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: December 31
Date of reporting period: December 31, 2024
| Item 1. | Reports to Stockholders. |
| | |
 | |
Annual Shareholder Report
December 31, 2024 |
Nuveen Short-Term REIT ETF
NURE/Cboe BZX Exchange, Inc.
Annual Shareholder Report
This annual shareholder report contains important information about the Nuveen Short-Term REIT ETF for the period of January 1, 2024 to December 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 Short-Term REIT ETF | | $36 | | 0.35% |
* Annualized for period less than one year.
How did the Fund perform last year? What affected the Fund’s performance?
|
|
Performance Highlights • The Nuveen Short-Term REIT ETF (NURE)’s total return at net asset value (NAV) was 6.83% for the 12 months ended December 31, 2024. The Fund’s custom index, the Dow Jones U.S. Select Short-Term REIT Index (DJUSSTRT), returned 7.2%. • 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. • During the reporting period, the Fund’s custom index underperformed the Fund’s base index, the Dow Jones U.S. Select REIT Index (DWRTF), which returned 8.1%. • Performance drivers between the Fund’s custom index and base index during the reporting period: ○ Top contributors to the custom index’s relative performance ◾ A lack of exposure to the industrials sector. ◾ An overweight allocation to the residential sector, led by an overweight to Independence Realty Trust, Inc. and Camden Property Trust. ○ Top detractors from the custom index’s relative performance ◾ Security selection in the specialty sector, including a lack of exposure to Digital Realty Trust, Inc. and Equinix, Inc. ◾ An overweight allocation to the hotels/lodging sector, including an overweight allocation to Service Properties Trust and Host Hotels & Resorts, Inc. |
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 (December 19, 2016 through December 31, 2024) Initial Investment of $10,000
Average Annual Total Returns
| | | | | | |
| | | |
| | | 1‑Year | | 5‑Year | | Since Inception
(12/19/16) |
| | | | |
| NAV | | 6.83% | | 4.19% | | 6.52% |
| | | | |
S&P 500® Index | | 25.02% | | 14.53% | | 14.60% |
| | | | |
| Dow Jones U.S. Select REIT Index | | 8.10% | | 3.40% | | 4.79% |
| | | | |
| Dow Jones U.S. Select Short-Term REIT Index | | 7.20% | | 4.58% | | 6.89% |
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.
Return of Capital: During the current reporting period, $0.23 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.
Fund Statistics (as of December 31, 2024)
| | | | |
| |
| Fund net assets | | $ | 50,949,224 | |
| |
| Total number of portfolio holdings | | | 33 | |
| |
| Portfolio turnover (%) | | | 29% | |
| |
| Total management fees paid for the year | | $ | 174,969 | |
What did the Fund invest in? (as of December 31, 2024)
How has the Fund changed?
| | • | | Portfolio manager update: Effective June 18, 2024, Lei Liao retired and is no longer a portfolio manager of the Fund. Additionally, effective June 18, 2024, Nazar Romanyak, CFA and Darren Tran, CFA have been added as portfolio managers of the Fund. | |
For more complete information, you may review the Fund’s next prospectus, which is expected to be available by April 30, 2025 at https://www.nuveen.com/en‑us/exchange‑traded‑funds/prospectuses or upon request at (800) 257‑8787.
Changes in independent registered public accounting firm
On October 24, 2024, the Fund’s Board of Trustees appointed PricewaterhouseCoopers LLP as the independent registered public accounting firm for the Fund and dismissed KPMG LLP (“KPMG”) as the independent registered public accounting firm for the Fund subject to the completion of the December 31, 2024 fiscal year audit. KPMG was informed of their dismissal on October 24, 2024. During the Fund’s fiscal years ended December 31, 2024 and December 31, 2023, and for the subsequent interim period through February 28, 2025, there have been no disagreements with KPMG on any matter of accounting principles or practices, financial statement disclosure or auditing scope or procedures.
