N-CSRS

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)

Christopher M. Rohrbacher

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, 2018

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.

Exchange-Traded Funds

30 April

2018

Fund Name	Listing Exchange	Ticker Symbol
Nushares ESG Emerging Markets Equity ETF	Cboe BZX Exchange, Inc.	NUEM
Nushares ESG International Developed Markets Equity ETF	Cboe BZX Exchange, Inc.	NUDM
Nushares ESG Large-Cap Growth ETF	Cboe BZX Exchange, Inc.	NULG
Nushares ESG Large-Cap Value ETF	Cboe BZX Exchange, Inc.	NULV
Nushares ESG Mid-Cap Growth ETF	Cboe BZX Exchange, Inc.	NUMG
Nushares ESG Mid-Cap Value ETF	Cboe BZX Exchange, Inc.	NUMV
Nushares ESG Small-Cap ETF	Cboe BZX Exchange, Inc.	NUSC

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Table

of Contents

Chairman’s Letter to Shareholders	4
Portfolio Managers’ Comments	5
Risk Considerations	8
Fund Performance and Expense Ratios	10
Holding Summaries	18
Expense Examples	25
Portfolio of Investments	28
Statement of Assets and Liabilities	82
Statement of Operations	83
Statement of Changes in Net Assets	84
Financial Highlights	88
Notes to Financial Statements	90
Additional Fund Information	98
Glossary of Terms Used in this Report	100

3

Chairman’s Letter to Shareholders

Dear Shareholders,

The global synchronized expansion that drove markets to new highs in 2017 is beginning to show signs of fatigue. Against this backdrop, concerns about tightening financial conditions, potentially higher inflation and an array of geopolitical and policy risks have increased volatility across the financial markets in 2018 so far.

Despite the daily headlines, the global economy remains in solid shape. Even if the momentum is slowing, world economies are still expanding, recession probabilities are low and corporate profits have stayed healthy. Inflation remains relatively subdued, which should keep central banks on a gradual path of policy normalization. In the U.S., economic growth is expected to strengthen further, supported by low unemployment, incremental wage growth and fiscal stimulus from the newly enacted tax law changes.

Certainly there are risks that bear watching. Trade wars and tariffs have implications for both the supply and demand sides of the economy, complicating the outlook for businesses, consumers and the economy as a whole. North Korea relations, Iran and Russia sanctions, Italy’s new coalition government and Brexit negotiations are likely to continue triggering short-term turbulence in asset prices. The markets will also remain focused on central bank actions and communications.

The investment environment of 2018 will be more challenging than it was in 2017, but there is still opportunity for upside. Fundamentals, not headlines, drive markets over the long term. And, it’s easy to forget the relative calm over the past year was the outlier. A return to more historically normal volatility levels is both to be expected and part of the healthy functioning of the markets.

Context and perspective are important. If you’re investing for long-term goals, stay focused on the long term, as temporary bumps may smooth over time. Individuals that have shorter timeframes could also benefit from sticking to a clearly defined investment strategy with a portfolio designed for short-term needs. Your financial advisor can help you determine if your portfolio is properly aligned with your goals, timeline and risk tolerance, as well as help you differentiate the noise from what really matters. 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.

Sincerely,

William J. Schneider

Chairman of the Board

June 25, 2018

4

Portfolio Managers’ Comments

Nushares ESG Emerging Markets Equity ETF (NUEM)

Nushares ESG International Developed Markets Equity ETF (NUDM)

Nushares ESG Large-Cap Growth ETF (NULG)

Nushares ESG Large-Cap Value ETF (NULV)

Nushares ESG Mid-Cap Growth ETF (NUMG)

Nushares ESG Mid-Cap Value ETF (NUMV)

Nushares ESG Small-Cap ETF (NUSC)

These Funds features portfolio management by Teachers Advisors, LLC, an affiliate of Nuveen, LLC. Portfolio managers Philip James (Jim) Campagna, CFA, and Lei Liao, CFA, discuss key investment strategies and the performance of the Funds during the six-month reporting period ended April 30, 2018. Jim and Lei have managed the Funds since their commencement of operations on December 13, 2016. For the Nushares ESG International Developed Markets Equity ETF (NUDM) and Nushares ESG Emerging Markets Equity ETF (NUEM), portfolio managers Philip James (Jim) Campagna, CFA, and Lei Liao, CFA, have managed these Funds since the Funds’ commencement of operations on June 6, 2017. Please refer to the Funds’ prospectuses for more information, available at https://www.nuveen.com/ETF/Default.aspx.

What key strategies were used to manage the Funds during the six-month reporting period and how did these strategies influence performance?

These Funds employ a passive management (or “indexing”) approach, seeking to track the investment results, before fees and expenses, of their respective indexes that meet certain environment, social and governance (“ESG”) criteria. You cannot invest directly in an index. Each Fund seeks to track its index by investing all, or substantially all, of its assets in the securities represented in its index in approximately the same proportions as the index. Each Fund rebalances its holdings quarterly in response to the quarterly rebalance of its index, which occurs in February, May, August and November.

NUEM seeks to track the investment results, before fees and expenses, of the TIAA ESG Emerging Markets Equity Index (the “NUEM Index”), which is comprised solely of listed equity securities issued by companies (and depositary receipts representing such securities) located in countries with emerging markets that meet certain ESG criteria. The NUEM Index selects from the securities included in the MSCI Emerging Markets Index (the “NUEM Base Index”), which currently consists of large- and mid-capitalization companies located in one of the following 24 emerging market countries: Brazil, Chile, China, Colombia, Czech Republic, Egypt, Greece, Hungary, India, Indonesia, Korea, Malaysia, Mexico, Pakistan, Peru, Philippines, Poland, Qatar, Russia, South Africa, Taiwan, Thailand, Turkey and the United Arab Emirates.

NUDM seeks to track the investment results, before fees and expenses, of the TIAA ESG International Developed Markets Equity Index (the “NUDM Index”), which is comprised solely of listed equity securities issued by companies (and depositary receipts representing such securities) located in countries with developed markets, excluding the United States and Canada, that meet certain ESG

This material is not intended to be a recommendation or investment advice, does not constitute a solicitation to buy or sell securities, and is not provided in a fiduciary capacity. The information provided does not take into account the specific objectives or circumstances of any particular investor, or suggest any specific course of action. Investment decisions should be made based on an investor’s objectives and circumstances and in consultation with his or her advisors.

Certain statements in this report are forward-looking statements. Discussions of specific investments are for illustration only and are not intended as recommendations of individual investments. The forward-looking statements and other views expressed herein are those of the portfolio managers as of the date of this report. Actual future results or occurrences may differ significantly from those anticipated in any forward-looking statements and the views expressed herein are subject to change at any time, due to numerous market and other factors. Each Fund disclaims any obligation to update publicly or revise any forward-looking statements or views expressed herein.

Refer to the Glossary of Terms Used in this report for further definition of the terms used within this section.

5

Portfolio Managers’ Comments (continued)

criteria. The NUDM Index selects from the securities included in the MSCI EAFE Index (the “NUDM Base Index”), which currently consists of large- and mid-capitalization companies located in one of the following 21 developed market countries: Australia, Austria, Belgium, Denmark, Finland, France, Germany, Hong Kong, Ireland, Israel, Italy, Japan, the Netherlands, New Zealand, Norway, Portugal, Singapore, Spain, Sweden, Switzerland and the United Kingdom.

NULG seeks to track the investment results, before fees and expenses, of the TIAA ESG USA Large-Cap Growth Index (the “NULG Index”), which is comprised of equity securities issued by large-capitalization companies listed on U.S. exchanges that meet certain ESG criteria. The NULG Index selects from the securities included in the MSCI USA Growth Index (the “NULG Base Index”), which generally consists of large- and mid-capitalization U.S. equity securities that exhibit overall growth style characteristics based on five variables: long-term forward earnings per share (“EPS”) growth rate, short-term forward EPS growth rate, current internal growth rate, long-term historical EPS growth trend, and long-term historical sales per share growth trend.

NULV seeks to track the investment results, before fees and expenses, of the TIAA ESG USA Large-Cap Value Index (the “NULV Index”), which is comprised of equity securities issued by large-capitalization companies listed on U.S. exchanges that meet certain ESG criteria. The NULV Index selects from the securities included in the MSCI USA Value Index (the “NULV Base Index”), which generally consists of large- and mid-capitalization U.S. equity securities that exhibit overall value style characteristics based on three variables: book value to price, 12-month forward earnings to price and dividend yield.

NUMG seeks to track the investment results, before fees and expenses, of the TIAA ESG USA Mid-Cap Growth Index (the “NUMG Index”), which is comprised of equity securities issued by mid-capitalization companies listed on U.S. exchanges that meet certain ESG criteria. The NUMG Index selects from the securities included in the MSCI USA Mid-Cap Growth Index (the “NUMG Base Index”), which generally consists of mid-capitalization U.S. equity securities that exhibit overall growth style characteristics based on five variables: long-term forward EPS growth rate, short-term forward EPS growth rate, current internal growth rate, long-term historical EPS growth trend and long-term historical sales per share growth trend.

NUMV seeks to track the investment results, before fees and expenses, of the TIAA ESG USA Mid-Cap Value Index (the “NUMV Index”), which is comprised of equity securities issued by mid-capitalization companies listed on U.S. exchanges that meet certain ESG criteria. The NUMV Index selects from the securities included in the MSCI USA Mid-Cap Value Index (the “NUMV Base Index”), which generally consists of mid-capitalization U.S. equity securities that exhibit overall value style characteristics based on three variables: book value to price, 12-month forward earnings to price and dividend yield.

NUSC seeks to track the investment results, before fees and expenses, of the TIAA ESG USA Small-Cap Index (the “NUSC Index”), which is comprised of equity securities issued by small-capitalization companies listed on U.S. exchanges that meet certain ESG criteria. The NUSC Index selects from the securities included in the MSCI USA Small Cap Index (the “NUSC Base Index”), which generally consists of equity securities that comprise the small-cap segment of the U.S. market.

MSCI Inc. (“MSCI”) is the index provider for each Index and Base Index. Each Index and Base Index are owned, calculated and controlled by MSCI, in its sole discretion. Neither the sub-adviser nor its affiliates has any discretion to select Index components or change the Index methodology. Each Index identifies equity securities from its Base Index that satisfy certain ESG criteria, based on ESG performance data collected by MSCI ESG Research, Inc. ESG performance is measured on an industry-specific basis, with assessment categories varying by industry.

Despite rising volatility, U.S. stock market performance was positive over the six-month reporting period. Across market capitalization and investment styles, large-cap growth stocks performed the best, as the technology sector (which dominates large-cap and growth-style indexes) gained in the reporting period. Mid-cap growth, mid-cap value and small-cap stocks also performed well. Large-cap value stocks were the weakest-performing U.S. category in this reporting period. Accordingly, NULG was the top performing Fund, while NULV was the bottom performing Fund among the five U.S. Funds. International markets also posted positive returns in this reporting period, with emerging market equities outperforming developed market equities. The first half of the reporting period was particularly strong for emerging market equities, offsetting weakness in the second half of the reporting period. Global synchronized growth, stable growth in emerging market economies, a recovery in commodity prices, a weak U.S. dollar and accommodative central banks helped support investor confidence in emerging market assets throughout 2017. Later in the reporting period, however, headwinds from elevated market volatility, U.S. dollar strength and rising interest rates caused emerging market equities to lag developed market equities. In this environment, NUEM modestly outperformed NUDM.

6

How did the Funds perform in the six-month reporting period ended April 30, 2018?

The tables in each Fund’s Performance Overview and Expense Ratios section of this report provides the Funds’ total return performance for the six-month, one-year and since inception periods through April 30, 2018. Each Fund’s total returns at net asset value (NAV) are compared with the performance of the Index, which each Fund is designed to track.

The total return for each Fund underperformed its respective Index during this reporting period. The Indexes are unmanaged and therefore their returns do not reflect any fees or expenses, which would detract from their performance. You cannot invest directly in an index.

7

Risk Considerations

Nushares 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. 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.

Nushares 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. An 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.

Nushares 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.

Nushares 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.

Nushares 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,

8

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.

Nushares 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.

Nushares 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.

9

Fund Performance and Expense Ratios

The Fund Performance and Expense Ratio for each Fund are shown within this section of the report.

Returns quoted represent past performance, which is no guarantee of 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. Total returns for a period of less than one year are not annualized. 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.

The expense ratios represents each Fund’s total operating expenses as reflected in the most recent prospectus. The expense ratios shown include management fees and other applicable fees and expenses paid by the Fund.

10

Fund Performance and Expense Ratios (continued)

Nushares ESG Emerging Markets Equity ETF (NUEM)

Refer to the first page of this Fund Performance and Expense Ratios section for further explanation of the information included within this section. Refer to the Glossary of Terms Used in this Report for definitions of terms used within this section.

Fund Performance

Total Returns as of April 30, 2018

	Cumulative
	6-Month		Since Inception
NUEM at NAV		3.00%		14.36%
NUEM at Market Price		1.35%		13.94%
TIAA ESG Emerging Markets Equity Index		3.33%		15.11%
MSCI Emerging Markets Index		4.80%		16.92%

Total Returns as of March 31, 2018 (Most Recent Calendar Quarter)

	Cumulative
	6-Month		Since Inception
NUEM at NAV		9.25%		17.21%
NUEM at Market Price		10.04%		19.60%

Since inception returns are from 6/6/17. Indexes are not available for direct investment.

Expense Ratio as of Most Recent Prospectus

Expense Ratio 0.45%

11

Fund Performance and Expense Ratios (continued)

Nushares ESG International Developed Markets Equity ETF (NUDM)

Refer to the first page of this Fund Performance and Expense Ratios section for further explanation of the information included within this section. Refer to the Glossary of Terms Used in this Report for definitions of terms used within this section.

Fund Performance

Total Returns as of April 30, 2018

	Cumulative
	6-Month		Since Inception
NUDM at NAV		2.34%		8.56%
NUDM at Market Price		1.49%		8.38%
TIAA ESG International Developed Markets Equity Index		2.48%		8.87%
MSCI EAFE Index		3.41%		9.56%

Total Returns as of March 31, 2018 (Most Recent Calendar Quarter)

	Cumulative
	6-Month		Since Inception
NUDM at NAV		1.46%		5.68%
NUDM at Market Price		2.59%		6.82%

Since inception returns are from 6/6/17. Indexes are not available for direct investment.

Expense Ratio as of Most Recent Prospectus

Expense Ratio 0.40%

12

Fund Performance and Expense Ratios (continued)

Nushares ESG Large-Cap Growth ETF (NULG)

Refer to the first page of this Fund Performance and Expense Ratios section for further explanation of the information included within this section. Refer to the Glossary of Terms Used in this Report for definitions of terms used within this section.

Fund Performance

Average Annual Total Returns as of April 30, 2018

	Cumulative		Average Annual
	6-Month		1-Year		Since Inception
NULG at NAV		7.01%		17.75%		20.54%
NULG at Market Price		6.80%		18.92%		20.53%
TIAA ESG USA Large-Cap Growth Index		7.20%		18.20%		20.93%
MSCI USA Growth Index		6.83%		18.51%		21.02%

Average Annual Total Returns as of March 31, 2018 (Most Recent Calendar Quarter)

	Cumulative		Average Annual
	6-Month		1-Year		Since Inception
NULG at NAV		9.91%		20.05%		21.69%
NULG at Market Price		10.12%		16.37%		21.73%

Since inception returns are from 12/13/16. Indexes are not available for direct investment.

Expense Ratio as of Most Recent Prospectus

Expense Ratio 0.35%

13

Fund Performance and Expense Ratios (continued)

Nushares ESG Large-Cap Value ETF (NULV)

Refer to the first page of this Fund Performance and Expense Ratios section for further explanation of the information included within this section. Refer to the Glossary of Terms Used in this Report for definitions of terms used within this section.

Fund Performance

Average Annual Total Returns as of April 30, 2018

	Cumulative		Average Annual
	6-Month		1-Year		Since Inception
NULV at NAV		2.40%		10.78%		9.67%
NULV at Market Price		2.23%		10.80%		9.69%
TIAA ESG USA Large-Cap Value Index		2.60%		11.21%		10.04%
MSCI USA Value Index		0.95%		7.99%		7.39%

Average Annual Total Returns as of March 31, 2018 (Most Recent Calendar Quarter)

	Cumulative		Average Annual
	6-Month		1-Year		Since Inception
NULV at NAV		4.32%		11.34%		10.23%
NULV at Market Price		4.33%		11.25%		10.28%

Since inception returns are from 12/13/16. Indexes are not available for direct investment.

Expense Ratio as of Most Recent Prospectus

Expense Ratio 0.35%

14

Fund Performance and Expense Ratios (continued)

Nushares ESG Mid-Cap Growth ETF (NUMG)

Refer to the first page of this Fund Performance and Expense Ratios section for further explanation of the information included within this section. Refer to the Glossary of Terms Used in this Report for definitions of terms used within this section.

Fund Performance

Average Annual Total Returns as of April 30, 2018

	Cumulative		Average Annual
	6-Month		1-Year		Since Inception
NUMG at NAV		4.95%		12.77%		13.39%
NUMG at Market Price		5.29%		13.12%		13.72%
TIAA ESG USA Mid-Cap Growth Index		5.17%		13.27%		13.85%
MSCI USA Mid-Cap Growth Index		6.14%		14.23%		14.61%

Average Annual Total Returns as of March 31, 2018 (Most Recent Calendar Quarter)

	Cumulative		Average Annual
	6-Month		1-Year		Since Inception
NUMG at NAV		6.90%		12.67%		13.86%
NUMG at Market Price		7.36%		12.69%		14.01%

Since inception returns are from 12/13/16. Indexes are not available for direct investment.

Expense Ratio as of Most Recent Prospectus

Expense Ratio 0.40%

15

Fund Performance and Expense Ratios (continued)

Nushares ESG Mid-Cap Value ETF (NUMV)

Refer to the first page of this Fund Performance and Expense Ratios section for further explanation of the information included within this section. Refer to the Glossary of Terms Used in this Report for definitions of terms used within this section.

Fund Performance

Average Annual Total Returns as of April 30, 2018

	Cumulative		Average Annual
	6-Month		1-Year		Since Inception
NUMV at NAV		3.91%		10.20%		8.60%
NUMV at Market Price		5.05%		10.40%		9.49%
TIAA ESG USA Mid-Cap Value Index		4.14%		10.66%		9.03%
MSCI USA Mid-Cap Value Index		3.91%		10.17%		9.62%

Average Annual Total Returns as of March 31, 2018 (Most Recent Calendar Quarter)

	Cumulative		Average Annual
	6-Month		1-Year		Since Inception
NUMV at NAV		4.60%		9.43%		8.93%
NUMV at Market Price		5.66%		9.46%		9.06%

Since inception returns are from 12/13/16. Indexes are not available for direct investment.

Expense Ratio as of Most Recent Prospectus

Expense Ratio 0.40%

16

Fund Performance and Expense Ratios (continued)

Nushares ESG Small-Cap ETF (NUSC)

Refer to the first page of this Fund Performance and Expense Ratios section for further explanation of the information included within this section. Refer to the Glossary of Terms Used in this Report for definitions of terms used within this section.

Fund Performance

Average Annual Total Returns as of April 30, 2018

	Cumulative		Average Annual
	6-Month		1-Year		Since Inception
NUSC at NAV		3.60%		11.87%		10.91%
NUSC at Market Price		3.63%		11.70%		11.09%
TIAA ESG USA Small-Cap Index		3.82%		12.39%		11.38%
MSCI USA Small-Cap Index		3.25%		12.03%		11.18%

Average Annual Total Returns as of March 31, 2018 (Most Recent Calendar Quarter)

	Cumulative		Average Annual
	6-Month		1-Year		Since Inception
NUSC at NAV		4.13%		11.84%		10.80%
NUSC at Market Price		3.68%		12.15%		10.83%

Since inception returns are from 12/13/16. Indexes are not available for direct investment.

Expense Ratio as of Most Recent Prospectus

Expense Ratio 0.40%

17

Holding Summaries as of April 30, 2018

This 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.

