SEC Info - Nushares ETF Trust - ‘N-CSR’ for 10/31/22

www.nuveen.com/client-access

Annual

Report

Fund

Name

Listing

Exchange

Ticker

Symbol

Nuveen

ESG

Dividend

ETF

Cboe

BZX

Exchange,

Inc.

NUDV

Nuveen

ESG

Emerging

Markets

Equity

ETF

Cboe

BZX

Exchange,

Inc.

NUEM

Nuveen

ESG

International

Developed

Markets

Equity

ETF

Cboe

BZX

Exchange,

Inc.

NUDM

Nuveen

ESG

Large-Cap

ETF

Cboe

BZX

Exchange,

Inc.

NULC

Nuveen

ESG

Large-Cap

Growth

ETF

Cboe

BZX

Exchange,

Inc.

NULG

Nuveen

ESG

Large-Cap

Value

ETF

Cboe

BZX

Exchange,

Inc.

NULV

Nuveen

ESG

Mid-Cap

Growth

ETF

Cboe

BZX

Exchange,

Inc.

NUMG

Nuveen

ESG

Mid-Cap

Value

ETF

Cboe

BZX

Exchange,

Inc.

NUMV

Nuveen

ESG

Small-Cap

ETF

Cboe

BZX

Exchange,

Inc.

NUSC

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a

prospectus.

NOT

FDIC

INSURED

MAY

LOSE

VALUE

NO

BANK

GUARANTEE

Table

of

Contents

3

Chair’s

Letter

to

Shareholders

4

Portfolio

Managers’

Comments

5

Risk

Considerations

8

Fund

Performance,

Expense

Ratios

and

Holdings

Summaries

10

Expense

Examples

29

Report

of

Independent

Registered

Public

Accounting

Firm

32

Portfolios

of

Investments

34

Statement

of

Assets

and

Liabilities

73

Statement

of

Operations

75

Statement

of

Changes

in

Net

Assets

77

Financial

Highlights

82

Notes

to

Financial

Statements

86

Important

Tax

Information

96

Additional

Fund

Information

98

Glossary

of

Terms

Used

in

this

Report

100

Liquidity

Risk

Management

Program

102

Annual

Investment

Management

Agreement

Approval

Process

103

Trustees

and

Officers

111

4

Chair’s

Letter

to

Shareholders

Dear

Shareholders,

With

more

economic

indicators

pointing

to

a

broadening

contraction

across

the

world’s

economies,

the

conversation

has

shifted

from

debating

whether

a

global

recession

would

happen

to

considering

by

how

much

and

for

how

long.

Higher

than

expected

inflation

has

made

the

outcome

more

unpredictable,

as

it

has

dampened

consumer

sentiment,

pushed

central

banks

into

raising

interest

rates

more

aggressively

and

contributed

to

considerable

turbulence

in

the

markets

this

year.

Inflation

has

surged

partially

due

to

pandemic-related

supply

chain

bottlenecks,

exacerbated

by

Russia’s

war

in

Ukraine

and

recurring

lockdowns

across

China

to

contain

a

large-scale

COVID-19

outbreak.

This

has

necessitated

increasingly

forceful

responses

from

the

U.S.

Federal

Reserve

(Fed)

and

other

central

banks,

who

have

signaled

their

intentions

to

slow

inflation

while

tolerating

materially

slower

economic

growth

and

some

softening

in

the

labor

market.

As

anticipated,

the

Fed

began

the

rate

hiking

cycle

in

March

2022,

raising

its

short-

term

rate

by

0.25%

from

near

zero

for

the

first

time

since

the

pandemic

was

declared

more

than

two

years

ago.

Larger

increases

of

0.50%

in

May,

four

increases

of

0.75%

during

the

summer

and

fall,

and

another

0.50%

hike

in

December

2022

followed,

bringing

the

target

fed

funds

rate

to

a

range

of

4.25%

to

4.50%.

Additional

rate

hikes

are

expected

in

2023,

as

Fed

officials

closely

monitor

inflation

data

along

with

other

economic

measures

and

will

modify

their

rate

setting

policy

based

upon

these

factors.

After

contracting

in

the

first

half

of

2022,

U.S.

gross

domestic

product

resumed

positive

growth

in

the

third

quarter,

according

to

the

government’s

estimates.

The

recent

strength

was

largely

attributed

to

a

narrowing

in

the

trade

deficit

while

consumer

and

business

activity

has

remained

slower

in

part

due

to

higher

prices

and

borrowing

costs.

The

sharp

increase

in

the

U.S.

dollar’s

value

relative

to

other

currencies

in

2022

has

added

further

uncertainty

to

the

economic

outlook.

However,

the

still

strong

labor

market

suggests

not

all

areas

of

the

economy

are

weakening

in

unison.

While

markets

will

likely

continue

fluctuating

with

the

daily

headlines,

we

encourage

investors

to

keep

a

long-term

perspective.

To

learn

more

about

how

well

your

portfolio

is

aligned

to

your

time

horizon,

risk

tolerance

and

investment

goals,

consider

reviewing

it

with

your

financial

professional.

On

behalf

of

the

other

members

of

the

Nuveen

Fund

Board,

we

look

forward

to

continuing

to

earn

your

trust

in

the

months

and

years

ahead.

Terence

J.

Toth

Chair

of

the

Board

22,

Portfolio

Managers’

Comments

5

Nuveen

ESG

Dividend

ETF

(NUDV)

Nuveen

ESG

Emerging

Markets

Equity

ETF

(NUEM)

Nuveen

ESG

International

Developed

Markets

Equity

ETF

(NUDM)

Nuveen

ESG

Large-Cap

ETF

(NULC)

Nuveen

ESG

Large-Cap

Growth

ETF

(NULG)

Nuveen

ESG

Large-Cap

Value

ETF

(NULV)

Nuveen

ESG

Mid-Cap

Growth

ETF

(NUMG)

Nuveen

ESG

Mid-Cap

Value

ETF

(NUMV)

Nuveen

ESG

Small-Cap

ETF

(NUSC)

These

Funds

feature

portfolio

management

by

Teachers

Advisors,

LLC,

an

affiliate

of

Nuveen

Fund

Advisors,

LLC.

Below,

the

Funds’

portfolio

managers,

Philip

James

(Jim)

Campagna,

CFA,

and

Lei

Liao,

CFA,

discuss

global

economic

and

market

conditions,

key

investment

strategies

and

the

performance

of

the

Funds

during

the

twelve-month

reporting

period

ended

2022.

For

more

information

on

each

Fund’s

investment

objectives

and

policies,

please

refer

to

the

prospectus.

What

factors

affected

the

global

economy

and

the

stock

market

during

the

annual

reporting

period

ended

2022?

After

recovering

from

the

pandemic

in

2021,

the

U.S.

economy

weakened

in

2022.

Overall,

2021

gross

domestic

product

(GDP)

grew

by

5.7%

as

the

economy

reopened

with

the

help

of

$5.3

trillion

in

crisis-related

aid

from

the

federal

government,

low

borrowing

rates

for

businesses

and

individuals,

an

increase

in

COVID-19

vaccinations

and

improved

treatments

for

COVID-19.

However,

in

early

2022,

China’s

COVID-19

lockdown

and

the

Russia-Ukraine

war

worsened

existing

pandemic-related

supply

chain

disruptions.

Inflation

increased

more

than

expected

over

much

of

2022,

putting

pressure

on

global

central

banks

to

respond

with

more

aggressive

measures.

The

U.S.

Federal

Reserve

(Fed)

began

an

interest

rate

hiking

cycle

in

March

2022,

raising

its

short-term

rate

by

0.25%

from

near

zero

for

the

first

time

since

the

pandemic

was

declared

more

than

two

years

ago.

Larger

increases

of

0.50%

in

May

2022,

three

increases

of

0.75%

during

the

summer

and

fall,

and

additional

hikes

of

0.75%

in

November

2022

and

0.50%

in

December

2022

(subsequent

to

the

end

of

the

reporting

period)

followed,

bringing

the

target

fed

funds

rate

to

a

range

of

4.25%

to

4.50%.

Volatility

increased

as

markets

considered

whether

the

Fed

could

cool

inflation

without

causing

a

recession.

Additionally,

the

U.S.

dollar

appreciated

significantly

relative

to

major

world

currencies,

accelerating

in

March

2022,

serving

as

a

headwind

to

the

profits

of

international

companies

and

U.S.

domestic

companies

with

overseas

earnings.

The

dollar’s

appreciation

was

driven

in

part

by

the

Fed’s

increasingly

forceful

response

to

inflation

compared

with

other

central

banks,

the

relatively

better

prospects

of

the

U.S.

economy

and

“safe-haven”

flows

from

investors

uncertain

about

geopolitical

and

global

economic

conditions.

In

September

2022,

global

currency

and

bond

markets

sold

off

sharply

on

concerns

about

the

U.K.’s

new

fiscal

spending

plan,

but

recovered

in

October

2022

after

the

plan

was

mostly

withdrawn

and

a

new

prime

minster

was

announced.

By

mid-year

2022,

inflation

and

higher

borrowing

costs

appeared

to

be

dampening

consumer

confidence

and

consumer

spending.

U.S.

GDP

contracted

in

the

first

half

of

2022,

falling

by

an

annual

rate

of

1.6%

and

0.6%

in

the

first

and

second

quarters

of

2022,

respectively,

according

to

the

U.S.

Bureau

of

Economic

Analysis.

However,

the

labor

market,

another

key

gauge

of

the

economy’s

health,

has

remained

resilient.

By

July

2022,

the

economy

had

recovered

the

22

million

jobs

lost

since

the

beginning

of

the

pandemic,

and

as

of

October

2022,

the

unemployment

rate

remained

near

its

pre-pandemic

low

at

3.7%.

U.S.

GDP

returned

to

expansion

in

the

third

quarter

of

2022,

growing

by

2.9%

(annualized)

according

to

the

government’s

second

estimate,

but

the

gains

were

primarily

trade

balance

adjustments.

Heightened

volatility

stemming

from

global

economic

uncertainty,

persistently

high

inflation

and

tightening

financial

conditions

drove

global

equity

performance

lower

in

the

reporting

period.

Equity

markets

remained

highly

focused

on

central

bank

actions

and

their

official

outlooks,

as

well

as

on

the

impacts

of

slower

economic

activity,

inflationary

pressure

and

rising

interest

rates

on

corporate

profits.

While

there

were

a

few

pockets

of

strong

performance,

such

as

the

energy

sector

and

Latin

American

equities,

most

market

segments

ended

the

reporting

period

with

negative

performance.

What

key

strategies

were

used

to

manage

the

Funds

during

the

twelve-month

reporting

period

ended

2022?

The

Funds

employ

a

passive

management

(or

“indexing”)

approach,

seeking

to

track

the

investment

results,

before

fees

and

expenses,

of

their

respective

Custom

Indexes,

which

are

comprised

solely

of

equity

securities

selected

from

a

Base

Index

that

meet

certain

environmental,

social

and

governance

(“ESG”)

criteria.

Each

Fund

seeks

to

track

its

Custom

Index

by

investing

all,

or

Portfolio

Managers’

Comments

(continued)

6

substantially

all,

of

its

assets

in

the

securities

represented

in

its

Custom

Index

in

approximately

the

same

proportions.

Each

Fund

rebalances

its

holdings

quarterly

in

response

to

the

quarterly

rebalance

of

its

Custom

Index,

which

occurs

in

February,

May,

August

and

November.

NUDV

seeks

to

track

the

investment

results,

before

fees

and

expenses,

of

the

TIAA

ESG

USA

High

Dividend

Index

(the

“NUDV

Custom

Index”),

which

is

comprised

of

equity

securities

issued

by

large

and

mid-capitalization

companies

listed

on

U.S.

exchanges.

The

NUDV

Custom

Index

aims

to

represent

the

performance

of

a

set

of

securities

with

high

dividend

income

and

quality

characteristics

while

maximizing

the

exposure

to

positive

environmental,

social

and

governance

(ESG)

factors

as

well

as

exhibit

lower

carbon

exposure

than

the

MSCI

USA

Index

(the

“NUDV

Base

Index”).

The

NUDV

Custom

Index

selects

from

the

securities

included

in

the

NUDV

Base

Index,

which

generally

consists

of

the

large

and

mid-capitalization

segments

of

the

U.S.

market.

NUEM

seeks

to

track

the

investment

results,

before

fees

and

expenses,

of

the

TIAA

ESG

Emerging

Markets

Equity

Index

(the

“NUEM

Custom

Index”),

which

is

comprised

solely

of

listed

equity

securities

issued

by

companies

(and

depositary

receipts

representing

such

securities)

located

in

countries

within

emerging

markets,

and

uses

a

rules-based

methodology

that

aims

to

increase

exposure

to

positive

environmental,

social

and

governance

(ESG)

factors

as

well

as

exhibit

lower

carbon

exposure

than

the

MSCI

Emerging

Markets

Index

(the

“NUEM

Base

Index”).

The

NUEM

Custom

Index

selects

from

the

securities

included

in

the

NUEM

Base

Index,

which

currently

consists

of

large

and

mid-capitalization

companies

located

in

one

of

the

following

26

emerging

market

countries:

Argentina,

Brazil,

Chile,

China,

Colombia,

Czech

Republic,

Egypt,

Greece,

Hungary,

India,

Indonesia,

Korea,

Malaysia,

Mexico,

Pakistan,

Peru,

Philippines,

Poland,

Qatar,

Russia,

Saudi

Arabia,

South

Africa,

Taiwan,

Thailand,

Turkey

and

the

United

Arab

Emirates.

NUDM

seeks

to

track

the

investment

results,

before

fees

and

expenses,

of

the

TIAA

ESG

International

Developed

Markets

Equity

Index

(the

“NUDM

Custom

Index”),

which

is

comprised

solely

of

listed

equity

securities

issued

by

companies

(and

depositary

receipts

representing

such

securities)

located

in

countries

within

developed

markets,

excluding

the

United

States

and

Canada,

and

uses

a

rules-based

methodology

that

aims

to

increase

exposure

to

positive

environmental,

social

and

governance

(ESG)

factors

as

well

as

exhibit

lower

carbon

exposure

than

the

MSCI

EAFE

Index

(the

“NUDM

Base

Index”).

The

NUDM

Custom

Index

selects

from

the

securities

included

in

the

NUDM

Base

Index,

which

currently

consists

of

large

and

mid-capitalization

companies

located

in

one

of

the

following

21

developed

market

countries:

Australia,

Austria,

Belgium,

Denmark,

Finland,

France,

Germany,

Hong

Kong,

Ireland,

Israel,

Italy,

Japan,

the

Netherlands,

New

Zealand,

Norway,

Portugal,

Singapore,

Spain,

Sweden,

Switzerland

and

the

United

Kingdom.

NULC

seeks

to

track

the

investment

results,

before

fees

and

expenses,

of

the

TIAA

ESG

USA

Large-Cap

Index

(the

“NULC

Custom

Index”),

which

is

comprised

of

equity

securities

issued

by

large

capitalization

companies

listed

on

U.S.

exchanges,

and

uses

a

rules-

based

methodology

that

aims

to

increase

exposure

to

positive

environmental,

social

and

governance

(ESG)

factors

as

well

as

exhibit

lower

carbon

exposure

than

the

MSCI

USA

Index

(the

“NULC

Base

Index”).

The

NULC

Custom

Index

selects

from

the

securities

included

in

the

NULC

Base

Index,

which

generally

consists

of

the

large

and

mid-capitalization

segments

of

the

U.S.

market.

NULG

seeks

to

track

the

investment

results,

before

fees

and

expenses,

of

the

TIAA

ESG

USA

Large-Cap

Growth

Index

(the

“NULG

Custom

Index”),

which

is

comprised

of

equity

securities

issued

by

large-capitalization

companies

listed

on

U.S.

exchanges,

and

uses

a

rules-based

methodology

that

aims

to

increase

exposure

to

positive

environmental,

social

and

governance

(ESG)

factors

as

well

as

exhibit

lower

carbon

exposure

than

the

MSCI

USA

Growth

Index

(the

“NULG

Base

Index”).

The

NULG

Custom

Index

selects

from

the

securities

included

in

the

NULG

Base

Index,

which

generally

consists

of

large

and

mid-capitalization

U.S.

equity

securities

that

exhibit

overall

growth

style

characteristics

based

on

five

variables:

long-term

forward

earnings

per

share

(“EPS”)

growth

rate,

short-

term

forward

EPS

growth

rate,

current

internal

growth

rate,

long-term

historical

EPS

growth

trend,

and

long-term

historical

sales

per

share

growth

trend.

NULV

seeks

to

track

the

investment

results,

before

fees

and

expenses,

of

the

TIAA

ESG

USA

Large-Cap

Value

Index

(the

“NULV

Custom

Index”),

which

is

comprised

of

equity

securities

issued

by

large-capitalization

companies

listed

on

U.S.

exchanges,

and

uses

a

rules-based

methodology

that

aims

to

increase

exposure

to

positive

environmental,

social

and

governance

(ESG)

factors

as

well

as

exhibit

lower

carbon

exposure

than

the

MSCI

USA

Value

Index

(the

“NULV

Base

Index”).

The

NULV

Custom

Index

selects

from

the

securities

included

in

the

NULV

Base

Index,

which

generally

consists

of

large

and

mid-capitalization

U.S.

equity

securities

that

exhibit

overall

value

style

characteristics

based

on

three

variables:

book

value

to

price,

twelve-month

forward

earnings

to

price

and

dividend

yield.

NUMG

seeks

to

track

the

investment

results,

before

fees

and

expenses,

of

the

TIAA

ESG

USA

Mid-Cap

Growth

Index

(the

“NUMG

Custom

Index”),

which

is

comprised

of

equity

securities

issued

by

mid-capitalization

companies

listed

on

U.S.

exchanges,

and

uses

a

rules-based

methodology

that

aims

to

increase

exposure

to

positive

environmental,

social

and

governance

(ESG)

factors

as

well

as

exhibit

lower

carbon

exposure

than

the

MSCI

USA

Mid-Cap

Growth

Index

(the

“NUMG

Base

Index”).

The

NUMG

Custom

Index

selects

from

the

securities

included

in

the

NUMG

Base

Index,

which

generally

consists

of

mid-capitalization

U.S.

equity

securities

7

that

exhibit

overall

growth

style

characteristics

based

on

five

variables:

long-term

forward

EPS

growth

rate,

short-term

forward

EPS

growth

rate,

current

internal

growth

rate,

long-term

historical

EPS

growth

trend

and

long-term

historical

sales

per

share

growth

trend.

NUMV

seeks

to

track

the

investment

results,

before

fees

and

expenses,

of

the

TIAA

ESG

USA

Mid-Cap

Value

Index

(the

“NUMV

Custom

Index”),

which

is

comprised

of

equity

securities

issued

by

mid-capitalization

companies

listed

on

U.S.

exchanges,

and

uses

a

rules-based

methodology

that

aims

to

increase

exposure

to

positive

environmental,

social

and

governance

(ESG)

factors

as

well

as

exhibit

lower

carbon

exposure

than

the

MSCI

USA

Mid-Cap

Value

Index

(the

“NUMV

Base

Index”).

The

NUMV

Custom

Index

selects

from

the

securities

included

in

the

NUMV

Base

Index,

which

generally

consists

of

mid-capitalization

U.S.

equity

securities

that

exhibit

overall

value

style

characteristics

based

on

three

variables:

book

value

to

price,

twelve-month

forward

earnings

to

price

and

dividend

yield.

NUSC

seeks

to

track

the

investment

results,

before

fees

and

expenses,

of

the

TIAA

ESG

USA

Small-Cap

Index

(the

“NUSC

Custom

Index”),

which

is

comprised

of

equity

securities

issued

by

small-capitalization

companies

listed

on

U.S.

exchanges,

and

uses

a

rules-

based

methodology

that

aims

to

increase

exposure

to

positive

environmental,

social

and

governance

(ESG)

factors

as

well

as

exhibit

lower

carbon

exposure

than

the

MSCI

USA

Small-Cap

Index

(the

“NUSC

Base

Index”).

The

NUSC

Custom

Index

selects

from

the

securities

included

in

the

NUSC

Base

Index,

which

generally

consists

of

the

small-capitalization

segment

of

the

U.S.

market.

MSCI

Inc.

(“MSCI”)

is

the

index

provider

for

each

Custom

Index

and

Base

Index.

Each

Custom

Index

and

Base

Index

are

owned,

calculated

and

controlled

by

MSCI,

in

its

sole

discretion.

Neither

the

sub-adviser

nor

its

affiliates

has

any

discretion

to

select

Index

components

or

change

the

Custom

Index’s

methodology.

Each

Custom

Index

identifies

equity

securities

from

its

Base

Index

that

satisfy

certain

ESG

criteria,

based

on

ESG

performance

data

collected

by

MSCI

ESG

Research,

Inc.

ESG

performance

is

measured

on

an

industry-specific

basis,

with

assessment

categories

varying

by

industry.

How

did

the

Funds

perform

during

the

twelve-month

reporting

period

ended

2022?

The

tables

in

each

Fund’s

Performance

Overview

and

Expense

Ratios

section

of

this

report

provide

each

Fund’s

total

return

performance

at

net

asset

value

(NAV)

for

the

period

ended

2022.

Each

Fund’s

total

returns

at

NAV

are

compared

with

the

performance

of

its

respective

Custom

Index.

As

global

equity

markets

declined

over

the

trailing

twelve-month

period,

the

Funds

posted

negative

returns

ranging

from

-6.2%

(NUDV)

to

-32.5%

(NUMG).

Each

Fund

underperformed

its

respective

Custom

Index

during

the

reporting

period.

The

Funds’

performance

at

NAV

reflects

management

fees

and

other

expenses

incurred

by

the

Funds

during

the

reporting

period,

while

the

Custom

Indexes

are

unmanaged

and

therefore

their

returns

do

not

reflect

any

such

fees

and

expenses.

Gross

of

management

fees

and

other

expenses,

all

of

the

Funds

performed

in

line

with

their

respective

Custom

Indexes

over

the

reporting

period.

During

the

reporting

period,

the

Custom

Indexes

for

NULG,

NUSC

and

NUEM

outperformed

or

performed

in

line

with

their

respective

Base

Indexes.

The

NUDV

Custom

Index

significantly

outperformed

the

Base

Index,

driven

primarily

by

a

focus

on

dividend

paying

stocks,

along

with

stock

selection

in

and

an

underweight

to

the

information

technology

sector.

The

Custom

Indexes

for

NULC,

NULV,

NUMG,

NUMV

and

NUDM

underperformed

their

respective

Base

Indexes.

Security

selection

within

the

energy

sector

was

a

consistent

detractor

across

the

Custom

Indexes

that

underperformed

relative

to

their

Base

Indexes.

Relative

to

the

Base

Indexes,

the

ESG

selection

process

leads

to

an

underweight

in

energy

companies

because

of

constraints

on

both

carbon

emission

intensity

and

absolute

emissions.

Security

selection

in

information

technology

was

also

a

detractor

in

the

NULC

and

NUMG

Custom

Indexes,

while

financials

had

a

negative

impact

in

the

NUMV

Custom

Index.

The

Custom

Indexes’

positioning

and

security

selection

is

consistent

with

their

ESG

selection

methodology.

This

material

is

not

intended

to

be

a

recommendation

or

investment

advice,

does

not

constitute

a

solicitation

to

buy,

sell

or

hold

a

security

or

an

investment

strategy,

and

is

not

provided

in

a

fiduciary

capacity.

The

information

provided

does

not

take

into

account

the

specific

objectives

or

circumstances

of

any

particular

investor,

or

suggest

any

specific

course

of

action.

Investment

decisions

should

be

made

based

on

an

investor’s

objectives

and

circumstances

and

in

consultation

with

his

or

her

advisors.

Certain

statements

in

this

report

are

forward-looking

statements.

Discussions

of

specific

investments

are

for

illustration

only

and

are

not

intended

as

recommendations

of

individual

investments.

The

forward-looking

statements

and

other

views

expressed

herein

are

those

of

the

portfolio

managers

as

of

the

date

of

this

report.

Actual

future

results

or

occurrences

may

differ

significantly

from

those

anticipated

in

any

forward-looking

statements

and

the

views

expressed

herein

are

subject

to

change

at

any

time,

due

to

numerous

market

and

other

factors.

The

Funds

disclaim

any

obligation

to

update

publicly

or

revise

any

forward-looking

statements

or

views

expressed

herein.

Refer

to

the

Glossary

of

Terms

Used

in

this

Report

for

further

definition

of

the

terms

used

within

this

section.

8

Risk

Considerations

Nuveen

ESG

Dividend

ETF

(NUDV

)

Investing

involves

risk;

principal

loss

is

possible.

There

is

no

guarantee

the

Fund’s

investment

objectives

will

be

achieved.

This

ETF

seeks

to

generally

track

the

investment

results

of

an

index;

however

the

Fund

may

underperform,

outperform

or

be

more

volatile

than

the

referenced

index.

In

addition,

because

the

Index

selects

securities

for

inclusion

based

on

environmental,

social,

and

governance

(ESG)

criteria,

the

Fund

may

forgo

some

market

opportunities

available

to

funds

that

don’t

use

these

criteria.

The

value

of

equity

securities

may

decline

significantly

over

short

or

extended

periods

of

time.

Dividend-paying

stocks,

such

as

those

held

by

the

Fund,

are

subject

to

market

risk,

concentration

or

sector

risk,

preferred

security

risk,

and

common

stock

risk.

These

and

other

risk

considerations

are

described

in

detail

in

the

Fund’s

prospectus.

Nuveen

ESG

Emerging

Markets

Equity

ETF

(NUEM)

Investing

involves

risk;

principal

loss

is

possible.

There

is

no

guarantee

the

Fund’s

investment

objectives

will

be

achieved.

This

ETF

seeks

to

generally

track

the

investment

results

of

an

index;

however

the

Fund

may

underperform,

outperform

or

be

more

volatile

than

the

referenced

index.

Non-U.S.

investments

involve

risks

such

as

currency

fluctuation,

political

and

economic

instability,

lack

of

liquidity

and

differing

legal

and

accounting

standards.

These

risks

are

magnified

in

emerging

markets.

Due

to

the

percentage

weight

within

the

base

index,

the

Fund

may

at

times

be

significantly

invested

in

certain

countries,

such

as

China.

Investing

in

China

involves

additional

risks,

including

a

reduction

in

growth

if

global

or

domestic

demand

for

Chinese

goods

decreases

significantly,

pricing

anomalies

that

may

be

connected

to

governmental

influence,

a

lack

of

publicy-available

information

and/or

social

instability.

In

addition,

because

the

Index

selects

securities

for

inclusion

based

on

environmental,

social,

and

governance

(ESG)

criteria,

the

Fund

may

forgo

some

market

opportunities

available

to

funds

that

don’t

use

these

criteria.

A

portfolio

concentrated

in

a

single

industry

sector

or

country

may

present

more

risk

than

a

portfolio

broadly

diversified

over

several

industries

or

countries.

These

and

other

risks,

such

as

mid-cap

stock

risk,

are

described

in

the

Fund’s

prospectus.

Nuveen

ESG

International

Developed

Markets

Equity

ETF

(NUDM)

Investing

involves

risk;

principal

loss

is

possible.

There

is

no

guarantee

the

Fund’s

investment

objectives

will

be

achieved.

This

exchange-traded

fund

seeks

to

generally

track

the

investment

results

of

an

index;

however

the

Fund

may

underperform,

outperform

or

be

more

volatile

than

the

referenced

index.

Non-U.S.

investments

involve

risks

such

as

currency

fluctuation,

political

and

economic

instability,

lack

of

liquidity

and

differing

legal

and

accounting

standards.

In

addition,

because

the

Index

selects

securities

for

inclusion

based

on

environmental,

social,

and

governance

(ESG)

criteria,

the

Fund

may

forgo

some

market

opportunities

available

to

funds

that

don’t

use

these

criteria.

A

portfolio

concentrated

in

a

single

industry

sector

or

country

may

present

more

risk

than

a

portfolio

broadly

diversified

over

several

industries

or

countries.

These

and

other

risks,

such

as

mid-cap

stock

risk,

are

described

in

the

Fund’s

prospectus.

Nuveen

ESG

Large-Cap

ETF

(NULC)

Investing

involves

risk;

principal

loss

is

possible.

There

is

no

guarantee

the

Fund’s

investment

objectives

will

be

achieved.

This

ETF

seeks

to

generally

track

the

investment

results

of

an

index;

however

the

Fund

may

underperform,

outperform

or

be

more

volatile

than

the

referenced

index.

In

addition,

because

the

Index

selects

securities

for

inclusion

based

on

environmental,

social,

and

governance

(ESG)

criteria,

the

Fund

may

forgo

some

market

opportunities

available

to

funds

that

don’t

use

these

criteria.

The

value

of

equity

securities

may

decline

significantly

over

short

or

extended

periods

of

time.

Because

it

invests

primarily

in

large-

capitalization

stocks,

the

Fund

may

underperform

funds

that

invest

primarily

in

stocks

of

smaller

capitalization

companies

during

periods

when

the

stocks

of

such

companies

are

in

favor.

These

and

other

risk

considerations

are

described

in

detail

in

the

Fund’s

prospectus.

Nuveen

ESG

Large-Cap

Growth

ETF

(NULG)

Investing

involves

risk;

principal

loss

is

possible.

There

is

no

guarantee

the

Fund’s

investment

objectives

will

be

achieved.

This

ETF

seeks

to

generally

track

the

investment

results

of

an

index;

however

the

Fund

may

underperform,

outperform

or

be

more

volatile

than

the

referenced

index.

In

addition,

because

the

Index

selects

securities

for

inclusion

based

on

environmental,

social,

and

governance

(ESG)

criteria,

the

Fund

may

forgo

some

market

opportunities

available

to

funds

that

don’t

use

these

criteria.

The

value

of

equity

securities

may

decline

significantly

over

short

or

extended

periods

of

time.

Growth

stocks

tend

to

be

more

volatile

and

can

experience

sharp

price

declines.

Because

it

invests

primarily

in

large-capitalization

stocks,

the

Fund

may

underperform

funds

that

invest

primarily

in

stocks

of

smaller

capitalization

companies

during

periods

when

the

stocks

of

such

companies

are

in

favor.

These

and

other

risk

considerations

are

described

in

detail

in

the

Fund’s

prospectus.

Nuveen

ESG

Large-Cap

Value

ETF

(NULV)

9

Investing

involves

risk;

principal

loss

is

possible.

There

is

no

guarantee

the

Fund’s

investment

objectives

will

be

achieved.

This

ETF

seeks

to

generally

track

the

investment

results

of

an

index;

however

the

Fund

may

underperform,

outperform

or

be

more

volatile

than

the

referenced

index.

In

addition,

because

the

Index

selects

securities

for

inclusion

based

on

environmental,

social,

and

governance

(ESG)

criteria,

the

Fund

may

forgo

some

market

opportunities

available

to

funds

that

don’t

use

these

criteria.

The

value

of

equity

securities

may

decline

significantly

over

short

or

extended

periods

of

time.

Value

stocks

may

not

be

fully

recognized

by

the

market

and

be

undervalued.

Because

it

invests

primarily

in

large-capitalization

stocks,

the

Fund

may

underperform

funds

that

invest

primarily

in

stocks

of

smaller

capitalization

companies

during

periods

when

the

stocks

of

such

companies

are

in

favor.

These

and

other

risk

considerations

are

described

in

detail

in

the

Fund’s

prospectus.

Nuveen

ESG

Mid-Cap

Growth

ETF

(NUMG)

Investing

involves

risk;

principal

loss

is

possible.

There

is

no

guarantee

the

Fund’s

investment

objectives

will

be

achieved.

This

ETF

seeks

to

generally

track

the

investment

results

of

an

index;

however

the

Fund

may

underperform,

outperform

or

be

more

volatile

than

the

referenced

index.

In

addition,

because

the

Index

selects

securities

for

inclusion

based

on

environmental,

social,

and

governance

(ESG)

criteria,

the

Fund

may

forgo

some

market

opportunities

available

to

funds

that

don’t

use

these

criteria.

The

value

of

equity

securities

may

decline

significantly

over

short

or

extended

periods

of

time.

Because

it

invests

primarily

in

mid-capitalization

stocks,

the

Fund

may

be

subject

to

greater

volatility

than

those

that

invest

in

larger

companies,

but

may

be

less

volatile

than

investments

in

smaller

companies.

Growth

stocks

tend

to

be

more

volatile

and

can

experience

sharp

price

declines.