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.
| | |
67092P706_AR_1224 4148261-0226 | |  |
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, 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. 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 Chair 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 December 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 Short-Term REIT ETF | | | $20,000 | | | | $0 | | | | $0 | | | | $0 | |
| | | | | | | | | | | | | | | | |
| | | | |
Total | | | $20,000 | | | | $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. |
| | | | | | | | | | | | | | | | |
Fiscal Year Ended December 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 Short-Term REIT ETF | | | 0 | % | | | 0 | % | | | 0 | % | | | 0 | % |
| | | | |
Fiscal Year Ended December 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 Short-Term REIT ETF | | | $21,000 | | | | $0 | | | | $0 | | | | $0 | |
Total | | | $21,000 | | | | $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. |
| | | | | | | | | | | | | | | | |
Fiscal Year Ended December 31, 2023 | | 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 Short-Term REIT ETF | | | 0 | % | | | 0 | % | | | 0 | % | | | 0 | % |
| | | | |
Fiscal Year Ended December 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 December 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 December 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 Short-Term REIT 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 December 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 Short-Term REIT ETF | | | $0 | | | | $0 | | | | $0 | | | | $0 | |
| | | | | | | | | | | | | | | | |
Fiscal Year Ended December 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 | |
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, Amy B. R. Lancellotta, John K. Nelson, Chair, Loren M. Starr, Matthew Thornton III, Margaret L. Wolff and Robert L. Young.
(a) | Schedule of Investments is included as part of the financial statements filed under Item 7 of this Form N-CSR. |
Item 7. | Financial Statements and Financial Highlights for Open-End Management Investment Companies. |
Item
7.
Financial
Statements
and
Financial
Highlights
for
Open-End
Management
Investment
Companies
Report
of
Independent
Registered
Public
Accounting
Firm
To
the
Shareholders
and
Board
of
Trustees
Nushares
ETF
Trust:
Opinion
on
the
Financial
Statements
We
have
audited
the
accompanying
statement
of
assets
and
liabilities
of
Nuveen
Short-Term
REIT
ETF
(one
of
the
funds
comprising
Nushares
ETF
Trust)
(the
Fund),
including
the
portfolio
of
investments,
as
of
December
31,
2024,
the
related
statement
of
operations
for
the
year
then
ended,
the
statement
of
changes
in
net
assets
for
each
of
the
years
in
the
two-year
period
then
ended,
and
the
related
notes
(collectively,
the
financial
statements)
and
the
financial
highlights
for
each
of
the
years
in
the
five-year
period
then
ended.
In
our
opinion,
the
financial
statements
and
financial
highlights
present
fairly,
in
all
material
respects,
the
financial
position
of
the
Fund
as
of
December
31,
2024,
the
results
of
its
operations
for
the
year
then
ended,
the
changes
in
its
net
assets
for
each
of
the
years
in
the
two-year
period
then
ended,
and
the
financial
highlights
for
each
of
the
years
in
the
five-year
period
then
ended,
in
conformity
with
U.S.
generally
accepted
accounting
principles.
Basis
for
Opinion
These
financial
statements
and
financial
highlights
are
the
responsibility
of
the
Fund's
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
Fund
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
December
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.
/s/
KPMG
LLP
We
have
served
as
the
auditor
of
one
or
more
Nuveen
investment
companies
since
2014.
