0001193125-23-093389.txt : 20230406 0001193125-23-093389.hdr.sgml : 20230406 20230406110555 ACCESSION NUMBER: 0001193125-23-093389 CONFORMED SUBMISSION TYPE: N-CSRS PUBLIC DOCUMENT COUNT: 3 CONFORMED PERIOD OF REPORT: 20230131 FILED AS OF DATE: 20230406 DATE AS OF CHANGE: 20230406 EFFECTIVENESS DATE: 20230406 FILER: COMPANY DATA: COMPANY CONFORMED NAME: Nushares ETF Trust CENTRAL INDEX KEY: 0001635073 IRS NUMBER: 000000000 FILING VALUES: FORM TYPE: N-CSRS SEC ACT: 1940 Act SEC FILE NUMBER: 811-23161 FILM NUMBER: 23804898 BUSINESS ADDRESS: STREET 1: 333 W. WACKER DR. CITY: CHICAGO STATE: IL ZIP: 60606 BUSINESS PHONE: 312-917-8146 MAIL ADDRESS: STREET 1: 333 W. WACKER DR. CITY: CHICAGO STATE: IL ZIP: 60606 FORMER COMPANY: FORMER CONFORMED NAME: NuShares ETF Trust DATE OF NAME CHANGE: 20160614 FORMER COMPANY: FORMER CONFORMED NAME: Nuveen ETF Trust DATE OF NAME CHANGE: 20150226 0001635073 S000055017 Nuveen Enhanced Yield U.S. Aggregate Bond ETF C000173018 Nuveen Enhanced Yield U.S. Aggregate Bond ETF NUAG 0001635073 S000056738 Nuveen Enhanced Yield 1-5 Year U.S. Aggregate Bond ETF C000180107 Nuveen Enhanced Yield 1-5 Year U.S. Aggregate Bond ETF NUSA 0001635073 S000059077 Nuveen ESG U.S. Aggregate Bond ETF C000193700 Nuveen ESG U.S. Aggregate Bond ETF NUBD 0001635073 S000064846 Nuveen ESG High Yield Corporate Bond ETF C000209930 Nuveen ESG High Yield Corporate Bond ETF NUHY 0001635073 S000076615 Nuveen Global Net Zero Transition ETF C000236604 Nuveen Global Net Zero Transition ETF NTZG N-CSRS 1 d437443dncsrs.htm NUSHARES ETF TRUST NuShares ETF Trust

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT

INVESTMENT COMPANIES

Investment Company Act file number 811-23161

Nushares ETF Trust

(Exact name of registrant as specified in charter)

 

Nuveen Investments

333 West Wacker Drive, Chicago, IL 60606

(Address of principal executive offices) (Zip code)

Diana R. Gonzalez

Vice President and Secretary

333 West Wacker Drive, Chicago, IL 60606

(Name and address of agent for service)

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

Date of fiscal year end: July 31

Date of reporting period: January 31, 2023

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

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

Item 1. Reports to Stockholders.