These

and

other

risk

considerations

are

described

in

detail

in

the

Fund’s

prospectus.

Nuveen

ESG

Mid-Cap

Value

ETF

(NUMV)

Investing

involves

risk;

principal

loss

is

possible.

There

is

no

guarantee

the

Fund’s

investment

objectives

will

be

achieved.

This

ETF

seeks

to

generally

track

the

investment

results

of

an

index;

however

the

Fund

may

underperform,

outperform

or

be

more

volatile

than

the

referenced

index.

In

addition,

because

the

Index

selects

securities

for

inclusion

based

on

environmental,

social,

and

governance

(ESG)

criteria,

the

Fund

may

forgo

some

market

opportunities

available

to

funds

that

don’t

use

these

criteria.

The

value

of

equity

securities

may

decline

significantly

over

short

or

extended

periods

of

time.

Value

stocks

may

not

be

fully

recognized

by

the

market

and

be

undervalued.

Because

it

invests

primarily

in

mid-capitalization

stocks,

the

Fund

may

be

subject

to

greater

volatility

than

those

that

invest

in

larger

companies,

but

may

be

less

volatile

than

investments

in

smaller

companies.

These

and

other

risk

considerations

are

described

in

detail

in

the

Fund’s

prospectus.

Nuveen

ESG

Small-Cap

ETF

(NUSC)

Investing

involves

risk;

principal

loss

is

possible.

There

is

no

guarantee

the

Fund’s

investment

objectives

will

be

achieved.

This

ETF

seeks

to

generally

track

the

investment

results

of

an

index;

however

the

Fund

may

underperform,

outperform

or

be

more

volatile

than

the

referenced

index.

In

addition,

because

the

Index

selects

securities

for

inclusion

based

on

environmental,

social,

and

governance

(ESG)

criteria,

the

Fund

may

forgo

some

market

opportunities

available

to

funds

that

don’t

use

these

criteria.

The

value

of

equity

securities

may

decline

significantly

over

short

or

extended

periods

of

time.

Investments

in

smaller

companies

are

subject

to

greater

volatility

than

those

of

larger

companies.

These

and

other

risk

considerations

are

described

in

detail

in

the

Fund’s

prospectus.

10

Fund

Performance,

Expense

Ratios

and

Holdings

Summaries

The

Fund

Performance,

Expense

Ratios

and

Holdings

Summaries

for

each

Fund

are

shown

within

this

section

of

the

report.

Fund

Performance

data

shown

represents

past

performance

and

does

not

predict

or

guarantee

future

results

.

Investment

returns

and

principal

value

will

fluctuate

so

that

when

shares

are

sold,

they

may

be

worth

more

or

less

than

their

original

cost.

Current

performance

may

be

higher

or

lower

than

the

performance

shown.

Returns

quoted

for

the

Funds

reflect

management

fees

and

other

expenses

such

as

transaction

costs

incurred

by

the

Funds

during

the

reporting

period

while

the

Indexes

are

unmanaged

and

therefore

returns

do

not

reflect

any

such

fees

and

expenses.

Total

returns

for

a

period

of

less

than

one

year

are

not annualized

(i.e.

cumulative

returns).

Returns

assume

reinvestment

of

dividends

and

capital

gains.

Market

price

returns

are

based

on

the

closing

market

price

as

of

the

end

of

the

reporting

period.

For

performance

current

to

the

most

recent

month-end

visit

nuveen.com

or

call

(800)

257-8787.

Returns

do

not

reflect

the

deduction

of

taxes

that

a

shareholder

would

pay

on

Fund

distributions

or

the

sale

of

Fund

shares.

Expense

Ratios

The

expense

ratios

shown

are

as

of each

Fund’s

most

recent

prospectus.

The

expense

ratios

shown

reflect

total

operating

expenses

(before

fee

waivers

and/or

expense

reimbursements,

if

any).

The

expense

ratios

include

management

fees

and

other

fees

and

expenses,

but

do

not

reflect

expected

transaction

costs.

Refer

to

the

Financial

Highlights

later

in

this

report

for each

Fund’s

expense

ratios

as

of

the

end

of

the

reporting

period.

Holdings

Summaries

The

Holdings

Summaries

data

relates

to

the

securities

held

in

each

Fund’s

portfolio

of

investments

as

of

the

end

of

this

reporting

period.

It

should

not

be

construed

as

a

measure

of

performance

for

the

Fund

itself.

Holdings

are

subject

to

change.

Refer

to

the

Fund’s

Portfolio

of

Investments

for

individual

security

information.

Nuveen

ESG

Dividend

ETF

(NUDV)

(continued)

Fund

Performance,

Expense

Ratios

and

Holdings

Summaries

11

Refer

to

the

first

page

of

this

Fund

Performance,

Expense

Ratios

and

Holdings

Summaries section

for

further

expla-

nation

of the

information

included

within

this

section.

Refer

to

the

Glossary

of

Terms

Used

in

this

Report

for

further

definition

of

terms

used

in

this

section.

Fund

Performance

and

Expense

Ratios*

*

For

purposes

of

Fund

performance,

relative

results

are

measured

against

the

TIAA

ESG

USA

High

Dividend

Yield

Index.

Growth

of

an

Assumed

$10,000

Investment

as

of October

The

graphs

do

not

reflect

the

deduction

of

taxes

that

a

shareholder

may

pay

on

Fund

distributions

or

the

redemption

of

Fund

Shares.

Total

Returns

as

of

Average

Annual

Expense

Ratios

Inception

Date

1-Year

Since

Inception

NUDV

at

NAV

9/27/21

(6.22)%

(3.35)%

0.25%

NUDV

at

Market

Price

9/27/21

(6.31)%

(3.34)%

—

MSCI

USA

Index

—

(16.49)%

(12.34)%

—

TIAA

ESG

USA

High

Dividend

Yield

Index

—

(6.05)%

(3.14)%

—

12

Fund

Performance,

Expense

Ratios

and

Holdings

Summaries

(continued)

Holdings

Summaries

as

of

Fund

Allocation

(%

of

net

assets)

Common

Stocks

99

.7‌

%

Other

Assets

Less

Liabilities

0

.3‌

%

Net

Assets

100‌

%

Portfolio

Composition

(%

of

net

assets)

Industrials

16.2%

Financials

15.8%

Health

Care

13.3%

Information

Technology

12.2%

Consumer

Staples

10.8%

Consumer

Discretionary

7.5%

Real

Estate

7.4%

Utilities

6.2%

Materials

4.0%

Communication

Services

3.9%

Energy

2.4%

Other

Assets

Less

Liabilities

0.3%

Total

100%

Top

Five

Common

Stock

Holdings

(%

of

net

assets)

JPMorgan

Chase

&

Co

2.5%

Merck

&

Co

Inc

2.2%

Home

Depot

Inc

2.1%

Bank

of

America

Corp

2.1%

PepsiCo

Inc

2.1%

Nuveen

ESG

Emerging

Markets

Equity

ETF

(NUEM)

(continued)

Fund

Performance,

Expense

Ratios

and

Holdings

Summaries

13

Refer

to

the

first

page

of

this

Fund

Performance,

Expense

Ratios

and

Holdings

Summaries section

for

further

expla-

nation

of the

information

included

within

this

section.

Refer

to

the

Glossary

of

Terms

Used

in

this

Report

for

further

definition

of

terms

used

in

this

section.

Fund

Performance

and

Expense

Ratios*

*

For

purposes

of

Fund

performance,

relative

results

are

measured

against

the

TIAA

ESG

Emerging

Markets

Equity

Index.

Growth

of

an

Assumed

$10,000

Investment

as

of October

The

graphs

do

not

reflect

the

deduction

of

taxes

that

a

shareholder

may

pay

on

Fund

distributions

or

the

redemption

of

Fund

Shares.

Total

Returns

as

of

Average

Annual

Expense

Ratios

Inception

Date

1-Year

5-Year

Since

Inception

NUEM

at

NAV

6/06/17

(31.62)%

(2.21)%

(0.13)%

0.35%

NUEM

at

Market

Price

6/06/17

(31.88)%

(2.53)%

(0.21)%

—

MSCI

Emerging

Markets

Index

(Net)

—

(31.03)%

(3.09)%

(0.88)%

—

TIAA

ESG

Emerging

Markets

Equity

Index

—

(31.20)%

(1.47)%

0.63%

—

14

Fund

Performance,

Expense

Ratios

and

Holdings

Summaries

(continued)

Holdings

Summaries

as

of

Fund

Allocation

(%

of

net

assets)

Common

Stocks

100

.0‌

%

Corporate

Bonds

0

.0‌

%

Other

Assets

Less

Liabilities

(

0

.0‌

)

%

Net

Assets

100‌

%

Top

Five

Common

Stock

Holdings

(%

of

net

assets)

Taiwan

Semiconductor

Manufacturing

Co

Ltd

6.5%

Alibaba

Group

Holding

Ltd

3.2%

Axis

Bank

Ltd

2.2%

China

Construction

Bank

Corp

2.1%

Meituan

1.8%

Portfolio

Composition

(%

of

net

assets)

Financials

23.1%

Information

Technology

17.1%

Consumer

Discretionary

13.5%

Materials

10.5%

Communication

Services

9.5%

Consumer

Staples

8.4%

Industrials

5.6%

Utilities

3.7%

Energy

3.6%

Health

Care

3.4%

Real

Estate

1.6%

Other

Assets

Less

Liabilities

(0.0)%

Total

100%

Country

Allocation

1

(%

of

net

assets)

China

25.9%

India

16.7%

Taiwan

13.7%

South

Korea

11.1%

Saudi

Arabia

6.3%

Brazil

6.1%

South

Africa

3.5%

Mexico

2.8%

Thailand

2.4%

Indonesia

2.3%

Other

9.2%

Other

Assets

Less

Liabilities

(0.0)%

Net

Assets

100%

1

Includes

100.0%

(as

a

percentage

of

net

assets)

in

emerging

market

countries.

Nuveen

ESG

International

Developed

Markets

Equity

ETF

(NUDM)

(continued)

Fund

Performance,

Expense

Ratios

and

Holdings

Summaries

15

Refer

to

the

first

page

of

this

Fund

Performance,

Expense

Ratios

and

Holdings

Summaries section

for

further

expla-

nation

of the

information

included

within

this

section.

Refer

to

the

Glossary

of

Terms

Used

in

this

Report

for

further

definition

of

terms

used

in

this

section.

Fund

Performance

and

Expense

Ratios*

*

For

purposes

of

Fund

performance,

relative

results

are

measured

against

the

TIAA

ESG

International

Developed

Markets

Equity

Index.

Growth

of

an

Assumed

$10,000

Investment

as

of October

The

graphs

do

not

reflect

the

deduction

of

taxes

that

a

shareholder

may

pay

on

Fund

distributions

or

the

redemption

of

Fund

Shares.

Total

Returns

as

of

Average

Annual

Expense

Ratios

Inception

Date

1-Year

5-Year

Since

Inception

NUDM

at

NAV

6/06/17

(24.17)%

0.07%

1.17%

0.30%

NUDM

at

Market

Price

6/06/17

(24.57)%

(0.05)%

1.18%

—

MSCI

EAFE®

Index

(Net)

—

(23.00)%

(0.09)%

0.99%

—

TIAA

ESG

International

Developed

Markets

Equity

Index

—

(24.06)%

0.32%

1.43%

—

16

Fund

Performance,

Expense

Ratios

and

Holdings

Summaries

(continued)

Holdings

Summaries

as

of

Fund

Allocation

(%

of

net

assets)

Common

Stocks

99

.5‌

%

Other

Assets

Less

Liabilities

0

.5‌

%

Net

Assets

100‌

%

Top

Five

Common

Stock

Holdings

(%

of

net

assets)

Nestle

SA

3.6%

ASML

Holding

NV

2.0%

UBS

Group

AG

1.8%

AXA

SA

1.8%

Iberdrola

SA

1.7%

Portfolio

Composition

(%

of

net

assets)

Financials

18.1%

Industrials

16.0%

Consumer

Discretionary

12.4%

Health

Care

12.2%

Consumer

Staples

11.1%

Materials

9.6%

Information

Technology

6.3%

Communication

Services

6.1%

Real

Estate

3.2%

Utilities

2.9%

Energy

1.6%

Other

Assets

Less

Liabilities

0.5%

Total

100%

Country

Allocation

1

(%

of

net

assets)

Japan

23.1%

United

Kingdom

13.5%

France

9.3%

Australia

7.2%

Switzerland

6.9%

Germany

6.5%

United

States

5.8%

Hong

Kong

4.5%

Spain

3.0%

Denmark

2.8%

Other

16.9%

Other

Assets

Less

Liabilities

0.5%

Net

Assets

100%

1

Includes

1.3%

(as

a

percentage

of

net

assets)

in

emerging

market

countries.

Nuveen

ESG

Large-Cap

ETF

(NULC)

(continued)

Fund

Performance,

Expense

Ratios

and

Holdings

Summaries

17

Refer

to

the

first

page

of

this

Fund

Performance,

Expense

Ratios

and

Holdings

Summaries section

for

further

expla-

nation

of the

information

included

within

this

section.

Refer

to

the

Glossary

of

Terms

Used

in

this

Report

for

further

definition

of

terms

used

in

this

section.

Fund

Performance

and

Expense

Ratios*

*

For

purposes

of

Fund

performance,

relative

results

are

measured

against

the

TIAA

ESG

USA

Large-Cap

Index.

Growth

of

an

Assumed

$10,000

Investment

as

of October

The

graphs

do

not

reflect

the

deduction

of

taxes

that

a

shareholder

may

pay

on

Fund

distributions

or

the

redemption

of

Fund

Shares.

Total

Returns

as

of

Average

Annual

Expense

Ratios

Inception

Date

1-Year

Since

Inception

NULC

at

NAV

6/03/19

(19.57)%

11.84%

0.20%

NULC

at

Market

Price

6/03/19

(19.59)%

11.87%

—

MSCI

USA

Index

—

(16.49)%

12.36%

—

TIAA

ESG

USA

Large-Cap

Index

—

(19.46)%

12.08%

—

18

Fund

Performance,

Expense

Ratios

and

Holdings

Summaries

(continued)

Holdings

Summaries

as

of

Fund

Allocation

(%

of

net

assets)

Common

Stocks

98

.8‌

%

Investments

Purchased

with

Collateral

from

Securities

Lending

0

.0‌

%

Other

Assets

Less

Liabilities

1

.2‌

%

Net

Assets

100‌

%

Portfolio

Composition

(%

of

net

assets)

Information

Technology

27.6%

Health

Care

14.4%

Financials

11.9%

Consumer

Discretionary

10.9%

Consumer

Staples

8.8%

Industrials

8.7%

Communication

Services

5.4%

Energy

3.6%

Utilities

2.8%

Materials

2.6%

Real

Estate

2.1%

Investments

Purchased

with

Collateral

from

Securities

Lending

0.0%

Other

Assets

Less

Liabilities

1.2%

Total

100%

Top

Five

Common

Stock

Holdings

(%

of

net

assets)

Microsoft

Corp

5.8%

Tesla

Inc

2.7%

Visa

Inc

2.3%

PepsiCo

Inc

2.1%

NVIDIA

Corp

2.0%

Nuveen

ESG

Large-Cap

Growth

ETF

(NULG)

(continued)

Fund

Performance,

Expense

Ratios

and

Holdings

Summaries

19

Refer

to

the

first

page

of

this

Fund

Performance,

Expense

Ratios

and

Holdings

Summaries section

for

further

expla-

nation

of the

information

included

within

this

section.

Refer

to

the

Glossary

of

Terms

Used

in

this

Report

for

further

definition

of

terms

used

in

this

section.

Fund

Performance

and

Expense

Ratios*

*

For

purposes

of

Fund

performance,

relative

results

are

measured

against

the

TIAA

ESG

USA

Large-Cap

Growth

Index.

Growth

of

an

Assumed

$10,000

Investment

as

of October

The

graphs

do

not

reflect

the

deduction

of

taxes

that

a

shareholder

may

pay

on

Fund

distributions

or

the

redemption

of

Fund

Shares.

Total

Returns

as

of

Average

Annual

Expense

Ratios

Inception

Date

1-Year

5-Year

Since

Inception

NULG

at

NAV

12/13/16

(27.90)%

13.05%

14.63%

0.25%

NULG

at

Market

Price

12/13/16

(27.94)%

13.01%

14.63%

—

MSCI

USA

Growth

Index

—

(28.08)%

12.37%

14.19%

—

TIAA

ESG

USA

Large-Cap

Growth

Index

—

(27.74)%

13.46%

15.05%

—

20

Fund

Performance,

Expense

Ratios

and

Holdings

Summaries

(continued)

Holdings

Summaries

as

of

Fund

Allocation

(%

of

net

assets)

Common

Stocks

97

.8‌

%

Investments

Purchased

with

Collateral

from

Securities

Lending

0

.0‌

%

Other

Assets

Less

Liabilities

2

.2‌

%

Net

Assets

100‌

%

Portfolio

Composition

(%

of

net

assets)

Information

Technology

39.9%

Consumer

Discretionary

16.3%

Health

Care

12.8%

Industrials

8.9%

Communication

Services

8.4%

Financials

4.4%

Consumer

Staples

2.6%

Materials

2.5%

Real

Estate

1.4%

Energy

0.6%

Investments

Purchased

with

Collateral

from

Securities

Lending

0.0%

Other

Assets

Less

Liabilities

2.2%

Total

100%

Top

Five

Common

Stock

Holdings

(%

of

net

assets)

Microsoft

Corp

11.0%

Tesla

Inc

4.6%

Visa

Inc

3.4%

Home

Depot

Inc

3.1%

NVIDIA

Corp

3.1%

Nuveen

ESG

Large-Cap

Value

ETF

(NULV)

(continued)

Fund

Performance,

Expense

Ratios

and

Holdings

Summaries

21

Refer

to

the

first

page

of

this

Fund

Performance,

Expense

Ratios

and

Holdings

Summaries section

for

further

expla-

nation

of the

information

included

within

this

section.

Refer

to

the

Glossary

of

Terms

Used

in

this

Report

for

further

definition

of

terms

used

in

this

section.

Fund

Performance

and

Expense

Ratios*

*

For

purposes

of

Fund

performance,

relative

results

are

measured

against

the

TIAA

ESG

USA

Large-Cap

Value

Index.

Growth

of

an

Assumed

$10,000

Investment

as

of October

The

graphs

do

not

reflect

the

deduction

of

taxes

that

a

shareholder

may

pay

on

Fund

distributions

or

the

redemption

of

Fund

Shares.

Total

Returns

as

of

Average

Annual

Expense

Ratios

Inception

Date

1-Year

5-Year

Since

Inception

NULV

at

NAV

12/13/16

(9.09)%

6.84%

7.66%

0.25%

NULV

at

Market

Price

12/13/16

(9.03)%

6.83%

7.69%

—

MSCI

USA

Value

Index

—

(4.52)%

7.50%

7.96%

—

TIAA

ESG

USA

Large-Cap

Value

Index

—

(8.90)%

7.20%

8.03%

—

22

Fund

Performance,

Expense

Ratios

and

Holdings

Summaries

(continued)

Holdings

Summaries

as

of

Fund

Allocation

(%

of

net

assets)

Common

Stocks

99

.8‌

%

Investments

Purchased

with

Collateral

from

Securities

Lending

0

.1‌

%

Other

Assets

Less

Liabilities

0

.1‌

%

Net

Assets

100‌

%

Portfolio

Composition

(%

of

net

assets)

Health

Care

18.4%

Financials

18.0%

Information

Technology

13.1%

Consumer

Staples

12.9%

Industrials

11.7%

Energy

5.6%

Utilities

5.3%

Real

Estate

4.0%

Materials

3.8%

Communication

Services

3.7%

Consumer

Discretionary

3.3%

Investments

Purchased

with

Collateral

from

Securities

Lending

0.1%

Other

Assets

Less

Liabilities

0.1%

Total

100%

Top

Five

Common

Stock

Holdings

(%

of

net

assets)

Merck

&

Co

Inc

2.8%

PepsiCo

Inc

2.7%

JPMorgan

Chase

&

Co

2.6%

Coca-Cola

Co

2.6%

Bristol-Myers

Squibb

Co

2.3%

Nuveen

ESG

Mid-Cap

Growth

ETF

(NUMG)

(continued)

Fund

Performance,

Expense

Ratios

and

Holdings

Summaries

23

Refer

to

the

first

page

of

this

Fund

Performance,

Expense

Ratios

and

Holdings

Summaries section

for

further

expla-

nation

of the

information

included

within

this

section.

Refer

to

the

Glossary

of

Terms

Used

in

this

Report

for

further

definition

of

terms

used

in

this

section.

Fund

Performance

and

Expense

Ratios*

*

For

purposes

of

Fund

performance,

relative

results

are

measured

against

the

TIAA

ESG

USA

Mid-Cap

Growth

Index.

Growth

of

an

Assumed

$10,000

Investment

as

of October

The

graphs

do

not

reflect

the

deduction

of

taxes

that

a

shareholder

may

pay

on

Fund

distributions

or

the

redemption

of

Fund

Shares.

Total

Returns

as

of

Average

Annual

Expense

Ratios

Inception

Date

1-Year

5-Year

Since

Inception

NUMG

at

NAV

12/13/16

(32.50)%

8.57%

9.54%

0.30%

NUMG

at

Market

Price

12/13/16

(32.48)%

8.57%

9.55%

—

MSCI

USA

Mid-Cap

Growth

Index

—

(28.20)%

9.65%

10.54%

—

TIAA

ESG

USA

Mid-Cap

Growth

Index

—

(32.38)%

8.99%

9.97%

—

24

Fund

Performance,

Expense

Ratios

and

Holdings

Summaries

(continued)

Holdings

Summaries

as

of

Fund

Allocation

(%

of

net

assets)

Common

Stocks

99

.9‌

%

Investments

Purchased

with

Collateral

from

Securities

Lending

0

.5‌

%

Other

Assets

Less

Liabilities

(

0

.4‌

)

%

Net

Assets

100‌

%

Portfolio

Composition

(%

of

net

assets)

Information

Technology

36.3%

Health

Care

18.9%

Industrials

12.7%

Consumer

Discretionary

9.1%

Materials

7.2%

Communication

Services

6.7%

Financials

4.6%

Real

Estate

2.5%

Consumer

Staples

1.9%

Investments

Purchased

with

Collateral

from

Securities

Lending

0.5%

Other

Assets

Less

Liabilities

(0.4)%

Total

100%

Top

Five

Common

Stock

Holdings

(%

of

net

assets)

Cadence

Design

Systems

Inc

3.4%

Mettler-Toledo

International

Inc

3.0%

Tractor

Supply

Co

2.9%

Gartner

Inc

2.8%

LPL

Financial

Holdings

Inc

2.7%

Nuveen

ESG

Mid-Cap

Value

ETF

(NUMV)

(continued)

Fund

Performance,

Expense

Ratios

and

Holdings

Summaries

25

Refer

to

the

first

page

of

this

Fund

Performance,

Expense

Ratios

and

Holdings

Summaries section

for

further

expla-

nation

of the

information

included

within

this

section.

Refer

to

the

Glossary

of

Terms

Used

in

this

Report

for

further

definition

of

terms

used

in

this

section.

Fund

Performance

and

Expense

Ratios*

*

For

purposes

of

Fund

performance,

relative

results

are

measured

against

the

TIAA

ESG

USA

Mid-Cap

Value

Index.

Growth

of

an

Assumed

$10,000

Investment

as

of October

The

graphs

do

not

reflect

the

deduction

of

taxes

that

a

shareholder

may

pay

on

Fund

distributions

or

the

redemption

of

Fund

Shares.

Total

Returns

as

of

Average

Annual

Expense

Ratios

Inception

Date

1-Year

5-Year

Since

Inception

NUMV

at

NAV

12/13/16

(13.71)%

5.99%

6.43%

0.30%

NUMV

at

Market

Price

12/13/16

(13.76)%

6.01%

6.45%

—

MSCI

USA

Mid-Cap

Value

Index

—

(11.46)%

5.99%

6.66%

—

TIAA

ESG

USA

Mid-Cap

Value

Index

—

(13.53)%

6.40%

6.84%

—

26

Fund

Performance,

Expense

Ratios

and

Holdings

Summaries

(continued)

Holdings

Summaries

as

of

Fund

Allocation

(%

of

net

assets)

Common

Stocks

99

.8‌

%

Other

Assets

Less

Liabilities

0

.2‌

%

Net

Assets

100‌

%

Portfolio

Composition

(%

of

net

assets)

Financials

18.6%

Industrials

14.8%

Real

Estate

11.3%

Consumer

Discretionary

9.0%

Utilities

8.3%

Information

Technology

7.7%

Materials

7.3%

Energy

7.1%

Consumer

Staples

6.5%

Health

Care

5.0%

Communication

Services

4.2%

Other

Assets

Less

Liabilities

0.2%

Total

100%

Top

Five

Common

Stock

Holdings

(%

of

net

assets)

Halliburton

Co

2.8%

Carrier

Global

Corp

2.5%

Arch

Capital

Group

Ltd

2.5%

VICI

Properties

Inc

2.4%

ONEOK

Inc

2.2%

Nuveen

ESG

Small-Cap

ETF

(NUSC)

(continued)

Fund

Performance,

Expense

Ratios

and

Holdings

Summaries

27

Refer

to

the

first

page

of

this

Fund

Performance,

Expense

Ratios

and

Holdings

Summaries section

for

further

expla-

nation

of the

information

included

within

this

section.

Refer

to

the

Glossary

of

Terms

Used

in

this

Report

for

further

definition

of

terms

used

in

this

section.

Fund

Performance

and

Expense

Ratios*

*

For

purposes

of

Fund

performance,

relative

results

are

measured

against

the

TIAA

ESG

USA

Small-Cap

Index.

Growth

of

an

Assumed

$10,000

Investment

as

of October

The

graphs

do

not

reflect

the

deduction

of

taxes

that

a

shareholder

may

pay

on

Fund

distributions

or

the

redemption

of

Fund

Shares.

Total

Returns

as

of

Average

Annual

Expense

Ratios

Inception

Date

1-Year

5-Year

Since

Inception

NUSC

at

NAV

12/13/16

(15.68)%

7.85%

8.60%

0.30%

NUSC

at

Market

Price

12/13/16

(15.63)%

7.83%

8.62%

—

MSCI

USA

Small-Cap

Index

—

(16.31)%

7.33%

8.28%

—

TIAA

ESG

USA

Small-Cap

Index

—

(15.56)%

8.24%

9.01%

—

28

Fund

Performance,

Expense

Ratios

and

Holdings

Summaries

(continued)

Holdings

Summaries

as

of

Fund

Allocation

(%

of

net

assets)

Common

Stocks

99

.9‌

%

Common

Stock

Rights

0

.0‌

%

Investments

Purchased

with

Collateral

from

Securities

Lending

1

.8‌

%

Other

Assets

Less

Liabilities

(

1

.7‌

)

%

Net

Assets

100‌

%

Portfolio

Composition

(%

of

net

assets)

Industrials

17.7%

Financials

15.3%

Information

Technology

14.7%

Consumer

Discretionary

13.7%

Health

Care

13.3%

Real

Estate

6.8%

Materials

5.4%

Energy

4.7%

Consumer

Staples

4.3%

Utilities

2.3%

Communication

Services

1.7%

Investments

Purchased

with

Collateral

from

Securities

Lending

1.8%

Other

Assets

Less

Liabilities

(1.7)%

Total

100%

Top

Five

Common

Stock

Holdings

(%

of

net

assets)

First

Solar

Inc

1.4%

Toro

Co

1.2%

First

Horizon

Corp

1.2%

Darling

Ingredients

Inc

1.1%

NOV

Inc

1.1%

Expense

Examples

29

As

a

shareholder

of

one

or

more of

the

Funds,

you

incur

two

types

of

costs:

(1)

transaction

costs,

including

brokerage

commissions

on

purchases

and

sales

of

Fund

shares,

and

(2)

ongoing

costs,

including

management

fees

and

other

applicable

Fund

expenses.

The

Examples

below

are

intended

to

help

you

understand

your

ongoing

costs

(in

dollars)

of

investing

in

the

Fund

and

to

compare

these

costs

with

the

ongoing

costs

of

investing

in

other

funds.

The

Examples

below

are

based

on

an

investment

of

$1,000

invested

at

the

beginning

of

the

period

and

held

through

the

period

ended

2022.

The

beginning

of

the

period

is

May

1,

2022.

The

information

under

“Actual

Performance,”

together

with

the

amount

you

invested,

allows

you

to

estimate

actual

expenses

incurred

over

the

reporting

period.

Simply

divide

your

account

value

by

$1,000

(for

example,

an

$8,600

account

value

divided

by

$1,000

=

8.60)

and

multiply

the

result

by

the

cost

shown

for

your

share

class,

in

the

row

entitled

“Expenses

Incurred

During

Period”

to

estimate

the

expenses

incurred

on

your

account

during

this

period.

The

information

under

“Hypothetical

Performance,”

provides

information

about

hypothetical

account

values

and

hypothetical

expenses

based

on

each

Fund’s

actual

expense

ratios

and

an

assumed

rate

of

return

of

5%

per

year

before

expenses,

which

is

not

the

Fund’s

actual

return.

The

hypothetical

account

values

and

expenses

may

not

be

used

to

estimate

the

actual

ending

account

balance

or

expense

you

incurred

for

the

period.

You

may

use

this

information

to

compare

the

ongoing

costs

of

investing

in

the

Fund

and

other

funds.

To

do

so,

compare

this

5%

hypothetical

example

with

the

5%

hypothetical

examples

that

appear

in

the

shareholder

reports

of

the

other

funds.

Please

note

that

the

expenses

shown

in

the

following

tables

are

meant

to

highlight

your

ongoing

costs

only

and

do

not

reflect

any

transaction

costs.

Therefore,

the

hypothetical

information

is

useful

in

comparing

ongoing

costs

only,

and

will

not

help

you

determine

the

relative

total

costs

of

owning

different

funds

or

share

classes.

In

addition,

if

these

transaction

costs

were

included,

your

costs

would

have

been

higher.

Nuveen

ESG

Dividend

ETF

(NUDV)

Actual

Performance

Beginning

Account

Value

$1,000.00

Ending

Account

Value

$

962.44

Expenses

Incurred

During

the

Period

$1.29

Hypothetical

Performance

(5%

annualized

return

before

expenses)

Beginning

Account

Value

$1,000.00

Ending

Account

Value

$1,023.89

Expenses

Incurred

During

the

Period

$1.33

Expenses

are

equal

to

the

Fund’s

annualized

net

expense

ratio

of

0.26%

multiplied

by

the

average

account

value

over

the

period,

multiplied

by

184/365

(to

reflect

the

one-half

year

period).

Nuveen

ESG

Emerging

Markets

Equity

ETF

(NUEM)

Actual

Performance

Beginning

Account

Value

$1,000.00

Ending

Account

Value

$796.91

Expenses

Incurred

During

the

Period

$1.59

Hypothetical

Performance

(5%

annualized

return

before

expenses)

Beginning

Account

Value

$1,000.00

Ending

Account

Value

$1,023.44

Expenses

Incurred

During

the

Period

$1.79

Expenses

are

equal

to

the

Fund’s

annualized

net

expense

ratio

of

0.35%

multiplied

by

the

average

account

value

over

the

period,

multiplied

by

184/365

(to

reflect

the

one-half

year

period).

Expense

Examples

(continued)

30

Nuveen

ESG

International

Developed

Markets

Equity

ETF

(NUDM)

Actual

Performance

Beginning

Account

Value

$1,000.00

Ending

Account

Value

$860.89

Expenses

Incurred

During

the

Period

$1.45

Hypothetical

Performance

(5%

annualized

return

before

expenses)

Beginning

Account

Value

$1,000.00

Ending

Account

Value

$1,023.64

Expenses

Incurred

During

the

Period

$1.58

Expenses

are

equal

to

the

Fund’s

annualized

net

expense

ratio

of

0.31%

multiplied

by

the

average

account

value

over

the

period,

multiplied

by

184/365

(to

reflect

the

one-half

year

period).

Nuveen

ESG

Large-Cap

ETF

(NULC)

Actual

Performance

Beginning

Account

Value

$1,000.00

Ending

Account

Value

$929.58

Expenses

Incurred

During

the

Period

$1.02

Hypothetical

Performance

(5%

annualized

return

before

expenses)

Beginning

Account

Value

$1,000.00

Ending

Account

Value

$1,024.15

Expenses

Incurred

During

the

Period

$1.07

Expenses

are

equal

to

the

Fund’s

annualized

net

expense

ratio

of

0.21%

multiplied

by

the

average

account

value

over

the

period,

multiplied

by

184/365

(to

reflect

the

one-half

year

period).