Chicago,
Illinois
February
28,
2025
Portfolio
of
Investments
December
31,
2024
NURE
See
Notes
to
Financial
Statements
SHARES
DESCRIPTION
VALUE
LONG-TERM
INVESTMENTS
-
99.3%
REAL
ESTATE
INVESTMENT
TRUST
COMMON
STOCKS
-
99.3%
APARTMENTS
-
47.5%
70,304
American
Homes
4
Rent,
Class
A
$
2,630,776
51,681
(a)
Apartment
Investment
and
Management
Co,
Class
A
469,780
11,735
AvalonBay
Communities
Inc
2,581,348
22,032
Camden
Property
Trust
2,556,593
6,590
Centerspace
435,929
36,466
Equity
Residential
2,616,800
8,905
Essex
Property
Trust
Inc
2,541,843
89,502
Independence
Realty
Trust
Inc
1,775,720
79,723
Invitation
Homes
Inc
2,548,744
16,762
Mid-America
Apartment
Communities
Inc
2,590,902
8,789
NexPoint
Residential
Trust
Inc
366,941
59,895
UDR
Inc
2,600,042
32,232
Veris
Residential
Inc
536,018
TOTAL
APARTMENTS
24,251,436
DIVERSIFIED
-
2.1%
35,099
Elme
Communities
535,962
29,259
UMH
Properties
Inc
552,410
TOTAL
DIVERSIFIED
1,088,372
HOTELS
-
22.7%
88,866
Apple
Hospitality
REIT
Inc
1,364,093
19,449
Chatham
Lodging
Trust
174,069
82,549
DiamondRock
Hospitality
Co
745,417
140,199
Host
Hotels
&
Resorts
Inc
2,456,287
82,205
Park
Hotels
&
Resorts
Inc
1,156,624
47,708
Pebblebrook
Hotel
Trust
646,443
60,468
RLJ
Lodging
Trust
617,378
22,676
Ryman
Hospitality
Properties
Inc
2,366,014
66,883
Service
Properties
Trust
169,883
43,112
Summit
Hotel
Properties
Inc
295,317
80,016
Sunstone
Hotel
Investors
Inc
947,389
40,587
Xenia
Hotels
&
Resorts
Inc
603,123
TOTAL
HOTELS
11,542,037
MANUFACTURED
HOMES
-
10.4%
38,829
Equity
LifeStyle
Properties
Inc
2,586,011
21,901
Sun
Communities
Inc
2,693,166
TOTAL
MANUFACTURED
HOMES
5,279,177
SELF-STORAGE
-
16.6%
56,903
CubeSmart
2,438,294
16,637
Extra
Space
Storage
Inc
2,488,895
27,936
National
Storage
Affiliates
Trust
1,059,054
8,208
Public
Storage
2,457,804
TOTAL
SELF-STORAGE
8,444,047
TOTAL
REAL
ESTATE
INVESTMENT
TRUST
COMMON
STOCKS
(Cost
$59,112,860)
50,605,069
TOTAL
LONG-TERM
INVESTMENTS
(Cost
$59,112,860)
50,605,069
OTHER
ASSETS
&
LIABILITIES,
NET
-
0.7%
344,155
NET
ASSETS
-
100%
$
50,949,224
REIT
Real
Estate
Investment
Trust
(a)
Non-income
producing;
issuer
has
not
declared
an
ex-dividend
date
within
the
past
twelve
months.
Statement
of
Assets
and
Liabilities
See
Notes
to
Financial
Statements.
December
31,
2024
NURE
ASSETS
Long-term
investments,
at
value
†
$
50,605,069
Cash
134,306
Receivables:
Dividends
307,447
Other
1,087
Total
assets
51,047,909
LIABILITIES
Payables:
Management
fees
15,207
Investments
purchased
-
regular
settlement
81,528
Accrued
expenses:
Professional
fees
395
Trustees
fees
468
Other
1,087
Total
liabilities
98,685
Net
assets
$
50,949,224
Shares
outstanding
1,600,000
Net
asset
value
("NAV")
per
share
$
31
.84
NET
ASSETS
CONSIST
OF:
Paid-in
capital
71,195,015
Total
distributable
earnings
(loss)
(
20,245,791
)
Net
assets
$
50,949,224
Authorized
shares
Unlimited
Par
value
per
share
$
0
.01
†
Long-term
investments,
cost
$
59,112,860
See
Notes
to
Financial
Statements.
Year
Ended
December
31,
2024
NURE
INVESTMENT
INCOME
Dividends
$
1,553,950
Interest
838
Total
investment
income
1,554,788
EXPENSES
Management
fees
174,969
Professional
fees
453
Trustees
fees
1,809
Total
expenses
177,231
Net
investment
income
(loss)
1,377,557
REALIZED
AND
UNREALIZED
GAIN
(LOSS)
Realized
gain
(loss):
Investments
(2,581,869)
In-kind
redemptions
735,017
Net
realized
gain
(loss)
(1,846,852)
Change
in
unrealized
appreciation
(depreciation)
on:
Investments
3,736,499
Net
change
in
unrealized
appreciation
(depreciation)
3,736,499
Net
realized
and
unrealized
gain
(loss)
1,889,647
Net
increase
(decrease)
in
net
assets
from
operations
$
3,267,204
Statement
of
Changes
in
Net
Assets
See
Notes
to
Financial
Statements.