Funds
Exchange-Traded
Funds
Nuveen
Exchange-Traded
January
31,
2023
Semi-annual
Report
This
semi-annual
report
contains
the
Funds'
unaudited financial
statements.
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
Life
is
Complex.
Nuveen
makes
things
e-simple.
It
only
takes
a
minute
to
sign
up
for
e-Reports.
Once
enrolled,
you’ll
receive
an
e-mail
as
soon
as
your
Nuveen
Fund
information
is
ready.
No
more
waiting
for
delivery
by
regular
mail.
Just
click
on
the
link
within
the
e-mail
to
see
the
report
and
save
it
on
your
computer
if
you
wish.
Free
e-Reports
right
to
your
email!
www.investordelivery.com
If
you
receive
your
Nuveen
Fund
distributions
and
statements
from
your
financial
advisor
or
brokerage
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
Important
Notices
5
Risk
Considerations
and
Dividend
Information
6
Fund
Performance,
Expense
Ratios
and
Holdings
Summaries
7
Yields
16
Expense
Examples
17
Portfolio
of
Investments
19
Statement
of
Assets
and
Liabilities
74
Statement
of
Operations
75
Statement
of
Changes
in
Net
Assets
76
Financial
Highlights
78
Notes
to
Financial
Statements
80
Additional
Fund
Information
87
Glossary
of
Terms
Used
in
this
Report
89
Liquidity
Risk
Management
Program
91
4
Chair’s
Letter
to
Shareholders
Dear
Shareholders,
The
significant
measures
taken
by
the
U.S.
Federal
Reserve
(Fed)
and
other
global
central
banks
over
the
past
year
to
contain
inflation
have
begun
to
take
effect.
From
March
2022
to
February
2023,
the
Fed
raised
the
target
fed
funds
rate
by
4.50%
to
a
range
of
4.50%
to
4.75%,
marking
the
fastest
interest
rate
hiking
cycle
in
its
history.
Across
most
of
the
world,
inflation
rates
have
fallen
from
their
post-pandemic
highs
but
currently
remain
well
above
the
levels
that
central
banks
consider
supportive
of
their
economies’
long-term
growth.
At
the
same
time,
the
U.S.
and
other
large
economies
have
remained
surprisingly
resilient,
even
as
financial
conditions
have
tightened.
Despite
contracting
in
the
first
half
of
2022,
U.S.
gross
domestic
product
grew
2.1%
in
the
year
overall
compared
to
2021.
More
recent
data
have
shown
a
relatively
strong
jobs
market,
rebounding
consumer
sentiment
and
spending,
and
a
pick-up
in
manufacturing.
Markets
are
concerned
that
these
conditions
could
keep
upward
pressure
on
inflation,
which
could
prompt
central
banks
to
continue
raising
interest
rates
at
the
risk
of
slowing
economies
too
much.
Fed
officials
are
closely
monitoring
inflation
data
and
other
economic
measures
to
modify
their
rate
setting
policy
based
upon
these
factors,
and
additional
rate
hikes
are
expected
until
the
Fed
sees
sustainable
progress
toward
its
inflation
goals.
In
the
meantime,
markets
are
likely
to
continue
reacting
in
the
short
term
to
news
about
inflation
data,
economic
indicators
and
central
bank
policy.
Recently,
following
the
collapses
of
Silicon
Valley
Bank
and
two
cryptocurrency-exposed
banks,
investors
sought
to
assess
contagion
risks
across
the
banking
sector
as
well
as
the
impact
to
the
Fed’s
pace
of
rate
hikes
going
forward,
which
contributed
to
volatility
in
the
markets.
We
encourage
investors
to
keep
a
long-term
perspective
amid
the
short-term
noise.
Your
financial
professional
can
help
you
review
how
well
your
portfolio
is
aligned
with
your
time
horizon,
risk
tolerance
and
investment
goals.
On
behalf
of
the
other
members
of
the
Nuveen
Fund
Board,
we
look
forward
to
continuing
to
earn
your
trust
in
the
months
and
years
ahead.
Terence
J.
Toth
Chair
of
the
Board
March
22,
2023
Important
Notices
5
For
Shareholders
of
Nuveen
Enhanced
Yield
U.S.
Aggregate
Bond
ETF
Nuveen
Enhanced
Yield
1-5
Year
U.S.
Aggregate
Bond
ETF
Nuveen
ESG
High
Yield
Corporate
Bond
ETF
Nuveen
ESG
U.S.
Aggregate
Bond
ETF
Portfolio
Manager
Commentaries
in
Semi-annual
Shareholder
Reports
The
Funds
include
portfolio
manager
commentary
in
their
annual
shareholder
reports.
For
the
Funds’
most
recent
annual
portfolio
manager
discussion,
please
refer
to
the
Portfolio
Managers’
Comments
section
of
each
Fund’s
July
31,
2022
annual
shareholder
report.
For
current
information
on
your
Fund’s
investment
objectives,
portfolio
management
team
and
average
annual
total
returns
please
refer
to
the
Fund’s
website
at
www.nuveen.com.
For
changes
that
occurred
to
your
Fund
both
during
and
subsequent
to
this
reporting
period,
please
refer
to
the
Notes
to
Financial
Statements
section
of
this
report.
For
average
annual
total
returns
as
of
the
end
of
this
reporting
period,
please
refer
to
the
Performance
Overview
and
Holding
Summaries
section
within
this
report.
Portfolio
Manager
Removal
for
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)
Effective March
21,
2023,
Kevin
Chen
is
no
longer
a
portfolio
manager
of
the
Funds. 
Vivian
Liu
and
James
Tsang
will
continue
to
serve
as
portfolio
managers
for
the
Funds.
Nuveen
Enhanced
Yield
1-5
Year
U.S.
Aggregate
Bond
ETF
(NUSA)
Change
in
Investment
Policy
The
Board
of
Trustees
of
Nuveen
Enhanced
Yield
1-5
Year
U.S.
Aggregate
Bond
ETF
(the
“Fund”)
has
approved
the
following
changes
to
the
Fund’s
name,
investment
objective,
management
fee,
indices
and
principal
investment
strategies,
which
are
expected
to
go
into
effect
in
May
2023:
The
Fund’s
name
will
be
changed
to
“Nuveen
ESG
1-5
Year
U.S.
Aggregate
Bond
ETF.”
The
Fund’s
management
fee
will
be
reduced
from
0.20%
to
0.15%.
The
Fund’s
investment
objective
will
be
changed
to
reflect
that
the
Fund’s
underlying
index
will
change
to
the
Bloomberg
MSCI
1-5
Year
U.S.
Aggregate
ESG
Select
Index.
The
Fund’s
Base
Index
will
be
changed
to
the
Bloomberg
1-5
Year
U.S.
Aggregate
Index.
The
Fund’s
current
principal
investment
strategies
seeking
to
enhance
yield
will
be
changed
as
described
in
the
Fund’s
most
recent
prospectus
supplement.
6
Risk
Considerations
and
Dividend
Information
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
NUBD
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.
Fund
Performance,
Expense
Ratios
and
Holdings
Summaries
7
The
Fund
Performance,
Expense
Ratios
and
Holdings
Summaries
for
each
Fund
are
shown
within
this
section
of
the
report.
Fund
Performance
Performance
data
shown
represents
past
performance
and
does
not
predict
or
guarantee
future
results
.
Investment
returns
and
principal
value
will
fluctuate
so
that
when
shares
are
sold,
they
may
be
worth
more
or
less
than
their
original
cost.
Current
performance
may
be
higher
or
lower
than
the
performance
shown.
Returns
quoted
for
the
Funds
reflect
management
fees
and
other
expenses
such
as
transaction
costs
incurred
by
the
Funds
during
the
reporting
period
while
the
Indexes
are
unmanaged
and
therefore
returns
do
not
reflect
any
such
fees
and
expenses.
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,
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 including
management
fees
and
other
fees
and
expenses
but
do
not
reflect
expected
transaction
costs.
Refer
to
the
Financial
Highlights
later
in
this
report
for each
Fund’s
expense
ratios
as
of
the
end
of
the
reporting
period.
Holding
Summaries
The
Holdings
Summaries
data
relates
to
the
securities
held
in
each
Fund's
Portfolio
of
Investments
as
of
the
end
of
this
reporting
period.
It
should
not
be
construed
as
a
measure
of
performance
for
the
Fund
itself.
Holdings
are
subject
to
change.
Refer
to
the
Fund's
Portfolio
of
Investments
for
individual
security
information.
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
mortgaged-backed
securities
are
included
in
the
U.S.
Treasury/Agency
category.
8
Nuveen
Enhanced
Yield
U.S.
Aggregate
Bond
ETF
(NUAG)
(continued)
Fund
Performance,
Expense
Ratios
and
Holdings
Summaries
January
31,
2023
Refer
to
the
first
page
of
this
Fund
Performance,
Expense
Ratios
and
Holdings
Summaries section
for
further
expla-
nation
of the
information
included
within
this
section. 
Refer
to
the
Glossary
of
Terms
Used
in
this
Report
for
further
definition
of
terms
used
in
this
section.
Fund
Performance
and
Expense
Ratios*
*
For
purposes
of
Fund
performance,
relative
results
are
measured
against
the
ICE
BofA
Enhanced
Yield
U.S.
Broad
Bond
Index.
Total
Returns
as
of
January
31,
2023
Cumulative
Average
Annual
Expense
Ratios
Inception
Date
6-Month
1-Year
5-Year
Since
Inception
NUAG
at
NAV
9/14/16
(1.96)%
(8.95)%
0.51%
0.51%
0.20%
NUAG
at
Market
Price
9/14/16
(2.04)%
(8.74)%
0.49%
0.54%
—
ICE
BofA
U.S.
Broad
Market
Index
—
(2.50)%
(8.63)%
0.86%
0.64%
—
ICE
BofA
Enhanced
Yield
U.S.
Broad
Bond
Index
—
(1.80)%
(8.63)%
0.88%
0.88%
—
9
Holdings
Summaries
as
of
January
31,
2023
Fund
Allocation
(%
of
net
assets)
Corporate
Debt
38
.3‌
%
U.S.
Treasury
25
.9‌
%
Securitized
22
.6‌
%
Government
Related
11
.4‌
%
Investments
Purchased
with
Collateral
from
Securities
Lending
0
.6‌
%
Other
Assets
&
Liabilities,
Net
1
.2‌
%
Net
Assets
100‌
%
Corporate
Debt:
Industries
(%
of
total
corporate
debt
holdings)
Utility
38.9%
Financials
33.7%
Industrial
27.4%
Total
100%
Portfolio
Credit
Quality
(%
of
total
investments)
U.S.
Treasury/Agency
9.9%
AAA
39.4%
AA
4.5%
A
8.3%
BBB
37.0%
N/R
(not
rated)
0.3%
N/A
(not
applicable)
0.6%
Total
100‌
%
10
Nuveen
Enhanced
Yield
1-5
Year
U.S.
Aggregate
Bond
ETF
(NUSA)
(continued)
Fund
Performance,
Expense
Ratios
and
Holdings
Summaries
January
31,
2023
Refer
to
the
first
page
of
this
Fund
Performance,
Expense
Ratios
and
Holdings
Summaries section
for
further
expla-
nation
of the
information
included
within
this
section. 
Refer
to
the
Glossary
of
Terms
Used
in
this
Report
for
further
definition
of
terms
used
in
this
section.
Fund
Performance
and
Expense
Ratios*
*
For
purposes
of
Fund
performance,
relative
results
are
measured
against
the
ICE
BofA
Enhanced
Yield
1-5
Year
U.S.
Broad
Bond
Index.
Total
Returns
as
of
January
31,
2023
Cumulative
Average
Annual
Expense
Ratios
Inception
Date
6-Month
1-Year
5-Year
Since
Inception
NUSA
at
NAV
3/31/17
(0.52)%
(3.61)%
1.26%
1.19%
0.20%
NUSA
at
Market
Price
3/31/17
(0.61)%
(3.47)%
1.20%
1.19%
—
ICE
BofA
1-5
Year
U.S.
Broad
Market
Index
—
(0.65)%
(3.53)%
1.12%
1.00%
—
ICE
BofA
Enhanced
Yield
1-5
Year
U.S.
Broad
Bond
Index
—
(0.34)%
(3.49)%
1.51%
1.44%
—
11
Holdings
Summaries
as
of
January
31,
2023
Fund
Allocation
(%
of
net
assets)
Corporate
Debt
49
.9‌
%
U.S.
Treasury
27
.8‌
%
Securitized
20
.7‌
%
Government
Related
0
.6‌
%
Investments
Purchased
with
Collateral
from
Securities
Lending
0
.6‌
%
Other
Assets
&
Liabilities,
Net
0
.4‌
%
Net
Assets
100‌
%
Corporate
Debt:
Industries
(%
of
total
corporate
debt
holdings)
Financials
54.8%
Utility
28.1%
Industrial
17.1%
Total
100%
Portfolio
Credit
Quality
(%
of
total
investments)
U.S.
Treasury/Agency
8.1%
AAA
38.2%
AA
3.3%
A
23.1%
BBB
26.7%
N/A
(not
applicable)
0.6%
Total
100‌
%
12
Nuveen
ESG
High
Yield
Corporate
Bond
ETF
(NUHY)
(continued)
Fund
Performance,
Expense
Ratios
and
Holdings
Summaries
January
31,
2023
Refer
to
the
first
page
of
this
Fund
Performance,
Expense
Ratios
and
Holdings
Summaries section
for
further
expla-
nation
of the
information
included
within
this
section. 
Refer
to
the
Glossary
of
Terms
Used
in
this
Report
for
further
definition
of
terms
used
in
this
section.
Fund
Performance
and
Expense
Ratios*
*
For
purposes
of
Fund
performance,
relative
results
are
measured
against
the
Bloomberg
MSCI
U.S.
High
Yield
Very
Liquid
ESG
Select
Index.
Total
Returns
as
of
January
31,
2023
Cumulative
Average
Annual
Expense
Ratios
Inception
Date
6-Month
1-Year
Since
Inception
NUHY
at
NAV
9/25/19
0.51%
(6.09)%
(0.12)%
0.30%
NUHY
at
Market
Price
9/25/19
0.41%
(5.93)%
0.03%
—
Bloomberg
High
Yield
Very
Liquid
Index
—
0.92%
(5.61)%
1.18%
—
Bloomberg
MSCI
U.S.
High
Yield
Very
Liquid
ESG
Select
Index
—
0.48%
(6.22)%
0.17%
—
13
Holdings
Summaries
as
of
January
31,
2023
Fund
Allocation
(%
of
net
assets)
Corporate
Debt
97
.5‌
%
Investments
Purchased
with
Collateral
from
Securities
Lending
7
.0‌
%
Other
Assets
&
Liabilities,
Net
(
4
.5‌
)
%
Net
Assets
100‌
%
Corporate
Debt:
Industries
(%
of
total
corporate
debt
holdings)
Industrial
87.7%
Financials
10.7%
Utility
1.6%
Total
100%
Portfolio
Credit
Quality
(%
of
total
investments)
BB
or
Lower
93.2%
N/R
(not
rated)
0.1%
N/A
(not
applicable)
6.7%
Total
100‌
%
14
Nuveen
ESG
U.S.
Aggregate
Bond
ETF
(NUBD)
(continued)
Fund
Performance,
Expense
Ratios
and
Holdings
Summaries
January
31,
2023
Refer
to
the
first
page
of
this
Fund
Performance,
Expense
Ratios
and
Holdings
Summaries section
for
further
expla-
nation
of the
information
included
within
this
section. 
Refer
to
the
Glossary
of
Terms
Used
in
this
Report
for
further
definition
of
terms
used
in
this
section.
Fund
Performance
and
Expense
Ratios*
*
For
purposes
of
Fund
performance,
relative
results
are
measured
against
the
Bloomberg
MSCI
U.S.
Aggregate
ESG
Select
Index.
Total
Returns
as
of
January
31,
2023
Cumulative
Average
Annual
Expense
Ratios
Inception
Date
6-Month
1-Year
5-Year
Since
Inception
NUBD
at
NAV
9/29/17
(2.51)%
(8.55)%
0.61%
0.40%
0.15%
NUBD
at
Market
Price
9/29/17
(2.52)%
(8.32)%
0.65%
0.43%
—
Bloomberg
U.S.
Aggregate
Bond
Index
—
(2.37)%
(8.36)%
0.86%
0.66%
—
Bloomberg
MSCI
U.S.
Aggregate
ESG
Select
Index
—
(2.41)%
(8.24)%
0.89%
0.67%
—
15
Holdings
Summaries
as
of
January
31,
2023
Fund
Allocation
(%
of
net
assets)
U.S.
Treasury
39
.6‌
%
Securitized
28
.6‌
%
Corporate
Debt
25
.6‌
%
Government
Related
5
.2‌
%
Investments
Purchased
with
Collateral
from
Securities
Lending
0
.7‌
%
Other
Assets
&
Liabilities,
Net
0
.3‌
%
Net
Assets
100‌
%
Corporate
Debt:
Industries
(%
of
total
corporate
debt
holdings)
Industrial
58.2%
Financials
33.3%
Utility
8.5%
Total
100%
Portfolio
Credit
Quality
(%
of
total
investments)
U.S.
Treasury/Agency
17.4%
AAA
51.4%
AA
2.3%
A
13.1%
BBB
12.4%
N/R
(not
rated)
2.7%
N/A
(not
applicable)
0.7%
Total
100‌
%
16
Yields
as
of
January
31,
2023
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
3
.53
%
SEC
30-Day
Yield
4
.29
%
Nuveen
Enhanced
Yield
1-5
Year
U.S.
Aggregate
Bond
ETF
(NUSA)
Dividend
Rate
2
.29
%
SEC
30-Day
Yield
4
.03
%
Nuveen
ESG
High
Yield
Corporate
Bond
ETF
(NUHY)
Dividend
Rate
5
.66
%
SEC
30-Day
Yield
7
.56
%
Nuveen
ESG
U.S.
Aggregate
Bond
ETF
(NUBD)
Dividend
Rate
2
.74
%
SEC
30-Day
Yield
3
.79
%
Expense
Examples
17
As
a
shareholder
of
one
or
more of
the
Funds,
you
incur
two
types
of
costs:
(1)
transaction
costs,
including
brokerage
commissions
on
purchases
and
sales
of
Fund
shares,
and
(2)
ongoing
costs,
including
management
fees
and
other
applicable
Fund
expenses.
The
Examples
below
are
intended
to
help
you
understand
your
ongoing
costs
(in
dollars)
of
investing
in
the
Fund
and
to
compare
these
costs
with
the
ongoing
costs
of
investing
in
other
funds.
The
Examples
below
are
based
on
an
investment
of
$1,000
invested
at
the
beginning
of
the
period
and
held
through
the
period
ended
January
31,
2023.
The
beginning
of
the
period
is
August
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
$
980.44
Expenses
Incurred
During
the
Period
$
1.00
Hypothetical
Performance
(5%
annualized
return
before
expenses)
Beginning
Account
Value
$
1,000.00
Ending
Account
Value
$
1,024.20
Expenses
Incurred
During
the
Period
$
1.02
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
184/365
(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
$
994.80
Expenses
Incurred
During
the
Period
$
1.01
Hypothetical
Performance
(5%
annualized
return
before
expenses)
Beginning
Account
Value
$
1,000.00
Ending
Account
Value
$
1,024.20
Expenses
Incurred
During
the
Period
$
1.02
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
184/365
(to
reflect
the
one-half
year
period).
Expense
Examples
(continued)
18
Nuveen
ESG
High
Yield
Corporate
Bond
ETF
(NUHY)
Actual
Performance
Beginning
Account
Value
$
1,000.00
Ending
Account
Value
$
1,005.07
Expenses
Incurred
During
the
Period
$
1.52
Hypothetical
Performance
(5%
annualized
return
before
expenses)
Beginning
Account
Value
$
1,000.00
Ending
Account
Value
$
1,023.69
Expenses
Incurred
During
the
Period
$
1.53
Expenses
are
equal
to
the
Fund’s
annualized
net
expense
ratio
of
0.30%
multiplied
by
the
average
account
value
over
the
period,
multiplied
by
184/365
(to
reflect
the
one-half
year
period).
Nuveen
ESG
U.S.
Aggregate
Bond
ETF
(NUBD)
Actual
Performance
Beginning
Account
Value
$
1,000.00
Ending
Account
Value
$
974.85
Expenses
Incurred
During
the
Period
$
0.75
Hypothetical
Performance
(5%
annualized
return
before
expenses)
Beginning
Account
Value
$
1,000.00
Ending
Account
Value
$
1,024.45
Expenses
Incurred
During
the
Period
$
0.77
Expenses
are
equal
to
the
Fund’s
annualized
net
expense
ratio
of
0.15%
multiplied
by
the
average
account
value
over
the
period,
multiplied
by
184/365
(to
reflect
the
one-half
year
period).
19
Nuveen
Enhanced
Yield
U.S.
Aggregate
Bond
ETF
(NUAG)
Portfolio
of
Investments
January
31,
2023
(Unaudited)
Principal
Amount
(000)
Description
(1)
Coupon
Maturity
Ratings
(2)
Value
LONG-TERM
INVESTMENTS
-
98.2%  
X
12,961,649
CORPORATE
DEBT
-
38.3%
X
12,961,649
Financials
-
12.9%
$
10
AerCap
Ireland
Capital
DAC
/
AerCap
Global
Aviation
Trust
2.875%
8/14/24
BBB-
$
9,566
2
AerCap
Ireland
Capital
DAC
/
AerCap
Global
Aviation
Trust
1.650%
10/29/24
BBB-
1,871
8
AerCap
Ireland
Capital
DAC
/
AerCap
Global
Aviation
Trust
1.750%
10/29/24
BBB-
7,461
18
AerCap
Ireland
Capital
DAC
/
AerCap
Global
Aviation
Trust
1.750%
1/30/26
BBB-
16,179
18
AerCap
Ireland
Capital
DAC
/
AerCap
Global
Aviation
Trust
2.450%
10/29/26
BBB-
16,193
5
AerCap
Ireland
Capital
DAC
/
AerCap
Global
Aviation
Trust
4.625%
10/15/27
BBB-
4,834
1
AerCap
Ireland
Capital
DAC
/
AerCap
Global
Aviation
Trust
3.000%
10/29/28
BBB-
882
8
AerCap
Ireland
Capital
DAC
/
AerCap
Global
Aviation
Trust
3.300%
1/30/32
BBB-
6,717
4
Aetna
Inc
4.500%
5/15/42
BBB
3,672
10
Aetna
Inc
4.750%
3/15/44
BBB
9,296
12
Affiliated
Managers
Group
Inc
3.500%
8/01/25
BBB+
11,622
10
Affiliated
Managers
Group
Inc
3.300%
6/15/30
BBB+
8,651
2
Air
Lease
Corp
3.875%
7/03/23
BBB
1,989
7
Air
Lease
Corp
0.800%
8/18/24
BBB
6,522
10
Air
Lease
Corp
3.250%
3/01/25
BBB
9,591
1
Air
Lease
Corp
1.875%
8/15/26
BBB
891
7
Air
Lease
Corp
2.200%
1/15/27
BBB
6,276
8
Air
Lease
Corp
3.625%
4/01/27
BBB
7,531
2
Air
Lease
Corp
3.250%
10/01/29
BBB
1,770
10
Air
Lease
Corp
3.000%
2/01/30
BBB
8,613
13
Aircastle
Ltd
4.125%
5/01/24
BBB-
12,712
5
Alexandria
Real
Estate
Equities
Inc
(3)
1.875%
2/01/33
BBB+
3,865
23
Alexandria
Real
Estate
Equities
Inc
3.550%
3/15/52
BBB+
17,590
5
Ally
Financial
Inc
1.450%
10/02/23
BBB-
4,882
20
Ally
Financial
Inc
(3)
7.100%
11/15/27
BBB-
21,107
18
Ally
Financial
Inc
2.200%
11/02/28
BBB-
15,041
1
Ally
Financial
Inc
8.000%
11/01/31
BBB-
1,101
13
American
Homes
4
Rent
LP
3.625%
4/15/32
BBB-
11,559
20
American
International
Group
Inc
2.500%
6/30/25
BBB+
19,033
9
Aon
Corp
2.800%
5/15/30
BBB+
7,969
1
Aon
Corp
/
Aon
Global
Holdings
PLC
2.600%
12/02/31
BBB+
848
5
Ares
Capital
Corp
3.875%
1/15/26
BBB-
4,703
7
Assurant
Inc
3.700%
2/22/30
BBB
6,190
10
Assurant
Inc
2.650%
1/15/32
BBB
7,721
1
Athene
Holding
Ltd
6.150%
4/03/30
BBB+
1,032
17
AXIS
Specialty
Finance
PLC
4.000%
12/06/27
BBB+
16,265
44
Banco
Santander
SA
2.749%
12/03/30
BBB
35,478
100
Bank
of
America
Corp
5.080%
1/20/27
A
100,368
34
Bank
of
America
Corp
4.948%
7/22/28
A
34,058
100
Bank
of
America
Corp
4.571%
4/27/33
A
96,627
100
Bank
of
America
Corp
5.015%
7/22/33
A
99,940
100
Bank
of
Montreal
5.200%
12/12/24
A
100,665
6
Bank
of
Nova
Scotia/The
3.450%
4/11/25
A
5,826
57
Bank
of
Nova
Scotia/The
3.625%
10/27/81
BBB-
45,057
11
BankUnited
Inc
5.125%
6/11/30
BBB-
10,674
1
Barclays
PLC
1.007%
12/10/24
BBB+
962
13
Barclays
PLC
2.852%
5/07/26
BBB+
12,296
13
Barclays
PLC
5.200%
5/12/26
BBB
12,948
200
Barclays
PLC
5.501%
8/09/28
BBB+
201,352
3
Barclays
PLC
5.088%
6/20/30
BBB
2,878
4
Barclays
PLC
2.667%
3/10/32
BBB+
3,235
4
Barclays
PLC
2.894%
11/24/32
BBB+
3,265
4
Barclays
PLC
3.811%
3/10/42
BBB
2,977
10
BGC
Partners
Inc
5.375%
7/24/23
BBB-
10,009
Nuveen
Enhanced
Yield
U.S.
Aggregate
Bond
ETF
(NUAG)
(continued)
Portfolio
of
Investments
January
31,
2023
(Unaudited)
20
Principal
Amount
(000)
Description
(1)
Coupon
Maturity
Ratings
(2)
Value
Financials
(continued)
$
12
BGC
Partners
Inc
3.750%
10/01/24
BBB-
$
11,571
6
Blackstone
Private
Credit
Fund
4.700%
3/24/25
BBB-
5,822
24
Blackstone
Private
Credit
Fund
2.625%
12/15/26
BBB-
20,553
16
Blackstone
Secured
Lending
Fund
2.125%
2/15/27
BBB-
13,561
15
Boston
Properties
LP
3.400%
6/21/29
BBB+
13,328
14
Brighthouse
Financial
Inc
(3)
5.625%
5/15/30
BBB
14,012
11
Brixmor
Operating
Partnership
LP
4.125%
5/15/29
BBB-
10,174
24
Brown
&
Brown
Inc
2.375%
3/15/31
BBB-
19,329
4
Capital
One
Financial
Corp
3.900%
1/29/24
BBB+
3,956
4
Capital
One
Financial
Corp
1.343%
12/06/24
BBB+
3,864
4
Capital
One
Financial
Corp
4.250%
4/30/25
BBB+
3,945
7
Capital
One
Financial
Corp
4.166%
5/09/25
BBB+
6,886
6
Capital
One
Financial
Corp
1.878%
11/02/27
BBB+
5,312
4
Capital
One
Financial
Corp
3.800%
1/31/28
BBB+
