I

Trust

2015-MS1

2015

MS1

3.779%

5/15/48

112,770

98

Morgan

Stanley

Capital

I

Trust

2016-UB11

2016

UB11

2.606%

8/15/49

96,240

59

(c)

Porsche

Financial

Auto

Securitization

Trust

2023-2

2023

2A

5.924%

11/23/26

59,025

100

(c)

Tesla

Auto

Lease

Trust

2024-A

2024

A

5.844%

6/22/26

100,026

200

Toyota

Auto

Receivables

2024-C

Owner

Trust

2024

C

5.700%

5/17/27

200,186

100

Verizon

Master

Trust

2024

1

5.991%

12/20/28

100,377

150

Volkswagen

Auto

Lease

Trust

2024-A

2024

A

5.814%

12/21/26

150,177

89

Wells

Fargo

Commercial

Mortgage

Trust

2015-NXS1

2015

NXS1

3.148%

5/15/48

87,327

84

World

Omni

Auto

Receivables

Tr

2023

D

5.910%

2/16/27

83,844

150

World

Omni

Automobile

Lease

Securitization

Trust

2024-A

2024

A

5.767%

2/16/27

150,131

TOTAL

SECURITIZED

(cost

$3,677,661)

3,684,997

Principal

Amount

(000)

Description

(a)

Coupon

Maturity

Value

X

–

GOVERNMENT

RELATED

-

0.9%

GOVERNMENT

AGENCY

-

0.9%

$

75

Federal

Farm

Credit

Banks

Funding

Corp

1.170%

6/23/25

72,354

50

Federal

Home

Loan

Banks

0.700%

8/26/25

47,996

75

Federal

Home

Loan

Banks

1.375%

9/30/25

72,303

25

Federal

Home

Loan

Banks

1.250%

12/15/25

23,907

TOTAL

GOVERNMENT

AGENCY

216,560

TOTAL

GOVERNMENT

RELATED

(cost

$215,293)

216,560

TOTAL

LONG-TERM

INVESTMENTS

(cost

$9,931,816)

9,953,592

Nuveen

Ultra

Short

Income

ETF

(NUSB)

(continued)

Portfolio

of

Investments

July

31,

2024

92

Principal

Amount

(000)

Description

(a)

Coupon

Maturity

Value

SHORT-TERM

INVESTMENTS

-

55.1%

X

–

CORPORATE

DEBT

-

25.9%

FINANCIALS

-

7.1%

$

180

Aetna

Inc

3.500%

11/15/24

$

178,872

205

Air

Lease

Corp

2.300%

2/01/25

201,597

245

Canadian

Imperial

Bank

of

Commerce

5.144%

4/28/25

244,858

180

Corebridge

Financial

Inc

3.500%

4/04/25

177,418

260

Elevance

Health

Inc

2.375%

1/15/25

256,385

245

Goldman

Sachs

Group

Inc/The

3.500%

4/01/25

241,940

180

(b),(c)

Pacific

Life

Global

Funding

II

6.227%

6/16/25

180,829

180

Truist

Bank

1.500%

3/10/25

175,719

180

Welltower

OP

LLC

4.000%

6/01/25

177,884

TOTAL

FINANCIALS

1,835,502

INDUSTRIAL

-

17.1%

180

AbbVie

Inc

3.600%

5/14/25

177,741

180

(b)

American

Honda

Finance

Corp

5.913%

2/12/25

180,253

180

American

Tower

Corp

2.400%

3/15/25

176,487

180

Amgen

Inc

5.250%

3/02/25

179,847

130

BAT

Capital

Corp

2.789%

9/06/24

129,606

180

Becton

Dickinson

&

Co

3.734%

12/15/24

178,794

205

Canadian

Pacific

Railway

Co

1.350%

12/02/24

202,143

130

Carrier

Global

Corp

2.242%

2/15/25

127,799

180

Chevron

Corp

1.554%

5/11/25

175,297

130

CVS

Health

Corp

2.625%

8/15/24

129,842

195

(b),(c)

Daimler

Truck

Finance

North

America

LLC

6.117%

12/13/24

195,370

180

Enterprise

Products

Operating

LLC

3.750%

2/15/25

178,562

180

Fiserv

Inc

3.850%

6/01/25

177,817

180

General

Motors

Financial

Co

Inc

3.800%

4/07/25

177,892

180

Marathon

Petroleum

Corp

4.700%

5/01/25

178,997

130

McCormick

&

Co

Inc/MD

3.150%

8/15/24

129,872

150

Oracle

Corp

2.500%

4/01/25

147,148

200

Oracle

Corp

2.950%

5/15/25

196,413

260

Otis

Worldwide

Corp

2.056%

4/05/25

254,340

180

Pfizer

Inc

0.800%

5/28/25

173,868

205

Philip

Morris

International

Inc

1.500%

5/01/25

199,473

130

Republic

Services

Inc

2.500%

8/15/24

129,840

195

Reynolds

American

Inc

4.450%

6/12/25

193,462

130

Sherwin-Williams

Co/The

4.050%

8/08/24

129,952

130

Thermo

Fisher

Scientific

Inc

1.215%

10/18/24

128,820

130

Verizon

Communications

Inc

3.376%

2/15/25

128,856

TOTAL

INDUSTRIAL

4,378,491

UTILITY

-

1.7%

130

Entergy

Louisiana

LLC

0.950%

10/01/24

128,943

180

NextEra

Energy

Capital

Holdings

Inc

6.051%

3/01/25

180,742

130

Public

Service

Electric

and

Gas

Co

3.150%

8/15/24

129,855

TOTAL

UTILITY

439,540

TOTAL

CORPORATE

DEBT

(cost

$6,652,473)

6,653,533

93

Principal

Amount

(000)

Description

(a)

Coupon

Maturity

Value

X

–

COMMERCIAL

PAPER

-

19.6%

$

300

Archer-Daniels-Midland

Co

0.000%

8/23/24

$

298,955

250

AT&T

Inc

0.000%

9/16/24

248,235

150

Atlantic

Asset

Securitization

LLC

0.000%

9/09/24

149,100

250

CABOT

TRAIL

FUNDING

LLC

0.000%

9/18/24

248,158

350

Cisco

Systems

Inc

0.000%

12/04/24

343,645

250

Duke

Energy

Corporation

0.000%

10/22/24

246,834

250

Fairway

Finance

Co

LLC

0.000%

1/06/25

244,254

250

GTA

FUNDING

LLC

0.000%

10/01/24

247,693

250

HSBC

USA

Inc

0.000%

11/12/24

246,103

100

ING

US

Funding

LLC

0.000%

8/20/24

99,704

300

John

Deere

Financial

Inc

0.000%

9/17/24

297,873

100

La

Fayette

Asset

Securitization

LLC

0.000%

9/05/24

99,463

100

Lloyds

Bank

PLC

0.000%

12/13/24

98,053

360

MetLife

Short

Term

Funding

LLC

0.000%

8/28/24

358,508

300

Old

Line

Funding

LLC

0.000%

10/15/24

296,613

300

Sheffield

Receivables

Co

LLC

0.000%

10/09/24

296,828

250

Societe

Generale

SA

0.000%

1/14/25

244,043

250

Sumitomo

Mitsui

Trust

Bank

Ltd/Singapore

0.000%

10/17/24

247,110

250

Swedbank

AB

0.000%

3/03/25

242,470

250

Thunder

Bay

Funding

LLC

0.000%

9/12/24

248,404

250

Walt

Disney

Co/The

0.000%

11/15/24

246,010

TOTAL

COMMERCIAL

PAPER

(cost

$5,048,228)

5,048,056

Principal

Amount

(000)

Description

(a)

Coupon

Maturity

Value

X

–

GOVERNMENT

RELATED

-

4.8%

GOVERNMENT

AGENCY

-

4.8%

$

400

Federal

Farm

Credit

Banks

Funding

Corp

2.510%

4/01/25

393,666

112

Federal

Home

Loan

Bank

Discount

Notes

0.000%

8/01/24

111,984

450

Federal

Home

Loan

Banks

1.000%

11/08/24

444,946

300

Federal

Home

Loan

Banks

1.200%

12/23/24

295,212

TOTAL

GOVERNMENT

AGENCY

1,245,808

TOTAL

GOVERNMENT

RELATED

(cost

$1,245,004)

1,245,808

Principal

Amount

(000)

Description

(a)

Coupon

Maturity

Value

X

–

U.S.

TREASURY

-

4.0%

$

200

United

States

Treasury

Bill

0.000%

9/12/24

198,767

875

United

States

Treasury

Bill

0.000%

6/12/25

839,814

TOTAL

U.S.

TREASURY

(cost

$1,036,950)

1,038,581

Nuveen

Ultra

Short

Income

ETF

(NUSB)

(continued)

Portfolio

of

Investments

July

31,

2024

94

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.

Principal

Amount

(000)

Description

(a)

Coupon

Maturity

Value

X

–

CERTIFICATE

OF

DEPOSIT

-

0.8%

$

100

HSBC

Bank

USA

NA

5.980%

9/25/24

$

100,044

100

BNP

Paribas/New

York

NY

5.340%

10/08/24

99,965

TOTAL

CERTIFICATE

OF

DEPOSIT

(cost

$200,007)

200,009

TOTAL

SHORT-TERM

INVESTMENTS

(cost

$14,182,662)

14,185,987

TOTAL

INVESTMENTS

(cost

$24,114,478

)

-

93.6%

24,139,579

OTHER

ASSETS

&

LIABILITIES,

NET

-

6.4%

1,653,125

NET

ASSETS

-

100%

$

25,792,704

(a)

All

percentages

shown

in

the

Portfolio

of

Investments

are

based

on

net

assets.

(b)

Variable

rate

security.

The

rate

shown

is

the

coupon

as

of

the

end

of

the

reporting

period.

(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

$1,566,737

or

6.5%

of

Total

Investments.