NURE
Year
Ended
12/31/24
Year
Ended
12/31/23
OPERATIONS
Net
investment
income
(loss)
$
1,377,557
$
1,380,808
Net
realized
gain
(loss)
(1,846,852)
(6,682,321)
Net
change
in
unrealized
appreciation
(depreciation)
3,736,499
12,176,565
Net
increase
(decrease)
in
net
assets
from
operations
3,267,204
6,875,052
DISTRIBUTIONS
TO
SHAREHOLDERS
Dividends
(1,377,557)
(1,380,808)
Return
of
capital
(368,008)
(640,997)
Total
distributions
(1,745,565)
(2,021,805)
FUND
SHARE
TRANSACTIONS
Subscriptions
10,904,836
13,206,910
Redemptions
(10,888,402)
(35,458,630)
Net
increase
(decrease)
from
Fund
share
transactions
16,434
(22,251,720)
Net
increase
(decrease)
in
net
assets
1,538,073
(17,398,473)
Net
assets
at
the
beginning
of
period
49,411,151
66,809,624
Net
assets
at
the
end
of
period
$
50,949,224
$
49,411,151
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
NURE
12/31/24
$
30.88
$
0.87
$
1.21
$
2.08
$
(0.89)
$
—
$
(0.23)
$
(1.12)
$
31.84
$
31.80
12/31/23
28.43
0.75
2.85
3.60
(0.80)
—
(0.35)
(1.15)
30.88
30.88
12/31/22
40.68
0.54
(11.99)
(11.45)
(0.59)
—
(0.21)
(0.80)
28.43
28.42
12/31/21
26.98
0.46
13.79
14.25
(0.39)
—
(0.16)
(0.55)
40.68
40.74
12/31/20
30.24
0.48
(2.82)
(2.34)
(0.59)
(0.04)
(0.29)
(0.92)
26.98
26.98
(a)
Based
on
average
shares
outstanding.
(b)
Percentage
is
not
annualized.
(c)
Does
not
include
in-kind
transactions.
See
Notes
to
Financial
Statements.
Ratios
and
Supplemental
Data
Total
Return
Ratios
to
Average
Net
Assets
Based
on
Net
Asset
Value
(b)
Based
on
Market
Price
(b)
Net
Assets,
End
of
Period
(000)
Expenses
Net
Investment
Income
(Loss)
Portfolio
Turnover
Rate
(c)
6.83
%
6.69
%
$
50,949
0.35
%
2.76
%
29
%
12.99
13.03
49,411
0.36
2.56
17
(28.37)
(28.49)
66,810
0.35
1.56
18
53.19
53.42
117,978
0.35
1.31
11
(7.29)
(7.27)
24,283
0.35
1.95
29
Notes
to
Financial
Statements
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
Short-Term
REIT
ETF
(NURE)
(the
“Fund”),
among
others.
The
Trust
was
organized
as
a
Massachusetts
business
trust
on
February
20,
2015.
Shares
of
the
Fund
are
listed
and
traded
on
the
Cboe
BZX
Exchange,
Inc.
(the
“Exchange“).
Current
Fiscal
Period:
The
end
of
the
reporting
period
for
the
Fund
is
December
31,
2024,
and
the
period
covered
by
these
Notes
to
Financial
Statements
is
the
fiscal
year
ended
December
31,
2024
(the
"current
fiscal
period").
Investment
Adviser
and
Sub-Adviser:
The
Fund’s
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
Fund’s
portfolios,
manages
the
Fund’s
business
affairs
and
provides
certain
clerical,
bookkeeping
and
other
administrative
services.
The
Adviser
has
entered
into
sub-advisory
agreements
with
Teachers
Advisors,
LLC
(the
“Sub-Adviser”),
an
affiliate
of
the
Adviser,
under
which
the
Sub-Adviser
manages
the
investment
portfolio
of
the
Fund.
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. The
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
Fund.
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
Fund's
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.
The
tax
character
of
Fund
distributions
for
a
fiscal
year
is
dependent
upon
the
amount
and
tax
character
of
distributions
received
from
securities
held
in
the
Fund’s
portfolio.
