N-CSR

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT

INVESTMENT COMPANIES

Investment Company Act file number 811-23161

Nushares ETF Trust

(Exact name of registrant as specified in charter)

Nuveen Investments

333 West Wacker Drive, Chicago, IL 60606

(Address of principal executive offices) (Zip code)

Diana R. Gonzalez

Nuveen Investments

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: July 31

Date of reporting period: July 31, 2022

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

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

ITEM 1. REPORTS TO STOCKHOLDERS.

Funds

Exchange-Traded

Funds

Nuveen

Exchange-Traded

July

31,

2022

Annual

Report

Fund

Name

Listing

Exchange

Ticker

Symbol

Nuveen

Enhanced

Yield

U.S.

Aggregate

Bond

ETF

NYSE

Arca

NUAG

Nuveen

Enhanced

Yield

1-5

Year

U.S.

Aggregate

Bond

ETF

NYSE

Arca

NUSA

Nuveen

ESG

High

Yield

Corporate

Bond

ETF

NYSE

Arca

NUHY

Nuveen

ESG

U.S.

Aggregate

Bond

ETF

NYSE

Arca

NUBD

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Nuveen

Fund

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advisor

or

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account.

or

www.nuveen.com/client-access

If

you

receive

your

Nuveen

Fund

distributions

and

statements

directly

from

Nuveen.

Must

be

preceded

by

or

accompanied

by

a

prospectus.

NOT

FDIC

INSURED

MAY

LOSE

VALUE

NO

BANK

GUARANTEE

Table

of

Contents

3

Chair’s

Letter

to

Shareholders

4

Portfolio

Managers’

Comments

5

Risk

Considerations

and

Dividend

Information

9

Fund

Performance,

Expense

Ratios

and

Holdings

Summaries

10

Yields

19

Expense

Examples

20

Report

of

Independent

Registered

Public

Accounting

Firm

22

Portfolio

of

Investments

24

Statement

of

Assets

and

Liabilities

79

Statement

of

Operations

80

Statement

of

Changes

in

Net

Assets

81

Financial

Highlights

83

Notes

to

Financial

Statements

85

Important

Tax

Information

92

Additional

Fund

Information

93

Glossary

of

Terms

Used

in

this

Report

95

Annual

Investment

Management

Agreement

Approval

Process

97

Liquidity

Risk

Management

Program

104

Trustees

and

Officers

105

4

Chair’s

Letter

to

Shareholders

Dear

Shareholders,

The

question

of

whether

economies

are

moving

toward

normalization

or

recession

has

dominated

financial

markets

in

2022.

Persistently

high

inflation

has

made

the

outcome

more

unpredictable,

as

it

has

dampened

consumer

sentiment,

pushed

central

banks

into

raising

interest

rates

more

aggressively

and

contributed

to

considerable

turbulence

in

the

markets

this

year.

Inflation

has

surged

partially

due

to

COVID

supply

chain

bottlenecks

and

exacerbated

by

Russia’s

war

in

Ukraine

and

recent

lockdowns

across

China

to

contain

a

large-scale

COVID-

19

outbreak.

This

has

necessitated

increasingly

forceful

responses

from

the

U.S.

Federal

Reserve

(Fed)

and

other

central

banks,

who

have

signaled

their

intentions

to

slow

inflation

while

tolerating

slower

economic

growth.

As

anticipated,

the

Fed

began

the

rate

hiking

cycle

in

March

2022,

raising

its

short-term

rate

by

0.25%

from

near

zero

for

the

first

time

since

the

pandemic

was

declared

two

years

ago.

Larger

increases

of

0.50%

in

May

and

0.75%

in

June,

July

and

September

2022

followed,

bringing

the

target

fed

funds

rate

to

a

range

of

3.00%

to

3.25%.

Additional

rate

hikes

are

expected

in

the

remainder

of

this

year,

although

Fed

officials

will

closely

monitor

inflation

data

along

with

other

economic

measures

and

modify

their

rate

setting

policy

based

upon

these

factors.

U.S.

gross

domestic

product

growth

has

now

contracted

for

two

consecutive

quarters,

according

to

government

estimates,

as

consumer

and

business

activity

has

slowed

in

part

due

to

higher

prices

and

borrowing

costs.

However,

the

still

strong

labor

market

suggests

not

all

areas

of

the

economy

are

weakening

in

unison.

While

markets

will

likely

continue

fluctuating

with

the

daily

headlines,

we

encourage

investors

to

keep

a

long-term

perspective.

To

learn

more

about

how

well

your

portfolio

is

aligned

to

your

time

horizon,

risk

tolerance

and

investment

goals,

consider

reviewing

it

with

your

financial

professional.

On

behalf

of

the

other

members

of

the

Nuveen

Fund

Board,

we

look

forward

to

continuing

to

earn

your

trust

in

the

months

and

years

ahead.

Terence

J.

Toth

Chair

of

the

Board

September 23,

2022

Portfolio

Managers’

Comments

5

Nuveen

Enhanced

Yield

U.S.

Aggregate

Bond

ETF

(NUAG)

Nuveen

Enhanced

Yield

1-5

Year

U.S.

Aggregate

Bond

ETF

(NUSA)

Nuveen

ESG

High

Yield

Corporate

Bond

ETF

(NUHY)

Nuveen

ESG

U.S.

Aggregate

Bond

ETF

(NUBD)

These

Funds

feature

portfolio

management

by

Teachers

Advisors,

LLC,

an

affiliate

of

Nuveen

Fund

Advisors,

LLC.

The

portfolio

managers

are

Lijun

(Kevin)

Chen,

CFA,

James

Tsang,

CFA,

and

Vivian

Liu,

CFA.

Here

the

portfolio

management

team

discusses

U.S.

economic

and

market

conditions,

key

investment

strategies

and

the

performance

of

the

Funds

for

the

twelve-month

reporting

period

ended

July

31,

2022.

For

more

information

on

each

Fund’s

investment

objectives

and

policies,

please

refer

to

each

Fund’s

prospectus.

What

factors

affected

the

U.S.

economy

and

the

bond

market

during

the

twelve-month

annual

reporting

period

ended

July

31,

2022?

After

recovering

from

the

pandemic

in

2021,

the

U.S.

economy

weakened

in

the

first

half

of

2022.

Overall,

2021

gross

domestic

product

(GDP)

grew

by

5.7%

as

the

economy

reopened

with

the

help

of

$5.3

trillion

in

crisis-related

aid

from

the

federal

government,

low

borrowing

rates

for

businesses

and

individuals,

an

increase

in

COVID-19

vaccinations

and

improved

treatments

for

COVID-19.

However,

in

early

2022,

China’s

COVID-19

lockdown

and

the

Russia-Ukraine

war

worsened

existing

pandemic-related

supply

chain

disruptions.

Inflation

increased

more

than

expected

during

the

first

half

of

2022,

putting

pressure

on

global

central

banks

to

respond

with

more

aggressive

measures.

The

U.S.

Federal

Reserve

(Fed)

began

an

interest

rate

hiking

cycle

in

March

2022

with

a

0.25%

hike

to

the

target

federal

funds

rate,

followed

by

larger

increases

of

0.50%

in

May

2022,

0.75%

in

June

2022

and

another

0.75%

in

July

2022.

Overall,

the

Fed

raised

the

target

federal

funds

rate

from

near

zero

at

the

start

of

2022

to

a

range

of

2.25%

to

2.50%

by

July

2022.

Subsequent

to

the

end

of

the

reporting

period,

the

Fed

raised

the

policy

interest

rate

another

0.75%

in

September

2022

to

a

range

of

3.00%

to

3.25%.

Interest

rate,

stock

and

bond

price

volatility

increased

as

markets

considered

whether

the

Fed

could

cool

inflation

without

putting

the

economy

into

a

recession.

Additionally,

the

U.S.

dollar

appreciated

significantly

relative

to

major

world

currencies

beginning

in

March

of

2022,

serving

as

a

headwind

to

the

profits

of

international

companies

and

U.S.

domestic

companies

with

overseas

earnings.

The

dollar’s

appreciation

was

driven

in

part

by

the

Fed’s

increasingly

forceful

response

to

inflation

compared

with

other

central

banks,

the

relatively

better

prospects

of

the

U.S.

economy

and

“safe-haven”

flows

from

investors

uncertain

about

geopolitical

and

global

economic

conditions.

By

mid-year,

inflation

and

higher

borrowing

costs

appeared

to

be

dampening

consumer

confidence

and

consumer

spending.

Also,

two

consecutive

quarters

of

negative

U.S.

GDP

growth

added

to

recession

risks.

U.S.

GDP

fell

by

an

annual

rate

of

0.6%

in

the

second

quarter

of

2022,

according

to

the

second

estimate

from

the

U.S.

Bureau

of

Economic

Analysis.

This

followed

a

1.6%

annualized

GDP

decrease

in

the

first

quarter

of

2022.

However,

the

labor

market,

another

key

gauge

of

the

economy’s

health,

has

remained

resilient.

As

of

July

2022,

the

U.S.

unemployment

rate

fell

to

3.5%,

its

pre-pandemic

low,

and

the

economy

has

now

recovered

the

22

million

jobs

lost

since

the

beginning

of

the

pandemic.

During

the

twelve-month

reporting

period,

U.S.

fixed

income

performance

was

broadly

negative.

Increased

uncertainty

about

rising

inflation,

slowing

economic

growth

and

the

measures

taken

by

the

Fed

in

response

to

these

conditions

drove

interest

rates

higher.

Treasury

yields

rose

across

all

maturities,

peaking

in

mid-June

2022,

before

partially

retreating

through

the

remainder

of

the

reporting

period.

Notably,

a

portion

of

the

Treasury

yield

curve

inverted

toward

the

end

of

the

reporting

period,

as

shorter-maturity

bonds

were

yielding

more

than

10-year

Treasury

notes,

signaling

the

market’s

growing

concern

about

a

recession.

As

of

July

31,

2022,

yields

on

U.S.

Treasuries

with

1-year

maturities

rose

to

2.98%

(from

0.07%

as

of

July

31,

2021),

5-year

Treasury

yield

rose

to

2.68%

(from

0.69%),

10-year

yields

rose

to

2.65%

(from

1.23%)

and

30-year

yields

rose

to

3.01%

(from

1.90%).

Credit

spreads

widened

in

the

first

half

of

2022

as

a

result

of

increased

risk

aversion,

contributing

to

the

negative

performance

of

corporate

(both

investment

grade

and

high

yield)

bonds

and

securitized

debt.

Portfolio

Managers’

Comments

(continued)

6

Nuveen

Enhanced

Yield

U.S.

Aggregate

Bond

ETF

(NUAG)

What

key

strategies

were

used

to

manage

the

Fund

during

the

twelve-month

reporting

period

ended

July

31,

2022?

The

Fund

employs

a

passive

management

(or

“indexing”)

approach,

seeking

to

track

the

investment

results,

before

fees

and

expenses,

of

the

ICE

BofA

Enhanced

Yield

U.S.

Broad

Bond

Index

(the

“NUAG

Enhanced

Index”).

The

NUAG

Enhanced

Index

is

designed

to

broadly

capture

the

U.S.

investment

grade

taxable

fixed

income

market

and

uses

a

rules-based

weighting

methodology

that

seeks

to

enhance

yield

while

maintaining

risk

at

a

level

comparable

to

that

of

the

ICE

BofA

U.S.

Broad

Market

Index

(the

“Base

Index”).

The

NUAG

Enhanced

Index

selects

from

the

securities

included

in

the

Base

Index,

which

consists

of

U.S.

dollar

denominated,

investment

grade

taxable

debt

securities,

including

U.S.

Treasury

notes

and

bonds,

government

securities,

corporate

securities,

residential

and

commercial

mortgage-backed

securities

and

asset-backed

securities.

The

Fund

generally

invests

in

a

sample

of

the

securities

in

the

NUAG

Enhanced

Index

whose

risk,

return

and

other

characteristics

resemble

the

risk,

return

and

other

characteristics

of

the

NUAG

Enhanced

Index.

Under

normal

market

conditions,

the

Fund

invests

at

least

80%

of

its

assets

in

component

securities

of

the

NUAG

Enhanced

Index.

To

the

extent

the

NUAG

Enhanced

Index

concentrates

(i.e.,

holds

25%

or

more

of

its

total

assets)

in

the

securities

of

companies

in

a

particular

industry

or

group

of

industries,

the

Fund

will

concentrate

its

investments

to

approximately

the

same

extent

as

the

NUAG

Enhanced

Index.

The

Fund

rebalances

its

holdings

monthly

in

response

to

the

monthly

NUAG

Enhanced

Index

rebalances.

During

the

reporting

period,

the

Fund

remained

fully

invested

within

its

allocation

targets

to

track

the

NUAG

Enhanced

Index.

How

did

the

Fund

perform

during

the

twelve-month

reporting

period

ended

July

31,

2022?

The

Fund’s

total

returns

at

NAV

are

compared

with

the

performance

of

the

NUAG

Enhanced

Index,

which

the

Fund

is

designed

to

track.

The

Fund’s

total

return

underperformed

the

NUAG

Enhanced

Index

for

the

reporting

period.

The

relative

underperformance

is

mainly

attributable

to

the

representative

sampling

process,

primarily

within

the

securitized

sector

and

corporate

sector,

which

utilizes

a

subset

of

Index

securities

in

an

effort

to

provide

exposure

similar

to

that

of

the

NUAG

Enhanced

Index.

This

leads

the

Fund

to

be

overweight

and

underweight

(and,

in

some

cases,

not

invested

at

all)

in

certain

securities

as

compared

to

the

Index.

In

addition,

the

Fund’s

relative

underperformance

is

attributable

to

transaction

costs

related

to

the

Fund’s

acquisition

of

portfolio

securities,

and

the

fees

and

expenses

incurred

by

the

Fund

that

are

not

incurred

by

the

NUAG

Enhanced

Index.

The

NUAG

Enhanced

Index

is

unmanaged

and

therefore

its

returns

do

not

reflect

any

fees

or

expenses,

which

would

detract

from

its

performance.

During

the

reporting

period,

the

NUAG

Enhanced

Index

underperformed

the

Base

Index

led

primarily

by

the

NUAG

Enhanced

Index’s

relative

overweight

to

lower-rated

investment

grade

credits.

The

NUAG

Enhanced

Index’s

relative

overweight

is

consistent

with

its

rules-based

weighting

methodology.

Nuveen

Enhanced

Yield

1-5

Year

U.S.

Aggregate

Bond

ETF

(NUSA)

What

key

strategies

were

used

to

manage

the

Fund

during

the

twelve-month

reporting

period

ended

July

31,

2022?

The

Fund

employs

a

passive

management

(or

“indexing”)

approach,

seeking

to

track

the

investment

results,

before

fees

and

expenses,

of

the

ICE

BofA

Enhanced

Yield

1-5

Year

U.S.

Broad

Bond

Index

(the

“NUSA

Enhanced

Index”).

The

NUSA

Enhanced

Index

is

designed

to

broadly

capture

the

one

to

five

year

U.S.

investment

grade

taxable

fixed

income

market

and

uses

a

rules-based

weighting

methodology

that

seeks

to

enhance

yield

while

maintaining

risk

at

a

level

comparable

to

that

of

the

ICE

BofA

1-5

Year

U.S.

Broad

Market

Index

(the

“Base

Index”).

The

NUSA

Enhanced

Index

selects

from

the

securities

included

in

the

Base

Index,

which

consists

of

U.S.

dollar-denominated,

investment

grade

taxable

debt

securities

with

a

remaining

term

to

final

maturity

of

between

one

and

five

years.

The

Base

Index

includes

U.S.

Treasury

notes

and

bonds,

government

securities,

corporate

securities,

residential

and

commercial

mortgage-backed

securities

and

asset-backed

securities.

The

Fund

generally

invests

in

a

sample

of

the

securities

in

the

NUSA

Enhanced

Index

whose

risk,

return

and

other

characteristics

resemble

the

risk,

return

and

other

characteristics

of

the

NUSA

Enhanced

Index.

Under

normal

market

conditions,

the

Fund

invests

at

least

80%

of

its

assets

in

component

securities

of

the

NUSA

Enhanced

Index.

To

the

extent

the

NUSA

Enhanced

Index

concentrates

(i.e.,

holds

25%

or

more

of

its

total

assets)

in

the

securities

of

companies

in

a

particular

industry

or

group

of

industries,

the

Fund

will

concentrate

its

investments

to

approximately

the

same

extent

as

the

NUSA

Enhanced

Index.

The

Fund

rebalances

its

holdings

monthly

in

response

to

the

monthly

NUSA

Enhanced

Index

rebalances.

During

the

reporting

period,

the

Fund

remained

fully

invested

within

its

allocation

targets

to

track

the

NUSA

Enhanced

Index.

7

How

did

the

Fund

perform

during

the

twelve-month

reporting

period

ended

July

31,

2022?

The

Fund’s

total

returns

at

NAV

are

compared

with

the

performance

of

the

NUSA

Enhanced

Index,

which

the

Fund

is

designed

to

track.

For

the

reporting

period,

the

Fund’s

total

return

performed

in

line

with

the

NUSA

Enhanced

Index.

The

representative

sampling

process,

which

utilizes

a

subset

of

Index

securities

in

an

effort

to

provide

exposure

similar

to

that

of

the

NUSA

Enhanced

Index,

contributed

to

relative

performance

for

the

reporting

period,

primarily

within

the

corporate

sector.

This

leads

the

Fund

to

be

overweight

and

underweight

(and,

in

some

cases,

not

invested

at

all)

certain

securities

as

compared

to

the

Index.

Detracting

from

relative

performance

were

transaction

costs

related

to

the

Fund’s

acquisition

of

portfolio

securities,

and

the

fees

and

expenses

incurred

by

the

Fund,

which

are

not

incurred

by

the

NUSA

Enhanced

Index.

The

NUSA

Enhanced

Index

is

unmanaged

and

therefore

its

returns

do

not

reflect

any

fees

or

expenses,

which

would

detract

from

its

performance.

During

the

reporting

period,

the

NUSA

Enhanced

Index

underperformed

the

Base

Index,

led

primarily

by

the

NUSA

Enhanced

Index’s

relative

overweight

to

lower-rated

investment

grade

credits.

The

NUSA

Enhanced

Index’s

relative

overweight

is

consistent

with

its

rules-based

weighting

methodology.

Nuveen

ESG

High

Yield

Corporate

Bond

ETF

(NUHY)

What

key

strategies

were

used

to

manage

the

Fund

during

the

twelve-month

reporting

period

ended

July

31,

2022?

The

Fund

employs

a

passive

management

(or

“indexing”)

approach,

seeking

to

track

the

investment

results,

before

fees

and

expenses,

of

the

Bloomberg

MSCI

U.S.

High

Yield

Very

Liquid

ESG

Select

Index

(“the

NUHY

Select

Index”).

The

NUHY

Select

Index

is

composed

of

U.S.

dollar-denominated

below

investment

grade

corporate

bonds

with

above

average

liquidity

that

satisfy

certain

ESG

and

low-carbon

criteria.

The

NUHY

Select

Index

selects

from

the

securities

included

in

the

Bloomberg

U.S.

High

Yield

Very

Liquid

Index

(the

“Base

Index”),

which

is

designed

to

broadly

capture

the

U.S.

dollar-denominated,

high

yield,

fixed-rate

corporate

bond

market.

The

Fund

generally

invests

in

a

sample

of

the

securities

in

the

NUHY

Select

Index

whose

risk,

return

and

other

characteristics

resemble

the

risk,

return

and

other

characteristics

of

the

NUHY

Select

Index.

Under

normal

market

conditions,

the

Fund

invests

at

least

80%

of

the

sum

of

its

net

assets

and

the

amount

of

any

borrowings

for

investment

purposes

in

component

securities

of

the

NUHY

Select

Index.

To

the

extent

the

NUHY

Select

Index

concentrates

(i.e.,

holds

25%

or

more

of

its

total

assets)

in

the

securities

of

companies

in

a

particular

industry

or

group

of

industries,

the

Fund

will

concentrate

its

investments

to

approximately

the

same

extent

as

the

NUHY

Select

Index.

The

Fund

rebalances

its

holdings

monthly

in

response

to

the

monthly

NUHY

Select

Index

rebalances.

During

the

reporting

period,

the

Fund

remained

fully

invested

within

its

allocation

targets

to

track

the

NUHY

Select

Index.

How

did

the

Fund

perform

during

the

twelve-month

reporting

period

ended

July

31,

2022?

The

Fund’s

total

returns

at

NAV

are

compared

with

the

performance

of

the

NUHY

Select

Index,

which

the

Fund

is

designed

to

track.

For

the

reporting

period,

the

Fund’s

total

return

underperformed

the

NUHY

Select

Index.

The

relative

underperformance

is

mainly

attributable

to

transaction

costs

related

to

the

Fund’s

acquisition

of

portfolio

securities,

and

the

fees

and

expenses

incurred

by

the

Fund

that

are

not

incurred

by

the

NUHY

Select

Index.

The

NUHY

Select

Index

is

unmanaged

and

therefore

its

returns

do

not

reflect

any

fees

or

expenses,

which

would

detract

from

its

performance.

During

the

reporting

period,

the

NUHY

Select

Index

performed

in

line

with

the

Base

Index.

Security

selection

across

a

number

of

sectors

contributed

positively

to

relative

performance

but

was

offset

by

relative

underweights

in

industries

such

as

tobacco,

energy

exploration

&

production,

and

metals

&

mining.

The

NUHY

Select

Index’s

underweight

in

these

industries

is

consistent

with

its

ESG

selection

methodology.

Nuveen

ESG

U.S.

Aggregate

Bond

ETF

(NUBD)

What

key

strategies

were

used

to

manage

the

Fund

during

the

twelve-month

reporting

period

ended

July

31,

2022?

The

Fund

employs

a

passive

management

(or

“indexing”)

approach,

seeking

to

track

the

investment

results,

before

fees

and

expenses,

of

the

Bloomberg

MSCI

U.S.

Aggregate

ESG

Select

Index

(“the

NUBD

Select

Index”).

The

NUBD

Select

Index

is

composed

of

U.S.

investment

grade

fixed

income

securities

that

satisfy

certain

ESG

and

low-carbon

criteria,

including

U.S.

government

securities,

debt

securities

issued

by

U.S.

corporations,

residential

and

commercial

mortgage-backed

securities,

asset-

backed

securities

and

U.S.

dollar-denominated

debt

securities

issued

by

non-U.S.

corporations

that

are

publicly

offered

for

sale

Portfolio

Managers’

Comments

(continued)

8

in

the

U.S.

The

NUBD

Select

Index

selects

from

the

securities

included

in

the

Bloomberg

U.S.

Aggregate

Bond

Index

(the

“Base

Index”),

which

is

designed

to

broadly

capture

the

U.S.

investment

grade,

taxable

fixed

income

market.

The

Fund

generally

invests

in

a

sample

of

the

securities

in

the

NUBD

Select

Index

whose

risk,

return

and

other

characteristics

resemble

the

risk,

return

and

other

characteristics

of

the

NUBD

Select

Index.

Under

normal

market

conditions,

the

Fund

invests

at

least

80%

of

the

sum

of

its

net

assets

and

the

amount

of

any

borrowings

for

investment

purposes

in

component

securities

of

the

NUBD

Select

Index.

To

the

extent

the

NUBD

Select

Index

concentrates

(i.e.,

holds

25%

or

more

of

its

total

assets)

in

the

securities

of

companies

in

a

particular

industry

or

group

of

industries,

the

Fund

will

concentrate

its

investments

to

approximately

the

same

extent

as

the

NUBD

Select

Index.

The

Fund

rebalances

its

holdings

monthly

in

response

to

the

monthly

NUBD

Select

Index

rebalances.

During

the

reporting

period,

the

Fund

remained

fully

invested

within

its

allocation

targets

to

track

the

NUBD

Select

Index.

How

did

the

Fund

perform

during

the

twelve-month

reporting

period

ended

July

31,

2022?

The

Fund’s

total

returns

at

NAV

are

compared

with

the

performance

of

the

NUBD

Select

Index,

which

the

Fund

is

designed

to

track.

For

the

reporting

period,

the

Fund’s

total

return

underperformed

the

NUBD

Select

Index.

The

relative

underperformance

is

mainly

attributable

to

the

representative

sampling

process,

primarily

within

the

securitized

sector

and

corporate

sector,

which

utilizes

a

subset

of

Index

securities

in

an

effort

to

provide

exposure

similar

to

that

of

the

NUBD

Select

Index.

This

leads

the

Fund

to

be

overweight

and

underweight

(and,

in

some

cases,

not

invested

at

all)

in

certain

securities

as

compared

to

the

Index.

In

addition,

the

Fund’s

relative

performance

is

attributable

to

transaction

costs

related

to

the

Fund’s

acquisition

of

portfolio

securities,

and

the

fees

and

expenses

incurred

by

the

Fund

that

are

not

incurred

by

the

NUBD

Select

Index.

The

NUBD

Select

Index

is

unmanaged

and

therefore

its

returns

do

not

reflect

any

fees

or

expenses,

which

would

detract

from

its

performance.

During

the

reporting

period,

the

NUBD

Select

Index

performed

in

line

with

the

Base

Index.

Sector

allocations

were

consistent

in

both

the

NUBD

Select

Index

and

Base

Index

while

security

selection

slightly

detracted

in

agencies

and

contributed

in

the

industrial

and

local

authority

sectors.

This

material

is

not

intended

to

be

a

recommendation

or

investment

advice,

does

not

constitute

a

solicitation

to

buy,

sell

or

hold

a

security

or

an

investment

strategy,

and

is

not

provided

in

a

fiduciary

capacity.

The

information

provided

does

not

take

into

account

the

specific

objectives

or

circumstances

of

any

particular

investor,

or

suggest

any

specific

course

of

action.

Investment

decisions

should

be

made

based

on

an

investor’s

objectives

and

circumstances

and

in

consultation

with

his

or

her

advisors.

Certain

statements

in

this

report

are

forward-looking

statements.

Discussions

of

specific

investments

are

for

illustration

only

and

are

not

intended

as

recommendations

of

individual

investments.

The

forward-looking

statements

and

other

views

expressed

herein

are

those

of

the

portfolio

managers

as

of

the

date

of

this

report.

Actual

future

results

or

occurrences

may

differ

significantly

from

those

anticipated

in

any

forward-looking

statements

and

the

views

expressed

herein

are

subject

to

change

at

any

time,

due

to

numerous

market

and

other

factors.

The

Funds

disclaim

any

obligation

to

update

publicly

or

revise

any

forward-looking

statements

or

views

expressed

herein.

Each

Fund

uses

credit

quality

ratings

for

its

portfolio

securities

provided

by

Moody’s,

S&P

and

Fitch.

For

NUAG

and

NUSA,

if

all

three

of

Moody’s,

S&P,

and

Fitch

provide

a

rating

for

a

security,

an

average

of

the

ratings

is

used;

if

two

of

the

three

agencies

rate

a

security,

an

average

of

the

two

is

used;

and

if

only

one

rating

agency

rates

a

security,

that

rating

is

used.

For

NUHY

and

NUBD,

if

all

three

of

Moody’s,

S&P,

and

Fitch

provide

a

rating

for

a

security,

the

middle

rating

is

used;

if

two

of

the

three

agencies

rate

a

security,

the

lower

rating

is

used;

and

if

only

one

rating

agency

rates

a

security,

that

rating

is

used.

AAA,

AA,

A,

and

BBB

are

investment

grade

ratings;

BB,

B,

CCC/CC/C

and

D

are

below-investment

grade

ratings.

Credit

ratings

are

subject

to

change.

U.S.

Treasury,

U.S.

Agency,

and

U.S.

Agency

mortgage-backed

securities

are

included

in

the

U.S.

Treasury/Agency

category.

Refer

to

the

Glossary

of

Terms

Used

in

this

Report

for

further

definition

of

the

terms

used

within

this

section.

Risk

Considerations

and

Dividend

Information

9

Risk

Considerations

Nuveen

Enhanced

Yield

U.S.

Aggregate

Bond

ETF

(NUAG)

Investing

involves

risk;

principal

loss

is

possible.

This

is

no

guarantee

the

Fund’s

investment

objective

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.

Interest

rate

risk

occurs

when

interest

rates

rise

causing

bond

prices

to

fall.

Credit

risk

arises

from

an

issuer’s

ability

to

make

interest

and

principal

payments

when

due,

as

well

as

the

prices

of

bonds

declining

when

an

issuer’s

credit

quality

is

expected

to

deteriorate.

These

and

other

risk

considerations

are

described

in

detail

in

the

Fund’s

prospectus.

Nuveen

Enhanced

Yield

1-5

Year

U.S.

Aggregate

Bond

ETF

(NUSA)

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.

Interest

rate

risk

is

the

risk

that

the

value

of

the

Fund’s

portfolio

will

decline

because

of

rising

interest

rates.

Credit

Risk

is

the

risk

that

an

issuer

of

a

debt

security

may

be

unable

or

unwilling

to

make

interest

and

principal

payments

when

due

and

the

related

risk

that

the

value

of

a

debt

security

may

decline

because

of

concerns

about

the

issuer’s

ability

or

willingness

to

make

such

payments.

These

and

other

risk

considerations

are

described

in

detail

in

the

Fund’s

prospectus.

Nuveen

ESG

High

Yield

Corporate

Bond

ETF

(NUHY)

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.

Investments

in

below

investment

grade

or

high

yield

securities

are

subject

to

liquidity

risk

and

heightened

credit

risk.

Credit

risk

arises

from

an

issuer’s

ability

to

make

interest

and

principal

payments

when

due,

as

well

as

the

prices

of

bonds

declining

when

an

issuer’s

credit

quality

is

expected

to

deteriorate.

The

Fund

is

subject

to

interest

rate

risk

;

as

interest

rates

rise,

bond

prices

fall.

These

and

other

risk

considerations,

such

as

call,

concentration

and

income

risks,

are

described

in

detail

in

the

Fund’s

prospectus.

Nuveen

ESG

U.S.

Aggregate

Bond

ETF

(NUBD)

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.

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.

Interest

rate

risk

occurs

when

interest

rates

rise

causing

bond

prices

to

fall.

Credit

risk

arises

from

an

issuer’s

credit

quality

is

expected

to

deteriorate.

These

and

other

risk

considerations

are

described

in

detail

in

the

Fund’s

prospectus.

Dividend

Information

Each

Fund

seeks

to

pay

monthly

dividends

out

of

its

net

investment

income.

Monthly

distributions

are

not

expected

to

be

a

level

amount

from

period-to-period.

Each

Fund

will,

over

time,

pay

all

its

net

investment

income

as

dividends

to

shareholders.

All

monthly

dividends

paid

by

each

Fund

during

the

current

reporting

period

were

paid

from

net

investment

income.

If

a

portion

of

the

Fund’s

monthly

distributions

is

sourced

or

comprised

of

elements

other

than

net

investment

income,

including

capital

gains

and/

or

a

return

of

capital,

shareholders

will

be

notified

of

those

sources.

For

financial

reporting

purposes,

the

per

share

amounts

of

each

Fund’s

dividends

for

the

reporting

period

are

presented

in

this

report’s

Financial

Highlights.

For

income

tax

purposes,

distribution

information

for

NUAG,

NUSA,

NUHY

and

NUDB

as

of

their

most

recent

tax

year

end

is

presented

in

Note

6

-

Income

Tax

Information

within

the

Notes

to

Financial

Statements

of

this

report.

10

Fund

Performance,

Expense

Ratios

and

Holdings

Summaries

The

Fund

Performance,

Expense

Ratios

and

Holdings

Summaries

for

the

Fund

are

shown

within

this

section

of

the

report.

Fund

Performance

Performance

data

shown

represents

past

performance

and

does

not

predict

or

guarantee

future

results

.

Investment

returns

and

principal

value

will

fluctuate

so

that

when

shares

are

sold,

they

may

be

worth

more

or

less

than

their

original

cost.

Current

performance

may

be

higher

or

lower

than

the

performance

shown.

Returns

quoted

for

the

Funds

reflect

management

fees

and

other

expenses

such

as

transaction

costs

incurred

by

the

Funds

during

the

reporting

period

while

the

Indexes

are

unmanaged

and

therefore

returns

do

not

reflect

any

such

fees

and

expenses.

The

Funds

employ

a

representative

sampling

process

that

utilizes

a

sub-set

of

Index

securities

in

an

effort

to

provide

exposure

similar

to

that

of

the

Indexes,

which

can

lead

the

Funds

to

be

overweight

and

underweight

(and,

in

some

cases,

not

invested

at

all

in)

certain

securities

as

compared

to

the

Indexes.

This

process

can

create

tracking

error

relative

to

the

Indexes. 

Total

returns

for

a

period

of

less

than

one

year

are

not annualized

(i.e.

cumulative

returns).

Returns

assume

reinvestment

of

dividends

and

capital

gains.

Market

price

returns

are

based

on

the

closing

market

price

as

of

the

end

of

the

reporting

period.

For

performance

current

to

the

most

recent

month-end

visit

nuveen.com

or

call

(800)

257-8787.

Returns

do

not

reflect

the

deduction

of

taxes

that

a

shareholder

would

pay

on

Fund

distributions

or

the

sale

of

Fund

shares.

Expense

Ratios

The

expense

ratios

shown

are

as

of each

Fund’s

most

recent

prospectus.

The

expense

ratios

shown

reflect

total

operating

expenses

(before

fee

waivers

and/or

expense

reimbursements,

if

any).

The

expense

ratios

include

management

fees

and

other

fees

and

expenses,

but

do

not

reflect

expected

transaction

costs.

Refer

to

the

Financial

Highlights

later

in

this

report

for each

Fund’s

expense

ratios

as

of

the

end

of

the

reporting

period.

Holding

Summaries

The

Holdings

Summaries

data

relates

to

the

securities

held

in

the

Fund's

portfolio

of

investments

as

of

the

end

of

this

reporting

period.

It

should

not

be

construed

as

a

measure

of

performance

for

the

Fund

itself.

Holdings

are

subject

to

change.

Refer

to

the

Fund's

Porfotlio

of

Investments

for

individual

security

information.

Each

Fund

uses

credit

quality

ratings

for

its

portfolio

securities

provided

by

Moody's,

S&P

and

Fitch.

For

NUAG

and

NUSA,

if

all

three

of

Moody's,

S&P

and

Fitch

provide

a

rating

for

a

security,

an

average

of

the

ratings

is

used;

if

two

of

the

three

agencies

rate

a

security,

an

average

of

the

two

is

used;

and

if

only

one

rating

agency

rates

a

security,

that

rating

is

used.

For

NUHY

and

NUBD,

if

all

three

of

Moody's,

S&P

and

Fitch

provide

a

rating

for

a

security,

the

middle

rating

is

used;

if

two

of

the

threee

agencies

rate

a

security,

the

lower

rating

is

used;

and

if

only

one

rating

agency

rates

a

security,

that

rating

is

used.

AAA,

AA,

A

and

BBB

are

investment

grade

ratings;

BB,

B,

CCC/CC/C

and

D

are

below

investment

grade

ratings.

Credit

ratings

are

subject

to

change.

U.S.

Treasury,

U.S.

Agency,

and

U.S.

Agency

mortgaged-backed

securities

are

included

in

the

U.S.

Treasury/Agency

category.

Nuveen

Enhanced

Yield

U.S.

Aggregate

Bond

ETF

(NUAG)

(continued)

Fund

Performance,

Expense

Ratios

and

Holding

Summaries

July

31,

2022

11

Refer

to

the

first

page

of

this

Fund

Performance,

Expense

Ratios

and

Holdings

Summaries section

for

further

expla-

nation

of the

information

included

within

this

section. 

Refer

to

the

Glossary

of

Terms

Used

in

this

Report

for

further

definition

of

terms

used

in

this

section.

Fund

Performance

and

Expense

Ratios*

*

For

purposes

of

Fund

performance,

relative

results

are

measured

against

the

ICE

BofA

Enhanced

Yield

U.S.

Broad

Bond

Index.

Growth

of

an

Assumed

$10,000

Investment

as

of July

31,

2022

The

graphs

do

not

reflect

the

deduction

of

taxes

that

a

shareholder

may

pay

on

Fund

distributions

or

the

redemption

of

Fund

Shares.

Total

Returns

as

of

July

31,

2022

Average

Annual

Expense

Ratios

Inception

Date

1-Year

5-Year

Since

Inception

NUAG

at

NAV

9/14/16

(10.50)%

0.89%

0.89%

0.20%

NUAG

at

Market

Price

9/14/16

(10.27)%

0.90%

0.94%

—

ICE

BofA

U.S.

Broad

Market

Index

—

(9.18)%

1.30%

1.13%

—

ICE

BofA

Enhanced

Yield

U.S.

Broad

Bond

Index

—

(10.12)%

1.28%

1.27%

—

12

Fund

Performance,

Expense

Ratios

and

Holdings

Summaries

July

31,

2022

(continued)

Holdings

Summaries

as

of

July

31,

2022

Fund

Allocation

(%

of

net

assets)

Corporate

Debt

30

.8‌

%

Securitized

28

.6‌

%

U.S.

Treasury

28

.3‌

%

Government

Related

10

.9‌

%

Investments

Purchased

with

Collateral

from

Securities

Lending

1

.7‌

%

Other

Assets

Less

Liabilities

(

0

.3‌

)

%

Net

Assets

100‌

%

Corporate

Debt:

Industries

(%

of

total

corporate

debt

holdings)

Utility

42.8%

Industrial

34.9%

Financials

22.3%

Total

100%

Portfolio

Credit

Quality

(%

of

total

investments)

U.S.

Treasury/Agency

23.8%

AAA

31.5%

AA

5.2%

A

3.2%

BBB

33.6%

N/R(not

rated)

1.0%

N/A

(not

applicable)

1.7%

Total

100‌

%

Nuveen

Enhanced

Yield

1-5

Year

U.S.

Aggregate

Bond

ETF

(NUSA)

(continued)

Fund

Performance,

Expense

Ratios

and

Holding

Summaries

July

31,

2022

13

Refer

to

the

first

page

of

this

Fund

Performance,

Expense

Ratios

and

Holdings

Summaries section

for

further

expla-

nation

of the

information

included

within

this

section. 

Refer

to

the

Glossary

of

Terms

Used

in

this

Report

for

further

definition

of

terms

used

in

this

section.

Fund

Performance

and

Expense

Ratios*

*

For

purposes

of

Fund

performance,

relative

results

are

measured

against

the

ICE

BofA

Enhanced

Yield

1-5

Year

U.S.

Broad

Bond

Index.

Growth

of

an

Assumed

$10,000

Investment

as

of July

31,

2022

The

graphs

do

not

reflect

the

deduction

of

taxes

that

a

shareholder

may

pay

on

Fund

distributions

or

the

redemption

of

Fund

Shares.

Total

Returns

as

of

July

31,

2022

Average

Annual

Expense

Ratios

Inception

Date

1-Year

5-Year

Since

Inception

NUSA

at

NAV

3/31/17

(5.20)%

1.27%

1.40%

0.20%

NUSA

at

Market

Price

3/31/17

(5.13)%

1.27%

1.42%

—

ICE

BofA

1-5

Year

U.S.

Broad

Market

Index

—

(4.73)%

1.12%

1.22%

—

ICE

BofA

Enhanced

Yield

1-5

Year

U.S.

Broad

Bond

Index

—

(5.12)%

1.49%

1.64%

—

14

Fund

Performance,

Expense

Ratios

and

Holdings

Summaries

July

31,

2022

(continued)

Holdings

Summaries

as

of

July

31,

2022

22

Fund

Allocation

(%

of

net

assets)

Corporate

Debt

48

.3‌

%

U.S.

Treasury

27

.4‌

%

Securitized

23

.4‌

%

Investments

Purchased

with

Collateral

from

Securities

Lending

2

.2‌

%

Other

Assets

Less

Liabilities

(

1

.3‌

)

%

Net

Assets

100‌

%

Corporate

Debt:

Industries

(%

of

total

corporate

debt

holdings)

Financials

44.9%

Utility

38.1%

Industrial

17.0%

Total

100%

Portfolio

Credit

Quality

(%

of

total

investments)

U.S.

Treasury/Agency

9.0%

AAA

34.3%

AA

6.5%

A

18.3%

BBB

29.7%

N/A

(not

applicable)

2.2%

Total

100‌

%

Nuveen

ESG

High

Yield

Corporate

Bond

ETF

(NUHY)

(continued)

Fund

Performance,

Expense

Ratios

and

Holding

Summaries

July

31,

2022

15

Refer

to

the

first

page

of

this

Fund

Performance,

Expense

Ratios

and

Holdings

Summaries section

for

further

expla-

nation

of the

information

included

within

this

section. 

Refer

to

the

Glossary

of

Terms

Used

in

this

Report

for

further

definition

of

terms

used

in

this

section.

Fund

Performance

and

Expense

Ratios*

*

For

purposes

of

Fund

performance,

relative

results

are

measured

against

the

Bloomberg

MSCI

U.S.

High

Yield

Very

Liquid

ESG

Select

Index.

Growth

of

an

Assumed

$10,000

Investment

as

of July

31,

2022

The

graphs

do

not

reflect

the

deduction

of

taxes

that

a

shareholder

may

pay

on

Fund

distributions

or

the

redemption

of

Fund

Shares.

Total

Returns

as

of

July

31,

2022

Average

Annual

Expense

Ratios

Inception

Date

1-Year

Since

Inception

NUHY

at

NAV

9/25/19

(8.44)%

(0.32)%

0.30%

NUHY

at

Market

Price

9/25/19

(8.07)%

(0.11)%

—

Bloomberg

High

Yield

Very

Liquid

Index

—

(8.09)%

1.07%

—

Bloomberg

MSCI

U.S.

High

Yield

Very

Liquid

ESG

Select

Index

—

(8.13)%

0.03%

—

16

Fund

Performance,

Expense

Ratios

and

Holdings

Summaries

July

31,

2022

(continued)

Holdings

Summaries

as

of

July

31,

2022

Fund

Allocation

(%

of

net

assets)

Corporate

Debt

97.6‌%

Investments

Purchased

with

Collateral

from

Securities

Lending

8.9‌%

Other

Assets

Less

Liabilities

(6.5‌)%

Net

Assets

100‌%

Corporate

Debt:

Industries

(%

of

total

corporate

debt

holdings)

Industrial

86.5%

Financials

12.0%

Utility

1.5%

Total

100%

Portfolio

Credit

Quality

(%

of

total

investments)

BB

or

Lower

91.6%

Not

Rated

0.1%

N/A

(not

applicable)

8.3

%

Total

100‌%

Nuveen

ESG

U.S.

Aggregate

Bond

ETF

(NUBD)

(continued)

Fund

Performance,

Expense

Ratios

and

Holding

Summaries

July

31,

2022

17

Refer

to

the

first

page

of

this

Fund

Performance,

Expense

Ratios

and

Holdings

Summaries section

for

further

expla-

nation

of the

information

included

within

this

section. 

Refer

to

the

Glossary

of

Terms

Used

in

this

Report

for

further

definition

of

terms

used

in

this

section.

Fund

Performance

and

Expense

Ratios*

*

For

purposes

of

Fund

performance,

relative

results

are

measured

against

the

Bloomberg

MSCI

U.S.

Aggregate

ESG

Select

Index.

Growth

of

an

Assumed

$10,000

Investment

as

of July

31,

2022

The

graphs

do

not

reflect

the

deduction

of

taxes

that

a

shareholder

may

pay

on

Fund

distributions

or

the

redemption

of

Fund

Shares.

Total

Returns

as

of

July

31,

2022

Average

Annual

Expense

Ratios

Inception

Date

1-Year

Since

Inception

NUBD

at

NAV

9/29/17

(9.24)%

0.97%

0.15%

NUBD

at

Market

Price

9/29/17

(9.09)%

1.00%

—

Bloomberg

U.S.

Aggregate

Bond

Index

—

(9.12)%

1.23%

—

Bloomberg

MSCI

U.S.

Aggregate

ESG

Select

Index

—

(8.93)%

1.25%

—

18

Fund

Performance,

Expense

Ratios

and

Holdings

Summaries

July

31,

2022

(continued)

Holdings

Summaries

as

of

July

31,

2022

Fund

Allocation

(%

of

net

assets)

U.S.

Treasury

37

.6‌

%

Securitized

29

.8‌

%

Corporate

Debt

25

.9‌

%

Government

Related

5

.9‌

%

Investments

Purchased

with

Collateral

from

Securities

Lending

1

.6‌

%

Other

Assets

Less

Liabilities

(

0

.8‌

)

%

Net

Assets

100‌

%

Corporate

Debt:

Industries

(%

of

total

corporate

debt

holdings)

Industrial

58.6%

Financials

32.5%

Utility

8.9%

Total

100%

Portfolio

Credit

Quality

(%

of

total

investments)

U.S.

Treasury/Agency

27.2%

AAA

41.8%

AA

3.1%

A

13.2%

BBB

12.1%

N/R(not

rated)

1.0%

N/A

(not

applicable)

1.6%

Total

100‌

%

Yields

as

of

July

31,

2022

19

Dividend

Rate

is

the

average

dividend

per

share

for

the

current

reporting

period

divided

by

the

offering

price

per

share

at

period

end.

The

SEC

30-Day

Yield

is

a

standardized

measure

of

a

fund’s

yield

that

accounts

for

the

future

amortization

of

premiums

or

discounts

of

bonds

held

in

the

fund’s

portfolio.

The

SEC

30-Day

Yield

is

computed

under

an

SEC

standardized

formula

and

is

based

on

the

maximum

offer

price

per

share.

Dividend

Rate

may

differ

from

the

SEC

30-Day

Yield

because

the

fund

may

be

paying

out

more

or

less

than

it

is

earning

and

it

may

not

include

the

effect

of

amortization

of

bond

premium.

Nuveen

Enhanced

Yield

U.S.

Aggregate

Bond

ETF

(NUAG)

Dividend

Rate

2.23%

SEC

30-Day

Yield

3.03%

Nuveen

Enhanced

Yield

1-5

Year

U.S.

Aggregate

Bond

ETF

(NUSA)

Dividend

Rate

1.98%

SEC

30-Day

Yield

3.30%

Nuveen

ESG

High

Yield

Corporate

Bond

ETF

(NUHY)

Dividend

Rate

5.14%

SEC

30-Day

Yield

7.39%

Nuveen

ESG

U.S.

Aggregate

Bond

ETF

(NUBD)

Dividend

Rate

2.07%

SEC

30-Day

Yield

3.09%

20

Expense

Examples

As

a

shareholder

of

the

Fund,

you

incur

two

types

of

costs:

(1)

transaction

costs,

including

brokerage

commissions

on

purchases

and

sales

of

Fund

shares,

and

(2)

ongoing

costs,

including

management

fees

and

other

applicable

Fund

expenses.

The

Examples

below

are

intended

to

help

you

understand

your

ongoing

costs

(in

dollars)

of

investing

in

the

Fund

and

to

compare

these

costs

with

the

ongoing

costs

of

investing

in

other

funds.

The

Examples

below

are

based

on

an

investment

of

$1,000

invested

at

the

beginning

of

the

period

and

held

through

the

period

ended

July

31,

2022.

The

beginning

of

the

period

is

February

1,

2022.

The

information

under

“Actual

Performance,”

together

with

the

amount

you

invested,

allows

you

to

estimate

actual

expenses

incurred

over

the

reporting

period.

Simply

divide

your

account

value

by

$1,000

(for

example,

an

$8,600

account

value

divided

by

$1,000

=

8.60)

and

multiply

the

result

by

the

cost

shown

for

your

share

class,

in

the

row

entitled

“Expenses

Incurred

During

Period”

to

estimate

the

expenses

incurred

on

your

account

during

this

period.

The

information

under

“Hypothetical

Performance,”

provides

information

about

hypothetical

account

values

and

hypothetical

expenses

based

on

each

Fund’s

actual

expense

ratios

and

an

assumed

rate

of

return

of

5%

per

year

before

expenses,

which

is

not

the

Fund’s

actual

return.

The

hypothetical

account

values

and

expenses

may

not

be

used

to

estimate

the

actual

ending

account

balance

or

expense

you

incurred

for

the

period.

You

may

use

this

information

to

compare

the

ongoing

costs

of

investing

in

the

Fund

and

other

funds.

To

do

so,

compare

this

5%

hypothetical

example

with

the

5%

hypothetical

examples

that

appear

in

the

shareholder

reports

of

the

other

funds.

Please

note

that

the

expenses

shown

in

the

following

tables

are

meant

to

highlight

your

ongoing

costs

only

and

do

not

reflect

any

transaction

costs.

Therefore,

the

hypothetical

information

is

useful

in

comparing

ongoing

costs

only,

and

will

not

help

you

determine

the

relative

total

costs

of

owning

different

funds

or

share

classes.

In

addition,

if

these

transaction

costs

were

included,

your

costs

would

have

been

higher.

Nuveen

Enhanced

Yield

U.S.

Aggregate

Bond

ETF

(NUAG)

Actual

Performance

Beginning

Account

Value

$1,000.00

Ending

Account

Value

$928.63

Expenses

Incurred

During

the

Period

$0.96

Hypothetical

Performance

(5%

annualized

return

before

expenses)

Beginning

Account

Value

$1,000.00

Ending

Account

Value

$1,023.80

Expenses

Incurred

During

the

Period

$1.00

Expenses

are

equal

to

the

Fund’s

annualized

net

expense

ratio

of

0.20%

multiplied

by

the

average

account

value

over

the

period,

multiplied

by

181/365

(to

reflect

the

one-half

year

period).

Nuveen

Enhanced

Yield

1-5

Year

U.S.

Aggregate

Bond

ETF

(NUSA)

Actual

Performance

Beginning

Account

Value

$1,000.00

Ending

Account

Value

$968.95

Expenses

Incurred

During

the

Period

$1.03

Hypothetical

Performance

(5%

annualized

return

before

expenses)

Beginning

Account

Value

$1,000.00

Ending

Account

Value

$1,023.75

Expenses

Incurred

During

the

Period

$1.05

Expenses

are

equal

to

the

Fund’s

annualized

net

expense

ratio

of

0.20%

multiplied

by

the

average

account

value

over

the

period,

multiplied

by

181/365

(to

reflect

the

one-half

year

period).

21

Nuveen

ESG

High

Yield

Corporate

Bond

ETF

(NUHY)

Actual

Performance

Beginning

Account

Value

$1,000.00

Ending

Account

Value

$934.35

Expenses

Incurred

During

the

Period

$1.49

Hypothetical

Performance

(5%

annualized

return

before

expenses)

Beginning

Account

Value

$1,000.00

Ending

Account

Value

$1,023.26

Expenses

Incurred

During

the

Period

$1.56

Expenses

are

equal

to

the

Fund’s

annualized

net

expense

ratio

of

0.31%

multiplied

by

the

average

account

value

over

the

period,

multiplied

by

181/365

(to

reflect

the

one-half

year

period).

Nuveen

ESG

U.S.

Aggregate

Bond

ETF

(NUBD)

Actual

Performance

Beginning

Account

Value

$1,000.00

Ending

Account

Value

$938.08

Expenses

Incurred

During

the

Period

$0.77

Hypothetical

Performance

(5%

annualized

return

before

expenses)

Beginning

Account

Value

$1,000.00

Ending

Account

Value

$1,024.00

Expenses

Incurred

During

the

Period

$0.80

Expenses

are

equal

to

the

Fund’s

annualized

net

expense

ratio

of

0.16%

multiplied

by

the

average

account

value

over

the

period,

multiplied

by

181/365

(to

reflect

the

one-half

year

period).

22

Report

of

Independent

Registered

Public

Accounting

Firm

To

the

Shareholders

and

Board

of

Trustees

Nushares

ETF

Trust:

Opinions

on

the

Financial

Statements

We

have

audited

the

accompanying

statements

of

assets

and

liabilities

of

Nuveen

Enhanced

Yield

1-5

Year

U.S.

Aggregate

Bond

ETF,

Nuveen

Enhanced

Yield

U.S.

Aggregate

Bond

ETF,

Nuveen

ESG

High

Yield

Corporate

Bond

ETF,

and

Nuveen

ESG

U.S.

Aggregate

Bond

ETF

(four

of

the

funds

comprising

Nushares

ETF

Trust)

(the

Funds),

including

the

portfolios

of

investments,

as

of

July 31, 2022,

the

related

statements

of

operations

and

changes

in

net

assets

for

the

Funds

and

periods

listed

in

Appendix

A,

and

the

related

notes

(collectively,

the

financial

statements)

and

the

financial

highlights

for

the

Funds

and

periods

listed

in

Appendix

A.

In

our

opinion,

the

financial

statements

and

financial

highlights

present

fairly,

in

all

material

respects,

the

financial

position

of

the

Funds

as

of

July 31, 2022,

the

results

of

their

operations

and

changes

in

their

net

assets

for

the

Funds

and

periods

listed

in

Appendix

A,

and

the

financial

highlights

for

the

Funds

and

periods

listed

in

Appendix

A,

in

conformity

with

U.S.

generally

accepted

accounting

principles.

Basis

for

Opinion

These

financial

statements

and

financial

highlights

are

the

responsibility

of

the

Funds'

management.

Our

responsibility

is

to

express

an

opinion

on

these

financial

statements

and

financial

highlights

based

on

our

audits.

We

are

a

public

accounting

firm

registered

with

the

Public

Company

Accounting

Oversight

Board

(United

States)

(PCAOB)

and

are

required

to

be

independent

with

respect

to

the

Funds

in

accordance

with

the

U.S.

federal

securities

laws

and

the

applicable

rules

and

regulations

of

the

Securities

and

Exchange

Commission

and

the

PCAOB.

We

conducted

our

audits

in

accordance

with

the

standards

of

the

PCAOB.

Those

standards

require

that

we

plan

and

perform

the

audit

to

obtain

reasonable

assurance

about

whether

the

financial

statements

and

financial

highlights

are

free

of

material

misstatement,

whether

due

to

error

or

fraud.

Our

audits

included

performing

procedures

to

assess

the

risks

of

material

misstatement

of

the

financial

statements

and

financial

highlights,

whether

due

to

error

or

fraud,

and

performing

procedures

that

respond

to

those

risks.

Such

procedures

included

examining,

on

a

test

basis,

evidence

regarding

the

amounts

and

disclosures

in

the

financial

statements

and

financial

highlights.

Such

procedures

also

included

confirmation

of

securities

owned

as

of

July 31, 2022,

by

correspondence

with

custodians

and

brokers;

when

replies

were

not

received

from

brokers,

we

performed

other

auditing

procedures.

Our

audits

also

included

evaluating

the

accounting

principles

used

and

significant

estimates

made

by

management,

as

well

as

evaluating

the

overall

presentation

of

the

financial

statements

and

financial

highlights.

We

believe

that

our

audits

provide

a

reasonable

basis

for

our

opinion.

/s/

KPMG

LLP

We

have

served

as

the

auditor

of

one

or

more

Nuveen

investment

companies

since

2014.

Chicago,

Illinois

September 28,

2022

23

Appendix

A

Funds

and

Periods

For

the

year

ended

July

31,

2022

(statements

of

operations);

each

of

the

years

in

the

two-year

period

ended

July

31,

2022

(statements

of

changes

in

net

assets);

each

of

the

years

in

the

five-year

period

ended

July

31,

2022

(financial

highlights):

Nuveen

Enhanced

Yield

1-5

Year

U.S.

Aggregate

Bond

ETF

Nuveen

Enhanced

Yield

U.S.

Aggregate

Bond

ETF

For

the

year

ended

July

31,

2022

(statement

of

operations);

each

of

the

years

in

the

two-year

period

ended

July

31,

2022

(statement

of

changes

in

net

assets);

each

of

the

years

in

the

two-year

period

ended

July

31,

2022

and

the

period

September

25,

2019

(commencement

of

operations)

through

July

31,

2020

(financial

highlights):

Nuveen

ESG

High

Yield

Corporate

Bond

ETF

For

the

year

ended

July

31,

2022

(statement

of

operations);

each

of

the

years

in

the

two-year

period

ended

July

31,

2022

(statement

of

changes

in

net

assets);

each

of

the

years

in

the

four-year

period

ended

July

31,

2022

and

the

period

September

29,

2017

(commencement

of

operations)

through

July

31,

2018

(financial

highlights):

Nuveen

ESG

U.S.

Aggregate

Bond

ETF

24

Nuveen

Enhanced

Yield

U.S.

Aggregate

Bond

ETF

(NUAG)

Portfolio

of

Investments

July

31,

2022

Principal

Amount

(000)

Description

(1)

Coupon

Maturity

Ratings

(2)

Value

LONG-TERM

INVESTMENTS

-

98.6%  

CORPORATE

DEBT

-

30.8%

Financials

-

6.8%

$

36

Aegon

NV

5.500%

4/11/48

BBB+

$

34,747

30

AerCap

Ireland

Capital

DAC

/

AerCap

Global

Aviation

Trust

4.500%

9/15/23

BBB-

29,965

10

AerCap

Ireland

Capital

DAC

/

AerCap

Global

Aviation

Trust

2.875%

8/14/24

BBB-

9,592

112

AerCap

Ireland

Capital

DAC

/

AerCap

Global

Aviation

Trust

1.650%

10/29/24

BBB-

104,051

118

AerCap

Ireland

Capital

DAC

/

AerCap

Global

Aviation

Trust

1.750%

10/29/24

BBB-

109,383

150

AerCap

Ireland

Capital

DAC

/

AerCap

Global

Aviation

Trust

1.750%

1/30/26

BBB-

133,282

150

AerCap

Ireland

Capital

DAC

/

AerCap

Global

Aviation

Trust

2.450%

10/29/26

BBB-

133,440

16

AerCap

Ireland

Capital

DAC

/

AerCap

Global

Aviation

Trust

4.625%

10/15/27

BBB-

15,447

22

AerCap

Ireland

Capital

DAC

/

AerCap

Global

Aviation

Trust

3.875%

1/23/28

BBB-

20,303

56

AerCap

Ireland

Capital

DAC

/

AerCap

Global

Aviation

Trust

3.000%

10/29/28

BBB-

49,142

118

AerCap

Ireland

Capital

DAC

/

AerCap

Global

Aviation

Trust

3.300%

1/30/32

BBB-

99,103

26

Aetna

Inc

4.500%

5/15/42

BBB

24,207

20

Aetna

Inc

4.750%

3/15/44

BBB

19,040

23

Affiliated

Managers

Group

Inc

3.500%

8/01/25

BBB+

22,904

10

Affiliated

Managers

Group

Inc

3.300%

6/15/30

BBB+

9,180

13

Air

Lease

Corp

3.875%

7/03/23

BBB

12,906

62

Air

Lease

Corp

0.800%

8/18/24

BBB

57,390

10

Air

Lease

Corp

3.250%

3/01/25

BBB

9,667

100

Air

Lease

Corp

1.875%

8/15/26

BBB

89,106

62

Air

Lease

Corp

2.200%

1/15/27

BBB

55,143

30

Air

Lease

Corp

3.625%

4/01/27

BBB

28,251

68

Air

Lease

Corp

3.250%

10/01/29

BBB

59,062

10

Air

Lease

Corp

3.000%

2/01/30

BBB

8,425

44

Aircastle

Ltd

4.125%

5/01/24

BBB-

43,069

15

Alexandria

Real

Estate

Equities

Inc

1.875%

2/01/33

BBB+

11,750

100

Alexandria

Real

Estate

Equities

Inc

3.550%

3/15/52

BBB+

78,695

26

Alleghany

Corp

3.625%

5/15/30

BBB+

25,090

5

Ally

Financial

Inc

1.450%

10/02/23

BBB-

4,859

150

Ally

Financial

Inc

(3)

2.200%

11/02/28

BBB-

127,585

100

Ally

Financial

Inc

8.000%

11/01/31

BBB-

113,117

22

American

Campus

Communities

Operating

Partnership

LP

2.250%

1/15/29

BBB

20,851

35

American

Homes

4

Rent

LP

3.625%

4/15/32

BBB-

31,734

140

American

International

Group

Inc

2.500%

6/30/25

BBB+

134,821

77

Aon

Corp

3.750%

5/02/29

BBB+

74,960

9

Aon

Corp

(3)

2.800%

5/15/30

BBB+

8,138

100

Aon

Corp

/

Aon

Global

Holdings

PLC

2.600%

12/02/31

BBB+

87,296

5

Ares

Capital

Corp

3.875%

1/15/26

BBB-

4,706

110

Ares

Capital

Corp

2.150%

7/15/26

BBB-

95,113

110

Ares

Capital

Corp

2.875%

6/15/28

BBB-

90,668

10

Assurant

Inc

2.650%

1/15/32

BBB

8,106

67

Athene

Holding

Ltd

6.150%

4/03/30

BBB+

69,454

6

AXA

SA

8.600%

12/15/30

A

7,311

27

AXIS

Specialty

Finance

PLC

4.000%

12/06/27

BBB+

26,458

110

Banco

Santander

SA

2.749%

12/03/30

BBB

88,571

100

Bank

of

America

Corp

4.948%

7/22/28

A

102,893

6

Bank

of

Nova

Scotia/The

3.450%

4/11/25

A

5,959

200

Bank

of

Nova

Scotia/The

3.625%

10/27/81

BBB-

153,741

11

BankUnited

Inc

5.125%

6/11/30

BBB-

11,014

45

Barclays

PLC

1.007%

12/10/24

BBB+

42,837

200

Barclays

PLC

2.852%

5/07/26

BBB+

189,564

200

Barclays

PLC

5.200%

5/12/26

BBB

201,424

102

Barclays

PLC

5.088%

6/20/30

BBB

97,150

59

Barclays

PLC

2.667%

3/10/32

BBB+

48,374

59

Barclays

PLC

2.894%

11/24/32

BBB+

48,284

25

Principal

Amount

(000)

Description

(1)

Coupon

Maturity

Ratings

(2)

Value

Financials

(continued)

$

59

Barclays

PLC

(3)

3.811%

3/10/42

BBB

$

44,910

10

BGC

Partners

Inc

5.375%

7/24/23

BBB-

10,070

23

BGC

Partners

Inc

3.750%

10/01/24

BBB-

22,449

6

Blackstone

Private

Credit

Fund,

144A

4.700%

3/24/25

BBB-

5,822

155

Blackstone

Private

Credit

Fund,

144A

2.625%

12/15/26

BBB-

132,321

10

Blackstone

Secured

Lending

Fund

2.750%

9/16/26

BBB-

8,910

82

Blackstone

Secured

Lending

Fund

2.125%

2/15/27

BBB-

69,101

69

Boston

Properties

LP

3.400%

6/21/29

BBB+

63,334

34

Brighthouse

Financial

Inc

(3)

5.625%

5/15/30

BBB

34,223

31

Brixmor

Operating

Partnership

LP

4.125%

5/15/29

BBB-

29,292

90

Brown

&

Brown

Inc

2.375%

3/15/31

BBB-

74,025

59

Capital

One

Financial

Corp

3.900%

1/29/24

BBB+

59,035

59

Capital

One

Financial

Corp

1.343%

12/06/24

BBB+

56,628

59

Capital

One

Financial

Corp

4.250%

4/30/25

BBB+

59,408

106

Capital

One

Financial

Corp

4.166%

5/09/25

BBB+

105,110

6

Capital

One

Financial

Corp

1.878%

11/02/27

BBB+

5,354

4

Capital

One

Financial

Corp

3.800%

1/31/28

BBB+

3,869

100

Capital

One

Financial

Corp

4.927%

5/10/28

BBB+

101,005

106

Capital

One

Financial

Corp

3.273%

3/01/30

BBB+

96,008

6

Capital

One

Financial

Corp

2.359%

7/29/32

BBB

4,719

100

Capital

One

Financial

Corp

5.268%

5/10/33

BBB+

101,727

36

CI

Financial

Corp

3.200%

12/17/30

BBB-

28,172

10

CI

Financial

Corp

4.100%

6/15/51

BBB-

6,853

53

Citigroup

Inc

4.140%

5/24/25

A-

53,056

46

Citigroup

Inc

3.290%

3/17/26

A-

44,939

229

Citigroup

Inc

4.450%

9/29/27

BBB

229,500

100

Citigroup

Inc

3.070%

2/24/28

A-

94,961

72

Citizens

Financial

Group

Inc

2.500%

2/06/30

BBB+

62,391

85

CNA

Financial

Corp

3.900%

5/01/29

BBB+

81,774

20

Cooperatieve

Rabobank

UA

3.750%

7/21/26

BBB+

19,474

145

Corebridge

Financial

Inc,

144A

3.850%

4/05/29

BBB+

137,752

21

Corporate

Office

Properties

LP

2.900%

12/01/33

BBB-

16,494

103

Credit

Suisse

AG/New

York

NY

3.700%

2/21/25

A

101,541

34

CubeSmart

LP

2.250%

12/15/28

BBB

29,491

59

Deutsche

Bank

AG/New

York

NY

1.447%

4/01/25

BBB

55,353

59

Deutsche

Bank

AG/New

York

NY

(3)

2.129%

11/24/26

BBB

52,869

59

Deutsche

Bank

AG/New

York

NY

2.311%

11/16/27

BBB

51,273

150

Deutsche

Bank

AG/New

York

NY

2.552%

1/07/28

BBB

131,713

56

Deutsche

Bank

AG/New

York

NY

3.547%

9/18/31

BBB

48,198

29

Digital

Realty

Trust

LP

4.450%

7/15/28

BBB

28,804

62

Discover

Financial

Services

4.500%

1/30/26

BBB

61,900

161

Discover

Financial

Services

4.100%

2/09/27

BBB

156,531

42

Duke

Realty

LP

1.750%

7/01/30

BBB+

35,261

34

Elevance

Health

Inc

2.875%

9/15/29

BBB+

31,631

100

Elevance

Health

Inc

4.100%

5/15/32

BBB+

100,994

63

Elevance

Health

Inc

3.125%

5/15/50

BBB+

49,895

44

Enstar

Group

Ltd

3.100%

9/01/31

BBB-

35,506

69

Equitable

Holdings

Inc

4.350%

4/20/28

BBB+

69,489

45

Essex

Portfolio

LP

2.550%

6/15/31

BBB+

38,779

22

Extra

Space

Storage

LP

2.350%

3/15/32

BBB

17,835

67

Fairfax

Financial

Holdings

Ltd

4.625%

4/29/30

BBB-

65,352

32

Federal

Realty

OP

LP

3.500%

6/01/30

BBB+

29,612

63

Fidelity

National

Financial

Inc

3.400%

6/15/30

BBB

56,594

53

Fifth

Third

Bancorp

2.375%

1/28/25

BBB+

51,312

46

Fifth

Third

Bancorp

1.707%

11/01/27

BBB+

41,891

91

Fifth

Third

Bancorp

3.950%

3/14/28

BBB+

90,147

63

First

American

Financial

Corp

2.400%

8/15/31

BBB

49,818

26

FS

KKR

Capital

Corp

1.650%

10/12/24

BBB-

24,094

100

FS

KKR

Capital

Corp

3.250%

7/15/27

BBB-

87,552

104

GATX

Corp

4.550%

11/07/28

BBB

104,743

Nuveen

Enhanced

Yield

U.S.

Aggregate

Bond

ETF

(NUAG)

(continued)

Portfolio

of

Investments

July

31,

2022

26

Principal

Amount

(000)

Description

(1)

Coupon

Maturity

Ratings

(2)

Value

Financials

(continued)

$

31

Goldman

Sachs

BDC

Inc

(3)

2.875%

1/15/26

BBB-

$

28,995

6

Goldman

Sachs

Group

Inc/The

3.000%

3/15/24

A-

5,944

6

Goldman

Sachs

Group

Inc/The

1.948%

10/21/27

A-

5,476

15

Goldman

Sachs

Group

Inc/The

2.615%

4/22/32

A-

12,938

6

Goldman

Sachs

Group

Inc/The

2.383%

7/21/32

A-

5,062

34

Goldman

Sachs

Group

Inc/The

6.450%

5/01/36

BBB

38,533

44

Golub

Capital

BDC

Inc

2.050%

2/15/27

BBB-

36,131

33

Hartford

Financial

Services

Group

Inc/The

2.800%

8/19/29

BBB+

30,101

20

Healthcare

Realty

Holdings

LP

3.100%

2/15/30

BBB

17,660

43

Healthpeak

Properties

Inc

2.875%

1/15/31

BBB+

38,381

5

Highwoods

Realty

LP

3.050%

2/15/30

BBB

4,388

31

Host

Hotels

&

Resorts

LP

3.500%

9/15/30

BBB-

26,880

196

HSBC

Holdings

PLC

6.800%

6/01/38

BBB+

218,392

70

Humana

Inc

2.150%

2/03/32

BBB

59,393

15

Huntington

Bancshares

Inc/OH

4.000%

5/15/25

BBB+

15,090

100

Huntington

Bancshares

Inc/OH

2.550%

2/04/30

BBB+

88,094

31

Invitation

Homes

Operating

Partnership

LP

2.300%

11/15/28

BBB-

26,605

12

Janus

Henderson

US

Holdings

Inc

4.875%

8/01/25

BBB+

12,270

12

Jefferies

Financial

Group

Inc

5.500%

10/18/23

BBB

12,108

100

Jefferies

Group

LLC

2.750%

10/15/32

BBB

78,976

9

Jefferies

Group

LLC

/

Jefferies

Group

Capital

Finance

Inc

4.150%

1/23/30

BBB

8,333

6

JPMorgan

Chase

&

Co

1.470%

9/22/27

A

5,364

10

JPMorgan

Chase

&

Co

2.069%

6/01/29

A

8,834

4

JPMorgan

Chase

&

Co

3.702%

5/06/30

A

3,825

6

JPMorgan

Chase

&

Co

2.545%

11/08/32

A

5,157

100

JPMorgan

Chase

&

Co

4.912%

7/25/33

A

104,271

43

Kemper

Corp

3.800%

2/23/32

BBB

39,376

177

KeyCorp

(3)

2.550%

10/01/29

BBB+

157,317

33

Kilroy

Realty

LP

2.650%

11/15/33

BBB

26,269

24

Kimco

Realty

Corp

2.250%

12/01/31

BBB+

19,950

22

Kimco

Realty

Corp

4.250%

4/01/45

BBB+

19,185

53

Lazard

Group

LLC

4.500%

9/19/28

BBB

52,245

31

Life

Storage

LP

2.400%

10/15/31

BBB

25,482

93

Lincoln

National

Corp

3.625%

12/12/26

BBB+

91,823

13

LXP

Industrial

Trust

2.375%

10/01/31

BBB

10,327

31

Main

Street

Capital

Corp

3.000%

7/14/26

BBB-

27,636

19

Manulife

Financial

Corp

4.061%

2/24/32

BBB+

17,766

33

Markel

Corp

3.350%

9/17/29

BBB

30,944

11

Mid-America

Apartments

LP

2.750%

3/15/30

BBB+

9,867

20

Mitsubishi

UFJ

Financial

Group

Inc

5.017%

7/20/28

A

20,553

102

Morgan

Stanley

4.350%

9/08/26

BBB+

102,835

112

Morgan

Stanley

3.950%

4/23/27

BBB+

110,545

100

Morgan

Stanley

4.889%

7/20/33

A

103,993

100

Morgan

Stanley

2.484%

9/16/36

BBB+

80,905

10

Nasdaq

Inc

3.850%

6/30/26

BBB+

10,100

44

Nasdaq

Inc

2.500%

12/21/40

BBB+

31,449

6

National

Retail

Properties

Inc

2.500%

4/15/30

BBB+

5,240

44

National

Retail

Properties

Inc

3.000%

4/15/52

BBB+

30,836

200

NatWest

Group

PLC

5.125%

5/28/24

BBB

200,411

50

NatWest

Group

PLC

4.269%

3/22/25

BBB+

49,557

200

NatWest

Group

PLC

3.754%

11/01/29

BBB

192,079

4

NatWest

Group

PLC

5.076%

1/27/30

BBB+

3,988

59

Nomura

Holdings

Inc

1.851%

7/16/25

BBB+

54,875

80

Nomura

Holdings

Inc

5.386%

7/06/27

BBB+

81,826

59

Nomura

Holdings

Inc

2.710%

1/22/29

BBB+

51,712

79

Nomura

Holdings

Inc

3.103%

1/16/30

BBB+

68,654

34

Nomura

Holdings

Inc

2.679%

7/16/30

BBB+

28,557

35

Omega

Healthcare

Investors

Inc

(3)

3.625%

10/01/29

BBB-

30,320

10

Owl

Rock

Capital

Corp

3.750%

7/22/25

BBB-

9,531

18

Owl

Rock

Capital

Corp

4.250%

1/15/26

BBB-

17,034

27

Principal

Amount

(000)

Description

(1)

Coupon

Maturity

Ratings

(2)

Value

Financials

(continued)

$

100

Owl

Rock

Capital

Corp

2.625%

1/15/27

BBB-

$

84,901

35

OWL

Rock

Core

Income

Corp,

144A

4.700%

2/08/27

Baa3

32,280

13

Piedmont

Operating

Partnership

LP

2.750%

4/01/32

BBB

10,337

44

Prospect

Capital

Corp

3.437%

10/15/28

BBB-

34,636

30

Prudential

Financial

Inc

5.375%

5/15/45

BBB+

29,321

40

Prudential

Financial

Inc

5.700%

9/15/48

BBB+

40,055

100

Prudential

Financial

Inc

3.700%

10/01/50

BBB+

87,473

12

Regency

Centers

LP

2.950%

9/15/29

BBB+

10,768

17

Regency

Centers

LP

4.400%

2/01/47

BBB+

15,301

100

Regions

Financial

Corp

1.800%

8/12/28

BBB+

87,839

8

Reinsurance

Group

of

America

Inc

4.700%

9/15/23

BBB+

8,074

63

Reinsurance

Group

of

America

Inc

3.150%

6/15/30

BBB+

57,106

13

Rexford

Industrial

Realty

LP

2.150%

9/01/31

BBB

10,661

6

Santander

Holdings

USA

Inc

4.260%

6/09/25

BBB

5,927

73

Santander

Holdings

USA

Inc

3.244%

10/05/26

BBB

69,231

100

Santander

Holdings

USA

Inc

2.490%

1/06/28

BBB

88,947

90

Santander

UK

Group

Holdings

PLC

1.532%

8/21/26

BBB+

81,328

110

Santander

UK

Group

Holdings

PLC

3.823%

11/03/28

BBB+

103,611

35

Spirit

Realty

LP

2.100%

3/15/28

BBB

29,872

10

Stifel

Financial

Corp

4.250%

7/18/24

BBB

10,053

23

Stifel

Financial

Corp

4.000%

5/15/30

BBB

21,688

22

STORE

Capital

Corp

2.700%

12/01/31

BBB

18,138

22

Sun

Communities

Operating

LP

2.300%

11/01/28

BBB-

19,218

6

Sun

Communities

Operating

LP

4.200%

4/15/32

BBB-

5,604

6

SVB

Financial

Group

4.345%

4/29/28

BBB+

5,920

100

SVB

Financial

Group

3.125%

6/05/30

BBB+

88,232

20

SVB

Financial

Group

1.800%

2/02/31

BBB+

15,741

6

Synchrony

Financial

4.875%

6/13/25

BBB-

5,983

56

Synchrony

Financial

3.700%

8/04/26

BBB-

53,013

39

Synchrony

Financial

3.950%

12/01/27

BBB-

36,641

47

UDR

Inc

3.000%

8/15/31

BBB+

41,432

54

Ventas

Realty

LP

2.500%

9/01/31

BBB+

45,796

53

Wells

Fargo

&

Co

3.908%

4/25/26

A

52,664

110

Wells

Fargo

&

Co

4.300%

7/22/27

BBB+

111,537

100

Wells

Fargo

&

Co

3.526%

3/24/28

A

96,650

26

Welltower

Inc

2.800%

6/01/31

BBB+

22,548

50

Welltower

Inc

3.850%

6/15/32

BBB+

47,134

260

Westpac

Banking

Corp

2.668%

11/15/35

BBB+

211,997

91

Willis

North

America

Inc

4.500%

9/15/28

BBB

90,716

21

WP

Carey

Inc

2.450%

2/01/32

BBB

17,447

12,334

Total

Financials

11,364,400

Industrial

-

10.8%

9

AbbVie

Inc

3.200%

11/21/29

BBB+

8,588

202

AbbVie

Inc

4.050%

11/21/39

BBB+

191,251

159

AbbVie

Inc

4.625%

10/01/42

BBB+

153,282

22

Advance

Auto

Parts

Inc

3.500%

3/15/32

BBB-

19,657

29

Agilent

Technologies

Inc

2.750%

9/15/29

BBB+

26,198

102

Altria

Group

Inc

5.800%

2/14/39

BBB+

96,508

100

Altria

Group

Inc

3.875%

9/16/46

BBB+

70,468

10

Amcor

Finance

USA

Inc

4.500%

5/15/28

BBB

9,951

20

Amcor

Flexibles

North

America

Inc

2.690%

5/25/31

BBB

17,012

37

American

Airlines

2016-2

Class

AA

Pass

Through

Trust2020

A

3.200%

6/15/28

BBB+

33,726

29

American

Tower

Corp

2.100%

6/15/30

BBB

24,238

100

American

Tower

Corp

4.050%

3/15/32

BBB

95,719

40

AmerisourceBergen

Corp

2.700%

3/15/31

BBB+

35,469

23

Amgen

Inc

(3)

2.300%

2/25/31

BBB+

20,386

96

Amgen

Inc

3.150%

2/21/40

BBB+

80,837

17

Amgen

Inc

5.150%

11/15/41

BBB+

17,592

Nuveen

Enhanced

Yield

U.S.

