N-CSRS 1 d469150dncsrs.htm NUSHARES ETF TRUST Nushares ETF Trust

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT

INVESTMENT COMPANIES

Investment Company Act file number 811-23161

Nushares ETF Trust

(Exact name of registrant as specified in charter)

 

Nuveen Investments

333 West Wacker Drive, Chicago, IL 60606

(Address of principal executive offices) (Zip code)

Diana R. Gonzalez

Vice President and Secretary

333 West Wacker Drive, Chicago, IL 60606

(Name and address of agent for service)

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

Date of fiscal year end: October 31

Date of reporting period: April 30, 2023

Form N-CSR is to be used by management investment companies to file reports with the Commission not later than 10 days after the transmission to stockholders of any report that is required to be transmitted to stockholders under Rule 30e-1 under the Investment Company Act of 1940 (17 CFR 270.30e-1). The Commission may use the information provided on Form N-CSR in its regulatory, disclosure review, inspection, and policy making roles.

A registrant is required to disclose the information specified by Form N-CSR, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-CSR unless the Form displays a currently valid Office of Management and Budget (“OMB”) control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to Secretary, Securities and Exchange Commission, 450 Fifth Street, NW, Washington, DC 20549-0609. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. ss.3507.

Item 1. Reports to Stockholders.

Funds
Exchange-Traded
Funds
Nuveen
Exchange-Traded
April
30,
2023
Semi-annual
Report
This
semi-annual
report
contains
the
Funds'
unaudited financial
statements.
Fund
Name
Listing
Exchange
Ticker
Symbol
Nuveen
ESG
Dividend
ETF
Cboe
BZX
Exchange,
Inc.
NUDV
Nuveen
ESG
Emerging
Markets
Equity
ETF
Cboe
BZX
Exchange,
Inc.
NUEM
Nuveen
ESG
International
Developed
Markets
Equity
ETF
Cboe
BZX
Exchange,
Inc.
NUDM
Nuveen
ESG
Large-Cap
ETF
Cboe
BZX
Exchange,
Inc.
NULC
Nuveen
ESG
Large-Cap
Growth
ETF
Cboe
BZX
Exchange,
Inc.
NULG
Nuveen
ESG
Large-Cap
Value
ETF
Cboe
BZX
Exchange,
Inc.
NULV
Nuveen
ESG
Mid-Cap
Growth
ETF
Cboe
BZX
Exchange,
Inc.
NUMG
Nuveen
ESG
Mid-Cap
Value
ETF
Cboe
BZX
Exchange,
Inc.
NUMV
Nuveen
ESG
Small-Cap
ETF
Cboe
BZX
Exchange,
Inc.
NUSC
2
Table
of
Contents
Chair’s
Letter
to
Shareholders
3
Important
Notices
4
Risk
Considerations
5
About
the
Funds’
Benchmarks
7
Fund
Performance,
Expense
Ratios
and
Holdings
Summaries
9
Expense
Examples
28
Portfolios
of
Investments
31
Statement
of
Assets
and
Liabilities
70
Statement
of
Operations
72
Statement
of
Changes
in
Net
Assets
74
Financial
Highlights
79
Notes
to
Financial
Statements
83
Additional
Fund
Information
92
Glossary
of
Terms
Used
in
this
Report
94
Liquidity
Risk
Management
Program
95
Chair’s
Letter
to
Shareholders
3
Dear
Shareholders,
The
significant
measures
taken
by
the
U.S.
Federal
Reserve
(Fed)
and
other
global
central
banks
over
the
past
year
to
contain
inflation
have
begun
to
take
effect.
From
March
2022
to
May
2023,
the
Fed
raised
the
target
fed
funds
rate
by
5.00%
to
a
range
of
5.00%
to
5.25%,
marking
the
fastest
interest
rate
hiking
cycle
in
its
history.
Across
most
of
the
world,
inflation
rates
have
fallen
from
their
post-pandemic
highs
but
currently
remain
well
above
the
levels
that
central
banks
consider
supportive
of
their
economies’
long-term
growth.
At
the
same
time,
the
U.S.
and
other
large
economies
have
remained
surprisingly
resilient,
even
as
financial
conditions
have
tightened.
Despite
contracting
in
the
first
half
of
2022,
U.S.
gross
domestic
product
grew
2.1%
in
the
year
overall
compared
to
2021
and
expanded
at
a
more
moderate
pace
of
1.3%
in
the
first
quarter
of
2023.
A
relatively
strong
jobs
market
has
helped
support
consumer
sentiment
and
spending
despite
historically
high
inflation.
Markets
are
concerned
that
these
conditions
could
keep
upward
pressure
on
prices
and
wages,
although
the
recent
collapse
of
three
regional
U.S.
banks
(Silicon
Valley
Bank,
Signature
Bank
and
First
Republic
Bank)
and
major
European
bank
Credit
Suisse
is
likely
to
add
further
downward
pressure
to
the
economy
as
the
banking
system
slows
lending
in
response.
Fed
officials
are
closely
monitoring
inflation
data
and
other
economic
measures
to
modify
their
rate
setting
activity
based
upon
these
factors
on
a
meeting-by-meeting
basis,
including
pausing
rate
adjustments
at
the
most
recent
meeting
in
June
2023
in
order
to
assess
the
effects
of
monetary
policy
so
far
on
the
economy.
While
uncertainty
has
increased
given
the
unpredictable
outcome
of
tighter
credit
conditions
on
the
economy,
the
Fed
remains
committed
to
acting
until
it
sees
sustainable
progress
toward
its
inflation
goals.
In
the
meantime,
markets
are
likely
to
continue
reacting
in
the
short
term
to
news
about
inflation
data,
economic
indicators
and
central
bank
policy.
The
debt
ceiling
debate
in
Congress
was
also
looming
over
the
markets
until
the
government
passed
an
increase
to
the
debt
limit
in
early
June
2023
and
averted
a
default
scenario.
We
encourage
investors
to
keep
a
long-term
perspective
amid
the
short-term
noise.
Your
financial
professional
can
help
you
review
how
well
your
portfolio
is
aligned
with
your
time
horizon,
risk
tolerance
and
investment
goals.  
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
June
21,
2023
4
Important
Notices
For
Shareholders
of
Nuveen
ESG
Dividend
ETF
(NUDV)
Nuveen
ESG
Emerging
Markets
Equity
ETF
(NUEM)
Nuveen
ESG
International
Developed
Markets
Equity
ETF
(NUDM)
Nuveen
ESG
Large-Cap
ETF
(NULC)
Nuveen
ESG
Large-Cap
Growth
ETF
(NULG)
Nuveen
ESG
Large-Cap
Value
ETF
(NULV)
Nuveen
ESG
Mid-Cap
Growth
ETF
(NUMG)
Nuveen
ESG
Mid-Cap
Value
ETF
(NUMV)
Nuveen
ESG
Small-Cap
ETF
(NUSC)
Portfolio
Manager
Commentaries
in
Semi-annual
Shareholder
Reports
The
Funds
include
portfolio
manager
commentary
in
its
annual
shareholder
reports.
For
the
Funds’
most
recent
annual
portfolio
manager
discussion,
please
refer
to
the
Portfolio
Managers’
Comments
section
of
each
Fund’s
October
31,
2022
annual
shareholder
report.
For
current
information
on
your
Fund’s
investment
objectives,
portfolio
management
team
and
average
annual
total
returns
please
refer
to
the
Fund’s
website
at
www.nuveen.com.
For
changes
that
occurred
to
your
Fund
both
during
and
subsequent
to
this
reporting
period,
please
refer
to
the
Notes
to
Financial
Statements
section
of
this
report.
For
average
annual
total
returns
as
of
the
end
of
this
reporting
period,
please
refer
to
the
Performance
Overview,
Expense
Ratios
and
Holding
Summaries
section
within
this
report.
Risk
Considerations
5
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.
Risk
Considerations
(continued)
6
Nuveen
ESG
Large-Cap
Value
ETF
(NULV)
Investing
involves
risk;
principal
loss
is
possible.
There
is
no
guarantee
the
Fund’s
investment
objectives
will
be
achieved.
This
ETF
seeks
to
generally
track
the
investment
results
of
an
index;
however
the
Fund
may
underperform,
outperform
or
be
more
volatile
than
the
referenced
index.
In
addition,
because
the
Index
selects
securities
for
inclusion
based
on
environmental,
social,
and
governance
(ESG)
criteria,
the
Fund
may
forgo
some
market
opportunities
available
to
funds
that
don’t
use
these
criteria.
The
value
of
equity
securities
may
decline
significantly
over
short
or
extended
periods
of
time.
Value
stocks
may
not
be
fully
recognized
by
the
market
and
be
undervalued.
Because
it
invests
primarily
in
large-capitalization
stocks,
the
Fund
may
underperform
funds
that
invest
primarily
in
stocks
of
smaller
capitalization
companies
during
periods
when
the
stocks
of
such
companies
are
in
favor.
These
and
other
risk
considerations
are
described
in
detail
in
the
Fund’s
prospectus.
Nuveen
ESG
Mid-Cap
Growth
ETF
(NUMG)
Investing
involves
risk;
principal
loss
is
possible.
There
is
no
guarantee
the
Fund’s
investment
objectives
will
be
achieved.
This
ETF
seeks
to
generally
track
the
investment
results
of
an
index;
however
the
Fund
may
underperform,
outperform
or
be
more
volatile
than
the
referenced
index.
In
addition,
because
the
Index
selects
securities
for
inclusion
based
on
environmental,
social,
and
governance
(ESG)
criteria,
the
Fund
may
forgo
some
market
opportunities
available
to
funds
that
don’t
use
these
criteria.
The
value
of
equity
securities
may
decline
significantly
over
short
or
extended
periods
of
time.
Because
it
invests
primarily
in
mid-capitalization
stocks,
the
Fund
may
be
subject
to
greater
volatility
than
those
that
invest
in
larger
companies,
but
may
be
less
volatile
than
investments
in
smaller
companies.
Growth
stocks
tend
to
be
more
volatile
and
can
experience
sharp
price
declines.
These
and
other
risk
considerations
are
described
in
detail
in
the
Fund’s
prospectus.
Nuveen
ESG
Mid-Cap
Value
ETF
(NUMV)
Investing
involves
risk;
principal
loss
is
possible.
There
is
no
guarantee
the
Fund’s
investment
objectives
will
be
achieved.
This
ETF
seeks
to
generally
track
the
investment
results
of
an
index;
however
the
Fund
may
underperform,
outperform
or
be
more
volatile
than
the
referenced
index.
In
addition,
because
the
Index
selects
securities
for
inclusion
based
on
environmental,
social,
and
governance
(ESG)
criteria,
the
Fund
may
forgo
some
market
opportunities
available
to
funds
that
don’t
use
these
criteria.
The
value
of
equity
securities
may
decline
significantly
over
short
or
extended
periods
of
time.
Value
stocks
may
not
be
fully
recognized
by
the
market
and
be
undervalued.
Because
it
invests
primarily
in
mid-capitalization
stocks,
the
Fund
may
be
subject
to
greater
volatility
than
those
that
invest
in
larger
companies,
but
may
be
less
volatile
than
investments
in
smaller
companies.
These
and
other
risk
considerations
are
described
in
detail
in
the
Fund’s
prospectus.
Nuveen
ESG
Small-Cap
ETF
(NUSC)
Investing
involves
risk;
principal
loss
is
possible.
There
is
no
guarantee
the
Fund’s
investment
objectives
will
be
achieved.
This
ETF
seeks
to
generally
track
the
investment
results
of
an
index;
however
the
Fund
may
underperform,
outperform
or
be
more
volatile
than
the
referenced
index.
In
addition,
because
the
Index
selects
securities
for
inclusion
based
on
environmental,
social,
and
governance
(ESG)
criteria,
the
Fund
may
forgo
some
market
opportunities
available
to
funds
that
don’t
use
these
criteria.
The
value
of
equity
securities
may
decline
significantly
over
short
or
extended
periods
of
time.
Investments
in
smaller
companies
are
subject
to
greater
volatility
than
those
of
larger
companies.
These
and
other
risk
considerations
are
described
in
detail
in
the
Fund’s
prospectus.
About
the
Funds’
Benchmarks
7
MSCI
EAFE
(Europe,
Australasia,
Far
East)
Index
(Net):
An
index
designed
to
measure
the
performance
of
large
and
mid-cap
securities
across
21
developed
market
countries,
excluding
the
U.S.
and
Canada.
Index
returns
assume
reinvestment
of
distributions,
but
do
not
reflect
any
applicable
sales
charges
or
management
fees.
MSCI
Emerging
Markets
Index
(Net):
An
index
designed
to
measure
the
performance
of
large
and
mid-cap
equity
securities
across
24
emerging
market
countries.
Index
returns
assume
reinvestment
of
distributions,
but
do
not
reflect
any
applicable
sales
charges
or
management
fees.
MSCI
USA
Growth
Index:
An
index
designed
to
measure
the
performance
of
large
and
mid-cap
U.S.
equity
securities
that
exhibit
overall
growth
style
characteristics
based
on
five
variables:
1)
long-term
forward
earnings
per
share
(EPS)
growth
rate,
2)
short-term
forward
EPS
growth
rate,
3)
current
internal
growth
rate,
4)
long-term
historical
EPS
growth
trend
and
5)
long-term
historical
sales
per
share
growth
trend.
Index
returns
assume
reinvestment
of
distributions,
but
do
not
reflect
any
applicable
sales
charges
or
management
fees.
MSCI
USA
Index:
An
index
designed
to
measure
the
performance
of
the
large
and
mid-cap
segments
of
the
U.S.
market.
With
over
600
constituents,
the
index
covers
approximately
85%
of
the
free
float-adjusted
market
capitalization
in
the
U.S.
Index
returns
assume
reinvestment
of
distributions,
but
do
not
reflect
any
applicable
sales
charges
or
management
fees.
MSCI
USA
Mid-Cap
Growth
Index:
An
index
designed
to
measure
the
performance
of
mid-cap
U.S.
equity
securities
that
exhibit
overall
growth
style
characteristics
based
on
five
variables:
1)
long-term
forward
earnings
per
share
(EPS)
growth
rate,
2)
short-term
forward
EPS
growth
rate,
3)
current
internal
growth
rate,
4)
long-term
historical
EPS
growth
trend
and
5)
long-term
historical
sales
per
share
growth
trend.
Index
returns
assume
reinvestment
of
distributions,
but
do
not
reflect
any
applicable
sales
charges
or
management
fees.
MSCI
USA
Mid-Cap
Value
Index:
An
index
designed
to
measure
the
performance
of
mid-cap
U.S.
equity
securities
that
exhibit
overall
value
style
characteristics
based
on
three
variables:
1)
book
value
to
price,
2)
twelve-month
forward
earnings
to
price
and
3)
dividend
yield.
Index
returns
assume
reinvestment
of
distributions,
but
do
not
reflect
any
applicable
sales
charges
or
management
fees.
MSCI
USA
Small-Cap
Index:
An
index
designed
to
measure
the
performance
of
the
small-cap
segment
of
the
U.S.
equity
market.
Index
returns
assume
reinvestment
of
distributions,
but
do
not
reflect
any
applicable
sales
charges
or
management
fees.
MSCI
USA
Value
Index:
An
index
designed
to
measure
the
performance
of
large
and
mid-cap
U.S.
equity
securities
that
exhibit
overall
value
style
characteristics
based
on
three
variables:
1)
book
value
to
price,
2)
twelve-month
forward
earnings
to
price
and
3)
dividend
yield.
Index
returns
assume
reinvestment
of
distributions,
but
do
not
reflect
any
applicable
sales
charges
or
management
fees.
TIAA
ESG
Emerging
Markets
Equity
Index:
A
custom
index
that
is
based
on
the
MSCI
Emerging
Markets
Index
(Net)
(defined
herein),
its
Base
Index,
and
uses
a
rules-based
methodology
that
aims
to
increase
the
Base
Index’s
exposure
to
positive
environmental,
social
and
governance
(ESG)
factors
as
well
as
exhibit
lower
carbon
exposure
than
the
Base
Index.
Index
returns
assume
reinvestment
of
distributions,
but
do
not
reflect
any
applicable
sales
charges
or
management
fees.
TIAA
ESG
International
Developed
Markets
Equity
Index:
A
custom
index
that
is
based
on
the
MSCI
EAFE
Index
(Net)
(defined
herein),
its
Base
Index,
and
uses
a
rules-based
methodology
that
aims
to
increase
the
Base
Index’s
exposure
to
positive
environmental,
social
and
governance
(ESG)
factors
as
well
as
exhibit
lower
carbon
exposure
than
the
Base
Index.
Index
returns
assume
reinvestment
of
distributions,
but
do
not
reflect
any
applicable
sales
charges
or
management
fees.
About
the
Funds’
Benchmarks
(continued)
8
TIAA
ESG
USA
High
Dividend
Yield
Index:
A
custom
index
that
is
based
on
the
MSCI
USA
Index
(defined
herein),
its
Base
Index,
and
uses
a
rules-based
methodology
that
aims
to
represent
the
performance
of
a
set
of
securities
with
high
dividend
income
and
quality
characteristics
while
maximizing
the
exposure
to
positive
environmental,
social
and
governance
(ESG)
factors
as
well
as
exhibit
lower
carbon
exposure
than
the
Base
Index.
Index
returns
assume
reinvestment
of
distributions,
but
do
not
reflect
any
applicable
sales
charges
or
management
fees.
TIAA
ESG
USA
Large-Cap
Growth
Index:
A
custom
index
based
on
the
MSCI
USA
Growth
Index
(defined
herein),
its
Base
Index,
and
uses
a
rules-based
methodology
that
aims
to
increase
the
Base
Index’s
exposure
to
positive
environmental,
social
and
governance
(ESG)
factors
as
well
as
exhibit
lower
carbon
exposure
than
the
Base
Index.
Index
returns
assume
reinvestment
of
distributions,
but
do
not
reflect
any
applicable
sales
charges
or
management
fees.
TIAA
ESG
USA
Large-Cap
Index:
A
custom
index
based
on
the
MSCI
USA
Index
(defined
herein),
its
Base
Index,
and
uses
a
rules-based
methodology
that
aims
to
increase
the
Base
Index’s
exposure
to
positive
environmental,
social
and
governance
(ESG)
factors
as
well
as
exhibit
lower
carbon
exposure
than
the
Base
Index.
Index
returns
assume
reinvestment
of
distributions,
but
do
not
reflect
any
applicable
sales
charges
or
management
fees.
TIAA
ESG
USA
Large-Cap
Value
Index:
A
custom
index
based
on
the
MSCI
USA
Value
Index
(defined
herein),
its
Base
Index,
and
uses
a
rules-based
methodology
that
aims
to
increase
the
Base
Index’s
exposure
to
positive
environmental,
social
and
governance
(ESG)
factors
as
well
as
exhibit
lower
carbon
exposure
than
the
Base
Index.
Index
returns
assume
reinvestment
of
distributions,
but
do
not
reflect
any
applicable
sales
charges
or
management
fees.
TIAA
ESG
USA
Mid-Cap
Growth
Index:
A
custom
index
based
on
the
MSCI
USA
Mid-Cap
Growth
Index
(defined
herein),
its
Base
Index,
and
uses
a
rules-based
methodology
that
aims
to
increase
the
Base
Index’s
exposure
to
positive
environmental,
social
and
governance
(ESG)
factors
as
well
as
exhibit
lower
carbon
exposure
than
the
Base
Index.
Index
returns
assume
reinvestment
of
distributions,
but
do
not
reflect
any
applicable
sales
charges
or
management
fees.
TIAA
ESG
USA
Mid-Cap
Value
Index:
A
custom
index
based
on
the
MSCI
USA
Mid-Cap
Value
Index
(defined
herein),
its
Base
Index,
and
uses
a
rules-based
methodology
that
aims
to
increase
the
Base
Index’s
exposure
to
positive
environmental,
social
and
governance
(ESG)
factors
as
well
as
exhibit
lower
carbon
exposure
than
the
Base
Index.
Index
returns
assume
reinvestment
of
distributions,
but
do
not
reflect
any
applicable
sales
charges
or
management
fees.
TIAA
ESG
USA
Small-Cap
Index:
A
custom
index
based
on
the
MSCI
USA
Small-Cap
Index
(defined
herein),
its
Base
Index,
and
uses
a
rules-based
methodology
that
aims
to
increase
the
Base
Index’s
exposure
to
positive
environmental,
social
and
governance
(ESG)
factors
as
well
as
exhibit
lower
carbon
exposure
than
the
Base
Index.
Index
returns
assume
reinvestment
of
distributions,
but
do
not
reflect
any
applicable
sales
charges
or
management
fees.
Fund
Performance,
Expense
Ratios
and
Holdings
Summaries
9
The
Fund
Performance,
Expense
Ratios
and
Holdings
Summaries
for
each
Fund
are
shown
within
this
section
of
the
report.
Fund
Performance
Performance
data
shown
represents
past
performance
and
does
not
predict
or
guarantee
future
results
.
Investment
returns
and
principal
value
will
fluctuate
so
that
when
shares
are
sold,
they
may
be
worth
more
or
less
than
their
original
cost.
Current
performance
may
be
higher
or
lower
than
the
performance
shown.
Returns
quoted
for
the
Funds
reflect
management
fees
and
other
expenses
such
as
transaction
costs
incurred
by
the
Funds
during
the
reporting
period
while
the
Indexes
are
unmanaged
and
therefore
returns
do
not
reflect
any
such
fees
and
expenses.
Total
returns
for
a
period
of
less
than
one
year
are
not annualized
(i.e.
cumulative
returns).
Returns
assume
reinvestment
of
dividends
and
capital
gains.
Market
price
returns
are
based
on
the
closing
market
price
as
of
the
end
of
the
reporting
period.
For
performance
current
to
the
most
recent
month-end
visit
nuveen.com
or
call
(800)
257-8787.
Returns
do
not
reflect
the
deduction
of
taxes
that
a
shareholder
would
pay
on
Fund
distributions
or
the
sale
of
Fund
shares.
Expense
Ratios
The
expense
ratios
shown
are
as
of each
Fund’s
most
recent
prospectus.
The
expense
ratios
shown
reflect
total
operating
expenses including
management
fees
and
other
fees
and
expenses
but
do
not
reflect
expected
transaction
costs.
Refer
to
the
Financial
Highlights
later
in
this
report
for each
Fund’s
expense
ratios
as
of
the
end
of
the
reporting
period.
Holdings
Summaries
The
Holdings
Summaries
data
relates
to
the
securities
held
in
each
Fund’s
portfolio
of
investments
as
of
the
end
of
this
reporting
period.
It
should
not
be
construed
as
a
measure
of
performance
for
the
Fund
itself.
Holdings
are
subject
to
change.
Refer
to
the
Fund’s
Portfolio
of
Investments
for
individual
security
information. 
10
Nuveen
ESG
Dividend
ETF
(NUDV)
(continued)
Fund
Performance,
Expense
Ratios
and
Holdings
Summaries
April
30,
2023
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.
Total
Returns
as
of
April
30,
2023
Cumulative
Average
Annual
Expense
Ratios
Inception
Date
6-Month
1-Year
Since
Inception
NUDV
at
NAV
9/27/21
2.99%
(0.88)%
(0.49)%
0.26%
NUDV
at
Market
Price
9/27/21
2.89%
(0.90)%
(0.54)%
—
MSCI
USA
Index
—
8.27%
1.93%
(3.98)%
—
TIAA
ESG
USA
High
Dividend
Yield
Index
—
3.12%
(0.67)%
(0.26)%
—
11
Holdings
Summaries
as
of
April
30,
2023
Fund
Allocation
(%
of
net
assets)
Common
Stocks
99
.8‌
%
Other
Assets
&
Liabilities,
Net
0
.2‌
%
Net
Assets
100‌
%
Portfolio
Composition
(%
of
net
assets)
Industrials
16.4%
Financials
15.8%
Consumer
Staples
12.8%
Health
Care
12.5%
Information
Technology
12.4%
Real
Estate
8.3%
Consumer
Discretionary
6.4%
Utilities
4.7%
Communication
Services
4.4%
Materials
3.6%
Energy
2.5%
Other
Assets
&
Liabilities,
Net
0.2%
Total
100%
Top
Five
Common
Stock
Holdings
(%
of
net
assets)
Merck
&
Co
Inc
2.2%
Home
Depot
Inc/The
2.2%
PepsiCo
Inc
2.1%
Coca-Cola
Co/The
2.1%
Abbott
Laboratories
1.9%
12
Nuveen
ESG
Emerging
Markets
Equity
ETF
(NUEM)
(continued)
Fund
Performance,
Expense
Ratios
and
Holdings
Summaries
April
30,
2023
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.
Total
Returns
as
of
April
30,
2023
Cumulative
Average
Annual
Expense
Ratios
Inception
Date
6-Month
1-Year
5-Year
Since
Inception
NUEM
at
NAV
6/06/17
17.50%
(6.37)%
0.40%
2.64%
0.36%
NUEM
at
Market
Price
6/06/17
18.87%
(4.63)%
0.63%
2.78%
—
MSCI
Emerging
Markets
Index
(Net)
—
16.36%
(6.51)%
(1.05)%
1.78%
—
TIAA
ESG
Emerging
Markets
Equity
Index
—
17.69%
(5.84)%
1.13%
3.39%
—
13
Holdings
Summaries
as
of
April
30,
2023
Fund
Allocation
(%
of
net
assets)
Common
Stocks
99
.8‌
%
Common
Stock
Rights
0
.0‌
%
Corporate
Bonds
0
.0‌
%
Investments
Purchased
with
Collateral
from
Securities
Lending
0
.0‌
%
Other
Assets
&
Liabilities,
Net
0
.2‌
%
Net
Assets
100‌
%
Top
Five
Common
Stock
Holdings
(%
of
net
assets)
Taiwan
Semiconductor
Manufacturing
Co
Ltd
7.5%
Alibaba
Group
Holding
Ltd
3.6%
China
Construction
Bank
Corp
2.3%
Saudi
Basic
Industries
Corp
1.6%
Delta
Electronics
Inc
1.6%
Portfolio
Composition
(%
of
net
assets)
Financials
20.8%
Information
Technology
17.6%
Consumer
Discretionary
14.2%
Materials
10.9%
Communication
Services
9.8%
Consumer
Staples
7.7%
Industrials
6.5%
Energy
3.5%
Health
Care
3.5%
Utilities
3.0%
Real
Estate
2.3%
Investments
Purchased
with
Collateral
from
Securities
Lending
0.0%
Other
Assets
&
Liabilities,
Net
0.2%
Total
100%
Country
Allocation
1
(%
of
net
assets)
China
30.3%
Taiwan
15.3%
India
13.7%
South
Korea
11.4%
Brazil
5.3%
Saudi
Arabia
4.9%
South
Africa
3.5%
Mexico
2.9%
Indonesia
2.3%
Thailand
2.0%
Other
8.2%
Other
Assets
&
Liabilities,
Net
0.2%
Net
Assets
100%
1
Includes
99.8%
(as
a
percentage
of
net
assets)
in
emerging
market
countries.
14
Nuveen
ESG
International
Developed
Markets
Equity
ETF
(NUDM)
(continued)
Fund
Performance,
Expense
Ratios
and
Holdings
Summaries
April
30,
2023
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.
Total
Returns
as
of
April
30,
2023
Cumulative
Average
Annual
Expense
Ratios
Inception
Date
6-Month
1-Year
5-Year
Since
Inception
NUDM
at
NAV
6/06/17
25.60%
8.13%
4.26%
5.05%
0.31%
NUDM
at
Market
Price
6/06/17
25.50%
9.13%
4.29%
5.05%
—
MSCI
EAFE®
Index
(Net)
—
24.19%
8.42%
3.63%
4.68%
—
TIAA
ESG
International
Developed
Markets
Equity
Index
—
25.87%
8.42%
4.53%
5.33%
—
15
Holdings
Summaries
as
of
April
30,
2023
Fund
Allocation
(%
of
net
assets)
Common
Stocks
99
.2‌
%
Other
Assets
&
Liabilities,
Net
0
.8‌
%
Net
Assets
100‌
%
Top
Five
Common
Stock
Holdings
(%
of
net
assets)
Nestle
SA
3.4%
ASML
Holding
NV
2.2%
Sony
Group
Corp
2.1%
Siemens
AG
2.1%
Novo
Nordisk
A/S
1.9%
Portfolio
Composition
(%
of
net
assets)
Financials
19.2%
Industrials
17.4%
Consumer
Discretionary
13.1%
Consumer
Staples
11.3%
Health
Care
10.8%
Materials
9.3%
Communication
Services
6.2%
Information
Technology
4.9%
Utilities
2.8%
Real
Estate
2.6%
Energy
1.6%
Other
Assets
&
Liabilities,
Net
0.8%
Total
100%
Country
Allocation
(%
of
net
assets)
Japan
21.9%
United
Kingdom
15.7%
France
11.6%
Switzerland
10.1%
Australia
7.4%
Germany
6.7%
Spain
3.9%
Denmark
3.1%
Netherlands
3.0%
Hong
Kong
2.9%
Other
12.9%
Other
Assets
&
Liabilities,
Net
0.8%
Net
Assets
100%
16
Nuveen
ESG
Large-Cap
ETF
(NULC)
(continued)
Fund
Performance,
Expense
Ratios
and
Holdings
Summaries
April
30,
2023
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.
Total
Returns
as
of
April
30,
2023
Cumulative
Average
Annual
Expense
Ratios
Inception
Date
6-Month
1-Year
Since
Inception
NULC
at
NAV
6/03/19
6.77%
(0.75)%
12.12%
0.21%
NULC
at
Market
Price
6/03/19
6.54%
(0.78)%
12.08%
—
MSCI
USA
Index
—
8.27%
1.93%
12.97%
—
TIAA
ESG
USA
Large-Cap
Index
—
6.91%
(0.55)%
12.36%
—
17
Holdings
Summaries
as
of
April
30,
2023
Fund
Allocation
(%
of
net
assets)
Common
Stocks
99
.8‌
%
Other
Assets
&
Liabilities,
Net
0
.2‌
%
Net
Assets
100‌
%
Portfolio
Composition
(%
of
net
assets)
Information
Technology
26.4%
Health
Care
14.2%
Financials
13.3%
Industrials
9.7%
Consumer
Staples
9.2%
Consumer
Discretionary
9.2%
Communication
Services
6.9%
Energy
3.4%
Materials
3.3%
Real
Estate
2.3%
Utilities
1.9%
Other
Assets
&
Liabilities,
Net
0.2%
Total
100%
Top
Five
Common
Stock
Holdings
(%
of
net
assets)
Microsoft
Corp
7.5%
NVIDIA
Corp
3.5%
Procter
&
Gamble
Co/The
2.4%
Coca-Cola
Co/The
2.0%
Home
Depot
Inc/The
1.9%
18
Nuveen
ESG
Large-Cap
Growth
ETF
(NULG)
(continued)
Fund
Performance,
Expense
Ratios
and
Holdings
Summaries
April
30,
2023
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.
Total
Returns
as
of
April
30,
2023
Cumulative
Average
Annual
Expense
Ratios
Inception
Date
6-Month
1-Year
5-Year
Since
Inception
NULG
at
NAV
12/13/16
12.96%
3.90%
14.28%
15.61%
0.26%
NULG
at
Market
Price
12/13/16
13.04%
3.91%
14.30%
15.62%
—
MSCI
USA
Growth
Index
—
14.34%
2.78%
13.90%
15.42%
—
TIAA
ESG
USA
Large-Cap
Growth
Index
—
13.14%
4.17%
14.69%
16.02%
—
19
Holdings
Summaries
as
of
April
30,
2023
Fund
Allocation
(%
of
net
assets)
Common
Stocks
99
.9‌
%
Investments
Purchased
with
Collateral
from
Securities
Lending
0
.3‌
%
Other
Assets
&
Liabilities,
Net
(
0
.2‌
)
%
Net
Assets
100‌
%
Portfolio
Composition
(%
of
net
assets)
Information
Technology
38.3%
Consumer
Discretionary
13.7%
Health
Care
12.7%
Industrials
10.5%
Communication
Services
8.4%
Financials
6.4%
Consumer
Staples
5.2%
Materials
3.5%
Energy
1.1%
Real
Estate
0.1%
Investments
Purchased
with
Collateral
from
Securities
Lending
0.3%
Other
Assets
&
Liabilities,
Net
(0.2)%
Total
100%
Top
Five
Common
Stock
Holdings
(%
of
net
assets)
Microsoft
Corp
13.2%
NVIDIA
Corp
5.3%
Tesla
Inc
3.4%
Mastercard
Inc
3.0%
Home
Depot
Inc/The
2.7%
20
Nuveen
ESG
Large-Cap
Value
ETF
(NULV)
(continued)
Fund
Performance,
Expense
Ratios
and
Holdings
Summaries
April
30,
2023
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
MSCI
USA
Value
Index.
Total
Returns
as
of
April
30,
2023
Cumulative
Average
Annual
Expense
Ratios
Inception
Date
6-Month
1-Year
5-Year
Since
Inception
NULV
at
NAV
12/13/16
2.27%
(2.77)%
6.82%
7.43%
0.26%
NULV
at
Market
Price
12/13/16
2.20%
(2.70)%
6.82%
7.43%
—
MSCI
USA
Value
Index
—
2.38%
0.32%
7.80%
7.71%
—
TIAA
ESG
USA
Large-Cap
Value
Index
—
2.40%
(2.55)%
7.16%
7.78%
—
21
Holdings
Summaries
as
of
April
30,
2023
Fund
Allocation
(%
of
net
assets)
Common
Stocks
99
.8‌
%
Investments
Purchased
with
Collateral
from
Securities
Lending
0
.1‌
%
Other
Assets
&
Liabilities,
Net
0
.1‌
%
Net
Assets
100‌
%
Portfolio
Composition
(%
of
net
assets)
Financials
19.0%
Health
Care
16.5%
Consumer
Staples
13.8%
Information
Technology
11.8%
Industrials
10.5%
Materials
5.8%
Utilities
5.7%
Communication
Services
4.8%
Real
Estate
4.4%
Consumer
Discretionary
4.1%
Energy
3.4%
Investments
Purchased
with
Collateral
from
Securities
Lending
0.1%
Other
Assets
&
Liabilities,
Net
0.1%
Total
100%
Top
Five
Common
Stock
Holdings
(%
of
net
assets)
Merck
&
Co
Inc
3.0%
JPMorgan
Chase
&
Co
2.9%
PepsiCo
Inc
2.8%
Coca-Cola
Co/The
2.8%
Abbott
Laboratories
2.5%
22
Nuveen
ESG
Mid-Cap
Growth
ETF
(NUMG)
(continued)
Fund
Performance,
Expense
Ratios
and
Holdings
Summaries
April
30,
2023
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.
Total
Returns
as
of
April
30,
2023
Cumulative
Average
Annual
Expense
Ratios
Inception
Date
6-Month
1-Year
5-Year
Since
Inception
NUMG
at
NAV
12/13/16
6.38%
(4.41)%
8.86%
9.83%
0.31%
NUMG
at
Market
Price
12/13/16
6.21%
(4.55)%
8.76%
9.81%
—
MSCI
USA
Mid-Cap
Growth
Index
—
6.61%
0.84%
9.74%
10.79%
—
TIAA
ESG
USA
Mid-Cap
Growth
Index
—
6.53%
(4.20)%
9.27%
10.25%
—
23
Holdings
Summaries
as
of
April
30,
2023
Fund
Allocation
(%
of
net
assets)
Common
Stocks
99
.9‌
%
Investments
Purchased
with
Collateral
from
Securities
Lending
1
.5‌
%
Other
Assets
&
Liabilities,
Net
(
1
.4‌
)
%
Net
Assets
100‌
%
Portfolio
Composition
(%
of
net
assets)
Information
Technology
27.6%
Industrials
20.1%
Health
Care
19.1%
Communication
Services
9.6%
Consumer
Discretionary
9.3%
Financials
5.3%
Materials
3.3%
Real
Estate
2.5%
Consumer
Staples
2.3%
Utilities
0.8%
Investments
Purchased
with
Collateral
from
Securities
Lending
1.5%
Other
Assets
&
Liabilities,
Net
(1.4)%
Total
100%
Top
Five
Common
Stock
Holdings
(%
of
net
assets)
West
Pharmaceutical
Services
Inc
3.0%
Tractor
Supply
Co
2.8%
Quanta
Services
Inc
2.8%
Alnylam
Pharmaceuticals
Inc
2.6%
Insulet
Corp
2.6%
24
Nuveen
ESG
Mid-Cap
Value
ETF
(NUMV)
(continued)
Fund
Performance,
Expense
Ratios
and
Holdings
Summaries
April
30,
2023
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.
Total
Returns
as
of
April
30,
2023
Cumulative
Average
Annual
Expense
Ratios
Inception
Date
6-Month
1-Year
5-Year
Since
Inception
NUMV
at
NAV
12/13/16
(1.88)%
(10.17)%
4.79%
5.60%
0.31%
NUMV
at
Market
Price
12/13/16
(2.03)%
(10.15)%
4.54%
5.59%
—
MSCI
USA
Mid-Cap
Value
Index
—
(0.10)%
(6.71)%
5.16%
6.11%
—
TIAA
ESG
USA
Mid-Cap
Value
Index
—
(1.77)%
(9.96)%
5.16%
5.99%
—
25
Holdings
Summaries
as
of
April
30,
2023
Fund
Allocation
(%
of
net
assets)
Common
Stocks
99
.8‌
%
Investments
Purchased
with
Collateral
from
Securities
Lending
0
.5‌
%
Other
Assets
&
Liabilities,
Net
(
0
.3‌
)
%
Net
Assets
100‌
%
Portfolio
Composition
(%
of
net
assets)
Financials
17.2%
Industrials
13.1%
Real
Estate
12.7%
Consumer
Discretionary
11.7%
Utilities
9.0%
Consumer
Staples
7.8%
Information
Technology
7.0%
Materials
6.4%
Health
Care
6.1%
Energy
4.8%
Communication
Services
4.0%
Investments
Purchased
with
Collateral
from
Securities
Lending
0.5%
Other
Assets
&
Liabilities,
Net
(0.3)%
Total
100%
Top
Five
Common
Stock
Holdings
(%
of
net
assets)
VICI
Properties
Inc
2.6%
ONEOK
Inc
2.4%
Baker
Hughes
Co
2.4%
PulteGroup
Inc
2.3%
Ingersoll
Rand
Inc
2.2%
26
Nuveen
ESG
Small-Cap
ETF
(NUSC)
(continued)
Fund
Performance,
Expense
Ratios
and
Holdings
Summaries
April
30,
2023
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.
Total
Returns
as
of
April
30,
2023
Cumulative
Average
Annual
Expense
Ratios
Inception
Date
6-Month
1-Year
5-Year
Since
Inception
NUSC
at
NAV
12/13/16
(0.23)%
(2.86)%
7.04%
7.87%
0.31%
NUSC
at
Market
Price
12/13/16
(0.33)%
(2.92)%
6.99%
7.87%
—
MSCI
USA
Small-Cap
Index
—
0.32%
(1.57)%
6.71%
7.67%
—
TIAA
ESG
USA
Small-Cap
Index
—
(0.11)%
(2.66)%
7.41%
8.26%
—
27
Holdings
Summaries
as
of
April
30,
2023
Fund
Allocation
(%
of
net
assets)
Common
Stocks
99
.7‌
%
Common
Stock
Rights
0
.0‌
%
Investments
Purchased
with
Collateral
from
Securities
Lending
1
.0‌
%
Other
Assets
&
Liabilities,
Net
(
0
.7‌
)
%
Net
Assets
100‌
%
Portfolio
Composition
(%
of
net
assets)
Industrials
19.7%
Consumer
Discretionary
15.1%
Financials
14.5%
Health
Care
13.0%
Information
Technology
12.6%
Real
Estate
7.5%
Materials
5.5%
Energy
3.9%
Consumer
Staples
3.6%
Utilities
2.2%
Communication
Services
2.1%
Investments
Purchased
with
Collateral
from
Securities
Lending
1.0%
Other
Assets
&
Liabilities,
Net
(0.7)%
Total
100%
Top
Five
Common
Stock
Holdings
(%
of
net
assets)
WillScot
Mobile
Mini
Holdings
Corp
1.0%
Primerica
Inc
0.9%
EMCOR
Group
Inc
0.9%
US
Foods
Holding
Corp
0.8%
FTI
Consulting
Inc
0.8%
28
Expense
Examples
As
a
shareholder
of
one
or
more of
the
Funds,
you
incur
two
types
of
costs:
(1)
transaction
costs,
including
brokerage
commissions
on
purchases
and
sales
of
Fund
shares,
and
(2)
ongoing
costs,
including
management
fees
and
other
applicable
Fund
expenses.
The
Examples
below
are
intended
to
help
you
understand