Distributions
received
from
certain
securities
in
which
the
Fund
invests,
most
notably
real
estate
investment
trust
(REIT)
securities,
may
be
characterized
for
tax
purposes
as
ordinary
income,
long-term
capital
gain
and/or
a
return
of
capital.
The
issuer
of
a
security
reports
the
tax
character
of
its
distributions
only
once
per
year,
generally
during
the
first
two
months
of
the
calendar
year
for
the
previous
year.
The
distribution
is
included
in
the
Fund’s
ordinary
income
until
such
time
the
Fund
is
notified
by
the
issuer
of
the
actual
tax
character.
Dividend
income,
net
realized
gains,
(loss)
and
unrealized
appreciation
(depreciation)
recognized
on
the
Statement
of
Operations
reflect
the
amounts
of
income,
capital
gain,
and/or
return
of
capital
as
reported
by
the
issuers
of
such
securities
for
distributions
during
the
current
fiscal
period.
Indemnifications:
Under
the
Trust’s
organizational
documents,
its
officers
and
trustees
are
indemnified
against
certain
liabilities
arising
out
of
the
performance
of
their
duties
to
the
Trust.
In
addition,
in
the
normal
course
of
business,
the
Trust
enters
into
contracts
that
provide
general
indemnifications
to
other
parties.
The
Trust’s
maximum
exposure
under
these
arrangements
is
unknown
as
this
would
involve
future
claims
that
may
be
made
against
the
Trust
that
have
not
yet
occurred.
However,
the
Trust
has
not
had
prior
claims
or
losses
pursuant
to
these
contracts
and
expects
the
risk
of
loss
to
be
remote.
Investments
and
Investment
Income:
Securities
transactions
are
accounted
for
as
of
the
end
of
trade
date
for
financial
reporting
purposes.
Realized
gains
and
losses
on
securities
transactions
are
based
upon
the
specific
identification
method.
Dividend
income
is
recorded
on
the
ex-dividend
date.
Non-cash
dividends
received
in
the
form
of
stock,
if
any,
are
recognized
on
the
ex-dividend
date
and
recorded
at
fair
value.
Securities
lending
income
i
s
comprised
of
fees
earned
from
borrowers
and
income
earned
on
cash
collateral
investments.
Segment
Reporting:
In
November
2023,
the
FASB
issued
Accounting
Standard
Update
(“ASU”)
No.
2023-07,
Segment
Reporting
(Topic
280)
Improvements
to
Reportable
Segment
Disclosures
(“ASU
2023-07”).
The
amendments
in
ASU
2023-07
improve
reportable
segment
disclosure
requirements,
primarily
through
enhanced
disclosures
about
significant
segment
expenses.
ASU
2023-07
also
requires
a
public
entity
that
has
a
single
reportable
segment
to
provide
all
the
disclosures
required
by
the
amendments
in
ASU
2023-07
and
all
existing
segment
disclosures
in
Topic
280.
The
amendments
in
ASU
2023-07
are
effective
for
fiscal
years
beginning
after
December
15,
2023,
and
interim
periods
within
fiscal
years
beginning
after
December
15,
2024.
The
Fund
adopted
ASU
2023-07
during
the
current
reporting
period.
Adoption
of
the
new
standard
impacted
financial
statement
disclosures
only
and
did
not
affect
the
Fund's
financial
positions
or
the
results
of
their
operations.
The
officers
of
the
Fund
act
as
the
chief
operating
decision
maker
(“CODM”). The
Fund
represents
a
single
operating
segment.
The
CODM
monitors
the
operating
results
of the
Fund
as
a
whole
and
is
responsible
for
the Fund’s
long-term
strategic
asset
allocation
in
accordance
with
the
terms
of
its
prospectus,
based
on
a
defined
investment
strategy
which
is
executed
by
the
Fund’s
portfolio
managers
as
a
team.