Aggregate

Bond

ETF

(NUAG)

(continued)

Portfolio

of

Investments

July

31,

2022

28

Principal

Amount

(000)

Description

(1)

Coupon

Maturity

Ratings

(2)

Value

Industrial

(continued)

$

100

Amgen

Inc

3.000%

1/15/52

BBB+

$

75,418

100

Amgen

Inc

4.200%

2/22/52

BBB+

93,156

31

Amphenol

Corp

2.200%

9/15/31

BBB+

26,331

423

Anheuser-Busch

Cos

LLC

/

Anheuser-Busch

InBev

Worldwide

Inc

4.900%

2/01/46

BBB+

426,005

13

Anheuser-Busch

InBev

Worldwide

Inc

4.000%

4/13/28

BBB+

13,298

3

Anheuser-Busch

InBev

Worldwide

Inc

4.350%

6/01/40

BBB+

2,864

53

Aptiv

PLC

3.100%

12/01/51

BBB

35,232

3

Aptiv

PLC

/

Aptiv

Corp

(3)

3.250%

3/01/32

BBB

2,648

10

Aptiv

PLC

/

Aptiv

Corp

4.150%

5/01/52

BBB

7,959

89

AT&T

Inc

(3)

2.750%

6/01/31

BBB

79,830

551

AT&T

Inc

4.850%

3/01/39

BBB

545,358

150

AT&T

Inc

3.500%

6/01/41

BBB

125,787

35

Autodesk

Inc

2.400%

12/15/31

BBB+

29,947

31

AutoNation

Inc

3.850%

3/01/32

BBB-

27,625

23

AutoZone

Inc

4.000%

4/15/30

BBB

22,600

31

Avery

Dennison

Corp

2.250%

2/15/32

BBB

25,290

42

Barrick

North

America

Finance

LLC

5.700%

5/30/41

BBB+

44,695

70

BAT

Capital

Corp

3.557%

8/15/27

BBB

65,489

100

BAT

Capital

Corp

4.742%

3/16/32

BBB+

91,620

74

BAT

Capital

Corp

4.390%

8/15/37

BBB+

61,282

34

Becton

Dickinson

and

Co

1.957%

2/11/31

BBB

28,866

32

Becton

Dickinson

and

Co

4.685%

12/15/44

BBB

32,060

53

Bell

Telephone

Co

of

Canada

or

Bell

Canada/The

3.650%

8/15/52

BBB+

43,766

45

Biogen

Inc

5.200%

9/15/45

BBB+

45,361

10

Block

Financial

LLC

2.500%

7/15/28

BBB-

8,867

35

Boardwalk

Pipelines

LP

3.600%

9/01/32

BBB

30,723

10

Boeing

Co/The

6.875%

3/15/39

BBB-

10,969

304

Boeing

Co/The

5.705%

5/01/40

BBB-

302,501

18

BorgWarner

Inc

4.375%

3/15/45

BBB+

14,967

49

Boston

Scientific

Corp

4.550%

3/01/39

BBB

47,897

32

BP

Capital

Markets

PLC

4.875%

N/A

(4)

BBB+

29,092

50

British

Telecommunications

PLC

5.125%

12/04/28

BBB

50,529

1

Broadcom

Inc,

144A

4.000%

4/15/29

BBB-

959

457

Broadcom

Inc,

144A

3.187%

11/15/36

BBB-

366,055

38

Broadridge

Financial

Solutions

Inc

2.600%

5/01/31

BBB+

33,051

16

Brunswick

Corp/DE

4.400%

9/15/32

BBB

14,300

20

Bunge

Ltd

Finance

Corp

3.750%

9/25/27

BBB

19,668

42

Campbell

Soup

Co

2.375%

4/24/30

BBB

36,651

11

Canadian

Natural

Resources

Ltd

2.950%

7/15/30

BBB

9,949

27

Canadian

Natural

Resources

Ltd

5.850%

2/01/35

BBB

28,163

12

Canadian

Natural

Resources

Ltd

6.750%

2/01/39

BBB

13,508

8

Canadian

Pacific

Railway

Co

2.450%

12/02/31

BBB+

7,189

80

Canadian

Pacific

Railway

Co

4.800%

8/01/45

BBB+

81,179

13

Cardinal

Health

Inc

3.410%

6/15/27

BBB

12,825

10

Cardinal

Health

Inc

4.500%

11/15/44

BBB

8,891

34

Carlisle

Cos

Inc

2.200%

3/01/32

BBB

27,428

15

Carrier

Global

Corp

2.722%

2/15/30

BBB-

13,475

64

Carrier

Global

Corp

3.577%

4/05/50

BBB-

50,729

10

Cenovus

Energy

Inc

2.650%

1/15/32

BBB-

8,599

53

Cenovus

Energy

Inc

5.250%

6/15/37

BBB-

53,311

30

Charter

Communications

Operating

LLC

/

Charter

Communications

Operating

Capital

5.375%

4/01/38

BBB-

27,469

100

Charter

Communications

Operating

LLC

/

Charter

Communications

Operating

Capital

3.500%

3/01/42

BBB-

72,892

201

Charter

Communications

Operating

LLC

/

Charter

Communications

Operating

Capital

5.375%

5/01/47

BBB-

176,835

100

Charter

Communications

Operating

LLC

/

Charter

Communications

Operating

Capital

5.250%

4/01/53

BBB-

87,530

45

Cheniere

Corpus

Christi

Holdings

LLC

5.125%

6/30/27

BBB-

45,765

11

Choice

Hotels

International

Inc

3.700%

1/15/31

BBB-

9,909

29

Principal

Amount

(000)

Description

(1)

Coupon

Maturity

Ratings

(2)

Value

Industrial

(continued)

$

31

Church

&

Dwight

Co

Inc

2.300%

12/15/31

BBB+

$

27,216

206

Cigna

Corp

4.900%

12/15/48

BBB+

207,682

35

Clorox

Co/The

(3)

4.400%

5/01/29

BBB+

36,014

10

CNH

Industrial

NV

3.850%

11/15/27

BBB

9,590

44

CommonSpirit

Health

2.782%

10/01/30

BBB+

38,605

3

Conagra

Brands

Inc

4.850%

11/01/28

BBB-

3,061

53

Conagra

Brands

Inc

5.300%

11/01/38

BBB-

51,983

6

Constellation

Brands

Inc

4.750%

5/09/32

BBB-

6,192

63

Constellation

Brands

Inc

5.250%

11/15/48

BBB-

64,649

73

Corning

Inc

3.900%

11/15/49

BBB+

60,569

135

Crown

Castle

International

Corp

2.500%

7/15/31

BBB

115,632

4

CSX

Corp

2.400%

2/15/30

BBB+

3,629

56

CSX

Corp

3.800%

4/15/50

BBB+

49,840

141

CVS

Health

Corp

4.875%

7/20/35

BBB

146,030

227

CVS

Health

Corp

4.780%

3/25/38

BBB

227,154

54

Danaher

Corp

4.375%

9/15/45

BBB+

52,337

19

Dell

International

LLC

/

EMC

Corp

6.200%

7/15/30

BBB

20,274

7

Dell

International

LLC

/

EMC

Corp

8.350%

7/15/46

BBB

8,963

100

Dell

International

LLC

/

EMC

Corp,

144A

(3)

3.450%

12/15/51

BBB

70,641

50

Deutsche

Telekom

International

Finance

BV

8.750%

6/15/30

BBB+

64,020

63

Devon

Energy

Corp

5.600%

7/15/41

BBB

64,780

36

Diamondback

Energy

Inc

3.125%

3/24/31

BBB-

32,570

6

Diamondback

Energy

Inc

4.250%

3/15/52

BBB-

5,148

14

Dignity

Health

5.267%

11/01/64

BBB+

13,664

257

Discovery

Communications

LLC

(3)

4.000%

9/15/55

BBB-

186,627

5

Dollar

General

Corp

3.875%

4/15/27

BBB

5,032

27

Dollar

General

Corp

4.125%

4/03/50

BBB

23,811

42

Dollar

Tree

Inc

3.375%

12/01/51

BBB

31,240

2

Dow

Chemical

Co/The

4.250%

10/01/34

BBB+

1,957

107

Dow

Chemical

Co/The

5.250%

11/15/41

BBB+

108,173

71

DuPont

de

Nemours

Inc

5.319%

11/15/38

BBB+

72,604

26

Eastman

Chemical

Co

4.800%

9/01/42

BBB

23,857

38

Eaton

Corp

4.150%

11/02/42

BBB+

35,979

45

eBay

Inc

(3)

2.600%

5/10/31

BBB+

38,725

10

Energy

Transfer

LP

4.150%

9/15/29

BBB-

9,466

229

Energy

Transfer

LP

5.800%

6/15/38

BBB-

222,376

22

Energy

Transfer

LP

5.000%

5/15/44

BBB-

19,187

3

Enterprise

Products

Operating

LLC

5.750%

3/01/35

BBB+

3,109

46

Enterprise

Products

Operating

LLC

4.250%

2/15/48

BBB+

41,451

100

Enterprise

Products

Operating

LLC

3.300%

2/15/53

BBB+

77,942

142

Enterprise

Products

Operating

LLC

3.950%

1/31/60

BBB+

116,613

17

Equifax

Inc

2.600%

12/15/25

BBB

16,144

100

Equifax

Inc

2.350%

9/15/31

BBB

83,522

3

Equinix

Inc

2.500%

5/15/31

BBB

2,572

82

Equinix

Inc

3.900%

4/15/32

BBB

77,692

22

Expedia

Group

Inc

3.800%

2/15/28

BBB-

20,520

24

Expedia

Group

Inc

3.250%

2/15/30

BBB-

20,727

10

Expedia

Group

Inc

2.950%

3/15/31

BBB-

8,252

7

FedEx

Corp

3.100%

8/05/29

BBB

6,610

27

FedEx

Corp

3.900%

2/01/35

BBB

25,488

37

FedEx

Corp

4.050%

2/15/48

BBB

32,460

20

Fidelity

National

Information

Services

Inc

1.150%

3/01/26

BBB

18,154

133

Fidelity

National

Information

Services

Inc

1.650%

3/01/28

BBB

116,863

114

Fiserv

Inc

(3)

2.750%

7/01/24

BBB

112,313

260

Fiserv

Inc

2.250%

6/01/27

BBB

238,536

10

Flowserve

Corp

3.500%

10/01/30

BBB-

8,634

13

Flowserve

Corp

2.800%

1/15/32

BBB-

10,387

21

Fortune

Brands

Home

&

Security

Inc

3.250%

9/15/29

BBB

18,861

72

Fox

Corp

3.500%

4/08/30

BBB

67,901

75

Freeport-McMoRan

Inc

4.250%

3/01/30

BBB-

70,287

Nuveen

Enhanced

Yield

U.S.

Aggregate

Bond

ETF

(NUAG)

(continued)

Portfolio

of

Investments

July

31,

2022

30

Principal

Amount

(000)

Description

(1)

Coupon

Maturity

Ratings

(2)

Value

Industrial

(continued)

$

62

GE

Capital

Funding

LLC

4.550%

5/15/32

BBB+

$

62,398

100

General

Electric

Co

(3)

4.350%

5/01/50

BBB+

89,886

54

General

Mills

Inc

4.550%

4/17/38

BBB

52,672

134

General

Motors

Co

6.600%

4/01/36

BBB-

140,930

63

General

Motors

Financial

Co

Inc

4.300%

4/06/29

BBB-

59,712

10

General

Motors

Financial

Co

Inc

3.100%

1/12/32

BBB-

8,372

22

Genuine

Parts

Co

2.750%

2/01/32

BBB+

18,875

17

Gilead

Sciences

Inc

4.000%

9/01/36

BBB+

16,558

130

Gilead

Sciences

Inc

4.750%

3/01/46

BBB+

130,157

23

Global

Payments

Inc

1.500%

11/15/24

BBB-

21,625

28

Global

Payments

Inc

4.450%

6/01/28

BBB-

27,388

82

Global

Payments

Inc

2.900%

5/15/30

BBB-

70,605

100

Global

Payments

Inc

2.900%

11/15/31

BBB-

84,092

38

GLP

Capital

LP

/

GLP

Financing

II

Inc

5.300%

1/15/29

BBB-

37,521

41

Grupo

Televisa

SAB

6.125%

1/31/46

BBB+

44,996

11

Halliburton

Co

4.850%

11/15/35

BBB+

11,050

53

Halliburton

Co

4.500%

11/15/41

BBB+

48,166

30

Halliburton

Co

4.750%

8/01/43

BBB+

28,098

31

Hasbro

Inc

3.900%

11/19/29

BBB

29,386

18

HCA

Inc

4.125%

6/15/29

BBB-

17,323

80

HCA

Inc,

144A

4.375%

3/15/42

BBB-

68,558

153

HCA

Inc

3.500%

7/15/51

BBB-

112,985

51

Hess

Corp

4.300%

4/01/27

BBB-

50,634

36

Hewlett

Packard

Enterprise

Co

6.200%

10/15/35

BBB

39,484

6

HP

Inc

4.750%

1/15/28

BBB

6,085

6

HP

Inc

3.400%

6/17/30

BBB

5,395

10

HP

Inc

2.650%

6/17/31

BBB

8,257

6

HP

Inc

4.200%

4/15/32

BBB

5,528

28

HP

Inc

6.000%

9/15/41

BBB

28,568

30

Huntington

Ingalls

Industries

Inc

2.043%

8/16/28

BBB-

26,266

10

Huntsman

International

LLC

2.950%

6/15/31

BBB-

8,478

10

IDEX

Corp

(3)

2.625%

6/15/31

BBB

8,602

22

Ingredion

Inc

2.900%

6/01/30

BBB

19,816

30

International

Paper

Co

4.800%

6/15/44

BBB

28,723

27

International

Paper

Co

4.400%

8/15/47

BBB

24,857

6

J

M

Smucker

Co/The

(3)

2.125%

3/15/32

BBB

5,034

37

J

M

Smucker

Co/The

4.250%

3/15/35

BBB

35,794

6

Jabil

Inc

4.250%

5/15/27

BBB-

5,940

16

Jabil

Inc

3.600%

1/15/30

BBB-

14,526

44

Johnson

Controls

International

plc

4.950%

7/02/64

BBB+

40,060

35

Kansas

City

Southern/Old

4.700%

5/01/48

BBB

34,519

45

Kellogg

Co

2.100%

6/01/30

BBB

38,589

15

Keurig

Dr

Pepper

Inc

3.200%

5/01/30

BBB

14,030

80

Keurig

Dr

Pepper

Inc

4.500%

4/15/52

BBB

74,908

122

Kinder

Morgan

Energy

Partners

LP

6.375%

3/01/41

BBB

126,711

10

Kinder

Morgan

Inc

2.000%

2/15/31

BBB

8,254

100

Kinder

Morgan

Inc

3.600%

2/15/51

BBB

77,933

20

Kohl's

Corp

(3)

3.375%

5/01/31

BBB-

15,069

6

Kraft

Heinz

Foods

Co

4.250%

3/01/31

BBB-

5,917

135

Kraft

Heinz

Foods

Co

5.500%

6/01/50

BBB-

137,541

14

Kroger

Co/The

2.200%

5/01/30

BBB+

12,280

67

Kroger

Co/The

1.700%

1/15/31

BBB+

55,616

26

Kroger

Co/The

5.400%

1/15/49

BBB+

28,247

15

L3Harris

Technologies

Inc

2.900%

12/15/29

BBB

13,755

40

L3Harris

Technologies

Inc

1.800%

1/15/31

BBB

32,986

41

Laboratory

Corp

of

America

Holdings

2.700%

6/01/31

BBB

36,381

22

Lear

Corp

3.500%

5/30/30

BBB

19,387

10

Lear

Corp

(3)

2.600%

1/15/32

BBB

8,074

31

Leggett

&

Platt

Inc

(3)

3.500%

11/15/51

BBB

24,472

36

Leidos

Inc

2.300%

2/15/31

BBB-

29,748

31

Principal

Amount

(000)

Description

(1)

Coupon

Maturity

Ratings

(2)

Value

Industrial

(continued)

$

20

Lennar

Corp

4.750%

11/29/27

BBB-

$

20,182

32

Lowe's

Cos

Inc

4.500%

4/15/30

BBB+

32,722

88

Lowe's

Cos

Inc

2.625%

4/01/31

BBB+

78,598

20

Lowe's

Cos

Inc

4.050%

5/03/47

BBB+

17,759

100

Lowe's

Cos

Inc

(3)

4.250%

4/01/52

BBB+

90,515

73

LYB

International

Finance

BV

5.250%

7/15/43

BBB

70,997

15

Magallanes

Inc,

144A

3.755%

3/15/27

BBB-

14,420

100

Magallanes

Inc,

144A

4.279%

3/15/32

BBB-

93,327

12

Magallanes

Inc,

144A

5.050%

3/15/42

BBB-

10,656

44

Magellan

Midstream

Partners

LP

5.150%

10/15/43

BBB+

42,202

36

Marathon

Oil

Corp

4.400%

7/15/27

BBB-

35,871

43

Marathon

Petroleum

Corp

6.500%

3/01/41

BBB

47,820

14

Marriott

International

Inc/MD

4.650%

12/01/28

BBB-

14,050

22

Marriott

International

Inc/MD

2.750%

10/15/33

BBB-

18,002

27

Marriott

International

Inc/MD

4.500%

10/01/34

BBB-

25,332

6

Martin

Marietta

Materials

Inc

2.500%

3/15/30

BBB

5,207

35

Martin

Marietta

Materials

Inc

2.400%

7/15/31

BBB

29,625

10

Martin

Marietta

Materials

Inc

3.200%

7/15/51

BBB

7,317

34

Masco

Corp

2.000%

2/15/31

BBB

27,652

34

McCormick

&

Co

Inc/MD

(3)

1.850%

2/15/31

BBB

28,277

168

McDonald's

Corp

4.700%

12/09/35

BBB+

176,620

33

MDC

Holdings

Inc

3.966%

8/06/61

BBB-

19,719

44

Micron

Technology

Inc

5.327%

2/06/29

BBB-

45,095

39

Molson

Coors

Beverage

Co

4.200%

7/15/46

BBB-

34,233

6

Mondelez

International

Inc

(3)

3.000%

3/17/32

BBB+

5,496

46

Mondelez

International

Inc

(3)

1.875%

10/15/32

BBB+

37,579

7

Moody's

Corp

3.250%

1/15/28

BBB+

6,774

100

Moody's

Corp

(3)

2.000%

8/19/31

BBB+

84,923

27

Mosaic

Co/The

5.450%

11/15/33

BBB

28,548

26

Motorola

Solutions

Inc

2.300%

11/15/30

BBB-

21,242

41

Motorola

Solutions

Inc

2.750%

5/24/31

BBB-

34,376

141

MPLX

LP

4.500%

4/15/38

BBB

128,178

15

Mylan

Inc

4.550%

4/15/28

BBB-

14,441

81

National

Fuel

Gas

Co

5.500%

1/15/26

BBB-

82,819

150

National

Fuel

Gas

Co

2.950%

3/01/31

BBB-

125,857

23

NetApp

Inc

2.700%

6/22/30

BBB+

20,036

50

Netflix

Inc

5.875%

11/15/28

BBB-

51,870

6

Newmont

Corp

2.600%

7/15/32

BBB+

5,122

54

Newmont

Corp

5.875%

4/01/35

BBB+

58,535

1

Norfolk

Southern

Corp

4.800%

8/15/43

BBB+

983

63

Norfolk

Southern

Corp

3.700%

3/15/53

BBB+

54,700

97

Northrop

Grumman

Corp

4.400%

5/01/30

BBB+

100,092

6

Nucor

Corp

2.700%

6/01/30

BBB+

5,359

26

Nucor

Corp

3.125%

4/01/32

BBB+

23,507

18

Nucor

Corp

2.979%

12/15/55

BBB+

12,491

54

Nutrien

Ltd

5.625%

12/01/40

BBB

57,948

3

NXP

BV

/

NXP

Funding

LLC

5.550%

12/01/28

BBB-

3,116

6

NXP

BV

/

NXP

Funding

LLC

/

NXP

USA

Inc

4.400%

6/01/27

BBB

6,017

6

NXP

BV

/

NXP

Funding

LLC

/

NXP

USA

Inc

2.500%

5/11/31

BBB

5,060

6

NXP

BV

/

NXP

Funding

LLC

/

NXP

USA

Inc

3.250%

11/30/51

BBB

4,295

27

Omnicom

Group

Inc

4.200%

6/01/30

BBB+

26,559

107

ONEOK

Partners

LP

6.125%

2/01/41

BBB

105,666

20

Oracle

Corp

2.875%

3/25/31

BBB

17,237

77

Oracle

Corp

(3)

3.800%

11/15/37

BBB

63,330

495

Oracle

Corp

3.650%

3/25/41

BBB

384,317

56

Orange

SA

5.375%

1/13/42

BBB+

59,967

32

O'Reilly

Automotive

Inc

4.350%

6/01/28

BBB+

32,496

33

Otis

Worldwide

Corp

2.293%

4/05/27

BBB

30,532

32

Owens

Corning

4.300%

7/15/47

BBB

26,887

34

Packaging

Corp

of

America

3.050%

10/01/51

BBB

25,437

Nuveen

Enhanced

Yield

U.S.

Aggregate

Bond

ETF

(NUAG)

(continued)

Portfolio

of

Investments

July

31,

2022

32

Principal

Amount

(000)

Description

(1)

Coupon

Maturity

Ratings

(2)

Value

Industrial

(continued)

$

18

Paramount

Global

4.950%

1/15/31

BBB

$

17,611

134

Paramount

Global

4.900%

8/15/44

BBB

111,904

16

Parker-Hannifin

Corp

3.250%

3/01/27

BBB+

15,644

44

Parker-Hannifin

Corp

4.450%

11/21/44

BBB+

40,928

33

PerkinElmer

Inc

2.550%

3/15/31

BBB

28,088

6

Phillips

66

4.650%

11/15/34

BBB+

6,127

27

Phillips

66

5.875%

5/01/42

BBB+

30,058

6

Phillips

66

3.300%

3/15/52

BBB+

4,745

16

Phillips

66

Co,

144A

3.150%

12/15/29

BBB+

14,756

55

Plains

All

American

Pipeline

LP

/

PAA

Finance

Corp

3.800%

9/15/30

BBB-

49,903

13

PulteGroup

Inc

5.000%

1/15/27

BBB

13,237

17

Qorvo

Inc,

144A

1.750%

12/15/24

BBB-

15,940

53

Quanta

Services

Inc

2.350%

1/15/32

BBB-

42,790

31

Quest

Diagnostics

Inc

2.800%

6/30/31

BBB

27,650

25

Raytheon

Technologies

Corp

1.900%

9/01/31

BBB+

21,368

152

Raytheon

Technologies

Corp

4.625%

11/16/48

BBB+

153,611

100

Raytheon

Technologies

Corp

3.030%

3/15/52

BBB+

78,646

24

Regeneron

Pharmaceuticals

Inc

1.750%

9/15/30

BBB

20,073

40

RELX

Capital

Inc

3.000%

5/22/30

BBB+

37,025

9

Republic

Services

Inc

3.950%

5/15/28

BBB

9,043

64

Republic

Services

Inc

(3)

1.750%

2/15/32

BBB

52,520

23

Rogers

Communications

Inc

5.000%

3/15/44

BBB+

22,287

100

Rogers

Communications

Inc,

144A

4.550%

3/15/52

BBB+

93,681

43

Roper

Technologies

Inc

2.950%

9/15/29

BBB+

39,241

10

Roper

Technologies

Inc

2.000%

6/30/30

BBB+

8,371

60

Royalty

Pharma

PLC

2.150%

9/02/31

BBB-

49,593

14

RPM

International

Inc

4.250%

1/15/48

BBB-

11,773

41

Sabine

Pass

Liquefaction

LLC

4.200%

3/15/28

BBB-

40,055

44

Sands

China

Ltd

5.400%

8/08/28

BBB-

39,655

6

Sherwin-Williams

Co/The

2.200%

3/15/32

BBB

5,049

62

Sherwin-Williams

Co/The

4.000%

12/15/42

BBB

52,832

31

Sonoco

Products

Co

2.850%

2/01/32

BBB

26,850

61

Southern

Copper

Corp

5.250%

11/08/42

BBB+

59,755

18

Southwest

Airlines

Co

3.450%

11/16/27

BBB+

17,318

128

Spectra

Energy

Partners

LP

4.500%

3/15/45

BBB+

117,218

9

Starbucks

Corp

3.550%

8/15/29

BBB+

8,741

90

Starbucks

Corp

(3)

3.000%

2/14/32

BBB+

82,327

10

Starbucks

Corp

4.450%

8/15/49

BBB+

9,462

11

Starbucks

Corp

3.350%

3/12/50

BBB+

8,751

26

Steel

Dynamics

Inc

3.450%

4/15/30

BBB-

23,838

47

Stryker

Corp

4.100%

4/01/43

BBB+

42,360

89

Suncor

Energy

Inc

4.000%

11/15/47

BBB+

77,802

54

Suzano

Austria

GmbH

2.500%

9/15/28

BBB-

45,709

20

Suzano

Austria

GmbH

(3)

3.125%

1/15/32

BBB-

16,255

13

Sysco

Corp

5.950%

4/01/30

BBB

14,311

100

Sysco

Corp

3.150%

12/14/51

BBB

75,910

116

Takeda

Pharmaceutical

Co

Ltd

3.025%

7/09/40

BBB+

94,127

22

Tapestry

Inc

3.050%

3/15/32

BBB-

18,415

90

Targa

Resources

Corp

5.200%

7/01/27

BBB-

91,635

31

Teck

Resources

Ltd

6.000%

8/15/40

BBB-

30,759

27

Teledyne

FLIR

LLC

2.500%

8/01/30

BBB-

22,921

99

Telefonica

Emisiones

SA

4.103%

3/08/27

BBB-

98,439

40

TELUS

Corp

4.300%

6/15/49

BBB+

36,647

22

Textron

Inc

3.000%

6/01/30

BBB

19,798

116

Time

Warner

Cable

LLC

5.500%

9/01/41

BBB-

105,087

245

T-Mobile

USA

Inc

(3)

2.250%

11/15/31

BBB-

206,907

100

T-Mobile

USA

Inc

(3)

3.400%

10/15/52

BBB-

76,966

13

Toledo

Hospital/The

6.015%

11/15/48

BBB-

12,364

31

Trane

Technologies

Global

Holding

Co

Ltd

5.750%

6/15/43

BBB

32,691

94

TransCanada

PipeLines

Ltd

4.100%

4/15/30

BBB+

92,407

33

Principal

Amount

(000)

Description

(1)

Coupon

Maturity

Ratings

(2)

Value

Industrial

(continued)

$

75

TransCanada

PipeLines

Ltd

5.100%

3/15/49

BBB+

$

78,020

5

Transcontinental

Gas

Pipe

Line

Co

LLC

3.250%

5/15/30

BBB+

4,616

110

Transcontinental

Gas

Pipe

Line

Co

LLC

3.950%

5/15/50

BBB+

94,576

53

Tyson

Foods

Inc

(3)

5.100%

9/28/48

BBB

55,883

37

United

Airlines

2014-1

Class

A

Pass

Through

Trust2020

A

4.000%

4/11/26

BBB+

34,793

22

Universal

Health

Services

Inc,

144A

1.650%

9/01/26

BBB-

19,227

80

Vale

Overseas

Ltd

(3)

3.750%

7/08/30

BBB-

73,155

12

Valero

Energy

Corp

4.000%

4/01/29

BBB

11,690

100

Valero

Energy

Corp

3.650%

12/01/51

BBB

79,382

192

Verizon

Communications

Inc

2.550%

3/21/31

BBB+

170,606

381

Verizon

Communications

Inc

2.355%

3/15/32

BBB+

329,063

112

Verizon

Communications

Inc

3.400%

3/22/41

BBB+

95,351

62

Verizon

Communications

Inc

2.850%

9/03/41

BBB+

48,667

72

Verizon

Communications

Inc

4.000%

3/22/50

BBB+

64,626

6

Verizon

Communications

Inc

3.875%

3/01/52

BBB+

5,291

22

VF

Corp

2.950%

4/23/30

BBB+

20,015

90

Viatris

Inc

3.850%

6/22/40

BBB-

65,668

54

VICI

Properties

LP

5.125%

5/15/32

BBB-

53,666

30

VMware

Inc

1.400%

8/15/26

BBB-

27,017

18

VMware

Inc

4.700%

5/15/30

BBB-

17,663

26

Vodafone

Group

PLC

4.375%

2/19/43

BBB

23,589

160

Vodafone

Group

PLC

4.875%

6/19/49

BBB

152,250

22

Vontier

Corp

2.950%

4/01/31

BBB-

17,439

23

Vulcan

Materials

Co

(3)

3.500%

6/01/30

BBB

21,317

34

Walgreens

Boots

Alliance

Inc

4.650%

6/01/46

BBB

30,545

54

Waste

Connections

Inc

2.200%

1/15/32

BBB+

46,254

6

Waste

Management

Inc

4.150%

4/15/32

BBB+

6,136

64

Waste

Management

Inc

3.900%

3/01/35

BBB+

60,955

64

Western

Union

Co/The

1.350%

3/15/26

BBB

57,928

20

Westinghouse

Air

Brake

Technologies

Corp

4.950%

9/15/28

BBB-

19,860

44

Westlake

Corp

3.125%

8/15/51

BBB

31,559

6

Weyerhaeuser

Co

4.000%

4/15/30

BBB

5,832

45

Weyerhaeuser

Co

3.375%

3/09/33

BBB

40,959

6

Whirlpool

Corp

(3)

4.700%

5/14/32

BBB

6,107

31

Whirlpool

Corp

5.150%

3/01/43

BBB

29,169

43

Williams

Cos

Inc/The

2.600%

3/15/31

BBB

37,347

53

WRKCo

Inc

4.900%

3/15/29

BBB

54,716

23

Xylem

Inc/NY

2.250%

1/30/31

BBB

19,765

16

Yamana

Gold

Inc

2.630%

8/15/31

BBB-

13,121

22

Zimmer

Biomet

Holdings

Inc

4.250%

8/15/35

BBB

20,735

6

Zimmer

Biomet

Holdings

Inc

5.750%

11/30/39

BBB

6,202

53

Zoetis

Inc

4.700%

2/01/43

BBB+

52,979

19,597

Total

Industrial

17,809,079

Utility

-

13.2%

82

AEP

Texas

Inc

3.800%

10/01/47

BBB+

69,355

40

Ameren

Corp

2.500%

9/15/24

BBB+

38,891

20

Ameren

Corp

1.950%

3/15/27

BBB+

18,296

140

Ameren

Corp

1.750%

3/15/28

BBB+

123,909

59

Ameren

Corp

3.500%

1/15/31

BBB+

55,977

56

American

Electric

Power

Co

Inc

2.031%

3/15/24

BBB

54,481

59

American

Electric

Power

Co

Inc

4.300%

12/01/28

BBB

59,011

440

American

Electric

Power

Co

Inc

2.300%

3/01/30

BBB

382,121

59

American

Electric

Power

Co

Inc

3.875%

2/15/62

BBB-

49,900

30

Avangrid

Inc

3.200%

4/15/25

BBB

29,405

166

Avangrid

Inc

3.800%

6/01/29

BBB

158,697

10

Black

Hills

Corp

1.037%

8/23/24

BBB+

9,395

136

Black

Hills

Corp

(3)

3.150%

1/15/27

BBB+

131,051

12

Black

Hills

Corp

3.050%

10/15/29

BBB+

10,709

62

Black

Hills

Corp

2.500%

6/15/30

BBB+

53,153

Nuveen

Enhanced

Yield

U.S.

Aggregate

Bond

ETF

(NUAG)

(continued)

Portfolio

of

Investments

July

31,

2022

34

Principal

Amount

(000)

Description

(1)

Coupon

Maturity

Ratings

(2)

Value

Utility

(continued)

$

10

Black

Hills

Corp

4.200%

9/15/46

BBB+

$

8,623

165

Black

Hills

Corp

3.875%

10/15/49

BBB+

134,768

100

CenterPoint

Energy

Houston

Electric

LLC

(3)

3.000%

3/01/32

A

94,440

30

CenterPoint

Energy

Inc

4.250%

11/01/28

BBB

29,610

83

Cleco

Corporate

Holdings

LLC

3.375%

9/15/29

BBB-

75,363

150

Cleco

Corporate

Holdings

LLC

4.973%

5/01/46

BBB-

141,951

100

CMS

Energy

Corp

4.875%

3/01/44

BBB

97,780

55

CMS

Energy

Corp

4.750%

6/01/50

BBB-

51,500

209

CMS

Energy

Corp

3.750%

12/01/50

BBB-

166,951

80

Consolidated

Edison

Inc

(3)

0.650%

12/01/23

BBB+

77,200

361

Constellation

Energy

Generation

LLC

5.600%

6/15/42

BBB-

355,392

185

Dayton

Power

&

Light

Co/The

3.950%

6/15/49

BBB+

161,458

211

Delmarva

Power

&

Light

Co

4.000%

6/01/42

A

190,792

51

Dominion

Energy

Inc

3.071%

8/15/24

BBB

50,077

17

Dominion

Energy

Inc

3.600%

3/15/27

BBB

16,792

410

Dominion

Energy

Inc

4.250%

6/01/28

BBB

413,960

100

Dominion

Energy

Inc

2.250%

8/15/31

BBB

86,070

74

Dominion

Energy

Inc

5.250%

8/01/33

BBB

78,238

29

Dominion

Energy

Inc

4.900%

8/01/41

BBB

28,904

100

Dominion

Energy

South

Carolina

Inc

2.300%

12/01/31

A

88,640

200

DTE

Electric

Co

3.000%

3/01/32

A+

187,954

58

DTE

Energy

Co

2.529%

10/01/24

BBB

56,404

100

Duke

Energy

Carolinas

LLC

2.850%

3/15/32

A+

92,336

200

Duke

Energy

Corp

0.900%

9/15/25

BBB

183,990

200

Duke

Energy

Corp

3.150%

8/15/27

BBB

193,230

200

Duke

Energy

Corp

3.400%

6/15/29

BBB

189,673

14

Duke

Energy

Corp

2.450%

6/01/30

BBB

12,323

17

Duke

Energy

Corp

2.550%

6/15/31

BBB

14,862

700

Duke

Energy

Corp

3.950%

8/15/47

BBB

598,747

121

Duke

Energy

Corp

3.250%

1/15/82

BBB-

96,020

110

Edison

International

3.550%

11/15/24

BBB-

108,290

92

Edison

International

4.950%

4/15/25

BBB-

93,273

127

El

Paso

Electric

Co

5.000%

12/01/44

BBB+

121,829

30

Emera

US

Finance

LP

3.550%

6/15/26

BBB-

29,120

111

Emera

US

Finance

LP

2.639%

6/15/31

BBB-

95,266

177

Emera

US

Finance

LP

4.750%

6/15/46

BBB-

162,802

80

Enel

Americas

SA

(3)

4.000%

10/25/26

BBB

78,521

133

Enel

Chile

SA

4.875%

6/12/28

BBB+

126,456

50

Enel

Generacion

Chile

SA

4.250%

4/15/24

BBB+

49,656

12

Entergy

Corp

0.900%

9/15/25

BBB

10,928

100

Entergy

Corp

1.900%

6/15/28

BBB

88,553

180

Entergy

Corp

2.800%

6/15/30

BBB

159,050

54

Entergy

Corp

2.400%

6/15/31

BBB

45,487

100

Entergy

Corp

3.750%

6/15/50

BBB

81,567

17

Essential

Utilities

Inc

2.704%

4/15/30

BBB+

15,196

250

Essential

Utilities

Inc

2.400%

5/01/31

BBB+

214,578

230

Essential

Utilities

Inc

3.351%

4/15/50

BBB+

179,098

180

Evergy

Inc

2.900%

9/15/29

BBB+

162,883

4

Eversource

Energy

0.800%

8/15/25

BBB+

3,651

100

Eversource

Energy

3.300%

1/15/28

BBB+

96,244

100

Eversource

Energy

4.250%

4/01/29

BBB+

100,599

100

Eversource

Energy

1.650%

8/15/30

BBB+

82,774

110

Eversource

Energy

2.550%

3/15/31

BBB+

96,949

100

Eversource

Energy

3.375%

3/01/32

BBB+

93,614

50

Eversource

Energy

3.450%

1/15/50

BBB+

40,678

83

Exelon

Corp,

144A

2.750%

3/15/27

BBB

79,369

70

Exelon

Corp

4.050%

4/15/30

BBB

69,409

90

Exelon

Corp,

144A

3.350%

3/15/32

BBB

84,381

80

Exelon

Corp

4.950%

6/15/35

BBB

81,810

296

Exelon

Corp

5.100%

6/15/45

BBB

307,198

35

Principal

Amount

(000)

Description

(1)

Coupon

Maturity

Ratings

(2)

Value

Utility

(continued)

$

18

Exelon

Corp

4.450%

4/15/46

BBB

$

16,885

100

Exelon

Corp

4.700%

4/15/50

BBB

98,041

6

Florida

Power

&

Light

Co

2.450%

2/03/32

AA-

5,476

6

Florida

Power

&

Light

Co

2.875%

12/04/51

AA-

4,742

130

Fortis

Inc/Canada

3.055%

10/04/26

BBB

124,090

200

Georgia

Power

Co

2.650%

9/15/29

BBB+

181,167

200

Georgia

Power

Co

4.700%

5/15/32

BBB+

207,858

100

Georgia

Power

Co

3.700%

1/30/50

BBB+

82,083

68

Iberdrola

International

BV

6.750%

7/15/36

BBB+

79,113

10

Interstate

Power

and

Light

Co

4.100%

9/26/28

BBB+

10,097

100

Interstate

Power

and

Light

Co

3.600%

4/01/29

BBB+

97,796

200

Interstate

Power

and

Light

Co

2.300%

6/01/30

BBB+

175,937

54

Interstate

Power

and

Light

Co

4.700%

10/15/43

BBB+

50,819

71

IPALCO

Enterprises

Inc

3.700%

9/01/24

BBB-

70,378

62

IPALCO

Enterprises

Inc

4.250%

5/01/30

BBB-

59,044

26

ITC

Holdings

Corp

4.050%

7/01/23

BBB+

26,103

22

ITC

Holdings

Corp

3.650%

6/15/24

BBB+

21,887

100

ITC

Holdings

Corp

5.300%

7/01/43

BBB+

103,527

78

National

Grid

USA

5.803%

4/01/35

BBB

84,570

120

NextEra

Energy

Capital

Holdings

Inc

4.200%

6/20/24

BBB+

121,794

150

NextEra

Energy

Capital

Holdings

Inc

4.450%

6/20/25

BBB+

154,660

118

NextEra

Energy

Capital

Holdings

Inc

1.875%

1/15/27

BBB+

109,131

350

NextEra

Energy

Capital

Holdings

Inc

4.625%

7/15/27

BBB+

363,151

117

NextEra

Energy

Capital

Holdings

Inc

1.900%

6/15/28

BBB+

104,859

59

NextEra

Energy

Capital

Holdings

Inc

3.500%

4/01/29

BBB+

56,764

118

NextEra

Energy

Capital

Holdings

Inc

2.750%

11/01/29

BBB+

108,090

115

NextEra

Energy

Capital

Holdings

Inc

2.250%

6/01/30

BBB+

101,168

59

NextEra

Energy

Capital

Holdings

Inc

2.440%

1/15/32

BBB+

51,594

250

NextEra

Energy

Capital

Holdings

Inc

5.000%

7/15/32

BBB+

267,158

59

NextEra

Energy

Capital

Holdings

Inc

5.650%

5/01/79

BBB

54,360

47

NextEra

Energy

Capital

Holdings

Inc

3.800%

3/15/82

BBB

38,993

42

NiSource

Inc

3.490%

5/15/27

BBB

41,269

66

NiSource

Inc

2.950%

9/01/29

BBB

60,545

268

NiSource

Inc

3.600%

5/01/30

BBB

255,002

150

NiSource

Inc

1.700%

2/15/31

BBB

122,026

129

NiSource

Inc

5.950%

6/15/41

BBB

137,946

61

NiSource

Inc

5.650%

2/01/45

BBB

63,900

84

NiSource

Inc

3.950%

3/30/48

BBB

72,484

250

NiSource

Inc

5.000%

6/15/52

BBB

252,756

4

Oglethorpe

Power

Corp

5.950%

11/01/39

BBB+

4,306

130

Oglethorpe

Power

Corp

4.200%

12/01/42

BBB+

108,173

157

Oglethorpe

Power

Corp

4.250%

4/01/46

BBB+

128,529

100

Oglethorpe

Power

Corp,

144A

4.500%

4/01/47

BBB+

89,396

25

Oglethorpe

Power

Corp

5.050%

10/01/48

BBB+

23,672

18

Oglethorpe

Power

Corp

5.250%

9/01/50

BBB+

17,496

39

ONE

Gas

Inc

1.100%

3/11/24

BBB+

37,265

50

ONE

Gas

Inc

4.658%

2/01/44

BBB+

46,567

150

ONE

Gas

Inc

4.500%

11/01/48

BBB+

135,471

124

Pacific

Gas

and

Electric

Co

3.250%

2/16/24

BBB-

121,062

118

Pacific

Gas

and

Electric

Co

3.300%

12/01/27

BBB-

105,049

119

Pacific

Gas

and

Electric

Co

3.000%

6/15/28

BBB-

104,796

318

Pacific

Gas

and

Electric

Co

3.750%

7/01/28

BBB-

286,868

130

Pacific

Gas

and

Electric

Co

4.200%

3/01/29

BBB-

118,498

318

Pacific

Gas

and

Electric

Co

4.550%

7/01/30

BBB-

293,177

62

Pacific

Gas

and

Electric

Co

2.500%

2/01/31

BBB-

49,519

259

Pacific

Gas

and

Electric

Co

3.250%

6/01/31

BBB-

216,774

530

Pacific

Gas

and

Electric

Co

4.400%

3/01/32

BBB-

473,550

400

Pacific

Gas

and

Electric

Co

5.900%

6/15/32

BBB-

399,175

340

Pacific

Gas

and

Electric

Co

4.200%

6/01/41

BBB-

260,996

63

Pacific

Gas

and

Electric

Co

3.750%

8/15/42

BBB-

44,409

Nuveen

Enhanced

Yield

U.S.

Aggregate

Bond

ETF

(NUAG)

(continued)

Portfolio

of

Investments

July

31,

2022

36

Principal

Amount

(000)

Description

(1)

Coupon

Maturity

Ratings

(2)

Value

Utility

(continued)

$

95

Pacific

Gas

and

Electric

Co

4.300%

3/15/45

BBB-

$

71,027

73

Pacific

Gas

and

Electric

Co

4.000%

12/01/46

BBB-

52,246

62

Pacific

Gas

and

Electric

Co

3.950%

12/01/47

BBB-

44,602

315

Pacific

Gas

and

Electric

Co

4.950%

7/01/50

BBB-

260,859

324

Pacific

Gas

and

Electric

Co

5.250%

3/01/52

BBB-

276,691

158

Pennsylvania

Electric

Co

6.150%

10/01/38

BBB+

174,417

110

Piedmont

Natural

Gas

Co

Inc

3.500%

6/01/29

BBB+

105,789

30

Piedmont

Natural

Gas

Co

Inc

2.500%

3/15/31

BBB+

26,339

100

Piedmont

Natural

Gas

Co

Inc

3.640%

11/01/46

BBB+

81,649

200

Piedmont

Natural

Gas

Co

Inc

3.350%

6/01/50

BBB+

155,079

60

Pinnacle

West

Capital

Corp

1.300%

6/15/25

BBB+

55,429

43

PPL

Capital

Funding

Inc

(3)

3.100%

5/15/26

BBB+

41,623

100

PPL

Capital

Funding

Inc

4.125%

4/15/30

BBB+

98,588

130

Public

Service

Co

of

New

Hampshire

2.200%

6/15/31

A+

114,790

100

Public

Service

Electric

and

Gas

Co

1.900%

8/15/31

A

86,812

79

Public

Service

Enterprise

Group

Inc

2.875%

6/15/24

BBB

77,893

170

Public

Service

Enterprise

Group

Inc

1.600%

8/15/30

BBB

140,345

66

Puget

Energy

Inc

2.379%

6/15/28

BBB-

59,255

180

Puget

Energy

Inc

4.100%

6/15/30

BBB-

170,966

100

Sempra

Energy

3.300%

4/01/25

BBB

98,883

59

Sempra

Energy

3.250%

6/15/27

BBB

57,104

112

Sempra

Energy

3.400%

2/01/28

BBB

109,188

59

Sempra

Energy

3.700%

4/01/29

BBB

57,301

111

Sempra

Energy

3.800%

2/01/38

BBB

98,422

184

Sempra

Energy

4.000%

2/01/48

BBB

161,693

59

Sempra

Energy

4.125%

4/01/52

BBB-

49,806

1

Southern

California

Edison

Co

2.750%

2/01/32

A-

878

10

Southern

California

Edison

Co

3.650%

6/01/51

A-

8,119

8

Southern

Co

Gas

Capital

Corp

4.400%

6/01/43

BBB+

7,145

182

Southern

Co

Gas

Capital

Corp

4.400%

5/30/47

BBB+

162,831

152

Southern

Co/The

2.950%

7/01/23

BBB

151,454

100

Southern

Co/The

4.475%

8/01/24

BBB-

100,875

200

Southern

Co/The

5.113%

8/01/27

BBB-

204,883

60

Southern

Co/The

1.750%

3/15/28

BBB

52,700

104

Southern

Co/The

3.700%

4/30/30

BBB

101,062

250

Southern

Co/The

4.250%

7/01/36

BBB

240,274

102

Southern

Co/The

4.400%

7/01/46

BBB

94,864

110

Southern

Co/The

4.000%

1/15/51

BBB-

102,448

132

Southern

Co/The

3.750%

9/15/51

BBB-

116,343

104

Southern

Power

Co

5.150%

9/15/41

BBB+

102,828

104

Southern

Power

Co

5.250%

7/15/43

BBB+

102,296

19

Southern

Power

Co

4.950%

12/15/46

BBB+

18,249

9

Southwest

Gas

Corp

2.200%

6/15/30

BBB+

7,402

90

Southwest

Gas

Corp

4.050%

3/15/32

BBB+

84,797

200

Southwest

Gas

Corp

4.150%

6/01/49

BBB+

165,075

140

Southwestern

Electric

Power

Co

1.650%

3/15/26

BBB+

129,532

59

Southwestern

Electric

Power

Co

4.100%

9/15/28

BBB+

58,811

122

Southwestern

Electric

Power

Co

3.900%

4/01/45

BBB+

102,056

362

Southwestern

Electric

Power

Co

3.250%

11/01/51

BBB+

277,959

153

Southwestern

Public

Service

Co

6.000%

10/01/36

BBB+

170,819

28

Spire

Inc

4.700%

8/15/44

BBB+

26,291

100

Virginia

Electric

and

Power

Co

3.750%

5/15/27

A-

101,346

100

Virginia

Electric

and

Power

Co

2.300%

11/15/31

A-

88,477

200

Virginia

Electric

and

Power

Co

(3)

2.400%

3/30/32

A-

178,267

70

WEC

Energy

Group

Inc

0.550%

9/15/23

BBB+

67,843

10

WEC

Energy

Group

Inc

0.800%

3/15/24

BBB+

9,552

100

WEC

Energy

Group

Inc

2.200%

12/15/28

BBB+

90,169

10

Wisconsin

Electric

Power

Co

1.700%

6/15/28

A

9,051

68

Wisconsin

Power

and

Light

Co

4.100%

10/15/44

A

58,327

100

Wisconsin

Public

Service

Corp

2.850%

12/01/51

A

76,103

37

Principal

Amount

(000)

Description

(1)

Coupon

Maturity

Ratings

(2)

Value

Utility

(continued)

$

20

Xcel

Energy

Inc

0.500%

10/15/23

BBB+

$

19,314

231

Xcel

Energy

Inc

1.750%

3/15/27

BBB+

211,380

100

Xcel

Energy

Inc

4.000%

6/15/28

BBB+

100,091

150

Xcel

Energy

Inc

2.350%

11/15/31

BBB+

128,981

51

Xcel

Energy

Inc

4.800%

9/15/41

BBB+

49,510

23,724

Total

Utility

21,784,837

$

55,655

Total

Corporate

Debt

(cost

$58,839,533)

50,958,316

Principal

Amount

(000)

Description

(1)

Coupon

Maturity

Ratings

(2)

Value

SECURITIZED

-

28.6%

250

American

Express

Credit

Account

Master

Trust2022

2

3.390%

5/17/27

AAA

251,236

700

BANK

2020-BNK252020

BN25

2.649%

1/15/63

AAA

643,299

400

BANK

2021-BNK332021

BN33

2.021%

5/15/64

AAA

359,621

150

Benchmark

2021-B27

Mortgage

Trust2021

B27

2.703%

7/15/54

A-

114,975

200

Benchmark

2021-B29

Mortgage

Trust2021

B29

2.024%

9/15/54

AAA

185,476

350

Benchmark

2022-B33

Mortgage

Trust2022

B33

3.458%

3/15/55

AAA

338,026

300

Capital

One

Multi-Asset

Execution

Trust2022

A2

3.490%

5/15/27

AAA

301,287

200

Carmax

Auto

Owner

Trust

2022-32022

3

3.810%

9/15/25

AAA

200,673

250

Citigroup

Commercial

Mortgage

Trust

2019-C72019

C7

3.102%

12/15/72

AAA

235,232

250

Citigroup

Commercial

Mortgage

Trust

2020-GC462020

GC46

2.717%

2/15/53

AAA

228,387

350

COMM

2015-CCRE24

Mortgage

Trust2015

CR24

3.696%

8/10/48

AAA

347,077

250

COMM

2015-CCRE26

Mortgage

Trust2015

CR26

3.630%

10/10/48

AAA

247,511

250

COMM

2015-LC19

Mortgage

Trust2015

LC19

3.527%

2/10/48

AA+

243,110

200

COMM

2018-COR3

Mortgage

Trust2018

COR3

4.228%

5/10/51

AAA

201,945

150

Discover

Card

Execution

Note

Trust2022

A1

1.960%

2/15/27

AAA

145,227

300

Fannie

Mae

Pool,

(WI/DD,

Settling

8/11/22)

4.500%

7/01/52

N/R

305,597

600

Fannie

Mae

Pool,

(WI/DD,

Settling

8/11/22)

5.000%

8/01/52

N/R

617,004

500

Fannie

Mae

Pool,

(WI/DD,

Settling

8/11/22)

5.500%

8/01/52

N/R

518,973

396

Fannie

Mae

Pool

AL9125

4.000%

10/01/43

N/R

407,689

202

Fannie

Mae

Pool

AS6302

3.500%

12/01/45

N/R

202,601

322

Fannie

Mae

Pool

AX4887

4.000%

12/01/44

N/R

330,017

322

Fannie

Mae

Pool

FM7558

3.500%

9/01/50

N/R

320,203

29

Fannie

Mae

Pool

MA1489

3.000%

7/01/43

N/R

28,149

222

Fannie

Mae

Pool

MA2929

3.500%

3/01/47

N/R

222,679

2,227

Fannie

Mae

Pool

MA3120

3.500%

9/01/47

N/R

2,235,235

73

Fannie

Mae

Pool

MA3211

4.000%

12/01/47

N/R

74,356

131

Fannie

Mae

Pool

MA3239

4.000%

1/01/48

N/R

134,576

187

Fannie

Mae

Pool

MA3276

3.500%

2/01/48

N/R

186,867

45

Fannie

Mae

Pool

MA3277

4.000%

2/01/48

N/R

45,381

96

Fannie

Mae

Pool

MA3305

3.500%

3/01/48

N/R

96,446

30

Fannie

Mae

Pool

MA3306

4.000%

3/01/48

N/R

30,717

3,494

Fannie

Mae

Pool

MA3332

3.500%

4/01/48

N/R

3,510,625

58

Fannie

Mae

Pool

MA3383

3.500%

6/01/48

N/R

58,255

401

Fannie

Mae

Pool

MA3416

4.500%

7/01/48

N/R

410,964

53

Fannie

Mae

Pool

MA3467

4.000%

9/01/48

N/R

54,022

58

Fannie

Mae

Pool

MA3663

3.500%

5/01/49

N/R

57,553

85

Fannie

Mae

Pool

MA3744

3.000%

8/01/49

N/R

81,930

97

Fannie

Mae

Pool

MA3774

3.000%

9/01/49

N/R

93,843

131

Fannie

Mae

Pool

MA3905

3.000%

1/01/50

N/R

127,055

873

Fannie

Mae

Pool

MA4209

1.500%

12/01/50

N/R

753,220

910

Fannie

Mae

Pool

MA43552021

MTGE

2.000%

6/01/51

N/R

820,779

2,604

Fannie

Mae

Pool

MA4380

3.000%

7/01/51

N/R

2,514,502

476

Fannie

Mae

Pool

MA4412

1.500%

9/01/51

N/R

410,805

479

Fannie

Mae

Pool

MA4465

2.000%

11/01/51

N/R

431,459

1,412

Fannie

Mae

Pool

MA4466

2.500%

11/01/51

N/R

1,319,076

771

Fannie

Mae

Pool

MA4492

2.000%

12/01/51

N/R

694,979

286

Fannie

Mae

Pool

MA4493

2.500%

12/01/51

N/R

267,108

194

Fannie

Mae

Pool

MA45112021

2021

2.000%

12/01/51

N/R

174,540

Nuveen

Enhanced

Yield

U.S.

Aggregate

Bond

ETF

(NUAG)

(continued)

Portfolio

of

Investments

July

31,

2022

38

Principal

Amount

(000)

Description

(1)

Coupon

Maturity

Ratings

(2)

Value

$

289

Fannie

Mae

Pool

MA4512

2.500%

1/01/52

N/R

$

269,722

2,694

Fannie

Mae

Pool

MA4549

3.000%

2/01/52

N/R

2,599,080

5,277

Fannie

Mae

Pool

MA4563

2.500%

3/01/52

N/R

4,924,458

1,972

Fannie

Mae

Pool

MA46442022

1

4.000%

5/01/52

N/R

1,983,126

515

Ford

Credit

Auto

Owner

Trust

2022-REV12022

1,

144A

3.880%

11/15/34

AAA

520,845

175

Freddie

Mac

Gold

Pool

G08797

4.000%

1/01/48

N/R

179,598

80

Freddie

Mac

Gold

Pool

G08800

3.500%

2/01/48

N/R

79,936

500

Freddie

Mac

Multifamily

Structured

Pass

Through

Certificates2017

K724

3.062%

11/25/23

N/R

497,599

349

Freddie

Mac

Multifamily

Structured

Pass

Through

Certificates2021

K742

0.861%

6/25/27

AAA

323,102

214

Freddie

Mac

Multifamily

Structured

Pass

Through

Certificates2021

K742

1.760%

3/25/28

AAA

198,509

198

Freddie

Mac

Multifamily

Structured

Pass

Through

Certificates2021

K127

1.353%

11/25/30

AAA

179,816

700

Freddie

Mac

Multifamily

Structured

Pass

Through

Certificates2021

K123

1.621%

12/25/30

N/R

617,158

500

Freddie

Mac

Multifamily

Structured

Pass

Through

Certificates2022

K142

2.400%

3/25/32

N/R

462,092

397

Freddie

Mac

Multifamily

Structured

Pass

Through

Certificates2021

1521

1.724%

3/25/36

N/R

343,050

700

Freddie

Mac

Multifamily

Structured

Pass

Through

Certificates2022

K749

2.120%

4/25/55

N/R

656,073

700

Freddie

Mac

Structured

Pass

Through

Certificates

1.657%

8/25/28

N/R

641,192

300

Ginnie

Mae

II

Pool,

(WI/DD,

Settling

8/18/22)

4.500%

8/20/52

AAA

306,081

300

Ginnie

Mae

II

Pool,

(WI/DD,

Settling

8/18/22)

5.000%

8/20/52

AAA

308,088

22

Ginnie

Mae

II

Pool

MA2149

4.000%

8/20/44

N/R

22,061

215

Ginnie

Mae

II

Pool

MA3310

3.500%

12/20/45

N/R

216,986

65

Ginnie

Mae

II

Pool

MA3311

4.000%

12/20/45

N/R

66,210

70

Ginnie

Mae

II

Pool

MA38742016

242

3.500%

8/20/46

N/R

71,032

46

Ginnie

Mae

II

Pool

MA3937

3.500%

9/20/46

N/R

46,207

96

Ginnie

Mae

II

Pool

MA4900

3.500%

12/20/47

N/R

96,084

73

Ginnie

Mae

II

Pool

MA4962

3.500%

1/20/48

N/R

73,399

74

Ginnie

Mae

II

Pool

MA5875

3.500%

4/20/49

N/R

74,499

130

Ginnie

Mae

II

Pool

MA6283

3.000%

11/20/49

N/R

127,548

135

Ginnie

Mae

II

Pool

MA6338

3.000%

12/20/49

N/R

132,009

132

Ginnie

Mae

II

Pool

MA6474

3.000%

2/20/50

N/R

129,141

302

Ginnie

Mae

II

Pool

MA74182021

MTGE

2.500%

6/20/51

N/R

287,615

1,492

Ginnie

Mae

II

Pool

MA7420

3.500%

6/20/51

N/R

1,486,677

1,972

Ginnie

Mae

II

Pool

MA7474

3.500%

7/20/51

N/R

1,966,468

885

Ginnie

Mae

II

Pool

MA7590

3.000%

9/20/51

N/R

864,019

564

Ginnie

Mae

II

Pool

MA7649

2.500%

10/20/51

N/R

536,083

913

Ginnie

Mae

II

Pool

MA7650

3.000%

10/20/51

N/R

890,576

194

Ginnie

Mae

II

Pool

MA7766

2.000%

12/20/51

N/R

178,500

609

Ginnie

Mae

II

Pool

MA7882

3.000%

2/20/52

N/R

593,755

230

GS

Mortgage

Securities

Trust

2013-GC162013

GC16

5.161%

11/10/46

Aa1

226,705

221

GS

Mortgage

Securities

Trust

2016-GS42016

GS4

3.178%

11/10/49

AAA

213,233

100

Hertz

Vehicle

Financing

III

LLC2022

1A,

144A

1.990%

6/25/26

AAA

94,068

135

Hyundai

Auto

Receivables

Trust

2022-B2022

B

3.720%

11/16/26

AAA

135,544

400

J.P.

Morgan

Chase

Commercial

Mortgage

Securities

Trust

2022-OPO2022

OPO,

144A

3.024%

1/05/39

Aaa

371,797

553

Morgan

Stanley

Bank

of

America

Merrill

Lynch

Trust

2015-C20C20

3.249%

2/15/48

Aaa

543,007

250

Morgan

Stanley

Capital

I

Trust

2021-L52021

L5

1.518%

5/15/54

AAA

228,577

250

Wells

Fargo

Commercial

Mortgage

Trust

2014-LC162014

LC16

4.020%

8/15/50

Aa2

242,885

700

Wells

Fargo

Commercial

Mortgage

Trust

2022-C622022

C62

4.000%

4/15/55

AAA

691,484

$

49,002

Total

Securitized

(cost

$49,806,933)

47,275,981

39

Principal

Amount

(000)

Description

(1)

Coupon

Maturity

Ratings

(2)

Value

U.S.

TREASURY

-

28.3%

$

3,500

United

States

Treasury

Note/Bond

0.125%

7/31/23

AAA

$

3,402,109

3,000

United

States

Treasury

Note/Bond

0.125%

8/31/23

AA+

2,909,531

500

United

States

Treasury

Note/Bond

0.250%

9/30/23

AAA

484,551

1,800

United

States

Treasury

Note/Bond

0.375%

10/31/23

AAA

1,743,609

800

United

States

Treasury

Note/Bond

0.500%

11/30/23

AAA

774,344

409

United

States

Treasury

Note/Bond

0.750%

12/31/23

AAA

396,538

183

United

States

Treasury

Note/Bond

1.125%

2/28/25

AAA

175,172

634

United

States

Treasury

Note/Bond

0.375%

4/30/25

AAA

592,666

2,208

United

States

Treasury

Note/Bond

0.250%

9/30/25

AAA

2,036,621

2,695

United

States

Treasury

Note/Bond

0.250%

10/31/25

AAA

2,481,505

425

United

States

Treasury

Note/Bond

0.375%

1/31/26

AAA

390,867

425

United

States

Treasury

Note/Bond

0.750%

3/31/26

AAA

395,034

9,200

United

States

Treasury

Note/Bond

0.750%

4/30/26

AAA

8,539,469

2,565

United

States

Treasury

Note/Bond

0.750%

5/31/26

AAA

2,376,533

10,356

United

States

Treasury

Note/Bond

0.875%

6/30/26

AAA

9,630,676

800

United

States

Treasury

Note/Bond

1.125%

10/31/26

AA+

748,281

1,350

United

States

Treasury

Note/Bond

1.250%

12/31/26

AAA

1,267,313

600

United

States

Treasury

Note/Bond

1.875%

2/28/27

AAA

578,461

1

United

States

Treasury

Note/Bond

2.500%

3/31/27

AAA

991

30

United

States

Treasury

Note/Bond

2.875%

4/30/27

AAA

30,045

500

United

States

Treasury

Note/Bond

3.250%

6/30/27

AAA

512,500

976

United

States

Treasury

Note/Bond

3.125%

11/15/28

AAA

997,388

483

United

States

Treasury

Note/Bond

2.375%

5/15/29

AAA

472,793

557

United

States

Treasury

Note/Bond

1.625%

8/15/29

AAA

519,859

35

United

States

Treasury

Note/Bond

0.625%

5/15/30

AAA

29,991

20

United

States

Treasury

Note/Bond

0.875%

11/15/30

AAA

17,392

2,203

United

States

Treasury

Note/Bond

1.625%

5/15/31

AAA

2,027,190

400

United

States

Treasury

Note/Bond

1.875%

2/15/32

AAA

373,375

2,000

United

States

Treasury

Note/Bond

2.875%

5/15/32

AAA

2,035,938

600

United

States

Treasury

Note/Bond

3.250%

5/15/42

AAA

600,656

200

United

States

Treasury

Note/Bond

2.875%

5/15/52

AAA

193,438

$

49,455

Total

U.S.

Treasury

(cost

$49,610,145)

46,734,836

Principal

Amount

(000)

Description

(1)

Coupon

Maturity

Ratings

(2)

Value

GOVERNMENT

RELATED

-

10.9%

Government

Agency

-

0.9%

52

Export-Import

Bank

of

Korea

2.500%

6/29/41

AA

42,111

194

Federal

Home

Loan

Mortgage

Corp

(3)

6.250%

7/15/32

AAA

247,781

125

Federal

Home

Loan

Mortgage

Corp

1.310%

8/17/33

AAA

100,629

1

Federal

National

Mortgage

Association

1.875%

9/24/26

AAA

963

72

Federal

National

Mortgage

Association

6.625%

11/15/30

AAA

91,152

6

Federal

National

Mortgage

Association

5.625%

7/15/37

AAA

7,611

203

Israel

Electric

Corp

Ltd,

144A

4.250%

8/14/28

BBB+

200,804

161

Kreditanstalt

fuer

Wiederaufbau

1.000%

10/01/26

AAA

148,983

394

Tennessee

Valley

Authority

5.250%

9/15/39

AAA

468,239

199

Tennessee

Valley

Authority

3.500%

12/15/42

AAA

185,339

1,407

Total

Government

Agency

1,493,612

Municipal

Bonds

-

5.1%

(5)

150

American

Municipal

Power

Inc.,

Ohio,

Combined

Hydroelectric

Projects

Revenue

Bonds,

Build

America

Bond

Series

2010B(No

Opt.

Call)

7.834%

2/15/41

A

201,800

150

Bay

Area

Toll

Authority(Optional

Call:

4/31

at

100.00)

3.126%

4/01/55

N/R

120,273

96

Bay

Area

Toll

Authority,

California,

Revenue

Bonds,

San

Francisco

Bay

Area

Toll

Bridge,

Subordinate

Lien,

Build

America

Federally

Taxable

Bond

Series

2010S-1(No

Opt.

Call)

6.918%

4/01/40

AA-

121,490

Nuveen

Enhanced

Yield

U.S.

Aggregate

Bond

ETF

(NUAG)

(continued)

Portfolio

of

Investments

July

31,

2022

40

Principal

Amount

(000)

Description

(1)

Coupon

Maturity

Ratings

(2)

Value

Municipal

Bonds

(continued)

$

60

Board

of

Regents

of

the

University

of

Texas

System,

Revenue

Financing

System

Bonds,

Green

Series

2016B(No

Opt.

Call)

3.852%

8/15/46

AAA

$

57,808

150

California

State

University(No

Opt.

Call)

2.719%

11/01/52

AA-

114,250

50

California

State

University,

Systemwide

Revenue

Bonds,

Taxable

Series

2021B(Optional

Call:

11/31

at

100.00)

2.939%

11/01/52

AA-

39,121

70

California

State,

General

Obligation

Bonds,

Taxable

Various

Purpose

Series

2018(Optional

Call:

4/28

at

100.00)

4.600%

4/01/38

AA

71,721

50

California

State,

General

Obligation

Bonds,

Various

Purpose

Build

America

Taxable

Bond

Series

2010(No

Opt.

Call)

7.625%

3/01/40

AA

68,026

500

California

State,

General

Obligation

Bonds,

Various

Purpose,

Build

America

Taxable

Bond

Series

2010(No

Opt.

Call)

7.600%

11/01/40

AA

696,135

70

Chicago

Greater

Metropolitan

Water

Reclamation

District,

Illinois,

General

Obligation

Bonds,

Build

America

Taxable

Bonds,

Series

2009(No

Opt.

Call)

5.720%

12/01/38

AA+

82,442

47

Chicago

O'Hare

International

Airport(No

Opt.

Call)

4.572%

1/01/54

A

48,861

150

Chicago

Transit

Authority,

Illinois,

Sales

and

Transfer

Tax

Receipts

Revenue

Bonds,

Pension

Funding

Taxable

Series

2008B(No

Opt.

Call)

6.899%

12/01/40

AA-

182,963

40

Commonwealth

Financing

Authority,

Pennslyvania,

Revenue

Bonds,

Taxable

Series

2021A(No

Opt.

Call)

2.991%

6/01/42

A+

32,218

96

Commonwealth

Financing

Authority,

Pennsylvania,

State

Appropriation

Lease

Bonds,

Plancon

Program,

Taxable

Series

2018A(No

Opt.

Call)

3.864%

6/01/38

A+

92,445

50

Cook

County,

Illinois,

General

Obligation

Bonds,

Build

America

Taxable

Bonds,

Series

2010D(No

Opt.

Call)

6.229%

11/15/34

A+

58,268

150

Dallas

Area

Rapid

Transit,

Texas,

Sales

Tax

Revenue

Bonds,

Taxable

Refunding

Senior

Lien

Series

2021A(Optional

Call:

12/31

at

100.00)

2.613%

12/01/48

AA+

111,446

20

Dallas

Fort

Worth

International

Airport,

Joint

Revenue

Bonds,

Taxable

Improvement

Series

2022A(No

Opt.

Call)

4.087%

11/01/51

N/R

19,037

200

Dallas

Fort

Worth

International

Airport,

Joint

Revenue

Bonds,

Taxable

Improvement

Series

2022A(Optional

Call:

11/32

at

100.00)

4.507%

11/01/51

N/R

196,718

40

Dallas-Fort

Worth

International

Airport,

Texas,

Joint

Revenue

Bonds,

Taxable

Refunding

Series

2021C(Optional

Call:

11/31

at

100.00)

2.843%

11/01/46

A+

31,177

96

Dormitory

Authority

of

the

State

of

New

York,

Revenue

Bonds,

Montefiore

Obligated

Group,

Taxable

Series

2018B(Optional

Call:

8/28

at

100.00)

4.946%

8/01/48

AA-

92,266

100

Dormitory

Authority

of

the

State

of

New

York,

State

Personal

Income

Tax

Revenue

Bonds,

General

Purpose,

Series

2021C(No

Opt.

Call)

2.202%

3/15/34

AA+

84,447

100

Golden

State

Tobacco

Securitization

Corp(Optional

Call:

12/31

at

100.00)

4.214%

6/01/50

N/R

81,987

100

Golden

State

Tobacco

Securitization

Corporation,

California,

Enhanced

Tobacco

Settlement

Asset-Backed

Revenue

Bonds,

Taxable

Series

2021B(Optional

Call:

6/31

at

100.00)

2.746%

6/01/34

AA-

88,332

150

Grand

Parkway

Transportation

Corporation,

Texas,

System

Toll

Revenue

Bonds,

Taxable

Refunding

Subordinate

Lien

Series

2020B.

Tela

Supported(Optional

Call:

4/30

at

100.00)

3.236%

10/01/52

AA+

122,894

21

Health

&

Educational

Facilities

Authority

of

the

State

of

Missouri(No

Opt.

Call)

3.086%

9/15/51

AA+

17,085

516

Illinois

State,

General

Obligation

Bonds,

Pension

Funding

Series

2003(No

Opt.

Call)

5.100%

6/01/33

BBB

526,896

100

Kansas

Development

Finance

Authority,

Kansas,

Revenue

Bonds,

State

of

Kansas

KPERS

Projects,

Taxable

Series

2021K(No

Opt.

Call)

2.774%

5/01/51

AA-

74,609

41

Principal

Amount

(000)

Description

(1)

Coupon

Maturity

Ratings

(2)

Value

Municipal

Bonds

(continued)

$

225

Los

Angeles

Community

College

District,

California,

General

Obligation

Bonds,

Build

America

Taxable

Bonds,

Series

2010(No

Opt.

Call)

6.600%

8/01/42

AA+

$

288,477

30

Los

Angeles

Community

College

District,

California,

General

Obligation

Bonds,

Build

America

Taxable

Bonds,

Series

2010(No

Opt.

Call)

6.750%

8/01/49

AA+

41,646

55

Los

Angeles

Department

of

Water

and

Power,

California,

Waterworks

Revenue

Bonds,

Taxable

Build

America

Bond

Series

2009C(No

Opt.

Call)

6.008%

7/01/39

AA

62,908

96

Los

Angeles

Unified

School

District,

Los

Angeles

County,

California,

General

Obligation

Bonds,

Build

America

Taxable

Bonds,

Series

2009KRY(No

Opt.

Call)

5.750%

7/01/34

AA-

109,120

50

Massachusetts

State,

General

Obligation

Bonds,

Taxable

Refunding

Series

2019D2021

2021(No

Opt.

Call)

2.663%

9/01/39

AA+

42,696

58

Metropolitan

Transportation

Authority,

New

York,

Transportation

Revenue

Bonds,

Build

America

Taxable

Bonds,

Series

2009A-1(No

Opt.

Call)

5.871%

11/15/39

A-

63,877

200

Metropolitan

Transportation

Authority,

New

York,

Transportation

Revenue

Bonds,

Taxable

Green

Climate

Certified

Series

2020C-2(No

Opt.

Call)

5.175%

11/15/49

A-

206,390

11

Michigan

Finance

Authority,

Hospital

Revenue

Bonds,

Trinity

Health

Credit

Group,

Taxable

Refunding

Series

2019-

T(No

Opt.

Call)

3.384%

12/01/40

AA-

9,685

96

Municipal

Electric

Authority

of

Georgia,

Plant

Vogtle

Units

3

&

4

Project

J

Bonds,

Taxable

Build

America

Bonds

Series

2010A(No

Opt.

Call)

6.637%

4/01/57

A-

114,303

47

New

Jersey

Transportation

Trust

Fund

Authority,

Transportation

System

Bonds,

Federally

Taxable

Issuer

Subsidy

Build

America

Bonds,

Series

2010B(No

Opt.

Call)

6.561%

12/15/40

BBB+

56,078

350

New

Jersey

Turnpike

Authority,

Revenue

Bonds,

Build

America

Taxable

Bonds,

Series

2010A(No

Opt.

Call)

7.102%

1/01/41

A

461,259

135

New

York

City

Municipal

Water

Finance

Authority,

New

York,

Water

and

Sewer

System

Revenue

Bonds,

Second

Generation

Resolution,

Build

America

Taxable

Bonds,

Fiscal

2011

Series

2010CC(No

Opt.

Call)

5.882%

6/15/44

AA+

166,478

100

New

York

City

Municipal

Water

Finance

Authority,

New

York,

Water

and

Sewer

System

Revenue

Bonds,

Second

Generation

Resolution,

Build

America

Taxable

Bonds,

Fiscal

2011

Series

AA(No

Opt.

Call)

5.440%

6/15/43

AA+

117,014

75

New

York

City

Transitional

Finance

Authority,

New

York,

Future

Tax

Secured

Bonds,

Build

America

Taxable

Bonds,

Series

2010B-1(No

Opt.

Call)

5.572%

11/01/38

AAA

84,596

82

New

York

State

Thruway

Authority,

General

Revenue

Bonds,

Taxable

Series

2019M(No

Opt.

Call)

2.900%

1/01/35

A

73,981

100

North

Texas

Tollway

Authority,

System

Revenue

Bonds,

Refunding

First

Tier

Taxable

Series

2021A(Optional

Call:

1/31

at

100.00)

3.011%

1/01/43

A+

80,099

120

Ohio

State

University,

General

Receipts

Bonds,

Build

America

Taxable

Bond

Series

2010C(No

Opt.

Call)

4.910%

6/01/40

AA

133,953

30

Ohio

State

University,

General

Receipts

Bonds,

Multiyear

Debt

Issuance

Program,

Taxable

Series

2016B(No

Opt.

Call)

3.798%

12/01/46

AA

28,219

66

Phoenix,

Arizona,

Various

Purpose

General

Obligation

Bonds,

Build

America

Taxable

Bonds,

Series

2009A(No

Opt.

Call)

5.269%

7/01/34

AA+

72,330

300

Port

Authority

of

New

York

&

New

Jersey(Optional

Call:

8/31

at

100.00)

3.139%

2/15/51

N/R

245,150

400

Port

Authority

of

New

York

and

New

Jersey,

Consolidated

Revenue

Bonds,

Two

Hundred

Twenty-Fifth

Series

2021(Optional

Call:

7/31

at

100.00)

3.175%

7/15/60

A+

311,404

325

Province

of

British

Columbia

Canada(No

Opt.

Call)

1.300%

1/29/31

AA+

281,488

75

Sales

Tax

Securitization

Corp(No

Opt.

Call)

3.238%

1/01/42

N/R

63,739

132

Sales

Tax

Securitization

Corp(No

Opt.

Call)

3.820%

1/01/48

AA-

116,714

Nuveen

Enhanced

Yield

U.S.

Aggregate

Bond

ETF

(NUAG)

(continued)

Portfolio

of

Investments

July

31,

2022

42

Principal

Amount

(000)

Description

(1)

Coupon

Maturity

Ratings

(2)

Value

Municipal

Bonds

(continued)

$

175

San

Antonio,

Texas,

Electric

and

Gas

System

Revenue

Bonds,

Build

America

Taxable

Bond

Series

2010A(No

Opt.

Call)

5.718%

2/01/41

AA

$

206,757

50

State

of

California(Optional

Call:

4/28

at

100.00)

4.500%

4/01/33

AA

51,887

97

Texas

State,

General

Obligation

Bonds,

Transportation

Commission,

Build

America

Taxable

Bonds,

Series

2010A(No

Opt.

Call)

4.631%

4/01/33

AAA

105,287

200

Texas

Transportation

Commission,

General

Obligation

Bonds,

Mobility

Fund,

Refunding

Series

2020(Optional

Call:

10/30

at

100.00)

2.472%

10/01/44

AAA

156,268

333

The

Rector

and

Visitors

of

the

University

of

Virginia,

General

Revenue

Bonds,

Taxable

Pledge

and

Refunding

Series

2020(Optional

Call:

3/50

at

100.00)

2.256%

9/01/50

AAA

234,228

82

Tucson,

Arizona,

Certificates

of

Participation,

Taxable

Series

2021A(No

Opt.

Call)

2.856%

7/01/47

AA-

64,382

200

University

of

California(Optional

Call:

5/31

at

100.00)

3.071%

5/15/51

AA

152,884

100

University

of

California

Regents,

Medical

Center

Pooled

Revenue

Bonds,

Taxable

Build

America

Bond

Series

2010H(No

Opt.

Call)

6.548%

5/15/48

AA-

127,557

85

University

of

California

Regents,

Medical

Center

Pooled

Revenue

Bonds,

Taxable

Series

2020N(Optional

Call:

11/49

at

100.00)

3.006%

5/15/50

AA-

66,063

57

University

of

California,

General

Revenue

Bonds,

Taxable

Series

2019BD(No

Opt.

Call)

3.349%

7/01/29

AA

55,759

300

University

of

Michigan(Optional

Call:

10/21

at

100.00)

4.454%

4/01/22

N/R

282,661

200

University

of

Michigan,

General

Revenue

Bonds,

Taxable

Series

2022C(No

Opt.

Call)

3.599%

4/01/47

N/R

190,019

100

University

of

Minnesota,

General

Obligation

Bonds,

Taxable

Series

2022(No

Opt.

Call)

4.048%

4/01/52

N/R

98,606

8,459

Total

Municipal

Bonds

8,458,677

Sovereign

Debt

-

4.9%

10

Chile

Government

International

Bond

(3)

2.550%

1/27/32

A

8,820

74

Chile

Government

International

Bond

(3)

2.550%

7/27/33

A

62,988

38

Chile

Government

International

Bond

3.500%

1/31/34

A

34,916

100

Chile

Government

International

Bond

(3)

3.625%

10/30/42

A

82,403

300

Chile

Government

International

Bond

(3)

3.500%

1/25/50

A

239,915

200

Chile

Government

International

Bond

4.000%

1/31/52

A

173,044

200

Chile

Government

International

Bond

3.250%

9/21/71

A

140,957

143

Colombia

Government

International

Bond

(3)

3.250%

4/22/32

BBB-

111,191

130

Colombia

Government

International

Bond

4.125%

2/22/42

BBB-

88,329

200

Colombia

Government

International

Bond

5.000%

6/15/45

BBB-

145,310

250

Colombia

Government

International

Bond

5.200%

5/15/49

BBB-

184,258

200

Colombia

Government

International

Bond

4.125%

5/15/51

BBB-

131,922

200

Colombia

Government

International

Bond

3.875%

2/15/61

BBB-

125,359

75

European

Investment

Bank

0.750%

10/26/26

AAA

68,544

67

Hungary

Government

International

Bond

7.625%

3/29/41

BBB

81,260

100

Indonesia

Government

International

Bond

4.350%

1/11/48

BBB

92,082

56

Indonesia

Government

International

Bond

(3)

5.350%

2/11/49

BBB

56,897

44

Indonesia

Government

International

Bond

3.500%

2/14/50

BBB

36,555

200

Indonesia

Government

International

Bond

4.300%

3/31/52

BBB

186,170

224

Indonesia

Government

International

Bond

(3)

3.350%

3/12/71

BBB

169,315

74

Inter-American

Development

Bank

4.375%

1/24/44

AAA

83,452

44

International

Bank

for

Reconstruction

&

Development

1.625%

11/03/31

AAA

39,661

28

Israel

Government

International

Bond

4.500%

1/30/43

A+

28,834

88

Korea

International

Bond

3.875%

9/20/48

AA

89,477

10

Mexico

Government

International

Bond

4.280%

8/14/41

BBB

8,277

1,108

Mexico

Government

International

Bond

5.550%

1/21/45

BBB

1,062,408

66

Mexico

Government

International

Bond

(3)

4.350%

1/15/47

BBB

53,209

738

Mexico

Government

International

Bond

4.400%

2/12/52

BBB

587,729

250

Mexico

Government

International

Bond

3.771%

5/24/61

BBB

174,099

43

Principal

Amount

(000)

Description

(1)

Coupon

Maturity

Ratings

(2)

Value

Sovereign

Debt

(continued)

$

894

Panama

Government

International

Bond

4.500%

5/15/47

BBB

$

748,720

130

Panama

Government

International

Bond

3.870%

7/23/60

BBB

94,138

45

Peruvian

Government

International

Bond

1.862%

12/01/32

BBB

35,737

200

Peruvian

Government

International

Bond

3.000%

1/15/34

BBB

171,262

200

Peruvian

Government

International

Bond

3.300%

3/11/41

BBB

161,895

160

Peruvian

Government

International

Bond

3.550%

3/10/51

BBB

128,604

148

Peruvian

Government

International

Bond

2.780%

12/01/60

BBB

100,179

100

Peruvian

Government

International

Bond

3.600%

1/15/72

BBB

73,911

225

Peruvian

Government

International

Bond

3.230%

7/28/21

BBB

154,210

24

Philippine

Government

International

Bond

1.950%

1/06/32

BBB

20,254

10

Philippine

Government

International

Bond

5.000%

1/13/37

BBB

10,356

150

Philippine

Government

International

Bond

3.950%

1/20/40

BBB

139,283

488

Philippine

Government

International

Bond

3.700%

3/01/41

BBB

437,117

200

Philippine

Government

International

Bond

3.200%

7/06/46

BBB

158,650

36

Republic

of

Italy

Government

International

Bond

5.375%

6/15/33

BBB-

36,929

359

Republic

of

Italy

Government

International

Bond

4.000%

10/17/49

N/R

285,999

439

State

of

Israel

3.375%

1/15/50

A+

374,765

314

Uruguay

Government

International

Bond

5.100%

6/18/50

BBB

334,362

150

Uruguay

Government

International

Bond

4.975%

4/20/55

BBB

156,879

9,489

Total

Sovereign

Debt

7,970,631

$

19,355

Total

Government

Related

(cost

$21,229,864)

17,922,920

Total

Long-Term

Investments

(cost

$179,486,475)

162,892,053

Shares

Description

(1)

Coupon

Value

INVESTMENTS

PURCHASED

WITH

COLLATERAL

FROM

SECURITIES

LENDING

-

  1.7%

MONEY

MARKET

FUNDS

-

1.7%

2,800,386

State

Street

Navigator

Securities

Lending

Government

Money

Market

Portfolio

(6)

2.300%(7)

$

2,800,386

Total

Investments

Purchased

with

Collateral

from

Securities

Lending

(cost

$2,800,386)

2,800,386

Total

Investments

(cost

$182,286,861

)

-

100.3%

165,692,439

Other

Assets

Less

Liabilities

-

(0.3)%

(510,695)

Net

Assets

-

100%

$

165,181,744

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)

The

Fund

uses

credit

quality

ratings

for

its

portfolio

securities

provided

by

Moody’s,

S&P

and

Fitch.