your
ongoing
costs
(in
dollars)
of
investing
in
the
Fund
and
to
compare
these
costs
with
the
ongoing
costs
of
investing
in
other
funds.
The
Examples
below
are
based
on
an
investment
of
$1,000
invested
at
the
beginning
of
the
period
and
held
through
the
period
ended
April
30,
2023.
The
beginning
of
the
period
is
November
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
$
1,029.88
Expenses
Incurred
During
the
Period
$
1.31
Hypothetical
Performance
(5%
annualized
return
before
expenses)
Beginning
Account
Value
$
1,000.00
Ending
Account
Value
$
1,023.51
Expenses
Incurred
During
the
Period
$
1.30
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
181/365
(to
reflect
the
one-half
year
period).
Nuveen
ESG
Emerging
Markets
Equity
ETF
(NUEM)
Actual
Performance
Beginning
Account
Value
$
1,000.00
Ending
Account
Value
$
1,174.95
Expenses
Incurred
During
the
Period
$
1.94
Hypothetical
Performance
(5%
annualized
return
before
expenses)
Beginning
Account
Value
$
1,000.00
Ending
Account
Value
$
1,023.01
Expenses
Incurred
During
the
Period
$
1.81
Expenses
are
equal
to
the
Fund’s
annualized
net
expense
ratio
of
0.36%
multiplied
by
the
average
account
value
over
the
period,
multiplied
by
181/365
(to
reflect
the
one-half
year
period).
29
Nuveen
ESG
International
Developed
Markets
Equity
ETF
(NUDM)
Actual
Performance
Beginning
Account
Value
$
1,000.00
Ending
Account
Value
$
1,256.00
Expenses
Incurred
During
the
Period
$
1.73
Hypothetical
Performance
(5%
annualized
return
before
expenses)
Beginning
Account
Value
$
1,000.00
Ending
Account
Value
$
1,023.26
Expenses
Incurred
During
the
Period
$
1.56
Expenses
are
equal
to
the
Fund’s
annualized
net
expense
ratio
of
0.31%
multiplied
by
the
average
account
value
over
the
period,
multiplied
by
181/365
(to
reflect
the
one-half
year
period).
Nuveen
ESG
Large-Cap
ETF
(NULC)
Actual
Performance
Beginning
Account
Value
$
1,000.00
Ending
Account
Value
$
1,067.68
Expenses
Incurred
During
the
Period
$
1.08
Hypothetical
Performance
(5%
annualized
return
before
expenses)
Beginning
Account
Value
$
1,000.00
Ending
Account
Value
$
1,023.75
Expenses
Incurred
During
the
Period
$
1.05
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
181/365
(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
$
1,129.63
Expenses
Incurred
During
the
Period
$
1.37
Hypothetical
Performance
(5%
annualized
return
before
expenses)
Beginning
Account
Value
$
1,000.00
Ending
Account
Value
$
1,023.51
Expenses
Incurred
During
the
Period
$
1.30
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
181/365
(to
reflect
the
one-half
year
period).
Nuveen
ESG
Large-Cap
Value
ETF
(NULV)
Actual
Performance
Beginning
Account
Value
$
1,000.00
Ending
Account
Value
$
1,022.72
Expenses
Incurred
During
the
Period
$
1.30
Hypothetical
Performance
(5%
annualized
return
before
expenses)
Beginning
Account
Value
$
1,000.00
Ending
Account
Value
$
1,023.51
Expenses
Incurred
During
the
Period
$
1.30
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
181/365
(to
reflect
the
one-half
year
period).
Expense
Examples
(continued)
30
Nuveen
ESG
Mid-Cap
Growth
ETF
(NUMG)
Actual
Performance
Beginning
Account
Value
$
1,000.00
Ending
Account
Value
$
1,063.81
Expenses
Incurred
During
the
Period
$
1.59
Hypothetical
Performance
(5%
annualized
return
before
expenses)
Beginning
Account
Value
$
1,000.00
Ending
Account
Value
$
1,023.26
Expenses
Incurred
During
the
Period
$
1.56
Expenses
are
equal
to
the
Fund’s
annualized
net
expense
ratio
of
0.31%
multiplied
by
the
average
account
value
over
the
period,
multiplied
by
181/365
(to
reflect
the
one-half
year
period).
Nuveen
ESG
Mid-Cap
Value
ETF
(NUMV)
Actual
Performance
Beginning
Account
Value
$
1,000.00
Ending
Account
Value
$
981.18
Expenses
Incurred
During
the
Period
$
1.52
Hypothetical
Performance
(5%
annualized
return
before
expenses)
Beginning
Account
Value
$
1,000.00
Ending
Account
Value
$
1,023.26
Expenses
Incurred
During
the
Period
$
1.56
Expenses
are
equal
to
the
Fund’s
annualized
net
expense
ratio
of
0.31%
multiplied
by
the
average
account
value
over
the
period,
multiplied
by
181/365
(to
reflect
the
one-half
year
period).
Nuveen
ESG
Small-Cap
ETF
(NUSC)
Actual
Performance
Beginning
Account
Value
$
1,000.00
Ending
Account
Value
$
997.70
Expenses
Incurred
During
the
Period
$
1.54
Hypothetical
Performance
(5%
annualized
return
before
expenses)
Beginning
Account
Value
$
1,000.00
Ending
Account
Value
$
1,023.26
Expenses
Incurred
During
the
Period
$
1.56
Expenses
are
equal
to
the
Fund’s
annualized
net
expense
ratio
of
0.31%
multiplied
by
the
average
account
value
over
the
period,
multiplied
by
181/365
(to
reflect
the
one-half
year
period).
31
Nuveen
ESG
Dividend
ETF
(NUDV)
Portfolio
of
Investments
April
30,
2023
(Unaudited)
Shares
Description
(1)
Value
LONG-TERM
INVESTMENTS
-
99.8%  
X
9,500,553
COMMON
STOCKS
-
99.8%
X
9,500,553
Communication
Services
-
4.4%
4,363
Comcast
Corp,
Class
A
$
180,497
1,059
Interpublic
Group
of
Cos
Inc/The
37,838
1,668
Paramount
Global,
Class
B
38,915
4,218
Verizon
Communications
Inc
163,785
Total
Communication
Services
421,035
Consumer
Discretionary
-
6.4%
556
Best
Buy
Co
Inc
41,433
360
Hasbro
Inc
21,319
686
Home
Depot
Inc/The
206,171
161
Lear
Corp
20,553
693
LKQ
Corp
40,007
763
Lowe's
Cos
Inc
158,574
302
Tractor
Supply
Co
71,997
110
Vail
Resorts
Inc
26,457
935
VF
Corp
21,982
Total
Consumer
Discretionary
608,493
Consumer
Staples
-
12.8%
1,500
Archer-Daniels-Midland
Co
117,120
408
Bunge
Ltd
38,189
337
Clorox
Co/The
55,814
3,143
Coca-Cola
Co/The
201,623
1,397
Colgate-Palmolive
Co
111,481
2,123
Keurig
Dr
Pepper
Inc
69,422
923
Kimberly-Clark
Corp
133,734
1,861
Kroger
Co/The
90,500
684
McCormick
&
Co
Inc/MD
60,089
1,059
PepsiCo
Inc
202,153
853
Target
Corp
134,561
Total
Consumer
Staples
1,214,686
Energy
-
2.5%
2,756
Baker
Hughes
Co
80,585
2,481
Halliburton
Co
81,253
1,219
ONEOK
Inc
79,735
Total
Energy
241,573
Financials
-
15.8%
814
Ally
Financial
Inc
21,473
5,490
Bank
of
America
Corp
160,747
2,094
Bank
of
New
York
Mellon
Corp/The
89,184
217
BlackRock
Inc
145,651
1,573
Citigroup
Inc
74,041
749
Discover
Financial
Services
77,499
1,618
Fidelity
National
Information
Services
Inc
95,009
1,897
Fifth
Third
Bancorp
49,701
817
Franklin
Resources
Inc
21,961
427
Goldman
Sachs
Group
Inc/The
146,649
3,933
Huntington
Bancshares
Inc/OH
44,050
930
Invesco
Ltd
15,931
1,588
Morgan
Stanley
142,872
540
Northern
Trust
Corp
42,206
872
PNC
Financial
Services
Group
Inc/The
113,578
Nuveen
ESG
Dividend
ETF
(NUDV)
(continued)
Portfolio
of
Investments
April
30,
2023
(Unaudited)
32
Shares
Description
(1)
Value
Financials
(continued)
1,003
Prudential
Financial
Inc
$
87,261
1,000
State
Street
Corp
72,260
1,229
Synchrony
Financial
36,268
610
T
Rowe
Price
Group
Inc
68,521
Total
Financials
1,504,862
Health
Care
-
12.5%
1,655
Abbott
Laboratories
182,828
657
Amgen
Inc
157,509
2,272
Bristol-Myers
Squibb
Co
151,701
495
Cigna
Group/The
125,379
1,789
Gilead
Sciences
Inc
147,074
1,803
Merck
&
Co
Inc
208,192
4,379
Pfizer
Inc
170,299
311
Quest
Diagnostics
Inc
43,170
Total
Health
Care
1,186,152
Industrials
-
16.4%
1,117
3M
Co
118,648
654
Automatic
Data
Processing
Inc
143,880
2,291
Carrier
Global
Corp
95,810
649
Caterpillar
Inc
142,001
292
CH
Robinson
Worldwide
Inc
29,454
384
Cummins
Inc
90,255
1,466
Emerson
Electric
Co
122,059
1,562
Fastenal
Co
84,098
98
Ferguson
PLC
13,800
600
Illinois
Tool
Works
Inc
145,164
1,877
Johnson
Controls
International
plc
112,320
87
Lennox
International
Inc
24,526
255
Owens
Corning
27,237
451
Pentair
PLC
26,194
296
Robert
Half
International
Inc
21,608
315
Rockwell
Automation
Inc
89,274
629
Trane
Technologies
PLC
116,874
881
United
Parcel
Service
Inc,
Class
B
158,413
Total
Industrials
1,561,615
Information
Technology
-
12.4%
621
Accenture
PLC,
Class
A
174,060
3,567
Cisco
Systems
Inc
168,541
1,599
Gen
Digital
Inc
28,254
3,509
Hewlett
Packard
Enterprise
Co
50,249
2,751
HP
Inc
81,732
5,885
Intel
Corp
182,788
1,168
International
Business
Machines
Corp
147,647
593
NetApp
Inc
37,294
707
NXP
Semiconductors
NV
115,764
535
Seagate
Technology
Holdings
PLC
31,442
958
Texas
Instruments
Inc
160,178
Total
Information
Technology
1,177,949
Materials
-
3.6%
4,060
Amcor
PLC
44,538
221
Avery
Dennison
Corp
38,560
695
International
Flavors
&
Fragrances
Inc
67,387
2,170
Newmont
Corp
102,858
647
PPG
Industries
Inc
90,749
Total
Materials
344,092
33
Shares
Description
(1)
Value
Real
Estate
-
8.3%
696
American
Tower
Corp
$
142,255
1,017
Crown
Castle
Inc
125,183
783
Digital
Realty
Trust
Inc
77,634
199
Equinix
Inc
144,092
793
Iron
Mountain
Inc
43,805
1,235
Prologis
Inc
154,684
1,282
Welltower
Inc
101,560
Total
Real
Estate
789,213
Utilities
-
4.7%
496
American
Water
Works
Co
Inc
73,532
384
Atmos
Energy
Corp
43,830
975
Consolidated
Edison
Inc
96,008
679
Essential
Utilities
Inc
28,993
950
Eversource
Energy
73,730
2,717
Exelon
Corp
115,309
575
UGI
Corp
19,481
Total
Utilities
450,883
Total
Common
Stocks
(cost
$10,048,296)
9,500,553
Total
Long-Term
Investments
(cost
$10,048,296)
9,500,553
Other
Assets
&
Liabilities,
Net
-
0.2%
20,901
Net
Assets
-
100%
$
9,521,454
For
Fund
portfolio
compliance
purposes,
the
Fund’s
industry
classifications
refer
to
any
one
or
more
of
the
industry
sub-classifications
used
by
one
or
more
widely
recognized
market
indexes
or
ratings
group
indexes,
and/or
as
defined
by
Fund
management.
This
definition
may
not
apply
for
purposes
of
this
report,
which
may
combine
industry
sub-classifications
into
sectors
for
reporting
ease.
(1)
All
percentages
shown
in
the
Portfolio
of
Investments
are
based
on
net
assets.
See
Notes
to
Financial
Statements
34
Nuveen
ESG
Emerging
Markets
Equity
ETF
(NUEM)
Portfolio
of
Investments
April
30,
2023
(Unaudited)
Shares
Description
(1)
Value
LONG-TERM
INVESTMENTS
-
99.8%  
X
222,712,788
COMMON
STOCKS
-
99.8%
X
222,712,788
Communication
Services
-
9.8%
30,100
37
Interactive
Entertainment
Network
Technology
Group
Co
Ltd,
Class
A
$
133,430
235,940
Baidu
Inc,
Class
A
(2)
3,477,529
40,260
Bharti
Airtel
Ltd
393,222
14,765
CD
Projekt
SA
403,151
5,672
China
Literature
Ltd,
144A
(2)
26,012
274,307
China
Ruyi
Holdings
Ltd
(2)
66,394
227,057
Chunghwa
Telecom
Co
Ltd
937,993
306,602
Emirates
Telecommunications
Group
Co
PJSC
2,003,935
46,485
Etihad
Etisalat
Co
570,110
301,600
Focus
Media
Information
Technology
Co
Ltd,
Class
A
280,548
600
G-bits
Network
Technology
Xiamen
Co
Ltd,
Class
A
45,403
10,778
Info
Edge
India
Ltd
497,333
33,932
Kakao
Corp
1,472,990
11,260
Kanzhun
Ltd
(2)
208,197
296,205
Kuaishou
Technology,
144A
(2)
1,935,734
39,100
Mango
Excellent
Media
Co
Ltd,
Class
A
202,637
87,061
MTN
Group
Ltd
611,016
398
NCSoft
Corp
112,108
192,845
NetEase
Inc
3,404,925
281,792
Ooredoo
QPSC
765,638
40,110
Saudi
Telecom
Co
481,230
70,389
Telefonica
Brasil
SA
578,549
9,407,853
Telkom
Indonesia
Persero
Tbk
PT
2,725,520
27,920
Tencent
Music
Entertainment
Group,
ADR
(2)
206,887
106,663
TIM
SA/Brazil
298,486
Total
Communication
Services
21,838,977
Consumer
Discretionary
-
14.2%
758,812
Alibaba
Group
Holding
Ltd
(2)
7,931,378
106,897
Allegro.eu
SA,
144A
(2)
842,785
188,727
Bosideng
International
Holdings
Ltd
92,802
23,992
China
Tourism
Group
Duty
Free
Corp
Ltd,
144A
(2)
511,632
12,771
China
Tourism
Group
Duty
Free
Corp
Ltd,
Class
A
296,953
19,274
Coway
Co
Ltd
706,358
11,033
East
Buy
Holding
Ltd,
144A
(2),(3)
38,159
34,188
Eicher
Motors
Ltd
1,379,071
460
FF
Group
(2),(4)
5
101,215
Geely
Automobile
Holdings
Ltd
124,425
7,400
Hangzhou
Robam
Appliances
Co
Ltd,
Class
A
27,844
11,784
Hero
MotoCorp
Ltd
368,425
35,977
Hotai
Motor
Co
Ltd
773,548
115,118
JD.com
Inc
1,992,960
126,638
Jiumaojiu
International
Holdings
Ltd,
144A
281,995
36,662
LG
Electronics
Inc
2,993,990
141,394
Li
Auto
Inc,
Class
A
(2)
1,647,216
134,757
Mahindra
&
Mahindra
Ltd
2,020,295
22,075
Meituan,
Class
B,
144A
(2)
374,014
9,338
Naspers
Ltd
1,665,582
66,576
NIO
Inc,
ADR
(2)
523,953
334,911
TCL
Technology
Group
Corp,
Class
A
193,499
80,712
Titan
Co
Ltd
2,605,557
71,660
TVS
Motor
Co
Ltd
996,798
9,933
Vipshop
Holdings
Ltd,
ADR
(2)
155,948
61,795
Woolworths
Holdings
Ltd/South
Africa
219,855
35
Shares
Description
(1)
Value
Consumer
Discretionary
(continued)
44,159
Yum
China
Holdings
Inc
$
2,701,648
379,085
Zomato
Ltd
(2)
300,632
Total
Consumer
Discretionary
31,767,327
Consumer
Staples
-
7.7%
779,049
Alibaba
Health
Information
Technology
Ltd
(2)
556,754
39,408
Arca
Continental
SAB
de
CV
373,785
51,494
Atacadao
SA
110,649
2,695
BGF
retail
Co
Ltd
375,737
7,137
Britannia
Industries
Ltd
397,119
367,156
Cencosud
SA
(2)
752,871
163,824
China
Mengniu
Dairy
Co
Ltd
658,435
2,512
CJ
CheilJedang
Corp
580,891
101,121
Coca-Cola
Femsa
SAB
de
CV
832,052
153,895
CP
ALL
PCL
(2)
289,560
313,774
Fomento
Economico
Mexicano
SAB
de
CV
3,042,594
112,289
Hindustan
Unilever
Ltd
3,371,706
135,065
Inner
Mongolia
Yili
Industrial
Group
Co
Ltd,
Class
A
576,683
6,410
Nestle
India
Ltd
1,704,508
3,042
Nestle
Malaysia
Bhd
92,409
232,028
Nongfu
Spring
Co
Ltd,
144A
1,253,263
209,447
Raia
Drogasil
SA
1,100,226
89,453
Savola
Group/The
759,612
765,350
Sumber
Alfaria
Trijaya
Tbk
PT
151,296
54,106
Wal-Mart
de
Mexico
SAB
de
CV
217,426
Total
Consumer
Staples
17,197,576
Energy
-
3.5%
372,032
Cosan
SA
1,113,973
1,270,078
Dialog
Group
Bhd
652,052
28,328
Empresas
Copec
SA
198,346
16,417
HD
Hyundai
Co
Ltd
726,156
15,525
Motor
Oil
Hellas
Corinth
Refineries
SA
370,215
92,564
Offshore
Oil
Engineering
Co
Ltd,
Class
A
89,980
208,932
Qatar
Fuel
QSC
949,378
18,723
SK
Innovation
Co
Ltd
(2)
2,421,512
410,199
Thai
Oil
PCL
558,584
248,539
Ultrapar
Participacoes
SA
717,372
22,036
Yantai
Jereh
Oilfield
Services
Group
Co
Ltd,
Class
A
86,320
Total
Energy
7,883,888
Financials
-
20.8%
10,868
Abu
Dhabi
Commercial
Bank
PJSC
26,105
3,596,645
Agricultural
Bank
of
China
Ltd
1,388,277
62,200
Agricultural
Bank
of
China
Ltd,
Class
A
30,726
19,826
AU
Small
Finance
Bank
Ltd,
144A
160,827
333,656
Axis
Bank
Ltd
3,506,321
398,705
B3
SA
-
Brasil
Bolsa
Balcao
930,844
12,826
Bajaj
Finance
Ltd
984,265
291,486
Banco
do
Brasil
SA
2,497,195
49,341
Bancolombia
SA
308,057
221,150
Bandhan
Bank
Ltd,
144A
(2)
619,648
2,704,123
Bank
Central
Asia
Tbk
PT
1,668,188
637,696
Bank
Rakyat
Indonesia
Persero
Tbk
PT
221,694
575,070
Cathay
Financial
Holding
Co
Ltd
794,071
7,686,631
China
Construction
Bank
Corp
5,140,806
170,546
China
Construction
Bank
Corp,
Class
A
155,439
383,573
China
International
Capital
Corp
Ltd,
144A
802,337
89,142
China
Merchants
Bank
Co
Ltd,
Class
A
432,625
435,559
China
Merchants
Bank
Co
Ltd
2,089,045
Nuveen
ESG
Emerging
Markets
Equity
ETF
(NUEM)
(continued)
Portfolio
of
Investments
April
30,
2023
(Unaudited)
36
Shares
Description
(1)
Value
Financials
(continued)
143,579
Commercial
International
Bank
Egypt
SAE
$
248,127
3,999
Credicorp
Ltd
541,785
445,896
FirstRand
Ltd
1,569,583
908,825
Fubon
Financial
Holding
Co
Ltd
1,744,187
95,198
Grupo
Financiero
Banorte
SAB
de
CV
820,521
31,248
Hana
Financial
Group
Inc
979,418
38,760
Huatai
Securities
Co
Ltd,
144A
49,969
120,497
Huatai
Securities
Co
Ltd,
Class
A
244,536
3,168,053
Industrial
&
Commercial
Bank
of
China
Ltd
1,703,102
44,900
Industrial
&
Commercial
Bank
of
China
Ltd,
Class
A
30,611
38,896
KB
Financial
Group
Inc
1,438,548
5,628
Komercni
Banka
AS
182,192
73,424
Kotak
Mahindra
Bank
Ltd
1,738,831
1,306,344
Malayan
Banking
Bhd
2,536,249
82,209
Moneta
Money
Bank
AS,
144A
302,658
20,147
Nedbank
Group
Ltd
232,558
77,739
Old
Mutual
Ltd
49,406
159,906
Ping
An
Insurance
Group
Co
of
China
Ltd
1,155,005
183,000
Ping
An
Insurance
Group
Co
of
China
Ltd,
Class
A
1,369,212
111,473
Postal
Savings
Bank
of
China
Co
Ltd,
144A
72,423
84,467
Postal
Savings
Bank
of
China
Co
Ltd,
Class
A
67,225
4,132
Powszechna
Kasa
Oszczednosci
Bank
Polski
SA
31,935
837,004
Public
Bank
Bhd
729,951
10,617
Samsung
Fire
&
Marine
Insurance
Co
Ltd
1,784,836
27,523
Samsung
Life
Insurance
Co
Ltd
1,363,400
81,832
Shinhan
Financial
Group
Co
Ltd
2,136,901
99,703
Standard
Bank
Group
Ltd
934,060
34,855
Woori
Financial
Group
Inc
305,476
414,341
Yapi
ve
Kredi
Bankasi
AS
201,756
Total
Financials
46,320,931
Health
Care
-
3.5%
502,155
3SBio
Inc,
144A
502,161
45,160
BeiGene
Ltd
(2)
868,694
424,628
CSPC
Pharmaceutical
Group
Ltd
431,666
30,155
Dr
Sulaiman
Al
Habib
Medical
Services
Group
Co
2,307,432
22,034
Guangzhou
Baiyunshan
Pharmaceutical
Holdings
Co
Ltd,
Class
A
106,522
1,600
Hangzhou
Tigermed
Consulting
Co
Ltd,
Class
A
21,021
11,332
Hygeia
Healthcare
Holdings
Co
Ltd,
144A
(2)
83,006
815,297
Kalbe
Farma
Tbk
PT
117,821
16,540
Richter
Gedeon
Nyrt
399,827
48,978
Shanghai
Pharmaceuticals
Holding
Co
Ltd,
Class
A
162,075
62,151
WuXi
AppTec
Co
Ltd,
144A
543,531
3,698
WuXi
AppTec
Co
Ltd,
Class
A
36,071
286,269
Wuxi
Biologics
Cayman
Inc,
144A
(2)
1,693,932
37,775
Yunnan
Baiyao
Group
Co
Ltd,
Class
A
317,499
3,400
Zhangzhou
Pientzehuang
Pharmaceutical
Co
Ltd,
Class
A
133,544
Total
Health
Care
7,724,802
Industrials
-
6.5%
968,889
Airports
of
Thailand
PCL
2,078,369
17,294
CCR
SA
46,909
64,261
Contemporary
Amperex
Technology
Co
Ltd,
Class
A
2,142,729
683,900
Delta
Electronics
Thailand
PCL
1,457,024
47,142
Evergreen
Marine
Corp
Taiwan
Ltd
247,652
62,208
Grupo
Aeroportuario
del
Pacifico
SAB
de
CV,
Class
B
1,103,150
1,463
Grupo
Aeroportuario
del
Sureste
SAB
de
CV,
Class
B
41,853
12,023
Havells
India
Ltd
180,735
2,744
Hyundai
Glovis
Co
Ltd
335,619
71,112
Jiangsu
Zhongtian
Technology
Co
Ltd,
Class
A
149,861
37
Shares
Description
(1)
Value
Industrials
(continued)
19,000
Keda
Industrial
Group
Co
Ltd
$
34,442
11,291
LG
Corp
737,323
22,134
Localiza
Rent
a
Car
SA
256,652
42,438
Ming
Yang
Smart
Energy
Group
Ltd,
Class
A
126,641
24,788
Mytilineos
SA
719,724
13,704
Samsung
Engineering
Co
Ltd
(2)
297,958
102,866
SF
Holding
Co
Ltd,
Class
A
838,737
54,100
Shenzhen
Inovance
Technology
Co
Ltd,
Class
A
482,921
7,497
Siemens
Ltd
316,017
24,885
Turk
Hava
Yollari
AO
(2)
163,526
454,679
Turkiye
Sise
ve
Cam
Fabrikalari
AS
861,747
182,700
WEG
SA
1,501,669
248,292
Zhejiang
Expressway
Co
Ltd
205,595
4,104
ZTO
Express
Cayman
Inc,
ADR
113,599
Total
Industrials
14,440,452
Information
Technology
-
17.6%
252,400
AAC
Technologies
Holdings
Inc
530,529
993,244
Acer
Inc
977,332
43,066
Advantech
Co
Ltd
519,720
231,678
Asustek
Computer
Inc
2,128,943
2,071,223
AU
Optronics
Corp
1,145,346
129,593
China
Railway
Signal
&
Communication
Corp
Ltd,
Class
A
122,045
367,288
Delta
Electronics
Inc
3,584,172
72,725
HCL
Technologies
Ltd
945,628
168,441
Infosys
Ltd
2,578,496
2,512,108
Lenovo
Group
Ltd
2,566,543
25,874
LG
Display
Co
Ltd
286,887
4,070
Samsung
SDS
Co
Ltd
356,703
47,807
SK
Hynix
Inc
3,196,897
129,193
Sunny
Optical
Technology
Group
Co
Ltd
1,355,309
1,021,221
Taiwan
Semiconductor
Manufacturing
Co
Ltd
16,675,708
34,599
Unisplendour
Corp
Ltd,
Class
A
148,076
1,406,716
United
Microelectronics
Corp
2,246,719
Total
Information
Technology
39,365,053
Materials
-
10.9%
4,030
Anglo
American
Platinum
Ltd
238,759
2,286
AngloGold
Ashanti
Ltd
61,190
41,365
Asian
Paints
Ltd
1,467,024
33,675
Chengtun
Mining
Group
Co
Ltd,
Class
A
25,488
17,864
Chengxin
Lithium
Group
Co
Ltd,
Class
A
81,950
56,626
China
Jushi
Co
Ltd,
Class
A
119,251
508,732
China
Steel
Corp
481,552
1,214,667
CMOC
Group
Ltd
741,188
365,242
CMOC
Group
Ltd,
Class
A
314,425
125,522
Ganfeng
Lithium
Group
Co
Ltd,
144A
822,699
33,281
Ganfeng
Lithium
Group
Co
Ltd,
Class
A
312,416
95,198
GEM
Co
Ltd,
Class
A
96,666
374,865
Gerdau
SA
1,886,745
80,113
Gold
Fields
Ltd
1,244,608
90,494
Grasim
Industries
Ltd
1,902,297
130,900
Hunan
Valin
Steel
Co
Ltd,
Class
A
99,831
53,288
Impala
Platinum
Holdings
Ltd
518,023
8,444
KGHM
Polska
Miedz
SA
242,972
162,588
Klabin
SA
621,707
3,083
Korea
Zinc
Co
Ltd
1,181,694
18,791
Kumba
Iron
Ore
Ltd
456,030
729,382
Nan
Ya
Plastics
Corp
1,850,591
6,620
POSCO
Future
M
Co
Ltd
1,656,978
53,242
SABIC
Agri-Nutrients
Co
1,896,481
Nuveen
ESG
Emerging
Markets
Equity
ETF
(NUEM)
(continued)
Portfolio
of
Investments
April
30,
2023
(Unaudited)
38
Shares
Description
(1)
Value
Materials
(continued)
68,765
Saudi
Arabian
Mining
Co
(2)
$
1,272,373
146,501
Saudi
Basic
Industries
Corp
3,605,205
69,104
Shandong
Nanshan
Aluminum
Co
Ltd,
Class
A
33,837
136,669
Sinopec
Shanghai
Petrochemical
Co
Ltd,
Class
A
68,105
924
Sociedad
Quimica
y
Minera
de
Chile
SA,
Class
B
62,946
30,445
Tianqi
Lithium
Corp,
Class
A
313,366
402,069
Vale
Indonesia
Tbk
PT
(2)
191,168
10,550
Yunnan
Energy
New
Material
Co
Ltd,
Class
A
158,633
33,584
Zhejiang
Huayou
Cobalt
Co
Ltd,
Class
A
252,247
Total
Materials
24,278,445
Real
Estate
-
2.3%
1,036,997
Aldar
Properties
PJSC
1,524,995
297,083
China
Resources
Land
Ltd
1,377,574
7,538
China
Resources
Mixc
Lifestyle
Services
Ltd,
144A
39,803
148,761
China
Vanke
Co
Ltd,
Class
A
325,316
284,632
China
Vanke
Co
Ltd
443,089
2,386,581
SM
Prime
Holdings
Inc
1,462,931
Total
Real
Estate
5,173,708
Utilities
-
3.0%
6,672
ACEN
Corp
(2)
724
31,533
Adani
Green
Energy
Ltd
(2)
366,438
24,761
Adani
Total
Gas
Ltd
285,927
280,388
China
Resources
Gas
Group
Ltd
884,037
2,742
Cia
de
Saneamento
Basico
do
Estado
de
Sao
Paulo
SABESP
(2)
25,283
65,359
Cia
Energetica
de
Minas
Gerais
161,345
2,545,957
Enel
Americas
SA
349,098
192,778
ENN
Energy
Holdings
Ltd
2,627,708
78,178
Manila
Electric
Co
478,511
532,085
Power
Grid
Corp
of
India
Ltd
1,542,558
Total
Utilities
6,721,629
Total
Common
Stocks
(cost
$222,457,558)
222,712,788
Shares
Description
(1)
Value
X
340
COMMON
STOCK
RIGHTS
-
0.0%
X
340
Industrials
-
0.0%
99
Localiza
Rent
a
Car
SA
$
340
Total
Industrials
340
Total
Common
Stock
Rights
(cost
$0)
340
Principal
Amount
(000)
Description
(1)
Coupon
Maturity
Ratings
(5)
Value
298
CORPORATE
BONDS
-
0.0%
X
298
Consumer
Staples
-
0.0%
$
25
Britannia
Industries
Ltd
5.500%
6/03/24
N/R
$
298
25
Total
Consumer
Staples
298
$
25
Total
Corporate
Bonds
(cost
$0)
298
Total
Long-Term
Investments
(cost
$222,457,558)
222,713,426
39
Shares
Description
(1)
Coupon
Value
INVESTMENTS
PURCHASED
WITH
COLLATERAL
FROM
SECURITIES
LENDING
-
  0.0%
X
30,794
MONEY
MARKET
FUNDS
-
0.0%
X
30,794
30,794
State
Street
Navigator
Securities
Lending
Government
Money
Market
Portfolio
(6)
4.840%(7)
$
30,794
Total
Money
Market
Funds
(cost
$30,794)
$
30,794
Total
Investments
Purchased
with
Collateral
from
Securities
Lending
(cost
$30,794)
30,794
Total
Investments
(cost
$
222,488,352
)
-
99
.8
%
222,744,220
Other
Assets
&
Liabilities,
Net
-
0.2%
449,218
Net
Assets
-
100%
$
223,193,438
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
$28,617.
(4)
For
fair
value
measurement
disclosure
purposes,
investment
classified
as
Level
3.
(5)
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.
(6)
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.
(7)
The
rate
shown
is
the
one-day
yield
as
of
the
end
of
the
reporting
period.
144A
Investment
is
exempt
from
registration
under
Rule
144A
of
the
Securities
Act
of
1933,
as
amended.
These
investments
may
only
be
resold
in
transactions
exempt
from
registration,
which
are
normally
those
transactions
with
qualified
institutional
buyers.
ADR
American
Depositary
Receipt
See
Notes
to
Financial
Statements
40
Nuveen
ESG
International
Developed
Markets
Equity
ETF
(NUDM)
Portfolio
of
Investments
April
30,
2023
(Unaudited)
h
Shares
Description
(1)
Value
LONG-TERM
INVESTMENTS
-
99.2%  
X
350,187,391
COMMON
STOCKS
-
99.2%
X
350,187,391
Communication
Services
-
6.2%
1,545,670
BT
Group
PLC
$
3,086,062
842,543
HKT
Trust
&
HKT
Ltd
1,105,516
131,209
KDDI
Corp
4,093,386
116,318
Nintendo
Co
Ltd
4,887,124
205,578
Orange
SA
2,681,737
154,803
Telenor
ASA
1,925,065
1,043,804
Vodafone
Group
PLC
1,258,167
237,530
WPP
PLC
2,768,169
Total
Communication
Services
21,805,226
Consumer
Discretionary
-
13.1%
296
adidas
AG
52,102
81,925
Amadeus
IT
Group
SA
(2)
5,764,977
12,947
Bayerische
Motoren
Werke
AG
1,375,748
37,061
Bayerische
Motoren
Werke
AG
4,150,453
13,411
Burberry
Group
PLC
436,746
46,810
Cie
Generale
des
Etablissements
Michelin
SCA
1,489,884
26,809
Compass
Group
PLC
706,610
5,535
D'ieteren
Group
1,041,864
2,512
Fast
Retailing
Co
Ltd
590,527
1,080
Hermes
International
2,345,055
140,659
Honda
Motor
Co
Ltd
3,706,419
23,569
IDP
Education
Ltd
438,608
153,957
Oriental
Land
Co
Ltd/Japan
5,426,061
492,451
Panasonic
Holdings
Corp
4,605,709
38,056
Prosus
NV
2,851,478
50,992
Sharp
Corp/Japan
361,754
77,984
Sony
Group
Corp
7,347,958
66,239
Yamaha
Motor
Co
Ltd
1,702,615
38,339
Zalando
SE,
144A
(2)
1,573,267
Total
Consumer
Discretionary
45,967,835
Consumer
Staples
-
11.3%
88,894
Ajinomoto
Co
Inc
3,189,125
45,744
Coca-Cola
Europacific
Partners
PLC
(2)
2,949,116
98,966
Coles
Group
Ltd
1,190,310
86,905
Danone
SA
5,755,628
391,123
J
Sainsbury
PLC
1,358,789
12,822
Kerry
Group
PLC,
Class
A
1,351,000
3,377
Koninklijke
Ahold
Delhaize
NV
116,395
10,621
L'Oreal
SA
5,074,246
91,703
Mowi
ASA
1,742,092
94,284
Nestle
SA
12,131,233
165,150
Orkla
ASA
1,183,273
71,907
Unilever
PLC
4,009,704
Total
Consumer
Staples
40,050,911
Energy
-
1.6%
53,117
Ampol
Ltd
1,050,614
94,321
Neste
Oyj
4,575,489
Total
Energy
5,626,103
41
Shares
Description
(1)
Value
Financials
-
19.2%
217,101
3i
Group
PLC
$
4,821,688
21,809
Allianz
SE
5,476,345
184,148
AXA
SA
6,011,563
329,442
Banco
Bilbao
Vizcaya
Argentaria
SA
2,418,631
65,261
BNP
Paribas
SA
4,221,301
824,170
BOC
Hong
Kong
Holdings
Ltd
2,593,281
31,600
DBS
Group
Holdings
Ltd
777,358
199,217
DNB
Bank
ASA
3,488,268
170,765
Hang
Seng
Bank
Ltd
2,525,614
18,247
Hong
Kong
Exchanges
&
Clearing
Ltd
753,134
1,961,816
Intesa
Sanpaolo
SpA
5,164,457
1
Isracard
Ltd
4
3,475,043
Lloyds
Banking
Group
PLC
2,105,271
95,673
MS&AD
Insurance
Group
Holdings
Inc
3,123,170
483,505
Oversea-Chinese
Banking
Corp
Ltd
4,559,077
94,690
Poste
Italiane
SpA,
144A
985,373
342,839
Prudential
PLC
5,220,527
154,663
Resona
Holdings
Inc
766,358
114,463
Societe
Generale
SA
2,783,237
51,190
Sumitomo
Mitsui
Trust
Holdings
Inc
1,837,975
131,814
Tokio
Marine
Holdings
Inc
2,633,085
271,014
UBS
Group
AG
5,500,666
Total
Financials
67,766,383
Health
Care
-
10.8%
152,543
Astellas
Pharma
Inc
2,294,334
33,827
AstraZeneca
PLC
4,994,065
7,191
Cochlear
Ltd
1,172,076
154,901
Daiichi
Sankyo
Co
Ltd
5,286,417
56,178
Eisai
Co
Ltd
3,231,684
7,278
Genmab
A/S
(2)
2,996,881
326,882
GSK
PLC
5,920,463
2,150
Lonza
Group
AG
1,337,756
3,701
NMC
Health
PLC
(2),(3)
–
15,463
Novartis
AG
1,583,218
41,116
Novo
Nordisk
A/S,
Class
B
6,848,911
34,516
Ramsay
Health
Care
Ltd
1,475,116
20,489
Shionogi
&
Co
Ltd
913,816
549
UCB
SA
51,167
Total
Health
Care
38,105,904
Industrials
-
17.4%
160,524
ABB
Ltd
5,792,968
48,137
ACS
Actividades
de
Construccion
y
Servicios
SA
1,658,069
1,943
Aeroports
de
Paris
309,105
16,736
Assa
Abloy
AB,
Class
B
397,954
410,144
Aurizon
Holdings
Ltd
926,969
50,115
Bouygues
SA
1,836,855
309,971
Brambles
Ltd
2,919,032
226,732
CNH
Industrial
NV
3,190,228
56,296
Computershare
Ltd
833,352
49,248
Dai
Nippon
Printing
Co
Ltd
1,410,548
4,787
Daikin
Industries
Ltd
865,538
21,968
DCC
PLC
1,365,116
6,248
DSV
A/S
1,175,786
18,564
Eiffage
SA
2,211,373
116,092
FANUC
Corp
3,912,505
3,248
Hankyu
Hanshin
Holdings
Inc
101,019
33,558
Komatsu
Ltd
824,132
62,871
Lixil
Corp
984,401
346,136
MTR
Corp
Ltd
1,726,293
Nuveen
ESG
International
Developed
Markets
Equity
ETF
(NUDM)
(contin-
ued)
Portfolio
of
Investments
April
30,
2023
42
Shares
Description
(1)
Value
Industrials
(continued)
77,610
Nibe
Industrier
AB
$
866,348
7,818
Recruit
Holdings
Co
Ltd
219,557
140,070
RELX
PLC
4,658,388
10,201
Schneider
Electric
SE
1,777,354
26,185
SGS
SA
2,370,051
44,559
Siemens
AG
7,324,858
78,898
Smiths
Group
PLC
1,666,995
507,157
Transurban
Group
5,023,969
229,224
Volvo
AB
4,710,855
20,707
Volvo
AB
438,072
Total
Industrials
61,497,690
Information
Technology
-
4.9%
12,265
ASML
Holding
NV
7,765,511
18,651
Fujitsu
Ltd
2,473,742
15,750
Ibiden
Co
Ltd
615,356
18,897
SAP
SE
2,563,141
39,048
STMicroelectronics
NV
1,662,498
8,806
Tokyo
Electron
Ltd
1,002,086
12,743
Wix.com
Ltd
(2)
1,111,572
Total
Information
Technology
17,193,906
Materials
-
9.3%
27,626
Antofagasta
PLC
507,131
276,771
Asahi
Kasei
Corp
1,946,635
60,518
Boliden
AB
2,160,588
21,373
Clariant
AG
356,837
2,771
Covestro
AG,
144A
121,725
30,816
Croda
International
PLC
2,703,538
184,053
Fortescue
Metals
Group
Ltd
2,546,962
234
Givaudan
SA
820,794
126,383
IGO
Ltd
1,148,403
37,677
Mineral
Resources
Ltd
1,834,547
285,426
Mitsubishi
Chemical
Group
Corp
1,665,413
30,695
Mitsui
Chemicals
Inc
769,826
3,039
Newcrest
Mining
Ltd
58,081
28,305
Nitto
Denko
Corp
1,820,966
69,898
Northern
Star
Resources
Ltd
621,746
100,802
Orica
Ltd
1,079,163
569,002
Pilbara
Minerals
Ltd
1,594,346
39,051
SIG
Group
AG
1,045,981
17,526
Sika
AG
4,832,178
37,928
Smurfit
Kappa
Group
PLC
1,404,404
331,946
Sumitomo
Chemical
Co
Ltd
1,116,522
307,381
Toray
Industries
Inc
1,733,018
33,578
Umicore
SA
1,103,207
Total
Materials
32,992,011
Real
Estate
-
2.6%
32,912
CapitaLand
Ascott
Trust
26,642
577,278
Capitaland
Investment
Ltd/Singapore
1,609,620
90,185
City
Developments
Ltd
469,801
15,826
Dexus
81,368
47,856
Klepierre
SA
1,213,046
892
LEG
Immobilien
SE
55,521
152,245
Lendlease
Corp
Ltd
749,553
107,191
Swire
Pacific
Ltd
847,980
262,511
Swire
Properties
Ltd
703,940
26,256
Unibail-Rodamco-Westfield
(2)
1,407,011
864,216
Vicinity
Ltd
1,199,346
43
Shares
Description
(1)
Value
Real
Estate
(continued)
36,225
Vonovia
SE
$
784,851
Total
Real
Estate
9,148,679
Utilities
-
2.8%
302,552
Iberdrola
SA
3,934,725
338,216
National
Grid
PLC
4,865,312
13,802
Verbund
AG
1,232,706
Total
Utilities
10,032,743
Total
Common
Stocks
(cost
$317,130,902)
350,187,391
Total
Long-Term
Investments
(cost
$317,130,902)
350,187,391
Other
Assets
&
Liabilities,
Net
-
0.8%
2,793,996
Net
Assets
-
100%
$
352,981,387
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
Notes
to
Financial
Statements
44
Nuveen
ESG
Large-Cap
ETF
(NULC)
Portfolio
of
Investments
April
30,
2023
(Unaudited)
Shares
Description
(1)
Value
LONG-TERM
INVESTMENTS
-
99.8%  
X
23,886,589
COMMON
STOCKS
-
99.8%
X
23,886,589
Communication
Services
-
6.9%
6,208
AT&T
Inc
$
109,695
1,827
Electronic
Arts
Inc
232,541
1,066
Liberty
Global
PLC,
Class
A
(2)
20,798
1,721
Liberty
Global
PLC,
Class
C
(2)
35,005
1,294
Liberty
Media
Corp-Liberty
Formula
One,
Class
C
(2)
93,414
1,856
Match
Group
Inc
(2)
68,486
600
Netflix
Inc
(2)
197,958
2,518
News
Corp,
Class
A
44,342
3,903
Pinterest
Inc,
Class
A
(2)
89,769
7,173
Snap
Inc,
Class
A
(2)
62,477
368
Take-Two
Interactive
Software
Inc
(2)
45,739
5,150
Verizon
Communications
Inc
199,975
4,069
Walt
Disney
Co/The
(2)
417,072
1,729
ZoomInfo
Technologies
Inc
(2)
37,882
Total
Communication
Services
1,655,153
Consumer
Discretionary
-
9.2%
90
Booking
Holdings
Inc
(2)
241,768
1,514
Home
Depot
Inc/The
455,018
1,068
Lowe's
Cos
Inc
221,962
269
Lululemon
Athletica
Inc
(2)
102,201
277
MercadoLibre
Inc
(2)
353,865
2,146
Starbucks
Corp
245,266
2,657
Tesla
Inc
(2)
436,572
941
Yum!
Brands
Inc
132,286
Total
Consumer
Discretionary
2,188,938
Consumer
Staples
-
9.2%
3,406
Archer-Daniels-Midland
Co
265,940
988
Bunge
Ltd
92,477
7,385
Coca-Cola
Co/The
473,748
1,057
Darling
Ingredients
Inc
(2)
62,965
3,979
Keurig
Dr
Pepper
Inc
130,113
4,501
Kroger
Co/The
218,884
2,073
PepsiCo
Inc
395,715
3,642
Procter
&
Gamble
Co/The
569,536
Total
Consumer
Staples
2,209,378
Energy
-
3.4%
6,634
Baker
Hughes
Co
193,978
1,482
Cheniere
Energy
Inc
226,746
6,010
Halliburton
Co
196,828
2,949
ONEOK
Inc
192,894
Total
Energy
810,446
Financials
-
13.3%
1,133
American
Express
Co
182,798
347
Assurant
Inc
42,726
3,970
Bank
of
America
Corp
116,242
700
Cboe
Global
Markets
Inc
97,790
1,419
Citigroup
Inc
66,793
3,253
Fidelity
National
Information
Services
Inc
191,016
284
Goldman
Sachs
Group
Inc/The
97,537
248
LPL
Financial
Holdings
Inc
51,792
45
Shares
Description
(1)
Value
Financials
(continued)
2,059
Marsh
&
McLennan
Cos
Inc
$
371,011
1,107
Mastercard
Inc
420,693
3,840
Morgan
Stanley
345,485
2,068
PNC
Financial
Services
Group
Inc/The
269,357
451
Progressive
Corp/The
61,517
2,165
Prudential
Financial
Inc
188,355
1,516
Regions
Financial
Corp
27,682
1,038
S&P
Global
Inc
376,358
1,551
Travelers
Cos
Inc/The
280,948
Total
Financials
3,188,100
Health
Care
-
14.2%
1,665
Agilent
Technologies
Inc
225,491
414
Amgen
Inc
99,252
47
Biogen
Inc
(2)
14,299
5,429
Bristol-Myers
Squibb
Co
362,494
106
Cigna
Group/The
26,849
1,622
Danaher
Corp
384,268
510
Dexcom
Inc
(2)
61,884
4,088
Edwards
Lifesciences
Corp
(2)
359,662
739
Elevance
Health
Inc
346,332
413
Eli
Lilly
&
Co
163,490
4,280
Gilead
Sciences
Inc
351,859
109
Hologic
Inc
(2)
9,375
496
Horizon
Therapeutics
Plc
(2)
55,136
2,356
Merck
&
Co
Inc
272,047
100
Mettler-Toledo
International
Inc
(2)
149,150
692
ResMed
Inc
166,744
390
UnitedHealth