Statement

of

Assets

and

Liabilities

See

Notes

to

Financial

Statements

95

July

31,

2024

NCPB

NUAG

NUSA

NUHY

NUBD

ASSETS

Long-term

investments,

at

value

†‡

$

39,946,840‌

$

35,332,358‌

$

31,835,634‌

$

87,310,010‌

$

363,608,700‌

Investments

purchased

with

collateral

from

securities

lending,

at

value

(cost

approximates

value)

—‌

603,972‌

196,094‌

7,774,979‌

590,778‌

Cash

408,567‌

347,316‌

332,659‌

1,272,709‌

1,644,986‌

Receivables:

Interest

373,961‌

346,898‌

267,056‌

1,456,700‌

2,806,418‌

Investments

sold

—‌

764,449‌

1,305,118‌

3,455,339‌

3,507,639‌

Securities

lending

income

—‌

261‌

58‌

2,516‌

209‌

Other

42,415‌

3,015‌

599‌

1,725‌

4,639‌

Total

assets

40,771,783‌

37,398,269‌

33,937,218‌

101,273,978‌

372,163,369‌

LIABILITIES

Payables:

Management

fees

10,184‌

5,857‌

4,086‌

22,169‌

45,642‌

Collateral

from

securities

lending

—‌

603,972‌

196,094‌

7,774,979‌

590,778‌

Interest

772‌

1,477‌

1,684‌

60,043‌

9,567‌

Investments

purchased

-

regular

settlement

202,080‌

954,828‌

1,300,906‌

4,190,947‌

2,782,423‌

Accrued

expenses:

Professional

fees

—‌

524‌

501‌

1,557‌

4,486‌

Trustees

fees

342‌

354‌

338‌

976‌

4,008‌

Other

—‌

14,456‌

599‌

1,726‌

4,637‌

Total

liabilities

213,378‌

1,581,468‌

1,504,208‌

12,052,397‌

3,441,541‌

Net

assets

$

40,558,405‌

$

35,816,801‌

$

32,433,010‌

$

89,221,581‌

$

368,721,828‌

Shares

outstanding

1,600,000‌

1,700,000‌

1,400,000‌

4,200,000‌

16,600,000‌

Net

asset

value

("NAV")

per

share

$

25

.35‌

$

21

.07‌

$

23

.17‌

$

21

.24‌

$

22

.21‌

NET

ASSETS

CONSIST

OF:

Paid-in

capital

40,053,663‌

64,198,098‌

34,718,044‌

103,051,988‌

405,336,466‌

Total

distributable

earnings

(loss)

504,742‌

(

28,381,297‌

)

(

2,285,034‌

)

(

13,830,407‌

)

(

36,614,638‌

)

Net

assets

$

40,558,405‌

$

35,816,801‌

$

32,433,010‌

$

89,221,581‌

$

368,721,828‌

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

$

39,379,564‌

$

36,776,358‌

$

31,828,357‌

$

87,408,285‌

$

388,555,528‌

‡  

Includes

securities

loaned

of

$

—‌

$

590,797‌

$

191,735‌

$

7,486,605‌

$

574,282‌

Statement

of

Assets

and

Liabilities

(continued)

See

Notes

to

Financial

Statements

96

July

31,

2024

NTZG

NPFI

NSCR

NUSB

ASSETS

Long-term

investments,

at

value

†

$

6,394,463‌

$

16,934,182‌

$

5,272,861‌

$

9,953,592‌

Short-term

investments,

at

value

◊

—‌

—‌

—‌

14,185,987‌

Cash

45,427‌

66,458‌

416,331‌

2,425‌

Receivables:

Dividends

2,841‌

—‌

2,263‌

—‌

Interest

—‌

248,386‌

—‌

137,701‌

Reclaims

1,175‌

—‌

71‌

—‌

Shares

sold

—‌

—‌

—‌

5,032,704‌

Other

146‌

36‌

—‌

20‌

Total

assets

6,444,052‌

17,249,062‌

5,691,526‌

29,312,429‌

LIABILITIES

Payables:

Management

fees

3,015‌

7,992‌

2,181‌

2,445‌

Interest

—‌

—‌

—‌

20,226‌

Investments

purchased

-

regular

settlement

—‌

—‌

—‌

3,496,876‌

Accrued

expenses:

Professional

fees

22‌

—‌

73‌

—‌

Trustees

fees

—‌

194‌

74‌

178‌

Other

84‌

—‌

—‌

—‌

Total

liabilities

3,121‌

8,186‌

2,328‌

3,519,725‌

Net

assets

$

6,440,931‌

$

17,240,876‌

$

5,689,198‌

$

25,792,704‌

Shares

outstanding

200,000‌

675,000‌

210,000‌

1,025,000‌

Net

asset

value

("NAV")

per

share

$

32

.20‌

$

25

.54‌

$

27

.09‌

$

25

.16‌

NET

ASSETS

CONSIST

OF:

Paid-in

capital

5,008,860‌

17,004,229‌

5,271,227‌

25,681,483‌

Total

distributable

earnings

(loss)

1,432,071‌

236,647‌

417,971‌

111,221‌

Net

assets

$

6,440,931‌

$

17,240,876‌

$

5,689,198‌

$

25,792,704‌

Authorized

shares

Unlimited

Unlimited

Unlimited

Unlimited

Par

value

per

share

$

0

.01‌

$

0

.01‌

$

0

.01‌

$

0

.01‌

†

Long-term

investments,

cost

$

5,050,854‌

$

16,671,482‌

$

4,872,699‌

$

9,931,816‌

◊

Short-term

investments,

cost

$

–‌

$

–‌

$

–‌

$

14,182,662‌

Statement

of

Operations

See

Notes

to

Financial

Statements

97

Year

Ended

July

31,

2024

NCPB

1

NUAG

NUSA

NUHY

NUBD

INVESTMENT

INCOME

Interest

732,219‌

1,309,712‌

1,247,493‌

6,775,730‌

9,329,174‌

Securities

lending

income,

net

—‌

1,416‌

1,907‌

31,676‌

14,259‌

Total

investment

income

732,219‌

1,311,128‌

1,249,400‌

6,807,406‌

9,343,433‌

EXPENSES

Management

fees

39,070‌

66,045‌

47,258‌

284,454‌

473,283‌

Professional

fees

—‌

1,136‌

1,129‌

3,332‌

9,652‌

Trustees

fees

592‌

1,418‌

1,332‌

3,796‌

13,054‌

Total

expenses

39,662‌

68,599‌

49,719‌

291,582‌

495,989‌

Net

investment

income

(loss)

692,557‌

1,242,529‌

1,199,681‌

6,515,824‌

8,847,444‌

REALIZED

AND

UNREALIZED

GAIN

(LOSS)

Realized

gain

(loss):

Investments

(234,737‌)

(637,931‌)

(109,184‌)

(2,285,495‌)

(1,445,986‌)

In-kind

redemptions

—‌

(323,169‌)

(332,189‌)

(1,296,682‌)

(175,503‌)

Net

realized

gain

(loss)

(234,737‌)

(961,100‌)

(441,373‌)

(3,582,177‌)

(1,621,489‌)

Change

in

unrealized

appreciation

(depreciation)

on:

Investments

567,276‌

1,942,257‌

970,403‌

6,476,442‌

9,442,435‌

Net

change

in

unrealized

appreciation

(depreciation)

567,276‌

1,942,257‌

970,403‌

6,476,442‌

9,442,435‌

Net

realized

and

unrealized

gain

(loss)

332,539‌

981,157‌

529,030‌

2,894,265‌

7,820,946‌

Net

increase

(decrease)

in

net

assets

from

operations

$

1,025,096‌

$

2,223,686‌

$

1,728,711‌

$

9,410,089‌

$

16,668,390‌

Statement

of

Operations

(continued)

See

Notes

to

Financial

Statements

98

Year

Ended

July

31,

2024

NTZG

NPFI

1

NSCR

1

NUSB

1

INVESTMENT

INCOME

Dividends

$

113,661‌

$

—‌

$

27,410‌

$

—‌

Interest

4,060‌

409,463‌

376‌

348,999‌

Foreign

tax

withheld

on

income

(8,203‌)

—‌

—‌

—‌

Total

investment

income

109,518‌

409,463‌

27,786‌

348,999‌

EXPENSES

Management

fees

32,928‌

35,238‌

10,076‌

11,077‌

Professional

fees

192‌

—‌

80‌

—‌

Trustees

fees

197‌

320‌

119‌

308‌

Total

expenses

33,317‌

35,558‌

10,275‌

11,385‌

Net

investment

income

(loss)

76,201‌

373,905‌

17,511‌

337,614‌

REALIZED

AND

UNREALIZED

GAIN

(LOSS)

Realized

gain

(loss):

Investments

128,804‌

128‌

298‌

(3,996‌)

In-kind

redemptions

—‌

—‌

4,571‌

—‌

Foreign

currency

transactions

416‌

—‌

—‌

—‌

Net

realized

gain

(loss)

129,220‌

128‌

4,869‌

(3,996‌)

Change

in

unrealized

appreciation

(depreciation)

on:

Investments

431,729‌

262,700‌

400,162‌

25,101‌

Foreign

currency

translations

(11‌)

—‌

—‌

—‌

Net

change

in

unrealized

appreciation

(depreciation)

431,718‌

262,700‌

400,162‌

25,101‌

Net

realized

and

unrealized

gain

(loss)

560,938‌

262,828‌

405,031‌

21,105‌

Net

increase

(decrease)

in

net

assets

from

operations

$

637,139‌

$

636,733‌

$

422,542‌

$

358,719‌

1

For

the

period

March

5,

2024

(commencement

of

operations)

through

July

31,

2024.