If

all

three

of

Moody’s,

S&P,

and

Fitch

provide

a

rating

for

a

security,

an

average

of

the

ratings

is

used;

if

two

of

the

three

agencies

rate

a

security,

an

average

of

the

two

is

used;

and

if

only

one

rating

agency

rates

a

security,

that

rating

is

used.

AAA,

AA,

A,

and

BBB

are

investment

grade

ratings;

BB,

B,

CCC/CC/C

and

D

are

below-investment

grade

ratings.

Credit

ratings

are

subject

to

change.

Holdings

designated

N/R

are

not

rated

by

Moody’s,

S&P

or

Fitch.

Ratings

are

not

covered

by

the

report

of

independent

registered

public

accounting

firm.

(3)

Investment,

or

a

portion

of

investment,

is

out

on

loan

for

securities

lending.

The

total

value

of

the

securities

out

on

loan

as

of

the

end

of

the

reporting

period

was

$2,632,134.

(4)

Perpetual

security.

Maturity

date

is

not

applicable.

(5)

Optional

Call

Provisions:

Dates

(month

and

year)

and

prices

of

the

earliest

optional

call

or

redemption.

There

may

be

other

call

provisions

at

varying

prices

at

later

dates.

Certain

mortgage-backed

securities

may

be

subject

to

periodic

principal

paydowns.

Optional

Call

Provisions

are

not

covered

by

the

report

of

independent

registered

public

accounting

firm.

(6)

The

Fund

may

loan

securities

representing

up

to

one

third

of

the

market

value

of

its

total

assets

(which

includes

collateral

for

securities

on

loan)

to

broker

dealers,

banks,

and

other

institutions.

The

collateral

maintained

by

the

Fund

shall

have

a

market

value,

at

the

inception

of

each

loan,

equal

to

not

less

than

100%

of

the

market

value

of

the

loaned

securities.

The

cash

collateral

received

by

the

Fund

is

invested

in

this

money

market

fund.

(7)

The

rate

shown

is

the

one-day

yield

as

of

the

end

of

the

reporting

period.

144A

Investment

is

exempt

from

registration

under

Rule

144A

of

the

Securities

Act

of

1933,

as

amended.

These

investments

may

only

be

resold

in

transactions

exempt

from

registration,

which

are

normally

those

transactions

with

qualified

institutional

buyers.

WI/DD

Purchased

on

a

when-issued

or

delayed

delivery

basis.

See

accompanying

notes

to

financial

statements

44

Nuveen

Enhanced

Yield

1-5

Year

U.S.

Aggregate

Bond

ETF

(NUSA)

Portfolio

of

Investments

July

31,

2022

Principal

Amount

(000)

Description

(1)

Coupon

Maturity

Ratings

(2)

Value

LONG-TERM

INVESTMENTS

-

99.1%  

CORPORATE

DEBT

-

48.3%

Financials

-

21.7%

$

30

AerCap

Ireland

Capital

DAC

/

AerCap

Global

Aviation

Trust

4.125%

7/03/23

BBB-

$

29,819

130

AerCap

Ireland

Capital

DAC

/

AerCap

Global

Aviation

Trust

4.875%

1/16/24

BBB-

130,105

150

AerCap

Ireland

Capital

DAC

/

AerCap

Global

Aviation

Trust

1.650%

10/29/24

BBB-

139,354

20

Aflac

Inc

1.125%

3/15/26

A-

18,343

100

Air

Lease

Corp

0.800%

8/18/24

BBB

92,564

100

Air

Lease

Corp

1.875%

8/15/26

BBB

89,106

41

Aircastle

Ltd

4.400%

9/25/23

BBB-

40,598

50

Allstate

Corp/The

5.750%

8/15/53

BBB

46,352

45

Ally

Financial

Inc

3.875%

5/21/24

BBB-

44,825

40

Ally

Financial

Inc

5.125%

9/30/24

BBB-

40,715

37

American

Express

Co

3.400%

2/22/24

A-

36,927

100

American

Express

Co

3.375%

5/03/24

A-

99,837

30

American

Express

Co

2.550%

3/04/27

A-

28,666

100

Aon

Corp

/

Aon

Global

Holdings

PLC

2.850%

5/28/27

BBB+

95,687

74

Ares

Capital

Corp

3.250%

7/15/25

BBB-

69,779

7

Assured

Guaranty

US

Holdings

Inc

(3)

5.000%

7/01/24

A-

7,162

100

Banco

Santander

SA

1.849%

3/25/26

A-

90,951

60

Bank

of

America

Corp

0.976%

4/22/25

A

56,903

80

Bank

of

America

Corp

3.366%

1/23/26

A

78,115

210

Bank

of

America

Corp

1.734%

7/22/27

A

190,504

100

Bank

of

America

Corp

(3)

4.376%

4/27/28

A

100,329

20

Bank

of

Montreal

0.625%

7/09/24

A

18,937

30

Bank

of

Montreal

1.250%

9/15/26

A

27,259

100

Bank

of

New

York

Mellon

Corp/The

3.350%

4/25/25

A+

99,771

60

Bank

of

New

York

Mellon

Corp/The

0.750%

1/28/26

A+

54,815

20

Bank

of

Nova

Scotia/The

0.700%

4/15/24

A

19,042

100

Bank

of

Nova

Scotia/The

3.450%

4/11/25

A

99,322

100

Bank

of

Nova

Scotia/The

(3)

1.350%

6/24/26

A

91,829

80

Barclays

PLC

3.932%

5/07/25

BBB+

78,737

200

Barclays

PLC

(3)

2.279%

11/24/27

BBB+

179,100

50

BGC

Partners

Inc

3.750%

10/01/24

BBB-

48,803

80

Blackstone

Private

Credit

Fund,

144A

4.700%

3/24/25

BBB-

77,626

40

Blackstone

Secured

Lending

Fund

2.750%

9/16/26

BBB-

35,638

20

Boston

Properties

LP

3.800%

2/01/24

BBB+

19,994

20

Canadian

Imperial

Bank

of

Commerce

(3)

3.300%

4/07/25

A

19,748

100

Canadian

Imperial

Bank

of

Commerce

3.945%

8/04/25

A2

100,200

158

Capital

One

Financial

Corp

3.300%

10/30/24

BBB+

155,167

100

Capital

One

Financial

Corp

2.636%

3/03/26

BBB+

95,025

100

Capital

One

Financial

Corp

4.927%

5/10/28

BBB+

101,005

50

Charles

Schwab

Corp/The

1.150%

5/13/26

A

45,970

40

Chubb

INA

Holdings

Inc

3.150%

3/15/25

A

39,817

60

Citigroup

Inc

3.875%

3/26/25

BBB

59,835

10

Citigroup

Inc

0.981%

5/01/25

A-

9,468

100

Citigroup

Inc

1.281%

11/03/25

A-

93,578

100

Citigroup

Inc

2.014%

1/25/26

A-

94,892

100

Citigroup

Inc

3.070%

2/24/28

A-

94,961

100

Citigroup

Inc

4.658%

5/24/28

A-

101,333

60

CNA

Financial

Corp

3.950%

5/15/24

BBB+

60,081

60

Cooperatieve

Rabobank

UA

4.375%

8/04/25

BBB+

60,183

140

Credit

Suisse

Group

AG

3.750%

3/26/25

BBB+

135,660

10

Deutsche

Bank

AG/London

3.700%

5/30/24

BBB

9,866

190

Deutsche

Bank

AG/New

York

NY

3.700%

5/30/24

BBB

187,557

110

Discover

Bank

2.450%

9/12/24

BBB

105,991

100

Fifth

Third

Bancorp

1.707%

11/01/27

BBB+

91,068

45

Principal

Amount

(000)

Description

(1)

Coupon

Maturity

Ratings

(2)

Value

Financials

(continued)

$

60

FS

KKR

Capital

Corp

3.400%

1/15/26

BBB-

$

54,645

70

Goldman

Sachs

Group

Inc/The

3.625%

2/20/24

A-

70,108

70

Goldman

Sachs

Group

Inc/The

3.750%

5/22/25

A-

69,962

100

Goldman

Sachs

Group

Inc/The

1.948%

10/21/27

A-

91,260

100

Goldman

Sachs

Group

Inc/The

3.615%

3/15/28

A-

97,141

90

HSBC

Holdings

PLC

0.976%

5/24/25

A

84,222

160

HSBC

Holdings

PLC

4.300%

3/08/26

A

160,920

100

JPMorgan

Chase

&

Co

3.845%

6/14/25

A

99,718

10

JPMorgan

Chase

&

Co

0.768%

8/09/25

A

9,335

134

JPMorgan

Chase

&

Co

2.005%

3/13/26

A

126,719

100

JPMorgan

Chase

&

Co

1.578%

4/22/27

A

90,835

100

JPMorgan

Chase

&

Co

2.947%

2/24/28

A

94,557

100

KeyCorp

3.878%

5/23/25

BBB+

99,704

50

Lincoln

National

Corp

4.000%

9/01/23

BBB+

50,320

140

Lloyds

Banking

Group

PLC

1.627%

5/11/27

A-

125,997

100

Main

Street

Capital

Corp

3.000%

7/14/26

BBB-

89,147

16

Marsh

&

McLennan

Cos

Inc

3.875%

3/15/24

BBB+

16,087

15

MetLife

Inc

3.600%

4/10/24

A-

15,123

100

Mid-America

Apartments

LP

1.100%

9/15/26

BBB+

89,197

110

Mitsubishi

UFJ

Financial

Group

Inc

0.953%

7/19/25

A

103,058

60

Mizuho

Financial

Group

Inc

(3)

2.651%

5/22/26

A

57,311

27

Morgan

Stanley

3.700%

10/23/24

A

27,140

50

Morgan

Stanley

0.790%

5/30/25

A

46,955

100

Morgan

Stanley

1.164%

10/21/25

A

93,384

100

Morgan

Stanley

(3)

2.630%

2/18/26

A

96,335

100

Morgan

Stanley

4.679%

7/17/26

A

101,652

110

Morgan

Stanley

1.593%

5/04/27

A

100,181

230

NatWest

Group

PLC

4.269%

3/22/25

BBB+

227,960

100

Nomura

Holdings

Inc

1.653%

7/14/26

BBB+

89,513

10

Oaktree

Specialty

Lending

Corp

2.700%

1/15/27

BBB-

8,743

20

Office

Properties

Income

Trust

2.650%

6/15/26

BBB-

16,670

60

Old

Republic

International

Corp

3.875%

8/26/26

BBB+

59,147

50

Owl

Rock

Capital

Corp

3.750%

7/22/25

BBB-

47,653

100

OWL

Rock

Core

Income

Corp,

144A

4.700%

2/08/27

Baa3

92,230

50

PNC

Financial

Services

Group

Inc/The

1.150%

8/13/26

A-

45,430

100

Progressive

Corp/The

2.500%

3/15/27

A

96,194

51

Prudential

Financial

Inc

5.200%

3/15/44

BBB+

49,109

10

Royal

Bank

of

Canada

0.750%

10/07/24

A+

9,374

50

Royal

Bank

of

Canada

1.200%

4/27/26

A+

45,582

30

Royal

Bank

of

Canada

(3)

2.050%

1/21/27

A+

27,919

81

Santander

Holdings

USA

Inc

3.500%

6/07/24

BBB

80,151

10

Santander

Holdings

USA

Inc

2.490%

1/06/28

BBB

8,895

80

Santander

UK

Group

Holdings

PLC

4.796%

11/15/24

BBB+

80,084

45

State

Street

Corp

3.700%

11/20/23

A+

45,414

120

Sumitomo

Mitsui

Financial

Group

Inc

3.748%

7/19/23

A

120,160

20

SVB

Financial

Group

1.800%

10/28/26

BBB+

18,134

10

Symetra

Financial

Corp

4.250%

7/15/24

BBB+

10,053

60

Synchrony

Financial

4.375%

3/19/24

BBB-

59,880

100

Synchrony

Financial

4.875%

6/13/25

BBB-

99,717

20

Toronto-Dominion

Bank/The

2.350%

3/08/24

A

19,667

50

Toronto-Dominion

Bank/The

(3)

1.200%

6/03/26

A

45,516

30

Toronto-Dominion

Bank/The

1.250%

9/10/26

A+

27,138

76

Truist

Bank

(3)

3.689%

8/02/24

A

75,867

100

Truist

Financial

Corp

4.260%

7/28/26

A-

100,656

20

Ventas

Realty

LP

3.750%

5/01/24

BBB+

19,883

10

Vornado

Realty

LP

2.150%

6/01/26

BBB-

9,020

101

Wells

Fargo

&

Co

3.750%

1/24/24

A

101,536

110

Wells

Fargo

&

Co

(3)

3.550%

9/29/25

A

109,605

100

Wells

Fargo

&

Co

3.908%

4/25/26

A

99,366

8,488

Total

Financials

8,146,198

Nuveen

Enhanced

Yield

1-5

Year

U.S.

Aggregate

Bond

ETF

(NUSA)

(contin-

ued)

Portfolio

of

Investments

July

31,

2022

46

Principal

Amount

(000)

Description

(1)

Coupon

Maturity

Ratings

(2)

Value

Industrial

-

8.2%

$

100

AbbVie

Inc

2.950%

11/21/26

BBB+

$

97,564

25

Altria

Group

Inc

2.350%

5/06/25

BBB+

23,985

10

Amcor

Finance

USA

Inc

3.625%

4/28/26

BBB

9,674

35

Amgen

Inc

1.900%

2/21/25

BBB+

33,811

50

Anheuser-Busch

Cos

LLC

/

Anheuser-Busch

InBev

Worldwide

Inc

3.650%

2/01/26

BBB+

50,302

100

AT&T

Inc

1.700%

3/25/26

BBB

93,328

30

AutoZone

Inc

3.250%

4/15/25

BBB

29,628

50

BAT

International

Finance

PLC

1.668%

3/25/26

BBB

45,198

20

Berry

Global

Inc

1.570%

1/15/26

BBB-

18,215

85

Boeing

Co/The

4.875%

5/01/25

BBB-

86,263

100

BP

Capital

Markets

PLC

4.375%

N/A

(4)

BBB+

98,727

100

Broadcom

Inc

3.150%

11/15/25

BBB-

97,945

100

Canadian

Pacific

Railway

Co

1.750%

12/02/26

BBB+

92,921

3

Carrier

Global

Corp

2.242%

2/15/25

BBB-

2,897

50

Cigna

Corp

1.250%

3/15/26

BBB+

46,216

30

CNH

Industrial

Capital

LLC

1.450%

7/15/26

BBB

27,130

100

Constellation

Brands

Inc

4.350%

5/09/27

BBB-

101,305

40

Crown

Castle

International

Corp

2.900%

3/15/27

BBB

37,955

60

CVS

Health

Corp

2.875%

6/01/26

BBB

58,793

10

DXC

Technology

Co

1.800%

9/15/26

BBB

9,005

100

eBay

Inc

1.400%

5/10/26

BBB+

92,004

45

Equifax

Inc

2.600%

12/15/25

BBB

42,735

30

Equinix

Inc

1.450%

5/15/26

BBB

27,319

50

Fidelity

National

Information

Services

Inc

0.600%

3/01/24

BBB

47,584

70

Fiserv

Inc

3.800%

10/01/23

BBB

70,170

70

Fiserv

Inc

(3)

2.750%

7/01/24

BBB

68,964

10

Fortive

Corp

3.150%

6/15/26

BBB+

9,754

100

General

Motors

Financial

Co

Inc

3.800%

4/07/25

BBB-

98,657

100

General

Motors

Financial

Co

Inc

1.250%

1/08/26

BBB-

90,221

30

Gilead

Sciences

Inc

3.500%

2/01/25

BBB+

30,116

100

Global

Payments

Inc

1.500%

11/15/24

BBB-

94,023

30

HCA

Inc

5.250%

4/15/25

BBB-

30,560

20

HCA

Inc,

144A

3.125%

3/15/27

BBB-

18,836

50

Hewlett

Packard

Enterprise

Co

4.900%

10/15/25

BBB

51,393

20

HP

Inc

1.450%

6/17/26

BBB

18,264

20

Kinder

Morgan

Inc

1.750%

11/15/26

BBB

18,099

30

Kraft

Heinz

Foods

Co

3.000%

6/01/26

BBB-

29,051

30

Laboratory

Corp

of

America

Holdings

(3)

1.550%

6/01/26

BBB

27,570

50

Magallanes

Inc,

144A

3.755%

3/15/27

BBB-

48,068

9

Marriott

International

Inc/MD

5.750%

5/01/25

BBB-

9,390

10

McDonald's

Corp

3.250%

6/10/24

BBB+

10,002

30

McKesson

Corp

1.300%

8/15/26

BBB+

27,244

20

Mondelez

International

Inc

2.625%

3/17/27

BBB+

19,074

45

Moody's

Corp

3.750%

3/24/25

BBB+

45,243

100

National

Fuel

Gas

Co

5.200%

7/15/25

BBB-

101,220

10

Northrop

Grumman

Corp

3.200%

2/01/27

BBB+

9,880

100

Nucor

Corp

3.950%

5/23/25

BBB+

101,153

100

Oracle

Corp

1.650%

3/25/26

BBB

91,929

30

PayPal

Holdings

Inc

2.400%

10/01/24

A-

29,485

40

Raytheon

Technologies

Corp

2.650%

11/01/26

BBB+

38,745

10

Republic

Services

Inc

2.900%

7/01/26

BBB

9,727

30

Rogers

Communications

Inc,

144A

3.200%

3/15/27

BBB+

29,320

50

Roper

Technologies

Inc

2.350%

9/15/24

BBB+

48,518

100

Ryder

System

Inc

2.850%

3/01/27

BBB

94,456

30

S&P

Global

Inc,

144A

2.450%

3/01/27

A-

28,698

45

Sabine

Pass

Liquefaction

LLC

5.625%

3/01/25

BBB-

46,262

50

Shire

Acquisitions

Investments

Ireland

DAC

(3)

3.200%

9/23/26

BBB+

48,672

50

Stryker

Corp

1.150%

6/15/25

BBB+

46,861

30

T-Mobile

USA

Inc

3.500%

4/15/25

BBB-

29,650

47

Principal

Amount

(000)

Description

(1)

Coupon

Maturity

Ratings

(2)

Value

Industrial

(continued)

$

30

TransCanada

PipeLines

Ltd

1.000%

10/12/24

BBB+

$

28,172

30

Utah

Acquisition

Sub

Inc

3.950%

6/15/26

BBB-

28,394

13

Valero

Energy

Corp

2.850%

4/15/25

BBB

12,640

70

Verizon

Communications

Inc

0.850%

11/20/25

BBB+

64,442

100

VMware

Inc

1.400%

8/15/26

BBB-

90,057

25

Williams

Cos

Inc/The

3.900%

1/15/25

BBB

24,931

3,210

Total

Industrial

3,088,415

Utility

-

18.4%

100

AES

Corp/The

1.375%

1/15/26

BBB-

90,307

50

Ameren

Corp

2.500%

9/15/24

BBB+

48,614

20

Ameren

Corp

1.950%

3/15/27

BBB+

18,296

100

American

Electric

Power

Co

Inc

2.031%

3/15/24

BBB

97,287

100

American

Electric

Power

Co

Inc

1.000%

11/01/25

BBB

90,881

48

American

Water

Capital

Corp

3.850%

3/01/24

A-

48,125

100

American

Water

Capital

Corp

3.000%

12/01/26

A-

97,287

85

Avangrid

Inc

3.150%

12/01/24

BBB

83,511

150

Berkshire

Hathaway

Energy

Co

4.050%

4/15/25

A-

153,285

100

Black

Hills

Corp

1.037%

8/23/24

BBB+

93,952

80

CenterPoint

Energy

Inc

2.500%

9/01/24

BBB

77,469

100

CenterPoint

Energy

Inc

(3)

1.450%

6/01/26

BBB

91,520

80

CMS

Energy

Corp

3.875%

3/01/24

BBB

79,908

50

Consolidated

Edison

Co

of

New

York

Inc

2.900%

12/01/26

A-

48,219

50

Consolidated

Edison

Inc

(3)

0.650%

12/01/23

BBB+

48,250

61

Dominion

Energy

Inc

3.071%

8/15/24

BBB

59,896

150

Dominion

Energy

Inc

3.300%

3/15/25

BBB

148,424

200

Dominion

Energy

Inc

1.450%

4/15/26

BBB

185,615

70

DTE

Energy

Co

2.529%

10/01/24

BBB

68,074

100

DTE

Energy

Co

1.050%

6/01/25

BBB

92,755

100

Duke

Energy

Corp

0.900%

9/15/25

BBB

91,995

100

Duke

Energy

Corp

3.250%

1/15/82

BBB-

79,355

100

Duke

Energy

Florida

LLC

3.200%

1/15/27

A

99,148

85

Edison

International

4.950%

4/15/25

BBB-

86,176

100

Emera

US

Finance

LP

0.833%

6/15/24

BBB-

93,990

70

Entergy

Gulf

States

Louisiana

LLC

5.590%

10/01/24

A

72,487

169

Entergy

Louisiana

LLC

5.400%

11/01/24

A

174,934

150

Entergy

Louisiana

LLC

2.400%

10/01/26

A

142,551

109

Evergy

Inc

2.450%

9/15/24

BBB+

105,801

100

Evergy

Kansas

Central

Inc

2.550%

7/01/26

A

96,201

300

Eversource

Energy

0.800%

8/15/25

BBB+

273,828

100

Eversource

Energy

1.400%

8/15/26

BBB+

90,514

100

Eversource

Energy

2.900%

3/01/27

BBB+

96,136

80

Exelon

Corp

3.950%

6/15/25

BBB

80,314

150

Exelon

Corp

3.400%

4/15/26

BBB

148,662

100

Exelon

Corp,

144A

2.750%

3/15/27

BBB

95,625

100

Fortis

Inc/Canada

3.055%

10/04/26

BBB

95,454

266

Georgia

Power

Co

2.200%

9/15/24

BBB+

257,849

50

Interstate

Power

and

Light

Co

(3)

3.250%

12/01/24

BBB+

49,551

74

ITC

Holdings

Corp

2.700%

11/15/22

BBB+

73,697

40

National

Rural

Utilities

Cooperative

Finance

Corp

0.350%

2/08/24

A

38,328

100

National

Rural

Utilities

Cooperative

Finance

Corp

3.450%

6/15/25

A

100,110

100

NextEra

Energy

Capital

Holdings

Inc

4.625%

7/15/27

BBB+

103,757

120

NiSource

Inc

0.950%

8/15/25

BBB

109,840

20

Oncor

Electric

Delivery

Co

LLC

2.950%

4/01/25

A

19,770

100

Oncor

Electric

Delivery

Co

LLC

0.550%

10/01/25

A

91,172

70

ONE

Gas

Inc

3.610%

2/01/24

BBB+

69,680

100

Pacific

Gas

and

Electric

Co

3.250%

2/16/24

BBB-

97,631

100

Pacific

Gas

and

Electric

Co

3.400%

8/15/24

BBB-

96,647

250

Pacific

Gas

and

Electric

Co

3.450%

7/01/25

BBB-

239,241

44

PacifiCorp

3.600%

4/01/24

A+

44,229

Nuveen

Enhanced

Yield

1-5

Year

U.S.

Aggregate

Bond

ETF

(NUSA)

(contin-

ued)

Portfolio

of

Investments

July

31,

2022

48

Principal

Amount

(000)

Description

(1)

Coupon

Maturity

Ratings

(2)

Value

Utility

(continued)

$

150

PacifiCorp

3.350%

7/01/25

A+

$

149,129

90

Pinnacle

West

Capital

Corp

1.300%

6/15/25

BBB+

83,143

100

PPL

Capital

Funding

Inc

(3)

3.100%

5/15/26

BBB+

96,797

100

Public

Service

Co

of

Colorado

2.900%

5/15/25

A+

98,826

200

Public

Service

Electric

and

Gas

Co

0.950%

3/15/26

A

183,606

150

Public

Service

Enterprise

Group

Inc

2.875%

6/15/24

BBB

147,899

100

San

Diego

Gas

&

Electric

Co

2.500%

5/15/26

A

96,096

50

Sempra

Energy

3.300%

4/01/25

BBB

49,442

100

Southern

California

Edison

Co

4.200%

6/01/25

A-

101,227

100

Southern

California

Edison

Co

1.200%

2/01/26

A-

91,325

250

Southern

California

Gas

Co

2.950%

4/15/27

A

244,760

180

Southern

Co/The

3.750%

9/15/51

BBB-

158,650

100

Southwestern

Electric

Power

Co

1.650%

3/15/26

BBB+

92,523

50

Tucson

Electric

Power

Co

3.050%

3/15/25

A-

49,272

100

Virginia

Electric

and

Power

Co

3.750%

5/15/27

A-

101,346

120

Wisconsin

Electric

Power

Co

3.100%

6/01/25

A

119,023

7,181

Total

Utility

6,899,412

$

18,879

Total

Corporate

Debt

(cost

$19,050,705)

18,134,025

Principal

Amount

(000)

Description

(1)

Coupon

Maturity

Ratings

(2)

Value

U.S.

TREASURY

-

27.4%

200

United

States

Treasury

Note/Bond

0.125%

6/30/23

AAA

194,883

700

United

States

Treasury

Note/Bond

0.125%

7/15/23

AAA

681,188

1,500

United

States

Treasury

Note/Bond

0.125%

8/31/23

AA+

1,454,766

50

United

States

Treasury

Note/Bond

0.750%

12/31/23

AAA

48,477

232

United

States

Treasury

Note/Bond

1.750%

6/30/24

AAA

227,115

150

United

States

Treasury

Note/Bond

3.000%

6/30/24

AAA

150,217

70

United

States

Treasury

Note/Bond

1.250%

8/31/24

AAA

67,681

881

United

States

Treasury

Note/Bond

1.375%

1/31/25

AAA

849,339

167

United

States

Treasury

Note/Bond

0.375%

4/30/25

AAA

156,112

350

United

States

Treasury

Note/Bond

0.250%

5/31/25

AAA

325,391

650

United

States

Treasury

Note/Bond

0.250%

7/31/25

AAA

601,885

200

United

States

Treasury

Note/Bond

0.375%

12/31/25

AAA

184,273

700

United

States

Treasury

Note/Bond

0.750%

4/30/26

AAA

649,742

950

United

States

Treasury

Note/Bond

0.750%

5/31/26

AAA

880,197

50

United

States

Treasury

Note/Bond

0.875%

6/30/26

AAA

46,498

100

United

States

Treasury

Note/Bond

1.125%

10/31/26

AA+

93,535

100

United

States

Treasury

Note/Bond

1.250%

12/31/26

AAA

93,875

900

United

States

Treasury

Note/Bond

1.875%

2/28/27

AAA

867,691

300

United

States

Treasury

Note/Bond

2.500%

3/31/27

AAA

297,176

850

United

States

Treasury

Note/Bond

2.875%

4/30/27

AAA

851,262

950

United

States

Treasury

Note/Bond

2.625%

5/31/27

AAA

946,883

600

United

States

Treasury

Note/Bond

3.250%

6/30/27

AAA

615,000

$

10,650

Total

U.S.

Treasury

(cost

$10,565,862)

10,283,186

Principal

Amount

(000)

Description

(1)

Coupon

Maturity

Ratings

(2)

Value

SECURITIZED

-

23.4%

202

American

Express

Credit

Account

Master

Trust

2019-32019

3

2.200%

4/15/25

AA-

201,796

50

AmeriCredit

Automobile

Receivables

Trust

2021-22021

2

1.010%

1/19/27

AA

46,579

20

BA

Credit

Card

Trust

2021-A12021

A1

0.440%

9/15/26

AAA

19,070

50

BANK

2021-BNK342021

BN34

1.935%

6/15/63

AAA

46,017

100

Barclays

Dryrock

Issuance

Trust

2021-12021

1

0.630%

7/15/27

AAA

94,459

35

Benchmark

2018-B1

Mortgage

Trust2018

B1

3.571%

1/15/51

AAA

34,433

100

Benchmark

2021-B29

Mortgage

Trust2021

B29

2.024%

9/15/54

AAA

92,738

100

BMW

Vehicle

Lease

Trust

2022-12022

1

1.100%

3/25/25

AAA

97,076

100

Capital

One

Multi-Asset

Execution

Trust

2021-A32021

A3

1.040%

11/15/26

AAA

95,064

51

Carmax

Auto

Owner

Trust

2020-12020

1

1.890%

12/16/24

AAA

50,658

49

Principal

Amount

(000)

Description

(1)

Coupon

Maturity

Ratings

(2)

Value

$

100

CarMax

Auto

Owner

Trust

2022-12022

1

1.470%

12/15/26

AAA

$

96,615

100

Carvana

Auto

Receivables

Trust

2022-N12022

N1,

144A

2.950%

12/11/28

AA

98,380

100

CNH

Equipment

Trust

2019-C2019

C

2.350%

4/15/27

AAA

97,642

528

COMM

2014-CCRE16

Mortgage

Trust2014

CR16

3.775%

4/10/47

AAA

525,613

121

COMM

2014-LC17

Mortgage

Trust2014

LC17

3.648%

10/10/47

AAA

119,328

100

Dell

Equipment

Finance

Trust

2022-12022

1,

144A

2.110%

8/23/27

AAA

98,797

100

Discover

Card

Execution

Note

Trust

2021-A12021

A1

0.580%

9/15/26

AAA

94,478

100

Exeter

Automobile

Receivables

Trust

2022-1A2022

1A

1.540%

7/15/25

AAA

98,231

179

Fannie

Mae

Pool

BM3087

4.000%

12/01/32

N/R

183,429

56

Fannie

Mae

Pool

MA3392

3.500%

6/01/33

N/R

57,107

42

Fannie

Mae

Pool

MA3490

4.000%

10/01/33

N/R

42,725

96

Fannie

Mae

Pool

MA3798

3.000%

10/01/34

N/R

95,742

26

Fannie

Mae

Pool

MA3828

3.000%

11/01/34

N/R

25,701

28

Fannie

Mae

Pool

MA3897

3.000%

1/01/35

N/R

27,951

320

Fannie

Mae

Pool

MA3985

3.000%

4/01/35

N/R

319,205

339

Fannie

Mae

Pool

MA4206

2.000%

12/01/35

N/R

322,626

592

Fannie

Mae

Pool

MA4262

2.500%

2/01/36

N/R

576,982

404

Fannie

Mae

Pool

MA4278

1.500%

3/01/36

N/R

375,573

644

Fannie

Mae

Pool

MA4470

2.000%

11/01/36

N/R

612,872

100

Ford

Credit

Auto

Lease

Trust

2022-A2022

A

2.780%

10/15/24

AAA

99,373

100

Ford

Credit

Auto

Owner

Trust

2020-B2020

B

1.190%

1/15/26

AAA

96,042

500

Ford

Credit

Floorplan

Master

Owner

Trust

2019-42019

4

2.440%

9/15/26

AAA

487,885

105

Freddie

Mac

Gold

Pool

G18642

3.500%

4/01/32

N/R

107,094

700

Freddie

Mac

Multifamily

Structured

Pass

Through

Certificates2015

K046

3.205%

3/25/25

AAA

697,670

100

GLS

Auto

Receivables

Trust

2022-1A2022

1A,

144A

2.840%

5/15/26

AA

97,410

100

GM

Financial

Automobile

Leasing

Trust

2021-22021

2

0.690%

5/20/25

AA+

96,112

150

GM

Financial

Consumer

Automobile

Receivables

Trust

2020-12020

1

2.180%

5/16/25

AA+

147,200

300

GS

Mortgage

Securities

Trust

2019-GC382019

GC38

3.872%

2/10/52

AAA

298,532

77

Honda

Auto

Receivables

2020-3

Owner

Trust2020

3

0.370%

10/18/24

AAA

76,064

100

HPEFS

Equipment

Trust

2022-1A2022

1A,

144A

1.020%

5/21/29

AAA

98,037

100

Jimmy

Johns

Funding

LLC

2022-1A2022

1A,

144A

4.077%

4/30/52

BBB

94,429

50

John

Deere

Owner

Trust

2021-B2021

B

0.740%

5/15/28

AAA

46,062

200

JP

Morgan

Chase

Commercial

Mortgage

Securities

Trust

2013-C162013

C16

4.166%

12/15/46

AAA

198,921

100

Mercedes-Benz

Auto

Lease

Trust

2021-B2021

B

0.400%

11/15/24

AAA

96,979

50

MMAF

Equipment

Finance

LLC

2019-A2019

A,

144A

2.930%

3/10/26

AAA

49,670

300

Morgan

Stanley

Bank

of

America

Merrill

Lynch

Trust

2015-

C262015

C26

3.531%

10/15/48

AAA

296,085

100

Morgan

Stanley

Capital

I

Trust

2021-L52021

L5

1.518%

5/15/54

AAA

91,431

100

OneMain

Financial

Issuance

Trust

2022-S12022

S1,

144A

4.130%

5/14/35

AAA

98,720

100

Santander

Drive

Auto

Receivables

Trust

2021-22021

2

0.900%

6/15/26

AA-

97,246

50

Santander

Retail

Auto

Lease

Trust

2021-B2021

B,

144A

0.540%

6/20/25

AAA

47,432

50

Santander

Retail

Auto

Lease

Trust

2021-B2021

B,

144A

1.410%

11/20/25

BBB

46,785

77

SoFi

Professional

Loan

Program

2020-C

Trust2020

C,

144A

1.950%

2/15/46

AAA

73,962

100

Toyota

Auto

Receivables

2019-A

Owner

Trust2019

A

3.000%

5/15/24

AAA

100,006

100

Toyota

Auto

Receivables

2021-B

Owner

Trust2021

B

0.530%

10/15/26

AAA

93,294

90

Verizon

Master

Trust

2021-12021

1

0.500%

5/20/27

AAA

85,354

106

Wells

Fargo

Commercial

Mortgage

Trust

2016-C322016

C32

3.324%

1/15/59

Aaa

104,715

140

WFRBS

Commercial

Mortgage

Trust

2013-C122013

C12

3.863%

3/15/48

AA+

138,527

100

World

Omni

Auto

Receivables

Trust

2021-B2021

B

0.420%

6/15/26

AAA

96,349

$

9,028

Total

Securitized

(cost

$9,250,398)

8,804,273

Total

Long-Term

Investments

(cost

$38,866,965)

37,221,484

Nuveen

Enhanced

Yield

1-5

Year

U.S.

Aggregate

Bond

ETF

(NUSA)

(contin-

ued)

Portfolio

of

Investments

July

31,

2022

50

Shares

Description

(1)

Coupon

Value

INVESTMENTS

PURCHASED

WITH

COLLATERAL

FROM

SECURITIES

LENDING

-

  2.2%

MONEY

MARKET

FUNDS

-

2.2%

844,496

State

Street

Navigator

Securities

Lending

Government

Money

Market

Portfolio

(5)

2.300%(6)

$

844,496

Total

Investments

Purchased

with

Collateral

from

Securities

Lending

(cost

$844,496)

$

844,496

Total

Investments

(cost

$

39,711,461

)

-

101

.3

%

38,065,980

Other

Assets

Less

Liabilities

-

(1.3)%

(

499,947

)

Net

Assets

-

100%

$

37,566,033

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)

The

Fund

uses

credit

quality

ratings

for

its

portfolio

securities

provided

by

Moody’s,

S&P

and

Fitch.

If

all

three

of

Moody’s,

S&P,

and

Fitch

provide

a

rating

for

a

security,

an

average

of

the

ratings

is

used;

if

two

of

the

three

agencies

rate

a

security,

an

average

of

the

two

is

used;

and

if

only

one

rating

agency

rates

a

security,

that

rating

is

used.

AAA,

AA,

A,

and

BBB

are

investment

grade

ratings;

BB,

B,

CCC/CC/C

and

D

are

below-investment

grade

ratings.

Credit

ratings

are

subject

to

change.

Holdings

designated

N/R

are

not

rated

by

Moody’s,

S&P

or

Fitch.

Ratings

are

not

covered

by

the

report

of

independent

registered

public

accounting

firm.

(3)

Investment,

or

a

portion

of

investment,

is

out

on

loan

for

securities

lending.

The

total

value

of

the

securities

out

on

loan

as

of

the

end

of

the

reporting

period

was

$823,528.

(4)

Perpetual

security.

Maturity

date

is

not

applicable.

(5)

The

Fund

may

loan

securities

representing

up

to

one

third

of

the

market

value

of

its

total

assets

(which

includes

collateral

for

securities

on

loan)

to

broker

dealers,

banks,

and

other

institutions.

The

collateral

maintained

by

the

Fund

shall

have

a

market

value,

at

the

inception

of

each

loan,

equal

to

not

less

than

100%

of

the

market

value

of

the

loaned

securities.

The

cash

collateral

received

by

the

Fund

is

invested

in

this

money

market

fund.

(6)

The

rate

shown

is

the

one-day

yield

as

of

the

end

of

the

reporting

period.

144A

Investment

is

exempt

from

registration

under

Rule

144A

of

the

Securities

Act

of

1933,

as

amended.

These

investments

may

only

be

resold

in

transactions

exempt

from

registration,

which

are

normally

those

transactions

with

qualified

institutional

buyers.

See

accompanying

notes

to

financial

statements

51

Nuveen

ESG

High

Yield

Corporate

Bond

ETF

(NUHY)

Portfolio

of

Investments

July

31,

2022

Principal

Amount

(000)

Description

(1)

Coupon

Maturity

Ratings

(2)

Value

LONG-TERM

INVESTMENTS

-

97.6%  

CORPORATE

DEBT

-

97.6%

Financials

-

11.7%

$

110

Brookfield

Property

REIT

Inc

/

BPR

Cumulus

LLC

/

BPR

Nimbus

LLC

/

GGSI

Sellco

LL,

144A

5.750%

5/15/26

B+

$

107,273

260

Centene

Corp

4.250%

12/15/27

BB+

255,453

565

Centene

Corp

2.450%

7/15/28

BB+

505,675

1,150

Centene

Corp

4.625%

12/15/29

BB+

1,134,187

300

Centene

Corp

3.375%

2/15/30

BB+

272,629

300

Centene

Corp

3.000%

10/15/30

BB+

267,762

200

Centene

Corp

2.500%

3/01/31

BB+

171,582

250

Coinbase

Global

Inc,

144A

(3)

3.375%

10/01/28

BB+

160,827

250

Coinbase

Global

Inc,

144A

3.625%

10/01/31

BB+

148,142

140

Compass

Group

Diversified

Holdings

LLC,

144A

5.250%

4/15/29

B+

123,553

70

Curo

Group

Holdings

Corp,

144A

7.500%

8/01/28

CCC+

47,615

350

Deutsche

Bank

AG/New

York

NY

5.882%

7/08/31

BB+

319,605

200

Global

Atlantic

Fin

Co,

144A

4.700%

10/15/51

BB+

165,409

170

HAT

Holdings

I

LLC

/

HAT

Holdings

II

LLC,

144A

3.375%

6/15/26

BB+

149,761

160

Howard

Hughes

Corp/The,

144A

5.375%

8/01/28

BB-

149,814

140

Howard

Hughes

Corp/The,

144A

4.375%

2/01/31

BB-

118,554

50

Icahn

Enterprises

LP

/

Icahn

Enterprises

Finance

Corp

4.750%

9/15/24

BB-

49,063

200

iStar

Inc

4.250%

8/01/25

BB

190,750

370

Jefferies

Finance

LLC

/

JFIN

Co-Issuer

Corp,

144A

5.000%

8/15/28

BB-

310,129

150

Kennedy-Wilson

Inc

5.000%

3/01/31

B+

127,875

260

Liberty

Mutual

Group

Inc,

144A

4.125%

12/15/51

BB+

216,075

150

LPL

Holdings

Inc,

144A

4.000%

3/15/29

BB

139,500

150

MGIC

Investment

Corp

5.250%

8/15/28

BB+

144,375

200

Molina

Healthcare

Inc,

144A

4.375%

6/15/28

BB-

192,500

350

Molina

Healthcare

Inc,

144A

3.875%

11/15/30

BB-

323,337

60

Molina

Healthcare

Inc,

144A

3.875%

5/15/32

BB-

55,127

110

MPT

Operating

Partnership

LP

/

MPT

Finance

Corp

4.625%

8/01/29

BB+

103,125

100

Nationstar

Mortgage

Holdings

Inc,

144A

6.000%

1/15/27

B+

92,614

100

Nationstar

Mortgage

Holdings

Inc,

144A

5.500%

8/15/28

B+

87,875

610

Nationstar

Mortgage

Holdings

Inc,

144A

5.125%

12/15/30

B+

507,257

300

Nationstar

Mortgage

Holdings

Inc,

144A

5.750%

11/15/31

B+

250,875

100

OneMain

Finance

Corp

6.875%

3/15/25

BB

98,750

300

OneMain

Finance

Corp

7.125%

3/15/26

BB

290,392

300

OneMain

Finance

Corp

3.500%

1/15/27

BB

255,433

100

OneMain

Finance

Corp

3.875%

9/15/28

BB

82,801

100

Park

Intermediate

Holdings

LLC

/

PK

Domestic

Property

LLC

/

PK

Finance

Co-Issuer,

144A

7.500%

6/01/25

B+

102,513

350

Park

Intermediate

Holdings

LLC

/

PK

Domestic

Property

LLC

/

PK

Finance

Co-Issuer,

144A

5.875%

10/01/28

B+

343,075

100

Park

Intermediate

Holdings

LLC

/

PK

Domestic

Property

LLC

/

PK

Finance

Co-Issuer,

144A

4.875%

5/15/29

B+

92,085

200

PennyMac

Financial

Services

Inc,

144A

5.375%

10/15/25

BB-

187,284

175

PennyMac

Financial

Services

Inc,

144A

5.750%

9/15/31

BB-

145,369

500

PROG

Holdings

Inc,

144A

6.000%

11/15/29

B+

410,208

200

RHP

Hotel

Properties

LP

/

RHP

Finance

Corp

4.750%

10/15/27

B+

193,000

380

RHP

Hotel

Properties

LP

/

RHP

Finance

Corp,

144A

(3)

4.500%

2/15/29

B+

346,516

350

Rocket

Mortgage

LLC

/

Quicken

Loans

Co-Issuer

Inc,

144A

2.875%

10/15/26

BB+

309,099

300

Rocket

Mortgage

LLC

/

Quicken

Loans

Co-Issuer

Inc,

144A

3.625%

3/01/29

BB+

256,500

300

Rocket

Mortgage

LLC

/

Quicken

Loans

Co-Issuer

Inc,

144A

3.875%

3/01/31

BB+

247,044

500

Rocket

Mortgage

LLC

/

Quicken

Loans

Co-Issuer

Inc,

144A

(3)

4.000%

10/15/33

BB+

404,008

100

SLM

Corp

4.200%

10/29/25

BB+

97,155

260

UniCredit

SpA,

144A

5.459%

6/30/35

BB+

213,459

200

XHR

LP,

144A

6.375%

8/15/25

B

201,422

Nuveen

ESG

High

Yield

Corporate

Bond

ETF

(NUHY)

(continued)

Portfolio

of

Investments

July

31,

2022

52

Principal

Amount

(000)

Description

(1)

Coupon

Maturity

Ratings

(2)

Value

Financials

(continued)

$

200

XHR

LP,

144A

4.875%

6/01/29

B+

$

180,376

12,790

Total

Financials

11,344,807

Industrial

-

84.4%

92

1011778

BC

ULC

/

New

Red

Finance

Inc,

144A

3.875%

1/15/28

BB

85,083

200

180

Medical

Inc,

144A

3.875%

10/15/29

BB

181,823

100

ACCO

Brands

Corp,

144A

4.250%

3/15/29

BB-

86,646

260

AdaptHealth

LLC,

144A

4.625%

8/01/29

B

232,705

200

AdaptHealth

LLC,

144A

(3)

5.125%

3/01/30

B

183,448

200

Air

Canada,

144A

3.875%

8/15/26

BB

184,000

200

AMC

Entertainment

Holdings

Inc,

144A

7.500%

2/15/29

CCC+

177,478

100

American

Airlines

Group

Inc,

144A

(3)

3.750%

3/01/25

CCC

87,625

350

American

Axle

&

Manufacturing

Inc

(3)

5.000%

10/01/29

B

306,250

180

Amkor

Technology

Inc,

144A

(3)

6.625%

9/15/27

BB

179,126

100

AMN

Healthcare

Inc,

144A

4.625%

10/01/27

BB-

95,792

100

Antero

Midstream

Partners

LP

/

Antero

Midstream

Finance

Corp,

144A

7.875%

5/15/26

BB-

104,667

500

Antero

Midstream

Partners

LP

/

Antero

Midstream

Finance

Corp,

144A

5.750%

1/15/28

BB-

490,952

100

Antero

Midstream

Partners

LP

/

Antero

Midstream

Finance

Corp,

144A

5.375%

6/15/29

BB-

97,689

200

APX

Group

Inc,

144A

(3)

5.750%

7/15/29

CCC

166,816

100

Aramark

Services

Inc,

144A

(3)

5.000%

2/01/28

B+

97,700

210

Archrock

Partners

LP

/

Archrock

Partners

Finance

Corp,

144A

6.875%

4/01/27

B

195,993

440

Archrock

Partners

LP

/

Archrock

Partners

Finance

Corp,

144A

6.250%

4/01/28

B

398,160

80

Ardagh

Metal

Packaging

Finance

USA

LLC

/

Ardagh

Metal

Packaging

Finance

PLC,

144A

4.000%

9/01/29

B+

68,800

150

Ardagh

Packaging

Finance

PLC

/

Ardagh

Holdings

USA

Inc,

144A

5.250%

8/15/27

B-

114,099

400

Asbury

Automotive

Group

Inc,

144A

4.625%

11/15/29

BB

353,048

300

Asbury

Automotive

Group

Inc,

144A

5.000%

2/15/32

BB

262,003

120

ASGN

Inc,

144A

4.625%

5/15/28

BB-

111,300

310

Aston

Martin

Capital

Holdings

Ltd,

144A

(3)

10.500%

11/30/25

CCC

328,061

280

Avantor

Funding

Inc,

144A

4.625%

7/15/28

BB-

269,562

100

Avantor

Funding

Inc,

144A

3.875%

11/01/29

BB-

92,052

400

Avaya

Inc,

144A

(3)

6.125%

9/15/28

B

187,892

120

Avient

Corp,

144A

5.750%

5/15/25

BB-

120,650

100

Avis

Budget

Car

Rental

LLC

/

Avis

Budget

Finance

Inc,

144A

(3)

4.750%

4/01/28

B

90,146

330

Avis

Budget

Car

Rental

LLC

/

Avis

Budget

Finance

Inc,

144A

(3)

5.375%

3/01/29

B

300,930

160

Axalta

Coating

Systems

LLC,

144A

(3)

3.375%

2/15/29

B+

139,499

190

Axalta

Coating

Systems

LLC

/

Axalta

Coating

Systems

Dutch

Holding

B

BV,

144A

(3)

4.750%

6/15/27

B+

181,488

70

Ball

Corp

4.875%

3/15/26

BB+

70,552

110

Ball

Corp

2.875%

8/15/30

BB+

94,731

200

Ball

Corp

(3)

3.125%

9/15/31

BB+

175,250

350

Bath

&

Body

Works

Inc,

144A

6.625%

10/01/30

BB

333,992

600

Bausch

Health

Americas

Inc,

144A

8.500%

1/31/27

B

378,960

300

Bausch

Health

Cos

Inc,

144A

(3)

6.125%

2/01/27

BB

255,393

400

Bausch

Health

Cos

Inc,

144A

5.750%

8/15/27

BB

332,200

850

Bausch

Health

Cos

Inc,

144A

7.000%

1/15/28

B

470,585

300

Bausch

Health

Cos

Inc,

144A

5.000%

1/30/28

B

159,750

100

Bausch

Health

Cos

Inc,

144A

4.875%

6/01/28

BB

79,625

100

Bausch

Health

Cos

Inc,

144A

5.000%

2/15/29

B

50,638

300

Bausch

Health

Cos

Inc,

144A

7.250%

5/30/29

B

162,855

100

Bausch

Health

Cos

Inc,

144A

5.250%

1/30/30

B

51,384

100

Bausch

Health

Cos

Inc,

144A

5.250%

2/15/31

B

51,270

53

Principal

Amount

(000)

Description

(1)

Coupon

Maturity

Ratings

(2)

Value

Industrial

(continued)

$

150

Black

Knight

InfoServ

LLC,

144A

3.625%

9/01/28

BB-

$

138,750

50

Block

Inc

2.750%

6/01/26

BB

46,625

60

Bombardier

Inc,

144A

7.875%

4/15/27

CCC+

55,500

110

Booz

Allen

Hamilton

Inc,

144A

3.875%

9/01/28

BB-

104,331

100

Booz

Allen

Hamilton

Inc,

144A

4.000%

7/01/29

BB-

95,396

200

Brookfield

Residential

Properties

Inc

/

Brookfield

Residential

US

LLC,

144A

6.250%

9/15/27

B

179,690

200

Brookfield

Residential

Properties

Inc

/

Brookfield

Residential

US

LLC,

144A

4.875%

2/15/30

B

154,977

60

Builders

FirstSource

Inc,

144A

5.000%

3/01/30

BB-

55,568

150

Builders

FirstSource

Inc,

144A

4.250%

2/01/32

BB-

128,366

260

Cable

One

Inc,

144A

4.000%

11/15/30

B

231,075

100

Camelot

Finance

SA,

144A

4.500%

11/01/26

B

95,661

500

Catalent

Pharma

Solutions

Inc,

144A

5.000%

7/15/27

B+

500,395

800

Catalent

Pharma

Solutions

Inc,

144A

3.125%

2/15/29

B+

709,000

500

Catalent

Pharma

Solutions

Inc,

144A

3.500%

4/01/30

B+

447,282

400

CCO

Holdings

LLC

/

CCO

Holdings

Capital

Corp,

144A

5.375%

6/01/29

BB-

381,180

550

CCO

Holdings

LLC

/

CCO

Holdings

Capital

Corp,

144A

4.750%

3/01/30

BB-

500,500

550

CCO

Holdings

LLC

/

CCO

Holdings

Capital

Corp,

144A

4.500%

8/15/30

BB-

488,906

450

CCO

Holdings

LLC

/

CCO

Holdings

Capital

Corp,

144A

4.250%

2/01/31

BB-

390,375

200

CCO

Holdings

LLC

/

CCO

Holdings

Capital

Corp,

144A

4.750%

2/01/32

BB-

176,625

200

CCO

Holdings

LLC

/

CCO

Holdings

Capital

Corp

4.500%

5/01/32

BB-

172,914

200

CCO

Holdings

LLC

/

CCO

Holdings

Capital

Corp,

144A

4.500%

6/01/33

BB-

169,000

200

CCO

Holdings

LLC

/

CCO

Holdings

Capital

Corp,

144A

4.250%

1/15/34

BB-

165,207

390

Cedar

Fair

LP

/

Canada's

Wonderland

Co

/

Magnum

Management

Corp

/

Millennium

Op

5.375%

4/15/27

B-

380,071

210

CGG

SA,

144A

8.750%

4/01/27

B-

192,419

110

Charles

River

Laboratories

International

Inc,

144A

(3)

3.750%

3/15/29

BB

101,506

240

Chemours

Co/The

(3)

5.375%

5/15/27

B+

229,200

410

Chemours

Co/The,

144A

5.750%

11/15/28

B+

390,726

120

Chemours

Co/The,

144A

4.625%

11/15/29

B+

105,300

290

Cheniere

Energy

Inc

4.625%

10/15/28

BB-

282,358

50

Cheniere

Energy

Partners

LP

4.500%

10/01/29

BB+

48,442

50

Cheniere

Energy

Partners

LP

4.000%

3/01/31

BB+

46,459

45

Cheniere

Energy

Partners

LP

3.250%

1/31/32

BB+

39,262

300

CHS/Community

Health

Systems

Inc,

144A

5.625%

3/15/27

B

266,625

100

CHS/Community

Health

Systems

Inc,

144A

6.875%

4/01/28

CCC

55,471

300

CHS/Community

Health

Systems

Inc,

144A

6.000%

1/15/29

B

261,750

200

CHS/Community

Health

Systems

Inc,

144A

(3)

6.875%

4/15/29

CCC

111,000

200

CHS/Community

Health

Systems

Inc,

144A

6.125%

4/01/30

CCC

106,926

100

CHS/Community

Health

Systems

Inc,

144A

5.250%

5/15/30

B

84,000

150

CHS/Community

Health

Systems

Inc,

144A

(3)

4.750%

2/15/31

B

120,750

350

Cinemark

USA

Inc,

144A

5.250%

7/15/28

B

311,724

260

Clarivate

Science

Holdings

Corp,

144A

(3)

4.875%

7/01/29

CCC+

230,100

210

Clear

Channel

Outdoor

Holdings

Inc,

144A

5.125%

8/15/27

B

194,212

400

Clear

Channel

Outdoor

Holdings

Inc,

144A

(3)

7.500%

6/01/29

CCC

322,000

100

Cogent

Communications

Group

Inc,

144A

3.500%

5/01/26

BB-

94,340

262

Commscope

Inc,

144A

6.000%

3/01/26

B

254,690

490

Commscope

Inc,

144A

(3)

8.250%

3/01/27

CCC+

426,300

110

Commscope

Inc,

144A

(3)

7.125%

7/01/28

CCC+

91,025

300

Commscope

Inc,

144A

4.750%

9/01/29

B

260,844

250

Condor

Merger

Sub

Inc,

144A

(3)

7.375%

2/15/30

CCC

219,494

260

Consensus

Cloud

Solutions

Inc,

144A

6.500%

10/15/28

B

231,265

100

Consolidated

Communications

Inc,

144A

6.500%

10/01/28

B-

86,000

110

Cornerstone

Building

Brands

Inc,

144A

6.125%

1/15/29

B-

73,700

300

Covanta

Holding

Corp,

144A

4.875%

12/01/29

B

267,219

100

Crestwood

Midstream

Partners

LP

/

Crestwood

Midstream

Finance

Corp,

144A

5.625%

5/01/27

BB-

96,000

110

Crestwood

Midstream

Partners

LP

/

Crestwood

Midstream

Finance

Corp,

144A

6.000%

2/01/29

BB-

100,212

150

Crown

Americas

LLC

/

Crown

Americas

Capital

Corp

VI

4.750%

2/01/26

BB-

148,857

Nuveen

ESG

High

Yield

Corporate

Bond

ETF

(NUHY)

(continued)

Portfolio

of

Investments

July

31,

2022

54

Principal

Amount

(000)

Description

(1)

Coupon

Maturity

Ratings

(2)

Value

Industrial

(continued)

$

130

Darling

Ingredients

Inc,

144A

(3)

5.250%

4/15/27

BB+

$

130,218

760

DaVita

Inc,

144A

4.625%

6/01/30

B+

623,200

480

DaVita

Inc,

144A

3.750%

2/15/31

B+

364,800

80

DCP

Midstream

Operating

LP

5.375%

7/15/25

BB+

82,000

186

Delta

Air

Lines

Inc

7.375%

1/15/26

BB+

195,318

280

Delta

Air

Lines

Inc

(3)

4.375%

4/19/28

BB+

261,870

280

Deluxe

Corp,

144A

8.000%

6/01/29

B-

244,418

200

Diamond

Sports

Group

LLC

/

Diamond

Sports

Finance

Co,

144A

6.625%

8/15/27

CC

18,500

300

Diebold

Nixdorf

Inc,

144A

(3)

9.375%

7/15/25

B-

233,250

250

DT

Midstream

Inc,

144A

4.125%

6/15/29

BB+

231,440

250

DT

Midstream

Inc,

144A

4.375%

6/15/31

BB+

224,375

200

Dycom

Industries

Inc,

144A

4.500%

4/15/29

BB-

183,462

210

Edgewell

Personal

Care

Co,

144A

5.500%

6/01/28

BB-

205,915

150

Elastic

NV,

144A

4.125%

7/15/29

B+

133,555

150

Encompass

Health

Corp

4.500%

2/01/28

B+

138,780

400

Encompass

Health

Corp

4.750%

2/01/30

B+

368,944

100

Endo

Dac

/

Endo

Finance

LLC

/

Endo

Finco

Inc,

144A

9.500%

7/31/27

CCC-

24,000

100

Endo

Dac

/

Endo

Finance

LLC

/

Endo

Finco

Inc,

144A

6.000%

6/30/28

C

6,500

100

Endo

Luxembourg

Finance

Co

I

Sarl

/

Endo

US

Inc,

144A

(3)

6.125%

4/01/29

B-

80,250

90

Energizer

Holdings

Inc,

144A

4.750%

6/15/28

B

76,447

150

EnLink

Midstream

LLC,

144A

5.625%

1/15/28

BB+

145,599

450

EQM

Midstream

Partners

LP,

144A

6.500%

7/01/27

BB-

450,931

300

EQM

Midstream

Partners

LP

5.500%

7/15/28

BB-

283,518

25

Gap

Inc/The,

144A

(3)

3.625%

10/01/29

BB-

18,336

5

Gartner

Inc,

144A

4.500%

7/01/28

BB-

4,811

4

Gartner

Inc,

144A

3.625%

6/15/29

BB-

3,653

140

Gates

Global

LLC

/

Gates

Corp,

144A

6.250%

1/15/26

B-

136,872

110

Glatfelter

Corp,

144A

(3)

4.750%

11/15/29

BB

74,937

200

Go

Daddy

Operating

Co

LLC

/

GD

Finance

Co

Inc,

144A

5.250%

12/01/27

BB-

195,068

140

Grand

Canyon

University

4.125%

10/01/24

BB+

133,742

250

Gray

Television

Inc,

144A

7.000%

5/15/27

B

251,562

800

Gray

Television

Inc,

144A

4.750%

10/15/30

B

687,766

630

GrubHub

Holdings

Inc,

144A

5.500%

7/01/27

B-

429,187

110

H&E

Equipment

Services

Inc,

144A

3.875%

12/15/28

B

95,425

100

Hawaiian

Brand

Intellectual

Property

Ltd

/

HawaiianMiles

Loyalty

Ltd,

144A

5.750%

1/20/26

B+

97,209

100

Herbalife

Nutrition

Ltd

/

HLF

Financing

Inc,

144A

7.875%

9/01/25

B+

93,750

1,210

Herc

Holdings

Inc,

144A

5.500%

7/15/27

B+

1,210,000

350

Hertz

Corp/The,

144A

4.625%

12/01/26

CCC+

311,500

450

Hertz

Corp/The,

144A

5.000%

12/01/29

CCC+

384,770

60

Hilton

Domestic

Operating

Co

Inc

4.875%

1/15/30

BB

58,275

1,000

Hilton

Grand

Vacations

Borrower

Escrow

LLC

/

Hilton

Grand

Vacations

Borrower

Esc,

144A

5.000%

6/01/29

B

884,825

500

Hilton

Grand

Vacations

Borrower

Escrow

LLC

/

Hilton

Grand

Vacations

Borrower

Esc,

144A

4.875%

7/01/31

B

420,000

100

HLF

Financing

Sarl

LLC

/

Herbalife

International

Inc,

144A

4.875%

6/01/29

B+

73,856

170

Hologic

Inc,

144A

3.250%

2/15/29

BB

154,060

100

Horizon

Therapeutics

USA

Inc,

144A

5.500%

8/01/27

B+

99,190

7

Howmet

Aerospace

Inc

(3)

6.875%

5/01/25

BB+

7,367

160

IAA

Inc,

144A

5.500%

6/15/27

B

159,905

150

iHeartCommunications

Inc

6.375%

5/01/26

B+

145,965

300

iHeartCommunications

Inc

(3)

8.375%

5/01/27

CCC+

270,840

150

iHeartCommunications

Inc,

144A

5.250%

8/15/27

B+

137,130

150

iHeartCommunications

Inc,

144A

(3)

4.750%

1/15/28

B+

134,756

100

Ingevity

Corp,

144A

3.875%

11/01/28

BB-

88,731

200

IQVIA

Inc,

144A

5.000%

5/15/27

BB-

200,323

120

Iron

Mountain

Inc,

144A

5.250%

3/15/28

BB-

114,600

100

Iron

Mountain

Inc,

144A

5.000%

7/15/28

BB-

95,106

390

Iron

Mountain

Inc,

144A

4.875%

9/15/29

BB-

357,931

55

Principal

Amount

(000)

Description

(1)

Coupon

Maturity

Ratings

(2)

Value

Industrial

(continued)

$

110

Iron

Mountain

Inc,

144A

5.250%

7/15/30

BB-

$

102,908

160

Iron

Mountain

Information

Management

Services

Inc,

144A

5.000%

7/15/32

BB-

144,263

300

ITT

Holdings

LLC,

144A

6.500%

8/01/29

B

257,807

200

Jazz

Securities

DAC,

144A

4.375%

1/15/29

BB

192,570

150

Lamb

Weston

Holdings

Inc,

144A

4.875%

5/15/28

BB-

146,138

250

Level

3

Financing

Inc,

144A

4.250%

7/01/28

BB

218,113

300

Lions

Gate

Capital

Holdings

LLC,

144A

(3)

5.500%

4/15/29

B-

244,210

50

Lithia

Motors

Inc,

144A

3.875%

6/01/29

BB

44,488

150

Lumen

Technologies

Inc,

144A

4.000%

2/15/27

BB+

138,003

270

Marriott

Ownership

Resorts

Inc,

144A

4.500%

6/15/29

B+

234,390

90

Masonite

International

Corp,

144A

5.375%

2/01/28

BB+

87,975

150

Match

Group

Holdings

II

LLC,

144A

4.625%

6/01/28

BB-

142,047

150

Match

Group

Holdings

II

LLC,

144A

4.125%

8/01/30

BB-

134,178

150

Match

Group

Holdings

II

LLC,

144A

3.625%

10/01/31

BB-

128,136

160

Mattel

Inc,

144A

3.375%

4/01/26

BB+

151,732

150

Mattel

Inc,

144A

3.750%

4/01/29

BB+

138,563

100

McGraw-Hill

Education

Inc,

144A

5.750%

8/01/28

B

89,691

110

McGraw-Hill

Education

Inc,

144A

8.000%

8/01/29

CCC

92,400

120

Mercer

International

Inc

5.125%

2/01/29

B+

112,350

150

Methanex

Corp

5.250%

12/15/29

BB

132,364

130

Michaels

Cos

Inc/The,

144A

(3)

5.250%

5/01/28

B

108,225

200

ModivCare

Inc,

144A

5.875%

11/15/25

B

195,113

100

MPH

Acquisition

Holdings

LLC,

144A

5.500%

9/01/28

B+

93,000

50

Murphy

Oil

USA

Inc

4.750%

9/15/29

BB

48,369

50

Murphy

Oil

USA

Inc,

144A

(3)

3.750%

2/15/31

BB

45,621

50

NCL

Corp

Ltd,

144A

(3)

3.625%

12/15/24

CCC+

43,000

3

NCR

Corp,

144A

5.750%

9/01/27

B+

2,934

181

NCR

Corp,

144A

5.000%

10/01/28

B+

172,169

3

NCR

Corp,

144A

(3)

6.125%

9/01/29

B+

2,921

130

Netflix

Inc

5.875%

11/15/28

BB+

134,862

100

Newell

Brands

Inc

4.875%

6/01/25

BB+

101,000

500

Nexstar

Media

Inc,

144A

5.625%

7/15/27

B

501,395

630

Nexstar

Media

Inc,

144A

(3)

4.750%

11/01/28

B

587,475

1,750

Nielsen

Finance

LLC

/

Nielsen

Finance

Co,

144A

5.625%

10/01/28

B

1,715,000

150

Nielsen

Finance

LLC

/

Nielsen

Finance

Co,

144A

4.500%

7/15/29

B

141,041

250

Nielsen

Finance

LLC

/

Nielsen

Finance

Co,

144A

5.875%

10/01/30

B

245,313

800

Nielsen

Finance

LLC

/

Nielsen

Finance

Co,

144A

4.750%

7/15/31

B

760,420

150

NuStar

Logistics

LP

5.750%

10/01/25

BB-

145,740

150

NuStar

Logistics

LP

6.000%

6/01/26

BB-

147,452

150

NuStar

Logistics

LP

6.375%

10/01/30

BB-

138,284

60

ON

Semiconductor

Corp,

144A

3.875%

9/01/28

BB

55,547

200

Open

Text

Corp,

144A

3.875%

2/15/28

BB

183,992

200

Open

Text

Holdings

Inc,

144A

4.125%

12/01/31

BB

178,031

250

Option

Care

Health

Inc,

144A

4.375%

10/31/29

B-

228,125

700

ORGANON

&

CO/ORG,

144A

4.125%

4/30/28

BB

661,850

410

ORGANON

&

CO/ORG,

144A

5.125%

4/30/31

B+

383,863

200

Outfront

Media

Capital

LLC

/

Outfront

Media

Capital

Corp,

144A

5.000%

8/15/27

B

188,934

500

Outfront

Media

Capital

LLC

/

Outfront

Media

Capital

Corp,

144A

4.250%

1/15/29

B

427,340

100

Outfront

Media

Capital

LLC

/

Outfront

Media

Capital

Corp,

144A

4.625%

3/15/30

B

84,482

210

Owens

&

Minor

Inc,

144A

4.500%

3/31/29

B

188,748

500

Par

Pharmaceutical

Inc,

144A

7.500%

4/01/27

CCC

402,915

120

Parkland

Corp,

144A

5.875%

7/15/27

BB-

117,000

791

Performance

Food

Group

Inc,

144A

5.500%

10/15/27

B

779,459

1,185

Performance

Food

Group

Inc,

144A

4.250%

8/01/29

B

1,052,991

200

Plantronics

Inc,

144A

4.750%

3/01/29

B

201,500

100

Post

Holdings

Inc,

144A

(3)

5.625%

1/15/28

B

98,500

250

PRA

Health

Sciences

Inc,

144A

2.875%

7/15/26

BB+

236,773

Nuveen

ESG

High

Yield

Corporate

Bond

ETF

(NUHY)

(continued)

Portfolio

of

Investments

July

31,

2022

56

Principal

Amount

(000)

Description

(1)

Coupon

Maturity

Ratings

(2)

Value

Industrial

(continued)

$

120

Prestige

Brands

Inc,

144A

3.750%

4/01/31

B

$

103,200

200

Prime

Security

Services

Borrower

LLC

/

Prime

Finance

Inc,

144A

5.750%

4/15/26

BB-

203,254

1,300

Prime

Security

Services

Borrower

LLC

/

Prime

Finance

Inc,

144A

6.250%

1/15/28

B-

1,191,684

100

PTC

Inc,

144A

3.625%

2/15/25

BB-

97,495

100

PTC

Inc,

144A

4.000%

2/15/28

BB-

94,848

760

Rackspace

Technology

Global

Inc,

144A

(3)

3.500%

2/15/28

B+

628,119

200

Rackspace

Technology

Global

Inc,

144A

5.375%

12/01/28

CCC+

146,983

301

Rakuten

Group

Inc,

144A

(3)

5.125%

N/A

(4)

B+

239,626

355

Rakuten

Group

Inc,

144A

(3)

6.250%

N/A

(4)

B+

284,887

800

Realogy

Group

LLC

/

Realogy

Co-Issuer

Corp,

144A

5.750%

1/15/29

B

653,312

225

Rite

Aid

Corp,

144A

7.500%

7/01/25

B-

195,608

330

Rite

Aid

Corp,

144A

(3)

8.000%

11/15/26

B-

279,479

350

Royal

Caribbean

Cruises

Ltd,

144A

11.500%

6/01/25

BB-

374,916

250

Royal

Caribbean

Cruises

Ltd,

144A

4.250%

7/01/26

B

196,237

200

Royal

Caribbean

Cruises

Ltd,

144A

5.500%

8/31/26

B

157,951

200

Royal

Caribbean

Cruises

Ltd,

144A

5.375%

7/15/27

B

155,000

50

Sabre

GLBL

Inc,

144A

9.250%

4/15/25

B

50,870

840

SBA

Communications

Corp

3.875%

2/15/27

B+

800,386

150

Scripps

Escrow

II

Inc,

144A

3.875%

1/15/29

BB

134,570

570

Scripps

Escrow

II

Inc,

144A

5.375%

1/15/31

B

477,375

300

Scripps

Escrow

Inc,

144A

5.875%

7/15/27

B

287,397

260

Seagate

HDD

Cayman

4.091%

6/01/29

BB+

236,331

250

SeaWorld

Parks

&

Entertainment

Inc,

144A

(3)

5.250%

8/15/29

CCC+

224,125

1,440

Select

Medical

Corp,

144A

6.250%

8/15/26

B-

1,441,872

220

Sensata

Technologies

BV,

144A

4.000%

4/15/29

BB-

200,046

100

Sensata

Technologies

Inc,

144A

3.750%

2/15/31

BB-

86,889

170

Service

Corp

International/US

(3)

5.125%

6/01/29

BB-

170,000

150

Service

Corp

International/US

4.000%

5/15/31

BB-

138,007

235

Sirius

XM

Radio

Inc,

144A

3.125%

9/01/26

BB-

221,504

310

Sirius

XM

Radio

Inc,

144A

5.000%

8/01/27

BB-

307,449

290

Sirius

XM

Radio

Inc,

144A

5.500%

7/01/29

BB-

284,925

300

Sirius

XM

Radio

Inc,

144A

4.125%

7/01/30

BB-

270,855

190

Sirius

XM

Radio

Inc,

144A

3.875%

9/01/31

BB-

165,300

380

Sotheby's,

144A

7.375%

10/15/27

B

365,650

100

Spectrum

Brands

Inc,

144A

3.875%

3/15/31

B

82,000

250

Spirit

AeroSystems

Inc,

144A

7.500%

4/15/25

B

249,023

200

Spirit

Loyalty

Cayman

Ltd

/

Spirit

IP

Cayman

Ltd,

144A

8.000%

9/20/25

BB

208,998

300

SPX

FLOW

Inc,

144A

(3)

8.750%

4/01/30

CCC

247,875

50

Suburban

Propane

Partners

LP/Suburban

Energy

Finance

Corp,

144A

5.000%

6/01/31

B+

45,551

100

Summit

Materials

LLC

/

Summit

Materials

Finance

Corp,

144A

5.250%

1/15/29

BB-

94,144

230

Sunoco

LP

/

Sunoco

Finance

Corp

6.000%

4/15/27

BB

228,837

200

Sunoco

LP

/

Sunoco

Finance

Corp

4.500%

5/15/29

BB

179,968

130

Superior

Plus

LP

/

Superior

General

Partner

Inc,

144A

4.500%

3/15/29

BB-

119,600

150

Surgery

Center

Holdings

Inc,

144A

(3)

10.000%

4/15/27

CCC

152,645

600

Switch

Ltd,

144A

3.750%

9/15/28

B+

600,192

600

Switch

Ltd,

144A

4.125%

6/15/29

B+

607,158

100

Tallgrass

Energy

Partners

LP

/

Tallgrass

Energy

Finance

Corp,

144A

6.000%

9/01/31

BB-

90,100

190

TEGNA

Inc

5.000%

9/15/29

BB-

185,736

150

Teleflex

Inc

4.625%

11/15/27

BB-

147,521

150

Teleflex

Inc,

144A

4.250%

6/01/28

BB-

141,394

100

Tempur

Sealy

International

Inc,

144A

4.000%

4/15/29

BB+

86,156

800

Tenet

Healthcare

Corp,

144A

4.875%

1/01/26

BB-

787,920

300

Tenet

Healthcare

Corp,

144A

6.250%

2/01/27

B+

303,501

551

Tenet

Healthcare

Corp,

144A

5.125%

11/01/27

BB-

542,735

230

Tenet

Healthcare

Corp,

144A

4.625%

6/15/28

BB-

217,036

300

Tenet

Healthcare

Corp,

144A

6.125%

10/01/28

B-

292,500

57

Principal

Amount

(000)

Description

(1)

Coupon

Maturity

Ratings

(2)

Value

Industrial

(continued)

$

400

Tenet

Healthcare

Corp,

144A

4.250%

6/01/29

BB-

$

372,000

400

Tenet

Healthcare

Corp,

144A

4.375%

1/15/30

BB-

371,568

270

Terex

Corp,

144A

5.000%

5/15/29

B

240,943

650

Thor

Industries

Inc,

144A

(3)

4.000%

10/15/29

B+

526,624

70

TopBuild

Corp,

144A

4.125%

2/15/32

BB

60,907

60

TransDigm

Inc

4.875%

5/01/29

B-

53,685

100

Transocean

Inc,

144A

(3)

11.500%

1/30/27

CCC-

94,761

100

Travel

+

Leisure

Co,

144A

6.625%

7/31/26

BB-

101,702

100

Travel

+

Leisure

Co,

144A

4.500%

12/01/29

BB-

86,096

290

TreeHouse

Foods

Inc

(3)

4.000%

9/01/28

CCC+

252,300

148

Triumph

Group

Inc,

144A

8.875%

6/01/24

B

153,087

200

Triumph

Group

Inc,

144A

6.250%

9/15/24

CCC-

191,500

1,170

Trivium

Packaging

Finance

BV,

144A

5.500%

8/15/26

B

1,152,450

600

Trivium

Packaging

Finance

BV,

144A

(3)

8.500%

8/15/27

CCC

572,919

1,000

Tronox

Inc,

144A

4.625%

3/15/29

B+

862,022

250

TTM

Technologies

Inc,

144A

4.000%

3/01/29

BB-

220,891

130

Twilio

Inc

(3)

3.875%

3/15/31

BB-

115,162

150

Twitter

Inc,

144A

3.875%

12/15/27

BB

142,725

200

Twitter

Inc,

144A

5.000%

3/01/30

BB

193,053

900

Uber

Technologies

Inc,

144A

7.500%

5/15/25

B-

914,106

750

Uber

Technologies

Inc,

144A

7.500%

9/15/27

B-

759,375

650

Uber

Technologies

Inc,

144A

(3)

6.250%

1/15/28

B-

639,295

570

Uber

Technologies

Inc,

144A

4.500%

8/15/29

B-

509,455

150

United

Natural

Foods

Inc,

144A

6.750%

10/15/28

B-

150,938

14

United

Rentals

North

America

Inc

4.875%

1/15/28

BB

13,977

303

United

Rentals

North

America

Inc

5.250%

1/15/30

BB

306,325

99

United

Rentals

North

America

Inc

4.000%

7/15/30

BB

91,080

670

Uniti

Group

LP

/

Uniti

Fiber

Holdings

Inc

/

CSL

Capital

LLC,

144A

7.875%

2/15/25

B

674,188

700

Uniti

Group

LP

/

Uniti

Group

Finance

Inc

/

CSL

Capital

LLC,

144A

4.750%

4/15/28

B

616,084

260

Univar

Solutions

USA

Inc/Washington,

144A

5.125%

12/01/27

BB

251,490

110

Univision

Communications

Inc,

144A

6.625%

6/01/27

B+

110,275

100

UPC

Holding

BV,

144A

5.500%

1/15/28

B

91,323

360

US

Foods

Inc,

144A

6.250%

4/15/25

B+

366,750

260

US

Foods

Inc,

144A

4.750%

2/15/29

B-

242,693

250

Vail

Resorts

Inc,

144A

6.250%

5/15/25

B+

255,600

210

Valvoline

Inc,

144A

4.250%

2/15/30

BB-

190,550

200

VEON

Holdings

BV,

144A

3.375%

11/25/27

N/R

89,725

300

Victoria's

Secret

&

Co,

144A

4.625%

7/15/29

B+

248,340

100

Videotron

Ltd,

144A

5.125%

4/15/27

BB+

97,000

150

Videotron

Ltd,

144A

(3)

3.625%

6/15/29

BB+

130,878

210

Vista

Outdoor

Inc,

144A

4.500%

3/15/29

B+

159,600

320

Vodafone

Group

PLC

7.000%

4/04/79

BB+

336,400

100

Vodafone

Group

PLC

4.125%

6/04/81

BB+

80,946

200

VZ

Secured

Financing

BV,

144A

5.000%

1/15/32

B+

178,362

1,110

Weatherford

International

Ltd,

144A

6.500%

9/15/28

B+

1,056,121

1,300

Weatherford

International

Ltd,

144A

8.625%

4/30/30

B-

1,175,590

200

Weir

Group

PLC/The,

144A

2.200%

5/13/26

BB+

177,092

521

WESCO

Distribution

Inc,

144A

7.250%

6/15/28

BB-

539,761

240

Western

Midstream

Operating

LP

5.300%

2/01/30

BB+

224,450

500

Williams

Scotsman

International

Inc,

144A

4.625%

8/15/28

B

468,828

100

Windstream

Escrow

LLC

/

Windstream

Escrow

Finance

Corp,

144A

(3)

7.750%

8/15/28

B

89,540

140

Wyndham

Hotels

&

Resorts

Inc,

144A

4.375%

8/15/28

BB-

128,619

310

Xerox

Holdings

Corp,

144A

5.500%

8/15/28

BB

276,155

20

XPO

Logistics

Inc,

144A

6.250%

5/01/25

B+

20,300

560

Yum!