Nushares ESG Emerging Markets Equity ETF (NUEM)

Fund Allocation

(% of net assets)

Common Stocks	99.8%
U.S. Government and Agency Obligations	0.2%
Other Assets Less Liabilities	(0.0)%
Net Assets	100%

Top Five Common Stock Holdings

(% of net assets)

Tencent Holdings Limited	6.7%
Taiwan Semiconductor Manufacturing Company Limited	4.9%
Naspers Limited	2.9%
Tata Consultancy Services	2.0%
KB Financial Group Inc.	1.7%

Portfolio Composition

(% of net assets)

Information Technology	25.1%
Financials	23.6%
Consumer Discretionary	11.0%
Industrials	7.9%
Materials	7.5%
Consumer Staples	4.9%
Energy	4.9%
Other	15.1%
Other Assets Less Liabilities	(0.0)%
Net Assets	100%

Country Allocation

(% of net assets)

China	29.7%
Korea, Republic of	15.1%
Taiwan	11.6%
India	9.1%
Brazil	7.2%
South Africa	6.8%
Malaysia	3.5%
Mexico	3.2%
Thailand	2.5%
Indonesia	2.0%
Other	9.3%
Other Assets Less Liabilities	(0.0)%
Net Assets	100%

18

Nushares ESG International Developed Markets Equity ETF (NUDM)

Fund Allocation

(% of net assets)

Common Stocks	99.5%
Other Assets Less Liabilities	0.5%
Net Assets	100%

Top Five Common Stocks Holdings

(% of net assets)

Nestle SA	2.7%
Roche Holdings AG	1.9%
AstraZeneca PLC	1.9%
Siemens AG	1.8%
Vodafone Group PLC	1.8%

Portfolio Composition

(% of net assets)

Financials	20.4%
Industrials	16.2%
Consumer Discretionary	12.0%
Consumer Staples	11.1%
Health Care	9.9%
Materials	7.9%
Information Technology	6.3%
Other	15.7%
Other Assets Less Liabilities	0.5%
Net Assets	100%

Country Allocation

(% of net assets)

Japan	24.3%
United Kingdom	17.5%
France	10.7%
Germany	9.5%
Switzerland	7.4%
Australia	6.5%
Hong Kong	3.4%
Netherlands	3.4%
Spain	3.2%
Sweden	2.5%
Other	11.1%
Other Assets Less Liabilities	0.5%
Net Assets	100%

19

Holding Summaries as of April 30, 2018 (continued)

Nushares ESG Large-Cap Growth ETF (NULG)

Fund Allocation

(% of net assets)

Common Stocks	99.8%
Other Assets Less Liabilities	0.2%
Net Assets	100%

Portfolio Composition

(% of net assets)

Information Technology	33.5%
Consumer Discretionary	22.9%
Health Care	14.1%
Industrials	9.6%
Financials	7.2%
Other	12.5%
Other Assets Less Liabilities	0.2%
Net Assets	100%

Top Five Common Stock Holdings

(% of net assets)

Apple, Inc.	8.0%
Microsoft Corporation	4.8%
Visa Inc.	3.1%
NetFlix.com Inc.	2.5%
Walt Disney Company	2.4%

20

Nushares ESG Large-Cap Value ETF (NULV)

Fund Allocation

(% of net assets)

Common Stocks	99.8%
Other Assets Less Liabilities	0.2%
Net Assets	100%

Portfolio Composition

(% of net assets)

Financials	23.0%
Health Care	13.5%
Information Technology	12.3%
Consumer Staples	11.4%
Industrials	9.4%
Energy	7.8%
Utilities	6.7%
Other	15.7%
Other Assets Less Liabilities	0.2%
Net Assets	100%

Top Five Common Stocks Holdings

(% of net assets)

Bank of America Corporation	3.8%
Intel Corporation	3.6%
Microsoft Corporation	3.4%
Verizon Communications Inc.	3.0%
Coca-Cola Company	2.8%

21

Holding Summaries as of April 30, 2018 (continued)

Nushares ESG Mid-Cap Growth ETF (NUMG)

Fund Allocation

(% of net assets)

Common Stocks	99.9%
Other Assets Less Liabilities	0.1%
Net Assets	100%

Portfolio Composition

(% of net assets)

Information Technology	27.1%
Industrials	24.2%
Consumer Discretionary	12.9%
Health Care	12.2%
Financials	7.5%
Materials	6.4%
Other	9.6%
Other Assets Less Liabilities	0.1%
Net Assets	100%

Top Five Common Stock Holdings

(% of net assets)

ServiceNow Inc.	2.8%
Dr. Pepper Snapple Group	2.4%
Microchip Technology Incorporated	2.2%
Align Technology, Inc.	2.2%
Indexx Labs Inc.	2.2%

22

Nushares ESG Mid-Cap Value ETF (NUMV)

Fund Allocation

(% of net assets)

Common Stocks	99.8%
Other Assets Less Liabilities	0.2%
Net Assets	100%

Portfolio Composition

(% of net assets)

Financials	25.9%
Consumer Discretionary	17.1%
Real Estate	11.0%
Utilities	8.6%
Industrials	8.4%
Materials	7.2%
Information Technology	6.8%
Consumer Staples	5.0%
Other	9.8%
Other Assets Less Liabilities	0.2%
Net Assets	100%

Top Five Common Stock Holdings

(% of net assets)

Eversource Energy	2.6%
TechnipFMC PLC	2.4%
Principal Financial Group, Inc.	2.3%
CMS Energy Corporation	2.3%
XL Group Limited	2.2%

23

Holding Summaries as of April 30, 2018 (continued)

Nushares ESG Small-Cap ETF (NUSC)

Fund Allocation

(% of net assets)

Common Stocks	99.8%
Common Stock Rights	0.0%
Other Assets Less Liabilities	0.2%
Net Assets	100%

Portfolio Composition

(% of net assets)

Financials	16.4%
Information Technology	16.2%
Industrials	14.8%
Health Care	13.1%
Consumer Discretionary	11.8%
Real Estate	9.3%
Materials	5.6%
Other	12.6%
Other Assets Less Liabilities	0.2%
Net Assets	100%

Top Five Common Stock Holdings

(% of net assets)

Abiomed, Inc.	0.6%
Reliance Steel & Aluminum Company	0.6%
Aqua America Inc.	0.6%
Brown & Brown Inc.	0.6%
Lamb Weston Holding, Inc.	0.6%

24

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 Funds 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 April 30, 2018.

The beginning of the period is November 1, 2017.

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 Fund 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 ratio 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 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. In addition, if these transaction costs were included, your costs would have been higher.

Nushares ESG Emerging Markets Equity ETF (NUEM)

Actual Performance
Beginning Account Value	$	1,000.00
Ending Account Value	$	1,030.00
Expenses Incurred During Period	$	2.26
Hypothetical Performance (5% annualized return before expenses)
Beginning Account Value	$	1,000.00
Ending Account Value	$	1,022.56
Expenses Incurred During Period	$	2.26

Expenses are equal to the Fund’s annualized net expense ratio of 0.45% multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).

25

Expense Examples (continued)

Nushares ESG International Developed Markets Equity ETF (NUDM)

Actual Performance
Beginning Account Value	$	1,000.00
Ending Account Value	$	1,023.40
Expenses Incurred During Period	$	2.01
Hypothetical Performance (5% annualized return before expenses)
Beginning Account Value	$	1,000.00
Ending Account Value	$	1,022.81
Expenses Incurred During Period	$	2.01

Expenses are equal to the Fund’s annualized net expense ratio of 0.40% multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).

Nushares ESG Large-Cap Growth ETF (NULG)

Actual Performance
Beginning Account Value	$	1,000.00
Ending Account Value	$	1,070.10
Expenses Incurred During Period	$	1.80
Hypothetical Performance (5% annualized return before expenses)
Beginning Account Value	$	1,000.00
Ending Account Value	$	1,023.06
Expenses Incurred During Period	$	1.76

Expenses are equal to the Fund’s annualized net expense ratio of 0.35% multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).

Nushares ESG Large-Cap Value ETF (NULV)

Actual Performance
Beginning Account Value	$	1,000.00
Ending Account Value	$	1,024.00
Expenses Incurred During Period	$	1.76
Hypothetical Performance (5% annualized return before expenses)
Beginning Account Value	$	1,000.00
Ending Account Value	$	1,023.06
Expenses Incurred During Period	$	1.76

Expenses are equal to the Fund’s annualized net expense ratio of 0.35% multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).

26

Nushares ESG Mid-Cap Growth ETF (NUMG)

Actual Performance
Beginning Account Value	$	1,000.00
Ending Account Value	$	1,049.50
Expenses Incurred During Period	$	2.03
Hypothetical Performance (5% annualized return before expenses)
Beginning Account Value	$	1,000.00
Ending Account Value	$	1,022.81
Expenses Incurred During Period	$	2.01

Expenses are equal to the Fund’s annualized net expense ratio of 0.40% multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).

Nushares ESG Mid-Cap Value ETF (NUMV)

Actual Performance
Beginning Account Value	$	1,000.00
Ending Account Value	$	1,039.10
Expenses Incurred During Period	$	2.02
Hypothetical Performance (5% annualized return before expenses)
Beginning Account Value	$	1,000.00
Ending Account Value	$	1,022.81
Expenses Incurred During Period	$	2.01

Expenses are equal to the Fund’s annualized net expense ratio of 0.40% multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).

Nushares ESG Small-Cap ETF (NUSC)

Actual Performance
Beginning Account Value	$	1,000.00
Ending Account Value	$	1,036.00
Expenses Incurred During Period	$	2.02
Hypothetical Performance (5% annualized return before expenses)
Beginning Account Value	$	1,000.00
Ending Account Value	$	1,022.81
Expenses Incurred During Period	$	2.01

Expenses are equal to the Fund’s annualized net expense ratio of 0.40% multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).

27

Nushares ESG Emerging Markets Equity ETF (NUEM)

Portfolio of Investments    April 30, 2018

(Unaudited)

Shares		Description (1)	Value
		LONG-TERM INVESTMENTS – 99.8%
		COMMON STOCKS – 99.8%
		Consumer Discretionary – 11.0%
	959,396	Alibaba Pictures Group Ltd, (2)	$	108,797
	275	Arcelik A.S		1,223
	4,952	Astro Malaysia Holdings Bhd		2,411
	81	Bajaj Auto Limited		3,576
	506	Bharat Forge Ltd		5,881
	13	Bosch Ltd		3,779
	190,033	Brilliance China Automotive Holdings Limited		342,862
	48,696	BYD Co Ltd		342,189
	61	CCC SA		4,509
	29,746	DXB Entertainments PJSC, (2)		3,126
	1,085	Feng Tay Enterprise Co Ltd		4,951
	460	FF Group, (2)		8,726
	5,102	Formosa Taffeta Co Ltd		5,794
	180,694	Geely Automobile Holdings Limited		483,493
	130,292	Guangzhou Automobile Group Company Limited		240,720
	100	Hankook Tire Company Limited		4,630
	9,733	Home Product Center PCL, (3)		4,626
	425	Hotai Motor Co Ltd		4,187
	67	Hotel Shilla Company Limited		7,277
	54	LG Electronics Inc.		5,157
	462	Lojas Renner S.A		4,320
	2	LPP SA		5,234
	547	Mahindra & Mahindra Ltd		7,156
	2,264	Minor International PCL, (2), (3)		2,887
	331	Mr. Price Group Ltd		7,265
	4,630	Naspers Limited, (WI/DD)		1,134,692
	6,793	New Oriental Education & Technology Group, Inc., Sponsored ADR		610,283
	504	Nien Made Enterprise Co Ltd		4,514
	13,058	PT Matahari Department Store Tbk		9,714
	1,779	Robinson PCL, (2), (3)		3,706
	47,252	SACI Falabella		460,678
	44,370	Shenzhou International Group Holdings Ltd		487,331
	30,997	Surya Citra Media Pt Tbk		5,704

28

Shares		Description (1)	Value
		Consumer Discretionary (continued)
	214	The Foschini Group Ltd	$	3,686
	216	Titan Co Ltd		3,176
	880	Truworths International Limited		7,225
	3,880	UMW Holdings BHD		6,042
	751	Woolworths Holdings Limited		3,865
		Total Consumer Discretionary		4,355,392
		Consumer Staples – 4.9%
	18	Amorepacific Corporation		5,882
	34	Amorepacific Corporation		5,682
	39	Amorepacific Group		5,222
	829	Anadolu Efes Biracilik Ve Malt Sanayii AS.		5,433
	725	Arca Continental SAB de CV		4,975
	1,078	Atacadao Distribuicao Comercio e Industria Ltd.		4,667
	3,002	Berli Jucker Public Co, (2), (3)		5,683
	59	Britannia Industries Ltd		4,871
	31,117	China Mengniu Dairy Company Limited		101,103
	2,898	Cia Brasileira de Distribuicao		65,418
	16	CJ CheilJedang Corporation		5,138
	23,929	Coca-Cola Femsa SAB de CV		154,540
	92,611	CP ALL PCL, (3)		255,296
	935	Dabur India Ltd		5,198
	1,044	Embotelladora Andina SA		5,205
	64,269	Fomento Economico Mexicano S.A		619,177
	353	Godrej Consumer Products Ltd		5,913
	261	Gruma S.A.B de C.V		3,178
	10,834	Hindustan Unilever Ltd		243,822
	3,584	Indfood CBP Sukses Makmur Tbk PT		2,235
	2,370	Kimberly-Clark de Mexico SAB de CV, Class A Shares		4,276
	5	LG Household & Health Care		6,414
	8	LG Household & Health Care		5,768
	192	M Dias Branco SA, (2)		2,422
	938	Marico Limited		4,683
	262	Natura Cosmeticos SA		2,420
	158	Nestle Malaysia Berhad		5,557
	638	Pick n Pay Stores Ltd		4,110
	348	Pioneer Foods Group Ltd		3,399
	15,443	PPB Group Berhad Bhd		75,729
	352	President Chain Store Corp.		3,480
	332	ShopRite Holdings Limited		6,622
	1,674	Standard Foods Corporation		3,768

29

Nushares ESG Emerging Markets Equity ETF (NUEM) (continued)

Portfolio of Investments    April 30, 2018

(Unaudited)

Shares		Description (1)	Value
		Consumer Staples (continued)
	181,162	Sun Art Retail Group Ltd	$	204,978
	372	The Spar Group Limited		6,301
	204	Tiger Brands Limited		6,357
	1,031	Ulker Biskuvi Sanayi AS		5,402
	23,361	Unilever Indonesia Tbk PT		77,828
	1,768	Uni-President Enterprises Corporation		4,279
		Total Consumer Staples		1,942,431
		Energy – 4.9%
	137,794	China Oilfield Services Ltd		138,176
	12,464	Cosan SA Industria e Comercio		142,162
	34,500	Dialog Group BHD		27,083
	763,739	IRPC PCL, (2), (3)		170,607
	12,287	Petronas Dagangan Bhd		84,554
	1,126	Petronet LNG Ltd		3,826
	20,622	Qatar Gas Transport Co Ltd		83,202
	3,427	S-Oil Corporation		352,952
	85,405	Thai Oil PCL, (2), (3)		255,051
	9,430	Tupras Turkiye Petrol Rafinerileri IS		240,085
	24,661	Ultrapar Participacoes S.A		427,433
		Total Energy		1,925,131
		Financials – 23.6%
	30,131	Abu Dhabi Commercial Bank		57,667
	2,443	Alliance Bank Malaysia Bhd.		2,709
	5,506	AMMB Holdings Bhd.		5,473
	66,814	Axis Bank Limited		519,075
	405	B3 SA – Brasil Bolsa Balcao, (2)		2,938
	140	Bajaj Finance Limited		3,996
	13,661	Banco Bradesco SA, (2)		124,949
	62,774	Banco Bradesco SA, (2)		622,214
	62	Banco De Credito E Inversion		4,705
	40,498	Banco do Brasil S.A, (2)		426,148
	9,301	Banco Santander Brasil SA		101,632
	90,948	Banco Santander Chile		7,612
	138,859	Banco Santander Mexico SA Institucion de Banca Multiple Grupo Financiero Santand		204,568
	481	Bancolombia SA		5,685
	30,598	Bancolombia SA		362,746
	3,498	Bank Central Asia TBK PT		5,557
	8,340	Bank Danamon Indonesia TBK PT		3,986
	171	Bank Handlowy w Warszawie SA		4,051

30

Shares		Description (1)	Value
		Financials (continued)
	16,696	Bank Millennium SA, (2)	$	40,742
	6,224	Bank Negara Indonesia Persero TBK PT		3,601
	2,119	Bank Pekao SA		70,699
	53	Bank Zachodni WBK SA		5,618
	230	Barclays Africa Group Limited		3,371
	501	BNK Financial Group Inc.		4,902
	359,343	Cathay Financial Holding Company Limited		649,785
	1,533	Chailease Holding Co Ltd		5,648
	278,213	CIMB Group Holdings BHD		510,548
	1,381	Commercial International Bank Egypt SAE		7,379
	864	Coronation Fund Managers Limited		5,134
	227	DGB Financial Group Inc.		2,550
	3,721	Dubai Islamic Bank PJSC		5,572
	8,119	E.Sun Financial Holding Co Ltd		5,763
	7,972	First Financial Holding Co.		5,497
	110,380	Firstrand Limited		592,053
	250,801	Fubon Financial Holding Co Ltd		432,321
	74,581	Gentera SAB de CV		59,086
	22,822	Grupo Financiero Banorte SAB de CV		142,117
	124	Hyundai Marine & Fire Insurance Co Ltd		4,441
	103,444	IDFC Bank Ltd		74,785
	441	Industrial Bank of Korea		6,957
	1,003	Investec PLC		7,912
	45,854	Itau Unibanco Holding SA		670,646
	1,648	Itausa-Investimentos Itau S.A		6,431
	1,349	Kasikornbank PCL, (3)		8,356
	11,958	KB Financial Group Inc.		685,202
	97	Komercni Banka AS		4,198
	266,696	Krung Thai Bank Public Company Limited, (3)		153,798
	1,871	Malayan Banking BHD		5,141
	1,127	mBank SA		138,119
	15,054	MCB Bank Ltd, (2)		27,198
	14,184	Mega Financial Holding Co Ltd		12,584
	1,849	National Bank of Abu Dhabi PJSC		6,242
	163	Nedbank Group Limited		3,884
	3,780	OTP Bank PLC		165,344
	10,716	PT Bank Mandiri		5,488
	775,222	PT Bank Rakyat Indonesia		179,422
	41,230	Public Bank Bhd		250,102
	832	RMB Holdings Limited		5,224

31

Nushares ESG Emerging Markets Equity ETF (NUEM) (continued)

Portfolio of Investments    April 30, 2018

(Unaudited)

Shares		Description (1)	Value
		Financials (continued)
	52,501	Rural Electrification Corp Ltd.	$	100,298
	137	Samsung Card Co		4,785
	1,387	Samsung Fire & Marine Insurance Co Ltd		347,383
	20,947	Sanlam Limited		132,910
	9,007	Shinhan Financial Group Company Limited		401,838
	21,281	Siam Commercial Bank PCL, (2)		88,334
	27,384	Standard Bank Group Limited, (WI/DD)		470,126
	10,747	Taishin Financial Holding Co Ltd		5,249
	15,937	Taiwan Business Bank		4,913
	659	The Commercial Bank QSC		6,543
	781	Turkiye Garanti Bankasi A.S		1,769
	20,749	Yes Bank Ltd		112,217
	535,194	Yuanta Financial Holding Co Ltd		256,866
		Total Financials		9,372,802
		Health Care – 4.5%
	2,066	3SBio, Inc., 144A		4,470
	229,095	Alibaba Health Information Technology Ltd, (2)		115,887
	6,505	Bangkok Dusit Medical Services PCL, (2), (3)		4,638
	701	Bumrungrad Hospital PCL, (2), (3)		4,220
	94,450	China Medical Systems Holdings, Limited		232,989
	3,681	China Resources Pharmaceutical Group Ltd, 144A		5,094
	2,072	CSPC Pharmaceuticasl Group Limited		5,333
	8	Hanmi Pharm Co Ltd		3,490
	50	Hanmi Science Co ltd		3,642
	2,198	Hartalega Holdings Bhd		3,288
	2,893	IHH Healthcare Bhd		4,483
	958	Life Healthcare Group Holdings Ltd		2,264
	329	Lupin Ltd		3,993
	1,386	Netcare Limited		3,441
	1,024	Odontoprev SA		4,413
	105	Piramal Enterprises Ltd		4,087
	36,343	PT Kalbe Farma Tbl		3,931
	511	Qualicorp SA		3,568
	263	Richter Gedoen NYRT		5,326
	142,607	Shandong Weigao Group Medical Polymer Company Limited		87,945
	36,828	Shangai Fosun Pharmaceutical Group Company Limited		201,543
	53,049	Shanghai Pharmaceuticals Holding Company, Limited		145,664
	288,555	Sihuan Pharmaceutical Holdings Group Ltd		70,225
	225,852	Sino Biopharmaceutical Limited		480,582
	90,765	Sinopharm Group Co Ltd		382,801

32

Shares		Description (1)	Value
		Health Care (continued)
	20	Yuhan Corporation	$	4,288
		Total Health Care		1,791,605
		Industrials – 7.9%
	3,670	Aboitiz Equity Ventures Equity, Inc.		4,954
	3,276	Air China Ltd-H		4,375
	3,785	Airports of Thailand PCL, (2)		8,515
	507	Aselsan Elektronik Sanayi Ve Ticaret AS		3,143
	78,689	Ashok Leyland Ltd		193,775
	400	Bidvest Group Limited		7,854
	6,886	BTS Group Holdings PCL, (2), (3)		1,953
	16,660	CCR SA		57,130
	123,596	China Conch Venture Holdings Ltd		385,831
	316,037	China South Locomotive and Rolling Stock Corporation Limited		281,074
	3,721	China Southern Airlines Company Limited		4,030
	1,078	CJ Corp.		164,014
	300	Doosan Heavy Industries & Construction Co Ltd		5,028
	10,897	DP World Ltd, (2)		242,458
	10	Eicher Motors Ltd		4,673
	8,033	Evergreen Marine Corp Taiwan Ltd		4,100
	131,255	Far Eastern New Century Corp.		125,991
	242	Grupo Aeroportuario del Sureste SA de CV		4,323
	186	GS Engineering & Construction Corp.		7,105
	2,479	HAP Seng Consolidated BHD		6,192
	534	Havells India Limited		4,372
	277	Hiwin Technologies Corporation		4,213
	743	Hyundai Robotics Co Ltd, (2)		293,916
	10,401	Jasa Marga Persero Tbk PT		3,267
	217,891	JG Summit Holdings, Inc.		269,261
	322	Latam Airlines Group S.A		4,953
	2,864	LG Corp.		217,471
	854	Localize Rent A Car SA		6,829
	2,027	Malaysia Airport Holdings BHD		4,655
	2,699	MISC Bhd		4,925
	4,616	Samsung C&T Corporation		605,065
	5,403	Siemens AG		91,124
	123,443	Sime Darby Berhad		84,005
	518	TAV Havalimanlari Holding AS		2,775
	734	Turk Hava Yollari AO, (2)		3,017
	2,798	Turk Sise ve Cam Fabrikalari SA		3,104

33

Nushares ESG Emerging Markets Equity ETF (NUEM) (continued)

Portfolio of Investments    April 30, 2018

(Unaudited)

Shares		Description (1)	Value
		Industrials (continued)
	533	WEG SA	$	2,717
		Total Industrials		3,122,187
		Information Technology – 25.1%
	33,195	AAC Technologies Holdings Inc.		483,444
	7,952	Acer Inc.		6,128
	1,671	ASE Industrial Holding Co Ltd		4,535
	451	Asustek Computer, Inc.		4,238
	504,330	Au Optronic Corporation		211,370
	1,854	Byd Electronic International Company Limited		2,849
	391	Catcher Technology Co Limited		4,374
	1,694	Chicony Electronics Co Ltd		4,191
	463	Cielo SA		2,549
	6,355	Compal Electronics Inc.		4,167
	93,590	Delta Electronics Inc.		341,633
	2,091	Delta Electronics Thailand PCL, (2), (3)		4,456
	988,588	GCL-Poly Energy Holdings Limited, (2)		123,444
	404	HCL Technologies Inc.		6,374
	37,316	Infosys Ltd, (WI/DD)		670,922
	681,385	Innolux Corporation		255,636
	6,274	Inventec Corp.		4,782
	548,426	Legend Holdings Limited		262,045
	17,683	LG Display Company Limited		388,246
	28	LG Innotek Company Limited		3,054
	3,787	Lite-On Technology Corp.		5,024
	3,314	Macronix International		5,326
	653	MediaTek		7,504
	1,952	Micro-Star International Co Ltd		6,162
	10	NCsoft Corporation		3,371
	931	NHN Corporation		624,124
	2,175	Samsung Electronics		241,316
	3,065	Samsung SDI Co, Ltd		526,593
	255,140	Taiwan Semiconductor Manufacturing Company Limited		1,957,541
	14,909	Tata Consultancy Services, (WI/DD)		788,341
	675	Tech Mahindra Limited		6,769
	53,053	Tencent Holdings Limited		2,643,100
	70,872	TravelSky Technology Ltd.		208,600
	1,094	Vakrangee Ltd		1,638
	519	Win Semiconductors Corp, (2)		3,938
	21,518	Wipro Limited		89,889
	53,332	Wistron Corp.		42,721