Statement

of

Changes

in

Net

Assets

See

Notes

to

Financial

Statements

99

NCPB

NUAG

For

the

period

3/5/24

(commencement

of

operations)

through

7/31/24

Year

Ended

7/31/24

Year

Ended

7/31/23

OPERATIONS

Net

investment

income

(loss)

$

692,557‌

$

1,242,529‌

$

1,739,492‌

Net

realized

gain

(loss)

(234,737‌)

(961,100‌)

(21,475,106‌)

Net

change

in

unrealized

appreciation

(depreciation)

567,276‌

1,942,257‌

13,208,165‌

Net

increase

(decrease)

in

net

assets

from

operations

1,025,096‌

2,223,686‌

(6,527,449‌)

DISTRIBUTIONS

TO

SHAREHOLDERS

Dividends

(497,480‌)

(1,385,020‌)

(2,043,070‌)

Total

distributions

(497,480‌)

(1,385,020‌)

(2,043,070‌)

FUND

SHARE

TRANSACTIONS

Subscriptions

40,030,789‌

12,312,988‌

6,326,238‌

Redemptions

–‌

(10,351,166‌)

(129,921,150‌)

Net

increase

(decrease)

from

Fund

share

transactions

40,030,789‌

1,961,822‌

(123,594,912‌)

Net

increase

(decrease)

in

net

assets

40,558,405‌

2,800,488‌

(132,165,431‌)

Net

assets

at

the

beginning

of

period

–‌

33,016,313‌

165,181,744‌

Net

assets

at

the

end

of

period

$

40,558,405‌

$

35,816,801‌

$

33,016,313‌

See

Notes

to

Financial

Statements

100

Statement

of

Changes

in

Net

Assets

(continued)

NUSA

NUHY

Year

Ended

7/31/24

Year

Ended

7/31/23

Year

Ended

7/31/24

Year

Ended

7/31/23

OPERATIONS

Net

investment

income

(loss)

$

1,199,681‌

$

813,010‌

$

6,515,824‌

$

5,520,474‌

Net

realized

gain

(loss)

(441,373‌)

(1,703,908‌)

(3,582,177‌)

(6,212,013‌)

Net

change

in

unrealized

appreciation

(depreciation)

970,403‌

682,355‌

6,476,442‌

3,280,629‌

Net

increase

(decrease)

in

net

assets

from

operations

1,728,711‌

(208,543‌)

9,410,089‌

2,589,090‌

DISTRIBUTIONS

TO

SHAREHOLDERS

Dividends

(1,275,430‌)

(904,010‌)

(6,599,640‌)

(6,591,930‌)

Total

distributions

(1,275,430‌)

(904,010‌)

(6,599,640‌)

(6,591,930‌)

FUND

SHARE

TRANSACTIONS

Subscriptions

11,382,469‌

22,913,450‌

16,620,534‌

12,451,730‌

Redemptions

(20,491,350‌)

(18,278,320‌)

(33,252,640‌)

(2,057,310‌)

Net

increase

(decrease)

from

Fund

share

transactions

(9,108,881‌)

4,635,130‌

(16,632,106‌)

10,394,420‌

Net

increase

(decrease)

in

net

assets

(8,655,600‌)

3,522,577‌

(13,821,657‌)

6,391,580‌

Net

assets

at

the

beginning

of

period

41,088,610‌

37,566,033‌

103,043,238‌

96,651,658‌

Net

assets

at

the

end

of

period

$

32,433,010‌

$

41,088,610‌

$

89,221,581‌

$

103,043,238‌

See

Notes

to

Financial

Statements

101

NUBD

NTZG

Year

Ended

7/31/24

Year

Ended

7/31/23

Year

Ended

7/31/24

Year

Ended

7/31/23

OPERATIONS

Net

investment

income

(loss)

$

8,847,444‌

$

6,249,959‌

$

76,201‌

$

84,214‌

Net

realized

gain

(loss)

(1,621,489‌)

(3,159,683‌)

129,220‌

(78,813‌)

Net

change

in

unrealized

appreciation

(depreciation)

9,442,435‌

(11,799,112‌)

431,718‌

556,267‌

Net

increase

(decrease)

in

net

assets

from

operations

16,668,390‌

(8,708,836‌)

637,139‌

561,668‌

DISTRIBUTIONS

TO

SHAREHOLDERS

Dividends

(10,481,530‌)

(7,684,630‌)

(87,940‌)

(33,960‌)

Total

distributions

(10,481,530‌)

(7,684,630‌)

(87,940‌)

(33,960‌)

FUND

SHARE

TRANSACTIONS

Subscriptions

102,065,429‌

55,017,630‌

–‌

–‌

Redemptions

(12,943,120‌)

(22,156,440‌)

–‌

–‌

Net

increase

(decrease)

from

Fund

share

transactions

89,122,309‌

32,861,190‌

–‌

–‌

Net

increase

(decrease)

in

net

assets

95,309,169‌

16,467,724‌

549,199‌

527,708‌

Net

assets

at

the

beginning

of

period

273,412,659‌

256,944,935‌

5,891,732‌

5,364,024‌

Net

assets

at

the

end

of

period

$

368,721,828‌

$

273,412,659‌

$

6,440,931‌

$

5,891,732‌

See

Notes

to

Financial

Statements

102

Statement

of

Changes

in

Net

Assets

(continued)

NPFI

NSCR

NUSB

For

the

period

3/5/24

(commencement

of

operations)

through

7/31/24

For

the

period

3/5/24

(commencement

of

operations)

through

7/31/24

For

the

period

3/5/24

(commencement

of

operations)

through

7/31/24

OPERATIONS

Net

investment

income

(loss)

$

373,905‌

$

17,511‌

$

337,614‌

Net

realized

gain

(loss)

128‌

4,869‌

(3,996‌)

Net

change

in

unrealized

appreciation

(depreciation)

262,700‌

400,162‌

25,101‌

Net

increase

(decrease)

in

net

assets

from

operations

636,733‌

422,542‌

358,719‌

DISTRIBUTIONS

TO

SHAREHOLDERS

Dividends

(180,000‌)

–‌

(247,498‌)

Return

of

capital

(106,028‌)

–‌

–‌

Total

distributions

(286,028‌)

–‌

(247,498‌)

FUND

SHARE

TRANSACTIONS

Subscriptions

16,890,171‌

5,520,319‌

26,933,619‌

Redemptions

–‌

(253,663‌)

(1,252,136‌)

Net

increase

(decrease)

from

Fund

share

transactions

16,890,171‌

5,266,656‌

25,681,483‌

Net

increase

(decrease)

in

net

assets

17,240,876‌

5,689,198‌

25,792,704‌

Net

assets

at

the

beginning

of

period

–‌

–‌

–‌

Net

assets

at

the

end

of

period

$

17,240,876‌

$

5,689,198‌

$

25,792,704‌

Financial

Highlights

103

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

NCPB

7/31/24(d)

$

25.00

$

0.53

$

0.21

$

0.74

$

(

0.39

)

$

—

$

—

$

(

0.39

)

$

25.35

$

25.35

NUAG

7/31/24

20.64

0.77

0.52

1.29

(

0.86

)

—

—

(

0.86

)

21.07

21.09

7/31/23

22.02

0.75

(

1.30

)

(

0.55

)

(

0.83

)

—

—

(

0.83

)

20.64

20.68

7/31/22

25.17

0.39

(

3.01

)

(

2.62

)

(

0.53

)

—

—

(

0.53

)

22.02

22.09

7/31/21

26.08

0.33

(

0.55

)

(

0.22

)

(

0.69

)

—

—

(

0.69

)

25.17

25.18

7/31/20

24.49

0.55

1.88

2.43

(

0.84

)

—

—

(

0.84

)

26.08

26.05

NUSA

7/31/24

22.83

0.87

0.39

1.26

(

0.92

)

—

—

(

0.92

)

23.17

23.21

7/31/23

23.48

0.56

(

0.58

)

(

0.02

)

(

0.63

)

—

—

(

0.63

)

22.83

22.83

7/31/22

25.29

0.31

(

1.62

)

(

1.31

)

(

0.50

)

—

—

(

0.50

)

23.48

23.52

7/31/21

25.61

0.34

(

0.08

)

0.26

(

0.58

)

—

—

(

0.58

)

25.29

25.31

7/31/20

24.86

0.55

0.90

1.45

(

0.70

)

—

—

(

0.70

)

25.61

25.69

NUHY

7/31/24

20.61

1.42

0.63

2.05

(

1.42

)

—

—

(

1.42

)

21.24

21.28

7/31/23

21.48

1.13

(

0.65

)

0.48

(

1.35

)

—

—

(

1.35

)

20.61

20.68

7/31/22

24.71

1.02

(

3.04

)

(

2.02

)

(

1.21

)

—

—

(

1.21

)

21.48

21.63

7/31/21

24.43

1.04

0.47

1.51

(

1.23

)

—

—

(

1.23

)

24.71

24.78

7/31/20(f)

25.00

0.93

(

0.53

)

0.40

(

0.97

)

—

—

(

0.97

)

24.43

24.74

NUBD

7/31/24

21.87

0.61

0.46

1.07

(

0.73

)

—

—

(

0.73

)

22.21

22.21

7/31/23

23.36

0.54

(

1.36

)

(

0.82

)

(

0.67

)

—

—

(

0.67

)

21.87

21.90

7/31/22

26.29

0.41

(

2.81

)

(

2.40

)

(

0.53

)

—

—

(

0.53

)

23.36

23.40

7/31/21

27.31

0.45

(

0.92

)

(

0.47

)

(

0.55

)

—

—

(

0.55

)

26.29

26.30

7/31/20

25.36

0.55

2.04

2.59

(

0.64

)

—

—

(

0.64

)

27.31

27.37

(a)

Based

on

average

shares

outstanding.

(b)

Percentage

is

not

annualized.

(c)

Does

not

include

in-kind

transactions.

(d)

For

the

period

March

5,

2024

(commencement

of

operations)

through

July

31,

2024.

(e)

Annualized.

(f)

For

the

period

September

25,

2019

(commencement

of

operations)

through

July

31,

2020.