Brands

Inc,

144A

4.750%

1/15/30

BB-

544,544

310

Zayo

Group

Holdings

Inc,

144A

(3)

6.125%

3/01/28

CCC+

240,250

410

Ziggo

BV,

144A

4.875%

1/15/30

B+

378,491

Nuveen

ESG

High

Yield

Corporate

Bond

ETF

(NUHY)

(continued)

Portfolio

of

Investments

July

31,

2022

58

Principal

Amount

(000)

Description

(1)

Coupon

Maturity

Ratings

(2)

Value

Industrial

(continued)

$

150

ZipRecruiter

Inc,

144A

5.000%

1/15/30

BB-

$

133,976

200

ZoomInfo

Technologies

LLC/ZoomInfo

Finance

Corp,

144A

3.875%

2/01/29

B+

179,000

90,491

Total

Industrial

81,605,293

Utility

-

1.5%

200

Clearway

Energy

Operating

LLC,

144A

4.750%

3/15/28

BB

193,500

100

Clearway

Energy

Operating

LLC,

144A

3.750%

2/15/31

BB

87,563

160

Drax

Finco

PLC,

144A

6.625%

11/01/25

BB+

158,475

900

Enviva

Partners

LP

/

Enviva

Partners

Finance

Corp,

144A

6.500%

1/15/26

B+

892,377

100

NextEra

Energy

Operating

Partners

LP,

144A

4.250%

7/15/24

BB+

99,077

1,460

Total

Utility

1,430,992

$

104,741

Total

Corporate

Debt

(cost

$104,236,438)

94,381,092

Total

Long-Term

Investments

(cost

$104,236,438)

94,381,092

Shares

Description

(1)

Coupon

Value

INVESTMENTS

PURCHASED

WITH

COLLATERAL

FROM

SECURITIES

LENDING

-

  8.9%

MONEY

MARKET

FUNDS

-

8.9%

8,587,122

State

Street

Navigator

Securities

Lending

Government

Money

Market

Portfolio

(5)

2.300%(6)

$

8,587,122

Total

Investments

Purchased

with

Collateral

from

Securities

Lending

(cost

$8,587,122)

8,587,122

Total

Investments

(cost

$

112,823,560

)

-

106

.5

%

102,968,214

Other

Assets

Less

Liabilities

-

(6.5)%

(

6,316,556

)

Net

Assets

-

100%

$

96,651,658

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)

The

Fund

uses

credit

quality

ratings

for

its

portfolio

securities

provided

by

Moody’s,

S&P

and

Fitch.

If

all

three

of

Moody’s,

S&P,

and

Fitch

provide

a

rating

for

a

security,

the

middle

is

used;

if

two

of

the

three

agencies

rate

a

security,

the

lower

rating

is

used;

and

if

only

one

rating

agency

rates

a

security,

that

rating

is

used.

AAA,

AA,

A,

and

BBB

are

investment

grade

ratings;

BB,

B,

CCC/CC/C

and

D

are

below-investment

grade

ratings.

Credit

ratings

are

subject

to

change.

Holdings

designated

N/R

are

not

rated

by

Moody’s,

S&P

or

Fitch.

Ratings

are

not

covered

by

the

report

of

independent

registered

public

accounting

firm.

(3)

Investment,

or

a

portion

of

investment,

is

out

on

loan

for

securities

lending.

The

total

value

of

the

securities

out

on

loan

as

of

the

end

of

the

reporting

period

was

$8,271,087.

(4)

Perpetual

security.

Maturity

date

is

not

applicable.

(5)

The

Fund

may

loan

securities

representing

up

to

one

third

of

the

market

value

of

its

total

assets

(which

includes

collateral

for

securities

on

loan)

to

broker

dealers,

banks,

and

other

institutions.

The

collateral

maintained

by

the

Fund

shall

have

a

market

value,

at

the

inception

of

each

loan,

equal

to

not

less

than

100%

of

the

market

value

of

the

loaned

securities.

The

cash

collateral

received

by

the

Fund

is

invested

in

this

money

market

fund.

(6)

The

rate

shown

is

the

one-day

yield

as

of

the

end

of

the

reporting

period.

144A

Investment

is

exempt

from

registration

under

Rule

144A

of

the

Securities

Act

of

1933,

as

amended.

These

investments

may

only

be

resold

in

transactions

exempt

from

registration,

which

are

normally

those

transactions

with

qualified

institutional

buyers.

REIT

Real

Estate

Investment

Trust

See

accompanying

notes

to

financial

statements

59

Nuveen

ESG

U.S.

Aggregate

Bond

ETF

(NUBD)

Portfolio

of

Investments

July

31,

2022

Principal

Amount

(000)

Description

(1)

Coupon

Maturity

Ratings

(2)

Value

LONG-TERM

INVESTMENTS

-

99.2%  

U.S.

TREASURY

-

37.6%

$

1,300

United

States

Treasury

Note/Bond

0.125%

8/31/23

AAA

$

1,260,797

3,450

United

States

Treasury

Note/Bond

0.375%

10/31/23

AAA

3,341,918

4,000

United

States

Treasury

Note/Bond

0.500%

11/30/23

AAA

3,871,719

1,346

United

States

Treasury

Note/Bond

2.875%

11/30/23

AAA

1,344,633

100

United

States

Treasury

Note/Bond

0.750%

12/31/23

AAA

96,953

200

United

States

Treasury

Note/Bond

0.875%

1/31/24

AAA

193,875

1,411

United

States

Treasury

Note/Bond

2.500%

1/31/24

AAA

1,401,520

1,814

United

States

Treasury

Note/Bond

2.250%

4/30/24

AAA

1,792,884

4,672

United

States

Treasury

Note/Bond

2.000%

5/31/24

AAA

4,596,080

262

United

States

Treasury

Note/Bond

1.250%

8/31/24

AAA

253,321

3,090

United

States

Treasury

Note/Bond

2.125%

9/30/24

AAA

3,041,719

1,454

United

States

Treasury

Note/Bond

2.125%

11/30/24

AAA

1,429,123

600

United

States

Treasury

Note/Bond

1.125%

1/15/25

AAA

575,344

2,824

United

States

Treasury

Note/Bond

1.375%

1/31/25

AAA

2,722,513

1,500

United

States

Treasury

Note/Bond

0.250%

5/31/25

AAA

1,394,531

950

United

States

Treasury

Note/Bond

0.250%

8/31/25

AAA

877,822

3,900

United

States

Treasury

Note/Bond

0.250%

9/30/25

AAA

3,597,293

800

United

States

Treasury

Note/Bond

0.250%

10/31/25

AAA

736,625

1,820

United

States

Treasury

Note/Bond

0.375%

11/30/25

AAA

1,679,945

1,300

United

States

Treasury

Note/Bond

0.375%

12/31/25

AAA

1,197,777

3,500

United

States

Treasury

Note/Bond

0.375%

1/31/26

AAA

3,218,906

500

United

States

Treasury

Note/Bond

0.500%

2/28/26

AAA

461,152

1,900

United

States

Treasury

Note/Bond

0.750%

3/31/26

AAA

1,766,035

3,200

United

States

Treasury

Note/Bond

0.750%

4/30/26

AAA

2,970,250

700

United

States

Treasury

Note/Bond

0.750%

5/31/26

AAA

648,566

1,700

United

States

Treasury

Note/Bond

0.875%

6/30/26

AAA

1,580,934

1,100

United

States

Treasury

Note/Bond

0.625%

7/31/26

AAA

1,011,570

1,450

United

States

Treasury

Note/Bond

0.750%

8/31/26

AAA

1,338,588

2,600

United

States

Treasury

Note/Bond

0.875%

9/30/26

AAA

2,409,469

900

United

States

Treasury

Note/Bond

1.125%

10/31/26

AAA

841,816

1,600

United

States

Treasury

Note/Bond

1.250%

11/30/26

AAA

1,503,625

1,100

United

States

Treasury

Note/Bond

1.250%

12/31/26

AAA

1,032,625

1,750

United

States

Treasury

Note/Bond

1.875%

2/28/27

AAA

1,687,178

500

United

States

Treasury

Note/Bond

2.500%

3/31/27

AAA

495,293

1,250

United

States

Treasury

Note/Bond

2.875%

4/30/27

AAA

1,251,855

2,000

United

States

Treasury

Note/Bond

2.625%

5/31/27

AAA

1,993,438

900

United

States

Treasury

Note/Bond

0.500%

6/30/27

AAA

808,383

2,500

United

States

Treasury

Note/Bond

3.250%

6/30/27

AAA

2,562,500

2,186

United

States

Treasury

Note/Bond

2.250%

8/15/27

AAA

2,136,132

888

United

States

Treasury

Note/Bond

2.250%

11/15/27

AAA

866,147

2,344

United

States

Treasury

Note/Bond

2.750%

2/15/28

AAA

2,343,634

650

United

States

Treasury

Note/Bond

1.375%

10/31/28

AAA

599,244

300

United

States

Treasury

Note/Bond

1.750%

1/31/29

AAA

282,867

1,470

United

States

Treasury

Note/Bond

2.375%

5/15/29

AAA

1,438,935

514

United

States

Treasury

Note/Bond

1.625%

8/15/29

AAA

479,727

100

United

States

Treasury

Note/Bond

0.625%

5/15/30

AAA

85,688

1,000

United

States

Treasury

Note/Bond

1.875%

2/15/32

AAA

933,438

3,050

United

States

Treasury

Note/Bond

2.875%

5/15/32

AAA

3,104,805

200

United

States

Treasury

Note/Bond

1.125%

8/15/40

AAA

141,984

1,300

United

States

Treasury

Note/Bond

1.875%

2/15/41

AAA

1,045,941

500

United

States

Treasury

Note/Bond

2.250%

5/15/41

AAA

428,027

1,050

United

States

Treasury

Note/Bond

1.750%

8/15/41

AAA

820,313

198

United

States

Treasury

Note/Bond

2.000%

11/15/41

AAA

161,648

1,400

United

States

Treasury

Note/Bond

2.250%

2/15/42

AAA

1,219,313

3,900

United

States

Treasury

Note/Bond

3.250%

5/15/42

AAA

3,904,266

1,964

United

States

Treasury

Note/Bond

2.750%

8/15/42

AAA

1,807,417

4,571

United

States

Treasury

Note/Bond

2.750%

8/15/47

AAA

4,169,073

Nuveen

ESG

U.S.

Aggregate

Bond

ETF

(NUBD)

(continued)

Portfolio

of

Investments

July

31,

2022

60

Principal

Amount

(000)

Description

(1)

Coupon

Maturity

Ratings

(2)

Value

$

2,050

United

States

Treasury

Note/Bond

1.250%

5/15/50

AAA

$

1,338,025

700

United

States

Treasury

Note/Bond

1.375%

8/15/50

AAA

472,281

200

United

States

Treasury

Note/Bond

1.625%

11/15/50

AAA

144,156

3,800

United

States

Treasury

Note/Bond

1.875%

2/15/51

AAA

2,920,953

1,100

United

States

Treasury

Note/Bond

2.375%

5/15/51

AAA

951,113

700

United

States

Treasury

Note/Bond

2.250%

2/15/52

AAA

590,297

1,350

United

States

Treasury

Note/Bond

2.875%

5/15/52

AAA

1,305,703

$

103,428

Total

U.S.

Treasury

(cost

$103,573,686)

96,679,702

Principal

Amount

(000)

Description

(1)

Coupon

Maturity

Ratings

(2)

Value

SECURITIZED

-

29.8%

50

AmeriCredit

Automobile

Receivables

Trust

2021-22021

2

1.010%

1/19/27

A+

46,579

20

BA

Credit

Card

Trust2021

A1

0.440%

9/15/26

AAA

19,070

200

Bank

2019-BNK192019

BN19

2.926%

8/15/61

AAA

187,961

100

BANK

2021-BNK342021

BN34

1.935%

6/15/63

AAA

92,034

100

BANK

2021-BNK352021

BN35

2.067%

6/15/64

AAA

90,136

500

BBCMS

Mortgage

Trust

2020-C62020

C6

2.690%

2/15/53

AAA

484,551

200

Benchmark

2021-B24

Mortgage

Trust2021

B24

2.264%

3/15/54

AAA

177,454

100

Benchmark

2021-B27

Mortgage

Trust2021

B27

2.703%

7/15/54

A-

76,650

100

Benchmark

2021-B28

Mortgage

Trust2021

B28

2.073%

8/15/54

AAA

89,987

100

Capital

One

Multi-Asset

Execution

Trust2022

A2

3.490%

5/15/27

AAA

100,429

367

Capital

One

Multi-Asset

Execution

Trust

2019-A22019

A2

1.720%

8/15/24

AAA

366,876

51

Carmax

Auto

Owner

Trust

2020-12020

1

1.890%

12/16/24

AAA

50,658

100

CarMax

Auto

Owner

Trust

2022-12022

1

1.700%

8/16/27

AAA

94,314

75

Carvana

Auto

Receivables

Trust

2022-N12022

N1,

144A

4.130%

12/11/28

BBB

72,798

100

Citibank

Credit

Card

Issuance

Trust

2018-A32018

A3

3.290%

5/23/25

AAA

99,894

180

Citigroup

Commercial

Mortgage

Trust

2016-C12016

C1

3.209%

5/10/49

AAA

175,531

500

COMM

2015-LC19

Mortgage

Trust2015

LC19

3.183%

2/10/48

AAA

491,222

100

Discover

Card

Execution

Note

Trust2021

A1

0.580%

9/15/26

AAA

94,478

100

Exeter

Automobile

Receivables

Trust

2022-1A2022

1A

2.180%

6/15/26

AA

97,132

1,440

Fannie

Mae

Pool

2.000%

8/01/51

N/R

1,298,630

297

Fannie

Mae

Pool2022

1

3.500%

6/01/52

AAA

294,208

447

Fannie

Mae

Pool

5.000%

6/01/52

AAA

461,348

400

Fannie

Mae

Pool,

(WI/DD,

Settling

8/11/22)

4.000%

7/01/52

AAA

402,492

348

Fannie

Mae

Pool

4.000%

7/01/52

AAA

350,381

600

Fannie

Mae

Pool,

(WI/DD,

Settling

8/11/22)

4.500%

7/01/52

AAA

611,193

796

Fannie

Mae

Pool

4.500%

7/01/52

AAA

810,891

1,100

Fannie

Mae

Pool,

(WI/DD,

Settling

8/11/22)

5.000%

8/01/52

AAA

1,131,174

1,100

Fannie

Mae

Pool,

(WI/DD,

Settling

8/11/22)

5.500%

8/01/52

AAA

1,141,741

1,795

Fannie

Mae

Pool

FM5488

4.000%

5/01/49

N/R

1,829,166

2,656

Fannie

Mae

Pool

FM5665

3.500%

8/01/48

N/R

2,668,932

290

Fannie

Mae

Pool

MA2941

3.500%

3/01/32

N/R

293,775

338

Fannie

Mae

Pool

MA3120

3.500%

9/01/47

N/R

339,108

889

Fannie

Mae

Pool

MA3143

3.000%

9/01/47

N/R

868,907

59

Fannie

Mae

Pool

MA3182

3.500%

11/01/47

N/R

58,586

204

Fannie

Mae

Pool

MA3358

4.500%

5/01/48

N/R

208,901

84

Fannie

Mae

Pool

MA3392

3.500%

6/01/33

N/R

85,221

184

Fannie

Mae

Pool

MA3490

4.000%

10/01/33

N/R

187,991

113

Fannie

Mae

Pool

MA3536

4.000%

12/01/48

N/R

115,094

189

Fannie

Mae

Pool

MA3574

3.500%

1/01/49

N/R

189,383

1,094

Fannie

Mae

Pool

MA3774

3.000%

9/01/49

N/R

1,060,423

64

Fannie

Mae

Pool

MA3828

3.000%

11/01/34

N/R

64,252

128

Fannie

Mae

Pool

MA3865

3.000%

12/01/34

N/R

127,711

133

Fannie

Mae

Pool

MA3890

3.000%

1/01/40

N/R

131,084

736

Fannie

Mae

Pool

MA3905

3.000%

1/01/50

N/R

711,507

155

Fannie

Mae

Pool

MA3957

3.500%

3/01/35

N/R

157,091

668

Fannie

Mae

Pool

MA4074

2.000%

7/01/35

N/R

635,768

594

Fannie

Mae

Pool

MA4123

2.000%

9/01/35

N/R

565,378

589

Fannie

Mae

Pool

MA4180

2.500%

11/01/35

N/R

574,177

2,213

Fannie

Mae

Pool

MA4182

2.000%

11/01/50

N/R

1,996,641

1,425

Fannie

Mae

Pool

MA4208

2.000%

12/01/50

N/R

1,285,455

61

Principal

Amount

(000)

Description

(1)

Coupon

Maturity

Ratings

(2)

Value

$

893

Fannie

Mae

Pool

MA4254

1.500%

2/01/51

N/R

$

770,665

979

Fannie

Mae

Pool

MA4255

2.000%

2/01/51

N/R

883,304

808

Fannie

Mae

Pool

MA4268

2.000%

2/01/41

N/R

747,911

566

Fannie

Mae

Pool

MA4278

1.500%

3/01/36

N/R

525,802

688

Fannie

Mae

Pool

MA4298

2.500%

3/01/36

N/R

672,118

167

Fannie

Mae

Pool

MA4302

1.500%

4/01/36

N/R

155,234

364

Fannie

Mae

Pool

MA4304

1.500%

4/01/51

N/R

314,319

2,489

Fannie

Mae

Pool

MA43052021

MTGE

2.000%

4/01/51

N/R

2,243,901

132

Fannie

Mae

Pool

MA4310

1.500%

4/01/41

N/R

117,816

77

Fannie

Mae

Pool

MA43162021

MTGE

2.500%

4/01/36

N/R

75,506

899

Fannie

Mae

Pool

MA4325

2.000%

5/01/51

N/R

809,518

352

Fannie

Mae

Pool

MA4327

3.000%

5/01/51

N/R

339,653

198

Fannie

Mae

Pool

MA4330

2.500%

5/01/36

N/R

192,599

614

Fannie

Mae

Pool

MA4334

2.500%

5/01/41

N/R

584,411

90

Fannie

Mae

Pool

MA4337

4.000%

4/01/51

N/R

90,572

1,911

Fannie

Mae

Pool

MA43552021

MTGE

2.000%

6/01/51

N/R

1,723,637

689

Fannie

Mae

Pool

MA4357

3.000%

6/01/51

N/R

665,569

347

Fannie

Mae

Pool

MA4359

1.500%

6/01/36

N/R

322,176

81

Fannie

Mae

Pool

MA43612021

MTGE

2.500%

6/01/36

N/R

78,483

92

Fannie

Mae

Pool

MA4364

2.000%

6/01/41

N/R

85,451

87

Fannie

Mae

Pool

MA4366

2.500%

6/01/41

N/R

82,559

188

Fannie

Mae

Pool

MA4377

1.500%

7/01/51

N/R

161,937

276

Fannie

Mae

Pool

MA4378

2.000%

7/01/51

N/R

248,813

269

Fannie

Mae

Pool

MA4387

2.000%

7/01/41

N/R

249,089

473

Fannie

Mae

Pool

MA4397

1.500%

8/01/51

N/R

408,184

178

Fannie

Mae

Pool

MA4402

1.500%

8/01/36

N/R

164,974

367

Fannie

Mae

Pool

MA4423

2.500%

9/01/41

N/R

349,218

1,043

Fannie

Mae

Pool

MA44372021

MA4437

2.000%

10/01/51

N/R

940,445

371

Fannie

Mae

Pool

MA4439

3.000%

10/01/51

N/R

357,665

383

Fannie

Mae

Pool

MA4465

2.000%

11/01/51

N/R

345,167

7,771

Fannie

Mae

Pool

MA4493

2.500%

12/01/51

N/R

7,256,440

1,550

Fannie

Mae

Pool

MA45112021

2021

2.000%

12/01/51

N/R

1,396,322

915

Fannie

Mae

Pool

MA4512

2.500%

1/01/52

N/R

854,120

522

Fannie

Mae

Pool

MA45132021

2021

3.000%

1/01/52

N/R

503,864

330

Fannie

Mae

Pool

MA4516

2.000%

1/01/37

N/R

314,092

1,299

Fannie

Mae

Pool

MA4536

2.000%

2/01/37

N/R

1,236,248

1,564

Fannie

Mae

Pool

MA4549

3.000%

2/01/52

N/R

1,508,395

2,795

Fannie

Mae

Pool

MA4563

2.500%

3/01/52

N/R

2,607,869

970

Fannie

Mae

Pool

MA4565

3.500%

3/01/52

N/R

960,670

491

Fannie

Mae

Pool

MA4579

3.000%

4/01/52

N/R

472,992

690

Fannie

Mae

Pool

MA46442022

1

4.000%

5/01/52

N/R

694,094

990

Fannie

Mae

Pool

MA4684

4.500%

6/01/52

N/R

1,008,948

397

Fannie

Mae

Pool

MA4709

5.000%

7/01/52

AAA

408,020

250

Fannie

Mae-Aces

2018-M102018

M10

3.364%

7/25/28

N/R

252,158

195

Fannie

Mae-Aces

2018-M72018

M7

3.046%

3/25/28

N/R

194,039

100

Ford

Credit

Auto

Owner

Trust

2022-A2022

A

1.290%

6/15/26

AAA

96,399

100

Ford

Credit

Floorplan

Master

Owner

Trust

2017-32017

3

2.480%

9/15/24

AAA

99,959

800

Freddie

Mac

Multifamily

Structured

Pass

Through

Certificates2019

K735

2.862%

5/25/26

N/R

791,499

100

Freddie

Mac

Multifamily

Structured

Pass

Through

Certificates2021

K742

0.861%

6/25/27

AAA

92,315

62

Freddie

Mac

Multifamily

Structured

Pass

Through

Certificates2021

K742

1.760%

3/25/28

AAA

57,512

100

Freddie

Mac

Multifamily

Structured

Pass

Through

Certificates2021

K743

1.770%

5/25/28

AAA

92,526

335

Freddie

Mac

Multifamily

Structured

Pass

Through

Certificates2019

K094

2.701%

4/25/29

N/R

329,716

97

Freddie

Mac

Multifamily

Structured

Pass

Through

Certificates2021

K125

1.101%

8/25/30

AAA

87,503

99

Freddie

Mac

Multifamily

Structured

Pass

Through

Certificates2021

K127

1.353%

11/25/30

AAA

89,908

100

Freddie

Mac

Multifamily

Structured

Pass

Through

Certificates2021

K129

1.647%

5/25/31

N/R

86,933

Nuveen

ESG

U.S.

Aggregate

Bond

ETF

(NUBD)

(continued)

Portfolio

of

Investments

July

31,

2022

62

Principal

Amount

(000)

Description

(1)

Coupon

Maturity

Ratings

(2)

Value

$

99

Freddie

Mac

Multifamily

Structured

Pass

Through

Certificates2021

1520

2.007%

7/25/35

N/R

$

90,724

848

Ginnie

Mae

II

Pool

4.000%

6/20/52

AAA

857,610

249

Ginnie

Mae

II

Pool

4.500%

6/20/52

AAA

254,502

499

Ginnie

Mae

II

Pool

5.000%

6/20/52

AAA

512,498

500

Ginnie

Mae

II

Pool

4.500%

7/20/52

AAA

510,215

200

Ginnie

Mae

II

Pool,

(WI/DD,

Settling

8/18/22)

4.000%

8/20/52

AAA

202,318

200

Ginnie

Mae

II

Pool,

(WI/DD,

Settling

8/18/22)

4.500%

8/20/52

AAA

204,054

200

Ginnie

Mae

II

Pool,

(WI/DD,

Settling

8/18/22)

5.000%

8/20/52

AAA

205,392

533

Ginnie

Mae

II

Pool

MA3663

3.500%

5/20/46

N/R

537,969

69

Ginnie

Mae

II

Pool

MA5264

4.000%

6/20/48

N/R

69,914

79

Ginnie

Mae

II

Pool

MA5398

4.000%

8/20/48

N/R

80,361

484

Ginnie

Mae

II

Pool

MA6038

3.000%

7/20/49

N/R

473,979

222

Ginnie

Mae

II

Pool

MA6283

3.000%

11/20/49

N/R

216,831

864

Ginnie

Mae

II

Pool

MA6338

3.000%

12/20/49

AAA

844,855

174

Ginnie

Mae

II

Pool

MA6542

3.500%

3/20/50

AAA

174,119

89

Ginnie

Mae

II

Pool

MA6600

3.500%

4/20/50

AAA

89,306

89

Ginnie

Mae

II

Pool

MA6820

3.000%

8/20/50

AAA

86,522

823

Ginnie

Mae

II

Pool

MA6864

2.000%

9/20/50

AAA

761,182

752

Ginnie

Mae

II

Pool

MA6865

2.500%

9/20/50

AAA

716,590

90

Ginnie

Mae

II

Pool

MA6931

2.500%

10/20/50

AAA

86,206

301

Ginnie

Mae

II

Pool

MA6995

2.500%

11/20/50

AAA

286,682

524

Ginnie

Mae

II

Pool

MA70512020

GNMA

II

2.000%

12/20/50

AAA

483,888

266

Ginnie

Mae

II

Pool

MA7054

3.500%

12/20/50

AAA

265,895

497

Ginnie

Mae

II

Pool

MA7136

2.500%

1/20/51

N/R

472,787

564

Ginnie

Mae

II

Pool

MA73122021

MTGE

2.500%

4/20/51

AAA

537,223

622

Ginnie

Mae

II

Pool

MA7367

2.500%

5/20/51

AAA

591,739

894

Ginnie

Mae

II

Pool

MA7472

2.500%

7/20/51

AAA

849,998

879

Ginnie

Mae

II

Pool

MA7704

2.000%

11/20/51

AAA

809,990

292

Ginnie

Mae

II

Pool

MA7826

2.000%

1/20/52

AAA

269,350

194

Ginnie

Mae

II

Pool

MA7827

2.500%

1/20/52

AAA

184,358

1,632

Ginnie

Mae

II

Pool

MA7882

3.000%

2/20/52

AAA

1,591,265

491

Ginnie

Mae

II

Pool

MA7937

3.000%

3/20/52

AAA

478,661

889

Ginnie

Mae

II

Pool

MA7938

3.500%

3/20/52

AAA

886,007

498

Ginnie

Mae

II

Pool

MA8046

4.500%

5/20/52

AAA

507,701

100

GM

Financial

Automobile

Leasing

Trust

2021-22021

2

0.690%

5/20/25

AA

96,112

50

GM

Financial

Consumer

Automobile

Receivables

Trust

2022-12022

1

1.260%

11/16/26

AAA

48,181

200

GS

Mortgage

Securities

Trust

2019-GC382019

GC38

3.968%

2/10/52

AAA

199,813

100

Honda

Auto

Receivables

2021-2

Owner

Trust2021

2

0.330%

8/15/25

AAA

96,629

50

John

Deere

Owner

Trust2021

B

0.740%

5/15/28

AAA

46,062

100

Mercedes-Benz

Auto

Lease

Trust

2021-B2021

B

0.400%

11/15/24

AAA

96,979

100

Morgan

Stanley

Capital

I

Trust

2021-L52021

L5

1.518%

5/15/54

AAA

91,431

100

Santander

Drive

Auto

Receivables

Trust

2021-22021

2

0.900%

6/15/26

A

97,246

100

Toyota

Auto

Receivables

2021-B

Owner

Trust2021

B

0.530%

10/15/26

AAA

93,294

90

Verizon

Master

Trust2021

1

0.500%

5/20/27

AAA

85,354

211

Wells

Fargo

Commercial

Mortgage

Trust

2016-C322016

C32

3.324%

1/15/59

AAA

209,429

300

Wells

Fargo

Commercial

Mortgage

Trust

2019-C492019

C49

3.760%

3/15/52

AAA

294,066

100

World

Omni

Auto

Receivables

Trust

2021-B2021

B

0.420%

6/15/26

AAA

96,349

$

80,071

Total

Securitized

(cost

$82,945,510)

76,505,236

Principal

Amount

(000)

Description

(1)

Coupon

Maturity

Ratings

(2)

Value

CORPORATE

DEBT

-

25.9%

Financials

-

8.4%

10

AerCap

Ireland

Capital

DAC

/

AerCap

Global

Aviation

Trust

4.125%

7/03/23

BBB-

9,940

100

AerCap

Ireland

Capital

DAC

/

AerCap

Global

Aviation

Trust

3.150%

2/15/24

BBB-

97,194

150

AerCap

Ireland

Capital

DAC

/

AerCap

Global

Aviation

Trust

2.450%

10/29/26

BBB-

133,440

150

AerCap

Ireland

Capital

DAC

/

AerCap

Global

Aviation

Trust

3.300%

1/30/32

BBB-

125,979

63

Principal

Amount

(000)

Description

(1)

Coupon

Maturity

Ratings

(2)

Value

Financials

(continued)

$

100

Aflac

Inc

3.600%

4/01/30

A-

$

97,766

180

Air

Lease

Corp

(3)

2.875%

1/15/26

BBB

168,554

10

Air

Lease

Corp

3.125%

12/01/30

BBB

8,429

100

Alexandria

Real

Estate

Equities

Inc

3.375%

8/15/31

BBB+

91,353

100

Alexandria

Real

Estate

Equities

Inc

2.950%

3/15/34

BBB+

87,044

71

Allstate

Corp/The

4.500%

6/15/43

A-

68,759

10

Ally

Financial

Inc

5.800%

5/01/25

BBB-

10,351

10

Ally

Financial

Inc

8.000%

11/01/31

BBB-

11,118

110

Ally

Financial

Inc

8.000%

11/01/31

BBB-

124,429

40

American

Campus

Communities

Operating

Partnership

LP

2.250%

1/15/29

BBB

37,912

40

American

Express

Co

3.400%

2/22/24

A

39,921

100

American

Express

Co

2.250%

3/04/25

A

96,850

200

American

Express

Co

1.650%

11/04/26

A

184,761

120

American

International

Group

Inc

3.400%

6/30/30

BBB+

113,121

52

Ameriprise

Financial

Inc

4.000%

10/15/23

A-

52,327

100

Arthur

J

Gallagher

&

Co

3.050%

3/09/52

BBB

71,622

30

Assurant

Inc

2.650%

1/15/32

BBB-

24,319

10

Australia

&

New

Zealand

Banking

Group

Ltd/New

York

NY

3.700%

11/16/25

AA-

10,054

40

Banco

Bilbao

Vizcaya

Argentaria

SA

0.875%

9/18/23

A-

38,715

200

Banco

Santander

SA

4.175%

3/24/28

A-

192,367

100

Bank

of

America

Corp

3.841%

4/25/25

A

99,768

100

Bank

of

America

Corp

3.384%

4/02/26

A

97,679

200

Bank

of

America

Corp

1.734%

7/22/27

A

181,432

250

Bank

of

America

Corp

2.087%

6/14/29

A

220,814

150

Bank

of

America

Corp

4.271%

7/23/29

A

149,136

600

Bank

of

America

Corp

3.974%

2/07/30

A

580,841

200

Bank

of

America

Corp

2.592%

4/29/31

A

174,870

250

Bank

of

America

Corp

2.651%

3/11/32

A

217,177

100

Bank

of

America

Corp

2.299%

7/21/32

A

83,964

100

Bank

of

America

Corp

(3)

3.311%

4/22/42

A

82,511

200

Bank

of

America

Corp

2.972%

7/21/52

A

149,147

100

Bank

of

Montreal

1.500%

1/10/25

A

95,214

100

Bank

of

Montreal

2.650%

3/08/27

A

94,855

38

Bank

of

Montreal

3.803%

12/15/32

BBB+

35,667

100

Bank

of

New

York

Mellon

Corp/The

(3)

0.850%

10/25/24

A+

94,944

100

Bank

of

New

York

Mellon

Corp/The

2.800%

5/04/26

A+

98,035

100

Bank

of

New

York

Mellon

Corp/The

2.050%

1/26/27

A+

93,683

100

Bank

of

Nova

Scotia/The

3.450%

4/11/25

A

99,322

100

Bank

of

Nova

Scotia/The

(3)

1.350%

6/24/26

A

91,830

300

Barclays

PLC

4.836%

5/09/28

BBB

291,296

42

BlackRock

Inc

3.500%

3/18/24

AA-

42,332

40

BlackRock

Inc

3.250%

4/30/29

AA-

39,016

140

Boston

Properties

LP

2.900%

3/15/30

BBB+

122,928

30

BPCE

SA

4.000%

4/15/24

A+

29,975

20

Brandywine

Operating

Partnership

LP

3.950%

11/15/27

BBB-

19,000

50

Brixmor

Operating

Partnership

LP

4.125%

6/15/26

BBB-

49,479

100

Brookfield

Finance

I

UK

Plc

2.340%

1/30/32

A-

83,422

100

Brookfield

Finance

Inc

3.900%

1/25/28

A-

97,309

40

Camden

Property

Trust

2.800%

5/15/30

A-

36,430

13

Canadian

Imperial

Bank

of

Commerce

3.500%

9/13/23

AA

13,053

100

Canadian

Imperial

Bank

of

Commerce

1.000%

10/18/24

A

94,073

100

Cboe

Global

Markets

Inc

3.000%

3/16/32

A-

92,558

100

Charles

Schwab

Corp/The

3.200%

3/02/27

A

98,940

100

Charles

Schwab

Corp/The

2.000%

3/20/28

A

92,219

99

Chubb

Corp/The

6.000%

5/11/37

A

119,100

10

CI

Financial

Corp

3.200%

12/17/30

BBB-

7,826

20

CI

Financial

Corp

4.100%

6/15/51

BBB-

13,705

100

Citigroup

Inc

0.981%

5/01/25

A-

94,679

100

Citigroup

Inc

3.290%

3/17/26

A-

97,694

948

Citigroup

Inc

3.980%

3/20/30

A-

917,849

Nuveen

ESG

U.S.

Aggregate

Bond

ETF

(NUBD)

(continued)

Portfolio

of

Investments

July

31,

2022

64

Principal

Amount

(000)

Description

(1)

Coupon

Maturity

Ratings

(2)

Value

Financials

(continued)

$

100

Citigroup

Inc

2.561%

5/01/32

A-

$

85,910

100

Citigroup

Inc

2.520%

11/03/32

A-

85,143

100

Citizens

Financial

Group

Inc

2.638%

9/30/32

BBB

82,664

100

CME

Group

Inc

2.650%

3/15/32

AA-

92,234

60

CME

Group

Inc

5.300%

9/15/43

AA-

66,816

200

Cooperatieve

Rabobank

UA

3.750%

7/21/26

BBB+

194,745

100

Corporate

Office

Properties

LP

2.000%

1/15/29

BBB-

81,798

250

Credit

Suisse

AG/New

York

NY

(3)

2.950%

4/09/25

A+

241,275

200

Deutsche

Bank

AG/New

York

NY

1.447%

4/01/25

BBB

187,638

50

Duke

Realty

LP

2.875%

11/15/29

BBB+

46,088

70

Elevance

Health

Inc

3.650%

12/01/27

BBB

70,249

100

Elevance

Health

Inc

2.250%

5/15/30

BBB

88,874

100

Elevance

Health

Inc

4.650%

1/15/43

BBB

99,560

100

Elevance

Health

Inc

4.550%

5/15/52

BBB

99,921

10

Equitable

Holdings

Inc

7.000%

4/01/28

BBB

11,267

50

Equitable

Holdings

Inc

4.350%

4/20/28

BBB

50,355

30

Equitable

Holdings

Inc

5.000%

4/20/48

BBB

28,857

86

ERP

Operating

LP

2.500%

2/15/30

A-

76,877

50

Federal

Realty

OP

LP

3.500%

6/01/30

BBB+

46,268

132

Fifth

Third

Bancorp

1.707%

11/01/27

BBB+

120,209

30

First

American

Financial

Corp

2.400%

8/15/31

BBB

23,723

30

Franklin

Resources

Inc

1.600%

10/30/30

A

24,577

50

GATX

Corp

4.700%

4/01/29

BBB

50,093

100

GATX

Corp

3.500%

6/01/32

BBB

89,914

100

Goldman

Sachs

Group

Inc/The

3.000%

3/15/24

A

99,072

100

Goldman

Sachs

Group

Inc/The

0.925%

10/21/24

A

96,091

200

Goldman

Sachs

Group

Inc/The

1.948%

10/21/27

A

182,520

300

Goldman

Sachs

Group

Inc/The

3.800%

3/15/30

A

287,836

582

Goldman

Sachs

Group

Inc/The

2.383%

7/21/32

A

491,003

200

Goldman

Sachs

Group

Inc/The

2.650%

10/21/32

A

172,110

100

Hartford

Financial

Services

Group

Inc/The

2.900%

9/15/51

BBB+

72,014

100

Healthpeak

Properties

Inc

2.125%

12/01/28

BBB+

88,803

50

Healthpeak

Properties

Inc

3.500%

7/15/29

BBB+

47,140

50

Host

Hotels

&

Resorts

LP

4.500%

2/01/26

BBB-

49,679

200

HSBC

Holdings

PLC

0.732%

8/17/24

A-

192,281

125

HSBC

Holdings

PLC

0.976%

5/24/25

A-

116,975

200

HSBC

Holdings

PLC

2.013%

9/22/28

A-

174,186

400

HSBC

Holdings

PLC

2.804%

5/24/32

A-

335,967

100

Humana

Inc

3.700%

3/23/29

BBB

98,104

50

Humana

Inc

4.875%

4/01/30

BBB

52,004

100

Humana

Inc

2.150%

2/03/32

BBB

84,847

100

Huntington

Bancshares

Inc/OH

2.625%

8/06/24

BBB+

97,906

100

ING

Groep

NV

3.950%

3/29/27

A-

98,247

50

ING

Groep

NV

4.050%

4/09/29

A-

48,062

94

Intercontinental

Exchange

Inc

3.750%

9/21/28

A-

93,688

100

Intercontinental

Exchange

Inc

4.600%

3/15/33

A-

103,868

50

Intercontinental

Exchange

Inc

4.250%

9/21/48

A-

46,694

30

Invesco

Finance

PLC

3.750%

1/15/26

A-

29,887

100

JPMorgan

Chase

&

Co

0.824%

6/01/25

A

94,032

100

JPMorgan

Chase

&

Co

3.845%

6/14/25

A

99,718

100

JPMorgan

Chase

&

Co

2.595%

2/24/26

A

96,025

100

JPMorgan

Chase

&

Co

4.080%

4/26/26

A-

99,920

100

JPMorgan

Chase

&

Co

1.470%

9/22/27

A

89,406

150

JPMorgan

Chase

&

Co

3.702%

5/06/30

A

143,450

200

JPMorgan

Chase

&

Co

2.739%

10/15/30

A

179,317

648

JPMorgan

Chase

&

Co

4.493%

3/24/31

A

651,794

100

JPMorgan

Chase

&

Co

2.545%

11/08/32

A

85,946

100

JPMorgan

Chase

&

Co

(3)

3.157%

4/22/42

A

81,593

250

JPMorgan

Chase

&

Co

3.328%

4/22/52

A

199,583

20

KeyBank

NA/Cleveland

OH

6.950%

2/01/28

BBB+

22,177

65

Principal

Amount

(000)

Description

(1)

Coupon

Maturity

Ratings

(2)

Value

Financials

(continued)

$

90

KeyCorp

2.250%

4/06/27

BBB+

$

83,589

40

Kilroy

Realty

LP

4.750%

12/15/28

BBB

39,784

100

Kimco

Realty

Corp

2.250%

12/01/31

BBB+

83,124

20

Legg

Mason

Inc

4.750%

3/15/26

A

20,621

60

Lincoln

National

Corp

3.050%

1/15/30

BBB+

54,282

100

Lincoln

National

Corp

3.400%

3/01/32

BBB+

90,345

10

Lincoln

National

Corp

4.375%

6/15/50

BBB+

8,612

40

Lloyds

Banking

Group

PLC

4.500%

11/04/24

BBB+

40,088

210

Lloyds

Banking

Group

PLC

2.438%

2/05/26

A

199,993

20

Lloyds

Banking

Group

PLC

4.550%

8/16/28

A

19,934

30

Manulife

Financial

Corp

5.375%

3/04/46

A-

32,629

10

Marsh

&

McLennan

Cos

Inc

3.875%

3/15/24

A-

10,054

150

Marsh

&

McLennan

Cos

Inc

2.250%

11/15/30

A-

131,001

10

Marsh

&

McLennan

Cos

Inc

4.350%

1/30/47

A-

9,375

200

Mitsubishi

UFJ

Financial

Group

Inc

2.757%

9/13/26

A-

189,740

200

Mitsubishi

UFJ

Financial

Group

Inc

1.538%

7/20/27

A-

178,879

64

Mitsubishi

UFJ

Financial

Group

Inc

3.961%

3/02/28

A-

63,125

100

Mizuho

Financial

Group

Inc

(3)

2.651%

5/22/26

A-

95,519

10

Mizuho

Financial

Group

Inc

3.663%

2/28/27

A-

9,680

100

Mizuho

Financial

Group

Inc

2.869%

9/13/30

A-

88,323

20

Morgan

Stanley

0.790%

5/30/25

A

18,782

100

Morgan

Stanley

4.210%

4/20/28

A

100,016

767

Morgan

Stanley

3.772%

1/24/29

A

750,658

200

Morgan

Stanley

4.431%

1/23/30

A

200,389

110

Morgan

Stanley

3.622%

4/01/31

A

104,748

100

Morgan

Stanley

2.239%

7/21/32

A

84,353

100

Morgan

Stanley

2.484%

9/16/36

BBB+

80,905

50

National

Australia

Bank

Ltd/New

York

3.375%

1/14/26

AA-

49,646

100

NatWest

Group

PLC

4.269%

3/22/25

BBB+

99,113

100

NatWest

Group

PLC

5.076%

1/27/30

BBB+

99,712

30

Nomura

Holdings

Inc

2.648%

1/16/25

BBB+

28,906

120

Nomura

Holdings

Inc

2.172%

7/14/28

BBB+

103,033

42

Northern

Trust

Corp

3.950%

10/30/25

A

42,615

20

Northern

Trust

Corp

(3)

3.150%

5/03/29

A+

19,285

30

ORIX

Corp

3.700%

7/18/27

A-

29,619

10

PNC

Bank

NA

3.300%

10/30/24

A

9,946

10

PNC

Bank

NA

3.100%

10/25/27

A

9,738

90

PNC

Bank

NA

4.050%

7/26/28

A-

88,957

10

PNC

Bank

NA

2.700%

10/22/29

A-

8,948

112

PNC

Financial

Services

Group

Inc/The

3.900%

4/29/24

A-

112,466

54

Principal

Financial

Group

Inc

3.700%

5/15/29

A-

51,975

34

Progressive

Corp/The

3.200%

3/26/30

A

32,516

20

Progressive

Corp/The

3.000%

3/15/32

A

18,694

30

Progressive

Corp/The

4.200%

3/15/48

A

28,230

91

Prologis

LP

3.875%

9/15/28

A-

90,458

10

Prologis

LP

4.375%

9/15/48

A-

9,742

10

Prudential

Financial

Inc

1.500%

3/10/26

A-

9,318

60

Prudential

Financial

Inc

3.000%

3/10/40

A-

50,157

10

Prudential

Financial

Inc

(3)

4.500%

9/15/47

BBB+

9,481

113

Prudential

Financial

Inc

3.905%

12/07/47

A-

100,443

100

Prudential

PLC

3.625%

3/24/32

A

94,746

130

Realty

Income

Corp

2.200%

6/15/28

A-

117,333

10

Regions

Financial

Corp

1.800%

8/12/28

BBB+

8,784

20

Regions

Financial

Corp

7.375%

12/10/37

BBB

24,582

10

Reinsurance

Group

of

America

Inc

3.950%

9/15/26

BBB+

9,962

19

Reinsurance

Group

of

America

Inc

3.900%

5/15/29

BBB+

18,289

100

Royal

Bank

of

Canada

3.375%

4/14/25

A+

99,293

100

Royal

Bank

of

Canada

1.200%

4/27/26

A+

91,165

100

Royal

Bank

of

Canada

1.150%

7/14/26

A+

90,606

100

Santander

Holdings

USA

Inc

4.260%

6/09/25

BBB+

98,787

Nuveen

ESG

U.S.

Aggregate

Bond

ETF

(NUBD)

(continued)

Portfolio

of

Investments

July

31,

2022

66

Principal

Amount

(000)

Description

(1)

Coupon

Maturity

Ratings

(2)

Value

Financials

(continued)

$

100

Santander

Holdings

USA

Inc

2.490%

1/06/28

BBB+

$

88,947

200

Santander

UK

Group

Holdings

PLC

2.469%

1/11/28

BBB+

179,963

100

State

Street

Corp

1.746%

2/06/26

A+

95,381

90

State

Street

Corp

2.400%

1/24/30

A+

81,082

68

Sumitomo

Mitsui

Financial

Group

Inc

3.936%

10/16/23

A-

68,409

50

Sumitomo

Mitsui

Financial

Group

Inc

2.632%

7/14/26

A-

47,471

330

Sumitomo

Mitsui

Financial

Group

Inc

(3)

3.364%

7/12/27

A-

318,755

10

Sumitomo

Mitsui

Financial

Group

Inc

1.710%

1/12/31

A-

8,026

100

SVB

Financial

Group

1.800%

10/28/26

BBB

90,672

100

Synchrony

Financial

4.875%

6/13/25

BBB-

99,717

100

Toronto-Dominion

Bank/The

2.350%

3/08/24

A

98,334

200

Toronto-Dominion

Bank/The

(3)

1.200%

6/03/26

A+

182,063

30

Toronto-Dominion

Bank/The

(3)

3.625%

9/15/31

A-

29,000

80

Travelers

Cos

Inc/The

4.600%

8/01/43

A

79,285

10

Travelers

Cos

Inc/The

3.750%

5/15/46

A

8,794

51

Truist

Bank

3.625%

9/16/25

A

50,540

200

Truist

Financial

Corp

3.700%

6/05/25

A-

200,696

50

Truist

Financial

Corp

1.887%

6/07/29

A-

44,187

100

UnitedHealth

Group

Inc

4.000%

5/15/29

A

102,604

100

UnitedHealth

Group

Inc

4.200%

5/15/32

A

104,463

100

UnitedHealth

Group

Inc

4.750%

5/15/52

A

105,982

250

US

Bank

NA/Cincinnati

OH

2.800%

1/27/25

AA-

246,078

21

Ventas

Realty

LP

3.850%

4/01/27

BBB+

20,594

10

Ventas

Realty

LP

4.400%

1/15/29

BBB+

9,861

10

Ventas

Realty

LP

3.000%

1/15/30

BBB+

8,989

54

Ventas

Realty

LP

4.750%

11/15/30

BBB+

54,096

9

Voya

Financial

Inc

4.800%

6/15/46

BBB

8,439

40

Voya

Financial

Inc

4.700%

1/23/48

BBB-

33,390

10

Welltower

Inc

3.625%

3/15/24

BBB+

9,982

108

Welltower

Inc

4.125%

3/15/29

BBB+

105,188

40

Westpac

Banking

Corp

1.953%

11/20/28

AA-

35,889

100

Westpac

Banking

Corp

(3)

2.150%

6/03/31

AA-

87,276

166

Westpac

Banking

Corp

4.322%

11/23/31

BBB+

161,362

10

Willis

North

America

Inc

3.600%

5/15/24

BBB

9,957

50

Willis

North

America

Inc

2.950%

9/15/29

BBB

44,425

10

Zions

Bancorp

NA

3.250%

10/29/29

BBB

8,835

23,083

Total

Financials

21,610,922

Industrial

-

15.2%

20

3M

Co

(3)

3.375%

3/01/29

A+

19,649

198

3M

Co

2.375%

8/26/29

A+

180,986

70

3M

Co

3.050%

4/15/30

A+

66,406

20

ABB

Finance

USA

Inc

3.800%

4/03/28

A-

19,996

104

Adobe

Inc

(3)

1.900%

2/01/25

A

101,116

18

Adobe

Inc

2.150%

2/01/27

A

17,329

100

Advance

Auto

Parts

Inc

3.500%

3/15/32

BBB-

89,352

60

Agilent

Technologies

Inc

2.100%

6/04/30

BBB+

50,896

99

Air

Products

and

Chemicals

Inc

1.850%

5/15/27

A

92,662

100

Albemarle

Corp

(3)

4.650%

6/01/27

BBB

100,447

150

Alibaba

Group

Holding

Ltd

4.500%

11/28/34

A+

142,536

10

Amcor

Finance

USA

Inc

4.500%

5/15/28

BBB

9,951

40

Amcor

Flexibles

North

America

Inc

2.630%

6/19/30

BBB

33,993

50

American

Honda

Finance

Corp

2.150%

9/10/24

A-

48,760

100

American

Honda

Finance

Corp

1.500%

1/13/25

A-

95,589

40

American

Tower

Corp

5.000%

2/15/24

BBB-

40,711

100

American

Tower

Corp

1.500%

1/31/28

BBB-

86,808

70

American

Tower

Corp

2.900%

1/15/30

BBB-

62,441

100

American

Tower

Corp

4.050%

3/15/32

BBB-

95,719

100

Amgen

Inc

3.000%

2/22/29

BBB+

95,506

138

Amgen

Inc

(3)

2.300%

2/25/31

BBB+

122,317

67

Principal

Amount

(000)

Description

(1)

Coupon

Maturity

Ratings

(2)

Value

Industrial

(continued)

$

100

Amgen

Inc

2.000%

1/15/32

BBB+

$

85,485

20

Amgen

Inc

5.750%

3/15/40

BBB+

22,000

200

Amgen

Inc

4.400%

5/01/45

BBB+

193,519

50

Amphenol

Corp

4.350%

6/01/29

BBB+

50,523

100

Analog

Devices

Inc

1.700%

10/01/28

A-

90,598

200

Apple

Inc

(3)

0.700%

2/08/26

AA+

184,786

200

Apple

Inc

1.200%

2/08/28

AA+

180,512

200

Apple

Inc

1.400%

8/05/28

AA+

180,523

100

Apple

Inc

1.650%

2/08/31

AA+

87,849

300

Apple

Inc

(3)

1.700%

8/05/31

AA+

263,611

200

Apple

Inc

2.375%

2/08/41

AA+

161,904

150

Apple

Inc

2.700%

8/05/51

AA+

117,773

100

Apple

Inc

2.850%

8/05/61

AA+

77,569

10

Applied

Materials

Inc

3.900%

10/01/25

A

10,186

42

Applied

Materials

Inc

5.100%

10/01/35

A

46,552

50

Applied

Materials

Inc

4.350%

4/01/47

A

51,052

50

Aptiv

PLC

4.350%

3/15/29

BBB

48,236

100

Aptiv

PLC

/

Aptiv

Corp

4.150%

5/01/52

BBB

79,588

10

Archer-Daniels-Midland

Co

(3)

3.250%

3/27/30

A

9,722

100

Archer-Daniels-Midland

Co

2.700%

9/15/51

A

78,392

100

Astrazeneca

Finance

LLC

1.200%

5/28/26

A-

92,373

49

AstraZeneca

PLC

1.375%

8/06/30

A-

42,179

165

AstraZeneca

PLC

6.450%

9/15/37

A-

207,414

10

AstraZeneca

PLC

4.375%

11/16/45

A-

10,165

100

Autodesk

Inc

2.400%

12/15/31

BBB

85,563

100

Automatic

Data

Processing

Inc

1.700%

5/15/28

AA-

92,701

100

AutoNation

Inc

1.950%

8/01/28

BBB-

84,477

100

Avery

Dennison

Corp

2.250%

2/15/32

BBB

81,580

20

Avnet

Inc

4.625%

4/15/26

BBB-

20,237

200

Baidu

Inc

1.625%

2/23/27

A-

179,989

145

Baker

Hughes

Holdings

LLC

/

Baker

Hughes

Co-Obligor

Inc

3.138%

11/07/29

A-

134,237

180

Baxalta

Inc

(3)

4.000%

6/23/25

BBB

180,094

50

Baxter

International

Inc

1.730%

4/01/31

BBB

40,839

100

Baxter

International

Inc

2.539%

2/01/32

BBB

86,811

12

Bell

Telephone

Co

of

Canada

or

Bell

Canada/The

2.150%

2/15/32

BBB+

10,230

80

Bell

Telephone

Co

of

Canada

or

Bell

Canada/The

3.650%

3/17/51

BBB+

66,625

20

Biogen

Inc

2.250%

5/01/30

BBB

17,088

100

Block

Financial

LLC

2.500%

7/15/28

BBB-

88,670

50

Boardwalk

Pipelines

LP

5.950%

6/01/26

BBB

52,541

10

Boardwalk

Pipelines

LP

4.450%

7/15/27

BBB

9,816

50

Booking

Holdings

Inc

3.600%

6/01/26

A-

50,299

50

BorgWarner

Inc

2.650%

7/01/27

BBB+

46,357

90

Bristol-Myers

Squibb

Co

1.450%

11/13/30

A

77,230

260

Bristol-Myers

Squibb

Co

4.125%

6/15/39

A

258,095

60

British

Telecommunications

PLC

9.625%

12/15/30

BBB

76,054

100

Broadridge

Financial

Solutions

Inc

2.600%

5/01/31

BBB+

86,977

100

Brunswick

Corp/DE

4.400%

9/15/32

BBB

89,378

30

Bunge

Ltd

Finance

Corp

3.250%

8/15/26

BBB

29,251

10

Bunge

Ltd

Finance

Corp

3.750%

9/25/27

BBB

9,834

50

Bunge

Ltd

Finance

Corp

2.750%

5/14/31

BBB

43,102

10

Campbell

Soup

Co

3.300%

3/19/25

BBB

9,900

110

Campbell

Soup

Co

2.375%

4/24/30

BBB

95,991

50

Canadian

National

Railway

Co

6.375%

11/15/37

A

60,306

10

Canadian

National

Railway

Co

4.450%

1/20/49

A

9,972

100

Canadian

Pacific

Railway

Co

2.450%

12/02/31

BBB

89,858

120

Cardinal

Health

Inc

4.500%

11/15/44

BBB

106,698

40

Carlisle

Cos

Inc

3.500%

12/01/24

BBB

39,764

20

Carlisle

Cos

Inc

2.200%

3/01/32

BBB

16,134

160

Carrier

Global

Corp

3.377%

4/05/40

BBB-

131,769

100

Caterpillar

Financial

Services

Corp

0.600%

9/13/24

A

94,709

Nuveen

ESG

U.S.

Aggregate

Bond

ETF

(NUBD)

(continued)

Portfolio

of

Investments

July

31,

2022

68

Principal

Amount

(000)

Description

(1)

Coupon

Maturity

Ratings

(2)

Value

Industrial

(continued)

$

50

Caterpillar

Financial

Services

Corp

3.250%

12/01/24

A

$

49,985

100

Caterpillar

Financial

Services

Corp

3.400%

5/13/25

A

100,526

10

Caterpillar

Financial

Services

Corp

0.800%

11/13/25

A

9,233

100

Caterpillar

Inc

3.803%

8/15/42

A

95,811

100

CDW

LLC

/

CDW

Finance

Corp

2.670%

12/01/26

BBB-

91,018

100

Celanese

US

Holdings

LLC

1.400%

8/05/26

BBB-

85,118

50

Celulosa

Arauco

y

Constitucion

SA

3.875%

11/02/27

BBB-

46,833

10

Celulosa

Arauco

y

Constitucion

SA

5.500%

11/02/47

BBB-

8,425

50

Cheniere

Corpus

Christi

Holdings

LLC

5.875%

3/31/25

BBB-

51,459

50

Cheniere

Corpus

Christi

Holdings

LLC

5.125%

6/30/27

BBB-

50,850

40

Church

&

Dwight

Co

Inc

3.150%

8/01/27

BBB+

39,237

100

Church

&

Dwight

Co

Inc

5.000%

6/15/52

BBB+

107,329

70

Cigna

Corp

4.500%

2/25/26

BBB+

72,030

300

Cigna

Corp

3.050%

10/15/27

BBB+

289,150

50

Cigna

Corp

4.800%

8/15/38

BBB+

50,994

100

Cintas

Corp

No

2

3.450%

5/01/25

A-

100,229

100

Cintas

Corp

No

2

3.700%

4/01/27

A-

100,931

188

Cisco

Systems

Inc

2.500%

9/20/26

A+

185,159

30

Citrix

Systems

Inc

3.300%

3/01/30

BBB

29,428

100

Clorox

Co/The

(3)

4.400%

5/01/29

BBB+

102,897

120

CNH

Industrial

NV

3.850%

11/15/27

BBB

115,082

85

Coca-Cola

Co/The

1.450%

6/01/27

A+

79,225

50

Coca-Cola

Co/The

1.000%

3/15/28

A+

44,502

160

Coca-Cola

Co/The

1.650%

6/01/30

A+

140,772

100

Coca-Cola

Co/The

(3)

3.000%

3/05/51

A+

84,961

40

Coca-Cola

Co/The

(3)

2.750%

6/01/60

A+

30,967

90

Coca-Cola

Femsa

SAB

de

CV

1.850%

9/01/32

A

74,012

200

Comcast

Corp

3.300%

4/01/27

A-

198,780

200

Comcast

Corp

3.400%

4/01/30

A-

194,687

200

Comcast

Corp

1.500%

2/15/31

A-

167,960

300

Comcast

Corp

3.750%

4/01/40

A-

276,064

300

Comcast

Corp

2.987%

11/01/63

A-

215,037

10

Conagra

Brands

Inc

4.600%

11/01/25

BBB-

10,143

130

Conagra

Brands

Inc

8.250%

9/15/30

BBB-

155,807

50

Corning

Inc

5.350%

11/15/48

BBB+

51,497

10

Corning

Inc

3.900%

11/15/49

BBB+

8,297

10

Corning

Inc

4.375%

11/15/57

BBB+

8,790

150

Costco

Wholesale

Corp

1.375%

6/20/27

A+

138,512

40

Crown

Castle

International

Corp

4.300%

2/15/29

BBB-

39,637

214

Crown

Castle

International

Corp

3.300%

7/01/30

BBB-

196,157

100

Crown

Castle

International

Corp

2.500%

7/15/31

BBB-

85,654

155

CSX

Corp

4.250%

3/15/29

BBB+

158,719

10

CSX

Corp

6.000%

10/01/36

BBB+

11,664

100

CSX

Corp

4.100%

3/15/44

BBB+

92,944

10

CSX

Corp

4.750%

11/15/48

BBB+

10,191

52

CSX

Corp

4.250%

11/01/66

BBB+

47,186

9

Cummins

Inc

1.500%

9/01/30

A

7,623

60

Cummins

Inc

2.600%

9/01/50

A

43,632

200

CVS

Health

Corp

3.625%

4/01/27

BBB

199,553

80

CVS

Health

Corp

1.875%

2/28/31

BBB

66,923

300

CVS

Health

Corp

2.125%

9/15/31

BBB

254,386

100

CVS

Health

Corp

2.700%

8/21/40

BBB

76,099

100

CVS

Health

Corp

4.250%

4/01/50

BBB

91,020

100

Danaher

Corp

2.800%

12/10/51

BBB+

76,749

100

Deere

&

Co

3.900%

6/09/42

A

98,065

100

Dell

International

LLC

/

EMC

Corp

5.850%

7/15/25

BBB

104,855

82

Dell

International

LLC

/

EMC

Corp

8.100%

7/15/36

BBB

99,799

182

Discovery

Communications

LLC

(3)

3.625%

5/15/30

BBB-

166,114

51

Discovery

Communications

LLC

6.350%

6/01/40

BBB-

52,124

46

Discovery

Communications

LLC

(3)

4.000%

9/15/55

BBB-

33,404

69

Principal

Amount

(000)

Description

(1)

Coupon

Maturity

Ratings

(2)

Value

Industrial

(continued)

$

12

Dollar

Tree

Inc

4.000%

5/15/25

BBB

$

12,072

100

Dollar

Tree

Inc

3.375%

12/01/51

BBB

74,380

30

Dover

Corp

5.375%

10/15/35

BBB+

31,508

141

Dow

Chemical

Co/The

4.250%

10/01/34

BBB

137,996

100

DR

Horton

Inc

1.300%

10/15/26

BBB+

88,293

126

DuPont

de

Nemours

Inc

4.725%

11/15/28

BBB+

130,894

120

DuPont

de

Nemours

Inc

5.319%

11/15/38

BBB+

122,710

100

DXC

Technology

Co

1.800%

9/15/26

BBB

90,050

120

Eastern

Gas

Transmission

&

Storage

Inc,

144A

4.800%

11/01/43

A-

115,019

48

Eaton

Corp

3.103%

9/15/27

BBB+

46,702

42

Eaton

Corp

4.000%

11/02/32

BBB+

42,086

124

eBay

Inc

2.700%

3/11/30

BBB+

109,399

86

Ecolab

Inc

3.250%

12/01/27

A-

85,880

100

Ecolab

Inc

2.700%

12/15/51

A-

75,728

52

Electronic

Arts

Inc

1.850%

2/15/31

BBB+

43,887

25

Eli

Lilly

&

Co

3.375%

3/15/29

A

25,049

100

Emerson

Electric

Co

2.000%

12/21/28

A

91,269

50

Emerson

Electric

Co

1.950%

10/15/30

A

43,989

100

Enbridge

Inc

(3)

2.500%

2/14/25

BBB+

96,698

160

Enbridge

Inc

3.125%

11/15/29

BBB+

148,999

90

Enbridge

Inc

4.500%

6/10/44

BBB+

82,238

120

Enterprise

Products

Operating

LLC

7.550%

4/15/38

BBB+

145,447

200

Enterprise

Products

Operating

LLC

6.125%

10/15/39

BBB+

219,825

100

Enterprise

Products

Operating

LLC

4.850%

3/15/44

BBB+

95,816

60

Equifax

Inc

2.600%

12/15/25

BBB

56,980

40

Equinix

Inc

2.625%

11/18/24

BBB

38,755

100

Equinix

Inc

3.900%

4/15/32

BBB

94,746

110

Estee

Lauder

Cos

Inc/The

2.600%

4/15/30

A+

102,387

150

Fidelity

National

Information

Services

Inc

1.650%

3/01/28

BBB

131,800

254

Fiserv

Inc

3.500%

7/01/29

BBB

240,761

50

Flex

Ltd

4.875%

6/15/29

BBB-

49,004

30

Flowserve

Corp

2.800%

1/15/32

BBB-

23,969

40

FMC

Corp

3.450%

10/01/29

BBB-

37,412

10

Fomento

Economico

Mexicano

SAB

de

CV

4.375%

5/10/43

A-

9,165

79

Fomento

Economico

Mexicano

SAB

de

CV

3.500%

1/16/50

A-

62,331

30

Fortive

Corp

3.150%

6/15/26

BBB

29,262

174

General

Mills

Inc

2.875%

4/15/30

BBB

160,552

100

Genuine

Parts

Co

2.750%

2/01/32

BBB

85,795

160

Gilead

Sciences

Inc

4.600%

9/01/35

BBB+

165,961

146

Gilead

Sciences

Inc

4.000%

9/01/36

BBB+

142,205

30

Gilead

Sciences

Inc

5.650%

12/01/41

BBB+

33,439

50

GlaxoSmithKline

Capital

Inc

3.625%

5/15/25

A

50,666

30

GlaxoSmithKline

Capital

PLC

3.000%

6/01/24

A

30,029

230

GlaxoSmithKline

Capital

PLC

3.375%

6/01/29

A

228,619

150

Halliburton

Co

4.850%

11/15/35

BBB+

150,675

30

Harley-Davidson

Inc

(3)

4.625%

7/28/45

BBB-

24,175

10

Hasbro

Inc

3.500%

9/15/27

BBB

9,638

100

Hasbro

Inc

3.900%

11/19/29

BBB

94,794

100

HCA

Inc,

144A

3.125%

3/15/27

BBB-

94,180

106

HCA

Inc

4.125%

6/15/29

BBB-

102,010

100

HCA

Inc

5.125%

6/15/39

BBB-

95,188

100

HCA

Inc

3.500%

7/15/51

BBB-

73,846

50

Hewlett

Packard

Enterprise

Co

6.200%

10/15/35

BBB

54,839

100

Home

Depot

Inc/The

2.700%

4/15/25

A

98,765

10

Home

Depot

Inc/The

2.950%

6/15/29

A

9,634

299

Home

Depot

Inc/The

5.400%

9/15/40

A

333,391

100

Home

Depot

Inc/The

5.950%

4/01/41

A

118,308

10

Home

Depot

Inc/The

(3)

4.400%

3/15/45

A

10,021

100

Honda

Motor

Co

Ltd

2.534%

3/10/27

A-

95,686

100

Hormel

Foods

Corp

(3)

1.700%

6/03/28

A

91,635

Nuveen

ESG

U.S.

Aggregate

Bond

ETF

(NUBD)

(continued)

Portfolio

of

Investments

July

31,

2022

70

Principal

Amount

(000)

Description

(1)

Coupon

Maturity

Ratings

(2)

Value

Industrial

(continued)

$

80

HP

Inc

3.400%

6/17/30

BBB

$

71,929

100

HP

Inc

4.200%

4/15/32

BBB

92,128

20

IDEX

Corp

2.625%

6/15/31

BBB

17,203

60

Illinois

Tool

Works

Inc

4.875%

9/15/41

A

62,509

292

Intel

Corp

2.450%

11/15/29

A+

269,198

10

Intel

Corp

4.000%

12/15/32

A+

10,203

100

Intel

Corp

4.600%

3/25/40

A+

101,480

40

Intel

Corp

4.250%

12/15/42

A+

38,251

60

Intel

Corp

4.100%

5/11/47

A+

56,242

20

International

Business

Machines

Corp

7.000%

10/30/25

A-

22,134

270

International

Business

Machines

Corp

(3)

3.300%

5/15/26

A-

268,826

100

International

Business

Machines

Corp

2.720%

2/09/32

A-

90,329

72

International

Business

Machines

Corp

5.600%

11/30/39

A-

78,710

90

International

Business

Machines

Corp

4.700%

2/19/46

A-

88,297

30

International

Flavors

&

Fragrances

Inc

4.375%

6/01/47

BBB

26,444

10

International

Flavors

&

Fragrances

Inc

5.000%

9/26/48

BBB

9,573

45

International

Paper

Co

4.800%

6/15/44

BBB

43,084

30

International

Paper

Co

(3)

4.350%

8/15/48

BBB

27,914

60

Interpublic

Group

of

Cos

Inc/The

2.400%

3/01/31

BBB

50,564

48

Intuit

Inc

1.350%

7/15/27

A-

43,497

10

Intuit

Inc

1.650%

7/15/30

A-

8,480

100

J

M

Smucker

Co/The

2.750%

9/15/41

BBB

72,831

100

Jabil

Inc

4.250%

5/15/27

BBB-

99,000

100

John

Deere

Capital

Corp

0.450%

6/07/24

A

95,368

100

John

Deere

Capital

Corp

(3)

0.625%

9/10/24

A

94,823

100

John

Deere

Capital

Corp

1.300%

10/13/26

A

92,468

50

Johnson

Controls

International

plc

5.125%

9/14/45

BBB

48,804

10

Johnson

Controls

International

plc

/

Tyco

Fire

&

Security

Finance

SCA

1.750%

9/15/30

BBB

8,428

30

Johnson

Controls

International

plc

/

Tyco

Fire

&

Security

Finance

SCA

2.000%

9/16/31

BBB

24,712

70

Kansas

City

Southern/Old

4.300%

5/15/43

BBB

64,621

115

Kellogg

Co

2.650%

12/01/23

BBB

114,092

100

Keurig

Dr

Pepper

Inc

3.130%

12/15/23

BBB

99,819

100

Keurig

Dr

Pepper

Inc

4.500%

4/15/52

BBB

93,635

50

Keysight

Technologies

Inc

3.000%

10/30/29

BBB

45,640

10

Kimberly-Clark

Corp

3.950%

11/01/28

A

10,218

100

Kimberly-Clark

Corp

2.000%

11/02/31

A

87,642

48

Kimberly-Clark

Corp

6.625%

8/01/37

A

61,484

69

Kimberly-Clark

Corp

5.300%

3/01/41

A

75,440

100

Kinder

Morgan

Inc

1.750%

11/15/26

BBB

90,497

300

Kinder

Morgan

Inc

5.300%

12/01/34

BBB

308,985

100

KLA

Corp

4.650%

7/15/32

A-

107,120

10

Koninklijke

KPN

NV

8.375%

10/01/30

BBB

12,233

100

Kraft

Heinz

Foods

Co

3.875%

5/15/27

BBB-

99,436

100

Kraft

Heinz

Foods

Co

4.250%

3/01/31

BBB-

98,617

100

Kraft

Heinz

Foods

Co

5.500%

6/01/50

BBB-

101,882

10

Kroger

Co/The

2.200%

5/01/30

BBB

8,771

160

Kroger

Co/The

6.900%

4/15/38

BBB

193,254

9

Kroger

Co/The

5.400%

7/15/40

BBB

9,461

100

Laboratory

Corp

of

America

Holdings

(3)

1.550%

6/01/26

BBB

91,901

100

Laboratory

Corp

of

America

Holdings

2.700%

6/01/31

BBB

88,733

10

Lam

Research

Corp

1.900%

6/15/30

A-

8,747

90

Lam

Research

Corp

3.125%

6/15/60

A-

70,051

100

Lear

Corp

(3)

2.600%

1/15/32

BBB

80,735

30

Leggett

&

Platt

Inc

4.400%

3/15/29

BBB

29,653

100

Leggett

&

Platt

Inc

3.500%

11/15/51

BBB

78,943

10

Linde

Inc/CT

1.100%

8/10/30

A

8,340

100

Lowe's

Cos

Inc

3.350%

4/01/27

BBB+

99,276

10

Lowe's

Cos

Inc

4.500%

4/15/30

BBB+

10,226

71

Principal

Amount

(000)

Description

(1)

Coupon

Maturity

Ratings

(2)

Value

Industrial

(continued)

$

300

Lowe's

Cos

Inc

5.000%

4/15/40

BBB+

$

304,901

190

LYB

International

Finance

III

LLC

3.375%

10/01/40

BBB

151,472

40

Magallanes

Inc,

144A

3.528%

3/15/24

BBB-

39,302

150

Magallanes

Inc,

144A

(3)

3.788%

3/15/25

BBB-

146,536

250

Magallanes

Inc,

144A

5.391%

3/15/62

BBB-

220,714

60

Magna

International

Inc

2.450%

6/15/30

A-

52,968

150

Marathon

Petroleum

Corp

4.750%

9/15/44

BBB

137,238

100

Martin

Marietta

Materials

Inc

3.200%

7/15/51

BBB

73,165

100

Marvell

Technology

Inc

2.450%

4/15/28

BBB-

89,174

50

Masco

Corp

2.000%

2/15/31

BBB

40,665

20

Mastercard

Inc

2.950%

6/01/29

A+

19,343

44

Mastercard

Inc

3.350%

3/26/30

A+

43,503

100

Mastercard

Inc

2.000%

11/18/31

A+

88,313

40

Mastercard

Inc

3.800%

11/21/46

A+

38,250

160

McDonald's

Corp

3.300%

7/01/25

BBB+

159,875

250

McDonald's

Corp

4.200%

4/01/50

BBB+

238,098

100

MDC

Holdings

Inc

3.966%

8/06/61

BBB-

59,754

100

Merck

&

Co

Inc

1.900%

12/10/28

A+

91,644

200

Merck

&

Co

Inc

1.450%

6/24/30

A+

172,013

100

Merck

&

Co

Inc

2.750%

12/10/51

A+

77,710

20

Micron

Technology

Inc

4.975%

2/06/26

BBB-

20,511

80

Micron

Technology

Inc

4.185%

2/15/27

BBB-

79,803

50

Microsoft

Corp

3.300%

2/06/27

AAA

50,766

211

Microsoft

Corp

3.450%

8/08/36

AAA

210,352

576

Microsoft

Corp

2.921%

3/17/52

AAA

481,209

100

Moody's

Corp

(3)

2.000%

8/19/31

BBB+

84,923

10

Moody's

Corp

5.250%

7/15/44

BBB+

10,555

100

Moody's

Corp

3.750%

2/25/52

BBB+

87,222

50

Mosaic

Co/The

4.875%

11/15/41

BBB-

46,755

100

Motorola

Solutions

Inc

2.750%

5/24/31

BBB-

83,845

120

MPLX

LP

2.650%

8/15/30

BBB

103,877

100

MPLX

LP

4.950%

3/14/52

BBB

91,623

100

National

Fuel

Gas

Co

5.500%

1/15/26

BBB-

102,245

50

NetApp

Inc

(3)

2.375%

6/22/27

BBB

46,824

164

NIKE

Inc

2.850%

3/27/30

A+

156,935

100

Norfolk

Southern

Corp

2.300%

5/15/31

BBB+

89,194

32

Norfolk

Southern

Corp

4.837%

10/01/41

BBB+

33,028

100

Norfolk

Southern

Corp

2.900%

8/25/51

BBB+

76,636

50

NOV

Inc

3.950%

12/01/42

BBB

36,754

150

Novartis

Capital

Corp

2.200%

8/14/30

AA-

138,443

100

Novartis

Capital

Corp

4.400%

5/06/44

AA-

105,545

100

Nutrien

Ltd

4.200%

4/01/29

BBB

99,271

100

NVIDIA

Corp

2.000%

6/15/31

A

89,061

50

NVIDIA

Corp

3.500%

4/01/40

A

45,811

30

NVR

Inc

3.000%

5/15/30

BBB+

27,011

100

NXP

BV

/

NXP

Funding

LLC

/

NXP

USA

Inc

3.150%

5/01/27

BBB

95,127

100

NXP

BV

/

NXP

Funding

LLC

/

NXP

USA

Inc

2.500%

5/11/31

BBB

84,341

100

NXP

BV

/

NXP

Funding

LLC

/

NXP

USA

Inc

2.650%

2/15/32

BBB

83,918

273

ONEOK

Inc

4.550%

7/15/28

BBB

269,643

19

ONEOK

Inc

4.350%

3/15/29

BBB

18,323

120

Orange

SA

5.375%

1/13/42

BBB+

128,501

60

Otis

Worldwide

Corp

3.112%

2/15/40

BBB

48,167

10

Owens

Corning

3.400%

8/15/26

BBB

9,704

50

Owens

Corning

3.875%

6/01/30

BBB

46,927

100

PACCAR

Financial

Corp

3.150%

6/13/24

A+

99,746

20

Paramount

Global

4.200%

6/01/29

BBB

19,366

300

Paramount

Global

4.200%

5/19/32

BBB

272,310

10

Parker-Hannifin

Corp

3.250%

3/01/27

BBB+

9,778

104

Parker-Hannifin

Corp

4.200%

11/21/34

BBB+

101,444

10

Parker-Hannifin

Corp

4.450%

11/21/44

BBB+

9,302

Nuveen

ESG

U.S.