The
financial
information
in
the
form
of
the
Fund’s
portfolio
composition,
total
returns,
expense
ratios
and
changes
in
net
assets
(i.e.,
changes
in
net
assets
resulting
from
operations,
subscriptions
and
redemptions),
which
are
used
by
the
CODM
to
assess
the
segment’s
performance
versus
the
Fund’s
comparative
benchmarks
Notes
to
Financial
Statements
(continued)
Real
Estate
Investment
Trust
Common
Stocks
and
to
make
resource
allocation
decisions
for
the
Fund’s
single
segment,
is
consistent
with
that
presented
within
the
Fund’s
financial
statements.
Segment
assets
are
reflected
on
the
Statement
of
Assets
and
Liabilities
as
“total
assets”
and
significant
segment
revenues
and
expenses
are
listed
on
the
Statement
of
Operations.
3.
Investment
Valuation
and
Fair
Value
Measurements
The
Fund's
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
Fund's
major
classifications
of
assets
and
liabilities
measured
at
fair
value
follows:
Equity
securities
and
exchange-traded
funds
listed
or
traded
on
a
national
market
or
exchange
are
valued
based
on
their
last
reported
sales
price
or
official
closing
price
of
such
market
or
exchange
on
the
valuation
date.
Foreign
equity
securities
and
registered
investment
companies
that
trade
on
a
foreign
exchange
are
valued
at
the
last
reported
sales
price
or
official
closing
price
on
the
principal
exchange
where
traded,
and
converted
to
U.S.
dollars
at
the
prevailing
rates
of
exchange
on
the
valuation
date.
To
the
extent
these
securities
are
actively
traded
and
no
valuation
adjustments
are
applied,
they
are
generally
classified
as
Level
1.
When
valuation
adjustments
are
applied
to
the
most
recent
last
sales
price
or
official
closing
price,
these
securities
are
generally
classified
as
Level
2.
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
Fund's
investments
as
of
the
end
of
the
reporting
period,
based
on
the
inputs
used
to
value
them:
4.
Portfolio
Securities
Securities
Lending:
The
Fund
may
lend
securities
representing
up
to
one-third
of
the
value
of
its
total
assets
to
broker-dealers,
banks,
and
other
institutions
in
order
to
generate
additional
income.
When
loaning
securities,
the
Fund
retains
the
benefits
of
owning
the
securities,
including
the
economic
equivalent
of
dividends
or
interest
generated
by
the
security.
The
loans
are
continuous,
can
be
recalled
at
any
time,
and
have
no
set
maturity.
State
Street
Bank
and
Trust
Company,
serves
as
the
securities
lending
agent
(the
“Agent”).
When
a
Fund
loans
its
portfolio
securities,
it
will
receive,
at
the
inception
of
each
loan,
cash
collateral
equal
to
an
amount
not
less
than
100%
of
the
market
value
of
the
loaned
securities.
The
actual
percentage
of
the
cash
collateral
will
vary
depending
upon
the
asset
type
of
the
loaned
securities.
Collateral
for
the
loaned
securities
is
invested
in
a
government
money
market
vehicle
maintained
by
the
Agent,
which
is
subject
to
the
requirements
of
Rule
2a-7
under
the
1940
Act.
The
value
of
the
loaned
securities
and
the
liability
to
return
the
cash
collateral
received
are
recognized
on
the
Statement
of
Assets
and
Liabilities.
If
the
market
value
of
the
loaned
securities
increases,
the
borrower
must
furnish
additional
collateral
to
the
Fund,
which
is
also
recognized
on
the
Statement
of
Assets
and
Liabilities.
Securities
out
on
loan
are
subject
to
termination
at
any
time
at
the
option
of
the
borrower
or
the
Fund.
Upon
termination,
the
borrower
is
required
to
return
to
the
Fund
securities
identical
to
the
securities
loaned.
During
the
term
of
the
loan,
the
Fund
bears
the
market
risk
with
respect
to
the
investment
of
collateral
and
the
risk
that
the
Agent
may
default
on
its
contractual
obligations
to
the
Fund.
The
Agent
bears
the
risk
that
the
borrower
may
default
on
its
obligation
to
return
the
loaned
securities
as
the
Agent
is
contractually
obligated
to
indemnify
the
Fund
if
at
the
time
of
a
default
by
a
borrower
some
or
all
of
the
loan
securities
have
not
been
returned.