3,819
151
Capital
One
Financial
Corp
4.927%
5/10/28
BBB+
149,070
7
Capital
One
Financial
Corp
3.273%
3/01/30
BBB+
6,202
6
Capital
One
Financial
Corp
2.359%
7/29/32
BBB
4,550
1
Capital
One
Financial
Corp
5.268%
5/10/33
BBB+
981
36
CI
Financial
Corp
3.200%
12/17/30
BBB-
28,150
9
Citigroup
Inc
4.140%
5/24/25
A-
8,898
2
Citigroup
Inc
3.290%
3/17/26
A-
1,925
20
Citigroup
Inc
4.450%
9/29/27
BBB
19,622
1
Citigroup
Inc
3.070%
2/24/28
A-
930
150
Citigroup
Inc
4.910%
5/24/33
A-
148,119
72
Citizens
Financial
Group
Inc
2.500%
2/06/30
BBB+
61,158
8
CNA
Financial
Corp
3.900%
5/01/29
BBB+
7,472
8
CNO
Financial
Group
Inc
5.250%
5/30/29
BBB-
7,802
20
Cooperatieve
Rabobank
UA
3.750%
7/21/26
BBB+
19,119
46
Corebridge
Financial
Inc,
144A
3.850%
4/05/29
BBB+
42,934
11
Corporate
Office
Properties
LP
2.900%
12/01/33
BBB-
8,069
15
Credit
Suisse
AG/New
York
NY
3.700%
2/21/25
A-
14,121
12
CubeSmart
LP
2.250%
12/15/28
BBB
10,295
4
Deutsche
Bank
AG/New
York
NY
1.447%
4/01/25
BBB
3,778
18
Deutsche
Bank
AG/New
York
NY
6.119%
7/14/26
BBB
18,198
4
Deutsche
Bank
AG/New
York
NY
2.129%
11/24/26
BBB
3,609
4
Deutsche
Bank
AG/New
York
NY
2.311%
11/16/27
BBB
3,535
1
Deutsche
Bank
AG/New
York
NY
3.547%
9/18/31
BBB
869
8
Digital
Realty
Trust
LP
(3)
4.450%
7/15/28
BBB
7,753
7
Discover
Financial
Services
4.500%
1/30/26
BBB
6,865
18
Discover
Financial
Services
4.100%
2/09/27
BBB
17,320
1
Elevance
Health
Inc
2.875%
9/15/29
BBB+
903
1
Elevance
Health
Inc
4.100%
5/15/32
BBB+
961
8
Elevance
Health
Inc
3.125%
5/15/50
BBB+
5,949
23
Enstar
Group
Ltd
3.100%
9/01/31
BBB-
17,770
10
EPR
Properties
3.750%
8/15/29
BBB-
8,310
3
Equitable
Holdings
Inc
4.350%
4/20/28
BBB+
2,922
13
Essex
Portfolio
LP
2.550%
6/15/31
BBB+
10,724
12
Extra
Space
Storage
LP
2.350%
3/15/32
BBB
9,508
24
Fairfax
Financial
Holdings
Ltd
4.625%
4/29/30
BBB-
22,555
11
Federal
Realty
Investment
Trust
3.500%
6/01/30
BBB+
9,806
21
Fidelity
National
Financial
Inc
3.400%
6/15/30
BBB
18,493
9
Fifth
Third
Bancorp
2.375%
1/28/25
BBB+
8,586
2
Fifth
Third
Bancorp
1.707%
11/01/27
BBB+
1,800
3
Fifth
Third
Bancorp
3.950%
3/14/28
BBB+
2,915
100
Fifth
Third
Bancorp
6.361%
10/27/28
BBB+
105,811
21
First
American
Financial
Corp
2.400%
8/15/31
BBB
16,334
26
FS
KKR
Capital
Corp
1.650%
10/12/24
BBB-
24,062
1
FS
KKR
Capital
Corp
3.250%
7/15/27
BBB-
869
16
GATX
Corp
4.550%
11/07/28
BBB
15,554
10
Goldman
Sachs
BDC
Inc
2.875%
1/15/26
BBB-
9,366
21
Principal
Amount
(000)
Description
(1)
Coupon
Maturity
Ratings
(2)
Value
Financials
(continued)
$
6
Goldman
Sachs
Group
Inc/The
3.000%
3/15/24
A-
$
5,881
100
Goldman
Sachs
Group
Inc/The
5.700%
11/01/24
A-
101,466
6
Goldman
Sachs
Group
Inc/The
1.948%
10/21/27
A-
5,371
4
Goldman
Sachs
Group
Inc/The
2.615%
4/22/32
A-
3,342
6
Goldman
Sachs
Group
Inc/The
2.383%
7/21/32
A-
4,913
1
Goldman
Sachs
Group
Inc/The
6.450%
5/01/36
BBB
1,092
13
Golub
Capital
BDC
Inc
2.050%
2/15/27
BBB-
10,965
12
Hartford
Financial
Services
Group
Inc/The
2.800%
8/19/29
BBB+
10,713
10
Healthcare
Realty
Holdings
LP
3.100%
2/15/30
BBB
8,715
11
Healthpeak
Properties
Inc
2.875%
1/15/31
BBB+
9,558
10
Hercules
Capital
Inc
3.375%
1/20/27
BBB-
8,830
10
Highwoods
Realty
LP
4.200%
4/15/29
BBB
8,872
5
Highwoods
Realty
LP
3.050%
2/15/30
BBB
4,061
11
Host
Hotels
&
Resorts
LP
3.500%
9/15/30
BBB-
9,409
96
HSBC
Holdings
PLC
6.800%
6/01/38
BBB+
102,639
10
Hudson
Pacific
Properties
LP
4.650%
4/01/29
BBB-
8,711
28
Humana
Inc
2.150%
2/03/32
BBB
22,731
15
Huntington
Bancshares
Inc/OH
4.000%
5/15/25
BBB+
14,714
12
Huntington
Bancshares
Inc/OH
2.550%
2/04/30
BBB+
10,293
11
Invitation
Homes
Operating
Partnership
LP
2.300%
11/15/28
BBB-
9,381
18
Jackson
Financial
Inc
5.170%
6/08/27
BBB
18,206
12
Janus
Henderson
US
Holdings
Inc
4.875%
8/01/25
BBB+
11,880
12
Jefferies
Financial
Group
Inc
5.500%
10/18/23
BBB
12,004
9
Jefferies
Financial
Group
Inc
4.150%
1/23/30
BBB
8,401
100
JPMorgan
Chase
&
Co
2.595%
2/24/26
A+
95,140
6
JPMorgan
Chase
&
Co
1.470%
9/22/27
A+
5,315
10
JPMorgan
Chase
&
Co
2.069%
6/01/29
A+
8,665
4
JPMorgan
Chase
&
Co
3.702%
5/06/30
A+
3,725
6
JPMorgan
Chase
&
Co
2.545%
11/08/32
A+
4,981
12
JPMorgan
Chase
&
Co
4.912%
7/25/33
A+
11,956
150
JPMorgan
Chase
&
Co
5.717%
9/14/33
A-
154,760
22
Kemper
Corp
(3)
3.800%
2/23/32
BBB
19,215
67
KeyCorp
2.550%
10/01/29
BBB+
58,314
13
Kilroy
Realty
LP
2.650%
11/15/33
BBB
9,391
2
Kimco
Realty
OP
LLC
2.250%
12/01/31
BBB+
1,606
12
Kimco
Realty
OP
LLC
4.250%
4/01/45
BBB+
9,706
31
Lazard
Group
LLC
4.500%
9/19/28
BBB
30,086
11
Life
Storage
LP
2.400%
10/15/31
BBB
8,817
16
Lincoln
National
Corp
3.625%
12/12/26
BBB+
15,370
13
Lloyds
Banking
Group
PLC
4.716%
8/11/26
A-
12,817
13
LXP
Industrial
Trust
2.375%
10/01/31
BBB
10,230
11
Main
Street
Capital
Corp
3.000%
7/14/26
BBB-
9,690
9
Manulife
Financial
Corp
4.061%
2/24/32
BBB+
8,330
12
Markel
Corp
3.350%
9/17/29
BBB
10,875
20
Mitsubishi
UFJ
Financial
Group
Inc
5.017%
7/20/28
A
20,018
3
Morgan
Stanley
4.350%
9/08/26
BBB+
2,941
2
Morgan
Stanley
3.950%
4/23/27
BBB+
1,933
100
Morgan
Stanley
6.296%
10/18/28
A
105,721
150
Morgan
Stanley
3.622%
4/01/31
A
137,973
1
Morgan
Stanley
4.889%
7/20/33
A
990
1
Morgan
Stanley
2.484%
9/16/36
BBB+
775
10
Nasdaq
Inc
3.850%
6/30/26
BBB+
9,760
6
National
Retail
Properties
Inc
2.500%
4/15/30
BBB+
5,066
12
National
Retail
Properties
Inc
3.000%
4/15/52
BBB+
7,855
6
NatWest
Group
PLC
4.269%
3/22/25
A-
5,923
13
NatWest
Group
PLC
3.754%
11/01/29
BBB
12,207
17
NatWest
Group
PLC
5.076%
1/27/30
A-
16,789
4
Nomura
Holdings
Inc
1.851%
7/16/25
BBB+
3,681
3
Nomura
Holdings
Inc
5.386%
7/06/27
BBB+
3,028
4
Nomura
Holdings
Inc
2.710%
1/22/29
BBB+
3,465
Nuveen
Enhanced
Yield
U.S.
Aggregate
Bond
ETF
(NUAG)
(continued)
Portfolio
of
Investments
January
31,
2023
(Unaudited)
22
Principal
Amount
(000)
Description
(1)
Coupon
Maturity
Ratings
(2)
Value
Financials
(continued)
$
2
Nomura
Holdings
Inc
3.103%
1/16/30
BBB+
$
1,730
1
Nomura
Holdings
Inc
2.679%
7/16/30
BBB+
832
10
Oaktree
Specialty
Lending
Corp
2.700%
1/15/27
BBB-
8,885
7
Old
Republic
International
Corp
3.875%
8/26/26
BBB+
6,706
13
Omega
Healthcare
Investors
Inc
3.625%
10/01/29
BBB-
11,230
10
ORIX
Corp
4.000%
4/13/32
A-
9,285
10
Owl
Rock
Capital
Corp
3.750%
7/22/25
BBB-
9,379
18
Owl
Rock
Capital
Corp
4.250%
1/15/26
BBB-
16,955
1
Owl
Rock
Capital
Corp
2.625%
1/15/27
BBB-
863
14
OWL
Rock
Core
Income
Corp
4.700%
2/08/27
Baa3
12,813
13
Piedmont
Operating
Partnership
LP
2.750%
4/01/32
BBB
9,597
100
PNC
Financial
Services
Group
Inc/The
5.354%
12/02/28
A-
102,944
23
Prospect
Capital
Corp
3.437%
10/15/28
BBB-
18,399
8
Prudential
Financial
Inc
5.375%
5/15/45
BBB+
7,845
7
Prudential
Financial
Inc
5.700%
9/15/48
BBB+
6,807
1
Prudential
Financial
Inc
3.700%
10/01/50
BBB+
861
8
Radian
Group
Inc
6.625%
3/15/25
Baa3
8,000
2
Regency
Centers
LP
2.950%
9/15/29
BBB+
1,734
7
Regency
Centers
LP
4.400%
2/01/47
BBB+
5,839
34
Regions
Financial
Corp
1.800%
8/12/28
BBB+
29,613
8
Reinsurance
Group
of
America
Inc
4.700%
9/15/23
BBB+
7,972
10
Reinsurance
Group
of
America
Inc
3.150%
6/15/30
BBB+
8,824
13
Rexford
Industrial
Realty
LP
2.150%
9/01/31
BBB+
10,402
100
Royal
Bank
of
Canada
4.875%
1/12/26
A+
100,622
10
Sabra
Health
Care
LP
3.200%
12/01/31
BBB-
7,724
6
Santander
Holdings
USA
Inc
4.260%
6/09/25
BBB
5,870
7
Santander
Holdings
USA
Inc
3.244%
10/05/26
BBB
6,585
1
Santander
Holdings
USA
Inc
2.490%
1/06/28
BBB
882
2
Santander
UK
Group
Holdings
PLC
1.532%
8/21/26
BBB+
1,794
10
Sixth
Street
Specialty
Lending
Inc
3.875%
11/01/24
BBB-
9,728
13
Spirit
Realty
LP
2.100%
3/15/28
BBB
10,878
10
Stifel
Financial
Corp
4.250%
7/18/24
BBB
9,869
12
Stifel
Financial
Corp
4.000%
5/15/30
BBB
10,730
12
STORE
Capital
Corp
2.700%
12/01/31
BBB
9,049
2
Sun
Communities
Operating
LP
2.300%
11/01/28
BBB-
1,724
6
Sun
Communities
Operating
LP
4.200%
4/15/32
BBB-
5,498
6
SVB
Financial
Group
4.345%
4/29/28
BBB+
5,772
1
SVB
Financial
Group
3.125%
6/05/30
BBB+
858
20
SVB
Financial
Group
1.800%
2/02/31
BBB+
15,263
6
Synchrony
Financial
4.875%
6/13/25
BBB-
5,884
56
Synchrony
Financial
3.700%
8/04/26
BBB-
52,093
39
Synchrony
Financial
3.950%
12/01/27
BBB-
36,024
100
Toronto-Dominion
Bank/The
5.156%
1/10/28
A
102,034
15
UDR
Inc
3.000%
8/15/31
BBB+
13,071
7
Unum
Group
3.875%
11/05/25
BBB-
6,723
22
Ventas
Realty
LP
2.500%
9/01/31
BBB+
17,960
9
Wells
Fargo
&
Co
3.908%
4/25/26
A
8,793
1
Wells
Fargo
&
Co
3.526%
3/24/28
A
951
150
Wells
Fargo
&
Co
4.808%
7/25/28
A
149,681
16
Welltower
OP
LLC
2.800%
6/01/31
BBB+
13,339
6
Welltower
OP
LLC
3.850%
6/15/32
BBB+
5,379
117
Westpac
Banking
Corp
2.668%
11/15/35
BBB+
91,900
14
Willis
North
America
Inc
4.500%
9/15/28
BBB
13,632
11
WP
Carey
Inc
2.450%
2/01/32
BBB+
8,978
4,637
Total
Financials
4,367,099
Industrial
-
10.5%
9
AbbVie
Inc
3.200%
11/21/29
BBB+
8,369
15
AbbVie
Inc
4.050%
11/21/39
BBB+
13,515
16
AbbVie
Inc
4.625%
10/01/42
BBB+
15,050
23
Principal
Amount
(000)
Description
(1)
Coupon
Maturity
Ratings
(2)
Value
Industrial
(continued)
$
12
Advance
Auto
Parts
Inc
3.500%
3/15/32
BBB-
$
10,209
9
Agilent
Technologies
Inc
2.750%
9/15/29
BBB+
7,983
10
Allegion
plc
3.500%
10/01/29
BBB
8,965
3
Altria
Group
Inc
5.800%
2/14/39
BBB+
2,890
1
Altria
Group
Inc
3.875%
9/16/46
BBB+
709
10
Amcor
Flexibles
North
America
Inc
2.690%
5/25/31
BBB
8,455
36
American
Airlines
2016-2
Class
AA
Pass
Through
Trust2020
A
3.200%
6/15/28
BBB+
32,048
29
American
Tower
Corp
2.100%
6/15/30
BBB
23,760
1
American
Tower
Corp
4.050%
3/15/32
BBB
927
19
AmerisourceBergen
Corp
2.700%
3/15/31
BBB+
16,488
1
Amgen
Inc
2.300%
2/25/31
BBB+
841
8
Amgen
Inc
3.150%
2/21/40
BBB+
6,255
6
Amgen
Inc
5.150%
11/15/41
BBB+
5,900
1
Amgen
Inc
3.000%
1/15/52
BBB+
691
1
Amgen
Inc
4.200%
2/22/52
BBB+
855
11
Amphenol
Corp
2.200%
9/15/31
BBB+
9,089
70
Anheuser-Busch
Cos
LLC
/
Anheuser-Busch
InBev
Worldwide
Inc
4.900%
2/01/46
BBB+
68,326
13
Anheuser-Busch
InBev
Worldwide
Inc
4.000%
4/13/28
BBB+
12,771
3
Anheuser-Busch
InBev
Worldwide
Inc
4.350%
6/01/40
BBB+
2,778
21
Aptiv
PLC
3.100%
12/01/51
BBB
13,614
3
Aptiv
PLC
/
Aptiv
Corp
3.250%
3/01/32
BBB
2,590
10
ArcelorMittal
SA
(3)
4.250%
7/16/29
BBB-
9,578
29
AT&T
Inc
2.750%
6/01/31
BBB
25,010
67
AT&T
Inc
4.850%
3/01/39
BBB
64,072
30
AT&T
Inc
3.500%
6/01/41
BBB
24,085
14
Autodesk
Inc
2.400%
12/15/31
BBB+
11,737
11
AutoNation
Inc
3.850%
3/01/32
BBB-
9,311
13
AutoZone
Inc
4.000%
4/15/30
BBB
12,409
11
Avery
Dennison
Corp
2.250%
2/15/32
BBB
8,738
11
Barrick
North
America
Finance
LLC
5.700%
5/30/41
BBB+
11,848
1
BAT
Capital
Corp
4.742%
3/16/32
BBB+
924
8
BAT
Capital
Corp
4.390%
8/15/37
BBB+
6,572
12
Becton
Dickinson
and
Co
1.957%
2/11/31
BBB
9,879
9
Becton
Dickinson
and
Co
4.685%
12/15/44
BBB
8,554
12
Bell
Telephone
Co
of
Canada
or
Bell
Canada/The
3.650%
8/15/52
BBB+
9,511
10
Best
Buy
Co
Inc
1.950%
10/01/30
BBB+
8,171
14
Biogen
Inc
5.200%
9/15/45
BBB+
14,440
10
Block
Financial
LLC
2.500%
7/15/28
BBB-
8,782
14
Boardwalk
Pipelines
LP
3.600%
9/01/32
BBB
12,173
54
Boeing
Co/The
5.705%
5/01/40
BBB-
55,256
8
BorgWarner
Inc
4.375%
3/15/45
BBB+
6,553
17
Boston
Scientific
Corp
4.550%
3/01/39
BBB+
16,099
12
BP
Capital
Markets
PLC
4.875%
N/A
(4)
BBB+
11,205
1
Broadcom
Inc,
144A
4.000%
4/15/29
BBB-
938
84
Broadcom
Inc,
144A
3.187%
11/15/36
BBB-
64,230
17
Broadridge
Financial
Solutions
Inc
2.600%
5/01/31
BBB+
14,436
6
Brunswick
Corp/DE
4.400%
9/15/32
BBB
5,189
10
Bunge
Ltd
Finance
Corp
3.750%
9/25/27
BBB
9,605
11
Campbell
Soup
Co
(3)
2.375%
4/24/30
BBB
9,458
1
Canadian
Natural
Resources
Ltd
2.950%
7/15/30
BBB
875
5
Canadian
Natural
Resources
Ltd
5.850%
2/01/35
BBB
5,047
2
Canadian
Natural
Resources
Ltd
6.750%
2/01/39
BBB
2,175
8
Canadian
Pacific
Railway
Co
2.450%
12/02/31
BBB+
6,909
3
Canadian
Pacific
Railway
Co
4.800%
8/01/45
BBB+
2,911
10
Cardinal
Health
Inc
4.500%
11/15/44
BBB
8,606
14
Carlisle
Cos
Inc
2.200%
3/01/32
BBB
11,174
5
Carrier
Global
Corp
2.722%
2/15/30
BBB-
4,368
21
Carrier
Global
Corp
3.577%
4/05/50
BBB-
16,351
Nuveen
Enhanced
Yield
U.S.
Aggregate
Bond
ETF
(NUAG)
(continued)
Portfolio
of
Investments
January
31,
2023
(Unaudited)
24
Principal
Amount
(000)
Description
(1)
Coupon
Maturity
Ratings
(2)
Value
Industrial
(continued)
$
10
CDW
LLC
/
CDW
Finance
Corp
3.276%
12/01/28
BBB-
$
8,788
10
Celanese
US
Holdings
LLC
(3)
6.379%
7/15/32
BBB-
10,074
11
Cenovus
Energy
Inc
5.250%
6/15/37
BBB-
10,690
10
CF
Industries
Inc
5.375%
3/15/44
BBB
9,600
8
Charter
Communications
Operating
LLC
/
Charter
Communications
Operating
Capital
5.375%
4/01/38
BBB-
7,170
1
Charter
Communications
Operating
LLC
/
Charter
Communications
Operating
Capital
3.500%
3/01/42
BBB-
696
14
Charter
Communications
Operating
LLC
/
Charter
Communications
Operating
Capital
5.375%
5/01/47
BBB-
11,951
1
Charter
Communications
Operating
LLC
/
Charter
Communications
Operating
Capital
5.250%
4/01/53
BBB-
840
11
Choice
Hotels
International
Inc
3.700%
1/15/31
BBB-
9,748
10
Church
&
Dwight
Co
Inc
2.300%
12/15/31
BBB+
8,345
33
Cigna
Corp
4.900%
12/15/48
BBB+
31,631
14
Clorox
Co/The
4.400%
5/01/29
BBB+
13,828
10
CNH
Industrial
NV
3.850%
11/15/27
BBB
9,718
3
Conagra
Brands
Inc
4.850%
11/01/28
BBB-
3,005
11
Conagra
Brands
Inc
5.300%
11/01/38
BBB-
11,065
6
Constellation
Brands
Inc
4.750%
5/09/32
BBB-
5,998
10
Constellation
Brands
Inc
5.250%
11/15/48
BBB-
9,976
20
Corning
Inc
3.900%
11/15/49
BBB+
15,863
26
Crown
Castle
Inc
2.500%
7/15/31
BBB
21,877
4
CSX
Corp
(3)
2.400%
2/15/30
BBB+
3,502
1
CSX
Corp
4.100%
11/15/32
BBB+
971
1
CSX
Corp
3.800%
4/15/50
BBB+
826
9
CVS
Health
Corp
4.875%
7/20/35
BBB
8,952
18
CVS
Health
Corp
4.780%
3/25/38
BBB
17,230
9
Dell
International
LLC
/
EMC
Corp
6.200%
7/15/30
BBB
9,500
7
Dell
International
LLC
/
EMC
Corp
8.350%
7/15/46
BBB
8,449
2
Dell
International
LLC
/
EMC
Corp,
144A
3.450%
12/15/51
BBB
1,329
6
Deutsche
Telekom
International
Finance
BV
8.750%
6/15/30
BBB+
7,330
19
Devon
Energy
Corp
5.600%
7/15/41
BBB
18,829
5
Diamondback
Energy
Inc
3.125%
3/24/31
BBB
4,365
6
Diamondback
Energy
Inc
4.250%
3/15/52
BBB
4,831
10
Dick's
Sporting
Goods
Inc
3.150%
1/15/32
BBB-
8,182
59
Discovery
Communications
LLC
4.000%
9/15/55
BBB-
40,581
5
Dollar
General
Corp
3.875%
4/15/27
BBB
4,852
7
Dollar
General
Corp
4.125%
4/03/50
BBB
5,919
21
Dollar
Tree
Inc
3.375%
12/01/51
BBB
15,210
10
Dover
Corp
2.950%
11/04/29
BBB+
8,898
2
Dow
Chemical
Co/The
4.250%
10/01/34
BBB+
1,876
8
Dow
Chemical
Co/The
5.250%
11/15/41
BBB+
7,935
5
DuPont
de
Nemours
Inc
5.319%
11/15/38
BBB+
5,172
6
Eastman
Chemical
Co
4.800%
9/01/42
BBB
5,457
8
Eaton
Corp
4.150%
11/02/42
BBB+
7,293
14
eBay
Inc
(3)
2.600%
5/10/31
BBB+
11,941
22
Energy
Transfer
LP
5.800%
6/15/38
BBB-
21,629
22
Energy
Transfer
LP
5.000%
5/15/44
BBB-
19,315
3
Enterprise
Products
Operating
LLC
5.750%
3/01/35
BBB+
3,035
2
Enterprise
Products
Operating
LLC
4.250%
2/15/48
BBB+
1,727
1
Enterprise
Products
Operating
LLC
3.300%
2/15/53
BBB+
725
10
Enterprise
Products
Operating
LLC
3.950%
1/31/60
BBB+
7,910
10
EQT
Corp
5.700%
4/01/28
BBB-
10,118
7
Equifax
Inc
2.600%
12/15/25
BBB
6,565
10
Equifax
Inc
5.100%
12/15/27
BBB
10,151
12
Equifax
Inc
2.350%
9/15/31
BBB
9,885
3
Equinix
Inc
2.500%
5/15/31
BBB
2,507
17
Equinix
Inc
3.900%
4/15/32
BBB
15,631
14
Expedia
Group
Inc
3.250%
2/15/30
BBB-
12,307
25
Principal
Amount
(000)
Description
(1)
Coupon
Maturity
Ratings
(2)
Value
Industrial
(continued)
$
3
Expedia
Group
Inc
2.950%
3/15/31
BBB-
$
2,526
10
FactSet
Research
Systems
Inc
3.450%
3/01/32
BBB-
8,793
7
FedEx
Corp
3.100%
8/05/29
BBB
6,394
6
FedEx
Corp
3.900%
2/01/35
BBB
5,406
4
FedEx
Corp
4.050%
2/15/48
BBB
3,280
1
Fidelity
National
Information
Services
Inc
1.650%
3/01/28
BBB
861
50
Fidelity
National
Information
Services
Inc
2.250%
3/01/31
BBB
40,992
54
Fiserv
Inc
2.750%
7/01/24
BBB
52,325
7
Fiserv
Inc
2.250%
6/01/27
BBB
6,369
13
Flowserve
Corp
2.800%
1/15/32
BBB-
10,369
11
Fortune
Brands
Innovations
Inc
3.250%
9/15/29
BBB
9,764
19
Fox
Corp
3.500%
4/08/30
BBB
17,395
21
Freeport-McMoRan
Inc
4.250%
3/01/30
BBB-
19,598
7
GE
Capital
Funding
LLC
4.550%
5/15/32
BBB+
6,919
1
General
Electric
Co
4.350%
5/01/50
BBB+
886
12
General
Mills
Inc
4.550%
4/17/38
BBB
11,200
2
General
Motors
Co
6.600%
4/01/36
BBB-
2,091
8
General
Motors
Financial
Co
Inc
4.300%
4/06/29
BBB-
7,480
10
General
Motors
Financial
Co
Inc
3.100%
1/12/32
BBB-
8,288
12
Genuine
Parts
Co
2.750%
2/01/32
BBB+
9,997
17
Gilead
Sciences
Inc
4.000%
9/01/36
BBB+
15,847
9
Gilead
Sciences
Inc
4.750%
3/01/46
BBB+
8,748
1
Global
Payments
Inc
1.500%
11/15/24
BBB-
937
6
Global
Payments
Inc
4.950%
8/15/27
BBB-
6,010
6
Global
Payments
Inc
4.450%
6/01/28
BBB-
5,786
5
Global
Payments
Inc
2.900%
5/15/30
BBB-
4,291
1
Global
Payments
Inc
2.900%
11/15/31
BBB-
833
17
GLP
Capital
LP
/
GLP
Financing
II
Inc
5.300%
1/15/29
BBB-
16,575
9
Halliburton
Co
4.500%
11/15/41
BBB+
8,044
8
Halliburton
Co
4.750%
8/01/43
BBB+
7,405
10
Hasbro
Inc
3.900%
11/19/29
BBB
9,141
18
HCA
Inc
4.125%
6/15/29
BBB-
17,109
20
HCA
Inc,
144A
4.375%
3/15/42
BBB-
17,012
10
HCA
Inc
3.500%
7/15/51
BBB-
7,012
4
Hewlett
Packard
Enterprise
Co
6.200%
10/15/35
BBB
4,324
6
HP
Inc
4.750%
1/15/28
BBB
5,966
6
HP
Inc
3.400%
6/17/30
BBB
5,324
6
HP
Inc
4.200%
4/15/32
BBB
5,354
6
HP
Inc
6.000%
9/15/41
BBB
6,097
10
Huntington
Ingalls
Industries
Inc
2.043%
8/16/28
BBB-
8,460
10
Huntsman
International
LLC
2.950%
6/15/31
BBB-
8,236
10
IDEX
Corp
(3)
2.625%
6/15/31
BBB
8,549
12
Ingredion
Inc
2.900%
6/01/30
BBB
10,517
8
International
Paper
Co
4.800%
6/15/44
BBB
7,464
7
International
Paper
Co
4.400%
8/15/47
BBB
6,260
6
J
M
Smucker
Co/The
(3)
2.125%
3/15/32
BBB
4,909
6
J
M
Smucker
Co/The
4.250%
3/15/35
BBB
5,711
6
Jabil
Inc
3.600%
1/15/30
BBB-
5,420
12
Johnson
Controls
International
plc
4.950%
7/02/64
BBB+
11,019
14
Kansas
City
Southern/Old
4.700%
5/01/48
BBB
13,105
14
Kellogg
Co
2.100%
6/01/30
BBB
11,839
15
Keurig
Dr
Pepper
Inc
3.200%
5/01/30
BBB
13,557
3
Keurig
Dr
Pepper
Inc
4.500%
4/15/52
BBB
2,713
1
Kinder
Morgan
Energy
Partners
LP
6.375%
3/01/41
BBB
1,057
10
Kinder
Morgan
Inc
2.000%
2/15/31
BBB
8,074
1
Kinder
Morgan
Inc
3.600%
2/15/51
BBB
740
6
Kraft
Heinz
Foods
Co
4.250%
3/01/31
BBB-
5,793
14
Kraft
Heinz
Foods
Co
5.500%
6/01/50
BBB-
14,288
3
Kroger
Co/The
2.200%
5/01/30
BBB+
2,523
1
Kroger
Co/The
1.700%
1/15/31
BBB+
798
Nuveen
Enhanced
Yield
U.S.
Aggregate
Bond
ETF
(NUAG)
(continued)
Portfolio
of
Investments
January
31,
2023
(Unaudited)
26
Principal
Amount
(000)
Description
(1)
Coupon
Maturity
Ratings
(2)
Value
Industrial
(continued)
$
4
Kroger
Co/The
5.400%
1/15/49
BBB+
$
4,066
5
L3Harris
Technologies
Inc
2.900%
12/15/29
BBB
4,449
8
L3Harris
Technologies
Inc
1.800%
1/15/31
BBB
6,423
10
Laboratory
Corp
of
America
Holdings
2.700%
6/01/31
BBB
8,642
2
Lear
Corp
3.500%
5/30/30
BBB
1,750
10
Lear
Corp
2.600%
1/15/32
BBB
7,855
11
Leggett
&
Platt
Inc
3.500%
11/15/51
BBB
8,130
15
Leidos
Inc
2.300%
2/15/31
BBB-
12,088
10
Lennar
Corp
4.750%
11/29/27
BBB
9,864
10
Lowe's
Cos
Inc
4.500%
4/15/30
BBB+
9,892
9
Lowe's
Cos
Inc
4.050%
5/03/47
BBB+
7,563
1
Lowe's
Cos
Inc
4.250%
4/01/52
BBB+
850
19
LYB
International
Finance
BV
5.250%
7/15/43
BBB
17,760
13
Magellan
Midstream
Partners
LP
5.150%
10/15/43
BBB+
12,071
11
Marathon
Petroleum
Corp
6.500%
3/01/41
BBB
12,048
3
Marriott
International
Inc/MD
4.650%
12/01/28
BBB
2,976
5
Marriott
International
Inc/MD
4.500%
10/01/34
BBB
4,491
6
Martin
Marietta
Materials
Inc
2.500%
3/15/30
BBB
5,130
3
Martin
Marietta
Materials
Inc
2.400%
7/15/31
BBB
2,498
10
Martin
Marietta
Materials
Inc
3.200%
7/15/51
BBB
7,372
7
Marvell
Technology
Inc
4.875%
6/22/28
BBB-
6,918
14
Masco
Corp
2.000%
2/15/31
BBB
11,334
13
McCormick
&
Co
Inc/MD
1.850%
2/15/31
BBB
10,407
25
McDonald's
Corp
4.700%
12/09/35
BBB+
25,070
23
MDC
Holdings
Inc
3.966%
8/06/61
BBB-
13,879
12
Micron
Technology
Inc
5.327%
2/06/29
BBB-
12,063
8
Molson
Coors
Beverage
Co
4.200%
7/15/46
BBB-
6,700
6
Mondelez
International
Inc
(3)
3.000%
3/17/32
BBB+
5,320
15
Mondelez
International
Inc
(3)
1.875%
10/15/32
BBB+
11,952
7
Moody's
Corp
3.250%
1/15/28
BBB+
6,611
25
Moody's
Corp
(3)
2.000%
8/19/31
BBB+
20,590
7
Mosaic
Co/The
5.450%
11/15/33
BBB
7,189
4
Motorola
Solutions
Inc
2.300%
11/15/30
BBB-
3,237
11
Motorola
Solutions
Inc
2.750%
5/24/31
BBB-
9,110
32
MPLX
LP
4.500%
4/15/38
BBB
29,069
5
Mylan
Inc
4.550%
4/15/28
BBB-
4,812
41
National
Fuel
Gas
Co
5.500%
1/15/26
BBB-
41,182
7
National
Fuel
Gas
Co
2.950%
3/01/31
BBB-
5,669
13
NetApp
Inc
2.700%
6/22/30
BBB+
11,160
6
Netflix
Inc
5.875%
11/15/28
BBB-
6,225
6
Newmont
Corp
2.600%
7/15/32
BBB+
5,025
10
Newmont
Corp
5.875%
4/01/35
BBB+
10,718
6
Norfolk
Southern
Corp
(3)
3.000%
3/15/32
BBB+
5,346
1
Norfolk
Southern
Corp
4.800%
8/15/43
BBB+
924
8
Norfolk
Southern
Corp
3.700%
3/15/53
BBB+
6,466
9
Northrop
Grumman
Corp
4.400%
5/01/30
BBB+
8,895
6
Nucor
Corp
2.700%
6/01/30
A-
5,291
4
Nucor
Corp
3.125%
4/01/32
A-
3,560
8
Nucor
Corp
2.979%
12/15/55
A-
5,507
12
Nutrien
Ltd
5.625%
12/01/40
BBB
12,327
3
NXP
BV
/
NXP
Funding
LLC
5.550%
12/01/28
BBB
3,081
6
NXP
BV
/
NXP
Funding
LLC
/
NXP
USA
Inc
2.500%
5/11/31
BBB
4,928
8
NXP
BV
/
NXP
Funding
LLC
/