Aggregate

Bond

ETF

(NUBD)

(continued)

Portfolio

of

Investments

July

31,

2022

72

Principal

Amount

(000)

Description

(1)

Coupon

Maturity

Ratings

(2)

Value

Industrial

(continued)

$

100

PayPal

Holdings

Inc

(3)

3.900%

6/01/27

A-

$

101,940

150

PayPal

Holdings

Inc

2.850%

10/01/29

A-

140,779

60

PepsiCo

Inc

3.500%

7/17/25

A+

60,709

20

PepsiCo

Inc

2.375%

10/06/26

A+

19,458

100

PepsiCo

Inc

1.625%

5/01/30

A+

88,048

364

PepsiCo

Inc

2.875%

10/15/49

A+

304,934

100

PerkinElmer

Inc

2.250%

9/15/31

BBB

82,322

100

Phillips

66

Co,

144A

3.550%

10/01/26

BBB+

98,246

100

Phillips

66

Co,

144A

4.680%

2/15/45

BBB+

96,502

50

PPG

Industries

Inc

3.750%

3/15/28

A-

50,114

100

Procter

&

Gamble

Co/The

1.000%

4/23/26

AA-

93,732

200

Procter

&

Gamble

Co/The

3.000%

3/25/30

AA-

196,173

25

PulteGroup

Inc

5.000%

1/15/27

BBB

25,456

21

PVH

Corp

4.625%

7/10/25

BBB-

21,001

100

Qorvo

Inc,

144A

1.750%

12/15/24

BBB-

93,762

200

QUALCOMM

Inc

1.650%

5/20/32

A

169,385

100

QUALCOMM

Inc

(3)

4.250%

5/20/32

A

105,658

100

Quanta

Services

Inc

2.350%

1/15/32

BBB-

80,735

28

Quest

Diagnostics

Inc

4.250%

4/01/24

BBB

28,219

50

Quest

Diagnostics

Inc

3.450%

6/01/26

BBB

49,616

40

Regeneron

Pharmaceuticals

Inc

1.750%

9/15/30

BBB-

33,455

100

RELX

Capital

Inc

4.750%

5/20/32

BBB+

104,361

10

Republic

Services

Inc

3.375%

11/15/27

BBB

9,766

70

Republic

Services

Inc

3.950%

5/15/28

BBB

70,336

18

Republic

Services

Inc

2.300%

3/01/30

BBB

15,970

40

Republic

Services

Inc

1.450%

2/15/31

BBB

33,026

10

Rockwell

Automation

Inc

0.350%

8/15/23

A

9,697

40

Rockwell

Automation

Inc

4.200%

3/01/49

A

38,427

10

Rogers

Communications

Inc

3.625%

12/15/25

BBB+

9,870

100

Rogers

Communications

Inc,

144A

3.200%

3/15/27

BBB+

97,734

10

Rogers

Communications

Inc,

144A

3.800%

3/15/32

BBB+

9,681

140

Rogers

Communications

Inc

5.450%

10/01/43

BBB+

143,337

100

Roper

Technologies

Inc

3.800%

12/15/26

BBB

100,077

114

Ryder

System

Inc

2.500%

9/01/24

BBB

110,495

100

Ryder

System

Inc

2.850%

3/01/27

BBB

94,456

100

S&P

Global

Inc,

144A

2.900%

3/01/32

A-

92,727

100

Sabine

Pass

Liquefaction

LLC

5.875%

6/30/26

BBB-

104,357

150

Sabine

Pass

Liquefaction

LLC

4.500%

5/15/30

BBB-

148,347

100

Salesforce

Inc

2.700%

7/15/41

A

82,027

100

Salesforce

Inc

2.900%

7/15/51

A

79,940

10

Schlumberger

Finance

Canada

Ltd

(3)

1.400%

9/17/25

A

9,441

100

Schlumberger

Investment

SA

(3)

2.650%

6/26/30

A

90,840

131

Sherwin-Williams

Co/The

2.950%

8/15/29

BBB

120,772

30

Sherwin-Williams

Co/The

4.500%

6/01/47

BBB

27,762

38

Shire

Acquisitions

Investments

Ireland

DAC

(3)

2.875%

9/23/23

BBB

37,658

100

Sonoco

Products

Co

2.850%

2/01/32

BBB

86,614

100

Stanley

Black

&

Decker

Inc

4.250%

11/15/28

A-

102,602

100

Stanley

Black

&

Decker

Inc

(3)

3.000%

5/15/32

A-

91,806

10

Starbucks

Corp

3.500%

3/01/28

BBB+

9,873

100

Starbucks

Corp

3.000%

2/14/32

BBB+

91,474

10

Starbucks

Corp

4.300%

6/15/45

BBB+

9,266

50

Starbucks

Corp

3.750%

12/01/47

BBB+

42,794

50

Takeda

Pharmaceutical

Co

Ltd

3.375%

7/09/60

BBB

38,998

100

Tapestry

Inc

3.050%

3/15/32

BBB-

83,706

21

Target

Corp

3.375%

4/15/29

A

20,850

190

Target

Corp

2.350%

2/15/30

A

174,258

12

Target

Corp

6.500%

10/15/37

A

15,006

9

Target

Corp

3.900%

11/15/47

A

8,420

50

TC

PipeLines

LP

3.900%

5/25/27

BBB+

49,758

60

Teledyne

Technologies

Inc

2.250%

4/01/28

BBB-

53,143

73

Principal

Amount

(000)

Description

(1)

Coupon

Maturity

Ratings

(2)

Value

Industrial

(continued)

$

20

Telefonica

Emisiones

SA

4.103%

3/08/27

BBB-

$

19,887

21

Telefonica

Emisiones

SA

7.045%

6/20/36

BBB-

24,242

10

Telefonica

Emisiones

SA

4.665%

3/06/38

BBB-

9,034

10

Telefonica

Emisiones

SA

4.895%

3/06/48

BBB-

8,620

90

Telefonica

Emisiones

SA

5.520%

3/01/49

BBB-

85,071

60

Telefonica

Europe

BV

8.250%

9/15/30

BBB-

72,820

50

TELUS

Corp

3.700%

9/15/27

BBB+

49,984

60

Texas

Instruments

Inc

1.750%

5/04/30

A+

53,210

100

Texas

Instruments

Inc

1.900%

9/15/31

A+

88,347

100

Thermo

Fisher

Scientific

Inc

2.800%

10/15/41

BBB+

82,341

40

Thomson

Reuters

Corp

3.350%

5/15/26

BBB

39,397

100

Timken

Co/The

4.125%

4/01/32

BBB-

94,109

132

Toyota

Motor

Corp

2.760%

7/02/29

A+

123,914

100

Toyota

Motor

Credit

Corp

2.500%

3/22/24

A+

98,953

100

Toyota

Motor

Credit

Corp

0.625%

9/13/24

A+

94,700

100

Toyota

Motor

Credit

Corp

1.450%

1/13/25

A+

95,744

100

Toyota

Motor

Credit

Corp

1.125%

6/18/26

A+

92,704

10

Trane

Technologies

Luxembourg

Finance

SA

3.800%

3/21/29

BBB

9,649

200

TransCanada

PipeLines

Ltd

2.500%

10/12/31

BBB+

172,384

50

Transcontinental

Gas

Pipe

Line

Co

LLC

7.850%

2/01/26

BBB+

55,729

150

Transcontinental

Gas

Pipe

Line

Co

LLC

3.250%

5/15/30

BBB+

138,468

50

Transcontinental

Gas

Pipe

Line

Co

LLC

3.950%

5/15/50

BBB+

42,989

200

TSMC

Arizona

Corp

4.250%

4/22/32

AA-

204,130

39

TWDC

Enterprises

18

Corp

3.150%

9/17/25

A-

38,760

20

TWDC

Enterprises

18

Corp

4.375%

8/16/41

A-

19,736

10

TWDC

Enterprises

18

Corp

4.125%

12/01/41

A-

9,478

100

Tyco

Electronics

Group

SA

2.500%

2/04/32

A-

90,344

10

Unilever

Capital

Corp

2.600%

5/05/24

A+

9,899

18

Unilever

Capital

Corp

3.100%

7/30/25

A+

17,911

21

Unilever

Capital

Corp

2.000%

7/28/26

A+

20,102

100

Unilever

Capital

Corp

1.750%

8/12/31

A+

85,863

100

United

Parcel

Service

Inc

4.450%

4/01/30

A-

106,339

150

United

Parcel

Service

Inc

5.200%

4/01/40

A-

165,773

60

Valero

Energy

Corp

4.000%

4/01/29

BBB

58,449

100

Valero

Energy

Corp

2.800%

12/01/31

BBB

87,264

70

Valmont

Industries

Inc

5.250%

10/01/54

BBB-

68,796

100

Verisk

Analytics

Inc

4.125%

3/15/29

BBB

98,988

39

Verizon

Communications

Inc

4.016%

12/03/29

BBB+

39,138

100

Verizon

Communications

Inc

1.500%

9/18/30

BBB+

83,255

200

Verizon

Communications

Inc

2.550%

3/21/31

BBB+

177,715

605

Verizon

Communications

Inc

2.355%

3/15/32

BBB+

522,528

100

Verizon

Communications

Inc

2.850%

9/03/41

BBB+

78,495

200

Verizon

Communications

Inc

3.875%

3/01/52

BBB+

176,350

40

VF

Corp

2.800%

4/23/27

BBB+

38,530

100

VICI

Properties

LP

4.950%

2/15/30

BBB-

97,945

100

Visa

Inc

2.050%

4/15/30

AA-

91,039

189

Visa

Inc

4.150%

12/14/35

AA-

197,790

100

VMware

Inc

1.400%

8/15/26

BBB-

90,057

10

Vodafone

Group

PLC

4.125%

5/30/25

BBB

10,118

20

Vodafone

Group

PLC

6.250%

11/30/32

BBB

22,459

173

Vodafone

Group

PLC

6.150%

2/27/37

BBB

192,550

80

Vodafone

Group

PLC

5.250%

5/30/48

BBB

79,436

200

Walgreens

Boots

Alliance

Inc

3.200%

4/15/30

BBB

183,268

21

Walmart

Inc

2.375%

9/24/29

AA

19,711

400

Walmart

Inc

1.800%

9/22/31

AA

354,858

100

Walt

Disney

Co/The

3.350%

3/24/25

A-

100,263

40

Walt

Disney

Co/The

2.650%

1/13/31

A-

36,797

130

Walt

Disney

Co/The

6.400%

12/15/35

A-

157,412

12

Walt

Disney

Co/The

4.750%

9/15/44

A-

12,236

60

Walt

Disney

Co/The

4.950%

10/15/45

A-

62,756

Nuveen

ESG

U.S.

Aggregate

Bond

ETF

(NUBD)

(continued)

Portfolio

of

Investments

July

31,

2022

74

Principal

Amount

(000)

Description

(1)

Coupon

Maturity

Ratings

(2)

Value

Industrial

(continued)

$

270

Walt

Disney

Co/The

2.750%

9/01/49

A-

$

204,620

100

Waste

Connections

Inc

2.200%

1/15/32

BBB+

85,655

10

Waste

Management

Inc

1.500%

3/15/31

BBB+

8,346

100

Waste

Management

Inc

4.150%

4/15/32

BBB+

102,272

40

Western

Union

Co/The

2.850%

1/10/25

BBB

39,009

10

Western

Union

Co/The

(3)

6.200%

11/17/36

BBB

10,492

100

Weyerhaeuser

Co

3.375%

3/09/33

BBB

91,020

100

Whirlpool

Corp

(3)

4.700%

5/14/32

BBB

101,776

190

Williams

Cos

Inc/The

2.600%

3/15/31

BBB

165,020

120

WRKCo

Inc

4.000%

3/15/28

BBB

119,386

50

WW

Grainger

Inc

1.850%

2/15/25

A-

48,175

10

Xylem

Inc/NY

2.250%

1/30/31

BBB

8,593

10

Zoetis

Inc

4.500%

11/13/25

BBB

10,258

126

Zoetis

Inc

3.900%

8/20/28

BBB

126,141

9

Zoetis

Inc

2.000%

5/15/30

BBB

7,822

41,625

Total

Industrial

38,909,299

Utility

-

2.3%

12

AEP

Texas

Inc

4.150%

5/01/49

BBB+

10,492

30

Alabama

Power

Co

1.450%

9/15/30

A+

25,302

111

Alabama

Power

Co

6.000%

3/01/39

A+

124,407

50

Alabama

Power

Co

3.700%

12/01/47

A+

43,199

100

Alabama

Power

Co

3.000%

3/15/52

A+

78,359

10

Ameren

Corp

1.950%

3/15/27

BBB

9,148

100

American

Electric

Power

Co

Inc

2.031%

3/15/24

BBB-

97,287

100

American

Water

Capital

Corp

2.800%

5/01/30

BBB+

92,524

100

American

Water

Capital

Corp

2.300%

6/01/31

BBB+

88,100

100

Appalachian

Power

Co

4.400%

5/15/44

A-

90,452

100

Atmos

Energy

Corp

(3)

2.625%

9/15/29

A-

92,425

100

Atmos

Energy

Corp

2.850%

2/15/52

A-

75,785

100

Avista

Corp

4.000%

4/01/52

A-

92,154

210

Berkshire

Hathaway

Energy

Co

5.150%

11/15/43

A-

222,052

100

CenterPoint

Energy

Houston

Electric

LLC

3.000%

3/01/32

A

94,440

100

CenterPoint

Energy

Inc

(3)

1.450%

6/01/26

BBB

91,520

90

CenterPoint

Energy

Resources

Corp

4.100%

9/01/47

A-

82,686

121

Commonwealth

Edison

Co

6.450%

1/15/38

A

145,912

100

Commonwealth

Edison

Co

2.750%

9/01/51

A

74,937

100

Connecticut

Light

and

Power

Co/The

2.050%

7/01/31

A+

88,145

40

Consolidated

Edison

Co

of

New

York

Inc

2.400%

6/15/31

A-

35,774

124

Consolidated

Edison

Co

of

New

York

Inc

5.500%

12/01/39

A-

131,539

10

Consolidated

Edison

Co

of

New

York

Inc

4.300%

12/01/56

A-

9,187

10

Consolidated

Edison

Co

of

New

York

Inc

4.500%

5/15/58

A-

9,496

21

Consolidated

Edison

Co

of

New

York

Inc

3.000%

12/01/60

A-

15,244

90

Consumers

Energy

Co

3.500%

8/01/51

A+

78,507

30

Dominion

Energy

Inc

1.450%

4/15/26

BBB

27,842

10

Dominion

Energy

Inc

2.250%

8/15/31

BBB

8,607

100

Dominion

Energy

South

Carolina

Inc

2.300%

12/01/31

A

88,640

126

DTE

Energy

Co

2.950%

3/01/30

BBB

114,986

51

Duke

Energy

Carolinas

LLC

2.450%

2/01/30

A

46,593

100

Duke

Energy

Carolinas

LLC

2.550%

4/15/31

A

90,963

100

Duke

Energy

Carolinas

LLC

2.850%

3/15/32

A

92,337

60

Duke

Energy

Carolinas

LLC

4.250%

12/15/41

A

57,463

100

Duke

Energy

Corp

2.550%

6/15/31

BBB

87,421

100

Duke

Energy

Corp

4.800%

12/15/45

BBB

97,308

100

Duke

Energy

Florida

LLC

2.400%

12/15/31

A

88,799

30

Emera

US

Finance

LP

4.750%

6/15/46

BBB-

27,594

10

Enel

Generacion

Chile

SA

4.250%

4/15/24

BBB

9,931

157

Entergy

Louisiana

LLC

4.000%

3/15/33

A

156,110

100

Essential

Utilities

Inc

2.400%

5/01/31

BBB

85,831

100

Exelon

Corp,

144A

2.750%

3/15/27

BBB

95,625

75

Principal

Amount

(000)

Description

(1)

Coupon

Maturity

Ratings

(2)

Value

Utility

(continued)

$

10

Exelon

Corp

4.950%

6/15/35

BBB

$

10,226

100

Florida

Power

&

Light

Co

2.450%

2/03/32

AA-

91,270

191

Florida

Power

&

Light

Co

5.950%

2/01/38

AA-

220,522

48

Interstate

Power

and

Light

Co

3.600%

4/01/29

BBB+

46,942

100

National

Rural

Utilities

Cooperative

Finance

Corp

3.450%

6/15/25

A

100,110

100

National

Rural

Utilities

Cooperative

Finance

Corp

2.750%

4/15/32

A+

91,193

100

NextEra

Energy

Capital

Holdings

Inc

1.900%

6/15/28

BBB+

89,623

100

NiSource

Inc

3.600%

5/01/30

BBB

95,150

117

Northern

States

Power

Co/MN

6.200%

7/01/37

A+

141,444

12

NSTAR

Electric

Co

5.500%

3/15/40

A+

13,243

100

Oncor

Electric

Delivery

Co

LLC

2.750%

5/15/30

A

94,272

100

Piedmont

Natural

Gas

Co

Inc

2.500%

3/15/31

BBB+

87,795

36

Potomac

Electric

Power

Co

6.500%

11/15/37

A

43,942

50

PPL

Capital

Funding

Inc

(3)

3.100%

5/15/26

BBB

48,398

18

Public

Service

Co

of

Colorado

6.500%

8/01/38

A+

21,532

50

Public

Service

Co

of

New

Hampshire

2.200%

6/15/31

A+

44,150

20

Public

Service

Co

of

Oklahoma

2.200%

8/15/31

A-

17,251

20

Public

Service

Electric

and

Gas

Co

1.900%

8/15/31

A

17,362

100

Public

Service

Electric

and

Gas

Co

5.800%

5/01/37

A

116,700

100

Puget

Energy

Inc

4.224%

3/15/32

BBB-

95,745

30

Puget

Sound

Energy

Inc

5.638%

4/15/41

A

32,483

100

San

Diego

Gas

&

Electric

Co

3.000%

3/15/32

A

93,097

43

San

Diego

Gas

&

Electric

Co

4.150%

5/15/48

A

40,219

94

Sempra

Energy

6.000%

10/15/39

BBB

103,263

60

Southern

California

Edison

Co

0.975%

8/01/24

A-

56,908

12

Southern

California

Edison

Co

6.650%

4/01/29

BBB

13,079

10

Southern

California

Edison

Co

5.625%

2/01/36

A-

10,453

178

Southern

California

Edison

Co

4.500%

9/01/40

A-

163,299

100

Southern

California

Gas

Co

2.950%

4/15/27

A

97,904

50

Southern

Co

Gas

Capital

Corp

1.750%

1/15/31

BBB+

41,100

21

Southern

Co/The

2.950%

7/01/23

BBB

20,925

10

Southwest

Gas

Corp

3.700%

4/01/28

BBB+

9,610

20

Southwest

Gas

Corp

3.800%

9/29/46

BBB+

15,557

100

Southwestern

Electric

Power

Co

3.250%

11/01/51

BBB+

76,784

100

Tampa

Electric

Co

5.000%

7/15/52

A-

105,665

12

Tucson

Electric

Power

Co

3.050%

3/15/25

A-

11,825

100

Tucson

Electric

Power

Co

3.250%

5/15/32

A-

93,481

30

Tucson

Electric

Power

Co

3.250%

5/01/51

A-

23,045

60

Union

Electric

Co

5.300%

8/01/37

A

65,023

20

Washington

Gas

Light

Co

3.796%

9/15/46

A-

17,522

100

WEC

Energy

Group

Inc

2.200%

12/15/28

BBB+

90,169

20

Wisconsin

Electric

Power

Co

1.700%

6/15/28

A

18,102

10

Wisconsin

Power

and

Light

Co

(3)

1.950%

9/16/31

A-

8,556

48

Wisconsin

Public

Service

Corp

3.671%

12/01/42

A

42,040

6,203

Total

Utility

5,912,102

$

70,911

Total

Corporate

Debt

(cost

$74,577,694)

66,432,323

Principal

Amount

(000)

Description

(1)

Coupon

Maturity

Ratings

(2)

Value

GOVERNMENT

RELATED

-

5.9%

Government

Agency

-

2.3%

10

Equinor

ASA

3.250%

11/10/24

AA-

9,971

10

Equinor

ASA

3.000%

4/06/27

AA-

9,814

10

Equinor

ASA

(3)

3.625%

9/10/28

AA-

10,023

214

Equinor

ASA

3.125%

4/06/30

AA-

206,309

10

Equinor

ASA

3.950%

5/15/43

AA-

9,370

10

Equinor

ASA

3.700%

4/06/50

AA-

9,089

390

Federal

Home

Loan

Banks

2.375%

9/08/23

N/R

387,343

440

Federal

Home

Loan

Banks

2.500%

2/13/24

N/R

437,316

Nuveen

ESG

U.S.

Aggregate

Bond

ETF

(NUBD)

(continued)

Portfolio

of

Investments

July

31,

2022

76

Principal

Amount

(000)

Description

(1)

Coupon

Maturity

Ratings

(2)

Value

Government

Agency

(continued)

$

100

Federal

Home

Loan

Banks

2.125%

2/28/24

AA+

$

98,676

240

Federal

Home

Loan

Banks

2.875%

6/14/24

N/R

239,622

150

Federal

Home

Loan

Banks

3.250%

11/16/28

N/R

153,919

100

Federal

National

Mortgage

Association

0.300%

8/03/23

N/R

97,260

81

Federal

National

Mortgage

Association

(3)

2.625%

9/06/24

N/R

80,463

70

Federal

National

Mortgage

Association

1.625%

1/07/25

N/R

67,848

200

Federal

National

Mortgage

Association

0.625%

4/22/25

N/R

188,165

200

Federal

National

Mortgage

Association

(3)

0.500%

6/17/25

N/R

186,985

200

Federal

National

Mortgage

Association

1.875%

9/24/26

N/R

192,664

329

Federal

National

Mortgage

Association

5.625%

7/15/37

N/R

417,320

100

Israel

Government

AID

Bond

5.500%

12/04/23

AAA

103,104

10

Israel

Government

AID

Bond

5.500%

9/18/33

AAA

12,103

200

Japan

Bank

for

International

Cooperation

1.750%

10/17/24

A+

193,909

99

Japan

Bank

for

International

Cooperation

2.500%

5/28/25

A+

97,368

200

Japan

Bank

for

International

Cooperation

(3)

0.625%

7/15/25

A+

186,180

180

Japan

Bank

for

International

Cooperation

(3)

2.875%

6/01/27

A+

177,935

200

Japan

International

Cooperation

Agency

3.250%

5/25/27

A+

200,530

100

Korea

Development

Bank/The

2.125%

10/01/24

AA

97,567

200

Korea

Development

Bank/The

2.250%

2/24/27

AA

190,243

40

Korea

Development

Bank/The

1.375%

4/25/27

AA

36,500

774

Kreditanstalt

fuer

Wiederaufbau

2.500%

11/20/24

AAA

765,125

100

Kreditanstalt

fuer

Wiederaufbau

1.250%

1/31/25

AAA

95,949

9

Kreditanstalt

fuer

Wiederaufbau

0.375%

7/18/25

AAA

8,349

100

Kreditanstalt

fuer

Wiederaufbau

3.000%

5/20/27

AAA

100,758

10

Landwirtschaftliche

Rentenbank

3.125%

11/14/23

AAA

10,009

50

Landwirtschaftliche

Rentenbank

2.000%

1/13/25

AAA

48,893

150

Landwirtschaftliche

Rentenbank

0.500%

5/27/25

AAA

140,122

109

Oesterreichische

Kontrollbank

AG

3.125%

11/07/23

AA+

109,124

100

Oesterreichische

Kontrollbank

AG

0.500%

9/16/24

AA+

94,795

100

Oesterreichische

Kontrollbank

AG

2.875%

5/23/25

AA+

99,771

200

Svensk

Exportkredit

AB

1.750%

12/12/23

AA+

196,423

10

Svensk

Exportkredit

AB

0.625%

5/14/25

AA+

9,354

61

Tennessee

Valley

Authority

4.700%

7/15/33

AAA

68,846

170

Tennessee

Valley

Authority

5.500%

6/15/38

AAA

206,052

16

Tennessee

Valley

Authority

5.250%

9/15/39

AAA

19,015

6,052

Total

Government

Agency

6,070,181

Municipal

Bonds

-

1.1%

(4)

250

Province

of

Alberta

Canada(No

Opt.

Call)

1.000%

5/20/25

AA-

236,185

160

Province

of

Alberta

Canada(No

Opt.

Call)

3.300%

3/15/28

AA-

161,240

40

Province

of

Alberta

Canada(No

Opt.

Call)

(3)

1.300%

7/22/30

AA-

34,748

59

Province

of

British

Columbia

Canada(No

Opt.

Call)

2.000%

10/23/22

AA+

58,897

100

Province

of

British

Columbia

Canada(No

Opt.

Call)

1.750%

9/27/24

AA+

97,235

50

Province

of

British

Columbia

Canada(No

Opt.

Call)

2.250%

6/02/26

AA+

48,538

110

Province

of

British

Columbia

Canada(No

Opt.

Call)

0.900%

7/20/26

AA+

101,434

10

Province

of

Manitoba

Canada(No

Opt.

Call)

2.100%

9/06/22

A+

9,994

100

Province

of

Manitoba

Canada(No

Opt.

Call)

2.600%

4/16/24

A+

99,146

100

Province

of

Manitoba

Canada(No

Opt.

Call)

1.500%

10/25/28

A+

90,544

70

Province

of

New

Brunswick

Canada(No

Opt.

Call)

3.625%

2/24/28

A+

71,993

50

Province

of

Ontario

Canada(No

Opt.

Call)

2.200%

10/03/22

A+

49,967

516

Province

of

Ontario

Canada(No

Opt.

Call)

1.750%

1/24/23

AA-

513,118

10

Province

of

Ontario

Canada(No

Opt.

Call)

3.400%

10/17/23

AA-

10,022

60

Province

of

Ontario

Canada(No

Opt.

Call)

3.200%

5/16/24

AA-

60,106

200

Province

of

Ontario

Canada(No

Opt.

Call)

2.500%

4/27/26

AA-

195,247

100

Province

of

Ontario

Canada(No

Opt.

Call)

3.100%

5/19/27

AA-

99,840

100

Province

of

Ontario

Canada(No

Opt.

Call)

1.800%

10/14/31

AA-

88,820

100

Province

of

Ontario

Canada(No

Opt.

Call)

2.125%

1/21/32

AA-

90,535

20

Province

of

Quebec

Canada(No

Opt.

Call)

2.625%

2/13/23

AA-

19,954

89

Province

of

Quebec

Canada(No

Opt.

Call)

2.875%

10/16/24

AA-

88,740

180

Province

of

Quebec

Canada(No

Opt.

Call)

1.500%

2/11/25

AA-

173,518

77

Principal

Amount

(000)

Description

(1)

Coupon

Maturity

Ratings

(2)

Value

Municipal

Bonds

(continued)

$

50

Province

of

Quebec

Canada(No

Opt.

Call)

0.600%

7/23/25

AA-

$

46,535

295

Province

of

Quebec

Canada(No

Opt.

Call)

2.500%

4/20/26

AA-

288,838

70

Province

of

Quebec

Canada(No

Opt.

Call)

2.750%

4/12/27

AA-

69,165

2,889

Total

Municipal

Bonds

2,804,359

Sovereign

Debt

-

2.5%

10

African

Development

Bank

3.000%

9/20/23

AAA

9,989

100

African

Development

Bank

3.375%

7/07/25

AAA

101,052

100

African

Development

Bank

0.875%

7/22/26

AAA

92,143

400

Asian

Development

Bank

1.500%

10/18/24

AAA

387,276

100

Asian

Development

Bank

1.500%

1/20/27

AAA

94,427

100

Asian

Development

Bank

1.875%

3/15/29

AAA

94,171

100

Asian

Development

Bank

3.125%

4/27/32

AAA

101,837

100

Canada

Government

International

Bond

1.625%

1/22/25

AAA

97,035

100

Canada

Government

International

Bond

2.875%

4/28/25

AAA

99,873

30

Chile

Government

International

Bond

3.125%

1/21/26

A

29,279

20

Chile

Government

International

Bond

3.240%

2/06/28

A

19,274

210

Chile

Government

International

Bond

2.450%

1/31/31

A

185,826

200

Chile

Government

International

Bond

3.250%

9/21/71

A

140,957

20

Council

Of

Europe

Development

Bank

1.375%

2/27/25

AA+

19,252

100

Council

Of

Europe

Development

Bank

3.000%

6/16/25

AA+

100,091

50

Council

Of

Europe

Development

Bank

0.875%

9/22/26

AA+

45,963

70

European

Investment

Bank

2.875%

8/15/23

AAA

69,901

311

European

Investment

Bank

3.125%

12/14/23

AAA

311,202

90

European

Investment

Bank

2.250%

6/24/24

AAA

88,769

100

European

Investment

Bank

2.750%

8/15/25

AAA

99,482

100

European

Investment

Bank

0.750%

10/26/26

AAA

91,393

100

European

Investment

Bank

1.375%

3/15/27

AAA

93,804

14

Hungary

Government

International

Bond

7.625%

3/29/41

BBB

16,980

100

Inter-American

Development

Bank

3.250%

7/01/24

AAA

100,236

130

Inter-American

Development

Bank

2.000%

7/23/26

AAA

125,321

100

Inter-American

Development

Bank

1.500%

1/13/27

AAA

94,520

100

Inter-American

Development

Bank

1.125%

7/20/28

AAA

90,478

340

Inter-American

Development

Bank

3.875%

10/28/41

AAA

356,922

100

International

Bank

for

Reconstruction

&

Development

2.500%

3/19/24

AAA

99,106

535

International

Bank

for

Reconstruction

&

Development

1.500%

8/28/24

AAA

518,745

151

International

Bank

for

Reconstruction

&

Development

2.125%

3/03/25

AAA

148,097

60

International

Bank

for

Reconstruction

&

Development

3.125%

11/20/25

AAA

60,386

10

International

Bank

for

Reconstruction

&

Development

2.500%

11/22/27

AAA

9,831

100

International

Bank

for

Reconstruction

&

Development

1.625%

11/03/31

AAA

90,139

100

International

Bank

for

Reconstruction

&

Development

2.500%

3/29/32

AAA

96,487

100

International

Finance

Corp

0.375%

7/16/25

AAA

92,901

20

International

Finance

Corp

2.125%

4/07/26

AAA

19,453

240

Israel

Government

International

Bond

2.750%

7/03/30

A+

232,267

60

Israel

Government

International

Bond

3.875%

7/03/50

A+

55,650

80

Korea

International

Bond

2.750%

1/19/27

AA

78,870

10

Korea

International

Bond

2.500%

6/19/29

AA-

9,644

20

Korea

International

Bond

1.000%

9/16/30

AA

17,056

70

Korea

International

Bond

1.750%

10/15/31

AA

62,675

70

Nordic

Investment

Bank

2.250%

5/21/24

AAA

69,405

120

Panama

Government

International

Bond

4.000%

9/22/24

BBB

120,161

10

Panama

Government

International

Bond

(3)

3.750%

3/16/25

BBB

9,932

30

Panama

Government

International

Bond

3.160%

1/23/30

BBB

27,112

250

Panama

Government

International

Bond

4.500%

5/15/47

BBB

209,374

70

Panama

Government

International

Bond

4.500%

4/16/50

N/R

57,812

30

Peruvian

Government

International

Bond

4.125%

8/25/27

BBB

30,098

180

Peruvian

Government

International

Bond

2.844%

6/20/30

BBB

161,703

70

Peruvian

Government

International

Bond

(3)

2.783%

1/23/31

BBB

61,657

65

Peruvian

Government

International

Bond

3.000%

1/15/34

BBB

55,660

96

Peruvian

Government

International

Bond

(3)

5.625%

11/18/50

BBB

104,911

Nuveen

ESG

U.S.

Aggregate

Bond

ETF

(NUBD)

(continued)

Portfolio

of

Investments

July

31,

2022

78

Principal

Amount

(000)

Description

(1)

Coupon

Maturity

Ratings

(2)

Value

Sovereign

Debt

(continued)

$

10

Peruvian

Government

International

Bond

(3)

3.550%

3/10/51

BBB

$

8,038

10

Republic

of

Italy

Government

International

Bond

0.875%

5/06/24

BBB-

9,437

100

Republic

of

Italy

Government

International

Bond

1.250%

2/17/26

BBB-

88,809

270

Republic

of

Italy

Government

International

Bond

2.875%

10/17/29

BBB-

237,298

110

Republic

of

Poland

Government

International

Bond

4.000%

1/22/24

A-

110,722

20

Uruguay

Government

International

Bond

4.375%

10/27/27

BBB

20,789

42

Uruguay

Government

International

Bond

4.375%

1/23/31

BBB

44,021

200

Uruguay

Government

International

Bond

4.125%

11/20/45

BBB

195,744

6,704

Total

Sovereign

Debt

6,371,443

$

15,645

Total

Government

Related

(cost

$16,356,505)

15,245,983

Total

Long-Term

Investments

(cost

$277,453,395)

254,863,244

Shares

Description

(1)

Coupon

Value

INVESTMENTS

PURCHASED

WITH

COLLATERAL

FROM

SECURITIES

LENDING

-

  1.6%

MONEY

MARKET

FUNDS

-

1.6%

4,253,588

State

Street

Navigator

Securities

Lending

Government

Money

Market

Portfolio

(5)

2.300%(6)

$

4,253,588

Total

Investments

Purchased

with

Collateral

from

Securities

Lending

(cost

$4,253,588)

4,253,588

Total

Investments

(cost

$281,706,983

)

-

100.8%

259,116,832

Other

Assets

Less

Liabilities

-

(0.8)%

(2,171,897)

Net

Assets

-

100%

$

256,944,935

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)

The

Fund

uses

credit

quality

ratings

for

its

portfolio

securities

provided

by

Moody’s,

S&P

and

Fitch.

If

all

three

of

Moody’s,

S&P,

and

Fitch

provide

a

rating

for

a

security,

the

middle

is

used;

if

two

of

the

three

agencies

rate

a

security,

the

lower

rating

is

used;

and

if

only

one

rating

agency

rates

a

security,

that

rating

is

used.

AAA,

AA,

A,

and

BBB

are

investment

grade

ratings;

BB,

B,

CCC/CC/C

and

D

are

below-investment

grade

ratings.

Credit

ratings

are

subject

to

change.

Holdings

designated

N/R

are

not

rated

by

Moody’s,

S&P

or

Fitch.

Ratings

are

not

covered

by

the

report

of

independent

registered

public

accounting

firm.

(3)

Investment,

or

a

portion

of

investment,

is

out

on

loan

for

securities

lending.

The

total

value

of

the

securities

out

on

loan

as

of

the

end

of

the

reporting

period

was

$4,149,607.

(4)

Optional

Call

Provisions:

Dates

(month

and

year)

and

prices

of

the

earliest

optional

call

or

redemption.

There

may

be

other

call

provisions

at

varying

prices

at

later

dates.

Certain

mortgage-backed

securities

may

be

subject

to

periodic

principal

paydowns.

Optional

Call

Provisions

are

not

covered

by

the

report

of

independent

registered

public

accounting

firm.

(5)

The

Fund

may

loan

securities

representing

up

to

one

third

of

the

market

value

of

its

total

assets

(which

includes

collateral

for

securities

on

loan)

to

broker

dealers,

banks,

and

other

institutions.

The

collateral

maintained

by

the

Fund

shall

have

a

market

value,

at

the

inception

of

each

loan,

equal

to

not

less

than

100%

of

the

market

value

of

the

loaned

securities.

The

cash

collateral

received

by

the

Fund

is

invested

in

this

money

market

fund.

(6)

The

rate

shown

is

the

one-day

yield

as

of

the

end

of

the

reporting

period.

144A

Investment

is

exempt

from

registration

under

Rule

144A

of

the

Securities

Act

of

1933,

as

amended.

These

investments

may

only

be

resold

in

transactions

exempt

from

registration,

which

are

normally

those

transactions

with

qualified

institutional

buyers.

WI/DD

Purchased

on

a

when-issued

or

delayed

delivery

basis.

See

accompanying

notes

to

financial

statements

Statement

of

Assets

and

Liabilities

July

31,

2022

See

accompanying

notes

to

financial

statements.

79

NUAG

NUSA

NUHY

NUBD

Assets

Long-term

investments,

at

value

†‡

$

162,892,053‌

$

37,221,484‌

$

94,381,092‌

$

254,863,244‌

Cash

2,418,900‌

196,633‌

620,823‌

1,215,574‌

Investments

purchased

with

collateral

from

securities

lending,

at

value

(cost

approximates

value)

2,800,386‌

844,496‌

8,587,122‌

4,253,588‌

Receivable

for

Interest

969,299‌

192,355‌

1,495,748‌

1,438,423‌

Receivable

for

investments

sold

6,323,233‌

678,102‌

4,667,370‌

11,646,714‌

Receivable

for

securities

lending

income

689‌

188‌

3,743‌

1,235‌

Other

assets

1,933‌

619‌

166‌

438‌

Total

assets

175,406,493‌

39,133,877‌

109,756,064‌

273,419,216‌

Liabilities

Payable

for

collateral

from

securities

lending

2,800,386‌

844,496‌

8,587,122‌

4,253,588‌

Payable

for

investments

purchased

-

regular

settlement

5,332,641‌

716,960‌

4,492,398‌

9,313,854‌

Payable

for

investments

purchased

-

when-issued/delayed-delivery

settlement

2,059,123‌

–‌

–‌

2,869,626‌

Accrued

expenses:

Management

fees

28,751‌

6,067‌

23,722‌

32,184‌

Professional

fees

722‌

–‌

266‌

2,636‌

Trustees

fees

1,193‌

259‌

732‌

1,955‌

Other

1,933‌

62‌

166‌

438‌

Total

liabilities

10,224,749‌

1,567,844‌

13,104,406‌

16,474,281‌

Net

assets

$

165,181,744‌

$

37,566,033‌

$

96,651,658‌

$

256,944,935‌

Shares

outstanding

7,500,000‌

1,600,000‌

4,500,000‌

11,000,000‌

Net

asset

value

("NAV")

per

share

$

22.02‌

$

23.48‌

$

21.48‌

$

23.36‌

Net

assets

consist

of:

Capital

paid-in

202,221,916‌

40,148,395‌

110,763,901‌

285,124,851‌

Total

distributable

earnings

(loss)

(37,040,172‌)

(2,582,362‌)

(14,112,243‌)

(28,179,916‌)

Net

assets

165,181,744‌

37,566,033‌

96,651,658‌

256,944,935‌

Authorized

shares

Unlimited

Unlimited

Unlimited

Unlimited

Par

value

per

share

$

0.01‌

$

0.01‌

$

0.01‌

$

0.01‌

†

Long-term

investments,

cost

$

179,486,475‌

$

38,866,965‌

$

104,236,438‌

$

277,453,395‌

‡

Includes

securities

loaned

of

$

2,632,134‌

$

823,528‌

$

8,271,087‌

$

4,149,607‌

Statement

of

Operations

July

31,

2022

See

accompanying

notes

to

financial

statements.

80

NUAG

NUSA

NUHY

NUBD

Investment

Income

Dividends

$

10‌

$

—‌

$

—‌

$

—‌

Interest

5,857,268‌

568,491‌

4,659,978‌

4,686,637‌

Securities

lending

income,

net

5,103‌

517‌

22,837‌

5,241‌

Total

investment

income

5,862,381‌

569,008‌

4,682,815‌

4,691,878‌

Expenses

Management

fees

630,888‌

77,034‌

303,726‌

409,430‌

Professional

fees

5,552‌

973‌

2,368‌

6,296‌

Trustees

fees

8,870‌

1,286‌

3,296‌

8,575‌

Total

expenses

645,310‌

79,293‌

309,390‌

424,301‌

Net

investment

income

(loss)

5,217,071‌

489,715‌

4,373,425‌

4,267,577‌

Realized

and

Unrealized

Gain

(Loss)

Net

realized

gain

(loss)

from

investments

(12,106,280‌)

(230,109‌)

(2,000,094‌)

(3,401,129‌)

Net

realized

gain

(loss)

from

in-kind

redemptions

(16,494,695‌)

(116,962‌)

24,512‌

21,627‌

Change

in

net

unrealized

appreciation

(depreciation)

of

investments

(17,185,746‌)

(2,216,914‌)

(11,040,472‌)

(26,215,926‌)

Net

realized

and

unrealized

gain

(loss)

(45,786,721‌)

(2,563,985‌)

(13,016,054‌)

(29,595,428‌)

Net

increase

(decrease)

in

net

assets

from

operations

$

(40,569,650‌)

$

(2,074,270‌)

$

(8,642,629‌)

$

(25,327,851‌)

Statement

of

Changes

in

Net

Assets

See

accompanying

notes

to

financial

statements.

81

NUAG

NUSA

Year

Ended

7/31/22

Year

Ended

7/31/21

Year

Ended

7/31/22

Year

Ended

7/31/21

Operations

Net

investment

income

$

5,217,071‌

$

1,988,148‌

$

489,715‌

$

536,536‌

Net

realized

gain

(loss)

from

investments

(12,106,280‌)

(4,541,233‌)

(230,109‌)

249,401‌

Net

realized

gain

(loss)

from

in-kind

redemptions

(16,494,695‌)

(1,887,230‌)

(116,962‌)

86,177‌

Change

in

unrealized

appreciation

(depreciation)

of

investments

(17,185,746‌)

(2,099,133‌)

(2,216,914‌)

(449,139‌)

Net

increase

(decrease)

in

net

assets

from

operations

(40,569,650‌)

(6,539,448‌)

(2,074,270‌)

422,975‌

Distributions

to

Shareholders

Dividends

(7,065,060‌)

(3,233,360‌)

(801,410‌)

(923,780‌)

Decrease

in

net

assets

from

distributions

to

shareholders

(7,065,060)

(3,233,360)

(801,410)

(923,780)

Fund

Share

Transactions

Proceeds

from

sale

of

shares

210,415,750‌

576,413,221‌

7,319,590‌

7,650,840‌

Cost

of

shares

redeemed

(171,275,770‌)

(473,809,350‌)

(7,333,910‌)

(2,547,690‌)

Net

increase

(decrease)

in

net

assets

from

Fund

share

transactions

39,139,980‌

102,603,871‌

(14,320‌)

5,103,150‌

Net

increase

(decrease)

in

net

assets

(8,494,730‌)

92,831,063‌

(2,890,000‌)

4,602,345‌

Net

assets

at

the

beginning

of

period

173,676,474‌

80,845,411‌

40,456,033‌

35,853,688‌

Net

assets

at

the

end

of

period

$

165,181,744‌

$

173,676,474‌

$

37,566,033‌

$

40,456,033‌

See

accompanying

notes

to

financial

statements.

82

NUHY

NUBD

Year

Ended

7/31/22

Year

Ended

7/31/21

Year

Ended

7/31/22

Year

Ended

7/31/21

Operations

Net

investment

income

$

4,373,425‌

$

3,073,274‌

$

4,267,577‌

$

3,439,036‌

Net

realized

gain

(loss)

from

investments

(2,000,094‌)

939,045‌

(3,401,129‌)

66,689‌

Net

realized

gain

(loss)

from

in-kind

redemptions

24,512‌

–‌

21,627‌

–‌

Change

in

unrealized

appreciation

(depreciation)

of

investments

(11,040,472‌)

445,273‌

(26,215,926‌)

(5,397,079‌)

Net

increase

(decrease)

in

net

assets

from

operations

(8,642,629‌)

4,457,592‌

(25,327,851‌)

(1,891,354‌)

Distributions

to

Shareholders

Dividends

(5,144,420‌)

(3,626,280‌)

(5,556,700‌)

(4,115,730‌)

Decrease

in

net

assets

from

distributions

to

shareholders

(5,144,420)

(3,626,280)

(5,556,700)

(4,115,730)

Fund

Share

Transactions

Proceeds

from

sale

of

shares

21,321,020‌

39,351,360‌

37,833,980‌

121,402,100‌

Cost

of

shares

redeemed

(7,260,360‌)

–‌

(12,888,490‌)

–‌

Net

increase

(decrease)

in

net

assets

from

Fund

share

transactions

14,060,660‌

39,351,360‌

24,945,490‌

121,402,100‌

Net

increase

(decrease)

in

net

assets

273,611‌

40,182,672‌

(5,939,061‌)

115,395,016‌

Net

assets

at

the

beginning

of

period

96,378,047‌

56,195,375‌

262,883,996‌

147,488,980‌

Net

assets

at

the

end

of

period

$

96,651,658‌

$

96,378,047‌

$

256,944,935‌

$

262,883,996‌

Financial

Highlights

83

The

Funds'

fiscal

year

end

is

July

31st. 

The

following

data

is

for

a

share

outstanding for

each

fiscal

year

end

unless

otherwise

noted:

Investment

Operations

Less

Distributions

Beginning

NAV

Net

Investment

Income

(NII)

(Loss)(a)

Net

Realized

/Unrealized

Gain

(Loss)

Total

From

NII

From

Accumulated

Net

Realized

Gains

Total

Ending

NAV

Ending

Market

Price

NUAG

2022

$

25.17

$

0.39

$

(3.01)

$

(2.62)

$

(0.53)

$

—

$

(0.53)

$

22.02

$

22.09

2021

26.08

0.33

(0.55)

(0.22)

(0.69)

—

(0.69)

25.17

25.18

2020

24.49

0.55

1.88

2.43

(0.84)

—

(0.84)

26.08

26.05

2019

23.49

0.75

1.09

1.84

(0.84)

—

(0.84)

24.49

24.44

2018

24.61

0.67

(0.91)

(0.24)

(0.88)

—

(0.88)

23.49

23.50

NUSA

2022

25.29

0.31

(1.62)

(1.31)

(0.50)

—

(0.50)

23.48

23.52

2021

25.61

0.34

(0.08)

0.26

(0.58)

—

(0.58)

25.29

25.31

2020

24.86

0.55

0.90

1.45

(0.70)

—

(0.70)

25.61

25.69

2019

24.30

0.62

0.65

1.27

(0.71)

—

(0.71)

24.86

24.89

2018

25.11

0.55

(0.64)

(0.09)

(0.72)

—

(0.72)

24.30

24.33

NUHY

2022

24.71

1.02

(3.04)

(2.02)

(1.21)

—

(1.21)

21.48

21.63

2021

24.43

1.04

0.47

1.51

(1.23)

—

(1.23)

24.71

24.78

2020(d)

25.00

0.93

(0.53)

0.40

(0.97)

—

(0.97)

24.43

24.74

NUBD

2022

26.29

0.41

(2.81)

(2.40)

(0.53)

—

(0.53)

23.36

23.40

2021

27.31

0.45

(0.92)

(0.47)

(0.55)

—

(0.55)

26.29

26.30

2020

25.36

0.55

2.04

2.59

(0.64)

—

(0.64)

27.31

27.37

2019

24.17

0.63

1.24

1.87

(0.68)

—

(0.68)

25.36

25.38

2018(f)

25.00

0.48

(0.82)

(0.34)

(0.49)

—

(0.49)

24.17

24.20

(a)

Per

share

Net

Investment

Income

(Loss)

is

calculated

using

the

average

shares

method.

(b)

Total

Return

Based

on

NAV

reflects

the

change

in

NAV

over

the

period,

including

the

assumed

reinvestment

of

distributions,

if

any,

at

NAV

on

each

ex-dividend

payment

date

during

the

period.

Total

Return

Based

on

Market

Price

reflects

the

change

in

the

market

price

per

share

over

the

period,

including

the

assumed

reinvestment

of

distributions,

if

any,

at

the

ending

market

price

per

share

on

each

ex-dividend

payment

date

during

the

period.

Total

returns

are

not

annualized.

(c)

Portfolio

Turnover

Rate

is

calculated

based

on

the

lesser

of

long-term

purchases

or

sales

(as

disclosed

in

Note

4

-

Portfolio

Securities

-

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

5

-

Fund

Shares).

(d)

For

the

period

September

25,

2019

(commencement

of

operations)

through

July

31,

2020.

(e)

Annualized.

(f)

For

the

period

September

29,

2017

(commencement

of

operations)

through

July

31,

2018.

See

accompanying

notes

to

financial

statements.

84

Ratios/Supplemental

Data

Total

Return

Ratios

to

Average

Net

Assets

Based

on

NAV(b)

Based

on

Market

Price(b)

Ending

Net

Assets

(000)

Expenses

NII

(Loss)

Portfolio

Turnover

Rate(c)

(10.50)

%

(10.27)

%

$

165,182

0.20‌

%

1.65‌

%

81

%

(0.81)

(0.64)

173,676

0.20‌

1.32‌

235

10.11

10.19

80,845

0.20‌

2.21‌

208

8.03

7.77

71,019

0.20‌

3.17‌

167

(1.00)

(1.21)

147,959

0.20‌

2.79‌

123

(5.20)

(5.13)

37,566

0.20‌

1.27‌

77

1.03

0.80

40,456

0.20‌

1.33‌

46

5.93

6.15

35,854

0.20‌

2.20‌

51

5.37

5.31

27,349

0.20‌

2.54‌

36

(0.37)

(0.39)

26,727

0.20‌

2.22‌

37

(8.44)

(8.07)

96,652

0.31‌

4.42‌

56

6.32

5.25

96,378

0.35‌

4.14‌

65

1.79

3.02

56,195

0.35‌

(e)

4.55‌

(e)

47

(9.24)

(9.09)

256,945

0.16‌

1.64‌

45

(1.72)

(1.90)

262,884

0.20‌

1.69‌

33

10.38

10.51

147,489

0.20‌

2.07‌

18

7.89

7.84

55,786

0.20‌

2.59‌

27

(1.37)

(1.25)

41,088

0.20‌

(e)

2.31‌

(e)

17

Notes

to

Financial

Statements

85

1.

General

Information 

Trust

and

Fund

Information

Nushares

ETF

Trust

(the

“Trust”)

is

an

open-end

management

investment

company

registered

under

the

Investment

Company

Act

of

1940,

as

amended

(the

“1940

Act”).

The

Trust

is

comprised

of

Nuveen

Enhanced

Yield

U.S.

Aggregate

Bond

ETF

(NUAG),

Nuveen

Enhanced

Yield

1-5

Year

U.S.

Aggregate

Bond

ETF

(NUSA),

Nuveen

ESG

High

Yield

Corporate

Bond

ETF

(NUHY)

and

Nuveen

ESG

U.S.

Aggregate

Bond

ETF

(NUBD)

(each

a

“Fund”

and

collectively,

the

“Funds”),

as

diversified

funds,

among

others.

The

Trust

was

organized

as

a

Massachusetts

business

trust

on

February

20,

2015.

Shares

of

the

Funds

are

listed

and

traded

on

the

NYSE

Arca

(the

“Exchange”).

Current

Fiscal

Period 

The

end

of

the

reporting

period

for

the

Funds

is

July

31,

2022,

and

the

period

covered

by

these

Notes

to

Financial

Statements

is

the

fiscal

year

ended

July

31,

2022

(the

"current

fiscal

period").

Investment

Adviser

and

Sub-Adviser

The

Funds’

investment

adviser

is

Nuveen

Fund

Advisors,

LLC

(the

“Adviser”),

a

subsidiary

of

Nuveen,

LLC

(“Nuveen”).

Nuveen

is

the

investment

management

arm

of

Teachers

Insurance

and

Annuity

Association

of

America

(“TIAA”).

The

Adviser

has

overall

responsibility

for

management

of

the

Funds,

oversees

the

management

of

the

Funds’

portfolios,

manages

the

Funds’

business

affairs

and

provides

certain

clerical,

bookkeeping

and

other

administrative

services.

The

Adviser

has

entered

into

a

sub-advisory

agreement

with

Teachers

Advisors,

LLC

(the

“Sub-Adviser”),

an

affiliate

of

the

Adviser,

under

which

the

Sub-Adviser

manages

the

investment

portfolios

of

the

Funds.

Other

Matters 

The

outbreak

of

the

novel

coronavirus

(“COVID-19”)

and

subsequent

global

pandemic

began

significantly

impacting

the

U.S.

and

global

financial

markets

and

economies

during

the

calendar

quarter

ended

March

31,

2020.

The

worldwide

spread

of

COVID-19

has

created

significant

uncertainty

in

the

global

economy.

The

duration

and

extent

of

COVID-19

over

the

long-term

cannot

be

reasonably

estimated

at

this

time.

The

ultimate

impact

of

COVID-19

and

the

extent

to

which

COVID-19

impacts

the

Funds’

normal

course

of

business,

results

of

operations,

investments,

and

cash

flows

will

depend

on

future

developments,

which

are

highly

uncertain

and

difficult

to

predict.

Management

continues

to

monitor

and

evaluate

this

situation.

2.

Significant

Accounting

Policies

The

accompanying

financial

statements

were

prepared

in

accordance

with

accounting

principles

generally

accepted

in

the

United

States

of

America

(“U.S.

GAAP”),

which

may

require

the

use

of

estimates

made

by

management

and

the

evaluation

of

subsequent

events.

Actual

results

may

differ

from

those

estimates. Each

Fund

is

an

investment

company

and

follows

accounting

guidance

in

the

Financial

Accounting

Standards

Board

(“FASB”)

Accounting

Standards

Codification

946,

Financial

Services

–

Investment

Companies.

The

net

asset

value

(“NAV”)

for

financial

reporting

purposes

may

differ

from

the

NAV

for

processing

security

and

shareholder

transactions.

The

NAV

for

financial

reporting

purposes

includes

security

and

shareholder

transactions

through

the

date

of

the

report.

Total

return

is

computed

based

on

the

NAV

used

for

processing

security

and

shareholder

transactions.

The

following

is

a

summary

of

the

significant

accounting

policies

consistently

followed

by

the

Funds.

Compensation

The Trust

pays

no

compensation

directly

to

those

of

its

trustees

or

to

its

officers,

all

of

whom

receive

remuneration

for

their

services

to the

Trust

from

the

Adviser

or

its

affiliates.

The

Funds'

Board

of Trustees

(the

"Board") has

adopted

a

deferred

compensation

plan

for

independent

trustees

that

enables

trustees

to

elect

to

defer

receipt

of

all

or

a

portion

of

the

annual

compensation

they

are

entitled

to

receive

from

certain

Nuveen-advised

funds.

Under

the

plan,

deferred

amounts

are

treated

as

though

equal

dollar

amounts

had

been

invested

in

shares

of

select

Nuveen-advised

funds.

Distributions

to

Shareholders

Distributions

to

shareholders

are

recorded

on

the

ex-dividend

date.

The

amount,

character

and

timing

of

distributions

are

determined

in

accordance

with

federal

income

tax

regulations,

which

may

differ

from

U.S.

GAAP.

Indemnifications

Under

the

Trust’s

organizational

documents,

its

officers

and

trustees

are

indemnified

against

certain

liabilities

arising

out

of

the

performance

of

their

duties

to

the

Trust.

In

addition,

in

the

normal

course

of

business,

the

Trust

enters

into

contracts

that

provide

general

indemnifications

to

other

parties.

The

Trust’s

maximum

exposure

under

these

arrangements

is

unknown

as

this

would

involve

future

claims

that

may

be

made

against

the

Trust

that

have

not

yet

occurred.

However,

the

Trust

has

not

had

prior

claims

or

losses

pursuant

to

these

contracts

and

expects

the

risk

of

loss

to

be

remote.

Investments

and

Investment

Income

Securities

transactions

are

accounted

for

as

of

the

trade

date

for

financial

reporting

purposes.

Realized

gains

and

losses

on

securities

transactions

are

based

upon

the

specific

identification

method.

Interest

Income,

which

is

recorded

on

an

accrual

basis

and

includes

accretion

of

discounts

and

amortization

of

premiums

for

financial

reporting

purposes.

Interest

income

also

reflects

payment-in-kind

(“PIK”)

interest

and

paydown

gains

and

losses,

if

any.

PIK

interest

represents

income

received

in

the

form

of

securities

in

lieu

of

cash.

Securities

lending

income

is

comprised

of

fees

earned

from

borrowers

and

income

earned

on

cash

collateral

investments.

86

Notes

to

Financial

Statements

(continued)

New

Accounting

Pronouncements

and

Rule

Issuances

Reference

Rate

Reform

In

March

2020,

FASB

issued

Accounting

Standards

Update

(“ASU”)

2020-04,

Reference

Rate

Reform:

Facilitation

of

the

Effects

of

Reference

Rate

Reform

on

Financial

Reporting.

The

main

objective

of

the

new

guidance

is

to

provide

relief

to

companies

that

will

be

impacted

by

the

expected

change

in

benchmark

interest

rates,

when

participating

banks

will

no

longer

be

required

to

submit

London

Interbank

Offered

Rate

(LIBOR)

quotes

by

the

UK

Financial

Conduct

Authority

(FCA).

The

new

guidance

allows

companies

to,

provided

the

only

change

to

existing

contracts

are

a

change

to

an

approved

benchmark

interest

rate,

account

for

modifications

as

a

continuance

of

the

existing

contract

without

additional

analysis.

For

new

and

existing

contracts,

the

Funds

may

elect

to

apply

the

amendments

as

of

March

12,

2020

through

December

31,

2022.

Management

has

not

yet

elected

to

apply

the

amendments,

is

continuously

evaluating

the

potential

effect

a

discontinuation

of

LIBOR

could

have

on

the

Funds’

investments

and

has

currently

determined

that

it

is

unlikely

the

ASU’s

adoption

will

have

a

significant

impact

on

the

Funds’

financial

statements

and

various

filings.

New

Rules

to

Modernize

Fund

Valuation

Framework

Take

Effect

A

new

rule

adopted

by

the

Securities

and

Exchange

Commission

(the

"SEC")

governing

fund

valuation

practices,

Rule

2a-5

under

the

1940

Act,

has

established

requirements

for

determining

fair

value

in

good

faith

for

purposes

of

the

1940

Act.

Rule

2a-5

permits

fund

boards

to

designate

certain

parties

to

perform

fair

value

determinations,

subject

to

board

oversight

and

certain

other

conditions.

Rule

2a-5

also

defines

when

market

quotations

are

"readily

available"

for

purposes

of

Section

29(a)(41)

of

the

1940

Act,

which

requires

a

fund

to

fair

value

a

security

when

market

quotations

are

not

readily

available.

Separately,

new

SEC

Rule

31a-4

under

the

1940

Act

sets

forth

the

recordkeeping

requirements

associated

with

fair

value

determinations.

The

Funds

adopted

a

valuation

policy

conforming

to

the

new

rules,

effective

September

1,

2022,

and

there

was

no

material

impact

to

the

Funds.

3.

Investment

Valuation

and

Fair

Value

Measurements 

The

Funds’

investments

in

securities

are

recorded

at

their

estimated

fair

value

utilizing

valuation

methods

approved

by

the

Board.

Fair

value

is

defined

as

the

price

that

would

be

received

upon

selling

an

investment

or

transferring

a

liability

in

an

orderly

transaction

to

an

independent

buyer

in

the

principal

or

most

advantageous

market

for

the

investment.

U.S.

GAAP

establishes

the

three-tier

hierarchy

which

is

used

to

maximize

the

use

of

observable

market

data

and

minimize

the

use

of

unobservable

inputs

and

to

establish

classification

of

fair

value

measurements

for

disclosure

purposes.

Observable

inputs

reflect

the

assumptions

market

participants

would

use

in

pricing

the

asset

or

liability.

Observable

inputs

are

based

on

market

data

obtained

from

sources

independent

of

the

reporting

entity.

Unobservable

inputs

reflect

management’s

assumptions

about

the

assumptions

market

participants

would

use

in

pricing

the

asset

or

liability.

Unobservable

inputs

are

based

on

the

best

information

available

in

the

circumstances.

The

following

is

a

summary

of

the

three-tiered

hierarchy

of

valuation

input

levels.

Level

1

–

Inputs

are

unadjusted

and

prices

are

determined

using

quoted

prices

in

active

markets

for

identical

securities.

Level

2

–

Prices

are

determined

using

other

significant

observable

inputs

(including

quoted

prices

for

similar

securities,

interest

rates,

credit

spreads,

etc.).

Level

3

–

Prices

are

determined

using

significant

unobservable

inputs

(including

management’s

assumptions

in

determining

the

fair

value

of

investments).

A

description

of

the

valuation

techniques

applied

to

the

Funds’

major

classifications

of

assets

and

liabilities

measured

at

fair

value

follows:

Prices

of

fixed-income

securities

are

generally

provided

by

an

independent

pricing

service

(“pricing

service”)

approved

by

the

Board.

The

pricing

service

establishes

a

security’s

fair

value

using

methods

that

may

include

consideration

of

the

following:

yields

or

prices

of

investments

of

comparable

quality,

type

of

issue,

coupon,

maturity

and

rating,

market

quotes

or

indications

of

value

from

security

dealers,

evaluations

of

anticipated

cash

flows

or

collateral,

general

market

conditions

and

other

information

and

analysis,

including

the

obligor’s

credit

characteristics

considered

relevant.

In

pricing

certain

securities,

particularly

less

liquid

and

lower

quality

securities,

the

pricing

service

may

consider

information

about

a

security,

its

issuer

or

market

activity

provided

by

the

Adviser.

These

securities

are

generally

classified

as

Level

2.

Investments

in

investment

companies

are

valued

at

their

respective

NAVs

on

the

valuation

date

and

are

generally

classified

as

Level

1. 

Any

portfolio

security

or

derivative

for

which

market

quotations

are

not

readily

available

or

for

which

the

above

valuation

procedures

are

deemed

not

to

reflect

fair

value

are

valued

at

fair

value,

as

determined

in

good

faith

using

procedures

approved

by

the

Board.

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.

To

the

extent

the

inputs

are

observable

and

timely,

the

values

would

be

classified

as

Level

2

of

the

fair

value

hierarchy;

otherwise

they

would

be

classified

as

Level

3.

The

following

table

summarizes

the

market

value

of

the

Funds’

investments

as

of

the

end

of

the

reporting

period,

based

on

the

inputs

used

to

value

them:

87

4.

Portfolio

Securities

and

Investments

in

Derivatives

Portfolio

Securities

Securities

Lending

Each

Fund

may

lend

securities

representing

up

to

one-third

of

the

value

of

its

total

assets

to

broker-dealers,

banks,

and

other

institutions

in

order

to

generate

additional

income.

When

loaning

securities,

the

Fund

retains

the

benefits

of

owning

the

securities,

including

the

economic

equivalent

of

dividends

or

interest

generated

by

the

security.

The

loans

are

continuous,

can

be

recalled

at

any

time,

and

have

no

set

maturity.

State

Street

Bank

and

Trust

Company,

serves

as

the

securities

lending

agent

(the

“Agent”).

When

a

Fund

loans

its

portfolio

securities,

it

will

receive,

at

the

inception

of

each

loan,

cash

collateral

equal

to

an

amount

not

less

than

100%

of

the

market

value

of

the

loaned

securities.

The

actual

percentage

of

the

cash

collateral

will

vary

depending

upon

the

asset

type

of

the

loaned

securities.

Collateral

for

the

loaned

securities

is

invested

in

a

government

money

market

vehicle

maintained

by

the

Agent,

which

is

subject

to

the

requirements

of

Rule

2a-7

under

the

1940

Act.

The

value

of

the

loaned

securities

and

the

liability

to

return

the

cash

collateral

received

are

recognized

on

the

Statement

of

Assets

and

Liabilities.

If

the

market

value

of

the

loaned

securities

increases,

the

borrower

must

furnish

additional

collateral

to

the

Fund,

which

is

also

recognized

on

the

Statement

of

Assets

and

Liabilities.

Securities

out

on

loan

are

subject

to

termination

at

any

time

at

the

option

of

the

borrower

or

the

Fund.

Upon

termination,

the

borrower

is

required

to

return

to

the

Fund

securities

identical

to

the

securities

loaned.

During

the

term

of

the

loan,

the

Fund

bears

the

market

risk

with

respect

to

the

investment

of

collateral

and

the

risk

that

the

Agent

may

default

on

its

contractual

obligations

to

the

Fund.

The

Agent

bears

the

risk

that

the

borrower

may

default

on

its

obligation

to

return

the

loaned

securities

as

the

Agent

is

contractually

obligated

to

indemnify

the

Fund

if

at

the

time

of

a

default

by

a

borrower

some

or

all

of

the

loan

securities

have

not

been

returned.

NUAG

Level

1

Level

2

Level

3

Total

Long-Term

Investments*:

Corporate

Debt

$

–

$

50,958,316

$

–

$

50,958,316

Securitized

–

47,275,981

–

47,275,981

U.S.

Treasury

–

46,734,836

–

46,734,836

Government

Related

–

17,922,920

–

17,922,920

Investments

Purchased

with

Collateral

from

Securities

Lending

2,800,386

–

–

2,800,386

Total

$

2,800,386

$

162,892,053

$

–

$

165,692,439

NUSA

Level

1

Level

2

Level

3

Total

Long-Term

Investments*:

Corporate

Debt

$

–

$

18,134,025

$

–

$

18,134,025

U.S.

Treasury

–

10,283,186

–

10,283,186

Securitized

–

8,804,273

–

8,804,273

Investments

Purchased

with

Collateral

from

Securities

Lending

844,496

–

–

844,496

Total

$

844,496

$

37,221,484

$

–

$

38,065,980

NUHY

Level

1

Level

2

Level

3

Total

Long-Term

Investments*:

Corporate

Debt

$

–

$

94,381,092

$

–

$

94,381,092

Investments

Purchased

with

Collateral

from

Securities

Lending

8,587,122

–

–

8,587,122

Total

$

8,587,122

$

94,381,092

$

–

$

102,968,214

NUBD

Level

1

Level

2

Level

3

Total

Long-Term

Investments*:

U.S.

Treasury

$

–

$

96,679,702

$

–

$

96,679,702

Securitized

–

76,505,236

–

76,505,236

Corporate

Debt

–

66,432,323

–

66,432,323

Government

Related

–

15,245,983

–

15,245,983

Investments

Purchased

with

Collateral

from

Securities

Lending

4,253,588

–

–

4,253,588

Total

$

4,253,588

$

254,863,244

$

–

$

259,116,832

*

Refer

to

the

Fund's

Portfolio

of

Investments

for

industry

classifications,

where

applicable.

88

Notes

to

Financial

Statements

(continued)

Securities

lending

income

recognized

by

a

Fund

consists

of

earnings

on

invested

collateral

and

lending

fees,

net

of

any

rebates

to

the

borrower

and

compensation

to

the

Agent.

Such

income

is

recognized

on

the

Statement

of

Operations.

As

of

the

end

of

the

reporting

period,

the

total

value

of

the

loaned

securities

and

the

total

value

of

collateral

received

were

as

follows:

Investment

Transactions

Long-term

purchases

and

sales

(including

maturities

but

excluding

in-kind

transactions

and

investments

purchased

with

collateral

from

securities

lending,

where

applicable),

during

the

current

fiscal

period

were

as

follows:

In-kind

transactions

during

the

current

fiscal

period

were

as

follows:

The

Funds

may

purchase

securities

on

a

when-issued

or

delayed-delivery

basis.

Securities

purchased

on

a

when-issued

or

delayed-delivery

basis

may

have

extended

settlement

periods;

interest

income

is

not

accrued

until

settlement

date.

Any

securities

so

purchased

are

subject

to

market

fluctuation

during

this

period.

The

Funds

have

earmarked

securities

in

their

portfolios

with

a

current

value

at

least

equal

to

the

amount

of

the

when-issued/

delayed

delivery

purchase

commitments.

If

a

Fund

has

outstanding

when-issued/delayed-delivery

purchases

commitments

as

of

the

end

of

the

reporting

period,

such

amounts

are

recognized

on

the

Statement

of

Assets

and

Liabilities.

Investments

in

Derivatives

Each

Fund

is

authorized

to

invest

in

certain

derivative

instruments.

The

Funds

record

derivative

instruments

at

fair

value,

with

changes

in

fair

value

recognized

on

the

Statement

of

Operations,

when

applicable.

Even

though

the

Funds’

investments

in

derivatives

may

represent

economic

hedges,

they

are

not

considered

to

be

hedge

transactions

for

financial

reporting

purposes.

Although

the

Funds

are

authorized

to

invest

in

derivative

instruments,

and

may

do

so

in

the

future,

they

did

not

make

any

such

investments

during

the

current

fiscal

period.

Market

and

Counterparty

Credit

Risk

In

the

normal

course

of

business

each

Fund

may

invest

in

financial

instruments

and

enter

into

financial

transactions

where

risk

of

potential

loss

exists

due

to

changes

in

the

market

(market

risk)

or

failure

of

the

other

party

to

the

transaction

to

perform

(counterparty

credit

risk).

The

potential

loss

could

exceed

the

value

of

the

financial

assets

recorded

on

the

financial

statements.

Financial

assets,

which

potentially

expose

each

Fund

to

counterparty

Fund

Asset

Class

out

on

Loan

Long-Term

Investments,

at

Value

Total

Collateral

Received

NUAG

Corporate

Debt

$1,990,050

$2,046,305

Government

Related

642,084

754,081

Total

$2,632,134

$2,800,386

NUSA

Corporate

Debt

$823,528

$844,496

NUHY

Corporate

Debt

$8,271,087

$8,587,122

NUBD

Corporate

Debt

$3,506,630

$3,597,036

Government

Related

642,977

656,552

Total

$4,149,607

$4,253,588

Purchases

Sales

Fund

Investments

Securities

U.S.

Government  and

Agency

Obligations

Investment

Securities

U.S.

Government

and

Agency

Obligations

NUAG

$

232,973,362

$

66,704,219

$

188,373,057

$

57,625,006

NUSA

18,994,235

12,601,537

14,861,141

14,734,868

NUHY

54,349,205

—

56,652,163

—

NUBD

81,885,762

44,241,568

67,232,551

51,202,116

Fund

In-Kind

Purchases

In-Kind

Sales

NUAG

$

100,780,541

$

119,199,405

NUSA

5,347,973

7,287,802

NUHY

22,612,202

6,358,646

NUBD

23,707,694

8,403,191

89

credit

risk,

consist

principally

of

cash

due

from

counterparties

on

forward,

option

and

swap

transactions,

when

applicable.

The

extent

of

each

Fund’s

exposure

to

counterparty

credit

risk

in

respect

to

these

financial

assets

approximates

their

carrying

value

as

recorded

on

the

Statement

of

Assets

and

Liabilities.

Each

Fund

helps

manage

counterparty

credit

risk

by

entering

into

agreements

only

with

counterparties

the

Adviser

believes

have

the

financial

resources

to

honor

their

obligations

and

by

having

the

Adviser

monitor

the

financial

stability

of

the

counterparties.

Additionally,

counterparties

may

be

required

to

pledge

collateral

daily

(based

on

the

daily

valuation

of

the

financial

asset)

on

behalf

of

each

Fund

with

a

value

approximately

equal

to

the

amount

of

any

unrealized

gain

above

a

pre-determined

threshold.

Reciprocally,

when

each

Fund

has

an

unrealized

loss,

the

Funds

have

instructed

the

custodian

to

pledge

assets

of

the

Funds

as

collateral

with

a

value

approximately

equal

to

the

amount

of

the

unrealized

loss

above

a

pre-determined

threshold.

Collateral

pledges

are

monitored

and

subsequently

adjusted

if

and

when

the

valuations

fluctuate,

either

up

or

down,

by

at

least

the

predetermined

threshold

amount.

5.

Fund

Shares

Each Fund

issues

and

redeems its

shares

on

a

continuous

basis

at

NAV

only

in

aggregations

of

a

specified

number

of

shares

or

multiples

thereof

(“Creation

Units”).

Only

certain

institutional

investors

(referred

to

as

“Authorized

Participants”)

who

have

entered

into

agreements

with

Nuveen

Securities,

LLC,

the

Funds'

distributor,

may

purchase

and

redeem

Creation

Units.

Once

created,

shares

of

the

Funds

trade

on

the

Exchange

at

market

prices

and

are

only

available

to

individual

investors

through

their

brokers.

Creation

Units

are

purchased

and

redeemed

in-kind

for

a

designated

portfolio

of

securities

included

in each

Fund’s

respective Index

and/or

a

specified

amount

of

cash.

Authorized

Participants

are

charged

fixed

transaction

fees

in

connection

with

purchasing

and

redeeming

Creation

Units.

Authorized

Participants

transacting

in

Creation

Units

for

cash

may

also

pay

an

additional

variable

charge

to

compensate

the

relevant Fund

for

certain

transaction

costs

(i.e.,

taxes

on

currency

or

other

financial

transactions,

and

brokerage

costs)

and

market

impact

expenses

it

incurs

in

purchasing

or

selling

portfolio

securities.

Such

variable

charges,

if

any,

are

included

in

“Proceeds

from

shares

sold”

on

the

Statements

of

Changes

in

Net

Assets.

Transactions

in

Fund

shares

during

the

current

and

prior

period

were

as

follows:

6.

Income

Tax

Information

Each

Fund

is

a

separate

taxpayer

for

federal

income

tax

purposes.

Each

Fund

intends

to

distribute

substantially

all

of

its

net

investment

income

and

net

capital

gains

to

shareholders

and

otherwise

comply

with

the

requirements

of

Subchapter

M

of

the

Internal

Revenue

Code

applicable

to

regulated

investment

companies.

Therefore,

no

federal

income

tax

provision

is

required.

Each

Fund

files

income

tax

returns

in

U.S.

federal

and

applicable

state

and

local

jurisdictions.

A

Fund's

federal

income

tax

returns

are

generally

subject

to

examination

for

a

period

of

three

fiscal

years

after

being

filed.

State

and

local

tax

returns

may

be

subject

to

examination

for

an

additional

period

of

time

depending

on

the

jurisdiction.

Management

has

analyzed

each

Fund's

tax

positions

taken

for

all

open

tax

years

and

has

concluded

that

no

provision

for

income

tax

is

required

in

the

Fund's

financial

statements.

Differences

between

amounts

for

financial

statement

and

federal

income

tax

purposes

are

primarily

due

to

timing

differences

in

recognizing

gains

and

losses

on

investment

transactions.

Temporary

differences

do

not

require

reclassification.

As

of

year

end,

permanent

differences

that

resulted

in

reclassifications

among

the

components

of

net

assets

relate

primarily

to

bond

premium

amortization

adjustments,

paydowns

and

redemptions

in-

kind.

Temporary

and

permanent

differences

have

no

impact

on

a

Fund's

net

assets.

NUAG

NUSA

Year

Ended

7/31/22

Year

Ended

7/31/21

Year

Ended

7/31/22

Year

Ended

7/31/21

Shares

Amount

Shares

Amount

Shares

Amount

Shares

Amount

Shares

sold

8,500,000

$210,415,750

22,600,000

$576,413,221

300,000

$7,319,590

300,000

$7,650,840

Shares

redeemed

(7,900,000)

(171,275,770)

(18,800,000)

(473,809,350)

(300,000)

(7,333,910)

(100,000)

(2,547,690)

Net

increase

(decrease)

600,000

$39,139,980

3,800,000

$102,603,871

–

$(14,320)

200,000

$5,103,150

NUHY

NUBD

Year

Ended

7/31/22

Year

Ended

7/31/21

Year

Ended

7/31/22

Year

Ended

7/31/21

Shares

Amount

Shares

Amount

Shares

Amount

Shares

Amount

Shares

sold

900,000

$21,321,020

1,600,000

$39,351,360

1,500,000

$37,833,980

4,600,000

$121,402,100

Shares

redeemed

(300,000)

(7,260,360)

–

–

(500,000)

(12,888,490)

–

–

Net

increase

(decrease)

600,000

$14,060,660

1,600,000

$39,351,360

1,000,000

$24,945,490

4,600,000

$121,402,100

90

Notes

to

Financial

Statements

(continued)

As

of

year

end,

the

aggregate

cost

and

the

net

unrealized

appreciation/(depreciation)

of

all

investments

for

federal

income

tax

purposes

was

as

follows:

For

purposes

of

this

disclosure,

tax

cost

generally

includes

the

cost

of

portfolio

investments

as

well

as

up-front

fees

or

premiums

exchanged

on

derivatives

and

any

amounts

unrealized

for

income

statement

reporting

but

realized

income

and/or

capital

gains

for

tax

reporting,

if

applicable.

As

of

year

end,

the

components

of

accumulated

earnings

on

a

tax

basis

were

as

follows:

The

tax

character

of

distributions

paid

were

as

follows:

As

of

year

end,

the

Funds

had

capital

loss

carryforwards,

which

will

not

expire:

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

Tax

Cost

Gross

Unrealized

Appreciation

Gross

Unrealized

(Depreciation)

Net

Unrealized

Appreciation

(Depreciation)

NUAG

$

183,443,065

$

188,671

$

(17,939,297)

$

(17,750,626)

NUSA

40,033,089

56,120

(2,023,229)

(1,967,109)

NUHY

113,581,625

208,325

(10,821,736)

(10,613,411)

NUBD

282,407,117

194,201

(23,484,486)

(23,290,285)

Fund

Undistributed

Ordinary

Income

Undistributed

Long-Term

Capital

Gains

Unrealized

Appreciation

(Depreciation)

Capital

Loss

Carryforwards

Late-Year

Loss

Deferrals

Other

Book-to-Tax

Differences

Total

NUAG

$

478,686

$

—

$

(17,750,626)

$

(19,768,232)

$

—

$

—

$

(37,040,172)

NUSA

83,951

—

(1,967,110)

(699,203)

—

—

(2,582,362)

NUHY

553,348

—

(10,613,411)

(4,052,180)

—

—

(14,112,243)

NUBD

1,224,296

—

(23,290,285)

(6,113,927)

—

—

(28,179,916)

7/31/22

7/31/21

Fund

Ordinary

Income

Long-Term

Capital

Gains

Ordinary

Income

Long-Term

Capital

Gains

NUAG

$

7,065,060

$

—

$

3,233,360

$

—

NUSA

801,410

—

923,780

—

NUHY

5,144,420

—

3,626,280

—

NUBD

5,556,700

—

4,115,730

—

Fund

Short-Term

Long-Term

Total

NUAG

$

17,616,745

$

2,151,487

$

19,768,232

NUSA

376,384

322,819

699,203

NUHY

3,466,085

586,095

4,052,180

NUBD

3,356,672

2,757,255

6,113,927

91

Effective

on

September

28,

2021,

the

annual

management

fee,

payable

monthly,

for

each

Fund

is

based

on

a

percentage

of

average

daily

net

assets

according

to

the

following

rates:

Other

Transactions

with

Affiliates 

As

of

the

end

of

the

reporting

period,

the

percentage

of

Fund

shares

owned

by

Nuveen

as

follows: 

As

of

the

end

of

the

reporting

period,

the

percentage

of

Fund

shares

owned

by

TIAA

are

as

follows: 

Fund

Management

Fee*

NUAG

0.20%

NUSA

0.20

NUHY

0.35

NUBD

0.20

*

For

the

period

August

1,

2021

through

September

27,

2021.

Fund

Management

Fee

NUAG

0.20%

NUSA

0.20

NUHY

0.30

NUBD

0.15

Fund

Nuveen

Owned

Shares

NUAG

—

%

*

NUSA

—

NUHY

—

NUBD

—

*

Value

rounded

to

zero.

Fund

TIAA

Owned

Shares

NUAG

—

%

NUSA

—

NUHY

4

NUBD

—

92

Important

Tax

Information

(Unaudited)

As

required

by

the

Internal

Revenue

Code

and

Treasury

Regulations,

certain

tax

information,

as

detailed

below,

must

be

provided

to

shareholders.

Shareholders

are

advised

to

consult

their

tax

advisor

with

respect

to

the

tax

implications

of

their

investment.

The

amounts

listed

below

may

differ

from

the

actual

amounts

reported

on

Form

1099-DIV,

which

will

be

sent

to

shareholders

shortly

after

calendar

year

end.

Long-Term

Capital

Gains

As

of

year

end,

each

Fund

designates

the

following

distribution

amounts,

or

maximum

amount

allowable,

as

being

from

net

long-term

capital

gains

pursuant

to

Section

852(b)(3)

of

the

Internal

Revenue

Code:

Qualified

Interest

Income

(QII)

Each

Fund

listed

below

had

the

following

percentage,

or

maximum

amount

allowable,

of

ordinary

income

distributions

treated

as

qualified

interest

income

and/or

short-term

capital

gain

dividends

pursuant

to

Section

871(k)

of

the

Internal

Revenue

Code:

163(j)

Each

Fund

listed

below

had

the

following

percentage,

or

maximum

amount

allowable,

of

ordinary

dividends

treated

as

Section

163(j)

interest

dividends

pursuant

to

Section

163(j)

of

the

Internal

Revenue

Code:

Fund

Net

Long-Term

Capital

Gains

NUAG

$

—

NUSA

—

NUHY

—

NUBD

—

Fund

Prior

Year

End

to

12/31

Percentage

1/1

to

Current

Year

End

Percentage

NUAG

75.2

%

100.0

%

NUSA

87.8

100.0

NUHY

76.1

100.0

NUBD

84.8

100.0

Fund

Percentage

NUAG

86

.2

%

NUSA

100

.0

NUHY

94

.4

NUBD

96

.3

93

Additional

Fund

Information

(Unaudited)

The

tables

below

show

the

number

and

percentage

of

days

during

the

current

fiscal

period

that

each

Fund’s

market

price

was

greater

than

its

NAV

per

share

(i.e.,

at

premium)

and

less

than

its

NAV

per

share

(i.e.,

at

a

discount).

The

market

price

is

determined

using

the

midpoint

between

the

highest

bid

and

the

lowest

offer

on

the

applicable

Fund’s

listing

exchange,

as

of

the

time

that

the

Fund’s

NAV

is

calculated

(normally

4:00

p.m.

Eastern

Time).

Investment

Adviser

Nuveen

Fund

Advisors,

LLC

333

West

Wacker

Drive

Chicago,

IL

60606

Sub-Adviser

Teachers

Advisors,

LLC

730

Third

Avenue

New

York,

NY

10017-3206

Independent

Registered

Public

Accounting

Firm

KPMG

LLP

200

East

Randolph

Street

Chicago,

IL

60601

Administrator,

Custodian

and

Transfer

Agent

Brown

Brothers

Harriman

50

Post

Office

Square

Boston,

MA

02110

Legal

Counsel

Chapman

and

Cutler

LLP

Chicago,

IL

60603

Morgan

Lewis

&

Bockius

LLP

111

Pennsylvania

Avenue,

NW

Washington,

D.C.

20004

NUAG

NUSA

Year

Ended

July

31,

2022

Number

of

Days

%

of

Total

Days

Number

of

Days

%

of

Total

Days

Premium/Discount

Range:

0.26%

to

0.50%

5

2.0%

-

-

0.00%

to

0.25%

114

45.4%

109

43.4%

(0.01)%

to

(0.25)%

129

51.4%

142

56.6%

(0.26)%

to

(0.50)%

3

1.2%

-

-%

251

100%

251

100%

NUHY

NUBD

Year

Ended

July

31,

2022

Number

of

Days

%

of

Total

Days

Number

of

Days

%

of

Total

Days

Premium/Discount

Range:

1.01%

to

3.00%

6

2.4%

-

-

0.51%

to

1.00%

23

9.2%

-

-

0.26%

to

0.50%

112

44.6%

3

1.2%

0.00%

to

0.25%

98

39.0%

99

39.4%

(0.01)%

to

(0.25)%

10

4.0%

148

59.0%

(0.26)%

to

(0.50)%

2

0.8%

1

0.4%

251

100%

251

100%

94

Additional

Fund

Information

(Unaudited)

(continued)

Portfolio

of

Investments

Information

Each

Fund

is

required

to

file

its

complete

schedule

of

portfolio

holdings

with

the

Securities

and

Exchange

Commission

(SEC)

for

the

first

and

third

quarters

of

each

fiscal

year

as

an

exhibit

to

its

report

on

Form

N-PORT.