Group
Inc
191,915
437
West
Pharmaceutical
Services
Inc
157,862
Total
Health
Care
3,398,109
Industrials
-
9.7%
1,402
Automatic
Data
Processing
Inc
308,440
446
Axon
Enterprise
Inc
(2)
93,977
5,529
Carrier
Global
Corp
231,223
2,159
Copart
Inc
(2)
170,669
1,035
CSX
Corp
31,712
852
Deere
&
Co
322,073
926
Dover
Corp
135,344
2,787
Emerson
Electric
Co
232,046
2,166
Fortive
Corp
136,653
847
Fortune
Brands
Innovations
Inc
54,792
424
Generac
Holdings
Inc
(2)
43,341
770
Johnson
Controls
International
plc
46,077
2,135
United
Parcel
Service
Inc,
Class
B
383,894
193
WW
Grainger
Inc
134,245
Total
Industrials
2,324,486
Information
Technology
-
26.4%
1,499
Accenture
PLC,
Class
A
420,155
502
Adobe
Inc
(2)
189,535
1,037
Akamai
Technologies
Inc
(2)
85,003
1,726
Applied
Materials
Inc
195,090
52
Black
Knight
Inc
(2)
2,841
865
Cadence
Design
Systems
Inc
(2)
181,174
4,001
Cisco
Systems
Inc
189,047
891
Gen
Digital
Inc
15,744
8,505
Hewlett
Packard
Enterprise
Co
121,792
6,662
HP
Inc
197,928
Nuveen
ESG
Large-Cap
ETF
(NULC)
(continued)
Portfolio
of
Investments
April
30,
2023
(Unaudited)
46
Shares
Description
(1)
Value
Information
Technology
(continued)
14,180
Intel
Corp
$
440,431
2,552
International
Business
Machines
Corp
322,598
1,180
Keysight
Technologies
Inc
(2)
170,675
5,845
Microsoft
Corp
1,795,935
1,434
NetApp
Inc
90,184
3,000
NVIDIA
Corp
832,470
268
NXP
Semiconductors
NV
43,882
1,073
Salesforce
Inc
(2)
212,851
1,294
Seagate
Technology
Holdings
PLC
76,048
111
Synopsys
Inc
(2)
41,217
2,251
Texas
Instruments
Inc
376,367
1,625
Trimble
Inc
(2)
76,538
1,161
Twilio
Inc,
Class
A
(2)
61,080
1,399
VMware
Inc,
Class
A
(2)
174,917
Total
Information
Technology
6,313,502
Materials
-
3.3%
1,908
Ball
Corp
101,467
1,445
Ecolab
Inc
242,529
2,262
Mosaic
Co/The
96,927
72
Newmont
Corp
3,413
1,540
PPG
Industries
Inc
216,000
424
Sherwin-Williams
Co/The
100,717
349
Steel
Dynamics
Inc
36,279
Total
Materials
797,332
Real
Estate
-
2.3%
1,646
American
Tower
Corp
336,426
368
Crown
Castle
Inc
45,297
52
Equinix
Inc
37,652
1,108
Prologis
Inc
138,777
Total
Real
Estate
558,152
Utilities
-
1.9%
1,285
Consolidated
Edison
Inc
126,534
2,291
Eversource
Energy
177,805
2,167
Exelon
Corp
91,967
1,378
UGI
Corp
46,687
Total
Utilities
442,993
Total
Common
Stocks
(cost
$22,280,266)
23,886,589
Total
Long-Term
Investments
(cost
$22,280,266)
23,886,589
Other
Assets
&
Liabilities,
Net
-
0.2%
58,869
Net
Assets
-
100%
$
23,945,458
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
Notes
to
Financial
Statements
47
Nuveen
ESG
Large-Cap
Growth
ETF
(NULG)
Portfolio
of
Investments
April
30,
2023
(Unaudited)
Shares
Description
(1)
Value
LONG-TERM
INVESTMENTS
-
99.9%  
X
953,129,645
COMMON
STOCKS
-
99.9%
X
953,129,645
Communication
Services
-
8.4%
49,331
Electronic
Arts
Inc
$
6,278,850
83,046
Liberty
Global
PLC,
Class
A
(2)
1,620,227
49,419
Liberty
Media
Corp-Liberty
Formula
One,
Class
C
(2)
3,567,558
144,196
Match
Group
Inc
(2)
5,320,832
43,649
Netflix
Inc
(2)
14,401,114
197,214
Pinterest
Inc,
Class
A
(2)
4,535,922
93,316
ROBLOX
Corp,
Class
A
(2)
3,322,050
63,017
Roku
Inc
(2)
3,542,186
560,939
Snap
Inc,
Class
A
(2)
4,885,779
59,005
Take-Two
Interactive
Software
Inc
(2)
7,333,731
205,200
Walt
Disney
Co/The
(2)
21,033,000
131,565
Warner
Bros
Discovery
Inc
(2)
1,790,600
134,806
ZoomInfo
Technologies
Inc
(2)
2,953,599
Total
Communication
Services
80,585,448
Consumer
Discretionary
-
13.7%
5,804
Booking
Holdings
Inc
(2)
15,591,343
86,194
Home
Depot
Inc/The
25,904,745
215,818
Lucid
Group
Inc
(2),(3)
1,713,595
865
Lululemon
Athletica
Inc
(2)
328,640
12,438
MercadoLibre
Inc
(2)
15,889,421
164,192
Rivian
Automotive
Inc,
Class
A
(2),(3)
2,104,941
141,922
Starbucks
Corp
16,220,265
194,504
Tesla
Inc
(2)
31,958,952
13,715
Ulta
Beauty
Inc
(2)
7,562,863
93,442
Yum!
Brands
Inc
13,136,076
Total
Consumer
Discretionary
130,410,841
Consumer
Staples
-
5.2%
121,748
Colgate-Palmolive
Co
9,715,490
42,991
Costco
Wholesale
Corp
21,633,931
52,770
Darling
Ingredients
Inc
(2)
3,143,509
54,712
Hershey
Co/The
14,939,659
Total
Consumer
Staples
49,432,589
Energy
-
1.1%
69,367
Cheniere
Energy
Inc
10,613,151
Total
Energy
10,613,151
Financials
-
6.4%
78,995
American
Express
Co
12,745,053
76,047
Mastercard
Inc
28,900,142
5,883
Moody's
Corp
1,842,085
48,392
S&P
Global
Inc
17,545,971
Total
Financials
61,033,251
Health
Care
-
12.7%
88,546
Agilent
Technologies
Inc
11,991,785
346,206
Avantor
Inc
(2)
6,744,093
76,240
Danaher
Corp
18,062,018
181,788
Edwards
Lifesciences
Corp
(2)
15,993,708
26,947
Elevance
Health
Inc
12,628,711
46,491
Eli
Lilly
&
Co
18,403,927
2,322
Hologic
Inc
(2)
199,715
Nuveen
ESG
Large-Cap
Growth
ETF
(NULG)
(continued)
Portfolio
of
Investments
April
30,
2023
(Unaudited)
48
Shares
Description
(1)
Value
Health
Care
(continued)
28,412
Illumina
Inc
(2)
$
5,840,371
8,826
Mettler-Toledo
International
Inc
(2)
13,163,979
19,594
West
Pharmaceutical
Services
Inc
7,078,137
65,174
Zoetis
Inc
11,456,286
Total
Health
Care
121,562,730
Industrials
-
10.5%
60,103
Automatic
Data
Processing
Inc
13,222,660
125,036
Copart
Inc
(2)
9,884,096
40,739
Deere
&
Co
15,400,157
87,311
Ferguson
PLC
12,295,135
32,775
Generac
Holdings
Inc
(2)
3,350,260
10,013
Old
Dominion
Freight
Line
Inc
3,208,065
90,851
Otis
Worldwide
Corp
7,749,590
94,321
Plug
Power
Inc
(2),(3)
851,718
27,165
Robert
Half
International
Inc
1,983,045
64,291
TransUnion
4,423,864
57,341
Union
Pacific
Corp
11,221,634
8,400
United
Rentals
Inc
3,033,324
19,538
WW
Grainger
Inc
13,590,047
Total
Industrials
100,213,595
Information
Technology
-
38.3%
58,140
Accenture
PLC,
Class
A
16,296,061
56,331
Adobe
Inc
(2)
21,268,332
52,515
Akamai
Technologies
Inc
(2)
4,304,655
4,356
ANSYS
Inc
(2)
1,367,436
124,548
Applied
Materials
Inc
14,077,660
437
Autodesk
Inc
(2)
85,123
72,403
Cadence
Design
Systems
Inc
(2)
15,164,808
6,160
Intuit
Inc
2,734,732
80,019
Keysight
Technologies
Inc
(2)
11,573,948
20,112
Lam
Research
Corp
10,540,297
409,588
Microsoft
Corp
125,850,009
49,408
Motorola
Solutions
Inc
14,397,491
181,152
NVIDIA
Corp
50,267,869
120,770
Salesforce
Inc
(2)
23,957,145
36,121
ServiceNow
Inc
(2)
16,594,710
39,729
Synopsys
Inc
(2)
14,752,172
82,359
Trimble
Inc
(2)
3,879,109
44,831
Twilio
Inc,
Class
A
(2)
2,358,559
109,284
VMware
Inc,
Class
A
(2)
13,663,779
41,486
Wolfspeed
Inc
(2),(3)
1,931,173
Total
Information
Technology
365,065,068
Materials
-
3.5%
161,806
Ball
Corp
8,604,843
63,595
Ecolab
Inc
10,673,785
57,330
Sherwin-Williams
Co/The
13,618,168
Total
Materials
32,896,796
Real
Estate
-
0.1%
17,169
CBRE
Group
Inc,
Class
A
(2)
1,316,176
Total
Real
Estate
1,316,176
Total
Common
Stocks
(cost
$920,509,036)
953,129,645
Total
Long-Term
Investments
(cost
$920,509,036)
953,129,645
49
Shares
Description
(1)
Coupon
Value
INVESTMENTS
PURCHASED
WITH
COLLATERAL
FROM
SECURITIES
LENDING
-
  0.3%
X
3,386,489
MONEY
MARKET
FUNDS
-
0.3%
X
3,386,489
3,386,489
State
Street
Navigator
Securities
Lending
Government
Money
Market
Portfolio
(4)
4.840%(5)
$
3,386,489
Total
Money
Market
Funds
(cost
$3,386,489)
$
3,386,489
Total
Investments
Purchased
with
Collateral
from
Securities
Lending
(cost
$3,386,489)
3,386,489
Total
Investments
(cost
$
923,895,525
)
-
100
.2
%
956,516,134
Other
Assets
&
Liabilities,
Net
-
(0.2)%
(
2,343,876
)
Net
Assets
-
100%
$
954,172,258
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
$3,323,922.
(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
Notes
to
Financial
Statements
50
Nuveen
ESG
Large-Cap
Value
ETF
(NULV)
Portfolio
of
Investments
April
30,
2023
(Unaudited)
Shares
Description
(1)
Value
LONG-TERM
INVESTMENTS
-
99.8%  
X
1,531,089,711
COMMON
STOCKS
-
99.8%
X
1,531,089,711
Communication
Services
-
4.8%
594,729
Comcast
Corp,
Class
A
$
24,603,939
337,587
Interpublic
Group
of
Cos
Inc/The
12,061,983
224,882
Liberty
Global
PLC,
Class
C
(2)
4,574,100
854,030
Verizon
Communications
Inc
33,161,985
Total
Communication
Services
74,402,007
Consumer
Discretionary
-
4.1%
70,224
Aramark
2,436,773
63,387
Genuine
Parts
Co
10,668,666
221,310
LKQ
Corp
12,776,226
30,529
Lowe's
Cos
Inc
6,344,842
219,169
Starbucks
Corp
25,048,825
42,580
Yum!
Brands
Inc
5,985,897
Total
Consumer
Discretionary
63,261,229
Consumer
Staples
-
13.8%
284,209
Archer-Daniels-Midland
Co
22,191,039
130,223
Bunge
Ltd
12,188,873
98,327
Church
&
Dwight
Co
Inc
9,549,518
676,242
Coca-Cola
Co/The
43,380,924
167,659
General
Mills
Inc
14,859,617
606,666
Keurig
Dr
Pepper
Inc
19,837,978
134,988
Kimberly-Clark
Corp
19,558,411
408,792
Kroger
Co/The
19,879,555
76,104
McCormick
&
Co
Inc/MD
6,685,736
227,478
PepsiCo
Inc
43,423,276
Total
Consumer
Staples
211,554,927
Energy
-
3.4%
729,955
Baker
Hughes
Co
21,343,884
276,705
Halliburton
Co
9,062,089
330,123
ONEOK
Inc
21,593,345
Total
Energy
51,999,318
Financials
-
19.0%
32,387
Ameriprise
Financial
Inc
9,881,922
45,949
Assurant
Inc
5,657,700
65,012
Bank
of
America
Corp
1,903,551
159,553
Bank
of
New
York
Mellon
Corp/The
6,795,362
92,134
Cboe
Global
Markets
Inc
12,871,120
357,797
Citigroup
Inc
16,841,505
16,503
Discover
Financial
Services
1,707,565
128,297
Equitable
Holdings
Inc
3,334,439
339,556
Fidelity
National
Information
Services
Inc
19,938,728
68,140
Goldman
Sachs
Group
Inc/The
23,402,002
207,636
Hartford
Financial
Services
Group
Inc/The
14,740,080
316,776
JPMorgan
Chase
&
Co
43,791,114
132,731
Marsh
&
McLennan
Cos
Inc
23,916,799
307,873
Morgan
Stanley
27,699,334
157,451
PNC
Financial
Services
Group
Inc/The
20,507,993
214,244
Prudential
Financial
Inc
18,639,228
809,445
Regions
Financial
Corp
14,780,466
124,117
Travelers
Cos
Inc/The
22,482,553
51
Shares
Description
(1)
Value
Financials
(continued)
87,643
Truist
Financial
Corp
$
2,855,409
Total
Financials
291,746,870
Health
Care
-
16.5%
339,760
Abbott
Laboratories
37,533,287
104,587
Amgen
Inc
25,073,687
455,884
Bristol-Myers
Squibb
Co
30,439,375
87,819
Cigna
Group/The
22,243,675
22,146
DENTSPLY
SIRONA
Inc
928,582
281,125
Gilead
Sciences
Inc
23,111,286
84,925
HCA
Inc
24,401,500
4,838
Illumina
Inc
(2)
994,499
7,417
Jazz
Pharmaceuticals
PLC
(2)
1,041,866
397,537
Merck
&
Co
Inc
45,903,598
2,078
Quest
Diagnostics
Inc
288,447
83,884
STERIS
PLC
15,816,328
50,398
UnitedHealth
Group
Inc
24,800,352
Total
Health
Care
252,576,482
Industrials
-
10.5%
173,979
3M
Co
18,480,049
126,402
Caterpillar
Inc
27,656,758
474,366
CSX
Corp
14,534,574
96,474
Emerson
Electric
Co
8,032,425
292,290
Fortive
Corp
18,440,576
160,607
Ingersoll
Rand
Inc
9,157,811
352,301
Johnson
Controls
International
plc
21,081,692
179,306
Otis
Worldwide
Corp
15,294,802
299,080
Plug
Power
Inc
(2),(3)
2,700,693
58,152
TransUnion
4,001,439
122,263
United
Parcel
Service
Inc,
Class
B
21,984,110
Total
Industrials
161,364,929
Information
Technology
-
11.8%
90,974
Accenture
PLC,
Class
A
25,499,102
62,336
Applied
Materials
Inc
7,045,838
335,104
Cisco
Systems
Inc
15,833,664
1,109,199
Hewlett
Packard
Enterprise
Co
15,883,730
96,107
HP
Inc
2,855,339
1,000,374
Intel
Corp
31,071,616
226,184
International
Business
Machines
Corp
28,591,919
130,702
NXP
Semiconductors
NV
21,401,146
172,320
Texas
Instruments
Inc
28,811,904
34,186
Trimble
Inc
(2)
1,610,161
37,967
Wolfspeed
Inc
(2),(3)
1,767,364
Total
Information
Technology
180,371,783
Materials
-
5.8%
25,108
Ecolab
Inc
4,214,127
52,640
International
Flavors
&
Fragrances
Inc
5,103,974
225,212
LyondellBasell
Industries
NV,
Class
A
21,307,307
295,933
Mosaic
Co/The
12,680,729
118,480
Newmont
Corp
5,615,952
169,864
PPG
Industries
Inc
23,825,125
149,893
Steel
Dynamics
Inc
15,581,377
Total
Materials
88,328,591
Nuveen
ESG
Large-Cap
Value
ETF
(NULV)
(continued)
Portfolio
of
Investments
April
30,
2023
(Unaudited)
52
Shares
Description
(1)
Value
Real
Estate
-
4.4%
119,838
American
Tower
Corp
$
24,493,689
78,425
Crown
Castle
Inc
9,653,333
45,464
Iron
Mountain
Inc
2,511,431
236,861
Prologis
Inc
29,666,840
13,429
Welltower
Inc
1,063,846
Total
Real
Estate
67,389,139
Utilities
-
5.7%
229,778
Consolidated
Edison
Inc
22,626,240
170,695
Essential
Utilities
Inc
7,288,676
67,036
Eversource
Energy
5,202,664
547,553
Exelon
Corp
23,238,149
151,340
Sempra
Energy
23,531,857
183,201
UGI
Corp
6,206,850
Total
Utilities
88,094,436
Total
Common
Stocks
(cost
$1,578,692,981)
1,531,089,711
Total
Long-Term
Investments
(cost
$1,578,692,981)
1,531,089,711
Shares
Description
(1)
Coupon
Value
INVESTMENTS
PURCHASED
WITH
COLLATERAL
FROM
SECURITIES
LENDING
-
  0.1%
X
1,779,861
MONEY
MARKET
FUNDS
-
0.1%
X
1,779,861
1,779,861
State
Street
Navigator
Securities
Lending
Government
Money
Market
Portfolio
(4)
4.840%(5)
$
1,779,861
Total
Money
Market
Funds
(cost
$1,779,861)
$
1,779,861
Total
Investments
Purchased
with
Collateral
from
Securities
Lending
(cost
$1,779,861)
1,779,861
Total
Investments
(cost
$
1,580,472,842
)
-
99
.9
%
1,532,869,572
Other
Assets
&
Liabilities,
Net
-
0.1%
823,503
Net
Assets
-
100%
$
1,533,693,075
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
$1,750,599.
(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
Notes
to
Financial
Statements
53
Nuveen
ESG
Mid-Cap
Growth
ETF
(NUMG)
Portfolio
of
Investments
April
30,
2023
(Unaudited)
Shares
Description
(1)
Value
LONG-TERM
INVESTMENTS
-
99.9%  
X
328,300,925
COMMON
STOCKS
-
99.9%
X
328,300,925
Communication
Services
-
9.6%
162,768
Liberty
Global
PLC,
Class
A
(2)
$
3,175,604
144,954
Match
Group
Inc
(2)
5,348,803
156,094
ROBLOX
Corp,
Class
A
(2)
5,556,946
84,324
Roku
Inc
(2)
4,739,852
625,767
Snap
Inc,
Class
A
(2)
5,450,430
24,190
Take-Two
Interactive
Software
Inc
(2)
3,006,575
200,345
ZoomInfo
Technologies
Inc
(2)
4,389,559
Total
Communication
Services
31,667,769
Consumer
Discretionary
-
9.3%
8,579
Lucid
Group
Inc
(2),(3)
68,117
18,369
Pool
Corp
6,453,397
108,012
Rivian
Automotive
Inc,
Class
A
(2),(3)
1,384,714
38,397
Tractor
Supply
Co
9,153,845
13,229
Ulta
Beauty
Inc
(2)
7,294,867
25,148
Vail
Resorts
Inc
6,048,597
Total
Consumer
Discretionary
30,403,537
Consumer
Staples
-
2.3%
18,902
Church
&
Dwight
Co
Inc
1,835,762
93,304
Darling
Ingredients
Inc
(2)
5,558,120
Total
Consumer
Staples
7,393,882
Financials
-
5.3%
14,557
FactSet
Research
Systems
Inc
5,992,971
28,349
LPL
Financial
Holdings
Inc
5,920,405
13,815
MarketAxess
Holdings
Inc
4,398,282
21,707
Nasdaq
Inc
1,201,917
Total
Financials
17,513,575
Health
Care
-
19.1%
43,606
Alnylam
Pharmaceuticals
Inc
(2)
8,686,315
200,001
Avantor
Inc
(2)
3,896,019
21,488
Cooper
Cos
Inc/The
8,196,598
59,574
DaVita
Inc
(2)
5,383,107
54,854
Hologic
Inc
(2)
4,717,993
26,827
Insulet
Corp
(2)
8,532,059
3,874
Molina
Healthcare
Inc
(2)
1,154,026
34,710
Repligen
Corp
(2)
5,263,077
23,458
Waters
Corp
(2)
7,045,845
27,394
West
Pharmaceutical
Services
Inc
9,895,809
Total
Health
Care
62,770,848
Industrials
-
20.1%
24,068
AECOM
1,998,847
36,766
Allegion
plc
4,061,908
34,385
Axon
Enterprise
Inc
(2)
7,245,263
44,785
Ferguson
PLC
6,306,624
20,273
IDEX
Corp
4,182,725
20,221
JB
Hunt
Transport
Services
Inc
3,544,539
5,192
Lennox
International
Inc
1,463,677
310,883
Plug
Power
Inc
(2),(3)
2,807,273
53,190
Quanta
Services
Inc
9,023,152
72,902
Robert
Half
International
Inc
5,321,846
Nuveen
ESG
Mid-Cap
Growth
ETF
(NUMG)
(continued)
Portfolio
of
Investments
April
30,
2023
(Unaudited)
54
Shares
Description
(1)
Value
Industrials
(continued)
57,162
Toro
Co/The
$
5,959,710
22,243
United
Rentals
Inc
8,032,170
1,736
WW
Grainger
Inc
1,207,510
47,630
Xylem
Inc/NY
4,945,899
Total
Industrials
66,101,143
Information
Technology
-
27.6%
67,485
Akamai
Technologies
Inc
(2)
5,531,745
23,130
ANSYS
Inc
(2)
7,260,970
72,303
Black
Knight
Inc
(2)
3,950,636
82,473
Ceridian
HCM
Holding
Inc
(2)
5,235,386
66,387
DocuSign
Inc
(2)
3,282,173
41,243
Dropbox
Inc,
Class
A
(2)
838,883
3,330
Fair
Isaac
Corp
(2)
2,424,073
41,773
First
Solar
Inc
(2)
7,626,914
27,134
Gartner
Inc
(2)
8,206,950
12,346
HubSpot
Inc
(2)
5,197,049
55,455
Keysight
Technologies
Inc
(2)
8,021,011
11,757
MongoDB
Inc
(2)
2,821,210
71,306
ON
Semiconductor
Corp
(2)
5,131,180
16,872
Paycom
Software
Inc
(2)
4,899,123
53,538
PTC
Inc
(2)
6,734,545
61,038
Splunk
Inc
(2)
5,263,917
109,890
Trimble
Inc
(2)
5,175,819
6,362
Twilio
Inc,
Class
A
(2)
334,705
59,419
Wolfspeed
Inc
(2),(3)
2,765,954
Total
Information
Technology
90,702,243
Materials
-
3.3%
23,130
Avery
Dennison
Corp
4,035,722
130,677
Ball
Corp
6,949,403
Total
Materials
10,985,125
Real
Estate
-
2.5%
107,094
CBRE
Group
Inc,
Class
A
(2)
8,209,826
Total
Real
Estate
8,209,826
Utilities
-
0.8%
74,714
NRG
Energy
Inc
2,552,977
Total
Utilities
2,552,977
Total
Common
Stocks
(cost
$343,512,113)
328,300,925
Total
Long-Term
Investments
(cost
$343,512,113)
328,300,925
Shares
Description
(1)
Coupon
Value
INVESTMENTS
PURCHASED
WITH
COLLATERAL
FROM
SECURITIES
LENDING
-
  1.5%
X
5,085,662
MONEY
MARKET
FUNDS
-
1.5%
X
5,085,662
5,085,662
State
Street
Navigator
Securities
Lending
Government
Money
Market
Portfolio
(4)
4.840%(5)
$
5,085,662
Total
Money
Market
Funds
(cost
$5,085,662)
$
5,085,662
Total
Investments
Purchased
with
Collateral
from
Securities
Lending
(cost
$5,085,662)
5,085,662
Total
Investments
(cost
$
348,597,775
)
-
101
.4
%
333,386,587
Other
Assets
&
Liabilities,
Net
-
(1.4)%
(
4,731,935
)
Net
Assets
-
100%
$
328,654,652
55
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
$4,992,264.
(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
Notes
to
Financial
Statements
56
Nuveen
ESG
Mid-Cap
Value
ETF
(NUMV)
Portfolio
of
Investments
April
30,
2023
(Unaudited)
Shares
Description
(1)
Value
LONG-TERM
INVESTMENTS
-
99.8%  
X
316,465,670
COMMON
STOCKS
-
99.8%
X
316,465,670
Communication
Services
-
4.0%
1,406
Fox
Corp,
Class
A
$
46,763
1,396
Fox
Corp,
Class
B
42,634
163,119
Interpublic
Group
of
Cos
Inc/The
5,828,242
193,021
Liberty
Global
PLC,
Class
C
(2)
3,926,047
125,705
Paramount
Global,
Class
B
2,932,698
Total
Communication
Services
12,776,384
Consumer
Discretionary
-
11.7%
141,572
Aramark
4,912,548
43,435
Bath
&
Body
Works
Inc
1,524,569
826
Best
Buy
Co
Inc
61,554
16,466
CarMax
Inc
(2)
1,153,114
41,369
Genuine
Parts
Co
6,962,816
85,537
Hasbro
Inc
5,065,501
4,622
Lear
Corp
590,045
105,630
LKQ
Corp
6,098,020
281,201
Newell
Brands
Inc
3,416,592
107,582
PulteGroup
Inc
7,224,131
Total
Consumer
Discretionary
37,008,890
Consumer
Staples
-
7.8%
61,450
Bunge
Ltd
5,751,720
35,220
Clorox
Co/The
5,833,137
174,846
Conagra
Brands
Inc
6,637,154
93,095
Kellogg
Co
6,495,238
Total
Consumer
Staples
24,717,249
Energy
-
4.8%
261,477
Baker
Hughes
Co
7,645,587
117,604
ONEOK
Inc
7,692,478
Total
Energy
15,338,065
Financials
-
17.2%
109,783
Ally
Financial
Inc
2,896,076
256,629
Annaly
Capital
Management
Inc
5,127,447
39,049
Assurant
Inc
4,808,103
45,967
Cboe
Global
Markets
Inc
6,421,590
129,175
Citizens
Financial
Group
Inc
3,996,675
26,725
Discover
Financial
Services
2,765,236
180,624
Equitable
Holdings
Inc
4,694,418
115,242
Fifth
Third
Bancorp
3,019,340
93,160
Hartford
Financial
Services
Group
Inc/The
6,613,428
142,031
Huntington
Bancshares
Inc/OH
1,590,747
174,086
Invesco
Ltd
2,982,093
78,379
Nasdaq
Inc
4,339,845
294,356
Regions
Financial
Corp
5,374,941
Total
Financials
54,629,939
Health
Care
-
6.1%
35,392
DENTSPLY
SIRONA
Inc
1,483,986
4,239
Henry
Schein
Inc
(2)
342,554
36,901
Jazz
Pharmaceuticals
PLC
(2)
5,183,483
2,921
Laboratory
Corp
of
America
Holdings
662,220
43,291
Quest
Diagnostics
Inc
6,009,224
57
Shares
Description
(1)
Value
Health
Care
(continued)
29,920
STERIS
PLC
$
5,641,416
Total
Health
Care
19,322,883
Industrials
-
13.1%
654
Allegion
plc
72,254
32,147
CH
Robinson
Worldwide
Inc
3,242,668
23,203
Dover
Corp
3,391,350
1,634
Expeditors
International
of
Washington
Inc
186,014
951
Fastenal
Co
51,202
22,137
IDEX
Corp
4,567,306
122,610
Ingersoll
Rand
Inc
6,991,222
17,413
Lennox
International
Inc
4,908,899
54,974
Owens
Corning
5,871,773
154,177
Plug
Power
Inc
(2)
1,392,218
72,117
TransUnion
4,962,371
55,420
Xylem
Inc/NY
5,754,813
Total
Industrials
41,392,090
Information
Technology
-
7.0%
52,817
Akamai
Technologies
Inc
(2)
4,329,410
52,672
Black
Knight
Inc
(2)
2,877,998
28,636
Gen
Digital
Inc
505,998
424,514
Hewlett
Packard
Enterprise
Co
6,079,041
25,315
Juniper
Networks
Inc
763,247
40,071
ON
Semiconductor
Corp
(2)
2,883,509
770
Seagate
Technology
Holdings
PLC
45,253
56,153
Trimble
Inc
(2)
2,644,806
42,577
Wolfspeed
Inc
(2),(3)
1,981,959
Total
Information
Technology
22,111,221
Materials
-
6.4%
5,952
Avery
Dennison
Corp
1,038,505
19,083
Martin
Marietta
Materials
Inc
6,930,946
125,786
Mosaic
Co/The
5,389,930
5,078
Reliance
Steel
&
Aluminum
Co
1,258,328
47,134
Steel
Dynamics
Inc
4,899,579
23,150
Westrock
Co
692,880
Total
Materials
20,210,168
Real
Estate
-
12.7%
45,978
Alexandria
Real
Estate
Equities
Inc
5,709,548
58,708
Boston
Properties
Inc
3,132,659
18,906
Camden
Property
Trust
2,080,605
147,088
Healthpeak
Properties
Inc
3,231,523
317,318
Host
Hotels
&
Resorts
Inc
5,131,032
118,799
Iron
Mountain
Inc
6,562,457
1,134
Regency
Centers
Corp
69,662
126,500
Ventas
Inc
6,078,325
242,350
VICI
Properties
Inc
8,225,359
1,112
WP
Carey
Inc
82,510
Total
Real
Estate
40,303,680
Utilities
-
9.0%
53,753
Atmos
Energy
Corp
6,135,367
223,131
CenterPoint
Energy
Inc
6,798,802
123,755
Essential
Utilities
Inc
5,284,339
203,156
NiSource
Inc
5,781,820
Nuveen
ESG
Mid-Cap
Value
ETF
(NUMV)
(continued)
Portfolio
of
Investments
April
30,
2023
(Unaudited)
58
Shares
Description
(1)
Value
Utilities
(continued)
137,390
UGI
Corp
$
4,654,773
Total
Utilities
28,655,101
Total
Common
Stocks
(cost
$318,918,193)
316,465,670
Total
Long-Term
Investments
(cost
$318,918,193)
316,465,670
Shares
Description
(1)
Coupon
Value
INVESTMENTS
PURCHASED
WITH
COLLATERAL
FROM
SECURITIES
LENDING
-
  0.5%
X
1,524,206
MONEY
MARKET
FUNDS
-
0.5%
X
1,524,206
1,524,206
State
Street
Navigator
Securities
Lending
Government
Money
Market
Portfolio
(4)
4.840%(5)
$
1,524,206
Total
Money
Market
Funds
(cost
$1,524,206)
$
1,524,206
Total
Investments
Purchased
with
Collateral
from
Securities
Lending
(cost
$1,524,206)
1,524,206
Total
Investments
(cost
$
320,442,399
)
-
100
.3
%
317,989,876
Other
Assets
&
Liabilities,
Net
-
(0.3)%(6)
(
858,914
)
Net
Assets
-
100%
$
317,130,962
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
$1,493,958.
(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.
(6)
Other
assets
less
liabilities
includes
the
unrealized
appreciation
(depreciation)
of
certain
over-the-counter
("OTC")
derivatives
as
well
as
the
OTC
cleared
and
exchange-traded
derivatives,
when
applicable.
See
Notes
to
Financial
Statements
59
Nuveen
ESG
Small-Cap
ETF
(NUSC)
Portfolio
of
Investments
April
30,
2023
(Unaudited)
Shares
Description
(1)
Value
LONG-TERM
INVESTMENTS
-
99.7%  
X
961,515,254
COMMON
STOCKS
-
99.7%
X
961,515,254
Communication
Services
-
2.1%
175,054
AMC
Entertainment
Holdings
Inc,
Class
A
(2),(3)
$
962,797
643,009
AMC
Entertainment
Holdings
Inc
(3)
964,513
29,882
Bandwidth
Inc,
Class
A
(3)
363,664
1,114
Cable
One
Inc
844,869
59,498
Cinemark
Holdings
Inc
(3)
1,004,326
427,252
Clear
Channel
Outdoor
Holdings
Inc
(3)
542,610
101,053
Eventbrite
Inc,
Class
A
(3)
734,655
60,621
Gogo
Inc
(3)
812,928
31,307
iHeartMedia
Inc,
Class
A
(3)
108,635
50,550
Iridium
Communications
Inc
3,208,409
55,138
John
Wiley
&
Sons
Inc,
Class
A
2,126,673
28,675
MediaAlpha
Inc,
Class
A
(3)
212,195
3,671
Nexstar
Media
Group
Inc
636,735
100,219
Radius
Global
Infrastructure
Inc,
Class
A
(3)
1,472,217
36,476
Scholastic
Corp
1,403,232
98,652
TEGNA
Inc
1,686,949
61,863
WideOpenWest
Inc
(3)
707,094
30,268
Ziff
Davis
Inc
(3)
2,213,802
Total
Communication
Services
20,006,303
Consumer
Discretionary
-
15.1%
36,401
Aaron's
Co
Inc/The
485,953
214,410
ADT
Inc
1,436,547
120,058
Allbirds
Inc,
Class
A
(2),(3)
150,073
6,811
America's
Car-Mart
Inc/TX
(3)
547,536
61,954
Arko
Corp
517,935
45,659
Bright
Horizons
Family
Solutions
Inc
(3)
3,475,563
21,560
Brinker
International
Inc
(3)
860,675
16,035
Carriage
Services
Inc
460,365
46,545
Carter's
Inc
3,247,445
157,447
Chegg
Inc
(3)
2,830,897
72,673
Chico's
FAS
Inc
(3)
366,272
9,783
Columbia
Sportswear
Co
817,272
71,531
Coursera
Inc
(3)
889,846
40,512
Crocs
Inc
(3)
5,010,119
13,675
Deckers
Outdoor
Corp
(3)
6,554,975
28,160
Ethan
Allen
Interiors
Inc
786,509
35,809
European
Wax
Center
Inc
(3)
674,642
222,498
Fisker
Inc
(2),(3)
1,432,887
799
Five
Below
Inc
(3)
157,691
78,245
Foot
Locker
Inc
3,285,508
33,714
Franchise
Group
Inc
986,135
89,651
Frontdoor
Inc
(3)
2,452,851
127,588
GameStop
Corp,
Class
A
(3)
2,461,173
55,576
Gap
Inc/The
533,530
17,164
Group
1
Automotive
Inc
3,852,975
114,313
Hanesbrands
Inc
599,000
99,751
Harley-Davidson
Inc
3,700,762
24,595
Helen
of
Troy
Ltd
(3)
2,467,862
107,413
Hilton
Grand
Vacations
Inc
(3)
4,597,276
33,941
iRobot
Corp
(3)
1,334,900
6,518
Johnson
Outdoors
Inc,
Class
A
378,044
13,046
Kohl's
Corp
287,403
60,685
Kontoor
Brands
Inc
2,741,141
59,439
Latham
Group
Inc
(3)
143,248
Nuveen
ESG
Small-Cap
ETF
(NUSC)
(continued)
Portfolio
of
Investments
April
30,
2023
(Unaudited)
60
Shares
Description
(1)
Value
Consumer
Discretionary
(continued)
17,124
LCI
Industries
$
1,934,327
67,839
Leggett
&
Platt
Inc
2,191,878
190,985
Leslie's
Inc
(3)
2,072,187
9,227
Levi
Strauss
&
Co,
Class
A
133,422
21,025
Lithia
Motors
Inc
4,644,212
248,766
Luminar
Technologies
Inc
(2),(3)
1,497,571
33,168
Macy's
Inc
541,965
25,115
Malibu
Boats
Inc,
Class
A
(3)
1,425,276
24,607
MarineMax
Inc
(3)
716,556
35,484
Marriott
Vacations
Worldwide
Corp
4,774,727
396,605
Mattel
Inc
(3)
7,138,890
27,533
Monro
Inc
1,345,813
19,109
Movado
Group
Inc
489,573
26,867
Murphy
USA
Inc
7,394,604
46,294
National
Vision
Holdings
Inc
(3)
974,026
99,138
Nordstrom
Inc
1,532,673
51,080
ODP
Corp/The
(3)
2,207,167
77,894
Petco
Health
&
Wellness
Co
Inc,
Class
A
(3)
775,824
35,811
Planet
Fitness
Inc
(3)
2,977,327
4,504
PVH
Corp
386,488
89,335
Rover
Group
Inc
(3)
404,688
51,744
SeaWorld
Entertainment
Inc
(3)
2,776,583
9,525
Signet
Jewelers
Ltd
700,850
27,456
Sleep
Number
Corp
(3)
619,133
157,723
Sonos
Inc
(3)
3,334,264
10,110
Steven
Madden
Ltd
354,254
15,289
Tapestry
Inc
623,944
37,497
Target
Hospitality
Corp
(2),(3)
472,837
16,162
Taylor
Morrison
Home
Corp
(3)
696,421
66,466
Thor
Industries
Inc
5,252,143
8,820
TopBuild
Corp
(3)
1,988,734
103,426
Topgolf
Callaway
Brands
Corp
(3)
2,292,954
70,747
Traeger
Inc
(3)
215,071
84,857
Travel
+
Leisure
Co
3,247,477
16,672
TravelCenters
of
America
Inc
(3)
1,435,959
56,114
Victoria's
Secret
&
Co
(3)
1,740,095
119,913
Wendy's
Co/The
2,650,077
10,282
Williams-Sonoma
Inc
1,244,533
3,504
Winmark
Corp
1,170,056
35,923
Winnebago
Industries
Inc
2,088,563
184,191
Workhorse
Group
Inc
(2),(3)
173,545
48,946
Wyndham
Hotels
&
Resorts
Inc
3,339,096
7,717
XPEL
Inc
(3)
563,804
27,849
Xponential
Fitness
Inc,
Class
A
(3)
921,245
47,193
YETI
Holdings
Inc
(3)
1,861,764
Total
Consumer
Discretionary
145,847,606
Consumer
Staples
-
3.6%
38,964
Andersons
Inc/The
1,741,691
147,531
Benson
Hill
Inc
(2),(3)
156,383
13,811
Casey's
General
Stores
Inc
3,160,233
41,249
Chefs'
Warehouse
Inc/The
(3)
1,371,942
60,512
Edgewell
Personal
Care
Co
2,642,559
27,252
Energizer
Holdings
Inc
911,034
183,649
Flowers
Foods
Inc
5,052,184
55,398
Freshpet
Inc
(3)
3,820,800
51,470
Mission
Produce
Inc
(3)
586,243
35,785
Nu
Skin
Enterprises
Inc,
Class
A
1,412,076
33,151
Performance
Food
Group
Co
(3)
2,078,236
6,354
Seneca
Foods
Corp
(3)
302,450
61,847
TreeHouse
Foods
Inc
(3)
3,293,353
61
Shares
Description
(1)
Value
Consumer
Staples
(continued)
201,001
US
Foods
Holding
Corp
(3)
$
7,718,438
77,532
Veru
Inc
(2),(3)
98,466
24,882
Vital
Farms
Inc
(3)
320,480
Total
Consumer
Staples
34,666,568
Energy
-
3.9%
174,850
Archrock
Inc
1,799,206
4,462
Cactus
Inc,
Class
A
180,622
234,258
ChampionX
Corp
6,343,707
225,072
Clean
Energy
Fuels
Corp
(3)
961,057
78,219
Delek
US
Holdings
Inc
1,701,263
19,431
DMC
Global
Inc
(3)
368,023
26,479
Dril-Quip
Inc
(3)
722,347
121,343
DT
Midstream
Inc
5,978,570
42,061
Enviva
Inc
904,311
22,619
Excelerate
Energy
Inc,
Class
A
486,309
87,429
Expro
Group
Holdings
NV
(3)
1,738,963
282,896
NOV
Inc
4,738,508
35,735
Oceaneering
International
Inc
(3)
633,582
410,234
TechnipFMC
PLC
(3)
5,616,103
59,741
Weatherford
International
PLC
(3)
3,861,061
77,133
World
Fuel
Services
Corp
1,823,424
Total
Energy
37,857,056
Financials
-
14.5%
344,147
AGNC
Investment
Corp
3,410,497
18,376
Amalgamated
Financial
Corp
299,161
23,847
A-Mark
Precious
Metals
Inc
853,723
30,880
Amerant
Bancorp
Inc
574,368
8,404
Ameris
Bancorp
281,534
42,684
Argo
Group
International
Holdings
Ltd
1,255,336
4,376
Axis
Capital
Holdings
Ltd
247,419
34,608
Bancorp
Inc/The
(3)
1,104,341
27,793
Bank
OZK
992,766
39,505
Banner
Corp
1,972,090
18,519
Bar
Harbor
Bankshares
459,271
51,732
Berkshire
Hills
Bancorp
Inc
1,100,340
37,557
BOK
Financial
Corp
3,149,906
62,906
Bread
Financial
Holdings
Inc
1,736,206
26,832
Byline
Bancorp
Inc
519,199
79,860
Compass
Diversified
Holdings
1,522,132
3,654
Diamond
Hill
Investment
Group
Inc
592,387
32,714
Donnelley
Financial
Solutions
Inc
(3)
1,414,881
65,595
East
West
Bancorp
Inc
3,390,606
5,177
Employers
Holdings
Inc
204,957
17,515
Enterprise
Financial
Services
Corp
748,941
66,509
EVERTEC
Inc
2,307,197
8,549
Federal
Agricultural
Mortgage
Corp,
Class
C
1,139,496
129,604
First
American
Financial
Corp
7,466,486
73,441
First
BanCorp/Puerto
Rico
862,932
7,933
First
Financial
Bancorp
164,213
10,258
First
Interstate
BancSystem
Inc,
Class
A
262,502
400,381
FNB
Corp/PA
4,596,374
83,008
Glacier
Bancorp
Inc
2,758,356
104,677
Hancock
Whitney
Corp
3,822,804
33,958
Hanmi
Financial
Corp
548,761
102,198
Hannon
Armstrong
Sustainable
Infrastructure
Capital
Inc
2,900,379
8,302
Hanover
Insurance
Group
Inc/The
992,587
5,340
HomeStreet
Inc
52,118
29,328
Independent
Bank
Corp
1,642,368
23,161
Independent
Bank
Corp/MI
412,729
Nuveen
ESG
Small-Cap
ETF
(NUSC)
(continued)
Portfolio
of
Investments
April
30,
2023
(Unaudited)
62
Shares
Description
(1)
Value
Financials
(continued)
67,210
International
Bancshares
Corp
$
2,867,851
22,339
Invesco
Mortgage
Capital
Inc
237,017
51,374
Jackson
Financial
Inc,
Class
A
1,849,978
40,407
Lincoln
National
Corp
878,044
13,994
Morningstar
Inc
2,495,270
81,835
Mr
Cooper
Group
Inc
(3)
3,788,961
17,371
National
Bank
Holdings
Corp,
Class
A
552,398
52,395
Old
National
Bancorp/IN
702,617
131,741
Open
Lending
Corp
(3)
926,139
59,043
PacWest
Bancorp
599,286
52,987
PennyMac
Financial
Services
Inc
3,311,158
51,320
Perella
Weinberg
Partners
405,428
2,605
Pinnacle
Financial
Partners
Inc
141,269
28,726
PJT
Partners
Inc,
Class
A
1,975,487
45,302
Primerica
Inc
8,268,068
61,884
PROG
Holdings
Inc
(3)
1,870,753
51,696
Reinsurance
Group
of
America
Inc
7,357,375
150,945
Rocket
Cos
Inc,
Class
A
(3)
1,344,920
104,490
Ryan
Specialty
Holdings
Inc
(3)
4,269,461
3,143
Selective
Insurance
Group
Inc
302,765
28,801
ServisFirst
Bancshares
Inc
1,454,451
148,953
SLM
Corp
2,237,274
3,620
Southside
Bancshares
Inc
114,863
54,691
SouthState
Corp
3,772,585
220,354
Starwood
Property
Trust
Inc
3,942,133
21,300
StoneX
Group
Inc
(3)
2,088,891
163,399
Synovus
Financial
Corp
5,032,689
43,761
Trupanion
Inc
(2),(3)
1,536,449
27,542
United
Bankshares
Inc/WV
912,467
312,600
Valley
National
Bancorp
2,932,188
19,415
Victory
Capital
Holdings
Inc,
Class
A
592,934
79,286
Virtu
Financial
Inc,
Class
A
1,589,684
3,589
Walker
&
Dunlop
Inc
241,576
68,309
Western
Alliance
Bancorp
2,535,630
197,140
Western
Union
Co/The
2,154,740
38,947
WEX
Inc
(3)
6,907,250
69,876
Zions
Bancorp
NA
1,946,745
Total
Financials
139,896,157
Health
Care
-
13.0%
3,205
Acadia
Healthcare
Co
Inc
(3)
231,690
74,467
Accolade
Inc
(3)
1,007,539
30,683
Aclaris
Therapeutics
Inc
(3)
272,772
78,424
AdaptHealth
Corp
(3)
931,677
24,094
Adicet
Bio
Inc
(2),(3)
140,709
39,394
Agiliti
Inc
(2),(3)
658,668
47,796
Alector
Inc
(3)
315,454
26,685
Allakos
Inc
(3)
113,411
37,956
Alphatec
Holdings
Inc
(3)
548,085
47,486
AMN
Healthcare
Services
Inc
(3)
4,100,416
18,765
AnaptysBio
Inc
(3)
390,687
42,438
Anavex
Life
Sciences
Corp
(3)
345,445
18,264
Apollo
Medical
Holdings
Inc
(3)
648,189
19,594
Arcellx
Inc
(3)
836,272
136,221
ATAI
Life
Sciences
NV
(2),(3)
260,182
66,874
Atara
Biotherapeutics
Inc
(3)
181,229
1,751
Atrion
Corp
1,077,390
39,967
Axogen
Inc
(3)
360,502
14,924
Axsome
Therapeutics
Inc
(2),(3)
1,067,514
26,248
Azenta
Inc
(3)
1,141,526
38,992
Beam
Therapeutics
Inc
(3)
1,197,444
63
Shares
Description
(1)
Value
Health
Care
(continued)
157,705
Brookdale
Senior
Living
Inc
(3)
$
676,554
61,856
CareMax
Inc
(2),(3)
155,877
59,360
Caribou
Biosciences
Inc
(3)
255,248
46,992
Cassava
Sciences
Inc
(2),(3)
1,091,154
27,302
Castle
Biosciences
Inc
(3)
617,844
38,424
Cerus
Corp
(3)
88,759
1,571
Chemed
Corp
866,014
42,160
Cogent
Biosciences
Inc
(3)
453,642
23,196
Community
Health
Systems
Inc
(3)
147,063