34

Shares		Description (1)	Value
		Information Technology (continued)
	412	Yageo Corp	$	8,731
		Total Information Technology		9,959,125
		Materials – 7.5%
	127	Anglo American Platinum Ltd		3,422
	1,881	Asia Cement Corp.		2,019
	355	Asian Paints Limited		6,389
	284,271	China Molybdenum Co Ltd		216,601
	36,161	Empresas CMPC SA		148,848
	81,644	Eregli Demir ve Celik Fabrikalari TAS		204,047
	207	Fibria Celulose S.A		4,084
	607	Grupo Argos SA/Colombia		4,322
	208	Hanwha Chemical Corp.		5,638
	2,255	Industrias Penoles, S.A.B. de C.V.		47,183
	10,631	KGHM Polska Miedz Spolka Akcyjna		284,120
	914	Klabin SA		5,564
	4,887	Kumba Iron Ore Ltd		105,125
	120,467	Lee & Man Paper Manufacturing.		134,001
	1,617	LG Chem Limited		545,031
	256	LG Chem Limited		49,376
	1,173	Lotte Chemical Corp.		454,681
	121	Mondi Ltd		3,528
	21,568	Nan Ya Plastics Corp.		59,485
	124,446	Nine Dragons Paper Holdings Limited		187,741
	25	OCI Company Limited		3,652
	8,792	PhosAgro PJSC, GDR		126,781
	4,068	Polyus PJSC, GDR		129,566
	3,028	Press Metal Aluminum Holdings Bhd		3,728
	1,669	PTT Global Chemical PCL, (2), (3)		5,183
	782	Sappi Limited		5,005
	392	Siam Cement Public Company		5,813
	3,820	Sibanye Gold Limited, (2)		3,360
	267,095	Sinopec Shanghai Petrochemical Co., Ltd		178,330
	693	Suzano Papel e Celulose S.A		8,159
	5,019	UPL Limited		55,048
		Total Materials		2,995,830
		Real Estate – 3.4%
	2,735	Aldar Properties PJSC.		1,564
	4,694	Ayala Land Inc.		3,701
	694	Barwa Real Estate Company		6,738

35

Nushares ESG Emerging Markets Equity ETF (NUEM) (continued)

Portfolio of Investments    April 30, 2018

(Unaudited)

Shares		Description (1)	Value
		Real Estate (continued)
	735	BR Malls Participacoes	$	2,301
	32,958	Bumi Serpong Damai PT		4,004
	1,891	Central Pattana PCL, (2), (3)		4,838
	90,023	China Vanke Co Ltd		375,084
	4,569	DAMAC Properties Dubai Co PJSC		3,446
	8,739	Emaar Malls PJSC		5,282
	10,029	Emlak Konut Gayrimenkul Yatirim Ortakligi AS		5,995
	1,455	Ezdan Holding Group QSC.		4,480
	3,659	Fibra Uno Administracion SA		6,033
	2,566	Fortress REIT Ltd		3,577
	476,863	Fullshare Holdings Ltd		261,877
	1,193	Growthpoint Properties Ltd		2,781
	294	Hyprop Investments Ltd		2,685
	12,639	IOI Properties Group Bhd		5,025
	112,174	Longfor Properties Company Limited		338,741
	48,864	Megaworld Corporation		4,249
	112	Multiplan Empreendimentos Imobiliarios SA		2,136
	256	NEPI Rockcastle plc		2,822
	6,766	Redefine Properties Ltd		6,493
	599	Resilient REIT Ltd		3,251
	2,656	Ruentex Development Co Ltd		3,200
	3,500	Shanghai Lujiazui Finance & Trade Zone Development Co Ltd.		5,005
	12,029	Sime Darby Property Bhd		4,599
	229,493	Sino-Ocean Group Holding Ltd		160,827
	60,993	SM Prime Holdings Inc.		40,368
	154,334	SOHO China Ltd, (2)		79,642
	5,552	SP Setia Bhd Group		4,514
		Total Real Estate		1,355,258
		Telecommunication Services – 4.8%
	835	Advanced Info Service PCL, (2), (3)		5,503
	9,572	Asia Pacific Telecom Co Ltd, (2)		2,847
	206,543	Axiata Group Berhad		279,005
	76,684	Bharti AirTel Limited		471,088
	855	Bharti Infratel Limited		4,048
	24,492	Chunghwa Telecom Co., Ltd		93,543
	3,930	DiGi.com BHD		4,638
	2,310	Far EasTone Telecommunications Co Ltd		6,121
	135	Globe Telecom, Inc.		4,017
	8,563	Hellenic Telecommunications Organization		124,667
	109,742	Idea Cellular Ltd, (2)		113,787

36

Shares		Description (1)	Value
		Telecommunication Services (continued)
	3,563	Maxis Bhd	$	5,294
	5,730	MTN Group Limited		57,485
	2,726	O2 Czech Republic AS		37,389
	3,150	Ooredoo QSC		68,520
	2,695	Orange Polska SA, (2)		4,054
	63,668	Orascom Telecom Holding SAE, (2)		18,300
	1,725,366	PT Telekomunikasi Indonesia Persero Tbk		474,979
	1,611	Taiwan Mobile Co Ltd		5,962
	438	Telefonica Brasil SA		6,171
	3,228	Telekom Malaysia BHD		4,360
	19,989	Telkom SA Limited		90,980
	19,686	True Corp PCL, (2)		4,741
	723	Turkcell Iletism Hizmetleri SA		2,483
	300	Vodacom Group Limited		3,748
	21,530	XL Axiata Tbk Pt, (2)		3,281
		Total Telecommunication Services		1,897,011
		Utilities – 2.2%
	6,044	Aboitiz Power Corp.		4,438
	8,914	Aguas Andinas SA. Class A		5,945
	421,858	Beijing Enterprises Water Group		247,259
	241,911	China Longyuan Power Group Corporation		239,191
	50,382	Companhia Energetica de Minas Gerais		122,210
	1,299	EDP Energias do Brasil S.A		5,173
	478	Engie Brasil Energia SA		5,070
	244	Equatorial Energia SA		4,978
	364,662	Huaneng Renewables Corp Ltd		163,089
	1,016	Infraestructura Energitca Nova SAB de CV		4,458
	976	Interconexion Electrica SA ESP		5,031
	734	Manila Electric Co		4,567
	1,228	Qatar Electricity and Water Company		66,779
	769	Transmissora Alianca de Energia Eletrica SA		4,694
	21,423	YTL Corp BHD.		7,917
	6,044	YTL Power International Berhad		1,417
		Total Utilities		892,216
		Total Long-Term Investments (cost $38,611,731)		39,608,988

37

Nushares ESG Emerging Markets Equity ETF (NUEM) (continued)

Portfolio of Investments    April 30, 2018

(Unaudited)

Principal Amount (000)		Description (1)	Coupon		Maturity		Ratings (4)		Value
		SHORT-TERM INVESTMENTS – 0.2%
		U.S. GOVERNMENT AND AGENCY OBLIGATIONS – 0.2%
$	100	Federal Home Loan Bank, Discount Notes		0.000%		5/01/18		N/R	$	100,000
		Total Short-Term Investments (cost $100,000)								100,000
		Total Investments (cost $38,711,731) – 100.0%								39,708,988
		Other Assets Less Liabilities – (0.0)%								(16,854	)
		Net Assets – 100%							$	39,692,134

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 a dividend within the past twelve months.

(3) For fair value measurement disclosure purposes, investment classified as Level 2. See Notes to Financial Statements, Note 2 – Investment Valuation and Fair Value Measurements for more information.

(4) For financial reporting purposes, the ratings disclosed are the highest of Standard & Poor’s Group (“Standard & Poor’s”), Moody’s Investors Service, Inc. (“Moody’s”) or Fitch, Inc. (“Fitch”) rating. This treatment of split-rated securities may differ from that used for other purposes, such as for Fund investment policies. Ratings below BBB by Standard & Poor’s, Baa by Moody’s or BBB by Fitch are considered to be below investment grade. Holdings designated N/R are not rated by any of these national rating agencies.

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 transactions with qualified institutional buyers.

ADR American Depositary Receipt

GDR Global Depositary Receipt

REIT Real Estate Investment Trust

WI/DD Investment, or portion of investment, purchased on a when-issued or delayed delivery basis.

See accompanying notes to financial statements.

38

Nushares ESG International Developed Markets Equity ETF (NUDM)

Portfolio of Investments    April 30, 2018

(Unaudited)

Shares		Description (1)	Value
		LONG-TERM INVESTMENTS – 99.5%
		COMMON STOCKS – 99.5%
		Consumer Discretionary – 12.0%
	410	Adidas-Salomon AG	$	101,004
	2,061	Aisin Seiki Company Limited		111,879
	9,675	Barratt Developments PLC		74,358
	4,944	Bayerische Motoren Werke AG		552,355
	1,655	Bayerische Motoren Werke AG		160,366
	715	Benesse Holdings Inc.		26,071
	162	Berkely Group Holdings		9,086
	2,675	British Sky Broadcasting PLC		50,771
	464	Cie Financierre Richemont		44,324
	7,692	Compass Group PLC		165,275
	7,652	Denso Corporation		402,512
	816	Eutelsat Communications		17,687
	295	Fast Retailing Company Limited		129,970
	3,115	Hennes & Mauritz AB		53,379
	21,329	Honda Motor Company Limited, (WI/DD)		734,259
	4,743	Industria de Diseno Textil SA		147,732
	3,281	ITV PLC		6,853
	433	Kering		250,903
	25,009	Kingfisher plc		104,647
	176,383	Li and Fung Limited		89,222
	12,488	Marks and Spencer Group PLC		49,485
	29,718	Matsushita Electric Industrial Co., Ltd, (WI/DD)		443,224
	143	Next PLC		10,352
	2,181	Oriental Land Company Limited		217,552
	15,395	Pearson PLC		176,801
	347	Peugeot SA		8,561
	2,799	Renault SA		303,817
	3,488	Sekisui House, Ltd.		63,895
	6,358	SES SA, ADR		98,326
	38,122	Shangri-La Asia Ltd		74,901
	7,498	Sony Corporation, (WI/DD)		370,018
	688	Swatch Group AG.		61,614
	8,161	Taylor Wimpey PLC		21,554

39

Nushares ESG International Developed Markets Equity ETF (NUDM) (continued)

Portfolio of Investments    April 30, 2018

(Unaudited)

Shares		Description (1)	Value
		Consumer Discretionary (continued)
	7,602	TUI AG	$	172,294
	315	Vivendi Universal S.A		8,331
	210	Whitbread PLC		12,383
	9,326	WPP Group PLC		160,243
		Total Consumer Discretionary		5,486,004
		Consumer Staples – 11.1%
	15,000	Aeon Corporation, Limited		299,863
	10,609	Associated British Foods PLC		395,117
	1,197	Casino Guichard-Perrachon S.A		62,129
	6,473	Coca-Cola European Partners PLC		253,742
	5,119	Coca-Cola HBC AG		172,318
	7,418	Groupe Danone		601,289
	2,467	Henkel AG and CO KGaA		294,337
	30,798	J. Sainsbury PLC		131,077
	335	Jeronimo Martins SGPS		5,885
	2,163	KAO Corporation		155,270
	808	Kerry Group PLC		82,491
	10,765	Marine Harvest		234,688
	16,001	Nestle SA		1,244,325
	8,425	Orkla ASA		78,181
	3,020	Reckitt and Benckiser		237,180
	75,322	Tesco PLC		244,734
	10,197	Unilever NV		572,678
		Total Consumer Staples		5,065,304
		Energy – 3.5%
	7,867	Caltex Australia Limited		184,209
	6,892	Enagas		201,012
	20,512	John Wood Group PLC.		160,642
	2,128	Koninklijke Vopak NV		105,156
	3,866	Neste Oil OYJ		326,496
	5,698	Showa Shell Sekiyu K.K		80,556
	68,741	Snam Rete Gas S.p.A		330,966
	11,017	Tenaris SA		207,248
		Total Energy		1,596,285
		Financials – 20.4%
	2,822	3i Group PLC		36,599
	43,061	Aegon N.V.		316,944
	2,835	Allianz AG ORD Shares		672,924
	22,347	Australia and New Zealand Banking Group Limited		452,754

40

Shares		Description (1)	Value
		Financials (continued)
	12,345	AXA	$	353,789
	50,637	Banco Bilbao Vizcaya Argentaria S.A		411,739
	9,510	Bank Hapoalim BM		65,182
	8,492	Bank Leumi le-Israel B.M		50,274
	8,512	BNP Paribas SA		657,983
	71,353	BOC Hong Kong Holdings Limited		371,391
	32,354	CaixaBank SA, (2)		157,885
	11,386	CGNU PLC		82,960
	5,110	CNP Assurances		131,134
	19,936	Commerzbank AG, (2)		257,968
	12,863	Commonwealth Bank of Australia		697,346
	5,443	DBS Group Holdings Limited		126,779
	3,004	Erste Group Bank AG		147,355
	513	ForeningsSparbanken AB		11,204
	4,458	Hang Seng Bank		113,378
	12,705	Hong Kong Exchanges and Clearing Limited		416,364
	1,484	ING Groep N.V		25,059
	23,076	Intesa Sanpaolo, (2)		91,615
	61,672	IntesaSanpaolo SpA		235,235
	2,986	KBC Group NV		261,196
	13,296	Mitsubishi UFJ Lease & Finance Co Ltd		84,691
	8,433	Mitsui Sumitomo Insurance Company Limited		282,988
	40	Muenchenener Rueckver AG		9,180
	28,298	Natixis SA		232,900
	176	NN Group NV		8,440
	5,151	Old Mutual PLC		17,850
	6,620	Prudential Corporation PLC		170,918
	886	Sompo Japan Nipponkoa Holdings Inc., (WI/DD)		37,165
	41,186	Standard Chartered PLC		435,100
	3,832	Sumitomo Mitsui Trust Holdings		162,700
	974	Swiss Re AG		93,140
	7,487	Tokio Marine Holdings Inc.		353,875
	39,527	UBS Group AG		669,631
	27,774	Westpac Banking Corporation		600,443
		Total Financials		9,304,078
		Health Care – 9.9%
	11,241	Al Noor Hospitals Group PLC		103,890
	570	Alfresa Holdings Corporation		12,585
	15,511	Astellas Pharma Inc.		227,580
	12,428	AstraZeneca PLC		873,517

41

Nushares ESG International Developed Markets Equity ETF (NUDM) (continued)

Portfolio of Investments    April 30, 2018

(Unaudited)

Shares		Description (1)	Value
		Health Care (continued)
	3,846	Chugai Pharmaceuticals Company	$	203,152
	90	Coloplast A/S		7,648
	26,642	Convatec Group PLC, 144A		79,702
	2,620	CSL Limited		336,922
	620	Dainippon Pharmaceutical Company Limited		11,304
	1,829	Eisai Co Ltd		122,769
	728	Essilor International SA		99,435
	238	H. Lundbeck A/S		13,855
	20,096	Healthscope Limited		36,862
	8,996	Koninklijke Philips Electronics NV		382,696
	3,400	Kyowa Hakko Kirin Company Limited		73,764
	47	Lonza AG		11,594
	1,423	Merck KGaA		139,639
	10,948	Novo Nordisk AS, Class B		518,049
	2,146	Ramsay Health Care Limited		104,792
	3,970	Roche Holdings AG		885,720
	474	Sonic Healthcare Limited		8,451
	877	Sysmex Corporation		77,582
	2,370	UCB SA		179,709
		Total Health Care		4,511,217
		Industrials – 16.2%
	14,970	ABB Limited		351,452
	507	Abertis Infraestructuras S.A		11,185
	461	Adecco Group		30,708
	201	Aeroports de Paris		44,296
	464	Atlas Copco AB, Class A Shares		18,262
	6,188	Atlas Copco AB, Class B Shares		221,035
	5,675	Bouygues SA		289,689
	12,229	Brambles Limited		91,111
	20,216	Capita PLC		53,336
	18,508	CNH Industrial NV		228,980
	8,267	Compagnie de Saint-Gobain		434,436
	536	Daifuku Company Limited		28,802
	4,137	Daikin Industries Limited		484,115
	4,184	Deutsche Post AG		182,489
	6,775	East Japan Railway Company, (WI/DD)		649,484
	2,188	Edenred SA		75,341
	1,243	Eiffage SA		148,227
	9,440	Ferrovial SA		202,275
	512	Fraport AG		49,735

42

Shares		Description (1)	Value
		Industrials (continued)
	206	Hankyu Hanshin Holdings Inc.	$	8,123
	590	Hino Motors, Ltd		7,209
	56	Hochteif AG		10,257
	2,503	Intertek Group PLC		168,962
	2,058	Kajima Corporation		19,842
	17,997	Komatsu, Ltd		616,758
	1,209	Meggitt PLC		7,866
	44,945	MTR Corporation		253,409
	164	Nippon Express Company Limited		12,395
	9,716	Obayashi Corporation		112,055
	96	Osram Licht AG		5,541
	15,701	Reed Elsevier PLC		336,173
	7,630	Rexel SA		118,459
	10,377	Royal Mail PLC		83,070
	1,290	Sandvik AB		22,132
	6,970	Schneider Electric SE		633,944
	6,431	Siemens AG		820,816
	2,449	Sydney Airport		13,181
	342	Tokyu Corporation		5,754
	5,094	Transurban Group		44,604
	1,934	Travis Perkins PLC		33,804
	22,935	Volvo AB, Class B Shares		391,388
	916	West Japan Railway Company		64,875
	323	Wolseley PLC		24,825
		Total Industrials		7,410,400
		Information Technology – 6.3%
	733	Amadeus IT Holding SA		53,757
	2,256	ASML Lithography Holding NV		429,298
	18,109	Ericsson LM, Class B Shares		139,188
	22,563	Fujitsu Limited		137,306
	2,742	Konica Minolta, Inc., (WI/DD)		23,555
	8,145	Kyocera Corporation		520,893
	1,474	Murata Manufacturing Company, Limited		186,565
	669	Nintendo Co., Ltd., (WI/DD)		282,273
	1,738	Nokia Oyj		10,453
	1,176	Nomura Research Institute, Ltd		60,721
	918	Omron Corporation		49,832
	6,108	SAP SE		682,031
	9,949	STMicroelectronics NV		217,809

43

Nushares ESG International Developed Markets Equity ETF (NUDM) (continued)

Portfolio of Investments    April 30, 2018

(Unaudited)

Shares		Description (1)	Value
		Information Technology (continued)
	1,754	Yaskawa Electric Corporation	$	71,651
		Total Information Technology		2,865,332
		Materials – 7.9%
	81	AKZO Nobel NV		7,330
	1,636	Amcor Limited		16,956
	38,067	Asahi Kasei Corporation, (WI/DD)		524,432
	8,276	Boliden AB		288,519
	4,496	Boral Limited		23,349
	1,164	Christian Hansen Holding A/S		105,931
	188	Croda International PLC		11,551
	1,861	Daicel Corporation		21,531
	4,933	Evonik Industries AG		175,702
	2,474	Hitachi Chemical Company, Ltd		54,397
	6,513	Hitachi Metals Limited		74,757
	131	Imerys SA.		11,966
	774	Johnson Matthey PLC		35,116
	5,405	K+S AG		159,405
	1,287	Kaneka Corporation		12,714
	1,039	Kansai Paint Company Limited		23,396
	109	Koninklijke DSM NV		11,302
	8,207	Kuraray Company Limited, (WI/DD)		136,652
	6,615	Mondi PLC		184,592
	2,223	Nitto Denko Corporation		165,570
	190	Novozymes AS, Class B		8,981
	1	Sika AG		7,304
	6,142	Stora Enso Oyj, Class R Shares		121,960
	47,331	Sumitomo Chemical Company, Limited		272,069
	7,456	Sumitomo Metal Mining Company, Limited		320,112
	382	Teijin Limited		7,195
	30,460	Toray Industries Inc.		284,488
	3,556	Umicore		198,750
	4,548	UPM-Kymmene Corporation		163,088
	3,463	Voestalpine AG		182,882
		Total Materials		3,611,997
		Real Estate – 3.8%
	1,292	Azrieli Group Ltd		59,287
	24,755	British Land Company PLC		229,264
	67,865	Capitaland Limited		192,721
	9,772	City Developments Limited		93,509

44

Shares		Description (1)	Value
		Real Estate (continued)
	476	Daiwa House Industry Company Limited	$	17,444
	1,398	Deutsche Wohnen Ag		66,110
	9,609	Hammerson PLC		72,660
	18,779	Hysan Development Company		109,708
	19,556	Land Securities Group PLC		266,230
	12,449	Mitsubishi Estate Company Limited		227,819
	10,638	Mitsui Fudosan Co., Ltd		273,326
	896	SEGRO PLC		7,975
	35,564	Swire Properties Ltd		126,654
	2,179	UOL Group Ltd		14,499
		Total Real Estate		1,757,206
		Telecommunication Services – 4.7%
	11,805	KDDI Corporation, (WI/DD)		316,850
	14,060	NTT Mobile Communications		364,269
	4,395	Orange S.A		80,261
	117,798	Singapore Telecommunications Limited, (WI/DD)		313,167
	6,531	Telenor ASA		144,950
	50,722	Telstra Corporation Limited		121,754
	275,911	Vodafone Group PLC		804,135
		Total Telecommunication Services		2,145,386
		Utilities – 3.7%
	34,640	APA Group		218,336
	1,999	Orsted Energy A/S, 144A		131,967
	15,541	Mercury NZ Ltd		34,931
	39,017	Meridian Energy Limited		80,825
	64,646	National Grid PLC		750,431
	12,984	Red Electrica Corporacion SA, (2)		271,076
	20,692	United Utilities PLC		211,813
		Total Utilities		1,699,379
		Total Long-Term Investments (cost $44,426,637)		45,452,588
		Other Assets Less Liabilities – 0.5%		251,135
		Net Assets – 100%	$	45,703,723

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 a dividend within the past twelve months.

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 transactions with qualified institutional buyers.

ADR American Depositary Receipt

WI/DD Investment, or portion of investment, purchased on a when-issued or delayed delivery basis.

See accompanying notes to financial statements.