See

Notes

to

Financial

Statements

104

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)

2

.99

%

2

.99

%

$

40,558

0

.30‌

%

(e)

5

.32‌

%

(e)

34

%

6

.44

6

.38

35,817

0

.21‌

3

.76‌

48

(

2

.51

)

(

2

.62

)

33,016

0

.21‌

3

.58‌

54

(

10

.50

)

(

10

.27

)

165,182

0

.20‌

1

.65‌

81

(

0

.81

)

(

0

.64

)

173,676

0

.20‌

1

.32‌

235

10

.11

10

.19

80,845

0

.20‌

2

.21‌

208

5

.65

5

.81

32,433

0

.16‌

3

.81‌

37

(

0

.08

)

(

0

.20

)

41,089

0

.20‌

2

.43‌

78

(

5

.20

)

(

5

.13

)

37,566

0

.20‌

1

.27‌

77

1

.03

0

.80

40,456

0

.20‌

1

.33‌

46

5

.93

6

.15

35,854

0

.20‌

2

.20‌

51

10

.43

10

.25

89,222

0

.31‌

6

.87‌

43

2

.47

2

.07

103,043

0

.31‌

5

.50‌

44

(

8

.44

)

(

8

.07

)

96,652

0

.31‌

4

.42‌

56

6

.32

5

.25

96,378

0

.35‌

4

.14‌

65

1

.79

3

.02

56,195

0

.35‌

(e)

4

.55‌

(e)

47

5

.03

4

.88

368,722

0

.16‌

2

.80‌

13

(

3

.47

)

(

3

.53

)

273,413

0

.16‌

2

.47‌

14

(

9

.24

)

(

9

.09

)

256,945

0

.16‌

1

.64‌

45

(

1

.72

)

(

1

.90

)

262,884

0

.20‌

1

.69‌

33

10

.38

10

.51

147,489

0

.20‌

2

.07‌

18

105

Financial

Highlights

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

NTZG

7/31/24

$

29.46

$

0.38

$

2.80

$

3.18

$

(

0.44

)

$

—

$

—

$

(

0.44

)

$

32.20

$

32.35

7/31/23

26.82

0.42

2.39

2.81

(

0.17

)

—

—

(

0.17

)

29.46

29.50

7/31/22(d)

25.04

0.02

1.76

1.78

—

—

—

—

26.82

26.95

NPFI

7/31/24(f)

25.00

0.59

0.41

1.00

(

0.29

)

—

(

0.17

)

(

0.46

)

25.54

25.63

NSCR

7/31/24(f)

25.00

0.08

2.01

2.09

—

—

—

—

27.09

27.09

NUSB

7/31/24(f)

25.00

0.52

0.03

0.55

(

0.39

)

—

—

(

0.39

)

25.16

25.16

(a)

Based

on

average

shares

outstanding.

(b)

Percentage

is

not

annualized.

(c)

Does

not

include

in-kind

transactions.

(d)

For

the

period

June

23,

2022

(commencement

of

operations)

through

July

31,

2022.

(e)

Annualized.

(f)

For

the

period

March

5,

2024

(commencement

of

operations)

through

July

31,

2024.

See

accompanying

notes

to

financial

statements.

106

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)

10

.99

%

11

.34

%

$

6,441

0

.56‌

%

1

.27‌

%

22

%

10

.54

10

.16

5,892

0

.56‌

1

.57‌

39

7

.09

7

.61

5,364

0

.55‌

(e)

0

.59‌

(e)

0

4

.05

4

.41

17,241

0

.55‌

(e)

5

.84‌

(e)

6

8

.33

8

.36

5,689

0

.46‌

(e)

0

.78‌

(e)

4

2

.22

2

.21

25,793

0

.17‌

(e)

5

.18‌

(e)

7

Notes

to

Financial

Statements

107

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

Core

Plus

Bond

ETF

(NCPB),

Nuveen

Enhanced

Yield

U.S.

Aggregate

Bond

ETF

(NUAG),

Nuveen

ESG

1-5

Year

U.S.

Aggregate

Bond

ETF

(NUSA),

Nuveen

ESG

High

Yield

Corporate

Bond

ETF

(NUHY),

Nuveen

ESG

U.S.

Aggregate

Bond

ETF

(NUBD),

Nuveen

Global

Net

Zero

Transition

ETF

(NTZG),

Nuveen

Preferred

and

Income

ETF

(NPFI),

Nuveen

Sustainable

Core

ETF

(NSCR),

Nuveen

Ultra

Short

Income

ETF

(NUSB)

(each

a

“Fund”

and

collectively,

the

“Funds”),

among

others.

The

Trust

was

organized

as

a

Massachusetts

business

trust

on

February

20,

2015.

Shares

of

NUAG,

NUSA,

NUHY

and

NUBD

are

listed

and

traded

on

the

NYSE

Arca,

while

shares

of

NCPB,

NTZG,

NPFI,

NSCR

and

NUSB

are

listed

and

traded

on

the

NASDAQ

Stock

Market

LLC.

The

NYSE

Arca

and

the

NASDAQ

Stock

Market

LLC

are

each

an

“Exchange”.

Current

Fiscal

Period:

The

end

of

the

reporting

period

for

the

Funds

is

July

31,

2024,

and

the

period

covered

by

these

Notes

to

Financial

Statements

is

the

fiscal

year

ended

July

31,

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.

For

NUAG,

NUSA,

NUHY

and

NUBD,

the

Adviser

has

entered

into

a

sub-advisory

agreement

with

Teachers

Advisors,

LLC

(“TAL”),

an

affiliate

of

the

Adviser,

under

which

TAL

manages

the

investment

portfolios

of

the

Funds.

For

NCPB,

NTZG,

NPFI,

NSCR

and

NUSB,

the

Adviser

has

entered

into

a

sub-advisory

agreement

with

Nuveen

Asset

Management

,

LLC

(“NAM”),

an

affiliate

of

the

Adviser,

under

which

NAM

manages

the

investment

portfolio

of

the

Fund.

NAM

and

TAL

are

each

a

“Sub-Adviser”.

2.

Significant

Accounting

Policies 

The

accompanying

financial

statements

were

prepared

in

accordance

with

accounting

principles

generally

accepted

in

the

United

States

of

America

(“U.S.

GAAP”),

which

may

require

the

use

of

estimates

made

by

management

and

the

evaluation

of

subsequent

events.

Actual

results

may

differ

from

those

estimates.

Each

Fund

is

an

investment

company

and

follows

accounting

guidance

in

the

Financial

Accounting

Standards

Board

(“FASB”)

Accounting

Standards

Codification

946,

Financial

Services

—

Investment

Companies.

The

Net

Asset

Value

("NAV")

for

financial

reporting

purposes

may

differ

from

the

NAV

for

processing

security

and

creation

unit

transactions.

The

NAV

for

financial

reporting

purposes

includes

security

and creation

unit transactions

through

the

date

of

the

report.

Total

return

is

computed

based

on

the

NAV

used

for

processing

security

and creation

unit transactions.

The

following

is

a

summary

of

the

significant

accounting

policies

consistently

followed

by

the

Funds.

Compensation:

The Trust

pays

no

compensation

directly

to

those

of

its 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

Fund

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

Fund

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)

of 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

net

unrealized

appreciation

(depreciation)”

on

the

Statement

of

Operations,

when

applicable.

As

of

the

end

of

the

reporting

period,

the

Fund's

investments

in

non-U.S.

securities

were

as

follows:

108

Notes

to

Financial

Statements

(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

trade

date

for

financial

reporting

purposes.

Realized

gains

and

losses

on

securities

transactions

are

based

upon

the

specific

identification

method.

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

Fund

determines

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,

which

is

recorded

on

an

accrual

basis

and

includes

accretion

of

discounts

and

amortization

of

premiums

for

financial

reporting

purposes.

Interest

income

also

reflects

payment-in-kind

(“PIK”)

interest

and

paydown

gains

and

losses,

if

any.

PIK

interest

represents

income

received

in

the

form

of

securities

in

lieu

of

cash.

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.).

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:

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.

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.

NTZG

Value

%

of

Net

Assets

Country:

Taiwan

$

417,767

6.5

%

Japan

317,283

4.9

France

256,587

4.1

Australia

213,236

3.3

Denmark

190,973

2.9

Germany

152,080

2.4

India

93,730

1.4

Canada

93,187

1.5

China

87,558

1.4

Other

298,727

4.7

Total

non-U.S.

Securities

$2,121,128

33.1%

109

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.

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.

Investments

in

investment

companies

are

valued

at

their

respective

NAVs

or

share

price on

the

valuation

date

and

are

generally

classified

as

Level

1. 

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

the

market

value

of

the

Funds’

investments

as

of

the

end

of

the

reporting

period,

based

on

the

inputs

used

to

value

them:

NCPB

Level

1

Level

2

Level

3

Total

Long-Term

Investments:

Securitized

$

–

$

15,246,969

$

–

$

15,246,969

Corporate

Debt

–

15,161,808

–

15,161,808

U.S.

Treasury

–

7,825,612

–

7,825,612

Government

Related

–

1,712,451

–

1,712,451

Total

$

–

$

39,946,840

$

–

$

39,946,840

a

NUAG

Level

1

Level

2

Level

3

Total

Long-Term

Investments:

Corporate

Debt

$

–

$

15,204,553

$

–

$

15,204,553

U.S.

Treasury

–

9,845,954

–

9,845,954

Securitized

–

6,866,902

–

6,866,902

Government

Related

–

3,414,949

–

3,414,949

Investments

Purchased

with

Collateral

from

Securities

Lending

603,972

–

–

603,972

Total

$

603,972

$

35,332,358

$

–

$

35,936,330

a

NUSA

Level

1

Level

2

Level

3

Total

Long-Term

Investments:

U.S.

Treasury

$

–

$

19,840,866

$

–

$

19,840,866

Corporate

Debt

–

8,007,031

–

8,007,031

Securitized

–

2,376,144

–

2,376,144

Government

Related

–

1,611,593

–

1,611,593

Investments

Purchased

with

Collateral

from

Securities

Lending

196,094

–

–

196,094

Total

$

196,094

$

31,835,634

$

–

$

32,031,728

a

NUHY

Level

1

Level

2

Level

3

Total

Long-Term

Investments:

Corporate

Debt

$

–

$

87,310,010

$

–

$

87,310,010

Investments

Purchased

with

Collateral

from

Securities

Lending

7,774,979

–

–

7,774,979

Total

$

7,774,979

$

87,310,010

$

–

$

95,084,989

a

110

Notes

to

Financial

Statements

(continued)

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.

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

NUBD

Level

1

Level

2

Level

3

Total

Long-Term

Investments:

U.S.