NXP
USA
Inc
2.650%
2/15/32
BBB
6,558
6
NXP
BV
/
NXP
Funding
LLC
/
NXP
USA
Inc
3.250%
11/30/51
BBB
4,096
7
Omnicom
Group
Inc
4.200%
6/01/30
BBB+
6,745
19
ONEOK
Partners
LP
6.125%
2/01/41
BBB
19,194
20
Oracle
Corp
2.875%
3/25/31
BBB
17,226
7
Oracle
Corp
3.800%
11/15/37
BBB
5,883
76
Oracle
Corp
3.650%
3/25/41
BBB
60,152
14
Orange
SA
5.375%
1/13/42
BBB+
14,557
27
Principal
Amount
(000)
Description
(1)
Coupon
Maturity
Ratings
(2)
Value
Industrial
(continued)
$
12
O'Reilly
Automotive
Inc
4.350%
6/01/28
BBB+
$
11,905
12
Owens
Corning
4.300%
7/15/47
BBB
10,123
14
Packaging
Corp
of
America
3.050%
10/01/51
BBB
9,823
8
Paramount
Global
4.950%
1/15/31
BBB
7,378
24
Paramount
Global
4.900%
8/15/44
BBB
18,851
14
Parker-Hannifin
Corp
4.450%
11/21/44
BBB+
12,825
13
PerkinElmer
Inc
2.550%
3/15/31
BBB
10,818
6
Phillips
66
4.650%
11/15/34
BBB+
5,917
5
Phillips
66
5.875%
5/01/42
BBB+
5,464
6
Phillips
66
3.300%
3/15/52
BBB+
4,437
5
Phillips
66
Co,
144A
3.150%
12/15/29
BBB+
4,515
13
Plains
All
American
Pipeline
LP
/
PAA
Finance
Corp
3.800%
9/15/30
BBB-
11,810
3
PulteGroup
Inc
5.000%
1/15/27
BBB
3,014
30
Quanta
Services
Inc
2.350%
1/15/32
BBB-
24,010
11
Quest
Diagnostics
Inc
2.800%
6/30/31
BBB
9,556
3
Raytheon
Technologies
Corp
1.900%
9/01/31
BBB+
2,445
20
Raytheon
Technologies
Corp
4.625%
11/16/48
BBB+
19,358
1
Raytheon
Technologies
Corp
3.030%
3/15/52
BBB+
738
14
Regeneron
Pharmaceuticals
Inc
1.750%
9/15/30
BBB
11,298
9
RELX
Capital
Inc
3.000%
5/22/30
BBB+
7,993
9
Republic
Services
Inc
3.950%
5/15/28
BBB
8,767
9
Republic
Services
Inc
(3)
1.750%
2/15/32
BBB
7,259
23
Rogers
Communications
Inc
5.000%
3/15/44
BBB+
21,060
1
Rogers
Communications
Inc,
144A
4.550%
3/15/52
BBB+
841
1
Roper
Technologies
Inc
2.950%
9/15/29
BBB+
897
10
Roper
Technologies
Inc
2.000%
6/30/30
BBB+
8,332
18
Royalty
Pharma
PLC
2.150%
9/02/31
BBB-
14,306
14
RPM
International
Inc
4.250%
1/15/48
BBB-
11,135
10
Sabine
Pass
Liquefaction
LLC
4.200%
3/15/28
BBB
9,691
23
Sands
China
Ltd
5.400%
8/08/28
BBB-
22,597
6
Sherwin-Williams
Co/The
2.200%
3/15/32
BBB
4,932
10
Sherwin-Williams
Co/The
4.000%
12/15/42
BBB
8,324
11
Sonoco
Products
Co
2.850%
2/01/32
BBB
9,392
17
Southern
Copper
Corp
5.250%
11/08/42
BBB+
16,754
8
Southwest
Airlines
Co
3.450%
11/16/27
BBB+
7,527
30
Spectra
Energy
Partners
LP
4.500%
3/15/45
BBB+
26,559
9
Starbucks
Corp
3.550%
8/15/29
BBB+
8,503
2
Starbucks
Corp
(3)
3.000%
2/14/32
BBB+
1,777
10
Starbucks
Corp
4.450%
8/15/49
BBB+
9,139
11
Starbucks
Corp
3.350%
3/12/50
BBB+
8,406
6
Steel
Dynamics
Inc
3.450%
4/15/30
BBB-
5,530
16
Stryker
Corp
4.100%
4/01/43
BBB+
13,980
14
Suncor
Energy
Inc
4.000%
11/15/47
BBB+
11,754
20
Suzano
Austria
GmbH
3.125%
1/15/32
BBB-
15,899
3
Sysco
Corp
5.950%
4/01/30
BBB
3,220
15
Sysco
Corp
3.150%
12/14/51
BBB
10,791
12
Tapestry
Inc
3.050%
3/15/32
BBB-
9,836
10
Teck
Resources
Ltd
6.000%
8/15/40
BBB-
10,165
5
Teledyne
FLIR
LLC
2.500%
8/01/30
BBB-
4,192
9
TELUS
Corp
4.300%
6/15/49
BBB
7,864
12
Textron
Inc
3.000%
6/01/30
BBB
10,630
18
Time
Warner
Cable
LLC
5.500%
9/01/41
BBB-
16,176
11
T-Mobile
USA
Inc
2.250%
11/15/31
BBB-
8,996
100
T-Mobile
USA
Inc
3.400%
10/15/52
BBB-
72,990
10
Trane
Technologies
Global
Holding
Co
Ltd
5.750%
6/15/43
BBB
10,506
6
TransCanada
PipeLines
Ltd
4.100%
4/15/30
BBB+
5,718
9
TransCanada
PipeLines
Ltd
5.100%
3/15/49
BBB+
8,884
5
Transcontinental
Gas
Pipe
Line
Co
LLC
3.250%
5/15/30
BBB+
4,507
11
Transcontinental
Gas
Pipe
Line
Co
LLC
3.950%
5/15/50
BBB+
9,080
Nuveen
Enhanced
Yield
U.S.
Aggregate
Bond
ETF
(NUAG)
(continued)
Portfolio
of
Investments
January
31,
2023
(Unaudited)
28
Principal
Amount
(000)
Description
(1)
Coupon
Maturity
Ratings
(2)
Value
Industrial
(continued)
$
17
Triton
Container
International
Ltd
/
TAL
International
Container
Corp
3.250%
3/15/32
BBB-
$
13,741
11
Tyson
Foods
Inc
5.100%
9/28/48
BBB
10,862
18
United
Airlines
2014-1
Class
A
Pass
Through
Trust2020
A
4.000%
4/11/26
BBB+
16,435
14
Vale
Overseas
Ltd
3.750%
7/08/30
BBB-
12,528
23
Valero
Energy
Corp
3.650%
12/01/51
BBB
17,597
6
Verizon
Communications
Inc
2.550%
3/21/31
BBB+
5,121
106
Verizon
Communications
Inc
2.355%
3/15/32
BBB+
87,323
2
Verizon
Communications
Inc
3.400%
3/22/41
BBB+
1,610
7
Verizon
Communications
Inc
(3)
2.850%
9/03/41
BBB+
5,183
6
Verizon
Communications
Inc
4.000%
3/22/50
BBB+
5,072
6
Verizon
Communications
Inc
3.875%
3/01/52
BBB+
4,924
12
VF
Corp
2.950%
4/23/30
BBB+
10,418
16
Viatris
Inc
3.850%
6/22/40
BBB-
11,678
12
VICI
Properties
LP
5.125%
5/15/32
BBB-
11,479
8
VMware
Inc
4.700%
5/15/30
BBB-
7,756
16
Vodafone
Group
PLC
4.375%
2/19/43
BBB
13,806
17
Vodafone
Group
PLC
4.875%
6/19/49
BBB
15,331
12
Vontier
Corp
2.950%
4/01/31
BBB-
9,295
13
Vulcan
Materials
Co
3.500%
6/01/30
BBB
11,879
14
Walgreens
Boots
Alliance
Inc
4.650%
6/01/46
BBB-
11,785
10
Warnermedia
Holdings
Inc,
144A
4.279%
3/15/32
BBB-
8,900
12
Warnermedia
Holdings
Inc,
144A
5.050%
3/15/42
BBB-
10,246
22
Waste
Connections
Inc
2.200%
1/15/32
BBB+
18,237
6
Waste
Management
Inc
4.150%
4/15/32
BBB+
5,899
11
Waste
Management
Inc
3.900%
3/01/35
BBB+
10,054
11
Western
Union
Co/The
1.350%
3/15/26
BBB
9,787
10
Westinghouse
Air
Brake
Technologies
Corp
4.950%
9/15/28
BBB-
9,933
13
Westlake
Corp
3.125%
8/15/51
BBB
8,663
6
Weyerhaeuser
Co
4.000%
4/15/30
BBB
5,662
13
Weyerhaeuser
Co
3.375%
3/09/33
BBB
11,428
6
Whirlpool
Corp
(3)
4.700%
5/14/32
BBB
5,885
10
Whirlpool
Corp
5.150%
3/01/43
BBB
9,215
23
Williams
Cos
Inc/The
2.600%
3/15/31
BBB
19,467
8
Workday
Inc
3.700%
4/01/29
BBB
7,529
11
WRKCo
Inc
4.900%
3/15/29
BBB
10,909
13
Xylem
Inc/NY
2.250%
1/30/31
BBB
10,915
6
Yamana
Gold
Inc
2.630%
8/15/31
BBB-
4,737
2
Zimmer
Biomet
Holdings
Inc
4.250%
8/15/35
BBB
1,726
6
Zimmer
Biomet
Holdings
Inc
5.750%
11/30/39
BBB
6,103
11
Zoetis
Inc
4.700%
2/01/43
BBB+
10,514
4,044
Total
Industrial
3,555,555
Utility
-
14.9%
5
AEP
Texas
Inc
3.800%
10/01/47
BBB+
3,929
7
Ameren
Corp
2.500%
9/15/24
BBB+
6,736
9
Ameren
Corp
1.950%
3/15/27
BBB+
8,099
8
Ameren
Corp
1.750%
3/15/28
BBB+
6,978
4
Ameren
Corp
3.500%
1/15/31
BBB+
3,666
1
American
Electric
Power
Co
Inc
2.031%
3/15/24
BBB
966
100
American
Electric
Power
Co
Inc
5.750%
11/01/27
BBB
104,370
4
American
Electric
Power
Co
Inc
(3)
4.300%
12/01/28
BBB
3,911
99
American
Electric
Power
Co
Inc
2.300%
3/01/30
BBB
83,623
4
American
Electric
Power
Co
Inc
3.875%
2/15/62
BBB-
3,431
30
Avangrid
Inc
3.200%
4/15/25
BBB
28,846
46
Avangrid
Inc
3.800%
6/01/29
BBB
43,284
10
Black
Hills
Corp
1.037%
8/23/24
BBB+
9,394
4
Black
Hills
Corp
3.150%
1/15/27
BBB+
3,769
1
Black
Hills
Corp
3.050%
10/15/29
BBB+
879
7
Black
Hills
Corp
2.500%
6/15/30
BBB+
5,851
29
Principal
Amount
(000)
Description
(1)
Coupon
Maturity
Ratings
(2)
Value
Utility
(continued)
$
10
Black
Hills
Corp
4.200%
9/15/46
BBB+
$
8,209
11
Black
Hills
Corp
3.875%
10/15/49
BBB+
8,414
1
CenterPoint
Energy
Houston
Electric
LLC
3.000%
3/01/32
A
897
30
CenterPoint
Energy
Inc
4.250%
11/01/28
BBB
28,846
6
Cleco
Corporate
Holdings
LLC
3.375%
9/15/29
BBB-
5,174
18
Cleco
Corporate
Holdings
LLC
4.973%
5/01/46
BBB-
15,960
1
CMS
Energy
Corp
4.875%
3/01/44
BBB
954
11
CMS
Energy
Corp
3.750%
12/01/50
BBB-
8,977
100
Commonwealth
Edison
Co
4.900%
2/01/33
A
103,050
111
Constellation
Energy
Generation
LLC
5.600%
6/15/42
BBB
112,366
20
Dayton
Power
&
Light
Co/The
3.950%
6/15/49
BBB+
16,567
13
Delmarva
Power
&
Light
Co
4.000%
6/01/42
A
10,877
7
Dominion
Energy
Inc
3.071%
8/15/24
BBB
6,792
6
Dominion
Energy
Inc
3.600%
3/15/27
BBB
5,749
102
Dominion
Energy
Inc
4.250%
6/01/28
BBB
99,848
1
Dominion
Energy
Inc
2.250%
8/15/31
BBB
830
1
Dominion
Energy
Inc
4.350%
8/15/32
BBB
968
100
Dominion
Energy
Inc
5.375%
11/15/32
BBB
102,884
8
Dominion
Energy
Inc
5.250%
8/01/33
BBB
8,134
7
Dominion
Energy
Inc
4.900%
8/01/41
BBB
6,564
13
Dominion
Energy
Inc
4.850%
8/15/52
BBB
12,229
13
DTE
Electric
Co
3.000%
3/01/32
A+
11,588
3
DTE
Energy
Co
2.529%
10/01/24
BBB
2,880
1
DTE
Energy
Co
4.220%
11/01/24
BBB
988
1
Duke
Energy
Corp
3.150%
8/15/27
BBB
941
1
Duke
Energy
Corp
4.300%
3/15/28
BBB
986
447
Duke
Energy
Corp
3.950%
8/15/47
BBB
360,643
1
Duke
Energy
Corp
5.000%
8/15/52
BBB
956
4
Edison
International
4.950%
4/15/25
BBB-
3,980
127
El
Paso
Electric
Co
5.000%
12/01/44
BBB+
117,262
8
Emera
US
Finance
LP
3.550%
6/15/26
BBB-
7,589
1
Emera
US
Finance
LP
2.639%
6/15/31
BBB-
815
12
Emera
US
Finance
LP
4.750%
6/15/46
BBB-
10,088
80
Enel
Americas
SA
4.000%
10/25/26
BBB
78,394
43
Enel
Chile
SA
4.875%
6/12/28
BBB
42,291
50
Enel
Generacion
Chile
SA
4.250%
4/15/24
BBB+
49,500
1
Entergy
Corp
0.900%
9/15/25
BBB
899
1
Entergy
Corp
1.900%
6/15/28
BBB
870
15
Entergy
Corp
2.800%
6/15/30
BBB
13,058
10
Entergy
Corp
2.400%
6/15/31
BBB
8,267
1
Entergy
Corp
3.750%
6/15/50
BBB
793
6
Essential
Utilities
Inc
2.704%
4/15/30
BBB+
5,209
19
Essential
Utilities
Inc
2.400%
5/01/31
BBB+
15,811
21
Essential
Utilities
Inc
3.351%
4/15/50
BBB+
15,461
70
Evergy
Inc
2.900%
9/15/29
BBB+
62,251
4
Eversource
Energy
0.800%
8/15/25
BBB+
3,603
1
Eversource
Energy
3.300%
1/15/28
BBB+
948
1
Eversource
Energy
4.250%
4/01/29
BBB+
971
1
Eversource
Energy
1.650%
8/15/30
BBB+
803
1
Eversource
Energy
3.375%
3/01/32
BBB+
902
6
Eversource
Energy
3.450%
1/15/50
BBB+
4,677
6
Exelon
Corp
2.750%
3/15/27
BBB
5,601
4
Exelon
Corp
4.050%
4/15/30
BBB
3,851
2
Exelon
Corp
3.350%
3/15/32
BBB
1,807
3
Exelon
Corp
4.950%
6/15/35
BBB
3,021
21
Exelon
Corp
5.100%
6/15/45
BBB
20,649
7
Exelon
Corp
4.450%
4/15/46
BBB
6,322
1
Exelon
Corp
4.700%
4/15/50
BBB
944
130
Fortis
Inc/Canada
3.055%
10/04/26
BBB
122,057
5
Georgia
Power
Co
2.650%
9/15/29
BBB+
4,403
Nuveen
Enhanced
Yield
U.S.
Aggregate
Bond
ETF
(NUAG)
(continued)
Portfolio
of
Investments
January
31,
2023
(Unaudited)
30
Principal
Amount
(000)
Description
(1)
Coupon
Maturity
Ratings
(2)
Value
Utility
(continued)
$
200
Georgia
Power
Co
4.700%
5/15/32
BBB+
$
199,404
1
Georgia
Power
Co
3.700%
1/30/50
BBB+
796
68
Iberdrola
International
BV
6.750%
7/15/36
BBB+
75,501
10
Interstate
Power
and
Light
Co
4.100%
9/26/28
BBB+
9,811
100
Interstate
Power
and
Light
Co
3.600%
4/01/29
BBB+
93,565
1
Interstate
Power
and
Light
Co
2.300%
6/01/30
BBB+
844
5
IPALCO
Enterprises
Inc
3.700%
9/01/24
BBB-
4,866
7
IPALCO
Enterprises
Inc
4.250%
5/01/30
BBB-
6,473
4
ITC
Holdings
Corp
4.050%
7/01/23
BBB+
3,974
1
ITC
Holdings
Corp
5.300%
7/01/43
BBB+
967
12
National
Grid
USA
5.803%
4/01/35
BBB
12,033
10
NextEra
Energy
Capital
Holdings
Inc
4.200%
6/20/24
BBB+
9,912
18
NextEra
Energy
Capital
Holdings
Inc
4.450%
6/20/25
BBB+
17,891
8
NextEra
Energy
Capital
Holdings
Inc
1.875%
1/15/27
BBB+
7,225
108
NextEra
Energy
Capital
Holdings
Inc
4.625%
7/15/27
BBB+
108,174
307
NextEra
Energy
Capital
Holdings
Inc
1.900%
6/15/28
BBB+
268,861
4
NextEra
Energy
Capital
Holdings
Inc
3.500%
4/01/29
BBB+
3,724
8
NextEra
Energy
Capital
Holdings
Inc
2.750%
11/01/29
BBB+
7,114
5
NextEra
Energy
Capital
Holdings
Inc
2.250%
6/01/30
BBB+
4,236
4
NextEra
Energy
Capital
Holdings
Inc
2.440%
1/15/32
BBB+
3,341
19
NextEra
Energy
Capital
Holdings
Inc
5.000%
7/15/32
BBB+
19,317
4
NextEra
Energy
Capital
Holdings
Inc
5.650%
5/01/79
BBB
3,817
3
NextEra
Energy
Capital
Holdings
Inc
3.800%
3/15/82
BBB
2,621
9
NiSource
Inc
3.490%
5/15/27
BBB
8,637
15
NiSource
Inc
3.600%
5/01/30
BBB
13,873
18
NiSource
Inc
1.700%
2/15/31
BBB
14,313
8
NiSource
Inc
5.950%
6/15/41
BBB
8,551
6
NiSource
Inc
5.650%
2/01/45
BBB
6,276
7
NiSource
Inc
3.950%
3/30/48
BBB
5,829
19
NiSource
Inc
5.000%
6/15/52
BBB
18,571
100
NSTAR
Electric
Co
4.950%
9/15/52
A+
102,450
4
Oglethorpe
Power
Corp
5.950%
11/01/39
BBB+
4,101
9
Oglethorpe
Power
Corp
4.200%
12/01/42
BBB+
7,040
14
Oglethorpe
Power
Corp
4.250%
4/01/46
BBB+
11,001
1
Oglethorpe
Power
Corp,
144A
4.500%
4/01/47
BBB+
854
3
Oglethorpe
Power
Corp
5.050%
10/01/48
BBB+
2,759
7
Oglethorpe
Power
Corp
5.250%
9/01/50
BBB+
6,760
12
ONE
Gas
Inc
1.100%
3/11/24
A-
11,503
124
Pacific
Gas
and
Electric
Co
3.250%
2/16/24
BBB-
121,711
8
Pacific
Gas
and
Electric
Co
3.300%
12/01/27
BBB-
7,310
9
Pacific
Gas
and
Electric
Co
3.000%
6/15/28
BBB-
8,048
109
Pacific
Gas
and
Electric
Co
3.750%
7/01/28
BBB-
100,179
9
Pacific
Gas
and
Electric
Co
4.200%
3/01/29
BBB-
8,325
109
Pacific
Gas
and
Electric
Co
4.550%
7/01/30
BBB-
101,661
7
Pacific
Gas
and
Electric
Co
2.500%
2/01/31
BBB-
5,648
17
Pacific
Gas
and
Electric
Co
3.250%
6/01/31
BBB-
14,430
101
Pacific
Gas
and
Electric
Co
4.400%
3/01/32
BBB-
91,524
100
Pacific
Gas
and
Electric
Co
5.900%
6/15/32
BBB-
100,564
109
Pacific
Gas
and
Electric
Co
4.200%
6/01/41
BBB-
86,203
6
Pacific
Gas
and
Electric
Co
4.450%
4/15/42
BBB-
4,770
8
Pacific
Gas
and
Electric
Co
3.750%
8/15/42
BBB-
5,812
7
Pacific
Gas
and
Electric
Co
4.300%
3/15/45
BBB-
5,334
7
Pacific
Gas
and
Electric
Co
4.000%
12/01/46
BBB-
5,095
7
Pacific
Gas
and
Electric
Co
3.950%
12/01/47
BBB-
5,077
106
Pacific
Gas
and
Electric
Co
4.950%
7/01/50
BBB-
88,495
104
Pacific
Gas
and
Electric
Co
5.250%
3/01/52
BBB-
90,381
48
Pennsylvania
Electric
Co
6.150%
10/01/38
BBB+
50,231
110
Piedmont
Natural
Gas
Co
Inc
3.500%
6/01/29
BBB+
104,045
100
Piedmont
Natural
Gas
Co
Inc
3.640%
11/01/46
BBB+
76,276
1
Piedmont
Natural
Gas
Co
Inc
3.350%
6/01/50
BBB+
728
31
Principal
Amount
(000)
Description
(1)
Coupon
Maturity
Ratings
(2)
Value
Utility
(continued)
$
60
Pinnacle
West
Capital
Corp
1.300%
6/15/25
BBB+
$
55,227
10
PPL
Capital
Funding
Inc
3.100%
5/15/26
BBB+
9,489
1
PPL
Capital
Funding
Inc
4.125%
4/15/30
BBB+
961
9
Public
Service
Co
of
New
Hampshire
2.200%
6/15/31
A+
7,638
1
Public
Service
Electric
and
Gas
Co
1.900%
8/15/31
A
827
2
Public
Service
Enterprise
Group
Inc
2.875%
6/15/24
BBB
1,945
16
Public
Service
Enterprise
Group
Inc
1.600%
8/15/30
BBB
12,823
66
Puget
Energy
Inc
2.379%
6/15/28
BBB-
58,225
26
Puget
Energy
Inc
4.100%
6/15/30
BBB-
23,982
1
Sempra
Energy
3.300%
4/01/25
BBB
968
4
Sempra
Energy
3.250%
6/15/27
BBB
3,780
2
Sempra
Energy
3.400%
2/01/28
BBB
1,896
4
Sempra
Energy
3.700%
4/01/29
BBB
3,773
18
Sempra
Energy
3.800%
2/01/38
BBB
15,761
19
Sempra
Energy
4.000%
2/01/48
BBB
15,959
4
Sempra
Energy
4.125%
4/01/52
BBB-
3,501
100
Southern
California
Edison
Co
5.850%
11/01/27
A-
105,262
1
Southern
California
Edison
Co
2.750%
2/01/32
A-
866
1
Southern
Co
Gas
Capital
Corp
4.400%
5/30/47
BBB+
859
64
Southern
Co/The
2.950%
7/01/23
BBB
63,468
100
Southern
Co/The
0.600%
2/26/24
BBB
95,551
1
Southern
Co/The
5.113%
8/01/27
BBB-
1,017
110
Southern
Co/The
4.000%
1/15/51
BBB-
104,646
1
Southern
Power
Co
4.950%
12/15/46
BBB+
912
9
Southwest
Gas
Corp
2.200%
6/15/30
BBB+
7,385
90
Southwest
Gas
Corp
4.050%
3/15/32
BBB+
82,535
35
Southwest
Gas
Corp
4.150%
6/01/49
BBB+
27,329
8
Southwestern
Electric
Power
Co
1.650%
3/15/26
BBB+
7,273
4
Southwestern
Electric
Power
Co
4.100%
9/15/28
BBB+
3,876
1
Southwestern
Electric
Power
Co
3.900%
4/01/45
BBB+
809
109
Southwestern
Electric
Power
Co
3.250%
11/01/51
BBB+
77,181
21
Southwestern
Public
Service
Co
6.000%
10/01/36
BBB+
21,784
28
Spire
Inc
4.700%
8/15/44
BBB+
23,767
1
Virginia
Electric
and
Power
Co
3.750%
5/15/27
A-
975
13
Virginia
Electric
and
Power
Co
2.400%
3/30/32
A-
10,975
100
Wisconsin
Public
Service
Corp
5.350%
11/10/25
A
101,743
9
Xcel
Energy
Inc
0.500%
10/15/23
BBB+
8,735
11
Xcel
Energy
Inc
1.750%
3/15/27
BBB+
9,898
1
Xcel
Energy
Inc
4.000%
6/15/28
BBB+
976
18
Xcel
Energy
Inc
2.350%
11/15/31
BBB+
14,955
7
Xcel
Energy
Inc
4.800%
9/15/41
BBB+
6,531
5,476
Total
Utility
5,038,995
$
14,157
Total
Corporate
Debt
(cost
$14,686,641)
12,961,649
Principal
Amount
(000)
Description
(1)
Coupon
Maturity
Ratings
(2)
Value
X
8,774,078
U.S.
TREASURY
-
25.9%
X
8,774,078
$
3
United
States
Treasury
Note/Bond
0.125%
8/31/23
AA+
$
3,506
100
United
States
Treasury
Note/Bond
0.250%
9/30/23
AAA
97,066
1
United
States
Treasury
Note/Bond
0.875%
1/31/24
AAA
770
183
United
States
Treasury
Note/Bond
1.125%
2/28/25
AAA
172,077
1,308
United
States
Treasury
Note/Bond
0.250%
9/30/25
AAA
1,188,441
425
United
States
Treasury
Note/Bond
0.375%
1/31/26
AAA
383,463
425
United
States
Treasury
Note/Bond
0.750%
3/31/26
AAA
386,634
704
United
States
Treasury
Note/Bond
0.750%
4/30/26
AAA
638,160
3
United
States
Treasury
Note/Bond
0.875%
6/30/26
AAA
2,541
400
United
States
Treasury
Note/Bond
1.125%
10/31/26
AA+
363,641
4
United
States
Treasury
Note/Bond
1.250%
12/31/26
AAA
3,278
600
United
States
Treasury
Note/Bond
1.875%
2/28/27
AAA
558,680
1
United
States
Treasury
Note/Bond
2.500%
3/31/27
AAA
954
Nuveen
Enhanced
Yield
U.S.
Aggregate
Bond
ETF
(NUAG)
(continued)
Portfolio
of
Investments
January
31,
2023
(Unaudited)
32
Principal
Amount
(000)
Description
(1)
Coupon
Maturity
Ratings
(2)
Value
$
30
United
States
Treasury
Note/Bond
2.750%
4/30/27
AAA
$
28,898
3
United
States
Treasury
Note/Bond
3.250%
6/30/27
AAA
2,752
0(5)
United
States
Treasury
Note/Bond
2.750%
7/31/27
AAA
385
300
United
States
Treasury
Note/Bond
4.125%
9/30/27
AAA
306,082
976
United
States
Treasury
Note/Bond
3.125%
11/15/28
AAA
951,066
483
United
States
Treasury
Note/Bond
2.375%
5/15/29
AAA
450,171
557
United
States
Treasury
Note/Bond
1.625%
8/15/29
AAA
496,078
35
United
States
Treasury
Note/Bond
0.625%
5/15/30
AAA
28,630
20
United
States
Treasury
Note/Bond
0.875%
11/15/30
AAA
16,530
103
United
States
Treasury
Note/Bond
1.625%
5/15/31
AAA
89,962
4
United
States
Treasury
Note/Bond
1.875%
2/15/32
AAA
3,510
2
United
States
Treasury
Note/Bond
2.875%
5/15/32
AAA
1,905
650
United
States
Treasury
Note/Bond
2.750%
8/15/32
AAA
611,609
1,400
United
States
Treasury
Note/Bond
3.375%
8/15/42
AAA
1,323,656
750
United
States
Treasury
Note/Bond
3.000%
8/15/52
AAA
663,633
$
9,470
Total
U.S.
Treasury
(cost
$9,415,732)
8,774,078
Principal
Amount
(000)
Description
(1)
Coupon
Maturity
Ratings
(2)
Value
X
7,638,716
SECURITIZED
-
22.6%
X
7,638,716
$
250
American
Express
Credit
Account
Master
Trust
2022
2
3.390%
5/17/27
AAA
$
244,230
200
Avis
Budget
Rental
Car
Funding
AESOP
LLC
2020
1A,
144A
2.330%
8/20/26
AAA
187,392
100
BBCMS
Mortgage
Trust
2022
C17
4.174%
9/15/55
AAA
96,865
150
Benchmark
Mortgage
Trust
2021
B27
2.703%
7/15/54
A-
107,683
300
Capital
One
Multi-Asset
Execution
Trust
2022
A2
3.490%
5/15/27
AAA
293,413
100
Capital
One
Prime
Auto
Receivables
Trust
2021
1
0.770%
9/15/26
AAA
94,613
195
Carmax
Auto
Owner
Trust
2022
3
3.810%
9/15/25
AAA
193,718
250
COMM
Mortgage
Trust
2015
LC19
3.527%
2/10/48
AA+
239,325
200
COMM
Mortgage
Trust
2018
COR3
4.228%
5/10/51
AAA
193,496
150
Discover
Card
Execution
Note
Trust
2022
A1
1.960%
2/15/27
AAA
142,492
100
Discover
Card
Execution
Note
Trust
2022
A3
3.560%
7/15/27
AAA
97,963
27
Fannie
Mae
Pool
FN
MA1489
3.000%
7/01/43
N/R
25,552
185
Fannie
Mae
Pool
FN
AS6302
3.500%
12/01/45
N/R
177,673
67
Fannie
Mae
Pool
FN
MA3211
4.000%
12/01/47
N/R
66,189
122
Fannie
Mae
Pool
FN
MA3239
4.000%
1/01/48
N/R
119,898
176
Fannie
Mae
Pool
FN
MA3276
3.500%
2/01/48
N/R
167,712
41
Fannie
Mae
Pool
FN
MA3277
4.000%
2/01/48
N/R
40,358
91
Fannie
Mae
Pool
FN
MA3305
3.500%
3/01/48
N/R
86,349
28
Fannie
Mae
Pool
FN
MA3306
4.000%
3/01/48
N/R
27,174
55
Fannie
Mae
Pool
FN
MA3383
3.500%
6/01/48
N/R
52,136
372
Fannie
Mae
Pool
FN
MA3416
4.500%
7/01/48
N/R
374,153
49
Fannie
Mae
Pool
FN
MA3467
4.000%
9/01/48
N/R
48,347
53
Fannie
Mae
Pool
FN
MA3663
3.500%
5/01/49
N/R
50,480
80
Fannie
Mae
Pool
FN
MA3744
3.000%
8/01/49
N/R
73,052
91
Fannie
Mae
Pool
FN
MA3774
3.000%
9/01/49
N/R
84,031
124
Fannie
Mae
Pool
FN
MA3905
3.000%
1/01/50
N/R
113,997
224
Fannie
Mae
Pool
FN
MA4380
3.000%
7/01/51
N/R
203,899
96
Fannie
Mae
Pool
FN
MA4737
5.000%
8/01/52
N/R
96,716
477
Fannie
Mae
Pool
FN
MA4738
5.500%
8/01/52
N/R
485,240
193
Fannie
Mae
Pool
FN
MA4761
5.000%
9/01/52
N/R
194,219
74
Freddie
Mac
Gold
Pool
FG
G08800
3.500%
2/01/48
N/R
71,020
197
Freddie
Mac
Multifamily
Structured
Pass
Through
Certificates
2021
K127
1.353%
11/25/30
AAA
173,418
297
Ginnie
Mae
II
Pool
G2
MA8201
4.500%
8/20/52
AAA
294,445
296
Ginnie
Mae
II
Pool
G2
MA8202
5.000%
8/20/52
AAA
298,269
97
GM
Financial
Automobile
Leasing
Trust
2022
3
4.010%
10/21/24
AAA
96,417
200
GM
Financial
Consumer
Automobile
Receivables
Trust
2022
2
3.100%
2/16/27
AAA
194,698
230
GS
Mortgage
Securities
Trust
2013
GC16
5.161%
11/10/46
Aa1
225,171
221
GS
Mortgage
Securities
Trust
2016
GS4
3.178%
11/10/49
AAA
208,264
100
Hertz
Vehicle
Financing
III
LLC
2022
1A,
144A
1.990%
6/25/26
AAA
93,008
150
Honda
Auto
Receivables
Owner
Trust
2022
2
3.810%
3/18/25
AAA
148,639
135
Hyundai
Auto
Receivables
Trust
2022
B
3.720%
11/16/26
AAA
132,798
33
Principal
Amount
(000)
Description
(1)
Coupon
Maturity
Ratings
(2)
Value
$
100
John
Deere
Owner
Trust
2022
A
2.490%
1/16/29
AAA
$
94,562
20
Morgan
Stanley
Bank
of
America
Merrill
Lynch
Trust
2015
C20
3.249%
2/15/48
Aaa
19,285
250
Morgan
Stanley
Capital
I
Trust
2021
L5
1.518%
5/15/54
AAA
224,557
88
Santander
Drive
Auto
Receivables
Trust
2022
5
3.980%
1/15/25
AAA
87,638
30
Santander
Drive
Auto
Receivables
Trust
2022
5
4.110%
8/17/26
AAA
29,669
150
Toyota
Auto
Loan
Extended
Note
Trust
2021
1A,
144A
1.070%
2/27/34
AAA
135,285
200
Toyota
Auto
Receivables
Owner