Nuveen

ESG

Large-Cap

Growth

ETF

(NULG)

Actual

Performance

Beginning

Account

Value

$1,000.00

Ending

Account

Value

$919.77

Expenses

Incurred

During

the

Period

$1.26

Hypothetical

Performance

(5%

annualized

return

before

expenses)

Beginning

Account

Value

$1,000.00

Ending

Account

Value

$1,023.89

Expenses

Incurred

During

the

Period

$1.33

Expenses

are

equal

to

the

Fund’s

annualized

net

expense

ratio

of

0.26%

multiplied

by

the

average

account

value

over

the

period,

multiplied

by

184/365

(to

reflect

the

one-half

year

period).

Nuveen

ESG

Large-Cap

Value

ETF

(NULV)

Actual

Performance

Beginning

Account

Value

$1,000.00

Ending

Account

Value

$950.71

Expenses

Incurred

During

the

Period

$1.28

Hypothetical

Performance

(5%

annualized

return

before

expenses)

Beginning

Account

Value

$1,000.00

Ending

Account

Value

$1,023.89

Expenses

Incurred

During

the

Period

$1.33

Expenses

are

equal

to

the

Fund’s

annualized

net

expense

ratio

of

0.26%

multiplied

by

the

average

account

value

over

the

period,

multiplied

by

184/365

(to

reflect

the

one-half

year

period).

31

Nuveen

ESG

Mid-Cap

Growth

ETF

(NUMG)

Actual

Performance

Beginning

Account

Value

$1,000.00

Ending

Account

Value

$898.53

Expenses

Incurred

During

the

Period

$1.44

Hypothetical

Performance

(5%

annualized

return

before

expenses)

Beginning

Account

Value

$1,000.00

Ending

Account

Value

$1,023.69

Expenses

Incurred

During

the

Period

$1.53

Expenses

are

equal

to

the

Fund’s

annualized

net

expense

ratio

of

0.30%

multiplied

by

the

average

account

value

over

the

period,

multiplied

by

184/365

(to

reflect

the

one-half

year

period).

Nuveen

ESG

Mid-Cap

Value

ETF

(NUMV)

Actual

Performance

Beginning

Account

Value

$1,000.00

Ending

Account

Value

$915.56

Expenses

Incurred

During

the

Period

$1.45

Hypothetical

Performance

(5%

annualized

return

before

expenses)

Beginning

Account

Value

$1,000.00

Ending

Account

Value

$1,023.69

Expenses

Incurred

During

the

Period

$1.53

Expenses

are

equal

to

the

Fund’s

annualized

net

expense

ratio

of

0.30%

multiplied

by

the

average

account

value

over

the

period,

multiplied

by

184/365

(to

reflect

the

one-half

year

period).

Nuveen

ESG

Small-Cap

ETF

(NUSC)

Actual

Performance

Beginning

Account

Value

$1,000.00

Ending

Account

Value

$973.67

Expenses

Incurred

During

the

Period

$1.49

Hypothetical

Performance

(5%

annualized

return

before

expenses)

Beginning

Account

Value

$1,000.00

Ending

Account

Value

$1,023.69

Expenses

Incurred

During

the

Period

$1.53

Expenses

are

equal

to

the

Fund’s

annualized

net

expense

ratio

of

0.30%

multiplied

by

the

average

account

value

over

the

period,

multiplied

by

184/365

(to

reflect

the

one-half

year

period).

32

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

statements

of

assets

and

liabilities

of

the

Funds

listed

in

Appendix

A

(the

Funds),

including

the

portfolios

of

investments,

as

of

October 31, 2022,

the

of

operations

and

changes

in

net

assets

for

the

Funds

and

periods

listed

in

Appendix

A,

and

the

(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

October 31, 2022,

the

results

of

their

operations

and

the

changes

in

their

net

assets

for

the

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

2022,

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

29,

33

Appendix

A

NuShares

ETF

Trust

For

the

year

ended

(statement

of

operations);

for

the

year

ended

and

the

period

September

27,

2021

(commencement

of

operations)

through

2021

(statement

of

changes

in

net

assets

and

financial

highlights):

Nuveen

ESG

Dividend

ETF

For

the

year

ended

(statement

of

operations);

for

each

of

the

years

in

the

two-year

period

ended

(statement

of

changes

in

net

assets);

for

each

of

the

years

in

the

five-year

period

ended

(financial

highlights):

Nuveen

ESG

Emerging

Markets

Equity

ETF

Nuveen

ESG

International

Developed

Markets

Equity

ETF

Nuveen

ESG

Large-Cap

Growth

ETF

Nuveen

ESG

Large-Cap

Value

ETF

Nuveen

ESG

Mid-Cap

Growth

ETF

Nuveen

ESG

Mid-Cap

Value

ETF

Nuveen

ESG

Small-Cap

ETF

For

the

year

ended

(statement

of

operations);

for

each

of

the

years

in

the

two-year

period

ended

(statement

of

changes

in

net

assets);

for

each

of

the

years

in

the

three-year

period

ended

2022,

and

the

period

June

3,

2019

(commencement

of

operations)

through

2019

(financial

highlights):

Nuveen

ESG

Large-Cap

ETF

34

Nuveen

ESG

Dividend

ETF

(NUDV)

Portfolio

of

Investments

Shares

Description

(1)

Value

LONG-TERM

INVESTMENTS

-

99.7%

COMMON

STOCKS

-

99.7%

Communication

Services

-

3.9%

3,861

Comcast

Corp,

Class

A

$

122,548

915

Interpublic

Group

of

Cos

Inc

27,258

2,207

Lumen

Technologies

Inc

16,243

1,436

Paramount

Global

26,308

3,447

Verizon

Communications

Inc

128,814

Total

Communication

Services

321,171

Consumer

Discretionary

-

7.5%

469

Best

Buy

Co

Inc

32,084

308

Hasbro

Inc

20,097

580

Home

Depot

Inc

171,756

623

LKQ

Corp

34,664

668

Lowe's

Cos

Inc

130,227

765

Target

Corp

125,651

260

Tractor

Supply

Co

57,140

95

Vail

Resorts

Inc

20,817

768

VF

Corp

21,696

Total

Consumer

Discretionary

614,132

Consumer

Staples

-

10.8%

1,306

Archer-Daniels-Midland

Co

126,656

352

Bunge

Ltd

(2)

34,742

286

Clorox

Co

41,767

2,641

Coca-Cola

Co

158,064

550

Colgate-Palmolive

Co

40,612

1,814

Keurig

Dr

Pepper

Inc

70,456

1,608

Kroger

Co

76,042

582

McCormick

&

Co

Inc/MD

45,769

2,001

Mondelez

International

Inc,

Class

A

123,022

931

PepsiCo

Inc

169,051

Total

Consumer

Staples

886,181

Energy

-

2.4%

2,298

Baker

Hughes

Co

63,563

2,109

Halliburton

Co

76,810

1,038

ONEOK

Inc

61,574

Total

Energy

201,947

Financials

-

15.8%

4,761

Bank

of

America

Corp

171,586

1,781

Bank

of

New

York

Mellon

Corp

74,998

189

BlackRock

Inc

122,077

658

Discover

Financial

Services

68,735

394

Goldman

Sachs

Group

Inc

135,737

3,346

Huntington

Bancshares

Inc/OH

50,792

793

Invesco

Ltd

12,149

1,602

JPMorgan

Chase

&

Co

201,660

1,518

Morgan

Stanley

124,734

460

Northern

Trust

Corp

38,801

739

PNC

Financial

Services

Group

Inc

119,592

872

Prudential

Financial

Inc

91,726

2,169

Regions

Financial

Corp

47,609

1,164

Synchrony

Financial

41,392

Total

Financials

1,301,588

35

Shares

Description

(1)

Value

Health

Care

-

13.3%

562

Amgen

Inc

$

151,937

1,169

Baxter

International

Inc

63,535

1,944

Bristol-Myers

Squibb

Co

150,601

632

Cardinal

Health

Inc

47,969

448

Cigna

Corp

144,731

1,970

Gilead

Sciences

Inc

154,566

1,779

Merck

&

Co

Inc

180,035

3,536

Pfizer

Inc

164,601

273

Quest

Diagnostics

Inc

39,216

Total

Health

Care

1,097,191

Industrials

-

16.2%

413

3M

Co

51,951

302

A

O

Smith

Corp

16,544

204

Allegion

plc

21,373

1,972

Carrier

Global

Corp

78,407

685

Caterpillar

Inc

148,275

50

CH

Robinson

Worldwide

Inc

4,886

328

Cummins

Inc

80,199

335

Dover

Corp

43,781

1,369

Emerson

Electric

Co

118,555

1,338

Fastenal

Co

64,666

305

Fortune

Brands

Home

&

Security

Inc

18,398

585

Illinois

Tool

Works

Inc

124,915

1,614

Johnson

Controls

International

plc

93,354

77

Lennox

International

Inc

17,985

548

Masco

Corp

25,356

989

Otis

Worldwide

Corp

69,863

225

Owens

Corning

19,262

385

Pentair

PLC

16,536

257

Robert

Half

International

Inc

19,650

271

Rockwell

Automation

Inc

69,186

124

Snap-on

Inc

27,534

543

Trane

Technologies

PLC

86,679

698

United

Parcel

Service

Inc,

Class

B

117,104

Total

Industrials

1,334,459

Information

Technology

-

12.2%

518

Automatic

Data

Processing

Inc

125,201

3,203

Cisco

Systems

Inc

145,512

1,233

Fidelity

National

Information

Services

Inc

102,327

3,023

Hewlett

Packard

Enterprise

Co

43,138

2,445

HP

Inc

67,531

4,055

Intel

Corp

115,284

1,003

International

Business

Machines

Corp

138,705

1,349

NortonLifeLock

Inc

30,393

609

NXP

Semiconductors

NV

88,963

837

Texas

Instruments

Inc

134,447

897

Western

Union

Co

12,118

Total

Information

Technology

1,003,619

Materials

-

4.0%

3,487

Amcor

PLC

40,379

591

International

Flavors

&

Fragrances

Inc

57,687

819

International

Paper

Co

27,527

1,842

Newmont

Corp

77,953

550

PPG

Industries

Inc

62,799

439

Steel

Dynamics

Inc

41,288

593

Westrock

Co

20,198

Total

Materials

327,831

Nuveen

ESG

Dividend

ETF

(NUDV)

(continued)

Portfolio

of

Investments

36

Shares

Description

(1)

Value

Real

Estate

-

7.4%

360

Alexandria

Real

Estate

Equities

Inc

$

52,308

507

American

Tower

Corp

105,046

347

Boston

Properties

Inc

25,227

707

Crown

Castle

Inc

94,215

178

Equinix

Inc

100,826

676

Iron

Mountain

Inc

33,847

991

Prologis

Inc

109,753

361

Regency

Centers

Corp

21,844

1,057

Welltower

Inc

64,519

Total

Real

Estate

607,585

Utilities

-

6.2%

422

American

Water

Works

Co

Inc

61,333

323

Atmos

Energy

Corp

34,416

1,463

CenterPoint

Energy

Inc

41,856

822

Consolidated

Edison

Inc

72,303

586

Essential

Utilities

Inc

25,913

800

Eversource

Energy

61,024

2,279

Exelon

Corp

87,947

719

Sempra

Energy

108,526

488

UGI

Corp

17,241

Total

Utilities

510,559

Total

Long-Term

Investments

(cost

$8,497,099)

8,206,263

Other

Assets

Less

Liabilities

-

0.3%

25,732

Net

Assets

-

100%

$

8,231,995

For

Fund

portfolio

compliance

purposes,

the

Fund’s

industry

classifications

refer

to

any

one

or

more

of

the

industry

sub-classifications

used

by

one

or

more

widely

recognized

market

indexes

or

ratings

group

indexes,

and/or

as

defined

by

Fund

management.

This

definition

may

not

apply

for

purposes

of

this

report,

which

may

combine

industry

sub-classifications

into

sectors

for

reporting

ease.

(1)

All

percentages

shown

in

the

Portfolio

of

Investments

are

based

on

net

assets.

(2)

Non-income

producing;

issuer

has

not

declared

an

ex-dividend

date

within

the

past

twelve

months.

See

accompanying

notes

to

financial

statements

37

Nuveen

ESG

Emerging

Markets

Equity

ETF

(NUEM)

Portfolio

of

Investments

Shares

Description

(1)

Value

LONG-TERM

INVESTMENTS

-

100.0%

COMMON

STOCKS

-

100.0%

Communication

Services

-

9.5%

3,906,014

Alibaba

Pictures

Group

Ltd

(2)

$

144,301

228,105

Baidu

Inc

,

Class

A

(2)

2,182,295

80,745

Bharti

Airtel

Ltd

811,571

122,213

Etihad

Etisalat

Co

1,190,402

32,000

Focus

Media

Information

Technology

Co

Ltd,

Class

A

19,558

1,078

HYBE

Co

Ltd

(2)

91,571

977

Info

Edge

India

Ltd

46,287

38,583

Kakao

Corp

1,373,272

58,784

Kanzhun

Ltd

(2)

642,509

230,961

Kuaishou

Technology,

144A

(2)

950,342

143,585

Mobile

Telecommunications

Co

Saudi

Arabia

(2)

495,997

80,097

MTN

Group

Ltd

565,898

175,891

NetEase

Inc

1,918,033

286,867

Saudi

Telecom

Co

3,084,304

65,052

Telefonica

Brasil

SA

512,135

9,937,986

Telkom

Indonesia

Persero

Tbk

PT

2,797,099

Total

Communication

Services

16,825,574

Consumer

Discretionary

-

13.5%

723,455

Alibaba

Group

Holding

Ltd

(2)

5,663,332

84,300

Allegro.eu

SA,

144A

(2)

409,897

23,065

BYD

Co

Ltd,

Class

A

776,175

74,923

BYD

Co

Ltd

1,676,971

17,912

Coway

Co

Ltd

695,380

31,102

Eicher

Motors

Ltd

1,446,730

460

FF

Group

(2),(3)

5

33,150

Hero

MotoCorp

Ltd

1,072,001

37,094

Hotai

Motor

Co

Ltd

672,291

72,140

JD

Health

International

Inc

,

144A

(2)

395,629

34,338

LG

Electronics

Inc

1,967,061

64,597

Li

Auto

Inc

,

ADR

(2)

879,811

103,887

Mahindra

&

Mahindra

Ltd

1,692,513

202,254

Meituan

,

Class

B,

144A

(2)

3,215,514

8,681

Naspers

Ltd

897,552

13,764

Pop

Mart

International

Group

Ltd,

144A

17,815

111,494

Tongcheng

Travel

Holdings

Ltd

(2)

173,849

9,295

Vipshop

Holdings

Ltd,

ADR

(2)

64,786

14,218

XPeng

Inc

,

ADR

(2)

94,123

49,938

Yum

China

Holdings

Inc

2,064,936

90,797

Zomato

Ltd

(2)

69,213

Total

Consumer

Discretionary

23,945,584

Consumer

Staples

-

8.4%

80,743

Almarai

Co

JSC

1,209,786

36,126

Arca

Continental

SAB

de

CV

295,375

53,625

Atacadao

SA

198,874

2,509

BGF

retail

Co

Ltd

328,498

1,679

Britannia

Industries

Ltd

76,398

458,727

Cencosud

SA

617,264

149,999

China

Mengniu

Dairy

Co

Ltd

480,579

1,602

CJ

CheilJedang

Corp

465,603

169,193

Coca-Cola

Femsa

SAB

de

CV

1,063,881

138,923

CP

ALL

PCL

219,006

389,224

Fomento

Economico

Mexicano

SAB

de

CV

2,789,024

102,521

Hindustan

Unilever

Ltd

3,159,075

Nuveen

ESG

Emerging

Markets

Equity

ETF

(NUEM)

(continued)

Portfolio

of

Investments

38

Shares

Description

(1)

Value

Consumer

Staples

(continued)

6,567

Kuala

Lumpur

Kepong

Bhd

$

30,113

666

LG

H&H

Co

Ltd

131,148

166,900

Marico

Ltd

1,057,623

5,158

Nestle

India

Ltd

1,268,876

84,983

Savola

Group

662,666

635,219

Unilever

Indonesia

Tbk

PT

188,967

926,115

Want

China

Holdings

Ltd

608,770

Total

Consumer

Staples

14,851,526

Energy

-

3.6%

563,426

China

Suntien

Green

Energy

Corp

Ltd

213,891

341,682

Cosan

SA

1,097,862

1,183,842

Dialog

Group

Bhd

515,802

21,338

Empresas

Copec

SA

146,999

15,356

HD

Hyundai

Co

Ltd

656,520

87,451

Offshore

Oil

Engineering

Co

Ltd,

Class

A

56,073

95,977

Petronas

Dagangan

Bhd

440,098

157,769

Qatar

Fuel

QSC

826,590

11,594

SK

Innovation

Co

Ltd

(2)

1,408,096

362,459

Thai

Oil

PCL

519,023

233,460

Ultrapar

Participacoes

SA

596,636

Total

Energy

6,477,590

Financials

-

23.1%

370,823

Alpha

Services

and

Holdings

SA

(2)

343,780

352,385

Axis

Bank

Ltd

3,856,855

275,948

B3

SA

-

Brasil

Bolsa

Balcao

790,940

8,291

Bajaj

Finance

Ltd

715,553

424,544

Banco

Bradesco

SA

(2)

1,606,831

93,075

Banco

Bradesco

SA

(2)

295,158

270,149

Banco

do

Brasil

SA

1,905,935

209,098

Bandhan

Bank

Ltd,

144A

602,583

1,193,570

Bank

Central

Asia

Tbk

PT

673,404

11,896

Bank

Polska

Kasa

Opieki

SA

195,568

928,303

Cathay

Financial

Holding

Co

Ltd

1,088,986

7,170,221

China

Construction

Bank

Corp

3,808,967

159,751

China

Construction

Bank

Corp,

Class

A

116,379

297,288

China

Merchants

Bank

Co

Ltd

977,093

137,300

China

Merchants

Bank

Co

Ltd,

Class

A

502,365

191,858

Commercial

International

Bank

Egypt

SAE

257,400

3,401

Credicorp

Ltd

497,770

569,105

First

Abu

Dhabi

Bank

PJSC

2,773,439

406,117

FirstRand

Ltd

1,422,045

852,682

Fubon

Financial

Holding

Co

Ltd

1,349,578

13,734

Galaxy

Mezz

Ltd

(2)

1,852

29,342

Hana

Financial

Group

Inc

849,702

42,947

Huatai

Securities

Co

Ltd,

144A

42,072

109,496

Huatai

Securities

Co

Ltd,

Class

A

178,806

4,728

ICICI

Prudential

Life

Insurance

Co

Ltd,

144A

28,990

197,853

Itau

Unibanco

Holding

SA

(2)

1,146,263

35,688

KB

Financial

Group

Inc

1,203,839

44,343

Kotak

Mahindra

Bank

Ltd

1,018,854

1,138,169

Malayan

Banking

Bhd

2,067,866

76,909

Moneta

Money

Bank

AS,

144A

224,481

18,362

Nedbank

Group

Ltd

217,376

934,578

Old

Mutual

Ltd

530,921

1,843,778

Postal

Savings

Bank

of

China

Co

Ltd,

144A

854,966

513,000

Postal

Savings

Bank

of

China

Co

Ltd,

Class

A

271,543

738,726

Public

Bank

Bhd

698,415

389,594

Qatar

National

Bank

QPSC

2,133,179

9,946

Samsung

Fire

&

Marine

Insurance

Co

Ltd

1,396,469

39

Shares

Description

(1)

Value

Financials

(continued)

21,426

Samsung

Life

Insurance

Co

Ltd

$

1,013,803

74,979

Shinhan

Financial

Group

Co

Ltd

1,910,729

91,169

Standard

Bank

Group

Ltd

851,539

70,746

Woori

Financial

Group

Inc

583,569

Total

Financials

41,005,863

Health

Care

-

3.4%

465,874

3SBio

Inc

,

144A

328,789

164

BeiGene

Ltd,

ADR

(2)

27,698

19,000

China

Resources

Sanjiu

Medical

&

Pharmaceutical

Co

Ltd,

Class

A

141,370

447,471

CSPC

Pharmaceutical

Group

Ltd

460,020

28,292

Dr

Sulaiman

Al

Habib

Medical

Services

Group

Co

1,706,156

71,017

Genscript

Biotech

Corp

(2)

179,491

27,463

Guangzhou

Baiyunshan

Pharmaceutical

Holdings

Co

Ltd,

Class

A

101,121

4,726

Hangzhou

Tigermed

Consulting

Co

Ltd,

144A

32,119

2,036,538

Kalbe

Farma

Tbk

PT

267,665

32,019

Pharmaron

Beijing

Co

Ltd,

144A

107,684

117,900

Piramal

Pharma

Ltd

(2)

234,867

13,188

Richter

Gedeon

Nyrt

260,004

24,968

Shanghai

Fosun

Pharmaceutical

Group

Co

Ltd,

Class

A

112,508

20,132

Shanghai

Fosun

Pharmaceutical

Group

Co

Ltd

50,831

155,533

Shanghai

Pharmaceuticals

Holding

Co

Ltd

210,816

54,100

Shanghai

Pharmaceuticals

Holding

Co

Ltd,

Class

A

129,750

1,605

Shenzhen

Mindray

Bio-Medical

Electronics

Co

Ltd,

Class

A

71,258

26,156

WuXi

AppTec

Co

Ltd,

Class

A

272,618

57,212

WuXi

AppTec

Co

Ltd,

144A

458,433

134,415

Wuxi

Biologics

Cayman

Inc

,

144A

(2)

607,876

34,808

Yunnan

Baiyao

Group

Co

Ltd,

Class

A

259,086

Total

Health

Care

6,020,160

Industrials

-

5.6%

36,319

Air

China

Ltd

(2)

25,262

817,682

Airports

of

Thailand

PCL

1,579,076

15,873

CCR

SA

39,204

14,448

China

Conch

Venture

Holdings

Ltd

21,314

1,437

CJ

Corp

72,433

24,361

Contemporary

Amperex

Technology

Co

Ltd,

Class

A

1,239,237

49,947

Evergreen

Marine

Corp

Taiwan

Ltd

213,134

56,450

Grupo

Aeroportuario

del

Pacifico

SAB

de

CV,

Class

B

872,815

1,893

Grupo

Aeroportuario

del

Sureste

SAB

de

CV,

Class

B

44,223

10,805

Havells

India

Ltd

158,764

11,198

HMM

Co

Ltd

150,150

6,079

Hyundai

Glovis

Co

Ltd

742,564

64,200

Jiangsu

Zhongtian

Technology

Co

Ltd,

Class

A

192,422

24,756

LG

Corp

1,376,444

26,500

Ming

Yang

Smart

Energy

Group

Ltd,

Class

A

90,019

37,744

Samsung

Engineering

Co

Ltd

(2)

631,959

94,654

SF

Holding

Co

Ltd,

Class

A

623,184

41,400

Shenzhen

Inovance

Technology

Co

Ltd,

Class

A

376,718

6,682

Siemens

Ltd

236,162

26,928

Turk

Hava

Yollari

AO

(2)

146,633

446,414

Turkiye

Sise

ve

Cam

Fabrikalari

AS

797,181

7,276

Wan

Hai

Lines

Ltd

15,287

6,334

WEG

SA

48,622

20,700

Xinjiang

Goldwind

Science

&

Technology

Co

Ltd,

Class

A

29,511

433,316

Zhejiang

Expressway

Co

Ltd

268,827

Total

Industrials

9,991,145

Nuveen

ESG

Emerging

Markets

Equity

ETF

(NUEM)

(continued)

Portfolio

of

Investments

40

Shares

Description

(1)

Value

Information

Technology

-

17.1%

237,820

AAC

Technologies

Holdings

Inc

$

435,658

211,184

Asustek

Computer

Inc

1,546,727

849,997

AU

Optronics

Corp

445,805

346,612

Delta

Electronics

Inc

2,769,884

65,242

Delta

Electronics

Thailand

PCL

994,229

3,435

HCL

Technologies

Ltd

43,204

153,825

Infosys

Ltd

2,857,407

1,559,420

Lenovo

Group

Ltd

1,247,560

75,309

LG

Display

Co

Ltd

674,078

2,896

Samsung

SDS

Co

Ltd

254,133

208,513

Sunny

Optical

Technology

Group

Co

Ltd

1,807,590

953,628

Taiwan

Semiconductor

Manufacturing

Co

Ltd

(2)

11,542,087

76,816

Tata

Consultancy

Services

Ltd

2,963,185

31,300

Unisplendour

Corp

Ltd,

Class

A

73,232

2,318,645

United

Microelectronics

Corp

2,813,531

Total

Information

Technology

30,468,310

Materials

-

10.5%

3,213

Anglo

American

Platinum

Ltd

255,452

47,434

Asian

Paints

Ltd

1,780,806

1,563,955

Barito

Pacific

Tbk

PT

82,722

42,100

Chengtun

Mining

Group

Co

Ltd,

Class

A

31,819

16,800

Chengxin

Lithium

Group

Co

Ltd,

Class

A

99,057

78,081

China

Jushi

Co

Ltd,

Class

A

124,630

454,281

China

Steel

Corp

378,538

1,140,913

CMOC

Group

Ltd

367,715

335,507

CMOC

Group

Ltd,

Class

A

189,950

104,772

Empresas

CMPC

SA

166,181

51,367

Ganfeng

Lithium

Group

Co

Ltd,

144A

347,470

31,292

Ganfeng

Lithium

Group

Co

Ltd,

Class

A

337,334

369,724

Gerdau

SA

1,814,359

69,124

Gold

Fields

Ltd

558,521

84,981

Grasim

Industries

Ltd

1,767,531

51,871

Impala

Platinum

Holdings

Ltd

530,917

22,831

KGHM

Polska

Miedz

SA

457,735

150,172

Klabin

SA

618,747

2,750

Korea

Zinc

Co

Ltd

1,235,565

19,719

Kumba

Iron

Ore

Ltd

371,246

4,042

Lotte

Chemical

Corp

419,963

120,707

Merdeka

Copper

Gold

Tbk

PT

(2)

29,176

666,579

Nan

Ya

Plastics

Corp

1,412,905

68,735

SABIC

Agri

-Nutrients

Co

2,908,508

55,804

Shandong

Nanshan

Aluminum

Co

Ltd,

Class

A

23,448

5,230

Shanghai

Putailai

New

Energy

Technology

Co

Ltd,

Class

A

35,611

115,620

Siam

Cement

PCL

984,259

21,600

Sichuan

Yahua

Industrial

Group

Co

Ltd,

Class

A

78,826

120,900

Sinopec

Shanghai

Petrochemical

Co

Ltd,

Class

A

50,635

1,430

SK

Chemicals

Co

Ltd

88,744

18,800

Tianqi

Lithium

Corp,

Class

A

(2)

245,063

73,970

Tianshan

Aluminum

Group

Co

Ltd,

Class

A

62,969

58,400

Transfar

Zhilian

Co

Ltd,

Class

A

39,278

5,000

Youngy

Co

Ltd,

Class

A

(2)

75,163

17,000

Yunnan

Energy

New

Material

Co

Ltd,

Class

A

343,335

33,000

Yunnan

Tin

Co

Ltd,

Class

A

51,368

31,102

Zhejiang

Huayou

Cobalt

Co

Ltd,

Class

A

231,161

16,099

Zhejiang

Yongtai

Technology

Co

Ltd,

Class

A

47,923

Total

Materials

18,644,630

41

Shares

Description

(1)

Value

Real

Estate

-

1.6%

288,685

China

Resources

Land

Ltd

$

904,686

8,470

China

Resources

Mixc

Lifestyle

Services

Ltd,

144A

24,817

266,332

China

Vanke

Co

Ltd

341,997

189,862

China

Vanke

Co

Ltd,

Class

A

350,191

2,182,495

SM

Prime

Holdings

Inc

1,186,344

Total

Real

Estate

2,808,035

Utilities

-

3.7%

6,126

ACEN

Corp

661

22,675

Adani

Green

Energy

Ltd

(2)

576,041

16,749

Adani

Total

Gas

Ltd

728,992

296,200

China

Resources

Gas

Group

Ltd

758,438

58,054

Cia

Energetica

de

Minas

Gerais

125,794

2,339,459

Enel

Americas

SA

231,711

203,513

ENN

Energy

Holdings

Ltd

2,023,502

105,719

Interconexion

Electrica

SA

ESP

417,187

26,328

Jiangsu

Eastern

Shenghong

Co

Ltd,

Class

A

43,963

72,274

Manila

Electric

Co

375,900

485,964

Power

Grid

Corp

of

India

Ltd

1,339,406

Total

Utilities

6,621,595

Total

Common

Stocks

(cost

$216,392,685)

177,660,012

Principal

Amount

(000)

Description

(1)

Coupon

Maturity

Ratings

(4)

Value

CORPORATE

BONDS

-

0.0%

Consumer

Staples

-

0.0%

$

25

Britannia

Industries

Ltd

5.500%

6/03/24

N/R

292

$

25

Total

Corporate

Bonds

(cost

$0)

292

Total

Long-Term

Investments

(cost

$216,392,685)

177,660,304

Other

Assets

Less

Liabilities

-

(0.0)%

(46,573)

Net

Assets

-

100%

$

177,613,731

For

Fund

portfolio

compliance

purposes,

the

Fund’s

industry

classifications

refer

to

any

one

or

more

of

the

industry

sub-classifications

used

by

one

or

more

widely

recognized

market

indexes

or

ratings

group

indexes,

and/or

as

defined

by

Fund

management.

This

definition

may

not

apply

for

purposes

of

this

report,

which

may

combine

industry

sub-classifications

into

sectors

for

reporting

ease.

(1)

All

percentages

shown

in

the

Portfolio

of

Investments

are

based

on

net

assets.

(2)

Non-income

producing;

issuer

has

not

declared

an

ex-dividend

date

within

the

past

twelve

months.

(3)

For

fair

value

measurement

disclosure

purposes,

investment

classified

as

Level

3.

(4)

For

financial

reporting

purposes,

the

ratings

disclosed

are

the

highest

of

Standard

&

Poor’s

Group

("Standard

&

Poor's"),

Moody’s

Investors

Service,

Inc.

("Moody's")

or

Fitch,

Inc.

("Fitch")

rating.

This

treatment

of

split-rated

securities

may

differ

from

that

used

for

other

purposes,

such

as

for

Fund

investment

policies.

Ratings

below

BBB

by

Standard

&

Poor's,

Baa

by

Moody’s

or

BBB

by

Fitch

are

considered

to

be

below

investment

grade.

Holdings

designated

N/R

are

not

rated

by

any

of

these

national

rating

agencies.

Ratings

are

not

covered

by

the

report

of

independent

registered

public

accounting

firm.

144A

Investment

is

exempt

from

registration

under

Rule

144A

of

the

Securities

Act

of

1933,

as

amended.

These

investments

may

only

be

resold

in

transactions

exempt

from

registration,

which

are

normally

those

transactions

with

qualified

institutional

buyers.