Treasury

$

–

$

155,608,968

$

–

$

155,608,968

Securitized

–

99,039,056

–

99,039,056

Corporate

Debt

–

92,446,771

–

92,446,771

Government

Related

–

16,513,905

–

16,513,905

Investments

Purchased

with

Collateral

from

Securities

Lending

590,778

–

–

590,778

Total

$

590,778

$

363,608,700

$

–

$

364,199,478

a

NTZG

Level

1

Level

2

Level

3

Total

Long-Term

Investments:

Common

Stocks

$

6,394,463

$

–

$

–

$

6,394,463

Total

$

6,394,463

$

–

$

–

$

6,394,463

a

NPFI

Level

1

Level

2

Level

3

Total

Long-Term

Investments:

$1,000

Par

(or

similar)

Institutional

Preferred

$

–

$

10,647,900

$

–

$

10,647,900

Contingent

Capital

Securities

–

5,783,746

–

5,783,746

Corporate

Bonds

–

502,536

–

502,536

Total

$

–

$

16,934,182

$

–

$

16,934,182

a

NSCR

Level

1

Level

2

Level

3

Total

Long-Term

Investments:

Common

Stocks

$

5,272,861

$

–

$

–

$

5,272,861

Total

$

5,272,861

$

–

$

–

$

5,272,861

a

NUSB

Level

1

Level

2

Level

3

Total

Long-Term

Investments:

Corporate

Debt

$

–

$

6,052,035

$

–

$

6,052,035

Securitized

–

3,684,997

–

3,684,997

Government

Related

–

216,560

–

216,560

Short-Term

Investments:

Corporate

Debt

–

6,653,533

–

6,653,533

Commercial

Paper

–

5,048,056

–

5,048,056

Government

Related

–

1,245,808

–

1,245,808

U.S.

Treasury

–

1,038,581

–

1,038,581

Certificate

of

Deposit

–

200,009

–

200,009

Total

$

–

$

24,139,579

$

–

$

24,139,579

a

111

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

total

value

of

the

loaned

securities

and

the

total

value

of

collateral

received

were

as

follows:

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:

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.

Fund

Asset

Class

out

on

Loan

Long-Term

Investments,

at

Value

Total

Collateral

Received

NUAG

Corporate

Debt

$590,797

$

603,972

NUSA

Corporate

Debt

$149,355

$152,782

Government

Related

42,380

43,312

Total

$191,735

$196,094

NUHY

Corporate

Debt

$7,486,605

$7,774,979

NUBD

Corporate

Debt

$549,207

$565,148

Government

Related

25,075

25,630

Total

$574,282

$590,778

Purchases

Sales

Fund

Non-U.S.

Government

Purchases

U.S.

Government

and

Agency

Obligations

Non-U.S.

Government

Sales

U.S.

Government

and

Agency

Obligations

NCPB

$

30,990,475

$

22,476,482

$

3,554,837

$

10,587,633

NUAG

8,761,516

9,951,011

6,893,183

9,737,539

NUSA

3,153,299

9,201,612

2,593,149

10,089,100

NUHY

42,944,700

—

45,020,072

—

NUBD

18,258,780

55,632,213

11,794,831

33,471,499

NTZG

1,548,358

—

1,433,286

—

NPFI

17,971,675

—

1,047,515

—

NSCR

245,445

—

593,034

—

NUSB

12,167,795

142,276

951,914

—

Fund

In-Kind

Purchases

In-Kind

Sales

NCPB

$

—

$

—

NUAG

10,365,252

10,070,052

NUSA

9,976,751

18,601,216

NUHY

17,065,359

32,853,480

NUBD

69,248,582

6,127,905

NTZG

—

—

NPFI

—

—

NSCR

5,466,446

251,027

NUSB

—

—

112

Notes

to

Financial

Statements

(continued)

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:

NCPB

NUAG

NUSA

For

the

period

3/05/24

(commencement

of

operations)

through

7/31/24

Year

Ended

7/31/24

Year

Ended

7/31/23

Year

Ended

7/31/24

Shares

Amount

Shares

Amount

Shares

Amount

Shares

Amount

Subscriptions

1,600,000

$40,030,789

600,000

$12,312,988

300,000

$6,326,238

500,000

$11,382,469

Redemptions

–

–

(500,000)

(10,351,166)

(6,200,000)

(129,921,150)

(900,000)

(20,491,350)

Net

increase

(decrease)

1,600,000

$40,030,789

100,000

$1,961,822

(5,900,000)

$(123,594,912)

(400,000)

$(9,108,881)

NUSA

NUHY

NUBD

Year

Ended

7/31/23

Year

Ended

7/31/24

Year

Ended

7/31/23

Year

Ended

7/31/24

Shares

Amount

Shares

Amount

Shares

Amount

Shares

Amount

Subscriptions

1,000,000

$22,913,450

800,000

$16,620,534

600,000

$12,451,730

4,700,000

$102,065,429

Redemptions

(800,000)

(18,278,320)

(1,600,000)

(33,252,640)

(100,000)

(2,057,310)

(600,000)

(12,943,120)

Net

increase

(decrease)

200,000

$4,635,130

(800,000)

$(16,632,106)

500,000

$10,394,420

4,100,000

$89,122,309

NUBD

NTZG

NPFI

Year

Ended

7/31/23

Year

Ended

7/31/24

Year

Ended

7/31/23

For

the

period

3/05/24

(commencement

of

operations)

through

7/31/24

Shares

Amount

Shares

Amount

Shares

Amount

Shares

Amount

Subscriptions

2,500,000

$55,017,630

–

$–

–

$–

675,000

$16,890,171

Redemptions

(1,000,000)

(22,156,440)

–

–

–

–

–

–

Net

increase

(decrease)

1,500,000

$32,861,190

–

$–

–

$–

675,000

$16,890,171

113

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.

Differences

between

amounts

for

financial

statement

and

federal

income

tax

purposes

are

primarily

due

to

timing

differences

in

recognizing

gains

and

losses

on

investment

transactions.

Temporary

differences

do

not

require

reclassification.

As

of

year

end,

permanent

differences

that

resulted

in

reclassifications

among

the

components

of

net

assets

relate

primarily

to

bond

premium

amortization

adjustments,

complex

securities

character

adjustments,

distribution

reallocations,

foreign

currency

transactions,

paydowns,

redemptions

in-kind,

and

return

of

capital

and

long-term

capital

gain

distributions

received

from

portfolio

investments.

Temporary

and

permanent

differences

have

no

impact

on

a

Fund's

net

assets.

As

of

year

end,

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

year

end,

the

components

of

accumulated

earnings

on

a

tax

basis

were

as

follows:

NSCR

NUSB

For

the

period

3/05/24

(commencement

of

operations)

through

7/31/24

For

the

period

3/05/24

(commencement

of

operations)

through

7/31/24

Shares

Amount

Shares

Amount

Subscriptions

220,000

$5,520,319

1,075,000

$26,933,619

Redemptions

(10,000)

(253,663)

(50,000)

(1,252,136)

Net

increase

(decrease)

210,000

$5,266,656

1,025,000

$25,681,483

Fund

Tax

Cost

Gross

Unrealized

Appreciation

Gross

Unrealized

(Depreciation)

Net

Unrealized

Appreciation

(Depreciation)

NCPB

$

39,387,495

$

609,735

$

(50,390)

$

559,345

NUAG

37,693,747

424,287

(2,181,704)

(1,757,417)

NUSA

32,100,646

258,372

(327,291)

(68,919)

NUHY

95,850,688

1,503,978

(2,269,677)

(765,699)

NUBD

392,229,093

2,345,996

(30,375,611)

(28,029,615)

NTZG

5,059,076

1,499,664

(164,266)

1,335,398

NPFI

16,697,535

273,252

(36,605)

236,647

NSCR

4,872,581

477,227

(76,947)

400,280

NUSB

24,116,719

27,205

(4,345)

22,860

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

NCPB

$

185,912

$

—

$

559,345

$

(240,515)

$

—

$

—

$

504,742

NUAG

165,652

—

(1,757,417)

(26,789,532)

—

—

(28,381,297)

NUSA

125,722

—

(68,919)

(2,341,837)

—

—

(2,285,034)

NUHY

548,200

—

(765,699)

(13,612,908)

—

—

(13,830,407)

NUBD

900,612

—

(28,029,615)

(9,485,635)

—

—

(36,614,638)

NTZG

50,483

46,190

1,335,398

—

—

—

1,432,071

NPFI

—

—

236,647

—

—

—

236,647

NSCR

17,682

9

400,280

—

—

—

417,971

NUSB

92,679

—

22,860

(4,318)

—

—

111,221

114

Notes

to

Financial

Statements

(continued)

The

tax

character

of

distributions

paid

was

as

follows:

As

of

year

end,

the

Funds

had

capital

loss

carryforwards,

which

will

not

expire:

As

of

year

end,

the

Funds

utilized

the

following

capital

loss

carryforwards:

7/31/24

7/31/23

Fund

Ordinary

Income

Long-Term

Capital

Gains

Return

of

Capital

Ordinary

Income

Long-Term

Capital

Gains

Return

of

Capital

NUAG

$

1,385,020

$

—

$

—

$

2,043,070

$

—

$

—

NUSA

1,275,430

—

—

904,010

—

—

NUHY

6,599,640

—

—

6,591,930

—

—

NUBD

10,481,530

—

—

7,684,630

—

—

NTZG

87,940

—

—

33,960

—

—

For

the

Period

3/05/24

(commencement

of

operations)

through

7/31/24

Ordinary

Income

Long-Term

Capital

Gains

Return

of

Capital

NCPB

$497,480

$–

$—

NPFI

180,000

–

106,028

NSCR

–

–

—

NUSB

247,498

–

—

Fund

Short-Term

Long-Term

Total

NCPB

$

240,515

$

—

$

240,515

NUAG

20,598,073

6,191,459

26,789,532

NUSA

554,944

1,786,893

2,341,837

NUHY

5,037,819

8,575,089

13,612,908

NUBD

4,135,619

5,350,016

9,485,635

NTZG

—

—

—

NPFI

—

—

—

NSCR

—

—

—

NUSB

4,318

—

4,318

Fund

Utilized

NCPB

$

—

NUAG

—

NUSA

—

NUHY

—

NUBD

—

NTZG

82,685

NPFI

—

NSCR

—

NUSB

—

115

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: 

Other

Transactions

with

Affiliates:

NTZG

is

permitted

to

purchase

or

sell

securities

from

or

to

certain

other

funds

or

accounts

managed

by

the

Sub-Adviser

or

by

an

affiliate

of

the

Adviser (each

an

“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

Fund

did

not engage

in

cross-trades

pursuant

to

these

procedures.