Securities
lending
income
recognized
by
a
Fund
consists
of
earnings
on
invested
collateral
and
lending
fees,
net
of
any
rebates
to
the
borrower
and
compensation
to
the
Agent.
Such
income
is
recognized
on
the
Statement
of
Operations.
As
of
the
end
of
the
reporting
period,
the
Fund
did
not
have
any
securities
out
on
loan.
Purchases
and
Sales:
Long-term
purchases
and
sales
(excluding in-kind
transactions)
during
the
current fiscal
period
were
as
follows:
In-kind
transactions during
the
current fiscal
period
were
as
follows:
The
Fund
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 the
Fund
has
outstanding
when-issued/delayed-delivery
purchases
commitments
as
of
the
end
of
the
reporting
period,
such
amounts
are
recognized
on
the
Statement
of
Assets
and
Liabilities.
5.
Derivative
Investments
The 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.
Market
and
Counterparty
Credit
Risk:
In
the
normal
course
of
business
the
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 the
Fund
to
counterparty
credit
risk,
consist
principally
of
cash
due
from
counterparties
on
forward,
option
and
swap
transactions,
when
applicable.
The
extent
of
the
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.
The 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 the
Fund
with
a
value
approximately
equal
to
the
amount
of
any
unrealized
gain
above
a
pre-determined
threshold.
Reciprocally,
when the
Fund
has
an
unrealized
loss,
the
Fund
has
instructed
the
custodian
to
pledge
assets
of
the
Fund
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
The
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
Fund’s
distributor,
may
purchase
and
redeem
Creation
Units.
Once
created,
shares
of
the
Fund
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
the
Fund’s
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
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.
Purchases
Sales
Fund
Non-U.S.
Government
Purchases
Non-U.S.
Government
Sales
NURE
$
14,459,774
$
26,088,630
Fund
In-Kind
Purchases
In-Kind
Sales
NURE
$
10,882,016
$
10,867,216
Notes
to
Financial
Statements
(continued)
Transactions
in
Fund
shares
during
the
current
and
prior
period
were
as
follows:
7.
Income
Tax
Information
The
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.
The
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 the
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
redemptions
in-kind.
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:
The
tax
character
of
distributions
paid
was
as
follows:
As
of
year
end,
the
Fund
had
capital
loss
carryforwards,
which
will
not
expire:
NURE
Year
Ended
12/31/24
Year
Ended
12/31/23
Shares
Amount
Shares
Amount
Subscriptions
150,000
$10,904,836
450,000
$13,206,910
Redemptions
(150,000)
(10,888,402)
(1,200,000)
(35,458,630)
Net
increase
(decrease)
–
$16,434
(750,000)
$(22,251,720)
Fund
Tax
Cost
Gross
Unrealized
Appreciation
Gross
Unrealized
(Depreciation)
Net
Unrealized
Appreciation
(Depreciation)
NURE
$
60,498,865
$
200,590
$
(
10,094,386
)
$
(
9,893,796
)
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
NURE
$
—
$
—
$
(
9,893,796
)
$
(
10,351,995
)
$
—
$
—
$
(
20,245,791
)
12/31/24
12/31/23
Fund
Ordinary
Income
Long-Term
Capital
Gains
Return
of
Capital
Ordinary
Income
Long-Term
Capital
Gains
Return
of
Capital
NURE
$
1,377,557
$
—
$
368,008
$
1,380,808
$
—
$
640,997
Fund
Short-Term
Long-Term
Total
NURE
$
3,923,478
$
6,428,517
$
10,351,995
8.
Management
Fees
and
Other
Transactions
with
Affiliates
Management
Fees:
The
annual
management
fee,
payable
monthly,
is
0.35%
of
the
average
daily
net
assets
of
the
Fund.
The
Fund’s
management
fee
compensates
the
Adviser
for
its
investment
advisory
services
to
the
Fund.
The
Sub-Adviser
is
compensated
for
its
services
to
the
Fund
from
the
management
fees
paid
to
the
Adviser.
The
Adviser
is
responsible
for
substantially
all
other
expenses
of
the
Fund,
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
Fund’s
chief
compliance
officer,
litigation
expenses
and
extraordinary
expenses.