ADR

American

Depositary

Receipt

See

accompanying

notes

to

financial

statements

42

Nuveen

ESG

International

Developed

Markets

Equity

ETF

(NUDM)

Portfolio

of

Investments

Shares

Description

(1)

Value

LONG-TERM

INVESTMENTS

-

99.5%

COMMON

STOCKS

-

99.5%

Communication

Services

-

6.1%

1,151,218

BT

Group

PLC

$

1,720,440

788,793

HKT

Trust

&

HKT

Ltd

891,303

124,570

KDDI

Corp

3,683,420

103,026

Nintendo

Co

Ltd

4,207,406

1,710

Publicis

Groupe

SA

95,895

64,566

SoftBank

Corp

636,603

146,009

Telenor

ASA

1,327,119

1,582,709

Vodafone

Group

PLC

1,852,137

177,520

WPP

PLC

1,565,609

175,389

Z

Holdings

Corp

453,827

Total

Communication

Services

16,433,759

Consumer

Discretionary

-

12.4%

12,404

Bayerische

Motoren

Werke

AG

915,784

44,670

Bayerische

Motoren

Werke

AG

3,510,776

32,230

Delivery

Hero

SE,

144A

(2)

1,062,348

5,237

D'ieteren

Group

871,119

23,384

EssilorLuxottica

SA

3,705,941

34,763

HelloFresh

SE

(2)

696,093

22,821

Honda

Motor

Co

Ltd

517,881

68,799

Mercedes-Benz

Group

AG

3,984,653

27,904

Oriental

Land

Co

Ltd/Japan

3,745,314

462,360

Panasonic

Holdings

Corp

3,311,348

24,407

Prosus

NV

1,062,362

69,348

Sony

Group

Corp

4,660,059

5,659

Valeo

93,348

130,179

Wesfarmers

Ltd

3,784,225

58,916

Yamaha

Motor

Co

Ltd

1,216,888

Total

Consumer

Discretionary

33,138,139

Consumer

Staples

-

11.1%

84,284

Ajinomoto

Co

Inc

2,322,651

15,508

Associated

British

Foods

PLC

240,955

42,936

Coca-Cola

Europacific

Partners

PLC

(2)

2,020,139

31,420

Coca-Cola

HBC

AG

688,237

79,505

Danone

SA

3,955,655

236,829

J

Sainsbury

PLC

530,077

28,692

Koninklijke

Ahold

Delhaize

NV

801,106

10,077

L'Oreal

SA

3,168,150

86,686

Mowi

ASA

1,292,763

89,361

Nestle

SA

9,736,621

156,702

Orkla

ASA

1,057,456

83,349

Unilever

PLC

3,814,084

Total

Consumer

Staples

29,627,894

Energy

-

1.6%

49,784

Ampol

Ltd

866,850

80,199

Neste

Oyj

3,514,596

Total

Energy

4,381,446

Financials

-

18.1%

70,944

3i

Group

PLC

947,912

322,492

AIA

Group

Ltd

2,442,359

15,461

Allianz

SE

2,784,176

43

Shares

Description

(1)

Value

Financials

(continued)

101,709

Australia

&

New

Zealand

Banking

Group

Ltd

$

1,662,367

192,084

AXA

SA

4,746,155

659,956

Banco

Bilbao

Vizcaya

Argentaria

SA

3,397,661

265,728

Bank

Hapoalim

BM

2,574,606

511,081

Barclays

PLC

869,469

75,096

BOC

Hong

Kong

Holdings

Ltd

233,424

118,733

DNB

Bank

ASA

2,101,297

25,297

Gjensidige

Forsikring

ASA

462,053

43,339

Hang

Seng

Bank

Ltd

610,070

348,911

HSBC

Holdings

PLC

1,796,888

2,425,729

Intesa

Sanpaolo

SpA

4,624,718

1

Isracard

Ltd

3

131,871

Legal

&

General

Group

PLC

353,611

4,759,933

Lloyds

Banking

Group

PLC

2,302,843

93,216

MS&AD

Insurance

Group

Holdings

Inc

2,471,586

372,160

Nomura

Holdings

Inc

(2)

1,206,356

379,670

Prudential

PLC

3,544,275

179,050

Singapore

Exchange

Ltd

1,065,367

122,390

Societe

Generale

SA

2,809,392

23,343

Tokio

Marine

Holdings

Inc

422,619

302,778

UBS

Group

AG

4,807,537

3,307

Wendel

SE

259,190

Total

Financials

48,495,934

Health

Care

-

12.2%

108

Argenx

SE

(2)

42,142

278,510

Astellas

Pharma

Inc

3,834,701

35,071

AstraZeneca

PLC

4,140,462

135,796

Chugai

Pharmaceutical

Co

Ltd

3,151,991

123,619

Daiichi

Sankyo

Co

Ltd

3,964,690

6,117

Genmab

A/S

(2)

2,358,268

228,410

GSK

PLC

3,757,456

55

Lonza

Group

AG

28,326

8,308

Merck

KGaA

1,354,850

3,701

NMC

Health

PLC

(2),(3)

–

20,652

Novartis

AG

1,669,495

42,082

Novo

Nordisk

A/S,

Class

B

4,576,055

14,517

Ramsay

Health

Care

Ltd

543,699

28,565

Shionogi

&

Co

Ltd

1,324,135

7,828

Sonova

Holding

AG

1,851,499

Total

Health

Care

32,597,769

Industrials

-

16.0%

152,101

ABB

Ltd

4,231,318

33,605

Adecco

Group

AG

1,052,391

133

Atlas

Copco

AB

1,287

384,232

Aurizon

Holdings

Ltd

889,424

47,871

Bouygues

SA

1,366,408

300,118

Brambles

Ltd

2,241,514

214,197

CNH

Industrial

NV

2,774,350

46,399

Dai

Nippon

Printing

Co

Ltd

931,195

4,735

Daikin

Industries

Ltd

713,109

20,512

DCC

PLC

1,143,038

17,415

Eiffage

SA

1,575,597

16,459

FANUC

Corp

(2)

2,173,715

39,849

Getlink

SE

631,338

273,347

Grab

Holdings

Ltd

(2)

710,702

120,633

Komatsu

Ltd

2,311,453

42,590

Lixil

Corp

645,004

323,495

MTR

Corp

Ltd

1,423,817

11,207

MTU

Aero

Engines

AG

2,007,604

Nuveen

ESG

International

Developed

Markets

Equity

ETF

(NUDM)

(contin-

ued)

Portfolio

of

Investments

44

Shares

Description

(1)

Value

Industrials

(continued)

148,839

Nibe

Industrier

AB

$

1,186,623

4,667

Recruit

Holdings

Co

Ltd

144,122

167,314

RELX

PLC

4,509,631

1,910

Schneider

Electric

SE

242,123

44

SGS

SA

97,123

78,330

Smiths

Group

PLC

1,407,341

439,111

Transurban

Group

3,723,269

27,137

Vestas

Wind

Systems

A/S

534,631

217,481

Volvo

AB

3,558,277

13,596

West

Japan

Railway

Co

539,779

Total

Industrials

42,766,183

Information

Technology

-

6.3%

11,500

ASML

Holding

NV

5,432,960

113,711

Computershare

Ltd

1,837,445

21,986

Fujitsu

Ltd

2,533,120

7,267

Ibiden

Co

Ltd

245,925

15,783

Logitech

International

SA

786,193

23,173

SAP

SE

2,236,939

54,804

STMicroelectronics

NV

(2)

1,711,631

143,114

Telefonaktiebolaget

LM

Ericsson

795,189

3,588

Tokyo

Electron

Ltd

953,275

25,727

Yokogawa

Electric

Corp

431,163

Total

Information

Technology

16,963,840

Materials

-

9.6%

82,826

Antofagasta

PLC

1,120,977

6,704

Arkema

SA

530,867

262,278

Asahi

Kasei

Corp

1,684,289

57,177

Boliden

AB

1,664,016

44,361

Clariant

AG

714,120

29,143

Croda

International

PLC

2,268,236

168,745

Fortescue

Metals

Group

Ltd

1,586,188

217

Givaudan

SA

648,344

2,249

Johnson

Matthey

PLC

50,092

35,606

Mineral

Resources

Ltd

1,665,042

268,329

Mitsubishi

Chemical

Group

Corp

1,213,334

38,491

Mitsui

Chemicals

Inc

713,444

57,875

Newcrest

Mining

Ltd

642,092

52,404

Nippon

Paint

Holdings

Co

Ltd

334,940

17,296

Nitto

Denko

Corp

911,143

93,679

Orica

Ltd

831,454

36,610

SIG

Group

AG

703,848

8,286

Sika

AG

1,869,577

36,672

Smurfit

Kappa

Group

PLC

1,215,287

312,769

Sumitomo

Chemical

Co

Ltd

1,054,242

51,741

Sumitomo

Metal

Mining

Co

Ltd

1,455,787

290,145

Toray

Industries

Inc

1,414,270

40,572

Umicore

SA

1,337,313

Total

Materials

25,628,902

Real

Estate

-

3.2%

486,454

CapitaLand

Integrated

Commercial

Trust

646,268

546,070

Capitaland

Investment

Ltd/Singapore

1,161,523

86,422

City

Developments

Ltd

465,974

49,615

Hulic

Co

Ltd

360,508

44,837

Klepierre

SA

901,803

127,767

Lendlease

Corp

Ltd

709,978

302,355

Sun

Hung

Kai

Properties

Ltd

3,252,786

45

Shares

Description

(1)

Value

Real

Estate

(continued)

24,757

Unibail-Rodamco-Westfield

(2)

$

1,171,556

Total

Real

Estate

8,670,396

Utilities

-

2.9%

459,462

Iberdrola

SA

4,665,973

176,993

National

Grid

PLC

1,932,658

14,264

Verbund

AG

1,117,252

Total

Utilities

7,715,883

Total

Long-Term

Investments

(cost

$304,851,117)

266,420,145

Other

Assets

Less

Liabilities

-

0.5%

1,335,780

Net

Assets

-

100%

$

267,755,925

For

Fund

portfolio

compliance

purposes,

the

Fund’s

industry

classifications

refer

to

any

one

or

more

of

the

industry

sub-classifications

used

by

one

or

more

widely

recognized

market

indexes

or

ratings

group

indexes,

and/or

as

defined

by

Fund

management.

This

definition

may

not

apply

for

purposes

of

this

report,

which

may

combine

industry

sub-classifications

into

sectors

for

reporting

ease.

(1)

All

percentages

shown

in

the

Portfolio

of

Investments

are

based

on

net

assets.

(2)

Non-income

producing;

issuer

has

not

declared

an

ex-dividend

date

within

the

past

twelve

months.

(3)

For

fair

value

measurement

disclosure

purposes,

investment

classified

as

Level

3.

144A

Investment

is

exempt

from

registration

under

Rule

144A

of

the

Securities

Act

of

1933,

as

amended.

These

investments

may

only

be

resold

in

transactions

exempt

from

registration,

which

are

normally

those

transactions

with

qualified

institutional

buyers.

See

accompanying

notes

to

financial

statements

46

Nuveen

ESG

Large-Cap

ETF

(NULC)

Portfolio

of

Investments

Shares

Description

(1)

Value

LONG-TERM

INVESTMENTS

-

98.8%

COMMON

STOCKS

-

98.8%

Communication

Services

-

5.4%

19

Comcast

Corp,

Class

A

$

603

8

Electronic

Arts

Inc

1,008

1,109

Liberty

Global

PLC,

Class

A

(2)

18,698

2,109

Liberty

Global

PLC,

Class

C

(2)

37,245

1,379

Liberty

Media

Corp-Liberty

Formula

One,

Class

C

(2)

79,610

2,017

Match

Group

Inc

(2)

87,134

728

Netflix

Inc

(2)

212,489

2

Paramount

Global

37

4,057

Inc,

Class

A

(2)

99,802

7,809

Snap

Inc,

Class

A

(2)

77,387

6,346

Verizon

Communications

Inc

237,150

3,610

Walt

Disney

Co

(2)

384,609

5

Warner

Bros

Discovery

Inc

(2)

65

1,853

ZoomInfo

Technologies

Inc

(2)

82,514

Total

Communication

Services

1,318,351

Consumer

Discretionary

-

10.9%

4

Aptiv

PLC

(2)

364

54

AutoZone

Inc

(2)

136,776

2

BorgWarner

Inc

75

218

Domino's

Pizza

Inc

72,428

4

Etsy

Inc

(2)

376

6

Genuine

Parts

Co

1,067

1,958

Hilton

Worldwide

Holdings

Inc

264,839

942

Home

Depot

Inc

278,955

1,894

LKQ

Corp

105,382

326

Lowe's

Cos

Inc

63,554

72

Lululemon

Athletica

Inc

(2)

23,691

126

MercadoLibre

Inc

(2)

113,604

21

Newell

Brands

Inc

290

2,366

NIKE

Inc,

Class

B

219,281

9

Ross

Stores

Inc

861

1,567

Target

Corp

257,380

2,915

Tesla

Inc

(2)

663,279

3,124

TJX

Cos

Inc

225,240

3

Ulta

Beauty

Inc

(2)

1,258

3

Vail

Resorts

Inc

657

2,014

Yum!

Brands

Inc

238,156

Total

Consumer

Discretionary

2,667,513

Consumer

Staples

-

8.8%

3,966

Archer-Daniels-Midland

Co

384,623

615

Bunge

Ltd

(2)

60,700

7,942

Coca-Cola

Co

475,329

2

General

Mills

Inc

163

5

Hormel

Foods

Corp

232

13

Kellogg

Co

999

1,925

Keurig

Dr

Pepper

Inc

74,767

3,902

Kroger

Co

184,526

2,781

PepsiCo

Inc

504,974

3,460

Procter

&

Gamble

Co

465,958

Total

Consumer

Staples

2,152,271

47

Shares

Description

(1)

Value

Energy

-

3.6%

6,932

Baker

Hughes

Co

$

191,739

1,615

Cheniere

Energy

Inc

284,902

6,368

Halliburton

Co

231,922

3,155

ONEOK

Inc

187,155

Total

Energy

895,718

Financials

-

11.9%

1,275

American

Express

Co

189,274

2

BlackRock

Inc

1,292

3,763

Citigroup

Inc

172,571

127

Goldman

Sachs

Group

Inc

43,753

124

Intercontinental

Exchange

Inc

11,851

2,820

JPMorgan

Chase

&

Co

354,982

565

LPL

Financial

Holdings

Inc

144,442

2,297

Marsh

&

McLennan

Cos

Inc

370,942

3,801

Morgan

Stanley

312,328

2,238

PNC

Financial

Services

Group

Inc

362,175

2,641

Prudential

Financial

Inc

277,807

66

Regions

Financial

Corp

1,449

1,114

S&P

Global

Inc

357,872

49

SVB

Financial

Group

(2)

11,317

1,689

Travelers

Cos

Inc

311,553

Total

Financials

2,923,608

Health

Care

-

14.4%

2

ABIOMED

Inc

(2)

504

1,857

Agilent

Technologies

Inc

256,916

295

Align

Technology

Inc

(2)

57,319

320

Amgen

Inc

86,512

5,613

Bristol-Myers

Squibb

Co

434,839

302

Cigna

Corp

97,564

2,001

CVS

Health

Corp

189,495

1,628

Danaher

Corp

409,719

2

DENTSPLY

SIRONA

Inc

62

32

Dexcom

Inc

(2)

3,865

3,882

Edwards

Lifesciences

Corp

(2)

281,173

678

Elevance

Health

Inc

370,710

644

Eli

Lilly

&

Co

233,186

569

HCA

Inc

123,740

136

Hologic

Inc

(2)

9,221

1

Humana

Inc

558

128

IDEXX

Laboratories

Inc

(2)

46,039

128

Insulet

Corp

(2)

33,128

2

Intuitive

Surgical

Inc

(2)

493

3

Laboratory

Corp

of

America

Holdings

666

1,062

Merck

&

Co

Inc

107,474

138

Mettler-Toledo

International

Inc

(2)

174,560

660

Novocure

Ltd

(2)

46,636

176

ResMed

Inc

39,369

2

STERIS

PLC

345

1,227

Vertex

Pharmaceuticals

Inc

(2)

382,824

1,057

Zoetis

Inc

159,374

Total

Health

Care

3,546,291

Industrials

-

8.7%

98

3M

Co

12,327

2

AMERCO

1,150

5,990

Carrier

Global

Corp

238,162

2

CH

Robinson

Worldwide

Inc

195

1,230

Copart

Inc

(2)

141,475

Nuveen

ESG

Large-Cap

ETF

(NULC)

(continued)

Portfolio

of

Investments

48

Shares

Description

(1)

Value

Industrials

(continued)

7

CSX

Corp

$

203

1,049

Deere

&

Co

415,215

1,019

Dover

Corp

133,173

2,403

Emerson

Electric

Co

208,100

2

Expeditors

International

of

Washington

Inc

196

1,461

Fortive

Corp

93,358

922

Fortune

Brands

Home

&

Security

Inc

55,615

243

Ingersoll

Rand

Inc

12,272

1,100

Johnson

Controls

International

plc

63,624

302

Otis

Worldwide

Corp

21,333

13

Pentair

PLC

558

2

Plug

Power

Inc

(2),(3)

32

422

Quanta

Services

Inc

59,941

782

Robert

Half

International

Inc

59,792

8

Rollins

Inc

337

9,728

Uber

Technologies

Inc

(2)

258,473

1,819

United

Parcel

Service

Inc,

Class

B

305,174

139

United

Rentals

Inc

(2)

43,884

2

WW

Grainger

Inc

1,169

Total

Industrials

2,125,758

Information

Technology

-

27.6%

1,503

Accenture

PLC,

Class

A

426,702

584

Adobe

Inc

(2)

186,004

2,622

Applied

Materials

Inc

231,496

1,564

Automatic

Data

Processing

Inc

378,019

332

Cadence

Design

Systems

Inc

(2)

50,262

3,023

Cisco

Systems

Inc

137,335

474

Fidelity

National

Information

Services

Inc

39,337

5

Guidewire

Software

Inc

(2)

297

9,142

Hewlett

Packard

Enterprise

Co

130,456

7,441

HP

Inc

205,521

8,263

Intel

Corp

234,917

3,022

International

Business

Machines

Corp

417,912

303

Intuit

Inc

129,533

1,281

Keysight

Technologies

Inc

(2)

223,086

1

Lam

Research

Corp

405

6,188

Microsoft

Corp

1,436,421

5

NortonLifeLock

Inc

113

3,654

NVIDIA

Corp

493,180

693

NXP

Semiconductors

NV

101,234

4

PayPal

Holdings

Inc

(2)

334

747

Roper

Technologies

Inc

309,661

680

Salesforce

Inc

(2)

110,561

135

ServiceNow

Inc

(2)

56,800

119

Synopsys

Inc

(2)

34,814

2,499

Texas

Instruments

Inc

401,414

1,763

Trimble

Inc

(2)

106,062

694

VeriSign

Inc

(2)

139,119

2,690

Visa

Inc,

Class

A

557,261

1,342

VMware

Inc,

Class

A

151,015

370

Zebra

Technologies

Corp,

Class

A

(2)

104,791

Total

Information

Technology

6,794,062

Materials

-

2.6%

8

Amcor

PLC

93

757

Ball

Corp

37,388

1,440

Ecolab

Inc

226,181

2,563

Mosaic

Co

137,761

246

Newmont

Corp

10,411

1,217

PPG

Industries

Inc

138,957

49

Shares

Description

(1)

Value

Materials

(continued)

1,024

Steel

Dynamics

Inc

$

96,307

Total

Materials

647,098

Real

Estate

-

2.1%

1,527

American

Tower

Corp

316,379

813

CBRE

Group

Inc,

Class

A

57,674

286

Crown

Castle

Inc

38,112

736

Ventas

Inc

28,800

1,397

Welltower

Inc

85,273

Total

Real

Estate

526,238

Utilities

-

2.8%

2,499

Consolidated

Edison

Inc

219,812

2

Eversource

Energy

152

2,354

Exelon

Corp

90,841

2,136

Sempra

Energy

322,408

1,492

UGI

Corp

52,712

Total

Utilities

685,925

Total

Long-Term

Investments

(cost

$23,297,574)

24,282,833

Shares

Description

(1)

Coupon

Value

INVESTMENTS

PURCHASED

WITH

COLLATERAL

FROM

SECURITIES

LENDING

-

0.0%

MONEY

MARKET

FUNDS

-

0.0%

17

State

Street

Navigator

Securities

Lending

Government

Money

Market

Portfolio

(4)

3.120%(5)

$

17

Total

Investments

Purchased

with

Collateral

from

Securities

Lending

(cost

$17)

17

Total

Investments

(cost

$

23,297,591

)

-

98

.8

%

24,282,850

Other

Assets

Less

Liabilities

-

1.2%

306,407

Net

Assets

-

100%

$

24,589,257

For

Fund

portfolio

compliance

purposes,

the

Fund’s

industry

classifications

refer

to

any

one

or

more

of

the

industry

sub-classifications

used

by

one

or

more

widely

recognized

market

indexes

or

ratings

group

indexes,

and/or

as

defined

by

Fund

management.

This

definition

may

not

apply

for

purposes

of

this

report,

which

may

combine

industry

sub-classifications

into

sectors

for

reporting

ease.

(1)

All

percentages

shown

in

the

Portfolio

of

Investments

are

based

on

net

assets.

(2)

Non-income

producing;

issuer

has

not

declared

an

ex-dividend

date

within

the

past

twelve

months.

(3)

Investment,

or

a

portion

of

investment,

is

out

on

loan

for

securities

lending.

The

total

value

of

the

securities

out

on

loan

as

of

the

end

of

the

reporting

period

was

$16.

(4)

The

Fund

may

loan

securities

representing

up

to

one

third

of

the

market

value

of

its

total

assets

(which

includes

collateral

for

securities

on

loan)

to

broker

dealers,

banks,

and

other

institutions.

The

collateral

maintained

by

the

Fund

shall

have

a

market

value,

at

the

inception

of

each

loan,

equal

to

not

less

than

100%

of

the

market

value

of

the

loaned

securities.

The

cash

collateral

received

by

the

Fund

is

invested

in

this

money

market

fund.

(5)

The

rate

shown

is

the

one-day

yield

as

of

the

end

of

the

reporting

period.

See

accompanying

notes

to

financial

statements

50

Nuveen

ESG

Large-Cap

Growth

ETF

(NULG)

Portfolio

of

Investments

Shares

Description

(1)

Value

LONG-TERM

INVESTMENTS

-

97.8%

COMMON

STOCKS

-

97.8%

Communication

Services

-

8.4%

59,966

Liberty

Media

Corp-Liberty

Formula

One,

Class

C

(2)

$

3,461,837

134,787

Match

Group

Inc

(2)

5,822,798

49,612

Netflix

Inc

(2)

14,480,751

271,224

Inc,

Class

A

(2)

6,672,110

62,556

ROBLOX

Corp,

Class

A

(2)

2,798,756

25,127

Sirius

XM

Holdings

Inc

(3)

151,767

523,921

Snap

Inc,

Class

A

(2)

5,192,057

27,169

Take-Two

Interactive

Software

Inc

(2)

3,218,983

179,676

Walt

Disney

Co

(2)

19,142,681

123,745

ZoomInfo

Technologies

Inc

(2)

5,510,365

Total

Communication

Services

66,452,105

Consumer

Discretionary

-

16.3%

43,110

Aptiv

PLC

(2)

3,926,028

2,056

AutoZone

Inc

(2)

5,207,601

11,475

Domino's

Pizza

Inc

3,812,454

94,248

Hilton

Worldwide

Holdings

Inc

12,747,985

83,579

Home

Depot

Inc

24,750,249

14,287

Lululemon

Athletica

Inc

(2)

4,700,995

5,910

MercadoLibre

Inc

(2)

5,328,574

156,820

NIKE

Inc,

Class

B

14,534,078

161,143

Tesla

Inc

(2)

36,666,478

24,447

Ulta

Beauty

Inc

(2)

10,252,338

67,500

Yum!

Brands

Inc

7,981,875

Total

Consumer

Discretionary

129,908,655

Consumer

Staples

-

2.6%

40,767

Costco

Wholesale

Corp

20,444,650

Energy

-

0.6%

163,609

Baker

Hughes

Co

4,525,425

Financials

-

4.4%

80,735

American

Express

Co

11,985,111

31,558

Moody's

Corp

8,358,767

45,144

S&P

Global

Inc

14,502,510

Total

Financials

34,846,388

Health

Care

-

12.8%

95,203

Agilent

Technologies

Inc

13,171,335

11,495

Catalent

Inc

(2)

755,567

59,076

Danaher

Corp

14,867,657

33,164

Dexcom

Inc

(2)

4,005,548

143,637

Edwards

Lifesciences

Corp

(2)

10,403,628

8,051

Humana

Inc

4,493,102

6,894

IDEXX

Laboratories

Inc

(2)

2,479,634

757

Insulet

Corp

(2)

195,919

9,456

Mettler-Toledo

International

Inc

(2)

11,961,178

8,000

ResMed

Inc

1,789,520

49,642

Vertex

Pharmaceuticals

Inc

(2)

15,488,304

28,412

Waters

Corp

(2)

8,500,018

88,285

Zoetis

Inc

13,311,612

Total

Health

Care

101,423,022

51

Shares

Description

(1)

Value

Industrials

-

8.9%

31,511

Caterpillar

Inc

$

6,820,871

56,020

Copart

Inc

(2)

6,443,421

42,401

Deere

&

Co

16,783,164

2,947

Generac

Holdings

Inc

(2)

341,587

24,219

Old

Dominion

Freight

Line

Inc

6,650,537

56,703

Otis

Worldwide

Corp

4,005,500

67,774

Quanta

Services

Inc

9,626,619

290,490

Uber

Technologies

Inc

(2)

7,718,319

20,772

WW

Grainger

Inc

12,138,118

Total

Industrials

70,528,136

Information

Technology

-

39.9%

50,040

Accenture

PLC,

Class

A

14,206,356

48,507

Adobe

Inc

(2)

15,449,480

49,164

Akamai

Technologies

Inc

(2)

4,342,656

146,680

Applied

Materials

Inc

12,950,377

54,939

Automatic

Data

Processing

Inc

13,278,756

71,748

Cadence

Design

Systems

Inc

(2)

10,861,930

36,571

Intuit

Inc

15,634,103

71,676

Keysight

Technologies

Inc

(2)

12,482,375

29,690

Lam

Research

Corp

12,017,918

374,601

Microsoft

Corp

86,956,130

48,848

Motorola

Solutions

Inc

12,197,834

180,866

NVIDIA

Corp

24,411,484

46,342

Okta

Inc

(2)

2,600,713

7,603

PTC

Inc

(2)

895,861

25,367

Salesforce

Inc

(2)

4,124,421

33,714

Seagate

Technology

Holdings

PLC

1,674,237

27,899

ServiceNow

Inc

(2)

11,738,225

37,209

Synopsys

Inc

(2)

10,885,493

76,732

Trimble

Inc

(2)

4,616,197

46,525

VeriSign

Inc

(2)

9,326,402

129,722

Visa

Inc,

Class

A

26,873,210

19,039

VMware

Inc,

Class

A

2,142,459

24,784

Zebra

Technologies

Corp,

Class

A

(2)

7,019,324

Total

Information

Technology

316,685,941

Materials

-

2.5%

54,937

Ball

Corp

2,713,338

42,450

Ecolab

Inc

6,667,622

47,633

Sherwin-Williams

Co

10,718,854

Total

Materials

20,099,814

Real

Estate

-

1.4%

19,829

American

Tower

Corp

4,108,371

106,127

CBRE

Group

Inc,

Class

A

7,528,649

Total

Real

Estate

11,637,020

Total

Long-Term

Investments

(cost

$845,473,830)

776,551,156

Shares

Description

(1)

Coupon

Value

INVESTMENTS

PURCHASED

WITH

COLLATERAL

FROM

SECURITIES

LENDING

-

0.0%

MONEY

MARKET

FUNDS

-

0.0%

121,772

State

Street

Navigator

Securities

Lending

Government

Money

Market

Portfolio

(4)

3.120%(5)

$

121,772

Total

Investments

Purchased

with

Collateral

from

Securities

Lending

(cost

$121,772)

121,772

Total

Investments

(cost

$

845,595,602

)

-

97

.8

%

776,672,928

Other

Assets

Less

Liabilities

-

2.2%

17,081,026

Net

Assets

-

100%

$

793,753,954

Nuveen

ESG

Large-Cap

Growth

ETF

(NULG)

(continued)

Portfolio

of

Investments

52

For

Fund

portfolio

compliance

purposes,

the

Fund’s

industry

classifications

refer

to

any

one

or

more

of

the

industry

sub-classifications

used

by

one

or

more

widely

recognized

market

indexes

or

ratings

group

indexes,

and/or

as

defined

by

Fund

management.

This

definition

may

not

apply

for

purposes

of

this

report,

which

may

combine

industry

sub-classifications

into

sectors

for

reporting

ease.

(1)

All

percentages

shown

in

the

Portfolio

of

Investments

are

based

on

net

assets.

(2)

Non-income

producing;

issuer

has

not

declared

an

ex-dividend

date

within

the

past

twelve

months.

(3)

Investment,

or

a

portion

of

investment,

is

out

on

loan

for

securities

lending.

The

total

value

of

the

securities

out

on

loan

as

of

the

end

of

the

reporting

period

was

$113,117.

(4)

The

Fund

may

loan

securities

representing

up

to

one

third

of

the

market

value

of

its

total

assets

(which

includes

collateral

for

securities

on

loan)

to

broker

dealers,

banks,

and

other

institutions.

The

collateral

maintained

by

the

Fund

shall

have

a

market

value,

at

the

inception

of

each

loan,

equal

to

not

less

than

100%

of

the

market

value

of

the

loaned

securities.

The

cash

collateral

received

by

the

Fund

is

invested

in

this

money

market

fund.

(5)

The

rate

shown

is

the

one-day

yield

as

of

the

end

of

the

reporting

period.