11,380
CorVel
Corp
(3)
2,299,101
44,450
Cross
Country
Healthcare
Inc
(3)
977,011
60,480
CryoPort
Inc
(3)
1,272,499
17,722
Cullinan
Oncology
Inc
(3)
172,435
17,098
Cutera
Inc
(3)
389,834
58,916
Denali
Therapeutics
Inc
(3)
1,463,473
32,049
DICE
Therapeutics
Inc
(3)
1,041,593
103,414
DocGo
Inc
(3)
879,019
51,552
Embecta
Corp
1,430,568
4,714
Encompass
Health
Corp
302,403
59,757
Enhabit
Inc
(3)
732,023
25,807
Ensign
Group
Inc/The
2,505,602
13,299
Entrada
Therapeutics
Inc
(3)
155,731
72,127
Envista
Holdings
Corp
(3)
2,776,168
76,557
Erasca
Inc
(3)
211,297
14,305
Establishment
Labs
Holdings
Inc
(3)
996,915
39,179
Fulcrum
Therapeutics
Inc
(3)
97,948
5,123
Fulgent
Genetics
Inc
(3)
151,487
3,892
Glaukos
Corp
(3)
184,909
40,379
Haemonetics
Corp
(3)
3,380,126
99,918
Halozyme
Therapeutics
Inc
(3)
3,210,365
10,458
IGM
Biosciences
Inc
(2),(3)
113,260
49,105
Immunovant
Inc
(3)
792,555
18,117
Inari
Medical
Inc
(3)
1,203,331
5,197
Inhibrx
Inc
(3)
109,137
135,656
Inovio
Pharmaceuticals
Inc
(3)
104,794
20,957
Intellia
Therapeutics
Inc
(3)
791,127
128,946
Iovance
Biotherapeutics
Inc
(3)
727,255
20,528
iRhythm
Technologies
Inc
(3)
2,697,379
23,790
iTeos
Therapeutics
Inc
(3)
326,875
99,236
IVERIC
bio
Inc
(3)
3,263,872
30,757
Karuna
Therapeutics
Inc
(3)
6,103,419
20,482
Keros
Therapeutics
Inc
(3)
908,479
29,822
Kezar
Life
Sciences
Inc
(3)
72,468
19,752
Kymera
Therapeutics
Inc
(3)
622,978
36,918
Lantheus
Holdings
Inc
(3)
3,154,643
37,949
Merit
Medical
Systems
Inc
(3)
3,084,874
94,413
Mersana
Therapeutics
Inc
(3)
413,529
34,066
Merus
NV
(3)
653,386
6,472
Mesa
Laboratories
Inc
1,077,653
27,955
Mirati
Therapeutics
Inc
(3)
1,238,686
2,808
ModivCare
Inc
(3)
178,589
23,179
Monte
Rosa
Therapeutics
Inc
(3)
105,233
26,060
Morphic
Holding
Inc
(3)
1,231,596
18,039
National
Research
Corp
785,238
102,349
NeoGenomics
Inc
(3)
1,496,342
33,689
NGM
Biopharmaceuticals
Inc
(3)
151,937
36,490
Nurix
Therapeutics
Inc
(3)
351,399
27,932
Option
Care
Health
Inc
(3)
898,014
66,304
Owens
&
Minor
Inc
(3)
1,030,364
34,405
Paragon
28
Inc
(3)
633,740
32,145
Patterson
Cos
Inc
871,451
Nuveen
ESG
Small-Cap
ETF
(NUSC)
(continued)
Portfolio
of
Investments
April
30,
2023
(Unaudited)
64
Shares
Description
(1)
Value
Health
Care
(continued)
12,029
Pennant
Group
Inc/The
(3)
$
166,842
3,977
Penumbra
Inc
(3)
1,129,945
73,360
Perrigo
Co
PLC
2,728,258
22,454
Phathom
Pharmaceuticals
Inc
(2),(3)
240,258
49,330
Pliant
Therapeutics
Inc
(3)
1,393,573
81,348
Point
Biopharma
Global
Inc
(3)
629,634
27,583
Progyny
Inc
(3)
916,859
182,818
Project
Roadrunner
Parent
Inc
(3)
2,850,133
39,275
ProKidney
Corp
(3)
370,756
46,010
Protagonist
Therapeutics
Inc
(3)
1,039,826
28,855
Prothena
Corp
PLC
(3)
1,518,350
36,913
QuidelOrtho
Corp
(3)
3,320,324
33,906
RAPT
Therapeutics
Inc
(3)
617,089
26,256
Reata
Pharmaceuticals
Inc,
Class
A
(3)
2,595,668
66,379
Recursion
Pharmaceuticals
Inc,
Class
A
(3)
316,628
24,418
Repare
Therapeutics
Inc
(3)
218,785
78,445
Revance
Therapeutics
Inc
(3)
2,496,904
50,600
Rhythm
Pharmaceuticals
Inc
(3)
1,020,602
74,313
Sana
Biotechnology
Inc
(2),(3)
393,116
15,718
Shockwave
Medical
Inc
(3)
4,560,735
20,344
SI-BONE
Inc
(3)
449,602
15,237
Sight
Sciences
Inc
(3)
147,342
2,399
STAAR
Surgical
Co
(3)
169,058
5,117
Surgery
Partners
Inc
(3)
202,940
62,887
Tango
Therapeutics
Inc
(3)
213,816
120,051
Teladoc
Health
Inc
(3)
3,184,953
19,503
Treace
Medical
Concepts
Inc
(3)
477,629
8,875
UFP
Technologies
Inc
(3)
1,223,330
17,531
Ultragenyx
Pharmaceutical
Inc
(3)
765,579
52,684
uniQure
NV
(3)
1,022,596
30,217
Varex
Imaging
Corp
(3)
536,050
57,283
Vaxcyte
Inc
(3)
2,453,431
21,271
Ventyx
Biosciences
Inc
(3)
799,790
41,357
Verve
Therapeutics
Inc
(3)
658,817
13,260
Viking
Therapeutics
Inc
(3)
282,571
37,757
Viridian
Therapeutics
Inc
(3)
1,058,329
31,948
Xencor
Inc
(3)
844,705
54,594
Xenon
Pharmaceuticals
Inc
(3)
2,199,046
Total
Health
Care
125,216,935
Industrials
-
19.7%
33,661
AAON
Inc
3,298,778
117,391
ACCO
Brands
Corp
537,651
18,452
Acuity
Brands
Inc
2,903,976
32,504
Advanced
Drainage
Systems
Inc
2,786,243
13,295
AGCO
Corp
1,647,782
26,964
Allison
Transmission
Holdings
Inc
1,315,574
4,924
ArcBest
Corp
464,826
1,573
Armstrong
World
Industries
Inc
108,002
12,388
ASGN
Inc
(3)
886,857
15,243
Atkore
Inc
(3)
1,925,648
111,621
AZEK
Co
Inc/The
(3)
3,029,394
28,717
AZZ
Inc
1,083,492
64,005
Beacon
Roofing
Supply
Inc
(3)
3,851,821
11,371
BlueLinx
Holdings
Inc
(3)
796,652
49,166
Boise
Cascade
Co
3,358,529
37,277
Chart
Industries
Inc
(3)
4,961,569
8,168
Comfort
Systems
USA
Inc
1,221,034
54,125
Concentrix
Corp
5,223,604
37,063
CSG
Systems
International
Inc
1,952,479
17,123
Curtiss-Wright
Corp
2,907,999
65
Shares
Description
(1)
Value
Industrials
(continued)
4,702
Donaldson
Co
Inc
$
298,812
27,430
Dycom
Industries
Inc
(3)
2,540,566
47,631
EMCOR
Group
Inc
8,144,901
17,482
Energy
Recovery
Inc
(3)
393,869
143,705
Evoqua
Water
Technologies
Corp
(3)
7,106,212
41,389
ExlService
Holdings
Inc
(3)
7,382,970
66,789
First
Advantage
Corp
(3)
858,907
5,618
Flowserve
Corp
187,585
128,858
FREYR
Battery
SA
(2),(3)
911,026
42,266
FTI
Consulting
Inc
(3)
7,629,013
36,577
GATX
Corp
4,166,486
46,502
GMS
Inc
(3)
2,699,906
17,248
Great
Lakes
Dredge
&
Dock
Corp
(3)
98,831
62,526
GXO
Logistics
Inc
(3)
3,322,006
82,585
Healthcare
Services
Group
Inc
1,289,152
24,053
Heidrick
&
Struggles
International
Inc
603,971
9,470
Herc
Holdings
Inc
947,189
5,212
Hexcel
Corp
375,681
43,097
Hillenbrand
Inc
1,966,085
31,203
HireRight
Holdings
Corp
(3)
330,752
49,642
HNI
Corp
1,289,699
142,287
Hyliion
Holdings
Corp
(2),(3)
194,933
6,431
ICF
International
Inc
733,134
17,156
John
Bean
Technologies
Corp
1,865,029
103,388
KAR
Auction
Services
Inc
(3)
1,399,874
38,713
Kelly
Services
Inc,
Class
A
635,280
50,633
Korn
Ferry
2,431,397
5,727
Landstar
System
Inc
1,008,124
65,612
Leonardo
DRS
Inc
(3)
987,461
34,612
Liquidity
Services
Inc
(3)
452,379
28,765
Luxfer
Holdings
PLC
438,666
54,280
ManpowerGroup
Inc
4,109,539
29,789
MasTec
Inc
(3)
2,645,561
34,101
Matthews
International
Corp,
Class
A
1,291,405
71,782
MAXAR
TECHNOLOGIES
INC
3,784,347
30,421
McGrath
RentCorp
2,703,818
49,908
Mercury
Systems
Inc
(3)
2,379,114
93,762
MillerKnoll
Inc
1,594,892
29,918
Montrose
Environmental
Group
Inc
(3)
911,302
19,194
Moog
Inc,
Class
A
1,729,571
103,793
MRC
Global
Inc
(3)
1,010,944
179,457
Mueller
Water
Products
Inc,
Class
A
2,404,724
19,315
MYR
Group
Inc
(3)
2,472,127
204,466
Pitney
Bowes
Inc
717,676
63,940
Primoris
Services
Corp
1,617,682
33,007
Proto
Labs
Inc
(3)
949,611
13,887
Regal
Rexnord
Corp
1,807,532
87,656
Resideo
Technologies
Inc
(3)
1,560,277
5,721
Rush
Enterprises
Inc
335,136
17,429
RXO
Inc
(3)
315,291
51,610
Ryder
System
Inc
4,085,448
9,305
Saia
Inc
(3)
2,770,750
46,197
SiteOne
Landscape
Supply
Inc
(3)
6,825,145
75,827
Stem
Inc
(2),(3)
320,748
103,018
Sterling
Check
Corp
(3)
1,157,922
108,525
SunPower
Corp
(2),(3)
1,434,701
173,805
Sunrun
Inc
(3)
3,656,857
18,268
Titan
Machinery
Inc
(3)
572,702
45,652
TriNet
Group
Inc
(3)
4,235,593
72,450
Triton
International
Ltd
5,989,441
38,453
TrueBlue
Inc
(3)
582,563
Nuveen
ESG
Small-Cap
ETF
(NUSC)
(continued)
Portfolio
of
Investments
April
30,
2023
(Unaudited)
66
Shares
Description
(1)
Value
Industrials
(continued)
23,338
TTEC
Holdings
Inc
$
795,126
171,777
TuSimple
Holdings
Inc,
Class
A
(3)
207,850
145,760
Upwork
Inc
(3)
1,394,923
14,790
V2X
Inc
(3)
638,928
67,804
Velo3D
Inc
(2),(3)
158,661
15,987
Veritiv
Corp
1,836,427
11,349
VSE
Corp
479,949
12,908
WESCO
International
Inc
1,858,752
209,440
WillScot
Mobile
Mini
Holdings
Corp
(3)
9,508,576
Total
Industrials
189,803,417
Information
Technology
-
12.6%
77,264
A10
Networks
Inc
1,092,513
132,327
ACI
Worldwide
Inc
(3)
3,351,843
131,516
Adeia
Inc
1,004,782
63,643
Altair
Engineering
Inc,
Class
A
(3)
4,394,549
19,343
Asana
Inc
(3)
312,970
43,815
Avid
Technology
Inc
(3)
1,292,981
29,623
Badger
Meter
Inc
3,920,012
17,461
Blackbaud
Inc
(3)
1,211,008
38,909
Box
Inc,
Class
A
(3)
1,029,532
68,975
Calix
Inc
(3)
3,152,157
13,863
Cerence
Inc
(3)
354,200
4,027
Ciena
Corp
(3)
185,403
69,042
Cirrus
Logic
Inc
(3)
5,923,113
57,173
CommScope
Holding
Co
Inc
(3)
281,863
8,893
CommVault
Systems
Inc
(3)
518,195
37,776
CTS
Corp
1,481,197
66,386
Dolby
Laboratories
Inc,
Class
A
5,555,844
50,948
DoubleVerify
Holdings
Inc
(3)
1,498,890
286,194
DXC
Technology
Co
(3)
6,825,727
226,028
E2open
Parent
Holdings
Inc
(3)
1,421,716
58,324
Envestnet
Inc
(3)
3,696,575
3,461
Five9
Inc
(3)
224,411
192,035
Flex
Ltd
(3)
3,950,160
37,035
Gitlab
Inc,
Class
A
(3)
1,124,383
129,994
Harmonic
Inc
(3)
1,831,615
13,787
Ichor
Holdings
Ltd
(3)
383,968
69,900
Infinera
Corp
(3)
442,467
43,065
Informatica
Inc,
Class
A
(3)
665,785
41,038
Insight
Enterprises
Inc
(3)
4,963,546
15,894
Intapp
Inc
(3)
640,846
37,058
InterDigital
Inc
2,510,309
54,416
Itron
Inc
(3)
2,905,814
20,922
Kimball
Electronics
Inc
(3)
421,160
58,919
Kulicke
&
Soffa
Industries
Inc
2,808,079
43,868
LivePerson
Inc
(3)
203,109
46,745
Matterport
Inc
(3)
108,916
42,129
Methode
Electronics
Inc
1,726,868
198,434
MicroVision
Inc
(2),(3)
396,868
161,793
Mirion
Technologies
Inc
(3)
1,310,523
37,148
Model
N
Inc
(3)
1,144,158
56,185
N-able
Inc
(3)
716,359
99,991
National
Instruments
Corp
5,822,476
171,848
NCR
Corp
(3)
3,830,492
44,681
Novanta
Inc
(3)
6,829,044
144,092
Nutanix
Inc,
Class
A
(3)
3,455,326
36,176
Olo
Inc,
Class
A
(3)
247,806
23,109
Onto
Innovation
Inc
(3)
1,871,367
10,146
OSI
Systems
Inc
(3)
1,146,092
33,501
PAR
Technology
Corp
(2),(3)
1,024,796
67
Shares
Description
(1)
Value
Information
Technology
(continued)
36,152
PDF
Solutions
Inc
(3)
$
1,303,280
7,132
Plexus
Corp
(3)
623,836
9,208
Progress
Software
Corp
505,335
25,319
PROS
Holdings
Inc
(3)
718,300
50,907
Rackspace
Technology
Inc
(2),(3)
74,324
90,868
Ribbon
Communications
Inc
(3)
232,622
13,970
Rogers
Corp
(3)
2,248,471
38,420
Samsara
Inc,
Class
A
(3)
693,481
11,117
SoundThinking
Inc
(3)
330,731
16,173
Sprout
Social
Inc,
Class
A
(3)
796,682
17,708
SPS
Commerce
Inc
(3)
2,608,388
18,077
Teradata
Corp
(3)
699,761
82,755
Unisys
Corp
(3)
265,644
56,209
Universal
Display
Corp
7,501,653
54,577
Veeco
Instruments
Inc
(3)
1,005,308
4,816
Vishay
Precision
Group
Inc
(3)
180,793
2,093
Workiva
Inc
(3)
195,528
51,376
Xperi
Inc
(3)
487,558
Total
Information
Technology
121,683,508
Materials
-
5.5%
126,212
Arconic
Corp
(3)
3,123,747
102,186
ATI
Inc
(3)
3,946,423
110,056
Avient
Corp
4,238,257
170,436
Axalta
Coating
Systems
Ltd
(3)
5,380,664
6,027
Balchem
Corp
791,948
54,199
Commercial
Metals
Co
2,530,551
28,552
Compass
Minerals
International
Inc
934,507
100,103
Diversey
Holdings
Ltd
(3)
813,837
24,620
Graphic
Packaging
Holding
Co
607,129
6,959
Greif
Inc,
Class
B
547,952
23,228
Hawkins
Inc
937,017
38,880
HB
Fuller
Co
2,572,690
28,716
Innospec
Inc
2,918,407
24,428
Koppers
Holdings
Inc
801,483
89,361
Louisiana-Pacific
Corp
5,338,426
25,633
Materion
Corp
2,776,310
8,545
Myers
Industries
Inc
161,928
29,835
Ranpak
Holdings
Corp
(3)
121,727
13,059
Royal
Gold
Inc
1,729,534
7,479
Ryerson
Holding
Corp
282,482
39,513
Sensient
Technologies
Corp
2,942,138
50,946
TriMas
Corp
1,294,538
34,110
Trinseo
PLC
618,073
218,083
Valvoline
Inc
7,534,768
Total
Materials
52,944,536
Real
Estate
-
7.5%
77,950
Alexander
&
Baldwin
Inc
1,498,978
137,566
Anywhere
Real
Estate
Inc
(3)
876,295
43,339
Brixmor
Property
Group
Inc
924,421
9,302
Centerspace
524,447
48,441
City
Office
REIT
Inc
281,927
107,670
Cousins
Properties
Inc
2,348,283
119,234
CubeSmart
5,423,955
27,502
Cushman
&
Wakefield
PLC
(3)
270,895
62,250
DiamondRock
Hospitality
Co
504,847
83,429
Douglas
Emmett
Inc
1,074,565
104,090
Easterly
Government
Properties
Inc
1,464,546
102,267
Elme
Communities
1,762,060
166,286
Empire
State
Realty
Trust
Inc,
Class
A
1,016,007
Nuveen
ESG
Small-Cap
ETF
(NUSC)
(continued)
Portfolio
of
Investments
April
30,
2023
(Unaudited)
68
Shares
Description
(1)
Value
Real
Estate
(continued)
136,770
Equity
Commonwealth
$
2,833,874
11,345
Essential
Properties
Realty
Trust
Inc
280,789
24,120
Federal
Realty
Investment
Trust
2,385,227
37,755
First
Industrial
Realty
Trust
Inc
1,981,005
1,827
Howard
Hughes
Corp/The
(3)
141,355
26,133
Hudson
Pacific
Properties
Inc
145,299
5,166
Indus
Realty
Trust
Inc
343,901
122,138
JBG
SMITH
Properties
1,742,909
9,065
Jones
Lang
LaSalle
Inc
(3)
1,260,398
153,667
Kennedy-Wilson
Holdings
Inc
2,578,532
125,832
Kilroy
Realty
Corp
3,679,328
47,344
Life
Storage
Inc
6,362,087
208,499
Macerich
Co/The
2,082,905
30,958
Marcus
&
Millichap
Inc
974,248
155,677
Omega
Healthcare
Investors
Inc
4,165,917
150,067
Outfront
Media
Inc
2,500,116
237,907
Park
Hotels
&
Resorts
Inc
2,866,779
12,469
Piedmont
Office
Realty
Trust
Inc,
Class
A
81,173
100,963
PotlatchDeltic
Corp
4,667,519
19,429
RMR
Group
Inc/The,
Class
A
461,439
37,601
Ryman
Hospitality
Properties
Inc
3,371,306
30,994
Safehold
Inc
859,154
60,077
SL
Green
Realty
Corp
1,422,023
40,010
St
Joe
Co/The
1,644,411
35,689
Summit
Hotel
Properties
Inc
229,837
263,156
Sunstone
Hotel
Investors
Inc
2,507,877
26,499
Tejon
Ranch
Co
(3)
457,903
295,942
Uniti
Group
Inc
1,012,122
140,745
Xenia
Hotels
&
Resorts
Inc
1,781,832
Total
Real
Estate
72,792,491
Utilities
-
2.2%
30,561
American
States
Water
Co
2,712,289
102,398
Clearway
Energy
Inc,
Class
C
3,109,827
43,129
Clearway
Energy
Inc,
Class
A
1,249,878
120,092
New
Jersey
Resources
Corp
6,201,551
16,745
ONE
Gas
Inc
1,288,528
45,485
Ormat
Technologies
Inc
3,903,068
130,041
Sunnova
Energy
International
Inc
(2),(3)
2,335,536
Total
Utilities
20,800,677
Total
Common
Stocks
(cost
$1,038,952,162)
961,515,254
Shares
Description
(1)
Value
X
81,959
COMMON
STOCK
RIGHTS
-
0.0%
X
81,959
Health
Care
-
0.0%
18,959
Achillion
Pharmaceuticals
Inc
(4)
$
8,721
23,934
CinCor
Pharma
Inc
(3),(4)
73,238
Total
Health
Care
81,959
Total
Common
Stock
Rights
(cost
$0)
81,959
Total
Long-Term
Investments
(cost
$1,038,952,162)
961,597,213
69
Shares
Description
(1)
Coupon
Value
INVESTMENTS
PURCHASED
WITH
COLLATERAL
FROM
SECURITIES
LENDING
-
  1.0%
X
9,382,515
MONEY
MARKET
FUNDS
-
1.0%
X
9,382,515
9,382,515
State
Street
Navigator
Securities
Lending
Government
Money
Market
Portfolio
(5)
4.840%(6)
$
9,382,515
Total
Money
Market
Funds
(cost
$9,382,515)
$
9,382,515
Total
Investments
Purchased
with
Collateral
from
Securities
Lending
(cost
$9,382,515)
9,382,515
Total
Investments
(cost
$
1,048,334,677
)
-
100
.7
%
970,979,728
Other
Assets
&
Liabilities,
Net
-
(0.7)%
(
6,937,904
)
Net
Assets
-
100%
$
964,041,824
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
$9,073,031.
(3)
Non-income
producing;
issuer
has
not
declared
an
ex-dividend
date
within
the
past
twelve
months.
(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
Notes
to
Financial
Statements
Statement
of
Assets
and
Liabilities
See
Notes
to
Financial
Statements.
70
April
30,
2023
(Unaudited)
NUDV
NUEM
NUDM
NULC
NULG
ASSETS
Long-term
investments,
at
value
†‡
$
9,500,553‌
$
222,713,426‌
$
350,187,391‌
$
23,886,589‌
$
953,129,645‌
Investments
purchased
with
collateral
from
securities
lending,
at
value
(cost
approximates
value)
—‌
30,794‌
—‌
—‌
3,386,489‌
Cash
5,994‌
358,738‌
770,447‌
33,799‌
878,275‌
Cash
denominated
in
foreign
currencies
^
—‌
27,438‌
126,687‌
—‌
—‌
Receivables:
Dividends
17,067‌
265,598‌
1,506,681‌
27,484‌
339,395‌
Interest
—‌
19‌
—‌
—‌
—‌
Investments
sold
—‌
—‌
—‌
904‌
—‌
Reclaims
288‌
1,535‌
518,625‌
769‌
16,317‌
Securities
lending
income
—‌
52‌
—‌
—‌
656‌
Shares
sold
—‌
—‌
—‌
—‌
5,485,160‌
Other
assets
69‌
1,594‌
1,280‌
220‌
11,851‌
Total
assets
9,523,971‌
223,399,194‌
353,111,111‌
23,949,765‌
963,247,788‌
LIABILITIES
Payables:
Capital
gains
tax
—‌
108,897‌
—‌
—‌
—‌
Collateral
from
securities
lending
—‌
30,794‌
—‌
—‌
3,386,489‌
Investments
purchased
-
regular
settlement
—‌
—‌
41,365‌
—‌
5,481,246‌
Accrued
expenses:
Management
fees
2,260‌
60,725‌
80,216‌
3,656‌
180,033‌
Professional
fees
94‌
2,116‌
3,066‌
239‌
8,334‌
Trustees
fees
95‌
1,827‌
2,712‌
191‌
7,577‌
Other
68‌
1,397‌
2,365‌
221‌
11,851‌
Total
liabilities
2,517‌
205,756‌
129,724‌
4,307‌
9,075,530‌
Net
assets
$
9,521,454‌
$
223,193,438‌
$
352,981,387‌
$
23,945,458‌
$
954,172,258‌
Shares
outstanding
400,000‌
8,500,000‌
12,200,000‌
700,000‌
17,200,000‌
Net
asset
value
("NAV")
per
share
$
23
.80‌
$
26
.26‌
$
28
.93‌
$
34
.21‌
$
55
.48‌
NET
ASSETS
CONSIST
OF:
Paid-in
capital
9,643,305‌
253,160,756‌
338,290,943‌
21,383,864‌
942,986,298‌
Total
distributable
earnings
(loss)
(
121,851‌
)
(
29,967,318‌
)
14,690,444‌
2,561,594‌
11,185,960‌
Net
assets
$
9,521,454‌
$
223,193,438‌
$
352,981,387‌
$
23,945,458‌
$
954,172,258‌
Authorized
shares
Unlimited
Unlimited
Unlimited
Unlimited
Unlimited
Par
value
per
share
$
0
.01‌
$
0
.01‌
$
0
.01‌
$
0
.01‌
$
0
.01‌
†
Long-term
investments,
cost
$
10,048,296‌
$
222,457,558‌
$
317,130,902‌
$
22,280,266‌
$
920,509,036‌
‡  
Includes
securities
loaned
of
$
—‌
$
28,617‌
$
—‌
$
—‌
$
3,323,922‌
^  Cash
denominated
in
foreign
currencies,
cost
$
—‌
$
27,454‌
$
126,661‌
$
—‌
$
—‌
Statement
of
Assets
and
Liabilities
(continued)
See
Notes
to
Financial
Statements.
71
April
30,
2023
(Unaudited)
NULV
NUMG
NUMV
NUSC
ASSETS
Long-term
investments,
at
value
†‡
$
1,531,089,711‌
$
328,300,925‌
$
316,465,670‌
$
961,597,213‌
Investments
purchased
with
collateral
from
securities
lending,
at
value
(cost
approximates
value)
1,779,861‌
5,085,662‌
1,524,206‌
9,382,515‌
Cash
2,115,328‌
369,141‌
320,544‌
2,328,712‌
Receivables:
Dividends
2,794,155‌
68,019‌
355,154‌
291,638‌
Investments
sold
—‌
—‌
67,340‌
5,182,498‌
Reclaims
25,519‌
—‌
—‌
1,170‌
Securities
lending
income
793‌
—‌
—‌
84,786‌
Other
assets
19,549‌
5,196‌
4,338‌
14,697‌
Total
assets
1,537,824,916‌
333,828,943‌
318,737,252‌
978,883,229‌
LIABILITIES
Payables:
Collateral
from
securities
lending
1,779,861‌
5,085,662‌
1,524,206‌
9,382,515‌
Investments
purchased
-
regular
settlement
2,009,851‌
—‌
—‌
1,632‌
Shares
redeemed
—‌
—‌
—‌
5,207,220‌
Accrued
expenses:
Management
fees
294,270‌
77,884‌
72,967‌
218,615‌
Professional
fees
15,438‌
3,446‌
3,316‌
9,491‌
Trustees
fees
12,873‌
2,830‌
2,650‌
7,938‌
Other
19,548‌
4,469‌
3,151‌
13,994‌
Total
liabilities
4,131,841‌
5,174,291‌
1,606,290‌
14,841,405‌
Net
assets
$
1,533,693,075‌
$
328,654,652‌
$
317,130,962‌
$
964,041,824‌
Shares
outstanding
44,700,000‌
9,000,000‌
11,000,000‌
27,500,000‌
Net
asset
value
("NAV")
per
share
$
34
.31‌
$
36
.52‌
$
28
.83‌
$
35
.06‌
NET
ASSETS
CONSIST
OF:
Paid-in
capital
1,574,813,936‌
387,791,983‌
341,641,355‌
1,044,482,349‌
Total
distributable
earnings
(loss)
(
41,120,861‌
)
(
59,137,331‌
)
(
24,510,393‌
)
(
80,440,525‌
)
Net
assets
$
1,533,693,075‌
$
328,654,652‌
$
317,130,962‌
$
964,041,824‌
Authorized
shares
Unlimited
Unlimited
Unlimited
Unlimited
Par
value
per
share
$
0
.01‌
$
0
.01‌
$
0
.01‌
$
0
.01‌
†
Long-term
investments,
cost
$
1,578,692,981‌
$
343,512,113‌
$
318,918,193‌
$
1,038,952,162‌
‡  
Includes
securities
loaned
of
$
1,750,599‌
$
4,992,264‌
$
1,493,958‌
$
9,073,031‌
Statement
of
Operations
See
Notes
to
Financial
Statements.
72
Six
Months
Ended
April
30,
2023
(Unaudited)
NUDV
NUEM
NUDM
NULC
NULG
INVESTMENT
INCOME
Dividends
$
147,331‌
$
2,675,646‌
$
5,164,700‌
$
215,589‌
$
3,053,694‌
Interest
467‌
4,887‌
8,797‌
663‌
22,663‌
Securities
lending
income,
net
—‌
60‌
—‌
19‌
4,154‌
Foreign
tax
withheld
on
dividend
income
(
401‌
)
(
338,827‌
)
(
484,450‌
)
(
137‌
)
—‌
Total
investment
income
147,397‌
2,341,766‌
4,689,047‌
216,134‌
3,080,511‌
EXPENSES
Management
fees
12,743‌
374,761‌
477,909‌
24,541‌
1,075,902‌
Professional
fees
149‌
3,443‌
4,952‌
420‌
14,187‌
Trustees
fees
204‌
4,025‌
5,921‌
439‌
16,224‌
Other
—‌
1,775‌
—‌
—‌
—‌
Total
expenses
13,096‌
384,004‌
488,782‌
25,400‌
1,106,313‌
Net
investment
income
(loss)
134,301‌
1,957,762‌
4,200,265‌
190,734‌
1,974,198‌
REALIZED
AND
UNREALIZED
GAIN
(LOSS)
Realized
gain
(loss):
Investments
and
foreign
currency*
64,206‌
(
9,879,563‌
)
(
6,270,108‌
)
(
636,939‌
)
(
28,068,592‌
)
In-kind
redemptions
362,249‌
—‌
—‌
1,534,792‌
31,225,255‌
Net
realized
gain
(loss)
426,455‌
(
9,879,563‌
)
(
6,270,108‌
)
897,853‌
3,156,663‌
Change
in
unrealized
appreciation
(depreciation)
on:
Investments
and
foreign
currency**
(
256,907‌
)
39,296,347‌
71,523,500‌
621,064‌
101,543,283‌
Change
in
net
unrealized
appreciation
(depreciation)
(
256,907‌
)
39,296,347‌
71,523,500‌
621,064‌
101,543,283‌
Net
realized
and
unrealized
gain
(loss)
169,548‌
29,416,784‌
65,253,392‌
1,518,917‌
104,699,946‌
Net
increase
(decrease)
in
net
assets
from
operations
$
303,849‌
$
31,374,546‌
$
69,453,657‌
$
1,709,651‌
$
106,674,144‌
*
Net
of
foreign
capital
gains
tax
$
—‌
$
—‌
$
—‌
$
—‌
$
—‌
**
Net
of
change
in
foreign
capital
gains
tax
$
—‌
$
309,762‌
$
—‌
$
—‌
$
—‌
Statement
of
Operations
(continued)
See
Notes
to
Financial
Statements.
73
Six
Months
Ended
April
30,
2023
(Unaudited)
NULV
NUMG
NUMV
NUSC
INVESTMENT
INCOME
Dividends
$
21,575,151‌
$
875,505‌
$
3,986,984‌
$
5,775,426‌
Interest
38,225‌
10,949‌
7,160‌
31,157‌
Securities
lending
income,
net
3,865‌
62,486‌
1,998‌
406,689‌
Foreign
tax
withheld
on
dividend
income
(
37,806‌
)
—‌
—‌
(
1,491‌
)
Total
investment
income
21,579,435‌
948,940‌
3,996,142‌
6,211,781‌
EXPENSES
Management
fees
1,965,256‌
513,437‌
494,013‌
1,418,821‌
Professional
fees
26,700‌
6,052‌
5,637‌
16,557‌
Trustees
fees
29,996‌
6,350‌
6,014‌
17,878‌
Total
expenses
2,021,952‌
525,839‌
505,664‌
1,453,256‌
Net
investment
income
(loss)
19,557,483‌
423,101‌
3,490,478‌
4,758,525‌
REALIZED
AND
UNREALIZED
GAIN
(LOSS)
Realized
gain
(loss):
Investments
(
38,310,643‌
)
(
20,099,012‌
)
(
24,645,474‌
)
(
68,016,272‌
)
In-kind
redemptions
82,293,037‌
4,743,126‌
1,761,580‌
84,436,575‌
Net
realized
gain
(loss)
43,982,394‌
(
15,355,886‌
)
(
22,883,894‌
)
16,420,303‌
Change
in
unrealized
appreciation
(depreciation)
on:
Investments
(
26,438,661‌
)
36,705,916‌
12,490,931‌
(
19,734,224‌
)
Change
in
net
unrealized
appreciation
(depreciation)
(
26,438,661‌
)
36,705,916‌
12,490,931‌
(
19,734,224‌
)
Net
realized
and
unrealized
gain
(loss)
17,543,733‌
21,350,030‌
(
10,392,963‌
)
(
3,313,921‌
)
Net
increase
(decrease)
in
net
assets
from
operations
$
37,101,216‌
$
21,773,131‌
$
(
6,902,485‌
)
$
1,444,604‌
*
Net
of
foreign
capital
gains
tax
$
—‌
$
—‌
$
—‌
$
—‌
Statement
of
Changes
in
Net
Assets
See
Notes
to
Financial
Statements.
74
NUDV
NUEM
Unaudited
Six
Months
Ended
4/30/23
Year
Ended
10/31/22
Unaudited
Six
Months
Ended
4/30/23
Year
Ended
10/31/22
OPERATIONS
Net
investment
income
(loss)
$
134,301‌
$
156,574‌
$
1,957,762‌
$
3,870,048‌
Net
realized
gain
(loss)
426,455‌
37,968‌
(9,879,563‌)
(15,593,661‌)
Change
in
net
unrealized
appreciation
(depreciation)
(256,907‌)
(418,823‌)
39,296,347‌
(51,263,329‌)
Net
increase
(decrease)
in
net
assets
from
operations
303,849‌
(224,281‌)
31,374,546‌
(62,986,942‌)
DISTRIBUTIONS
TO
SHAREHOLDERS
Dividends
(187,325‌)
(151,160‌)
(3,969,620‌)
(3,002,760‌)
Decrease
in
net
assets
from
distributions
to
shareholders
(187,325‌)
(151,160‌)
(3,969,620‌)
(3,002,760‌)
FUND
SHARE
TRANSACTIONS
Proceeds
from
sale
of
shares
4,771,105‌
3,470,370‌
18,174,781‌
120,707,881‌
Cost
of
shares
redeemed
(3,598,170‌)
–‌
–‌
–‌
Net
increase
(decrease)
in
net
assets
from
Fund
share
transactions
1,172,935‌
3,470,370‌
18,174,781‌
120,707,881‌
Net
increase
(decrease)
in
net
assets
1,289,459‌
3,094,929‌
45,579,707‌
54,718,179‌
Net
assets
at
the
beginning
of
period
8,231,995‌
5,137,066‌
177,613,731‌
122,895,552‌
Net
assets
at
the
end
of
period
$
9,521,454‌
$
8,231,995‌
$
223,193,438‌
$
177,613,731‌
See
Notes
to
Financial
Statements.
75
NUDM
NULC
Unaudited
Six
Months
Ended
4/30/23
Year
Ended
10/31/22
Unaudited
Six
Months
Ended
4/30/23
Year
Ended
10/31/22
OPERATIONS
Net
investment
income
(loss)
$
4,200,265‌
$
6,333,100‌
$
190,734‌
$
375,641‌
Net
realized
gain
(loss)
(6,270,108‌)
(13,243,494‌)
897,853‌
229,868‌
Change
in
net
unrealized
appreciation
(depreciation)
71,523,500‌
(52,796,445‌)
621,064‌
(6,605,084‌)
Net
increase
(decrease)
in
net
assets
from
operations
69,453,657‌
(59,706,839‌)
1,709,651‌
(5,999,575‌)
DISTRIBUTIONS
TO
SHAREHOLDERS
Dividends
(5,913,680‌)
(7,207,380‌)
(648,635‌)
(1,900,650‌)
Decrease
in
net
assets
from
distributions
to
shareholders
(5,913,680‌)
(7,207,380‌)
(648,635‌)
(1,900,650‌)
FUND
SHARE
TRANSACTIONS
Proceeds
from
sale
of
shares
21,685,485‌
173,167,233‌
4,918,970‌
2,154,555‌
Cost
of
shares
redeemed
–‌
–‌
(6,623,785‌)
–‌
Net
increase
(decrease)
in
net
assets
from
Fund
share
transactions
21,685,485‌
173,167,233‌
(1,704,815‌)
2,154,555‌
Net
increase
(decrease)
in
net
assets
85,225,462‌
106,253,014‌
(643,799‌)
(5,745,670‌)
Net
assets
at
the
beginning
of
period
267,755,925‌
161,502,911‌
24,589,257‌
30,334,927‌
Net
assets
at
the
end
of
period
$
352,981,387‌
$
267,755,925‌
$
23,945,458‌
$
24,589,257‌
See
Notes
to
Financial
Statements.
76
NULG
NULV
Unaudited
Six
Months
Ended
4/30/23
Year
Ended
10/31/22
Unaudited
Six
Months
Ended
4/30/23
Year
Ended
10/31/22
OPERATIONS
Net
investment
income
(loss)
$
1,974,198‌
$
3,669,183‌
$
19,557,483‌
$
29,800,109‌
Net
realized
gain
(loss)
3,156,663‌
(8,499,258‌)
43,982,394‌
21,678,649‌
Change
in
net
unrealized
appreciation
(depreciation)
101,543,283‌
(275,556,909‌)
(26,438,661‌)
(182,958,927‌)
Net
increase
(decrease)
in
net
assets
from
operations
106,674,144‌
(280,386,984‌)
37,101,216‌
(131,480,169‌)
DISTRIBUTIONS
TO
SHAREHOLDERS
Dividends
(3,194,800‌)
(47,021,850‌)
(32,805,740‌)
(56,331,080‌)
Decrease
in
net
assets
from
distributions
to
shareholders
(3,194,800‌)
(47,021,850‌)
(32,805,740‌)
(56,331,080‌)
FUND
SHARE
TRANSACTIONS
Proceeds
from
sale
of
shares
211,428,865‌
236,696,565‌
429,845,425‌
970,444,575‌
Cost
of
shares
redeemed
(154,489,905‌)
(58,409,625‌)
(431,761,475‌)
(427,932,540‌)
Net
increase
(decrease)
in
net
assets
from
Fund
share
transactions
56,938,960‌
178,286,940‌
(1,916,050‌)
542,512,035‌
Net
increase
(decrease)
in
net
assets
160,418,304‌
(149,121,894‌)
2,379,426‌
354,700,786‌
Net
assets
at
the
beginning
of
period
793,753,954‌
942,875,848‌
1,531,313,649‌
1,176,612,863‌
Net
assets
at
the
end
of
period
$
954,172,258‌
$
793,753,954‌
$
1,533,693,075‌
$
1,531,313,649‌
See
Notes
to
Financial
Statements.
77
NUMG
NUMV
Unaudited
Six
Months
Ended
4/30/23
Year
Ended
10/31/22
Unaudited
Six
Months
Ended
4/30/23
Year
Ended
10/31/22
OPERATIONS
Net
investment
income
(loss)
$
423,101‌
$
462,327‌
$
3,490,478‌
$
6,193,280‌
Net
realized
gain
(loss)
(15,355,886‌)
(23,721,600‌)
(22,883,894‌)
14,382,388‌
Change
in
net
unrealized
appreciation
(depreciation)
36,705,916‌
(120,677,264‌)
12,490,931‌
(67,182,054‌)
Net
increase
(decrease)
in
net
assets
from
operations
21,773,131‌
(143,936,537‌)
(6,902,485‌)
(46,606,386‌)
DISTRIBUTIONS
TO
SHAREHOLDERS
Dividends
(626,285‌)
(46,745,770‌)
(18,324,390‌)
(18,456,730‌)
Decrease
in
net
assets
from
distributions
to
shareholders
(626,285‌)
(46,745,770‌)
(18,324,390‌)
(18,456,730‌)
FUND
SHARE
TRANSACTIONS
Proceeds
from
sale
of
shares
26,211,385‌
144,225,4
25‌
41,822,815‌
112,559,015‌
Cost
of
shares
redeemed
(31,646,985‌)
(41,476,430‌)
(10,129,105‌)
(13,583,080‌)
Net
increase
(decrease)
in
net
assets
from
Fund
share
transactions
(5,435,600‌)
102,748,995‌
31,693,710‌
98,975,935‌
Net
increase
(decrease)
in
net
assets
15,711,246‌
(87,933,312‌)
6,466,835‌
33,912,819‌
Net
assets
at
the
beginning
of
period
312,943,406‌
400,876,718‌
310,664,127‌
276,751,308‌
Net
assets
at
the
end
of
period
$
328,654,652‌
$
312,943,406‌
$
317,130,962‌
$
310,664,127‌
See
Notes
to
Financial
Statements.
78
NUSC
Unaudited
Six
Months
Ended
4/30/23
Year
Ended
10/31/22
OPERATIONS
Net
investment
income
(loss)
$
4,758,525‌
$
10,086,932‌
Net
realized
gain
(loss)
16,420,303‌
18,267,752‌
Change
in
net
unrealized
appreciation
(depreciation)
(19,734,224‌)
(224,243,139‌)
Net
increase
(decrease)
in
net
assets
from
operations
1,444,604‌
(195,888,455‌)
DISTRIBUTIONS
TO
SHAREHOLDERS
Dividends
(10,372,580‌)
(77,261,695‌)
Decrease
in
net
assets
from
distributions
to
shareholders
(10,372,580‌)
(77,261,695‌)
FUND
SHARE
TRANSACTIONS
Proceeds
from
sale
of
shares
317,323,420‌
250,807,675‌
Cost
of
shares
redeemed
(254,181,305‌)
(174,195,465‌)
Net
increase
(decrease)
in
net
assets
from
Fund
share
transactions
63,142,115‌
76,612,210‌
Net
increase
(decrease)
in
net
assets
54,214,139‌
(196,537,940‌)
Net
assets
at
the
beginning
of
period
909,827,685‌
1,106,365,625‌
Net
assets
at
the
end
of
period
$
964,041,824‌
$
909,827,685‌
Financial
Highlights
79
The
following
data
is
for
a
share
outstanding
for
each
fiscal
year
end
unless
otherwise
noted:
Investment
Operations
Less
Distributions
Net
Asset
Value,
Beginning
of
Period
Net
Investment
Income
(Loss)(a)
Net
Realized
/Unrealized
Gain
(Loss)
Total
From
Net
Investment
Income
From
Net
Realized
Gains
Total
Net
Asset
Value,
End
of
Period
Ending
Market
Price
NUDV
4/30/23(d)
$
23.52
$
0.32
$
0.38
$
0.70
$
(
0.28
)
$
(
0.14
)
$
(
0.42
)
$
23.80
$
23.78
10/31/22
25.69
0.62
(
2.21
)
(
1.59
)
(
0.58
)
—
(
0.58
)
23.52
23.52
10/31/21(f)
25.00
0.05
0.64
0.69
—
—
—
25.69
25.71
NUEM
4/30/23(d)
22.77
0.24
3.73
3.97
(
0.48
)
—
(
0.48
)
26.26
26.48
10/31/22
34.14
0.69
(
11.27
)
(
10.58
)
(
0.38
)
(
0.41
)
(
0.79
)
22.77
22.71
10/31/21
29.18
0.52
4.86
5.38
(
0.42
)
—
(
0.42
)
34.14
34.15
10/31/20
25.57
0.40
3.75
4.15
(
0.54
)
—
(
0.54
)
29.18
29.37
10/31/19
23.78
0.58
1.70
2.28
(
0.49
)
—
(
0.49
)
25.57
25.71
10/31/18
27.69
0.59
(
4.31
)
(
3.72
)
(
0.18
)
(
0.01
)
(
0.19
)
23.78
23.92
NUDM
4/30/23(d)
23.49
0.35
5.60
5.95
(
0.51
)
—
(
0.51
)
28.93
28.94
10/31/22
32.30
0.78
(
8.26
)
(
7.48
)
(
0.88
)
(
0.45
)
(
1.33
)
23.49
23.51
10/31/21
24.33
0.98
7.42
8.40
(
0.43
)
—
(
0.43
)
32.30
32.53
10/31/20
26.74
0.54
(
2.03
)
(
1.49
)
(
0.92
)
—
(
0.92
)
24.33
24.50
10/31/19
24.10
0.75
2.44
3.19
(
0.55
)
—
(
0.55
)
26.74
26.86
10/31/18
26.39
0.71
(
2.87
)
(
2.16
)
(
0.12
)
(
0.01
)
(
0.13
)
24.10
24.12
NULC
4/30/23(d)
32.79
0.26
1.92
2.18
(
0.44
)
(
0.32
)
(
0.76
)
34.21
34.17
10/31/22
43.34
0.51
(
8.52
)
(
8.01
)
(
0.43
)
(
2.11
)
(
2.54
)
32.79
32.82
10/31/21
31.05
0.46
13.25
13.71
(
0.48
)
(
0.94
)
(
1.42
)
43.34
43.39
10/31/20
28.01
0.53
2.74
3.27
(
0.21
)
(
0.02
)
(
0.23
)
31.05
30.95
10/31/19(g)
24.96
0.19
2.86
3.05
—
—
—
28.01
27.99
NULG
4/30/23(d)
49.30
0.12
6.26
6.38
(
0.20
)
—
(
0.20
)
55.48
55.51
10/31/22
71.98
0.25
(
19.45
)
(
19.20
)
(
0.14
)
(
3.34
)
(
3.48
)
49.30
49.30
10/31/21
49.60
0.07
23.82
23.89
(
0.11
)
(
1.40
)
(
1.51
)
71.98
72.01
10/31/20
38.97
0.18
10.91
11.09
(
0.20
)
(
0.26
)
(
0.46
)
49.60
49.54
10/31/19
33.84
0.29
5.96
6.25
(
0.24
)
(
0.88
)
(
1.12
)
38.97
39.00
10/31/18
30.47
0.25
3.31
3.56
(
0.09
)
(
0.10
)
(
0.19
)
33.84
33.87
(a)
Based
on
average
shares
outstanding.
(b)
Percentage
is
not
annualized.
(c)
Does
not
include
in-kind
transactions.
(d)
Unaudited
(e)
Annualized.
(f)
For
the
period
September
27,
2021
(commencement
of
operations)
through
October
31,
2021.
(g)
For
the
period
June
3,
2019
(commencement
of
operations)
through
October
31,
2019.
See
accompanying
notes
to
financial
statements.
80
Ratios
and
Supplemental
Data
Total
Return
Ratios
to
Average
Net
Assets
Based
on
Net
Asset
Value(b)
Based
on
Market
Price(b)
Net
Assets,
End
of
Period
(000)
Expenses
Net
Investment
Income
(Loss)
Portfolio
Turnover
Rate(c)
2
.99
%
2
.89
%
$
9,521
0
.26‌
%
(e)
2
.63‌
%
(e)
29
%
(
6
.22
)
(
6
.31
)
8,232
0
.26‌
2
.52‌
76
2
.74
2
.85
5,137
0
.25‌
(e)
2
.04‌
(e)
0
17
.50
18
.87
223,193
0
.36‌
(e)
1
.83‌
(e)
37
(
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
25
.60
25
.50
352,981
0
.31‌
(e)
2
.64‌
(e)
36
(
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
6
.77
6
.54
23,945
0
.21‌
(e)
1
.55‌
(e)
40
(
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
12
.96
13
.04
954,172
0
.26‌
(e)
0
.46‌
(e)
38
(
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
81
Financial
Highlights
(continued)
The
following
data
is
for
a
share
outstanding
for
each
fiscal
year
end
unless
otherwise
noted:
Investment
Operations
Less
Distributions
Net
Asset
Value,
Beginning
of
Period
Net
Investment
Income
(Loss)(a)
Net
Realized
/Unrealized
Gain
(Loss)
Total
From
Net
Investment
Income
From
Net
Realized
Gains
Total
Net
Asset
Value,
End
of
Period
Ending
Market
Price
NULV
4/30/23(d)
$
34.26
$
0.43
$
0.35
$
0.78
$
(
0.73
)
$
—
$
(
0.73
)
$
34.31
$
34.33
10/31/22
39.42
0.77
(
4.17
)
(
3.40
)
(
0.63
)
(
1.13
)
(
1.76
)
34.26
34.30
10/31/21
28.62
0.77
10.50
11.27
(
0.47
)
—
(
0.47
)
39.42
39.44
10/31/20
31.52
0.77
(
3.19
)
(
2.42
)
(
0.48
)
—
(
0.48
)
28.62
28.65
10/31/19
28.75
0.74
3.00
3.74
(
0.57
)
(
0.40
)
(
0.97
)
31.52
31.52
10/31/18
27.83
0.71
0.56
1.27
(
0.27
)
(
0.08
)
(
0.35
)
28.75
28.80
NUMG
4/30/23(d)