As

of

the

end

of

the

reporting

period,

the

percentage

of

Fund

shares

owned

by

Nuveen

was

as

follows: 

Fund

Management

Fee

NCPB

0.30%

NUAG

0.20

NUSA

0.15

NUHY

0.30

NUBD

0.15

NTZG

0.55

NPFI

0.55

NSCR

0.45

NUSB

0.17

Fund

Nuveen

Owned

Shares

NCPB

—

%

NUAG

—

*

NUSA

—

NUHY

—

NUBD

—

NTZG

—

NPFI

—

NSCR

—

NUSB

—

*

Value

rounded

to

zero.

116

Notes

to

Financial

Statements

(continued)

As

of

the

end

of

the

reporting

period,

the

percentage

of

Fund

shares

owned

by

TIAA

are

as

follows: 

9.

Subsequent

Events

On

August

21,

2024,

the

Board

of

Trustees

approved

the

liquidation

of

NTZG,

effective

October

22,

2024.

Fund

TIAA

Owned

Shares

NCPB

75

%

NUAG

6

NUSA

—

NUHY

14

NUBD

—

NTZG

93

NPFI

94

NSCR

95

NUSB

—

117

Important

Tax

Information

(Unaudited)

As

required

by

the

Internal

Revenue

Code

and

Treasury

Regulations,

certain

tax

information,

as

detailed

below,

must

be

provided

to

shareholders.

Shareholders

are

advised

to

consult

their

tax

advisor

with

respect

to

the

tax

implications

of

their

investment.

The

amounts

listed

below

may

differ

from

the

actual

amounts

reported

on

Form

1099-DIV,

which

will

be

sent

to

shareholders

shortly

after

calendar

year

end.

Long-Term

Capital

Gains

As

of

year

end,

each

Fund

designates

the

following

distribution

amounts,

or

maximum

amount

allowable,

as

being

from

net

long-term

capital

gains

pursuant

to

Section

852(b)(3)

of

the

Internal

Revenue

Code:

Dividends

Received

Deduction

(DRD)

Each

Fund

listed

below

had

the

following

percentage,

or

maximum

amount

allowable,

of

ordinary

income

distributions

eligible

for

the

dividends

received

deduction

for

corporate

shareholders:

Qualified

Dividend

Income

(QDI)

Each

Fund

listed

below

had

the

following

percentage,

or

maximum

amount

allowable,

of

ordinary

income

distributions

treated

as

qualified

dividend

income

for

individuals

pursuant

to

Section

1(h)(11)

of

the

Internal

Revenue

Code:

Fund

Net

Long-Term

Capital

Gains

NCPB

$

—

NUAG

—

NUSA

—

NUHY

—

NUBD

—

NTZG

—

NPFI

—

NSCR

—

NUSB

—

Fund

Percentage

NCPB

–

%

NUAG

–

NUSA

–

NUHY

–

NUBD

–

NTZG

47

.6

NPFI

–

NSCR

–

NUSB

–

Fund

Percentage

NCPB

–

%

NUAG

–

NUSA

–

NUHY

–

NUBD

–

NTZG

100

.0

NPFI

–

NSCR

–

NUSB

–

118

Important

Tax

Information

(Unaudited)

(continued)

Qualified

Interest

Income

(QII)

Each

Fund

listed

below

had

the

following

percentage,

or

maximum

amount

allowable,

of

ordinary

income

distributions

treated

as

qualified

interest

income

and/or

short-term

capital

gain

dividends

pursuant

to

Section

871(k)

of

the

Internal

Revenue

Code:

163(j)

Each

Fund

listed

below

had

the

following

percentage,

or

maximum

amount

allowable,

of

ordinary

dividends

treated

as

Section

163(j)

interest

dividends

pursuant

to

Section

163(j)

of

the

Internal

Revenue

Code:

Fund

Prior

Year

End

to

12/31

Percentage

1/1

to

Current

Year

End

Percentage

NCPB

1

—

%

100.0

%

NUAG

100.0

52.9

NUSA

92.8

72.9

NUHY

61.2

98.0

NUBD

100.0

76.0

NTZG

—

—

NPFI

1

—

85.3

NSCR

1

—

—

NUSB

1

—

91.0

1

For

the

period

March

5,

2024

(commencement

of

operations)

through

July

31,

2024.

Fund

Percentage

NCPB

–

%

NUAG

100

.0

NUSA

100

.0

NUHY

100

.0

NUBD

100

.0

NTZG

–

NPFI

–

NSCR

–

NUSB

–

Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies.

Not applicable.

Item 9. Proxy Disclosures for Open-End Management Investment Companies.

Not applicable.

Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies.

Remuneration paid to directors, officers and others is included in the Statement of Operations under the line items “Trustee Fees” and “Management Fees” as part of the financial statements filed under Item 7 of this Form N-CSR.

Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract

Nuveen Core Plus Bond ETF

Nuveen Enhanced Yield U.S. Aggregate Bond ETF

Nuveen ESG 1-5 Year U.S. Aggregate Bond ETF

Nuveen ESG High Yield Corporate Bond ETF

Nuveen ESG U.S. Aggregate Bond ETF

Nuveen Global Net Zero Transition ETF

Nuveen Preferred and Income ETF

Nuveen Sustainable Core ETF

Nuveen Ultra Short Income ETF

The Board of Trustees (the “Board” and each Trustee, a “Board Member”) of Nushares ETF Trust (the “Trust”) is responsible for determining whether to initially approve or, after an initial term, to renew, the advisory arrangements of the funds comprising the Trust. A discussion of the Board’s most recent approval of the renewal of the advisory arrangements of Nuveen Enhanced Yield U.S. Aggregate Bond ETF, Nuveen ESG 1-5 Year U.S. Aggregate Bond ETF, Nuveen ESG High Yield Corporate Bond ETF, Nuveen ESG U.S. Aggregate Bond ETF and Nuveen Global Net Zero Transition ETF is set forth in Part I below. The advisory arrangements of Nuveen Core Plus Bond ETF, Nuveen Preferred and Income ETF, Nuveen Sustainable Core ETF and Nuveen Ultra Short Income ETF have not yet been up for renewal, and a discussion of the Board’s initial approval of the advisory arrangements of such funds is set forth in Part II below. 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.

PART I

Nuveen Enhanced Yield U.S. Aggregate Bond ETF

Nuveen ESG 1-5 Year U.S. Aggregate Bond ETF

Nuveen ESG High Yield Corporate Bond ETF

Nuveen ESG U.S. Aggregate Bond ETF

Nuveen Global Net Zero Transition ETF

The Approval Process

At meetings held on April 18 and 19, 2024 (for purposes of this Part I, the “Meeting”), the Board approved, for each of Nuveen Enhanced Yield U.S. Aggregate Bond ETF, Nuveen ESG 1-5 Year U.S. Aggregate Bond ETF, Nuveen ESG High Yield Corporate Bond ETF, Nuveen ESG U.S. Aggregate Bond ETF and Nuveen Global Net Zero Transition ETF (for purposes of this Part I, collectively, the “Funds” and each a “Fund”), the renewal of the investment management agreement (for purposes of this Part I, each an “Investment Management Agreement”) with Nuveen Fund Advisors, LLC (for purposes of this Part I, “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 (for purposes of this Part I, each a “Sub-Advisory Agreement”) with (a) in the case of Nuveen Enhanced Yield U.S. Aggregate Bond ETF, Nuveen ESG 1-5 Year U.S. Aggregate Bond ETF, Nuveen ESG High Yield Corporate Bond ETF and Nuveen ESG U.S. Aggregate Bond ETF, Teachers Advisors, LLC (“TAL”), pursuant to which TAL serves as the sub-adviser to such Fund; and (b) in the case of Nuveen Global Net Zero Transition ETF, Nuveen Asset Management, LLC (for purposes of this Part I, “NAM,” and TAL and NAM are each a “Sub-Adviser”), pursuant to which NAM serves as the sub-adviser to such Fund. 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. For purposes of this Part I, 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.

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Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract (continued)

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 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

2

 

 

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

3

Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract (continued)

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 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 Nuveen Enhanced Yield U.S. Aggregate Bond ETF, Nuveen ESG 1-5 Year U.S. Aggregate Bond ETF, Nuveen ESG High Yield Corporate Bond ETF and Nuveen ESG U.S. Aggregate Bond ETF were Index ETFs, and Nuveen Global Net Zero Transition ETF was 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.

4

 

 

• For Nuveen Enhanced Yield U.S. Aggregate Bond ETF, 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 first quartile of its Performance Peer Group for the one-year period, third quartile for the three-year period and second quartile for the five-year period ended December 31, 2023. Further, the Fund ranked in the first quartile of its Performance Peer Group for the one-year period and second 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 Nuveen ESG 1-5 Year U.S. Aggregate Bond ETF, 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 Nuveen ESG High Yield Corporate Bond ETF, 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 and 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 Nuveen ESG U.S. Aggregate Bond ETF, 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 Nuveen Global Net Zero Transition ETF, 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 and the Fund ranked in the fourth quartile of its Performance Peer Group for the one-year period ended December 31, 2023, the Fund ranked in the third quartile of its Performance Peer Group for the one-year period ended March 31, 2024. The Board took into account management’s analysis of the Fund’s performance, including the factors that contributed to or detracted from performance and the improved relative performance in the first quarter of 2024. The Board further 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.

5

Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract (continued)

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 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 Nuveen Enhanced Yield U.S. Aggregate Bond ETF, 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 Universe, each ranked in the second quartile of its Expense Group. In addition, the Fund’s actual management fee rate and net total expense ratio matched the Expense Group median.