See

accompanying

notes

to

financial

statements

53

Nuveen

ESG

Large-Cap

Value

ETF

(NULV)

Portfolio

of

Investments

Shares

Description

(1)

Value

LONG-TERM

INVESTMENTS

-

99.8%

COMMON

STOCKS

-

99.8%

Communication

Services

-

3.7%

95,883

Comcast

Corp,

Class

A

$

3,043,327

336,204

Interpublic

Group

of

Cos

Inc

10,015,517

783,240

Lumen

Technologies

Inc

5,764,646

185,612

Paramount

Global

3,400,412

755,641

Verizon

Communications

Inc

28,238,304

455,234

Warner

Bros

Discovery

Inc

(2)

5,918,042

Total

Communication

Services

56,380,248

Consumer

Discretionary

-

3.3%

10,426

Lear

Corp

1,446,190

229,980

LKQ

Corp

12,796,087

64,726

Lowe's

Cos

Inc

12,618,334

336,582

Newell

Brands

Inc

4,648,197

6,989

Target

Corp

1,147,943

250,905

TJX

Cos

Inc

18,090,251

16,566

VF

Corp

467,990

Total

Consumer

Discretionary

51,214,992

Consumer

Staples

-

12.9%

273,617

Archer-Daniels-Midland

Co

26,535,377

129,940

Bunge

Ltd

(2)

12,825,078

103,155

Church

&

Dwight

Co

Inc

7,646,880

661,468

Coca-Cola

Co

39,588,860

15,602

Colgate-Palmolive

Co

1,152,052

569,275

Keurig

Dr

Pepper

Inc

22,110,641

164,012

Kimberly-Clark

Corp

20,412,933

402,355

Kroger

Co

19,027,368

76,340

McCormick

&

Co

Inc/MD

6,003,378

229,628

PepsiCo

Inc

41,695,852

Total

Consumer

Staples

196,998,419

Energy

-

5.6%

547,995

Baker

Hughes

Co

15,157,542

713,349

Halliburton

Co

25,980,171

344,758

ONEOK

Inc

20,451,044

197,553

Valero

Energy

Corp

24,802,779

Total

Energy

86,391,536

Financials

-

18.0%

43,656

Bank

of

America

Corp

1,573,362

160,304

Bank

of

New

York

Mellon

Corp

6,750,401

90,573

Cboe

Global

Markets

Inc

11,276,338

137,392

Chubb

Ltd

29,524,167

365,994

Citigroup

Inc

16,784,485

61,935

Discover

Financial

Services

6,469,730

3,828

First

Republic

Bank/CA

459,743

54,849

Goldman

Sachs

Group

Inc

18,896,029

318,969

JPMorgan

Chase

&

Co

40,151,818

146,831

Marsh

&

McLennan

Cos

Inc

23,711,738

336,898

Morgan

Stanley

27,682,909

154,597

PNC

Financial

Services

Group

Inc

25,018,432

231,545

Prudential

Financial

Inc

24,356,219

795,728

Regions

Financial

Corp

17,466,230

3,814

SVB

Financial

Group

(2)

880,881

Nuveen

ESG

Large-Cap

Value

ETF

(NULV)

(continued)

Portfolio

of

Investments

54

Shares

Description

(1)

Value

Financials

(continued)

137,404

Travelers

Cos

Inc

$

25,345,542

Total

Financials

276,348,024

Health

Care

-

18.4%

105,319

Amgen

Inc

28,472,992

2,625

Baxter

International

Inc

142,669

564,978

Boston

Scientific

Corp

(2)

24,356,202

453,059

Bristol-Myers

Squibb

Co

35,098,481

308,320

CVS

Health

Corp

29,197,904

90,560

Danaher

Corp

22,791,235

132,125

DENTSPLY

SIRONA

Inc

4,072,092

343,974

Elanco

Animal

Health

Inc

(2)

4,537,017

33,489

Elevance

Health

Inc

18,310,781

4,218

Gilead

Sciences

Inc

330,944

114,009

HCA

Inc

24,793,537

25,646

Hologic

Inc

(2)

1,738,799

60,736

McKesson

Corp

23,648,776

420,818

Merck

&

Co

Inc

42,586,782

153,296

Pfizer

Inc

7,135,929

6,090

Regeneron

Pharmaceuticals

Inc

(2)

4,559,887

55,535

STERIS

PLC

9,584,230

Total

Health

Care

281,358,257

Industrials

-

11.7%

174,912

3M

Co

22,002,180

8,409

AMERCO

4,836,773

114,693

Caterpillar

Inc

24,826,447

752,542

CSX

Corp

21,868,871

72,138

Emerson

Electric

Co

6,247,151

290,695

Fortive

Corp

18,575,410

61,103

Ingersoll

Rand

Inc

3,085,701

418,839

Johnson

Controls

International

plc

24,225,648

180,913

Otis

Worldwide

Corp

12,779,694

221,816

Plug

Power

Inc

(2),(3)

3,544,620

94,487

Robert

Half

International

Inc

7,224,476

65,835

Rollins

Inc

2,770,337

137,653

United

Parcel

Service

Inc,

Class

B

23,094,044

15,393

United

Rentals

Inc

(2)

4,859,724

Total

Industrials

179,941,076

Information

Technology

-

13.1%

91,591

Accenture

PLC,

Class

A

26,002,685

90,193

Automatic

Data

Processing

Inc

21,799,648

228,731

Cisco

Systems

Inc

10,391,249

239,103

Fidelity

National

Information

Services

Inc

19,843,158

1,110,421

Hewlett

Packard

Enterprise

Co

15,845,708

279,459

HP

Inc

7,718,657

813,869

Intel

Corp

23,138,296

224,299

International

Business

Machines

Corp

31,018,309

81,558

NXP

Semiconductors

NV

11,913,992

173,317

Texas

Instruments

Inc

27,839,910

74,089

Trimble

Inc

(2)

4,457,194

Total

Information

Technology

199,968,806

Materials

-

3.8%

131,136

Ecolab

Inc

20,597,531

53,251

International

Flavors

&

Fragrances

Inc

5,197,830

154,795

Mosaic

Co

8,320,231

95,005

Newmont

Corp

4,020,612

144,210

PPG

Industries

Inc

16,465,898

55

Shares

Description

(1)

Value

Materials

(continued)

36,532

Steel

Dynamics

Inc

$

3,435,835

Total

Materials

58,037,937

Real

Estate

-

4.0%

69,683

American

Tower

Corp

14,437,621

78,786

Crown

Castle

Inc

10,499,022

39,141

Iron

Mountain

Inc

1,959,790

217,777

Prologis

Inc

24,118,802

158,020

Welltower

Inc

9,645,541

Total

Real

Estate

60,660,776

Utilities

-

5.3%

231,200

Consolidated

Edison

Inc

20,336,352

171,522

Essential

Utilities

Inc

7,584,703

67,724

Eversource

Energy

5,165,987

523,764

Exelon

Corp

20,212,053

144,823

Sempra

Energy

21,859,583

179,681

UGI

Corp

6,348,130

Total

Utilities

81,506,808

Total

Long-Term

Investments

(cost

$1,549,971,488)

1,528,806,879

Shares

Description

(1)

Coupon

Value

INVESTMENTS

PURCHASED

WITH

COLLATERAL

FROM

SECURITIES

LENDING

-

0.1%

MONEY

MARKET

FUNDS

-

0.1%

1,274,456

State

Street

Navigator

Securities

Lending

Government

Money

Market

Portfolio

(4)

3.120%(5)

$

1,274,456

Total

Investments

Purchased

with

Collateral

from

Securities

Lending

(cost

$1,274,456)

1,274,456

Total

Investments

(cost

$

1,551,245,944

)

-

99

.9

%

1,530,081,335

Other

Assets

Less

Liabilities

-

0.1%

1,232,314

Net

Assets

-

100%

$

1,531,313,649

For

Fund

portfolio

compliance

purposes,

the

Fund’s

industry

classifications

refer

to

any

one

or

more

of

the

industry

sub-classifications

used

by

one

or

more

widely

recognized

market

indexes

or

ratings

group

indexes,

and/or

as

defined

by

Fund

management.

This

definition

may

not

apply

for

purposes

of

this

report,

which

may

combine

industry

sub-classifications

into

sectors

for

reporting

ease.

(1)

All

percentages

shown

in

the

Portfolio

of

Investments

are

based

on

net

assets.

(2)

Non-income

producing;

issuer

has

not

declared

an

ex-dividend

date

within

the

past

twelve

months.

(3)

Investment,

or

a

portion

of

investment,

is

out

on

loan

for

securities

lending.

The

total

value

of

the

securities

out

on

loan

as

of

the

end

of

the

reporting

period

was

$1,229,645.

(4)

The

Fund

may

loan

securities

representing

up

to

one

third

of

the

market

value

of

its

total

assets

(which

includes

collateral

for

securities

on

loan)

to

broker

dealers,

banks,

and

other

institutions.

The

collateral

maintained

by

the

Fund

shall

have

a

market

value,

at

the

inception

of

each

loan,

equal

to

not

less

than

100%

of

the

market

value

of

the

loaned

securities.

The

cash

collateral

received

by

the

Fund

is

invested

in

this

money

market

fund.

(5)

The

rate

shown

is

the

one-day

yield

as

of

the

end

of

the

reporting

period.

See

accompanying

notes

to

financial

statements

56

Nuveen

ESG

Mid-Cap

Growth

ETF

(NUMG)

Portfolio

of

Investments

Shares

Description

(1)

Value

LONG-TERM

INVESTMENTS

-

99.9%

COMMON

STOCKS

-

99.9%

Communication

Services

-

6.7%

546,648

AMC

Entertainment

Holdings

Inc,

Class

A

(2),(3)

$

3,640,676

3,917

Cable

One

Inc

3,366,387

16,962

Match

Group

Inc

(3)

732,758

84,318

Roku

Inc

(3)

4,683,022

23,168

Take-Two

Interactive

Software

Inc

(3)

2,744,945

134,051

ZoomInfo

Technologies

Inc

(3)

5,969,291

Total

Communication

Services

21,137,079

Consumer

Discretionary

-

9.1%

17,576

Pool

Corp

5,347,147

41,324

Tractor

Supply

Co

9,081,775

19,909

Ulta

Beauty

Inc

(3)

8,349,237

25,635

Vail

Resorts

Inc

5,617,398

Total

Consumer

Discretionary

28,395,557

Consumer

Staples

-

1.9%

18,149

Church

&

Dwight

Co

Inc

1,345,385

57,901

McCormick

&

Co

Inc/MD

4,553,335

Total

Consumer

Staples

5,898,720

Financials

-

4.6%

13,947

FactSet

Research

Systems

Inc

5,934,309

33,536

LPL

Financial

Holdings

Inc

8,573,478

Total

Financials

14,507,787

Health

Care

-

18.9%

6,457

ABIOMED

Inc

(3)

1,627,681

72,287

Catalent

Inc

(3)

4,751,425

57,185

DaVita

Inc

(3)

4,175,077

52,654

Hologic

Inc

(3)

3,569,941

109,469

Horizon

Therapeutics

Plc

(3)

6,822,108

28,887

Insulet

Corp

(3)

7,476,244

7,358

Mettler-Toledo

International

Inc

(3)

9,307,355

71,954

Novocure

Ltd

(3)

5,084,270

15,996

STERIS

PLC

2,760,590

24,367

Waters

Corp

(3)

7,289,875

26,813

West

Pharmaceutical

Services

Inc

6,169,671

Total

Health

Care

59,034,237

Industrials

-

12.7%

35,220

Allegion

plc

3,689,999

29,034

Generac

Holdings

Inc

(3)

3,365,331

20,391

JB

Hunt

Transport

Services

Inc

3,488,288

7,793

Lennox

International

Inc

1,820,211

29,952

Old

Dominion

Freight

Line

Inc

8,224,819

212,429

Plug

Power

Inc

(3)

3,394,616

55,968

Quanta

Services

Inc

7,949,695

3,407

WW

Grainger

Inc

1,990,881

56,389

Xylem

Inc/NY

5,775,925

Total

Industrials

39,699,765

57

Shares

Description

(1)

Value

Information

Technology

-

36.3%

34,089

Akamai

Technologies

Inc

(3)

$

3,011,081

22,194

ANSYS

Inc

(3)

4,908,425

20,761

Arista

Networks

Inc

(3)

2,509,174

78,569

Black

Knight

Inc

(3)

4,751,067

70,782

Cadence

Design

Systems

Inc

(3)

10,715,687

14,473

Coupa

Software

Inc

(3)

770,398

108,910

Dropbox

Inc,

Class

A

(3)

2,368,793

69,018

Entegris

Inc

5,475,888

9,542

Fair

Isaac

Corp

(3)

4,569,091

28,495

Gartner

Inc

(3)

8,603,210

83,181

GoDaddy

Inc,

Class

A

(3)

6,687,752

12,057

Guidewire

Software

Inc

(3)

716,306

20,644

HubSpot

Inc

(3)

6,122,185

37,588

Keysight

Technologies

Inc

(3)

6,545,950

63,655

Okta

Inc

(3)

3,572,319

99,156

ON

Semiconductor

Corp

(3)

6,091,153

20,770

Paycom

Software

Inc

(3)

7,186,420

57,348

PTC

Inc

(3)

6,757,315

19,148

RingCentral

Inc,

Class

A

(3)

680,137

70,239

Seagate

Technology

Holdings

PLC

3,488,069

58,573

Splunk

Inc

(3)

4,868,002

93,547

Trimble

Inc

(3)

5,627,788

5,568

Zebra

Technologies

Corp,

Class

A

(3)

1,576,969

78,449

Zendesk

Inc

(3)

6,016,254

Total

Information

Technology

113,619,433

Materials

-

7.2%

22,222

Avery

Dennison

Corp

3,767,740

127,265

Ball

Corp

6,285,618

107,813

Mosaic

Co

5,794,949

70,318

Steel

Dynamics

Inc

6,613,408

Total

Materials

22,461,715

Real

Estate

-

2.5%

110,752

CBRE

Group

Inc,

Class

A

7,856,747

Total

Long-Term

Investments

(cost

$364,528,144)

312,611,040

Shares

Description

(1)

Coupon

Value

INVESTMENTS

PURCHASED

WITH

COLLATERAL

FROM

SECURITIES

LENDING

-

0.5%

MONEY

MARKET

FUNDS

-

0.5%

1,544,748

State

Street

Navigator

Securities

Lending

Government

Money

Market

Portfolio

(4)

3.120%(5)

$

1,544,748

Total

Investments

Purchased

with

Collateral

from

Securities

Lending

(cost

$1,544,748)

1,544,748

Total

Investments

(cost

$366,072,892

)

-

100.4%

314,155,788

Other

Assets

Less

Liabilities

-

(0.4)%

(1,212,382)

Net

Assets

-

100%

$

312,943,406

For

Fund

portfolio

compliance

purposes,

the

Fund’s

industry

classifications

refer

to

any

one

or

more

of

the

industry

sub-classifications

used

by

one

or

more

widely

recognized

market

indexes

or

ratings

group

indexes,

and/or

as

defined

by

Fund

management.

This

definition

may

not

apply

for

purposes

of

this

report,

which

may

combine

industry

sub-classifications

into

sectors

for

reporting

ease.

(1)

All

percentages

shown

in

the

Portfolio

of

Investments

are

based

on

net

assets.

(2)

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

$1,517,974.

(3)

Non-income

producing;

issuer

has

not

declared

an

ex-dividend

date

within

the

past

twelve

months.

Nuveen

ESG

Mid-Cap

Growth

ETF

(NUMG)

(continued)

Portfolio

of

Investments

58

(4)

The

Fund

may

loan

securities

representing

up

to

one

third

of

the

market

value

of

its

total

assets

(which

includes

collateral

for

securities

on

loan)

to

broker

dealers,

banks,

and

other

institutions.

The

collateral

maintained

by

the

Fund

shall

have

a

market

value,

at

the

inception

of

each

loan,

equal

to

not

less

than

100%

of

the

market

value

of

the

loaned

securities.

The

cash

collateral

received

by

the

Fund

is

invested

in

this

money

market

fund.

(5)

The

rate

shown

is

the

one-day

yield

as

of

the

end

of

the

reporting

period.

See

accompanying

notes

to

financial

statements

59

Nuveen

ESG

Mid-Cap

Value

ETF

(NUMV)

Portfolio

of

Investments

Shares

Description

(1)

Value

LONG-TERM

INVESTMENTS

-

99.8%

COMMON

STOCKS

-

99.8%

Communication

Services

-

4.2%

2,059

Cable

One

Inc

$

1,769,566

181,109

Interpublic

Group

of

Cos

Inc

5,395,237

474,235

Lumen

Technologies

Inc

3,490,370

131,414

Paramount

Global

2,407,504

Total

Communication

Services

13,062,677

Consumer

Discretionary

-

9.0%

7,158

Bath

&

Body

Works

Inc

238,934

8,066

Best

Buy

Co

Inc

551,795

31,099

CarMax

Inc

(2)

1,959,548

38,072

Genuine

Parts

Co

6,771,486

63,315

Hasbro

Inc

4,131,304

4,283

Lear

Corp

594,095

108,535

LKQ

Corp

6,038,887

249,646

Newell

Brands

Inc

3,447,611

974

NVR

Inc

(2)

4,127,569

Total

Consumer

Discretionary

27,861,229

Consumer

Staples

-

6.5%

53,980

Bunge

Ltd

(2)

5,327,826

37,049

Clorox

Co

5,410,636

56,646

Kellogg

Co

4,351,546

65,238

McCormick

&

Co

Inc/MD

5,130,316

Total

Consumer

Staples

20,220,324

Energy

-

7.1%

235,126

Baker

Hughes

Co

6,503,585

237,680

Halliburton

Co

8,656,306

115,885

ONEOK

Inc

6,874,298

Total

Energy

22,034,189

Financials

-

18.6%

129,635

Ally

Financial

Inc

3,572,741

211,340

Annaly

Capital

Management

Inc

3,920,357

133,886

Arch

Capital

Group

Ltd

(2)

7,698,445

38,030

Cboe

Global

Markets

Inc

4,734,735

21,465

Citizens

Financial

Group

Inc

877,919

12,479

Discover

Financial

Services

1,303,556

183,459

Equitable

Holdings

Inc

5,617,515

109,167

Fifth

Third

Bancorp

3,896,170

113,336

Huntington

Bancshares

Inc/OH

1,720,440

269,698

Invesco

Ltd

4,131,773

269,486

KeyCorp

4,815,715

33,425

Nasdaq

Inc

2,080,372

212,703

Regions

Financial

Corp

4,668,831

14,229

SVB

Financial

Group

(2)

3,286,330

102,748

Webster

Financial

Corp

5,575,106

Total

Financials

57,900,005

Health

Care

-

5.0%

84,010

Cardinal

Health

Inc

6,376,359

10,951

Laboratory

Corp

of

America

Holdings

2,429,589

11,950

Quest

Diagnostics

Inc

1,716,618

Nuveen

ESG

Mid-Cap

Value

ETF

(NUMV)

(continued)

Portfolio

of

Investments

60

Shares

Description

(1)

Value

Health

Care

(continued)

28,330

STERIS

PLC

$

4,889,191

Total

Health

Care

15,411,757

Industrials

-

14.8%

10,351

Allegion

plc

1,084,474

197,963

Carrier

Global

Corp

7,871,009

21,511

CH

Robinson

Worldwide

Inc

2,102,055

26,928

Dover

Corp

3,519,220

1,242

Fastenal

Co

60,026

25,704

IDEX

Corp

5,714,256

18,126

Lennox

International

Inc

4,233,690

56,038

Owens

Corning

4,797,413

96,924

Pentair

PLC

4,162,886

59,721

Robert

Half

International

Inc

4,566,268

6,593

United

Rentals

Inc

(2)

2,081,476

57,489

Xylem

Inc/NY

5,888,598

Total

Industrials

46,081,371

Information

Technology

-

7.7%

9,125

Akamai

Technologies

Inc

(2)

806,011

12,960

Black

Knight

Inc

(2)

783,691

21,934

Coupa

Software

Inc

(2)

1,167,547

348,214

Hewlett

Packard

Enterprise

Co

4,969,014

26,957

NortonLifeLock

Inc

607,341

17,581

Okta

Inc

(2)

986,646

68,527

ON

Semiconductor

Corp

(2)

4,209,614

16,220

Seagate

Technology

Holdings

PLC

805,485

45,651

Splunk

Inc

(2)

3,794,055

53,174

Trimble

Inc

(2)

3,198,948

194,740

Western

Union

Co

2,630,937

Total

Information

Technology

23,959,289

Materials

-

7.3%

40,110

Celanese

Corp

3,855,373

14,285

Martin

Marietta

Materials

Inc

4,799,474

78,637

Mosaic

Co

4,226,739

86,977

Sealed

Air

Corp

4,141,845

45,138

Steel

Dynamics

Inc

4,245,229

44,566

Westrock

Co

1,517,918

Total

Materials

22,786,578

Real

Estate

-

11.3%

43,695

Alexandria

Real

Estate

Equities

Inc

6,348,883

56,767

Boston

Properties

Inc

4,126,961

17,343

Camden

Property

Trust

2,003,984

203,818

Healthpeak

Properties

Inc

4,836,601

112,695

Iron

Mountain

Inc

5,642,639

119,878

Ventas

Inc

4,690,826

234,512

VICI

Properties

Inc

7,509,074

Total

Real

Estate

35,158,968

Utilities

-

8.3%

52,280

Atmos

Energy

Corp

5,570,434

204,232

CenterPoint

Energy

Inc

5,843,078

112,120

Essential

Utilities

Inc

4,957,946

184,137

NiSource

Inc

4,730,480

61

Shares

Description

(1)

Value

Utilities

(continued)

129,022

UGI

Corp

$

4,558,347

Total

Utilities

25,660,285

Total

Long-Term

Investments

(cost

$325,080,126)

310,136,672

Other

Assets

Less

Liabilities

-

0.2%

527,455

Net

Assets

-

100%

$

310,664,127

For

Fund

portfolio

compliance

purposes,

the

Fund’s

industry

classifications

refer

to

any

one

or

more

of

the

industry

sub-classifications

used

by

one

or

more

widely

recognized

market

indexes

or

ratings

group

indexes,

and/or

as

defined

by

Fund

management.

This

definition

may

not

apply

for

purposes

of

this

report,

which

may

combine

industry

sub-classifications

into

sectors

for

reporting

ease.

(1)

All

percentages

shown

in

the

Portfolio

of

Investments

are

based

on

net

assets.

(2)

Non-income

producing;

issuer

has

not

declared

an

ex-dividend

date

within

the

past

twelve

months.

See

accompanying

notes

to

financial

statements

62

Nuveen

ESG

Small-Cap

ETF

(NUSC)

Portfolio

of

Investments

Shares

Description

(1)

Value

LONG-TERM

INVESTMENTS

-

99.9%

COMMON

STOCKS

-

99.9%

Communication

Services

-

1.7%

26,611

Bandwidth

Inc,

Class

A

(2)

$

315,873

12,757

Cardlytics

Inc

(2)

120,298

360,598

Clear

Channel

Outdoor

Holdings

Inc

(2)

515,655

14,623

Cogent

Communications

Holdings

Inc

767,854

81,108

Consolidated

Communications

Holdings

Inc

(2)

419,328

142,086

Gannett

Co

Inc

(2)

206,025

542,404

Globalstar

Inc

(2),(3)

1,177,017

56,657

Gogo

Inc

(2)

805,663

53,659

Gray

Television

Inc

759,275

3,791

Iridium

Communications

Inc

(2)

195,350

48,892

John

Wiley

&

Sons

Inc,

Class

A

2,062,753

86,014

Radius

Global

Infrastructure

Inc,

Class

A

(2)

804,231

88,055

TEGNA

Inc

1,838,588

58,266

WideOpenWest

Inc

(2)

798,827

45,361

World

Wrestling

Entertainment

Inc,

Class

A

3,578,529

35,627

ZipRecruiter

Inc,

Class

A

(2)

597,465

Total

Communication

Services

14,962,731

Consumer

Discretionary

-

13.7%

85,660

2U

Inc

(2)

530,235

34,765

Aaron's

Co

Inc

362,251

51,228

Academy

Sports

&

Outdoors

Inc

2,255,569

185,366

ADT

Inc

1,568,196

20,333

American

Public

Education

Inc

(2)

260,466

6,514

America's

Car-Mart

Inc/TX

(2)

445,297

54,792

Arko

Corp

561,618

133,351

Beachbody

Co

Inc

(2)

134,685

41,405

Bright

Horizons

Family

Solutions

Inc

(2)

2,704,575

15,528

Brinker

International

Inc

(2)

518,480

30,380

Brunswick

Corp/DE

2,146,955

42,071

Caleres

Inc

1,149,800

30,955

Camping

World

Holdings

Inc,

Class

A

861,478

104,092

Canoo

Inc

(2),(3)

142,606

14,504

Carriage

Services

Inc

354,043

44,654

Carter's

Inc

3,030,667

139,349

Chico's

FAS

Inc

(2)

819,372

8,321

Columbia

Sportswear

Co

619,915

60,381

Coursera

Inc

(2)

778,311

33,509

Crocs

Inc

(2)

2,370,762

25,243

Ethan

Allen

Interiors

Inc

645,968

27,714

European

Wax

Center

Inc

398,527

88,059

Foot

Locker

Inc

2,791,470

31,418

Franchise

Group

Inc

953,536

90,344

GameStop

Corp,

Class

A

(2)

2,557,639

50,336

Gap

Inc

567,287

4,324

Graham

Holdings

Co,

Class

B

2,697,614

17,473

Group

1

Automotive

Inc

3,022,829

384,755

Hanesbrands

Inc

2,624,029

142,325

Harley-Davidson

Inc

6,119,975

26,421

Helen

of

Troy

Ltd

(2)

2,499,955

98,933

Hilton

Grand

Vacations

Inc

(2)

3,882,131

29,755

iRobot

Corp

(2)

1,681,158

6,231

Johnson

Outdoors

Inc,

Class

A

327,875

24,451

Kohl's

Corp

732,308

55,882

Kontoor

Brands

Inc

1,994,987

63

Shares

Description

(1)

Value

Consumer

Discretionary

(continued)

54,614

Latham

Group

Inc

(2)

$

241,394

27,676

LCI

Industries

2,936,700

72,243

Leggett

&

Platt

Inc

2,438,201

159,764

Leslie's

Inc

(2)

2,243,087

31,833

Liquidity

Services

Inc

(2)

546,891

2,136

Lithia

Motors

Inc

423,248

22,435

Malibu

Boats

Inc,

Class

A

(2)

1,186,812

23,377

MarineMax

Inc

(2)

755,311

8,403

Marriott

Vacations

Worldwide

Corp

1,241,627

369,321

Mattel

Inc

(2)

7,002,326

34,432

Membership

Collective

Group

Inc,

Class

A

(2),(3)

157,699

36,908

Monro

Inc

1,762,357

17,572

Movado

Group

Inc

581,106

25,488

Murphy

USA

Inc

8,016,231

123,638

Nordstrom

Inc

(3)

2,514,797

48,055

ODP

Corp

(2)

1,901,536

59,880

Petco

Health

&

Wellness

Co

Inc,

Class

A

(2),(3)

630,536

6,975

Planet

Fitness

Inc,

Class

A

(2)

456,723

146,979

Playa

Hotels

&

Resorts

NV

(2)

906,860

4,230

PVH

Corp

217,084

79,600

Quotient

Technology

Inc

(2)

195,816

6,063

Ralph

Lauren

Corp

561,980

54,899

RealReal

Inc

(2),(3)

92,779

36,739

Rent-A-Center

Inc/TX

766,008

81,241

Rover

Group

Inc

(2)

356,648

52,314

SeaWorld

Entertainment

Inc

(2)

3,042,582

6,260

Sleep

Number

Corp

(2)

173,652

140,225

Sonos

Inc

(2)

2,260,427

9,978

Steven

Madden

Ltd

298,043

38,322

Target

Hospitality

Corp

(2)

466,379

61,002

Thor

Industries

Inc

4,969,833

70,779

ThredUp

Inc

(2),(3)

87,058

57,429

Topgolf

Callaway

Brands

Corp

(2)

1,075,071

62,563

Traeger

Inc

(2),(3)

259,636

78,104

Travel

+

Leisure

Co

2,966,390

14,943

TravelCenters

of

America

Inc

(2)

950,076

50,080

Tupperware

Brands

Corp

(2)

387,118

24,367

Victoria's

Secret

&

Co

(2)

916,199

108,332

Wendy's

Co

2,251,139

33,012

Wingstop

Inc

5,228,771

34,511

Winnebago

Industries

Inc

2,059,962

171,052

Workhorse

Group

Inc

(2),(3)

461,840

44,801

Wyndham

Hotels

&

Resorts

Inc

3,401,740

2,983

XPEL

Inc

(2)

206,394

Total

Consumer

Discretionary

124,708,636

Consumer

Staples

-

4.3%

35,615

Andersons

Inc

1,256,141

122,050

Benson

Hill

Inc

(2)

413,750

2,091

BJ's

Wholesale

Club

Holdings

Inc

(2)

161,844

12,730

Casey's

General

Stores

Inc

2,962,398

38,259

Chefs'

Warehouse

Inc

(2)

1,401,427

131,853

Darling

Ingredients

Inc

(2)

10,347,824

55,601

Edgewell

Personal

Care

Co

2,179,003

30,690

Freshpet

Inc

(2)

1,809,176

86,098

Lamb

Weston

Holdings

Inc

7,423,370

31,151

Performance

Food

Group

Co

(2)

1,621,098

8,740

SpartanNash

Co

312,105

8,446

Sprouts

Farmers

Market

Inc

(2)

249,157

46,751

TreeHouse

Foods

Inc

(2)

2,348,770

192,236

US

Foods

Holding

Corp

(2)

5,720,943

Nuveen

ESG

Small-Cap

ETF

(NUSC)

(continued)

Portfolio

of

Investments

64

Shares

Description

(1)

Value

Consumer

Staples

(continued)

71,760

Veru

Inc

(2),(3)

$

878,342

20,730

Vital

Farms

Inc

(2)

274,465

Total

Consumer

Staples

39,359,813

Energy

-

4.7%

75,969

Archaea

Energy

Inc

(2)

1,960,760

154,837

Archrock

Inc

1,162,826

67,013

Cactus

Inc,

Class

A

3,465,912

225,499

ChampionX

Corp

6,453,781

199,844

Clean

Energy

Fuels

Corp

(2)

1,340,953

51,328

Core

Laboratories

NV

998,843

70,586

Delek

US

Holdings

Inc

2,093,581

21,422

DMC

Global

Inc

(2)

463,572

37,872

Dril-Quip

Inc

(2)

942,255

36,895

Enviva

Inc

2,207,797

59,666

Green

Plains

Inc

(2)

1,723,751

19,120

Kinetik

Holdings

Inc

703,234

435,473

NOV

Inc

9,754,595

111,126

Oceaneering

International

Inc

(2)

1,554,653

476,282

TechnipFMC

PLC

(2)

5,043,826

66,459

Weatherford

International

PLC

(2)

2,770,011

Total

Energy

42,640,350

Financials

-

15.3%

17,508

Amalgamated

Financial

Corp

402,509

20,762

A-Mark

Precious

Metals

Inc

631,372

28,417

Amerant

Bancorp

Inc

855,352

7,822

Ameris

Bancorp

402,911

30,380

Artisan

Partners

Asset

Management

Inc,

Class

A

866,134

13,438

Bancorp

Inc

(2)

370,620

9,101

Bank

First

Corp

784,051

25,495

Bank

OZK

1,095,775

37,979

Banner

Corp

2,838,930

16,888

Bar

Harbor

Bankshares

506,809

49,557

Berkshire

Hills

Bancorp

Inc

1,449,542

33,783

BOK

Financial

Corp

3,722,549

24,780

Byline

Bancorp

Inc

572,914

5,844

Camden

National

Corp

254,331

7,127

Cohen

&

Steers

Inc

428,760

5,471

Commerce

Bancshares

Inc/MO

387,566

17,922

Community

Trust

Bancorp

Inc

847,531

28,992

Cowen

Inc

1,119,671

3,407

Diamond

Hill

Investment

Group

Inc

613,090

31,708

Donnelley

Financial

Solutions

Inc

(2)

1,281,954

17,406

East

West

Bancorp

Inc

1,245,747

4,194

Employers

Holdings

Inc

182,900

10,162

Federal

Agricultural

Mortgage

Corp,

Class

C

1,170,662

119,056

First

American

Financial

Corp

6,000,422

56,833

First

Busey

Corp

1,500,960

6,150

First

Financial

Bancorp

160,331

433,521

First

Horizon

Corp

10,625,600

4,837

First

Interstate

BancSystem

Inc,

Class

A

220,616

26,054

First

of

Long

Island

Corp

458,029

361,721

FNB

Corp/PA

5,226,868

564,733

Genworth

Financial

Inc,

Class

A

(2)

2,637,303

35,331

Glacier

Bancorp

Inc

2,023,760

95,556

Hancock

Whitney

Corp

5,338,714

33,757

Hanmi

Financial

Corp

904,012

93,996

Hannon

Armstrong

Sustainable

Infrastructure

Capital

Inc

2,554,811

8,042

Hanover

Insurance

Group

Inc

1,178,073

51,388

HarborOne

Bancorp

Inc

782,639

65

Shares

Description

(1)

Value

Financials

(continued)

6,668

HomeStreet

Inc

$

173,101

26,947

Independent

Bank

Corp

2,344,658

23,688

Independent

Bank

Corp/MI

547,903

61,671

International

Bancshares

Corp

3,058,882

8,069

Jackson

Financial

Inc,

Class

A

309,527

33,392

Live

Oak

Bancshares

Inc

1,084,238

18,374

Morningstar

Inc

4,266,075

76,853

Mr

Cooper

Group

Inc

(2)

3,034,925

32,869

National

Bank

Holdings

Corp,

Class

A

1,440,320

65,978

OceanFirst

Financial

Corp

1,489,783

16,844

Old

National

Bancorp/IN

329,469

115,223

Open

Lending

Corp

(2)

826,149

23,802

Origin

Bancorp

Inc

983,737

51,288

PennyMac

Financial

Services

Inc

2,734,676

44,600

Perella

Weinberg

Partners

351,448

1,676

Pinnacle

Financial

Partners

Inc

139,091

42,639

Primerica

Inc

6,169,863

23,261

ProAssurance

Corp

516,627

43,508

PROG

Holdings

Inc

(2)

718,752

18,358

QCR

Holdings

Inc

930,934

19,937

Reinsurance

Group

of

America

Inc

2,934,128

91,677

Ryan

Specialty

Holdings

Inc

(2)

4,111,713

3,682

Selective

Insurance

Group

Inc

361,131

9,469

ServisFirst

Bancshares

Inc

713,300

35,064

Silvergate

Capital

Corp,

Class

A

(2)

1,990,233

136,599

SLM

Corp

2,266,177

3,354

Southside

Bancshares

Inc

114,841

25,885

SouthState

Corp

2,340,781

335,254

Starwood

Property

Trust

Inc

6,926,348

19,014

StoneX

Group

Inc

(2)

1,774,387

149,805

Synovus

Financial

Corp

5,969,729

58,031

TFS

Financial

Corp

815,336

37,949

Trupanion

Inc

(2),(3)

1,915,286

32,104

Umpqua

Holdings

Corp

638,228

278,995

Valley

National

Bancorp

3,311,671

18,994

Victory

Capital

Holdings

Inc,

Class

A

549,307

2,403

Walker

&

Dunlop

Inc

216,174

11,978

Western

Alliance

Bancorp

804,562

54,799

Wintrust

Financial

Corp

5,130,282

64,343

Zions

Bancorp

NA

3,341,975

Total

Financials

139,319,565

Health

Care

-

13.3%

174,419

23andMe

Holding

Co,

Class

A

(2),(3)

547,676

47,904

Accolade

Inc

(2)

516,405

51,664

Aclaris

Therapeutics

Inc

(2)

806,475

71,663

AdaptHealth

Corp

(2)

1,633,916

19,472

Adicet

Bio

Inc

(2)

321,093

35,147

Agiliti

Inc

(2),(3)

614,018

57,087

Alector

Inc

(2)