34.39
0.05
2.14
2.19
(
0.06
)
—
(
0.06
)
36.52
36.49
10/31/22
57.68
0.05
(
17.07
)
(
17.02
)
(
0.01
)
(
6.26
)
(
6.27
)
34.39
34.42
10/31/21
42.94
(
0.03
)
16.66
16.63
(
0.02
)
(
1.87
)
(
1.89
)
57.68
57.71
10/31/20
33.26
0.03
9.75
9.78
(
0.10
)
—
(
0.10
)
42.94
42.83
10/31/19
29.93
0.06
4.62
4.68
(
0.06
)
(
1.29
)
(
1.35
)
33.26
33.32
10/31/18
28.44
0.07
1.58
1.65
(
0.04
)
(
0.12
)
(
0.16
)
29.93
30.12
NUMV
4/30/23(d)
31.07
0.32
(
0.84
)
(
0.52
)
(
0.64
)
(
1.08
)
(
1.72
)
28.83
28.82
10/31/22
38.44
0.68
(
5.61
)
(
4.93
)
(
0.48
)
(
1.96
)
(
2.44
)
31.07
31.10
10/31/21
25.64
0.54
12.68
13.22
(
0.42
)
—
(
0.42
)
38.44
38.50
10/31/20
29.50
0.57
(
3.71
)
(
3.14
)
(
0.72
)
—
(
0.72
)
25.64
25.67
10/31/19
27.04
0.64
2.78
3.42
(
0.62
)
(
0.34
)
(
0.96
)
29.50
29.57
10/31/18
27.00
0.65
(
0.38
)
0.27
(
0.19
)
(
0.04
)
(
0.23
)
27.04
27.09
NUSC
4/30/23(d)
35.54
0.18
(
0.26
)
(
0.08
)
(
0.40
)
—
(
0.40
)
35.06
35.06
10/31/22
45.25
0.37
(
7.12
)
(
6.75
)
(
0.32
)
(
2.64
)
(
2.96
)
35.54
35.58
10/31/21
30.68
0.36
14.41
14.77
(
0.20
)
—
(
0.20
)
45.25
45.27
10/31/20
29.65
0.28
1.03
1.31
(
0.28
)
—
(
0.28
)
30.68
30.74
10/31/19
28.23
0.34
2.06
2.40
(
0.27
)
(
0.71
)
(
0.98
)
29.65
29.70
10/31/18
27.84
0.35
0.30
0.65
(
0.18
)
(
0.08
)
(
0.26
)
28.23
28.27
(a)
Based
on
average
shares
outstanding.
(b)
Percentage
is
not
annualized.
(c)
Does
not
include
in-kind
transactions.
(d)
Unaudited
(e)
Annualized.
See
accompanying
notes
to
financial
statements.
82
Ratios
and
Supplemental
Data
Total
Return
Ratios
to
Average
Net
Assets
Based
on
Net
Asset
Value(b)
Based
on
Market
Price(b)
Net
Assets,
End
of
Period
(000)
Expenses
Net
Investment
Income
(Loss)
Portfolio
Turnover
Rate(c)
2
.27
%
2
.20
%
$
1,533,693
0
.26‌
%
(e)
2
.49‌
%
(e)
34
%
(
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
6
.38
6
.21
328,655
0
.31‌
(e)
0
.25‌
(e)
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
(
1
.88
)
(
2
.03
)
317,131
0
.31‌
(e)
2
.12‌
(e)
38
(
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
(
0
.23
)
(
0
.33
)
964,042
0
.31‌
(e)
1
.01‌
(e)
22
(
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
Notes
to
Financial
Statements
(Unaudited)
83
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
April
30,
2023,
and
the
period
covered
by
these
Notes
to
Financial
Statements
is
the
six
months
ended
April
30,
2023
(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.
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.
The
unrealized
gains
and
losses
resulting
from
changes
in
foreign
currency
exchange
rates
and
changes
in
foreign
exchange
rates
associated
with
(i)
investments
and
(ii)
other
assets
and
liabilities
are
recognized
as
a
component
of
“Change
in
net
unrealized
appreciation
(depreciation)
of
investments
and
foreign
currency”
on
the
Statement
of
Operations,
when
applicable.
The
unrealized
gains
and
losses
resulting
from
changes
in
foreign
exchange
rates
associated
with
investments
in
derivatives
are
recognized
as
a
component
of
the
respective
derivative’s
related
“Change
in
net
unrealized
appreciation
(depreciation)”
on
the
Statement
of
Operations,
when
applicable.
As
of
the
end
of
the
reporting
period,
the
following
Funds'
investments
in
non-U.S.
securities
were
as
follows:
84
Notes
to
Financial
Statements
(Unaudited)
(continued)
Foreign
Taxes:
The
Funds
may
be
subject
to
foreign
taxes
on
income,
gains,
on
investments
or
foreign
currency
repatriation,
a
portion
of
which
may
be
recoverable. 
The
Funds
will
accrue
such
taxes
and
recoveries
as
applicable,
based
upon
the
current
interpretation
of
tax
rules
and
regulations
that
exist
in
the
markets
in
which
the
Funds
invest.
Indemnifications:
Under
the
Trust’s
organizational
documents,
its
officers
and
trustees
are
indemnified
against
certain
liabilities
arising
out
of
the
performance
of
their
duties
to
the
Trust.
In
addition,
in
the
normal
course
of
business,
the
Trust
enters
into
contracts
that
provide
general
indemnifications
to
other
parties.
The
Trust’s
maximum
exposure
under
these
arrangements
is
unknown
as
this
would
involve
future
claims
that
may
be
made
against
the
Trust
that
have
not
yet
occurred.
However,
the
Trust
has
not
had
prior
claims
or
losses
pursuant
to
these
contracts
and
expects
the
risk
of
loss
to
be
remote.
Investments
and
Investment
Income:
Securities
transactions
are
accounted
for
as
of
the
end
of
trade
date
for
financial
reporting
purposes.
Dividend
income
is
recorded
on
the
ex-dividend
date.
Foreign
dividend
income
is
recorded
on
the
ex-dividend
date
or
as
soon
as
possible
after
the
Funds
determine
the
existence
of
a
dividend
declaration.
Non-cash
dividends
received
in
the
form
of
stock,
if
any,
are
recognized
on
the
ex-dividend
date
and
recorded
at
fair
value.
Interest
income
is
recorded
on
an
accrual
basis.
Distributions
received
on
securities
that
represent
a
return
of
capital
or
capital
gains
are
recorded
as
a
reduction
of
cost
of
investments
and/or
as
a
realized
gain.
The
Funds
estimate
the
components
of
distributions
received
that
may
be
considered
return
of
capital
distributions
or
capital
gain
distributions.
Securities
lending
income
is
comprised
of
fees
earned
from
borrowers
and
income
earned
on
cash
collateral
investments.
New
Accounting
Pronouncements
New
Accounting
Pronouncement:
 In
March
2020,
FASB
issued
Accounting
Standards
Update
(“ASU”)
2020-04,
Reference
Rate
Reform:
Facilitation
of
the
Effects
of
Reference
Rate
Reform
on
Financial
Reporting.
The
main
objective
of
the
new
guidance
is
to
provide
relief
to
companies
that
will
be
impacted
by
the
expected
change
in
benchmark
interest
rates,
when
participating
banks
will
no
longer
be
required
to
submit
London
Interbank
Offered
Rate
(LIBOR)
quotes
by
the
UK
Financial
Conduct
Authority
(FCA).
The
new
guidance
allows
companies
to,
provided
the
only
change
to
existing
contracts
are
a
change
to
an
approved
benchmark
interest
rate,
account
for
modifications
as
a
continuance
of
the
existing
contract
without
additional
analysis.
For
new
and
existing
contracts,
the
Funds
may
elect
to
apply
the
amendments
as
of
March
12,
2020
through
December
31,
2022.
In
December
2022,
FASB
deferred
ASU
2022-04
and
issued
ASU
2022-06,
Reference
Rate
Reform:
Deferral
of
the
Sunset
Date
of
Topic
848,
which
extends
the
application
of
the
amendments
through
December
31,
2024. 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.
NUEM
Value
%
of
Net
Assets
Country:
China
$
67,689,274
30.3
%
Taiwan
34,107,532
15.3
India
30,629,975
13.7
South
Korea
25,448,381
11.4
Brazil
11,847,944
5.3
Saudi
Arabia
10,892,443
4.9
South
Africa
7,800,671
3.5
Mexico
6,431,381
2.9
Indonesia
5,075,686
2.3
Thailand
4,383,538
2.0
Other
18,406,601
8.2
Total
non-U.S.
Securities
$222,713,426
99.8%
NUDM
Value
%
of
Net
Assets
Country:
Japan
$
77,458,782
21.9
%
United
Kingdom
55,401,859
15.7
France
40,779,892
11.6
Switzerland
35,771,683
10.1
Australia
25,943,559
7.4
Germany
23,478,010
6.7
Spain
13,776,403
3.9
Denmark
11,021,578
3.1
Netherlands
10,733,384
3.0
Hong
Kong
10,255,758
2.9
Other
44,454,911
12.6
Total
non-U.S.
Securities
$349,075,819
98.9%
85
New
Accounting
Pronouncement:
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
related
illustrative
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
December
15,
2023,
and
interim
periods
within
those
fiscal
years.
For
all
other
entities,
the
amendments
are
effective
for
fiscal
years
beginning
after
December
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
pricing
services and
are
generally
classified
as
Level
1
or
2.
Prices
of
fixed-income
securities
are
generally
provided
by
pricing
services
approved
by
the
Adviser,
which
is
subject
to
review
by
the
Adviser
and
oversight
of
the
Board. Pricing
services
establish
a
security’s
fair
value
using
methods
that
may
include
consideration
of
the
following:
yields
or
prices
of
investments
of
comparable
quality,
type
of
issue,
coupon,
maturity
and
rating,
market
quotes
or
indications
of
value
from
security
dealers,
evaluations
of
anticipated
cash
flows
or
collateral,
general
market
conditions
and
other
information
and
analysis,
including
the
obligor’s
credit
characteristics
considered
relevant.
In
pricing
certain
securities,
particularly
less
liquid
and
lower
quality
securities,
pricing
services
may
consider
information
about
a
security,
its
issuer
or
market
activity
provided
by
the
Adviser.
These
securities
are
generally
classified
as
Level
2.
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:
86
Notes
to
Financial
Statements
(Unaudited)
(continued)
NUDV
Level
1
Level
2
Level
3
Total
Long-Term
Investments:
Common
Stocks
$
9,500,553
$
–
$
–
$
9,500,553
Total
$
9,500,553
$
–
$
–
$
9,500,553
a
NUEM
Level
1
Level
2
Level
3
Total
Long-Term
Investments:
Common
Stocks
$
220,075,830
$
2,636,953
$
5*
$
222,712,788
Common
Stock
Rights
340
–
–
340
Corporate
Bonds
–
298
–
298
Investments
Purchased
with
Collateral
from
Securities
Lending
30,794
–
–
30,794
Total
$
220,106,964
$
2,637,251
$
5
$
222,744,220
a
NUDM
Level
1
Level
2
Level
3
Total
Long-Term
Investments:
Common
Stocks
$
350,187,391
$
–
$
–**
$
350,187,391
Total
$
350,187,391
$
–
$
–
$
350,187,391
a
NULC
Level
1
Level
2
Level
3
Total
Long-Term
Investments:
Common
Stocks
$
23,886,589
$
–
$
–
$
23,886,589
Total
$
23,886,589
$
–
$
–
$
23,886,589
a
NULG
Level
1
Level
2
Level
3
Total
Long-Term
Investments:
Common
Stocks
$
953,129,645
$
–
$
–
$
953,129,645
Investments
Purchased
with
Collateral
from
Securities
Lending
3,386,489
–
–
3,386,489
Total
$
956,516,134
$
–
$
–
$
956,516,134
a
NULV
Level
1
Level
2
Level
3
Total
Long-Term
Investments:
Common
Stocks
$
1,531,089,711
$
–
$
–
$
1,531,089,711
Investments
Purchased
with
Collateral
from
Securities
Lending
1,779,861
–
–
1,779,861
Total
$
1,532,869,572
$
–
$
–
$
1,532,869,572
a
NUMG
Level
1
Level
2
Level
3
Total
Long-Term
Investments:
Common
Stocks
$
328,300,925
$
–
$
–
$
328,300,925
Investments
Purchased
with
Collateral
from
Securities
Lending
5,085,662
–
–
5,085,662
Total
$
333,386,587
$
–
$
–
$
333,386,587
a
NUMV
Level
1
Level
2
Level
3
Total
Long-Term
Investments:
Common
Stocks
$
316,465,670
$
–
$
–
$
316,465,670
Investments
Purchased
with
Collateral
from
Securities
Lending
1,524,206
–
–
1,524,206
Total
$
317,989,876
$
–
$
–
$
317,989,876
a
87
4.
Portfolio
Securities
and
Investments
in
Derivatives
Portfolio
Securities
Securities
Lending:
Each
Fund
may
lend
securities
representing
up
to
one-third
of
the
value
of
its
total
assets
to
broker-dealers,
banks,
and
other
institutions
in
order
to
generate
additional
income.
When
loaning
securities,
the
Fund
retains
the
benefits
of
owning
the
securities,
including
the
economic
equivalent
of
dividends
or
interest
generated
by
the
security.
The
loans
are
continuous,
can
be
recalled
at
any
time,
and
have
no
set
maturity.
State
Street
Bank
and
Trust
Company,
serves
as
the
securities
lending
agent
(the
“Agent”).
When
a
Fund
loans
its
portfolio
securities,
it
will
receive,
at
the
inception
of
each
loan,
cash
collateral
equal
to
an
amount
not
less
than
100%
of
the
market
value
of
the
loaned
securities.
The
actual
percentage
of
the
cash
collateral
will
vary
depending
upon
the
asset
type
of
the
loaned
securities.
Collateral
for
the
loaned
securities
is
invested
in
a
government
money
market
vehicle
maintained
by
the
Agent,
which
is
subject
to
the
requirements
of
Rule
2a-7
under
the
1940
Act.
The
value
of
the
loaned
securities
and
the
liability
to
return
the
cash
collateral
received
are
recognized
on
the
Statement
of
Assets
and
Liabilities.
If
the
market
value
of
the
loaned
securities
increases,
the
borrower
must
furnish
additional
collateral
to
the
Fund,
which
is
also
recognized
on
the
Statement
of
Assets
and
Liabilities.
Securities
out
on
loan
are
subject
to
termination
at
any
time
at
the
option
of
the
borrower
or
the
Fund.
Upon
termination,
the
borrower
is
required
to
return
to
the
Fund
securities
identical
to
the
securities
loaned.
During
the
term
of
the
loan,
the
Fund
bears
the
market
risk
with
respect
to
the
investment
of
collateral
and
the
risk
that
the
Agent
may
default
on
its
contractual
obligations
to
the
Fund.
The
Agent
bears
the
risk
that
the
borrower
may
default
on
its
obligation
to
return
the
loaned
securities
as
the
Agent
is
contractually
obligated
to
indemnify
the
Fund
if
at
the
time
of
a
default
by
a
borrower
some
or
all
of
the
loan
securities
have
not
been
returned.
Securities
lending
income
recognized
by
a
Fund
consists
of
earnings
on
invested
collateral
and
lending
fees,
net
of
any
rebates
to
the
borrower
and
compensation
to
the
Agent.
Such
income
is
recognized
on
the
Statement
of
Operations.
As
of
the
end
of
the
reporting
period,
the
total
value
of
the
loaned
securities
and
the
total
value
of
collateral
received
were
as
follows:
Purchases
and
sales:
Long-term
purchases
and
sales
(excluding
in-kind
transactions),
during
the
current
fiscal
period
were
as
follows:
NUSC
Level
1
Level
2
Level
3
Total
Long-Term
Investments:
Common
Stocks
$
961,515,254
$
–
$
–
$
961,515,254
Common
Stock
Rights
–
–
81,959*
81,959
Investments
Purchased
with
Collateral
from
Securities
Lending
9,382,515
–
–
9,382,515
Total
$
970,897,769
$
–
$
81,959
$
970,979,728
a
*
Refer
to
the
Fund’s
Portfolio
of
Investments
for
securities
classified
as
Level
3.
**
Refer
to
the
Fund's
Portfolio
of
Investments
for
securities
classified
as
Level
3.
Value
equals
zero
as
of
the
end
of
the
reporting
period.
Fund
Asset
Class
out
on
Loan
Long-Term
Investments,
at
Value
Total
Collateral
Received
NUEM
Common
Stocks
$28,617
$30,794
NULG
Common
Stocks
$3,323,922
$3,386,489
NULV
Common
Stocks
$1,750,599
$1,779,861
NUMG
Common
Stocks
$4,992,264
$5,085,662
NUMV
Common
Stocks
$1,493,958
$1,524,206
NUSC
Common
Stocks
$9,073,031
$9,382,515
Fund
Purchases
Sales
NUDV
$
2,883,911
$
2,921,105
NUEM
92,511,595
79,401,479
NUDM
115,229,682
117,436,658
NULC
9,941,963
10,076,249
NULG
350,687,688
335,233,911
NULV
533,559,192
539,200,364
NUMG
206,803,659
200,645,282
NUMV
125,365,227
139,704,415
NUSC
329,472,116
316,291,556
88
Notes
to
Financial
Statements
(Unaudited)
(continued)
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
instructed
the
custodian
to
pledge
assets
of
the
Funds
as
collateral
with
a
value
approximately
equal
to
the
amount
of
the
unrealized
loss
above
a
pre-determined
threshold.
Collateral
pledges
are
monitored
and
subsequently
adjusted
if
and
when
the
valuations
fluctuate,
either
up
or
down,
by
at
least
the
pre-determined
threshold
amount.
5.
Fund
Shares
Each Fund
issues
and
redeems its
shares
on
a
continuous
basis
at
NAV
only
in
aggregations
of
a
specified
number
of
shares
or
multiples
thereof
(“Creation
Units”).
Only
certain
institutional
investors
(referred
to
as
“Authorized
Participants”)
who
have
entered
into
agreements
with
Nuveen
Securities,
LLC,
the
Funds'
distributor,
may
purchase
and
redeem
Creation
Units.
Once
created,
shares
of
the
Funds
trade
on
the
Exchange
at
market
prices
and
are
only
available
to
individual
investors
through
their
brokers.
Creation
Units
are
purchased
and
redeemed
in-kind
for
a
designated
portfolio
of
securities
included
in each
Fund’s
respective Index
and/or
a
specified
amount
of
cash.
Authorized
Participants
are
charged
fixed
transaction
fees
in
connection
with
purchasing
and
redeeming
Creation
Units.
Authorized
Participants
transacting
in
Creation
Units
for
cash
may
also
pay
an
additional
variable
charge
to
compensate
the
relevant Fund
for
certain
transaction
costs
(i.e.,
taxes
on
currency
or
other
financial
transactions,
and
brokerage
costs)
and
market
impact
expenses
it
incurs
in
purchasing
or
selling
portfolio
securities.
Such
variable
charges,
if
any,
are
included
in
“Proceeds
from
shares
sold”
on
the
Statements
of
Changes
in
Net
Assets.
Transactions
in
Fund
shares
during
the
current
and
prior
period
were
as
follows:
Fund
In-Kind
Purchases
In-Kind
Sales
NUDV
$
4,753,795
$
3,588,104
NUEM
2,763,107
—
NUDM
20,688,061
—
NULC
4,936,903
6,710,277
NULG
211,123,991
154,699,227
NULV
450,991,594
459,722,309
NUMG
26,144,479
31,615,985
NUMV
41,731,255
10,106,019
NUSC
315,654,443
254,664,809
89
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.
NUDV
NUEM
Six
Months
Ended
4/30/23
Year
Ended
10/31/22
Six
Months
Ended
4/30/23
Year
Ended
10/31/22
Shares
Amount
Shares
Amount
Shares
Amount
Shares
Amount
Shares
sold
200,000
$4,771,105
150,000
$3,470,370
700,000
$18,174,781
4,200,000
$120,707,881
Shares
redeemed
(150,000)
(3,598,170)
–
–
–
–
–
–
Net
increase
(decrease)
50,000
$1,172,935
150,000
$3,470,370
700,000
$18,174,781
4,200,000
$120,707,881
NUDM
NULC
Six
Months
Ended
4/30/23
Year
Ended
10/31/22
Six
Months
Ended
4/30/23
Year
Ended
10/31/22
Shares
Amount
Shares
Amount
Shares
Amount
Shares
Amount
Shares
sold
800,000
$21,685,485
6,400,000
$173,167,233
150,000
$4,918,970
50,000
$2,154,555
Shares
redeemed
–
–
–
–
(200,000)
(6,623,785)
–
–
Net
increase
(decrease)
800,000
$21,685,485
6,400,000
$173,167,233
(50,000)
$(1,704,815)
50,000
$2,154,555
NULG
NULV
Six
Months
Ended
4/30/23
Year
Ended
10/31/22
Six
Months
Ended
4/30/23
Year
Ended
10/31/22
Shares
Amount
Shares
Amount
Shares
Amount
Shares
Amount
Shares
sold
4,050,000
$211,428,865
3,950,000
$236,696,565
12,150,000
$429,845,425
26,850,000
$970,444,575
Shares
redeemed
(2,950,000)
(154,489,905)
(950,000)
(58,409,625)
(12,150,000)
(431,761,475)
(12,000,000)
(427,932,540)
Net
increase
(decrease)
1,100,000
$56,938,960
3,000,000
$178,286,940
–
$(1,916,050)
14,850,000
$542,512,035
NUMG
NUMV
Six
Months
Ended
4/30/23
Year
Ended
10/31/22
Six
Months
Ended
4/30/23
Year
Ended
10/31/22
Shares
Amount
Shares
Amount
Shares
Amount
Shares
Amount
Shares
sold
750,000
$26,211,385
3,250,000
$144,225,425
1,350,000
$41,822,815
3,200,000
$112,559,015
Shares
redeemed
(850,000)
(31,646,985)
(1,100,000)
(41,476,430)
(350,000)
(10,129,105)
(400,000)
(13,583,080)
Net
increase
(decrease)
(100,000)
$(5,435,600)
2,150,000
$102,748,995
1,000,000
$31,693,710
2,800,000
$98,975,935
NUSC
Six
Months
Ended
4/30/23
Year
Ended
10/31/22
Shares
Amount
Shares
Amount
Shares
sold
8,750,000
$317,323,420
6,100,000
$250,807,675
Shares
redeemed
(6,850,000)
(254,181,305)
(4,950,000)
(174,195,465)
Net
increase
(decrease)
1,900,000
$63,142,115
1,150,000
$76,612,210
90
Notes
to
Financial
Statements
(Unaudited)
(continued)
As
of
the
end
of
the
reporting
period,
the
aggregate
cost
and
the
net
unrealized
appreciation/(depreciation)
of
all
investments
for
federal
income
tax
purposes
were
as
follows:
For
purposes
of
this
disclosure,
tax
cost
generally
includes
the
cost
of
portfolio
investments
as
well
as
up-front
fees
or
premiums
exchanged
on
derivatives
and
any
amounts
unrealized
for
income
statement
reporting
but
realized
income
and/or
capital
gains
for
tax
reporting,
if
applicable.
As
of
prior
fiscal
period
end,
the
components
of
accumulated
earnings
on
a
tax
basis
were
as
follows:
As
of
prior
fiscal
period
end,
the
Funds
had
capital
loss
carryforwards,
which
will
not
expire:
Fund
Tax
Cost
Gross
Unrealized
Appreciation
Gross
Unrealized
(Depreciation)
Net
Unrealized
Appreciation
(Depreciation)
NUDV
$
10,065,676
$
221,579
$
(786,702)
$
(565,123)
NUEM
224,523,603
14,195,900
(15,975,283)
(1,779,383)
NUDM
318,044,463
40,941,787
(8,798,859)
32,142,928
NULC
22,336,286
3,055,690
(1,505,387)
1,550,303
NULG
924,769,626
96,155,652
(64,409,144)
31,746,508
NULV
1,593,835,443
58,542,832
(119,508,703)
(60,965,871)
NUMG
350,837,948
23,530,207
(40,981,568)
(17,451,361)
NUMV
321,245,767
27,654,574
(30,910,465)
(3,255,891)
NUSC
1,056,488,356
61,136,663
(146,645,291)
(
85,508,628)
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)
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
related
regulations.
91
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: 
Other
Transactions
with
Affiliates 
Each
Fund
is
permitted
to
purchase
or
sell
securities
from
or
to
certain
other
funds
or
accounts
managed
by
the
Sub-Adviser
(“Affiliated
Entity”)
under
specified
conditions
outlined
in
procedures
adopted
by
the
Board
("cross-trade").
These
procedures
have
been
designed
to
ensure
that
any
cross-trade
of
securities
by
the
Fund
from
or
to
an
Affiliated
Entity
by
virtue
of
having
a
common
investment
adviser
(or
affiliated
investment
adviser),
common
officer
and/or
common
trustee
complies
with
Rule
17a-7
under
the
1940
Act.
These
transactions
are
effected
at
the
current
market
price
(as
provided
by
an
independent
pricing
service)
without
incurring
broker
commissions.
During
the
current
fiscal
period,
the
Funds
engaged
in
cross-trades
pursuant
to
these
procedures
as
follows:
Fund
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
11,652,816
—
—
NULV
—
669,820
(100,238)
NUMG
1,602,064
—
—
NUMV
—
—
—
NUSC
—
—
—
92
Additional
Fund
Information
(Unaudited)
The
tables
below
show
the
number
and
percentage
of
days
during
the
current
fiscal
period
that
each
Fund’s
market
price
was
greater
than
its
NAV
per
share
(i.e.,
at
premium)
and
less
than
its
NAV
per
share
(i.e.,
at
a
discount).
The
market
price
is
determined
using
the
midpoint
between
the
highest
bid
and
the
lowest
offer
on
the
applicable
Fund’s
listing
exchange,
as
of
the
time
that
the
Fund’s
NAV
is
calculated
(normally
4:00
p.m.
Eastern
Time).
Investment
Adviser
Nuveen
Fund
Advisors,
LLC
333
West
Wacker
Drive
Chicago,
IL
60606
Sub-Adviser
Teachers
Advisors,
LLC
730
Third
Avenue
New
York,
NY
10017-3206
Independent
Registered
Public
Accounting
Firm
KPMG
LLP
200
East
Randolph
Street
Chicago,
IL
60601
Administrator,
Custodian
and
Transfer
Agent
Brown
Brothers
Harriman
50
Post
Office
Square
Boston,
MA
02110
Legal
Counsel
Chapman
and
Cutler
LLP
Chicago,
IL
60603
Morgan
Lewis
&
Bockius
LLP
111
Pennsylvania
Avenue,
NW
Washington,
D.C.
20004
NUDV
NUEM
Year
Ended
April
30,
2023
Number
of
Days
%
of
Total
Days
Number
of
Days
%
of
Total
Days
Premium/Discount
Range:
Greater
than
3.00%
-
-
1
0.8%
1.01%
to
3.00%
-
-
33
26.8%
0.51%
to
1.00%
-
-
24
19.5%
0.26%
to
0.50%
-
-
23
18.8%
0.00%
to
0.25%
52
42.3%
15
12.2%
(0.01)%
to
(0.25)%
71
57.7%
10
8.1%
(0.26)%
to
(0.50)%
-
-
5
4.1%
(0.51)%
to
(1.00)%
-
-
9
7.3%
(1.01)%
to
(3.00)%
-
-
3
2.4%
123
100%
123
100%
NUDM
NULC
Year
Ended
April
30,
2023
Number
of
Days
%
of
Total
Days
Number
of
Days
%
of
Total
Days
Premium/Discount
Range:
1.01%
to
3.00%
7
5.7%
-
-
0.51%
to
1.00%
31
25.2%
-
-
0.26%
to
0.50%
22
17.9%
-
-
0.00%
to
0.25%
24
19.5%
39
31.7%
(0.01)%
to
(0.25)%
18
14.6%
84
68.3%
(0.26)%
to
(0.50)%
12
9.8%
-
-
(0.51)%
to
(1.00)%
7
5.7%
-
-
(1.01)%
to
(3.00)%
2
1.6%
-
-
123
100%
123
100%
93
The
tables
below
show
the
number
and
percentage
of
days
during
the
current
fiscal
period
that
each
Fund’s
market
price
was
greater
than
its
NAV
per
share
(i.e.,
at
premium)
and
less
than
its
NAV
per
share
(i.e.,
at
a
discount).
The
market
price
is
determined
using
the
midpoint
between
the
highest
bid
and
the
lowest
offer
on
the
applicable
Fund’s
listing
exchange,
as
of
the
time
that
the
Fund’s
NAV
is
calculated
(normally
4:00
p.m.
Eastern
Time).
Investment
Adviser
Nuveen
Fund
Advisors,
LLC
333
West
Wacker
Drive
Chicago,
IL
60606
Sub-Adviser
Teachers
Advisors,
LLC
730
Third
Avenue
New
York,
NY
10017-3206
Independent
Registered
Public
Accounting
Firm
KPMG
LLP
200
East
Randolph
Street
Chicago,
IL
60601
Administrator,
Custodian
and
Transfer
Agent
Brown
Brothers
Harriman
50
Post
Office
Square
Boston,
MA
02110
Legal
Counsel
Chapman
and
Cutler
LLP
Chicago,
IL
60603
Morgan
Lewis
&
Bockius
LLP
111
Pennsylvania
Avenue,
NW
Washington,
D.C.
20004
NUDV
NUEM
Year
Ended
April
30,
2023
Number
of
Days
%
of
Total
Days
Number
of
Days
%
of
Total
Days
Premium/Discount
Range:
Greater
than
3.00%
-
-
1
0.8%
1.01%
to
3.00%
-
-
33
26.8%
0.51%
to
1.00%
-
-
24
19.5%
0.26%
to
0.50%
-
-
23
18.8%
0.00%
to
0.25%
52
42.3%
15
12.2%
(0.01)%
to
(0.25)%
71
57.7%
10
8.1%
(0.26)%
to
(0.50)%
-
-
5
4.1%
(0.51)%
to
(1.00)%
-
-
9
7.3%
(1.01)%
to
(3.00)%
-
-
3
2.4%
123
100%
123
100%
NUDM
NULC
Year
Ended
April
30,
2023
Number
of
Days
%
of
Total
Days
Number
of
Days
%
of
Total
Days
Premium/Discount
Range:
1.01%
to
3.00%
7
5.7%
-
-
0.51%
to
1.00%
31
25.2%
-
-
0.26%
to
0.50%
22
17.9%
-
-
0.00%
to
0.25%
24
19.5%
39
31.7%
(0.01)%
to
(0.25)%
18
14.6%
84
68.3%
(0.26)%
to
(0.50)%
12
9.8%
-
-
(0.51)%
to
(1.00)%
7
5.7%
-
-
(1.01)%
to
(3.00)%
2
1.6%
-
-
123
100%
123
100%
NULG
NULV
Year
Ended
April
30,
2023
Number
of
Days
%
of
Total
Days
Number
of
Days
%
of
Total
Days
Premium/Discount
Range:
0.00%
to
0.25%
96
78.0%
78
63.4%
(0.01)%
to
(0.25)%
27
22.0%
45
36.6%
123
100%
123
100%
NUMG
NUMV
Year
Ended
April
30,
2023
Number
of
Days
%
of
Total
Days
Number
of
Days
%
of
Total
Days
Premium/Discount
Range:
0.00%
to
0.25%
32
26.0%
79
64.2%
(0.01)%
to
(0.25)%
91
74.0%
44
35.8%
123
100%
123
100%
NUSC
Year
Ended
April
30,
2023
Number
of
Days
%
of
Total
Days
Premium/Discount
Range:
0.00%
to
0.25%
67
54.5%
(0.01)%
to
(0.25)%
56
45.5%
123
100%
Portfolio
of
Investments
Information
Each
Fund
is
required
to
file
its
complete
schedule
of
portfolio
holdings
with
the
Securities
and
Exchange
Commission
(SEC)
for
the
first
and
third
quarters
of
each
fiscal
year
as
an
exhibit
to
its
report
on
Form
N-PORT.
You
may
obtain
this
information
on
the
SEC’s
website
at
http://www.sec.gov.
Nuveen
Funds’
Proxy
Voting
Information
You
may
obtain
(i)
information
regarding
how
each
fund
voted
proxies
relating
to
portfolio
securities
held
during
the
most
recent
twelve-month
period
ended
June
30,
without
charge,
upon
request,
by
calling
Nuveen
toll-free
at
(800)
257-8787
or
on
Nuveen’s
website
at
www.nuveen.com
and
(ii)
a
description
of
the
policies
and
procedures
that
each
fund
used
to
determine
how
to
vote
proxies
relating
to
portfolio
securities
without
charge,
upon
request,
by
calling
Nuveen
toll-free
at
(800)
257-8787.
You
may
also
obtain
this
information
directly
from
the
SEC.
Visit
the
SEC
on-line
at
http://www.sec.gov.
FINRA
BrokerCheck
:
The
Financial
Industry
Regulatory
Authority
(FINRA)
provides
information
regarding
the
disciplinary
history
of
FINRA
member
firms
and
associated
investment
professionals.
This
information
as
well
as
an
investor
brochure
describing
FINRA
BrokerCheck
is
available
to
the
public
by
calling
the
FINRA
BrokerCheck
Hotline
number
at
(800)
289-9999
or
by
visiting
www.FINRA.org.
94
Glossary
of
Terms
Used
in
this
Report
(Unaudited)
Average
Annual
Total
Return:
This
is
a
commonly
used
method
to
express
an
investment’s
performance
over
a
particular,
usually
multi-year
time
period.
It
expresses
the
return
that
would
have
been
necessary
each
year
to
equal
the
investment’s
actual
cumulative
performance
(including
change
in
NAV
or
offer
price
and
reinvested
dividends
and
capital
gains
distributions,
if
any)
over
the
time
period
being
considered.
Net
Assets
Value
(NAV)
Per
Share:
A
fund’s
Net
Assets
is
equal
to
its
total
assets
(securities,
cash
and
accrued
earnings)
less
its
total
liabilities.
NAV
per
share
is
equal
to
the
fund’s
Net
Assets
divided
by
its
number
of
shares
outstanding.
Liquidity
Risk
Management
Program
(Unaudited)
95
Discussion
of
the
operation
and
effectiveness
of
the
Funds’
liquidity
risk
management
program
In
compliance
with
Rule
22e-4
under
the
Investment
Company
Act
of
1940,
as
amended
(the
“Liquidity
Rule”),
each
Fund
covered
in
this
Report
the
“Funds”)
has
adopted
and
implemented
a
liquidity
risk
management
program
(the
“Program”),
which
is
designed
to
manage
the
Fund’s
liquidity
risk.
The
Program
consists
of
various
protocols
for
assessing
and
managing
each
Fund’s
liquidity
risk.
The
Funds’
Board
of
Trustees
previously
designated
Nuveen
Fund
Advisors,
LLC,
the
Funds’
investment
adviser,
as
the
Administrator
of
the
Program.
The
adviser’s
Liquidity
Monitoring
and
Analysis
Team
(“LMAT”)
carries
out
day-to-day
Program
management
with
oversight
by
the
adviser’s
Liquidity
Oversight
Sub-Committee
(the
LOSC”).
The
LOSC
is
composed
of
personnel
from
the
adviser
and
Teachers
Advisors,
LLC,
an
affiliate
of
the
adviser.
At
a
May
23-25,
2023
meeting
of
the
Board,
the
Administrator
provided
the
Board
with
a
written
report
addressing
the
Program’s
operation,
adequacy
and
effectiveness
of
implementation
for
calendar
year
2022
(the
“Review
Period”),
as
required
under
the
Liquidity
Rule.
The
report
noted
that
the
Program
has
been
and
continues
to
be
adequately
and
effectively
implemented
to
monitor
and
(as
applicable)
respond
to
each
Fund’s
liquidity
developments.
In
accordance
with
the
Program,
the
LMAT
assesses
each
Fund’s
liquidity
risk
no
less
frequently
than
annually
based
on
various
factors,
such
as
(1)
the
Fund’s
investment
strategy
and
the
liquidity
of
portfolio
investments,
(ii)
cash
flow
projections,
and
(ii)
holdings
of
cash
and
cash
equivalents,
borrowing
arrangements,
and
other
funding
sources.
Certain
factors
are
considered
under
both
normal
and
reasonably
foreseeable
stressed
conditions.
Each
Fund
portfolio
investment
is
classified
into
one
of
four
liquidity
categories
(including
the
most
liquid,
“Highly
Liquid”,
and
the
least
liquid,
“lliquid”,
discussed
below),
The
classification
is
based
on
a
determination
of
how
long
it
is
reasonably
expected
to
take
to
convert
the
investment
into
cash,
or
sell
or
dispose
of
the
investment,
in
current
market
conditions
without
significantly
changing
the
market
value
of
the
investment
Liquidity
classification
determinations
take
into
account
various
market,
trading,
and
investment-specific
considerations,
as
well
as
market
depth,
and
use
third-
party
vendor
data.
Any
Fund
that
does
not
primarily
hold
highly
liquid
investments
must,
among
other
things,
determine
a
minimum
percentage
of
Fund
assets
that
must
be
invested
in
highly
liquid
investments
(a
“Highly
Liquid
Investment
Minimum”).
During
the
Review
Period,
each
Fund
primarily
held
Highly
Liquid
investments
and
therefore
was
exempt
from
the
requirement
to
adopt
a
Highly
Liquid
Investment
Minimum
and
to
comply
with
the
related
requirements
under
the
Liquidity
Rule.
The
Liquidity
Rule
also
limits
a
Fund’s
investments
in
Illiquid
investments.
Specifically,
the
Liquidity
Rule
prohibits
a
Fund
from
acquiring
Illiquid
investments
if
doing
so
would
result
in
the
Fund
holding
more
than
15%
of
its
net
assets
in
illiquid
investments,
and
requires
certain
reporting
to
the
Fund
Board
and
the
Securities
and
Exchange
Commission
any
time
a
Fund’s
holdings
of
Illiquid
investments
exceeds
15%
of
net
assets.
During
the
Review
Period,
no
Fund
exceeded
the
15%
limit
on
Illiquid
investments.
Nuveen
Securities,
LLC,
member
FINRA
and
SIPC
333
West
Wacker
Drive
Chicago,
IL
60606
www.nuveen.com
NSA-NSESG-0423P
2913667-INV-B-06/24
Nuveen:
Serving
Investors
for
Generations
Since
1898,
financial
advisors
and
their
clients
have
relied
on
Nuveen
to
provide
dependable
investment
solutions
through
continued
adherence
to
proven,
long-term
investing
principles.
Today,
we
offer
a
range
of
high
quality
solutions
designed
to
be
integral
components
of
a
well-diversified
core
portfolio.
Focused
on
meeting
investor
needs.
Nuveen
is
the
investment
manager
of
TIAA.
We
have
grown
into
one
of
the
world’s
premier
global
asset
managers,
with
specialist
knowledge
across
all
major
asset
classes
and
particular
strength
in
solutions
that
provide
income
for
investors
and
that
draw
on
our
expertise
in
alternatives
and
responsible
investing.
Nuveen
is
driven
not
only
by
the
independent
investment
processes
across
the
firm,
but
also
the
insights,
risk
management,
analytics
and
other
tools
and
resources
that
a
truly
world-class
platform
provides.
As
a
global
asset
manager,
our
mission
is
to
work
in
partnership
with
our
clients
to
create
solutions
which
help
them
secure
their
financial
future.
Find
out
how
we
can
help
you.
To
learn
more
about
how
the
products
and
services
of
Nuveen
may
be
able
to
help
you
meet
your
financial
goals,
talk
to
your
financial
advisor,
or
call
us
at
(800)
257-8787.
Please
read
the
information
provided
carefully
before
you
invest.
Investors
should
consider
the
investment
objective
and
policies,
risk
considerations,
charges
and
expenses
of
any
investment
carefully.
Where
applicable,
be
sure
to
obtain
a
prospectus,
which
contains
this
and
other
relevant
information.
To
obtain
a
prospectus,
please
contact
your
securities
representative
or
Nuveen,
333
W.
Wacker
Dr.,
Chicago,
IL
60606.
Please
read
the
prospectus
carefully
before
you
invest
or
send
money.
Learn
more
about
Nuveen
Funds
at:
www.nuveen.c
om/exchange-traded-funds
NOT
FDIC
INSURED
MAY
LOSE
VALUE
NO
BANK
GUARANTEE