Trust
2022
C
3.830%
8/15/25
AAA
198,212
100
Verizon
Master
Trust
2022
7
5.230%
11/22/27
AAA
100,786
250
Wells
Fargo
Commercial
Mortgage
Trust
2014
LC16
4.020%
8/15/50
Aa2
240,641
200
Westlake
Automobile
Receivables
Trust
2022
1A,
144A
2.750%
3/15/27
AA
193,569
$
7,931
Total
Securitized
(cost
$8,049,045)
7,638,716
Principal
Amount
(000)
Description
(1)
Coupon
Maturity
Ratings
(2)
Value
X
3,849,683
GOVERNMENT
RELATED
-
11.4%
X
3,849,683
Government
Agency
-
1.1%
$
30
Export-Import
Bank
of
Korea
(3)
2.500%
6/29/41
AA
$
21,618
18
Federal
Home
Loan
Mortgage
Corp
(3)
6.250%
7/15/32
AAA
21,542
4
Federal
Home
Loan
Mortgage
Corp
1.310%
8/17/33
AAA
2,983
1
Federal
National
Mortgage
Association
1.875%
9/24/26
AAA
936
6
Federal
National
Mortgage
Association
6.625%
11/15/30
AAA
7,206
6
Federal
National
Mortgage
Association
5.625%
7/15/37
AAA
7,129
62
Kreditanstalt
fuer
Wiederaufbau
1.000%
10/01/26
AAA
55,950
9
Tennessee
Valley
Authority
5.250%
9/15/39
AAA
9,785
169
Tennessee
Valley
Authority
3.500%
12/15/42
AAA
146,567
100
Tennessee
Valley
Authority
4.250%
9/15/52
AAA
94,871
405
Total
Government
Agency
368,587
Municipal
Bonds
-
4.6%
(6)
18
Bay
Area
Toll
Authority,
California,
Revenue
Bonds,
San
Francisco
Bay
Area
Toll
Bridge,
Series
2021
(Optional
Call:
4/31
at
100.00)
3.126%
4/01/55
AA
13,255
26
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-
31,697
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
54,590
42
California
State
University
(No
Opt.
Call)
2.719%
11/01/52
AA-
30,534
10
California
State
University,
Systemwide
Revenue
Bonds,
Taxable
Series
2021B
(Optional
Call:
11/31
at
100.00)
2.939%
11/01/52
AA-
7,377
70
California
State,
General
Obligation
Bonds,
Taxable
Various
Purpose
Series
2018
(Optional
Call:
4/28
at
100.00)
4.600%
4/01/38
AA
69,193
50
California
State,
General
Obligation
Bonds,
Various
Purpose
Build
America
Taxable
Bond
Series
2010
(No
Opt.
Call)
7.625%
3/01/40
AA
66,375
10
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+
11,065
30
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-
35,040
47
Chicago,Illinois,
O'Hare
International
Airport
Revenue
Bond,
Series
2018
(No
Opt.
Call)
4.572%
1/01/54
A+
45,841
40
Commonwealth
Financing
Authority,
Pennsylvania,
Revenue
Bonds,
Taxable
Series
2021A
(No
Opt.
Call)
2.991%
6/01/42
A+
30,747
6
Commonwealth
Financing
Authority,
Pennsylvania,
State
Appropriation
Lease
Bonds,
Plancon
Program,
Taxable
Series
2018A
(No
Opt.
Call)
3.864%
6/01/38
A+
5,513
Nuveen
Enhanced
Yield
U.S.
Aggregate
Bond
ETF
(NUAG)
(continued)
Portfolio
of
Investments
January
31,
2023
(Unaudited)
34
Principal
Amount
(000)
Description
(1)
Coupon
Maturity
Ratings
(2)
Value
Municipal
Bonds
(continued)
$
10
Cook
County,
Illinois,
General
Obligation
Bonds,
Build
America
Taxable
Bonds,
Series
2010D
(No
Opt.
Call)
6.229%
11/15/34
A+
$
11,268
40
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+
29,329
20
Dallas
Fort
Worth
International
Airport,
Texas,  Joint
Revenue
Bonds,
Taxable
Improvement
Series
2022A
(No
Opt.
Call)
4.087%
11/01/51
A+
18,009
20
Dallas
Fort
Worth
International
Airport,
Texas,  Joint
Revenue
Bonds,
Taxable
Improvement
Series
2022A
(Optional
Call:
11/32
at
100.00)
4.507%
11/01/51
A+
19,119
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+
30,295
1
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+
816
40
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+
31,294
126
Illinois
State,
General
Obligation
Bonds,
Pension
Funding
Series
2003
(No
Opt.
Call)
5.100%
6/01/33
BBB+
125,256
40
Kansas
Development
Finance
Authority,
Kansas,
Revenue
Bonds,
State
of
Kansas
KPERS
Projects,
Taxable
Series
2021K
(No
Opt.
Call)
2.774%
5/01/51
AA-
29,216
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+
39,789
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
61,472
36
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-
39,515
49
Massachusetts
State,
General
Obligation
Bonds,
Taxable
Refunding
Series
2019D2021
2021
(No
Opt.
Call)
2.663%
9/01/39
AA+
40,836
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-
9,355
21
Missouri
Health
and
Educational
Facilities
Authority,
Revenue
Bonds,
Washington
University,
Series
2016B
(No
Opt.
Call)
3.086%
9/15/51
AA+
16,428
36
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-
41,084
108
New
Jersey
Turnpike
Authority,
Revenue
Bonds,
Build
America
Taxable
Bonds,
Series
2010A
(No
Opt.
Call)
7.102%
1/01/41
A+
137,557
1
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+
1,115
15
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
15,924
32
New
York
State
Thruway
Authority,
General
Revenue
Bonds,
Taxable
Series
2019M
(No
Opt.
Call)
2.900%
1/01/35
A
28,119
50
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
AA-
39,381
10
Ohio
State
University,
General
Receipts
Bonds,
Build
America
Taxable
Bond
Series
2010C
(No
Opt.
Call)
4.910%
6/01/40
AA+
10,365
35
Principal
Amount
(000)
Description
(1)
Coupon
Maturity
Ratings
(2)
Value
Municipal
Bonds
(continued)
$
8
Ohio
State
University,
General
Receipts
Bonds,
Multiyear
Debt
Issuance
Program,
Taxable
Series
2016B
(No
Opt.
Call)
3.798%
12/01/46
AA+
$
6,980
5
Phoenix,
Arizona,
Various
Purpose
General
Obligation
Bonds,
Build
America
Taxable
Bonds,
Series
2009A
(No
Opt.
Call)
5.269%
7/01/34
AA+
5,212
100
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
AA-
71,804
39
Province
of
British
Columbia
Canada
(No
Opt.
Call)
(3)
1.300%
1/29/31
AA+
32,137
75
Sales
Tax
Securitization
Corporation,
Illinois,
Series
2021
(No
Opt.
Call)
3.238%
1/01/42
AA-
60,147
50
State
of
California
(Optional
Call:
4/28
at
100.00)
4.500%
4/01/33
AA
50,181
7
Texas
State,
General
Obligation
Bonds,
Transportation
Commission,
Build
America
Taxable
Bonds,
Series
2010A
(No
Opt.
Call)
4.631%
4/01/33
AAA
7,179
90
Texas
Transportation
Commission,
General
Obligation
Bonds,
Mobility
Fund,
Refunding
Series
2020
(Optional
Call:
10/30
at
100.00)
2.472%
10/01/44
AAA
65,647
93
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
61,951
32
Tucson,
Arizona,
Certificates
of
Participation,
Taxable
Series
2021A
(No
Opt.
Call)
2.856%
7/01/47
AA-
23,680
1,699
Total
Municipal
Bonds
1,561,687
Sovereign
Debt
-
5.7%
8
Chile
Government
International
Bond
2.550%
7/27/33
A
6,515
5
Chile
Government
International
Bond
3.500%
1/31/34
A
4,421
1
Chile
Government
International
Bond
3.625%
10/30/42
A
801
102
Chile
Government
International
Bond
3.500%
1/25/50
A
76,709
13
Chile
Government
International
Bond
(3)
4.000%
1/31/52
A
10,547
13
Chile
Government
International
Bond
3.250%
9/21/71
A
8,481
200
Colombia
Government
International
Bond
8.000%
4/20/33
BBB-
204,819
9
Colombia
Government
International
Bond
4.125%
2/22/42
BBB-
5,790
13
Colombia
Government
International
Bond
5.000%
6/15/45
BBB-
9,110
19
Colombia
Government
International
Bond
5.200%
5/15/49
BBB-
13,367
13
Colombia
Government
International
Bond
4.125%
5/15/51
BBB-
8,027
13
Colombia
Government
International
Bond
3.875%
2/15/61
BBB-
7,478
31
European
Investment
Bank
0.750%
10/26/26
AAA
27,660
1
Hungary
Government
International
Bond
7.625%
3/29/41
BBB
1,128
200
Indonesia
Government
International
Bond
4.850%
1/11/33
BBB
201,830
1
Indonesia
Government
International
Bond
4.350%
1/11/48
BBB
891
1
Indonesia
Government
International
Bond
5.350%
2/11/49
BBB
1,013
13
Indonesia
Government
International
Bond
4.300%
3/31/52
BBB
11,410
15
Indonesia
Government
International
Bond
3.350%
3/12/71
BBB
10,466
30
Inter-American
Development
Bank
4.375%
1/24/44
AAA
31,105
44
International
Bank
for
Reconstruction
&
Development
1.625%
11/03/31
AAA
37,187
28
Israel
Government
International
Bond
4.500%
1/30/43
A+
26,392
11
Korea
International
Bond
(3)
3.875%
9/20/48
AA
10,106
213
Mexico
Government
International
Bond
4.875%
5/19/33
BBB
204,486
10
Mexico
Government
International
Bond
4.280%
8/14/41
BBB
8,199
107
Mexico
Government
International
Bond
5.550%
1/21/45
BBB
101,344
100
Mexico
Government
International
Bond
4.400%
2/12/52
BBB
78,003
19
Mexico
Government
International
Bond
3.771%
5/24/61
BBB
12,924
178
Panama
Government
International
Bond
4.500%
5/15/47
BBB
142,106
130
Panama
Government
International
Bond
3.870%
7/23/60
BBB
86,903
1
Peruvian
Government
International
Bond
1.862%
12/01/32
BBB
747
13
Peruvian
Government
International
Bond
3.000%
1/15/34
BBB
10,552
13
Peruvian
Government
International
Bond
3.300%
3/11/41
BBB
9,775
17
Peruvian
Government
International
Bond
(3)
3.550%
3/10/51
BBB
12,495
Nuveen
Enhanced
Yield
U.S.
Aggregate
Bond
ETF
(NUAG)
(continued)
Portfolio
of
Investments
January
31,
2023
(Unaudited)
36
Principal
Amount
(000)
Description
(1)
Coupon
Maturity
Ratings
(2)
Value
Sovereign
Debt
(continued)
$
5
Peruvian
Government
International
Bond
2.780%
12/01/60
BBB
$
3,017
1
Peruvian
Government
International
Bond
3.600%
1/15/72
BBB
672
16
Peruvian
Government
International
Bond
3.230%
7/28/21
BBB
9,618
10
Philippine
Government
International
Bond
5.000%
1/13/37
BBB
10,052
59
Philippine
Government
International
Bond
3.700%
3/01/41
BBB
49,217
200
Philippine
Government
International
Bond
3.200%
7/06/46
BBB
149,599
36
Republic
of
Italy
Government
International
Bond
5.375%
6/15/33
BBB-
36,140
150
Republic
of
Italy
Government
International
Bond
4.000%
10/17/49
N/R
112,685
17
Uruguay
Government
International
Bond
5.100%
6/18/50
BBB
17,152
150
Uruguay
Government
International
Bond
4.975%
4/20/55
BBB
148,470
2,229
Total
Sovereign
Debt
1,919,409
$
4,333
Total
Government
Related
(cost
$4,725,319)
3,849,683
Total
Long-Term
Investments
(cost
$36,876,737)
33,224,126
Shares
Description
(1)
Coupon
Value
INVESTMENTS
PURCHASED
WITH
COLLATERAL
FROM
SECURITIES
LENDING
-
  0.6%
X
215,687
MONEY
MARKET
FUNDS
-
0.6%
X
215,687
215,687
State
Street
Navigator
Securities
Lending
Government
Money
Market
Portfolio
(7)
4.350%(8)
$
215,687
Total
Money
Market
Funds
(cost
$215,687)
$
215,687
Total
Investments
Purchased
with
Collateral
from
Securities
Lending
(cost
$215,687)
215,687
Total
Investments
(cost
$37,092,424
)
-
98.8%
33,439,813
Other
Assets
&
Liabilities,
Net
-
1.2%
391,267
Net
Assets
-
100%
$
33,831,080
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.
(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
$208,973.
(4)
Perpetual
security.
Maturity
date
is
not
applicable.
(5)
Principal
Amount
(000)
rounds
to
less
than
$1,000.
(6)
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.
(7)
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.
(8)
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
37
Nuveen
Enhanced
Yield
1-5
Year
U.S.
Aggregate
Bond
ETF
(NUSA)
Portfolio
of
Investments
January
31,
2023
(Unaudited)
Principal
Amount
(000)
Description
(1)
Coupon
Maturity
Ratings
(2)
Value
LONG-TERM
INVESTMENTS
-
99.0%  
X
16,076,125
CORPORATE
DEBT
-
49.9%
X
16,076,125
Financials
-
27.3%
$
130
AerCap
Ireland
Capital
DAC
/
AerCap
Global
Aviation
Trust
4.875%
1/16/24
BBB-
$
129,262
150
AerCap
Ireland
Capital
DAC
/
AerCap
Global
Aviation
Trust
1.650%
10/29/24
BBB-
140,331
20
Aflac
Inc
1.125%
3/15/26
A-
18,047
80
Air
Lease
Corp
0.800%
8/18/24
BBB
74,536
100
Air
Lease
Corp
1.875%
8/15/26
BBB
89,118
31
Aircastle
Ltd
4.400%
9/25/23
BBB-
30,732
45
Ally
Financial
Inc
3.875%
5/21/24
BBB-
44,098
40
Ally
Financial
Inc
5.125%
9/30/24
BBB-
39,962
100
Ally
Financial
Inc
(3)
7.100%
11/15/27
BBB-
105,536
37
American
Express
Co
3.400%
2/22/24
A-
36,418
30
American
Express
Co
3.375%
5/03/24
A-
29,484
30
American
Express
Co
2.550%
3/04/27
A-
27,825
100
American
Express
Co
5.850%
11/05/27
A-
105,769
100
Aon
Corp
/
Aon
Global
Holdings
PLC
2.850%
5/28/27
BBB+
93,725
74
Ares
Capital
Corp
3.250%
7/15/25
BBB-
69,668
7
Assured
Guaranty
US
Holdings
Inc
(3)
5.000%
7/01/24
A-
6,997
100
Banco
Santander
SA
1.849%
3/25/26
A-
90,245
60
Bank
of
America
Corp
0.976%
4/22/25
A
56,857
80
Bank
of
America
Corp
3.366%
1/23/26
A
77,250
200
Bank
of
America
Corp
4.827%
7/22/26
A
199,496
210
Bank
of
America
Corp
1.734%
7/22/27
A
188,163
100
Bank
of
America
Corp
4.376%
4/27/28
A
97,790
20
Bank
of
Montreal
0.625%
7/09/24
A
18,823
100
Bank
of
Montreal
5.200%
12/12/24
A
100,665
30
Bank
of
Montreal
1.250%
9/15/26
A
26,628
100
Bank
of
New
York
Mellon
Corp/The
3.350%
4/25/25
A+
97,476
60
Bank
of
New
York
Mellon
Corp/The
0.750%
1/28/26
A+
54,113
20
Bank
of
Nova
Scotia/The
0.700%
4/15/24
A
19,029
100
Bank
of
Nova
Scotia/The
5.250%
12/06/24
A
100,788
20
Bank
of
Nova
Scotia/The
3.450%
4/11/25
A
19,421
100
Bank
of
Nova
Scotia/The
1.350%
6/24/26
A
89,519
80
Barclays
PLC
3.932%
5/07/25
BBB+
78,391
200
Barclays
PLC
2.279%
11/24/27
BBB+
179,282
50
BGC
Partners
Inc
3.750%
10/01/24
BBB-
48,214
70
Blackstone
Private
Credit
Fund
4.700%
3/24/25
BBB-
67,921
40
Blackstone
Secured
Lending
Fund
2.750%
9/16/26
BBB-
35,457
20
Boston
Properties
LP
3.800%
2/01/24
BBB+
19,721
20
Canadian
Imperial
Bank
of
Commerce
3.300%
4/07/25
A
19,355
20
Canadian
Imperial
Bank
of
Commerce
3.945%
8/04/25
A
19,682
78
Capital
One
Financial
Corp
3.300%
10/30/24
BBB+
75,773
100
Capital
One
Financial
Corp
2.636%
3/03/26
BBB+
94,698
100
Capital
One
Financial
Corp
4.927%
5/10/28
BBB+
98,722
50
Charles
Schwab
Corp/The
1.150%
5/13/26
A
44,945
40
Chubb
INA
Holdings
Inc
3.150%
3/15/25
A
38,791
60
Citigroup
Inc
3.875%
3/26/25
BBB
58,907
10
Citigroup
Inc
0.981%
5/01/25
A-
9,470
20
Citigroup
Inc
1.281%
11/03/25
A-
18,650
100
Citigroup
Inc
2.014%
1/25/26
A-
94,057
100
Citigroup
Inc
3.290%
3/17/26
A-
96,261
100
Citigroup
Inc
3.070%
2/24/28
A-
92,955
100
Citigroup
Inc
4.658%
5/24/28
A-
98,948
50
Citizens
Financial
Group
Inc
2.850%
7/27/26
BBB+
46,951
60
CNA
Financial
Corp
3.950%
5/15/24
BBB+
59,141
60
Cooperatieve
Rabobank
UA
4.375%
8/04/25
BBB+
58,849
Nuveen
Enhanced
Yield
1-5
Year
U.S.
Aggregate
Bond
ETF
(NUSA)
(contin-
ued)
Portfolio
of
Investments
January
31,
2023
38
Principal
Amount
(000)
Description
(1)
Coupon
Maturity
Ratings
(2)
Value
Financials
(continued)
$
140
Credit
Suisse
Group
AG
3.750%
3/26/25
BBB
$
131,380
10
Deutsche
Bank
AG/London
3.700%
5/30/24
BBB
9,917
190
Deutsche
Bank
AG/New
York
NY
3.700%
5/30/24
BBB
185,637
110
Discover
Bank
2.450%
9/12/24
BBB
105,214
100
Fifth
Third
Bancorp
1.707%
11/01/27
BBB+
90,020
60
FS
KKR
Capital
Corp
3.400%
1/15/26
BBB-
54,826
70
Goldman
Sachs
Group
Inc/The
3.625%
2/20/24
A-
69,010
100
Goldman
Sachs
Group
Inc/The
5.700%
11/01/24
A-
101,466
70
Goldman
Sachs
Group
Inc/The
3.750%
5/22/25
A-
68,367
100
Goldman
Sachs
Group
Inc/The
1.948%
10/21/27
A-
89,513
100
Goldman
Sachs
Group
Inc/The
3.615%
3/15/28
A-
95,229
100
Goldman
Sachs
Group
Inc/The
4.482%
8/23/28
A-
98,267
90
HSBC
Holdings
PLC
0.976%
5/24/25
A
84,531
160
HSBC
Holdings
PLC
4.300%
3/08/26
A
156,692
100
JPMorgan
Chase
&
Co
3.845%
6/14/25
A+
98,250
10
JPMorgan
Chase
&
Co
0.768%
8/09/25
A+
9,315
134
JPMorgan
Chase
&
Co
2.005%
3/13/26
A+
126,056
100
JPMorgan
Chase
&
Co
1.578%
4/22/27
A+
89,874
100
JPMorgan
Chase
&
Co
2.947%
2/24/28
A+
92,790
100
JPMorgan
Chase
&
Co
4.851%
7/25/28
A+
99,975
100
KeyCorp
3.878%
5/23/25
BBB+
98,220
50
Lincoln
National
Corp
4.000%
9/01/23
BBB+
49,707
140
Lloyds
Banking
Group
PLC
1.627%
5/11/27
A-
124,414
30
Main
Street
Capital
Corp
3.000%
7/14/26
BBB-
26,426
16
Marsh
&
McLennan
Cos
Inc
3.875%
3/15/24
A-
15,823
15
MetLife
Inc
3.600%
4/10/24
A-
14,832
110
Mitsubishi
UFJ
Financial
Group
Inc
0.953%
7/19/25
A
103,099
60
Mizuho
Financial
Group
Inc
2.651%
5/22/26
A
56,255
27
Morgan
Stanley
3.700%
10/23/24
A
26,538
50
Morgan
Stanley
0.790%
5/30/25
A
46,947
100
Morgan
Stanley
1.164%
10/21/25
A
93,188
100
Morgan
Stanley
2.630%
2/18/26
A
95,025
100
Morgan
Stanley
4.679%
7/17/26
A
99,164
110
Morgan
Stanley
1.593%
5/04/27
A
98,781
230
NatWest
Group
PLC
4.269%
3/22/25
A-
227,033
100
Nomura
Holdings
Inc
1.653%
7/14/26
BBB+
88,921
10
Oaktree
Specialty
Lending
Corp
2.700%
1/15/27
BBB-
8,885
60
Old
Republic
International
Corp
3.875%
8/26/26
BBB+
57,481
50
Owl
Rock
Capital
Corp
3.750%
7/22/25
BBB-
46,893
40
OWL
Rock
Core
Income
Corp
4.700%
2/08/27
Baa3
36,608
50
PNC
Financial
Services
Group
Inc/The
1.150%
8/13/26
A-
44,510
100
PNC
Financial
Services
Group
Inc/The
4.758%
1/26/27
A-
100,163
100
Progressive
Corp/The
2.500%
3/15/27
A
93,390
51
Prudential
Financial
Inc
5.200%
3/15/44
BBB+
50,053
10
Royal
Bank
of
Canada
0.750%
10/07/24
A+
9,367
50
Royal
Bank
of
Canada
1.200%
4/27/26
A+
45,034
30
Royal
Bank
of
Canada
(3)
2.050%
1/21/27
A+
27,417
81
Santander
Holdings
USA
Inc
3.500%
6/07/24
BBB
79,107
10
Santander
Holdings
USA
Inc
2.490%
1/06/28
BBB
8,820
80
Santander
UK
Group
Holdings
PLC
4.796%
11/15/24
BBB+
79,046
45
State
Street
Corp
3.700%
11/20/23
A+
44,508
100
State
Street
Corp
5.820%
11/04/28
A+
105,035
120
Sumitomo
Mitsui
Financial
Group
Inc
3.748%
7/19/23
A
119,343
20
SVB
Financial
Group
1.800%
10/28/26
BBB+
17,685
10
Symetra
Financial
Corp
4.250%
7/15/24
BBB+
9,841
60
Synchrony
Financial
4.375%
3/19/24
BBB-
59,343
10
Synchrony
Financial
4.875%
6/13/25
BBB-
9,807
20
Toronto-Dominion
Bank/The
2.350%
3/08/24
A
19,488
100
Toronto-Dominion
Bank/The
4.285%
9/13/24
A
99,181
50
Toronto-Dominion
Bank/The
1.200%
6/03/26
A
44,604
39
Principal
Amount
(000)
Description
(1)
Coupon
Maturity
Ratings
(2)
Value
Financials
(continued)
$
30
Toronto-Dominion
Bank/The
1.250%
9/10/26
A+
$
26,629
76
Truist
Bank
3.689%
8/02/24
A
75,520
10
Truist
Financial
Corp
4.260%
7/28/26
A-
9,889
100
US
Bancorp
3.100%
4/27/26
A
95,857
20
Ventas
Realty
LP
3.750%
5/01/24
BBB+
19,606
10
Vornado
Realty
LP
2.150%
6/01/26
BBB-
8,637
101
Wells
Fargo
&
Co
3.750%
1/24/24
A
99,888
110
Wells
Fargo
&
Co
3.550%
9/29/25
A
106,858
100
Wells
Fargo
&
Co
3.908%
4/25/26
A
97,697
100
Wells
Fargo
&
Co
4.540%
8/15/26
A
99,033
100
Westpac
Banking
Corp
5.350%
10/18/24
AA-
101,269
9,198
Total
Financials
8,810,106
Industrial
-
8.6%
50
AbbVie
Inc
2.950%
11/21/26
BBB+
47,316
15
Altria
Group
Inc
2.350%
5/06/25
BBB+
14,246
10
Amcor
Finance
USA
Inc
3.625%
4/28/26
BBB
9,611
50
American
Tower
Corp
3.650%
3/15/27
BBB
47,500
25
Amgen
Inc
1.900%
2/21/25
BBB+
23,579
30
Anheuser-Busch
Cos
LLC
/
Anheuser-Busch
InBev
Worldwide
Inc
3.650%
2/01/26
BBB+
29,316
100
AT&T
Inc
1.700%
3/25/26
BBB
91,782
30
AutoZone
Inc
3.250%
4/15/25
BBB
28,995
30
BAT
International
Finance
PLC
1.668%
3/25/26
BBB
27,077
20
Berry
Global
Inc
1.570%
1/15/26
BBB-
18,079
85
Boeing
Co/The
4.875%
5/01/25
BBB-
85,003
40
Broadcom
Inc
3.150%
11/15/25
BBB-
38,240
20
Canadian
Pacific
Railway
Co
1.750%
12/02/26
BBB+
18,104
50
Cigna
Corp
1.250%
3/15/26
BBB+
45,051
100
CNH
Industrial
Capital
LLC
5.450%
10/14/25
BBB
101,640
30
CNH
Industrial
Capital
LLC
1.450%
7/15/26
BBB
26,925
20
Constellation
Brands
Inc
4.350%
5/09/27
BBB-
19,770
40
Crown
Castle
Inc
2.900%
3/15/27
BBB
37,194
30
CVS
Health
Corp
2.875%
6/01/26
BBB
28,390
100
Dell
International
LLC
/
EMC
Corp
5.250%
2/01/28
BBB
100,835
10
DXC
Technology
Co
1.800%
9/15/26
BBB
8,843
100
eBay
Inc
1.400%
5/10/26
BBB+
90,146
100
Enterprise
Products
Operating
LLC
5.050%
1/10/26
BBB+
101,452
25
Equifax
Inc
2.600%
12/15/25
BBB
23,445
20
Equinix
Inc
1.450%
5/15/26
BBB
17,944
50
Fidelity
National
Information
Services
Inc
0.600%
3/01/24
BBB
47,655
20
Fiserv
Inc
3.800%
10/01/23
BBB
19,839
70
Fiserv
Inc
2.750%
7/01/24
BBB
67,829
10
Fortive
Corp
3.150%
6/15/26
BBB+
9,482
100
General
Motors
Financial
Co
Inc
3.800%
4/07/25
BBB-
97,132
100
General
Motors
Financial
Co
Inc
1.250%
1/08/26
BBB-
89,659
30
Gilead
Sciences
Inc
3.500%
2/01/25
BBB+
29,353
80
Global
Payments
Inc
1.500%
11/15/24
BBB-
74,990
30
HCA
Inc
5.250%
4/15/25
BBB-
30,031
20
HCA
Inc,
144A
3.125%
3/15/27
BBB-
18,593
10
Hewlett
Packard
Enterprise
Co
4.900%
10/15/25
BBB
9,991
20
HP
Inc
1.450%
6/17/26
BBB
17,845
20
Kinder
Morgan
Inc
1.750%
11/15/26
BBB
17,941
30
Kraft
Heinz
Foods
Co
3.000%
6/01/26
BBB-
28,555
10
Laboratory
Corp
of
America
Holdings
1.550%
6/01/26
BBB
9,010
9
Marriott
International
Inc/MD
5.750%
5/01/25
BBB
9,153
10
McDonald's
Corp
3.250%
6/10/24
BBB+
9,834
20
McKesson
Corp
1.300%
8/15/26
BBB+
17,845
10
Mondelez
International
Inc
2.625%
3/17/27
BBB+
9,307
25
Moody's
Corp
3.750%
3/24/25
BBB+
24,487
Nuveen
Enhanced
Yield
1-5
Year
U.S.
Aggregate
Bond
ETF
(NUSA)
(contin-
ued)
Portfolio
of
Investments
January
31,
2023
40
Principal
Amount
(000)
Description
(1)
Coupon
Maturity
Ratings
(2)
Value
Industrial
(continued)
$
100
National
Fuel
Gas
Co
5.200%
7/15/25
BBB-
$
99,870
10
Northrop
Grumman
Corp
3.200%
2/01/27
BBB+
9,621
100
Nucor
Corp
3.950%
5/23/25
A-
98,555
70
Oracle
Corp
1.650%
3/25/26
BBB
63,840
30
PayPal
Holdings
Inc
2.400%
10/01/24
A-
28,950
40
Raytheon
Technologies
Corp
2.650%
11/01/26
BBB+
37,585
10
Republic
Services
Inc
2.900%
7/01/26
BBB
9,464
30
Rogers
Communications
Inc,
144A
3.200%
3/15/27
BBB+
28,214
20
Ryder
System
Inc
2.850%
3/01/27
BBB
18,439
20
S&P
Global
Inc,
144A
2.450%
3/01/27
A-
18,600
45
Sabine
Pass
Liquefaction
LLC
5.625%
3/01/25
BBB
45,401
100
Sherwin-Williams
Co/The
4.250%
8/08/25
BBB
98,765
30
Shire
Acquisitions
Investments
Ireland
DAC
3.200%
9/23/26