525,200

95,467

Allogene

Therapeutics

Inc

(2),(3)

983,310

7,332

Allscripts

Healthcare

Solutions

Inc

(2)

107,780

35,806

Alphatec

Holdings

Inc

(2)

366,653

49,574

AMN

Healthcare

Services

Inc

(2)

6,221,537

18,170

AnaptysBio

Inc

(2)

524,204

83,790

Anavex

Life

Sciences

Corp

(2),(3)

1,019,724

43,185

Apollo

Medical

Holdings

Inc

(2),(3)

1,531,340

24,246

Arcturus

Therapeutics

Holdings

Inc

(2)

429,154

6,905

Artivion

Inc

(2)

77,060

22,298

Arvinas

Inc

(2)

1,108,434

87,630

Atara

Biotherapeutics

Inc

(2)

408,356

Nuveen

ESG

Small-Cap

ETF

(NUSC)

(continued)

Portfolio

of

Investments

66

Shares

Description

(1)

Value

Health

Care

(continued)

84,533

Atea

Pharmaceuticals

Inc

(2)

$

507,198

32,336

Axsome

Therapeutics

Inc

(2),(3)

1,459,970

47,332

Beam

Therapeutics

Inc

(2)

2,085,448

44,437

Brookdale

Senior

Living

Inc

(2)

198,633

53,886

Caribou

Biosciences

Inc

(2)

524,850

42,134

Cassava

Sciences

Inc

(2),(3)

1,535,363

23,338

Castle

Biosciences

Inc

(2)

595,586

28,762

Cerus

Corp

(2)

105,269

258

Chemed

Corp

120,452

78,175

Chimerix

Inc

(2)

138,370

43,991

Chinook

Therapeutics

Inc

(2)

956,804

19,025

CinCor

Pharma

Inc

(2)

640,001

35,419

Collegium

Pharmaceutical

Inc

(2)

635,417

1,616

CONMED

Corp

128,844

10,656

CorVel

Corp

(2)

1,749,822

40,519

Cross

Country

Healthcare

Inc

(2)

1,502,850

31,940

CryoPort

Inc

(2)

886,654

15,467

Cullinan

Oncology

Inc

(2),(3)

203,236

16,201

Cutera

Inc

(2)

744,760

54,522

Denali

Therapeutics

Inc

(2)

1,563,691

89,060

DocGo

Inc

(2)

881,694

11,522

Embecta

Corp

356,260

23,452

Ensign

Group

Inc

2,105,521

33,303

Envista

Holdings

Corp

(2)

1,099,332

162,326

EQRx

Inc

(2),(3)

834,356

31,999

Erasca

Inc

(2)

261,432

17,413

Establishment

Labs

Holdings

Inc

(2),(3)

981,919

29,846

Fulcrum

Therapeutics

Inc

(2),(3)

165,944

19,162

Fulgent

Genetics

Inc

(2)

759,390

49,447

Generation

Bio

Co

(2)

253,169

9,065

Glaukos

Corp

(2)

508,275

28,949

Globus

Medical

Inc,

Class

A

(2)

1,939,583

62,453

GreenLight

Biosciences

Holdings

PBC

(2)

111,166

39,563

Haemonetics

Corp

(2)

3,360,877

10,975

Heska

Corp

(2)

787,566

127,243

Hims

&

Hers

Health

Inc

(2)

577,683

66,473

Humacyte

Inc

(2),(3)

228,999

10,120

IGM

Biosciences

Inc

(2)

202,400

15,039

Imago

Biosciences

Inc

(2),(3)

255,663

43,667

Immunovant

Inc

(2)

489,070

15,370

Inari

Medical

Inc

(2)

1,182,414

206,472

Inovio

Pharmaceuticals

Inc

(2)

445,980

19,829

Intellia

Therapeutics

Inc

(2)

1,046,575

21,826

Intra-Cellular

Therapies

Inc

(2)

996,793

128,861

Iovance

Biotherapeutics

Inc

(2)

1,203,562

33,026

iRhythm

Technologies

Inc

(2)

4,210,485

21,723

iTeos

Therapeutics

Inc

(2)

423,164

90,040

IVERIC

bio

Inc

(2)

2,153,757

16,578

Joint

Corp

(2)

273,869

15,495

Keros

Therapeutics

Inc

(2)

780,018

51,403

Kezar

Life

Sciences

Inc

(2)

386,294

19,622

Krystal

Biotech

Inc

(2)

1,501,083

17,153

Kymera

Therapeutics

Inc

(2)

520,422

78,308

MaxCyte

Inc

(2)

541,891

48,299

Meridian

Bioscience

Inc

(2)

1,544,119

37,512

Merit

Medical

Systems

Inc

(2)

2,579,700

31,046

Merus

NV

(2),(3)

636,443

5,384

Mesa

Laboratories

Inc

711,819

24,473

Mirati

Therapeutics

Inc

(2)

1,647,522

7,738

ModivCare

Inc

(2)

752,443

21,993

Monte

Rosa

Therapeutics

Inc

(2),(3)

202,336

67

Shares

Description

(1)

Value

Health

Care

(continued)

16,563

National

Research

Corp

$

674,611

127,315

NeoGenomics

Inc

(2)

968,231

9,876

NGM

Biopharmaceuticals

Inc

(2)

52,738

36,145

Nurix

Therapeutics

Inc

(2)

460,126

21,142

NuVasive

Inc

(2)

932,996

110,815

Nuvation

Bio

Inc

(2),(3)

243,793

12,081

Option

Care

Health

Inc

(2)

365,571

30,088

Paragon

28

Inc

(2)

600,857

45,284

Patterson

Cos

Inc

1,176,025

6,542

Pediatrix

Medical

Group

Inc

(2)

126,915

9,450

Pennant

Group

Inc

(2)

116,330

69,860

Perrigo

Co

PLC

2,813,961

28,174

PetIQ

Inc

(2)

231,590

20,672

Phathom

Pharmaceuticals

Inc

(2),(3)

219,123

44,532

Point

Biopharma

Global

Inc

(2),(3)

415,484

23,789

Premier

Inc,

Class

A

829,760

12,451

PROCEPT

BioRobotics

Corp

(2)

565,649

152,909

Project

Roadrunner

Parent

Inc

(2)

2,700,373

25,183

Prothena

Corp

PLC

(2)

1,547,244

38,123

QuidelOrtho

Corp

(2)

3,424,208

25,622

RAPT

Therapeutics

Inc

(2)

559,072

29,483

Reata

Pharmaceuticals

Inc,

Class

A

(2)

949,353

53,446

Recursion

Pharmaceuticals

Inc,

Class

A

(2)

563,855

6,372

Relmada

Therapeutics

Inc

(2)

40,717

21,440

Repare

Therapeutics

Inc

(2),(3)

322,886

8,095

Repligen

Corp

(2)

1,477,257

40,553

Rhythm

Pharmaceuticals

Inc

(2),(3)

1,020,719

93,376

Sana

Biotechnology

Inc

(2),(3)

541,581

103,164

Sema4

Holdings

Corp

(2),(3)

106,259

395,596

Senseonics

Holdings

Inc

(2)

466,803

9,828

Shockwave

Medical

Inc

(2)

2,881,078

25,794

Signify

Health

Inc,

Class

A

(2)

753,959

9,193

Simulations

Plus

Inc

381,510

36,036

Tango

Therapeutics

Inc

(2)

289,729

16,473

Treace

Medical

Concepts

Inc

(2)

403,259

26,983

Tricida

Inc

(2),(3)

8,966

10,299

Ultragenyx

Pharmaceutical

Inc

(2)

416,698

45,873

uniQure

NV

(2)

854,155

36,500

United

Therapeutics

Corp

(2)

8,414,345

43,700

Varex

Imaging

Corp

(2)

966,207

38,673

Vaxcyte

Inc

(2)

1,686,530

16,943

Vera

Therapeutics

Inc

(2)

315,818

21,443

Verve

Therapeutics

Inc

(2),(3)

808,401

80,681

Vir

Biotechnology

Inc

(2)

1,773,368

4,489

Viridian

Therapeutics

Inc

(2)

89,331

29,511

Xencor

Inc

(2)

826,308

50,687

Xenon

Pharmaceuticals

Inc

(2)

1,853,624

23,500

Zimvie

Inc

(2)

206,095

59,658

Zogenix

Inc

(2)

40,567

Total

Health

Care

121,410,576

Industrials

-

17.7%

29,109

AAON

Inc

1,877,239

73,974

ABM

Industries

Inc

3,292,583

109,879

ACCO

Brands

Corp

505,443

18,492

Acuity

Brands

Inc

3,394,576

29,860

Advanced

Drainage

Systems

Inc

3,460,177

35,509

AECOM

2,673,118

1,151

AGCO

Corp

142,920

96,880

Allison

Transmission

Holdings

Inc

4,093,180

6,573

ArcBest

Corp

522,093

Nuveen

ESG

Small-Cap

ETF

(NUSC)

(continued)

Portfolio

of

Investments

68

Shares

Description

(1)

Value

Industrials

(continued)

16,440

Argan

Inc

$

569,975

8,214

Armstrong

World

Industries

Inc

620,732

4,827

ASGN

Inc

(2)

409,233

13,939

Atkore

Inc

(2)

1,328,387

66,461

Axon

Enterprise

Inc

(2)

9,666,088

116,632

AZEK

Co

Inc

(2)

2,042,226

60,852

Beacon

Roofing

Supply

Inc

(2)

3,429,010

41,488

Blink

Charging

Co

(2),(3)

614,022

10,766

BlueLinx

Holdings

Inc

(2)

758,572

43,721

Boise

Cascade

Co

2,919,251

9,626

Curtiss-Wright

Corp

1,615,532

4,079

Donaldson

Co

Inc

234,339

5,712

EMCOR

Group

Inc

805,963

7,118

Energy

Recovery

Inc

(2)

183,146

6,962

EnPro

Industries

Inc

741,453

131,436

Evoqua

Water

Technologies

Corp

(2)

5,149,663

56,849

First

Advantage

Corp

(2)

798,729

99,056

Flowserve

Corp

2,840,926

90,975

FREYR

Battery

SA

(2),(3)

1,210,877

33,394

FTI

Consulting

Inc

(2)

5,197,108

37,821

GATX

Corp

3,960,237

42,657

GMS

Inc

(2)

2,013,410

12,944

Great

Lakes

Dredge

&

Dock

Corp

(2)

97,857

56,152

GXO

Logistics

Inc

(2)

2,051,794

80,909

Healthcare

Services

Group

Inc

1,129,490

18,039

Herc

Holdings

Inc

2,121,567

2,098

Hexcel

Corp

116,859

27,099

HireRight

Holdings

Corp

(2)

364,753

9,228

Hubbell

Inc

2,191,465

117,057

Hyliion

Holdings

Corp

(2),(3)

333,612

8,776

IAA

Inc

(2)

332,874

16,075

John

Bean

Technologies

Corp

1,466,040

96,017

KAR

Auction

Services

Inc

(2)

1,395,127

35,133

Kelly

Services

Inc,

Class

A

574,073

38,696

Korn

Ferry

2,151,111

14,172

Kratos

Defense

&

Security

Solutions

Inc

(2)

157,026

4,764

Landstar

System

Inc

744,232

30,971

Luxfer

Holdings

PLC

448,150

48,357

ManpowerGroup

Inc

3,788,287

2,997

MasTec

Inc

(2)

231,009

30,962

Matthews

International

Corp,

Class

A

832,259

81,630

MAXAR

TECHNOLOGIES

INC

1,823,614

26,930

McGrath

RentCorp

2,532,767

57,520

Mercury

Systems

Inc

(2)

2,783,968

83,048

MillerKnoll

Inc

1,758,957

26,195

Montrose

Environmental

Group

Inc

(2)

1,146,817

17,920

Moog

Inc,

Class

A

1,518,720

91,809

MRC

Global

Inc

(2)

920,844

172,361

Mueller

Water

Products

Inc,

Class

A

2,016,624

4,593

MYR

Group

Inc

(2)

401,933

189,504

Pitney

Bowes

Inc

589,357

59,092

Primoris

Services

Corp

1,193,068

7,311

Proto

Labs

Inc

(2)

279,207

57,889

Resideo

Technologies

Inc

(2)

1,367,338

56,589

Ryder

System

Inc

4,555,980

3,045

Saia

Inc

(2)

605,529

34,133

SiteOne

Landscape

Supply

Inc

(2)

3,954,991

101,586

Skillsoft

Corp

(2),(3)

181,839

89,042

Steelcase

Inc,

Class

A

691,856

68,366

Stem

Inc

(2)

929,778

18,625

Sterling

Infrastructure

Inc

(2)

502,689

69

Shares

Description

(1)

Value

Industrials

(continued)

154,895

Sunrun

Inc

(2)

$

3,486,686

105,790

Toro

Co

11,153,440

48,355

Trex

Co

Inc

(2)

2,325,392

21,904

TriNet

Group

Inc

(2)

1,423,322

71,182

Triton

International

Ltd

4,320,036

72,296

Triumph

Group

Inc

(2)

654,279

36,396

TrueBlue

Inc

(2)

715,545

54,384

TuSimple

Holdings

Inc,

Class

A

(2)

186,537

128,412

Upwork

Inc

(2)

1,727,141

12,902

V2X

Inc

(2)

528,853

65,126

Velo3D

Inc

(2)

256,596

15,410

Veritiv

Corp

(2)

1,791,567

226,262

Virgin

Galactic

Holdings

Inc

(2),(3)

1,045,330

24,335

WESCO

International

Inc

(2)

3,352,633

225,262

WillScot

Mobile

Mini

Holdings

Corp

(2)

9,580,393

51,509

Zurn

Elkay

Water

Solutions

Corp

1,209,946

Total

Industrials

161,111,365

Information

Technology

-

14.7%

8,622

A10

Networks

Inc

144,850

120,197

ACI

Worldwide

Inc

(2)

2,924,393

52,646

Altair

Engineering

Inc,

Class

A

(2)

2,582,286

28,516

Asana

Inc,

Class

A

(2),(3)

587,430

17,692

Aspentech

Corp

(2)

4,271,733

65,363

Avaya

Holdings

Corp

(2),(3)

103,274

18,495

Avnet

Inc

743,314

23,004

Badger

Meter

Inc

2,587,490

81,980

Box

Inc,

Class

A

(2)

2,381,519

55,145

Bread

Financial

Holdings

Inc

1,991,286

18,594

Cerence

Inc

(2)

319,817

19,588

Cirrus

Logic

Inc

(2)

1,314,747

110,026

CommScope

Holding

Co

Inc

(2)

1,456,744

48,149

Concentrix

Corp

5,885,252

35,676

CSG

Systems

International

Inc

2,307,167

19,455

CTS

Corp

768,862

48,278

Cyxtera

Technologies

Inc

(2)

116,833

53,370

Dolby

Laboratories

Inc,

Class

A

3,567,251

10,486

Duck

Creek

Technologies

Inc

(2)

125,203

255,746

DXC

Technology

Co

(2)

7,352,697

161,728

E2open

Parent

Holdings

Inc

(2)

942,874

51,318

Envestnet

Inc

(2)

2,530,491

29,322

ePlus

Inc

(2)

1,428,568

36,892

ExlService

Holdings

Inc

(2)

6,708,810

84,083

First

Solar

Inc

(2)

12,239,962

2,754

Five9

Inc

(2)

165,956

64,994

Flex

Ltd

(2)

1,272,583

10,805

Gitlab

Inc,

Class

A

(2),(3)

523,610

30,973

Ichor

Holdings

Ltd

(2)

787,953

38,366

Insight

Enterprises

Inc

(2)

3,625,971

13,089

Intapp

Inc

(2)

293,979

33,760

InterDigital

Inc

1,683,611

49,450

Itron

Inc

(2)

2,417,610

39,229

Jamf

Holding

Corp

(2)

928,550

27,217

Kimball

Electronics

Inc

(2)

562,575

38,679

KnowBe4

Inc,

Class

A

(2)

950,730

65,549

Kulicke

&

Soffa

Industries

Inc

2,749,125

30,914

Lumentum

Holdings

Inc

(2)

2,301,547

40,633

Methode

Electronics

Inc

1,675,299

183,148

MicroVision

Inc

(2),(3)

670,322

5,074

Model

N

Inc

(2)

192,812

49,533

N-able

Inc

(2)

536,442

Nuveen

ESG

Small-Cap

ETF

(NUSC)

(continued)

Portfolio

of

Investments

70

Shares

Description

(1)

Value

Information

Technology

(continued)

35,875

National

Instruments

Corp

$

1,369,707

43,931

New

Relic

Inc

(2)

2,602,472

13,981

Novanta

Inc

(2)

1,976,913

30,894

Nutanix

Inc,

Class

A

(2)

846,496

30,226

Olo

Inc,

Class

A

(2)

266,291

14,925

OSI

Systems

Inc

(2)

1,226,537

29,559

PAR

Technology

Corp

(2),(3)

850,708

6,784

Plexus

Corp

(2)

667,546

47,467

Progress

Software

Corp

2,422,241

25,319

PROS

Holdings

Inc

(2)

631,709

38,081

Rackspace

Technology

Inc

(2),(3)

196,117

84,981

Ribbon

Communications

Inc

(2)

225,200

8,943

Rogers

Corp

(2)

2,104,556

30,939

Samsara

Inc,

Class

A

(2)

380,859

10,258

ShotSpotter

Inc

(2)

389,804

58,912

Sprinklr

Inc,

Class

A

(2)

544,936

24,452

SPS

Commerce

Inc

(2)

3,093,667

106,718

Switch

Inc,

Class

A

3,633,748

77,175

Teradata

Corp

(2)

2,437,958

75,019

Unisys

Corp

(2)

637,662

33,641

Universal

Display

Corp

3,203,296

57,138

Veeco

Instruments

Inc

(2)

1,041,626

4,357

Vishay

Precision

Group

Inc

(2)

147,049

177,420

Vontier

Corp

3,388,722

31,250

WEX

Inc

(2)

5,129,375

69,375

Wolfspeed

Inc

(2)

5,463,281

120,054

Xerox

Holdings

Corp

1,756,390

Total

Information

Technology

133,356,394

Materials

-

5.4%

117,233

Arconic

Corp

(2)

2,433,757

63,486

ATI

Inc

(2)

1,889,343

101,225

Avient

Corp

3,491,250

155,079

Axalta

Coating

Systems

Ltd

(2)

3,616,442

18,638

Clearwater

Paper

Corp

(2)

829,018

92,018

Coeur

Mining

Inc

(2)

347,828

30,764

Commercial

Metals

Co

1,399,762

37,519

Compass

Minerals

International

Inc

1,483,501

662,691

Ginkgo

Bioworks

Holdings

Inc

(2)

1,809,146

56,411

Glatfelter

Corp

159,643

12,711

Graphic

Packaging

Holding

Co

291,845

2,610

Greif

Inc,

Class

B

184,814

20,650

Hawkins

Inc

929,870

35,886

HB

Fuller

Co

2,501,613

27,502

Innospec

Inc

2,749,925

23,001

Koppers

Holdings

Inc

574,105

91,024

Louisiana-Pacific

Corp

5,156,510

22,705

Materion

Corp

1,946,046

34,986

Reliance

Steel

&

Aluminum

Co

7,048,979

7,044

Royal

Gold

Inc

668,898

19,492

Ryerson

Holding

Corp

653,957

33,687

Sensient

Technologies

Corp

2,407,273

31,999

Trinseo

PLC

602,221

197,535

Valvoline

Inc

5,799,628

Total

Materials

48,975,374

Real

Estate

-

6.8%

66,686

Alexander

&

Baldwin

Inc

1,299,043

45,027

Anywhere

Real

Estate

Inc

(2)

334,551

12,352

Armada

Hoffler

Properties

Inc

144,395

22,957

Brandywine

Realty

Trust

150,598

71

Shares

Description

(1)

Value

Real

Estate

(continued)

46,023

Brixmor

Property

Group

Inc

$

980,750

48,407

City

Office

REIT

Inc

514,082

89,130

Cousins

Properties

Inc

2,117,729

90,309

CubeSmart

3,781,238

24,348

Cushman

&

Wakefield

PLC

(2)

281,219

78,556

Douglas

Emmett

Inc

1,381,800

90,260

Easterly

Government

Properties

Inc

1,569,621

94,913

Elme

Communities

1,811,889

154,901

Empire

State

Realty

Trust

Inc,

Class

A

1,141,620

23,654

Federal

Realty

Investment

Trust

2,341,273

4,366

Highwoods

Properties

Inc

123,252

28,141

Hudson

Pacific

Properties

Inc

310,677

60,685

iStar

Inc

635,979

120,814

JBG

SMITH

Properties

2,377,620

136,667

Kennedy-Wilson

Holdings

Inc

2,270,039

115,603

Kilroy

Realty

Corp

4,940,872

52,011

Life

Storage

Inc

5,752,937

168,765

Macerich

Co

1,878,355

24,093

Marcus

&

Millichap

Inc

887,586

134,828

Outfront

Media

Inc

2,433,645

214,396

Park

Hotels

&

Resorts

Inc

2,804,300

12,081

Piedmont

Office

Realty

Trust

Inc,

Class

A

126,246

88,711

PotlatchDeltic

Corp

3,946,752

99,112

Rexford

Industrial

Realty

Inc

5,478,911

22,641

Ryman

Hospitality

Properties

Inc

2,013,238

61,299

SL

Green

Realty

Corp

2,432,344

35,834

St

Joe

Co

1,273,182

23,004

Tejon

Ranch

Co

(2)

389,688

260,438

Uniti

Group

Inc

2,020,999

124,746

Xenia

Hotels

&

Resorts

Inc

2,130,662

Total

Real

Estate

62,077,092

Utilities

-

2.3%

38,307

Clearway

Energy

Inc,

Class

A

1,238,465

90,809

Clearway

Energy

Inc,

Class

C

3,154,705

94,598

New

Jersey

Resources

Corp

4,222,855

92,073

NextEra

Energy

Partners

LP

6,819,847

39,684

Ormat

Technologies

Inc

(3)

3,589,418

114,336

Sunnova

Energy

International

Inc

(2)

2,119,789

Total

Utilities

21,145,079

Total

Common

Stocks

(cost

$966,696,421)

909,066,975

Shares

Description

(1)

Value

COMMON

STOCK

RIGHTS

-

0.0%

Health

Care

-

0.0%

18,959

Achillion

Pharmaceuticals

Inc

(4)

8,721

Total

Health

Care

8,721

Total

Common

Stock

Rights

(cost

$0)

8,721

Total

Long-Term

Investments

(cost

$966,696,421)

909,075,696

Nuveen

ESG

Small-Cap

ETF

(NUSC)

(continued)

Portfolio

of

Investments

72

Shares

Description

(1)

Coupon

Value

INVESTMENTS

PURCHASED

WITH

COLLATERAL

FROM

SECURITIES

LENDING

-

1.8%

MONEY

MARKET

FUNDS

-

1.8%

16,245,213

State

Street

Navigator

Securities

Lending

Government

Money

Market

Portfolio

(5)

3.120%(6)

$

16,245,213

Total

Investments

Purchased

with

Collateral

from

Securities

Lending

(cost

$16,245,213)

16,245,213

Total

Investments

(cost

$982,941,634

)

-

101.7%

925,320,909

Other

Assets

Less

Liabilities

-

(1.7)%

(15,493,224)

Net

Assets

-

100%

$

909,827,685

For

Fund

portfolio

compliance

purposes,

the

Fund’s

industry

classifications

refer

to

any

one

or

more

of

the

industry

sub-classifications

used

by

one

or

more

widely

recognized

market

indexes

or

ratings

group

indexes,

and/or

as

defined

by

Fund

management.

This

definition

may

not

apply

for

purposes

of

this

report,

which

may

combine

industry

sub-classifications

into

sectors

for

reporting

ease.

(1)

All

percentages

shown

in

the

Portfolio

of

Investments

are

based

on

net

assets.

(2)

Non-income

producing;

issuer

has

not

declared

an

ex-dividend

date

within

the

past

twelve

months.

(3)

Investment,

or

a

portion

of

investment,

is

out

on

loan

for

securities

lending.

The

total

value

of

the

securities

out

on

loan

as

of

the

end

of

the

reporting

period

was

$15,612,818.

(4)

For

fair

value

measurement

disclosure

purposes,

investment

classified

as

Level

3.

(5)

The

Fund

may

loan

securities

representing

up

to

one

third

of

the

market

value

of

its

total

assets

(which

includes

collateral

for

securities

on

loan)

to

broker

dealers,

banks,

and

other

institutions.

The

collateral

maintained

by

the

Fund

shall

have

a

market

value,

at

the

inception

of

each

loan,

equal

to

not

less

than

100%

of

the

market

value

of

the

loaned

securities.

The

cash

collateral

received

by

the

Fund

is

invested

in

this

money

market

fund.

(6)

The

rate

shown

is

the

one-day

yield

as

of

the

end

of

the

reporting

period.

REIT

Real

Estate

Investment

Trust

See

accompanying

notes

to

financial

statements

Statement

of

Assets

and

Liabilities

See

accompanying

notes

to

financial

statements.

73

NUDV

NUEM

NUDM

NULC

NULG

Assets

Long-term

investments,

at

value

†‡

$

8,206,263‌

$

177,660,304‌

$

266,420,145‌

$

24,282,833‌

$

776,551,156‌

Investments

purchased

with

collateral

from

securities

lending,

at

value

(cost

approximates

value)

–‌

17‌

121,772‌

Cash

15,452‌

512,618‌

352,860‌

280,052‌

17,011,204‌

Cash

denominated

in

foreign

currencies

^

–‌

7,099‌

10,952‌

–‌

Receivable

for

dividends

11,785‌

92,699‌

709,435‌

29,821‌

233,025‌

Receivable

for

Interest

–‌

11‌

–‌

Receivable

for

reclaims

160‌

1,346‌

328,033‌

700‌

13,895‌

Receivable

for

shares

sold

–‌

4,969,430‌

Other

assets

24‌

594‌

886‌

94‌

7,267‌

Total

assets

8,233,684‌

178,274,671‌

267,822,311‌

24,593,517‌

798,907,749‌

Liabilities

Payable

for

collateral

from

securities

lending

–‌

17‌

121,772‌

Payable

for

investments

purchased

-

regular

settlement

–‌

4,861,169‌

Payable

for

capital

gains

tax

–‌

478,528‌

–‌

Accrued

expenses:

Management

fees

1,535‌

50,495‌

60,892‌

3,720‌

149,756‌

Professional

fees

63‌

1,392‌

2,093‌

190‌

6,148‌

Trustees

fees

68‌

1,777‌

2,574‌

238‌

7,682‌

Other

23‌

128,748‌

827‌

95‌

7,268‌

Total

liabilities

1,689‌

660,940‌

66,386‌

4,260‌

5,153,795‌

Net

assets

$

8,231,995‌

$

177,613,731‌

$

267,755,925‌

$

24,589,257‌

$

793,753,954‌

Shares

outstanding

350,000‌

7,800,000‌

11,400,000‌

750,000‌

16,100,000‌

Net

asset

value

("NAV")

per

share

$

23.52‌

$

22.77‌

$

23.49‌

$

32.79‌

$

49.30‌

Net

assets

consist

of:

Capital

paid-in

8,470,370‌

235,226,

146‌

316,605,458‌

23,088,679‌

886,047,338‌

Total

distributable

earnings

(loss)

(238,375‌)

(57,612,415‌)

(48,849,533‌)

1,500,578‌

(92,293,384‌)

Net

assets

$

8,231,995‌

$

177,613,731‌

$

267,755,925‌

$

24,589,257‌

$

793,753,954‌

Authorized

shares

Unlimited

Par

value

per

share

$

0.01‌

$

0.01‌

$

0.01‌

$

0.01‌

$

0.01‌

†

Long-term

investments,

cost

$

8,497,099‌

$

216,392,685‌

$

304,851,117‌

$

23,297,574‌

$

845,473,830‌

‡

Includes

securities

loaned

of

$

—‌

$

—‌

$

—‌

$

16‌

$

113,117‌

^ Cash

denominated

in

foreign

currencies,

cost

$

—‌

$

7,099‌

$

11,025‌

$

—‌

$

—‌

Statement

of

Assets

and

Liabilities

(continued)

See

accompanying

notes

to

financial

statements.

74

NULV

NUMG

NUMV

NUSC

Assets

Long-term

investments,

at

value

†‡

$

1,528,806,879‌

$

312,611,040‌

$

310,136,672‌

$

909,075,696‌

Investments

purchased

with

collateral

from

securities

lending,

at

value

(cost

approximates

value)

1,274,456‌

1,544,748‌

–‌

16,245,213‌

Cash

1,949,917‌

385,587‌

583,646‌

788,234‌

Receivable

for

dividends

2,408,654‌

–‌

371,123‌

140,687‌

Receivable

for

investments

sold

15,386,685‌

–‌

Receivable

for

reclaims

25,921‌

–‌

5,089‌

–‌

Receivable

for

securities

lending

income

435‌

22,643‌

–‌

44,370‌

Other

assets

11,124‌

3,311‌

2,632‌

9,706‌

Total

assets

1,549,864,071‌

314,567,329‌

311,099,162‌

926,303,906‌

Liabilities

Payable

for

collateral

from

securities

lending

1,274,456‌

1,544,748‌

–‌

16,245,213‌

Payable

for

investments

purchased

-

regular

settlement

1,533,123‌

–‌

358,141‌

–‌

Payable

for

shares

redeemed

15,416,145‌

–‌

Accrued

expenses:

Management

fees

288,710‌

71,064‌

70,032‌

206,610‌

Professional

fees

11,773‌

2,379‌

2,388‌

6,956‌

Trustees

fees

14,709‌

3,149‌

3,028‌

8,751‌

Other

11,506‌

2,583‌

1,446‌

8,691‌

Total

liabilities

18,550,422‌

1,623,923‌

435,035‌

16,476,221‌

Net

assets

$

1,531,313,649‌

$

312,943,406‌

$

310,664,127‌

$

909,827,685‌

Shares

outstanding

44,700,000‌

9,100,000‌

10,000,000‌

25,600,000‌

Net

asset

value

("NAV")

per

share

$

34.26‌

$

34.39‌

$

31.07‌

$

35.54‌

Net

assets

consist

of:

Capital

paid-in

1,576,729,986‌

393,227,583‌

309,947,645‌

981,340,234‌

Total

distributable

earnings

(loss)

(45,416,337‌)

(80,284,177‌)

716,482‌

(71,512,549‌)

Net

assets

$

1,531,313,649‌

$

312,943,406‌

$

310,664,127‌

$

909,827,685‌

Authorized

shares

Unlimited

Par

value

per

share

$

0.01‌

$

0.01‌

$

0.01‌

$

0.01‌

†

Long-term

investments,

cost

$

1,549,971,488‌

$

364,528,144‌

$

325,080,126‌

$

966,696,421‌

‡

Includes

securities

loaned

of

$

1,229,645‌

$

1,517,974‌

$

—‌

$

15,612,818‌

Statement

of

Operations

See

accompanying

notes

to

financial

statements.

75

NUDV

NUEM

NUDM

NULC

NULG

Investment

Income

Dividends

$

172,218‌

$

5,007,594‌

$

7,719,347‌

$

430,687‌

$

5,799,922‌

Interest

277‌

5,066‌

3,161‌

429‌

7,604‌

Securities

lending

income,

net

54‌

883‌

—‌

1‌

4,092‌

Foreign

tax

withheld

on

dividend

income

(123‌)

(580,773‌)

(727,920‌)

(139‌)

—‌

Total

investment

income

172,426‌

4,432,770‌

6,994,588‌

430,978‌

5,811,618‌

Expenses

Management

fees

15,532‌

553,163‌

649,240‌

53,873‌

2,095,797‌

Professional

fees

135‌

3,510‌

4,894‌

603‌

18,802‌

Trustees

fees

185‌

5,261‌

7,304‌

861‌

27,836‌

Other

—‌

788‌

50‌

—‌

Total

expenses

15,852‌

562,722‌

661,488‌

55,337‌

2,142,435‌

Net

investment

income

(loss)

156,574‌

3,870,048‌

6,333,100‌

375,641‌

3,669,183‌

Realized

and

Unrealized

Gain

(Loss)

Net

realized

gain

(loss)

from

investments

and

foreign

currency*

37,968‌

(15,593,661‌)

(13,243,494‌)

229,868‌

(25,648,343‌)

Net

realized

gain

(loss)

from

in-kind

redemptions

—‌

17,149,085‌

Change

in

net

unrealized

appreciation

(depreciation)

of

investments

and

foreign

currency**

(418,823‌)

(51,263,329‌)

(52,796,445‌)

(6,605,084‌)

(275,556,909‌)

Net

realized

and

unrealized

gain

(loss)

(380,855‌)

(66,856,990‌)

(66,039,939‌)

(6,375,216‌)

(284,056,167‌)

Net

increase

(decrease)

in

net

assets

from

operations

$

(224,281‌)

$

(62,986,942‌)

$

(59,706,839‌)

$

(5,999,575‌)

$

(280,386,984‌)

*

Net

of

foreign

capital

gains

tax

$

—‌

$

(4,648‌)

$

—‌

$

—‌

$

—‌

**

Net

of

change

in

foreign

capital

gains

tax

$

—‌

$

(240,171‌)

$

—‌

$

—‌

$

—‌

Statement

of

Operations

(continued)

See

accompanying

notes

to

financial

statements.