45

Nushares ESG Large-Cap Growth ETF (NULG)

Portfolio of Investments    April 30, 2018

(Unaudited)

Shares		Description (1)	Value
		LONG-TERM INVESTMENTS – 99.8%
		COMMON STOCKS – 99.8%
		Consumer Discretionary – 22.9%
	50	Aptiv PLC.	$	4,229
	138	Aramark Holdings Corporation		5,160
	462	Booking Holdings Inc., (2)		1,006,236
	82	CBS Corporation, Class B		4,034
	15	Chipotle Mexican Grill, (2)		6,350
	1,935	Expedia, Inc.		222,796
	214	Hanesbrands Inc.		3,953
	6,685	Hilton Worldwide Holdings Inc.		527,045
	725	Liberty Broadband Corporation, Class C Shares, (2)		51,395
	129	Liberty Media Group, Class-C Shares, (2)		3,808
	166	Liberty Sirius Group, Class-A Shares, (2)		6,934
	3,935	Liberty Sirius Group, Class-C Shares, (2)		163,932
	1,038	Live Nation Inc., (2)		40,970
	10,792	LKQ Corporation, (2)		334,768
	8,605	Lowe’s Companies, Inc.		709,310
	63	Lululemon Athletica Inc., (2)		6,287
	73	Michael Kors Holdings Limited, (2)		4,995
	3,482	NetFlix.com Inc., (2)		1,087,986
	8,644	Nike, Inc., Class B		591,163
	3,864	Ross Stores, Inc.		312,404
	37,119	Sirius XM Holdings Inc.		234,963
	14,137	Starbucks Corporation		813,867
	1,570	Tesla Motors Inc., (2)		461,423
	1,085	Tiffany & Co.		111,571
	8,473	Time Warner Inc.		803,240
	8,781	TJX Companies, Inc.		745,068
	65	Tractor Supply Company		4,420
	725	Ulta Beauty, Inc., (2)		181,910
	348	Under Armour Inc., Class C Shares, (2)		5,342
	313	Under Armour, Inc., (2)		5,559
	55	Vail Resorts, Inc.		12,612
	60	VF Corporation		4,852
	10,411	Walt Disney Company		1,044,536

46

Shares		Description (1)	Value
		Consumer Discretionary (continued)
	37	Wyndham Worldwide Corporation	$	4,226
	5,482	YUM! Brands, Inc.		477,482
		Total Consumer Discretionary		10,004,826
		Consumer Staples – 3.3%
	90	Church & Dwight Company Inc.		4,158
	32	Clorox Company		3,750
	6,500	Colgate-Palmolive Company		423,995
	5,409	Dr. Pepper Snapple Group		648,864
	1,546	Estee Lauder Companies Inc., Class A		228,947
	1,329	McCormick & Company, Incorporated		140,090
		Total Consumer Staples		1,449,804
		Energy – 2.5%
	168	Baker Hughes a GE Co		6,066
	7,035	Cheniere Energy Inc., (2)		409,156
	9,708	Schlumberger Limited		665,580
		Total Energy		1,080,802
		Financials – 7.2%
	2,262	American Express Co		223,373
	1,434	BlackRock Inc.		747,831
	14,741	Charles Schwab Corporation		820,779
	47	Comerica Incorporated		4,445
	47	First Republic Bank of San Francisco		4,365
	2,241	Marsh & McLennan Companies, Inc.		182,642
	639	Moody’s Corporation		103,646
	5,513	Progressive Corporation		332,379
	3,791	S&P Global, Inc.		714,983
	32	Signature Bank, (2)		4,069
	313	TD Ameritrade Holding Corporation		18,182
		Total Financials		3,156,694
		Health Care – 14.1%
	8,317	AbbVie Inc.		803,006
	63	Agilent Technologies, Inc.		4,142
	2,436	Align Technology, Inc., (2)		608,635
	2,925	Becton, Dickinson and Company		678,220
	16	Biogen Inc., (2)		4,378
	53	BioMarin Pharmaceutical Inc., (2)		4,426
	13,085	Bristol-Myers Squibb Company		682,121
	6,727	Celgene Corporation, (2)		585,922
	4,610	Centene Corporation, (2)		500,554

47

Nushares ESG Large-Cap Growth ETF (NULG) (continued)

Portfolio of Investments    April 30, 2018

(Unaudited)

Shares		Description (1)	Value
		Health Care (continued)
	314	Cooper Companies, Inc.	$	71,815
	3,284	Edwards Lifesciences Corp, (2)		418,250
	1,265	HCA Holdings Inc.		121,111
	64	Henry Schein Inc., (2)		4,864
	115	Hologic Inc., (2)		4,461
	2,541	Humana Inc.		747,511
	2,237	Idexx Labs Inc., (2)		435,074
	31	Jazz Pharmaceuticals, Inc., (2)		4,713
	7	Mettler-Toledo International Inc., (2)		3,919
	49	ResMed Inc.		4,637
	74	Tesaro Inc., (2)		3,767
	983	Varian Medical Systems, Inc., (2)		113,625
	1,186	Vertex Pharmaceuticals Inc., (2)		181,648
	22	Waters Corporation, (2)		4,145
	2,376	Zoetis Incorporated		198,348
		Total Health Care		6,189,292
		Industrials – 9.6%
	29	Acuity Brands Inc.		3,473
	66	AGCO Corp		4,137
	55	Allegion PLC		4,245
	12	AMERCO		4,050
	2,378	C.H. Robinson Worldwide, Inc.		218,847
	5,083	Expeditors International of Washington, Inc.		324,600
	103	Flowserve Corporation		4,574
	4,646	Fortive Corporation		326,660
	72	Fortune Brands Home & Security		3,938
	6,209	IHS Markit Limited, (2)		305,048
	2,099	Illinois Tool Works, Inc.		298,100
	6,131	Ingersoll Rand Company Limited, Class A		514,330
	36	Manpower Inc.		3,446
	8,671	Masco Corporation		328,371
	1,432	Rockwell Automation, Inc.		235,607
	4,584	Rockwell Collins, Inc.		607,563
	2,346	Roper Technologies, Inc.		619,790
	84	Sensata Technologies Holding PLC		4,260
	296	Smith AO Corporation		18,160
	28	Snap-on Incorporated		4,067
	64	Stanley Black & Decker Inc.		9,062
	4,328	TransUnion		280,930

48

Shares		Description (1)	Value
		Industrials (continued)
	32	WABCO Holdings Inc.	$	4,128
	808	Xylem Inc.		58,903
		Total Industrials		4,186,289
		Information Technology – 33.5%
	5,523	Accenture Limited		835,078
	4,452	Adobe Systems Incorporated, (2)		986,563
	53	Analog Devices Inc.		4,630
	21,083	Apple, Inc.		3,484,177
	12,636	Applied Materials, Inc.		627,630
	4,770	Autodesk, Inc., (2)		600,543
	9,835	Cadence Design Systems, Inc., (2)		393,990
	4,350	Citrix Systems		447,659
	4,049	Intuit, Inc.		748,215
	31	Lam Research Corporation		5,737
	22,586	Microsoft Corporation		2,112,243
	4,366	NVIDIA Corporation		981,913
	7,262	Salesforce.com, Inc., (2)		878,629
	5,821	Texas Instruments Incorporated		590,424
	114	Trimble Navigation Limited, (2)		3,944
	10,829	Visa Inc.		1,373,984
	4,763	Workday Inc., Class A, (2)		594,613
		Total Information Technology		14,669,972
		Materials – 1.9%
	39	Albemarle Corp		3,781
	150	Axalta Coating Systems Ltd		4,635
	2,715	Ball Corporation		108,844
	4,815	Ecolab Inc.		697,068
	216	PPG Industries, Inc.		22,870
	106	Sealed Air Corporation		4,648
		Total Materials		841,846
		Real Estate – 2.9%
	5,416	American Tower Corporation, REIT		738,526
	34	Boston Properties, Inc.		4,128
	129	CBRE Group Inc., (2)		5,845
	402	Equinix Inc.		169,158
	5,439	Prologis Inc.		353,045
	216	UDR Inc.		7,808
		Total Real Estate		1,278,510

49

Nushares ESG Large-Cap Growth ETF (NULG) (continued)

Portfolio of Investments    April 30, 2018

(Unaudited)

Shares		Description (1)	Value
		Telecommunication Services – 1.9%
	9,546	T-Mobile US Inc., (2)	$	577,628
	6,376	Zayo Group Holdings, Inc., (2)		231,449
		Total Telecommunication Services		809,077
		Total Long-Term Investments (cost $41,154,351)		43,667,112
		Other Assets Less Liabilities – 0.2%		90,899
		Net Assets – 100%	$	43,758,011

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 a dividend within the past twelve months.

REIT Real Estate Investment Trust

See accompanying notes to financial statements.

50

Nushares ESG Large-Cap Value ETF (NULV)

Portfolio of Investments    April 30, 2018

(Unaudited)

Shares		Description (1)	Value
		LONG-TERM INVESTMENTS – 99.8%
		COMMON STOCKS – 99.8%
		Consumer Discretionary – 4.9%
	1,419	Aptiv PLC.	$	120,019
	1,676	Autoliv Inc.		224,668
	52	Best Buy Co., Inc.		3,980
	79	BorgWarner Inc.		3,866
	29	Darden Restaurants, Inc.		2,693
	160	Discovery Communications Inc., Class A Shares, (2)		3,784
	3,869	Discovery Communications Inc., Class C Shares, (2)		85,969
	114	Gap, Inc.		3,333
	58	Garmin Limited		3,403
	49	Genuine Parts Company		4,328
	105	Goodyear Tire & Rubber Company		2,637
	136	H & R Block Inc.		3,760
	81	Harley-Davidson, Inc.		3,332
	58	Kohl’s Corporation		3,603
	62	Lennar Corporation, Class A		3,279
	30	Liberty Broadband Corporation, Class C Shares, (2)		2,127
	6,178	Liberty Global PLC Class C, (2)		179,780
	95	Liberty Media Group, Class-C Shares, (2)		2,804
	197	Mattel, Inc.		2,916
	8,398	Newell Brands Inc.		232,037
	2,690	Royal Caribbean Cruises Limited		291,031
	77	Tapestry Inc.		4,140
	7,925	Target Corporation		575,355
	37	Tiffany & Co.		3,805
	81	Toll Brothers Inc.		3,415
	120	TripAdvisor Inc., (2)		4,490
	52	VF Corporation		4,205
	22	Whirlpool Corporation		3,409
		Total Consumer Discretionary		1,782,168
		Consumer Staples – 11.4%
	89	Archer-Daniels-Midland Company		4,039
	83	Campbell Soup Company		3,385

51

Nushares ESG Large-Cap Value ETF (NULV) (continued)

Portfolio of Investments    April 30, 2018

(Unaudited)

Shares		Description (1)	Value
		Consumer Staples (continued)
	23,566	Coca-Cola Company	$	1,018,287
	257	Colgate-Palmolive Company		16,764
	9,941	General Mills, Inc.		434,819
	112	Hormel Foods Corporation		4,060
	6,343	Kellogg Company		373,603
	418	Kimberly-Clark Corporation		43,280
	41	McCormick & Company, Incorporated		4,322
	15,386	Mondelez International Inc.		607,747
	6,556	PepsiCo, Inc.		661,763
	13,904	Procter & Gamble Company		1,005,815
		Total Consumer Staples		4,177,884
		Energy – 7.8%
	2,814	Baker Hughes a GE Co		101,614
	764	National-Oilwell Varco Inc.		29,544
	9,575	ONEOK, Inc.		576,606
	9,394	Schlumberger Limited		644,053
	6,939	Targa Resources Corporation		325,925
	6,498	Valero Energy Corporation		720,823
	17,254	Williams Companies Inc.		443,945
		Total Energy		2,842,510
		Financials – 23.0%
	4,714	Ace Limited		639,548
	108	AFLAC Incorporated		4,922
	85	Allstate Corporation		8,315
	135	Ally Financial Inc.		3,523
	34	American Financial Group Inc.		3,849
	10,837	American International Group, Inc.		606,872
	26	Ameriprise Financial, Inc.		3,645
	44	Arch Capital Group Limited, (2)		3,526
	55	Arthur J. Gallagher & Co.		3,849
	43	Assurant Inc.		3,991
	75	Axis Capital Holdings		4,403
	11,737	Bank New York Mellon		639,784
	46,805	Bank of America Corporation		1,400,406
	11,178	BB&T Corporation		590,198
	6,331	Capital One Financial Corporation		573,715
	71	CIT Group Inc.		3,759
	9,836	Citizens Financial Group Inc.		408,096
	3,509	CME Group, Inc.		553,299

52

Shares		Description (1)	Value
		Financials (continued)
	41	Comerica Incorporated	$	3,878
	67	East West Bancorp Inc.		4,464
	11,720	Fifth Third Bancorp.		388,752
	262	Franklin Resources, Inc.		8,814
	243	Huntington BancShares Inc.		3,623
	113	Invesco LTD		3,274
	25,936	KeyCorp.		516,645
	50	Lincoln National Corporation		3,532
	2,913	M&T Bank Corporation		530,952
	10,820	New York Community Bancorp Inc.		128,542
	193	People’s United Financial, Inc.		3,530
	4,517	PNC Financial Services Group, Inc.		657,720
	60	Principal Financial Group, Inc.		3,553
	5,414	Prudential Financial, Inc.		575,616
	42	Raymond James Financial Inc.		3,769
	5,132	Regions Financial Corporation		95,968
	24	Reinsurance Group of America Inc.		3,586
	101	State Street Corporation		10,078
	26	Travelers Companies, Inc.		3,422
	76	Voya Financial Inc.		3,979
	23	Willis Towers Watson PLC		3,416
	87	XL Group Limited		4,836
	78	Zions Bancorporation		4,270
		Total Financials		8,421,919
		Health Care – 13.5%
	12,514	Abbott Laboratories		727,439
	2,143	Agilent Technologies, Inc.		140,881
	76	Alkermes PLC, (2)		3,365
	3,960	Allergan PLC		608,454
	31	Alnylam Pharmaceuticals, Inc., (2)		2,930
	74	Amgen Inc.		12,912
	2,380	Becton, Dickinson and Company		551,851
	1,309	Cardinal Health, Inc.		83,999
	3,236	Danaher Corporation		324,636
	9,189	Eli Lilly and Company		744,952
	101	Envision Healthcare Corporation, (2)		3,754
	10,068	Gilead Sciences, Inc.		727,212
	17,189	Merck & Company Inc.		1,011,916
	44	Perrigo Company		3,438
	36	Quest Diagnostics Incorporated		3,643

53

Nushares ESG Large-Cap Value ETF (NULV) (continued)

Portfolio of Investments    April 30, 2018

(Unaudited)

Shares		Description (1)	Value
		Health Care (continued)
	43	Tesaro Inc., (2)	$	2,189
		Total Health Care		4,953,571
		Industrials – 9.4%
	4,947	Caterpillar Inc.		714,149
	3,667	Deere & Company		496,255
	7,126	Eaton PLC		534,664
	76	Fastenal Company		3,799
	86	Flowserve Corporation		3,819
	15,310	Johnson Controls International PLC		518,550
	19	L-3 Communications Holdings, Inc.		3,722
	113	Nielsen Holdings PLC		3,554
	4,249	Norfolk Southern Corporation		609,604
	52	PACCAR Inc.		3,311
	25	Parker Hannifin Corporation		4,115
	15	W.W. Grainger, Inc.		4,220
	6,612	Waste Management, Inc.		537,489
		Total Industrials		3,437,251
		Information Technology – 12.3%
	16,813	Hewlett Packard Enterprise Co		286,662
	22,642	HP Inc.		486,577
	25,470	Intel Corporation		1,314,761
	5,866	International Business Machines Corporation (IBM)		850,335
	13,408	Microsoft Corporation		1,253,916
	3,317	TE Connectivity Limited		304,335
		Total Information Technology		4,496,586
		Materials – 3.9%
	83	Ball Corporation		3,327
	27	International Flavors & Fragrances Inc.		3,814
	2,615	International Paper Company		134,829
	3,557	LyondellBasell Industries NV		376,082
	189	Mosaic Company		5,094
	1,954	Newmont Mining Corporation		76,773
	2,741	PPG Industries, Inc.		290,217
	3,558	Praxair, Inc.		542,666
	57	WestRock Company		3,372
		Total Materials		1,436,174
		Real Estate – 2.9%
	47	Boston Properties, Inc.		5,706
	240	Brixmor Property Group Inc.		3,574

54

Shares		Description (1)	Value
		Real Estate (continued)
	47	Camden Property Trust	$	4,014
	37	Digital Realty Trust Inc.		3,911
	149	Duke Realty Corporation		4,038
	26	Federal Realty Investment Trust		3,012
	2,183	Health Care Property Investors Inc.		50,995
	192	Host Hotels & Resorts Inc.		3,756
	115	Iron Mountain Inc.		3,903
	24	Jones Lang LaSalle Inc.		4,068
	1,243	Kimco Realty Corporation		18,036
	80	Liberty Property Trust		3,346
	62	Macerich Company		3,572
	44	Mid-America Apartment Communities		4,024
	53	Regency Centers Corporation		3,119
	83	UDR Inc.		3,000
	7,748	Welltower Inc.		414,053
	14,669	Weyerhaeuser Company		539,526
		Total Real Estate		1,075,653
		Telecommunication Services – 4.0%
	19,335	CenturyLink Inc.		359,244
	22,583	Verizon Communications Inc.		1,114,471
		Total Telecommunication Services		1,473,715
		Utilities – 6.7%
	6,174	Consolidated Edison, Inc.		494,723
	6,584	Edison International		431,384
	7,922	Eversource Energy		477,300
	165	NiSource Inc.		4,024
	10,043	Public Service Enterprise Group Incorporated		523,742
	4,521	Sempra Energy		505,448
		Total Utilities		2,436,621
		Total Long-Term Investments (cost $36,214,820)		36,534,052
		Other Assets Less Liabilities – 0.2%		61,050
		Net Assets – 100%	$	36,595,102

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 a dividend within the past twelve months.

See accompanying notes to financial statements.

55

Nushares ESG Mid-Cap Growth ETF (NUMG)

Portfolio of Investments    April 30, 2018

(Unaudited)

Shares		Description (1)	Value
		LONG-TERM INVESTMENTS – 99.9%
		COMMON STOCKS – 99.9%
		Consumer Discretionary – 12.9%
	3,032	Advance Auto Parts, Inc.	$	347,012
	17,151	Aramark Holdings Corporation		641,276
	10,798	CarMax, Inc., (2)		674,875
	17,046	Discovery Communications Inc., Class C Shares, (2)		378,762
	3,043	Hasbro, Inc.		268,058
	7,070	Liberty Broadband Corporation, Class C Shares, (2)		501,192
	3,695	LKQ Corporation, (2)		114,619
	4,407	Lululemon Athletica Inc., (2)		439,819
	242	Tiffany & Co.		24,885
	7,738	Tractor Supply Company		526,184
	1,160	TripAdvisor Inc., (2)		43,407
	18,486	Under Armour Inc., Class C Shares, (2)		283,760
	24,145	Under Armour, Inc., (2)		428,815
	2,940	Vail Resorts, Inc.		674,171
		Total Consumer Discretionary		5,346,835
		Consumer Staples – 4.1%
	8,322	Dr. Pepper Snapple Group		998,307
	6,583	McCormick & Company, Incorporated		693,914
		Total Consumer Staples		1,692,221
		Financials – 7.5%
	44	Comerica Incorporated		4,162
	12,607	E*Trade Group Inc., (2)		764,993
	7,736	First Republic Bank of San Francisco		718,442
	38	Signature Bank, (2)		4,832
	2,903	SVB Financial Group, (2)		869,768
	13,800	XL Group Limited		767,142
		Total Financials		3,129,339
		Health Care – 12.2%
	3,672	Align Technology, Inc., (2)		917,449
	2,920	Cooper Companies, Inc.		667,833
	8,784	Henry Schein Inc., (2)		667,584
	110	Hologic Inc., (2)		4,267

56

Shares		Description (1)	Value
		Health Care (continued)
	4,692	Idexx Labs Inc., (2)	$	912,547
	559	Jazz Pharmaceuticals, Inc., (2)		84,990
	1,064	Mettler-Toledo International Inc., (2)		595,766
	8,543	ResMed Inc.		808,509
	5,191	Tesaro Inc., (2)		264,274
	835	Waters Corporation, (2)		157,322
		Total Health Care		5,080,541
		Industrials – 24.2%
	3,605	Acuity Brands Inc.		431,771
	8,695	AGCO Corp		545,003
	1,116	AMERCO		376,672
	7,100	C.H. Robinson Worldwide, Inc.		653,413
	6,515	Expeditors International of Washington, Inc.		416,048
	10,961	Fastenal Company		547,940
	4,057	Flowserve Corporation		180,171
	12,546	HD Supply Holdings Inc., (2)		485,656
	1,227	Lennox International Inc.		237,265
	3,511	Manpower Inc.		336,073
	18,681	Masco Corporation		707,449
	5,041	Middleby Corporation, (2)		634,359
	11,863	Robert Half International Inc.		720,677
	13,289	Sensata Technologies Holding PLC		674,018
	4,355	Snap-on Incorporated		632,564
	12,103	TransUnion		785,606
	4,881	United Rentals Inc., (2)		732,150
	4,483	WABCO Holdings Inc.		578,262
	4,935	Xylem Inc.		359,761
		Total Industrials		10,034,858
		Information Technology – 27.1%
	61,342	Advanced Micro Devices, Inc., (2)		667,401
	11,355	Akamai Technologies, Inc., (2)		813,586
	1,827	Arista Networks Inc., (2)		483,333
	7,731	Broadridge Financial Solutions, Inc.		828,840
	16,934	Cadence Design Systems, Inc., (2)		678,376
	8,066	Citrix Systems		830,072
	8,655	Cognex Corporation		400,294
	11,868	CommScope Holding Company Inc., (2)		453,595
	218	F5 Networks, Inc., (2)		35,554
	240	Flextronics International LTD		3,120

57

Nushares ESG Mid-Cap Growth ETF (NUMG) (continued)

Portfolio of Investments    April 30, 2018

(Unaudited)

Shares		Description (1)	Value
		Information Technology (continued)
	13,340	FLIR Systems Inc.	$	714,357
	8,185	Fortinet Inc., (2)		453,122
	4,127	Gartner Inc., (2)		500,564
	35	Henry Jack and Associates Inc.		4,182
	11,154	Microchip Technology Incorporated		933,144
	3,100	Red Hat, Inc., (2)		505,486
	7,012	ServiceNow Inc., (2)		1,164,974
	1,023	Skyworks Solutions Inc.		88,755
	3,832	Splunk Inc., (2)		393,355
	7,267	Take-Two Interactive Software, Inc., (2)		724,593
	17,216	Trimble Navigation Limited, (2)		595,674
		Total Information Technology		11,272,377
		Materials – 6.4%
	21,673	Axalta Coating Systems Ltd		669,696
	9,077	FMC Corporation		723,709
	4,360	International Flavors & Fragrances Inc.		615,894
	14,904	Sealed Air Corporation		653,540
		Total Materials		2,662,839
		Real Estate – 3.9%
	4,767	CBRE Group Inc., (2)		215,993
	5,550	SBA Communications Corporation, (2)		889,276
	14,580	UDR Inc.		527,067
		Total Real Estate		1,632,336
		Telecommunication Services – 1.6%
	17,884	Zayo Group Holdings, Inc., (2)		649,189
		Total Long-Term Investments (cost $39,646,420)		41,500,535
		Other Assets Less Liabilities – 0.1%		53,732
		Net Assets – 100%	$	41,554,267

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 a dividend within the past twelve months.

See accompanying notes to financial statements.