BBB+
28,672
20
Stryker
Corp
1.150%
6/15/25
BBB+
18,450
100
T-Mobile
USA
Inc
3.750%
4/15/27
BBB-
96,188
30
TransCanada
PipeLines
Ltd
1.000%
10/12/24
BBB+
28,067
30
Utah
Acquisition
Sub
Inc
3.950%
6/15/26
BBB-
28,603
70
Verizon
Communications
Inc
0.850%
11/20/25
BBB+
63,311
40
VMware
Inc
1.400%
8/15/26
BBB-
35,421
50
Warnermedia
Holdings
Inc,
144A
3.755%
3/15/27
BBB-
46,861
25
Williams
Cos
Inc/The
3.900%
1/15/25
BBB
24,486
100
Zoetis
Inc
5.400%
11/14/25
BBB+
102,233
2,874
Total
Industrial
2,748,610
Utility
-
14.0%
50
AES
Corp/The
1.375%
1/15/26
BBB-
45,077
50
Ameren
Corp
2.500%
9/15/24
BBB+
48,117
20
Ameren
Corp
1.950%
3/15/27
BBB+
17,997
10
American
Electric
Power
Co
Inc
2.031%
3/15/24
BBB
9,663
100
American
Electric
Power
Co
Inc
1.000%
11/01/25
BBB
90,050
48
American
Water
Capital
Corp
3.850%
3/01/24
A-
47,374
10
American
Water
Capital
Corp
3.000%
12/01/26
A-
9,456
100
American
Water
Capital
Corp
2.950%
9/01/27
A-
94,113
60
Atmos
Energy
Corp
3.000%
6/15/27
A
57,060
45
Avangrid
Inc
3.150%
12/01/24
BBB
43,463
40
Berkshire
Hathaway
Energy
Co
4.050%
4/15/25
A-
39,497
70
Black
Hills
Corp
1.037%
8/23/24
BBB+
65,759
10
CenterPoint
Energy
Inc
2.500%
9/01/24
BBB
9,622
100
CenterPoint
Energy
Inc
1.450%
6/01/26
BBB
90,366
60
CMS
Energy
Corp
3.875%
3/01/24
BBB
59,045
50
Consolidated
Edison
Co
of
New
York
Inc
2.900%
12/01/26
A-
46,481
61
Dominion
Energy
Inc
3.071%
8/15/24
BBB
59,190
40
Dominion
Energy
Inc
3.300%
3/15/25
BBB
38,650
200
Dominion
Energy
Inc
1.450%
4/15/26
BBB
180,554
80
DTE
Energy
Co
1.050%
6/01/25
BBB
73,252
100
Duke
Energy
Corp
0.900%
9/15/25
BBB
90,480
100
Duke
Energy
Corp
4.300%
3/15/28
BBB
98,551
20
Duke
Energy
Corp
3.250%
1/15/82
BBB-
16,341
100
Duke
Energy
Florida
LLC
3.200%
1/15/27
A
96,016
65
Edison
International
4.950%
4/15/25
BBB-
64,671
50
Emera
US
Finance
LP
0.833%
6/15/24
BBB-
47,001
70
Entergy
Louisiana
LLC
5.590%
10/01/24
A
70,859
9
Entergy
Louisiana
LLC
5.400%
11/01/24
A
9,156
150
Entergy
Louisiana
LLC
2.400%
10/01/26
A
138,074
19
Evergy
Inc
2.450%
9/15/24
BBB+
18,197
100
Evergy
Kansas
Central
Inc
2.550%
7/01/26
A
93,558
190
Eversource
Energy
0.800%
8/15/25
BBB+
171,145
100
Eversource
Energy
1.400%
8/15/26
BBB+
89,570
100
Eversource
Energy
2.900%
3/01/27
BBB+
93,855
50
Exelon
Corp
3.950%
6/15/25
BBB
49,207
41
Principal
Amount
(000)
Description
(1)
Coupon
Maturity
Ratings
(2)
Value
Utility
(continued)
$
60
Exelon
Corp
3.400%
4/15/26
BBB
$
57,644
100
Exelon
Corp
2.750%
3/15/27
BBB
93,357
10
Fortis
Inc/Canada
3.055%
10/04/26
BBB
9,389
166
Georgia
Power
Co
2.200%
9/15/24
BBB+
159,437
30
Interstate
Power
and
Light
Co
3.250%
12/01/24
BBB+
29,167
40
National
Rural
Utilities
Cooperative
Finance
Corp
0.350%
2/08/24
A
38,204
10
National
Rural
Utilities
Cooperative
Finance
Corp
3.450%
6/15/25
A
9,702
100
NextEra
Energy
Capital
Holdings
Inc
4.255%
9/01/24
BBB+
99,141
100
NextEra
Energy
Capital
Holdings
Inc
4.625%
7/15/27
BBB+
100,161
90
NiSource
Inc
0.950%
8/15/25
BBB
82,024
80
Pacific
Gas
and
Electric
Co
3.250%
2/16/24
BBB-
78,524
100
Pacific
Gas
and
Electric
Co
(3)
3.400%
8/15/24
BBB-
97,155
140
Pacific
Gas
and
Electric
Co
3.450%
7/01/25
BBB-
133,669
70
Pinnacle
West
Capital
Corp
1.300%
6/15/25
BBB+
64,432
40
PPL
Capital
Funding
Inc
3.100%
5/15/26
BBB+
37,955
70
Public
Service
Co
of
Colorado
2.900%
5/15/25
A+
66,911
200
Public
Service
Electric
and
Gas
Co
0.950%
3/15/26
A
180,109
100
San
Diego
Gas
&
Electric
Co
2.500%
5/15/26
A
93,762
40
Sempra
Energy
3.300%
4/01/25
BBB
38,723
100
Southern
California
Edison
Co
4.200%
6/01/25
A-
98,743
250
Southern
California
Gas
Co
2.950%
4/15/27
A
236,600
180
Southern
Co/The
3.750%
9/15/51
BBB-
156,662
100
Southwestern
Electric
Power
Co
1.650%
3/15/26
BBB+
90,914
40
Tucson
Electric
Power
Co
3.050%
3/15/25
A-
38,445
100
Virginia
Electric
and
Power
Co
3.750%
5/15/27
A-
97,506
60
Wisconsin
Electric
Power
Co
3.100%
6/01/25
A
57,606
4,803
Total
Utility
4,517,409
$
16,875
Total
Corporate
Debt
(cost
$16,909,147)
16,076,125
Principal
Amount
(000)
Description
(1)
Coupon
Maturity
Ratings
(2)
Value
X
8,962,095
U.S.
TREASURY
-
27.8%
X
8,962,095
$
900
United
States
Treasury
Note/Bond
0.125%
8/31/23
AA+
$
876,410
50
United
States
Treasury
Note/Bond
0.750%
12/31/23
AAA
48,215
82
United
States
Treasury
Note/Bond
1.750%
6/30/24
AAA
78,871
300
United
States
Treasury
Note/Bond
3.000%
7/31/24
AAA
293,555
70
United
States
Treasury
Note/Bond
1.250%
8/31/24
AAA
66,612
881
United
States
Treasury
Note/Bond
1.375%
1/31/25
AAA
833,990
167
United
States
Treasury
Note/Bond
0.375%
4/30/25
AAA
153,823
350
United
States
Treasury
Note/Bond
0.250%
5/31/25
AAA
320,715
650
United
States
Treasury
Note/Bond
0.250%
7/31/25
AAA
592,922
200
United
States
Treasury
Note/Bond
0.375%
12/31/25
AAA
181,156
700
United
States
Treasury
Note/Bond
0.750%
4/30/26
AAA
634,894
950
United
States
Treasury
Note/Bond
0.750%
5/31/26
AAA
859,825
50
United
States
Treasury
Note/Bond
0.875%
6/30/26
AAA
45,375
100
United
States
Treasury
Note/Bond
1.125%
10/31/26
AA+
90,910
100
United
States
Treasury
Note/Bond
1.250%
12/31/26
AAA
91,059
900
United
States
Treasury
Note/Bond
1.875%
2/28/27
AAA
838,019
300
United
States
Treasury
Note/Bond
2.500%
3/31/27
AAA
286,230
850
United
States
Treasury
Note/Bond
2.750%
4/30/27
AAA
818,789
850
United
States
Treasury
Note/Bond
2.625%
5/31/27
AAA
814,473
300
United
States
Treasury
Note/Bond
3.250%
6/30/27
AAA
294,879
250
United
States
Treasury
Note/Bond
2.750%
7/31/27
AAA
240,654
150
United
States
Treasury
Note/Bond
3.125%
8/31/27
AAA
146,754
350
United
States
Treasury
Note/Bond
3.875%
12/31/27
AAA
353,965
$
9,500
Total
U.S.
Treasury
(cost
$9,449,936)
8,962,095
Nuveen
Enhanced
Yield
1-5
Year
U.S.
Aggregate
Bond
ETF
(NUSA)
(contin-
ued)
Portfolio
of
Investments
January
31,
2023
42
Principal
Amount
(000)
Description
(1)
Coupon
Maturity
Ratings
(2)
Value
X
6,688,379
SECURITIZED
-
20.7%
X
6,688,379
$
50
AmeriCredit
Automobile
Receivables
Trust
2021
2
1.010%
1/19/27
AA+
$
45,900
20
BA
Credit
Card
Trust
2021
A1
(3)
0.440%
9/15/26
AAA
18,982
50
BANK
2021
BN34
1.935%
6/15/63
AAA
45,464
100
Barclays
Dryrock
Issuance
Trust
2021
1
0.630%
7/15/27
AAA
93,618
100
Benchmark
Mortgage
Trust
2021
B29
2.024%
9/15/54
AAA
90,580
100
Capital
One
Multi-Asset
Execution
Trust
2021
A3
1.040%
11/15/26
AAA
93,912
27
Carmax
Auto
Owner
Trust
2020
1
1.890%
12/16/24
AAA
27,098
100
CarMax
Auto
Owner
Trust
2022
1
1.470%
12/15/26
AAA
95,404
71
Carvana
Auto
Receivables
Trust
2022
N1,
144A
2.950%
12/11/28
AA
68,901
100
CNH
Equipment
Trust
2019
C
2.350%
4/15/27
AAA
97,676
528
COMM
Mortgage
Trust
2014
CR16
3.775%
4/10/47
AAA
519,022
121
COMM
Mortgage
Trust
2014
LC17
3.648%
10/10/47
AAA
117,449
79
Dell
Equipment
Finance
Trust
2022
1,
144A
2.110%
8/23/27
AAA
78,391
100
Discover
Card
Execution
Note
Trust
2021
A1
0.580%
9/15/26
AAA
93,703
97
Exeter
Automobile
Receivables
Trust
2022
1A
1.540%
7/15/25
AAA
96,227
51
Fannie
Mae
Pool
FN
MA3392
3.500%
6/01/33
N/R
49,582
87
Fannie
Mae
Pool
FN
MA3798
3.000%
10/01/34
N/R
83,864
24
Fannie
Mae
Pool
FN
MA3828
3.000%
11/01/34
N/R
22,643
26
Fannie
Mae
Pool
FN
MA3897
3.000%
1/01/35
N/R
24,476
288
Fannie
Mae
Pool
FN
MA3985
3.000%
4/01/35
N/R
276,898
319
Fannie
Mae
Pool
FN
MA4206
2.000%
12/01/35
N/R
290,252
557
Fannie
Mae
Pool
FN
MA4262
2.500%
2/01/36
N/R
521,571
383
Fannie
Mae
Pool
FN
MA4278
1.500%
3/01/36
N/R
339,888
348
Fannie
Mae
Pool
FN
MA4470
2.000%
11/01/36
N/R
316,759
76
Ford
Credit
Auto
Lease
Trust
2022
A
2.780%
10/15/24
AAA
74,848
100
Ford
Credit
Auto
Owner
Trust
2020
B
1.190%
1/15/26
AAA
95,573
92
Freddie
Mac
Gold
Pool
FG
G18642
3.500%
4/01/32
N/R
90,454
700
Freddie
Mac
Multifamily
Structured
Pass
Through
Certificates
2015
K046
3.205%
3/25/25
AAA
681,888
100
GM
Financial
Automobile
Leasing
Trust
2021
2
0.690%
5/20/25
AA+
96,176
300
GS
Mortgage
Securities
Trust
2019
GC38
3.872%
2/10/52
AAA
294,215
45
Honda
Auto
Receivables
Owner
Trust
2020
3
0.370%
10/18/24
AAA
44,281
67
HPEFS
Equipment
Trust
2022
1A,
144A
1.020%
5/21/29
AAA
66,006
99
Jimmy
Johns
Funding
LLC
2022
1A,
144A
4.077%
4/30/52
BBB
91,101
50
John
Deere
Owner
Trust
2021
B
0.740%
5/15/28
AAA
45,853
200
JP
Morgan
Chase
Commercial
Mortgage
Securities
Trust
2013
C16
4.166%
12/15/46
AAA
197,511
100
Mercedes-Benz
Auto
Lease
Trust
2021
B
0.400%
11/15/24
AAA
97,491
39
MMAF
Equipment
Finance
LLC
2019
A,
144A
2.930%
3/10/26
AAA
38,916
300
Morgan
Stanley
Bank
of
America
Merrill
Lynch
Trust
2015
C26
3.531%
10/15/48
AAA
288,221
100
Morgan
Stanley
Capital
I
Trust
2021
L5
1.518%
5/15/54
AAA
89,823
100
OneMain
Financial
Issuance
Trust
2022
S1,
144A
4.130%
5/14/35
AAA
97,241
100
Santander
Drive
Auto
Receivables
Trust
2021
2
0.900%
6/15/26
AA+
97,764
50
Santander
Retail
Auto
Lease
Trust
2021
B,
144A
0.540%
6/20/25
AAA
47,711
50
Santander
Retail
Auto
Lease
Trust
2021
B,
144A
1.410%
11/20/25
BBB
47,086
69
SoFi
Professional
Loan
Program
Trust
2020
C,
144A
1.950%
2/15/46
AAA
62,722
39
Toyota
Auto
Receivables
Owner
Trust
2019
A
3.000%
5/15/24
AAA
38,677
100
Toyota
Auto
Receivables
Owner
Trust
2021
B
0.530%
10/15/26
AAA
91,947
90
Verizon
Master
Trust
2021
1
0.500%
5/20/27
AAA
84,982
90
Wells
Fargo
Commercial
Mortgage
Trust
2016
C32
3.324%
1/15/59
Aaa
87,012
140
WFRBS
Commercial
Mortgage
Trust
2013
C12
3.863%
3/15/48
AA+
139,215
97
World
Omni
Auto
Receivables
Trust
2021
B
0.420%
6/15/26
AAA
93,405
$
7,019
Total
Securitized
(cost
$7,196,920)
6,688,379
43
Principal
Amount
(000)
Description
(1)
Coupon
Maturity
Ratings
(2)
Value
X
190,908
GOVERNMENT
RELATED
-
0.6%
X
190,908
Government
Agency
-
0.3%
$
100
Federal
Farm
Credit
Banks
Funding
Corp
4.500%
1/10/25
AAA
$
100,278
100
Total
Government
Agency
100,278
Sovereign
Debt
-
0.3%
90
Asian
Development
Bank
4.250%
1/09/26
AAA
90,630
90
Total
Sovereign
Debt
90,630
$
190
Total
Government
Related
(cost
$189,720)
190,908
Total
Long-Term
Investments
(cost
$33,745,723)
31,917,507
Shares
Description
(1)
Coupon
Value
INVESTMENTS
PURCHASED
WITH
COLLATERAL
FROM
SECURITIES
LENDING
-
  0.6%
X
198,114
MONEY
MARKET
FUNDS
-
0.6%
X
198,114
198,114
State
Street
Navigator
Securities
Lending
Government
Money
Market
Portfolio
(4)
4.350%(5)
$
198,114
Total
Money
Market
Funds
(cost
$198,114)
$
198,114
Total
Investments
Purchased
with
Collateral
from
Securities
Lending
(cost
$198,114)
198,114
Total
Investments
(cost
$
33,943,837
)
-
99
.6
%
32,115,621
Other
Assets
&
Liabilities,
Net
-
0.4%
144,087
Net
Assets
-
100%
$
32,259,708
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.
(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
$192,302.
(4)
The
Fund
may
loan
securities
representing
up
to
one
third
of
the
market
value
of
its
total
assets
(which
includes
collateral
for
securities
on
loan)
to
broker
dealers,
banks,
and
other
institutions.
The
collateral
maintained
by
the
Fund
shall
have
a
market
value,
at
the
inception
of
each
loan,
equal
to
not
less
than
100%
of
the
market
value
of
the
loaned
securities.
The
cash
collateral
received
by
the
Fund
is
invested
in
this
money
market
fund.
(5)
The
rate
shown
is
the
one-day
yield
as
of
the
end
of
the
reporting
period.
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
44
Nuveen
ESG
High
Yield
Corporate
Bond
ETF
(NUHY)
Portfolio
of
Investments
January
31,
2023
(Unaudited)
Principal
Amount
(000)
Description
(1)
Coupon
Maturity
Ratings
(2)
Value
LONG-TERM
INVESTMENTS
-
97.5%  
X
101,755,429
CORPORATE
DEBT
-
97.5%
X
101,755,429
Financials
-
10.4%
$
110
Brookfield
Property
REIT
Inc
/
BPR
Cumulus
LLC
/
BPR
Nimbus
LLC
/
GGSI
Sellco
LL,
144A
5.750%
5/15/26
B+
$
104,637
250
Coinbase
Global
Inc,
144A
3.375%
10/01/28
BB
161,250
250
Coinbase
Global
Inc,
144A
3.625%
10/01/31
BB
145,625
140
Compass
Group
Diversified
Holdings
LLC,
144A
5.250%
4/15/29
B+
125,969
80
Curo
Group
Holdings
Corp,
144A
7.500%
8/01/28
CCC+
36,300
9
Diversified
Healthcare
Trust
4.375%
3/01/31
B-
6,097
166
Global
Aircraft
Leasing
Co
Ltd,
(cash
6.500%,
PIK
7.250%),
144A
6.500%
9/15/24
B+
151,306
200
Global
Atlantic
Fin
Co,
144A
4.700%
10/15/51
BB+
172,175
170
HAT
Holdings
I
LLC
/
HAT
Holdings
II
LLC,
144A
3.375%
6/15/26
BB+
150,875
160
Howard
Hughes
Corp/The,
144A
5.375%
8/01/28
BB-
148,222
140
Howard
Hughes
Corp/The,
144A
4.375%
2/01/31
BB-
116,331
50
Icahn
Enterprises
LP
/
Icahn
Enterprises
Finance
Corp
4.750%
9/15/24
BB-
48,813
200
iStar
Inc
4.250%
8/01/25
BB
198,500
150
Kennedy-Wilson
Inc
5.000%
3/01/31
BB
122,356
260
Liberty
Mutual
Group
Inc,
144A
4.125%
12/15/51
BB+
222,300
160
LPL
Holdings
Inc,
144A
4.000%
3/15/29
BB
143,200
150
MGIC
Investment
Corp
5.250%
8/15/28
BB+
141,405
200
Molina
Healthcare
Inc,
144A
4.375%
6/15/28
BB-
184,710
350
Molina
Healthcare
Inc,
144A
3.875%
11/15/30
BB-
301,046
70
Molina
Healthcare
Inc,
144A
3.875%
5/15/32
BB-
58,687
540
MPT
Operating
Partnership
LP
/
MPT
Finance
Corp
4.625%
8/01/29
BB+
419,850
100
Nationstar
Mortgage
Holdings
Inc,
144A
6.000%
1/15/27
B+
92,750
100
Nationstar
Mortgage
Holdings
Inc,
144A
5.500%
8/15/28
B+
87,371
910
Nationstar
Mortgage
Holdings
Inc,
144A
5.125%
12/15/30
B+
737,100
300
Nationstar
Mortgage
Holdings
Inc,
144A
5.750%
11/15/31
B+
241,500
300
OneMain
Finance
Corp
6.875%
3/15/25
BB
299,058
300
OneMain
Finance
Corp
7.125%
3/15/26
BB
298,037
400
OneMain
Finance
Corp
3.500%
1/15/27
BB
347,886
467
OneMain
Finance
Corp
6.625%
1/15/28
BB
454,984
200
OneMain
Finance
Corp
3.875%
9/15/28
BB
168,000
200
Park
Intermediate
Holdings
LLC
/
PK
Domestic
Property
LLC
/
PK
Finance
Co-Issuer,
144A
7.500%
6/01/25
B+
202,750
450
Park
Intermediate
Holdings
LLC
/
PK
Domestic
Property
LLC
/
PK
Finance
Co-Issuer,
144A
5.875%
10/01/28
B+
416,417
650
Park
Intermediate
Holdings
LLC
/
PK
Domestic
Property
LLC
/
PK
Finance
Co-Issuer,
144A
4.875%
5/15/29
B+
561,925
200
PennyMac
Financial
Services
Inc,
144A
5.375%
10/15/25
BB-
186,000
275
PennyMac
Financial
Services
Inc,
144A
5.750%
9/15/31
BB-
231,136
760
PROG
Holdings
Inc,
144A
6.000%
11/15/29
B+
644,100
430
RHP
Hotel
Properties
LP
/
RHP
Finance
Corp
4.750%
10/15/27
B+
402,748
390
RHP
Hotel
Properties
LP
/
RHP
Finance
Corp,
144A
4.500%
2/15/29
B+
346,633
400
Rocket
Mortgage
LLC
/
Quicken
Loans
Co-Issuer
Inc,
144A
2.875%
10/15/26
BB+
356,626
300
Rocket
Mortgage
LLC
/
Quicken
Loans
Co-Issuer
Inc,
144A
3.625%
3/01/29
BB+
253,107
300
Rocket
Mortgage
LLC
/
Quicken
Loans
Co-Issuer
Inc,
144A
3.875%
3/01/31
BB+
244,341
200
Rocket
Mortgage
LLC
/
Quicken
Loans
Co-Issuer
Inc,
144A
4.000%
10/15/33
BB+
158,608
100
SLM
Corp
4.200%
10/29/25
BB+
93,255
1
SLM
Corp
3.125%
11/02/26
BB+
883
110
Starwood
Property
Trust
Inc,
144A
4.375%
1/15/27
BB-
98,725
260
UniCredit
SpA,
144A
5.459%
6/30/35
BB+
227,464
370
XHR
LP,
144A
6.375%
8/15/25
B+
364,478
260
XHR
LP,
144A
4.875%
6/01/29
B+
230,750
12,538
Total
Financials
10,906,286
45
Principal
Amount
(000)
Description
(1)
Coupon
Maturity
Ratings
(2)
Value
Industrial
-
85.5%
$
92
1011778
BC
ULC
/
New
Red
Finance
Inc,
144A
3.875%
1/15/28
BB
$
84,086
200
180
Medical
Inc,
144A
3.875%
10/15/29
BB
177,252
100
ACCO
Brands
Corp,
144A
4.250%
3/15/29
BB-
86,505
260
AdaptHealth
LLC,
144A
4.625%
8/01/29
B
226,213
300
AdaptHealth
LLC,
144A
5.125%
3/01/30
B
267,010
200
Air
Canada,
144A
3.875%
8/15/26
BB
184,999
250
Albertsons
Cos
Inc
/
Safeway
Inc
/
New
Albertsons
LP
/
Albertsons
LLC,
144A
3.250%
3/15/26
BB-
231,240
500
Albertsons
Cos
Inc
/
Safeway
Inc
/
New
Albertsons
LP
/
Albertsons
LLC,
144A
4.625%
1/15/27
BB-
474,025
250
Albertsons
Cos
Inc
/
Safeway
Inc
/
New
Albertsons
LP
/
Albertsons
LLC,
144A
5.875%
2/15/28
BB-
244,375
200
Albertsons
Cos
Inc
/
Safeway
Inc
/
New
Albertsons
LP
/
Albertsons
LLC,
144A
4.875%
2/15/30
BB-
183,967
150
Allison
Transmission
Inc,
144A
5.875%
6/01/29
BB
144,415
100
Allison
Transmission
Inc,
144A
3.750%
1/30/31
BB
84,563
200
AMC
Entertainment
Holdings
Inc,
(cash
10.000%,
PIK
12.000%),
144A
10.000%
6/15/26
CCC-
99,731
300
AMC
Entertainment
Holdings
Inc,
144A
7.500%
2/15/29
CCC+
174,285
10
AMC
Networks
Inc
4.250%
2/15/29
BB-
6,162
100
American
Airlines
Group
Inc,
144A
(3)
3.750%
3/01/25
CCC
93,674
380
American
Axle
&
Manufacturing
Inc
5.000%
10/01/29
B
312,954
180
Amkor
Technology
Inc,
144A
6.625%
9/15/27
BB
180,742
100
AMN
Healthcare
Inc,
144A
4.625%
10/01/27
BB-
92,758
100
Antero
Midstream
Partners
LP
/
Antero
Midstream
Finance
Corp,
144A
7.875%
5/15/26
BB-
102,625
500
Antero
Midstream
Partners
LP
/
Antero
Midstream
Finance
Corp,
144A
5.750%
1/15/28
BB-
478,125
100
Antero
Midstream
Partners
LP
/
Antero
Midstream
Finance
Corp,
144A
5.375%
6/15/29
BB
92,875
200
APX
Group
Inc,
144A
5.750%
7/15/29
CCC
173,013
100
Aramark
Services
Inc,
144A
5.000%
2/01/28
B+
94,250
420
Archrock
Partners
LP
/
Archrock
Partners
Finance
Corp,
144A
6.875%
4/01/27
B+
411,600
740
Archrock
Partners
LP
/
Archrock
Partners
Finance
Corp,
144A
6.250%
4/01/28
B+
703,000
80
Ardagh
Metal
Packaging
Finance
USA
LLC
/
Ardagh
Metal
Packaging
Finance
PLC,
144A
4.000%
9/01/29
B
66,149
150
Ardagh
Packaging
Finance
PLC
/
Ardagh
Holdings
USA
Inc,
144A
5.250%
8/15/27
CCC+
122,833
400
Asbury
Automotive
Group
Inc,
144A
4.625%
11/15/29
BB
352,976
300
Asbury
Automotive
Group
Inc,
144A
5.000%
2/15/32
BB
258,735
120
ASGN
Inc,
144A
4.625%
5/15/28
BB-
109,477
310
Aston
Martin
Capital
Holdings
Ltd,
144A
10.500%
11/30/25
CCC
302,774
380
Avantor
Funding
Inc,
144A
4.625%
7/15/28
BB-
358,184
100
Avantor
Funding
Inc,
144A
3.875%
11/01/29
BB-
87,906
400
Avaya
Inc,
144A
6.125%
9/15/28
CC
122,000
120
Avient
Corp,
144A
5.750%
5/15/25
BB-
118,759
100
Avis
Budget
Car
Rental
LLC
/
Avis
Budget
Finance
Inc,
144A
(3)
4.750%
4/01/28
B
87,884
330
Avis
Budget
Car
Rental
LLC
/
Avis
Budget
Finance
Inc,
144A
(3)
5.375%
3/01/29
B
295,020
160
Axalta
Coating
Systems
LLC,
144A
3.375%
2/15/29
B+
137,600
190
Axalta
Coating
Systems
LLC
/
Axalta
Coating
Systems
Dutch
Holding
B
BV,
144A
(3)
4.750%
6/15/27
B+
179,550
80
Ball
Corp
4.875%
3/15/26
BB+
78,802
360
Ball
Corp
2.875%
8/15/30
BB+
295,126
200
Ball
Corp
3.125%
9/15/31
BB+
163,532
380
Bath
&
Body
Works
Inc,
144A
6.625%
10/01/30
BB
371,328
400
Bausch
Health
Cos
Inc,
144A
6.125%
2/01/27
B
273,000
400
Bausch
Health
Cos
Inc,
144A
(3)
5.750%
8/15/27
B
270,956
Nuveen
ESG
High
Yield
Corporate
Bond
ETF
(NUHY)
(continued)
Portfolio
of
Investments
January
31,
2023
(Unaudited)
46
Principal
Amount
(000)
Description
(1)
Coupon
Maturity
Ratings
(2)
Value
Industrial
(continued)
$
100
Bausch
Health
Cos
Inc,
144A
4.875%
6/01/28
B-
$
64,282
720
Bausch
Health
Cos
Inc,
144A
11.000%
9/30/28
B-
563,328
140
Bausch
Health
Cos
Inc,
144A
14.000%
10/15/30
CCC-
87,391
150
Black
Knight
InfoServ
LLC,
144A
3.625%
9/01/28
BB-
133,125
200
Block
Inc
2.750%
6/01/26
BB
181,768
150
Block
Inc
(3)
3.500%
6/01/31
BB
125,252
60
Bombardier
Inc,
144A
(3)
7.875%
4/15/27
B-
59,949
200
Brookfield
Residential
Properties
Inc
/
Brookfield
Residential
US
LLC,
144A
6.250%
9/15/27
B
177,846
200
Brookfield
Residential
Properties
Inc
/
Brookfield
Residential
US
LLC,
144A
4.875%
2/15/30
B
154,993
60
Builders
FirstSource
Inc,
144A
5.000%
3/01/30
BB-
55,944
501
Builders
FirstSource
Inc,
144A
4.250%
2/01/32
BB-
430,984
260
Cable
One
Inc,
144A
(3)
4.000%
11/15/30
B
214,377
100
Camelot
Finance
SA,
144A
4.500%
11/01/26
B
95,113
20
Carnival
Corp,
144A
9.875%
8/01/27
B+
20,550
146
Carvana
Co,
144A
10.250%
5/01/30
CCC
78,285
500
Catalent
Pharma
Solutions
Inc,
144A
5.000%
7/15/27
B+
472,889
800
Catalent
Pharma
Solutions
Inc,
144A
(3)
3.125%
2/15/29
B+
661,792
500
Catalent
Pharma
Solutions
Inc,
144A
(3)
3.500%
4/01/30
B+
413,125
400
CCO
Holdings
LLC
/
CCO
Holdings
Capital
Corp,
144A
5.375%
6/01/29
BB-
370,000
550
CCO
Holdings
LLC
/
CCO
Holdings
Capital
Corp,
144A
4.750%
3/01/30
BB-
480,584
610
CCO
Holdings
LLC
/
CCO
Holdings
Capital
Corp,
144A
4.500%
8/15/30
BB-
521,221
810
CCO
Holdings
LLC
/
CCO
Holdings
Capital
Corp,
144A
4.250%
2/01/31
BB-
674,770
200
CCO
Holdings
LLC
/
CCO
Holdings
Capital
Corp,
144A
4.750%
2/01/32
BB-
170,000
600
CCO
Holdings
LLC
/
CCO
Holdings
Capital
Corp
4.500%
5/01/32
BB-
496,500
200
CCO
Holdings
LLC
/
CCO
Holdings
Capital
Corp,
144A
4.500%
6/01/33
BB-
162,500
200
CCO
Holdings
LLC
/
CCO
Holdings
Capital
Corp,
144A
4.250%
1/15/34
BB-
155,910
210
CGG
SA,
144A
8.750%
4/01/27
B-
186,278
110
Charles
River
Laboratories
International
Inc,
144A
(3)
3.750%
3/15/29
BB
97,975
400
Chart
Industries
Inc,
144A
7.500%
1/01/30
B+
409,000
400
Chart
Industries
Inc,
144A
9.500%
1/01/31
B
417,396
710
Chemours
Co/The,
144A
5.750%
11/15/28
B+
646,987
420
Chemours
Co/The,
144A
4.625%
11/15/29
B+
350,918
300
CHS/Community
Health
Systems
Inc,
144A
5.625%
3/15/27
B
265,560
250
CHS/Community
Health
Systems
Inc,
144A
8.000%
12/15/27
B
235,623
100
CHS/Community
Health
Systems
Inc,
144A
6.875%
4/01/28
CCC
61,219
300
CHS/Community
Health
Systems
Inc,
144A
(3)
6.000%
1/15/29
B
263,325
200
CHS/Community
Health
Systems
Inc,
144A
6.875%
4/15/29
CCC
126,500
200
CHS/Community
Health
Systems
Inc,
144A
6.125%
4/01/30
CCC
120,228
100
CHS/Community
Health
Systems
Inc,
144A