76

NULV

NUMG

NUMV

NUSC

Investment

Income

Dividends

$

33,332,243‌

$

1,452,853‌

$

7,128,058‌

$

12,581,040‌

Interest

15,765‌

2,897‌

2,617‌

14,295‌

Securities

lending

income,

net

20,020‌

70,257‌

631‌

625,493‌

Foreign

tax

withheld

on

dividend

income

(32,911‌)

—‌

(9,154‌)

Total

investment

income

33,335,117‌

1,526,007‌

7,131,306‌

13,211,674‌

Expenses

Management

fees

3,456,517‌

1,044,482‌

921,371‌

3,068,765‌

Professional

fees

31,245‌

7,685‌

6,696‌

22,426‌

Trustees

fees

47,246‌

11,513‌

9,959‌

33,551‌

Total

expenses

3,535,008‌

1,063,680‌

938,026‌

3,124,742‌

Net

investment

income

(loss)

29,800,109‌

462,327‌

6,193,280‌

10,086,932‌

Realized

and

Unrealized

Gain

(Loss)

Net

realized

gain

(loss)

from

investments

(50,796,316‌)

(29,065,746‌)

10,623,938‌

(21,823,871‌)

Net

realized

gain

(loss)

from

in-kind

redemptions

72,474,965‌

5,344,146‌

3,758,450‌

40,091,623‌

Change

in

net

unrealized

appreciation

(depreciation)

of

investments

(182,958,927‌)

(120,677,264‌)

(67,182,054‌)

(224,243,139‌)

Net

realized

and

unrealized

gain

(loss)

(161,280,278‌)

(144,398,864‌)

(52,799,666‌)

(205,975,387‌)

Net

increase

(decrease)

in

net

assets

from

operations

$

(131,480,169‌)

$

(143,936,537‌)

$

(46,606,386‌)

$

(195,888,455‌)

Statement

of

Changes

in

Net

Assets

See

accompanying

notes

to

financial

statements.

77

NUDV

NUEM

Year

Ended

10/31/22

For

the

period

9/27/21

(commencement

of

operations)

through

10/31/21

Year

Ended

10/31/22

Year

Ended

10/31/21

Operations

Net

investment

income

(loss)

$

156,574‌

$

9,824‌

$

3,870,048‌

$

1,364,689‌

Net

realized

gain

(loss)

from

investments

and

foreign

currency

37,968‌

(745‌)

(15,593,661‌)

4,176,730‌

Change

in

unrealized

appreciation

(depreciation)

of

investments

and

foreign

currency

(418,823‌)

127,987‌

(51,263,329‌)

3,168,035‌

Net

increase

(decrease)

in

net

assets

from

operations

(224,281‌)

137,066‌

(62,986,942‌)

8,709,454‌

Distributions

to

Shareholders

Dividends

(151,160‌)

–‌

(3,002,760‌)

(843,800‌)

Decrease

in

net

assets

from

distributions

to

shareholders

(151,160)

–

(3,002,760)

(843,800)

Fund

Share

Transactions

Proceeds

from

sale

of

shares

3,470,370‌

5,000,000‌

120,707,881‌

68,334,486‌

Net

increase

(decrease)

in

net

assets

from

Fund

share

transactions

3,470,370‌

5,000,000‌

120,707,881‌

68,334,486‌

Net

increase

(decrease)

in

net

assets

3,094,929‌

5,137,066‌

54,718,179‌

76,200,140‌

Net

assets

at

the

beginning

of

period

5,137,066‌

–‌

122,895,552‌

46,695,412‌

Net

assets

at

the

end

of

period

$

8,231,995‌

$

5,137,066‌

$

177,613,731‌

$

122,895,552‌

See

accompanying

notes

to

financial

statements.

78

NUDM

NULC

Year

Ended

10/31/22

Year

Ended

10/31/21

Year

Ended

10/31/22

Year

Ended

10/31/21

Operations

Net

investment

income

(loss)

$

6,333,100‌

$

3,505,041‌

$

375,641‌

$

283,914‌

Net

realized

gain

(loss)

from

investments

and

foreign

currency

(13,243,494‌)

5,484,486‌

229,868‌

1,580,986‌

Change

in

unrealized

appreciation

(depreciation)

of

investments

and

foreign

currency

(52,796,445‌)

15,607,992‌

(6,605,084‌)

6,333,223‌

Net

increase

(decrease)

in

net

assets

from

operations

(59,706,839‌)

24,597,519‌

(5,999,575‌)

8,198,123‌

Distributions

to

Shareholders

Dividends

(7,207,380‌)

(1,159,650‌)

(1,900,650‌)

(781,000‌)

Decrease

in

net

assets

from

distributions

to

shareholders

(7,207,380)

(1,159,650)

(1,900,650)

(781,000)

Fund

Share

Transactions

Proceeds

from

sale

of

shares

173,167,233‌

84,544,985‌

2,154,555‌

5,838,745‌

Net

increase

(decrease)

in

net

assets

from

Fund

share

transactions

173,167,233‌

84,544,985‌

2,154,555‌

5,838,745‌

Net

increase

(decrease)

in

net

assets

106,253,014‌

107,982,854‌

(5,745,670‌)

13,255,868‌

Net

assets

at

the

beginning

of

period

161,502,911‌

53,520,057‌

30,334,927‌

17,079,059‌

Net

assets

at

the

end

of

period

$

267,755,925‌

$

161,502,911‌

$

24,589,257‌

$

30,334,927‌

See

accompanying

notes

to

financial

statements.

79

NULG

NULV

Year

Ended

10/31/22

Year

Ended

10/31/21

Year

Ended

10/31/22

Year

Ended

10/31/21

Operations

Net

investment

income

(loss)

$

3,669,183‌

$

705,723‌

$

29,800,109‌

$

18,945,374‌

Net

realized

gain

(loss)

from

investments

(25,648,343‌)

45,147,470‌

(50,796,316‌)

42,375,369‌

Net

realized

gain

(loss)

from

in-kind

redemptions

17,149,085‌

33,580,463‌

72,474,965‌

16,717,581‌

Change

in

unrealized

appreciation

(depreciation)

of

investments

(275,556,909‌)

162,316,822‌

(182,958,927‌)

170,642,340‌

Net

increase

(decrease)

in

net

assets

from

operations

(280,386,984‌)

241,750,478‌

(131,480,169‌)

248,680,664‌

Distributions

to

Shareholders

Dividends

(47,021,850‌)

(11,336,250‌)

(56,331,080‌)

(9,383,400‌)

Decrease

in

net

assets

from

distributions

to

shareholders

(47,021,850)

(11,336,250)

(56,331,080)

(9,383,400)

Fund

Share

Transactions

Proceeds

from

sale

of

shares

236,696,565‌

462,008,315‌

970,444,575‌

466,092,655‌

Cost

of

shares

redeemed

(58,409,625‌)

(94,249,625‌)

(427,932,540‌)

(64,004,845‌)

Net

increase

(decrease)

in

net

assets

from

Fund

share

transactions

178,286,940‌

367,758,690‌

542,512,035‌

402,087,810‌

Net

increase

(decrease)

in

net

assets

(149,121,894‌)

598,172,918‌

354,700,786‌

641,385,074‌

Net

assets

at

the

beginning

of

period

942,875,848‌

344,702,930‌

1,176,612,863‌

535,227,789‌

Net

assets

at

the

end

of

period

$

793,753,954‌

$

942,875,848‌

$

1,531,313,649‌

$

1,176,612,863‌

See

accompanying

notes

to

financial

statements.

80

NUMG

NUMV

Year

Ended

10/31/22

Year

Ended

10/31/21

Year

Ended

10/31/22

Year

Ended

10/31/21

Operations

Net

investment

income

(loss)

$

462,327‌

$

(180,804‌)

$

6,193,280‌

$

3,242,523‌

Net

realized

gain

(loss)

from

investments

(29,065,746‌)

47,003,207‌

10,623,938‌

20,277,055‌

Net

realized

gain

(loss)

from

in-kind

redemptions

5,344,146‌

3,709,342‌

3,758,450‌

–‌

Change

in

unrealized

appreciation

(depreciation)

of

investments

(120,677,264‌)

40,699,813‌

(67,182,054‌)

47,745,906‌

Net

increase

(decrease)

in

net

assets

from

operations

(143,936,537‌)

91,231,558‌

(46,606,386‌)

71,265,484‌

Distributions

to

Shareholders

Dividends

(46,745,770‌)

(9,360,450‌)

(18,456,730‌)

(2,019,540‌)

Decrease

in

net

assets

from

distributions

to

shareholders

(46,745,770)

(9,360,450)

(18,456,730)

(2,019,540)

Fund

Share

Transactions

Proceeds

from

sale

of

shares

144,225,425‌

135,917,590‌

112,559,015‌

88,264,440‌

Cost

of

shares

redeemed

(41,476,430‌)

(10,127,755‌)

(13,583,080‌)

–‌

Net

increase

(decrease)

in

net

assets

from

Fund

share

transactions

102,748,995‌

125,789,835‌

98,975,935‌

88,264,440‌

Net

increase

(decrease)

in

net

assets

(87,933,312‌)

207,660,943‌

33,912,819‌

157,510,384‌

Net

assets

at

the

beginning

of

period

400,876,718‌

193,215,775‌

276,751,308‌

119,240,924‌

Net

assets

at

the

end

of

period

$

312,943,406‌

$

400,876,718‌

$

310,664,127‌

$

276,751,308‌

See

accompanying

notes

to

financial

statements.

81

NUSC

Year

Ended

10/31/22

Year

Ended

10/31/21

Operations

Net

investment

income

(loss)

$

10,086,932‌

$

6,840,586‌

Net

realized

gain

(loss)

from

investments

(21,823,871‌)

71,288,449‌

Net

realized

gain

(loss)

from

in-kind

redemptions

40,091,623‌

1,716,397‌

Change

in

unrealized

appreciation

(depreciation)

of

investments

(224,243,139‌)

134,772,548‌

Net

increase

(decrease)

in

net

assets

from

operations

(195,888,455‌)

214,617,980‌

Distributions

to

Shareholders

Dividends

(77,261,695‌)

(2,657,985‌)

Decrease

in

net

assets

from

distributions

to

shareholders

(77,261,695)

(2,657,985)

Fund

Share

Transactions

Proceeds

from

sale

of

shares

250,807,675‌

528,600,519‌

Cost

of

shares

redeemed

(174,195,465‌)

(3,828,860‌)

Net

increase

(decrease)

in

net

assets

from

Fund

share

transactions

76,612,210‌

524,771,659‌

Net

increase

(decrease)

in

net

assets

(196,537,940‌)

736,731,654‌

Net

assets

at

the

beginning

of

period

1,106,365,625‌

369,633,971‌

Net

assets

at

the

end

of

period

$

909,827,685‌

$

1,106,365,625‌

Financial

Highlights

82

The

Funds'

fiscal

year

end

is

October

31st.

The

following

data

is

for

a

share

outstanding

for

each

fiscal

year

end

unless

otherwise

noted:

Investment

Operations

Less

Distributions

Beginning

NAV

Net

Investment

Income

(NII)

(Loss)(a)

Net

Realized

/Unrealized

Gain

(Loss)

Total

From

NII

From

Accumulated

Net

Realized

Gains

Total

Ending

NAV

Ending

Market

Price

NUDV

2022

$

25.69

$

0.62

$

(2.21)

$

(1.59)

$

(0.58)

$

—

$

(0.58)

$

23.52

$

23.52

2021(d)

25.00

0.05

0.64

0.69

—

25.69

25.71

NUEM

2022

34.14

0.69

(11.27)

(10.58)

(0.38)

(0.41)

(0.79)

22.77

22.71

2021

29.18

0.52

4.86

5.38

(0.42)

—

(0.42)

34.14

34.15

2020

25.57

0.40

3.75

4.15

(0.54)

—

(0.54)

29.18

29.37

2019

23.78

0.58

1.70

2.28

(0.49)

—

(0.49)

25.57

25.71

2018

27.69

0.59

(4.31)

(3.72)

(0.18)

(0.01)

(0.19)

23.78

23.92

NUDM

2022

32.30

0.78

(8.26)

(7.48)

(0.88)

(0.45)

(1.33)

23.49

23.51

2021

24.33

0.98

7.42

8.40

(0.43)

—

(0.43)

32.30

32.53

2020

26.74

0.54

(2.03)

(1.49)

(0.92)

—

(0.92)

24.33

24.50

2019

24.10

0.75

2.44

3.19

(0.55)

—

(0.55)

26.74

26.86

2018

26.39

0.71

(2.87)

(2.16)

(0.12)

(0.01)

(0.13)

24.10

24.12

NULC

2022

43.34

0.51

(8.52)

(8.01)

(0.43)

(2.11)

(2.54)

32.79

32.82

2021

31.05

0.46

13.25

13.71

(0.48)

(0.94)

(1.42)

43.34

43.39

2020

28.01

0.53

2.74

3.27

(0.21)

(0.02)

(0.23)

31.05

30.95

2019(f)

24.96

0.19

2.86

3.05

—

28.01

27.99

NULG

2022

71.98

0.25

(19.45)

(19.20)

(0.14)

(3.34)

(3.48)

49.30

2021

49.60

0.07

23.82

23.89

(0.11)

(1.40)

(1.51)

71.98

72.01

2020

38.97

0.18

10.91

11.09

(0.20)

(0.26)

(0.46)

49.60

49.54

2019

33.84

0.29

5.96

6.25

(0.24)

(0.88)

(1.12)

38.97

39.00

2018

30.47

0.25

3.31

3.56

(0.09)

(0.10)

(0.19)

33.84

33.87

(a)

Per

share

Net

Investment

Income

(Loss)

is

calculated

using

the

average

daily

shares

method.

(b)

Total

Return

Based

on

NAV

reflects

the

change

in

NAV

over

the

period,

including

the

assumed

reinvestment

of

distributions,

if

any,

at

NAV

on

each

ex-dividend

payment

date

during

the

period.

Total

Return

Based

on

Market

Price

reflects

the

change

in

the

market

price

per

share

over

the

period,

including

the

assumed

reinvestment

of

distributions,

if

any,

at

the

ending

market

price

per

share

on

each

ex-dividend

payment

date

during

the

period.

Total

returns

are

not

annualized.

(c)

Portfolio

Turnover

Rate

is

calculated

based

on

the

lesser

of

long-term

purchases

or

sales

(as

disclosed

in

Note

4

-

Portfolio

Securities

and

Investments

in

Derivatives)

divided

by

the

average

long-term

market

value

during

the

period.

Portfolio

Turnover

Rate

excludes

securities

received

or

delivered

as

a

result

of

processing

in-kind

creations

or

redemptions

of

Fund

shares

(as

disclosed

in

Note

5

-

Fund

Shares).

(d)

For

the

period

September

27,

2021

(commencement

of

operations)

through

2021.

(e)

Annualized.

(f)

For

the

period

June

3,

2019

(commencement

of

operations)

through

2019.

See

accompanying

notes

to

financial

statements.

83

Ratios/Supplemental

Data

Total

Return

Ratios

to

Average

Net

Assets

Based

on

NAV(b)

Based

on

Market

Price(b)

Ending

Net

Assets

(000)

Expenses

NII

(Loss)

Portfolio

Turnover

Rate(c)

(6.22)

%

(6.31)

%

$

8,232

0.26‌

%

2.52‌

%

76

%

2.74

2.85

5,137

0.25‌

(e)

2.04‌

(e)

0

(31.62)

(31.88)

177,614

0.36‌

2.45‌

63

18.45

17.77

122,896

0.44‌

1.49‌

61

16.41

16.47

46,695

0.45‌

1.56‌

81

9.68

9.70

56,255

0.45‌

2.30‌

53

(13.55)

(14.18)

35,676

0.45‌

2.12‌

65

(24.17)

(24.57)

267,756

0.31‌

2.93‌

62

34.83

34.73

161,503

0.39‌

3.16‌

64

(5.91)

(5.67)

53,520

0.40‌

2.17‌

66

13.71

14.10

66,853

0.40‌

3.03‌

57

(8.25)

(8.79)

43,384

0.40‌

2.71‌

56

(19.57)

(19.59)

24,589

0.21‌

1.39‌

57

45.28

45.91

30,335

0.20‌

1.20‌

49

11.71

11.43

17,079

0.20‌

1.81‌

61

12.22

12.14

8,403

0.20‌

(e)

1.75‌

(e)

9

(27.90)

(27.94)

793,754

0.26‌

0.44‌

80

49.04

49.29

942,876

0.34‌

0.11‌

66

28.66

28.42

344,703

0.35‌

0.39‌

86

19.57

19.53

83,789

0.35‌

0.82‌

61

11.70

11.61

59,212

0.35‌

0.73‌

65

84

Financial

Highlights

(continued)

The

Funds'

fiscal

year

end

is

October

31st.

The

following

data

is

for

a

share

outstanding

for

each

fiscal

year

end

unless

otherwise

noted:

Investment

Operations

Less

Distributions

Beginning

NAV

Net

Investment

Income

(NII)

(Loss)(a)

Net

Realized

/Unrealized

Gain

(Loss)

Total

From

NII

From

Accumulated

Net

Realized

Gains

Total

Ending

NAV

Ending

Market

Price

NULV

2022

$

39.42

$

0.77

$

(

4.17

)

$

(

3.40

)

$

(

0.63

)

$

(

1.13

)

$

(

1.76

)

$

34.26

$

34.30

2021

28.62

0.77

10.50

11.27

(

0.47

)

—

(

0.47

)

39.42

39.44

2020

31.52

0.77

(

3.19

)

(

2.42

)

(

0.48

)

—

(

0.48

)

28.62

28.65

2019

28.75

0.74

3.00

3.74

(

0.57

)

(

0.40

)

(

0.97

)

31.52

2018

27.83

0.71

0.56

1.27

(

0.27

)

(

0.08

)

(

0.35

)

28.75

28.80

NUMG

2022

57.68

0.05

(

17.07

)

(

17.02

)

(

0.01

)

(

6.26

)

(

6.27

)

34.39

34.42

2021

42.94

(

0.03

)

16.66

16.63

(

0.02

)

(

1.87

)

(

1.89

)

57.68

57.71

2020

33.26

0.03

9.75

9.78

(

0.10

)

—

(

0.10

)

42.94

42.83

2019

29.93

0.06

4.62

4.68

(

0.06

)

(

1.29

)

(

1.35

)

33.26

33.32

2018

28.44

0.07

1.58

1.65

(

0.04

)

(

0.12

)

(

0.16

)

29.93

30.12

NUMV

2022

38.44

0.68

(

5.61

)

(

4.93

)

(

0.48

)

(

1.96

)

(

2.44

)

31.07

31.10

2021

25.64

0.54

12.68

13.22

(

0.42

)

—

(

0.42

)

38.44

38.50

2020

29.50

0.57

(

3.71

)

(

3.14

)

(

0.72

)

—

(

0.72

)

25.64

25.67

2019

27.04

0.64

2.78

3.42

(

0.62

)

(

0.34

)

(

0.96

)

29.50

29.57

2018

27.00

0.65

(

0.38

)

0.27

(

0.19

)

(

0.04

)

(

0.23

)

27.04

27.09

NUSC

2022

45.25

0.37

(

7.12

)

(

6.75

)

(

0.32

)

(

2.64

)

(

2.96

)

35.54

35.58

2021

30.68

0.36

14.41

14.77

(

0.20

)

—

(

0.20

)

45.25

45.27

2020

29.65

0.28

1.03

1.31

(

0.28

)

—

(

0.28

)

30.68

30.74

2019

28.23

0.34

2.06

2.40

(

0.27

)

(

0.71

)

(

0.98

)

29.65

29.70

2018

27.84

0.35

0.30

0.65

(

0.18

)

(

0.08

)

(

0.26

)

28.23

28.27

(a)

Per

share

Net

Investment

Income

(Loss)

is

calculated

using

the

average

daily

shares

method.

(b)

Total

Return

Based

on

NAV

reflects

the

change

in

NAV

over

the

period,

including

the

assumed

reinvestment

of

distributions,

if

any,

at

NAV

on

each

ex-dividend

payment

date

during

the

period.

Total

Return

Based

on

Market

Price

reflects

the

change

in

the

market

price

per

share

over

the

period,

including

the

assumed

reinvestment

of

distributions,

if

any,

at

the

ending

market

price

per

share

on

each

ex-dividend

payment

date

during

the

period.

Total

returns

are

not

annualized.

(c)

Portfolio

Turnover

Rate

is

calculated

based

on

the

lesser

of

long-term

purchases

or

sales

(as

disclosed

in

Note

4

-

Portfolio

Securities

and

Investments

in

Derivatives)

divided

by

the

average

long-term

market

value

during

the

period.

Portfolio

Turnover

Rate

excludes

securities

received

or

delivered

as

a

result

of

processing

in-kind

creations

or

redemptions

of

Fund

shares

(as

disclosed

in

Note

5

-

Fund

Shares).

See

accompanying

notes

to

financial

statements.

85

Ratios/Supplemental

Data

Total

Return

Ratios

to

Average

Net

Assets

Based

on

NAV(b)

Based

on

Market

Price(b)

Ending

Net

Assets

(000)

Expenses

NII

(Loss)

Portfolio

Turnover

Rate(c)

(

9

.09

)

%

(

9

.03

)

%

$

1,531,314

0

.26‌

%

2

.15‌

%

68

%

39

.68

39

.63

1,176,613

0

.34‌

2

.13‌

59

(

7

.87

)

(

7

.78

)

535,228

0

.35‌

2

.63‌

38

13

.80

13

.59

94,569

0

.35‌

2

.51‌

66

4

.57

4

.56

45,995

0

.35‌

2

.46‌

59

(

32

.50

)

(

32

.48

)

312,943

0

.31‌

0

.13‌

84

39

.51

39

.92

400,877

0

.39‌

(

0

.06‌

)

83

29

.43

28

.90

193,216

0

.40‌

0

.08‌

94

16

.93

16

.41

53,222

0

.40‌

0

.19‌

67

5

.84

6

.41

49,388

0

.40‌

0

.23‌

60

(

13

.71

)

(

13

.76

)

310,664

0

.31‌

2

.02‌

77

51

.97

52

.06

276,751

0

.39‌

1

.57‌

67

(

10

.98

)

(

11

.11

)

119,241

0

.40‌

2

.25‌

72

13

.51

13

.57

54,573

0

.40‌

2

.31‌

70

0

.97

1

.13

47,318

0

.40‌

2

.30‌

69

(

15

.68

)

(

15

.63

)

909,828

0

.31‌

0

.99‌

71

48

.28

48

.03

1,106,366

0

.39‌

0

.85‌

60

4

.40

4

.44

369,634

0

.40‌

0

.98‌

54

9

.24

9

.26

167,515

0

.40‌

1

.17‌

32

2

.32

2

.30

80,447

0

.40‌

1

.17‌

54

86

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

ESG

Dividend

ETF

(NUDV),

Nuveen

ESG

Emerging

Markets

Equity

ETF

(NUEM),

Nuveen

ESG

International

Developed

Markets

Equity

ETF

(NUDM),

Nuveen

ESG

Large-Cap

ETF

(NULC),

Nuveen

ESG

Large-Cap

Growth

ETF

(NULG),

Nuveen

ESG

Large-Cap

Value

ETF

(NULV),

Nuveen

ESG

Mid-Cap

Growth

ETF

(NUMG),

Nuveen

ESG

Mid-Cap

Value

ETF

(NUMV)

and

Nuveen

ESG

Small-Cap

ETF

(NUSC)

(each

a

“Fund”

and

collectively,

the

“Funds”),

as

diversified

funds,

among

others.

The

Trust

was

organized

as

a

Massachusetts

business

trust

on

February

20,

2015.

Shares

of

the

Funds

are

listed

and

traded

on

the

Cboe

BZX.

Exchange,

Inc.

(the

“Exchange”).

Current

Fiscal

Period

The

end

of

the

reporting

period

for

the

Funds

is

2022,

and

the

period

covered

by

these

Notes

to

Financial

Statements

is

the

fiscal

year

ended

(the

"current

fiscal

period").

Investment

Adviser

and

Sub-Adviser

The

Funds’

investment

adviser

is

Nuveen

Fund

Advisors,

LLC

(the

“Adviser”),

a

subsidiary

of

Nuveen,

LLC

(“Nuveen”).

Nuveen

is

the

investment

management

arm

of

Teachers

Insurance

and

Annuity

Association

of

America

(“TIAA”).

The

Adviser

has

overall

responsibility

for

management

of

the

Funds,

oversees

the

management

of

the

Funds’

portfolios,

manages

the

Funds’

business

affairs

and

provides

certain

clerical,

bookkeeping

and

other

administrative

services.

The

Adviser

has

entered

into

a

sub-advisory

agreement

with

Teachers

Advisors,

LLC

(the

“Sub-Adviser”),

an

affiliate

of

the

Adviser,

under

which

the

Sub-Adviser

manages

the

investment

portfolios

of

the

Funds.

Other

Matters

The

outbreak

of

the

novel

coronavirus

(“COVID-19”)

and

subsequent

global

pandemic

began

significantly

impacting

the

U.S.

and

global

financial

markets

and

economies

during

the

calendar

quarter

ended

March

2020.

The

worldwide

spread

of

COVID-19

has

created

significant

uncertainty

in

the

global

economy.

The

duration

and

extent

of

COVID-19

over

the

long-term

cannot

be

reasonably

estimated

at

this

time.

The

ultimate

impact

of

COVID-19

and

the

extent

to

which

COVID-19

impacts

the

Funds’

normal

course

of

business,

results

of

operations,

investments,

and

cash

flows

will

depend

on

future

developments,

which

are

highly

uncertain

and

difficult

to

predict.

Management

continues

to

monitor

and

evaluate

this

situation.

2.

Significant

Accounting

Policies

The

accompanying

financial

statements

were

prepared

in

accordance

with

accounting

principles

generally

accepted

in

the

United

States

of

America

(“U.S.

GAAP”),

which

may

require

the

use

of

estimates

made

by

management

and

the

evaluation

of

subsequent

events.

Actual

results

may

differ

from

those

estimates. Each

Fund

is

an

investment

company

and

follows

accounting

guidance

in

the

Financial

Accounting

Standards

Board

(“FASB”)

Accounting

Standards

Codification

946,

Financial

Services

–

Investment

Companies.

The

net

asset

value

(“NAV”)

for

financial

reporting

purposes

may

differ

from

the

NAV

for

processing

security

and

shareholder

transactions.

The

NAV

for

financial

reporting

purposes

includes

security

and

shareholder

transactions

through

the

date

of

the

report.

Total

return

is

computed

based

on

the

NAV

used

for

processing

security

and

shareholder

transactions.

The

following

is

a

summary

of

the

significant

accounting

policies

consistently

followed

by

the

Funds.

Compensation

The Trust

pays

no

compensation

directly

to

those

of

its

trustees

or

to

its

officers,

all

of

whom

receive

remuneration

for

their

services

to the

Trust

from

the

Adviser

or

its

affiliates.

The

Funds'

Board

of Trustees

(the

"Board") has

adopted

a

deferred

compensation

plan

for

independent

trustees

that

enables

trustees

to

elect

to

defer

receipt

of

all

or

a

portion

of

the

annual

compensation

they

are

entitled

to

receive

from

certain

Nuveen-advised

funds.

Under

the

plan,

deferred

amounts

are

treated

as

though

equal

dollar

amounts

had

been

invested

in

shares

of

select

Nuveen-advised

funds.

Distributions

to

Shareholders

Distributions

to

shareholders

are

recorded

on

the

ex-dividend

date.

The

amount,

character

and

timing

of

distributions

are

determined

in

accordance

with

federal

income

tax

regulations,

which

may

differ

from

U.S.

GAAP.

Foreign

Currency

Transactions

and

Translation

The

books

and

records

of

the

Funds

are

maintained

in

U.S.

dollars.

Assets,

including

investments,

and

liabilities

denominated

in

foreign

currencies

are

translated

into

U.S.

dollars

at

the

end

of

each

day.

Purchases

and

sales

of

securities,

income

and

expenses

are

translated

into

U.S.

dollars

at

the

prevailing

exchange

rate

on

the

respective

dates

of

the

transactions.

Net

realized

foreign

currency

gains

and

losses

resulting

from

changes

in

exchange

rates

associated

with

(i)

foreign

currency,

(ii)

investments

and

(iii)

derivatives

include

foreign

currency

gains

and

losses

between

trade

date

and

settlement

date

of

the

transactions,

foreign

currency

transactions,

and

the

difference

between

the

amounts

of

interest

and

dividends

recorded

on

the

books

of

the

Funds

and

the

amounts

actually

received

are

recognized

as

a

component

of

“Net

realized

gain

(loss)

from

investments

and

foreign

currency”

on

the

Statement

of

Operations,

when

applicable.

87

The

unrealized

gains

and

losses

resulting

from

changes

in

foreign

currency

exchange

rates

and

changes

in

foreign

exchange

rates

associated

with

(i)

investments

and

(ii)

other

assets

and

liabilities

are

recognized

as

a

component

of

“Change

in

net

unrealized

appreciation

(depreciation)

of

investments

and

foreign

currency”

on

the

Statement

of

Operations,

when

applicable.

The

unrealized

gains

and

losses

resulting

from

changes

in

foreign

exchange

rates

associated

with

investments

in

derivatives

are

recognized

as

a

component

of

the

respective

derivative’s

in

net

unrealized

appreciation

(depreciation)”

on

the

Statement

of

Operations,

when

applicable.

As

of

the

end

of

the

reporting

period,

the

following

Funds'

investments

in

non-U.S.

securities

were

as

follows:

Foreign

Taxes

The

Funds

may

be

subject

to

foreign

taxes

on

income,

gains,

on

investments

or

foreign

currency

repatriation,

a

portion

of

which

may

be

recoverable.

The

Funds

will

accrue

such

taxes

and

recoveries

as

applicable,

based

upon

the

current

interpretation

of

tax

rules

and

regulations

that

exist

in

the

markets

in

which

the

Funds

invest.

Indemnifications

Under

the

Trust’s

organizational

documents,

its

officers

and

trustees

are

indemnified

against

certain

liabilities

arising

out

of

the

performance

of

their

duties

to

the

Trust.

In

addition,

in

the

normal

course

of

business,

the

Trust

enters

into

contracts

that

provide

general

indemnifications

to

other

parties.

The

Trust’s

maximum

exposure

under

these

arrangements

is

unknown

as

this

would

involve

future

claims

that

may

be

made

against

the

Trust

that

have

not

yet

occurred.

However,

the

Trust

has

not

had

prior

claims

or

losses

pursuant

to

these

contracts

and

expects

the

risk

of

loss

to

be

remote.

Investments

and

Investment

Income

Securities

transactions

are

accounted

for

as

of

the

end

of

trade

date

for

financial

reporting

purposes.

Dividend

income

is

recorded

on

the

ex-

dividend

date.

Foreign

dividend

income

is

recorded

on

the

ex-dividend

date

or

as

soon

as

possible

after

the

Funds

determine

the

existence

of

a

dividend

declaration.

Non-cash

dividends

received

in

the

form

of

stock,

if

any,

are

recognized

on

the

ex-dividend

date

and

recorded

at

fair

value.

Interest

income

is

recorded

on

an

accrual

basis.

Distributions

received

on

securities

that

represent

a

return

of

capital

or

capital

gains

are

recorded

as

a

reduction

of

cost

of

investments

and/or

as

a

realized

gain.

The

Funds

estimate

the

components

of

distributions

received

that

may

be

considered

return

of

capital

distributions

or

capital

gain

distributions.