You

may

obtain

this

information

on

the

SEC’s

website

at

http://www.sec.gov.

Nuveen

Funds’

Proxy

Voting

Information

You

may

obtain

(i)

information

regarding

how

each

fund

voted

proxies

relating

to

portfolio

securities

held

during

the

most

recent

twelve-month

period

ended

June

30,

without

charge,

upon

request,

by

calling

Nuveen

toll-free

at

(800)

257-8787

or

on

Nuveen’s

website

at

www.nuveen.com

and

(ii)

a

description

of

the

policies

and

procedures

that

each

fund

used

to

determine

how

to

vote

proxies

relating

to

portfolio

securities

without

charge,

upon

request,

by

calling

Nuveen

toll-free

at

(800)

257-8787.

You

may

also

obtain

this

information

directly

from

the

SEC.

Visit

the

SEC

on-line

at

http://www.sec.gov.

FINRA

BrokerCheck

:

The

Financial

Industry

Regulatory

Authority

(FINRA)

provides

information

regarding

the

disciplinary

history

of

FINRA

member

firms

and

associated

investment

professionals.

This

information

as

well

as

an

investor

brochure

describing

FINRA

BrokerCheck

is

available

to

the

public

by

calling

the

FINRA

BrokerCheck

Hotline

number

at

(800)

289-9999

or

by

visiting

www.FINRA.org.

Glossary

of

Terms

Used

in

this

Report

(Unaudited)

95

Average

Annual

Total

Return:

This

is

a

commonly

used

method

to

express

an

investment’s

performance

over

a

particular,

usually

multi-year

time

period.

It

expresses

the

return

that

would

have

been

necessary

each

year

to

equal

the

investment’s

actual

cumulative

performance

(including

change

in

NAV

or

offer

price

and

reinvested

dividends

and

capital

gains

distributions,

if

any)

over

the

time

period

being

considered.

Bloomberg

MSCI

U.S.

Aggregate

ESG

Select

Index:

A

custom

index

that

utilizes

certain

environmental,

social,

and

governance

(ESG)

and

low-carbon

criteria

to

select

from

the

securities

included

in

the

Bloomberg

U.S.

Aggregate

Bond

Index,

its

Base

Index.

Index

returns

assume

reinvestment

of

distributions,

but

do

not

reflect

any

applicable

sales

charges

or

management

fees.

Bloomberg

MSCI

U.S.

High

Yield

Very

Liquid

ESG

Select

Index:

A

custom

index

that

utilizes

certain

environmental,

social,

and

governance

(ESG)

and

low-carbon

criteria

to

select

from

the

securities

included

in

the

Bloomberg

U.S.

High

Yield

Very

Liquid

Index,

its

Base

Index.

Index

returns

assume

reinvestment

of

distributions,

but

do

not

reflect

any

applicable

sales

charges

or

management

fees.

Bloomberg

U.S.

Aggregate

Bond

Index:

An

index

designed

to

measure

the

performance

of

the

USD-denominated,

fixed-rate

U.S.

investment

grade

taxable

bond

market.

The

index

includes

Treasuries,

government-related

and

corporate

securities,

mortgage-backed

securities

(MBS),

asset-backed

securities

(ABS)

and

commercial

mortgage-

backed

securities

(CMBS).

Index

returns

assume

reinvestment

of

distributions,

but

do

not

reflect

any

applicable

sales

charges

or

management

fees.

Bloomberg

U.S.

High

Yield

Very

Liquid

Index:

An

index

designed

to

measure

the

performance

of

the

USD-

denominated,

fixed-rate

high

yield

corporate

bond

market.

Index

returns

assume

reinvestment

of

distributions,

but

do

not

reflect

any

applicable

sales

charges

or

management

fees.

Gross

Domestic

Product

(GDP):

The

total

market

value

of

all

final

goods

and

services

produced

in

a

country/region

in

a

given

year,

equal

to

total

consumer,

investment

and

government

spending,

plus

the

value

of

exports,

minus

the

value

of

imports.

ICE

BofA

1-5

Year

U.S.

Broad

Market

Index:

An

index

designed

to

measure

the

performance

of

USD-denominated,

investment

grade

debt

securities

that

have

a

remaining

term

to

final

maturity

of

between

one

and

five

years.

The

Index

includes

U.S.

Treasury

notes

and

bonds,

government

securities,

corporate

securities,

residential

and

commercial

mortgage-backed

securities

and

asset-backed

securities.

Index

returns

assume

reinvestment

of

distributions,

but

do

not

reflect

any

applicable

sales

charges

or

management

fees.

ICE

BofA

Enhanced

Yield

1-5

Year

U.S.

Broad

Bond

Index:

A

custom

index

that

is

based

on

the

ICE

BofA

1-5

Year

U.S.

Broad

Market

Index,

its

Base

Index.

The

ICE

BofA

Enhanced

Yield

1-5

Year

U.S.

Broad

Bond

Index

uses

a

rules-

based

methodology

that

allocates

higher

weights

to

securities

and

sectors

that

have

the

potential

for

higher

yields

than

the

Base

Index

while

seeking

to

maintain

risk

and

credit

quality

at

levels

similar

to

those

of

the

Base

Index

by

limiting

the

amount

of

deviation

between

the

two

indices

with

respect

to

sector

and

category

weights,

tracking

error,

duration

and

turnover.

Index

returns

assume

reinvestment

of

distributions,

but

do

not

reflect

any

applicable

sales

charges

or

management

fees.

ICE

BofA

Enhanced

Yield

U.S.

Broad

Bond

Index:

A

custom

index

that

is

based

on

the

ICE

BofA

U.S.

Broad

Market

Index,

its

Base

Index.

The

ICE

BofA

U.S.

Enhanced

Yield

U.S.

Broad

Bond

Index

uses

a

rules-based

methodology

that

allocates

higher

weights

to

securities

and

sectors

that

have

the

potential

for

higher

yields

than

the

Base

Index

while

seeking

to

maintain

risk

and

credit

quality

at

levels

similar

to

those

of

the

Base

Index

by

limiting

the

amount

of

deviation

between

the

two

indices

with

respect

to

sector

and

category

weights,

tracking

error,

duration

and

turnover.

Index

returns

assume

reinvestment

of

distributions,

but

do

not

reflect

any

applicable

sales

charges

or

management

fees.

ICE

BofA

U.S.

Broad

Market

Index:

An

index

designed

to

measure

the

performance

of

USD-denominated,

investment

grade

debt

securities,

including

U.S.

Treasury

notes

and

bonds,

government

securities,

corporate

securities,

residential

and

commercial

mortgage-backed

securities

and

asset-backed

securities.

Index

returns

assume

reinvestment

of

distributions,

but

do

not

reflect

any

applicable

sales

charges

or

management

fees.

Glossary

of

Terms

Users

in

the

Report

(Unaudited)

(continued)

96

Net

Assets

Value

(NAV)

Per

Share:

A

fund’s

Net

Assets

is

equal

to

its

total

assets

(securities,

cash

and

accrued

earnings)

less

its

total

liabilities.

NAV

per

share

is

equal

to

the

fund’s

Net

Assets

divided

by

its

number

of

shares

outstanding.

Annual

Investment

Management

Agreement

Approval

Process

(Unaudited)

97

At

a

meeting

held

on

May

23-25,

2022

(the

“May

Meeting”),

the

Board

of

Trustees

(the

“Board”

and

each

Trustee,

a

“Board

Member”)

of

Nushares

ETF

Trust,

which

is

comprised

entirely

of

Board

Members

who

are

not

“interested

persons”

(as

defined

under

the

Investment

Company

Act

of

1940

(the

“1940

Act”))

(the

“Independent

Board

Members”),

approved,

for

each

Fund,

the

renewal

of

the

management

agreement

(each,

an

“Investment

Management

Agreement”)

with

Nuveen

Fund

Advisors,

LLC

(the

“Adviser”)

pursuant

to

which

the

Adviser

serves

as

investment

adviser

to

such

Fund

and

the

sub-advisory

agreement

(each,

a

“Sub-Advisory

Agreement”)

with

Teachers

Advisors,

LLC

(the

“Sub-Adviser”)

pursuant

to

which

the

Sub-

Adviser

serves

as

the

sub-adviser

to

such

Fund

for

an

additional

one-year

term.

As

the

Board

is

comprised

of

all

Independent

Board

Members,

the

references

to

the

Board

and

the

Independent

Board

Members

are

interchangeable.

Following

up

to

an

initial

two-year

period,

the

Board

considers

the

renewal

of

each

Investment

Management

Agreement

and

Sub-Advisory

Agreement

on

behalf

of

the

applicable

Fund

on

an

annual

basis.

The

Investment

Management

Agreements

and

Sub-Advisory

Agreements

are

collectively

referred

to

as

the

“Advisory

Agreements,”

and

the

Adviser

and

the

Sub-Adviser

are

collectively,

the

“Fund

Advisers”

and

each,

a

“Fund

Adviser.”

The

Board

has

established

various

standing

committees

composed

of

various

Independent

Board

Members

that

are

assigned

specific

responsibilities

to

enhance

the

effectiveness

of

the

Board’s

oversight

and

decision

making.

Throughout

the

year,

the

Board

and

its

committees

meet

regularly

and,

at

these

meetings,

receive

regular

and/or

special

reports

that

cover

an

extensive

array

of

topics

and

information

that

are

relevant

to

the

Board’s

annual

consideration

of

the

renewal

of

the

advisory

agreements

for

the

Nuveen

funds.

Such

information

may

address,

among

other

things,

fund

performance

and

risk

information;

the

Adviser’s

strategic

plans;

product

initiatives

for

various

funds;

the

review

of

the

funds

and

investment

teams;

compliance,

regulatory

and

risk

management

matters;

the

trading

practices

of

the

various

sub-advisers

to

the

Nuveen

funds;

management

of

distributions;

valuation

of

securities;

fund

expenses;

securities

lending;

liquidity

management;

and

overall

market

and

regulatory

developments.

The

Board

also

seeks

to

meet

periodically

with

the

Nuveen

funds’

sub-advisers

and/or

portfolio

teams,

when

feasible.

The

Board

further

meets,

among

other

things,

to

specifically

consider

the

annual

renewal

of

the

advisory

agreements

for

the

Nuveen

funds.

In

connection

with

its

annual

consideration

of

the

advisory

agreements

for

the

Nuveen

funds,

the

Board,

through

its

independent

legal

counsel,

requested

and

received

extensive

materials

and

information

prepared

specifically

for

its

review

of

such

advisory

agreements

by

the

Adviser

and

by

Broadridge

Financial

Solutions,

Inc.

(“Broadridge”),

an

independent

provider

of

investment

company

data.

The

materials

cover

a

wide

range

of

topics

including,

but

not

limited

to,

a

description

of

the

nature,

extent

and

quality

of

services

provided

by

the

Fund

Advisers;

a

review

of

product

actions

taken

during

2021

(such

as

mergers,

liquidations,

fund

launches,

changes

to

investment

teams,

and

changes

to

investment

policies);

a

review

of

each

sub-adviser

to

the

Nuveen

funds

and/or

the

applicable

investment

teams;

an

analysis

of

fund

performance

in

absolute

terms

and

as

compared

to

the

performance

of

certain

peer

funds

and

benchmarks

with

a

focus

on

any

performance

outliers;

an

analysis

of

the

fees

and

expense

ratios

of

the

Nuveen

funds

in

absolute

terms

and

as

compared

to

those

of

certain

peer

funds

with

a

focus

on

any

expense

outliers;

a

review

of

management

fee

schedules;

a

description

of

portfolio

manager

compensation;

a

review

of

the

performance

of

various

service

providers;

a

description

of

various

initiatives

Nuveen

had

undertaken

or

continued

in

2021

and

2022

for

the

benefit

of

particular

fund(s)

and/or

the

complex;

a

description

of

the

profitability

or

financial

data

of

Nuveen

and

the

sub-advisers

to

the

Nuveen

funds;

and

a

description

of

indirect

benefits

received

by

the

Adviser

and

the

sub-advisers

as

a

result

of

their

relationships

with

the

Nuveen

funds.

The

information

prepared

specifically

for

the

annual

review

supplemented

the

information

provided

to

the

Board

and

its

committees

and

the

evaluations

of

the

Nuveen

funds

by

the

Board

and

its

committees

during

the

year.

The

Board’s

review

of

the

advisory

agreements

for

the

Nuveen

funds

is

based

on

all

the

information

provided

to

the

Board

and

its

committees

throughout

the

year

as

well

as

the

information

prepared

specifically

with

respect

to

the

annual

review

of

such

advisory

agreements.

In

continuing

its

practice,

the

Board

met

prior

to

the

May

Meeting

to

begin

its

considerations

of

the

renewal

of

the

Advisory

Agreements.

Accordingly,

on

April

13-14,

2022

(the

“April

Meeting”),

the

Board

met

to

review

and

discuss,

in

part,

the

performance

of

the

Nuveen

funds

and

the

Adviser’s

evaluation

of

each

sub-adviser

to

the

Nuveen

funds

and/or

its

investment

teams.

At

the

April

Meeting,

the

Board

Members

asked

questions

and

requested

additional

information

that

was

provided

for

the

May

Meeting.

The

Independent

Board

Members

considered

the

review

of

the

advisory

agreements

for

the

Nuveen

funds

to

be

an

ongoing

process

and

employed

the

accumulated

information,

knowledge

and

experience

the

Board

Members

had

gained

during

their

tenure

on

the

boards

governing

the

Nuveen

funds

and

working

with

the

Adviser

and

sub-advisers

in

their

review

of

the

advisory

agreements.

The

contractual

arrangements

are

a

result

of

multiple

years

of

review,

negotiation

and

information

provided

in

connection

with

the

boards’

annual

review

of

the

Nuveen

funds’

advisory

arrangements

and

oversight

of

the

Nuveen

funds.

The

Independent

Board

Members

were

advised

by

independent

legal

counsel

during

the

annual

review

process

as

well

as

throughout

the

year,

including

meeting

in

executive

sessions

with

such

counsel

at

which

no

representatives

from

the

Adviser

or

the

Sub-Adviser

were

present.

In

connection

with

their

annual

review,

the

Independent

Board

Members

also

received

a

memorandum

from

independent

legal

counsel

outlining

their

fiduciary

duties

and

legal

standards

in

reviewing

the

Advisory

Agreements,

including

guidance

from

court

cases

evaluating

advisory

fees.

The

Board’s

decision

to

renew

the

Advisory

Agreements

was

not

based

on

a

single

identified

factor,

but

rather

the

decision

reflected

the

comprehensive

consideration

of

all

the

information

provided

to

the

Board

and

its

committees

throughout

the

year

as

well

as

the

materials

prepared

specifically

in

connection

with

the

renewal

process.

Each

Board

Member

may

have

attributed

different

levels

of

importance

to

the

various

factors

and

information

considered

in

connection

with

the

approval

process

and

may

place

different

emphasis

on

the

relevant

information

year

to

year

in

light

of,

among

other

things,

changing

market

and

economic

conditions.

A

summary

of

the

principal

factors

and

information,

but

not

all

the

factors,

the

Board

considered

in

deciding

to

renew

the

Advisory

Agreements

is

set

forth

below.

98

Annual

Investment

Management

Agreement

Approval

Process

(Unaudited)

(continued)

A.

Nature,

Extent

and

Quality

of

Services

In

evaluating

the

renewal

of

the

Advisory

Agreements,

the

Independent

Board

Members

received

and

considered

information

regarding

the

nature,

extent

and

quality

of

the

applicable

Fund

Adviser’s

services

provided

to

the

respective

Fund

with

particular

focus

on

the

services

and

enhancements

to

such

services

provided

during

the

last

year.

The

Independent

Board

Members

considered

the

Investment

Management

Agreements

and

the

Sub-Advisory

Agreements

separately

in

the

course

of

their

review.

With

this

approach,

they

considered

the

respective

roles

of

the

Adviser

and

the

Sub-Adviser

in

providing

services

to

the

Funds.

The

Board

recognized

that

the

Nuveen

funds

operate

in

a

highly

regulated

industry

and,

therefore,

the

Adviser

has

provided

a

wide

array

of

management,

oversight

and

administrative

services

to

manage

and

operate

the

funds,

and

the

scope

and

complexity

of

these

services

have

expanded

over

time

as

a

result

of,

among

other

things,

regulatory,

market

and

other

developments.

The

Board

accordingly

considered

the

Adviser’s

dedication

of

extensive

resources,

time,

people

and

capital

employed

to

support

and

manage

the

Nuveen

funds

as

well

as

the

Adviser’s

continued

program

of

developing

improvements

and

innovations

for

the

benefit

of

the

funds

and

shareholders

and

to

meet

the

ever

increasing

regulatory

requirements

applicable

to

the

funds.

In

this

regard,

the

Board

received

and

reviewed

information

regarding,

among

other

things,

the

Adviser’s

investment

oversight

responsibilities,

regulatory

and

compliance

services,

administrative

duties

and

other

services.

The

Board

considered

the

Adviser’s

investment

oversight

team’s

extensive

services

in

overseeing

the

various

sub-advisers

to

the

Nuveen

funds;

evaluating

fund

performance;

and

preparing

reports

to

the

Board

addressing,

among

other

things,

fund

performance,

market

conditions,

investment

team

matters,

product

developments

and

management

proposals.

The

Board

further

recognized

the

range

of

services

the

various

teams

of

the

Adviser

provided

including,

but

not

limited

to,

overseeing

operational

and

risk

management;

managing

liquidity;

overseeing

the

daily

valuation

process;

and

managing

distributions

in

seeking

to

deliver

long-term

fund

earnings

to

shareholders

consistent

with

the

respective

Nuveen

fund’s

product

design

and

positioning.

The

Board

also

considered

the

structure

of

investment

personnel

compensation

of

each

Fund

Adviser

and

whether

the

structure

provides

appropriate

incentives

to

attract

and

maintain

qualified

personnel

and

to

act

in

the

best

interests

of

the

respective

Nuveen

fund.

The

Board

further

recognized

that

the

Adviser’s

compliance

and

regulatory

functions

were

integral

to

the

investment

management

of

the

Nuveen

funds.

The

Board

recognized

such

services

included,

but

were

not

limited

to,

managing

compliance

policies;

monitoring

compliance

with

applicable

policies,

law

and

regulations;

devising

internal

compliance

programs

and

a

framework

to

review

and

assess

compliance

programs;

overseeing

sub-adviser

compliance

testing;

preparing

compliance

training

materials;

and

responding

to

regulatory

requests.

The

Board

further

considered

information

regarding

the

Adviser’s

business

continuity

and

disaster

recovery

plans

as

well

as

information

regarding

its

information

security

program,

including

presentations

of

such

program

provided

at

a

site

visit

in

2022,

to

help

identify

and

manage

information

security

risks.

In

addition

to

the

above

functions,

the

Board

considered

that

the

Adviser

also

provides,

among

other

things,

fund

administration

services

(such

as

preparing

fund

tax

returns

and

other

tax

compliance

services;

preparing

regulatory

filings;

interacting

with

the

Nuveen

funds’

independent

public

accountants

and

overseeing

other

service

providers;

and

managing

fund

budgets

and

expenses);

product

management

services

(such

as

evaluating

and

enhancing

products

and

strategies);

legal

services

(such

as

helping

to

prepare

and

file

registration

statements

and

proxy

statements;

overseeing

fund

activities

and

providing

legal

interpretations

regarding

such

activities;

maintaining

regulatory

registrations

and

negotiating

agreements

with

other

fund

service

providers;

and

monitoring

changes

in

regulatory

requirements

and

commenting

on

rule

proposals

impacting

investment

companies);

and

oversight

of

shareholder

services

and

transfer

agency

functions

(such

as

overseeing

transfer

agent

service

providers

which

include

registered

shareholder

customer

service

and

transaction

processing;

overseeing

proxy

solicitation

and

tabulation

services;

and

overseeing

the

production

and

distribution

of

financial

reports

by

service

providers).

The

Board

also

considered

the

quality

of

support

services

and

communications

the

Adviser

provided

the

Board,

including,

in

part,

organizing

and

administrating

Board

meetings

and

supporting

Board

committees;

preparing

regular

and

ad

hoc

reports

on

fund

performance,

market

conditions

and

investment

team

matters;

providing

due

diligence

reports

addressing

product

development

and

management

proposals;

and

coordinating

site

visits

of

the

Board

and

presentations

by

investment

teams

and

senior

management.

In

addition

to

the

services

provided,

the

Board

considered

the

financial

resources

of

the

Adviser

and

its

affiliates

and

their

willingness

to

make

investments

in

the

technology,

personnel

and

infrastructure

to

support

the

Nuveen

funds,

including

maintaining

a

seed

capital

budget

to

support

new

or

existing

funds

and/or

facilitate

changes

for

a

respective

fund.

Further,

the

Board

noted

the

benefits

to

shareholders

of

investing

in

a

fund

that

is

a

part

of

a

large

fund

complex

with

a

variety

of

investment

disciplines,

capabilities,

expertise

and

resources

available

to

navigate

and

support

the

Nuveen

funds

including

during

stressed

times.

The

Board

recognized

the

overall

reputation

and

capabilities

of

the

Adviser

and

its

affiliates,

the

Adviser’s

continuing

commitment

to

provide

high

quality

services,

its

willingness

to

implement

operational

or

organizational

changes

in

seeking,

among

other

things,

to

enhance

efficiencies

and

services

to

the

Nuveen

funds

and

its

responsiveness

to

the

Board’s

questions

and/or

concerns

raised

throughout

the

year

and

during

the

annual

review

of

advisory

agreements.

The

Board

also

considered

the

significant

risks

borne

by

the

Adviser

and

its

affiliates

in

connection

with

their

services

to

the

Nuveen

funds,

including

entrepreneurial

risks

in

sponsoring

new

funds

and

ongoing

risks

with

managing

the

funds

such

as

investment,

operational,

reputational,

regulatory,

compliance

and

litigation

risks.

In

evaluating

services,

the

Board

reviewed

various

highlights

of

the

initiatives

the

Adviser

and

its

affiliates

have

undertaken

or

continued

in

2021

and

2022

to

benefit

the

Nuveen

complex

and/or

particular

Nuveen

funds

and

meet

the

requirements

of

an

increasingly

complex

regulatory

environment

including,

but

not

limited

to:

Centralization

of

Functions

–

ongoing

initiatives

to

centralize

investment

leadership

and

create

a

more

cohesive

market

approach

and

centralized

shared

support

model

(including

through

the

consolidation

of

certain

affiliated

sub-advisers)

in

seeking

to

operate

more

effectively

and

enhance

the

research

capabilities

and

services

to

the

Nuveen

funds;

99

Fund

Improvements

and

Product

Management

Initiatives

–

continuing

to

proactively

manage

the

Nuveen

fund

complex

as

a

whole

and

at

the

individual

fund

level

with

an

aim

to

continually

improve

product

platforms

and

investment

strategies

to

better

serve

shareholders

through,

among

other

things,

rationalizing

the

product

line

and

gaining

efficiencies

through

mergers,

repositionings

and

liquidations;

launching

new

funds;

reviewing

and

updating

investment

policies

and

benchmarks;

soft

closing

certain

funds;

modifying

the

conversion

periods

on

certain

share

classes;

and

evaluating

and

adjusting

portfolio

management

teams

as

appropriate

for

various

funds;

Capital

Initiatives

–

continuing

to

invest

capital

to

support

new

Nuveen

funds

with

initial

capital

as

well

as

to

support

existing

funds;

Liquidity

Management

–

continuing

to

operate

the

liquidity

management

program

of

the

applicable

Nuveen

funds

including

monitoring

daily

their

liquidity

profile

and

assessing

annually

the

overall

liquidity

risk

of

such

funds;

Compliance

Program

Initiatives

–

continuing

efforts

to

mitigate

compliance

risk

with

a

focus

on

environmental,

social

and

governance

(“ESG”)

controls

and

processes,

increase

operating

efficiencies,

implement

enhancements

to

strengthen

ongoing

execution

of

key

compliance

program

elements,

support

international

business

growth

and

facilitate

integration

of

Nuveen’s

operating

model;

Investment

Oversight

–

preparing

reports

to

the

Board

addressing,

among

other

things,

fund

performance;

market

conditions;

investment

team

matters;

product

developments;

changes

to

mandates,

policies

and

benchmarks;

and

other

management

proposals

as

well

as

preparing

and

coordinating

investment

presentations

to

the

Board;

Risk

Management

and

Valuation

Services

–

continuing

to

oversee

and

manage

risk

including,

among

other

things,

conducting

ongoing

calculations

and

monitoring

of

risk

measures

across

the

Nuveen

funds,

instituting

investment

risk

controls,

providing

risk

reporting

throughout

Nuveen,

participating

in

internal

oversight

committees,

dedicating

the

resources

and

time

to

develop

the

processes

necessary

to

help

address

fund

compliance

with

the

new

derivatives

rule

and

continuing

to

implement

an

operational

risk

framework

that

seeks

to

provide

greater

transparency

of

operational

risk

matters

across

the

complex

as

well

as

provide

multiple

other

risk

programs

that

seek

to

provide

a

more

disciplined

and

consistent

approach

to

identifying

and

mitigating

Nuveen’s

operational

risks.

Further,

the

securities

valuation

team

continues,

among

other

things,

to

oversee

the

daily

valuation

process

of

the

portfolio

securities

of

the

funds,

maintain

the

valuation

policies

and

procedures,

facilitate

valuation

committee

meetings,

manage

relationships

with

pricing

vendors,

prepare

relevant

valuation

reports

and

design

methods

to

simplify

and

enhance

valuation

workflow

within

the

organization

and

implement

processes

and

procedures

to

help

address

compliance

with

the

new

valuation

rule

applicable

to

the

funds;

Regulatory

Matters

–

continuing

efforts

to

monitor

regulatory

trends

and

advocate

on

behalf

of

Nuveen

and/or

the

Nuveen

funds,

to

implement

and

comply

with

new

or

revised

rules

and

mandates

and

to

respond

to

regulatory

inquiries

and

exams;

Government

Relations

–

continuing

efforts

of

various

Nuveen

teams

and

Nuveen’s

affiliates

to

develop

policy

positions

on

a

broad

range

of

issues

that

may

impact

the

Nuveen

funds,

advocate

and

communicate

these

positions

to

lawmakers

and

other

regulatory

authorities

and

work

with

trade

associations

to

ensure

these

positions

are

represented;

Business

Continuity,

Disaster

Recovery

and

Information

Security

–

continuing

efforts

of

Nuveen

to

periodically

test

and

update

business

continuity

and

disaster

recovery

plans

and,

together

with

its

affiliates,

to

maintain

an

information

security

program

that

seeks

to

identify

and

manage

information

security

risks,

and

provide

reports

to

the

Board,

at

least

annually,

addressing,

among

other

things,

management’s

security

risk

assessment,

cyber

risk

profile,

potential

impact

of

new

or

revised

laws

and

regulations,

incident

tracking

and

other

relevant

information

technology

risk-related

reports;

and

Distribution

Management

Services

–

continuing

to

manage

the

distributions

among

the

varying

types

of

Nuveen

funds

within

the

Nuveen

complex

to

be

consistent

with

the

respective

fund’s

product

design

and

positioning

in

striving

to

deliver

those

earnings

to

shareholders

in

a

relatively

consistent

manner

over

time

as

well

as

assisting

in

the

development

of

new

products

or

the

restructuring

of

existing

funds.

The

Board

further

considered

the

division

of

responsibilities

between

the

Adviser

and

the

Sub-Adviser

and

recognized

that

the

Sub-Adviser

and

its

investment

personnel

generally

are

responsible

for

the

management

of

each

Fund’s

portfolio

under

the

oversight

of

the

Adviser

and

the

Board.

The

Board

considered

an

analysis

of

the

Sub-Adviser

provided

by

the

Adviser

which

included,

among

other

things,

information

relating

to

the

assets

under

management

of

the

applicable

investment

team

and

changes

thereto,

a

summary

of

the

applicable

investment

team

and

changes

thereto,

the

investment

process

and

philosophy

of

the

applicable

investment

team,

the

performance

of

the

Nuveen

funds

sub-advised

by

the

Sub-Adviser

over

various

periods

of

time

and

a

summary

of

any

significant

policy

and/or

other

changes

to

the

Nuveen

funds

sub-advised

by

the

Sub-Adviser

and/or

managed

by

the

applicable

investment

team.

The

Board

further

considered

at

the

May

Meeting

or

prior

meetings

evaluations

of

the

Sub-Adviser’s

compliance

programs

and

trade

execution.

The

Board

noted

that

the

Adviser

recommended

the

renewal

of

the

Sub-Advisory

Agreements.

Based

on

its

review,

the

Board

determined,

in

the

exercise

of

its

reasonable

business

judgment,

that

it

was

satisfied

with

the

nature,

extent

and

quality

of

services

provided

to

the

respective

Funds

under

each

applicable

Advisory

Agreement.

B.

The

Investment

Performance

of

the

Funds

and

Fund

Advisers

In

evaluating

the

quality

of

the

services

provided

by

the

Fund

Advisers,

the

Board

also

received

and

considered

a

variety

of

investment

performance

data

of

the

Nuveen

funds

they

advise.

In

evaluating

performance,

the

Board

recognized

that

performance

data

may

differ

significantly

depending

on

the

ending

date

selected,

particularly

during

periods

of

market

volatility,

and

therefore

considered

the

broader

perspective

of

performance

over

a

variety

of

time

periods

that

may

include

full

market

cycles.

In

this

regard,

the

Board

reviewed,

among

other

things,

fund

performance

over

various

periods.

The

performance

data

prepared

for

the

annual

review

of

the

advisory

agreements

for

the

Nuveen

funds

supplemented

the

fund

performance

data

that

the

Board

received

throughout

the

year

at

its

meetings

representing

differing

time

periods.

In

its

review,

the

Board

took

into

account

the

discussions

with

representatives

of

the

Adviser;

the

Adviser’s

analysis

regarding

fund

performance

that

occurred

at

these

Board

meetings

with

particular

focus

on

funds

that

were

considered

performance

outliers

(both

overperformance

and

underperformance);

the

factors

contributing

to

100

Annual

Investment

Management

Agreement

Approval

Process

(Unaudited)

(continued)

the

performance;

and

any

recommendations

or

steps

taken

to

address

performance

concerns.

Regardless

of

the

time

period

reviewed

by

the

Board,

the

Board

recognized

that

shareholders

may

evaluate

performance

based

on

their

own

holding

periods

which

may

differ

from

the

periods

reviewed

by

the

Board

and

lead

to

differing

results.

For

Nuveen

funds

that

had

changes

in

portfolio

managers

or

other

significant

changes

to

their

investment

strategies

or

policies

since

March

2019,

the

Board

reviewed

certain

tracking

performance

data

comparing

the

performance

of

such

funds

before

and

after

such

changes.

In

considering

performance

data,

the

Board

is

aware

of

certain

inherent

limitations

with

such

data,

including

that

differences

between

the

objective(s),

strategies

and

other

characteristics

of

the

Nuveen

funds

compared

to

certain

peer

groups

and/or

benchmark(s);

differences

in

the

composition

of

the

peer

group

over

time;

and

differences

in

the

types

and/or

levels

of

any

leverage

and

related

costs

with

that

of

the

peer

group

would

all

necessarily

contribute

to

differences

in

performance

results

and

limit

the

value

of

the

comparative

information.

The

Board

also

evaluated

performance

in

light

of

various

relevant

factors

which

may

include,

among

other

things,

general

market

conditions,

issuer-

specific

information,

asset

class

information,

leverage

and

fund

cash

flows.

In

relation

to

general

market

conditions,

the

Board

had

recognized

the

recent

periods

in

2022

of

general

market

volatility

and

underperformance.

In

their

review

from

year

to

year,

the

Board

Members

consider

and

may

place

different

emphasis

on

the

relevant

information

in

light

of

changing

circumstances

in

market

and

economic

conditions.

Further,

the

Board

recognized

that

the

market

and

economic

conditions

may

significantly

impact

a

fund’s

performance,

particularly

over

shorter

periods,

and

such

performance

may

be

more

reflective

of

such

economic

or

market

events

and

not

necessarily

reflective

of

management

skill.

Accordingly,

depending

on

the

facts

and

circumstances

including

any

differences

between

the

respective

Nuveen

fund

and

its

benchmark

and/or

peer

group,

the

Board

may

be

satisfied

with

a

fund’s

performance

notwithstanding

that

its

performance

may

be

below

that

of

its

benchmark

or

peer

group

for

certain

periods.

However,

with

respect

to

any

Nuveen

funds

for

which

the

Board

has

identified

performance

issues,

the

Board

monitors

such

funds

closely

until

performance

improves,

discusses

with

the

Adviser

the

reasons

for

such

results,

considers

whether

any

steps

are

necessary

or

appropriate

to

address

such

issues,

and

reviews

the

results

of

any

steps

undertaken.

The

Board

noted

that

each

Fund,

a

Nuveen

exchange-traded

fund

(“ETF”),

is

designed

to

track

the

performance

of

a

specified

index

(the

“Underlying

Index”).

In

its

review,

the

Board

received

and

reviewed

performance

information

including,

among

other

things,

the

net

asset

value

performance

of

each

Fund

over

the

quarter,

one-,

three-

and

five-year

periods

ended

December

31,

2021

and

March

31,

2022

(or

for

shorter

periods

available

to

the

extent

a

Fund

was

not

in

existence

during

such

periods).

The

Board

also

considered,

among

other

things,

each

Fund’s

performance

in

comparison

to

the

performance

of

its

Underlying

Index

and

a

broad-based

index

from

which

its

Underlying

Index

is

generally

derived,

underlying

factors

that

attributed

to

the

Fund’s

performance,

and

the

Fund’s

tracking

error

and

relative

return

compared

to

its

Underlying

Index

and

certain

peer

rankings

(the

peer

funds

upon

which

such

peer

rankings

are

based

are

referred

to

collectively

as

the

“Performance

Peer

Group”).

However,

given

each

Fund’s

investment

objective

of

seeking

investment

results

that

correspond

generally

to

the

performance

of

its

Underlying

Index,

the

Board

recognized

that

the

extent

to

which

a

Fund

tracked

its

benchmark

was

of

greater

relevance

in

assessing

the

performance

for

the

Fund

and

therefore

placed

more

emphasis

on

the

tracking

error

and

correlation

data

provided.

The

Board’s

determinations

with

respect

to

each

Fund

are

summarized

below.

For

Nuveen

Enhanced

Yield

U.S.

Aggregate

Bond

ETF

(the

“Enhanced

Yield

Fund”),

the

Board

considered,

among

other

things,

the

performance

of

the

Fund

and

its

Underlying

Index

for

the

one-,

three-,

and

five-year

periods

ended

December 31,

2021

and

March 31,

2022

as

well

as

its

tracking

error

compared

to

its

Underlying

Index

as

of

such

dates.

The

Board

noted

that

the

Fund

ranked

in

the

fourth

quartile

of

its

Performance

Peer

Group

for

the

one-year

period

ended

December 31,

2021

and

the

second

quartile

for

the

three-

and

five-year

periods

ended

December 31,

2021.

Further,

the

Fund

ranked

in

the

fourth

quartile

of

its

Performance

Peer

Group

for

the

one-

and

five-year

periods

ended

March 31,

2022

and

the

third

quartile

for

the

three-year

period

ended

March 31,

2022.

Given

the

Fund’s

investment

objective,

however,

the

Board

placed

more

emphasis

on

its

review

of

the

tracking

error

and

correlation

data.

Based

on

its

review,

the

Board

was

generally

satisfied

with

the

Fund’s

overall

performance.

For

Nuveen

Enhanced

Yield

1-5

Year

U.S.

Aggregate

Bond

ETF

(the

“Enhanced

Yield

1-5

Year

Fund”),

the

Board

considered,

among

other

things,

the

performance

of

the

Fund

and

its

Underlying

Index

for

the

one-

and

three-year

periods

ended

December 31,

2021

and

the

one-,

three-

and

five-

year

periods

ended

March 31,

2022

as

well

as

its

tracking

error

compared

to

its

Underlying

Index

as

of

such

dates.

The

Board

noted

that

the

Fund

ranked

in

the

third

quartile

of

its

Performance

Peer

Group

for

the

one-

and

three-year

periods

ended

December 31,

2021

and

the

third

quartile

for

the

one-,

three-

and

five-year

periods

ended

March 31,

2022.

Given

the

Fund’s

investment

objective,

however,

the

Board

placed

more

emphasis

on

its

review

of

the

tracking

error

and

correlation

data.

Based

on

its

review,

the

Board

was

generally

satisfied

with

the

Fund’s

overall

performance.

For

Nuveen

ESG

High

Yield

Corporate

Bond

ETF

(the

“ESG

High

Yield

Fund”),

the

Board

considered,

among

other

things,

the

performance

of

the

Fund

and

its

Underlying

Index

for

the

one-year

periods

ended

December 31,

2021

and

March 31,

2022

as

well

as

its

tracking

error

compared

to

its

Underlying

Index

as

of

such

dates.

The

Board

noted

that

the

Fund

ranked

in

the

fourth

quartile

of

its

Performance

Peer

Group

for

the

one-year

periods

ended

December

31,

2021

and

March

31,

2022.

Given

the

Fund’s

investment

objective,

however,

the

Board

placed

more

emphasis

on

its

review

of

the

tracking

error

and

correlation

data.

Based

on

its

review,

the

Board

was

generally

satisfied

with

the

Fund’s

overall

performance.

For

Nuveen

ESG

U.S.

Aggregate

Bond

ETF

(the

“ESG

Aggregate

Bond

Fund”),

the

Board

considered,

among

other

things,

the

performance

of

the

Fund

and

its

Underlying

Index

for

the

one-

and

three-year

periods

ended

December 31,

2021

and

March 31,

2022

as

well

as

its

tracking

error

compared

to

its

Underlying

Index

as

of

such

dates.

The

Board

noted

that

the

Fund

ranked

in

the

fourth

quartile

of

its

Performance

Peer

Group

for

the

one-

and

three-year

periods

ended

December 31,

2021.

Further,

the

Fund

ranked

in

the

second

quartile

of

its

Performance

Peer

Group

for

the

one-year

period

ended

March 31,

2022

and

the

fourth

quartile

for

the

three-year

period

ended

March 31,

2022.

Given

the

Fund’s

investment

objective,

however,

the

Board

placed

more

emphasis

on

its

review

of

the

tracking

error

and

correlation

data.

Based

on

its

review,

the

Board

was

generally

satisfied

with

the

Fund’s

overall

performance.

101

C.

Fees,

Expenses

and

Profitability

1.

Fees

and

Expenses

As

part

of

its

annual

review,

the

Board

generally

considered

the

contractual

management

fee

and

net

management

fee

(the

management

fee

after

taking

into

consideration

fee

waivers

and/or

expense

reimbursements,

if

any)

paid

by

a

Nuveen

fund

to

the

Adviser

in

light

of

the

nature,

extent

and

quality

of

the

services

provided.

The

Board

also

generally

considered

the

total

operating

expense

ratio

of

a

Nuveen

fund

before

and

after

any

fee

waivers

and/or

expense

reimbursements.

With

respect

to

the

Nuveen

ETFs,

such

as

the

Funds,

however,

the

Board

recognized

that

a

Nuveen

ETF

pays

a

unitary

fee

and

therefore,

the

Board

reviewed

the

unitary

fee

compared

to

the

gross

and

net

management

fees

and

net

total

expense

ratios

of

a

group

of

comparable

funds

(the

“Peer

Group”)

established

by

Broadridge.

The

Independent

Board

Members

reviewed

the

methodology

Broadridge

employed

to

establish

its

Peer

Group

and

recognized

that

differences

between

the

applicable

fund

and

its

respective

Peer

Group

as

well

as

changes

to

the

composition

of

the

Peer

Group

from

year

to

year

may

limit

some

of

the

value

of

the

comparative

data.

The

Independent

Board

Members

take

these

limitations

and

differences

into

account

when

reviewing

comparative

peer

data.

The

Independent

Board

Members

also

considered

a

fund’s

operating

expense

ratio

as

it

more

directly

reflected

the

shareholder’s

costs

in

investing

in

the

respective

fund.

In

their

review,

the

Independent

Board

Members

considered,

in

particular,

each

fund

with

a

net

expense

ratio

of

six

basis

points

or

higher

compared

to

that

of

its

peer

average

(each,

an

“Expense

Outlier

Fund”),

including

the

ESG

Aggregate

Bond

Fund,

and

an

analysis

as

to

the

factors

contributing

to

each

such

fund’s

higher

relative

net

expense

ratio.

Accordingly,

in

reviewing

the

comparative

data

between

a

fund

and

its

peers,

the

Board

generally

considered

the

fund’s

net

expense

ratio

and

fees

to

be

higher

if

they

were

over

10

basis

points

higher,

slightly

higher

if

they

were

6

to

10

basis

points

higher,

in

line

if

they

were

within

approximately

5

basis

points

higher

than

the

peer

average

and

below

if

they

were

below

the

peer

average

of

the

Peer

Group.

The

Independent

Board

Members

also

considered,

in

relevant

part,

a

fund’s

net

management

fee

and

net

total

expense

ratio

in

light

of

its

performance

history.

As

noted

above,

the

Board

recognized

that

the

Nuveen

ETFs

pay

the

Adviser

a

single,

all-inclusive

(or

unified)

management

fee

for

providing

all

services

necessary

for

the

management

and

operation

of

the

Nuveen

ETFs,

subject

to

certain

exceptions.

Unlike

the

typical

fee

arrangements

of

the

other

Nuveen

funds

in

which

the

funds

pay

a

variety

of

fees

and

expenses

such

as

investment

advisory

fees,

transfer

agency

fees,

audit

fees,

custodian

fees,

administration

fees,

compliance

expenses,

recordkeeping

expenses,

marketing

and

shareholder

service

fees,

distribution

charges

and

other

expenses,

Nuveen

ETFs

pay

the

Adviser

a

unified

fee,

and

the

Adviser

is

responsible

for

providing

such

services

or

arranging

and

supervising

third

parties

to

provide

such

services

(subject

to

the

certain

exceptions).

Under

the

unified

fee

structure,

the

Board

recognized

that

the

Adviser

generally

bears

the

risks

of

the

operating

costs

rising

(and

benefits

if

such

expenses

decrease)

and

therefore

has

an

incentive

to

be

administratively

efficient.

As

part

of

the

Board’s

analysis

of

the

fee

level

of

a

Fund,

the

Independent

Board

Members

reviewed,

among

other

things,

the

unified

fee

compared

to

the

gross

and

net

management

fees

and

net

total

expense

ratios

of

its

respective

Peer

Group.

The

Independent

Board

Members

also

noted

the

reduction

during

2021

in

the

unitary

fee

of

certain

Nuveen

ETFs,

including

the

ESG

High

Yield

Fund

and

the

ESG

Aggregate

Bond

Fund.

With

respect

to

the

Sub-Adviser,

the

Board

also

considered,

among

other

things,

the

sub-advisory

fee

schedule

paid

to

the

Sub-Adviser

in

light

of

the

sub-advisory

services

provided

to

the

respective

Fund

and

comparative

data

of

the

fees

the

Sub-Adviser

charges

to

other

clients,

if

any.

In

its

review,

the

Board

recognized

that

the

compensation

paid

to

the

Sub-Adviser

is

the

responsibility

of

the

Adviser,

not

the

Funds.

The

Independent

Board

Members

noted

that

(a)

the

Enhanced

Yield

Fund

had

a

net

management

fee

and

a

net

expense

ratio

that

were

below

the

respective

peer

average;

(b)

the

Enhanced

Yield

1-5

Year

Fund

and

the

ESG

High

Yield

Fund

each

had

a

net

management

fee

and

a

net

expense

ratio

that

were

in

line

with

the

respective

peer

averages;

and

(c)

the

ESG

Aggregate

Bond

Fund

had

a

net

management

fee

and

a

net

expense

ratio

that

were

higher

than

the

respective

peer

averages.

The

Independent

Board

Members

noted

that

the

ESG

Aggregate

Bond

Fund’s

net

expense

ratio

was

higher

than

the

peer

set

average

due,

in

part,

to

the

larger

average

net

assets

of

the

limited

peer

set

relative

to

such

Fund.

Further,

the

Independent

Board

Members

noted

that

the

ESG

Aggregate

Bond

Fund’s

expense

information,

which

was

based

on

its

fiscal

year

ending

in

2021,

did

not

reflect

the

impact

of

a

reduction

in

such

Fund’s

unitary

management

fee

that

became

effective

September

28,

2021.

Based

on

its

review

of

the

information

provided,

the

Board

determined

that

each

Fund’s

management

fees

(as

applicable)

to

a

Fund

Adviser

were

reasonable

in

light

of

the

nature,

extent

and

quality

of

services

provided

to

the

Fund.

2.

Comparisons

with

the

Fees

of

Other

Clients

In

determining

the

appropriateness

of

fees,

the

Board

also

considered

information

regarding

the

fee

rates

the

respective

Fund

Advisers

charged

to

certain

other

types

of

clients

and

the

type

of

services

provided

to

these

other

clients.

With

respect

to

the

Adviser

and/or

the

Sub-Adviser,

such

other

clients

may

include:

foreign

investment

companies

offered

by

Nuveen

and

sub-advised

by

the

Sub-Adviser;

and

certain

funds

advised

by

the

Sub-Adviser.

The

Board

further

noted

that

the

Adviser

also

advised,

and

the

Sub-Adviser

sub-advised,

certain

additional

ETFs

sponsored

by

Nuveen.

In

this

regard,

the

Board

reviewed,

among

other

things,

the

range

of

fees

assessed

for

foreign

investment

companies

and

ETFs

offered

by

Nuveen.

In

addition,

the

Board

reviewed

the

management

fees

and

expense

ratios

of

certain

funds

advised

by

the

Sub-Adviser

in

the

TIAA-CREF

family

of

funds.

102

Annual

Investment

Management

Agreement

Approval

Process

(Unaudited)

(continued)

In

considering

the

fee

data

of

other

clients,

the

Board

recognized,

among

other

things,

that

differences

in

the

amount,

type

and

level

of

services

provided

to

the

Nuveen

funds

relative

to

other

types

of

clients

as

well

as

any

differences

in

portfolio

investment

policies,

the

types

of

assets

managed

and

related

complexities

in

managing

such

assets,

the

entrepreneurial

and

other

risks

associated

with

a

particular

strategy

and

regulatory

requirements

will

contribute

to

the

variations

in

the

fee

schedules.

The

Board

recognized

the

breadth

of

services

the

Adviser

had

provided

to

the

Nuveen

funds

compared

to

other

types

of

clients

as

the

funds

operate

in

a

highly

regulated

industry

with

increasing

regulatory

requirements

as

well

as

the

increased

entrepreneurial,

legal

and

regulatory

risks

that

the

Adviser

incurs

in

sponsoring

and

managing

the

funds.

With

respect

to

foreign

funds,

the

Board

recognized

that

the

differences

in

the

client

base,

governing

bodies,

distribution

jurisdiction

and

operational

complexities

would

also

contribute

to

variations

in

management

fees

of

the

Nuveen

funds

compared

to

those

of

the

foreign

funds.

Further,

with

respect

to

ETFs,

the

Board

considered

that

certain

Nuveen

ETFs

(such

as

each

Fund)

were

passively

managed

compared

to

the

active

management

of

other

Nuveen

funds

which

also

contributed

to

the

differences

in

fee

levels

between

such

Nuveen

ETFs

and

the

actively-managed

funds.

In

general,

higher

fee

levels

reflect

higher

levels

of

service

provided

by

the

Adviser,

increased

investment

management

complexity,

greater

product

management

requirements,

and

higher

levels

of

business

risk

or

some

combination

of

these

factors.

The

Board

further

considered

that

the

Sub-Adviser’s

fee

is

essentially

for

portfolio

management

services.

The

Board

concluded

the

varying

levels

of

fees

were

justified

given,

among

other

things,

the

inherent

differences

in

the

products

and

the

level

of

services

provided

to

the

Nuveen

funds

versus

other

clients,

the

differing

regulatory

requirements

and

legal

liabilities

and

the

entrepreneurial,

legal

and

regulatory

risks

incurred

in

sponsoring

and

advising

a

registered

investment

company.

3.

Profitability

of

Fund

Advisers

In

their

review,

the

Independent

Board

Members

considered

information

regarding

Nuveen’s

level

of

profitability

for

its

advisory

services

to

the

Nuveen

funds

for

the

calendar

years

2021

and

2020.

The

Board

reviewed,

among

other

things,

the

net

margins

(pre-tax)

for

Nuveen

Investments,

Inc.

(“Nuveen

Investments”),

the

gross

and

net

revenue

margins

(pre-

and

post-tax

and

excluding

distribution)

and

the

revenues,

expenses

and

net

income

(pre-

and

post-tax

and

before

distribution

expenses)

of

Nuveen

Investments

from

the

Nuveen

funds

only;

and

comparative

profitability

data

comparing

the

operating

margins

of

Nuveen

Investments

compared

to

the

adjusted

operating

margins

of

certain

peers

that

had

publicly

available

data

and

with

the

most

comparable

assets

under

management

(based

on

asset

size

and

asset

composition)

for

each

of

the

last

two

calendar

years.

The

Board

also

reviewed

the

revenues,

expenses

and

operating

margin

(pre-

and

post-tax)

the

Adviser

derived

from

its

ETF

product

line

for

the

2021

and

2020

calendar

years.

In

reviewing

the

profitability

data,

the

Independent

Board

Members

recognized

the

subjective

nature

of

calculating

profitability

as

the

information

is

not

audited

and

is

dependent

on

cost

allocation

methodologies

to

allocate

corporate-wide

overhead/shared

service

expenses,

TIAA

(defined

below)

corporate-wide

overhead

expenses

and

partially

fund

related

expenses

to

the

Nuveen

complex

and

its

affiliates

and

to

further

allocate

such

expenses

between

the

Nuveen

fund

and

non-fund

businesses.

The

Independent

Board

Members

reviewed

a

description

of

the

cost

allocation

methodologies

employed

to

develop

the

financial

information,

a

summary

of

the

history

of

changes

to

the

methodology

over

the

years

from

2010

to

2021,

and

the

net

revenue

margins

derived

from

the

Nuveen

funds

(pre-tax

and

including

and

excluding

distribution)

and

total

company

margins

from

Nuveen

Investments

compared

to

the

firm-wide

adjusted

operating

margins

of

the

peers

for

each

calendar

year

from

2012

to

2021.

The

Board

had

also

appointed

four

Independent

Board

Members

to

serve

as

the

Board’s

liaisons,

with

the

assistance

of

independent

counsel,

to

review

the

development

of

the

profitability

data

and

to

report

to

the

full

Board.

In

its

evaluation,

the

Board,

however,

recognized

that

other

reasonable

and

valid

allocation

methodologies

could

be

employed

and

could

lead

to

significantly

different

results.

The

Independent

Board

Members

also

reviewed

a

summary

of

the

key

drivers

that

affected

Nuveen’s

revenues

and

expenses

impacting

profitability

in

2021

versus

2020.

In

reviewing

the

comparative

peer

data

noted

above,

the

Board

considered

that

the

operating

margins

of

Nuveen

Investments

compared

favorably

to

the

peer

group

range

of

operating

margins;

however,

the

Independent

Board

Members

also

recognized

the

limitations

of

the

comparative

data

given

that

peer

data

is

not

generally

public

and

the

calculation

of

profitability

is

subjective

and

affected

by

numerous

factors

(such

as

types

of

funds

a

peer

manages,

its

business

mix,

its

cost

of

capital,

the

numerous

assumptions

underlying

the

methodology

used

to

allocate

expenses

and

other

factors)

that

can

have

a

significant

impact

on

the

results.

Aside

from

Nuveen’s

profitability,

the

Board

recognized

that

the

Adviser

is

a

subsidiary

of

Nuveen,

LLC,

the

investment

management

arm

of

Teachers

Insurance

and

Annuity

Association

of

America

(“TIAA”).

Accordingly,

the

Board

also

reviewed

a

balance

sheet

for

TIAA

reflecting

its

assets,

liabilities

and

capital

and

contingency

reserves

for

the

2021

and

2020

calendar

years

to

consider

the

financial

strength

of

TIAA.

The

Board

recognized

the

benefit

of

an

investment

adviser

and

its

parent

with

significant

resources,

particularly

during

periods

of

market

volatility.

The

Board

also

noted

the

reinvestments

Nuveen,

its

parent

and/or

other

affiliates

made

into

its

business

through,

among

other

things,

the

investment

of

seed

capital

in

certain

Nuveen

funds

and

continued

investments

in

enhancements

to

technological

capabilities.

In

addition

to

Nuveen,

the

Independent

Board

Members

considered

the

profitability

of

the

Sub-Adviser

from

its

relationships

with

the

Nuveen

funds.

In

this

regard,

the

Independent

Board

Members

reviewed,

among

other

things,

the

Sub-Adviser’s

revenues,

expenses

and

net

operating

income

for

its

advisory

services

to

the

Nuveen

ETFs

and

Nuveen

closed-end

funds

it

sub-advises

for

2021

and

2020.

In

evaluating

the

reasonableness

of

the

compensation,

the

Independent

Board

Members

also

considered

any

other

ancillary

benefits

derived

by

the

respective

Fund

Adviser

from

its

relationship

with

the

Nuveen

funds

as

discussed

in

further

detail

below.

Based

on

a

consideration

of

all

the

information

provided,

the

Board

noted

that

Nuveen’s

and

the

Sub-Adviser’s

level

of

profitability

was

acceptable

and

not

unreasonable

in

light

of

the

services

provided.

103

D.

Economies

of

Scale

and

Whether

Fee

Levels

Reflect

These

Economies

of

Scale

The

Board

considered

whether

there

have

been

economies

of

scale

with

respect

to

the

management

of

the

Nuveen

funds

and

whether

these

economies

of

scale

have

been

appropriately

shared

with

the

funds.

The

Board

recognized

that

although

economies

of

scale

are

difficult

to

measure

and

certain

expenses

may

not

decline

with

a

rise

in

assets,

there

are

several

methods

to

help

share

the

benefits

of

economies

of

scale,

including

breakpoints

in

the

management

fee

schedule,

fee

waivers

and/or

expense

limitations,

the

pricing

of

Nuveen

funds

at

scale

at

inception

and

investments

in

Nuveen’s

business

which

can

enhance

the

services

provided

to

the

funds

for

the

fees

paid.

The

Board

noted

that

Nuveen

generally

has

employed

these

various

methods,

and

the

Board

considered

the

extent

to

which

the

Nuveen

funds

will

benefit

from

economies

of

scale

as

their

assets

grow.

In

this

regard,

the

Board

recognized

that,

with

respect

to

the

Nuveen

funds

generally,

although

the

management

fee

of

the

Adviser

is

typically

comprised

of

a

fund-level

component

and

a

complex-level

component

each

with

its

own

breakpoint

schedule,

the

Nuveen

ETFs

do

not

have

breakpoint

schedules.

The

Board

recognized

that

the

Nuveen

ETFs

(including

the

Funds)

pay

a

unified

fee

and

as

a

result,

any

reduction

in

fixed

costs

associated

with

the

management

of

these

funds

would

benefit

the

Adviser.

However,

the

Independent

Board

Members

noted

that

the

unified

fee

schedule

provides

shareholders

with

a

level

of

certainty

of

the

expenses

of

the

Nuveen

ETFs.

The

Independent

Board

Members

considered

that

the

unified

fees

generally

provide

inherent

economies

of

scale

because

the

Nuveen

ETF

would

maintain

a

competitive

fixed

fee

over

the

annual

contract

period

even

if

the

particular

fund’s

assets

declined

and/or

operating

costs

rose.

As

the

Nuveen

ETFs

do

not

have

breakpoints,

they

do

not

participate

in

the

complex-level

fee

programs.

As

noted

above,

the

Independent

Board

Members

also

recognized

the

continued

reinvestment

in

Nuveen’s

business.

Based

on

its

review,

the

Board

concluded

that

the

current

fee

arrangements

together

with

the

reinvestment

in

Nuveen’s

business

appropriately

shared

any

economies

of

scale

with

shareholders.

The

Board

further

concluded

that

the

absence

of

a

fund-level

and/or

complex-level

breakpoint

schedule

or

arrangement

(as

applicable)

was

acceptable.

E.

Indirect

Benefits

The

Independent

Board

Members

received

and

considered

information

regarding

other

benefits

the

respective

Fund

Adviser

or

its

affiliates

may

receive

as

a

result

of

their

relationship

with

the

Nuveen

funds.

In

addition,

the

Independent

Board

Members

also

noted

that

various

sub-advisers

may

engage

in

soft

dollar

transactions

pursuant

to

which

they

may

receive

the

benefit

of

research

products

and

other

services

provided

by

broker-

dealers

executing

portfolio

transactions

on

behalf

of

the

applicable

Nuveen

funds.

However,

the

Board

noted

that

the

Sub-Adviser

does

not

participate

in

soft

dollar

arrangements

with

respect

to

Nuveen

fund

portfolio

transactions.

Based

on

its

review,

the

Board

concluded

that

any

indirect

benefits

received

by

a

Fund

Adviser

as

a

result

of

its

relationship

with

the

Funds

were

reasonable

and

within

acceptable

parameters.

F.

Other

Considerations

The

Board

Members

did

not

identify

any

single

factor

discussed

previously

as

all-important

or

controlling.

The

Board

Members,

including

the

Independent

Board

Members,

concluded

that

the

terms

of

each

Advisory

Agreement

were

reasonable,

that

the

respective

Fund

Adviser’s

fees

were

reasonable

in

light

of

the

services

provided

to

each

Fund

and

that

the

Advisory

Agreements

be

renewed.

104

Liquidity

Risk

Management

Program

(Unaudited)

Discussion

of

the

operation

and

effectiveness

of

the

Funds’

liquidity

risk

management

program

In

compliance

with

Rule

22e-4

under

the

Investment

Company

Act

of

1940,

as

amended

(the

“Liquidity

Rule”),

each

Fund

covered

in

this

Report

(the

“Funds”)

has

adopted

and

implemented

a

liquidity

risk

management

program

(the

“Program”),

which

is

designed

to

manage

the

Fund’s

liquidity

risk.

The

Program

consists

of

various

protocols

for

assessing

and

managing

each

Fund’s

liquidity

risk.

The

Funds’

Board

of

Trustees (the

"Board") previously

designated

Nuveen

Fund

Advisors,

LLC,

the

Funds’

investment

adviser,

as

the

Administrator

of

the

Program.

The

adviser’s

Liquidity

Monitoring

and

Analysis

Team

(“LMAT”)

carries

out

day-to-day

Program

management

with

oversight

by

the

adviser’s

Liquidity

Oversight

Sub-Committee

(the

LOSC”).

The

LOSC

is

composed

of

personnel

from

the

adviser

and

Teachers

Advisors,

LLC,

an

affiliate

of

the

adviser.

At

a

May

23-25,

2022

meeting

of

the

Board,

the

Administrator

provided

the

Board

with

a

written

report

addressing

the

Program’s

operation,

adequacy

and

effectiveness

of

implementation

for

calendar

year

2021

(the

“Review

Period”),

as

required

under

the

Liquidity

Rule.

The

report

noted

that

the

Program

has

been

and

continues

to

be

adequately

and

effectively

implemented

to

monitor

and

(as

applicable)

respond

to

each

Fund’s

liquidity

developments.

In

accordance

with

the

Program,

the

LMAT

assesses

each

Fund’s

liquidity

risk

no

less

frequently

than

annually

based

on

various

factors,

such

as

(1)

the

Fund’s

investment

strategy

and

the

liquidity

of

portfolio

investments,

(ii)

cash

flow

projections,

and

(ii)

holdings

of

cash

and

cash

equivalents,

borrowing

arrangements,

and

other

funding

sources.

Certain

factors

are

considered

under

both

normal

and

reasonably

foreseeable

stressed

conditions.

Each

Fund

portfolio

investment

is

classified

into

one

of

four

liquidity

categories

(including

the

most

liquid,

“Highly

Liquid”,

and

the

least

liquid,

“Illiquid”,

discussed

below),

The

classification

is

based

on

a

determination

of

how

long

it

is

reasonably

expected

to

take

to

convert

the

investment

into

cash,

or

sell

or

dispose

of

the

investment,

in

current

market

conditions

without

significantly

changing

the

market

value

of

the

investment

Liquidity

classification

determinations

take

into

account

various

market,

trading,

and

investment-specific

considerations,

as

well

as

market

depth,

and

use

third-

party

vendor

data.

Any

Fund

that

does

not

primarily

hold

highly

liquid

investments

must,

among

other

things,

determine

a

minimum

percentage

of

Fund

assets

that

must

be

invested

in

highly

liquid

investments

(a

“Highly

Liquid

Investment

Minimum”).

During

the

Review

Period,

each

Fund

primarily

held

Highly

Liquid

investments

and

therefore

was

exempt

from

the

requirement

to

adopt

a

Highly

Liquid

Investment

Minimum

and

to

comply

with

the

related

requirements

under

the

Liquidity

Rule.

The

Liquidity

Rule

also

limits

a

Fund’s

investments

in

Illiquid

investments.

Specifically,

the

Liquidity

Rule

prohibits

a

Fund

from

acquiring

Illiquid

investments

if

doing

so

would

result

in

the

Fund

holding

more

than

15%

of

its

net

assets

in

illiquid

investments,

and

requires

certain

reporting

to

the

Fund

Board

and

the

Securities

and

Exchange

Commission

any

time

a

Fund’s

holdings

of

Illiquid

investments

exceeds

15%

of

net

assets.

During

the

Review

Period,

no

Fund

exceeded

the

15%

limit

on

Illiquid

investments.

105

Trustees

and

Officers

(Unaudited)

The

management

of

the

Funds,

including

general

supervision

of

the

duties

performed

for

the

Funds

by

the

Adviser,

is

the

responsibility

of

the

Board

of Trustees

of

the

Funds.

The

number

of

Trustees of

the

Funds

is

currently

set

at

ten.

None

of

the Trustees

who

are

not

“interested”

persons

of

the

Funds

(referred

to

herein

as

“Independent

Trustees”)

has

ever

been

a Trustee

or

employee

of,

or

consultant

to,

Nuveen

or

its

affiliates.

The

names

and

business

addresses

of

the Trustees

and

officers

of

the

Funds,

their

principal

occupations

and

other

affiliations

during

the

past

five

years,

the

number

of

portfolios

each

oversees

and

other

directorships

they

hold

are

set

forth

below.

The

Funds’

Statement

of

Additional

Information

(“SAI”)

includes

more

information

about

the

Trustees.

To

request

a

free

copy,

call

Nuveen

Investments

at

(800)

257-8787

or

visit

the

Funds’

website

at

www.nuveen.com.

Name,

Year

of

Birth

&

Address

Position(s)

Held

with

the

Funds

Year

First

Elected

or

Appointed

(1)

Principal

Occupation(s)

Including

other

Directorships

During

Past

5

Years

Number

of

Portfolios

in

Fund

Complex

Overseen

By

Trustee

Independent

Trustees:

Terence

J.

Toth

1959

333

W.

Wacker

Drive

Chicago,

IL

60606

Chair

and

Trustee

2008

Formerly,

a

Co-Founding

Partner,

Promus

Capital

(investment

advisory

firm)

(2008-2017);

formerly,

Director,

Quality

Control

Corporation

(manufacturing)

(2012-2021);

Chair

of

the

Board

of

the

Kehrein

Center

for

the

Arts

(philanthropy)

(since

2021);

member:

Catalyst

Schools

of

Chicago

Board

(since

2008)

and

Mather

Foundation

Board

(philanthropy)

(since

2012),

and

chair

of

its

investment

committee;

formerly,

Member,

Chicago

Fellowship

Board

(philanthropy)

2005-2016);

formerly,

Director,

Fulcrum

IT

Services

LLC

(information

technology

services

firm

to

government

entities)

(2010-2019);

formerly,

Director,

LogicMark

LLC

(health

services)

(2012-2016);

formerly,

Director,

Legal

&

General

Investment

Management

America,

Inc.

(asset

management)

(2008-

2013);

formerly,

CEO

and

President,

Northern

Trust

Global

Investments

(financial

services)

(2004-2007);

Executive

Vice

President,

Quantitative

Management

&

Securities

Lending

(2000-2004);

prior

thereto,

various

positions

with

Northern

Trust

Company

(financial

services)

(since

1994);

formerly,

Member,

Northern

Trust

Mutual

Funds

Board

(2005-2007),

Northern

Trust

Global

Investments

Board

(2004-2007),

Northern

Trust

Japan

Board

(2004-2007),

Northern

Trust

Securities

Inc.

Board

(2003-2007)

and

Northern

Trust

Hong

Kong

Board

(1997-2004).

140

Jack

B.

Evans

1948

333

W.

Wacker

Drive

Chicago,

IL

60606

Trustee

1999

Chairman

(since

2019),

formerly,

President

(1996-2019),

The

Hall-Perrine

Foundation,

(private

philanthropic

corporation);

Life

Trustee

of

Coe

College;

formerly,

Member

and

President

Pro-Tem

of

the

Board

of

Regents

for

the

State

of

Iowa

University

System

(2007-

2013);

Director

and

Chairman

(2009-2021),

United

Fire

Group,

a

publicly

held

company;

Director,

Public

Member,

American

Board

of

Orthopaedic

Surgery

(2015-2020);

Director

(2000-2004),

Alliant

Energy;

Director

(1996-2015),

The

Gazette

Company

(media

and

publishing);

Director

(1997-

2003),

Federal

Reserve

Bank

of

Chicago;

President

and

Chief

Operating

Officer

(1972-1995),

SCI

Financial

Group,

Inc.,

(regional

financial

services

firm).

140

William

C.

Hunter

1948

333

W.

Wacker

Drive

Chicago,

IL

60606

Trustee

2003

Dean

Emeritus,

formerly,

Dean,

Tippie

College

of

Business,

University

of

Iowa

(2006-2012);

Director

of

Wellmark,

Inc.

(since

2009);

past

Director

(2005-2015),

and

past

President

(2010-

2014)

Beta

Gamma

Sigma,

Inc.,

The

International

Business

Honor

Society;

formerly,

Director

(2004-2018)

of

Xerox

Corporation;

formerly,

Dean

and

Distinguished

Professor

of

Finance,

School

of

Business

at

the

University

of

Connecticut

(2003-2006);

previously,

Senior

Vice

President

and

Director

of

Research

at

the

Federal

Reserve

Bank

of

Chicago

(1995-2003);

formerly,

Director

(1997-2007),

Credit

Research

Center

at

Georgetown

University.

140

106

Trustees

and

Officers

(Unaudited)

(continued)

Name,

Year

of

Birth

&

Address

Position(s)

Held

with

the

Funds

Year

First

Elected

or

Appointed

(1)

Principal

Occupation(s)

Including

other

Directorships

During

Past

5

Years

Number

of

Portfolios

in

Fund

Complex

Overseen

By

Trustee

Amy

B.

R.

Lancellotta

1959

333

W.

Wacker

Drive

Chicago,

IL

60606

Trustee

2021

Formerly,

Managing

Director,

Independent

Directors

Council

(IDC)

(supports

the

fund

independent

director

community

and

is

part

of

the

Investment

Company

Institute

(ICI),

which

represents

regulated

investment

companies)

(2006-2019);

formerly,

various

positions

with

ICI

(1989-2006);

Member

of

the

Board

of

Directors,

Jewish

Coalition

Against

Domestic

Abuse

(JCADA)

(since

2020).

140

Joanne

T.

Medero

1954

333

W.

Wacker

Drive

Chicago,

IL

60606

Trustee

2021

Formerly,

Managing

Director,

Government

Relations

and

Public

Policy

(2009-2020)

and

Senior

Advisor

to

the

Vice

Chairman

(2018-2020),

BlackRock,

Inc.

(global

investment

management

firm);

formerly,

Managing

Director,

Global

Head

of

Government

Relations

and

Public

Policy,

Barclays

Group

(IBIM)

(investment

banking,

investment

management

and

wealth

management

businesses)(2006-2009);

formerly,

Managing

Director,

Global

General

Counsel

and

Corporate

Secretary,

Barclays

Global

Investors

(global

investment

management

firm)

(1996-2006);

formerly,

Partner,

Orrick,

Herrington

&

Sutcliffe

LLP

(law

firm)

(1993-1995);

formerly,

General

Counsel,

Commodity

Futures

Trading

Commission

(government

agency

overseeing

U.S.

derivatives

markets)

(1989-1993);

formerly,

Deputy

Associate

Director/Associate

Director

for

Legal

and

Financial

Affairs,

Office

of

Presidential

Personnel,

The

White

House

(1986-1989);

Member

of

the

Board

of

Directors,

Baltic-American

Freedom

Foundation

(seeks

to

provide

opportunities

for

citizens

of

the

Baltic

states

to

gain

education

and

professional

development

through

exchanges

in

the

U.S.)

(since

2019).

140

Albin

F.

Moschner

1952

333

W.

Wacker

Drive

Chicago,

IL

60606

Trustee

2016

Founder

and

Chief

Executive

Officer,

Northcroft

Partners,

LLC,

(management

consulting)

(since

2012);

formerly,

Chairman

(2019),

and

Director

(2012-2019),

USA

Technologies,

Inc.,

(provider

of

solutions

and

services

to

facilitate

electronic

payment

transactions);

formerly,

Director,

Wintrust

Financial

Corporation

(1996-2016);

previously,

held

positions

at

Leap

Wireless

International,

Inc.

(consumer

wireless

services),

including

Consultant

(2011-2012),

Chief

Operating

Officer

(2008-2011),

and

Chief

Marketing

Officer

(2004-2008);

formerly,

President,

Verizon

Card

Services

division

of

Verizon

Communications,

Inc.

(2000-2003);

formerly,

President,

One

Point

Services

at

One

Point

Communications

(telecommunication

services)

(1999-2000);

formerly,

Vice

Chairman

of

the

Board,

Diba,

Incorporated

(internet

technology

provider)

(1996-1997);

formerly,

various

executive

positions

(1991-1996)

including

Chief

Executive

Officer

(1995-1996)

of

Zenith

Electronics

Corporation

(consumer

electronics).

140

John

K.

Nelson

1962

333

W.

Wacker

Drive

Chicago,

IL

60606

Trustee

2013

Member

of

Board

of

Directors

of

Core12

LLC.

(private

firm

which

develops

branding,

marketing

and

communications

strategies

for

clients)

(since

2008);

served

The

President’s

Council

of

Fordham

University

(2010-2019)

and

previously

a

Director

of

the

Curran

Center

for

Catholic

American

Studies

(2009-2018);

formerly,

senior

external

advisor

to

the

Financial

Services

practice

of

Deloitte

Consulting

LLP.

(2012-2014);

former

Chair

of

the

Board

of

Trustees

of

Marian

University

(2010-2014

as

trustee,

2011-2014

as

Chair);

formerly

Chief

Executive

Officer

of

ABN

AMRO

Bank

N.V.,

North

America,

and

Global

Head

of

the

Financial

Markets

Division

(2007-2008),

with

various

executive

leadership

roles

in

ABN

AMRO

Bank

N.V.

between

1996

and

2007.

140

107

Name,

Year

of

Birth

&

Address

Position(s)

Held

with

the

Funds

Year

First

Elected

or

Appointed

(1)

Principal

Occupation(s)

Including

other

Directorships

During

Past

5

Years

Number

of

Portfolios

in

Fund

Complex

Overseen

By

Trustee

Judith

M.

Stockdale

1947

333

W.

Wacker

Drive

Chicago,

IL

60606

Trustee

1997

Board

Member,

Land

Trust

Alliance

(national

public

charity

addressing

natural

land

and

water

conservation

in

the

U.S.)

(since

2013);

formerly,

Board

Member,

U.S.

Endowment

for

Forestry

and

Communities

(national

endowment

addressing

forest

health,

sustainable

forest

production

and

markets,

and

economic

health

of

forest-reliant

communities

in

the

U.S.)

(2013-2019);

formerly,

Executive

Director

(1994-2012),

Gaylord

and

Dorothy

Donnelley

Foundation

(private

foundation

endowed

to

support

both

natural

land

conservation

and

artistic

vitality);

prior

thereto,

Executive

Director,

Great

Lakes

Protection

Fund

(endowment

created

jointly

by

seven

of

the

eight

Great

Lakes

states’

Governors

to

take

a

regional

approach

to

improving

the

health

of

the

Great

Lakes)

(1990-1994).

140

Carole

E.

Stone

1947

333

W.

Wacker

Drive

Chicago,

IL

60606

Trustee

2007

Former

Director,

Chicago

Board

Options

Exchange

(2006-2017),

and

C2

Options

Exchange,

Incorporated

(2009-2017);

formerly,

Director,

Cboe

Global

Markets,

Inc.,

(2010-2020)

(formerly

named

CBOE

Holdings,

Inc.);

formerly,

Commissioner,

New

York

State

Commission

on

Public

Authority

Reform

(2005-2010).

140

Matthew

Thornton

III

1958

333

W.

Wacker

Drive

Chicago,

IL

60606

Trustee

2020

Formerly,

Executive

Vice

President

and

Chief

Operating

Officer

(2018-2019),

FedEx

Freight

Corporation,

a

subsidiary

of

FedEx

Corporation

(FedEx)

(provider

of

transportation,

e-commerce

and

business

services

through

its

portfolio

of

companies);

formerly,

Senior

Vice

President,

U.S.

Operations

(2006-2018),

Federal

Express

Corporation,

a

subsidiary

of

FedEx;

formerly

Member

of

the

Board

of

Directors

(2012-2018),

Safe

Kids

Worldwide®

(a

non-profit

organization

dedicated

to

preventing

childhood

injuries).

Member

of

the

Board

of

Directors

(since

2014),

The

Sherwin-Williams

Company

(develops,

manufactures,

distributes

and

sells

paints,

coatings

and

related

products);

Director

(since

2020),

Crown

Castle

International

(provider

of

communications

infrastructure).

140

Margaret

L.

Wolff

1955

333

W.

Wacker

Drive

Chicago,

IL

60606

Trustee

2016

Formerly,

member

of

the

Board

of

Directors

(2013-2017)

of

Travelers

Insurance

Company

of

Canada

and

The

Dominion

of

Canada

General

Insurance

Company

(each,

a

part

of

Travelers

Canada,

the

Canadian

operation

of

The

Travelers

Companies,

Inc.);

formerly,

Of

Counsel,

Skadden,

Arps,

Slate,

Meagher

&

Flom

LLP

(Mergers

&

Acquisitions

Group)

(legal

services)

(2005-2014);

Member

of

the

Board

of

Trustees

of

New

York-Presbyterian

Hospital

(since

2005);

Member

(since

2004),

formerly,

Chair

(2015-2022)

of

the

Board

of

Trustees

of

The

John

A.

Hartford

Foundation

(a

philanthropy

dedicated

to

improving

the

care

of

older

adults);

formerly,

Member

(2005-2015)

and

Vice

Chair

(2011-2015)

of

the

Board

of

Trustees

of

Mt.

Holyoke

College.

140

Robert

L.

Young

1963

333

W.

Wacker

Drive

Chicago,

IL

60606

Trustee

2017

Formerly,

Chief

Operating

Officer

and

Director,

J.P.

Morgan

Investment

Management

Inc.

(financial

services)

(2010-2016);

formerly,

President

and

Principal

Executive

Officer

(2013-2016),

and

Senior

Vice

President

and

Chief

Operating

Officer

(2005-2010),

of

J.P.

Morgan

Funds;

formerly,

Director

and

various

officer

positions

for

J.P.

Morgan

Investment

Management

Inc.

(formerly,

JPMorgan

Funds

Management,

Inc.

and

formerly,

One

Group

Administrative

Services)

and

JPMorgan

Distribution

Services,

Inc.

(financial

services)

(formerly,

One

Group

Dealer

Services,

Inc.)

(1999-2017).

140

108

Trustees

and

Officers

(Unaudited)

(continued)

Name,

Year

of

Birth

&

Address

Position(s)

Held

with

the

Funds

Year

First

Elected

or

Appointed

(2)

Principal

Occupation(s)

Including

other

Directorships

During

Past

5

Years

Officers

of

the

Funds:

Jordan

M.

Farris

1980

333

W.

Wacker

Drive

Chicago,

IL

60606

Chief

Administrative

Officer

2019

Managing

Director

(since

2017),

formerly

Vice

President

(2016-2017),

Head

of

Product

Management

and

Development,

ETFs,

Nuveen

Securities,

LLC;

Director,

Guggenheim

Funds

Distributors

(2013-2016).

Brett

E.

Black

1972

333

West

Wacker

Drive

Chicago,

IL

60606

Vice

President

and

Chief

Compliance

Officer

2022

Enterprise

Senior

Compliance

Officer

of

Nuveen

(since

2022);

formerly,

Vice

President

(2014-2022),

Chief

Compliance

Officer

(2017-2022),

Deputy

Chief

Compliance

Officer

(2014-2017)

and

Senior

Compliance

Officer

(2012-2014)

of

BMO

Funds,

Inc.;

formerly

Senior

Compliance

Officer

of

BMO

Asset

Management

Corp.

(2012-2014).

Mark

J.

Czarniecki

1979

901

Marquette

Avenue

Minneapolis,

MN

55402

Vice

President

and

Secretary

2013

Vice

President

and

Assistant

Secretary

of

Nuveen

Securities,

LLC

(since

2016);

Managing

Director

(since

2022),

formerly,

Vice

President

(2017-2022)

and

Assistant

Secretary

(since

2017)

of

Nuveen

Fund

Advisors,

LLC;

Managing

Director

and

Associate

General

Counsel

(since

January

2022),

formerly,

Vice

President

and

Associate

General

Counsel

of

Nuveen

(2013-2021);

Managing

Director

(since

2022),

formerly,

Vice

President

(2018-2022),

Assistant

Secretary

and

Associate

General

Counsel

(since

2018)

of

Nuveen

Asset

Management,

LLC.

Diana

R.

Gonzalez

1978

8500

Andrew

Carnegie

Blvd.

Charlotte,

NC

28262

Vice

President

and

Assistant

Secretary

2017

Vice

President

and

Assistant

Secretary

of

Nuveen

Fund

Advisors,

LLC

(since

2017);

Vice

President,

Associate

General

Counsel

and

Assistant

Secretary

of

Nuveen

Asset

Management,

LLC

(since

2022);

Vice

President

and

Associate

General

Counsel

of

Nuveen

(since

2017);

Associate

General

Counsel

of

Jackson

National

Asset

Management,

LLC

(2012-2017).

Nathaniel

T.

Jones

1979

333

W.

Wacker

Drive

Chicago,

IL

60606

Vice

President

and

Treasurer

2016

Senior

Managing

Director

(since

2021),

formerly,

Managing

Director

(2017-2021),

Senior

Vice

President

(2016-2017),

formerly,

Vice

President

(2011-

2016)

of

Nuveen;

Managing

Director

(since

2015)

of

Nuveen

Fund

Advisors,

LLC;

Chartered

Financial

Analyst.