58

Nushares ESG Mid-Cap Value ETF (NUMV)

Portfolio of Investments    April 30, 2018

(Unaudited)

Shares		Description (1)	Value
		LONG-TERM INVESTMENTS – 99.8%
		COMMON STOCKS – 99.8%
		Consumer Discretionary – 17.1%
	6,080	Autoliv Inc.	$	815,024
	7,702	AutoNation Inc., (2)		355,755
	12,056	Best Buy Co., Inc.		922,646
	7,584	Darden Restaurants, Inc.		704,250
	4,009	Discovery Communications Inc., Class A Shares, (2)		94,813
	16,149	Discovery Communications Inc., Class C Shares, (2)		358,831
	14,523	Gap, Inc.		424,653
	11,584	Garmin Limited		679,633
	13,432	Goodyear Tire & Rubber Company		337,278
	29,198	Hanesbrands Inc.		539,287
	147	Harley-Davidson, Inc.		6,046
	110	Kohl’s Corporation		6,833
	6,852	Liberty Broadband Corporation, Class C Shares, (2)		485,738
	4,037	Mattel, Inc.		59,748
	159	Nordstrom, Inc.		8,039
	5,148	Tiffany & Co.		529,369
	228	TripAdvisor Inc., (2)		8,532
	5,084	Whirlpool Corporation		787,766
		Total Consumer Discretionary		7,124,241
		Consumer Staples – 5.0%
	8,650	Bunge Limited		624,790
	7,188	JM Smucker Company		820,007
	6,192	McCormick & Company, Incorporated		652,699
		Total Consumer Staples		2,097,496
		Energy – 4.3%
	30,170	TechnipFMC PLC		994,403
	17,166	Targa Resources Corporation		806,287
		Total Energy		1,800,690
		Financials – 25.9%
	30,939	Ally Financial Inc.		807,508
	12,785	Arthur J. Gallagher & Co.		894,822
	22,560	Citizens Financial Group Inc.		936,014
	6,173	Comerica Incorporated		583,842
	27,312	Fifth Third Bancorp.		905,939

59

Nushares ESG Mid-Cap Value ETF (NUMV) (continued)

Portfolio of Investments    April 30, 2018

(Unaudited)

Shares		Description (1)	Value
		Financials (continued)
	815	Huntington BancShares Inc.	$	12,152
	18,275	Invesco LTD		529,427
	12,968	Lincoln National Corporation		916,060
	51,304	New York Community Bancorp Inc.		609,492
	36,522	People’s United Financial, Inc.		667,987
	16,496	Principal Financial Group, Inc.		976,893
	9,378	Raymond James Financial Inc.		841,676
	9,505	Regions Financial Corporation		177,744
	15,567	Voya Financial Inc.		814,932
	3,724	Zions Bancorporation		203,889
	16,862	XL Group Limited		937,359
		Total Financials		10,815,736
		Health Care – 3.8%
	12,356	DENTSPLY SIRONA Inc.		622,001
	307	Envision Healthcare Corporation, (2)		11,411
	8,267	Quest Diagnostics Incorporated		836,620
	2,645	Tesaro Inc., (2)		134,657
		Total Health Care		1,604,689
		Industrials – 8.4%
	7,706	C.H. Robinson Worldwide, Inc.		709,183
	12,789	Fastenal Company		639,322
	5,607	Flowserve Corporation		249,007
	4,680	L-3 Communications Holdings, Inc.		916,718
	4,379	Macquarie Infrastructure Corporation		165,964
	2,901	W.W. Grainger, Inc.		816,196
		Total Industrials		3,496,390
		Information Technology – 6.8%
	12,157	Juniper Networks Inc.		298,941
	18,094	Marvell Technology Group Ltd.		362,966
	8,060	Sabre Corporation		166,358
	12,965	Seagate Technology		750,544
	25,810	Western Union Company		509,747
	23,484	Xerox Corporation		738,572
		Total Information Technology		2,827,128
		Materials – 7.2%
	15,266	Ball Corporation		612,014
	4,544	International Flavors & Fragrances Inc.		641,885
	10,738	Mosaic Company		289,389
	15,230	Newmont Mining Corporation		598,387

60

Shares		Description (1)	Value
		Materials (continued)
	14,850	WestRock Company	$	878,526
		Total Materials		3,020,201
		Real Estate – 11.0%
	21,936	Brixmor Property Group Inc.		326,627
	26,388	Duke Realty Corporation		715,115
	2,898	Federal Realty Investment Trust		335,733
	7,326	Host Hotels & Resorts Inc.		143,297
	19,029	Iron Mountain Inc.		645,844
	2,793	Jones Lang LaSalle Inc.		473,441
	17,297	Liberty Property Trust		723,361
	11,301	Regency Centers Corporation		665,064
	14,930	UDR Inc.		539,719
		Total Real Estate		4,568,201
		Telecommunication Services – 1.7%
	37,762	CenturyLink Inc.		701,618
		Utilities – 8.6%
	19,944	CMS Energy Corporation		941,157
	17,842	Eversource Energy		1,074,980
	32,152	NiSource Inc.		784,187
	9,906	Pinnacle West Capital Corporation		797,433
		Total Utilities		3,597,757
		Total Long-Term Investments (cost $40,524,699)		41,654,147
		Other Assets Less Liabilities – 0.2%		85,685
		Net Assets – 100%	$	41,739,832

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 a dividend within the past twelve months.

See accompanying notes to financial statements.

61

Nushares ESG Small-Cap ETF (NUSC)

Portfolio of Investments    April 30, 2018

(Unaudited)

Shares		Description (1)	Value
		LONG-TERM INVESTMENTS – 99.8%
		COMMON STOCKS – 99.8%
		Consumer Discretionary – 11.8%
	1,329	Aaron Rents Inc.	$	55,512
	5,136	American Axle and Manufacturing Holdings Inc.		78,786
	4,022	American Eagle Outfitters, Inc.		83,175
	541	Asbury Automotive Group, Inc., (2)		36,274
	719	At Home Group, Inc., (2)		25,302
	1,488	Barnes & Noble Education, Inc., (2)		10,699
	1,369	BBX Capital Corp		13,663
	438	Big Lots, Inc.		18,593
	749	BJ’s Restaurants, Inc.		41,832
	513	Bright Horizons Family Solutions Inc., (2)		48,673
	2,831	Brinker International Inc.		123,403
	1,183	Buckle Inc.		27,268
	191	Cable One, Inc.		121,308
	843	Caleres Inc.		27,591
	2,686	Callaway Golf Company		46,360
	1,268	Camping World Holdings, Inc.		36,303
	111	Capella Education Company		10,184
	896	Century Communities, Inc., (2)		27,552
	1,008	Cheesecake Factory Inc.		52,366
	5,127	Cinemark Holdings Inc.		200,825
	2,302	Clear Channel Outdoor Holdings Inc., Class A, (2)		11,050
	777	Columbia Sportswear Company		64,499
	896	Cooper-Standard Holdings Inc., (2)		110,925
	599	Core-Mark Holding Company, Inc.		12,345
	2,842	Crocs, Inc., (2)		44,904
	1,472	Dave & Buster’s Entertainment Inc., (2)		62,545
	891	Deckers Outdoor Corporation, (2)		83,095
	690	Del Taco Restaurants, Inc., (2)		7,700
	637	Denny’s Corporation, (2)		11,154
	824	Dick’s Sporting Goods Inc.		27,266
	337	Dillard’s, Inc., Class A		25,123
	1,237	DineEquity Inc.		98,144
	705	Dorman Products, Inc., (2)		45,303
	1,707	DSW Inc.		38,066

62

Shares		Description (1)	Value
		Consumer Discretionary (continued)
	2,927	Dunkin Brands Group Inc.	$	178,430
	508	Ethan Allen Interiors Inc.		11,201
	513	Fiesta Restaurant Group, (2)		10,773
	1,772	Finish Line, Inc.		24,046
	1,437	Five Below, Incorporated, (2)		101,467
	2,339	Foot Locker, Inc.		100,764
	3,017	Fossil Group Inc., (2)		45,104
	1,023	FTD Companies Inc., (2)		6,588
	2,886	GameStop Corporation		39,394
	1,030	Genesco Inc., (2)		44,033
	7,807	Gentex Corporation		177,531
	1,210	Gentherm Inc., (2)		40,898
	4,767	GNC Holdings Inc.		16,923
	67	Graham Holdings Company		40,404
	692	Green Brick Partners, Inc., (2)		6,989
	510	Group 1 Automotive Inc.		33,329
	577	Helen of Troy Limited		51,440
	856	Hemisphere Media Group Inc., (2)		9,330
	732	Hibbett Sporting Goods, Inc., (2)		19,910
	299	Hooker Furniture Corporation		11,287
	4,018	Houghton Mifflin Harcourt Company, (2)		27,322
	8,313	Hovnanian Enterprises Inc., (2)		16,709
	3,359	ILG, Inc.		114,643
	3,502	Imax Corporation, (2)		81,246
	303	Intl Speedway Corporation		12,453
	960	Irobot Corporation, (2)		56,026
	923	Jack in the Box Inc., Term Loan		82,793
	1,713	John Wiley and Sons Inc., Class A		112,972
	4,832	KB Home		128,290
	2,377	La Quinta Holdings Inc., (2)		46,447
	1,022	La Z Boy Inc.		29,434
	766	Lands’ End Inc., (2)		14,822
	1,006	LGI Homes Inc., (2)		69,615
	622	Lithia Motors Inc.		59,625
	174	Loral Space & Communications, Inc., (2)		6,760
	333	Marinemax Inc., (2)		7,193
	644	Marriott Vacations World		78,961
	409	MDC Holdings Inc.		11,865
	1,124	Meritage Corporation, (2)		50,018
	4,320	Michaels Cos Inc., (2)		80,438

63

Nushares ESG Small-Cap ETF (NUSC) (continued)

Portfolio of Investments    April 30, 2018

(Unaudited)

Shares		Description (1)	Value
		Consumer Discretionary (continued)
	2,210	Modine Manufacturing Company	$	38,012
	610	Monro Muffler Brake, Inc.		34,130
	325	Motorcar Parts of America, Inc., (2)		6,188
	532	Movado Group Inc.		20,987
	381	Murphy USA Inc., (2)		23,839
	5,720	National CineMedia, Inc.		32,718
	4,228	New York Times, Class A		99,147
	1,007	Nutri System Inc.		29,203
	13,557	Office Depot, Inc.		31,046
	609	PICO Holdings, Inc., (2)		7,338
	2,881	Pier 1 Imports, Inc.		6,425
	3,301	Planet Fitness Inc., (2)		132,997
	451	Pool Corporation		62,603
	646	Red Robin Gourmet Burgers, Inc., (2)		40,278
	2,047	Rent-A-Center Inc.		20,695
	4,860	Sally Beauty Holdings Inc., (2)		84,029
	1,605	Scholastic Corporation		66,447
	2,731	Service Corporation International		99,709
	2,924	ServiceMaster Global Holdings Inc., (2)		147,954
	837	Shake Shack Inc., Class A Shares, (2)		39,850
	370	Shoe Carnival, Inc.		9,017
	281	Shutterfly, Inc., (2)		22,739
	1,388	Signet Jewelers Limited		53,965
	2,202	Six Flags Entertainment Corporation		139,254
	527	Sleep Number Corporation, (2)		14,935
	762	Sonic Corporation		19,743
	841	Sothebys Holdings Inc.		44,405
	1,980	Tailored Brands, Inc.		62,469
	7,066	TEGNA, Inc.		68,328
	1,659	Tempur Sealy International, Inc., (2)		74,240
	2,140	Tenneco Inc.		95,637
	10,130	The Wendy’s Company		169,576
	283	Unifi Inc., (2)		8,380
	1,346	Visteon Corporation, (2)		167,496
	1,142	Wayfair Inc., Class A Shares, (2)		71,147
	961	Weight Watcher’s International Inc.		67,318
	1,446	Williams-Sonoma Inc.		69,119
	3,027	Wolverine World Wide Inc.		90,689
	444	Zumiez, Inc., (2)		10,390
		Total Consumer Discretionary		6,067,703

64

Shares		Description (1)	Value
		Consumer Staples – 4.1%
	384	Andersons, Inc.	$	12,538
	27,516	Avon Products, Inc.		69,615
	607	Casey’s General Stores, Inc.		58,636
	8,022	Darling International Inc., (2)		137,497
	6,552	Dean Foods Company		56,413
	1,938	Edgewell Personal Care Co		85,369
	425	Farmer Brothers Company		12,049
	2,130	Fresh Del Monte Produce Inc.		104,690
	1,317	Freshpet, Inc., (2)		26,077
	3,478	Hain Celestial Group Inc., (2)		101,314
	2,040	Herbalife, Limited		215,689
	4,686	Lamb Weston Holding, Inc.		306,088
	315	Medifast, Inc.		31,620
	2,524	Performance Food Group Company, (2)		81,904
	4,438	Pinnacle Foods Inc.		268,055
	159	PriceSmart, Inc.		13,928
	473	Seneca Foods Corporation, (2)		13,031
	896	The Simply Good Foods Company, (2)		11,612
	1,956	Smart & Final Stores, Inc., (2)		9,976
	1,110	SpartanNash Co		20,180
	3,664	Sprouts Farmers Market Inc., (2)		91,710
	863	The Chef’s Warehouse Inc., (2)		20,928
	3,026	Treehouse Foods Inc., (2)		116,501
	1,748	United Natural Foods Inc., (2)		78,695
	3,370	US Foods Holding Corporation, (2)		115,187
	505	USANA Health Sciences, Inc., (2)		53,303
	396	Weis Markets Inc.		18,224
		Total Consumer Staples		2,130,829
		Energy – 4.0%
	5,590	Antero Resources Midstream Management LLC		96,260
	4,687	Archrock Inc.		50,620
	3,566	C&J Energy Services Inc., (2)		106,481
	9,257	Clean Energy Fuels Corporation, (2)		14,904
	2,413	Core Laboratories NV		295,472
	5,960	Delek US Holdings Inc.		282,325
	2,405	Dril Quip Inc., (2)		99,687
	4,718	Enlink Midstream LLC		70,062
	2,172	Exterran Corp., (2)		63,618
	10,516	Fairmount Santrol Holdings Inc., (2)		57,838
	5,187	Forum Energy Technologies Incorporated, (2)		65,356

65

Nushares ESG Small-Cap ETF (NUSC) (continued)

Portfolio of Investments    April 30, 2018

(Unaudited)

Shares		Description (1)	Value
		Energy (continued)
	4,029	Franks International NV	$	28,163
	2,904	Green Plains Renewable Energy, Inc.		54,014
	10,114	Helix Energy Solutions Group, (2)		78,080
	3,326	Keane Group Inc., (2)		51,719
	1,905	Matrix Service Company, (2)		29,337
	17,445	McDermott International Inc., (2)		115,137
	654	Natural Gas Services Group, (2)		15,761
	597	NCS Multistage Holdings Inc., (2)		10,877
	5,404	Newpark Resources Inc., (2)		56,742
	5,486	Oceaneering International Inc.		116,523
	3,681	Oil States International Inc., (2)		132,332
	2,656	Renewable Energy Group Inc., (2)		34,262
	803	RigNet, Inc., (2)		12,125
	1,052	Select Energy Services Inc., (2)		15,833
	40,652	Weatherford International PLC, (2)		119,923
		Total Energy		2,073,451
		Financials – 16.4%
	1,334	Ameris Bancorp.		68,968
	6,706	Apollo Commercial Real Estate Finance, Inc.		120,842
	4,415	Aspen Insurance Holdings Limited		187,417
	5,067	Associated Banc-Corp.		134,022
	369	BancFirst Corporation		21,088
	1,157	Bancorp, Inc., (2)		11,975
	2,457	BancorpSouth Bank		81,204
	490	Bank of Hawaii Corporation		41,263
	3,048	Bank of the Ozarks, Inc.		142,646
	5,279	BankUnited Inc.		209,101
	688	Banner Corporation		39,491
	454	Berkshire Hills Bancorp, Inc.		17,229
	288	BOK Financial Corporation		28,996
	511	Brookline Bancorp, Inc.		8,483
	11,288	Brown & Brown Inc.		307,370
	192	Carolina Financial Corporation		7,528
	1,391	Cathay General Bancorp.		55,654
	1,768	Chemical Financial Corporation		97,046
	1,083	Cohen & Steers Inc.		43,428
	1,434	Columbia Banking Systems Inc.		57,661
	841	Commerce Bancshares Inc.		53,420
	169	Community Trust Bancorp, Inc.		8,112
	1,257	Crawford & Co		9,704

66

Shares		Description (1)	Value
		Financials (continued)
	1,416	Cullen/Frost Bankers, Inc.	$	162,061
	1,839	CVB Financial		40,734
	8,510	CYS Investments Inc.		61,017
	1,928	Donnelley Financial Solutions, Inc., (2)		35,475
	937	Evercore Partners Inc.		94,871
	1,229	FactSet Research Systems Inc.		232,416
	910	FCB Financial Holdings, Inc., Class A Shares, (2)		52,598
	657	Federal Agricultural Mortgage Corporation		56,180
	4,899	First American Corporation		250,388
	255	First Busey Corporation		7,561
	1,262	First Cash, Inc.		109,415
	1,754	First Financial Bancorp.		54,286
	1,470	First Financial Bankshares, Inc.		72,839
	781	First Hawaiian, Inc.		21,517
	778	First Interstate BancSystem Inc., Montana		31,509
	329	First of Long Island Corporation		8,719
	1,418	Flagstar Bancorp Inc., (2)		48,992
	823	Flushing Financial Corporation		21,324
	3,888	Fulton Financial Corporation		65,707
	26,036	Genworth Financial Inc., Class A, (2)		71,859
	1,762	Glacier Bancorp, Inc.		65,247
	1,915	Granite Point Mortgage Trust Inc.		31,866
	2,006	Great Western Bancorp Inc.		82,527
	2,291	Green Dot Corporation, Class A Shares, (2)		139,316
	316	Guaranty Bancorp.		9,006
	2,980	Hancock Holding Company		145,573
	584	Hanmi Financial Corporation		16,118
	3,702	Hannon Armstrong Sustainable Infrastructure Capital Inc.		71,856
	2,355	Hanover Insurance Group Inc.		270,472
	362	Heartland Financial USA, Inc.		19,421
	404	Heritage Financial Corporation		11,999
	1,239	HomeStreet Inc.		31,595
	2,832	Horace Mann Educators Corporation		126,590
	581	Independent Bank Corporation		42,006
	1,910	International Bancshares Corporation		76,018
	688	INTL FCStone Inc., (2)		30,836
	12,824	Investors Bancorp, Inc.		171,457
	3,738	Janus Henderson Group PLC.		118,083
	7,513	Ladenburg Thalmann Financial Services Inc., (2)		24,943
	1,576	LegacyTexas Financial Group Inc.		64,726

67

Nushares ESG Small-Cap ETF (NUSC) (continued)

Portfolio of Investments    April 30, 2018

(Unaudited)

Shares		Description (1)	Value
		Financials (continued)
	5,649	Legg Mason, Inc.	$	224,265
	859	Live Oak Bancshares Inc.		24,267
	3,300	LPL Investments Holdings Inc.		199,881
	1,418	MB Financial, Inc.		60,435
	392	Meta Financial Group, Inc.		43,571
	10,561	MGIC Investment Corporation, (2)		105,821
	1,342	Morningstar, Inc.		145,714
	915	MTGE Investment Corp.		16,607
	408	National Bank Holdings Corporation		14,353
	438	NBT Bancorp, Inc.		16,005
	1,011	OceanFirst Financial Corporation		27,277
	2,642	Old National Bancorp.		45,442
	3,003	On Deck Capital, Inc., (2)		15,766
	742	Opus Bank		20,924
	3,148	Pacwest Bancorp.		161,304
	190	Park National Corporation		20,497
	254	Peoples Utah Bancorp.		8,090
	2,540	Pinnacle Financial Partners, Inc.		162,687
	2,583	PRA Group Inc., (2)		91,955
	999	Prosperity Bancshares, Inc.		71,698
	288	Sandy Spring Bancorp, Inc.		11,413
	1,703	ServisFirst Bancshares Inc.		71,458
	1,661	Simmons First National Corporation		50,162
	542	South State Corporation		46,910
	10,707	Starwood Property Trust Inc.		224,419
	279	State Bank Financial Corporation		8,791
	6,536	Sterling Bancorp.		155,230
	639	Stewart Information Services Corporation		26,653
	2,507	Synovus Financial Corp.		131,041
	1,615	Texas Capital BancShares, Inc., (2)		159,320
	684	TFS Financial Corporation		10,198
	473	Tristate Capital Holdings Inc., (2)		11,825
	490	Triumph Bancorp Inc., (2)		19,037
	1,858	Trustmark Corporation		58,174
	1,270	UMB Financial Corporation		97,257
	5,602	Umpqua Holdings Corporation		131,983
	977	Union Bankshares Corporation		36,940
	2,030	Virtu Financial, Inc., Class A Shares		73,080
	1,267	Walker & Dunlop Inc.		72,358
	2,529	Washington Federal Inc.		80,296

68

Shares		Description (1)	Value
		Financials (continued)
	3,047	Webster Financial Corporation	$	183,399
	331	Westamerica Bancorp.		18,473
	2,259	Western Alliance Bancorporation, (2)		133,236
	236	White Mountain Insurance Group		204,208
	1,469	Wintrust Financial Corporation		131,402
	687	WSFS Financial Corporation		34,419
		Total Financials		8,460,012
		Health Care – 13.1%
	190	Abaxis, Inc.		12,648
	1,057	Abiomed, Inc., (2)		318,099
	3,317	Acadia Pharmaceuticals, Inc., (2)		52,442
	1,214	Accelerate Diagnostics Inc., (2)		26,951
	1,578	Acceleron Pharma Inc., (2)		55,088
	3,841	Accuray, Inc., (2)		19,205
	1,785	Aceto Corporation		4,498
	1,917	Achaogen Inc., (2)		27,432
	1,298	Aclaris Therapeutics Inc., (2)		23,040
	2,363	Aduro Biotech, Inc., (2)		16,305
	1,013	Aerie Pharmaceuticals Inc., (2)		51,866
	1,402	Agios Pharmaceutical Inc., (2)		117,642
	1,221	Akcea Therapeutics Inc., (2)		31,880
	2,675	Alder Biopharmaceuticals Inc., (2)		37,985
	5,578	Allscripts Healthcare Solutions Inc., (2)		64,816
	1,306	Amedisys, Inc., (2)		86,314
	751	American Renal Associates Holdings, Inc., (2)		11,002
	5,594	Amicus Therapeutics, Inc., (2)		79,155
	1,713	AMN Healthcare Services Inc., (2)		114,514
	93	Analogic Corporation		7,728
	662	AnaptysBio Inc., (2)		62,082
	605	AngioDynamics, Inc., (2)		11,725
	819	Assembly Biosciences Inc., (2)		35,610
	1,046	Atara Biotherapeutics Inc., (2)		42,206
	1,007	AthenaHealth Inc., (2)		123,327
	404	AtriCure, Inc., (2)		8,981
	950	AveXis, Incorporated, (2)		202,027
	1,756	Bellicum Pharmaceuticals, Inc., (2)		11,748
	6,436	BioCryst Pharmaceuticals, Inc., (2)		31,665
	1,680	BioTelemetry Inc., (2)		64,176
	1,002	Bluebird Bio Inc., (2)		170,490
	8,603	Brookdale Senior Living Inc., (2)		62,286

69

Nushares ESG Small-Cap ETF (NUSC) (continued)

Portfolio of Investments    April 30, 2018

(Unaudited)