5.250%
5/15/30
B
80,692
150
CHS/Community
Health
Systems
Inc,
144A
4.750%
2/15/31
B
114,749
350
Cinemark
USA
Inc,
144A
(3)
5.250%
7/15/28
B
286,888
418
Clarivate
Science
Holdings
Corp,
144A
3.875%
7/01/28
B
372,982
970
Clarivate
Science
Holdings
Corp,
144A
(3)
4.875%
7/01/29
CCC+
853,527
310
Clear
Channel
Outdoor
Holdings
Inc,
144A
5.125%
8/15/27
B
281,159
100
Clear
Channel
Outdoor
Holdings
Inc,
144A
(3)
7.750%
4/15/28
CCC
85,073
410
Clear
Channel
Outdoor
Holdings
Inc,
144A
7.500%
6/01/29
CCC
334,150
100
Cogent
Communications
Group
Inc,
144A
3.500%
5/01/26
BB-
92,586
262
Commscope
Inc,
144A
6.000%
3/01/26
B
250,826
490
Commscope
Inc,
144A
8.250%
3/01/27
CCC+
416,769
110
Commscope
Inc,
144A
7.125%
7/01/28
CCC+
86,169
355
Commscope
Inc,
144A
4.750%
9/01/29
B
295,488
260
Consensus
Cloud
Solutions
Inc,
144A
6.500%
10/15/28
B
243,415
100
Consolidated
Communications
Inc,
144A
6.500%
10/01/28
B-
81,464
190
Cornerstone
Building
Brands
Inc,
144A
6.125%
1/15/29
CCC+
142,333
300
Covanta
Holding
Corp,
144A
4.875%
12/01/29
B
262,125
100
Crestwood
Midstream
Partners
LP
/
Crestwood
Midstream
Finance
Corp,
144A
5.625%
5/01/27
BB
95,571
47
Principal
Amount
(000)
Description
(1)
Coupon
Maturity
Ratings
(2)
Value
Industrial
(continued)
$
110
Crestwood
Midstream
Partners
LP
/
Crestwood
Midstream
Finance
Corp,
144A
6.000%
2/01/29
BB-
$
104,353
12
Crowdstrike
Holdings
Inc
3.000%
2/15/29
BB-
10,297
150
Crown
Americas
LLC
/
Crown
Americas
Capital
Corp
VI
4.750%
2/01/26
BB
146,541
130
Darling
Ingredients
Inc,
144A
5.250%
4/15/27
BB+
126,783
760
DaVita
Inc,
144A
4.625%
6/01/30
B+
640,300
480
DaVita
Inc,
144A
3.750%
2/15/31
B+
373,200
200
Diamond
BC
BV,
144A
(3)
4.625%
10/01/29
CCC+
168,238
220
Diamond
Sports
Group
LLC
/
Diamond
Sports
Finance
Co,
144A
6.625%
8/15/27
CC
4,400
318
Diebold
Nixdorf
Inc,
144A
(3)
9.375%
7/15/25
CC
209,066
500
Directv
Financing
LLC
/
Directv
Financing
Co-Obligor
Inc,
144A
5.875%
8/15/27
BB
452,903
100
DT
Midstream
Inc,
144A
4.125%
6/15/29
BB+
87,750
141
DT
Midstream
Inc,
144A
4.375%
6/15/31
BB+
123,336
200
Dycom
Industries
Inc,
144A
4.500%
4/15/29
BB-
179,050
210
Edgewell
Personal
Care
Co,
144A
5.500%
6/01/28
BB-
198,872
50
Edgewell
Personal
Care
Co,
144A
4.125%
4/01/29
BB-
43,562
150
Elastic
NV,
144A
4.125%
7/15/29
B+
128,365
150
Encompass
Health
Corp
4.500%
2/01/28
B+
140,018
400
Encompass
Health
Corp
4.750%
2/01/30
B+
366,664
90
Energizer
Holdings
Inc,
144A
4.750%
6/15/28
B
80,550
150
EnLink
Midstream
LLC,
144A
5.625%
1/15/28
BB+
146,625
450
EQM
Midstream
Partners
LP,
144A
6.500%
7/01/27
BB-
441,904
300
EQM
Midstream
Partners
LP
5.500%
7/15/28
BB-
276,750
12
EQM
Midstream
Partners
LP,
144A
7.500%
6/01/30
BB-
11,985
100
Fair
Isaac
Corp,
144A
4.000%
6/15/28
BB
92,851
215
Gap
Inc/The,
144A
3.625%
10/01/29
BB-
165,012
355
Gartner
Inc,
144A
4.500%
7/01/28
BB+
337,246
4
Gartner
Inc,
144A
3.625%
6/15/29
BB+
3,592
140
Gates
Global
LLC
/
Gates
Corp,
144A
6.250%
1/15/26
B-
137,877
150
Gen
Digital
Inc,
144A
6.750%
9/30/27
BB-
152,108
150
Gen
Digital
Inc,
144A
(3)
7.125%
9/30/30
BB-
152,295
110
Glatfelter
Corp,
144A
4.750%
11/15/29
B
77,000
200
Go
Daddy
Operating
Co
LLC
/
GD
Finance
Co
Inc,
144A
5.250%
12/01/27
BB-
193,556
140
Grand
Canyon
University
4.125%
10/01/24
BB+
133,078
350
Gray
Television
Inc,
144A
7.000%
5/15/27
B
318,406
100
Gray
Television
Inc,
144A
4.750%
10/15/30
B
73,750
30
Griffon
Corp
5.750%
3/01/28
B-
28,393
640
GrubHub
Holdings
Inc,
144A
5.500%
7/01/27
B-
511,895
750
Hawaiian
Brand
Intellectual
Property
Ltd
/
HawaiianMiles
Loyalty
Ltd,
144A
5.750%
1/20/26
B+
716,242
100
Herbalife
Nutrition
Ltd
/
HLF
Financing
Inc,
144A
7.875%
9/01/25
B+
93,783
1,510
Herc
Holdings
Inc,
144A
5.500%
7/15/27
B+
1,445,825
350
Hertz
Corp/The,
144A
4.625%
12/01/26
B+
311,500
450
Hertz
Corp/The,
144A
5.000%
12/01/29
CCC+
367,875
60
Hilton
Domestic
Operating
Co
Inc
4.875%
1/15/30
BB
56,563
310
Hilton
Grand
Vacations
Borrower
Escrow
LLC
/
Hilton
Grand
Vacations
Borrower
Esc,
144A
5.000%
6/01/29
B
277,249
208
Hilton
Grand
Vacations
Borrower
Escrow
LLC
/
Hilton
Grand
Vacations
Borrower
Esc,
144A
4.875%
7/01/31
B
180,373
100
HLF
Financing
Sarl
LLC
/
Herbalife
International
Inc,
144A
4.875%
6/01/29
B+
73,125
170
Hologic
Inc,
144A
3.250%
2/15/29
BB
149,568
100
Horizon
Therapeutics
USA
Inc,
144A
5.500%
8/01/27
B+
102,125
7
Howmet
Aerospace
Inc
6.875%
5/01/25
BB+
7,210
170
IAA
Inc,
144A
5.500%
6/15/27
B
170,637
150
iHeartCommunications
Inc
6.375%
5/01/26
B+
143,310
300
iHeartCommunications
Inc
(3)
8.375%
5/01/27
B-
268,875
154
iHeartCommunications
Inc,
144A
5.250%
8/15/27
BB-
137,927
150
iHeartCommunications
Inc,
144A
4.750%
1/15/28
B+
128,258
120
Ingevity
Corp,
144A
3.875%
11/01/28
BB-
105,179
Nuveen
ESG
High
Yield
Corporate
Bond
ETF
(NUHY)
(continued)
Portfolio
of
Investments
January
31,
2023
(Unaudited)
48
Principal
Amount
(000)
Description
(1)
Coupon
Maturity
Ratings
(2)
Value
Industrial
(continued)
$
1,550
Intelsat
Jackson
Holdings
SA,
144A
6.500%
3/15/30
B+
$
1,407,400
200
IQVIA
Inc,
144A
5.000%
5/15/27
BB-
194,082
120
Iron
Mountain
Inc,
144A
5.250%
3/15/28
BB-
114,108
100
Iron
Mountain
Inc,
144A
5.000%
7/15/28
BB-
91,951
390
Iron
Mountain
Inc,
144A
4.875%
9/15/29
BB-
352,223
111
Iron
Mountain
Inc,
144A
5.250%
7/15/30
BB-
100,448
160
Iron
Mountain
Information
Management
Services
Inc,
144A
5.000%
7/15/32
BB-
138,720
320
ITT
Holdings
LLC,
144A
6.500%
8/01/29
B
278,000
10
Lamar
Media
Corp
(3)
4.000%
2/15/30
BB-
8,900
150
Lamb
Weston
Holdings
Inc,
144A
4.875%
5/15/28
BB-
145,075
250
Level
3
Financing
Inc,
144A
4.250%
7/01/28
BB
198,123
300
Lions
Gate
Capital
Holdings
LLC,
144A
5.500%
4/15/29
B-
195,000
50
Lithia
Motors
Inc,
144A
3.875%
6/01/29
BB
42,484
650
Lumen
Technologies
Inc,
144A
5.125%
12/15/26
B+
555,750
800
Lumen
Technologies
Inc,
144A
4.000%
2/15/27
BB+
674,602
800
Lumen
Technologies
Inc,
144A
(3)
5.375%
6/15/29
B+
554,179
33
Macy's
Retail
Holdings
LLC,
144A
(3)
5.875%
4/01/29
BB
30,690
280
Marriott
Ownership
Resorts
Inc,
144A
4.500%
6/15/29
B+
243,743
150
Masonite
International
Corp,
144A
5.375%
2/01/28
BB+
140,403
160
Match
Group
Holdings
II
LLC,
144A
4.625%
6/01/28
BB-
147,163
160
Match
Group
Holdings
II
LLC,
144A
4.125%
8/01/30
BB-
137,600
160
Match
Group
Holdings
II
LLC,
144A
3.625%
10/01/31
BB-
128,400
160
Mattel
Inc,
144A
3.375%
4/01/26
BB+
149,201
162
Mattel
Inc,
144A
3.750%
4/01/29
BB+
145,541
120
Maxar
Technologies
Inc,
144A
7.750%
6/15/27
B
125,472
100
McGraw-Hill
Education
Inc,
144A
5.750%
8/01/28
B
87,863
140
McGraw-Hill
Education
Inc,
144A
8.000%
8/01/29
CCC
120,050
120
Mercer
International
Inc
5.125%
2/01/29
B+
102,624
64
Methanex
Corp
5.125%
10/15/27
BB
60,960
150
Methanex
Corp
5.250%
12/15/29
BB
137,926
130
Michaels
Cos
Inc,
144A
5.250%
5/01/28
B+
108,408
200
ModivCare
Inc,
144A
5.875%
11/15/25
B
193,324
123
MPH
Acquisition
Holdings
LLC,
144A
5.500%
9/01/28
BB-
102,090
50
Murphy
Oil
USA
Inc
4.750%
9/15/29
BB
45,813
100
Murphy
Oil
USA
Inc,
144A
3.750%
2/15/31
BB
83,667
50
NCL
Corp
Ltd,
144A
3.625%
12/15/24
CCC+
46,937
10
NCL
Corp
Ltd,
144A
(3)
7.750%
2/15/29
CCC+
8,599
303
NCR
Corp,
144A
5.750%
9/01/27
B
294,019
481
NCR
Corp,
144A
5.000%
10/01/28
B
423,694
250
NCR
Corp,
144A
5.125%
4/15/29
B
217,764
3
NCR
Corp,
144A
6.125%
9/01/29
B
2,970
300
Netflix
Inc,
144A
3.625%
6/15/25
BB+
288,750
540
Netflix
Inc
5.875%
11/15/28
BB+
560,212
300
Netflix
Inc
6.375%
5/15/29
BB+
321,456
300
Netflix
Inc,
144A
5.375%
11/15/29
BB+
304,269
300
Netflix
Inc,
144A
4.875%
6/15/30
BB+
296,280
300
New
Fortress
Energy
Inc,
144A
6.750%
9/15/25
BB-
286,991
300
New
Fortress
Energy
Inc,
144A
6.500%
9/30/26
BB-
276,048
100
Newell
Brands
Inc
4.875%
6/01/25
BB+
97,775
500
Nexstar
Media
Inc,
144A
5.625%
7/15/27
B
476,285
688
Nexstar
Media
Inc,
144A
(3)
4.750%
11/01/28
B
621,044
71
Nordstrom
Inc
4.375%
4/01/30
BB+
56,965
250
NuStar
Logistics
LP
5.750%
10/01/25
BB-
247,378
150
NuStar
Logistics
LP
6.000%
6/01/26
BB-
146,898
150
NuStar
Logistics
LP
6.375%
10/01/30
BB-
144,488
60
ON
Semiconductor
Corp,
144A
3.875%
9/01/28
BB
54,751
200
Open
Text
Corp,
144A
3.875%
2/15/28
BB
173,792
200
Open
Text
Holdings
Inc,
144A
4.125%
12/01/31
BB
162,488
310
Option
Care
Health
Inc,
144A
4.375%
10/31/29
B-
267,785
700
ORGANON
&
CO/ORG,
144A
4.125%
4/30/28
BB
633,115
49
Principal
Amount
(000)
Description
(1)
Coupon
Maturity
Ratings
(2)
Value
Industrial
(continued)
$
210
ORGANON
&
CO/ORG,
144A
5.125%
4/30/31
BB-
$
189,586
200
Outfront
Media
Capital
LLC
/
Outfront
Media
Capital
Corp,
144A
5.000%
8/15/27
B+
183,973
500
Outfront
Media
Capital
LLC
/
Outfront
Media
Capital
Corp,
144A
4.250%
1/15/29
B
429,821
100
Outfront
Media
Capital
LLC
/
Outfront
Media
Capital
Corp,
144A
4.625%
3/15/30
B
85,891
280
Owens
&
Minor
Inc,
144A
(3)
4.500%
3/31/29
B
228,085
20
Pactiv
Evergreen
Group
Issuer
Inc/Pactiv
Evergreen
Group
Issuer
LLC,
144A
4.375%
9/30/28
B+
17,776
120
Parkland
Corp,
144A
5.875%
7/15/27
BB-
115,116
591
Performance
Food
Group
Inc,
144A
5.500%
10/15/27
B
568,835
385
Performance
Food
Group
Inc,
144A
4.250%
8/01/29
BB-
343,516
100
Post
Holdings
Inc,
144A
5.625%
1/15/28
B
96,250
100
Post
Holdings
Inc,
144A
4.500%
9/15/31
B
86,250
250
PRA
Health
Sciences
Inc,
144A
2.875%
7/15/26
BB+
228,792
120
Prestige
Brands
Inc,
144A
3.750%
4/01/31
B
101,892
200
Prime
Security
Services
Borrower
LLC
/
Prime
Finance
Inc,
144A
5.750%
4/15/26
BB-
196,008
1,350
Prime
Security
Services
Borrower
LLC
/
Prime
Finance
Inc,
144A
6.250%
1/15/28
B-
1,280,340
100
PTC
Inc,
144A
3.625%
2/15/25
BB-
95,893
100
PTC
Inc,
144A
4.000%
2/15/28
BB-
93,163
760
Rackspace
Technology
Global
Inc,
144A
3.500%
2/15/28
B+
456,950
210
Rackspace
Technology
Global
Inc,
144A
5.375%
12/01/28
CCC+
77,372
501
Rakuten
Group
Inc,
144A
(3)
5.125%
N/A
(4)
B+
433,991
555
Rakuten
Group
Inc,
144A
6.250%
N/A
(4)
B+
454,028
810
Realogy
Group
LLC
/
Realogy
Co-Issuer
Corp,
144A
5.750%
1/15/29
B
629,807
330
Rite
Aid
Corp,
144A
8.000%
11/15/26
B-
183,975
300
ROBLOX
Corp,
144A
3.875%
5/01/30
BB
253,335
350
Royal
Caribbean
Cruises
Ltd,
144A
11.500%
6/01/25
BB-
375,823
250
Royal
Caribbean
Cruises
Ltd,
144A
(3)
4.250%
7/01/26
B-
216,875
200
Royal
Caribbean
Cruises
Ltd,
144A
5.500%
8/31/26
B-
178,992
200
Royal
Caribbean
Cruises
Ltd,
144A
5.375%
7/15/27
B-
173,976
50
SABRE
GLBL
INC,
144A
9.250%
4/15/25
B
51,298
840
SBA
Communications
Corp
3.875%
2/15/27
B+
775,770
170
Scripps
Escrow
II
Inc,
144A
(3)
5.375%
1/15/31
B
137,190
100
Scripps
Escrow
Inc,
144A
5.875%
7/15/27
B
89,250
260
Seagate
HDD
Cayman
4.091%
6/01/29
BB+
230,431
8
Seagate
HDD
Cayman,
144A
9.625%
12/01/32
BB
8,832
1,080
SeaWorld
Parks
&
Entertainment
Inc,
144A
5.250%
8/15/29
B-
976,118
1,440
Select
Medical
Corp,
144A
6.250%
8/15/26
B-
1,406,419
220
Sensata
Technologies
BV,
144A
4.000%
4/15/29
BB-
197,450
100
Sensata
Technologies
Inc,
144A
3.750%
2/15/31
BB-
84,885
183
Service
Corp
International/US
5.125%
6/01/29
BB-
175,242
150
Service
Corp
International/US
4.000%
5/15/31
BB-
131,172
235
Sirius
XM
Radio
Inc,
144A
3.125%
9/01/26
BB-
211,506
310
Sirius
XM
Radio
Inc,
144A
5.000%
8/01/27
BB-
293,338
92
Sirius
XM
Radio
Inc,
144A
4.000%
7/15/28
BB-
81,889
360
Sirius
XM
Radio
Inc,
144A
5.500%
7/01/29
BB-
337,374
300
Sirius
XM
Radio
Inc,
144A
4.125%
7/01/30
BB-
257,289
190
Sirius
XM
Radio
Inc,
144A
3.875%
9/01/31
BB-
156,632
380
Sotheby's,
144A
7.375%
10/15/27
B
364,980
100
Spectrum
Brands
Inc,
144A
(3)
3.875%
3/15/31
B
80,623
650
Spirit
AeroSystems
Inc,
144A
7.500%
4/15/25
B
652,236
200
Spirit
Loyalty
Cayman
Ltd
/
Spirit
IP
Cayman
Ltd,
144A
8.000%
9/20/25
BB
204,000
300
SPX
FLOW
Inc,
144A
(3)
8.750%
4/01/30
CCC
246,878
10
SS&C
Technologies
Inc,
144A
5.500%
9/30/27
B
9,617
200
Studio
City
Finance
Ltd,
144A
6.000%
7/15/25
B+
188,499
400
Studio
City
Finance
Ltd,
144A
5.000%
1/15/29
B+
324,882
Nuveen
ESG
High
Yield
Corporate
Bond
ETF
(NUHY)
(continued)
Portfolio
of
Investments
January
31,
2023
(Unaudited)
50
Principal
Amount
(000)
Description
(1)
Coupon
Maturity
Ratings
(2)
Value
Industrial
(continued)
$
300
Suburban
Propane
Partners
LP/Suburban
Energy
Finance
Corp,
144A
5.000%
6/01/31
BB-
$
260,993
100
Summit
Materials
LLC
/
Summit
Materials
Finance
Corp,
144A
5.250%
1/15/29
BB-
93,899
250
Sunoco
LP
/
Sunoco
Finance
Corp
6.000%
4/15/27
BB
249,858
200
Sunoco
LP
/
Sunoco
Finance
Corp
4.500%
5/15/29
BB
180,938
130
Superior
Plus
LP
/
Superior
General
Partner
Inc,
144A
4.500%
3/15/29
BB-
114,887
850
Syneos
Health
Inc,
144A
3.625%
1/15/29
B+
687,438
100
Tallgrass
Energy
Partners
LP
/
Tallgrass
Energy
Finance
Corp,
144A
6.000%
9/01/31
BB-
90,000
11
Taylor
Morrison
Communities
Inc,
144A
5.125%
8/01/30
BB-
10,060
190
TEGNA
Inc
5.000%
9/15/29
BB-
178,982
150
Teleflex
Inc
4.625%
11/15/27
BB-
143,207
150
Teleflex
Inc,
144A
4.250%
6/01/28
BB-
138,368
100
Tempur
Sealy
International
Inc,
144A
4.000%
4/15/29
BB+
87,342
800
Tenet
Healthcare
Corp
4.875%
1/01/26
BB-
779,176
300
Tenet
Healthcare
Corp,
144A
6.250%
2/01/27
B+
294,132
551
Tenet
Healthcare
Corp
5.125%
11/01/27
BB-
530,338
230
Tenet
Healthcare
Corp
4.625%
6/15/28
BB-
213,302
300
Tenet
Healthcare
Corp
6.125%
10/01/28
B-
280,524
400
Tenet
Healthcare
Corp
4.250%
6/01/29
BB-
356,162
480
Tenet
Healthcare
Corp
4.375%
1/15/30
BB-
426,686
480
Terex
Corp,
144A
5.000%
5/15/29
B
448,200
650
Thor
Industries
Inc,
144A
4.000%
10/15/29
B+
540,488
70
TopBuild
Corp,
144A
4.125%
2/15/32
BB
59,389
10
TransDigm
Inc
5.500%
11/15/27
B-
9,550
60
TransDigm
Inc
4.875%
5/01/29
B-
54,138
110
Transocean
Inc,
144A
11.500%
1/30/27
CCC-
114,779
100
Travel
+
Leisure
Co,
144A
6.625%
7/31/26
BB-
99,237
100
Travel
+
Leisure
Co,
144A
4.500%
12/01/29
BB-
86,011
290
TreeHouse
Foods
Inc
4.000%
9/01/28
CCC+
241,860
144
Triumph
Group
Inc,
144A
8.875%
6/01/24
B
146,160
210
Triumph
Group
Inc,
144A
6.250%
9/15/24
CCC-
202,697
1,170
Trivium
Packaging
Finance
BV,
144A
5.500%
8/15/26
B
1,123,130
820
Trivium
Packaging
Finance
BV,
144A
(3)
8.500%
8/15/27
CCC
788,627
1,310
Tronox
Inc,
144A
4.625%
3/15/29
BB-
1,120,050
250
TTM
Technologies
Inc,
144A
4.000%
3/01/29
BB-
218,438
130
Twilio
Inc
3.875%
3/15/31
BB-
107,313
900
Uber
Technologies
Inc,
144A
7.500%
5/15/25
B-
912,846
110
Uber
Technologies
Inc,
144A
8.000%
11/01/26
B-
112,600
760
Uber
Technologies
Inc,
144A
7.500%
9/15/27
B-
771,681
650
Uber
Technologies
Inc,
144A
(3)
6.250%
1/15/28
B-
636,004
570
Uber
Technologies
Inc,
144A
4.500%
8/15/29
B-
507,478
150
United
Natural
Foods
Inc,
144A
6.750%
10/15/28
B-
144,750
343
United
Rentals
North
America
Inc
5.250%
1/15/30
BB
331,853
99
United
Rentals
North
America
Inc
4.000%
7/15/30
BB
89,114
670
Uniti
Group
LP
/
Uniti
Fiber
Holdings
Inc
/
CSL
Capital
LLC,
144A
7.875%
2/15/25
B
661,237
700
Uniti
Group
LP
/
Uniti
Group
Finance
Inc
/
CSL
Capital
LLC,
144A
4.750%
4/15/28
B
572,399
260
Univar
Solutions
USA
Inc/Washington,
144A
5.125%
12/01/27
BB
251,401
110
Univision
Communications
Inc,
144A
6.625%
6/01/27
B+
107,800
24
Univision
Communications
Inc,
144A
4.500%
5/01/29
B+
20,650
100
UPC
Holding
BV,
144A
5.500%
1/15/28
B
91,250
360
US
Foods
Inc,
144A
6.250%
4/15/25
B+
360,652
328
US
Foods
Inc,
144A
4.750%
2/15/29
B-
300,053
150
US
Foods
Inc,
144A
4.625%
6/01/30
B-
134,281
250
Vail
Resorts
Inc,
144A
6.250%
5/15/25
B+
251,196
210
Valvoline
Inc,
144A
4.250%
2/15/30
BB-
206,437
200
VEON
Holdings
BV,
144A
3.375%
11/25/27
N/R
136,000
308
Victoria's
Secret
&
Co,
144A
(3)
4.625%
7/15/29
B+
255,868
51
Principal
Amount
(000)
Description
(1)
Coupon
Maturity
Ratings
(2)
Value
Industrial
(continued)
$
100
Videotron
Ltd,
144A
5.125%
4/15/27
BB+
$
95,992
150
Videotron
Ltd,
144A
3.625%
6/15/29
BB+
130,508
10
Virgin
Media
Finance
PLC,
144A
5.000%
7/15/30
B
8,394
320
Vodafone
Group
PLC
7.000%
4/04/79
BB+
329,571
145
Vodafone
Group
PLC
4.125%
6/04/81
BB+
117,392
700
VZ
Secured
Financing
BV,
144A
5.000%
1/15/32
B+
599,431
610
Weatherford
International
Ltd,
144A
6.500%
9/15/28
B+
606,950
1,000
Weatherford
International
Ltd,
144A
8.625%
4/30/30
B-
1,009,410
200
Weir
Group
PLC/The,
144A
2.200%
5/13/26
BB+
179,254
521
WESCO
Distribution
Inc,
144A
7.250%
6/15/28
BB-
533,856
290
Western
Midstream
Operating
LP
4.550%
2/01/30
BB+
265,570
150
Williams
Scotsman
International
Inc,
144A
6.125%
6/15/25
B
150,738
500
Williams
Scotsman
International
Inc,
144A
4.625%
8/15/28
B
463,278
510
Windstream
Escrow
LLC
/
Windstream
Escrow
Finance
Corp,
144A
7.750%
8/15/28
B
412,860
350
WMG
Acquisition
Corp,
144A
3.875%
7/15/30
BB-
308,525
1
WMG
Acquisition
Corp,
144A
3.000%
2/15/31
BB-
829
140
Wyndham
Hotels
&
Resorts
Inc,
144A
4.375%
8/15/28
BB-
129,123
310
Xerox
Holdings
Corp,
144A
(3)
5.500%
8/15/28
BB
262,919
426
Yum!
Brands
Inc,
144A
4.750%
1/15/30
BB-
398,417
310
Zayo
Group
Holdings
Inc,
144A
6.125%
3/01/28
CCC+
213,125
610
Ziggo
BV,
144A
4.875%
1/15/30
B+
531,334
180
ZipRecruiter
Inc,
144A
5.000%
1/15/30
BB-
156,600
200
ZoomInfo
Technologies
LLC/ZoomInfo
Finance
Corp,
144A
(3)
3.875%
2/01/29
B+
172,500
100,510
Total
Industrial
89,222,015
Utility
-
1.6%
10
Calpine
Corp,
144A
5.000%
2/01/31
B+
8,569
200
Clearway
Energy
Operating
LLC,
144A
4.750%
3/15/28
BB
188,640
110
Clearway
Energy
Operating
LLC,
144A
3.750%
2/15/31
BB
92,931
160
Drax
Finco
PLC,
144A
6.625%
11/01/25
BB+
156,000
1,150
Enviva
Partners
LP
/
Enviva
Partners
Finance
Corp,
144A
(3)
6.500%
1/15/26
B+
1,073,422
100
NextEra
Energy
Operating
Partners
LP,
144A
4.250%
7/15/24
BB+
97,666
11
TerraForm
Power
Operating
LLC,
144A
4.750%
1/15/30
BB-
9,900
1,741
Total
Utility
1,627,128
$
114,789
Total
Corporate
Debt
(cost
$109,818,032)
101,755,429
Total
Long-Term
Investments
(cost
$109,818,032)
101,755,429
Shares
Description
(1)
Coupon
Value
INVESTMENTS
PURCHASED
WITH
COLLATERAL
FROM
SECURITIES
LENDING
-
  7.0%
X
7,324,132
MONEY
MARKET
FUNDS
-
7.0%
X
7,324,132
7,324,132
State
Street
Navigator
Securities
Lending
Government
Money
Market
Portfolio
(5)
4.350%(6)
$
7,324,132
Total
Money
Market
Funds
(cost
$7,324,132)
$
7,324,132
Total
Investments
Purchased
with
Collateral
from
Securities
Lending
(cost
$7,324,132)
7,324,132
Total
Investments
(cost
$
117,142,164
)
-
104
.5
%
109,079,561
Other
Assets
&
Liabilities,
Net
-
(4.5)%
(
4,700,843
)
Net
Assets
-
100%
$
104,378,718
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.
Nuveen
ESG
High
Yield
Corporate
Bond
ETF
(NUHY)
(continued)
Portfolio
of
Investments
January
31,
2023
(Unaudited)
52
(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
$7,042,077.
(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.
PIK
Payment-in-kind
(“PIK”)
security.  Depending
on
the
terms
of
the
security,
income
may
be
received
in
the
form
of
cash,
securities,
or
a
combination
of
both.  The
PIK
rate
shown,
where
applicable,
represents
the
annualized
rate
of
the
last
PIK
payment
made
by
the
issuer
as
of
the
end
of
the
reporting
period.
REIT
Real
Estate
Investment
Trust
See
accompanying
notes
to
financial
statements
53
Nuveen
ESG
U.S.
Aggregate
Bond
ETF
(NUBD)
Portfolio
of
Investments
January
31,
2023
(Unaudited)
Principal
Amount
(000)
Description
(1)
Coupon
Maturity
Ratings
(2)
Value
LONG-TERM
INVESTMENTS
-
99.0%  
X
103,856,910
U.S.
TREASURY
-
39.6%
X
103,856,910
$
2,150
United
States
Treasury
Note/Bond
0.375%
10/31/23
AAA
$
2,080,965
900
United
States
Treasury
Note/Bond
0.500%
11/30/23
AAA
868,887
1,346
United
States
Treasury
Note/Bond
2.875%
11/30/23
AAA
1,325,389
100
United
States
Treasury
Note/Bond
0.750%
12/31/23
AAA
96,430
1,411
United
States
Treasury
Note/Bond
2.500%
1/31/24
AAA
1,380,300
1,814
United
States
Treasury
Note/Bond
2.250%
4/30/24
AAA
1,761,493
4,672
United
States
Treasury
Note/Bond
2.000%
5/31/24
AAA
4,515,232
800
United
States
Treasury
Note/Bond
3.000%
7/31/24
AAA
782,813
262
United
States
Treasury
Note/Bond
1.250%
8/31/24
AAA
249,320
3,090
United
States
Treasury
Note/Bond
2.125%
9/30/24
AAA
2,979,436
1,454
United
States
Treasury
Note/Bond
2.125%
11/30/24
AAA
1,398,964
300
United
States
Treasury
Note/Bond
4.250%
12/31/24
AAA
300,000
600
United
States
Treasury
Note/Bond
1.125%
1/15/25
AAA
565,406
2,824
United
States
Treasury
Note/Bond
1.375%
1/31/25
AAA
2,673,313
1,500
United
States
Treasury
Note/Bond
0.250%
5/31/25
AAA
1,374,492
950
United
States
Treasury
Note/Bond
0.250%
8/31/25
AAA
864,129
3,900
United
States
Treasury
Note/Bond
0.250%
9/30/25
AAA
3,543,516
800
United
States
Treasury
Note/Bond
0.250%
10/31/25
AAA
724,188
1,820
United
States
Treasury
Note/Bond
0.375%
11/30/25
AAA
1,649,375
1,300
United
States
Treasury
Note/Bond
0.375%
12/31/25
AAA
1,177,516
3,500
United
States
Treasury
Note/Bond
0.375%
1/31/26
AAA
3,157,930
500
United
States
Treasury
Note/Bond
0.500%
2/28/26
AAA
451,777
1,900
United
States
Treasury
Note/Bond
0.750%
3/31/26
AAA
1,728,480
3,200
United
States
Treasury
Note/Bond
0.750%
4/30/26
AAA
2,902,375
700
United
States
Treasury
Note/Bond
0.750%
5/31/26
AAA
633,555
1,700
United
States
Treasury
Note/Bond
0.875%
6/30/26
AAA
1,542,750
1,100
United
States
Treasury
Note/Bond
0.625%