Other
Transactions
with
Affiliates:
The Fund
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.
(U
naudited)
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, the
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)
The 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)
The
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:
Qualified Business
Income
(QBI)
The Fund
listed
below
had
the
following
percentage,
or
maximum
amount
allowable,
of
ordinary
income
distributions
treated
as
qualified
business
income
for
individuals
pursuant
to
Section
199A
of
the
Internal
Revenue
Code:
Fund
Net
Long-Term
Capital
Gains
NURE
$
—
Fund
Percentage
NURE
3
.2
%
Fund
Percentage
NURE
3
.2
%
Fund
Percentage
NURE
93
.3%
| Item 8. | Changes in and Disagreements with Accountants for Open-End Management Investment Companies. |
Changes in Independent Registered Public Accounting Firm
(a) Previous independent registered public accounting firm: On October 24, 2024, the Fund’s Board of Trustees (the “Board”), upon recommendation from the Audit Committee, notified KPMG LLP (“KPMG”) that it would be dismissed as the independent registered public accounting firm for the Funds effective upon (i) completion of KPMG’s audit of the Fund’s financial statements to be included in the Fund’s Annual Report on Form N-CSR (the “2024 Annual Report”) for the fiscal year ended December 31, 2024 and (ii) the issuance of KPMG’s report on the same. KPMG’s dismissal as the Fund’s independent registered public accounting firm was effective on February 28, 2025, which is the date on which KPMG issued their report on their audit of the Fund’s financial statements to be included in the 2024 Annual Report. KPMG’s audit reports on the Fund’s financial statements as of and for the fiscal years ended December 31, 2024 and December 31, 2023 contained no adverse opinion or disclaimer of opinion nor were they qualified or modified as to uncertainty, audit scope or accounting principles. During the Fund’s fiscal years ended December 31, 2024 and December 31, 2023, and for the subsequent interim period through February 28, 2025, there were no disagreements with KPMG on any matter of accounting principles or practices, financial statement disclosure or auditing scope or procedures, which disagreements if not resolved to the satisfaction of KPMG would have caused them to make reference in connection with their reports opinion to the subject matter of the disagreement. During the Fund’s fiscal years ended December 31, 2024 and December 31, 2023 and for the subsequent interim period through February 28, 2025, there were no reportable events (as defined in Regulation S-K Item 304(a)(1)(v)).
The Fund provided KPMG with a copy of the foregoing disclosures and requested that KPMG furnish the Fund with a letter addressed to the U.S. Securities and Exchange Commission stating whether KPMG agrees with the above statements.
(b) New independent registered public accounting firm: On October 24, 2024, the Board, upon recommendation from the Audit Committee, appointed PricewaterhouseCoopers LLP (“PwC”) as the new independent registered public accounting firm for the Fund for the fiscal year ended December 31, 2025 audit. During the Fund’s fiscal years ended December 31, 2024 and December 31, 2023 and for the subsequent interim period through February 28, 2025, the Fund has not consulted with PwC regarding any of the matters described in Regulation S-K Item 304 (“S-K 304”), S-K 304(a)(2)(i) or S-K 304(a)(2)(ii) disclosure.
| 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. |
The aggregate remuneration paid to the trustees (all of whom are independent) by each Fund is reported as “Trustees fees” on the Statement of Operations under Item 7 of this Form N-CSR.
The Funds do not pay any remuneration to their officers. The aggregate remuneration paid to Nuveen Fund Advisors, LLC, the Funds’ investment adviser and an affiliate of the Funds’ officers, is reported as “Management fees” on the Statement of Operations under Item 7 of this Form N-CSR.
| Item 11. | Statement Regarding Basis for Approval of Investment Advisory Contract. |
Not applicable to this filing.
| 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. |
Item 19. Exhibits.
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: March 7, 2025 | | 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: March 7, 2025 | | By: | | /s/ Briton Ryan | | |
| | | | Briton Ryan | | |
| | | | Chief Administrative Officer (principal executive officer) | | |
| | | |
Date: March 7, 2025 | | By: | | /s/ Marc Cardella | | |
| | | | Marc Cardella | | |
| | | | Vice President and Controller (principal financial officer) | | |