Funds
Exchange-Traded
Funds
Nuveen
Exchange-Traded
April
30,
2023
Semi-annual
Report
This
semi-annual
report
contains
the
Funds'
unaudited financial
statements.
Fund
Name
Listing
Exchange
Ticker
Symbol
Nuveen
Dividend
Growth
ETF
NYSE
Arca
NDVG
Nuveen
Growth
Opportunities
ETF
NYSE
Arca
NUGO
Nuveen
Small
Cap
Select
ETF
NYSE
Arca
NSCS
Nuveen
Winslow
Large-Cap
Growth
ESG
ETF
NYSE
Arca
NWLG
2
Table
of
Contents
Chair’s
Letter
to
Shareholders
3
Important
Notices
4
Risk
Considerations
5
About
the
Funds’
Benchmarks
6
Fund
Performance,
Expense
Ratios
and
Holdings
Summaries
7
Expense
Examples
16
Portfolios
of
Investments
18
Statement
of
Assets
and
Liabilities
31
Statement
of
Operations
32
Statement
of
Changes
in
Net
Assets
33
Financial
Highlights
35
Notes
to
Financial
Statements
37
Additional
Fund
Information
43
Glossary
of
Terms
Used
in
this
Report
45
Liquidity
Risk
Management
Program
46
Chair’s
Letter
to
Shareholders
3
Dear
Shareholders,
The
significant
measures
taken
by
the
U.S.
Federal
Reserve
(Fed)
and
other
global
central
banks
over
the
past
year
to
contain
inflation
have
begun
to
take
effect.
From
March
2022
to
May
2023,
the
Fed
raised
the
target
fed
funds
rate
by
5.00%
to
a
range
of
5.00%
to
5.25%,
marking
the
fastest
interest
rate
hiking
cycle
in
its
history.
Across
most
of
the
world,
inflation
rates
have
fallen
from
their
post-pandemic
highs
but
currently
remain
well
above
the
levels
that
central
banks
consider
supportive
of
their
economies’
long-term
growth.
At
the
same
time,
the
U.S.
and
other
large
economies
have
remained
surprisingly
resilient,
even
as
financial
conditions
have
tightened.
Despite
contracting
in
the
first
half
of
2022,
U.S.
gross
domestic
product
grew
2.1%
in
the
year
overall
compared
to
2021
and
expanded
at
a
more
moderate
pace
of
1.3%
in
the
first
quarter
of
2023.
A
relatively
strong
jobs
market
has
helped
support
consumer
sentiment
and
spending
despite
historically
high
inflation.
Markets
are
concerned
that
these
conditions
could
keep
upward
pressure
on
prices
and
wages,
although
the
recent
collapse
of
three
regional
U.S.
banks
(Silicon
Valley
Bank,
Signature
Bank
and
First
Republic
Bank)
and
major
European
bank
Credit
Suisse
is
likely
to
add
further
downward
pressure
to
the
economy
as
the
banking
system
slows
lending
in
response.
Fed
officials
are
closely
monitoring
inflation
data
and
other
economic
measures
to
modify
their
rate
setting
activity
based
upon
these
factors
on
a
meeting-by-meeting
basis,
including
pausing
rate
adjustments
at
the
most
recent
meeting
in
June
2023
in
order
to
assess
the
effects
of
monetary
policy
so
far
on
the
economy.
While
uncertainty
has
increased
given
the
unpredictable
outcome
of
tighter
credit
conditions
on
the
economy,
the
Fed
remains
committed
to
acting
until
it
sees
sustainable
progress
toward
its
inflation
goals.
In
the
meantime,
markets
are
likely
to
continue
reacting
in
the
short
term
to
news
about
inflation
data,
economic
indicators
and
central
bank
policy.
The
debt
ceiling
debate
in
Congress
was
also
looming
over
the
markets
until
the
government
passed
an
increase
to
the
debt
limit
in
early
June
2023
and
averted
a
default
scenario.
We
encourage
investors
to
keep
a
long-term
perspective
amid
the
short-term
noise.
Your
financial
professional
can
help
you
review
how
well
your
portfolio
is
aligned
with
your
time
horizon,
risk
tolerance
and
investment
goals.  
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
June
21,
2023
4
Important
Notices
For
Shareholders
of
Nuveen
Dividend
Growth
ETF
(NDVG)
Nuveen
Growth
Opportunities
ETF
(NUGO)
Nuveen
Small
Cap
Select
ETF
(NSCS)
Nuveen
Winslow
Large-Cap
Growth
ESG
ETF
(NWLG)
Portfolio
Manager
Commentaries
in
Semi-annual
Reports
The
Funds
include
portfolio
manager
commentary
in
their
annual
shareholder
reports.
For
the
Funds’
most
recent
annual
portfolio
manager
discussion,
please
refer
to
the
Portfolio
Managers’
Comments
section
of
each
Fund’s
October
31,
2022
annual
shareholder
report.
For
current
information
on
your
Fund’s
investment
objectives,
portfolio
management
team
and
average
annual
total
returns
please
refer
to
the
Fund’s
website
at
www.nuveen.com.
For
changes
that
occurred
to
your
Fund
both
during
and
subsequent
to
this
reporting
period,
please
refer
to
the
Notes
to
Financial
Statements
section
of
this
report.
For
average
annual
total
returns
as
of
the
end
of
this
reporting
period,
please
refer
to
the
Performance
Overview,
Expense
Ratios
and
Holdings
Summaries
section
within
this
report.
Portfolio
Manager
Update
for
Nuveen
Winslow
Large-Cap
Growth
ESG
ETF
(NWLG)
Effective
March
21,
2023,
Steve
M.
Hamill,
Senior
Managing
Director,
Portfolio
Manager
and
Analyst
at
Winslow
Capital
Management,
LLC,
was
added
as
a
portfolio
manager
of
the
Fund.
Justin
H.
Kelly,
Patrick
M.
Burton
and
Stephan
C.
Petersen
will
continue
to
serve
as
portfolio
managers
for
the
Fund.
Risk
Considerations
5
Nuveen
Dividend
Growth
ETF
(NDVG)
Investing
involves
risk;
principal
loss
is
possible.
There
is
no
guarantee
the
Fund’s
investment
objectives
will
be
achieved.
Dividend
paying
stocks,
such
as
those
held
by
the
Fund,
are
subject
to
market
risk,
concentration
or
sector
risk,
preferred
security
risk,
and
common
stock
risk.
Smaller
company
stocks
are
subject
to
greater
volatility.
Foreign
investments
involve
additional
risks
including
currency
fluctuations,
political
and
economic
instability,
and
lack
of
liquidity.
These
and
other
risk
considerations
are
described
in
detail
in
the
Fund’s
prospectus.
Nuveen
Growth
Opportunities
ETF
(NUGO)
Investing
involves
risk;
principal
loss
is
possible.
There
is
no
guarantee
the
Fund’s
investment
objectives
will
be
achieved.
Large
companies
are
more
mature
and
may
grow
more
slowly
than
the
overall
market.
Growth
stocks
tend
to
be
more
volatile
than
other
equities
and
can
experience
sharp
price
declines.
Non-U.S.
investments
involve
risks
such
as
currency
fluctuation,
political
and
economic
instability,
lack
of
liquidity
and
differing
legal
and
accounting
standards.
These
and
other
risk
considerations,
such
as
active
management,
issuer,
mid-cap,
and
style
risks
of
growth
investing,
are
described
in
detail
in
the
Fund’s
prospectus.
Nuveen
Small
Cap
Select
ETF
(NSCS)
Investing
involves
risk;
principal
loss
is
possible.
There
is
no
guarantee
the
Fund’s
investment
objectives
will
be
achieved.
Investments
in
smaller
companies
are
subject
to
greater
volatility
than
those
of
larger
companies.
Non-U.S.
investments
involve
risks
such
as
currency
fluctuation,
political
and
economic
instability,
lack
of
liquidity
and
differing
legal
and
accounting
standards.
These
risks
are
magnified
in
emerging
markets.
These
and
other
risk
considerations,
such
as
derivatives
and
growth
stock
risks,
are
described
in
the
Fund’s
prospectus.
Nuveen
Winslow
Large-Cap
Growth
ESG
ETF
(NWLG)
Investing
involves
risk;
principal
loss
is
possible.
There
is
no
guarantee
the
Fund’s
investment
objectives
will
be
achieved.
Because
the
Fund’s
Environmental
Social
Governance
(ESG)
investment
strategy
may
exclude
securities
of
certain
issuers
for
non-financial
reasons,
the
Fund
may
forgo
some
market
opportunities
available
to
funds
that
don’t
use
an
ESG
investment
strategy.
Prices
of
equity
securities
may
decline
significantly
over
short
or
extended
periods
of
time.
Growth
stocks
tend
to
be
more
volatile
than
certain
other
types
of
stocks
and
their
prices
usually
fluctuate
more
dramatically
than
the
overall
stock
market.
Non-U.S.
investments
involve
risks
such
as
currency
fluctuation,
political
and
economic
instability,
lack
of
liquidity
and
differing
legal
and
accounting
standards.
These
and
other
risk
considerations,
such
as
active
management
and
growth
stock
risks,
are
described
in
detail
in
the
Fund’s
prospectus.
6
About
the
Funds’
Benchmarks
Russell
1000®
Growth
Index:
An
index
designed
to
measure
the
performance
of
the
large-cap
growth
segment
of
the
U.S.
equity
universe.
It
includes
those
Russell
1000®
companies
higher
price-to-book
ratios
and
higher
forecasted
growth
values.
The
index
returns
assume
reinvestment
of
distributions,
but
do
not
reflect
any
applicable
sales
charges
or
management
fees.
Russell
2000®
Index:
An
index
designed
to
measure
the
performance
of
the
small-cap
segment
of
the
U.S.
equity
universe.
The
index
returns
assume
reinvestment
of
distributions,
but
do
not
reflect
any
applicable
sales
charges
or
management
fees.
S&P
500®
Index:
An
index
generally
considered
representative
of
the
U.S.
equity
market.
The
index
includes
500
leading
companies
and
covers
approximately
80%
of
available
market
capitalization.
The
index
returns
assume
reinvestment
of
distributions,
but
do
not
reflect
any
applicable
sales
charges
or
management
fees.
Fund
Performance,
Expense
Ratios
and
Holdings
Summaries
7
The
Fund
Performance,
Expense
Ratios
and
Holdings
Summaries
for
each
Fund
are
shown
within
this
section
of
the
report.
Fund
Performance
Performance
data
shown
represents
past
performance
and
does
not
predict
or
guarantee
future
results
.
Investment
returns
and
principal
value
will
fluctuate
so
that
when
shares
are
sold,
they
may
be
worth
more
or
less
than
their
original
cost.
Current
performance
may
be
higher
or
lower
than
the
performance
shown.
Returns
quoted
for
the
Funds
reflect
management
fees
and
other
expenses
such
as
transaction
costs
incurred
by
the
Funds
during
the
reporting
period
while
the
Indexes
are
unmanaged
and
therefore
returns
do
not
reflect
any
such
fees
and
expenses.
Total
returns
for
a
period
of
less
than
one
year
are
not annualized
(i.e.
cumulative
returns).
Returns
assume
reinvestment
of
dividends
and
capital
gains.
Market
price
returns
are
based
on
the
closing
market
price
as
of
the
end
of
the
reporting
period.
For
performance
current
to
the
most
recent
month-end
visit
nuveen.com
or
call
(800)
257-8787.
Returns
do
not
reflect
the
deduction
of
taxes
that
a
shareholder
would
pay
on
Fund
distributions
or
the
sale
of
Fund
shares.
Expense
Ratios
The
expense
ratios
shown
are
as
of each
Fund’s
most
recent
prospectus.
The
expense
ratios
shown
reflect
total
operating
expenses including
management
fees
and
other
fees
and
expenses
but
do
not
reflect
expected
transaction
costs.
Refer
to
the
Financial
Highlights
later
in
this
report
for each
Fund’s
expense
ratios
as
of
the
end
of
the
reporting
period.
Holdings
Summaries
The
Holdings
Summaries
data
relates
to
the
securities
held
in
each
Fund’s
portfolio
of
investments
as
of
the
end
of
this
reporting
period.
It
should
not
be
construed
as
a
measure
of
performance
for
the
Fund
itself.
Holdings
are
subject
to
change.
Refer
to
the
Fund’s
Portfolio
of
Investments
for
individual
security
information. 
8
Nuveen
Dividend
Growth
ETF
(NDVG)
(continued)
Fund
Performance,
Expense
Ratios
and
Holdings
Summaries
April
30,
2023
Refer
to
the
first
page
of
this
Fund
Performance,
Expense
Ratios
and
Holdings
Summaries section
for
further
expla-
nation
of the
information
included
within
this
section. 
Refer
to
the
Glossary
of
Terms
Used
in
this
Report
for
further
definition
of
terms
used
in
this
section.
Fund
Performance
and
Expense
Ratios*
*
For
purposes
of
Fund
performance,
relative
results
are
measured
against
the
S&P
500®
Index.
Total
Returns
as
of
April
30,
2023
Cumulative
Average
Annual
Expense
Ratios
Inception
Date
6-Month
1-Year
Since
Inception
NDVG
at
NAV
8/04/21
6.07%
3.85%
2.61%
0.64%
NDVG
at
Market
Price
8/04/21
5.98%
3.92%
2.58%
—
S&P
500®
Index
—
8.63%
2.66%
(1.53)%
—
9
Holdings
Summaries
as
of
April
30,
2023
Fund
Allocation
(%
of
net
assets)
Common
Stocks
99.6‌%
Other
Assets
&
Liabilities,
Net
0.4‌%
Net
Assets
100‌%
Portfolio
Composition
1
(%
of
net
assets)
Technology
Hardware,
Storage
&
Peripherals
7.2%
Software
6.3%
Semiconductors
&
Semiconductor
Equipment
5.8%
Health
Care
Providers
&
Services
5.8%
Oil,
Gas
&
Consumable
Fuels
5.7%
Specialty
Retail
4.8%
Chemicals
4.5%
Consumer
Staples
Distribution
&
Retail
4.3%
Insurance
4.2%
Financial
Services
3.8%
Communications
Equipment
3.4%
IT
Services
2.9%
Industrial
REITs
2.8%
Banks
2.8%
Media
2.5%
Biotechnology
2.5%
Electric
Utilities
2.5%
Multi-Utilities
2.4%
Electrical
Equipment
2.2%
Consumer
Finance
2.2%
Health
Care
Equipment
&
Supplies
2.2%
Building
Products
2.2%
Food
Products
2.1%
Beverages
2.1%
Tobacco
2.1%
Other
10.3%
Other
Assets
&
Liabilities,
Net
0.4%
Net
Assets
100%
Top
Five
Common
Stock
Holdings
(%
of
net
assets)
Apple
Inc
7.2%
Microsoft
Corp
6.3%
UnitedHealth
Group
Inc
3.5%
Motorola
Solutions
Inc
3.4%
Broadcom
Inc
3.4%
1
See
the
Portfolio
of
Investments
for
the
remaining
industries/sectors
comprising  “Other”
and
not
listed
in
the
table
above.
10
Nuveen
Growth
Opportunities
ETF
(NUGO)
(continued)
Fund
Performance,
Expense
Ratios
and
Holdings
Summaries
April
30,
2023
Refer
to
the
first
page
of
this
Fund
Performance,
Expense
Ratios
and
Holdings
Summaries section
for
further
expla-
nation
of the
information
included
within
this
section. 
Refer
to
the
Glossary
of
Terms
Used
in
this
Report
for
further
definition
of
terms
used
in
this
section.
Fund
Performance
and
Expense
Ratios*
*
For
purposes
of
Fund
performance,
relative
results
are
measured
against
the
Russell
1000®
Growth
Index.
Total
Returns
as
of
April
30,
2023
Cumulative
Average
Annual
Expense
Ratios
Inception
Date
6-Month
1-Year
Since
Inception
NUGO
at
NAV
9/27/21
13.59%
0.72%
(11.99)%
0.55%
NUGO
at
Market
Price
9/27/21
13.95%
0.75%
(11.92)%
—
Russell
1000®
Growth
Index
—
11.51%
2.34%
(7.70)%
—
11
Holdings
Summaries
as
of
April
30,
2023
Fund
Allocation
(%
of
net
assets)
Common
Stocks
97.9‌%
Other
Assets
&
Liabilities,
Net
2.1‌%
Net
Assets
100‌%
Portfolio
Composition
1
(%
of
net
assets)
Software
20.0%
Semiconductors
&
Semiconductor
Equipment
9.6%
Technology
Hardware,
Storage
&
Peripherals
9.3%
Interactive
Media
&
Services
8.3%
Pharmaceuticals
7.1%
Financial
Services
6.3%
Broadline
Retail
6.0%
Hotels,
Restaurants
&
Leisure
3.9%
Health
Care
Providers
&
Services
3.4%
Oil,
Gas
&
Consumable
Fuels
3.1%
Health
Care
Equipment
&
Supplies
3.1%
Chemicals
2.7%
Aerospace
&
Defense
2.4%
Consumer
Staples
Distribution
&
Retail
2.3%
Automobiles
1.4%
Other
9.0%
Other
Assets
&
Liabilities,
Net
2.1%
Net
Assets
100%
Top
Five
Common
Stock
Holdings
(%
of
net
assets)
Microsoft
Corp
13.6%
Apple
Inc
9.3%
Mastercard
Inc
5.4%
NVIDIA
Corp
5.1%
Amazon.com
Inc
5.0%
1
See
the
Portfolio
of
Investments
for
the
remaining
industries/sectors
comprising  “Other”
and
not
listed
in
the
table
above.
12
Nuveen
Small
Cap
Select
ETF
(NSCS)
(continued)
Fund
Performance,
Expense
Ratios
and
Holdings
Summaries
April
30,
2023
Refer
to
the
first
page
of
this
Fund
Performance,
Expense
Ratios
and
Holdings
Summaries section
for
further
expla-
nation
of the
information
included
within
this
section. 
Refer
to
the
Glossary
of
Terms
Used
in
this
Report
for
further
definition
of
terms
used
in
this
section.
Fund
Performance
and
Expense
Ratios*
*
For
purposes
of
Fund
performance,
relative
results
are
measured
against
the
Russell
2000®
Index.
Total
Returns
as
of
April
30,
2023
Cumulative
Average
Annual
Expense
Ratios
Inception
Date
6-Month
1-Year
Since
Inception
NSCS
at
NAV
8/04/21
(1.21)%
(1.26)%
(8.73)%
0.85%
NSCS
at
Market
Price
8/04/21
(1.23)%
(1.11)%
(8.73)%
—
Russell
2000®
Index
—
(3.45)%
(3.65)%
(10.51)%
—
13
Holdings
Summaries
as
of
April
30,
2023
Fund
Allocation
(%
of
net
assets)
Common
Stocks
97.2‌%
Exchange-Traded
Funds
1.4‌%
Investments
Purchased
with
Collateral
from
Securities
Lending
1.1‌%
Other
Assets
&
Liabilities,
Net
0.3‌%
Net
Assets
100‌%
Portfolio
Composition
1
(%
of
net
assets)
Health
Care
Providers
&
Services
8.3%
Oil,
Gas
&
Consumable
Fuels
7.4%
Software
5.9%
Banks
5.9%
Construction
&
Engineering
4.6%
Semiconductors
&
Semiconductor
Equipment
4.3%
Machinery
4.2%
Health
Care
Equipment
&
Supplies
4.0%
Hotels,
Restaurants
&
Leisure
3.1%
Beverages
3.0%
Industrial
REITs
2.9%
Capital
Markets
2.8%
Biotechnology
2.7%
Personal
Care
Products
2.3%
Professional
Services
2.3%
Pharmaceuticals
1.7%
Multi-Utilities
1.7%
Marine
Transportation
1.7%
Broadline
Retail
1.7%
Specialty
Retail
1.7%
Building
Products
1.6%
Containers
&
Packaging
1.6%
Aerospace
&
Defense
1.5%
Insurance
1.5%
Other
18.8%
Exchange-Traded
Funds
1.4%
Investments
Purchased
with
Collateral
from
Securities
Lending
1.1%
Other
Assets
&
Liabilities,
Net
0.3%
Net
Assets
100%
Top
Five
Common
Stock
Holdings
(%
of
net
assets)
BellRing
Brands
Inc
2.3%
Northern
Oil
and
Gas
Inc
2.1%
Tenet
Healthcare
Corp
1.8%
Matador
Resources
Co
1.8%
Black
Hills
Corp
1.7%
1
See
the
Portfolio
of
Investments
for
the
remaining
industries/sectors
comprising  “Other”
and
not
listed
in
the
table
above.
14
Nuveen
Winslow
Large-Cap
Growth
ESG
ETF
(NWLG)
(continued)
Fund
Performance,
Expense
Ratios
and
Holdings
Summaries
April
30,
2023
Refer
to
the
first
page
of
this
Fund
Performance,
Expense
Ratios
and
Holdings
Summaries section
for
further
expla-
nation
of the
information
included
within
this
section. 
Refer
to
the
Glossary
of
Terms
Used
in
this
Report
for
further
definition
of
terms
used
in
this
section.
Fund
Performance
and
Expense
Ratios*
*
For
purposes
of
Fund
performance,
relative
results
are
measured
against
the
Russell
1000®
Growth
Index.
Total
Returns
as
of
April
30,
2023
Cumulative
Average
Annual
Expense
Ratios
Inception
Date
6-Month
1-Year
Since
Inception
NWLG
at
NAV
8/04/21
14.70%
2.07%
(10.42)%
0.64%
NWLG
at
Market
Price
8/04/21
14.64%
2.15%
(10.45)%
—
Russell
1000®
Growth
Index
—
11.51%
2.34%
(6.56)%
—
15
Holdings
Summaries
as
of
April
30,
2023
Fund
Allocation
(%
of
net
assets)
Common
Stocks
99.3‌%
Other
Assets
&
Liabilities,
Net
0.7‌%
Net
Assets
100‌%
Portfolio
Composition
1
(%
of
net
assets)
Software
24.5%
Semiconductors
&
Semiconductor
Equipment
13.0%
Hotels,
Restaurants
&
Leisure
7.9%
Financial
Services
6.8%
Technology
Hardware,
Storage
&
Peripherals
6.3%
Interactive
Media
&
Services
4.7%
Health
Care
Equipment
&
Supplies
4.7%
Consumer
Staples
Distribution
&
Retail
4.7%
Health
Care
Providers
&
Services
4.6%
Capital
Markets
4.0%
Life
Sciences
Tools
&
Services
3.2%
Other
14.9%
Other
Assets
&
Liabilities,
Net
0.7%
Net
Assets
100%
Top
Five
Common
Stock
Holdings
(%
of
net
assets)
Microsoft
Corp
11.8%
Apple
Inc
6.3%
NVIDIA
Corp
4.8%
UnitedHealth
Group
Inc
4.6%
Mastercard
Inc
3.7%
1
See
the
Portfolio
of
Investments
for
the
remaining
industries/sectors
comprising  “Other”
and
not
listed
in
the
table
above.
16
Expense
Examples
As
a
shareholder
of
one
or
more of
the
Funds,
you
incur
two
types
of
costs:
(1)
transaction
costs,
including
brokerage
commissions
on
purchases
and
sales
of
Fund
shares,
and
(2)
ongoing
costs,
including
management
fees
and
other
applicable
Fund
expenses.
The
Examples
below
are
intended
to
help
you
understand
your
ongoing
costs
(in
dollars)
of
investing
in
the
Fund
and
to
compare
these
costs
with
the
ongoing
costs
of
investing
in
other
funds.
The
Examples
below
are
based
on
an
investment
of
$1,000
invested
at
the
beginning
of
the
period
and
held
through
the
period
ended
April
30,
2023.
The
beginning
of
the
period
is
November
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
Dividend
Growth
ETF
(NDVG)
Actual
Performance
Beginning
Account
Value
$1,000.00
Ending
Account
Value
$1,060.74
Expenses
Incurred
During
the
Period
$3.32
Hypothetical
Performance
(5%
annualized
return
before
expenses)
Beginning
Account
Value
$1,000.00
Ending
Account
Value
$1,021.57
Expenses
Incurred
During
the
Period
$3.26
Expenses
are
equal
to
the
Fund’s
annualized
net
expense
ratio
of
0.65%
multiplied
by
the
average
account
value
over
the
period,
multiplied
by
181/365
(to
reflect
the
one-half
year
period).
Nuveen
Growth
Opportunities
ETF
(NUGO)
Actual
Performance
Beginning
Account
Value
$1,000.00
Ending
Account
Value
$1,135.86
Expenses
Incurred
During
the
Period
$2.97
Hypothetical
Performance
(5%
annualized
return
before
expenses)
Beginning
Account
Value
$1,000.00
Ending
Account
Value
$1,022.02
Expenses
Incurred
During
the
Period
$2.81
Expenses
are
equal
to
the
Fund’s
annualized
net
expense
ratio
of
0.56%
multiplied
by
the
average
account
value
over
the
period,
multiplied
by
181/365
(to
reflect
the
one-half
year
period).
17
Nuveen
Small
Cap
Select
ETF
(NSCS)
Actual
Performance
Beginning
Account
Value
$1,000.00
Ending
Account
Value
$987.85
Expenses
Incurred
During
the
Period
$4.24
Hypothetical
Performance
(5%
annualized
return
before
expenses)
Beginning
Account
Value
$1,000.00
Ending
Account
Value
$1,020.53
Expenses
Incurred
During
the
Period
$4.31
Expenses
are
equal
to
the
Fund’s
annualized
net
expense
ratio
of
0.86%
multiplied
by
the
average
account
value
over
the
period,
multiplied
by
181/365
(to
reflect
the
one-half
year
period).
Nuveen
Winslow
Large-Cap
Growth
ESG
ETF
(NWLG)
Actual
Performance
Beginning
Account
Value
$1,000.00
Ending
Account
Value
$1,147.00
Expenses
Incurred
During
the
Period
$3.46
Hypothetical
Performance
(5%
annualized
return
before
expenses)
Beginning
Account
Value
$1,000.00
Ending
Account
Value
$1,021.57
Expenses
Incurred
During
the
Period
$3.26
Expenses
are
equal
to
the
Fund’s
annualized
net
expense
ratio
of
0.65%
multiplied
by
the
average
account
value
over
the
period,
multiplied
by
181/365
(to
reflect
the
one-half
year
period).
18
Nuveen
Dividend
Growth
ETF
(NDVG)
Portfolio
of
Investments
April
30,
2023
(Unaudited)
Shares
Description
(1)
Value
LONG-TERM
INVESTMENTS
-
99.6%  
X
8,143,947
COMMON
STOCKS
-
99.6%
X
8,143,947
Aerospace
&
Defense
-
1.3%
235
Northrop
Grumman
Corp
$
108,398
Total
Aerospace
&
Defense
108,398
Banks
-
2.8%
1,631
JPMorgan
Chase
&
Co
225,469
Total
Banks
225,469
Beverages
-
2.1%
902
PepsiCo
Inc
172,183
Total
Beverages
172,183
Biotechnology
-
2.5%
1,358
AbbVie
Inc
205,221
Total
Biotechnology
205,221
Building
Products
-
2.2%
958
Trane
Technologies
PLC
178,006
Total
Building
Products
178,006
Capital
Markets
-
2.0%
3,111
Charles
Schwab
Corp
162,519
Total
Capital
Markets
162,519
Chemicals
-
4.5%
1,146
International
Flavors
&
Fragrances
Inc
111,116
696
Linde
PLC
257,137
Total
Chemicals
368,253
Communications
Equipment
-
3.4%
966
Motorola
Solutions
Inc
281,492
Total
Communications
Equipment
281,492
Consumer
Finance
-
2.2%
1,114
American
Express
Co
179,733
Total
Consumer
Finance
179,733
Consumer
Staples
Distribution
&
Retail
-
4.3%
850
Dollar
General
Corp
188,241
1,060
Walmart
Inc
160,028
Total
Consumer
Staples
Distribution
&
Retail
348,269
Containers
&
Packaging
-
1.2%
732
Packaging
Corp
of
America
99,010
Total
Containers
&
Packaging
99,010
Electric
Utilities
-
2.5%
2,668
NextEra
Energy
Inc
204,449
Total
Electric
Utilities
204,449
Electrical
Equipment
-
2.2%
1,086
Eaton
Corp
PLC
181,492
Total
Electrical
Equipment
181,492
19
Shares
Description
(1)
Value
Financial
Services
-
3.8%
1,769
Fidelity
National
Information
Services
Inc
$
103,876
552
Mastercard
Inc
209,776
Total
Financial
Services
313,652
Food
Products
-
2.1%
2,272
Mondelez
International
Inc,
Class
A
174,308
Total
Food
Products
174,308
Ground
Transportation
-
2.0%
829
Union
Pacific
Corp
162,235
Total
Ground
Transportation
162,235
Health
Care
Equipment
&
Supplies
-
2.2%
1,617
Abbott
Laboratories
178,630
Total
Health
Care
Equipment
&
Supplies
178,630
Health
Care
Providers
&
Services
-
5.8%
396
Elevance
Health
Inc
185,585
587
UnitedHealth
Group
Inc
288,857
Total
Health
Care
Providers
&
Services
474,442
Hotels,
Restaurants
&
Leisure
-
1.7%
460
McDonald's
Corp
136,045
Total
Hotels,
Restaurants
&
Leisure
136,045
Industrial
Conglomerates
-
2.1%
839
Honeywell
International
Inc
167,666
Total
Industrial
Conglomerates
167,666
Industrial
REITs
-
2.8%
1,806
Prologis
Inc
226,202
Total
Industrial
REITs
226,202
Insurance
-
4.2%
759
Chubb
Ltd
152,984
1,065
Marsh
&
McLennan
Cos
Inc
191,902
Total
Insurance
344,886
IT
Services
-
2.9%
844
Accenture
PLC,
Class
A
236,565
Total
IT
Services
236,565
Media
-
2.5%
4,999
Comcast
Corp,
Class
A
206,809
Total
Media
206,809
Multi-Utilities
-
2.4%
2,052
WEC
Energy
Group
Inc
197,341
Total
Multi-Utilities
197,341
Oil,
Gas
&
Consumable
Fuels
-
5.7%
1,206
Chevron
Corp
203,308
1,398
Exxon
Mobil
Corp
165,439
991
Phillips
66
98,109
Total
Oil,
Gas
&
Consumable
Fuels
466,856
Nuveen
Dividend
Growth
ETF
(NDVG)
(continued)
Portfolio
of
Investments
April
30,
2023
(Unaudited)
20
Shares
Description
(1)
Value
Semiconductors
&
Semiconductor
Equipment
-
5.8%
446
Broadcom
Inc
$
279,419
1,185
Texas
Instruments
Inc
198,132
Total
Semiconductors
&
Semiconductor
Equipment
477,551
Software
-
6.3%
1,687
Microsoft
Corp
518,348
Total
Software
518,348
Specialty
Retail
-
4.8%
977
Lowe's
Cos
Inc
203,050
2,378
TJX
Cos
Inc
187,434
Total
Specialty
Retail
390,484
Technology
Hardware,
Storage
&
Peripherals
-
7.2%
3,457
Apple
Inc
586,584
Total
Technology
Hardware,
Storage
&
Peripherals
586,584
Tobacco
-
2.1%
1,709
Philip
Morris
International
Inc
170,849
Total
Tobacco
170,849
Total
Long-Term
Investments
(cost
$7,941,702)
8,143,947
Other
Assets
&
Liabilities,
Net
-
0.4%
31,172
Net
Assets
-
100%
$
8,175,119
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.
REIT
Real
Estate
Investment
Trust
See
Notes
to
Financial
Statements
21
Nuveen
Growth
Opportunities
ETF
(NUGO)
Portfolio
of
Investments
April
30,
2023
(Unaudited)
Shares
Description
(1)
Value
LONG-TERM
INVESTMENTS
-
97.9%  
X
2,462,056,899
COMMON
STOCKS
-
97.9%
X
2,462,056,899
Aerospace
&
Defense
-
2.4%
100,164
Boeing
Co
(2)
$
20,711,912
401,072
Raytheon
Technologies
Corp
40,067,093
Total
Aerospace
&
Defense
60,779,005
Automobiles
-
1.4%
215,054
Tesla
Inc
(2)
35,335,523
Total
Automobiles
35,335,523
Beverages
-
1.3%
574,368
Monster
Beverage
Corp
(2)
32,164,608
Total
Beverages
32,164,608
Biotechnology
-
0.7%
160,224
Horizon
Therapeutics
Plc
(2)
17,810,500
Total
Biotechnology
17,810,500
Broadline
Retail
-
6.0%
291,188
Alibaba
Group
Holding
Ltd,
Sponsored
ADR
(2)
24,660,712
1,191,016
Amazon.com
Inc
(2)
125,592,637
Total
Broadline
Retail
150,253,349
Building
Products
-
1.1%
648,030
Carrier
Global
Corp
27,100,614
Total
Building
Products
27,100,614
Chemicals
-
2.7%
620,586
Corteva
Inc
37,930,216
79,231
Linde
PLC
29,271,893
Total
Chemicals
67,202,109
Communications
Equipment
-
1.1%
174,368
Arista
Networks
Inc
(2)
27,926,779
Total
Communications
Equipment
27,926,779
Consumer
Staples
Distribution
&
Retail
-
2.3%
115,597
Costco
Wholesale
Corp
58,170,722
Total
Consumer
Staples
Distribution
&
Retail
58,170,722
Financial
Services
-
6.3%
174,320
Fiserv
Inc
(2)
21,287,958
359,818
Mastercard
Inc
136,741,635
Total
Financial
Services
158,029,593
Health
Care
Equipment
&
Supplies
-
3.1%
404,922
Dexcom
Inc
(2)
49,133,236
91,997
Intuitive
Surgical
Inc
(2)
27,711,336
Total
Health
Care
Equipment
&
Supplies
76,844,572
Nuveen
Growth
Opportunities
ETF
(NUGO)
(continued)
Portfolio
of
Investments
April
30,
2023
(Unaudited)
22
Shares
Description
(1)
Value
Health
Care
Providers
&
Services
-
3.4%
84,016
Elevance
Health
Inc
$
39,374,098
96,272
UnitedHealth
Group
Inc
47,374,489
Total
Health
Care
Providers
&
Services
86,748,587
Health
Care
Technology
-
0.7%
92,959
Veeva
Systems
Inc,
Class
A
(2)
16,647,098
Total
Health
Care
Technology
16,647,098
Hotels,
Restaurants
&
Leisure
-
3.9%
11,081
Booking
Holdings
Inc
(2)
29,767,001
8,408
Chipotle
Mexican
Grill
Inc
(2)
17,384,549
787,046
Las
Vegas
Sands
Corp
(2)
50,252,887
Total
Hotels,
Restaurants
&
Leisure
97,404,437
Interactive
Media
&
Services
-
8.3%
1,063,938
Alphabet
Inc,
Class
A
(2)
114,203,105
396,282
Meta
Platforms
Inc
(2)
95,234,490
Total
Interactive
Media
&
Services
209,437,595
IT
Services
-
0.4%
33,711
EPAM
Systems
Inc
(2)
9,521,335
Total
IT
Services
9,521,335
Machinery
-
0.9%
57,132
Deere
&
Co
21,597,039
Total
Machinery
21,597,039
Oil,
Gas
&
Consumable
Fuels
-
3.1%
183,166
ConocoPhillips
18,845,950
498,464
EOG
Resources
Inc
59,551,494
Total
Oil,
Gas
&
Consumable
Fuels
78,397,444
Personal
Care
Products
-
0.8%
85,246
Estee
Lauder
Cos
Inc,
Class
A
21,031,893
Total
Personal
Care
Products
21,031,893
Pharmaceuticals
-
7.1%
606,189
AstraZeneca
PLC,
Sponsored
ADR
44,385,159
211,312
Eli
Lilly
&
Co
83,649,968
135,868
Novo
Nordisk
A/S,
Sponsored
ADR
22,702,184
166,026
Zoetis
Inc
29,184,050
Total
Pharmaceuticals
179,921,361
Semiconductors
&
Semiconductor
Equipment
-
9.6%
173,136
Advanced
Micro
Devices
Inc
(2)
15,473,164
89,837
Broadcom
Inc
56,282,881
28,326
Lam
Research
Corp
14,845,090
57,745
Monolithic
Power
Systems
Inc
26,676,458
458,864
NVIDIA
Corp
127,330,171
Total
Semiconductors
&
Semiconductor
Equipment
240,607,764
Software
-
20.0%
56,401
Crowdstrike
Holdings
Inc,
Class
A
(2)
6,770,940
64,273
Intuit
Inc
28,533,998
1,115,810
Microsoft
Corp
342,843,781
264,813
Palo
Alto
Networks
Inc
(2)
48,317,780
40,910
Salesforce
Inc
(2)
8,115,317
69,021
ServiceNow
Inc
(2)
31,709,628
23
Shares
Description
(1)
Value
Software
(continued)
98,248
Synopsys
Inc
(2)
$
36,481,447
Total
Software
502,772,891
Specialized
REITs
-
0.5%
61,773
American
Tower
Corp
12,625,783
Total
Specialized
REITs
12,625,783
Specialty
Retail
-
0.8%
106,948
Burlington
Stores
Inc
(2)
20,620,644
Total
Specialty
Retail
20,620,644
Technology
Hardware,
Storage
&
Peripherals
-
9.3%
1,383,220
Apple
Inc
234,704,770
Total
Technology
Hardware,
Storage
&
Peripherals
234,704,770
Textiles,
Apparel
&
Luxury
Goods
-
0.7%
145,209
NIKE
Inc,
Class
B
18,400,884
Total
Textiles,
Apparel
&
Luxury
Goods
18,400,884
Total
Long-Term
Investments
(cost
$2,496,061,542)
2,462,056,899
Other
Assets
&
Liabilities,
Net
-
2.1%
52,450,818
Net
Assets
-
100%
$
2,514,507,717
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.
ADR
American
Depositary
Receipt
REIT
Real
Estate
Investment
Trust
See
Notes
to
Financial
Statements
24
Nuveen
Small
Cap
Select
ETF
(NSCS)
Portfolio
of
Investments
April
30,
2023
(Unaudited)
Shares
Description
(1)
Value
LONG-TERM
INVESTMENTS
-
98.6%  
X
5,364,430
COMMON
STOCKS
-
97.2%
X
5,364,430
Aerospace
&
Defense
-
1.5%
6,251
Kratos
Defense
&
Security
Solutions
Inc
(2)
$
80,638
Total
Aerospace
&
Defense
80,638
Automobile
Components
-
0.9%
3,413
Dana
Inc
50,478
Total
Automobile
Components
50,478
Banks
-
5.9%
1,374
Banner
Corp
68,590
3,770
Home
BancShares
Inc/AR
82,073
846
Preferred
Bank/Los
Angeles
CA
40,676
895
SouthState
Corp
61,737
1,071
Wintrust
Financial
Corp
73,224
Total
Banks
326,300
Beverages
-
3.0%
805
MGP
Ingredients
Inc
79,437
5,476
Primo
Water
Corp
83,181
Total
Beverages
162,618
Biotechnology
-
2.7%
301
Apellis
Pharmaceuticals
Inc
(2)
25,112
375
Cytokinetics
Inc
(2)
14,025
925
Halozyme
Therapeutics
Inc
(2)
29,720
377
Intellia
Therapeutics
Inc
(2)
14,232
751
IVERIC
bio
Inc
(2)
24,700
91
Karuna
Therapeutics
Inc
(2)
18,058
131
Prometheus
Biosciences
Inc
(2)
25,408
Total
Biotechnology
151,255
Broadline
Retail
-
1.7%
1,397
Ollie's
Bargain
Outlet
Holdings
Inc
(2)
91,154
Total
Broadline
Retail
91,154
Building
Products
-
1.6%
991
Masonite
International
Corp
(2)
90,587
Total
Building
Products
90,587
Capital
Markets
-
2.8%
699
Evercore
Inc
79,735
557
Piper
Sandler
Cos
75,440
Total
Capital
Markets
155,175
Chemicals
-
1.4%
1,934
Avient
Corp
74,478
Total
Chemicals
74,478
Construction
&
Engineering
-
4.6%
1,368
Arcosa
Inc
92,394
628
Comfort
Systems
USA
Inc
93,880
521
MYR
Group
Inc
(2)
66,683
Total
Construction
&
Engineering
252,957
25
Shares
Description
(1)
Value
Construction
Materials
-
1.3%
2,688
Summit
Materials
Inc,
Class
A
(2)
$
73,678
Total
Construction
Materials
73,678
Consumer
Finance
-
1.2%
651
FirstCash
Holdings
Inc
67,073
Total
Consumer
Finance
67,073
Containers
&
Packaging
-
1.6%
1,786
Silgan
Holdings
Inc
87,978
Total
Containers
&
Packaging
87,978
Electrical
Equipment
-
1.2%
3,833
Bloom
Energy
Corp,
Class
A
(2)
63,819
Total
Electrical
Equipment
63,819
Electronic
Equipment,
Instruments
&
Components
-
1.3%
6,154
TTM
Technologies
Inc
(2)
72,679
Total
Electronic
Equipment,
Instruments
&
Components
72,679
Gas
Utilities
-
1.3%
1,069
Spire
Inc
72,403
Total
Gas
Utilities
72,403
Health
Care
Equipment
&
Supplies
-
4.0%
1,479
AtriCure
Inc
(2)
65,061
1,241
Axonics
Inc
(2)
71,308
778
Establishment
Labs
Holdings
Inc
(2)
54,219
820
Tandem
Diabetes
Care
Inc
(2)
32,455
Total
Health
Care
Equipment
&
Supplies
223,043
Health
Care
Providers
&
Services
-
8.3%
1,269
Encompass
Health
Corp
81,406
1,516
HealthEquity
Inc
(2)
81,030
2,547
Option
Care
Health
Inc
(2)
81,886
1,738
Progyny
Inc
(2)
57,771
1,920
Select
Medical
Holdings
Corp
58,560
1,345
Tenet
Healthcare
Corp
(2)
98,616
Total
Health
Care
Providers
&
Services
459,269
Hotel
&
Resort
REITs
-
0.8%
6,891
Summit
Hotel
Properties
Inc
44,378
Total
Hotel
&
Resort
REITs
44,378
Hotels,
Restaurants
&
Leisure
-
3.1%
3,738
Everi
Holdings
Inc
(2)
56,818
808
Papa
John's
International
Inc
60,430
482
Texas
Roadhouse
Inc
53,319
Total
Hotels,
Restaurants
&
Leisure
170,567
Industrial
REITs
-
2.9%
501
EastGroup
Properties
Inc
83,447
2,275
STAG
Industrial
Inc
77,054
Total
Industrial
REITs
160,501
Insurance
-
1.5%
440
Primerica
Inc
80,304
Total
Insurance
80,304
Nuveen
Small
Cap
Select
ETF
(NSCS)
(continued)
Portfolio
of
Investments
April
30,
2023
(Unaudited)
26
Shares
Description
(1)
Value
Interactive
Media
&
Services
-
1.1%
826
Ziff
Davis
Inc
(2)
$
60,414
Total
Interactive
Media
&
Services
60,414
IT
Services
-
1.2%
791
Maximus
Inc
66,167
Total
IT
Services
66,167
Leisure
Products
-
1.3%
3,165
Topgolf
Callaway
Brands
Corp
(2)
70,168
Total
Leisure
Products
70,168
Machinery
-
4.2%
712
EnPro
Industries
Inc
67,120
915
ESCO
Technologies
Inc
85,617
1,231
SPX
Technologies
Inc
(2)
78,390
Total
Machinery
231,127
Marine
Transportation
-
1.7%
1,308
Kirby
Corp
(2)
93,967
Total
Marine
Transportation
93,967
Media
-
1.2%
7,294
Magnite
Inc
(2)
68,564
Total
Media
68,564
Metals
&
Mining
-
1.1%
2,894
Lithium
Americas
Corp
(2),(3)
57,822
Total
Metals
&
Mining
57,822
Mortgage
Real
Estate
Investment
Trusts
(REITs)
-
0.9%
5,505
Ladder
Capital
Corp
51,472
Total
Mortgage
Real
Estate
Investment
Trusts
(REITs)
51,472
Multi-Utilities
-
1.7%
1,448
Black
Hills
Corp
94,540
Total
Multi-Utilities
94,540
Oil,
Gas
&
Consumable
Fuels
-
7.4%
2,534
Delek
US
Holdings
Inc
55,115
1,969
Matador
Resources
Co
96,540
3,544
Northern
Oil
and
Gas
Inc
117,554
2,241
Peabody
Energy
Corp
(2)
53,829
7,992
Permian
Resources
Corp
83,516
Total
Oil,
Gas
&
Consumable
Fuels
406,554
Personal
Care
Products
-
2.3%
3,590
BellRing
Brands
Inc
(2)
129,205
Total
Personal
Care
Products
129,205
Pharmaceuticals
-
1.7%
507
Amylyx
Pharmaceuticals
Inc
(2)
14,399
464
Intra-Cellular
Therapies
Inc
(2)
28,838
378
Prestige
Consumer
Healthcare
Inc
(2)
23,258
780
Ventyx
Biosciences
Inc
(2)
29,328
Total
Pharmaceuticals
95,823
27
Shares
Description
(1)
Value
Professional
Services
-
2.3%
734
ASGN
Inc
(2)
$
52,547
656
ICF
International
Inc
74,784
Total
Professional
Services
127,331
Semiconductors
&
Semiconductor
Equipment
-
4.3%
730
Impinj
Inc
(2)
64,539
731
Lattice
Semiconductor
Corp
(2)
58,261
976
MACOM
Technology
Solutions
Holdings
Inc
(2)
56,940
413
Silicon
Laboratories
Inc
(2)
57,531
Total
Semiconductors
&
Semiconductor
Equipment
237,271
Software
-
5.9%
1,143
CommVault
Systems
Inc
(2)
66,603
399
CyberArk
Software
Ltd
(2)
49,715
3,424
PowerSchool
Holdings
Inc,
Class
A
(2)
71,493
1,271
Sprout
Social
Inc,
Class
A
(2)
62,610
817
Workiva
Inc
(2)
76,324
Total
Software
326,745
Specialty
Retail
-
1.7%
1,029
Academy
Sports
&
Outdoors
Inc
65,362
862
Children's
Place
Inc
(2)
25,550
Total
Specialty
Retail
90,912
Textiles,
Apparel
&
Luxury
Goods
-
1.3%
2,106
Steven
Madden
Ltd
73,794
Total
Textiles,
Apparel
&
Luxury
Goods
73,794
Trading
Companies
&
Distributors
-
1.3%
525
Applied
Industrial
Technologies
Inc
71,222
Total
Trading
Companies
&
Distributors
71,222
Total
Common
Stocks
(cost
$5,370,061)
5,364,430
Shares
Description
(1)
Value
X
74,987
EXCHANGE-TRADED
FUNDS
-
1.4%
X
74,987
935
SPDR
S&P
Biotech
ETF
(2),(3)
$
74,987
Total
Exchange-Traded
Funds
(cost
$75,241)
74,987
Total
Long-Term
Investments
(cost
$5,445,302)
5,439,417
Shares
Description
(1)
Coupon
Value
INVESTMENTS
PURCHASED
WITH
COLLATERAL
FROM
SECURITIES
LENDING
-
  1.1%
62,851
MONEY
MARKET
FUNDS
-
1.1%
X
62,851
62,851
State
Street
Navigator
Securities
Lending
Government
Money
Market
Portfolio
(4)
4.840%(5)
$
62,851
Total
Investments