• For Nuveen ESG 1-5 Year U.S. Aggregate Bond ETF, the Fund’s contractual management fee rate, actual management fee rate and net total expense ratio ranked in the first quartile, third quartile and third quartile of its Expense Group, respectively. In addition, although the Fund’s actual management fee rate and net total expense ratio ranked in the fourth quartile of its Expense Universe, the Fund’s contractual 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 generally in-line with the Expense Group median.

• For Nuveen ESG High Yield Corporate Bond ETF, 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 Group. In addition, 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 Universe, respectively. Further, the Fund’s actual management fee rate and net total expense ratio were below the Expense Group median. The Fund’s unified management fee also was reduced in September 2021.

6

 

 

• For Nuveen ESG U.S. Aggregate Bond ETF, although the Fund’s actual management fee rate and net total expense ratio ranked in the fourth quartile of its Expense Group, the Fund’s contractual management fee rate ranked in the second 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 generally in-line with the Expense Group median. The Fund’s unified management fee also was reduced in September 2021.

• For Nuveen Global Net Zero Transition ETF, 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, respectively. Further, the Fund’s actual management fee rate and net total expense ratio were below 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.

7

Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract (continued)

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, 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, including the Funds, 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 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.

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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, including the Funds. 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 funds 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.

PART II

Nuveen Core Plus Bond ETF

Nuveen Preferred and Income ETF

Nuveen Sustainable Core ETF

Nuveen Ultra Short Income ETF

The Approval Process

At the meeting held on February 27-29, 2024 (for purposes of this Part II, the “Meeting”), the Board considered and approved for each of Nuveen Core Plus Bond ETF (for purposes of this Part II, the “Core Plus Bond Fund”), Nuveen Preferred and Income ETF (for purposes of this Part II, the “Preferred and Income Fund”), Nuveen Sustainable Core ETF (for purposes of this Part II, the “Sustainable Core Fund”) and Nuveen Ultra Short Income ETF (for purposes of this Part II, the “Ultra Short Income Fund” and, together with the Core Plus Bond Fund, Preferred and Income Fund and Sustainable Core Fund, the “Funds” and each, a “Fund”), each a series of the Trust, the investment management agreement (for purposes of this Part II, each, an “Investment Management Agreement”) pursuant to which Nuveen Fund Advisors, LLC (for purposes of this Part II, the “Adviser”) serves as investment adviser to such Fund and the investment sub-advisory agreement (for purposes of this Part II, each, a “Sub-Advisory Agreement”) pursuant to which Nuveen Asset Management, LLC (for purposes of this Part II, the “Sub-Adviser”) serves as investment sub-adviser to such Fund. For purposes of this Part II, the Adviser and the Sub-Adviser are each hereafter a “Fund Adviser.” In addition, for purposes of this Part II, the Investment Management Agreements and the Sub-Advisory Agreements are each hereafter an “Advisory Agreement” and collectively, the “Advisory Agreements.” The Board Members oversee both a group of funds advised by the Adviser (the “Nuveen funds”) and a group of funds advised by Teachers Advisors, LLC (“TAL” and such funds, the “TC funds”), an affiliate of the Adviser, as the result of a consolidation of the boards of the Nuveen funds and the TC funds that became effective in January 2024.

To assist the Board in its evaluation of an Advisory Agreement with a Fund Adviser at the Meeting, the Board Members had received, in adequate time in advance of the Meeting and/or at prior meetings, materials which outlined, among other things:

• the nature, extent and quality of the services expected to be provided by the Fund Adviser;

• the organization of the Fund Adviser, including the responsibilities of various departments and key personnel;

• the expertise and background of the Fund Adviser;

• certain performance-related information (as described below);

• certain profitability-related information (as described below);

• the proposed unified fee structure for the Funds, including comparisons of each Fund’s proposed unified fee with the net expense ratios of comparable funds; and

• the soft dollar practices of the Fund Adviser, if any.

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Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract (continued)

At the Meeting and/or at prior meetings, the Adviser made presentations to and responded to questions from the Board. During the Meeting and/ or at prior meetings, the Board Members also met privately with their legal counsel to, among other things, review the Board’s duties under the 1940 Act, the general principles of state law in reviewing and approving advisory contracts, the standards used by courts in determining whether investment company boards of directors have fulfilled their duties, factors to be considered in voting on advisory contracts and an adviser’s fiduciary duty with respect to advisory agreements and compensation. It is with this background that the Board Members considered the Advisory Agreements. As outlined in more detail below, the Board Members considered various factors they believed relevant with respect to the Funds. Each Board Member may have accorded different weight to the various factors and information discussed below in reaching his or her conclusions with respect to a Fund’s Advisory Agreements. As applicable, the Board Members also considered information they had received in their capacity as trustees or directors of other registered investment companies advised by the Fund Advisers.

A. Nature, Extent and Quality of Services

The Board Members considered the nature, extent and quality of the respective Fund Adviser’s services, including portfolio management services and administrative services. Given that the Adviser and the Sub-Adviser already serve as adviser and sub-adviser, respectively, to other Nuveen funds overseen by the Board Members, the Board has a good understanding of each such Fund Adviser’s organization, operations, personnel and services. As the Board meets regularly throughout the year to oversee the Nuveen funds, including funds currently advised by the Fund Advisers, Board Members may have, in part, relied upon their knowledge from their meetings and any other interactions throughout the year with the respective Fund Adviser in evaluating the Advisory Agreements.

The Board Members considered information about the structure, investment objective, investment strategy and other characteristics of each Fund and considered that in contrast to certain other exchange-traded funds (“ETFs”) advised by the Adviser, which seek to track the investment results of a specified underlying index (referred to as “Index ETFs”), each Fund would be actively managed.

At the Meeting and/or at prior meetings, the Board Members reviewed materials outlining, among other things, the respective Fund Adviser’s organization and business; the types of services that such Fund Adviser or its affiliates provide to the Nuveen funds (as applicable) and are expected to provide to the Funds; and the experience of the respective Fund Adviser. Further, at the Meeting and/or at prior meetings, with respect to each Fund, the Board Members have evaluated the background and experience of the relevant investment personnel.

The Board has considered that the Adviser provides a wide array of management, oversight and administrative services to manage and operate the Nuveen funds and that the scope and complexity of these services, along with the undertakings required of the Adviser in connection with providing these services, have expanded over time as a result of, among other things, regulatory, market and other developments. The Board has considered the Adviser’s dedication of resources, time, personnel and capital and commitment to continuing to develop improvements and innovations that seek to enhance the fund complex and meet the needs of the Nuveen funds in an increasingly complex regulatory environment. At the Meeting and/or at prior meetings, the Board received and considered information regarding, among other things, the Adviser’s investment oversight responsibilities, regulatory and compliance services, administrative duties and other services.

Given the Nuveen funds operate in a highly regulated industry, the Board has further considered the extensive compliance, regulatory and administrative services the Adviser and its various teams provide to manage and operate the Nuveen funds. The Board has considered that such services have included, but are not limited to, managing compliance policies; monitoring compliance with applicable policies, laws and regulations; devising internal compliance programs in seeking to enhance compliance with regulatory requirements and creating a framework to review and assess compliance programs; overseeing sub-adviser compliance testing; preparing compliance training materials; and responding to regulatory requests.

In addition to the above functions, the Board has considered the quality and extent of other non-advisory services the Adviser provides including, among other things, various fund administration services (such as preparing, overseeing or assisting with the preparation of tax and regulatory filings); product management services (such as evaluating and enhancing products and strategies); legal support services; shareholder services and transfer agency function oversight services; and board support and reporting services.

The Board Members considered that the Adviser would oversee the Sub-Adviser, which was generally expected to provide portfolio advisory services to the Funds. In addition, the Board Members considered the experience and expertise of the applicable investment team expected to manage each Fund.

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 expected to be provided to the respective Fund under each applicable Advisory Agreement.

B. Investment Performance

Each Fund was new and, therefore, did not have its own performance history. The Board Members, however, were familiar with the performance records of other Nuveen funds advised by the Adviser and sub-advised by the Sub-Adviser. In addition, the Board Members were aware that the portfolio management team expected to manage the Preferred and Income Fund also managed a mutual fund advised by the Adviser that utilized an investment process that was generally comparable in certain respects to that anticipated for such Fund, and the portfolio management team expected to manage the Core Plus Bond Fund managed a mutual fund advised by TAL that utilized an investment process that was generally comparable in certain respects to that anticipated for such Fund (each of the foregoing mutual funds, a “Comparable Mutual Fund”). The Board Members reviewed certain historical performance-related data pertaining to each Comparable Mutual Fund. Further, with respect to each Fund, the Board Members reviewed certain historical performance-related data pertaining to various unaffiliated ETFs (and, in the case of the Sustainable Core Fund, unaffiliated mutual funds) that, based on information provided by the Adviser, were generally comparable in certain respects to the Fund.

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C. Fees, Expenses and Profitability

 1. Fees and Expenses

In evaluating the management fees and expenses that each Fund was expected to bear, the Board Members considered that each Fund would pay the Adviser 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, the Nuveen ETFs 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). In this regard, the Board Members were provided with estimates of each Fund’s anticipated operating expenses as well as a description of the expenses excluded from the unified fee. In considering the proposed unified fee structure, the Board Members considered that the Adviser would generally bear the risk that certain of the Funds’ operating expenses would increase (but would also benefit if such expenses decrease) and the degree of expense stability that would be afforded to the Funds’ shareholders.

In their review, with respect to each Fund, the Board Members considered, among other things, the Fund’s proposed unified fee compared to expense data relating to the actively managed ETFs included in an anticipated peer group (each, a “Peer Group”). Because each Fund will pay a unified fee, the Board determined that net expense ratios were the most relevant comparative data point. With respect to each Fund, the Board Members considered the range of net expense ratios as well as the average net expense ratio of the ETFs comprising the applicable Peer Group. With respect to each Fund, the Board Members also considered the quartile of the Peer Group in which the Fund was expected to be ranked, based on its expected net expense ratio (with the first quartile representing the range of funds with the lowest net expense ratio and the fourth quartile representing the range of funds with the highest net expense ratio). In addition, with respect to each Fund, the Board Members reviewed expense data relating to a subset of the ETFs in the applicable Peer Group that the Adviser viewed as most relevant to the Fund (each such ETF, a “Comparable Active ETF”). This data included, among other things, for each Comparable Active ETF, its net expense ratio, its assets under management, and, to the extent available, a list of expenses excluded from its unified fee. With respect to the Preferred and Income Fund and the Core Plus Bond Fund, the Board Members also reviewed information regarding the management fee and net expense ratio of the corresponding Comparable Mutual Fund. Further, the Board Members considered the proposed sub-advisory fee for each Fund, which will be paid by the Adviser out of its unified fee.