Tina

M.

Lazar

1961

333

W.

Wacker

Drive

Chicago,

IL

60606

Vice

President

2002

Managing

Director

(since

2017),

formerly,

Senior

Vice

President

(2014-2017)

of

Nuveen

Securities,

LLC.

Brian

J.

Lockhart

1974

333

W.

Wacker

Drive

Chicago,

IL

60606

Vice

President

2019

Managing

Director

(since

2019)

of

Nuveen

Fund

Advisors,

LLC;

Senior

Managing

Director

(since

2021),

formerly,

Managing

Director

(2017-2021),

Vice

President

(2010-2017)

of

Nuveen;

Head

of

Investment

Oversight

(since

2017),

formerly,

Team

Leader

of

Manager

Oversight

(2015-2017);

Chartered

Financial

Analyst

and

Certified

Financial

Risk

Manager.

John

M.

McCann

1975

8500

Andrew

Carnegie

Blvd.

Charlotte,

NC

28262

Vice

President

and

Assistant

Secretary

2022

Managing

Director

and

Assistant

Secretary

of

Nuveen

Fund

Advisors,

LLC

(since

2021);

Managing

Director,

Associate

General

Counsel

and

Assistant

Secretary

of

Nuveen

Asset

Management,

LLC

(since

2021);

Managing

Director

of

TIAA

SMA

Strategies

LLC

(since

2021);

Managing

Director

(since

2019,

formerly,

Vice

President

and

Director),

Associate

General

Counsel

and

Assistant

Secretary

of

College

Retirement

Equities

Fund,

TIAA

Separate

Account

VA-1,

TIAA-CREF

Funds

and

TIAA-CREF

Life

Funds;

Managing

Director

(since

2018),

formerly,

Vice

President

and

Director,

Associate

General

Counsel

and

Assistant

Secretary

of

Teachers

Insurance

and

Annuity

Association

of

America,

Teacher

Advisors

LLC

and

TIAA-CREF

Investment

Management,

LLC;

Vice

President

(since

2017),

Associate

General

Counsel

and

Assistant

Secretary

(since

2011)

of

Nuveen

Alternative

Advisors

LLC;

General

Counsel

and

Assistant

Secretary

of

Covariance

Capital

Management,

Inc.

(2014-2017).

109

Name,

Year

of

Birth

&

Address

Position(s)

Held

with

the

Funds

Year

First

Elected

or

Appointed

(2)

Principal

Occupation(s)

Including

other

Directorships

During

Past

5

Years

Kevin

J.

McCarthy

1966

333

W.

Wacker

Drive

Chicago,

IL

60606

Vice

President

and

Assistant

Secretary

2007

Senior

Managing

Director

(since

2017)

and

Secretary

and

General

Counsel

(since

2016)

of

Nuveen

Investments,

Inc.,

formerly,

Executive

Vice

President

(2016-2017)

and

Managing

Director

and

Assistant

Secretary

(2008-2016);

Senior

Managing

Director

(since

2017)

and

Assistant

Secretary

(since

2008)

of

Nuveen

Securities,

LLC,

formerly

Executive

Vice

President

(2016-2017)

and

Managing

Director

(2008-2016);

Senior

Managing

Director

(since

2017)

and

Secretary

(since

2016)

of

Nuveen

Fund

Advisors,

LLC,

formerly,

Co-General

Counsel

(2011-2020),

Executive

Vice

President

(2016-2017),

Managing

Director

(2008-2016)

and

Assistant

Secretary

(2007-2016);

Senior

Managing

Director

(since

2017),

Secretary

(since

2016)

of

Nuveen

Asset

Management,

LLC,

formerly,

Associate

General

Counsel

(2011-2020),

Executive

Vice

President

(2016-2017)

and

Managing

Director

and

Assistant

Secretary

(2011-2016);

formerly

Vice

President

(2007-2021)

and

Secretary

(2016-2021),

of

NWQ

Investment

Management

Company,

LLC

and

Santa

Barbara

Asset

Management,

LLC;

Vice

President

and

Secretary

of

Winslow

Capital

Management,

LLC

(since

2010).

Senior

Managing

Director

(since

2017)

and

Secretary

(since

2016)

of

Nuveen

Alternative

Investments,

LLC.

Jon

Scott

Meissner

1973

8500

Andrew

Carnegie

Blvd.

Charlotte,

NC

28262

Vice

President

and

Assistant

Secretary

2019

Managing

Director

of

Mutual

Fund

Tax

and

Financial

Reporting

groups

at

Nuveen

(since

2017);

Managing

Director

of

Nuveen

Fund

Advisors,

LLC

(since

2019);

Senior

Director

of

Teachers

Advisors,

LLC

and

TIAA-CREF

Investment

Management,

LLC

(since

2016);

Senior

Director

(since

2015)

Mutual

Fund

Taxation

to

the

TIAA-CREF

Funds,

the

TIAA-CREF

Life

Funds,

the

TIAA

Separate

Account

VA-1

and

the

CREF

Accounts;

has

held

various

positions

with

TIAA

since

2004.

Deann

D.

Morgan

1969

730

Third

Avenue

New

York,

NY

10017

Vice

President

2020

President,

Nuveen

Fund

Advisors,

LLC

(since

2020);

Executive

Vice

President,

Global

Head

of

Product

at

Nuveen

(since

2019);

Co-Chief

Executive

Officer

of

Nuveen

Securities,

LLC

(since

2020);

Managing

Member

of

MDR

Collaboratory

LLC

(since

2018);

Managing

Director,

Head

of

Wealth

Management

Product

Structuring

&

COO

Multi

Asset

Investing.

The

Blackstone

Group

(2013-2017).

William

A.

Siffermann

1975

333

W.

Wacker

Drive

Chicago,

IL

60606

Vice

President

2017

Managing

Director

(since

2017),

formerly

Senior

Vice

President

(2016-2017)

and

Vice

President

(2011-2016)

of

Nuveen.

Trey

S.

Stenersen

1965

8500

Andrew

Carnegie

Blvd.

Charlotte,

NC

28262

Vice

President

2022

Senior

Managing

Director

of

Teacher

Advisors

LLC

and

TIAA-CREF

Investment

Management,

LLC

(since

2018);

Senior

Managing

Director

(since

2019)

and

Chief

Risk

Officer

(since

2022),

formerly

Head

of

Investment

Risk

Management

(2017-

2022)

of

Nuveen;

Senior

Managing

Director

(since

2018)

of

Nuveen

Alternative

Advisors

LLC.

E.

Scott

Wickerham

1973

730

Third

Avenue

New

York,

NY

10017

Vice

President

and

Controller

2019

Senior

Managing

Director,

Head

of

Public

Investment

Finance

at

Nuveen

(since

2019),

formerly,

Managing

Director;

Senior

Managing

Director

(since

2019)

of

Nuveen

Fund

Advisors,

LLC;

Principal

Financial

Officer,

Principal

Accounting

Officer

and

Treasurer

(since

2017)

of

the

TIAA-CREF

Funds,

the

TIAA-CREF

Life

Funds,

the

TIAA

Separate

Account

VA-1

and

Principal

Financial

Officer,

Principal

Accounting

Officer

(since

2020)

and

Treasurer

(since

2017)

of

the

CREF

Accounts;

formerly,

Senior

Director,

TIAA-CREF

Fund

Administration

(2014-2015);

has

held

various

positions

with

TIAA

since

2006.

Mark

L.

Winget

1968

333

W.

Wacker

Drive

Chicago,

IL

60606

Vice

President

and

Assistant

Secretary

2008

Vice

President

and

Assistant

Secretary

of

Nuveen

Securities,

LLC

(since

2008),

and

Nuveen

Fund

Advisors,

LLC

(since

2019);

Vice

President,

Associate

General

Counsel

and

Assistant

Secretary

of

Nuveen

Asset

Management,

LLC

(since

2020);

Vice

President

(since

2010)

and

Associate

General

Counsel

(since

2019),

formerly,

Assistant

General

Counsel

(2008-2016)

of

Nuveen.

Gifford

R.

Zimmerman

1956

333

W.

Wacker

Drive

Chicago,

IL

60606

Vice

President

and

Assistant

Secretary

1988

Managing

Director

and

Assistant

Secretary

of

Nuveen

Securities,

LLC

(since

2022);

Managing

Director,

Assistant

Secretary

and

General

Counsel

(since

2022),

formerly,

Co-General

Counsel

(2011-2020)

of

Nuveen

Fund

Advisors,

LLC;

formerly,

Managing

Director

(2004-2020)

and

Assistant

Secretary

(1994-2020)

of

Nuveen

Investments,

Inc.;

Managing

Director,

Assistant

Secretary

and

Associate

General

Counsel

(since

2022)

of

Nuveen

Asset

Management,

LLC;

formerly,

Vice

President

and

Assistant

Secretary

of

NWQ

Investment

Management

Company,

LLC

(2002-2020),

Santa

Barbara

Asset

Management,

LLC

(2006-2020)

and

Winslow

Capital

Management,

LLC

(2010-2020);

Chartered

Financial

Analyst.

110

Trustees

and

Officers

(Unaudited)

(continued)

Name,

Year

of

Birth

&

Address

Position(s)

Held

with

the

Funds

Year

First

Elected

or

Appointed

(2)

Principal

Occupation(s)

Including

other

Directorships

During

Past

5

Years

Rachael

Zufall

1973

8500

Andrew

Carnegie

Blvd.

Charlotte,

NC

28262

Vice

President

and

Assistant

Secretary

2022

Managing

Director

(since

2017),

Associate

General

Counsel

and

Assistant

Secretary

(since

2014)

of

the

CREF

Accounts,

TIAA

Separate

Account

VA-1,

TIAA-

CREF

Funds

and

TIAA-CREF

Life

Funds;

Managing

Director

(since

2017),

Associate

General

Counsel

and

Assistant

Secretary

(since

2011)

of

Teacher

Advisors,

LLC

and

TIAA-CREF

Investment

Management,

LLC;

Managing

Director

of

Nuveen,

LLC

and

of

TIAA

(since

2017).

(1)

Trustees

serve

an

indefinite

term

until

his/her

successor

is

elected

or

appointed.

The

year

first

elected

or

appointed

represents

the

year

in

which

the

director

was

first

elected

or

appointed

to

any

fund

in

the

Nuveen

Fund

Complex.

(2)

Officers

serve

one

year

terms

through

August

of

each

year.

The

year

first

elected

or

appointed

represents

the

year

in

which

the

officer

was

first

elected

or

appointed

to

any

fund

in

the

Nuveen

Fund

Complex.

Nuveen

Securities,

LLC,

member

FINRA

and

SIPC

333

West

Wacker

Drive

Chicago,

IL

60606

www.nuveen.com

NAN-ENHUS-0722D

2399430-INV-Y-09/23

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.

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the

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firm,

but

also

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insights,

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management,

analytics

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other

tools

and

resources

that

a

truly

world-class

platform

provides.

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a

global

asset

manager,

our

mission

is

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which

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future.

Find

out

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To

learn

more

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how

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of

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meet

your

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goals,

talk

to

your

financial

advisor,

or

call

us

at

(800)

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Please

read

the

information

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carefully

before

you

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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

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representative

or

Nuveen,

333

W.

Wacker

Dr.,

Chicago,

IL

60606.

Please

read

the

prospectus

carefully

before

you

invest

or

send

money.

Learn

more

about

Nuveen

Funds

at:

www.nuveen.com/exchange-traded-funds

Funds

Exchange-Traded

Funds

Nuveen

Exchange-Traded

July

31,

2022

Annual

Report

Fund

Name

Listing

Exchange

Ticker

Symbol

Nuveen

Global

Net

Zero

Transition

ETF

NASDAQ

Stock

Market

LLC

NTZG

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Must

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NOT

FDIC

INSURED

MAY

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NO

BANK

GUARANTEE

Table

of

Contents

3

Chair’s

Letter

to

Shareholders

4

Portfolio

Managers’

Comments

5

Risk

Considerations

7

Fund

Performance,

Expense

Ratios

and

Holdings

Summaries

8

Expense

Examples

11

Report

of

Independent

Registered

Public

Accounting

Firm

12

Portfolio

of

Investments

13

Statement

of

Assets

and

Liabilities

16

Statement

of

Operations

17

Statement

of

Changes

in

Net

Assets

18

Financial

Highlights

19

Notes

to

Financial

Statements

21

Important

Tax

Information

27

Additional

Fund

Information

28

Glossary

of

Terms

Used

in

this

Report

29

Annual

Investment

Management

Agreement

Approval

Process

30

Liquidity

Risk

Management

Program

34

Trustees

and

Officers

35

4

Chair’s

Letter

to

Shareholders

Dear

Shareholders,

The

question

of

whether

economies

are

moving

toward

normalization

or

recession

has

dominated

financial

markets

in

2022.

Persistently

high

inflation

has

made

the

outcome

more

unpredictable,

as

it

has

dampened

consumer

sentiment,

pushed

central

banks

into

raising

interest

rates

more

aggressively

and

contributed

to

considerable

turbulence

in

the

markets

this

year.

Inflation

has

surged

partially

due

to

COVID

supply

chain

bottlenecks

and

exacerbated

by

Russia’s

war

in

Ukraine

and

recent

lockdowns

across

China

to

contain

a

large-scale

COVID-

19

outbreak.

This

has

necessitated

increasingly

forceful

responses

from

the

U.S.

Federal

Reserve

(Fed)

and

other

central

banks,

who

have

signaled

their

intentions

to

slow

inflation

while

tolerating

slower

economic

growth.

As

anticipated,

the

Fed

began

the

rate

hiking

cycle

in

March

2022,

raising

its

short-term

rate

by

0.25%

from

near

zero

for

the

first

time

since

the

pandemic

was

declared

two

years

ago.

Larger

increases

of

0.50%

in

May

and

0.75%

in

June,

July

and

September

2022

followed,

bringing

the

target

fed

funds

rate

to

a

range

of

3.00%

to

3.25%.

Additional

rate

hikes

are

expected

in

the

remainder

of

this

year,

although

Fed

officials

will

closely

monitor

inflation

data

along

with

other

economic

measures

and

modify

their

rate

setting

policy

based

upon

these

factors.

U.S.

gross

domestic

product

growth

has

now

contracted

for

two

consecutive

quarters,

according

to

government

estimates,

as

consumer

and

business

activity

has

slowed

in

part

due

to

higher

prices

and

borrowing

costs.

However,

the

still

strong

labor

market

suggests

not

all

areas

of

the

economy

are

weakening

in

unison.

While

markets

will

likely

continue

fluctuating

with

the

daily

headlines,

we

encourage

investors

to

keep

a

long-term

perspective.

To

learn

more

about

how

well

your

portfolio

is

aligned

to

your

time

horizon,

risk

tolerance

and

investment

goals,

consider

reviewing

it

with

your

financial

professional.

On

behalf

of

the

other

members

of

the

Nuveen

Fund

Board,

we

look

forward

to

continuing

to

earn

your

trust

in

the

months

and

years

ahead.

Terence

J.

Toth

Chair

of

the

Board

September 23,

2022

Portfolio

Managers’

Comments

5

Nuveen

Global

Net

Zero

Transition

ETF

(NTZG)

The

Fund

features

portfolio

management

by

Nuveen

Asset

Management,

LLC

(NAM),

an

affiliate

of

Nuveen

Fund

Advisors,

LLC,

the

Funds’

investment

adviser.

The

Fund’s

portfolio

managers

include

Thomas

J.

Lavia,

Jr.,

CFA,

Gregory

Mancini

and

Willis

W.

Tsai.

Here

the

Fund’s

portfolio

management

team

reviews

economic

and

market

conditions,

key

investment

strategies

and

the

Fund’s

performance

for

the

abbreviated

reporting

period

since

the

Fund’s

commencement

on

June

23,

2022

through

July

31,

2022.

For

more

information

on

the

Fund’s

investment

objectives

and

policies,

please

refer

to

the

prospectus.

What

factors

affected

the

economy

and

market

conditions

during

the

abbreviated

reporting

period

since

the

Fund’s

commencement

of

operations

on

June

23,

2022

through

July

31,

2022?

After

recovering

from

the

pandemic

in

2021,

the

U.S.

economy

weakened

in

the

first

half

of

2022.

Overall,

2021

gross

domestic

product

(GDP)

grew

by

5.7%

as

the

economy

reopened

with

the

help

of

$5.3

trillion

in

crisis-related

aid

from

the

federal

government,

low

borrowing

rates

for

businesses

and

individuals,

an

increase

in

COVID-19

vaccinations

and

improved

treatments

for

COVID-19.

However,

in

early

2022,

China’s

COVID-19

lockdown

and

the

Russia-Ukraine

war

worsened

existing

pandemic-related

supply

chain

disruptions.

Inflation

increased

more

than

expected

during

the

first

half

of

2022,

putting

pressure

on

global

central

banks

to

respond

with

more

aggressive

measures.

The

U.S.

Federal

Reserve

(Fed)

began

an

interest

rate

hiking

cycle

in

March

2022

with

a

0.25%

hike

to

the

target

federal

funds

rate,

followed

by

larger

increases

of

0.50%

in

May

2022,

0.75%

in

June

2022

and

another

0.75%

in

July

2022.

Overall,

the

Fed

raised

the

target

federal

funds

rate

from

near

zero

at

the

start

of

2022

to

a

range

of

2.25%

to

2.50%

by

July

2022.

Subsequent

to

the

end

of

the

reporting

period,

the

Fed

raised

the

policy

interest

rate

another

0.75%

in

September

2022

to

a

range

of

3.00%

to

3.25%.

Interest

rate,

stock

and

bond

price

volatility

increased

as

markets

considered

whether

the

Fed

could

cool

inflation

without

putting

the

economy

into

a

recession.

Additionally,

the

U.S.

dollar

appreciated

significantly

relative

to

major

world

currencies

beginning

in

March

of

2022,

serving

as

a

headwind

to

the

profits

of

international

companies

and

U.S.

domestic

companies

with

overseas

earnings.

The

dollar’s

appreciation

was

driven

in

part

by

the

Fed’s

increasingly

forceful

response

to

inflation

compared

with

other

central

banks,

the

relatively

better

prospects

of

the

U.S.

economy

and

“safe-haven”

flows

from

investors

uncertain

about

geopolitical

and

global

economic

conditions.

By

mid-year,

inflation

and

higher

borrowing

costs

appeared

to

be

dampening

consumer

confidence

and

consumer

spending.

Also,

two

consecutive

quarters

of

negative

U.S.

GDP

growth

added

to

recession

risks.

U.S.

GDP

fell

by

an

annual

rate

of

0.6%

in

the

second

quarter

of

2022,

according

to

the

second

estimate

from

the

U.S.

Bureau

of

Economic

Analysis.

This

followed

a

1.6%

annualized

GDP

decrease

in

the

first

quarter

of

2022.

However,

the

labor

market,

another

key

gauge

of

the

economy’s

health,

has

remained

resilient.

As

of

July

2022,

the

U.S.

unemployment

rate

fell

to

3.5%,

its

pre-pandemic

low,

and

the

economy

has

now

recovered

the

22

million

jobs

lost

since

the

beginning

of

the

pandemic.

Nuveen

Global

Net

Zero

Transition

ETF

(NTZG)

What

key

strategies

were

used

to

manage

the

Fund

during

abbreviated

reporting

period

since

the

Fund’s

commencement

on

June

23,

2022

through

July

31,

2022?

The

Fund

is

an

actively

managed

exchange-traded

fund

(ETF)

that

seeks

to

provide

capital

appreciation.

Under

normal

market

conditions,

the

Fund

invests

at

least

80%

of

the

sum

of

its

net

assets

and

the

amount

of

any

borrowings

for

investment

purposes

in

equity

securities

of

companies

that

the

sub-adviser

believes

will

have

a

positive

impact

on

the

carbon

economy

through

their

current

and/or

planned

efforts

to

reduce

global

greenhouse

gas

emissions,

which,

in

turn,

will

contribute

to

the

overall

transition

to

a

net

zero

economy.

During

the

abbreviated

reporting

period,

the

portfolio

was

fully

invested

in

a

diverse

group

of

70

to

80

high

quality

companies

from

around

the

world

that

met

the

Fund’s

net

zero

transition

criteria.

The

Fund’s

investments

were

selected

with

a

longer-term

time

horizon

to

keep

portfolio

turnover

low.

The

Fund

commenced

operations

during

a

period

of

elevated

market

volatility,

which

provided

ample

opportunity

to

invest

in

stocks

with

attractive

valuations.

The

investment

management

team

sought

fundamentally

high-quality

companies

from

a

variety

of

style

factors

and

regions.

Portfolio

Managers’

Comments

(continued)

6

How

did

the

Fund

perform

during

the

abbreviated

reporting

period

since

the

Fund’s

commencement

on

June

23,

2022

through

July

31,

2022?

For

the

abbreviated

reporting

period,

NTZG

performed

in

line

with

the

MSCI

All

Country

World

Index

(Net).

For

the

purposes

of

this

Performance

Commentary,

references

to

relative

performance

are

in

comparison

to

the

MSCI

All

Country

World

Index

(Net).

The

abbreviated

reporting

period

spans

approximately

five

weeks

and

includes

the

Fund’s

initial

invest-up

period.

These

constraints

make

the

Fund’s

underlying

performance

trends

less

meaningful

than

the

performance

over

a

longer-term

period

with

a

fully

invested

portfolio.

Nevertheless,

the

Fund

performed

in

line

with

the

benchmark

in

the

volatile

market

conditions

of

this

abbreviated

reporting

period.

Favorable

security

selection

in

the

information

technology

sector

was

the

most

significant

contributor

to

relative

performance,

led

by

a

holding

in

ON

Semiconductor,

a

U.S.-based

semiconductor

supplier.

Offsetting

the

Fund’s

outperformance

was

unfavorable

security

selection

in

the

utilities

and

health

care

sectors.

Enel

SpA.,

a

multi-

national

electricity

distributor

based

in

Italy,

was

among

the

larger

detractors

to

relative

performance

in

the

portfolio

during

the

abbreviated

reporting

period.

The

Fund

continued

to

hold

the

position

based

on

the

long-term

fundamental

view

of

the

company.

This

material

is

not

intended

to

be

a

recommendation

or

investment

advice,

does

not

constitute

a

solicitation

to

buy,

sell

or

hold

a

security

or

an

investment

strategy,

and

is

not

provided

in

a

fiduciary

capacity.

The

information

provided

does

not

take

into

account

the

specific

objectives

or

circumstances

of

any

particular

investor,

or

suggest

any

specific

course

of

action.

Investment

decisions

should

be

made

based

on

an

investor’s

objectives

and

circumstances

and

in

consultation

with

his

or

her

advisors.

Certain

statements

in

this

report

are

forward-looking

statements.

Discussions

of

specific

investments

are

for

illustration

only

and

are

not

intended

as

recommendations

of

individual

investments.

The

forward-looking

statements

and

other

views

expressed

herein

are

those

of

the

portfolio

managers

as

of

the

date

of

this

report.

Actual

future

results

or

occurrences

may

differ

significantly

from

those

anticipated

in

any

forward-looking

statements

and

the

views

expressed

herein

are

subject

to

change

at

any

time,

due

to

numerous

market

and

other

factors.

The

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.

Risk

Considerations

7

Nuveen

Global

Net

Zero

Transition

ETF

(NTZG)

Investing

involves

risk;

principal

loss

is

possible.

Because

the

Fund

will

exclude

securities

of

certain

issuers

for

non-financial

reasons

(i.e.,

companies

that

the

sub-adviser

does

not

classify

as

Net

Zero

Transition

Companies

and

companies

involved

in

certain

prohibited

activities),

the

Fund

may

forgo

some

market

opportunities

available

to

funds

that

do

not

pursue

a

net

zero

carbon

economy

investment

strategy

or

may

be

required

to

sell

a

security

when

it

might

otherwise

be

disadvantageous

to

do

so.

This

may

cause

the

Fund

to

underperform

the

stock

market

as

a

whole

or

other

funds

that

do

not

employ

such

an

investment

strategy.

In

addition,

there

is

a

risk

that

the

companies

identified

by

the

Fund’s

investment

strategy

will

not

operate

as

expected

with

respect

to

the

transition

to

a

net

zero

economy

and

the

reduction

of

global

greenhouse

gas

emissions.

Further,

in

selecting

companies

for

inclusion

in

the

Fund’s

portfolio,

the

sub-adviser

relies

on

information

and

data

related

to

carbon

intensity

and

carbon

emissions

provided

by

a

third-party

research

firm,

which

could

be

incomplete

or

erroneous,

which

in

turn

could

cause

the

sub-adviser

to

assess

a

company’s

net

zero

carbon

economy

characteristics

incorrectly.

Responsible

investing

incorporates

Environmental

Social

Governance

(ESG)

factors

that

may

affect

exposure

to

issuers,

sectors,

industries,

limiting

the

type

and

number

of

investment

opportunities

available,

which

could

result

in

excluding

investments

that

perform

well.

Prices

of

equity

securities

may

decline

significantly

over

short

or

extended

periods

of

time.

Large

companies

are

more

mature

and

may

grow

more

slowly

than

the

overall

market.

An

investment

in

common

stocks

of

issuers

with

small

or

medium

market

capitalizations

generally

involves

greater

risk

and

price

volatility

than

an

investment

in

common

stocks

of

larger,

more

established

companies.

Foreign

investments

involve

additional

risks

including

currency

fluctuations,

political

and

economic

instability,

and

lack

of

liquidity.

These

and

other

risk

considerations

are

described

in

detail

in

the

Fund’s

prospectus.

8

Fund

Performance,

Expense

Ratios

and

Holdings

Summaries

The

Fund

Performance,

Expense

Ratios

and

Holdings

Summaries

for

the

Fund

are

shown

within

this

section

of

the

report.

Fund

Performance

Performance

data

shown

represents

past

performance

and

does

not

predict

or

guarantee

future

results

.

Investment

returns

and

principal

value

will

fluctuate

so

that

when

shares

are

sold,

they

may

be

worth

more

or

less

than

their

original

cost.

Current

performance

may

be

higher

or

lower

than

the

performance

shown.

Total

returns

for

a

period

of

less

than

one

year

are

not annualized

(i.e.

cumulative

returns).

Returns

assume

reinvestment

of

dividends

and

capital

gains.

Market

price

returns

are

based

on

the

closing

market

price

as

of

the

end

of

the

reporting

period.

For

performance

current

to

the

most

recent

month-end

visit

nuveen.com

or

call

(800)

257-8787.

Returns

do

not

reflect

the

deduction

of

taxes

that

a

shareholder

would

pay

on

Fund

distributions

or

the

sale

of

Fund

shares.

Expense

Ratios

The

expense

ratios

shown

are

as

of

the

Fund’s

most

recent

prospectus.

The

expense

ratios

shown

reflect

total

operating

expenses

(before

fee

waivers

and/or

expense

reimbursements,

if

any).

The

expense

ratios

include

management

fees

and

other

fees

and

expenses.

Refer

to

the

Financial

Highlights

later

in

this

report

for

the

Fund’s

expense

ratios

as

of

the

end

of

the

reporting

period.

Holdings

Summaries

The

Holdings

Summaries

data

relates

to

the

securities

held

in

the

Fund’s

portfolio

of

investments

as

of

the

end

of

this

reporting

period.

It

should

not

be

construed

as

a

measure

of

performance

for

the

Fund

itself.

Holdings

are

subject

to

change.

Refer

to

the

Fund’s

Portfolio

of

Investments

for

individual

security

information. 

Nuveen

Global

Net

Zero

Transition

ETF

(NTZG)

(continued)

Fund

Performance,

Expense

Ratios

and

Holdings

Summaries

July

31,

2022

9

Refer

to

the

first

page

of

this

Fund

Performance,

Expense

Ratios

and

Holdings

Summaries section

for

further

expla-

nation

of the

information

included

within

this

section. 

Refer

to

the

Glossary

of

Terms

Used

in

this

Report

for

further

definition

of

terms

used

in

this

section.

Fund

Performance

and

Expense

Ratios*

*

For

purposes

of

Fund

performance,

relative

results

are

measured

against

the

MSCI

ACWI

Index

(Net).

Growth

of

an

Assumed

$10,000

Investment

as

of July

31,

2022

The

graphs

do

not

reflect

the

deduction

of

taxes

that

a

shareholder

may

pay

on

Fund

distributions

or

the

redemption

of

Fund

Shares.

Total

Returns

as

of

July

31,

2022

Cumulative

Expense

Ratios

Inception

Date

Since

Inception

NTZG

at

NAV

6/23/22

7.09%

0.55%

NTZG

at

Market

Price

6/23/22

7.61%

—

MSCI

ACWI

Index

(Net)

—

7.00%

—

10

Fund

Performance,

Expense

Ratios

and

Holdings

Summaries

July

31,

2022

(continued)

Holdings

Summaries

as

of

July

31,

2022

Fund

Allocation

(%

of

net

assets)

Common

Stocks

99.7%

Other

Assets

Less

Liabilities

0.3%

Net

Assets

100%

Portfolio

Composition

1

(%

of

net

assets)

Information

Technology

25.0%

Health

Care

12.6%

Consumer

Discretionary

10.6%

Energy

8.7%

Industrials

8.4%

Financials

8.0%

Communication

Services

7.4%

Consumer

Staples

6.9%

Utilities

6.0%

Other

6.1%

Other

Assets

Less

Liabilities

0.3%

Total

100%

Top

Five

Common

Stock

Holdings

(%

of

net

assets)

Microsoft

Corp

4.3%

Amazon.com

Inc

3.3%

Walmart

Inc

2.3%

Taiwan

Semiconductor

Manufacturing

Co

Ltd

2.2%

Schneider

Electric

SE

2.0%

Country

Allocation

2

(%

of

net

assets)

United

States

61.1%

United

Kingdom

6.5%

Taiwan

5.2%

France

5.1%

Netherlands

4.8%

Japan

3.9%

Germany

3.5%

Australia

2.4%

Finland

1.5%

India

1.5%

Other

4.2%

Other

Assets

Less

Liabilities

0.3%

Net

Assets

100%

1

See

the

Portfolio

of

Investments

for

the

remaining

industries/sectors

comprising  “Other”

and

not

listed

in

the

Portfolio

Composition

above.

2

Includes

8.3%

(as

a

percentage

of

net

assets)

in

emerging

market

countries.

Expense

Examples

11

As

a

shareholder

of

the

Fund,

you

incur

two

types

of

costs:

(1)

transaction

costs, including

brokerage

commissions

on

purchase

and

sales

of

Fund

shares,

and

(2)

ongoing

costs,

including

management

fees

and

other

applicable Fund

expenses.

The

Examples

below

are

intended

to

help

you

understand

your

ongoing

costs

(in

dollars)

of

investing

in

the

Fund

and

to

compare

these

costs

with

the

ongoing

costs

of investing

in

other

funds.

Since

the

expense

example

below

reflects

only

the

first

39

days

of

the

Fund's

operations,

it

may

not

provide

a

meaningful

understanding

of

the

Fund's

ongoing

expenses.

The

Examples

below

are

based

on

an

investment

of

$1,000

invested

at

the

beginning

of

the

period

and

held

through

the

period

ended

July

31,

2022.

The

beginning

of

the

period

is

June

23,

2022 (commencement

of

operations). 

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

the

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

following

tables

are

meant

to

highlight

your

ongoing

costs

only

and

do

not

reflect

any

transaction

costs.

Therefore,

the

hypothetical

information

is

useful

in

comparing

ongoing

costs

only,

and

will

not

help

you

determine

the

relative

total

costs

of

owning

different

funds

or

share

classes.

In

addition,

if

these

transaction

costs

were

included,

your

costs

would

have

been

higher.

Nuveen

Global

Net

Zero

Transition

ETF

(NTZG)

Actual

Performance

Beginning

Account

Value

$

1,000.00

Ending

Account

Value

$

1,070.90

Expenses

Incurred

During

the

Period

$

0.61

Hypothetical

Performance

(5%

annualized

return

before

expenses)

Beginning

Account

Value

$

1,000.00

Ending

Account

Value

$

1,004.75

Expenses

Incurred

During

the

Period

$

0.59

Expenses

are

equal

to

the

Fund’s

annualized

net

expense

ratio

of

0.55%

multiplied

by

the

average

account

value

over

the

period,

multiplied

by

39/365

(to

reflect

the

39

days

in

the

period

since

commencement

of

operations).

12

Report

of

Independent

Registered

Public

Accounting

Firm

To

the

Shareholders

and

Board

of

Trustees

Nushares

ETF

Trust:

Opinion

on

the

Financial

Statements

We

have

audited

the

accompanying

statement

of

assets

and

liabilities

of

Nuveen

Global

Net

Zero

Transition

ETF

(the

Fund),

including

the

portfolio

of

investments,

as

of

July

31,

2022,

the

related

statement

of

operations

for

the

period

from

June

23,

2022

(commencement

of

operations)

through

July

31,

2022,

the

statement

of

changes

in

net

assets

for

the

period

from

June

23,

2022

through

July

31,

2022,

and

the

related

notes

(collectively,

the

financial

statements)

and

the

financial

highlights

for

the

period

from

June

23,

2022

through

July

31,

2022.

In

our

opinion,

the

financial

statements

and

financial

highlights

present

fairly,

in

all

material

respects,

the

financial

position

of

the

Fund

as

of

July

31,

2022,

the

results

of

its

operations

for

the

period

from

June

23,

2022

through

July

31,

2022,

the

changes

in

its

net

assets

for

the

period

from

June

23,

2022

through

July

31,

2022,

and

the

financial

highlights

for

the

period

from

June

23,

2022

through

July

31,

2022,

in

conformity

with

U.S.

generally

accepted

accounting

principles.

Basis

for

Opinion

These

financial

statements

and

financial

highlights

are

the

responsibility

of

the

Fund's

management.

Our

responsibility

is

to

express

an

opinion

on

these

financial

statements

and

financial

highlights

based

on

our

audit.

We

are

a

public

accounting

firm

registered

with

the

Public

Company

Accounting

Oversight

Board

(United

States)

(PCAOB)

and

are

required

to

be

independent

with

respect

to

the

Fund

in

accordance

with

the

U.S.

federal

securities

laws

and

the

applicable

rules

and

regulations

of

the

Securities

and

Exchange

Commission

and

the

PCAOB.

We

conducted

our

audit

in

accordance

with

the

standards

of

the

PCAOB.

Those

standards

require

that

we

plan

and

perform

the

audit

to

obtain

reasonable

assurance

about

whether

the

financial

statements

and

financial

highlights

are

free

of

material

misstatement,

whether

due

to

error

or

fraud.

Our

audit

included

performing

procedures

to

assess

the

risks

of

material

misstatement

of

the

financial

statements

and

financial

highlights,

whether

due

to

error

or

fraud,

and

performing

procedures

that

respond

to

those

risks.

Such

procedures

included

examining,

on

a

test

basis,

evidence

regarding

the

amounts

and

disclosures

in

the

financial

statements

and

financial

highlights.

Such

procedures

also

included

confirmation

of

securities

owned

as

of

July

31,

2022,

by

correspondence

with

custodians

and

brokers;

when

replies

were

not

received

from

brokers,

we

performed

other

auditing

procedures.

Our

audit

also

included

evaluating

the

accounting

principles

used

and

significant

estimates

made

by

management,

as

well

as

evaluating

the

overall

presentation

of

the

financial

statements

and

financial

highlights.

We

believe

that

our

audit

provides

a

reasonable

basis

for

our

opinion.

/s/

KPMG

LLP

We

have

served

as

the

auditor

of

one

or

more

Nuveen

investment

companies

since

2014.

Chicago,

Illinois

September 28,

2022

13

Nuveen

Global

Net

Zero

Transition

ETF

(NTZG)

Portfolio

of

Investments

July

31,

2022

Shares

Description

(1)

Value

LONG-TERM

INVESTMENTS

-

99.7%  

COMMON

STOCKS

-

99.7%

Communication

Services

-

7.4%

800

Alphabet

Inc,

Class

A

(2)

$

93,056

3,688

AT&T

Inc

69,261

433

Baidu

Inc,

Sponsored

ADR

(2)

59,135

2,004

Comcast

Corp,

Class

A

75,190

1,876

Nexon

Co

Ltd

42,321

572

Walt

Disney

Co

(2)

60,689

Total

Communication

Services

399,652

Consumer

Discretionary

-

10.6%

1,320

Amazon.com

Inc

(2)

178,134

280

EssilorLuxottica

SA

43,525

148

Kering

SA

84,040

256

McDonald's

Corp

67,423

476

NIKE

Inc,

Class

B

54,702

612

Starbucks

Corp

51,885

5,636

Toyota

Motor

Corp

(2)

90,117

Total

Consumer

Discretionary

569,826

Consumer

Staples

-

6.9%

1,448

Diageo

PLC

68,404

308

J

M

Smucker

Co

40,754

476

Procter

&

Gamble

Co

66,121

772

Reckitt

Benckiser

Group

PLC

62,436

952

Walmart

Inc

125,712

Total

Consumer

Staples

363,427

Energy

-

8.7%

1,692

Baker

Hughes

Co

43,467

588

Cheniere

Energy

Inc

87,953

1,624

Neste

Oyj

82,928

272

Pioneer

Natural

Resources

Co

64,450

1,300

Reliance

Industries

Ltd,

Sponsored

GDR,

144A

(3)

82,030

3,940

Shell

PLC

104,474

Total

Energy

465,302

Financials

-

8.0%

448

Bank

of

Montreal

44,634

20,372

Barclays

PLC

38,966

236

Chubb

Ltd

44,519

965

Commonwealth

Bank

of

Australia

67,856

1,448

Fifth

Third

Bancorp

49,406

1,100

Hong

Kong

Exchanges

&

Clearing

Ltd,

ADR

50,281

3,856

ING

Groep

NV

37,316

672

MetLife

Inc

42,504

1,292

Wells

Fargo

&

Co

56,680

Total

Financials

432,162

Health

Care

-

12.6%

586

AstraZeneca

PLC

77,329

916

Centene

Corp

(2)

85,161

292

Cigna

Corp

80,405

324

Eli

Lilly

&

Co

106,820

424

Johnson

&

Johnson

73,996

700

Medtronic

PLC

64,764

Nuveen

Global

Net

Zero

Transition

ETF

(NTZG)

(continued)

Portfolio

of

Investments

July

31,

2022

14

Shares

Description

(1)

Value

Health

Care

(continued)

1,120

Merck

&

Co

Inc

$

100,061

344

Sanofi

34,097

1,088

Siemens

Healthineers

AG,

144A

55,491

Total

Health

Care

678,124

Industrials

-

8.4%

1,752

Flowserve

Corp

59,288

280

Honeywell

International

Inc

53,889

420

Quanta

Services

Inc

58,267

784

Schneider

Electric

SE

107,552

396

Trane

Technologies

PLC

58,208

236

Union

Pacific

Corp

53,643

598

Vinci

SA

56,938

Total

Industrials

447,785

Information

Technology

-

25.0%

29

Adyen

NV,

144A

(2)

51,599

112

ASML

Holding

NV

63,427

112

Broadcom

Inc

59,974

280

Capgemini

SE

52,918

14,000

E

Ink

Holdings

Inc

91,413

2,100

Infineon

Technologies

AG

56,851

88

Keyence

Corp

34,522

164

KLA

Corp

62,900

240

Mastercard

Inc,

Class

A

84,910

3,000

MediaTek

Inc

68,435

816

Microsoft

Corp

229,084

716

Murata

Manufacturing

Co

Ltd

41,503

1,516

ON

Semiconductor

Corp

(2)

101,238

1,268

Oracle

Corp

98,701

536

Salesforce

Inc

(2)

98,635

60

Samsung

SDI

Co

Ltd

26,279

1,350

Taiwan

Semiconductor

Manufacturing

Co

Ltd,

Sponsored

ADR

(2)

119,448

Total

Information

Technology

1,341,837

Materials

-

4.0%

2,254

BHP

Group

Ltd

60,837

548

Crown

Holdings

Inc

55,721

332

Linde

PLC

100,264

Total

Materials

216,822

Real

Estate

-

2.1%

1,484

American

Homes

4

Rent,

Class

A

56,214

1,704

VICI

Properties

Inc

58,260

Total

Real

Estate

114,474

Utilities

-

6.0%

1,052

Constellation

Energy

Corp

69,537

828

Dominion

Energy

Inc

67,879

9,580

Enel

SpA

47,953

668

NextEra

Energy

Inc

56,439

1,900

RWE

AG

77,842

Total

Utilities

319,650

Total

Long-Term

Investments

(cost

$4,993,372)

5,349,061

Other

Assets

Less

Liabilities

-

0.3%

14,963

Net

Assets

-

100%

$

5,364,024

15

For

Fund

portfolio

compliance

purposes,

the

Fund’s

industry

classifications

refer

to

any

one

or

more

of

the

industry

sub-classifications

used

by

one

or

more

widely

recognized

market

indexes

or

ratings

group

indexes,

and/or

as

defined

by

Fund

management.

This

definition

may

not

apply

for

purposes

of

this

report,

which

may

combine

industry

sub-classifications

into

sectors

for

reporting

ease.

(1)

All

percentages

shown

in

the

Portfolio

of

Investments

are

based

on

net

assets.

(2)

Non-income

producing;

issuer

has

not

declared

an

ex-dividend

date

within

the

past

twelve

months.

(3)

For

fair

value

measurement

disclosure

purposes,

investment

classified

as

Level

2.

144A

Investment

is

exempt

from

registration

under

Rule

144A

of

the

Securities

Act

of

1933,

as

amended.

These

investments

may

only

be

resold

in

transactions

exempt

from

registration,

which

are

normally

those

transactions

with

qualified

institutional

buyers.

ADR

American

Depositary

Receipt

GDR

Global

Depositary

Receipt

See

accompanying

notes

to

financial

statements.

Statement

of

Assets

and

Liabilities

July

31,

2022

See

accompanying

notes

to

financial

statements.

16

NTZG

Assets

Long-term

investments,

at

value

†

$

5,349,061‌

Receivable

for

dividends

3,234‌

Receivable

due

from

broker

54,396‌

Total

assets

5,406,691‌

Liabilities

Cash

overdraft

14,397‌

Payable

for

investments

purchased

-

regular

settlement

25,834‌

Accrued

expenses:

Management

fees

2,366‌

Professional

fees

10‌

Trustees

fees

7‌

Other

53‌

Total

liabilities

42,667‌

Net

assets

$

5,364,024‌

Shares

outstanding

200,000‌

Net

asset

value

("NAV")

per

share

$

26.82‌

Net

assets

consist

of:

Capital

paid-in

5,008,860‌

Total

distributable

earnings

(loss)

355,164‌

Net

assets

5,364,024‌

Authorized

shares

Unlimited

Par

value

per

share

$

0.01‌

†

Long-term

investments,

cost

$

4,993,372‌

Statement

of

Operations

For

the

period

June

23,

2022

(commencement

of

opera-

tions)

through

July

31,

2022

See

accompanying

notes

to

financial

statements.

17

NTZG

Investment

Income

Dividends

$

7,039‌

Foreign

tax

withheld

on

dividend

income

(

877‌

)

Total

investment

income

6,162‌

Expenses

Management

fees

2,899‌

Professional

fees

10‌

Trustees

fees

13‌

Other

42‌

Total

expenses

2,964‌

Net

investment

income

(loss)

3,198‌

Realized

and

Unrealized

Gain

(Loss)

Net

realized

gain

(loss)

from

investments

(

3,669‌

)

Change

in

net

unrealized

appreciation

(depreciation)

of

investments

355,635‌

Net

realized

and

unrealized

gain

(loss)

351,966‌

Net

increase

(decrease)

in

net

assets

from

operations

$

355,164‌

Statement

of

Changes

in

Net

Assets

See

accompanying

notes

to

financial

statements.

18

NTZG

For

the

period

6/23/22

(commencement

of

operations)

through

7/31/22

Operations

Net

investment

income

$

3,198‌

Net

realized

gain

(loss)

from

investments

(

3,669‌

)

Change

in

unrealized

appreciation

(depreciation)

of

investments

355,635‌

Net

increase

(decrease)

in

net

assets

from

operations

355,164‌

Fund

Share

Transactions

Proceeds

from

sale

of

shares

5,008,860‌

Net

increase

(decrease)

in

net

assets

from

Fund

share

transactions

5,008,860‌

Net

increase

(decrease)

in

net

assets

5,364,024‌

Net

assets

at

the

beginning

of

period

–‌

Net

assets

at

the

end

of

period

$

5,364,024‌

Financial

Highlights

19

The

Fund's

fiscal

year

end

is

July

31st. 

The

following

data

is

for

a

share

outstanding for

each

fiscal

year

end

unless

otherwise

noted:

Investment

Operations

Less

Distributions

Beginning

NAV

Net

Investment

Income

(NII)

(Loss)(a)

Net

Realized

/Unrealized

Gain

(Loss)

Total

From

NII

From

Accumulated

Net

Realized

Gains

Return

of

Capital

Total

Ending

NAV

Ending

Market

Price

NTZG

2022(d)

$

25.04

$

0.02

$

1.76

$

1.78

$

—

$

—

$

—

$

—

$

26.82

$

26.95

(a)

Per

share

Net

Investment

Income

(Loss)

is

calculated

using

the

average

shares

method.

(b)

Total

Return

Based

on

NAV

reflects

the

change

in

NAV

over

the

period,

including

the

assumed

reinvestment

of

distributions,

if

any,

at

NAV

on

each

ex-dividend

payment

date

during

the

period.

Total

Return

Based

on

Market

Price

reflects

the

change

in

the

market

price

per

share

over

the

period,

including

the

assumed

reinvestment

of

distributions,

if

any,

at

the

ending

market

price

per

share

on

each

ex-dividend

payment

date

during

the

period.

Total

returns

are

not

annualized.

(c)

Portfolio

Turnover

Rate

is

calculated

based

on

the

lesser

of

long-term

purchases

or

sales

(as

disclosed

in

Note

4

-

Portfolio

Securities

and

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

5

-

Fund

Shares).

(d)

For

the

period

June

23,

2022

(commencement

of

operations)

through

July

31,

2022.

(e)

Annualized.

(f)

Value

rounded

to

zero.

See

accompanying

notes

to

financial

statements.

20

Ratios/Supplemental

Data

Total

Return

Ratios

to

Average

Net

Assets

Based

on

NAV(b)

Based

on

Market

Price(b)

Ending

Net

Assets

(000)

Expenses

NII

(Loss)

Portfolio

Turnover

Rate(c)

7.09

%

7.61

%

$

5,364

0.55‌

%

(e)

0.59‌

%

(e)

0

%

(f)

Notes

to

Financial

Statements

21

1.

General

Information 

Trust

and

Fund

Information

The

Nushares

ETF

Trust

(the

“Trust”)

is

an

open-end

management

investment

company

registered

under

the

Investment

Company

Act

of

1940,

as

amended

(the

“1940

Act”).

The

Trust

is

comprised

of

Nuveen

Global

Net

Zero

Transition

ETF

(NTZG)

(the

“Fund”),

as

a

diversified

fund,

among

others.

The

Trust

was

organized

as

a

Massachusetts

business

trust

on

February

20,

2015.

Shares

of

the

Fund

are

listed

and

traded

on

the

NASDAQ

Stock

Market

LLC

(the

“Exchange“).

Current

Fiscal

Period

The

end

of

the

reporting

period

for

the

Fund

is

July

31,

2022,

and

the

period

covered

by

these

Notes

to

Financial

Statements

is

the

fiscal

period

June

23,

2022

(commencement

of

operations)

through

July

31,

2022

(the

“current

fiscal

period”).

Investment

Adviser

and

Sub-Adviser

The

Fund’s

investment

adviser

is

Nuveen

Fund

Advisors,

LLC

(the

“Adviser”),

a

subsidiary

of

Nuveen,

LLC

(“Nuveen”).

Nuveen

is

the

investment

management

arm

of

Teachers

Insurance

and

Annuity

Association

of

America

(“TIAA”).

The

Adviser

has

overall

responsibility

for

management

of

the

Fund,

oversees

the

management

of

the

Fund’s

portfolio,

manages

the

Fund’s

business

affairs

and

provides

certain

clerical,

bookkeeping

and

other

administrative

services.

The

Adviser

has

entered

into

a

sub-advisory

agreement

with

Nuveen

Asset

Management,

LLC

(the

“Sub-Adviser”),

an

affiliate

of

the

Adviser,

under

which

the

Sub-Adviser

manages

the

investment

portfolio

of

the

Fund.

Other

Matters 

The

outbreak

of

the

novel

coronavirus

(“COVID-19”)

and

subsequent

global

pandemic

began

significantly

impacting

the

U.S.

and

global

financial

markets

and

economies

during

the

calendar

quarter

ended

March

31,

2020.

The

worldwide

spread

of

COVID-19

has

created

significant

uncertainty

in

the

global

economy.

The

duration

and

extent

of

COVID-19

over

the

long-term

cannot

be

reasonably

estimated

at

this

time.

The

ultimate

impact

of

COVID-19

and

the

extent

to

which

COVID-19

impacts

the

Fund’s

normal

course

of

business,

results

of

operations,

investments,

and

cash

flows

will

depend

on

future

developments,

which

are

highly

uncertain

and

difficult

to

predict.

Management

continues

to

monitor

and

evaluate

this

situation.

2.

Significant

Accounting

Policies

The

accompanying

financial

statements

were

prepared

in

accordance

with

accounting

principles

generally

accepted

in

the

United

States

of

America

(“U.S.

GAAP”),

which

may

require

the

use

of

estimates

made

by

management

and

the

evaluation

of

subsequent

events.

Actual

results

may

differ

from

those

estimates. The

Fund

is

an

investment

company

and

follows

accounting

guidance

in

the

Financial

Accounting

Standards

Board

(“FASB”)

Accounting

Standards

Codification

946,

Financial

Services

—

Investment

Companies.

The

Net

Asset

Value

("NAV")

for

financial

reporting

purposes

may

differ

from

the

NAV

for

processing

security

and

creation

unit

transactions.

The

NAV

for

financial

reporting

purposes

includes

security

and

creation

unit

transactions

through

the

date

of

the

report.

Total

return

is

computed

based

on

the

NAV

used

for

processing

security

and creation

unit transactions.

The

following

is

a

summary

of

the

significant

accounting

policies

consistently

followed

by

the

Fund.

Compensation

The Trust

pays

no compensation

directly

to

those

of

its

trustees

or

to

its

officers,

all

of

whom

receive

remuneration

for

their

services

to the

Trust

from

the

Adviser

or

its

affiliates.

The

Fund's

Board

of Trustees

(the

"Board")

has

adopted

a

deferred

compensation

plan

for

independent

trustees

that

enables

trustees

to

elect

to

defer

receipt

of

all

or

a

portion

of

the

annual

compensation

they

are

entitled

to

receive

from

certain

Nuveen-advised

funds.

Under

the

plan,

deferred

amounts

are

treated

as

though

equal

dollar

amounts

had

been

invested

in

shares

of

select

Nuveen-advised

funds.

Distributions

to

Shareholders

Distributions

to

shareholders

are

recorded

on

the

ex-dividend

date.

The

amount,

character

and

timing

of

distributions

are

determined

in

accordance

with

federal

income

tax

regulations,

which

may

differ

from

U.S.

GAAP.

Foreign

Currency

Transactions

and

Translation

The

books

and

records

of

the

Fund

are

maintained

in

U.S.

dollars.

Assets,

including

investments,

and

liabilities

denominated

in

foreign

currencies

are

translated

into

U.S.

dollars

at

the

end

of

each

day.

Purchases

and

sales

of

securities,

income

and

expenses

are

translated

into

U.S.

dollars

at

the

prevailing

exchange

rate

on

the

respective

dates

of

the

transactions.

Net

realized

foreign

currency

gains

and

losses

resulting

from

changes

in

exchange

rates

associated

with

(i)

foreign

currency,

(ii)

investments

and

(iii)

derivatives

include

foreign

currency

gains

and

losses

between

trade

date

and

settlement

date

of

the

transactions,

foreign

currency

transactions,

and

the

difference

between

the

amounts

of

interest

and

dividends

recorded

on

the

books

of

the

Fund

and

the

amounts

actually

received

are

recognized

as

a

component

of

“Net

realized

gain

(loss)

from

investments

and

foreign

currency”

on

the

Statement

of

Operations,

when

applicable.

22

Notes

to

Financial

Statements

(continued)

The

unrealized

gains

and

losses

resulting

from

changes

in

foreign

currency

exchange

rates

and

changes

in

foreign

exchange

rates

associated

with

(i)

investments

and

(ii)

other

assets

and

liabilities

are

recognized

as

a

component

of

“Change

in

net

unrealized

appreciation

(depreciation)

of

investments

and

foreign

currency”

on

the

Statement

of

Operations,

when

applicable.

The

unrealized

gains

and

losses

resulting

from

changes

in

foreign

exchange

rates

associated

with

investments

in

derivatives

are

recognized

as

a

component

of

the

respective

derivative’s

related

“Change

in

net

unrealized

appreciation

(depreciation)”

on

the

Statement

of

Operations,

when

applicable.

As

of

the

end

of

the

reporting

period,

the

Fund's

investments

in

non-U.S.

securities

were

as

follows:

Foreign

Taxes

The

Fund

may

be

subject

to

foreign

taxes

on

income,

gains

on

investments

or

foreign

currency

repatriation,

a

portion

of

which

may

be

recoverable. 

The

Fund

will

accrue

such

taxes

and

recoveries

as

applicable,

based

upon

the

current

interpretation

of

tax

rules

and

regulations

that

exist

in

the

markets

in

which

the

Fund

invest.

Indemnifications

Under

the

Trust’s

organizational

documents,

its

officers

and

trustees

are

indemnified

against

certain

liabilities

arising

out

of

the

performance

of

their

duties

to

the

Trust.

In

addition,

in

the

normal

course

of

business,

the

Trust

enters

into

contracts

that

provide

general

indemnifications

to

other

parties.

The

Trust’s

maximum

exposure

under

these

arrangements

is

unknown

as

this

would

involve

future

claims

that

may

be

made

against

the

Trust

that

have

not

yet

occurred.

However,

the

Trust

has

not

had

prior

claims

or

losses

pursuant

to

these

contracts

and

expects

the

risk

of

loss

to

be

remote.

Investments

and

Investment

Income

Securities

transactions

are

accounted

for

as

of

the

end

of

trade

date

for

financial

reporting

purposes.

Realized

gains

and

losses

on

securities

transactions

are

based

upon

the

specific

identification

method.

Dividend

income

is

recorded

on

the

ex-dividend

date.

Foreign

dividend

income

is

recorded

on

the

ex-dividend

date

or

as

soon

as

possible

after

the

Fund

determines

the

existence

of

a

dividend

declaration.

Non-cash

dividends

received

in

the

form

of

stock,

if

any,

are

recognized

on

the

ex-dividend

date

and

recorded

at

fair

value.

Securities

lending

income

is

comprised

of

fees

earned

from

borrowers

and

income

earned

on

cash

collateral

investments.

New

Accounting

Pronouncements

and

Rule

Issuances

Reference

Rate

Reform

In

March

2020,

FASB

issued

Accounting

Standards

Update

(“ASU”)

2020-04,

Reference

Rate

Reform:

Facilitation

of

the

Effects

of

Reference

Rate

Reform

on

Financial

Reporting.

The

main

objective

of

the

new

guidance

is

to

provide

relief

to

companies

that

will

be

impacted

by

the

expected

change

in

benchmark

interest

rates,

when

participating

banks

will

no

longer

be

required

to

submit

London

Interbank

Offered

Rate

(LIBOR)

quotes

by

the

UK

Financial

Conduct

Authority

(FCA).

The

new

guidance

allows

companies

to,

provided

the

only

change

to

existing

contracts

are

a

change

to

an

approved

benchmark

interest

rate,

account

for

modifications

as

a

continuance

of

the

existing

contract

without

additional

analysis.

For

new

and

existing

contracts,

the

Fund

may

elect

to

apply

the

amendments

as

of

March

12,

2020

through

December

31,

2022.

Management

has

not

yet

elected

to

apply

the

amendments,

is

continuously

evaluating

the

potential

effect

a

discontinuation

of

LIBOR

could

have

on

the

Fund's

investments

and

has

currently

determined

that

it

is

unlikely

the

ASU’s

adoption

will

have

a

significant

impact

on

the

Fund's

financial

statements

and

various

filings.

New

Rules

to

Modernize

Fund

Valuation

Framework

Take

Effect

A

new

rule

adopted

by

the

Securities

and

Exchange

Commission

(the

"SEC")

governing

fund

valuation

practices,

Rule

2a-5

under

the

1940

Act,

has

established

requirements

for

determining

fair

value

in

good

faith

for

purposes

of

the

1940

Act.

Rule

2a-5

permits

fund

boards

to

designate

certain

parties

to

perform

fair

value

determinations,

subject

to

board

oversight

and

certain

other

conditions.

Rule

2a-5

also

defines

when

market

quotations

are

"readily

available"

for

purposes

of

Section

29(a)(41)

of

the

1940

Act,

which

requires

a

fund

to

fair

value

a

security

when

market

quotations

are

not

readily

available.

Separately,

new

SEC

Rule

31a-4

under

the

1940

Act

sets

forth

the

recordkeeping

requirements

associated

with

fair

value

determinations.

The

Fund

adopted

a

valuation

policy

conforming

to

the

new

rules,

effective

September

1,

2022,

and

there

was

no

material

impact

to

the

Fund.

NTZG

Value

%

of

Net

Assets

Country:

United

Kingdom

$

347,398

6.5

%

Taiwan

279,296

5.2

France

271,519

5.1

Netherlands

256,817

4.8

Japan

208,462

3.9

Germany

190,184

3.5

Australia

128,694

2.4

Finland

82,928

1.5

India

82,030

1.5

Other

228,282

4.2

Total

non-U.S.

Securities

$2,075,610

38.6%

23

FASB

issues

ASU

2022-03-Fair

Value

Measurement

(Topic

820),

Fair

Value

Measurement

of

Equity

Securities

to

Contractual

Sale

Restrictions

("ASU

2022-03")

In

June

2022,

the

FASB

issued

ASU

2022-03

to

clarify

the

guidance

in

Topic

820,

Fair

Value

Measurement

("Topic

820").

The

amendments

in

ASU

2022-03

affect

all

entities

that

have

investments

in

equity

securities

measured

at

fair

value

that

are

subject

to

a

contractual

sale

restriction.

ASU

2022-

03

(1)

clarifies

the

guidance

in

Topic

820,

when

measuring

the

fair

value

of

an

equity

security

subject

to

contractual

restrictions

that

prohibit

the

sale

of

equity

security,

(2)

amends

a

related

illustrative

example,

and

(3)

introduces

new

disclosure

requirements

for

equity

securities

subject

to

contractual

sale

restrictions

that

are

measured

at

fair

value

in

accordance

with

Topic

820.

For

public

business

entities,

the

amendments

in

ASU

2022-03

are

effective

for

fiscal

years

beginning

after

December

15,

2023,

and

interim

periods

within

those

fiscal

years.

For

all

other

entities,

the

amendments

are

effective

for

fiscal

years

beginning

after

December

15,

2024,

and

interim

periods

within

those

fiscal

years.

Early

adoption

is

permitted

for

both

interim

and

annual

financial

statements

that

have

not

yet

been

issued

or

made

available

for

issuance.

Management

is

currently

assessing

the

impact

of

these

provisions

on

the

Fund's

financial

statements.

3.

Investment

Valuation

and

Fair

Value

Measurements

The

Fund's

investments

in

securities

are

recorded

at

their

estimated

fair

value

utilizing

valuation

methods

approved

by

the

Board.

Fair

value

is

defined

as

the

price

that

would

be

received

upon

selling

an

investment

or

transferring

a

liability

in

an

orderly

transaction

to

an

independent

buyer

in

the

principal

or

most

advantageous

market

for

the

investment.

U.S.

GAAP

establishes

the

three-tier

hierarchy

which

is

used

to

maximize

the

use

of

observable

market

data

and

minimize

the

use

of

unobservable

inputs

and

to

establish

classification

of

fair

value

measurements

for

disclosure

purposes.

Observable

inputs

reflect

the

assumptions

market

participants

would

use

in

pricing

the

asset

or

liability.

Observable

inputs

are

based

on

market

data

obtained

from

sources

independent

of

the

reporting

entity.

Unobservable

inputs

reflect

management’s

assumptions

about

the

assumptions

market

participants

would

use

in

pricing

the

asset

or

liability.

Unobservable

inputs

are

based

on

the

best

information

available

in

the

circumstances.

The

following

is

a

summary

of

the

three-tiered

hierarchy

of

valuation

input

levels.

Level

1

–

Inputs

are

unadjusted

and

prices

are

determined

using

quoted

prices

in

active

markets

for

identical

securities.

Level

2

–

Prices

are

determined

using

other

significant

observable

inputs

(including

quoted

prices

for

similar

securities,

interest

rates,

credit

spreads,

etc.).

Level

3

–

Prices

are

determined

using

significant

unobservable

inputs

(including

management’s

assumptions

in

determining

the

fair

value

of

investments).

A

description

of

the

valuation

techniques

applied

to

the

Fund's

major

classifications

of

assets

and

liabilities

measured

at

fair

value

follows:

Equity

securities

and

exchange-traded

funds

listed

or

traded

on

a

national

market

or

exchange

are

valued

based

on

their

sale

price

at

the

official

close

of

business

of

such

market

or

exchange

on

the

valuation

date.

Foreign

equity

securities

and

registered

investment

companies

that

trade

on

a

foreign

exchange

are

valued

at

the

last

sale

price

or

official

closing

price

reported

on

the

exchange

where

traded

and

converted

to

U.S.

dollars

at

the

prevailing

rates

of

exchange

on

the

date

of

valuation.

To

the

extent

these

securities

are

actively

traded

and

that

valuation

adjustments

are

not

applied,

they

are

generally

classified

as

Level

1.

If

there

is

no

official

close

of

business,

then

the

latest

available

sale

price

is

utilized.

If

no

sales

are

reported,

then

the

mean

of

the

latest

available

bid

and

ask

prices

is

utilized

and

these

securities

are

generally

classified

as

Level

2.

Prices

of

certain

American

Depositary

Receipts

(“ADR”)

held

by

the

Fund

that

trade

in

the

United

States

are

valued

based

on

the

last

traded

price,

official

closing

price,

or

an

evaluated

price

provided

by

the

independent

pricing

service

(“pricing

service”)

and

are

generally

classified

as

Level

1

or

2.

Any

portfolio

security

or

derivative

for

which

market

quotations

are

not

readily

available

or

for

which

the

above

valuation

procedures

are

deemed

not

to

reflect

fair

value

are

valued

at

fair

value,

as

determined

in

good

faith

using

procedures

approved

by

the

Board.

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.

To

the

extent

the

inputs

are

observable

and

timely,

the

values

would

be

classified

as

Level

2

of

the

fair

value

hierarchy;

otherwise

they

would

be

classified

as

Level

3.

The

following

table

summarizes

the

market

value

of

the

Fund's

investments

as

of

the

end

of

the

reporting

period,

based

on

the

inputs

used

to

value

them:

NTZG

Level

1

Level

2

Level

3

Total

Long-Term

Investments*:

Common

Stocks

$

5,267,031

$

82,030

**

$

–

$

5,349,061

Total

$

5,267,031

$

82,030

$

–

$

5,349,061

*

Refer

to

the

Fund's

Portfolio

of

Investments

for

industry

classifications,

where

applicable.

**

Refer

to

the

Fund’s

Portfolio

of

Investments

for

securities

classified

as

Level

2.

24

Notes

to

Financial

Statements

(continued)

4.

Portfolio

Securities

and

Investments

in

Derivatives

Portfolio

Securities

Securities

Lending

The

Fund

may

lend

securities

representing

up

to

one-third

of

the

value

of

its

total

assets

to

broker-dealers,

banks,

and

other

institutions

in

order

to

generate

additional

income.

When

loaning

securities,

the

Fund

retains

the

benefits

of

owning

the

securities,

including

the

economic

equivalent

of

dividends

or

interest

generated

by

the

security.

The

loans

are

continuous,

can

be

recalled

at

any

time,

and

have

no

set

maturity.

State

Street

Bank

and

Trust

Company,

serves

as

the

securities

lending

agent

(the

“Agent”).

When

a

Fund

loans

its

portfolio

securities,

it

will

receive,

at

the

inception

of

each

loan,

cash

collateral

equal

to

an

amount

not

less

than

100%

of

the

market

value

of

the

loaned

securities.

The

actual

percentage

of

the

cash

collateral

will

vary

depending

upon

the

asset

type

of

the

loaned

securities.

Collateral

for

the

loaned

securities

is

invested

in

a

government

money

market

vehicle

maintained

by

the

Agent,

which

is

subject

to

the

requirements

of

Rule

2a-7

under

the

1940

Act.

The

value

of

the

loaned

securities

and

the

liability

to

return

the

cash

collateral

received

are

recognized

on

the

Statement

of

Assets

and

Liabilities.

If

the

market

value

of

the

loaned

securities

increases,

the

borrower

must

furnish

additional

collateral

to

the

Fund,

which

is

also

recognized

on

the

Statement

of

Assets

and

Liabilities.

Securities

out

on

loan

are

subject

to

termination

at

any

time

at

the

option

of

the

borrower

or

the

Fund.

Upon

termination,

the

borrower

is

required

to

return

to

the

Fund

securities

identical

to

the

securities

loaned.

During

the

term

of

the

loan,

the

Fund

bears

the

market

risk

with

respect

to

the

investment

of

collateral

and

the

risk

that

the

Agent

may

default

on

its

contractual

obligations

to

the

Fund.

The

Agent

bears

the

risk

that

the

borrower

may

default

on

its

obligation

to

return

the

loaned

securities

as

the

Agent

is

contractually

obligated

to

indemnify

the

Fund

if

at

the

time

of

a

default

by

a

borrower

some

or

all

of

the

loan

securities

have

not

been

returned.

Securities

lending

income

recognized

by

a

Fund

consists

of

earnings

on

invested

collateral

and

lending

fees,

net

of

any

rebates

to

the

borrower

and

compensation

to

the

Agent.

Such

income

is

recognized

on

the

Statement

of

Operations.

As

of

the

end

of

the

reporting

period,

the

Fund

did

not

have

any

securities

out

on

loan.

Investment

Transactions

Long-term

purchases

and

sales

(excluding in-kind

transactions)

during

the

current fiscal

period

were

as

follows:

In-kind

transactions

during

the

current

fiscal

period

were

as

follows:

The

Fund

may

purchase

securities

on

a

when-issued

or

delayed-delivery

basis.

Securities

purchased

on

a

when-issued

or

delayed-delivery

basis

may

have

extended

settlement

periods;

interest

income

is

not

accrued

until

settlement

date.

Any

securities

so

purchased

are

subject

to

market

fluctuation

during

this

period.

The

Fund

has

earmarked

securities

in its

portfolio

with

a

current

value

at

least

equal

to

the

amount

of

the

when-issued/delayed

delivery

purchase

commitments.

If the

Fund

has

outstanding

when-issued/delayed-delivery

purchases

commitments

as

of

the

end

of

the

reporting

period,

such

amounts

are

recognized

on

the

Statement

of

Assets

and

Liabilities.

Investments

in

Derivatives

The Fund

is

authorized

to

invest

in

certain

derivative

instruments.

The

Fund

records

derivative

instruments

at

fair

value,

with

changes

in

fair

value

recognized

on

the

Statement

of

Operations,

when

applicable.

Even

though

the

Fund's

investments

in

derivatives

may

represent

economic

hedges,

they

are

not

considered

to

be

hedge

transactions

for

financial

reporting

purposes.

Although

the

Fund is

authorized

to

invest

in

derivative

instruments,

and

may

do

so

in

the

future, it

did

not

make

any

such

investments

during

the

current

fiscal

period.

Market

and

Counterparty

Credit

Risk

In

the

normal

course

of

business

the

Fund

may

invest

in

financial

instruments

and

enter

into

financial

transactions

where

risk

of

potential

loss

exists

due

to

changes

in

the

market

(market

risk)

or

failure

of

the

other

party

to

the

transaction

to

perform

(counterparty

credit

risk).

The

potential

loss

could

exceed

the

value

of

the

financial

assets

recorded

on

the

financial

statements.

Financial

assets,

which

potentially

expose the

Fund

to

counterparty

credit

risk,

consist

principally

of

cash

due

from

counterparties

on

forward,

option

and

swap

transactions,

when

applicable.

The

extent

of

the

Fund’s

exposure

to

counterparty

credit

risk

in

respect

to

these

financial

assets

approximates

their

carrying

value

as

recorded

on

the

Statement

of

Assets

and

Liabilities.

The Fund

helps

manage

counterparty

credit

risk

by

entering

into

agreements

only

with

counterparties

the

Adviser

believes

have

the

financial

resources

to

honor

their

obligations

and

by

having

the

Adviser

monitor

the

financial

stability

of

the

counterparties.

Additionally,

counterparties

may

be

required

to

pledge

collateral

daily

(based

on

the

daily

valuation

of

the

financial

asset)

on

behalf

of the

Fund

with

a

value

approximately

Fund

Purchases

Sales

NTZG

$

516,002

$

20,808

Fund

In-Kind

Purchases

In-Kind

Sales

NTZG

$

4,502,420

$

—

25

equal

to

the

amount

of

any

unrealized

gain

above

a

pre-determined

threshold.

Reciprocally,

when the

Fund

has

an

unrealized

loss,

the

Fund

has

instructed

the

custodian

to

pledge

assets

of

the

Fund

as

collateral

with

a

value

approximately

equal

to

the

amount

of

the

unrealized

loss

above

a

pre-determined

threshold.

Collateral

pledges

are

monitored

and

subsequently

adjusted

if

and

when

the

valuations

fluctuate,

either

up

or

down,

by

at

least

the

predetermined

threshold

amount.

5.

Fund

Shares

The

Fund

issues

and

redeems

its

shares

on

a

continuous

basis

at

NAV

only

in

aggregations

of

a

specified

number

of

shares

or

multiples

thereof

(“Creation

Units”).

Only

certain

institutional

investors

(referred

to

as

“Authorized

Participants”)

who

have

entered

into

agreements

with

Nuveen

Securities,

LLC,

the

Fund’s

distributor,

may

purchase

and

redeem

Creation

Units.

Once

created,

shares

of

the

Fund

trade

on

the

Exchange

at

market

prices

and

are

only

available

to

individual

investors

through

their

brokers.

Creation

Units

are

purchased

and

redeemed

in-kind

for

a

designated

portfolio

of

securities

included

in

the

Fund’s

Index

and/or

a

specified

amount

of

cash.

Authorized

Participants

are

charged

fixed

transaction

fees

in

connection

with

purchasing

and

redeeming

Creation

Units.

Authorized

Participants

transacting

in

Creation

Units

for

cash

may

also

pay

an

additional

variable

charge

to

compensate

the

Fund

for

certain

transaction

costs

(i.e.,

taxes

on

currency

or

other

financial

transactions,

and

brokerage

costs)

and

market

impact

expenses

it

incurs

in

purchasing

or

selling

portfolio

securities.

Such

variable

charges,

if

any,

are

included

in

“Proceeds

from

shares

sold”

on

the

Statements

of

Changes

in

Net

Assets.

Transactions

in

Fund

shares

during

the

current period

were

as

follows:

6.

Income

Tax

Information

The

Fund

intends

to

distribute

substantially

all

of

its

net

investment

income

and

net

capital

gains

to

shareholders

and

otherwise

comply

with

the

requirements

of

Subchapter

M

of

the

Internal

Revenue

Code

applicable

to

regulated

investment

companies.

Therefore,

no

federal

income

tax

provision

is

required.

The

Fund

files

income

tax

returns

in

U.S.

federal

and

applicable

state

and

local

jurisdictions.

A

Fund's

federal

income

tax

returns

are

generally

subject

to

examination

for

a

period

of

three

fiscal

years

after

being

filed.

State

and

local

tax

returns

may

be

subject

to

examination

for

an

additional

period

of

time

depending

on

the

jurisdiction.

Management

has

analyzed the

Fund's

tax

positions

taken

for

all

open

tax

years

and

has

concluded

that

no

provision

for

income

tax

is

required

in

the

Fund's

financial

statements.

Differences

between

amounts

for

financial

statement

and

federal

income

tax

purposes

are

primarily

due

to

timing

differences

in

recognizing

gains

and

losses

on

investment

transactions.

Temporary

differences

do

not

require

reclassification.

As

of

year

end,

permanent

differences

that

resulted

in

reclassifications

among

the

components

of

net

assets

relate

primarily

to

foreign

currency

transactions.

Temporary

and

permanent

differences

have

no

impact

on

a

Fund's

net

assets.

As

of

year

end,

the

aggregate

cost

and

the

net

unrealized

appreciation/(depreciation)

of

all

investments

for

federal

income

tax

purposes

was

as

follows:

For

purposes

of

this

disclosure,

tax

cost

generally

includes

the

cost

of

portfolio

investments

as

well

as

up-front

fees

or

premiums

exchanged

on

derivatives

and

any

amounts

unrealized

for

income

statement

reporting

but

realized

income

and/or

capital

gains

for

tax

reporting,

if

applicable.

As

of

year

end,

the

components

of

accumulated

earnings

on

a

tax

basis

were

as

follows:

NTZG

For

the

period

6/23/22

(commencement

of

operations)

through

7/31/22

Shares

Amount

Shares

sold

200,000

$5,008,860

Shares

redeemed

–

–

Net

increase

(decrease)

200,000

$5,008,860

Fund

Tax

Cost

Gross

Unrealized

Appreciation

Gross

Unrealized

(Depreciation)

Net

Unrealized

Appreciation

(Depreciation)

NTZG

$

4,993,372

$

397,827

$

(42,138)

$

355,689

26

Notes

to

Financial

Statements

(continued)

The

tax

character

of

distributions

paid

were

as

follows:

As

of

year

end,

the

Fund

had

capital

loss

carryforwards,

which

will

not

expire:

7.

Management

Fees

and

Other

Transactions

with

Affiliates

Management

Fees

The

annual

management

fee,

payable

monthly,

is

0.55%

of

the

average

daily

net

assets

of

the

Fund.

The

Fund’s

management

fee

compensates

the

Adviser

for

its

investment

advisory

services

to

the

Fund.

The

Sub-Adviser

is

compensated

for

its

services

to

the

Fund

from

the

management

fees

paid

to

the

Adviser.

The

Adviser

is

responsible

for

substantially

all

other

expenses

of

the

Fund,

except

any

future

distribution

and/or

service

fees,

interest

expenses,

taxes,

acquired

fund

fees

and

expenses,

fees

incurred

in

acquiring

and

disposing

of

portfolio

securities,

fees

and

expenses

of

the

independent

trustees

(including

any

trustees’

counsel

fees),

certain

compensation

expenses

of

the

Fund’s

chief

compliance

officer,

litigation

expenses

and

extraordinary

expenses.

Other

Transactions

with

Affiliates 

The

Fund

is

permitted

to

purchase

or

sell

securities

from

or

to

certain

other

funds

or

accounts

managed

by

the

Sub-Adviser

(“Affiliated

Entity”)

under

specified

conditions

outlined

in

procedures

adopted

by

the

Board

(“cross-trade”).

These

procedures

have

been

designed

to

ensure

that

any

cross-trade

of

securities

by

the

Fund

from

or

to

an

Affiliated

Entity

by

virtue

of

having

a

common

investment

adviser

(or

affiliated

investment

adviser),

common

officer

and/or

common

trustee

complies

with

Rule

17a-7

under

the

1940

Act.

These

transactions

are

effected

at

the

current

market

price

(as

provided

by

an

independent

pricing

service)

without

incurring

broker

commissions.

During

the

current

fiscal

period,

the

Fund

did

not

engage

in

cross-trades

pursuant

to

these

procedures.

As

of

the

end

of

the

reporting

period,

the

percentage

of

Fund

shares

owned

by

TIAA

are

as

follows: 

Fund

Undistributed

Ordinary

Income

Undistributed

Long-Term

Capital

Gains

Unrealized

Appreciation

(Depreciation)

Capital

Loss

Carryforwards

Late-Year

Loss

Deferrals

Other

Book-to-Tax

Differences

Total

NTZG

$

3,771

$

—

$

355,635

$

(4,242)

$

—

$

—

$

355,164

7/31/22

Fund

Ordinary

Income

Long-Term

Capital

Gains

NTZG

$

—

$

—

Fund

Short-Term

Long-Term

Total

NTZG

$

4,242

$

—

$

4,242

Fund

TIAA

Owned

Shares

NTZG

97

%

27

Important

Tax

Information

(Unaudited)

As

required

by

the

Internal

Revenue

Code

and

Treasury

Regulations,

certain

tax

information,

as

detailed

below,

must

be

provided

to

shareholders.

Shareholders

are

advised

to

consult

their

tax

advisor

with

respect

to

the

tax

implications

of

their

investment.

The

amounts

listed

below

may

differ

from

the

actual

amounts

reported

on

Form

1099-DIV,

which

will

be

sent

to

shareholders

shortly

after

calendar

year

end.

Long-Term

Capital

Gains

As

of

year

end, the

Fund

designates

the

following

distribution

amounts,

or

maximum

amount

allowable,

as

being

from

net

long-term

capital

gains

pursuant

to

Section

852(b)(3)

of

the

Internal

Revenue

Code:

Fund

Net

Long-Term

Capital

Gains

NTZG

$

—

28

Additional

Fund

Information

(Unaudited)

The

tables

below

show

the

number

and

percentage

of

days

during

the

current

fiscal

period

that

each

Fund’s

market

price

was

greater

than

its

NAV

per

share

(i.e.,

at

premium)

and

less

than

its

NAV

per

share

(i.e.,

at

a

discount).

The

market

price

is

determined

using

the

midpoint

between

the

highest

bid

and

the

lowest

offer

on

the

applicable

Fund’s

listing

exchange,

as

of

the

time

that

the

Fund’s

NAV

is

calculated

(normally

4:00

p.m.

Eastern

Time).

Investment

Adviser

Nuveen

Fund

Advisors,

LLC

333

West

Wacker

Drive

Chicago,

IL

60606

Sub-Adviser

Nuveen

Asset

Management,

LLC

333

West

Wacker

Drive

Chicago,

IL

60606

Independent

Registered

Public

Accounting

Firm

KPMG

LLP

200

East

Randolph

Street

Chicago,

IL

60601

Administrator,

Custodian

and

Transfer

Agent

Brown

Brothers

Harriman

50

Post

Office

Square

Boston,

MA

02110

Legal

Counsel

Chapman

and

Cutler

LLP

Chicago,

IL

60603

Morgan

Lewis

&

Bockius

LLP

111

Pennsylvania

Avenue,

NW

Washington,

D.C.