Purchased
with
Collateral
from
Securities
Lending
(cost
$62,851)
$
62,851
Total
Investments
(cost
$5,508,153
)
-
99.7%
5,502,268
Other
Assets
&
Liabilities,
Net
-
0.3%
18,147
Net
Assets
-
100%
$
5,520,415
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
$62,354.
Nuveen
Small
Cap
Select
ETF
(NSCS)
(continued)
Portfolio
of
Investments
April
30,
2023
(Unaudited)
28
(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.
ETF
Exchange-Traded
Fund
REIT
Real
Estate
Investment
Trust
SPDR
Standard
&
Poor's
Depositary
Receipt
See
Notes
to
Financial
Statements
29
Nuveen
Winslow
Large-Cap
Growth
ESG
ETF
(NWLG)
Portfolio
of
Investments
April
30,
2023
(Unaudited)
Shares
Description
(1)
Value
LONG-TERM
INVESTMENTS
-
99.3%  
X
5,127,710
COMMON
STOCKS
-
99.3%
X
5,127,710
Biotechnology
-
1.1%
173
Vertex
Pharmaceuticals
Inc
(2)
$
58,946
Total
Biotechnology
58,946
Capital
Markets
-
4.0%
236
Moody's
Corp
73,896
694
Morgan
Stanley
62,439
143
MSCI
Inc
68,991
Total
Capital
Markets
205,326
Chemicals
-
2.3%
322
Linde
PLC
118,963
Total
Chemicals
118,963
Consumer
Staples
Distribution
&
Retail
-
4.7%
282
Costco
Wholesale
Corp
141,908
649
Dollar
Tree
Inc
(2)
99,758
Total
Consumer
Staples
Distribution
&
Retail
241,666
Financial
Services
-
6.8%
505
Mastercard
Inc
191,915
677
Visa
Inc,
Class
A
157,558
Total
Financial
Services
349,473
Ground
Transportation
-
1.5%
2,480
Uber
Technologies
Inc
(2)
77,004
Total
Ground
Transportation
77,004
Health
Care
Equipment
&
Supplies
-
4.7%
124
IDEXX
Laboratories
Inc
(2)
61,028
607
Intuitive
Surgical
Inc
(2)
182,840
Total
Health
Care
Equipment
&
Supplies
243,868
Health
Care
Providers
&
Services
-
4.6%
479
UnitedHealth
Group
Inc
235,711
Total
Health
Care
Providers
&
Services
235,711
Health
Care
Technology
-
2.2%
638
Veeva
Systems
Inc,
Class
A
(2)
114,253
Total
Health
Care
Technology
114,253
Hotels,
Restaurants
&
Leisure
-
7.9%
86
Chipotle
Mexican
Grill
Inc
(2)
177,816
410
Hilton
Worldwide
Holdings
Inc
59,048
351
McDonald's
Corp
103,808
596
Starbucks
Corp
68,117
Total
Hotels,
Restaurants
&
Leisure
408,789
Interactive
Media
&
Services
-
4.7%
1,159
Alphabet
Inc,
Class
A
(2)
124,407
1,115
Alphabet
Inc,
Class
C
(2)
120,665
Total
Interactive
Media
&
Services
245,072
Nuveen
Winslow
Large-Cap
Growth
ESG
ETF
(NWLG)
(continued)
Portfolio
of
Investments
April
30,
2023
(Unaudited)
30
Shares
Description
(1)
Value
IT
Services
-
1.2%
208
Gartner
Inc
(2)
$
62,912
Total
IT
Services
62,912
Life
Sciences
Tools
&
Services
-
3.2%
664
Agilent
Technologies
Inc
89,926
321
Danaher
Corp
76,048
Total
Life
Sciences
Tools
&
Services
165,974
Machinery
-
2.1%
131
Deere
&
Co
49,521
182
Parker-Hannifin
Corp
59,128
Total
Machinery
108,649
Pharmaceuticals
-
1.2%
831
AstraZeneca
PLC,
Sponsored
ADR
60,846
Total
Pharmaceuticals
60,846
Semiconductors
&
Semiconductor
Equipment
-
13.0%
713
Analog
Devices
Inc
128,254
287
ASML
Holding
NV
182,779
218
Lam
Research
Corp
114,249
897
NVIDIA
Corp
248,909
Total
Semiconductors
&
Semiconductor
Equipment
674,191
Software
-
24.5%
79
Adobe
Inc
(2)
29,827
287
Atlassian
Corp
Ltd,
Class
A
(2)
42,378
382
Intuit
Inc
169,589
1,987
Microsoft
Corp
610,525
419
Palo
Alto
Networks
Inc
(2)
76,451
392
ServiceNow
Inc
(2)
180,093
165
Synopsys
Inc
(2)
61,268
507
Workday
Inc,
Class
A
(2)
94,373
Total
Software
1,264,504
Specialty
Retail
-
1.4%
77
O'Reilly
Automotive
Inc
(2)
70,633
Total
Specialty
Retail
70,633
Technology
Hardware,
Storage
&
Peripherals
-
6.3%
1,912
Apple
Inc
324,428
Total
Technology
Hardware,
Storage
&
Peripherals
324,428
Textiles,
Apparel
&
Luxury
Goods
-
1.9%
254
Lululemon
Athletica
Inc
(2)
96,502
Total
Textiles,
Apparel
&
Luxury
Goods
96,502
Total
Long-Term
Investments
(cost
$4,932,776)
5,127,710
Other
Assets
&
Liabilities,
Net
-
0.7%
35,007
Net
Assets
-
100%
$
5,162,717
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.
ADR
American
Depositary
Receipt
See
Notes
to
Financial
Statements
Statement
of
Assets
and
Liabilities
See
accompanying
notes
to
financial
statements.
31
April
30,
2023
(Unaudited)
NDVG
NUGO
NSCS
NWLG
ASSETS
Long-term
investments,
at
value
†‡
$
8,143,947‌
$
2,462,056,899‌
$
5,439,417‌
$
5,127,710‌
Investments
purchased
with
collateral
from
securities
lending,
at
value
(cost
approximates
value)
—‌
—‌
62,851‌
—‌
Cash
27,180‌
62,420,685‌
84,914‌
68,085‌
Receivables:
Dividends
7,849‌
338,279‌
279‌
1,077‌
Investments
sold
—‌
—‌
11,104‌
94,341‌
Reclaims
236‌
19,142‌
—‌
—‌
Securities
lending
income
—‌
—‌
93‌
—‌
Other
assets
63‌
24,152‌
49‌
42‌
Total
assets
8,179,275‌
2,524,859,157‌
5,598,707‌
5,291,255‌
LIABILITIES
Payables:
Collateral
from
securities
lending
—‌
—‌
62,851‌
—‌
Investments
purchased
-
regular
settlement
—‌
9,249,267‌
11,664‌
125,915‌
Accrued
expenses:
Management
fees
3,956‌
1,037,920‌
3,626‌
2,496‌
Professional
fees
73‌
21,018‌
55‌
46‌
Trustees
fees
64‌
19,083‌
46‌
40‌
Other
63‌
24,152‌
50‌
41‌
Total
liabilities
4,156‌
10,351,440‌
78,292‌
128,538‌
Net
assets
$
8,175,119‌
$
2,514,507,717‌
$
5,520,415‌
$
5,162,717‌
Shares
outstanding
320,000‌
123,520,000‌
260,000‌
250,000‌
Net
asset
value
("NAV")
per
share
$
25
.55‌
$
20
.36‌
$
21
.23‌
$
20
.65‌
NET
ASSETS
CONSIST
OF:
Paid-in
capital
8,076,831‌
3,235,798,466‌
6,598,823‌
6,252,156‌
Total
distributable
earnings
(loss)
98,288‌
(
721,290,749‌
)
(
1,078,408‌
)
(
1,089,439‌
)
Net
assets
$
8,175,119‌
$
2,514,507,717‌
$
5,520,415‌
$
5,162,717‌
Authorized
shares
Unlimited
Unlimited
Unlimited
Unlimited
Par
value
per
share
$
0
.01‌
$
0
.01‌
$
0
.01‌
$
0
.01‌
†
Long-term
investments,
cost
$
7,941,702‌
$
2,496,061,542‌
$
5,445,302‌
$
4,932,776‌
‡  
Includes
securities
loaned
of
$
—‌
$
—‌
$
62,354‌
$
—‌
Statement
of
Operations
See
accompanying
notes
to
financial
statements.
32
Six
Months
Ended
April
30,
2023
(Unaudited)
NDVG
NUGO
NSCS
NWLG
INVESTMENT
INCOME
Dividends
$
79,905‌
$
10,246,896‌
$
22,079‌
$
16,796‌
Interest
1,073‌
1,087,101‌
1,699‌
669‌
Securities
lending
income,
net
—‌
—‌
315‌
—‌
Foreign
tax
withheld
on
dividend
income
—‌
(25,265‌)
(66‌)
(121‌)
Total
investment
income
80,978‌
11,308,732‌
24,027‌
17,344‌
EXPENSES
Management
fees
24,874‌
6,181,044‌
23,788‌
15,126‌
Professional
fees
120‌
37,331‌
92‌
81‌
Trustees
fees
147‌
41,048‌
104‌
87‌
Total
expenses
25,141‌
6,259,423‌
23,984‌
15,294‌
Net
investment
income
(loss)
55,837‌
5,049,309‌
43‌
2,050‌
REALIZED
AND
UNREALIZED
GAIN
(LOSS)
Realized
gain
(loss):
Investments
(155,732‌)
(157,966,526‌)
(288,152‌)
(384,956‌)
In-kind
redemptions
79,273‌
(11,846,409‌)
—‌
17,090‌
Net
realized
gain
(loss)
(76,459‌)
(169,812,935‌)
(288,152‌)
(367,866‌)
Change
in
unrealized
appreciation
(depreciation)
on:
Investments
463,747‌
460,404,663‌
219,908‌
1,031,235‌
Change
in
net
unrealized
appreciation
(depreciation)
463,747‌
460,404,663‌
219,908‌
1,031,235‌
Net
realized
and
unrealized
gain
(loss)
387,288‌
290,591,728‌
(68,244‌)
663,369‌
Net
increase
(decrease)
in
net
assets
from
operations
$
443,125‌
$
295,641,037‌
$
(68,201‌)
$
665,419‌
Statement
of
Changes
in
Net
Assets
See
accompanying
notes
to
financial
statements.
33
NDVG
NUGO
Unaudited
Six
Months
Ended
4/30/23
Year
Ended
10/31/22
Unaudited
Six
Months
Ended
4/30/23
Year
Ended
10/31/22
OPERATIONS
Net
investment
income
(loss)
$
55,837‌
$
87,684‌
$
5,049,309‌
$
2,531,829‌
Net
realized
gain
(loss)
(
76,459‌
)
49,585‌
(
169,812,935‌
)
(
508,386,270‌
)
Change
in
net
unrealized
appreciation
(depreciation)
463,747‌
(
488,661‌
)
460,404,663‌
(
540,604,068‌
)
Net
increase
(decrease)
in
net
assets
from
operations
443,125‌
(
351,392‌
)
295,641,037‌
(
1,046,458,509‌
)
DISTRIBUTIONS
TO
SHAREHOLDERS
Dividends
(
57,056‌
)
(
88,816‌
)
(
5,361,255‌
)
(
151,404‌
)
Decrease
in
net
assets
from
distributions
to
shareholders
(57,056)
(88,816)
(5,361,255)
(151,404)
FUND
SHARE
TRANSACTIONS
Proceeds
from
sale
of
shares
763,417‌
3,373,099‌
126,351,849‌
1,952,646,865‌
Cost
of
shares
redeemed
(
737,015‌
)
(
1,179,509‌
)
(
234,951,239‌
)
(
260,633,066‌
)
Net
increase
(decrease)
in
net
assets
from
Fund
share
transactions
26,402‌
2,193,590‌
(
108,599,390‌
)
1,692,013,799‌
Net
increase
(decrease)
in
net
assets
412,471‌
1,753,382‌
181,680,392‌
645,403,886‌
Net
assets
at
the
beginning
of
period
7,762,648‌
6,009,266‌
2,332,827,325‌
1,687,423,439‌
Net
assets
at
the
end
of
period
$
8,175,119‌
$
7,762,648‌
$
2,514,507,717‌
$
2,332,827,325‌
See
accompanying
notes
to
financial
statements.
34
NSCS
NWLG
Unaudited
Six
Months
Ended
4/30/23
Year
Ended
10/31/22
Unaudited
Six
Months
Ended
4/30/23
Year
Ended
10/31/22
OPERATIONS
Net
investment
income
(loss)
$
43‌
$
15,771‌
$
2,050‌
$
(
4,116‌
)
Net
realized
gain
(loss)
(
288,152‌
)
(
704,226‌
)
(
367,866‌
)
(
879,623‌
)
Change
in
net
unrealized
appreciation
(depreciation)
219,908‌
(
544,725‌
)
1,031,235‌
(
1,174,720‌
)
Net
increase
(decrease)
in
net
assets
from
operations
(
68,201‌
)
(
1,233,180‌
)
665,419‌
(
2,058,459‌
)
DISTRIBUTIONS
TO
SHAREHOLDERS
Dividends
(
19,526‌
)
(
7,748‌
)
–‌
–‌
Decrease
in
net
assets
from
distributions
to
shareholders
(19,526)
(7,748)
–
–
FUND
SHARE
TRANSACTIONS
Proceeds
from
sale
of
shares
–‌
1,391,006‌
188,861‌
1,275,297‌
Cost
of
shares
redeemed
–‌
(
832,036‌
)
(
192,596‌
)
(
785,234‌
)
Net
increase
(decrease)
in
net
assets
from
Fund
share
transactions
–‌
558,970‌
(
3,735‌
)
490,063‌
Net
increase
(decrease)
in
net
assets
(
87,727‌
)
(
681,958‌
)
661,684‌
(
1,568,396‌
)
Net
assets
at
the
beginning
of
period
5,608,142‌
6,290,100‌
4,501,033‌
6,069,429‌
Net
assets
at
the
end
of
period
$
5,520,415‌
$
5,608,142‌
$
5,162,717‌
$
4,501,033‌
Financial
Highlights
35
The
following
data
is
for
a
share
outstanding
for
each
fiscal
year
end
unless
otherwise
noted:
Investment
Operations
Less
Distributions
Net
Asset
Value,
Beginning
of
Period
Net
Investment
Income
(Loss)(a)
Net
Realized
/Unrealized
Gain
(Loss)
Total
From
Net
Investment
Income
From
Net
Realized
Gains
Total
Net
Asset
Value,
End
of
Period
Ending
Market
Price
NDVG
4/30/23(d)
$
24.26
$
0.18
$
1.29
$
1.47
$
(0.18)
$
—
$
(0.18)
$
25.55
$
25.53
10/31/22
26.13
0.34
(1.87)
(1.53)
(0.33)
(0.01)
(0.34)
24.26
24.27
10/31/21(f)
25.00
0.09
1.10
1.19
(0.06)
—
(0.06)
26.13
26.14
NUGO
4/30/23(d)
17.97
0.04
2.40
2.44
(0.05)
—
(0.05)
20.36
20.38
10/31/22
26.04
0.02
(8.09)
(8.07)
—(g)
—
—
17.97
17.93
10/31/21(h)
25.00
0.01
1.03
1.04
—
—
—
26.04
26.05
NSCS
4/30/23(d)
21.57
—(g)
(0.26)
(0.26)
(0.08)
—
(0.08)
21.23
21.23
10/31/22
26.21
0.06
(4.67)
(4.61)
(0.03)
—
(0.03)
21.57
21.57
10/31/21(f)
25.00
0.01
1.20
1.21
—
—
—
26.21
26.22
NWLG
4/30/23(d)
18.00
0.01
2.64
2.65
—
—
—
20.65
20.64
10/31/22
26.39
(0.02)
(8.37)
(8.39)
—
—
—
18.00
18.00
10/31/21(f)
25.00
(0.02)
1.41
1.39
—
—
—
26.39
26.37
(a)
Based
on
average
shares
outstanding.
(b)
Percentage
is
not
annualized.
(c)
Does
not
include
in-kind
transactions.
(d)
Unaudited
(e)
Annualized.
(f)
For
the
period
August
4,
2021
(commencement
of
operations)
through
October
31,
2021.
(g)
Value
rounded
to
zero.
(h)
For
the
period
September
27,
2021
(commencement
of
operations)
through
October
31,
2021.
See
accompanying
notes
to
financial
statements.
36
Ratios
and
Supplemental
Data
Total
Return
Ratios
to
Average
Net
Assets
Based
on
Net
Asset
Value(b)
Based
on
Market
Price(b)
Net
Assets,
End
of
Period
(000)
Expenses
Net
Investment
Income
(Loss)
Portfolio
Turnover
Rate(c)
6.07
%
5.98
%
$
8,175
0.65‌
%
(e)
1.44‌
%
(e)
8
%
(5.89)
(5.91)
7,763
0.64‌
1.34‌
12
4.76
4.82
6,009
0.64‌
(e)
1.52‌
(e)
7
13.59
13.95
2,514,508
0.56‌
(e)
0.45‌
(e)
17
(31.01)
(31.16)
2,332,827
0.55‌
0.09‌
39
4.18
4.18
1,687,423
0.55‌
(e)
0.39‌
(e)
2
(1.21)
(1.23)
5,520
0.86‌
(e)
—‌
(e),(g)
20
(17.61)
(17.62)
5,608
0.85‌
0.27‌
64
4.84
4.87
6,290
0.85‌
(e)
0.23‌
(e)
11
14.70
14.64
5,163
0.65‌
(e)
0.09‌
(e)
39
(31.77)
(31.74)
4,501
0.64‌
(0.08‌)
58
5.56
5.50
6,069
0.64‌
(e)
(0.24‌)
(e)
15
Notes
to
Financial
Statements
(Unaudited)
37
1.
General
Information 
Trust
and
Fund
Information:
The
Nushares
ETF
Trust
(the
“Trust”)
is
an
open-end
management
investment
company
registered
under
the
Investment
Company
Act
of
1940,
as
amended
(the
“1940
Act”).
The
Trust
is
comprised
of
Nuveen
Dividend
Growth
ETF
(NDVG),
Nuveen
Growth
Opportunities
ETF
(NUGO),
Nuveen
Small
Cap
Select
ETF
(NSCS)
and
Nuveen
Winslow
Large-Cap
Growth
ESG
ETF
(NWLG)
(each
a
“Fund”
and
collectively,
the
“Funds”),
as
diversified
funds
(non-diversified
for
NUGO
and
NWLG),
among
others.
The
Trust
was
organized
as
a
Massachusetts
business
trust
on
February
20,
2015.
Shares
of
the
Funds
are
listed
and
traded
on
the
NYSE
Arca
(the
“Exchange”).
Current
Fiscal
Period:
 The
end
of
the
reporting
period
for
the
Funds
is
April
30,
2023,
and
the
period
covered
by
these
Notes
to
Financial
Statements
is
the
six
months
ended
April
30,
2023
(the
"current
fiscal
period").
Investment
Adviser
and
Sub-Adviser:
The
Funds’
investment
adviser
is
Nuveen
Fund
Advisors,
LLC
(the
“Adviser”),
a
subsidiary
of
Nuveen,
LLC
(“Nuveen”).
Nuveen
is
the
investment
management
arm
of
Teachers
Insurance
and
Annuity
Association
of
America
(“TIAA”).
The
Adviser
has
overall
responsibility
for
management
of
the
Funds,
oversees
the
management
of
the
Funds’
portfolios,
manages
the
Funds’
business
affairs
and
provides
certain
clerical,
bookkeeping
and
other
administrative
services.
The
Adviser
has
entered
into
sub-advisory
agreements
with
Nuveen
Asset
Management
(“NAM”),
a
subsidiary
of
the
Adviser
and
Winslow
Capital
Management,
LLC
(“Winslow
Capital”),
(each
a
“Sub-Adviser”
and
collectively,
the
“Sub-Advisers”).
NAM
is
responsible
for
managing
the
investment
portfolio
of
NDVG,
NUGO
and
NSCS.
Winslow
Capital
is
responsible
for
managing
the
investment
portfolio
of
NWLG.
2.
Significant
Accounting
Policies 
The
accompanying
financial
statements
were
prepared
in
accordance
with
accounting
principles
generally
accepted
in
the
United
States
of
America
(“U.S.
GAAP”),
which
may
require
the
use
of
estimates
made
by
management
and
the
evaluation
of
subsequent
events.
Actual
results
may
differ
from
those
estimates.
Each
Fund
is
an
investment
company
and
follows
accounting
guidance
in
the
Financial
Accounting
Standards
Board
(“FASB”)
Accounting
Standards
Codification
946,
Financial
Services
—
Investment
Companies.
The
Net
Asset
Value
("NAV")
for
financial
reporting
purposes
may
differ
from
the
NAV
for
processing
security
and
creation
unit
transactions.
The
NAV
for
financial
reporting
purposes
includes
security
and creation
unit transactions
through
the
date
of
the
report.
Total
return
is
computed
based
on
the
NAV
used
for
processing
security
and creation
unit transactions.
The
following
is
a
summary
of
the
significant
accounting
policies
consistently
followed
by
the
Funds.
Compensation:
The Trust
pays
no
compensation
directly
to
those
of
its
trustees
or
to
its
officers,
all
of
whom
receive
remuneration
for
their
services
to the
Trust
from
the
Adviser
or
its
affiliates.
The
Funds'
Board
of Trustees
(the
"Board") has
adopted
a
deferred
compensation
plan
for
independent
trustees
that
enables
trustees
to
elect
to
defer
receipt
of
all
or
a
portion
of
the
annual
compensation
they
are
entitled
to
receive
from
certain
Nuveen-advised
funds.
Under
the
plan,
deferred
amounts
are
treated
as
though
equal
dollar
amounts
had
been
invested
in
shares
of
select
Nuveen-
advised
funds.
Distributions
to
Shareholders:
Distributions
to
shareholders
are
recorded
on
the
ex-dividend
date.
The
amount,
character
and
timing
of
distributions
are
determined
in
accordance
with
federal
income
tax
regulations,
which
may
differ
from
U.S.
GAAP.
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.
New
Accounting
Pronouncements
New
Accounting
Pronouncement:
 In
March
2020,
FASB
issued
Accounting
Standards
Update
(“ASU”)
2020-04,
Reference
Rate
Reform:
Facilitation
of
the
Effects
of
Reference
Rate
Reform
on
Financial
Reporting.
The
main
objective
of
the
new
guidance
is
to
provide
relief
to
companies
that
will
be
impacted
by
the
expected
change
in
benchmark
interest
rates,
when
participating
banks
will
no
longer
be
required
to
submit
London
Interbank
Offered
Rate
(LIBOR)
quotes
by
the
UK
Financial
Conduct
Authority
(FCA).
The
new
guidance
allows
companies
to,
provided
the
only
change
to
existing
contracts
are
a
change
to
an
approved
benchmark
interest
rate,
account
for
modifications
as
a
continuance
of
the
existing
contract
without
additional
analysis.
For
new
and
existing
contracts,
the
Funds
may
elect
to
apply
the
amendments
as
of
March
12,
2020
through
December
31,
2022.
In
December
2022,
FASB
deferred
ASU
2022-04
and
issued
ASU
2022-06,
Reference
Rate
Reform:
Deferral
of
the
Sunset
Date
of
Topic
848,
which
extends
the
application
of
the
amendments
through
December
31,
2024. 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.
38
Notes
to
Financial
Statements
(Unaudited)
(continued)
New
Accounting
Pronouncement:
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
related
illustrative
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
December
15,
2023,
and
interim
periods
within
those
fiscal
years.
For
all
other
entities,
the
amendments
are
effective
for
fiscal
years
beginning
after
December
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.
Investments
in
investment
companies
are
valued
at
their
respective
NAVs
or
share
price on
the
valuation
date
and
are
generally
classified
as
Level
1. 
Prices
of
certain
American
Depositary
Receipts
(“ADR”)
held
by
the
Funds
that
trade
in
the
United
States
are
valued
based
on
the
last
traded
price,
official
closing
price,
or
an
evaluated
price
provided
by
the
pricing
services and
are
generally
classified
as
Level
1
or
2.
For
any
portfolio
security
or
derivative
for
which
market
quotations
are
not
readily
available
or
for
which
the
Adviser
deems
the
valuations
derived
using
the
valuation
procedures
described
above
not
to
reflect
fair
value,
the
Adviser
will
determine
a
fair
value
in
good
faith
using
alternative
procedures
approved
by
the
Adviser,
subject
to
the
oversight
of
the
Board.
As
a
general
principle,
the
fair
value
of
a
security
is
the
amount
that
the
owner
might
reasonably
expect
to
receive
for
it
in
a
current
sale.
A
variety
of
factors
may
be
considered
in
determining
the
fair
value
of
such
securities,
which
may
include
consideration
of
the
following:
yields
or
prices
of
investments
of
comparable
quality,
type
of
issue,
coupon,
maturity
and
rating,
market
quotes
or
indications
of
value
from
security
dealers,
evaluations
of
anticipated
cash
flows
or
collateral,
general
market
conditions
and
other
information
and
analysis,
including
the
obligor’s
credit
characteristics
considered
relevant.
To
the
extent
the
inputs
are
observable
and
timely,
the
values
would
be
classified
as
Level
2;
otherwise
they
would
be
classified
as
Level
3.
The
following
table
summarizes
the
market
value
of
the
Funds’
investments
as
of
the
end
of
the
reporting
period,
based
on
the
inputs
used
to
value
them:
NDVG
Level
1
Level
2
Level
3
Total
Long-Term
Investments:
Common
Stocks
$
8,143,947
$
–
$
–
$
8,143,947
Total
$
8,143,947
$
–
$
–
$
8,143,947
a
39
4.
Portfolio
Securities
and
Investments
in
Derivatives
Portfolio
Securities
Securities
Lending:
Each
Fund
may
lend
securities
representing
up
to
one-third
of
the
value
of
its
total
assets
to
broker-dealers,
banks,
and
other
institutions
in
order
to
generate
additional
income.
When
loaning
securities,
the
Fund
retains
the
benefits
of
owning
the
securities,
including
the
economic
equivalent
of
dividends
or
interest
generated
by
the
security.
The
loans
are
continuous,
can
be
recalled
at
any
time,
and
have
no
set
maturity.
State
Street
Bank
and
Trust
Company,
serves
as
the
securities
lending
agent
(the
“Agent”).
When
a
Fund
loans
its
portfolio
securities,
it
will
receive,
at
the
inception
of
each
loan,
cash
collateral
equal
to
an
amount
not
less
than
100%
of
the
market
value
of
the
loaned
securities.
The
actual
percentage
of
the
cash
collateral
will
vary
depending
upon
the
asset
type
of
the
loaned
securities.
Collateral
for
the
loaned
securities
is
invested
in
a
government
money
market
vehicle
maintained
by
the
Agent,
which
is
subject
to
the
requirements
of
Rule
2a-7
under
the
1940
Act.
The
value
of
the
loaned
securities
and
the
liability
to
return
the
cash
collateral
received
are
recognized
on
the
Statement
of
Assets
and
Liabilities.
If
the
market
value
of
the
loaned
securities
increases,
the
borrower
must
furnish
additional
collateral
to
the
Fund,
which
is
also
recognized
on
the
Statement
of
Assets
and
Liabilities.
Securities
out
on
loan
are
subject
to
termination
at
any
time
at
the
option
of
the
borrower
or
the
Fund.
Upon
termination,
the
borrower
is
required
to
return
to
the
Fund
securities
identical
to
the
securities
loaned.
During
the
term
of
the
loan,
the
Fund
bears
the
market
risk
with
respect
to
the
investment
of
collateral
and
the
risk
that
the
Agent
may
default
on
its
contractual
obligations
to
the
Fund.
The
Agent
bears
the
risk
that
the
borrower
may
default
on
its
obligation
to
return
the
loaned
securities
as
the
Agent
is
contractually
obligated
to
indemnify
the
Fund
if
at
the
time
of
a
default
by
a
borrower
some
or
all
of
the
loan
securities
have
not
been
returned.
Securities
lending
income
recognized
by
a
Fund
consists
of
earnings
on
invested
collateral
and
lending
fees,
net
of
any
rebates
to
the
borrower
and
compensation
to
the
Agent.
Such
income
is
recognized
on
the
Statement
of
Operations.
As
of
the
end
of
the
reporting
period,
the
total
value
of
the
loaned
securities
and
the
total
value
of
collateral
received
were
as
follows:
Purchases
and
sales:
Long-term
purchases
and
sales
(excluding
in-kind
transactions),
during
the
current
fiscal
period
were
as
follows:
In-kind
transactions during
the
current fiscal
period
were
as
follows:
NUGO
Level
1
Level
2
Level
3
Total
Long-Term
Investments:
Common
Stocks
$
2,462,056,899
$
–
$
–
$
2,462,056,899
Total
$
2,462,056,899
$
–
$
–
$
2,462,056,899
a
NSCS
Level
1
Level
2
Level
3
Total
Long-Term
Investments:
Common
Stocks
$
5,364,430
$
–
$
–
$
5,364,430
Exchange-Traded
Funds
74,987
–
–
74,987
Investments
Purchased
with
Collateral
from
Securities
Lending
62,851
–
–
62,851
Total
$
5,502,268
$
–
$
–
$
5,502,268
a
NWLG
Level
1
Level
2
Level
3
Total
Long-Term
Investments:
Common
Stocks
$
5,127,710
$
–
$
–
$
5,127,710
Total
$
5,127,710
$
–
$
–
$
5,127,710
a
Fund
Asset
Class
out
on
Loan
Long-Term
Investments,
at
Value
Total
Collateral
Received
NSCS
Exchange-Traded
Funds
$62,354
$62,851
Fund
Purchases
Sales
NDVG
$
662,706
$
632,780
NUGO
379,502,468
376,725,043
NSCS
1,101,695
1,140,499
NWLG
1,857,323
1,837,184
40
Notes
to
Financial
Statements
(Unaudited)
(continued)
The
Funds
may
purchase
securities
on
a
when-issued
or
delayed-delivery
basis.
Securities
purchased
on
a
when-issued
or
delayed-delivery
basis
may
have
extended
settlement
periods;
interest
income
is
not
accrued
until
settlement
date.
Any
securities
so
purchased
are
subject
to
market
fluctuation
during
this
period.
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
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:
Fund
In-Kind
Purchases
In-Kind
Sales
NDVG
$
764,568
$
737,927
NUGO
125,846,796
233,446,714
NSCS
—
—
NWLG
183,587
189,125
NDVG
NUGO
Six
Months
Ended
4/30/23
Year
Ended
10/31/22
Six
Months
Ended
4/30/23
Year
Ended
10/31/22
Shares
Amount
Shares
Amount
Shares
Amount
Shares
Amount
Shares
sold
30,000
$763,417
140,000
$3,373,099
6,730,000
$126,351,849
77,150,000
$1,952,646,865
Shares
redeemed
(30,000)
(737,015)
(50,000)
(1,179,509)
(13,050,000)
(234,951,239)
(12,100,000)
(260,633,066)
Net
increase
(decrease)
–
$26,402
90,000
$2,193,590
(6,320,000)
$(108,599,390)
65,050,000
$1,692,013,799
41
6.
Income
Tax
Information
Each
Fund
is
a
separate
taxpayer
for
federal
income
tax
purposes.
Each
Fund
intends
to
distribute
substantially
all
of
its
net
investment
income
and
net
capital
gains
to
shareholders
and
otherwise
comply
with
the
requirements
of
Subchapter
M
of
the
Internal
Revenue
Code
applicable
to
regulated
investment
companies.
Therefore,
no
federal
income
tax
provision
is
required.
Each
Fund
files
income
tax
returns
in
U.S.
federal
and
applicable
state
and
local
jurisdictions.
A
Fund's
federal
income
tax
returns
are
generally
subject
to
examination
for
a
period
of
three
fiscal
years
after
being
filed.
State
and
local
tax
returns
may
be
subject
to
examination
for
an
additional
period
of
time
depending
on
the
jurisdiction.
Management
has
analyzed
each
Fund's
tax
positions
taken
for
all
open
tax
years
and
has
concluded
that
no
provision
for
income
tax
is
required
in
the
Fund's
financial
statements.
As
of
the
end
of
the
reporting
period,
the
aggregate
cost
and
the
net
unrealized
appreciation/(depreciation)
of
all
investments
for
federal
income
tax
purposes
were
as
follows:
For
purposes
of
this
disclosure,
tax
cost
generally
includes
the
cost
of
portfolio
investments
as
well
as
up-front
fees
or
premiums
exchanged
on
derivatives
and
any
amounts
unrealized
for
income
statement
reporting
but
realized
income
and/or
capital
gains
for
tax
reporting,
if
applicable.
As
of
prior
fiscal
period
end,
the
components
of
accumulated
earnings
on
a
tax
basis
were
as
follows:
As
of
prior
fiscal
period
end,
the
Funds
had
capital
loss
carryforwards,
which
will
not
expire:
NSCS
NWLG
Six
Months
Ended
4/30/23
Year
Ended
10/31/22
Six
Months
Ended
4/30/23
Year
Ended
10/31/22
Shares
Amount
Shares
Amount
Shares
Amount
Shares
Amount
Shares
sold
–
$–
60,000
$1,391,006
10,000
$188,861
60,000
$1,275,297
Shares
redeemed
–
–
(40,000)
(832,036)
(10,000)
(192,596)
(40,000)
(785,234)
Net
increase
(decrease)
–
$–
20,000
$558,970
–
$(3,735)
20,000
$490,063
Fund
Tax
Cost
Gross
Unrealized
Appreciation
Gross
Unrealized
(Depreciation)
Net
Unrealized
Appreciation
(Depreciation)
NDVG
$
7,941,706
$
622,678
$
(420,437)
$
202,241
NUGO
2,500,169,916
186,920,254
(225,033,271)
(38,113,017)
NSCS
5,529,186
491,047
(517,965)
(26,918)
NWLG
4,935,227
339,321
(146,838)
192,483
Fund
Undistributed
Ordinary
Income
Undistributed
Long-Term
Capital
Gains
Unrealized
Appreciation
(Depreciation)
Capital
Loss
Carryforwards
Late-Year
Loss
Deferrals
Other
Book-to-Tax
Differences
Total
NDVG
$
7,700
$
—
$
(261,506)
$
(33,975)
$
—
$
—
$
(287,781)
NUGO
2,512,561
—
(498,517,680)
(515,565,412)
—
—
(1,011,570,531)
NSCS
14,186
—
(246,020)
(758,847)
—
—
(990,681)
NWLG
—
—
(838,752)
(916,106)
—
—
(1,754,858)
Fund
Short-Term
Long-Term
Total
NDVG
$
33,975
$
—
$
33,975
NUGO
514,107,204
1,458,208
515,565,412
NSCS
640,795
118,052
758,847
NWLG
776,251
139,855
916,106
42
Notes
to
Financial
Statements
(Unaudited)
(continued)
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: 
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
did
not
engage
in
cross-trades
pursuant
to
these
procedures. 
As
of
the
end
of
the
reporting
period,
the
percentage
of
Fund
shares
owned
by
TIAA
are
as
follows: 
Fund
Management
Fee
NDVG
0.64%
NUGO
0.55
NSCS
0.85
NWLG
0.64
Fund
TIAA
Owned
Shares
NDVG
69
%
NUGO
—
NSCS
85
NWLG
88
43
Additional
Fund
Information
(Unaudited)
The
tables
below
show
the
number
and
percentage
of
days
during
the
current
fiscal
period
that
each
Fund’s
market
price
was
greater
than
its
NAV
per
share
(i.e.,
at
premium)
and
less
than
its
NAV
per
share
(i.e.,
at
a
discount).
The
market
price
is
determined
using
the
midpoint
between
the
highest
bid
and
the
lowest
offer
on
the
applicable
Fund’s
listing
exchange,
as
of
the
time
that
the
Fund’s
NAV
is
calculated
(normally
4:00
p.m.
Eastern
Time).
Investment
Adviser
Nuveen
Fund
Advisors,
LLC
333
West
Wacker
Drive
Chicago,
IL
60606
Sub-Adviser
Nuveen
Asset
Management,
LLC
333
West
Wacker
Drive
Chicago,
IL
60606
Winslow
Capital
Management,
LLC
80
South
Eighth
Street
Minneapolis,
MN
55402
Independent
Registered
Public
Accounting
Firm
KPMG
LLP
200
East
Randolph
Street
Chicago,
IL
60601
Administrator,
Custodian
and
Transfer
Agent
Brown
Brothers
Harriman
50
Post
Office
Square
Boston,
MA
02110
Legal
Counsel
Chapman
and
Cutler
LLP
Chicago,
IL
60603
Morgan
Lewis
&
Bockius
LLP
111
Pennsylvania
Avenue,
NW
Washington,
D.C.
20004
NDVG
NUGO
Six
Months
Ended
April
30,
2023
Number
of
Days
%
of
Total
Days
Number
of
Days
%
of
Total
Days
Premium/Discount
Range:
0.00%
to
0.25%
75
61.0%
74
60.2%
(0.01)%
to
(0.25)%
48
39.0%
49
39.8%
123
100%
123
100%
NSCS
NWLG
Six
Months
Ended
April
30,
2023
Number
of
Days
%
of
Total
Days
Number
of
Days
%
of
Total
Days
Premium/Discount
Range:
0.00%
to
0.25%
66
53.7%
63
51.2%
(0.01)%
to
(0.25)%
57
46.3%
60
48.8%
123
100%
123
100%
44
Additional
Fund
Information
(Unaudited)
(continued)
Portfolio
of
Investments
Information
Each
Fund
is
required
to
file
its
complete
schedule
of
portfolio
holdings
with
the
Securities
and
Exchange
Commission
(SEC)
for
the
first
and
third
quarters
of
each
fiscal
year
as
an
exhibit
to
its
report
on
Form
N-PORT.
You
may
obtain
this
information
on
the
SEC’s
website
at
http://www.sec.gov.
Nuveen
Funds’
Proxy
Voting
Information
You
may
obtain
(i)
information
regarding
how
each
fund
voted
proxies
relating
to
portfolio
securities
held
during
the
most
recent
twelve-month
period
ended
June
30,
without
charge,
upon
request,
by
calling
Nuveen
toll-free
at
(800)
257-8787
or
on
Nuveen’s
website
at
www.nuveen.com
and
(ii)
a
description
of
the
policies
and
procedures
that
each
fund
used
to
determine
how
to
vote
proxies
relating
to
portfolio
securities
without
charge,
upon
request,
by
calling
Nuveen
toll-free
at
(800)
257-8787.
You
may
also
obtain
this
information
directly
from
the
SEC.
Visit
the
SEC
on-line
at
http://www.sec.gov.
FINRA
BrokerCheck:
The
Financial
Industry
Regulatory
Authority
(FINRA)
provides
information
regarding
the
disciplinary
history
of
FINRA
member
firms
and
associated
investment
professionals.
This
information
as
well
as
an
investor
brochure
describing
FINRA
BrokerCheck
is
available
to
the
public
by
calling
the
FINRA
BrokerCheck
Hotline
number
at
(800)
289-9999
or
by
visiting
www.FINRA.org.
Glossary
of
Terms
Used
in
this
Report
(Unaudited)
45
Average
Annual
Total
Return:
This
is
a
commonly
used
method
to
express
an
investment’s
performance
over
a
particular,
usually
multi-year
time
period.
It
expresses
the
return
that
would
have
been
necessary
each
year
to
equal
the
investment’s
actual
cumulative
performance
(including
change
in
NAV
or
offer
price
and
reinvested
dividends
and
capital
gains
distributions,
if
any)
over
the
time
period
being
considered.
Net
Assets
Value
(NAV)
Per
Share:
A
fund’s
Net
Assets
is
equal
to
its
total
assets
(securities,
cash
and
accrued
earnings)
less
its
total
liabilities.
NAV
per
share
is
equal
to
the
fund’s
Net
Assets
divided
by
its
number
of
shares
outstanding.
46
Liquidity
Risk
Management
Program
(Unaudited)
Discussion
of
the
operation
and
effectiveness
of
the
Funds’
liquidity
risk
management
program
In
compliance
with
Rule
22e-4
under
the
Investment
Company
Act
of
1940,
as
amended
(the
“Liquidity
Rule”),
each
Fund
covered
in
this
Report
(the
“Funds”)
has
adopted
and
implemented
a
liquidity
risk
management
program
(the
“Program”),
which
is
designed
to
manage
the
Fund’s
liquidity
risk.
The
Program
consists
of
various
protocols
for
assessing
and
managing
each
Fund’s
liquidity
risk.
The
Funds’
Board
of
Trustees
previously
designated
Nuveen
Fund
Advisors,
LLC,
the
Funds’
investment
adviser,
as
the
Administrator
of
the
Program.
The
adviser’s
Liquidity
Monitoring
and
Analysis
Team
(“LMAT”)
carries
out
day-to-day
Program
management
with
oversight
by
the
adviser’s
Liquidity
Oversight
Sub-Committee
(the
“LOSC”).
The
LOSC
is
composed
of
personnel
from
the
adviser
and
Teachers
Advisors,
LLC,
an
affiliate
of
the
adviser.
At
a
May
23-25,
2023
meeting
of
the
Board,
the
Administrator
provided
the
Board
with
a
written
report
addressing
the
Program’s
operation,
adequacy
and
effectiveness
of
implementation
for
calendar
year
2022
(the
“Review
Period”),
as
required
under
the
Liquidity
Rule.
The
report
noted
that
the
Program
has
been
and
continues
to
be
adequately
and
effectively
implemented
to
monitor
and
(as
applicable)
respond
to
each
Fund’s
liquidity
developments.
In
accordance
with
the
Program,
the
LMAT
assesses
each
Fund’s
liquidity
risk
no
less
frequently
than
annually
based
on
various
factors,
such
as
(1)
the
Fund’s
investment
strategy
and
the
liquidity
of
portfolio
investments,
(ii)
cash
flow
projections,
and
(ii)
holdings
of
cash
and
cash
equivalents,
borrowing
arrangements,
and
other
funding
sources.
Certain
factors
are
considered
under
both
normal
and
reasonably
foreseeable
stressed
conditions.
Each
Fund
portfolio
investment
is
classified
into
one
of
four
liquidity
categories
(including
the
most
liquid,
“Highly
Liquid”,
and
the
least
liquid,
“Illiquid”,
discussed
below),
The
classification
is
based
on
a
determination
of
how
long
it
is
reasonably
expected
to
take
to
convert
the
investment
into
cash,
or
sell
or
dispose
of
the
investment,
in
current
market
conditions
without
significantly
changing
the
market
value
of
the
investment
Liquidity
classification
determinations
take
into
account
various
market,
trading,
and
investment-specific
considerations,
as
well
as
market
depth,
and
use
third-
party
vendor
data.
Any
Fund
that
does
not
primarily
hold
highly
liquid
investments
must,
among
other
things,
determine
a
minimum
percentage
of
Fund
assets
that
must
be
invested
in
highly
liquid
investments
(a
“Highly
Liquid
Investment
Minimum”).
During
the
Review
Period,
each
Fund
primarily
held
Highly
Liquid
investments
and
therefore
was
exempt
from
the
requirement
to
adopt
a
Highly
Liquid
Investment
Minimum
and
to
comply
with
the
related
requirements
under
the
Liquidity
Rule.
The
Liquidity
Rule
also
limits
a
Fund’s
investments
in
Illiquid
investments.
Specifically,
the
Liquidity
Rule
prohibits
a
Fund
from
acquiring
Illiquid
investments
if
doing
so
would
result
in
the
Fund
holding
more
than
15%
of
its
net
assets
in
illiquid
investments,
and
requires
certain
reporting
to
the
Fund
Board
and
the
Securities
and
Exchange
Commission
any
time
a
Fund’s
holdings
of
Illiquid
investments
exceeds
15%
of
net
assets.
During
the
Review
Period,
no
Fund
exceeded
the
15%
limit
on
Illiquid
investments.
Nuveen
Securities,
LLC,
member
FINRA
and
SIPC
333
West
Wacker
Drive
Chicago,
IL
60606
www.nuveen.com
NSA-ETF-0423P
2913680-INV-B-06/24
Nuveen:
Serving
Investors
for
Generations
Since
1898,
financial
advisors
and
their
clients
have
relied
on
Nuveen
to
provide
dependable
investment
solutions
through
continued
adherence
to
proven,
long-term
investing
principles.
Today,
we
offer
a
range
of
high
quality
solutions
designed
to
be
integral
components
of
a
well-diversified
core
portfolio.
Focused
on
meeting
investor
needs.
Nuveen
is
the
investment
manager
of
TIAA.
We
have
grown
into
one
of
the
world’s
premier
global
asset
managers,
with
specialist
knowledge
across
all
major
asset
classes
and
particular
strength
in
solutions
that
provide
income
for
investors
and
that
draw
on
our
expertise
in
alternatives
and
responsible
investing.
Nuveen
is
driven
not
only
by
the
independent
investment
processes
across
the
firm,
but
also
the
insights,
risk
management,
analytics
and
other
tools
and
resources
that
a
truly
world-class
platform
provides.
As
a
global
asset
manager,
our
mission
is
to
work
in
partnership
with
our
clients
to
create
solutions
which
help
them
secure
their
financial
future.
Find
out
how
we
can
help
you.
To
learn
more
about
how
the
products
and
services
of
Nuveen
may
be
able
to
help
you
meet
your
financial
goals,
talk
to
your
financial
advisor,
or
call
us
at
(800)
257-8787.
Please
read
the
information
provided
carefully
before
you
invest.
Investors
should
consider
the
investment
objective
and
policies,
risk
considerations,
charges
and
expenses
of
any
investment
carefully.
Where
applicable,
be
sure
to
obtain
a
prospectus,
which
contains
this
and
other
relevant
information.
To
obtain
a
prospectus,
please
contact
your
securities
representative
or
Nuveen,
333
W.
Wacker
Dr.,
Chicago,
IL
60606.
Please
read
the
prospectus
carefully
before
you
invest
or
send
money.
Learn
more
about
Nuveen
Funds
at:
www.nuveen.com/exchange-trad
ed-funds
NOT
FDIC
INSURED
MAY
LOSE
VALUE
NO
BANK
GUARANTEE