Shares		Description (1)	Value
		Health Care (continued)
	4,309	Bruker Biosciences Corporation	$	127,245
	1,642	Capital Senior Living Corporation, (2)		19,294
	453	Cardiovascular Systems, Inc., (2)		10,351
	4,910	Catalent, Inc., (2)		201,850
	7,215	Celldex Therapeutics, Inc., (2)		5,339
	252	Chemed Corporation		77,671
	676	Civitas Solutions Inc., (2)		9,633
	2,451	Coherus Biosciences Inc., (2)		29,657
	1,376	Collegium Pharmaceutical Inc., (2)		32,542
	211	Computer Programs and Systems, Inc.		6,298
	293	Corvel Corporation, (2)		14,372
	1,053	Cross Country Healthcare, Inc., (2)		13,247
	385	CryoLife Inc.		8,643
	4,170	DepoMed, Inc., (2)		26,188
	2,332	Diplomat Pharmacy, Inc., (2)		50,814
	574	Eagle Pharmaceuticals Inc., (2)		29,854
	2,407	Encompass Health Corporation.		146,394
	3,702	Endologix, Inc., (2)		15,956
	1,067	Ensign Group Inc.		29,737
	672	Esperion Therapeutics Inc., (2)		47,047
	2,489	FibroGen, Inc., (2)		113,125
	1,396	Flexion Therapeutics Inc., (2)		34,788
	513	G1 Therapeutics Inc., (2)		19,674
	1,449	Genmark Diagnostics Inc., (2)		9,071
	857	Glaukos Corporation, (2)		28,864
	1,378	Global Blood Therapeutics Inc., (2)		60,839
	2,483	Globus Medical Inc., Class A, (2)		127,105
	852	Haemonetics Corporation, (2)		66,490
	4,674	Halozyme Therapeutics, Inc., (2)		88,479
	294	Heska Corporation, (2)		23,996
	1,443	HMS Holdings Corporation, (2)		25,988
	2,570	Insmed Incorporated, (2)		62,528
	1,433	Intersect ENT, Inc., (2)		57,248
	1,378	Intra-Cellular Therapies Inc., (2)		24,005
	597	K2M Group Holdings Inc., (2)		11,403
	967	Karyopharm Therapeutics Inc., (2)		12,648
	3,633	Kindred Healthcare Inc.		32,334
	325	LeMaitre Vascular, Inc.		10,221
	1,033	LHC Group, Inc., (2)		76,876
	2,795	Lifepoint Health Inc., (2)		133,881

70

Shares		Description (1)	Value
		Health Care (continued)
	922	Ligand Pharmaceuticals, Inc., (2)	$	142,772
	906	Livanova PLC		80,435
	679	Loxo Oncology Inc., (2)		85,493
	779	Luminex Corporation		16,632
	590	Magellan Health Services, Inc., (2)		49,472
	2,290	Medax Inc., (2)		105,134
	2,781	Medicines Company, (2)		83,680
	1,398	Medidata Solutions, Inc., (2)		99,761
	499	Meridian Bioscience, Inc.		7,285
	1,544	Merit Medical Systems, Inc., (2)		74,884
	6,381	MiMedx Group Inc., (2)		52,388
	2,276	Minerva Neurosciences, Inc., (2)		14,908
	948	MyoKardia Inc., (2)		46,831
	734	Natera, Inc., (2)		8,169
	437	National Research Corporation		14,290
	4,316	NeoGenomics Inc., (2)		41,347
	16,841	Opko Health Inc., (2)		51,197
	2,756	OraSure Technologies, Inc., (2)		48,864
	145	Orthofix International NV		8,848
	2,350	Owens and Minor Inc.		38,188
	1,491	Paratek Pharmaceuticals, Inc., (2)		15,954
	1,683	Patterson Companies, Inc.		39,180
	740	Penumbra Inc., (2)		92,019
	3,502	Perkinelmer Inc.		256,907
	2,567	Premier Inc., Class A, (2)		84,685
	4,567	Progenics Pharmaceuticals, Inc., (2)		29,731
	970	Prothena Corporation PLC		11,640
	141	Providence Service Corporation, (2)		10,699
	734	Quidel Corporation, (2)		41,618
	926	RadNet, Inc., (2)		12,270
	781	Reata Pharmaceuticals, Inc., (2)		20,650
	1,440	Repligen Corporation, (2)		53,280
	1,342	Revance Therapeutics Inc., (2)		37,509
	889	Sage Therapeutics, Inc., (2)		127,945
	1,633	Sarepta Therapeutics Inc., (2)		124,696
	4,967	Select Medical Corporation		89,654
	1,107	Spark Therapeutics, Inc., (2)		84,486
	470	STAAR Surgical Company, (2)		7,638
	763	Steris PLC		72,119
	1,388	Surgery Partners Inc., (2)		22,208

71

Nushares ESG Small-Cap ETF (NUSC) (continued)

Portfolio of Investments    April 30, 2018

(Unaudited)

Shares		Description (1)	Value
		Health Care (continued)
	329	Tactile Systems Technology, Incorporated, (2)	$	11,452
	1,498	Teladoc, Inc., (2)		64,414
	3,019	Teligent, Inc., (2)		9,057
	1,976	Theravance Biopharma Inc.		47,562
	1,292	Tivity Health Inc., (2)		46,447
	1,587	Ultragenyx Pharmaceutical Inc., (2)		80,683
	110	US Physical Therapy, Inc.		10,038
	1,150	Varex Imaging Corporation, (2)		41,389
	1,354	Vocera Communications Incorporated, (2)		33,945
	1,175	West Pharmaceutical Services Inc.		103,647
	9,085	ZIOPHARM Oncology, Inc., (2)		38,339
	967	Zogenix Inc., (2)		38,003
		Total Health Care		6,737,070
		Industrials – 14.8%
	1,548	Aaon, Inc.		52,632
	489	ABM Industries Inc.		15,223
	2,485	Acco Brands Corporation		29,944
	2,116	Actuant Corporation		49,832
	2,593	Advanced Drainage Systems, Inc.		65,344
	1,407	Aegion Corporation, (2)		31,925
	1,268	Aerovironment, Inc., (2)		69,106
	371	Alamo Group Inc.		40,613
	4,956	Allison Transmission Holdings Inc.		193,234
	1,106	ArcBest Corporation		35,503
	669	Argan, Inc.		26,760
	1,930	Armstrong World Industries Inc., (2)		108,080
	1,249	Astronics Corporation, (2)		45,688
	3,255	Avis Budget Group Inc., (2)		160,830
	1,982	Axon Enterprise, Inc., (2)		83,204
	2,560	Barnes Group Inc.		142,157
	2,238	Beacon Roofing Supply Company, (2)		109,550
	351	Brady Corporation		12,776
	2,146	Briggs & Stratton Corporation		38,692
	6,271	Builders FirstSource, Inc., (2)		114,320
	1,461	Carlisle Companies Inc.		157,394
	1,360	Chart Industries, Inc., (2)		77,166
	4,150	Chicago Bridge & Iron Company N.V.		62,665
	1,249	Clean Harbors, Inc., (2)		57,204
	901	Comfort Systems USA Inc.		38,022
	3,694	Copart Inc., (2)		188,690

72

Shares		Description (1)	Value
		Industrials (continued)
	962	Cubic Corporation	$	59,404
	1,465	Curtiss Wright Corporation		187,579
	3,361	Donaldson Company, Inc.		148,758
	297	Dun and Bradstreet Inc.		34,247
	1,009	Echo Global Logistics, Inc., (2)		27,546
	1,465	Emcor Group Inc.		107,809
	1,072	EnerSys		73,496
	963	ESCO Technologies Inc.		53,784
	2,241	Essendant Inc.		16,673
	1,322	Esterline Technologies Corporation, (2)		94,986
	95	Exponent, Inc.		8,208
	1,794	Franklin Electric Company, Inc.		73,554
	2,281	GATX Corporation		148,812
	2,379	Generac Holdings Inc., (2)		107,079
	2,111	Genesee & Wyoming Inc., (2)		150,303
	1,291	Granite Construction Inc.		67,623
	3,555	Great Lakes Dredge & Dock Corporation		16,353
	1,245	Healthcare Services Group, Inc.		48,094
	289	Heidrick & Struggles International, Inc.		10,881
	2,740	Hertz Global Holdings, Inc., (2)		60,006
	2,355	Hexcel Corporation		156,537
	2,097	Hillenbrand Inc.		97,196
	1,055	HNI Corporation		35,226
	1,199	Hub Group, Inc., (2)		52,696
	1,152	Hubbell Inc.		119,647
	395	Huron Consulting Group, Inc., (2)		14,793
	292	Hyster-Yale Materials Handling Inc.		20,790
	281	ICF International, Inc.		18,855
	902	Insperity Inc.		72,386
	1,398	Interface, Inc.		30,756
	1,916	ITT, Inc.		93,673
	2,409	KAR Auction Services Inc.		125,244
	394	Kelly Services, Inc.		11,528
	2,885	Keyw Holding Corporation, (2)		22,330
	445	KForce Inc.		11,815
	1,081	Knoll Inc.		20,615
	226	Korn Ferry International		12,082
	117	Lindsay Manufacturing Company		10,280
	912	Matthews International Corporation		44,825
	239	McGrath Rentcorp.		14,084

73

Nushares ESG Small-Cap ETF (NUSC) (continued)

Portfolio of Investments    April 30, 2018

(Unaudited)

Shares		Description (1)	Value
		Industrials (continued)
	2,340	Mercury Computer Systems Inc., (2)	$	75,067
	5,639	Meritor Inc., (2)		109,791
	1,234	Miller (Herman) Inc.		37,884
	1,253	Mobile Mini, Inc.		52,626
	540	MSA Safety Inc.		46,894
	427	MYR Group Inc., (2)		12,810
	797	Navigant Consulting Inc., (2)		17,048
	2,797	Navistar International Corporation, (2)		97,364
	1,712	Nexeo Solutions, Incorporated, (2)		17,445
	1,505	On Assignment Inc., (2)		121,348
	2,226	Oshkosh Truck Corporation		160,628
	5,113	Pitney Bowes Inc.		52,255
	9,543	Plug Power Inc., (2)		17,464
	1,009	Proto Labs Incorporated, (2)		120,222
	1,424	Quad Graphics Inc.		35,187
	5,551	Quanta Services Incorporated, (2)		180,408
	3,627	R.R. Donnelley & Sons Company		30,648
	1,215	Raven Industries, Inc.		44,469
	1,654	Regal-Beloit Corporation		117,765
	3,045	Ryder System, Inc.		205,324
	1,455	SiteOne Landscape Supply, Inc., (2)		99,668
	475	SP Plus Corporation, (2)		16,696
	864	Spartan Motors, Inc.		15,422
	2,493	Steelcase Inc.		33,032
	5,082	Sunrun Inc., (2)		46,856
	1,141	Team, Inc., (2)		19,340
	1,087	Teledyne Technologies Inc., (2)		203,367
	397	Tennant Company		29,378
	1,500	Tetra Tech, Inc.		72,600
	3,199	Toro Company		186,790
	1,700	TriMas Corporation, (2)		46,070
	1,862	TriNet Group Inc., (2)		96,172
	966	TrueBlue Inc., (2)		25,744
	716	Valmont Industries, Inc.		101,744
	842	Veritiv Corporation, (2)		32,038
	240	Viad Corporation		12,180
	3,415	Wabash National Corporation		68,505
	1,074	WageWorks, Incorporated, (2)		44,732
	453	Watts Water Technologies, Inc.		33,749
	4,883	Welbilt Incorporation, (2)		93,558

74

Shares		Description (1)	Value
		Industrials (continued)
	3,579	Wesco Aircraft Holdings Inc., (2)	$	36,148
	1,839	WESCO International Inc., (2)		109,512
	2,072	Woodward Governor Company		149,060
		Total Industrials		7,612,115
		Information Technology – 16.2%
	3,250	ACI Worldwide, Inc., (2)		75,563
	2,752	ANGI Homeservices, Inc., (2)		36,767
	2,786	Arris International PLC, (2)		75,222
	489	AVX Group		7,218
	150	Badger Meter Inc.		6,368
	691	Belden Inc.		42,566
	388	Benchmark Electronics Inc.		10,204
	1,143	BenefitFocus Inc., (2)		34,519
	3,681	Black Knight, Inc., (2)		179,081
	1,813	Blackbaud, Inc.		190,292
	929	BlackLine, Inc., (2)		38,461
	5,179	Booz Allen Hamilton Holding		205,244
	4,183	Brooks Automation Inc.		104,073
	314	CalAmp Corporation, (2)		6,202
	214	Cass Information Systems, Inc.		12,943
	1,455	ChannelAdvisor Corporation, (2)		19,352
	3,056	Ciena Corporation, (2)		78,692
	2,927	Cirrus Logic Inc., (2)		106,748
	591	Coherent Inc., (2)		99,418
	9,389	Conduent, Inc., (2)		182,710
	323	Control4 Corporation, (2)		6,731
	862	Cray, Inc., (2)		20,559
	4,251	Cree, Inc., (2)		158,647
	801	CSG Systems International Inc.		34,275
	287	CTS Corporation		8,596
	2,772	Diebold Inc.		42,550
	545	Dolby Laboratories, Inc.		32,602
	220	Echostar Holding Corporation, Class A, (2)		11,559
	1,249	Electro Scientific Industries Inc.		22,482
	7,343	Entegris Inc.		236,445
	286	ePlus, Inc., (2)		22,837
	5,195	Etsy, Inc., (2)		155,538
	833	Exlservice Holdings, Inc., (2)		48,156
	1,164	Fabrinet		32,836
	695	Fair Isaac Corporation		120,360

75

Nushares ESG Small-Cap ETF (NUSC) (continued)

Portfolio of Investments    April 30, 2018

(Unaudited)

Shares		Description (1)	Value
		Information Technology (continued)
	129	FARO Technologies, Inc., (2)	$	6,515
	3,300	Finisar Corporation, (2)		51,414
	2,422	First Solar Inc., (2)		171,744
	2,986	Five9, Inc., (2)		87,699
	4,081	Gogo Inc., (2)		38,443
	1,442	Ichor Holdings Ltd		31,868
	3,463	Infinera Corporation, (2)		40,586
	512	Insight Enterprises Inc., (2)		18,150
	752	Interdigital Inc.		55,986
	2,833	Kemet Corporation, (2)		48,784
	1,911	Keysight Technologies, Inc., (2)		98,760
	6,537	Limelight Networks Inc., (2)		33,731
	555	Littelfuse Inc.		103,741
	2,926	Liveperson, Inc., (2)		49,157
	2,234	LogMeIn Inc.		246,187
	1,589	Lumentum Holdings Inc., (2)		80,165
	2,055	Manhattan Associates Inc., (2)		88,488
	1,964	Mellanox Technologies, Limited		154,370
	349	Methode Electronics, Inc.		13,925
	2,156	MINDBODY, Inc., Class A Shares, (2)		85,485
	2,122	Moneygram International Inc., (2)		18,546
	144	MTS Systems Corporation		7,315
	1,701	Nanometrics Inc., (2)		42,219
	1,000	National Instruments Corporation		40,890
	1,739	NCR Corporation, (2)		53,509
	464	Netgear, Inc., (2)		25,659
	1,653	NetScout Systems, Inc., (2)		44,879
	2,388	New Relic, Inc., (2)		166,897
	995	Novanta, Inc., (2)		58,506
	3,301	Nutanix, Inc., (2)		166,998
	321	NVE Corporation		27,147
	4,735	Oclaro Inc., (2)		37,501
	13,795	ON Semiconductor Corporation, (2)		304,594
	149	OSI Systems Inc., (2)		9,539
	3,557	Parametric Technology Corporation, (2)		292,919
	1,711	Paycom Software Inc., (2)		195,413
	1,483	Paylocity Holding Corporation, (2)		81,016
	427	Perficient, Inc., (2)		10,560
	136	Plantronics Inc.		8,860
	221	Plexus Corporation, (2)		12,120

76

Shares		Description (1)	Value
		Information Technology (continued)
	1,549	Power Integrations Inc.	$	105,022
	3,668	Quotient Technology Inc., (2)		49,151
	1,438	Qualys Incorporated, (2)		110,654
	5,504	Rambus Inc., (2)		74,304
	856	Rapid7 Inc., (2)		24,173
	1,167	Ribbon Communications Inc., (2)		6,792
	2,724	RingCentral Inc., Class A, (2)		182,644
	507	Rogers Corporation, (2)		54,097
	1,512	Sanmina-SCI Corporation, (2)		44,604
	1,575	Science Applications International Corporation		135,119
	1,902	ServiceSource International Inc., (2)		7,209
	2,077	Silicon Laboratories Inc., (2)		192,953
	1,715	SolarEdge Technologies, Inc., (2)		90,295
	829	SPS Commerce Inc., (2)		56,845
	861	Sykes Enterprises Inc., (2)		24,762
	515	SYNNEX Corporation		51,588
	1,761	Tableau Software Inc., Class A, (2)		149,773
	777	Tech Data Corporation, (2)		59,246
	2,735	Teradata Corporation, (2)		111,916
	6,474	TiVo, Inc.		91,607
	9,097	Travelport Worldwide Limited		155,923
	960	TTEC Holdings, Inc.		30,720
	2,769	TTM Technologies, Inc., (2)		38,600
	2,058	Twilio, Inc., (2)		86,868
	604	Ultimate Software Group, Inc., (2)		144,912
	856	Universal Display Corporation		75,371
	693	Vasco Data Security International, Inc., (2)		10,742
	1,584	VeriFone Holdings Inc., (2)		36,448
	1,411	Virtusa Corporation, (2)		67,926
	2,803	Vishay Intertechnology Inc.		49,473
	1,341	WEX, Inc., (2)		217,135
	529	Workiva Inc., (2)		11,903
	2,255	Yext Inc., (2)		30,082
	1,211	Zebra Technologies Corporation, Class A, (2)		163,279
		Total Information Technology		8,318,237
		Materials – 5.6%
	714	AptarGroup Inc.		66,759
	1,989	Bemis Company, Inc.		86,064
	3,301	Berry Plastics Corporation, (2)		181,555
	1,701	Boise Cascade Company		70,762

77

Nushares ESG Small-Cap ETF (NUSC) (continued)

Portfolio of Investments    April 30, 2018

(Unaudited)

Shares		Description (1)	Value
		Materials (continued)
	482	Clearwater Paper Corporation, (2)	$	11,399
	2,539	Compass Minerals International, Inc.		170,875
	1,965	Domtar Corporation		86,264
	5,519	Ferro Corporation		121,473
	1,151	Glatfelter		24,044
	137	Greif , Inc., Class B Shares		8,624
	1,156	Greif Inc.		67,649
	3,019	H.B. Fuller Company		149,350
	802	Innospec, Inc.		58,305
	3,080	KapStone Paper and Packaging Corp.		106,014
	3,573	Louisiana-Pacific Corporation		101,223
	1,484	Materion Corporation		75,313
	2,432	Minerals Technologies Inc.		167,930
	495	Myers Industries, Inc.		11,534
	108	Neenah Paper, Inc.		8,424
	3,614	PolyOne Corporation		151,246
	3,588	Reliance Steel & Aluminum Company		315,455
	2,040	Royal Gold, Inc.		181,152
	1,260	Ryerson Holding Corporation, (2)		12,663
	1,935	Schnitzer Steel Industries, Inc.		56,986
	2,171	Scotts Miracle Gro Company		181,452
	1,909	Sensient Technologies Corporation		127,235
	973	Sonoco Products Company		49,973
	1,164	Stepan Company		81,852
	2,189	Trinseo SA		159,688
		Total Materials		2,891,263
		Real Estate – 9.3%
	760	Alexander & Baldwin Inc.		17,404
	870	Altisource Portfolio Solutions SA		23,821
	4,237	American Campus Communities Inc.		165,709
	3,682	Apartment Investment & Management Company, Class A		149,489
	4,963	Brandywine Realty Trust		79,954
	705	CatchMark Timber Trust Inc., Class A		9,193
	12,790	CBL & Associates Properties Inc.		53,462
	459	Chatham Lodging Trust		8,744
	1,522	Chesapeake Lodging Trust		44,960
	1,606	Coresite Realty Corporation		167,185
	3,752	Corporate Office Properties		103,218
	5,718	Cousins Properties, Inc.		50,833
	3,561	CyrusOne Inc.		190,834

78

Shares		Description (1)	Value
		Real Estate (continued)
	2,039	DCT Industrial Trust Inc.	$	133,697
	6,844	DiamondRock Hospitality Company		75,626
	4,031	Douglas Emmett Inc.		150,235
	433	Easterly Government Properties, Inc.		8,924
	2,782	Education Realty Trust Inc.		91,556
	3,494	First Industrial Realty Trust, Inc.		108,698
	4,854	Forest City Realty Trust Inc.		97,371
	1,902	Four Corners Property Trust, Inc.		43,099
	4,715	Franklin Street Properties Corporation		36,683
	4,760	Gaming and Leisure Properties Inc.		163,125
	2,294	Government Properties Income Trust		28,652
	4,795	Gramercy Property Trust		112,683
	1,199	HFF Inc., Class A Shares, (2)		42,133
	4,101	Hospitality Properties Trust		102,033
	1,202	Howard Hughes Corporation, (2)		162,631
	2,987	Hudson Pacific Properties Inc.		98,183
	3,110	iStar Inc., (2)		31,535
	2,377	JBG Smith Properties		87,640
	8,175	Kennedy-Wilson Holdings Inc.		154,916
	2,076	Kilroy Realty Corporation		148,787
	360	Marcus & Millichap Inc., (2)		12,298
	5,214	MGM Growth Properties LLC		145,836
	289	National Health Investors Inc.		19,730
	1,517	Northstar Realty Europe Corporation		21,997
	7,819	Paramount Group Inc.		112,203
	3,170	Park Hotels & Resorts, Inc.		91,233
	3,173	Piedmont Office Realty Trust		56,860
	2,147	Potlatch Corporation		111,322
	2,134	QTS Realty Trust Inc., Class A Shares		75,522
	588	Rayonier Inc.		21,868
	5,710	Realogy Holdings Corporation		141,665
	3,283	Rexford Industrial Realty Inc.		100,296
	7,277	RLJ Lodging Trust		151,143
	6,689	Sabra Health Care Real Estate Investment Trust Inc.		122,476
	2,815	Select Income REIT		53,372
	7,447	Senior Housing Properties Trust		115,950
	520	St Joe Company, (2)		8,970
	6,704	Sunstone Hotel Investors Inc.		104,582
	359	Tejon Ranch Company, (2)		8,734
	243	The RMR Group Inc.		18,079

79

Nushares ESG Small-Cap ETF (NUSC) (continued)

Portfolio of Investments    April 30, 2018

(Unaudited)

Shares		Description (1)	Value
		Real Estate (continued)
	1,712	Tier REIT, Inc.	$	32,545
	7,637	Uniti Group, Inc.		137,619
	13,063	Washington Prime Group, Inc.		84,518
	1,305	Washington Real Estate Investment Trust		37,480
	640	WP Carey Inc.		40,864
		Total Real Estate		4,770,175
		Telecommunication Services – 0.8%
	1,827	Boingo Wireless Inc., (2)		42,861
	2,710	Cincinnati Bell Inc., (2)		41,057
	4,763	Consolidated Communications Holdings, Inc.		53,822
	31,501	Globalstar, Inc. (2)		19,266
	910	IDT Corporation		4,932
	5,867	Iridium Communications Inc., (2)		69,817
	2,190	Orbcomm, Inc., (2)		19,754
	1,737	Shenandoah Telecommunications Company		65,572
	8,240	Vonage Holdings Corporation, (2)		92,123
		Total Telecommunication Services		409,204
		Utilities – 3.7%
	2,066	8point3 Energy Partners LP		24,999
	8,822	Aqua America Inc.		310,091
	1,019	Chesapeake Utilities Corporation		77,444
	5,356	New Jersey Resources Corporation		221,471
	3,553	NextEra Energy Partners LP		148,054
	3,025	One Gas Inc.		210,903
	2,673	Ormat Technologies Inc.		154,767
	5,846	Pattern Energy Group Inc.		106,280
	2,092	Southwest Gas Holdings, Inc.		152,695
	791	Spark Energy, Inc.		9,848
	3,287	Spire, Inc.		237,157
	2,798	TerraForm Power, Inc., (2)		31,198
	2,408	WGL Holdings Inc.		204,921
		Total Utilities		1,889,828
		Total Common Stocks (cost $49,162,739)		51,359,887

80

Shares		Description (1)	Value
		COMMON STOCK RIGHTS – 0.0%
	1,243	Newstar Financial, Inc., (3)	$	612
		Total Common Stock Rights (cost $-)		612
		Total Long-Term Investments (cost $49,162,739)		51,360,499
		Other Assets Less Liabilities – 0.2%		79,117
		Net Assets – 100%	$	51,439,616

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 a dividend within the past twelve months.