Securities

lending

income

is

comprised

of

fees

earned

from

borrowers

and

income

earned

on

cash

collateral

investments.

NUEM

Value

%

of

Net

Assets

Country:

China

$

46,059,532

25.9

%

India

29,609,780

16.7

Taiwan

24,248,755

13.7

South

Korea

19,721,293

11.1

Saudi

Arabia

11,257,820

6.3

Brazil

10,797,360

6.1

South

Africa

6,201,469

3.5

Mexico

5,065,317

2.8

Thailand

4,295,593

2.4

Indonesia

4,039,033

2.3

Other

16,364,352

9.2

Total

non-U.S.

Securities

$177,660,304

100.0%

NUDM

Value

%

of

Net

Assets

Country:

Japan

$

61,895,294

23.1

%

United

Kingdom

36,239,971

13.5

France

25,011,296

9.3

Australia

19,146,102

7.2

Switzerland

18,459,771

6.9

Germany

17,490,876

6.5

Hong

Kong

12,164,609

4.5

Spain

8,063,634

3.0

Denmark

7,468,953

2.8

Sweden

7,205,392

2.7

Other

37,700,603

14.2

Total

non-U.S.

Securities

$250,846,501

93.7%

88

Notes

to

Financial

Statements

(continued)

New

Accounting

Pronouncements

and

Rule

Issuances

Reference

Rate

Reform

In

March

2020,

FASB

issued

Accounting

Standards

Update

(“ASU”)

2020-04,

Reference

Rate

Reform:

Facilitation

of

the

Effects

of

Reference

Rate

Reform

on

Financial

Reporting.

The

main

objective

of

the

new

guidance

is

to

provide

relief

to

companies

that

will

be

impacted

by

the

expected

change

in

benchmark

interest

rates,

when

participating

banks

will

no

longer

be

required

to

submit

London

Interbank

Offered

Rate

(LIBOR)

quotes

by

the

UK

Financial

Conduct

Authority

(FCA).

The

new

guidance

allows

companies

to,

provided

the

only

change

to

existing

contracts

are

a

change

to

an

approved

benchmark

interest

rate,

account

for

modifications

as

a

continuance

of

the

existing

contract

without

additional

analysis.

For

new

and

existing

contracts,

the

Funds

may

elect

to

apply

the

amendments

as

of

March

12,

2020

through

2022.

Management

has

not

yet

elected

to

apply

the

amendments,

is

continuously

evaluating

the

potential

effect

a

discontinuation

of

LIBOR

could

have

on

the

Funds’

investments

and

has

currently

determined

that

it

is

unlikely

the

ASU’s

adoption

will

have

a

significant

impact

on

the

Funds’

financial

statements

and

various

filings.

New

Rules

to

Modernize

Fund

Valuation

Framework

Take

Effect

A

new

rule

adopted

by

the

Securities

and

Exchange

Commission

(the

"SEC")

governing

fund

valuation

practices,

Rule

2a-5

under

the

1940

Act,

has

established

requirements

for

determining

fair

value

in

good

faith

for

purposes

of

the

1940

Act.

Rule

2a-5

permits

fund

boards

to

designate

certain

parties

to

perform

fair

value

determinations,

subject

to

board

oversight

and

certain

other

conditions.

Rule

2a-5

also

defines

when

market

quotations

are

"readily

available"

for

purposes

of

Section

2(a)(41)

of

the

1940

Act,

which

requires

a

fund

to

fair

value

a

security

when

market

quotations

are

not

readily

available.

Separately,

new

SEC

Rule

31a-4

under

the

1940

Act

sets

forth

the

recordkeeping

requirements

associated

with

fair

value

determinations.

The

Funds

adopted

a

valuation

policy

conforming

to

the

new

rules,

effective

September

1,

2022,

and

there

was

no

material

impact

to

the

Funds.

FASB

issues

ASU

2022-03-Fair

Value

Measurement

(Topic

820),

Fair

Value

Measurement

of

Equity

Securities

to

Contractual

Sale

Restrictions

("ASU

2022-03")

In

June

2022,

the

FASB

issued

ASU

2022-03

to

clarify

the

guidance

in

Topic

820,

Fair

Value

Measurement

("Topic

820").

The

amendments

in

ASU

2022-03

affect

all

entities

that

have

investments

in

equity

securities

measured

at

fair

value

that

are

subject

to

a

contractual

sale

restriction.

ASU

2022-

03

(1)

clarifies

the

guidance

in

Topic

820,

when

measuring

the

fair

value

of

an

equity

security

subject

to

contractual

restrictions

that

prohibit

the

sale

of

equity

security,

(2)

amends

a

example,

and

(3)

introduces

new

disclosure

requirements

for

equity

securities

subject

to

contractual

sale

restrictions

that

are

measured

at

fair

value

in

accordance

with

Topic

820.

For

public

business

entities,

the

amendments

in

ASU

2022-03

are

effective

for

fiscal

years

beginning

after

15,

2023,

and

interim

periods

within

those

fiscal

years.

For

all

other

entities,

the

amendments

are

effective

for

fiscal

years

beginning

after

15,

2024,

and

interim

periods

within

those

fiscal

years.

Early

adoption

is

permitted

for

both

interim

and

annual

financial

statements

that

have

not

yet

been

issued

or

made

available

for

issuance.

Management

is

currently

assessing

the

impact

of

these

provisions

on

the

Funds'

financial

statements.

3.

Investment

Valuation

and

Fair

Value

Measurements

The

Funds’

investments

in

securities

are

recorded

at

their

estimated

fair

value

utilizing

valuation

methods

approved

by

the

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:

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.

Prices

of

certain

American

Depositary

Receipts

(“ADR”)

held

by

the

Fund

that

trade

in

the

United

States

are

valued

based

on

the

last

traded

price,

official

closing

price,

or

an

evaluated

price

provided

by

the

independent

pricing

services

(“pricing

services”)

and

are

generally

classified

as

Level

1

or

2.

89

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.

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

tile

market

value

of

the

Funds’

investments

as

of

the

end

of

the

reporting

period,

based

on

the

inputs

used

to

value

them:

NUDV

Level

1

Level

2

Level

3

Total

Long-Term

Investments*:

Common

Stocks

$

8,206,263

$

–

$

–

$

8,206,263

Total

$

8,206,263

$

–

$

–

$

8,206,263

NUEM

Level

1

Level

2

Level

3

Total

Long-Term

Investments*:

Common

Stocks

$

174,943,490

$

2,716,517

$

5**

$

177,660,012

Corporate

Bonds

–

292

–

292

Total

$

174,943,490

$

2,716,809

$

5

$

177,660,304

NUDM

Level

1

Level

2

Level

3

Total

Long-Term

Investments*:

Common

Stocks

$

266,420,145

$

–

$

–***

$

266,420,145

Total

$

266,420,145

$

–

$

–

$

266,420,145

NULC

Level

1

Level

2

Level

3

Total

Long-Term

Investments*:

Common

Stocks

$

24,282,833

$

–

$

–

$

24,282,833

Investments

Purchased

with

Collateral

from

Securities

Lending

17

–

17

Total

$

24,282,850

$

–

$

–

$

24,282,850

NULG

Level

1

Level

2

Level

3

Total

Long-Term

Investments*:

Common

Stocks

$

776,551,156

$

–

$

–

$

776,551,156

Investments

Purchased

with

Collateral

from

Securities

Lending

121,772

–

121,772

Total

$

776,672,928

$

–

$

–

$

776,672,928

NULV

Level

1

Level

2

Level

3

Total

Long-Term

Investments*:

Common

Stocks

$

1,528,806,879

$

–

$

–

$

1,528,806,879

Investments

Purchased

with

Collateral

from

Securities

Lending

1,274,456

–

1,274,456

Total

$

1,530,081,335

$

–

$

–

$

1,530,081,335

90

Notes

to

Financial

Statements

(continued)

4.

Portfolio

Securities

and

Investments

in

Derivatives

Portfolio

Securities

Lending

Each

Fund

may

lend

securities

representing

up

to

one-third

of

the

value

of

its

total

assets

to

broker-dealers,

banks,

and

other

institutions

in

order

to

generate

additional

income.

When

loaning

securities,

the

Fund

retains

the

benefits

of

owning

the

securities,

including

the

economic

equivalent

of

dividends

or

interest

generated

by

the

security.

The

loans

are

continuous,

can

be

recalled

at

any

time,

and

have

no

set

maturity.

State

Street

Bank

and

Trust

Company,

serves

as

the

securities

lending

agent

(the

“Agent”).

When

a

Fund

loans

its

portfolio

securities,

it

will

receive,

at

the

inception

of

each

loan,

cash

collateral

equal

to

an

amount

not

less

than

100%

of

the

market

value

of

the

loaned

securities.

The

actual

percentage

of

the

cash

collateral

will

vary

depending

upon

the

asset

type

of

the

loaned

securities.

Collateral

for

the

loaned

securities

is

invested

in

a

government

money

market

vehicle

maintained

by

the

Agent,

which

is

subject

to

the

requirements

of

Rule

2a-7

under

the

1940

Act.

The

value

of

the

loaned

securities

and

the

liability

to

return

the

cash

collateral

received

are

recognized

on

the

Statement

of

Assets

and

Liabilities.

If

the

market

value

of

the

loaned

securities

increases,

the

borrower

must

furnish

additional

collateral

to

the

Fund,

which

is

also

recognized

on

the

Statement

of

Assets

and

Liabilities.

Securities

out

on

loan

are

subject

to

termination

at

any

time

at

the

option

of

the

borrower

or

the

Fund.

Upon

termination,

the

borrower

is

required

to

return

to

the

Fund

securities

identical

to

the

securities

loaned.

During

the

term

of

the

loan,

the

Fund

bears

the

market

risk

with

respect

to

the

investment

of

collateral

and

the

risk

that

the

Agent

may

default

on

its

contractual

obligations

to

the

Fund.

The

Agent

bears

the

risk

that

the

borrower

may

default

on

its

obligation

to

return

the

loaned

securities

as

the

Agent

is

contractually

obligated

to

indemnify

the

Fund

if

at

the

time

of

a

default

by

a

borrower

some

or

all

of

the

loan

securities

have

not

been

returned.

Securities

lending

income

recognized

by

a

Fund

consists

of

earnings

on

invested

collateral

and

lending

fees,

net

of

any

rebates

to

the

borrower

and

compensation

to

the

Agent.

Such

income

is

recognized

on

the

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:

NUMG

Level

1

Level

2

Level

3

Total

Long-Term

Investments*:

Common

Stocks

$

312,611,040

$

–

$

–

$

312,611,040

Investments

Purchased

with

Collateral

from

Securities

Lending

1,544,748

–

1,544,748

Total

$

314,155,788

$

–

$

–

$

314,155,788

NUMV

Level

1

Level

2

Level

3

Total

Long-Term

Investments*:

Common

Stocks

$

310,136,672

$

–

$

–

$

310,136,672

Total

$

310,136,672

$

–

$

–

$

310,136,672

NUSC

Level

1

Level

2

Level

3

Total

Long-Term

Investments*:

Common

Stocks

$

909,026,408

$

40,567

$

–

$

909,066,975

Common

Stock

Rights

–

8,721**

8,721

Investments

Purchased

with

Collateral

from

Securities

Lending

16,245,213

–

16,245,213

Total

$

925,271,621

$

40,567

$

8,721

$

925,320,909

*

Refer

to

the

Fund's

Portfolio

of

Investments

for

industry

classifications,

where

applicable.

**

Refer

to

the

Fund’s

Portfolio

of

Investments

for

securities

classified

as

Level

3.

***

Refer

to

the

Fund's

Portfolio

of

Investments

for

securities

classified

as

Level

3.

Value

equals

zero

as

of

the

end

of

the

reporting

period.

Fund

Asset

Class

out

on

Loan

Long-Term

Investments,

at

Value

Total

Collateral

Received

NULC

Common

Stocks

$16

$17

NULG

Common

Stocks

$113,117

$121,772

NULV

Common

Stocks

$1,229,645

$1,274,456

NUMG

Common

Stocks

$1,517,974

$1,544,748

NUSC

Common

Stocks

$15,612,818

$16,245,213

91

Investment

Transactions

Long-term

purchases

and

sales

(including

maturities

but

excluding

in-kind

transactions

and

investments

purchased

with

collateral

from

securities

lending,

where

applicable),

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.

The

Funds

have

earmarked

securities

in

their

portfolios

with

a

current

value

at

least

equal

to

the

amount

of

the

when-issued/

delayed

delivery

purchase

commitments.

If

a

Fund

has

outstanding

when-issued/delayed-delivery

purchases

commitments

as

of

the

end

of

the

reporting

period,

such

amounts

are

recognized

on

the

Statement

of

Assets

and

Liabilities.

Investments

in

Derivatives

Each

Fund

is

authorized

to

invest

in

certain

derivative

instruments.

The

Funds

record

derivative

instruments

at

fair

value,

with

changes

in

fair

value

recognized

on

the

Statement

of

Operations,

when

applicable.

Even

though

the

Funds’

investments

in

derivatives

may

represent

economic

hedges,

they

are

not

considered

to

be

hedge

transactions

for

financial

reporting

purposes.

Although

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

Fund

Purchases

Sales

NUDV

$

4,737,237

$

4,728,620

NUEM

201,176,211

98,789,010

NUDM

139,611,808

133,450,136

NULC

15,281,721

17,027,502

NULG

672,653,592

732,029,084

NULV

946,951,570

972,986,439

NUMG

295,638,851

341,801,659

NUMV

232,736,860

244,208,885

NUSC

725,782,469

785,633,812

Fund

In-Kind

Purchases

In-Kind

Sales

NUDV

$

3,460,681

$

—

NUEM

18,148,462

—

NUDM

165,056,773

—

NULC

2,150,283

—

NULG

236,343,628

58,315,989

NULV

969,602,776

424,278,302

NUMG

144,005,141

41,399,577

NUMV

112,283,916

13,551,572

NUSC

250,103,157

173,507,437

92

Notes

to

Financial

Statements

(continued)

instructed

the

custodian

to

pledge

assets

of

the

Funds

as

collateral

with

a

value

approximately

equal

to

the

amount

of

the

unrealized

loss

above

a

pre-determined

threshold.

Collateral

pledges

are

monitored

and

subsequently

adjusted

if

and

when

the

valuations

fluctuate,

either

up

or

down,

by

at

least

the

predetermined

threshold

amount.

5.

Fund

Shares

Each Fund

issues

and

redeems its

shares

on

a

continuous

basis

at

NAV

only

in

aggregations

of

a

specified

number

of

shares

or

multiples

thereof

(“Creation

Units”).

Only

certain

institutional

investors

(referred

to

as

“Authorized

Participants”)

who

have

entered

into

agreements

with

Nuveen

Securities,

LLC,

the

Funds'

distributor,

may

purchase

and

redeem

Creation

Units.

Once

created,

shares

of

the

Funds

trade

on

the

Exchange

at

market

prices

and

are

only

available

to

individual

investors

through

their

brokers.

Creation

Units

are

purchased

and

redeemed

in-kind

for

a

designated

portfolio

of

securities

included

in each

Fund’s

respective Index

and/or

a

specified

amount

of

cash.

Authorized

Participants

are

charged

fixed

transaction

fees

in

connection

with

purchasing

and

redeeming

Creation

Units.

Authorized

Participants

transacting

in

Creation

Units

for

cash

may

also

pay

an

additional

variable

charge

to

compensate

the

relevant Fund

for

certain

transaction

costs

(i.e.,

taxes

on

currency

or

other

financial

transactions,

and

brokerage

costs)

and

market

impact

expenses

it

incurs

in

purchasing

or

selling

portfolio

securities.

Such

variable

charges,

if

any,

are

included

in

“Proceeds

from

shares

sold”

on

the

Statements

of

Changes

in

Net

Assets.

Transactions

in

Fund

shares

during

the

current

and

prior

period

were

as

follows:

NUDV

NUEM

Year

Ended

10/31/22

For

the

period

9/27/21

(commencement

of

operations)

through

10/31/21

Year

Ended

10/31/22

Year

Ended

10/31/21

Shares

Amount

Shares

Amount

Shares

Amount

Shares

Amount

Shares

sold

150,000

$3,470,370

200,000

$5,000,000

4,200,000

$120,707,881

2,000,000

$68,334,486

Shares

redeemed

–

Net

increase

(decrease)

150,000

$3,470,370

200,000

$5,000,000

4,200,000

$120,707,881

2,000,000

$68,334,486

NUDM

NULC

Year

Ended

10/31/22

Year

Ended

10/31/21

Year

Ended

10/31/22

Year

Ended

10/31/21

Shares

Amount

Shares

Amount

Shares

Amount

Shares

Amount

Shares

sold

6,400,000

$173,167,233

2,800,000

$84,544,985

50,000

$2,154,555

150,000

$5,838,745

Shares

redeemed

–

Net

increase

(decrease)

6,400,000

$173,167,233

2,800,000

$84,544,985

50,000

$2,154,555

150,000

$5,838,745

NULG

NULV

Year

Ended

10/31/22

Year

Ended

10/31/21

Year

Ended

10/31/22

Year

Ended

10/31/21

Shares

Amount

Shares

Amount

Shares

Amount

Shares

Amount

Shares

sold

3,950,000

$236,696,565

7,600,000

$462,008,315

26,850,000

$970,444,575

12,950,000

$466,092,655

Shares

redeemed

(950,000)

(58,409,625)

(1,450,000)

(94,249,625)

(12,000,000)

(427,932,540)

(1,800,000)

(64,004,845)

Net

increase

(decrease)

3,000,000

$178,286,940

6,150,000

$367,758,690

14,850,000

$542,512,035

11,150,000

$402,087,810

NUMG

NUMV

Year

Ended

10/31/22

Year

Ended

10/31/21

Year

Ended

10/31/22

Year

Ended

10/31/21

Shares

Amount

Shares

Amount

Shares

Amount

Shares

Amount

Shares

sold

3,250,000

$144,225,425

2,650,000

$135,917,590

3,200,000

$112,559,015

2,550,000

$88,264,440

Shares

redeemed

(1,100,000)

(41,476,430)

(200,000)

(10,127,755)

(400,000)

(13,583,080)

–

Net

increase

(decrease)

2,150,000

$102,748,995

2,450,000

$125,789,835

2,800,000

$98,975,935

2,550,000

$88,264,440

NUSC

Year

Ended

10/31/22

Year

Ended

10/31/21

Shares

Amount

Shares

Amount

Shares

sold

6,100,000

$250,807,675

12,500,000

$528,600,519

Shares

redeemed

(4,950,000)

(174,195,465)

(100,000)

(3,828,860)

Net

increase

(decrease)

1,150,000

$76,612,210

12,400,000

$524,771,659

93

6.

Income

Tax

Information

Each

Fund

is

a

separate

taxpayer

for

federal

income

tax

purposes.

Each

Fund

intends

to

distribute

substantially

all

of

its

net

investment

income

and

net

capital

gains

to

shareholders

and

otherwise

comply

with

the

requirements

of

Subchapter

M

of

the

Internal

Revenue

Code

applicable

to

regulated

investment

companies.

Therefore,

no

federal

income

tax

provision

is

required.

Each

Fund

files

income

tax

returns

in

U.S.

federal

and

applicable

state

and

local

jurisdictions.

A

Fund's

federal

income

tax

returns

are

generally

subject

to

examination

for

a

period

of

three

fiscal

years

after

being

filed.

State

and

local

tax

returns

may

be

subject

to

examination

for

an

additional

period

of

time

depending

on

the

jurisdiction.

Management

has

analyzed

each

Fund's

tax

positions

taken

for

all

open

tax

years

and

has

concluded

that

no

provision

for

income

tax

is

required

in

the

Fund's

financial

statements.

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

distribution

reallocations,

foreign

currency

transactions,

investments

in

passive

foreign

investment

companies,

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:

The

tax

character

of

distributions

paid

was

as

follows:

Fund

Tax

Cost

Gross

Unrealized

Appreciation

Gross

Unrealized

(Depreciation)

Net

Unrealized

Appreciation

(Depreciation)

NUDV

$

8,513,905

$

447,450

$

(755,092)

$

(307,642)

NUEM

218,780,502

4,762,762

(45,882,960)

(41,120,198)

NUDM

305,764,678

3,362,521

(42,707,054)

(39,344,533)

NULC

23,353,055

3,244,925

(2,315,130)

929,795

NULG

846,469,703

32,335,769

(102,132,544)

(69,796,775)

NULV

1,564,473,632

96,711,563

(131,103,860)

(34,392,297)

NUMG

368,313,065

17,843,629

(72,000,906)

(54,157,277)

NUMV

325,658,392

26,760,025

(42,281,745)

(15,521,720)

NUSC

990,774,315

94,336,730

(159,790,136)

(65,453,406)

Fund

Undistributed

Ordinary

Income

Undistributed

Long-Term

Capital

Gains

Unrealized

Appreciation

(Depreciation)

Capital

Loss

Carryforwards

Late-Year

Loss

Deferrals

Other

Book-to-Tax

Differences

Total

NUDV

$

69,267

$

—

$

(307,642)

$

—

$

—

$

—

$

(238,375)

NUEM

3,168,977

—

(41,360,691)

(19,420,701)

—

(57,612,415)

NUDM

5,199,944

—

(39,396,952)

(14,652,525)

—

(48,849,533)

NULC

297,677

273,106

929,795

—

1,500,578

NULG

2,352,538

—

(69,796,775)

(24,849,147)

—

(92,293,384)

NULV

25,717,735

—

(34,392,297)

(36,741,775)

—

(45,416,337)

NUMG

380,085

—

(54,157,277)

(26,506,985)

—

(80,284,177)

NUMV

4,750,175

11,488,027

(15,521,720)

—

716,482

NUSC

7,272,239

—

(65,453,406)

(13,331,382)

—

(71,512,549)

10/31/22

10/31/21

Fund

Ordinary

Income

Long-Term

Capital

Gains

Ordinary

Income

Long-Term

Capital

Gains

NUDV

$

151,160

$

—

$

—

$

—

NUEM

2,832,518

170,242

843,800

—

NUDM

7,207,380

—

1,159,650

—

94

Notes

to

Financial

Statements

(continued)

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.

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:

10/31/22

10/31/21

Fund

Ordinary

Income

Long-Term

Capital

Gains

Ordinary

Income

Long-Term

Capital

Gains

NULC

$

1,437,598

$

463,052

$

769,015

$

11,985

NULG

35,573,661

11,448,189

10,742,287

593,963

NULV

53,950,099

2,380,981

9,383,400

—

NUMG

31,850,426

14,895,344

7,504,878

1,855,572

NUMV

15,283,065

3,173,665

2,019,540

—

NUSC

58,056,628

19,205,067

2,657,985

—

Fund

Short-Term

Long-Term

Total

NUDV

$

—

$

—

$

—

NUEM

1

13,429,235

5,991,466

19,420,701

NUDM

1

11,464,240

3,188,285

14,652,525

NULC

—

NULG

24,849,147

—

24,849,147

NULV

36,741,775

—

36,741,775

NUMG

26,506,985

—

26,506,985

NUMV

—

NUSC

13,331,382

—

13,331,382

1

A

portion

of

NUEM's

and

NUDM's

capital

loss

carryforwards

is

subject

to

limitation

under

the

Internal

Revenue

Code

and

Fund

Utilized

NUDV

$

607

NUEM

—

NUDM

—

NULC

—

NULG

—

NULV

—

NUMG

—

NUMV

—

NUSC

—

95

Other

Transactions

with

Affiliates

Each

Fund

is

permitted

to

purchase

or

sell

securities

from

or

to

certain

other

funds

or

accounts

managed

by

the

Sub-Adviser

(“Affiliated

Entity”)

under

specified

conditions

outlined

in

procedures

adopted

by

the

Board

("cross-trade").

These

procedures

have

been

designed

to

ensure

that

any

cross-trade

of

securities

by

the

Fund

from

or

to

an

Affiliated

Entity

by

virtue

of

having

a

common

investment

adviser

(or

affiliated

investment

adviser),

common

officer

and/or

common

trustee

complies

with

Rule

17a-7

under

the

1940

Act.

These

transactions

are

effected

at

the

current

market

price

(as

provided

by

an

independent

pricing

service)

without

incurring

broker

commissions.

During

the

current

fiscal

period,

the

Funds

engaged

in

cross-trades

pursuant

to

these

procedures

as

follows:

As

of

the

end

of

the

reporting

period,

the

percentage

of

Fund

shares

owned

by

TIAA

are

as

follows:

Fund

Management

Fee

NUDV

0.25%

NUEM

0.35

NUDM

0.30

NULC

0.20

NULG

0.25

NULV

0.25

NUMG

0.30

NUMV

0.30

NUSC

0.30

Fund

Purchases

Sales

Realized

Gain

(Loss)

NUDV

$

—

$

—

$

—

NUEM

—

NUDM

—

NULC

—

NULG

1,220,221

—

NULV

395,415

—

NUMG

—

NUMV

244,269

—

NUSC

8,785,168

—

Fund

TIAA

Owned

Shares

NUDV

—

%

NUEM

—

NUDM

—

NULC

26

NULG

—

NULV

—

NUMG

—

NUMV

—

NUSC

—

96

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:

Foreign

Source

Income

and

Foreign

Tax

Credit

Pass

Through

Fund

Net

Long-Term

Capital

Gains

NUDV

$

—

NUEM

170,242

NUDM

—

NULC

463,052

NULG

11,448,189

NULV

2,380,981

NUMG

14,895,344

NUMV

3,173,665

NUSC

19,205,067

Fund

Percentage

NUDV

100

.0

%

NUEM

0

.4

NUDM

–

NULC

27

.9

NULG

15

.1

NULV

42

.5

NUMG

3

.7

NUMV

25

.7

NUSC

15

.3

Fund

Percentage

NUDV

100

.0

%

NUEM

34

.9

NUDM

46

.4

NULC

28

.8

NULG

15

.3

NULV

44

.6

NUMG

3

.8

NUMV

28

.1

NUSC

16

.2

97

Each

Fund

listed

below

has

made

an

election

under

Section

853

of

the

Internal

Revenue

Code

to

pass

through

foreign

taxes

paid:

Fund

Foreign

Source

Income

Foreign

Source

Income

Per

Share

Qualifying

Foreign

Taxes

Paid

Qualifying

Foreign

Taxes

Paid

Per

Share

NUDV

$

—

$

—

$

—

$

—

NUEM

4,469,682

0.57304

576,808

0.07395

NUDM

7,129,382

0.62538

654,913

0.05745

NULC

—

NULG

—

NULV

—

NUMG

—

NUMV

—

NUSC

—

98

Additional

Fund

Information

(Unaudited)

The

tables

below

show

the

number

and

percentage

of

days

during

the

current

fiscal

period

that

each

Fund’s

market

price

was

greater

than

its

NAV

per

share

(i.e.,

at

premium)

and

less

than

its

NAV

per

share

(i.e.,

at

a

discount).

The

market

price

is

determined

using

the

midpoint

between

the

highest

bid

and

the

lowest

offer

on

the

applicable

Fund’s

listing

exchange,

as

of

the

time

that

the

Fund’s

NAV

is

calculated

(normally

4:00

p.m.

Eastern

Time).

Investment

Adviser

Nuveen

Fund

Advisors,

LLC

333

West

Wacker

Drive

IL

60606

Sub-Adviser

Teachers

Advisors,

LLC

730

Third

Avenue

New

York,

NY

10017-3206

Independent

Registered

Public

Accounting

Firm

KPMG

LLP

200

East

Randolph

Street

IL

60601

Administrator,

Custodian

and

Transfer

Agent

Brown

Brothers

Harriman

50

Post

Office

Square

Boston,

MA

02110

Legal

Counsel

Chapman

and

Cutler

LLP

IL

60603

Morgan

Lewis

&

Bockius

LLP

111

Pennsylvania

Avenue,

NW

Washington,

D.C.

20004

NUDV

NUEM

Year

Ended

Number

of

Days

%

of

Total

Days

Number

of

Days

%

of

Total

Days

Premium/Discount

Range:

Greater

than

3.00%

-

1

0.4%

1.01%

to

3.00%

-

53

21.0%

0.51%

to

1.00%

-

53

21.0%

0.26%

to

0.50%

-

28

11.1%

0.00%

to

0.25%

196

77.8%

35

13.9%

(0.01)%

to

(0.25)%

55

21.8%

18

7.2%

(0.26)%

to

(0.50)%

1

0.4%

20

8.0%

(0.51)%

to

(1.00)%

-

21

8.3%

(1.01)%

to

(3.00)%

-

23

9.1%

252

100%

252

100%

NUDM

NULC

Year

Ended

Number

of

Days

%

of

Total

Days

Number

of

Days

%

of

Total

Days

Premium/Discount

Range:

1.01%

to

3.00%

22

8.7%

1

0.4%

0.51%

to

1.00%

64

25.4%

-

0.26%

to

0.50%

40

15.9%

-

0.00%

to

0.25%

38

15.1%

215

85.3%

(0.01)%

to

(0.25)%

30

11.9%

36

14.3%

(0.26)%

to

(0.50)%

22

8.7%

-

(0.51)%

to

(1.00)%

28

11.1%

-

(1.01)%

to

(3.00)%

8

3.2%

-

252

100%

252

100%

99

The

tables

below

show

the

number

and

percentage

of

days

during

the

current

fiscal

period

that

each

Fund’s

market

price

was

greater

than

its

NAV

per

share

(i.e.,

at

premium)

and

less

than

its

NAV

per

share

(i.e.,

at

a

discount).

The

market

price

is

determined

using

the

midpoint

between

the

highest

bid

and

the

lowest

offer

on

the

applicable

Fund’s

listing

exchange,

as

of

the

time

that

the

Fund’s

NAV

is

calculated

(normally

4:00

p.m.

Eastern

Time).

Investment

Adviser

Nuveen

Fund

Advisors,

LLC

333

West

Wacker

Drive

IL

60606

Sub-Adviser

Teachers

Advisors,

LLC

730

Third

Avenue

New

York,

NY

10017-3206

Independent

Registered

Public

Accounting

Firm

KPMG

LLP

200

East

Randolph

Street

IL

60601

Administrator,

Custodian

and

Transfer

Agent

Brown

Brothers

Harriman

50

Post

Office

Square

Boston,

MA

02110

Legal

Counsel

Chapman

and

Cutler

LLP

IL

60603

Morgan

Lewis

&

Bockius

LLP

111

Pennsylvania

Avenue,

NW

Washington,

D.C.

20004

NUDV

NUEM

Year

Ended

Number

of

Days

%

of

Total

Days

Number

of

Days

%

of

Total

Days

Premium/Discount

Range:

Greater

than

3.00%

-

1

0.4%

1.01%

to

3.00%

-

53

21.0%

0.51%

to

1.00%

-

53

21.0%

0.26%

to

0.50%

-

28

11.1%

0.00%

to

0.25%

196

77.8%

35

13.9%

(0.01)%

to

(0.25)%

55

21.8%

18

7.2%

(0.26)%

to

(0.50)%

1

0.4%

20

8.0%

(0.51)%

to

(1.00)%

-

21

8.3%

(1.01)%

to

(3.00)%

-

23

9.1%

252

100%

252

100%

NUDM

NULC

Year

Ended

Number

of

Days

%

of

Total

Days

Number

of

Days

%

of

Total

Days

Premium/Discount

Range:

1.01%

to

3.00%

22

8.7%

1

0.4%

0.51%

to

1.00%

64

25.4%

-

0.26%

to

0.50%

40

15.9%

-

0.00%

to

0.25%

38

15.1%

215

85.3%

(0.01)%

to

(0.25)%

30

11.9%

36

14.3%

(0.26)%

to

(0.50)%

22

8.7%

-

(0.51)%

to

(1.00)%

28

11.1%

-

(1.01)%

to

(3.00)%

8

3.2%

-

252

100%

252

100%

NULG

NULV

Year

Ended

Number

of

Days

%

of

Total

Days

Number

of

Days

%

of

Total

Days

Premium/Discount

Range:

0.00%

to

0.25%

164

65.1%

202

80.2%

(0.01)%

to

(0.25)%

88

34.9%

50

19.8%

252

100%

252

100%

NUMG

NUMV

Year

Ended

Number

of

Days

%

of

Total

Days

Number

of

Days

%

of

Total

Days

Premium/Discount

Range:

0.26%

to

0.50%

1

0.4%

-

0.00%

to

0.25%

153

60.7%

219

86.9%

(0.01)%

to

(0.25)%

98

38.9%

33

13.1%

252

100%

252

100%

NUSC

Year

Ended