Item 2. Code of Ethics.

Not applicable to this filing.

Item 3. Audit Committee Financial Expert.

Not applicable to this filing.

Item 4. Principal Accountant Fees and Services.

Not applicable to this filing.

Item 5. Audit Committee of Listed Registrants.

Not applicable to this filing.

Item 6. Schedule of Investments.

(a) See Portfolio of Investments in Item 1.

(b) Not applicable.

Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Not applicable to this registrant.

Item 8. Portfolio Managers of Closed-End Management Investment Companies.

Not applicable to this registrant.

Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

Not applicable to this registrant.

Item 10. Submission of Matters to a Vote of Security Holders.

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

Item 11. Controls and Procedures.

 

(a)

The registrant’s principal executive and principal financial officers, or persons performing similar functions, have concluded that the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the “1940 Act”) (17 CFR 270.30a-3(c))) are effective, as of a date within 90 days of the filing date of this report that includes the disclosure required by this paragraph, based on their evaluation of the controls and procedures required by Rule 30a-3(b) under the 1940 Act (17 CFR 270.30a-3(b)) and Rules 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934, as amended (the “Exchange Act”) (17 CFR 240.13a-15(b) or 240.15d-15(b)).

 

(b)

There were no changes in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act (17 CFR 270.30a-3(d)) that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.

Item 12. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.

Not applicable.

Item 13. Exhibits.

File the exhibits listed below as part of this Form.

(a)(1) Any code of ethics, or amendment thereto, that is the subject of the disclosure required by Item 2, to the extent that the registrant intends to satisfy the Item 2 requirements through filing of an exhibit: Not applicable to this filing.

(a)(2) A separate certification for each principal executive officer and principal financial officer of the registrant as required by Rule 30a-2(a) under the 1940 Act (17 CFR 270.30a-2(a)) in the exact form set forth below: See EX-99.CERT attached hereto.

(a)(3) Any written solicitation to purchase securities under Rule 23c-1 under the 1940 Act (17 CFR 270.23c-1) sent or given during the period covered by the report by or on behalf of the registrant to 10 or more persons: Not applicable to this registrant.

(a)(4) Change in registrant’s independent public accountant. Not applicable.

(b) If the report is filed under Section 13(a) or 15(d) of the Exchange Act, provide the certifications required by Rule 30a-2(b) under the 1940 Act (17 CFR 270.30a-2(b)), Rule 13a-14(b) or Rule 15d-14(b) under the Exchange Act (17 CFR 240.13a-14(b) or 240.15d-14(b)), and Section 1350 of Chapter 63 of Title 18 of the United States Code (18 U.S.C. 1350) as an Exhibit. A certification furnished pursuant to this paragraph will not be deemed “filed” for purposes of Section 18 of the Exchange Act (15 U.S.C. 78r), or otherwise subject to the liability of that section. Such certification will not be deemed to be incorporated by reference into any filing under the Securities Act of 1933 or the Exchange Act, except to the extent that the registration specifically incorporates it by reference: See EX-99.906 CERT attached hereto.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

(Registrant) Nushares ETF Trust

 

By   (Signature and Title)   /s/ Diana R. Gonzalez  
   

Diana R. Gonzalez

Vice President and Secretary

  

Date: July 6, 2023

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

 

By   (Signature and Title)   /s/ Jordan M. Farris  
   

Jordan M. Farris

Chief Administrative Officer

(principal executive officer)

  

Date: July 6, 2023

 

By   (Signature and Title)   /s/ E. Scott Wickerham  
   

E. Scott Wickerham

Vice President and Funds Controller

(principal financial officer)

  

Date: July 6, 2023