(3) Investment valued at fair value using methods determined in good faith by, or at the discretion of, the Board. For fair value measurement disclosure purposes, investment classified as Level 3. See Notes to Financial Statements, Note 2 – Investment Valuation and Fair Value Measurements for more information.

REIT Real Estate Investment Trust.

See accompanying notes to financial statements.

81

Statement of Assets and Liabilities

April 30, 2018

(Unaudited)

	NUEM		NUDM		NULG		NULV		NUMG		NUMV		NUSC
Assets
Long-term investments, at value (cost $38,611,731, $44,426,637, $41,154,351, $36,214,820, $39,646,420, $40,524,699 and $49,162,739, respectively)	$	39,608,988	$	45,452,588	$	43,667,112	$	36,534,052	$	41,500,535	$	41,654,147	$	51,360,499
Short-term investments, at value (cost approximates value)		100,000		—		—		—		—		—		—
Cash		9,641		87,852		67,202		56,372		57,216		40,706		76,398
Cash denominated in foreign currencies (cost $8,597, $17,186, $—, $—, $—, $— and $—, respectively)		8,596		17,183		—		—		—		—		—
Receivable for:
Dividends		21,830		160,646		30,526		57,103		9,796		58,352		18,759
Investments sold		4,753		—		—		—		—		—		—
Reclaims		596		27,576		1,489		8		10		—		20
Shares sold		—		—		3,539		—		—		—		—
Total assets		39,754,404		45,745,845		43,769,868		36,647,535		41,567,557		41,753,205		51,455,676
Liabilities
Payable for investments purchased		47,693		27,588		—		42,379		—		—		—
Accrued expenses:
Management fees		14,424		14,381		11,775		9,971		13,208		13,291		15,900
Professional fees		74		74		38		39		38		38		74
Trustees fees		79		79		44		44		44		44		86
Total liabilities		62,270		42,122		11,857		52,433		13,290		13,373		16,060
Net assets	$	39,692,134	$	45,703,723	$	43,758,011	$	36,595,102	$	41,554,267	$	41,739,832	$	51,439,616
Shares outstanding		1,400,000		1,700,000		1,350,000		1,300,000		1,400,000		1,500,000		1,800,000
Net asset value (“NAV”) per share	$	28.35	$	26.88	$	32.41	$	28.15	$	29.68	$	27.83	$	28.58
Net assets consist of:
Capital paid-in	$	38,208,557	$	44,234,649	$	40,015,739	$	34,697,915	$	39,080,065	$	40,235,435	$	48,564,275
Undistributed (Over-distribution of) net investment income		112,820		341,727		88,427		251,871		22,862		269,939		91,445
Accumulated net realized gain (loss)		373,877		105,451		1,141,084		1,326,084		597,225		105,010		586,136
Net unrealized appreciation (depreciation)		996,880		1,021,896		2,512,761		319,232		1,854,115		1,129,448		2,197,760
Net assets	$	39,692,134	$	45,703,723	$	43,758,011	$	36,595,102	$	41,554,267	$	41,739,832	$	51,439,616
Authorized shares		Unlimited		Unlimited		Unlimited		Unlimited		Unlimited		Unlimited		Unlimited
Par value per share	$	0.01	$	0.01	$	0.01	$	0.01	$	0.01	$	0.01	$	0.01

See accompanying notes to financial statements.

82

Statement of Operations

Six Months Ended April 30, 2018

(Unaudited)

	NUEM			NUDM			NULG		NULV			NUMG		NUMV		NUSC
Investment Income	$	386,058		$	570,756		$	212,847	$	498,758		$	129,406	$	477,577	$	294,990
Foreign tax withheld on dividend income		(46,797	)		(53,354	)		—		—			—		—		(345	)
Total Investment Income		339,261			517,402			212,847		498,758			129,406		477,577		294,645
Expenses
Management fees		85,013			78,528			68,673		62,199			76,591		74,613		84,822
Professional fees		162			128			180		225			175		160		311
Trustees fees		361			365			346		385			329		314		453
Total expenses		85,536			79,021			69,199		62,809			77,095		75,087		85,586
Net investment income (loss)		253,725			438,381			143,648		435,949			52,311		402,490		209,059
Realized and Unrealized Gain (Loss)
Net realized gain (loss) from:
Investments and foreign currency		375,747			105,876			407,018		191,255			376,700		108,361		595,720
In-kind redemptions		—			—			735,242		1,136,754			221,974		—		—
Change in net unrealized appreciation (depreciation) of investments and foreign currency		(158,566	)		434,516			1,342,951		(529,689	)		1,079,092		769,391		604,118
Net realized and unrealized gain (loss)		217,181			540,392			2,485,211		798,320			1,677,766		877,752		1,199,838
Net increase (decrease) in net assets from operations	$	470,906		$	978,773		$	2,628,859	$	1,234,269		$	1,730,077	$	1,280,242	$	1,408,897

See accompanying notes to financial statements.

83

Statement of Changes in Net Assets

(Unaudited)

	NUEM						NUDM
	Six Months Ended 4/30/18			For the Period June 6, 2017 (commencement of operations) through October 31, 2017			Six Months Ended 4/30/18			For the Period June 6, 2017 (commencement of operations) through October 31, 2017
Operations
Net investment income (loss)	$	253,725		$	97,618		$	438,381		$	76,148
Net realized gain (loss) from:
Investments and foreign currency		375,747			(2,753	)		105,876			16,523
In-kind redemptions		—			—			—			—
Change in net unrealized appreciation (depreciation) of investments and foreign currency		(158,566	)		1,155,446			434,516			587,380
Net increase (decrease) in net assets from operations		470,906			1,250,311			978,773			680,051
Distributions to Shareholders
From net investment income		(229,190	)		—			(178,050	)		—
From accumulated net realized gains		(8,450	)		—			(11,700	)		—
Decrease in net assets from distributions to shareholders		(237,640	)		—			(189,750	)		—
Fund Share Transactions
Proceeds from shares sold		14,541,891			23,666,666			21,159,514			23,075,135
Cost of shares redeemed		—			—			—			—
Net increase (decrease) in net assets from Fund share transactions		14,541,891			23,666,666			21,159,514			23,075,135
Net increase (decrease) in net assets		14,775,157			24,916,977			21,948,537			23,755,186
Net assets at the beginning of period		24,916,977			—			23,755,186			—
Net assets at the end of period	$	39,692,134		$	24,916,977		$	45,703,723		$	23,755,186
Undistributed (Over-distribution of) net investment income at the end of period	$	112,820		$	88,285		$	341,727		$	81,396

See accompanying notes to financial statements.

84

	NULG						NULV
	Six Months Ended 4/30/18			For the Period December 13, 2016 (commencement of operations) through October 31, 2017			Six Months Ended 4/30/18			For the Period December 13, 2016 (commencement of operations) through October 31, 2017
Operations
Net investment income (loss)	$	143,648		$	64,985		$	435,949		$	191,220
Net realized gain (loss) from:
Investments and foreign currency		407,018			124,838			191,255			112,077
In-kind redemptions		735,242			137,401			1,136,754			7,653
Change in net unrealized appreciation (depreciation) of investments and foreign currency		1,342,951			1,169,810			(529,689	)		848,921
Net increase (decrease) in net assets from operations		2,628,859			1,497,034			1,234,269			1,159,871
Distributions to Shareholders
From net investment income		(120,250	)		—			(375,340	)		—
From accumulated net realized gains		(125,970	)		—			(113,960	)		—
Decrease in net assets from distributions to shareholders		(246,220	)		—			(489,300	)		—
Fund Share Transactions
Proceeds from shares sold		20,287,000			25,501,848			15,431,075			27,911,667
Cost of shares redeemed		(3,291,410	)		(2,619,100	)		(7,408,650	)		(1,243,830	)
Net increase (decrease) in net assets from Fund share transactions		16,995,590			22,882,748			8,022,425			26,667,837
Net increase (decrease) in net assets		19,378,229			24,379,782			8,767,394			27,827,708
Net assets at the beginning of period		24,379,782			—			27,827,708			—
Net assets at the end of period	$	43,758,011		$	24,379,782		$	36,595,102		$	27,827,708
Undistributed (Over-distribution of) net investment income at the end of period	$	88,427		$	65,029		$	251,871		$	191,262

See accompanying notes to financial statements.

85

Statement of Changes in Net Assets (Unaudited) (continued)

	NUMG						NUMV					NUSC
	Six Months Ended 4/30/18			For the Period December 13, 2016 (commencement of operations) through October 31, 2017			Six Months Ended 4/30/18			For the Period December 13, 2016 (commencement of operations) through October 31, 2017		Six Months Ended 4/30/18			For the Period December 13, 2016 (commencement of operations) through October 31, 2017
Operations
Net investment income (loss)	$	52,311		$	23,694		$	402,490		$	128,635	$	209,059		$	149,970
Net realized gain (loss) from:
Investments and foreign currency		376,700			166,411			108,361			50,688		595,720			110,562
In-kind redemptions		221,974			66,315			—			—		—			26,959
Change in net unrealized appreciation (depreciation) of investments and foreign currency		1,079,092			775,023			769,391			360,057		604,118			1,593,642
Net increase (decrease) in net assets from operations		1,730,077			1,031,443			1,280,242			539,380		1,408,897			1,881,133
Distributions to Shareholders
From net investment income		(53,190	)		—			(261,225	)		—		(267,670	)		—
From accumulated net realized gains		(167,940	)		—			(54,000	)		—		(120,060	)		—
Decrease in net assets from distributions to shareholders		(221,130	)		—			(315,225	)		—		(387,730	)		—
Fund Share Transactions
Proceeds from shares sold		20,170,195			21,610,997			17,823,475			22,411,960		19,789,490			29,992,821
Cost of shares redeemed		(1,454,885	)		(1,312,430	)		—			—		—			(1,244,995	)
Net increase (decrease) in net assets from Fund share transactions		18,715,310			20,298,567			17,823,475			22,411,960		19,789,490			28,747,826
Net increase (decrease) in net assets		20,224,257			21,330,010			18,788,492			22,951,340		20,810,657			30,628,959
Net assets at the beginning of period		21,330,010			—			22,951,340			—		30,628,959			—
Net assets at the end of period	$	41,554,267		$	21,330,010		$	41,739,832		$	22,951,340	$	51,439,616		$	30,628,959
Undistributed (Over-distribution of) net investment income at the end of period	$	22,862		$	23,741		$	269,939		$	128,674	$	91,445		$	150,056

See accompanying notes to financial statements.

86

THIS PAGE INTENTIONALLY LEFT BLANK

87

Financial Highlights

(Unaudited)

Selected data for a share outstanding throughout each period:

			Investment Operations						Less Distributions
Year Ended October 31,	Beginning NAV		Net Investment Income (Loss)(a)		Net Realized/ Unrealized Gain (Loss)		Total		From Net Investment Income			From Accumulated Net Realized Gains			Total			Ending NAV		Ending Market Price
NUEM
2018(f)	$	27.69	$	0.20	$	0.65	$	0.85	$	(0.18	)	$	(0.01	)	$	(0.19	)	$	28.35	$	28.25
2017(c)		24.95		0.20		2.54		2.74		—			—			—			27.69		28.05
NUDM
2018(f)		26.39		0.30		0.32		0.62		(0.12	)		(0.01	)		(0.13	)		26.88		26.84
2017(c)		24.88		0.17		1.34		1.51		—			—			—			26.39		26.57
NULG
2018(f)		30.47		0.12		2.01		2.13		(0.09	)		(0.10	)		(0.19	)		32.41		32.41
2017(d)		25.21		0.24		5.02		5.26		—			—			—			30.47		30.53
NULV
2018(f)		27.83		0.35		0.32		0.67		(0.27	)		(0.08	)		(0.35	)		28.15		28.16
2017(d)		25.09		0.53		2.21		2.74		—			—			—			27.83		27.88
NUMG
2018(f)		28.44		0.04		1.36		1.40		(0.04	)		(0.12	)		(0.16	)		29.68		29.80
2017(d)		25.10		0.09		3.25		3.34		—			—			—			28.44		28.46
NUMV
2018(f)		27.00		0.30		0.76		1.06		(0.19	)		(0.04	)		(0.23	)		27.83		28.14
2017(d)		25.04		0.48		1.48		1.96		—			—			—			27.00		27.01
NUSC
2018(f)		27.84		0.14		0.86		1.00		(0.18	)		(0.08	)		(0.26	)		28.58		28.64
2017(d)		25.01		0.27		2.56		2.83		—			—			—			27.84		27.89

88

						Ratios/Supplemental Data
Total Return								Ratios to Average Net Assets
Based on NAV(b)			Based on Market Price(b)			Ending Net Assets (000)		Expenses			Net Investment Income (Loss)			Portfolio Turnover Rate(e)
	3.00	%		1.35	%	$	39,692		0.45	%*		1.34	%*		36	%
	11.03			12.42			24,917		0.45	*		1.86	*		13
	2.34			1.49			45,704		0.40	*		2.23	*		24
	6.07			6.78			23,755		0.40	*		1.65	*		9
	7.01			6.80			43,758		0.35	*		0.73	*		38
	20.88			21.10			24,380		0.35	*		0.98	*		30
	2.40			2.23			36,595		0.35	*		2.45	*		28
	10.90			11.11			27,828		0.35	*		2.30	*		33
	4.95			5.29			41,554		0.40	*		0.27	*		26
	13.30			13.38			21,330		0.40	*		0.38	*		53
	3.91			5.05			41,740		0.40	*		2.16	*		41
	7.82			7.86			22,951		0.40	*		2.12	*		46
	3.60			3.63			51,440		0.40	*		0.99	*		23
	11.34			11.54			30,629		0.40	*		1.17	*		36

(a) Per share Net Investment Income (Loss) is calculated using the average daily shares method.

(b) Total Return Based on NAV reflects the change in NAV over the period, including the assumed reinvestment of distributions, if any, at NAV on each ex-dividend payment date during the period. Total Return Based on Market Price reflects the change in the market price per share over the period, including the assumed reinvestment of distributions, if any, at the ending market price per share on each ex-dividend payment date during the period. Total returns are not annualized.

(c) For the period June 6, 2017 (commencement of operations) through October 31, 2017.

(d) For the period December 13, 2016 (commencement of operations) through October 31, 2017.

(e) Portfolio Turnover Rate is calculated based on the lesser of long-term purchases or sales (as disclosed in Note 5 – Investment Transactions) divided by the average long-term market value during the period. Portfolio Turnover Rate excludes securities received or delivered as a result of processing in-kind creations or redemptions of Fund shares (as disclosed in Note 4 – Fund Shares).

(f) For the six months ended April 30, 2018.

* Annualized.

See accompanying notes to financial statements.

89

Notes to Financial Statements

(Unaudited)

1. General Information and Significant Accounting Policies

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 Nushares ESG Emerging Markets Equity ETF (NUEM), Nushares ESG International Developed Markets Equity ETF (NUDM), Nushares ESG Large-Cap Growth ETF (NULG), Nushares ESG Large-Cap Value ETF (NULV), Nushares ESG Mid-Cap Growth ETF (NUMG), Nushares ESG Mid-Cap Value ETF (NUMV) and Nushares ESG Small-Cap ETF (NUSC) (each a “Fund” and collectively, the “Funds”), as non-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”).

The end of the reporting period for the Funds is April 30, 2018, and the period covered by these Notes to Financial Statements is the six months ended April 30, 2018 (the “current fiscal period”).

Investment 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.

Investment Objectives

NUEM seeks to track the investment results, before fees and expenses, of the TIAA ESG Emerging Markets Equity Index. NUDM seeks to track the investment results, before fees and expenses, of the TIAA ESG International Developed Markets Equity Index. NULG seeks to track the investments results, before fees and expenses, of the TIAA ESG USA Large-Cap Growth Index. NULV seeks to track the investments results, before fees and expenses, of the TIAA ESG USA Large-Cap Value Index. NUMG seeks to track the investments results, before fees and expenses, of the TIAA ESG USA Mid-Cap Growth Index. NUMV seeks to track the investments results, before fees and expenses, of the TIAA ESG USA Mid-Cap Value Index. NUSC seeks to track the investments results, before fees and expenses, of the TIAA ESG USA Small-Cap Index.

The Funds’ most recent prospectus provides further description of each Fund’s investment objective, principal investment strategies and principal risks.

Significant Accounting Policies

Each Fund is an investment company and follows accounting and reporting guidance under Financial Accounting Standards Board (FASB) Accounting Standards Codification (ASC) Topic 946 “Financial Services – Investment Companies.” The following is a summary of significant accounting policies followed by the Funds in the preparation of their financial statements in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”).

Investment Transactions

Investment transactions are recorded on a trade date basis. Realized gains and losses from investment transactions are determined on the specific identification method, which is the same basis used for federal income tax purposes. Investments purchased on a when-issued/delayed delivery basis may have extended settlement periods. Any investments 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.

As of the end of the reporting period, the following Funds’ outstanding when-issued/delayed delivery purchase commitments were as follows:

	NUEM		NUDM
Outstanding when-issued/delayed delivery purchase commitments	$	16,092	$	16,703

Investment Income

Dividend income is recorded on the ex-dividend date or, for foreign securities, when information is available. 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.

Professional Fees

Professional fees presented on the Statement of Operations consist of fees and expenses of legal counsel to the Funds’ Board of Trustees (the “Board”).

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Dividends and Distributions to Shareholders

Dividends from net investment income, if any, are declared and distributed to shareholders annually. Net realized capital gains from investment transactions, if any, are declared and distributed to shareholders at least annually. Furthermore, capital gains are distributed only to the extent they exceed available capital loss carryforwards.

Distributions to shareholders are recorded on the ex-dividend date. The amount and timing of distributions are determined in accordance with federal income tax regulations, which may differ from U.S. GAAP.

Compensation

The Trust pays no compensation directly to those of its trustees who are affiliated with the Adviser or to its officers, all of whom receive remuneration for their services to the Trust from the Adviser or its affiliates. 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.

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.

Use of Estimates

The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results may differ from those estimates.

2. Investment Valuation and Fair Value Measurements

The fair valuation input levels as described below are for fair value measurement purposes.

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. A three-tier hierarchy 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 the reporting entity’s own 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, prepayment speeds, credit risk, etc.).
Level 3 –	Prices are determined using significant unobservable inputs (including management’s assumptions in determining the fair value of investments).

Common stocks and other equity-type securities are valued at the last sales price on the securities exchange on which such securities are primarily traded and are generally classified as Level 1. Securities primarily traded on the Nasdaq National Market (“Nasdaq”) are valued at the Nasdaq Official Closing Price and are generally classified as Level 1. However, securities traded on a securities exchange or Nasdaq for which there were no transactions on a given day or securities not listed on a securities exchange or Nasdaq are valued at the quoted bid price and are generally classified as Level 2. Prices of certain American Depositary Receipts (“ADR”) held by the Funds that trade in the United States are valued based on the last traded price, official closing price or the most recent bid price of the underlying non-U.S.-traded stock, adjusted as appropriate for the underlying-to-ADR conversion ratio and foreign exchange rate, and from time-to-time may also be adjusted further to take into account material events that may take place after the close of the local non-U.S. market but before the close of the New York Stock Exchange (“NYSE”), which may represent a transfer from a Level 1 to a Level 2 security.

Investments initially valued in currencies other than the U.S. dollar are converted to the U.S. dollar using exchange rates obtained from an independent pricing service (“pricing service”). As a result, the net asset value (“NAV”) of a Fund’s shares may be affected by changes in the value of currencies in relation to the U.S. dollar. The value of securities traded in markets outside the United States or denominated in currencies other than the U.S. dollar may be affected significantly on a day that the NYSE is closed and an investor is not able to purchase, redeem or exchange shares. If significant market events occur between the time of determination of the closing price of a foreign security on an exchange and the time that the Funds’ NAV is determined, or if under the Funds’ procedures, the closing price of a foreign security is not deemed to be reliable, the security would be valued at fair value as determined in accordance with procedures established in good faith by the Board. These securities are generally classified as Level 2 or Level 3 depending on the observability of the significant inputs.

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Notes to Financial Statements (Unaudited) (continued)

Certain securities may not be able to be priced by the pre-established pricing methods as described above. Such securities may be valued by the Board and/or its appointee at fair value. These securities generally include, but are not limited to, restricted securities (securities which may not be publicly sold without registration under the Securities Act of 1933, as amended) for which a pricing service is unable to provide a market price; securities whose trading has been formally suspended; debt securities that have gone into default and for which there is no current market quotation; a security whose market price is not available from a pre-established pricing source; a security with respect to which an event has occurred that is likely to materially affect the value of the security after the market has closed but before the calculation of the Fund’s NAV (as may be the case in non-U.S. markets on which the security is primarily traded) or make it difficult or impossible to obtain a reliable market quotation; and a security whose price, as provided by the pricing service, is not deemed to reflect the security’s fair value. As a general principle, the fair value of a security would appear to be 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. These securities are generally classified as Level 2 or Level 3 depending on the observability of the significant inputs. Regardless of the method employed to value a particular security, all valuations are subject to review by the Board and/or its appointee.