Based on its review of the fee and expense information provided, the Board Members determined that each Fund’s proposed management fees (as applicable) to a Fund Adviser were reasonable in light of the nature, extent and quality of services expected to be provided to the Fund.

2. Comparisons with the Fees of Other Clients

The Board has considered, at the Meeting and/or at prior meetings, that the Fund Advisers provide services to various types of clients. In this regard, the Board has considered information regarding the fee rates that the respective Fund Advisers charge to certain other types of clients and the types of services provided to these other clients. With respect to the Adviser and/or the Sub-Adviser, such other clients may include: retail and institutional managed accounts sub-advised by the Sub-Adviser; hedge funds or other structured products managed by the Sub-Adviser; investment companies offered outside the Nuveen family and sub-advised by the Sub-Adviser; foreign investment companies offered by Nuveen and sub-advised by the Sub-Adviser; and collective investment trusts sub-advised by the Sub-Adviser. The Board has further considered that the Adviser also advises, and the Sub-Adviser sub-advises, certain additional ETFs sponsored by Nuveen. The Board considered that the Sub-Adviser is an affiliated sub-adviser and, with respect to affiliated sub-advisers, has reviewed, among other things, the range of fees assessed for managed accounts, hedge funds (along with their performance fee), foreign investment companies and ETFs offered by Nuveen, as applicable. The Board has also reviewed the fee range and average fee rate of certain selected investment strategies offered in retail and institutional managed accounts sub-advised by the Sub-Adviser, the hedge funds advised by the Sub-Adviser (along with their performance fee) and non-Nuveen investment companies sub-advised by certain affiliated sub-advisers.

11

Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract (continued)

In considering the comparative fee data, the Board has considered that differences, including but not limited to, the amount, type and level of services provided by the Adviser to the Nuveen funds compared to that provided to other clients as well as differences in investment policies; eligible portfolio assets and the manner of managing such assets; product structure; investor profiles; account sizes; and regulatory requirements contribute to the variations in the fee schedules. Similarly, differences in the client base, governing bodies, distribution jurisdiction and operational complexities would also contribute to variations in management fees assessed the Nuveen funds compared to foreign fund clients. Further, with respect to ETFs, the Board has considered that the Index ETFs are passively managed compared to the active management of other Nuveen funds, which has also contributed to the differences in fee levels between such Index ETFs and the actively managed funds. The Board has considered the wide range of services in addition to investment management that the Adviser provides to the Nuveen 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 Nuveen funds. In general, higher fee levels reflect higher levels of service provided by the Adviser, increased investment management complexity, greater product management requirements, and higher levels of business risk or some combination of these factors. The Board has further considered that the 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 has considered that the varying levels of fees are justified 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 conjunction with their review of fees, at the Meeting and/or at prior meetings, the Board Members have considered profitability and other financial data for Nuveen, including estimated profitability information of Nuveen as a result of its advisory services to the Nuveen funds as well as profitability data of certain other asset management firms. Such profitability information has 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 2022 and 2021 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 and certain other expenses) for the 2022 and 2021 calendar years. The Board Members have also considered a summary of some of the key factors that impacted Nuveen’s profitability in 2022. In addition, the Board has considered the revenues, expenses and operating margin (pre- and after-tax) the Adviser derived from its ETF product line for the 2022 and 2021 calendar years.

In developing the profitability data of the Adviser for its advisory services to the Nuveen funds, the Board Members have 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 has reviewed, among other things, a description of the cost allocation methodologies employed to develop the financial information, a summary of the history of changes to the methodology over the years from 2010 through 2022, 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 2022. The Board had also appointed four Board Members to serve as the Board’s liaisons, with the assistance of independent counsel, to meet with representatives of the Adviser and review the development of the profitability data and to report to the full Board.

In addition, the Board has considered certain comparative operating margin data. In this regard, the Board has 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 has 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 has 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 2012 to 2022. Although the total company operating margins of Nuveen Investments were in the bottom half of the peer group range for 2022 and 2021, the Board Members have 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 Nuveen’s profitability, the Board has considered that the Adviser is a subsidiary of Nuveen, LLC, the investment management arm of Teachers Insurance and Annuity Association of America (“TIAA”). Accordingly, the Board has also reviewed a balance sheet for TIAA reflecting its assets, liabilities and capital and contingency reserves for the 2022 and 2021 calendar years to consider the financial strength of TIAA. The Board has considered the benefit of an investment adviser and its parent with significant resources, particularly during periods of market volatility. The Board has also considered the reinvestments Nuveen, its parent and/or other affiliates have made into its business through, among other things, the investment of seed capital in certain Nuveen funds and continued investments in enhancements to technological capabilities.

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In addition to Nuveen, the Board Members have considered the profitability of the Sub-Adviser from its relationships with the respective Nuveen funds. In this regard, the Board Members have 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, 2022 and December 31, 2021. The Board Members have also reviewed a profitability analysis reflecting the revenues, expenses and revenue margin (pre- and after-tax) by asset type for the Sub-Adviser for the calendar years ending December 31, 2022 and December 31, 2021.

In evaluating the reasonableness of the compensation, the Board Members have also considered any other ancillary benefits derived by the respective Fund Adviser from its relationship with the Nuveen funds as discussed in further detail below.

Based on its consideration of the information provided, the Board was satisfied that Nuveen’s and the Sub-Adviser’s level of profitability was acceptable and not unreasonable in light of the services to be provided.

D. Economies of Scale and Whether Fee Levels Reflect These Economies of Scale

The Board considered whether the Funds could be expected to benefit from any economies of scale. The Board has considered that although economies of scale are difficult to measure and certain expenses may not decline with a rise in assets, there are several methods to help share the benefits of economies of scale, including breakpoints in the management fee schedule, fee waivers and/or expense limitations, the pricing of Nuveen funds at scale at inception and investments in Nuveen’s business which can enhance the services provided to the Nuveen funds for the fees paid. The Board has considered that with respect to the Nuveen funds generally, although the management fee of the Adviser is typically 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 and do not participate in the complex-level fee program. Similarly, the Funds will not have breakpoint schedules, participate in the complex-level fee program or have expense limitation agreements given that, as described above, the Adviser will generally pay the operating expenses of each Fund (subject to certain exceptions) under the unified fee structure. The Board also considered that the Adviser would benefit from any reduction in fixed costs associated with the management of the Funds, but that the unified fee schedule provides shareholders with a level of certainty of the expenses of a Fund. Further, the Board Members considered that the Funds’ unified fee structure generally provides inherent economies of scale because a Fund would maintain a relatively fixed fee over a given time period even if its assets declined and/or operating expenses rose. The Board Members also considered the Adviser’s representation that the Funds were being priced using an at-scale approach.

Based on its review, with respect to each Fund, the Board was satisfied that the proposed fee arrangements would appropriately share any economies of scale with the Fund’s shareholders.

E. Indirect Benefits

At the Meeting and/or prior meetings, the Board Members have received and considered information regarding other benefits the respective Fund Adviser or its affiliates may receive as a result of their relationship with the Nuveen funds. In addition, the Board Members have considered that the Adviser and Sub-Adviser may utilize soft dollar brokerage arrangements attributable to the respective Nuveen funds to obtain research and other services for any or all of their clients, although the Board Members have also considered reimbursements of such costs by the Adviser and/or Sub- Adviser.

Based on its review, the Board concluded that any indirect benefits expected to be received by a Fund Adviser as a result of its relationship with the Funds were reasonable in light of the services expected to be provided.

F. Approval

The Board Members did not identify any single factor discussed previously as all-important or controlling. With respect to each Fund, the Board Members concluded that the terms of the applicable Investment Management Agreement and Sub-Advisory Agreement were reasonable, that the Fund Advisers’ fees were reasonable in light of the services expected to be provided to the Fund, and that the applicable Investment Management Agreement and Sub-Advisory Agreement should be and were approved on behalf of the Fund.

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Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Not applicable to open-end investment companies.

Item 13. Portfolio Managers of Closed-End Management Investment Companies.

Not applicable to open-end investment companies.

Item 14. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

Not applicable to open-end investment companies.

Item 15. Submission of Matters to a Vote of Security Holders.

There have been no material changes to the procedures by which shareholders may recommend nominees to the registrant’s Board of Trustees implemented after the registrant last provided disclosure in response to this Item.

Item 16. 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 17. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.

(a) Not applicable to open-end investment companies.

(b) Not applicable to open-end investment companies.

Item 18. Recovery of Erroneously Awarded Compensation.

(a) Not applicable.

(b) Not applicable.

Item 19. Exhibits.

(a)(1) Not applicable because the code of ethics is available, upon request and without charge, by calling 800-257-8787 and there were no amendments during the period covered by this report.

(a)(2) Not applicable.

(a)(3) Certifications pursuant to Rule 30a-2(a) under the Investment Company Act of 1940 and Section 302 of the Sarbanes-Oxley Act of 2002 are attached hereto.

(a)(4) Not applicable.

(a)(5) Not applicable.

(b) Certification pursuant to Rule 30a-2(b) under the Investment Company Act of 1940 and Section 906 of the Sarbanes-Oxley Act of 2002 is 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.

Nushares ETF Trust

Date: October 4, 2024	By:	/s/ Briton Ryan
		Briton Ryan Chief Administrative Officer

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.

Date: October 4, 2024	By:	/s/ Briton Ryan
		Briton Ryan Chief Administrative Officer (principal executive officer)
Date: October 4, 2024	By:	/s/ E. Scott Wickerham
		E. Scott Wickerham Vice President and Controller (principal financial officer)