20004

June

23,

2022

(commencement

of

operations)

through

July

31,

2022

Number

of

Days

%

of

Total

Days

Premium/Discount

Range:

0.51%

to

1.00%

4

16.0%

0.26%

to

0.50%

11

44.0%

0.00%

to

0.25%

9

36.0%

(0.01)%

to

(0.25)%

1

4.0%

25

100%

Portfolio

of

Investments

Information

Each

Fund

is

required

to

file

its

complete

schedule

of

portfolio

holdings

with

the

Securities

and

Exchange

Commission

(SEC)

for

the

first

and

third

quarters

of

each

fiscal

year

as

an

exhibit

to

its

report

on

Form

N-PORT.

You

may

obtain

this

information

on

the

SEC’s

website

at

http://www.sec.gov.

Nuveen

Funds’

Proxy

Voting

Information

You

may

obtain

(i)

information

regarding

how

each

fund

voted

proxies

relating

to

portfolio

securities

held

during

the

most

recent

twelve-month

period

ended

June

30,

without

charge,

upon

request,

by

calling

Nuveen

toll-free

at

(800)

257-8787

or

on

Nuveen’s

website

at

www.nuveen.com

and

(ii)

a

description

of

the

policies

and

procedures

that

each

fund

used

to

determine

how

to

vote

proxies

relating

to

portfolio

securities

without

charge,

upon

request,

by

calling

Nuveen

toll-free

at

(800)

257-8787.

You

may

also

obtain

this

information

directly

from

the

SEC.

Visit

the

SEC

on-line

at

http://www.sec.gov.

FINRA

BrokerCheck:

The

Financial

Industry

Regulatory

Authority

(FINRA)

provides

information

regarding

the

disciplinary

history

of

FINRA

member

firms

and

associated

investment

professionals.

This

information

as

well

as

an

investor

brochure

describing

FINRA

BrokerCheck

is

available

to

the

public

by

calling

the

FINRA

BrokerCheck

Hotline

number

at

(800)

289-9999

or

by

visiting

www.FINRA.org.

Glossary

of

Terms

Used

in

this

Report

(Unaudited)

29

Average

Annual

Total

Return:

This

is

a

commonly

used

method

to

express

an

investment’s

performance

over

a

particular,

usually

multi-year

time

period.

It

expresses

the

return

that

would

have

been

necessary

each

year

to

equal

the

investment’s

actual

cumulative

performance

(including

change

in

NAV

or

offer

price

and

reinvested

dividends

and

capital

gains

distributions,

if

any)

over

the

time

period

being

considered.

Gross

Domestic

Product

(GDP):

The

total

market

value

of

all

final

goods

and

services

produced

in

a

country/region

in

a

given

year,

equal

to

total

consumer,

investment

and

government

spending,

plus

the

value

of

exports,

minus

the

value

of

imports.

MSCI

ACWI

Index

(Net)

:

An

index

designed

to

measure

the

performance

of

large

and

mid-cap

stocks

across

23

developed

and

24

emerging

markets.

Index

returns

assume

reinvestment

of

distributions,

but

do

not

reflect

any

applicable

sales

charges

or

management

fees.

Net

Assets

Value

(NAV)

Per

Share:

A

fund’s

Net

Assets

is

equal

to

its

total

assets

(securities,

cash

and

accrued

earnings)

less

its

total

liabilities.

NAV

per

share

is

equal

to

the

fund’s

Net

Assets

divided

by

its

number

of

shares

outstanding.

30

Annual

Investment

Management

Agreement

Approval

Process

(Unaudited)

At

a

meeting

held

on

May

23-25,

2022

(the

“Meeting”),

the

Board

of

Trustees

(the

“Board”

and

each

Trustee,

a

“Board

Member”)

of

Nushares

ETF

Trust

(the

“Trust”),

which

is

comprised

entirely

of

Board

Members

who

are

not

“interested

persons”

(as

defined

under

the

Investment

Company

Act

of

1940

(the

“1940

Act”))

(the

“Independent

Board

Members”),

considered

and

approved

the

investment

management

agreement

(the

“Investment

Management

Agreement”)

pursuant

to

which

Nuveen

Fund

Advisors,

LLC

(the

“Adviser”)

serves

as

investment

adviser

to

Nuveen

Global

Net

Zero

Transition

ETF

(the

“Fund”),

a

series

of

the

Trust,

and

the

investment

sub-advisory

agreement

(the

“Sub-Advisory

Agreement”)

pursuant

to

which

Nuveen

Asset

Management,

LLC

(the

“Sub-Adviser”)

serves

as

investment

sub-adviser

to

the

Fund.

The

Adviser

and

the

Sub-Adviser

are

each

hereafter

a

“Fund

Adviser.”

The

Investment

Management

Agreement

and

the

Sub-Advisory

Agreement

are

each

hereafter

an

“Advisory

Agreement”

and

collectively,

the

“Advisory

Agreements.”

As

the

Board

is

comprised

of

all

Independent

Board

Members,

the

references

to

the

Board

and

the

Independent

Board

Members

are

interchangeable.

To

assist

the

Board

in

its

evaluation

of

an

Advisory

Agreement

with

a

Fund

Adviser

at

the

Meeting,

the

Independent

Board

Members

had

received,

in

adequate

time

in

advance

of

the

Meeting

and/or

at

other

meetings,

materials

which

outlined,

among

other

things:

the

nature,

extent

and

quality

of

the

services

expected

to

be

provided

by

the

Fund

Adviser;

the

organization

of

the

Fund

Adviser,

including

the

responsibilities

of

various

departments

and

key

personnel;

the

expertise

and

background

of

the

Fund

Adviser;

certain

performance-related

information

(as

described

below);

certain

profitability-related

information

(as

described

below);

the

Fund’s

proposed

unitary

fee

structure,

including

comparisons

of

the

Fund’s

proposed

unitary

fee

with

the

net

expense

ratios

of

comparable

funds;

and

the

soft

dollar

practices

of

the

Fund

Adviser,

if

any.

At

the

Meeting

and/or

at

other

meetings,

the

Adviser

made

presentations

to

and

responded

to

questions

from

the

Board.

During

the

Meeting

and/

or

at

other

meetings,

the

Independent

Board

Members

also

met

privately

with

their

legal

counsel

to,

among

other

things,

review

the

Board’s

duties

under

the

1940

Act,

the

general

principles

of

state

law

in

reviewing

and

approving

advisory

contracts,

the

standards

used

by

courts

in

determining

whether

investment

company

boards

of

directors

have

fulfilled

their

duties,

factors

to

be

considered

in

voting

on

advisory

contracts

and

an

adviser’s

fiduciary

duty

with

respect

to

advisory

agreements

and

compensation.

It

is

with

this

background

that

the

Independent

Board

Members

considered

the

Advisory

Agreements.

As

outlined

in

more

detail

below,

the

Independent

Board

Members

considered

various

factors

they

believed

relevant

with

respect

to

the

Fund.

Each

Board

Member

may

have

accorded

different

weight

to

the

various

factors

and

information

discussed

below

in

reaching

his

or

her

conclusions

with

respect

to

the

Fund’s

Advisory

Agreements.

The

Board

Members

also

drew

on

information

they

had

received

in

their

capacity

as

trustees

and

directors,

as

applicable,

of

other

registered

investment

companies

advised

by

the

Fund

Advisers.

A.

Nature,

Extent

and

Quality

of

Services

The

Independent

Board

Members

considered

the

nature,

extent

and

quality

of

the

respective

Fund

Adviser’s

services,

including

portfolio

management

services

and

administrative

services.

Given

that

the

Adviser

and

the

Sub-Adviser

already

serve

as

adviser

and

sub-adviser,

respectively,

to

other

Nuveen

funds

overseen

by

the

Board

Members,

the

Board

has

a

good

understanding

of

each

such

Fund

Adviser’s

organization,

operations,

personnel

and

services.

As

the

Independent

Board

Members

meet

regularly

throughout

the

year

to

oversee

the

Nuveen

funds,

including

funds

currently

advised

by

the

Fund

Advisers,

the

Independent

Board

Members,

have,

in

part,

relied

upon

their

knowledge

from

their

meetings

and

any

other

interactions

throughout

the

year

with

the

respective

Fund

Adviser

in

evaluating

the

Advisory

Agreements.

Open-end

exchange-traded

funds

(“ETFs”)

were

added

to

the

Nuveen

fund

product

line

in

2016.

The

Independent

Board

Members

considered

information

about

the

structure,

investment

objective,

investment

strategy

and

other

characteristics

of

the

Fund

and

noted

that

in

contrast

to

certain

other

ETFs

in

the

Nuveen

fund

product

line,

which

seek

to

track

the

investment

results

of

a

specified

underlying

index

(sometimes

referred

to

as

“passively

managed

ETFs”),

the

Fund

would

be

actively

managed.

The

Board

has

recognized

that

the

Nuveen

funds

operate

in

a

highly

regulated

industry

and,

therefore,

the

Adviser

has

provided

a

wide

array

of

management,

oversight

and

administrative

services

to

manage

and

operate

the

funds,

and

the

scope

and

complexity

of

these

services

have

expanded

over

time

as

a

result

of,

among

other

things,

regulatory,

market

and

other

developments.

The

Board

accordingly

has

considered

the

Adviser’s

dedication

of

extensive

resources,

time,

people

and

capital

employed

to

support

and

manage

the

Nuveen

funds

as

well

as

the

Adviser’s

continued

program

of

developing

improvements

and

innovations

for

the

benefit

of

the

funds

and

shareholders

and

to

meet

the

ever

increasing

regulatory

requirements

applicable

to

the

funds.

In

this

regard,

the

Board

has

received

and

reviewed

information

regarding,

among

other

things,

the

Adviser’s

investment

oversight

responsibilities,

regulatory

and

compliance

services,

administrative

duties

and

other

services.

The

Board

has

considered

the

Adviser’s

investment

oversight

team’s

extensive

services

in

overseeing

the

various

sub-advisers

to

the

Nuveen

funds;

evaluating

fund

performance;

and

preparing

reports

to

the

Board

addressing,

among

other

things,

fund

performance,

market

conditions,

investment

team

matters,

product

developments

and

management

proposals.

The

Board

has

further

recognized

the

range

of

services

the

various

teams

of

the

Adviser

provide

including,

but

not

limited

to,

overseeing

operational

and

risk

management;

managing

liquidity;

overseeing

the

daily

valuation

process

and

managing

distributions.

31

The

Board

has

further

recognized

that

the

Adviser’s

compliance

and

regulatory

functions

are

integral

to

the

investment

management

of

the

Nuveen

funds.

The

Board

has

recognized

that

such

services

have

included,

but

are

not

limited

to,

managing

compliance

policies;

monitoring

compliance

with

applicable

policies,

law

and

regulations;

devising

internal

compliance

programs

and

a

framework

to

review

and

assess

compliance

programs;

overseeing

sub-adviser

compliance

testing;

preparing

compliance

training

materials;

and

responding

to

regulatory

requests.

The

Board

has

further

considered

information

regarding

the

Adviser’s

business

continuity

and

disaster

recovery

plans

as

well

as

information

regarding

its

information

security

program,

including

presentations

of

such

program

provided

at

a

site

visit

in

2022,

to

help

identify

and

manage

information

security

risks.

In

addition

to

the

above

functions,

the

Board

has

considered

that

the

Adviser

also

provides,

among

other

things,

fund

administration

services

(such

as

preparing

fund

tax

returns

and

other

tax

compliance

services;

preparing

regulatory

filings;

interacting

with

the

Nuveen

funds’

independent

public

accountants

and

overseeing

other

service

providers;

and

managing

fund

budgets

and

expenses);

product

management

services

(such

as

evaluating

and

enhancing

products

and

strategies);

legal

services

(such

as

helping

to

prepare

and

file

registration

statements

and

proxy

statements;

overseeing

fund

activities

and

providing

legal

interpretations

regarding

such

activities;

maintaining

regulatory

registrations

and

negotiating

agreements

with

other

fund

service

providers;

and

monitoring

changes

in

regulatory

requirements

and

commenting

on

rule

proposals

impacting

investment

companies);

and

oversight

of

shareholder

services

and

transfer

agency

functions

(such

as

overseeing

transfer

agent

service

providers

which

include

registered

shareholder

customer

service

and

transaction

processing;

overseeing

proxy

solicitation

and

tabulation

services;

and

overseeing

the

production

and

distribution

of

financial

reports

by

service

providers).

The

Independent

Board

Members

noted

that

the

Adviser

would

oversee

the

Sub-Adviser,

which

was

generally

expected

to

provide

portfolio

advisory

services

to

the

Fund.

In

addition,

the

Independent

Board

Members

recognized

the

experience

and

expertise

of

the

investment

team

expected

to

manage

the

Fund.

Based

on

their

review,

the

Independent

Board

Members

found

that,

overall,

the

nature,

extent

and

quality

of

services

expected

to

be

provided

to

the

Fund

under

each

Advisory

Agreement

were

satisfactory.

B.

Investment

Performance

The

Fund

was

new

and,

therefore,

did

not

have

its

own

performance

history.

The

Independent

Board

Members,

however,

were

familiar

with

the

performance

records

of

other

Nuveen

funds

advised

by

the

Adviser

and

sub-advised

by

the

Sub-Adviser.

In

addition,

the

Independent

Board

Members

reviewed

certain

historical

performance-related

data

pertaining

to

various

ETFs

that,

based

on

information

provided

by

the

Adviser,

had

investment

strategies

that

were

comparable

in

certain

respects

to

those

anticipated

for

the

Fund.

C.

Fees,

Expenses

and

Profitability

1.

Fees

and

Expenses

In

evaluating

the

management

fees

and

expenses

that

the

Fund

was

expected

to

bear,

the

Independent

Board

Members

considered,

among

other

things,

the

Fund’s

proposed

unitary

fee

structure

and

its

proposed

net

expense

ratio

in

absolute

terms

as

well

as

compared

with

the

net

expense

ratios

of

comparable

ETFs.

In

considering

the

Fund’s

proposed

unitary

fee

structure,

the

Independent

Board

Members

noted

that

under

this

structure

the

Fund

would

pay

a

fee

to

the

Adviser

and,

in

turn,

the

Adviser

would

be

generally

responsible

for

the

operating

expenses

incurred

by

the

Fund,

subject

to

certain

exceptions.

In

this

regard,

the

Independent

Board

Members

were

provided

with

estimates

of

the

Fund’s

anticipated

operating

expenses

as

well

as

a

description

of

the

expenses

excluded

from

the

unitary

fee.

In

considering

the

proposed

unitary

fee

structure,

the

Independent

Board

Members

recognized

that

the

Adviser

would

generally

bear

the

risk

that

certain

of

the

Fund’s

operating

expenses

would

increase

(but

would

also

benefit

if

such

expenses

decrease)

and

the

degree

of

expense

stability

that

would

be

afforded

to

the

Fund’s

shareholders.

In

their

review,

the

Independent

Board

Members

reviewed,

among

other

things,

the

Fund’s

proposed

unitary

fee

compared

to

expense

data

relating

to

a

group

of

ETFs

that

the

Adviser

considered

comparable

to

the

Fund

in

certain

respects

(the

“Comparable

ETFs”).

Because

the

Fund

will

pay

a

unitary

fee,

the

Board

determined

that

expense

ratios

were

the

most

relevant

comparative

data

point.

Based

on

information

provided

by

the

Adviser,

the

Independent

Board

Members

recognized

that

the

Comparable

ETFs

included

both

actively

managed

and

passively

managed

ETFs.

In

addition

to

reviewing,

among

other

things,

expense

ratio

data

pertaining

to

the

Comparable

ETFs

as

a

group

(including

the

mean,

median

and

range

of

expense

ratios),

the

Independent

Board

Members

separately

considered

such

data

for

actively

managed

ETFs

comprising

the

Comparable

ETFs.

Further,

the

Independent

Board

Members

considered

the

proposed

sub-advisory

fee

for

the

Fund,

which

will

be

paid

by

the

Adviser

out

of

its

unitary

fee.

Based

on

their

review

of

the

fee

and

expense

information

provided,

the

Independent

Board

Members

determined

that

the

Fund’s

management

fees

(as

applicable)

to

a

Fund

Adviser

were

reasonable

in

light

of

the

nature,

extent

and

quality

of

services

expected

to

be

provided

to

the

Fund.

2.

Comparisons

with

the

Fees

of

Other

Clients

The

Board

considered

that

the

Fund

will

pay

a

unitary

fee,

which

will

differ

from

most

other

investment

companies

advised

by

the

Adviser

which

pay

a

variety

of

fees,

such

as

the

investment

advisory

fee;

Rule

12b-1

fees,

if

any;

transfer

agency

fees;

custody

fees;

and

other

expenses.

The

Board

believed

the

unitary

fee

structure

provides

certain

benefits

to

shareholders

including

providing

a

level

of

cost

certainty

by

shifting

to

the

Adviser

the

risk

that

some

of

the

costs

of

operating

the

Fund

may

rise

and

providing

an

incentive

to

the

Adviser

to

maximize

administrative

efficiencies.

32

Annual

Investment

Management

Agreement

Approval

Process

(Unaudited)

(continued)

The

Board

has

noted

at

the

Meeting

and/or

at

other

meetings

that

the

Fund

Advisers

provide

services

to

other

types

of

clients.

In

this

regard,

the

Board

has

considered

information

regarding

the

fee

rates

the

respective

Fund

Advisers

charge

to

certain

other

types

of

clients

and

the

type

of

services

provided

to

these

other

clients.

With

respect

to

the

Adviser

and/or

the

Sub-Adviser,

such

other

clients

may

include:

retail

and

institutional

managed

accounts

advised

by

the

Sub-Adviser;

hedge

funds

or

other

structured

products

managed

by

the

Sub-

Adviser;

investment

companies

offered

outside

the

Nuveen

family

and

sub-advised

by

the

Sub-Adviser;

foreign

investment

companies

offered

by

Nuveen

and

sub-advised

by

the

Sub-Adviser;

and

collective

investment

trusts

sub-advised

by

the

Sub-Adviser.

The

Board

has

also

noted

that

the

Adviser

advises

and

the

Sub-Adviser

sub-advises

certain

other

ETFs

sponsored

by

Nuveen.

The

Board

recognized

that

the

Sub-Adviser

was

an

affiliated

sub-adviser

and,

with

respect

to

affiliated

sub-advisers,

has

reviewed,

among

other

things,

the

range

of

fees

assessed

for

managed

accounts,

hedge

funds

(along

with

their

performance

fee),

foreign

investment

companies

and

ETFs

offered

by

Nuveen,

as

applicable.

The

Board

also

has

reviewed

the

fee

range

and

average

fee

rate

of

certain

selected

investment

strategies

offered

in

retail

and

institutional

managed

accounts

advised

by

the

Sub-Adviser,

the

hedge

funds

advised

by

the

Sub-

Adviser

(along

with

their

performance

fee)

and

non-Nuveen

investment

companies

sub-advised

by

certain

affiliated

sub-advisers.

In

considering

the

fee

data

of

other

clients,

the

Board

has

recognized,

among

other

things,

that

differences

in

the

amount,

type

and

level

of

services

provided

to

the

Nuveen

funds

relative

to

other

types

of

clients

as

well

as

any

differences

in

portfolio

investment

policies,

the

types

of

assets

managed

and

related

complexities

in

managing

such

assets,

the

entrepreneurial

and

other

risks

associated

with

a

particular

strategy,

investor

profiles,

account

sizes

and

regulatory

requirements,

will

contribute

to

the

variations

in

the

fee

schedules.

The

Board

has

recognized

the

breadth

of

services

the

Adviser

provides

to

the

Nuveen

funds

compared

to

these

other

types

of

clients

as

the

funds

operate

in

a

highly

regulated

industry

with

increasing

regulatory

requirements

as

well

as

the

increased

entrepreneurial,

legal

and

regulatory

risks

that

the

Adviser

incurs

in

sponsoring

and

managing

the

funds.

Similarly,

with

respect

to

foreign

funds,

the

Board

has

recognized

that

the

differences

in

the

client

base,

governing

bodies,

distribution

jurisdiction

and

operational

complexities

would

also

contribute

to

variations

in

management

fees

of

the

Nuveen

funds

compared

to

those

of

the

foreign

funds.

Further,

with

respect

to

ETFs,

the

Board

has

considered

that

certain

Nuveen

ETFs

are

passively

managed

compared

to

the

active

management

of

other

Nuveen

funds

(such

as

the

Fund),

which

has

also

contributed

to

the

differences

in

fee

levels

between

the

passively

managed

Nuveen

ETFs

and

the

actively

managed

funds.

In

general,

higher

fee

levels

reflect

higher

levels

of

service

provided

by

the

Adviser,

increased

investment

management

complexity,

greater

product

management

requirements,

and

higher

levels

of

business

risk

or

some

combination

of

these

factors.

The

Board

has

further

considered

that

the

Sub-Adviser’s

fee

is

essentially

for

portfolio

management

services

and

therefore

more

comparable

to

the

fees

it

receives

for

retail

wrap

accounts

and

other

external

sub-advisory

mandates.

The

Board

has

recognized

that

the

varying

levels

of

fees

are

justified

given,

among

other

things,

the

inherent

differences

in

the

products

and

the

level

of

services

provided

to

the

Nuveen

funds

versus

other

clients,

the

differing

expense

obligations,

the

differing

regulatory

requirements

and

legal

liabilities

and

the

entrepreneurial,

legal

and

regulatory

risks

incurred

in

sponsoring

and

advising

a

registered

investment

company.

3.

Profitability

of

Fund

Advisers

At

the

time

of

the

Meeting,

the

Fund

had

not

commenced

operations

and

it

was

not

possible

to

predict

the

effect

on

profitability

of

the

Fund.

The

Independent

Board

Members,

however,

considered

the

Fund’s

estimated

operating

expenses

and

recognized

that

pursuant

to

the

unitary

fee,

the

Adviser

would

generally

be

responsible

for

paying

the

Fund’s

operating

expenses,

subject

to

certain

exceptions.

In

conjunction

with

their

review

of

fees,

at

the

Meeting

and/or

at

other

meetings,

the

Independent

Board

Members

also

have

considered

profitability

and

other

financial

data

for

Nuveen,

including

information

regarding

Nuveen’s

level

of

profitability

for

its

advisory

services

to

the

Nuveen

funds

for

the

calendar

years

2021

and

2020.

The

Board

has

reviewed,

among

other

things,

the

net

margins

(pre-tax)

for

Nuveen

Investments,

Inc.

(“Nuveen

Investments”),

the

gross

and

net

revenue

margins

(pre-

and

post-tax

and

excluding

distribution)

and

the

revenues,

expenses

and

net

income

(pre-

and

post-tax

and

before

distribution

expenses)

of

Nuveen

Investments

from

the

Nuveen

funds

only;

and

comparative

profitability

data

comparing

the

operating

margins

of

Nuveen

Investments

compared

to

the

adjusted

operating

margins

of

certain

peers

that

had

publicly

available

data

and

with

the

most

comparable

assets

under

management

(based

on

asset

size

and

asset

composition)

for

each

of

the

last

two

calendar

years.

The

Board

has

also

reviewed

the

revenues,

expenses

and

operating

margin

(pre-

and

post-tax)

the

Adviser

derived

from

its

ETF

product

line

for

the

2021

and

2020

calendar

years.

In

reviewing

the

profitability

data,

the

Independent

Board

Members

have

recognized

the

subjective

nature

of

calculating

profitability

as

the

information

is

not

audited

and

is

dependent

on

cost

allocation

methodologies

to

allocate

corporate-wide

overhead/shared

service

expenses,

TIAA

(defined

below)

corporate-wide

overhead

expenses

and

partially

fund

related

expenses

to

the

Nuveen

complex

and

its

affiliates

and

to

further

allocate

such

expenses

between

the

Nuveen

fund

and

non-fund

businesses.

The

Independent

Board

Members

have

reviewed

a

description

of

the

cost

allocation

methodologies

employed

to

develop

the

financial

information,

a

summary

of

the

history

of

changes

to

the

methodology

over

the

years

from

2010

to

2021,

and

the

net

revenue

margins

derived

from

the

Nuveen

funds

(pre-tax

and

including

and

excluding

distribution)

and

total

company

margins

from

Nuveen

Investments

compared

to

the

firm-wide

adjusted

operating

margins

of

the

peers

for

each

calendar

year

from

2012

to

2021.

The

Board

had

also

appointed

four

Independent

Board

Members

to

serve

as

the

Board’s

liaisons,

with

the

assistance

of

independent

counsel,

to

review

the

development

of

the

profitability

data

and

to

report

to

the

full

Board.

In

its

evaluation,

the

Board,

however,

has

recognized

that

other

reasonable

and

valid

allocation

methodologies

could

be

employed

and

could

lead

to

significantly

different

results.

The

Independent

Board

Members

have

also

reviewed

a

summary

of

the

key

drivers

that

affected

Nuveen’s

revenues

and

expenses

impacting

profitability

in

2021

versus

2020.

33

In

reviewing

the

comparative

peer

data

noted

above,

the

Board

has

considered

that

the

operating

margins

of

Nuveen

Investments

compared

favorably

to

the

peer

group

range

of

operating

margins;

however,

the

Independent

Board

Members

have

also

recognized

the

limitations

of

the

comparative

data

given

that

peer

data

is

not

generally

public

and

the

calculation

of

profitability

is

subjective

and

affected

by

numerous

factors

(such

as

types

of

funds

a

peer

manages,

its

business

mix,

its

cost

of

capital,

the

numerous

assumptions

underlying

the

methodology

used

to

allocate

expenses

and

other

factors)

that

can

have

a

significant

impact

on

the

results.

Aside

from

Nuveen’s

profitability,

the

Board

has

recognized

that

the

Adviser

is

a

subsidiary

of

Nuveen,

LLC,

the

investment

management

arm

of

Teachers

Insurance

and

Annuity

Association

of

America

(“TIAA”).

Accordingly,

the

Board

has

also

reviewed

a

balance

sheet

for

TIAA

reflecting

its

assets,

liabilities

and

capital

and

contingency

reserves

for

the

2021

and

2020

calendar

years

to

consider

the

financial

strength

of

TIAA.

The

Board

has

recognized

the

benefit

of

an

investment

adviser

and

its

parent

with

significant

resources,

particularly

during

periods

of

market

volatility.

The

Board

has

also

noted

the

reinvestments

Nuveen,

its

parent

and/or

other

affiliates

made

into

its

business

through,

among

other

things,

the

investment

of

seed

capital

in

certain

Nuveen

funds

and

continued

investments

in

enhancements

to

technological

capabilities.

In

addition

to

Nuveen,

the

Independent

Board

Members

have

considered

the

profitability

of

the

Sub-Adviser

from

its

relationships

with

the

Nuveen

funds.

In

this

regard,

the

Independent

Board

Members

have

reviewed,

among

other

things,

the

Sub-Adviser’s

revenues,

expenses

and

net

revenue

margins

(pre-

and

post-tax)

for

its

advisory

activities

to

the

respective

funds

for

the

calendar

years

ended

December

31,

2021

and

December

31,

2020.

The

Independent

Board

Members

have

also

reviewed

a

profitability

analysis

reflecting

the

revenues,

expenses

and

revenue

margin

(pre-

and

post-tax)

by

asset

type

for

the

Sub-Adviser

for

the

calendar

years

ending

December

31,

2021

and

December

31,

2020

and

the

pre-

and

post-tax

revenue

margins

from

2021

and

2020.

In

evaluating

the

reasonableness

of

the

compensation,

the

Independent

Board

Members

also

considered

any

other

ancillary

benefits

derived

by

the

respective

Fund

Adviser

from

its

relationship

with

the

Nuveen

funds

as

discussed

in

further

detail

below.

Based

on

a

consideration

of

all

the

information

provided,

the

Board

has

noted

that

Nuveen’s

and

the

Sub-Adviser’s

level

of

profitability

was

acceptable

and

not

unreasonable

in

light

of

the

services

to

be

provided.

D.

Economies

of

Scale

and

Whether

Fee

Levels

Reflect

These

Economies

of

Scale

With

respect

to

economies

of

scale,

the

Independent

Board

Members

have

recognized

that,

in

general,

as

the

assets

of

a

particular

Nuveen

fund

or

the

Nuveen

complex

in

the

aggregate

increase

over

time,

economies

of

scale

may

be

realized

with

respect

to

the

management

of

the

Nuveen

funds.

In

this

regard,

the

Independent

Board

Members

considered

whether

economies

of

scale

were

expected

to

be

achieved

as

the

Fund

grows

and

whether

any

such

economies

of

scale

were

expected

to

be

shared

with

shareholders.

The

Board

has

recognized

that

although

economies

of

scale

are

difficult

to

measure

and

certain

expenses

may

not

decline

with

a

rise

in

assets,

there

are

several

methods

to

help

share

the

benefits

of

economies

of

scale,

including

breakpoints

in

the

management

fee

schedule,

fee

waivers

and/or

expense

limitations,

the

pricing

of

Nuveen

funds

at

scale

at

inception

and

investments

in

Nuveen’s

business

which

can

enhance

the

services

provided

to

the

Nuveen

funds

for

the

fees

paid.

The

Board

noted

that

with

respect

to

Nuveen

funds

generally,

although

the

management

fee

of

the

Adviser

is

typically

comprised

of

a

fund-level

component

and

a

complex-level

component

each

with

its

own

breakpoint

schedule,

the

Nuveen

ETFs,

including

the

Fund,

do

not

have

breakpoint

schedules

and

do

not

participate

in

the

complex-level

fee

program.

The

Fund

also

does

not

have

an

expense

limitation

agreement

with

the

Adviser

given

the

Adviser

generally

pays

the

operating

expenses

of

the

Fund

(subject

to

certain

exceptions)

under

the

unitary

fee

structure

and

therefore

incurs

the

risk

of

increases

in

such

Fund

operating

expenses.

The

Board,

however,

also

recognized

that

the

Adviser

would

benefit

from

any

reduction

in

fixed

costs

covered

by

the

unitary

fee

but

that

the

unitary

fee

schedule

also

provides

shareholders

with

a

level

of

certainty

of

the

expenses

of

the

Fund.

The

Independent

Board

Members

further

considered

the

Adviser’s

representation

that

the

Fund

was

being

priced

using

an

at-scale

approach.

Based

on

their

review,

the

Independent

Board

Members

concluded

that

the

Fund’s

proposed

unitary

fee

structure

(which

would

not

include

breakpoints

or

participation

in

the

complex-level

fee

program)

was

acceptable.

E.

Indirect

Benefits

At

the

Meeting

and/or

other

meetings,

the

Independent

Board

Members

have

received

and

considered

information

regarding

other

benefits

that

a

Fund

Adviser

or

its

affiliates

may

receive

as

a

result

of

their

relationship

with

the

Nuveen

funds.

In

addition,

the

Independent

Board

Members

have

also

noted

that

various

sub-advisers

(including

the

Sub-Adviser)

may

engage

in

soft

dollar

transactions

pursuant

to

which

they

may

receive

the

benefit

of

research

products

and

other

services

provided

by

broker-dealers

executing

portfolio

transactions

on

behalf

of

the

applicable

Nuveen

funds.

The

Board

has

noted,

however,

that

the

Sub-Adviser

reimburses

the

equity

funds

that

it

sub-advises

(subject

to

certain

exceptions)

for

the

research-related

component

of

soft

dollar

commissions.

In

addition,

the

Board

has

noted

that

any

benefits

for

a

sub-adviser

when

transacting

in

fixed-income

securities

may

be

more

limited

as

such

securities

generally

trade

on

a

principal

basis

and

therefore

do

not

generate

brokerage

commissions.

Based

on

its

review,

the

Board

concluded

that

any

indirect

benefits

expected

to

be

received

by

a

Fund

Adviser

as

a

result

of

its

relationship

with

the

Fund

were

reasonable

and

within

acceptable

parameters.

F.

Approval

The

Independent

Board

Members

did

not

identify

any

single

factor

discussed

previously

as

all-important

or

controlling.

The

Board

Members,

including

a

majority

of

the

Independent

Board

Members,

concluded

that

the

terms

of

the

Investment

Management

Agreement

and

Sub-Advisory

Agreement

were

reasonable,

that

the

respective

Fund

Adviser’s

fees

were

reasonable

in

light

of

the

services

to

be

provided

to

the

Fund

and

that

the

Investment

Management

Agreement

and

Sub-Advisory

Agreement

should

be

and

were

approved

on

behalf

of

the

Fund.

34

Liquidity

Risk

Management

Program

(Unaudited)

Discussion

of

the

operation

and

effectiveness

of

the

Funds’

liquidity

risk

management

program

In

compliance

with

Rule

22e-4

under

the

Investment

Company

Act

of

1940,

as

amended

(the

“Liquidity

Rule”),

each

Fund

covered

in

this

Report

(the

“Funds”)

has

adopted

and

implemented

a

liquidity

risk

management

program

(the

“Program”),

which

is

designed

to

manage

the

Fund’s

liquidity

risk.

The

Program

consists

of

various

protocols

for

assessing

and

managing

each

Fund’s

liquidity

risk.

The

Funds’

Board

of

Trustees

previously

designated

Nuveen

Fund

Advisors,

LLC,

the

Funds’

investment

adviser,

as

the

Administrator

of

the

Program.

The

adviser’s

Liquidity

Monitoring

and

Analysis

Team

(“LMAT”)

carries

out

day-to-day

Program

management

with

oversight

by

the

adviser’s

Liquidity

Oversight

Sub-Committee

(the

LOSC”).

The

LOSC

is

composed

of

personnel

from

the

adviser

and

Teachers

Advisors,

LLC,

an

affiliate

of

the

adviser.

At

a

May

23-25,

2022

meeting

of

the

Board,

the

Administrator

provided

the

Board

with

a

written

report

addressing

the

Program’s

operation,

adequacy

and

effectiveness

of

implementation

for

calendar

year

2021

(the

“Review

Period”),

as

required

under

the

Liquidity

Rule.

The

report

noted

that

the

Program

has

been

and

continues

to

be

adequately

and

effectively

implemented

to

monitor

and

(as

applicable)

respond

to

each

Fund’s

liquidity

developments.

In

accordance

with

the

Program,

the

LMAT

assesses

each

Fund’s

liquidity

risk

no

less

frequently

than

annually

based

on

various

factors,

such

as

(1)

the

Fund’s

investment

strategy

and

the

liquidity

of

portfolio

investments,

(ii)

cash

flow

projections,

and

(ii)

holdings

of

cash

and

cash

equivalents,

borrowing

arrangements,

and

other

funding

sources.

Certain

factors

are

considered

under

both

normal

and

reasonably

foreseeable

stressed

conditions.

Each

Fund

portfolio

investment

is

classified

into

one

of

four

liquidity

categories

(including

the

most

liquid,

“Highly

Liquid”,

and

the

least

liquid,

“Illiquid”,

discussed

below),

The

classification

is

based

on

a

determination

of

how

long

it

is

reasonably

expected

to

take

to

convert

the

investment

into

cash,

or

sell

or

dispose

of

the

investment,

in

current

market

conditions

without

significantly

changing

the

market

value

of

the

investment

Liquidity

classification

determinations

take

into

account

various

market,

trading,

and

investment-specific

considerations,

as

well

as

market

depth,

and

use

third-

party

vendor

data.

Any

Fund

that

does

not

primarily

hold

highly

liquid

investments

must,

among

other

things,

determine

a

minimum

percentage

of

Fund

assets

that

must

be

invested

in

highly

liquid

investments

(a

“Highly

Liquid

Investment

Minimum”).

During

the

Review

Period,

each

Fund

primarily

held

Highly

Liquid

investments

and

therefore

was

exempt

from

the

requirement

to

adopt

a

Highly

Liquid

Investment

Minimum

and

to

comply

with

the

related

requirements

under

the

Liquidity

Rule.

The

Liquidity

Rule

also

limits

a

Fund’s

investments

in

Illiquid

investments.

Specifically,

the

Liquidity

Rule

prohibits

a

Fund

from

acquiring

Illiquid

investments

if

doing

so

would

result

in

the

Fund

holding

more

than

15%

of

its

net

assets

in

illiquid

investments,

and

requires

certain

reporting

to

the

Fund

Board

and

the

Securities

and

Exchange

Commission

any

time

a

Fund’s

holdings

of

Illiquid

investments

exceeds

15%

of

net

assets.

During

the

Review

Period,

no

Fund

exceeded

the

15%

limit

on

Illiquid

investments.

35

Trustees

and

Officers

(Unaudited)

The

management

of

the

Funds,

including

general

supervision

of

the

duties

performed

for

the

Funds

by

the

Adviser,

is

the

responsibility

of

the

Board

of Trustees

of

the

Funds.

The

number

of

Trustees of

the

Funds

is

currently

set

at

ten.

None

of

the Trustees

who

are

not

“interested”

persons

of

the

Funds

(referred

to

herein

as

“Independent

Trustees”)

has

ever

been

a Trustee

or

employee

of,

or

consultant

to,

Nuveen

or

its

affiliates.

The

names

and

business

addresses

of

the Trustees

and

officers

of

the

Funds,

their

principal

occupations

and

other

affiliations

during

the

past

five

years,

the

number

of

portfolios

each

oversees

and

other

directorships

they

hold

are

set

forth

below.

The

Funds’

Statement

of

Additional

Information

(“SAI”)

includes

more

information

about

the

Trustees.

To

request

a

free

copy,

call

Nuveen

Investments

at

(800)

257-8787

or

visit

the

Funds’

website

at

www.nuveen.com.

Name,

Year

of

Birth

&

Address

Position(s)

Held

with

the

Funds

Year

First

Elected

or

Appointed

(1)

Principal

Occupation(s)

Including

other

Directorships

During

Past

5

Years

Number

of

Portfolios

in

Fund

Complex

Overseen

By

Trustee

Independent

Trustees:

Terence

J.

Toth

1959

333

W.

Wacker

Drive

Chicago,

IL

60606

Chair

and

Trustee

2008

Formerly,

a

Co-Founding

Partner,

Promus

Capital

(investment

advisory

firm)

(2008-2017);

formerly,

Director,

Quality

Control

Corporation

(manufacturing)

(2012-2021);

Chair

of

the

Board

of

the

Kehrein

Center

for

the

Arts

(philanthropy)

(since

2021);

member:

Catalyst

Schools

of

Chicago

Board

(since

2008)

and

Mather

Foundation

Board

(philanthropy)

(since

2012),

and

chair

of

its

investment

committee;

formerly,

Member,

Chicago

Fellowship

Board

(philanthropy)

2005-2016);

formerly,

Director,

Fulcrum

IT

Services

LLC

(information

technology

services

firm

to

government

entities)

(2010-2019);

formerly,

Director,

LogicMark

LLC

(health

services)

(2012-2016);

formerly,

Director,

Legal

&

General

Investment

Management

America,

Inc.

(asset

management)

(2008-

2013);

formerly,

CEO

and

President,

Northern

Trust

Global

Investments

(financial

services)

(2004-2007);

Executive

Vice

President,

Quantitative

Management

&

Securities

Lending

(2000-2004);

prior

thereto,

various

positions

with

Northern

Trust

Company

(financial

services)

(since

1994);

formerly,

Member,

Northern

Trust

Mutual

Funds

Board

(2005-2007),

Northern

Trust

Global

Investments

Board

(2004-2007),

Northern

Trust

Japan

Board

(2004-2007),

Northern

Trust

Securities

Inc.

Board

(2003-2007)

and

Northern

Trust

Hong

Kong

Board

(1997-2004).

140

Jack

B.

Evans

1948

333

W.

Wacker

Drive

Chicago,

IL

60606

Trustee

1999

Chairman

(since

2019),

formerly,

President

(1996-2019),

The

Hall-Perrine

Foundation,

(private

philanthropic

corporation);

Life

Trustee

of

Coe

College;

formerly,

Member

and

President

Pro-Tem

of

the

Board

of

Regents

for

the

State

of

Iowa

University

System

(2007-

2013);

Director

and

Chairman

(2009-2021),

United

Fire

Group,

a

publicly

held

company;

Director,

Public

Member,

American

Board

of

Orthopaedic

Surgery

(2015-2020);

Director

(2000-2004),

Alliant

Energy;

Director

(1996-2015),

The

Gazette

Company

(media

and

publishing);

Director

(1997-

2003),

Federal

Reserve

Bank

of

Chicago;

President

and

Chief

Operating

Officer

(1972-1995),

SCI

Financial

Group,

Inc.,

(regional

financial

services

firm).

140

William

C.

Hunter

1948

333

W.

Wacker

Drive

Chicago,

IL

60606

Trustee

2003

Dean

Emeritus,

formerly,

Dean,

Tippie

College

of

Business,

University

of

Iowa

(2006-2012);

Director

of

Wellmark,

Inc.

(since

2009);

past

Director

(2005-2015),

and

past

President

(2010-

2014)

Beta

Gamma

Sigma,

Inc.,

The

International

Business

Honor

Society;

formerly,

Director

(2004-2018)

of

Xerox

Corporation;

formerly,

Dean

and

Distinguished

Professor

of

Finance,

School

of

Business

at

the

University

of

Connecticut

(2003-2006);

previously,

Senior

Vice

President

and

Director

of

Research

at

the

Federal

Reserve

Bank

of

Chicago

(1995-2003);

formerly,

Director

(1997-2007),

Credit

Research

Center

at

Georgetown

University.

140

36

Trustees

and

Officers

(Unaudited)

(continued)

Name,

Year

of

Birth

&

Address

Position(s)

Held

with

the

Funds

Year

First

Elected

or

Appointed

(1)

Principal

Occupation(s)

Including

other

Directorships

During

Past

5

Years

Number

of

Portfolios

in

Fund

Complex

Overseen

By

Trustee

Amy

B.

R.

Lancellotta

1959

333

W.

Wacker

Drive

Chicago,

IL

60606

Trustee

2021

Formerly,

Managing

Director,

Independent

Directors

Council

(IDC)

(supports

the

fund

independent

director

community

and

is

part

of

the

Investment

Company

Institute

(ICI),

which

represents

regulated

investment

companies)

(2006-2019);

formerly,

various

positions

with

ICI

(1989-2006);

Member

of

the

Board

of

Directors,

Jewish

Coalition

Against

Domestic

Abuse

(JCADA)

(since

2020).

140

Joanne

T.

Medero

1954

333

W.

Wacker

Drive

Chicago,

IL

60606

Trustee

2021

Formerly,

Managing

Director,

Government

Relations

and

Public

Policy

(2009-2020)

and

Senior

Advisor

to

the

Vice

Chairman

(2018-2020),

BlackRock,

Inc.

(global

investment

management

firm);

formerly,

Managing

Director,

Global

Head

of

Government

Relations

and

Public

Policy,

Barclays

Group

(IBIM)

(investment

banking,

investment

management

and

wealth

management

businesses)(2006-2009);

formerly,

Managing

Director,

Global

General

Counsel

and

Corporate

Secretary,

Barclays

Global

Investors

(global

investment

management

firm)

(1996-2006);

formerly,

Partner,

Orrick,

Herrington

&

Sutcliffe

LLP

(law

firm)

(1993-1995);

formerly,

General

Counsel,

Commodity

Futures

Trading

Commission

(government

agency

overseeing

U.S.

derivatives

markets)

(1989-1993);

formerly,

Deputy

Associate

Director/Associate

Director

for

Legal

and

Financial

Affairs,

Office

of

Presidential

Personnel,

The

White

House

(1986-1989);

Member

of

the

Board

of

Directors,

Baltic-American

Freedom

Foundation

(seeks

to

provide

opportunities

for

citizens

of

the

Baltic

states

to

gain

education

and

professional

development

through

exchanges

in

the

U.S.)

(since

2019).

140

Albin

F.

Moschner

1952

333

W.

Wacker

Drive

Chicago,

IL

60606

Trustee

2016

Founder

and

Chief

Executive

Officer,

Northcroft

Partners,

LLC,

(management

consulting)

(since

2012);

formerly,

Chairman

(2019),

and

Director

(2012-2019),

USA

Technologies,

Inc.,

(provider

of

solutions

and

services

to

facilitate

electronic

payment

transactions);

formerly,

Director,

Wintrust

Financial

Corporation

(1996-2016);

previously,

held

positions

at

Leap

Wireless

International,

Inc.

(consumer

wireless

services),

including

Consultant

(2011-2012),

Chief

Operating

Officer

(2008-2011),

and

Chief

Marketing

Officer

(2004-2008);

formerly,

President,

Verizon

Card

Services

division

of

Verizon

Communications,

Inc.

(2000-2003);

formerly,

President,

One

Point

Services

at

One

Point

Communications

(telecommunication

services)

(1999-2000);

formerly,

Vice

Chairman

of

the

Board,

Diba,

Incorporated

(internet

technology

provider)

(1996-1997);

formerly,

various

executive

positions

(1991-1996)

including

Chief

Executive

Officer

(1995-1996)

of

Zenith

Electronics

Corporation

(consumer

electronics).

140

John

K.

Nelson

1962

333

W.

Wacker

Drive

Chicago,

IL

60606

Trustee

2013

Member

of

Board

of

Directors

of

Core12

LLC.

(private

firm

which

develops

branding,

marketing

and

communications

strategies

for

clients)

(since

2008);

served

The

President’s

Council

of

Fordham

University

(2010-2019)

and

previously

a

Director

of

the

Curran

Center

for

Catholic

American

Studies

(2009-2018);

formerly,

senior

external

advisor

to

the

Financial

Services

practice

of

Deloitte

Consulting

LLP.

(2012-2014);

former

Chair

of

the

Board

of

Trustees

of

Marian

University

(2010-2014

as

trustee,

2011-2014

as

Chair);

formerly

Chief

Executive

Officer

of

ABN

AMRO

Bank

N.V.,

North

America,

and

Global

Head

of

the

Financial

Markets

Division

(2007-2008),

with

various

executive

leadership

roles

in

ABN

AMRO

Bank

N.V.

between

1996

and

2007.

140

37

Name,

Year

of

Birth

&

Address

Position(s)

Held

with

the

Funds

Year

First

Elected

or

Appointed

(1)

Principal

Occupation(s)

Including

other

Directorships

During

Past

5

Years

Number

of

Portfolios

in

Fund

Complex

Overseen

By

Trustee

Judith

M.

Stockdale

1947

333

W.

Wacker

Drive

Chicago,

IL

60606

Trustee

1997

Board

Member,

Land

Trust

Alliance

(national

public

charity

addressing

natural

land

and

water

conservation

in

the

U.S.)

(since

2013);

formerly,

Board

Member,

U.S.

Endowment

for

Forestry

and

Communities

(national

endowment

addressing

forest

health,

sustainable

forest

production

and

markets,

and

economic

health

of

forest-reliant

communities

in

the

U.S.)

(2013-2019);

formerly,

Executive

Director

(1994-2012),

Gaylord

and

Dorothy

Donnelley

Foundation

(private

foundation

endowed

to

support

both

natural

land

conservation

and

artistic

vitality);

prior

thereto,

Executive

Director,

Great

Lakes

Protection

Fund

(endowment

created

jointly

by

seven

of

the

eight

Great

Lakes

states’

Governors

to

take

a

regional

approach

to

improving

the

health

of

the

Great

Lakes)

(1990-1994).

140

Carole

E.

Stone

1947

333

W.

Wacker

Drive

Chicago,

IL

60606

Trustee

2007

Former

Director,

Chicago

Board

Options

Exchange

(2006-2017),

and

C2

Options

Exchange,

Incorporated

(2009-2017);

formerly,

Director,

Cboe

Global

Markets,

Inc.,

(2010-2020)

(formerly

named

CBOE

Holdings,

Inc.);

formerly,

Commissioner,

New

York

State

Commission

on

Public

Authority

Reform

(2005-2010).

140

Matthew

Thornton

III

1958

333

W.

Wacker

Drive

Chicago,

IL

60606

Trustee

2020

Formerly,

Executive

Vice

President

and

Chief

Operating

Officer

(2018-2019),

FedEx

Freight

Corporation,

a

subsidiary

of

FedEx

Corporation

(FedEx)

(provider

of

transportation,

e-commerce

and

business

services

through

its

portfolio

of

companies);

formerly,

Senior

Vice

President,

U.S.

Operations

(2006-2018),

Federal

Express

Corporation,

a

subsidiary

of

FedEx;

formerly

Member

of

the

Board

of

Directors

(2012-2018),

Safe

Kids

Worldwide®

(a

non-profit

organization

dedicated

to

preventing

childhood

injuries).

Member

of

the

Board

of

Directors

(since

2014),

The

Sherwin-Williams

Company

(develops,

manufactures,

distributes

and

sells

paints,

coatings

and

related

products);

Director

(since

2020),

Crown

Castle

International

(provider

of

communications

infrastructure).

140

Margaret

L.

Wolff

1955

333

W.

Wacker

Drive

Chicago,

IL

60606

Trustee

2016

Formerly,

member

of

the

Board

of

Directors

(2013-2017)

of

Travelers

Insurance

Company

of

Canada

and

The

Dominion

of

Canada

General

Insurance

Company

(each,

a

part

of

Travelers

Canada,

the

Canadian

operation

of

The

Travelers

Companies,

Inc.);

formerly,

Of

Counsel,

Skadden,

Arps,

Slate,

Meagher

&

Flom

LLP

(Mergers

&

Acquisitions

Group)

(legal

services)

(2005-2014);

Member

of

the

Board

of

Trustees

of

New

York-Presbyterian

Hospital

(since

2005);

Member

(since

2004),

formerly,

Chair

(2015-2022)

of

the

Board

of

Trustees

of

The

John

A.

Hartford

Foundation

(a

philanthropy

dedicated

to

improving

the

care

of

older

adults);

formerly,

Member

(2005-2015)

and

Vice

Chair

(2011-2015)

of

the

Board

of

Trustees

of

Mt.

Holyoke

College.

140

Robert

L.

Young

1963

333

W.

Wacker

Drive

Chicago,

IL

60606

Trustee

2017

Formerly,

Chief

Operating

Officer

and

Director,

J.P.

Morgan

Investment

Management

Inc.

(financial

services)

(2010-2016);

formerly,

President

and

Principal

Executive

Officer

(2013-2016),

and

Senior

Vice

President

and

Chief

Operating

Officer

(2005-2010),

of

J.P.

Morgan

Funds;

formerly,

Director

and

various

officer

positions

for

J.P.

Morgan

Investment

Management

Inc.

(formerly,

JPMorgan

Funds

Management,

Inc.

and

formerly,

One

Group

Administrative

Services)

and

JPMorgan

Distribution

Services,

Inc.

(financial

services)

(formerly,

One

Group

Dealer

Services,

Inc.)

(1999-2017).

140

38

Trustees

and

Officers

(Unaudited)

(continued)

Name,

Year

of

Birth

&

Address

Position(s)

Held

with

the

Funds

Year

First

Elected

or

Appointed

(2)

Principal

Occupation(s)

Including

other

Directorships

During

Past

5

Years

Officers

of

the

Funds:

Jordan

M.

Farris

1980

333

W.

Wacker

Drive

Chicago,

IL

60606

Chief

Administrative

Officer

2019

Managing

Director

(since

2017),

formerly

Vice

President

(2016-2017),

Head

of

Product

Management

and

Development,

ETFs,

Nuveen

Securities,

LLC;

Director,

Guggenheim

Funds

Distributors

(2013-2016).

Brett

E.

Black

1972

333

West

Wacker

Drive

Chicago,

IL

60606

Vice

President

and

Chief

Compliance

Officer

2022

Enterprise

Senior

Compliance

Officer

of

Nuveen

(since

2022);

formerly,

Vice

President

(2014-2022),

Chief

Compliance

Officer

(2017-2022),

Deputy

Chief

Compliance

Officer

(2014-2017)

and

Senior

Compliance

Officer

(2012-2014)

of

BMO

Funds,

Inc.;

formerly

Senior

Compliance

Officer

of

BMO

Asset

Management

Corp.

(2012-2014).

Mark

J.

Czarniecki

1979

901

Marquette

Avenue

Minneapolis,

MN

55402

Vice

President

and

Secretary

2013

Vice

President

and

Assistant

Secretary

of

Nuveen

Securities,

LLC

(since

2016);

Managing

Director

(since

2022),

formerly,

Vice

President

(2017-2022)

and

Assistant

Secretary

(since

2017)

of

Nuveen

Fund

Advisors,

LLC;

Managing

Director

and

Associate

General

Counsel

(since

January

2022),

formerly,

Vice

President

and

Associate

General

Counsel

of

Nuveen

(2013-2021);

Managing

Director

(since

2022),

formerly,

Vice

President

(2018-2022),

Assistant

Secretary

and

Associate

General

Counsel

(since

2018)

of

Nuveen

Asset

Management,

LLC.

Diana

R.

Gonzalez

1978

8500

Andrew

Carnegie

Blvd.

Charlotte,

NC

28262

Vice

President

and

Assistant

Secretary

2017

Vice

President

and

Assistant

Secretary

of

Nuveen

Fund

Advisors,

LLC

(since

2017);

Vice

President,

Associate

General

Counsel

and

Assistant

Secretary

of

Nuveen

Asset

Management,

LLC

(since

2022);

Vice

President

and

Associate

General

Counsel

of

Nuveen

(since

2017);

Associate

General

Counsel

of

Jackson

National

Asset

Management,

LLC

(2012-2017).

Nathaniel

T.

Jones

1979

333

W.

Wacker

Drive

Chicago,

IL

60606

Vice

President

and

Treasurer

2016

Senior

Managing

Director

(since

2021),

formerly,

Managing

Director

(2017-2021),

Senior

Vice

President

(2016-2017),

formerly,

Vice

President

(2011-

2016)

of

Nuveen;

Managing

Director

(since

2015)

of

Nuveen

Fund

Advisors,

LLC;

Chartered

Financial

Analyst.

Tina

M.

Lazar

1961

333

W.

Wacker

Drive

Chicago,

IL

60606

Vice

President

2002

Managing

Director

(since

2017),

formerly,

Senior

Vice

President

(2014-2017)

of

Nuveen

Securities,

LLC.

Brian

J.

Lockhart

1974

333

W.

Wacker

Drive

Chicago,

IL

60606

Vice

President

2019

Managing

Director

(since

2019)

of

Nuveen

Fund

Advisors,

LLC;

Senior

Managing

Director

(since

2021),

formerly,

Managing

Director

(2017-2021),

Vice

President

(2010-2017)

of

Nuveen;

Head

of

Investment

Oversight

(since

2017),

formerly,

Team

Leader

of

Manager

Oversight

(2015-2017);

Chartered

Financial

Analyst

and

Certified

Financial

Risk

Manager.

John

M.

McCann

1975

8500

Andrew

Carnegie

Blvd.

Charlotte,

NC

28262

Vice

President

and

Assistant

Secretary

2022

Managing

Director

and

Assistant

Secretary

of

Nuveen

Fund

Advisors,

LLC

(since

2021);

Managing

Director,

Associate

General

Counsel

and

Assistant

Secretary

of

Nuveen

Asset

Management,

LLC

(since

2021);

Managing

Director

of

TIAA

SMA

Strategies

LLC

(since

2021);

Managing

Director

(since

2019,

formerly,

Vice

President

and

Director),

Associate

General

Counsel

and

Assistant

Secretary

of

College

Retirement

Equities

Fund,

TIAA

Separate

Account

VA-1,

TIAA-CREF

Funds

and

TIAA-CREF

Life

Funds;

Managing

Director

(since

2018),

formerly,

Vice

President

and

Director,

Associate

General

Counsel

and

Assistant

Secretary

of

Teachers

Insurance

and

Annuity

Association

of

America,

Teacher

Advisors

LLC

and

TIAA-CREF

Investment

Management,

LLC;

Vice

President

(since

2017),

Associate

General

Counsel

and

Assistant

Secretary

(since

2011)

of

Nuveen

Alternative

Advisors

LLC;

General

Counsel

and

Assistant

Secretary

of

Covariance

Capital

Management,

Inc.

(2014-2017).

39

Name,

Year

of

Birth

&

Address

Position(s)

Held

with

the

Funds

Year

First

Elected

or

Appointed

(2)

Principal

Occupation(s)

Including

other

Directorships

During

Past

5

Years

Kevin

J.

McCarthy

1966

333

W.

Wacker

Drive

Chicago,

IL

60606

Vice

President

and

Assistant

Secretary

2007

Senior

Managing

Director

(since

2017)

and

Secretary

and

General

Counsel

(since

2016)

of

Nuveen

Investments,

Inc.,

formerly,

Executive

Vice

President

(2016-2017)

and

Managing

Director

and

Assistant

Secretary

(2008-2016);

Senior

Managing

Director

(since

2017)

and

Assistant

Secretary

(since

2008)

of

Nuveen

Securities,

LLC,

formerly

Executive

Vice

President

(2016-2017)

and

Managing

Director

(2008-2016);

Senior

Managing

Director

(since

2017)

and

Secretary

(since

2016)

of

Nuveen

Fund

Advisors,

LLC,

formerly,

Co-General

Counsel

(2011-2020),

Executive

Vice

President

(2016-2017),

Managing

Director

(2008-2016)

and

Assistant

Secretary

(2007-2016);

Senior

Managing

Director

(since

2017),

Secretary

(since

2016)

of

Nuveen

Asset

Management,

LLC,

formerly,

Associate

General

Counsel

(2011-2020),

Executive

Vice

President

(2016-2017)

and

Managing

Director

and

Assistant

Secretary

(2011-2016);

formerly

Vice

President

(2007-2021)

and

Secretary

(2016-2021),

of

NWQ

Investment

Management

Company,

LLC

and

Santa

Barbara

Asset

Management,

LLC;

Vice

President

and

Secretary

of

Winslow

Capital

Management,

LLC

(since

2010).

Senior

Managing

Director

(since

2017)

and

Secretary

(since

2016)

of

Nuveen

Alternative

Investments,

LLC.

Jon

Scott

Meissner

1973

8500

Andrew

Carnegie

Blvd.

Charlotte,

NC

28262

Vice

President

and

Assistant

Secretary

2019

Managing

Director

of

Mutual

Fund

Tax

and

Financial

Reporting

groups

at

Nuveen

(since

2017);

Managing

Director

of

Nuveen

Fund

Advisors,

LLC

(since

2019);

Senior

Director

of

Teachers

Advisors,

LLC

and

TIAA-CREF

Investment

Management,

LLC

(since

2016);

Senior

Director

(since

2015)

Mutual

Fund

Taxation

to

the

TIAA-CREF

Funds,

the

TIAA-CREF

Life

Funds,

the

TIAA

Separate

Account

VA-1

and

the

CREF

Accounts;

has

held

various

positions

with

TIAA

since

2004.

Deann

D.

Morgan

1969

730

Third

Avenue

New

York,

NY

10017

Vice

President

2020

President,

Nuveen

Fund

Advisors,

LLC

(since

2020);

Executive

Vice

President,

Global

Head

of

Product

at

Nuveen

(since

2019);

Co-Chief

Executive

Officer

of

Nuveen

Securities,

LLC

(since

2020);

Managing

Member

of

MDR

Collaboratory

LLC

(since

2018);

Managing

Director,

Head

of

Wealth

Management

Product

Structuring

&

COO

Multi

Asset

Investing.

The

Blackstone

Group

(2013-2017).

William

A.

Siffermann

1975

333

W.

Wacker

Drive

Chicago,

IL

60606

Vice

President

2017

Managing

Director

(since

2017),

formerly

Senior

Vice

President

(2016-2017)

and

Vice

President

(2011-2016)

of

Nuveen.

Trey

S.

Stenersen

1965

8500

Andrew

Carnegie

Blvd.

Charlotte,

NC

28262

Vice

President

2022

Senior

Managing

Director

of

Teacher

Advisors

LLC

and

TIAA-CREF

Investment

Management,

LLC

(since

2018);

Senior

Managing

Director

(since

2019)

and

Chief

Risk

Officer

(since

2022),

formerly

Head

of

Investment

Risk

Management

(2017-

2022)

of

Nuveen;

Senior

Managing

Director

(since

2018)

of

Nuveen

Alternative

Advisors

LLC.

E.

Scott

Wickerham

1973

730

Third

Avenue

New

York,

NY

10017

Vice

President

and

Controller

2019

Senior

Managing

Director,

Head

of

Public

Investment

Finance

at

Nuveen

(since

2019),

formerly,

Managing

Director;

Senior

Managing

Director

(since

2019)

of

Nuveen

Fund

Advisors,

LLC;

Principal

Financial

Officer,

Principal

Accounting

Officer

and

Treasurer

(since

2017)

of

the

TIAA-CREF

Funds,

the

TIAA-CREF

Life

Funds,

the

TIAA

Separate

Account

VA-1

and

Principal

Financial

Officer,

Principal

Accounting

Officer

(since

2020)

and

Treasurer

(since

2017)

of

the

CREF

Accounts;

formerly,

Senior

Director,

TIAA-CREF

Fund

Administration

(2014-2015);

has

held

various

positions

with

TIAA

since

2006.

Mark

L.

Winget

1968

333

W.

Wacker

Drive

Chicago,

IL

60606

Vice

President

and

Assistant

Secretary

2008

Vice

President

and

Assistant

Secretary

of

Nuveen

Securities,

LLC

(since

2008),

and

Nuveen

Fund

Advisors,

LLC

(since

2019);

Vice

President,

Associate

General

Counsel

and

Assistant

Secretary

of

Nuveen

Asset

Management,

LLC

(since

2020);

Vice

President

(since

2010)

and

Associate

General

Counsel

(since

2019),

formerly,

Assistant

General

Counsel

(2008-2016)

of

Nuveen.

Gifford

R.

Zimmerman

1956

333

W.

Wacker

Drive

Chicago,

IL

60606

Vice

President

and

Assistant

Secretary

1988

Managing

Director

and

Assistant

Secretary

of

Nuveen

Securities,

LLC

(since

2022);

Managing

Director,

Assistant

Secretary

and

General

Counsel

(since

2022),

formerly,

Co-General

Counsel

(2011-2020)

of

Nuveen

Fund

Advisors,

LLC;

formerly,

Managing

Director

(2004-2020)

and

Assistant

Secretary

(1994-2020)

of

Nuveen

Investments,

Inc.;

Managing

Director,

Assistant

Secretary

and

Associate

General

Counsel

(since

2022)

of

Nuveen

Asset

Management,

LLC;

formerly,

Vice

President

and

Assistant

Secretary

of

NWQ

Investment

Management

Company,

LLC

(2002-2020),

Santa

Barbara

Asset

Management,

LLC

(2006-2020)

and

Winslow

Capital

Management,

LLC

(2010-2020);

Chartered

Financial

Analyst.

40

Trustees

and

Officers

(Unaudited)

(continued)

Name,

Year

of

Birth

&

Address

Position(s)

Held

with

the

Funds

Year

First

Elected

or

Appointed

(2)

Principal

Occupation(s)

Including

other

Directorships

During

Past

5

Years

Rachael

Zufall

1973

8500

Andrew

Carnegie

Blvd.

Charlotte,

NC

28262

Vice

President

and

Assistant

Secretary

2022

Managing

Director

(since

2017),

Associate

General

Counsel

and

Assistant

Secretary

(since

2014)

of

the

CREF

Accounts,

TIAA

Separate

Account

VA-1,

TIAA-

CREF

Funds

and

TIAA-CREF

Life

Funds;

Managing

Director

(since

2017),

Associate

General

Counsel

and

Assistant

Secretary

(since

2011)

of

Teacher

Advisors,

LLC

and

TIAA-CREF

Investment

Management,

LLC;

Managing

Director

of

Nuveen,

LLC

and

of

TIAA

(since

2017).

(1)

Trustees

serve

an

indefinite

term

until

his/her

successor

is

elected

or

appointed.

The

year

first

elected

or

appointed

represents

the

year

in

which

the

director

was

first

elected

or

appointed

to

any

fund

in

the

Nuveen

Fund

Complex.

(2)

Officers

serve

one

year

terms

through

August

of

each

year.

The

year

first

elected

or

appointed

represents

the

year

in

which

the

officer

was

first

elected

or

appointed

to

any

fund

in

the

Nuveen

Fund

Complex.

Nuveen

Securities,

LLC,

member

FINRA

and

SIPC

333

West

Wacker

Drive

Chicago,

IL

60606

www.nuveen.com

NAN-NTZG-0722P

2399429-INV-Y-09/23

Nuveen:

Serving

Investors

for

Generations

Since

1898,

financial

advisors

and

their

clients

have

relied

on

Nuveen

to

provide

dependable

investment

solutions

through

continued

adherence

to

proven,

long-term

investing

principles.

Today,

we

offer

a

range

of

high

quality

solutions

designed

to

be

integral

components

of

a

well-diversified

core

portfolio.

Focused

on

meeting

investor

needs.

Nuveen

is

the

investment

manager

of

TIAA.

We

have

grown

into

one

of

the

world’s

premier

global

asset

managers,

with

specialist

knowledge

across

all

major

asset

classes

and

particular

strength

in

solutions

that

provide

income

for

investors

and

that

draw

on

our

expertise

in

alternatives

and

responsible

investing.

Nuveen

is

driven

not

only

by

the

independent

investment

processes

across

the

firm,

but

also

the

insights,

risk

management,

analytics

and

other

tools

and

resources

that

a

truly

world-class

platform

provides.

As

a

global

asset

manager,

our

mission

is

to

work

in

partnership

with

our

clients

to

create

solutions

which

help

them

secure

their

financial

future.

Find

out

how

we

can

help

you.

To

learn

more

about

how

the

products

and

services

of

Nuveen

may

be

able

to

help

you

meet

your

financial

goals,

talk

to

your

financial

advisor,

or

call

us

at

(800)

257-8787.

Please

read

the

information

provided

carefully

before

you

invest.

Investors

should

consider

the

investment

objective

and

policies,

risk

considerations,

charges

and

expenses

of

any

investment

carefully.

Where

applicable,

be

sure

to

obtain

a

prospectus,

which

contains

this

and

other

relevant

information.

To

obtain

a

prospectus,

please

contact

your

securities

representative

or

Nuveen,

333

W.

Wacker

Dr.,

Chicago,

IL

60606.

Please

read

the

prospectus

carefully

before

you

invest

or

send

money.

Learn

more

about

Nuveen

Funds

at:

www.nuveen.com/exchange-traded-funds

ITEM 2. CODE OF ETHICS.

As of the end of the period covered by this report, the registrant has adopted a code of ethics that applies to the registrant’s principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions. There were no amendments to or waivers from the code during the period covered by this report. The registrant has posted the code of ethics on its website at www.nuveen.com/fund-governance. (To view the code, click on Code of Conduct.)

ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.

As of the end of the period covered by this report, the registrant’s Board of Directors or Trustees (“Board”) determined that the registrant has at least one “audit committee financial expert” (as defined in Item 3 of Form N-CSR) serving on its Audit Committee. The registrant’s audit committee financial experts are Carole E. Stone, Jack B. Evans, Albin F. Moschner, John K. Nelson and Robert L. Young, who are “independent” for purposes of Item 3 of Form N-CSR.

Ms. Stone served for five years as Director of the New York State Division of the Budget. As part of her role as Director, Ms. Stone was actively involved in overseeing the development of the State’s operating, local assistance and capital budgets, its financial plan and related documents; overseeing the development of the State’s bond-related disclosure documents and certifying that they fairly presented the State’s financial position; reviewing audits of various State and local agencies and programs; and coordinating the State’s system of internal audit and control. Prior to serving as Director, Ms. Stone worked as a budget analyst/examiner with increasing levels of responsibility over a 30 year period, including approximately five years as Deputy Budget Director. Ms. Stone has also served as Chair of the New York State Racing Association Oversight Board, as Chair of the Public Authorities Control Board, as a Commissioner on the New York State Commission on Public Authority Reform and as a member of the Boards of Directors of several New York State public authorities. These positions have involved overseeing operations and finances of certain entities and assessing the adequacy of project/entity financing and financial reporting. Ms. Stone formerly served on the Board of Directors of CBOE Global Markets, Inc. (formerly, CBOE Holdings, Inc.), the Chicago Board Options Exchange, and the C2 Options Exchange. Ms. Stone’s position on the boards of these entities and as a member of both CBOE Holdings’ Audit Committee and its Finance Committee involved, among other things, the oversight of audits, audit plans and preparation of financial statements.

Mr. Evans was formerly President and Chief Operating Officer of SCI Financial Group, Inc., a full service registered broker-dealer and registered investment adviser (“SCI”). As part of his role as President and Chief Operating Officer, Mr. Evans actively supervised the Chief Financial Officer (the “CFO”) and actively supervised the CFO’s preparation of financial statements and other filings with various regulatory authorities. In such capacity, Mr. Evans was actively involved in the preparation of SCI’s financial statements and the resolution of issues raised in connection therewith. Mr. Evans has also served on the audit committee of various reporting companies. At such companies, Mr. Evans was involved in the oversight of audits, audit plans, and the preparation of financial statements. Mr. Evans also formerly chaired the audit committee of the Federal Reserve Bank of Chicago.

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

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

Mr. Young has more than 30 years of experience in the investment management industry. From 1997 to 2017, he held various positions with J.P. Morgan Investment Management Inc. (“J.P. Morgan Investment”) and its affiliates (collectively, “J.P. Morgan”). Most recently, he served as Chief Operating Officer and Director of J.P. Morgan Investment (from 2010 to 2016) and as President and Principal Executive Officer of the J.P. Morgan Funds (from 2013 to 2016). As Chief Operating Officer of J.P. Morgan Investment, Mr. Young led service, administration and business platform support activities for J.P. Morgan’s domestic retail mutual fund and institutional commingled and separate account businesses, and co-led these activities for J.P. Morgan’s global retail and institutional investment management businesses. As President of the J.P. Morgan Funds, Mr. Young interacted with various service providers to these funds, facilitated the relationship between such funds and their boards, and was directly involved in establishing board agendas, addressing regulatory matters, and establishing policies and procedures. Before joining J.P. Morgan, Mr. Young, a former Certified Public Accountant (CPA), was a Senior Manager (Audit) with Deloitte & Touche LLP (formerly, Touche Ross LLP), where he was employed from 1985 to 1996. During his tenure there, he actively participated in creating, and ultimately led, the firm’s midwestern mutual fund practice.

ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.

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

Fiscal Year Ended July 31, 2022	Audit Fees Billed to Funds 1		Audit-Related Fees Billed to Funds 2		Tax Fees Billed to Funds 3		All Other Fees Billed to Funds 4
Fund Name
Nuveen Enhanced Yield U.S. Aggregate Bond ETF		19,420		0		0		0
Nuveen ESG U.S. Aggregate Bond ETF		19,370		0		0		0
Nuveen ESG High Yield Corporate Bond ETF		21,420		0		0		0
Nuveen Enhanced Yield 1-5 Year U.S. Aggregate Bond ETF		19,420		0		0		0
Nuveen Global Net Zero Transition ETF 5		20,310		0		0		0
Total	$	99,940	$	0	$	0	$	0

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

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

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

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

⁵  Fund commenced operations on 6/23/2022.

	Percentage Approved Pursuant to Pre-approval Exception
	Audit Fees Billed to Funds			Audit-Related Fees Billed to Funds			Tax Fees Billed to Funds			All Other Fees Billed to Funds
Fund Name
Nuveen Enhanced Yield U.S. Aggregate Bond ETF		0	%		0	%		0	%		0	%
Nuveen ESG U.S. Aggregate Bond ETF		0	%		0	%		0	%		0	%
Nuveen ESG High Yield Corporate Bond ETF		0	%		0	%		0	%		0	%
Nuveen Enhanced Yield 1-5 Year U.S. Aggregate Bond ETF		0	%		0	%		0	%		0	%
Nuveen Global Net Zero Transition ETF		0	%		0	%		0	%		0	%
Fiscal Year Ended July 31, 2021	Audit Fees Billed to Funds 1			Audit-Related Fees Billed to Funds 2			Tax Fees Billed to Funds 3			All Other Fees Billed to Funds 4
Fund Name
Nuveen Enhanced Yield U.S. Aggregate Bond ETF		18,690			0			0			0
Nuveen ESG U.S. Aggregate Bond ETF		18,640			0			0			0
Nuveen ESG High Yield Corporate Bond ETF		18,690			0			0			0
Nuveen Enhanced Yield 1-5 Year U.S. Aggregate Bond ETF		18,690			0			0			0
Total	$	74,710		$	0		$	0		$	0

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

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

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

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

	Percentage Approved Pursuant to Pre-approval Exception
	Audit Fees Billed to Funds			Audit-Related Fees Billed to Funds			Tax Fees Billed to Funds			All Other Fees Billed to Funds
Fund Name
Nuveen Enhanced Yield U.S. Aggregate Bond ETF		0	%		0	%		0	%		0	%
Nuveen ESG U.S. Aggregate Bond ETF		0	%		0	%		0	%		0	%
Nuveen ESG High Yield Corporate Bond ETF		0	%		0	%		0	%		0	%
Nuveen Enhanced Yield 1-5 Year U.S. Aggregate Bond ETF		0	%		0	%		0	%		0	%

Fiscal Year Ended July 31, 2022	Audit-Related Fees Billed to Adviser and Affiliated Fund Service Providers			Tax Fees Billed to Adviser and Affiliated Fund Service Providers			All Other Fees Billed to Adviser and Affiliated Fund Service Providers
Nuveen ETF Trust	$	0		$	0		$	0
	Percentage Approved Pursuant to Pre-approval Exception
	Audit-Related Fees Billed to Adviser and Affiliated Fund Service Providers			Tax Fees Billed to Adviser and Affiliated Fund Service Providers			All Other Fees Billed to Adviser and Affiliated Fund Service Providers
		0	%		0	%		0	%
Fiscal Year Ended July 31, 2021	Audit-Related Fees Billed to Adviser and Affiliated Fund Service Providers			Tax Fees Billed to Adviser and Affiliated Fund Service Providers			All Other Fees Billed to Adviser and Affiliated Fund Service Providers
NuShares ETF Trust	$	0		$	0		$	0
	Percentage Approved Pursuant to Pre-approval Exception
	Audit-Related Fees Billed to Adviser and Affiliated Fund Service Providers			Tax Fees Billed to Adviser and Affiliated Fund Service Providers			All Other Fees Billed to Adviser and Affiliated Fund Service Providers
		0	%		0	%		0	%

Fiscal Year Ended July 31, 2022	Total Non-Audit Fees Billed to Trust		Total Non-Audit Fees billed to Adviser and Affiliated Fund  Service Providers (engagements related directly to the operations and financial reporting of the Trust)		Total Non-Audit Fees billed to Adviser and Affiliated Fund Service Providers (all other engagements)		Total
Fund Name
Nuveen Enhanced Yield U.S. Aggregate Bond ETF		0		0		0		0
Nuveen ESG U.S. Aggregate Bond ETF		0		0		0		0
Nuveen ESG High Yield Corporate Bond ETF		0		0		0		0
Nuveen Enhanced Yield 1-5 Year U.S. Aggregate Bond ETF		0		0		0		0
Nuveen Global Net Zero Transition ETF 1		0		0		0		0
Total	$	0	$	0	$	0	$	0

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

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

¹  Fund commenced operations on 6/23/2022.

Fiscal Year Ended July 31, 2021	Total Non-Audit Fees Billed to Trust		Total Non-Audit Fees billed to Adviser and Affiliated Fund Service Providers (engagements related directly to the operations and financial reporting of the Trust)		Total Non-Audit Fees billed to Adviser and Affiliated Fund Service Providers (all other engagements)		Total
Fund Name
Nuveen Enhanced Yield U.S. Aggregate Bond ETF		0		0		0		0
Nuveen ESG U.S. Aggregate Bond ETF		0		0		0		0
Nuveen ESG High Yield Corporate Bond ETF		0		0		0		0
Nuveen Enhanced Yield 1-5 Year U.S. Aggregate Bond ETF		0		0		0		0
Total	$	0	$	0	$	0	$	0

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

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

ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.

The registrant is an issuer as defined in Rule 10A-3 under the Securities Exchange Act of 1934 (the “Exchange Act”). The registrant’s Board has a separately designated Audit Committee established in accordance with Section 3(a)(58)(A) of the Securities Exchange Act of 1934, as amended (15 U.S.C. 78c(a)(58)(A)). As of the end of the period covered by this report, the members of the audit committee are Jack B. Evans, William C. Hunter, John K. Nelson, Judith M. Stockdale, Albin F. Moschner and Carole E. Stone, Chair.

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 of Trustees implemented after the registrant last provided disclosure in response to this Item.

ITEM 11. CONTROLS AND PROCEDURES.

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

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

ITEM 12. DISCLOSURE OF SECURITIES LENDING ACTIVITIES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 13. EXHIBITS.

File the exhibits listed below as part of this Form.

(a	)(1)	Any code of ethics, or amendment thereto, that is the subject of the disclosure required by Item 2, to the extent that the registrant intends to satisfy the Item 2 requirements through filing of an exhibit: Not applicable because the code is posted on registrant’s website at www.nuveen.com/fund-governance and there were no amendments during the period covered by this report. (To view the code, click on Code of Conduct.)
(a	)(2)	A separate certification for each principal executive officer and principal financial officer of the registrant as required by Rule  30a-2(a) under the 1940 Act (17 CFR 270.30a-2(a)) in the exact form set forth below: See EX-99.CERT attached hereto.
(a	)(3)	Any written solicitation to purchase securities under Rule 23c-1 under the 1940 Act (17 CFR 270.23c-1) sent or given during the period covered by the report by or on behalf of the registrant to 10 or more persons: Not applicable to this registrant.
(a	)(4)	Change in the registrant’s independent public accountant. Not applicable.
(b	)	If the report is filed under Section  13(a) or 15(d) of the Exchange Act, provide the certifications required by Rule 30a-2(b) under the 1940 Act (17 CFR 270.30a-2(b)), Rule 13a-14(b) or Rule 15d-14(b) under the Exchange Act (17 CFR 240.13a-14(b) or 240.15d-14(b)), and Section  1350 of Chapter 63 of Title 18 of the United States Code (18 U.S.C. 1350) as an Exhibit. A certification furnished pursuant to this paragraph will not be deemed “filed” for purposes of Section  18 of the Exchange Act (15 U.S.C. 78r), or otherwise subject to the liability of that section. Such certification will not be deemed to be incorporated by reference into any filing under the Securities Act of 1933 or the Exchange Act, except to the extent that the registration specifically incorporates it by reference: See EX-99.906 CERT attached hereto.

SIGNATURES

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

(Registrant) Nushares ETF Trust

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

Date: October 7, 2022

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

By (Signature and Title)	/s/ Jordan M. Farris
	Jordan M. Farris
	Chief Administrative Officer
	(principal executive officer)

Date: October 7, 2022

By (Signature and Title)	/s/ E. Scott Wickerham
	E. Scott Wickerham
	Vice President and Controller
	(principal financial officer)

Date: October 7, 2022

EX-99.CERT

EX-99.CERT

CERTIFICATIONS

I, Jordan M. Farris, 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 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: October 7, 2022

/s/ Jordan M. Farris

Jordan M. Farris

Chief Administrative Officer

(principal executive officer)

I, E. Scott Wickerham, 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 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: October 7, 2022

/s/ E. Scott Wickerham

E. Scott Wickerham

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 August 31, 2021 (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: October 7, 2022

/s/ Jordan M. Farris

Jordan M. Farris

Chief Administrative Officer

(principal executive officer)

/s/ E. Scott Wickerham

E. Scott Wickerham

Vice President and Controller

(principal financial officer)