The inputs or methodologies used for valuing securities are not an indication of the risks associated with investing in those securities. The following is a summary of each Fund’s fair value measurements as of the end of the reporting period:

NUEM	Level 1		Level 2			Level 3			Total
Long-Term Investments*:
Common Stocks	$	38,718,187	$	890,801	**	$	—		$	39,608,988
Short-Term Investments:
U.S. Government and Agency Obligations		—		100,000			—			100,000
Total	$	38,718,187	$	990,801		$	—		$	39,708,988
NUDM
Long-Term Investments*:
Common Stocks	$	45,452,588	$	—		$	—		$	45,452,588
NULG
Long-Term Investments*:
Common Stocks	$	43,667,112	$	—		$	—		$	43,667,112
NULV
Long-Term Investments*:
Common Stocks	$	36,534,052	$	—		$	—		$	36,534,052
NUMG
Long-Term Investments*:
Common Stocks	$	41,500,535	$	—		$	—		$	41,500,535
NUMV
Long-Term Investments*:
Common Stocks	$	41,654,147	$	—		$	—		$	41,654,147
NUSC
Long-Term Investments*:
Common Stocks	$	51,359,887	$	—		$	—		$	51,359,887
Common Stock Rights		—		—			612	***		612
Total	$	51,359,887	$	—		$	612		$	51,360,499

* Refer to the Fund’s Portfolio of Investments for industry classifications.

** Refer to the Fund’s Portfolio of Investments for securities classified as Level 2.

*** Refer to the Fund’s Portfolio of Investments for securities classified as Level 3.

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The table below presents the transfers in and out of the three valuation levels for the following Fund as of the end of the reporting period when compared to the valuation levels at the end of the previous fiscal year. Changes in valuation inputs or methodologies may result in transfers into or out of an assigned level within the fair value hierarchy. Transfers in or out of levels are generally due to the availability of publicly available information and to the significance or extent the Adviser determines that the valuation inputs or methodologies may impact the valuation of those securities.
	Level 1					Level 2				Level 3
	Transfers In		(Transfers Out)			Transfers In		(Transfers Out)		Transfers In		(Transfers Out)
NUEM
Common Stock	$	—	$	(888,850	)	$	888,850	$	—	$	—	$	—

The Board is responsible for the valuation process and has appointed the oversight of the daily valuation process to the Adviser’s Valuation Committee. The Valuation Committee, pursuant to the valuation policies and procedures adopted by the Board, is responsible for making fair value determinations, evaluating the effectiveness of the Funds’ pricing policies and reporting to the Board. The Valuation Committee is aided in its efforts by the Adviser’s dedicated Securities Valuation Team, which is responsible for administering the daily valuation process and applying fair value methodologies as approved by the Valuation Committee. When determining the reliability of independent pricing services for investments owned by the Funds, the Valuation Committee, among other things, conducts due diligence reviews of the pricing services and monitors the quality of security prices received through various testing reports conducted by the Securities Valuation Team.

The Valuation Committee will consider pricing methodologies it deems relevant and appropriate when making a fair value determination, based on the facts and circumstances specific to the portfolio instrument. Fair value determinations generally will be derived as follows, using public or private market information:

(i) If available, fair value determinations shall be derived by extrapolating from recent transactions or quoted prices for identical or comparable securities.

(ii) If such information is not available, an analytical valuation methodology may be used based on other available information including, but not limited to: analyst appraisals, research reports, corporate action information, issuer financial statements and shelf registration statements. Such analytical valuation methodologies may include, but are not limited to: multiple of earnings, discount from market value of a similar freely traded security, discounted cash flow analysis, book value or a multiple thereof, risk premium/yield analysis, yield to maturity and/or fundamental investment analysis.

The purchase price of a portfolio instrument will be used to fair value the instrument only if no other valuation methodology is available or deemed appropriate, and it is determined that the purchase price fairly reflects the instrument’s current value.

For each portfolio security that has been fair valued pursuant to the policies adopted by the Board, the fair value price is compared against the last available and next available market quotations. The Valuation Committee reviews the results of such testing and fair valuation occurrences are reported to the Board.

3. Portfolio Securities and Investments in Derivatives

Portfolio Securities

Foreign Currency Transactions

To the extent that the Funds invest in securities and/or contracts that are denominated in a currency other than U.S. dollars, the Funds will be subject to currency risk, which is the risk that an increase in the U.S. dollar relative to the foreign currency will reduce returns or portfolio value. Generally, when the U.S. dollar rises in value against a foreign currency, the Funds’ investments denominated in that currency will lose value because its currency is worth fewer U.S. dollars; the opposite effect occurs if the U.S. dollar falls in relative value. Investments and other assets and liabilities denominated in foreign currencies are converted into U.S. dollars on a spot (i.e. cash) basis at the spot rate prevailing in the foreign currency exchange market at the time of valuation. Purchases and sales of investments and income denominated in foreign currencies are translated into U.S. dollars on the respective dates of such transactions.

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Notes to Financial Statements (Unaudited) (continued)

As of the end of the reporting period, the following Funds’ investments in non-U.S. securities were as follows:

NUEM	Value		% of Net Assets
Country:
China	$	11,778,647		29.7	%
Korea, Republic of		6,011,281		15.1
Taiwan		4,595,079		11.6
India		3,618,568		9.1
Brazil		2,851,546		7.2
South Africa		2,711,955		6.8
Malaysia		1,403,395		3.5
Mexico		1,253,914		3.2
Thailand		998,205		2.5
Indonesia		782,998		2.0
Other		3,603,400		9.1
Total non-U.S. securities	$	39,608,988		99.8	%

NUDM	Value		% of Net Assets
Country:
Japan	$	11,124,452		24.3	%
United Kingdom		8,010,188		17.5
France		4,880,712		10.7
Germany		4,339,859		9.5
Switzerland		3,399,812		7.4
Australia		2,951,071		6.5
Hong Kong		1,555,027		3.4
Netherlands		1,539,966		3.4
Spain		1,456,660		3.2
Sweden		1,145,107		2.5
Other		5,049,734		11.1
Total Non-U.S. securities	$	45,452,588		99.5	%

The books and records of the Funds are maintained in U.S. dollars. Foreign currencies, assets and liabilities are translated into U.S. dollars at 4:00 p.m. London Time. Investment transactions, income and expenses are translated on the respective dates of such transactions. Net realized foreign currency gains and losses resulting from changes in exchange rates 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.

The realized gains and losses resulting from changes in foreign currency exchange rates and changes in foreign exchange rates associated with (i) foreign currency, (ii) investments, (iii) investments in derivatives and (iv) other assets and liabilities 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.

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 each Fund is 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.

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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.

4. 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 fiscal period were as follows:

	NUEM								NUDM
	Six Months Ended 4/30/18				For the period 6/6/17 (commencement of operations) through 10/31/17				Six Months Ended 4/30/18				For the period 6/6/17 (commencement of operations) through 10/31/17
	Shares		Amount		Shares		Amount		Shares		Amount		Shares		Amount
Shares sold		500,000	$	14,541,891		900,000	$	23,666,666		800,000	$	21,159,514		900,000	$	23,075,135

	NULG												NULV
	Six Months Ended 4/30/18						For the period 12/13/16 (commencement of operations) through 10/31/17						Six Months Ended 4/30/18						For the period 12/13/16 (commencement of operations) through 10/31/17
	Shares			Amount			Shares			Amount			Shares			Amount			Shares			Amount
Shares sold		650,000		$	20,287,000			900,000		$	25,501,848			550,000		$	15,431,075			1,050,000		$	27,911,667
Shares redeemed		(100,000	)		(3,291,410	)		(100,000	)		(2,619,100	)		(250,000	)		(7,408,650	)		(50,000	)		(1,243,830	)
Net increase		550,000		$	16,995,590			800,000		$	22,882,748			300,000		$	8,022,425			1,000,000		$	26,667,837

	NUMG												NUMV
	Six Months Ended 4/30/18						For the period 12/13/16 (commencement of operations) through 10/31/17						Six Months Ended 4/30/18				For the period 12/13/16 (commencement of operations) through 10/31/17
	Shares			Amount			Shares			Amount			Shares		Amount		Shares		Amount
Shares sold		700,000		$	20,170,195			800,000		$	21,610,997			650,000	$	17,823,475		850,000	$	22,411,960
Shares redeemed		(50,000	)		(1,454,885	)		(50,000	)		(1,312,430	)		—		—		—		—
Net increase		650,000		$	18,715,310			750,000		$	20,298,567			650,000	$	17,823,475		850,000	$	22,411,960

	NUSC
	Six Months Ended 4/30/18				For the period 12/13/16 (commencement of operations) through 10/31/17
	Shares		Amount		Shares			Amount
Shares sold		700,000	$	19,789,490		1,150,000		$	29,992,821
Shares redeemed		—		—		(50,000	)		(1,244,995	)
Net increase		700,000	$	19,789,490		1,100,000		$	28,747,826

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Notes to Financial Statements (Unaudited) (continued)

5. Investment Transactions

Long-term purchases and sales (excluding in-kind transactions) during the current fiscal period were as follows:

	NUEM		NUDM		NULG		NULV		NUMG		NUMV		NUSC
Purchases	$	25,231,889	$	10,651,079	$	14,619,510	$	9,758,786	$	9,799,075	$	15,227,843	$	9,876,017
Sales		13,746,846		9,470,418		14,692,076		9,754,995		9,983,694		15,060,494		9,982,660

In-kind transactions during the current fiscal period were as follows:

	NUEM		NUDM		NULG		NULV		NUMG		NUMV		NUSC
In-kind purchases	$	2,929,067	$	20,315,659	$	20,246,024	$	15,382,569	$	20,151,650	$	17,723,712	$	19,724,481
In-kind sales		—		—		3,284,413		7,412,433		1,453,707		—		—

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 to 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.

For all open tax years and all major taxing jurisdictions, management of the Funds has concluded that there are no significant uncertain tax positions that would require recognition in the financial statements. Open tax years are those that are open for examination by taxing authorities (i.e., generally the last four tax year ends and the interim tax period since then). Furthermore, management of the Funds is also not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months.

The following information is presented on an income tax basis. Differences between amounts for financial statement and federal income tax purposes are primarily due to timing differences in recognizing certain gains and losses on investment transactions. To the extent that differences arise that are permanent in nature, such amounts are reclassified within the capital accounts as detailed below. Temporary differences do not require reclassification. Temporary and permanent differences do not impact the NAVs of the Funds.

The table below presents the cost and unrealized appreciation (depreciation) of each Fund’s investment portfolio, as determined on a federal income

tax basis, as of April 30, 2018.

	NUEM			NUDM			NULG			NULV			NUMG			NUMV			NUSC
Tax cost of investments	$	38,737,025		$	44,443,856		$	41,155,183		$	36,216,113		$	39,647,329		$	40,527,903		$	49,172,232
Gross unrealized:
Appreciation	$	3,010,630		$	2,366,375		$	3,346,248		$	1,850,739		$	3,865,080		$	2,701,239		$	4,567,782
Depreciation		(2,038,667	)		(1,357,643	)		(834,319	)		(1,532,800	)		(2,011,874	)		(1,574,995	)		(2,379,515	)
Net unrealized appreciation (depreciation) of investments	$	971,963		$	1,008,732		$	2,511,929		$	317,939		$	1,853,206		$	1,126,244		$	2,188,267

Permanent differences, primarily due to foreign currency transactions, redemption in-kind, capital gain tax expense, dividend reclassification and investments in passive foreign investment companies, resulted in reclassifications among the Funds’ components of net assets as of October 31, 2017, the Funds’ last tax year end, as follows:

	NUEM			NUDM			NULG			NULV			NUMG			NUMV			NUSC
Capital paid-in	$	—		$	—		$	137,401		$	7,653		$	66,188		$	—		$	26,959
Undistributed (Over-distribution of) net investment income		(9,333	)		5,248			44			42			47			39			86
Accumulated net realized gain (loss)		9,333			(5,248	)		(137,445	)		(7,695	)		(66,235	)		(39	)		(27,045	)

The tax components of undistributed net ordinary income and net long-term capital gains as of October 31, 2017, the Funds’ last tax year end, were as follows:

	NUEM		NUDM		NULG		NULV		NUMG		NUMV		NUSC
Undistributed net ordinary income1	$	120,159	$	109,890	$	190,655	$	304,587	$	191,141	$	181,768	$	268,908
Undistributed net long-term capital gains		—		—		—		3		—		759		1,117

¹  Net ordinary income consists of net taxable income derived from dividends, interest, and net short-term capital gains, if any.

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The tax character of distributions paid during the Funds’ last tax year ended October 31, 2017, was designated for purposes of the dividends paid deduction as follows:

For the period June 6, 2017 (commencement of operations) through October 31, 2017	NUEM		NUDM
Distributions from net ordinary income1	$	—	$	—
Distributions from net long-term capital gains		—		—

For the period December 13, 2016 (commencement of operations) through October 31, 2017	NULG		NULV		NUMG		NUMV		NUSC
Distributions from net ordinary income1	$	—	$	—	$	—	$	—	$	—
Distributions from net long-term capital gains		—		—		—		—		—

¹  Net ordinary income consists of net taxable income derived from dividends, interest, and net short-term capital gains, if any.

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:

Fund	Management Fee
NUEM		0.45	%
NUDM		0.40
NULG		0.35
NULV		0.35
NUMG		0.40
NUMV		0.40
NUSC		0.40

Other Transactions with Affiliates

Each Fund is permitted to purchase or sell securities from or to certain other funds or other accounts managed by the Sub-Adviser (“inter-fund trade”) under specified conditions outlined in procedures adopted by the Board. These procedures have been designed to ensure that any inter-fund trade of securities by the Fund from or to another fund or an account that is, or could be, considered an affiliate of the Fund under certain limited circumstances 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. Each inter-fund trade is effected at the current market price, determined in accordance with the procedures. Unsettled inter-fund trades as of the end of the reporting period are recognized as a component of “Receivable for investments sold” and/or “Payable for investments purchased” on the Statement of Assets and Liabilities, when applicable.

During the current fiscal period, the following Funds engaged in inter-fund trades pursuant to these procedures as follows:

Inter-Fund Trades	NULG		NULV	NUMG		NUMV	NUSC
Purchases	$	8,286,291	$4,884,228	$	4,953,548	$3,571,193	$1,404,330
Sales		2,510,371	1,072,767		1,202,733	2,299,983	520,378

As of the end of the reporting period, TIAA owned shares of the Funds as follows:

Fund	NUEM		NUDM		NULG		NULV	NUMG		NUMV	NUSC
TIAA owned shares		1,154,900		1,335,500		1,121,100	992,800		1,204,500	1,250,400	993,000

97

Additional Fund Information

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 1111 Pennsylvania Avenue, NW Washington, D.C. 20004

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 a 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).
	NUEM		NUDM
Six months ended April 30, 2018	Number of Days	% of Total Days	Number of Days	% of Total Days
Premium/Discount Range:
1.01% to 3.00%	42	34.1%	10	8.1%
0.51% to 1.00%	43	35.1%	49	39.8%
0.26% to 0.50%	9	7.3%	35	28.5%
0.00% to 0.25%	11	8.9%	14	11.4%
(0.01)% to (0.25)%	8	6.5%	6	4.9%
(0.26)% to (0.50)%	3	2.4%	3	2.4%
(0.51)% to (1.00)%	4	3.3%	4	3.3%
(1.01)% to (3.00)%	2	1.6%	2	1.6%
Less than (3.00)%	1	0.8%	—	0.0%
	123	100%	123	100%
	NULG		NULV
Six months ended April 30, 2018	Number of Days	% Total Days	Number of Days	% Total Days
Premium/Discount Range:
0.00% to 0.25%	110	89.4%	85	69.1%
(0.01)% to (0.25)%	13	10.6%	38	30.9%
	123	100%	123	100%
	NUMG		NUMV
Six months ended April 30, 2018	Number of Days	% Total Days	Number of Days	% Total Days
Premium/Discount Range:
0.00% to 0.25%	98	79.7%	72	58.5%
(0.01)% to (0.25)%	25	20.3%	51	41.5%
	123	100%	123	100%
			NUSC
Six months ended April 30, 2018			Number of Days	% Total Days
Premium/Discount Range:
0.00% to 0.25%			90	73.2%
(0.01)% to (0.25)%			33	26.8%
			123	100%

98

Additional Fund Information

(continued)

Quarterly Form N-Q 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 on Form N-Q. You may obtain this information directly from the SEC. Visit the SEC on-line at http://www.sec.gov or in person at the SEC’s Public Reference Room in Washington, D.C. Call the SEC toll-free at (800) SEC-0330 for room hours and operation.

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.FlNRA.org.

99

Glossary of Terms Used in this Report

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 market price and reinvested dividends and capital gains distributions, if any) over the time period being considered.

MSCI EAFE Index: The MSCI (Morgan Stanley Capital International) EAFE (Europe, Australasia, Far East) Index is a free float-adjusted market capitalization weighted index designed to measure developed market equity performance, excluding the U.S. and Canada. The MSCI EAFE Index consists of the following 21 developed market country indexes: Australia, Austria, Belgium, Denmark, Finland, France, Germany, Hong Kong, Ireland, Israel, Italy, Japan, the Netherlands, New Zealand, Norway, Portugal, Singapore, Spain, Sweden, Switzerland, and the United Kingdom. The 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 capture large and mid cap securities exhibiting overall growth style characteristics in the U.S. The 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 capture mid cap securities exhibiting overall growth style characteristics in the U.S. The 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 capture mid cap U.S. securities exhibiting overall value style characteristics. The 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. The 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 capture large and mid cap U.S. securities exhibiting overall value style characteristics. The index returns assume reinvestment of distributions, but do not reflect any applicable sales charges or management fees.

Net Asset Value (NAV) Per Share: A fund’s Net Assets is equal to its total assets (securities, cash, accrued earnings and receivables) less its total liabilities. NAV per share is equal to the fund’s Net Assets divided by its number of shares outstanding.

TIAA ESG Emerging Markets Equity Index: A custom index that is owned and calculated by MSCI Inc., based on the MSCI Emerging Markets Index, and aims to increase exposure to positive environmental, social and governance (ESG) factors and exhibit lower carbon exposure as compared to the MSCI Emerging Markets Index. The NuShares ESG Emerging Markets Equity ETF (“Fund”) is not sponsored, endorsed, issued, sold or promoted by or affiliated with MSCI Inc. MSCI Inc. does not make any representation regarding the advisability of investing in the Fund. Index returns assume reinvestment of distributions, but do not include the effects of any applicable sales charges or management fees.

TIAA ESG International Developed Markets Equity Index: A custom index that is owned and calculated by MSCI Inc., based on the MSCI EAFE Index, and aims to increase exposure to positive environmental, social and governance (ESG) factors and exhibit lower carbon exposure as compared to the MSCI EAFE Index. The NuShares ESG International Developed Markets Equity ETF (“Fund”) is not sponsored, endorsed, issued, sold or promoted by or affiliated with MSCI

100

Glossary of Terms Used in this Report (continued)

Inc. MSCI Inc. does not make any representation regarding the advisability of investing in the Fund. Index returns assume reinvestment of distributions, but do not include the effects of any applicable sales charges or management fees.

TIAA ESG USA Large-Cap Growth Index: Based on the MSCI USA Growth index, its parent index, which captures large-cap securities exhibiting overall growth style characteristics in the U.S. The TIAA ESG USA Large-Cap Growth Index is designed to represent the performance of a TIAA strategy that aims to increase the Index’s exposure to positive environmental, social and governance (ESG) factors as well as exhibit lower carbon exposure than the Parent Index. The index also aims to minimize the tracking error relative to the Parent Index through an optimization process. The index returns assume reinvestment of distributions, but do not reflect any applicable sales charges or management fees.

TIAA ESG USA Large-Cap Value Index: Based on the MSCI USA Value index, its parent index, which captures large-cap U.S. securities exhibiting overall value style characteristics. The TIAA ESG Large-Cap Value is designed to represent the performance of a TIAA strategy that aims to increase the Index’s exposure to positive environmental, social and governance (ESG) factors as well as exhibit lower carbon exposure than the Parent Index. The index also aims to minimize the tracking error relative to the Parent Index through an optimization process. The index returns assume reinvestment of distributions, but do not reflect any applicable sales charges or management fees.

TIAA ESG USA Mid-Cap Growth Index: Based on the MSCI USA Mid-Cap Growth Index, its parent index, which captures mid cap securities exhibiting overall growth style characteristics in the US. The TIAA ESG USA Mid-Cap Growth is designed to represent the performance of a TIAA strategy that aims to increase the Index’s exposure to positive environmental, social and governance (ESG) factors as well as exhibit lower carbon exposure than the Parent Index. The index also aims to minimize the tracking error relative to the Parent Index through an optimization process. The index returns assume reinvestment of distributions, but do not reflect any applicable sales charges or management fees.

101

Notes

102

Notes

103

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 Nushares ETFs at: www.nuveen.com/exchange-traded-funds

Securities offered through Nuveen Securities, LLC, member FINRA and SIPC | 333 West Wacker Drive Chicago, IL 60606 | www.nuveen.com NSA-NSESG-0418D        527612-INV-B-06/19

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 second fiscal quarter of 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. 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.

(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/ Christopher M. Rohrbacher
		Christopher M. Rohrbacher Vice President and Secretary

Date: July 9, 2018

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/ Martin Kremenstein
		Martin Kremenstein Chief Administrative Officer (principal executive officer)

Date: July 9, 2018

By	(Signature and Title)	/s/ Stephen D. Foy
		Stephen D. Foy Vice President and Controller (principal financial officer)

Date: July 9, 2018

EX-99.CERT

EX-99.CERT

CERTIFICATIONS

I, Martin Kremenstein, certify that:

1. I have reviewed this report on Form N-CSR of NuShares ETF Trust;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

a) designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b) designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c) evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

d) disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the second fiscal quarter of 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; and

5. The registrant’s other certifying officer and I have disclosed to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

a) all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize, and report financial information; and

b) any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: July 9, 2018

/s/ Martin Kremenstein

Martin Kremenstein

Chief Administrative Officer

(principal executive officer)

I, Stephen D. Foy, certify that:

1. I have reviewed this report on Form N-CSR of NuShares ETF Trust;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

a) designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b) designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c) evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

d) disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the second fiscal quarter of 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; and

5. The registrant’s other certifying officer and I have disclosed to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

a) all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize, and report financial information; and

b) any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: July 9, 2018

/s/ Stephen D. Foy

Stephen D. Foy

Vice President and Controller

(principal financial officer)

EX-99.906CERT

EX-99.906CERT

Certification Pursuant to 18 U.S.C. 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002; provided by the Chief Executive Officer and Chief Financial Officer, based on each such officer’s knowledge and belief.

The undersigned officers of NuShares ETF Trust (the “Registrant”), certify that, to the best of each such officer’s knowledge and belief:

1. The Form N-CSR of the Registrant for the period ended April 30, 2018 (the “Report”) fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

2. The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Registrant.

Date: July 9, 2018

/s/ Martin Kremenstein

Martin Kremenstein

Chief Administrative Officer

(principal executive officer)

/s/ Stephen D. Foy

Stephen D. Foy

Vice President and Controller

(principal financial officer)