7/31/26
AAA
987,293
1,450
United
States
Treasury
Note/Bond
0.750%
8/31/26
AAA
1,304,547
2,600
United
States
Treasury
Note/Bond
0.875%
9/30/26
AAA
2,345,180
900
United
States
Treasury
Note/Bond
1.125%
10/31/26
AAA
818,191
1,600
United
States
Treasury
Note/Bond
1.250%
11/30/26
AAA
1,459,187
1,100
United
States
Treasury
Note/Bond
1.250%
12/31/26
AAA
1,001,645
1,750
United
States
Treasury
Note/Bond
1.875%
2/28/27
AAA
1,629,482
500
United
States
Treasury
Note/Bond
2.500%
3/31/27
AAA
477,051
1,250
United
States
Treasury
Note/Bond
2.750%
4/30/27
AAA
1,204,102
2,000
United
States
Treasury
Note/Bond
2.625%
5/31/27
AAA
1,916,406
900
United
States
Treasury
Note/Bond
0.500%
6/30/27
AAA
785,215
2,500
United
States
Treasury
Note/Bond
3.250%
6/30/27
AAA
2,457,324
1,000
United
States
Treasury
Note/Bond
2.750%
7/31/27
AAA
962,617
2,186
United
States
Treasury
Note/Bond
2.250%
8/15/27
AAA
2,059,366
100
United
States
Treasury
Note/Bond
4.125%
9/30/27
AAA
102,027
1,600
United
States
Treasury
Note/Bond
4.125%
10/31/27
AAA
1,633,125
888
United
States
Treasury
Note/Bond
2.250%
11/15/27
AAA
834,408
320
United
States
Treasury
Note/Bond
0.625%
11/30/27
AAA
277,825
1,600
United
States
Treasury
Note/Bond
3.875%
11/30/27
AAA
1,618,250
3,898
United
States
Treasury
Note/Bond
3.875%
12/31/27
AAA
3,942,157
2,344
United
States
Treasury
Note/Bond
2.750%
2/15/28
AAA
2,249,965
650
United
States
Treasury
Note/Bond
1.375%
10/31/28
AAA
575,199
300
United
States
Treasury
Note/Bond
1.750%
1/31/29
AAA
270,281
1,470
United
States
Treasury
Note/Bond
2.375%
5/15/29
AAA
1,370,086
514
United
States
Treasury
Note/Bond
1.625%
8/15/29
AAA
457,781
500
United
States
Treasury
Note/Bond
3.875%
12/31/29
AAA
509,531
100
United
States
Treasury
Note/Bond
0.625%
5/15/30
AAA
81,801
1,000
United
States
Treasury
Note/Bond
1.875%
2/15/32
AAA
877,461
3,050
United
States
Treasury
Note/Bond
2.875%
5/15/32
AAA
2,904,648
1,150
United
States
Treasury
Note/Bond
2.750%
8/15/32
AAA
1,082,078
1,850
United
States
Treasury
Note/Bond
4.125%
11/15/32
AAA
1,946,258
Nuveen
ESG
U.S.
Aggregate
Bond
ETF
(NUBD)
(continued)
Portfolio
of
Investments
January
31,
2023
(Unaudited)
54
Principal
Amount
(000)
Description
(1)
Coupon
Maturity
Ratings
(2)
Value
$
200
United
States
Treasury
Note/Bond
1.125%
8/15/40
AAA
$
132,703
1,300
United
States
Treasury
Note/Bond
1.875%
2/15/41
AAA
977,184
500
United
States
Treasury
Note/Bond
2.250%
5/15/41
AAA
398,828
1,050
United
States
Treasury
Note/Bond
1.750%
8/15/41
AAA
764,941
198
United
States
Treasury
Note/Bond
2.000%
11/15/41
AAA
150,465
1,400
United
States
Treasury
Note/Bond
2.375%
2/15/42
AAA
1,132,578
3,900
United
States
Treasury
Note/Bond
3.250%
5/15/42
AAA
3,618,469
1,964
United
States
Treasury
Note/Bond
2.750%
8/15/42
AAA
1,682,749
500
United
States
Treasury
Note/Bond
3.375%
8/15/42
AAA
472,734
135
United
States
Treasury
Note/Bond
2.750%
11/15/42
AAA
115,399
1,098
United
States
Treasury
Note/Bond
4.000%
11/15/42
AAA
1,134,714
4,221
United
States
Treasury
Note/Bond
2.750%
8/15/47
AAA
3,545,640
1,850
United
States
Treasury
Note/Bond
1.250%
5/15/50
AAA
1,087,092
700
United
States
Treasury
Note/Bond
1.375%
8/15/50
AAA
424,402
200
United
States
Treasury
Note/Bond
1.625%
11/15/50
AAA
129,359
3,800
United
States
Treasury
Note/Bond
1.875%
2/15/51
AAA
2,617,992
1,100
United
States
Treasury
Note/Bond
2.375%
5/15/51
AAA
851,770
160
United
States
Treasury
Note/Bond
1.875%
11/15/51
AAA
109,825
1,300
United
States
Treasury
Note/Bond
2.250%
2/15/52
AAA
976,727
1,350
United
States
Treasury
Note/Bond
2.875%
5/15/52
AAA
1,163,320
550
United
States
Treasury
Note/Bond
3.000%
8/15/52
AAA
486,664
949
United
States
Treasury
Note/Bond
4.000%
11/15/52
AAA
1,014,837
$
114,088
Total
U.S.
Treasury
(cost
$113,897,823)
103,856,910
Principal
Amount
(000)
Description
(1)
Coupon
Maturity
Ratings
(2)
Value
X
75,094,417
SECURITIZED
-
28.6%
X
75,094,417
$
50
AmeriCredit
Automobile
Receivables
Trust
2021
2
1.010%
1/19/27
A+
$
45,900
20
BA
Credit
Card
Trust
2021
A1
0.440%
9/15/26
AAA
18,982
200
BANK
2019
BN19
2.926%
8/15/61
AAA
180,483
100
BANK
2021
BN34
1.935%
6/15/63
AAA
90,929
100
BANK
2021
BN35
2.067%
6/15/64
AAA
86,729
500
BBCMS
Mortgage
Trust
2020
C6
2.690%
2/15/53
AAA
475,709
200
Benchmark
Mortgage
Trust
2021
B24
2.264%
3/15/54
AAA
170,596
100
Benchmark
Mortgage
Trust
2021
B27
2.703%
7/15/54
A-
71,789
100
Benchmark
Mortgage
Trust
2021
B28
2.073%
8/15/54
AAA
86,761
100
Capital
One
Multi-Asset
Execution
Trust
2022
A2
3.490%
5/15/27
AAA
97,804
27
Carmax
Auto
Owner
Trust
2020
1
1.890%
12/16/24
AAA
27,098
100
CarMax
Auto
Owner
Trust
2022
1
1.700%
8/16/27
AAA
92,435
75
Carvana
Auto
Receivables
Trust
2022
N1,
144A
4.130%
12/11/28
BBB
70,351
100
Citibank
Credit
Card
Issuance
Trust
2018
A3
3.290%
5/23/25
AAA
99,497
180
Citigroup
Commercial
Mortgage
Trust
2016
C1
3.209%
5/10/49
AAA
170,870
500
COMM
Mortgage
Trust
2015
LC19
3.183%
2/10/48
AAA
481,445
100
Discover
Card
Execution
Note
Trust
2021
A1
0.580%
9/15/26
AAA
93,703
100
Exeter
Automobile
Receivables
Trust
2022
1A
2.180%
6/15/26
AA
97,742
260
Fannie
Mae
Pool
FN
MA2941
3.500%
3/01/32
N/R
255,651
76
Fannie
Mae
Pool
FN
MA3392
3.500%
6/01/33
N/R
73,991
164
Fannie
Mae
Pool
FN
MA3490
4.000%
10/01/33
N/R
163,806
59
Fannie
Mae
Pool
FN
MA3828
3.000%
11/01/34
N/R
56,607
117
Fannie
Mae
Pool
FN
MA3865
3.000%
12/01/34
N/R
112,847
143
Fannie
Mae
Pool
FN
MA3957
3.500%
3/01/35
N/R
139,046
624
Fannie
Mae
Pool
FN
MA4074
2.000%
7/01/35
N/R
568,167
556
Fannie
Mae
Pool
FN
MA4123
2.000%
9/01/35
N/R
506,954
547
Fannie
Mae
Pool
FN
MA4180
2.500%
11/01/35
N/R
512,506
537
Fannie
Mae
Pool
FN
MA4278
1.500%
3/01/36
N/R
475,843
643
Fannie
Mae
Pool
FN
MA4298
2.500%
3/01/36
N/R
603,629
159
Fannie
Mae
Pool
FN
MA4302
1.500%
4/01/36
N/R
140,807
72
Fannie
Mae
Pool
FN
MA4316
2021
MTGE
2.500%
4/01/36
N/R
67,695
184
Fannie
Mae
Pool
FN
MA4330
2.500%
5/01/36
N/R
172,570
330
Fannie
Mae
Pool
FN
MA4359
1.500%
6/01/36
N/R
292,386
75
Fannie
Mae
Pool
FN
MA4361
2021
MTGE
2.500%
6/01/36
N/R
70,644
168
Fannie
Mae
Pool
FN
MA4402
1.500%
8/01/36
N/R
149,086
55
Principal
Amount
(000)
Description
(1)
Coupon
Maturity
Ratings
(2)
Value
$
313
Fannie
Mae
Pool
FN
MA4516
2.000%
1/01/37
N/R
$
284,751
1,233
Fannie
Mae
Pool
FN
MA4536
2.000%
2/01/37
N/R
1,123,654
124
Fannie
Mae
Pool
FN
MA3890
3.000%
1/01/40
N/R
117,450
773
Fannie
Mae
Pool
FN
MA4268
2.000%
2/01/41
N/R
671,559
128
Fannie
Mae
Pool
FN
MA4310
1.500%
4/01/41
N/R
108,002
589
Fannie
Mae
Pool
FN
MA4334
2.500%
5/01/41
N/R
535,181
89
Fannie
Mae
Pool
FN
MA4364
2.000%
6/01/41
N/R
77,773
83
Fannie
Mae
Pool
FN
MA4366
2.500%
6/01/41
N/R
74,974
258
Fannie
Mae
Pool
FN
MA4387
2.000%
7/01/41
N/R
226,548
349
Fannie
Mae
Pool
FN
MA4423
2.500%
9/01/41
N/R
316,327
849
Fannie
Mae
Pool
FN
MA3143
3.000%
9/01/47
N/R
783,676
318
Fannie
Mae
Pool
FN
MA3120
3.500%
9/01/47
N/R
304,106
55
Fannie
Mae
Pool
FN
MA3182
3.500%
11/01/47
N/R
52,512
187
Fannie
Mae
Pool
FN
MA3358
4.500%
5/01/48
N/R
186,832
2,501
Fannie
Mae
Pool
FN
FM5665
3.500%
8/01/48
N/R
2,391,714
105
Fannie
Mae
Pool
FN
MA3536
4.000%
12/01/48
N/R
103,068
178
Fannie
Mae
Pool
FN
MA3574
3.500%
1/01/49
N/R
170,097
1,672
Fannie
Mae
Pool
FN
FM5488
4.000%
5/01/49
N/R
1,639,498
1,032
Fannie
Mae
Pool
FN
MA3774
3.000%
9/01/49
N/R
949,552
695
Fannie
Mae
Pool
FN
MA3905
3.000%
1/01/50
N/R
638,385
2,135
Fannie
Mae
Pool
FN
MA4182
2.000%
11/01/50
N/R
1,804,685
1,375
Fannie
Mae
Pool
FN
MA4208
2.000%
12/01/50
N/R
1,162,116
867
Fannie
Mae
Pool
FN
MA4254
1.500%
2/01/51
N/R
694,488
946
Fannie
Mae
Pool
FN
MA4255
2.000%
2/01/51
N/R
798,324
354
Fannie
Mae
Pool
FN
MA4304
1.500%
4/01/51
N/R
283,798
2,408
Fannie
Mae
Pool
FN
MA4305
2021
MTGE
2.000%
4/01/51
NR
2,033,301
89
Fannie
Mae
Pool
FN
MA4337
4.000%
4/01/51
N/R
86,272
871
Fannie
Mae
Pool
FN
MA4325
2.000%
5/01/51
N/R
734,851
332
Fannie
Mae
Pool
FN
MA4327
3.000%
5/01/51
N/R
302,945
1,854
Fannie
Mae
Pool
FN
MA4355
2021
MTGE
2.000%
6/01/51
N/R
1,559,535
656
Fannie
Mae
Pool
FN
MA4357
3.000%
6/01/51
N/R
598,269
183
Fannie
Mae
Pool
FN
MA4377
1.500%
7/01/51
N/R
146,222
268
Fannie
Mae
Pool
FN
MA4378
2.000%
7/01/51
N/R
226,042
462
Fannie
Mae
Pool
FN
MA4397
1.500%
8/01/51
N/R
369,663
1,397
Fannie
Mae
Pool
FN
MA4398
2.000%
8/01/51
N/R
1,178,057
1,012
Fannie
Mae
Pool
FN
MA4437
2021
MA4437
2.000%
10/01/51
N/R
851,618
352
Fannie
Mae
Pool
FN
MA4439
3.000%
10/01/51
N/R
320,361
372
Fannie
Mae
Pool
FN
MA4465
2.000%
11/01/51
N/R
312,841
1,508
Fannie
Mae
Pool
FN
MA4511
2021
2021
2.000%
12/01/51
N/R
1,269,281
7,500
Fannie
Mae
Pool
FN
MA4493
2.500%
12/01/51
N/R
6,574,106
886
Fannie
Mae
Pool
FN
MA4512
2.500%
1/01/52
N/R
776,107
496
Fannie
Mae
Pool
FN
MA4513
2021
2021
3.000%
1/01/52
N/R
451,555
1,509
Fannie
Mae
Pool
FN
MA4549
3.000%
2/01/52
N/R
1,372,292
2,715
Fannie
Mae
Pool
FN
MA4563
2.500%
3/01/52
N/R
2,379,061
925
Fannie
Mae
Pool
FN
MA4565
3.500%
3/01/52
N/R
867,284
478
Fannie
Mae
Pool
FN
MA4579
3.000%
4/01/52
N/R
434,385
667
Fannie
Mae
Pool
FN
MA4644
2022
1
4.000%
5/01/52
NR
644,306
290
Fannie
Mae
Pool
FN
MA4625
2022
1
3.500%
6/01/52
AAA
271,792
955
Fannie
Mae
Pool
FN
MA4684
4.500%
6/01/52
N/R
943,552
426
Fannie
Mae
Pool
FN
MA4686
5.000%
6/01/52
AAA
428,187
339
Fannie
Mae
Pool
FN
MA4655
4.000%
7/01/52
NR
327,179
390
Fannie
Mae
Pool
FN
MA4700
2022
1
4.000%
7/01/52
AAA
376,701
579
Fannie
Mae
Pool
FN
MA4701
2022
1
4.500%
7/01/52
AAA
571,985
769
Fannie
Mae
Pool
FN
MA4656
4.500%
7/01/52
AAA
759,410
379
Fannie
Mae
Pool
FN
MA4709
5.000%
7/01/52
AAA
380,575
1,060
Fannie
Mae
Pool
FN
MA4737
5.000%
8/01/52
NR
1,063,872
1,050
Fannie
Mae
Pool
FN
MA4738
5.500%
8/01/52
AAA
1,067,528
391
Fannie
Mae
Pool
FN
MA4732
(WI/DD,
Settling
2/13/23)
4.000%
9/01/52
NR
377,902
391
Fannie
Mae
Pool
FN
MA4807
5.500%
11/01/52
AAA
397,466
681
Fannie
Mae
Pool
FN
MA4847
6.000%
11/01/52
AAA
699,167
296
Fannie
Mae
Pool
FN
MA4852
6.500%
11/01/52
AAA
306,171
494
Fannie
Mae
Pool
FN
MA4842
2022
1
5.500%
12/01/52
AAA
502,136
1,095
Fannie
Mae
Pool
FN
MA4894
6.000%
1/01/53
AAA
1,124,651
Nuveen
ESG
U.S.
Aggregate
Bond
ETF
(NUBD)
(continued)
Portfolio
of
Investments
January
31,
2023
(Unaudited)
56
Principal
Amount
(000)
Description
(1)
Coupon
Maturity
Ratings
(2)
Value
$
796
Fannie
Mae
Pool
FN
MA4895
6.500%
1/01/53
AAA
$
823,545
184
Fannie
Mae-Aces
2018
M7
3.033%
3/25/28
N/R
175,497
250
Fannie
Mae-Aces
2018
M10
3.358%
7/25/28
N/R
242,267
100
Ford
Credit
Auto
Owner
Trust
2022
A
1.290%
6/15/26
AAA
95,332
795
Freddie
Mac
Multifamily
Structured
Pass
Through
Certificates
2019
K735
2.862%
5/25/26
N/R
763,584
100
Freddie
Mac
Multifamily
Structured
Pass
Through
Certificates
2021
K742
0.861%
6/25/27
AAA
91,009
62
Freddie
Mac
Multifamily
Structured
Pass
Through
Certificates
2021
K742
1.760%
3/25/28
AAA
55,774
100
Freddie
Mac
Multifamily
Structured
Pass
Through
Certificates
2021
K743
1.770%
5/25/28
AAA
89,508
327
Freddie
Mac
Multifamily
Structured
Pass
Through
Certificates
2019
K094
2.701%
4/25/29
N/R
313,541
97
Freddie
Mac
Multifamily
Structured
Pass
Through
Certificates
2021
K125
1.101%
8/25/30
AAA
84,548
98
Freddie
Mac
Multifamily
Structured
Pass
Through
Certificates
2021
K127
1.353%
11/25/30
AAA
86,709
100
Freddie
Mac
Multifamily
Structured
Pass
Through
Certificates
2021
K129
1.647%
5/25/31
N/R
82,736
99
Freddie
Mac
Multifamily
Structured
Pass
Through
Certificates
2021
1520
2.007%
7/25/35
N/R
83,528
494
Ginnie
Mae
II
Pool
G2
MA3663
3.500%
5/20/46
N/R
474,114
63
Ginnie
Mae
II
Pool
G2
MA5264
4.000%
6/20/48
N/R
61,690
72
Ginnie
Mae
II
Pool
G2
MA5398
4.000%
8/20/48
N/R
70,904
446
Ginnie
Mae
II
Pool
G2
MA6038
3.000%
7/20/49
N/R
413,403
206
Ginnie
Mae
II
Pool
G2
MA6283
3.000%
11/20/49
N/R
190,573
803
Ginnie
Mae
II
Pool
G2
MA6338
3.000%
12/20/49
AAA
744,158
159
Ginnie
Mae
II
Pool
G2
MA6542
3.500%
3/20/50
AAA
152,271
82
Ginnie
Mae
II
Pool
G2
MA6600
3.500%
4/20/50
AAA
78,536
82
Ginnie
Mae
II
Pool
G2
MA6820
3.000%
8/20/50
AAA
76,090
777
Ginnie
Mae
II
Pool
G2
MA6864
2.000%
9/20/50
AAA
676,412
704
Ginnie
Mae
II
Pool
G2
MA6865
2.500%
9/20/50
AAA
635,067
85
Ginnie
Mae
II
Pool
G2
MA6931
2.500%
10/20/50
AAA
76,134
283
Ginnie
Mae
II
Pool
G2
MA6995
2.500%
11/20/50
AAA
252,614
496
Ginnie
Mae
II
Pool
G2
MA7051
2020
GNMA
II
2.000%
12/20/50
AAA
431,053
249
Ginnie
Mae
II
Pool
G2
MA7054
3.500%
12/20/50
AAA
237,126
468
Ginnie
Mae
II
Pool
G2
MA7136
2.500%
1/20/51
N/R
418,639
533
Ginnie
Mae
II
Pool
G2
MA7312
2021
MTGE
2.500%
4/20/51
AAA
477,293
588
Ginnie
Mae
II
Pool
G2
MA7367
2.500%
5/20/51
AAA
525,982
850
Ginnie
Mae
II
Pool
G2
MA7472
2.500%
7/20/51
AAA
759,209
839
Ginnie
Mae
II
Pool
G2
MA7704
2.000%
11/20/51
AAA
726,454
281
Ginnie
Mae
II
Pool
G2
MA7826
2.000%
1/20/52
AAA
243,112
186
Ginnie
Mae
II
Pool
G2
MA7827
2.500%
1/20/52
AAA
166,225
1,567
Ginnie
Mae
II
Pool
G2
MA7882
3.000%
2/20/52
AAA
1,443,541
473
Ginnie
Mae
II
Pool
G2
MA7937
3.000%
3/20/52
AAA
434,340
865
Ginnie
Mae
II
Pool
G2
MA7938
3.500%
3/20/52
AAA
817,393
488
Ginnie
Mae
II
Pool
G2
MA8046
4.500%
5/20/52
AAA
485,185
832
Ginnie
Mae
II
Pool
G2
MA8100
4.000%
6/20/52
AAA
807,432
245
Ginnie
Mae
II
Pool
G2
MA8101
4.500%
6/20/52
AAA
243,316
490
Ginnie
Mae
II
Pool
G2
MA8102
5.000%
6/20/52
AAA
493,683
492
Ginnie
Mae
II
Pool
G2
MA8151
4.500%
7/20/52
AAA
488,492
197
Ginnie
Mae
II
Pool
G2
MA8200
4.000%
8/20/52
AAA
191,666
198
Ginnie
Mae
II
Pool
G2
MA8201
4.500%
8/20/52
AAA
196,297
197
Ginnie
Mae
II
Pool
G2
MA8202
5.000%
8/20/52
AAA
198,846
199
Ginnie
Mae
II
Pool
G2
MA8349
5.500%
10/20/52
AAA
202,028
199
Ginnie
Mae
II
Pool
G2
MA8428
5.000%
11/20/52
NR
200,574
199
Ginnie
Mae
II
Pool
G2
MA8430
6.000%
11/20/52
AAA
204,529
499
Ginnie
Mae
II
Pool
G2
MA8491
5.500%
12/20/52
AAA
507,365
200
Ginnie
Mae
II
Pool
G2
MA8492
6.000%
12/20/52
AAA
204,846
300
Ginnie
Mae
II
Pool
G2
MA8571
6.000%
1/20/53
AAA
307,822
100
GM
Financial
Automobile
Leasing
Trust
2021
2
0.690%
5/20/25
AA+
96,176
57
Principal
Amount
(000)
Description
(1)
Coupon
Maturity
Ratings
(2)
Value
$
50
GM
Financial
Consumer
Automobile
Receivables
Trust
2022
1
1.260%
11/16/26
AAA
$
47,413
200
GS
Mortgage
Securities
Trust
2019
GC38
3.968%
2/10/52
AAA
191,921
90
Honda
Auto
Receivables
Owner
Trust
2021
2
0.330%
8/15/25
AAA
87,246
50
John
Deere
Owner
Trust
2021
B
0.740%
5/15/28
AAA
45,853
100
Morgan
Stanley
Capital
I
Trust
2021
L5
1.518%
5/15/54
AAA
89,823
100
Santander
Drive
Auto
Receivables
Trust
2021
2
0.900%
6/15/26
AA
97,764
100
Toyota
Auto
Receivables
Owner
Trust
2021
B
0.530%
10/15/26
AAA
91,948
90
Verizon
Master
Trust
2021
1
0.500%
5/20/27
AAA
84,982
300
Wells
Fargo
Commercial
Mortgage
Trust
2019
C49
3.760%
3/15/52
AAA
285,114
179
Wells
Fargo
Commercial
Mortgage
Trust
2016
C32
3.324%
1/15/59
AAA
174,024
97
World
Omni
Auto
Receivables
Trust
2021
B
0.420%
6/15/26
AAA
93,405
$
82,049
Total
Securitized
(cost
$84,776,832)
75,094,417
Principal
Amount
(000)
Description
(1)
Coupon
Maturity
Ratings
(2)
Value
X
67,175,949
CORPORATE
DEBT
-
25.6%
X
67,175,949
Financials
-
8.5%
$
100
AerCap
Ireland
Capital
DAC
/
AerCap
Global
Aviation
Trust
3.150%
2/15/24
BBB-
$
97,478
150
AerCap
Ireland
Capital
DAC
/
AerCap
Global
Aviation
Trust
2.450%
10/29/26
BBB-
134,940
150
AerCap
Ireland
Capital
DAC
/
AerCap
Global
Aviation
Trust
3.300%
1/30/32
BBB-
125,941
100
Aflac
Inc
3.600%
4/01/30
A-
95,045
180
Air
Lease
Corp
2.875%
1/15/26
BBB
168,880
10
Air
Lease
Corp
3.125%
12/01/30
BBB
8,565
100
Alexandria
Real
Estate
Equities
Inc
3.375%
8/15/31
BBB+
90,578
100
Alexandria
Real
Estate
Equities
Inc
2.950%
3/15/34
BBB+
84,408
71
Allstate
Corp/The
4.500%
6/15/43
A-
66,479
10
Ally
Financial
Inc
5.800%
5/01/25
BBB-
10,113
72
Ally
Financial
Inc
8.000%
11/01/31
BBB-
79,297
10
Ally
Financial
Inc
8.000%
11/01/31
BBB-
10,964
40
American
Express
Co
3.400%
2/22/24
A
39,371
40
American
Express
Co
2.250%
3/04/25
A
38,056
200
American
Express
Co
1.650%
11/04/26
A
180,508
120
American
International
Group
Inc
3.400%
6/30/30
BBB+
109,633
32
Ameriprise
Financial
Inc
4.000%
10/15/23
A-
31,812
100
Arthur
J
Gallagher
&
Co
3.050%
3/09/52
BBB
68,381
42
Assurant
Inc
2.650%
1/15/32
BBB
32,427
10
Australia
&
New
Zealand
Banking
Group
Ltd/New
York
NY
3.700%
11/16/25
AA-
9,776
40
Banco
Bilbao
Vizcaya
Argentaria
SA
0.875%
9/18/23
A-
38,939
260
Banco
Santander
SA
4.175%
3/24/28
A-
247,724
100
Bank
of
America
Corp
3.841%
4/25/25
A
98,205
100
Bank
of
America
Corp
3.384%
4/02/26
A
96,731
100
Bank
of
America
Corp
5.080%
1/20/27
A
100,368
200
Bank
of
America
Corp
1.734%
7/22/27
A
179,203
250
Bank
of
America
Corp
2.087%
6/14/29
A
217,874
150
Bank
of
America
Corp
4.271%
7/23/29
A
145,004
600
Bank
of
America
Corp
3.974%
2/07/30
A
567,443
200
Bank
of
America
Corp
2.592%
4/29/31
A
171,047
250
Bank
of
America
Corp
2.651%
3/11/32
A
210,741
100
Bank
of
America
Corp
2.299%
7/21/32
A
81,402
112
Bank
of
America
Corp
3.311%
4/22/42
A
90,126
200
Bank
of
America
Corp
(3)
2.972%
7/21/52
A
141,018
100
Bank
of
Montreal
1.500%
1/10/25
A
93,924
100
Bank
of
Montreal
2.650%
3/08/27
A
93,220
38
Bank
of
Montreal
3.803%
12/15/32
BBB+
34,790
100
Bank
of
New
York
Mellon
Corp/The
0.850%
10/25/24
A+
93,955
100
Bank
of
New
York
Mellon
Corp/The
2.800%
5/04/26
A+
94,998
100
Bank
of
New
York
Mellon
Corp/The
2.050%
1/26/27
A+
91,871
100
Bank
of
Nova
Scotia/The
3.450%
4/11/25
A
97,106
100
Bank
of
Nova
Scotia/The
1.350%
6/24/26
A
89,519
300
Barclays
PLC
4.836%
5/09/28
BBB
289,809
Nuveen
ESG
U.S.
Aggregate
Bond
ETF
(NUBD)
(continued)
Portfolio
of
Investments
January
31,
2023
(Unaudited)
58
Principal
Amount
(000)
Description
(1)
Coupon
Maturity
Ratings
(2)
Value
Financials
(continued)
$
200
Barclays
PLC
7.385%
11/02/28
BBB
$
216,921
32
BlackRock
Inc
3.500%
3/18/24
AA-
31,610
40
BlackRock
Inc
3.250%
4/30/29
AA-
37,938
10
BlackRock
Inc
2.400%
4/30/30
AA-
8,788
152
Boston
Properties
LP
2.900%
3/15/30
BBB+
128,305
30
BPCE
SA
4.000%
4/15/24
A+
29,661
20
Brandywine
Operating
Partnership
LP
3.950%
11/15/27
BBB-
17,261
50
Brixmor
Operating
Partnership
LP
4.125%
6/15/26
BBB-
47,991
100
Brookfield
Finance
I
UK
Plc
/
Brookfield
Finance
Inc
2.340%
1/30/32
A-
80,890
20
Brookfield
Finance
Inc
3.900%
1/25/28
A-
19,106
40
Camden
Property
Trust
2.800%
5/15/30
A-
35,916
13
Canadian
Imperial
Bank
of
Commerce
3.500%
9/13/23
AA
12,896
100
Canadian
Imperial
Bank
of
Commerce
1.000%
10/18/24
A
93,873
200
Capital
One
Financial
Corp
5.468%
2/01/29
BBB+
201,273
30
Cboe
Global
Markets
Inc
3.000%
3/16/32
A-
26,169
100
Charles
Schwab
Corp/The
3.200%
3/02/27
A
95,556
100
Charles
Schwab
Corp/The
2.000%
3/20/28
A
89,805
99
Chubb
Corp/The
6.000%
5/11/37
A
110,706
40
Citigroup
Inc
0.981%
5/01/25
A-
37,881
100
Citigroup
Inc
3.290%
3/17/26
A-
96,261
948
Citigroup
Inc
3.980%
3/20/30
A-
891,522
100
Citigroup
Inc
2.561%
5/01/32
A-
83,278
100
Citigroup
Inc
2.520%
11/03/32
A-
81,865
100
Citizens
Financial
Group
Inc
2.638%
9/30/32
BBB
77,813
100
CME
Group
Inc
2.650%
3/15/32
AA-
87,641
60
CME
Group
Inc
5.300%
9/15/43
AA-
65,098
200
Cooperatieve
Rabobank
UA
3.750%
7/21/26
BBB+
191,188
100
Corporate
Office
Properties
LP
2.000%
1/15/29
BBB-
79,294
250
Credit
Suisse
AG/New
York
NY
2.950%
4/09/25
A
230,835
240
Deutsche
Bank
AG/New
York
NY
1.447%
4/01/25
BBB
226,683
100
Digital
Realty
Trust
LP
5.550%
1/15/28
BBB
102,181
100
Discover
Financial
Services
6.700%
11/29/32
BBB-
106,748
70
Elevance
Health
Inc
3.650%
12/01/27
BBB
67,514
100
Elevance
Health
Inc
2.250%
5/15/30
BBB
85,317
100
Elevance
Health
Inc
4.650%
1/15/43
BBB
95,791
100
Elevance
Health
Inc
4.550%
5/15/52
BBB
92,967
10
Equitable
Holdings
Inc
7.000%
4/01/28
BBB+
10,978
50
Equitable
Holdings
Inc
4.350%
4/20/28
BBB+
48,708
42
Equitable
Holdings
Inc
5.000%
4/20/48
BBB+
39,706
86
ERP
Operating
LP
2.500%
2/15/30
A-
74,813
50
Federal
Realty
Investment
Trust
3.500%
6/01/30
BBB+
44,571
132
Fifth
Third
Bancorp
1.707%
11/01/27
BBB+
118,827
30
First
American
Financial
Corp
2.400%
8/15/31
BBB
23,334
30
Franklin
Resources
Inc
1.600%
10/30/30
A
24,097
50
GATX
Corp
4.700%
4/01/29
BBB
49,179
100
GATX
Corp
3.500%
6/01/32
BBB
87,508
100
Goldman
Sachs
Group
Inc/The
3.000%
3/15/24
A
98,014
100
Goldman
Sachs
Group
Inc/The
0.925%
10/21/24
A
96,608
200
Goldman
Sachs
Group
Inc/The
1.948%
10/21/27
A
179,026
300
Goldman
Sachs
Group
Inc/The
3.800%
3/15/30
A
281,850
582
Goldman
Sachs
Group
Inc/The
2.383%
7/21/32
A
476,540
200
Goldman
Sachs
Group
Inc/The
2.650%
10/21/32
A
164,979
100
Hartford
Financial
Services
Group
Inc/The
2.900%
9/15/51
BBB+
69,159
100
Healthpeak
Properties
Inc
2.125%
12/01/28
BBB+
86,791
50
Healthpeak
Properties
Inc
3.500%
7/15/29
BBB+
45,964
50
Host
Hotels
&
Resorts
LP
4.500%
2/01/26
BBB-
48,912
175
HSBC
Holdings
PLC
0.976%
5/24/25
A-
164,365
200
HSBC
Holdings
PLC
7.336%
11/03/26
A-
211,100
200
HSBC
Holdings
PLC
2.013%
9/22/28
A-
172,991
450
HSBC
Holdings
PLC
2.804%
5/24/32
A-
370,295
59
Principal
Amount
(000)
Description
(1)
Coupon
Maturity
Ratings
(2)
Value
Financials
(continued)
$
100
Humana
Inc
3.700%
3/23/29
BBB
$
94,287
50
Humana
Inc
4.875%
4/01/30
BBB
50,262
100
Humana
Inc
2.150%
2/03/32
BBB
81,182
100
Huntington
Bancshares
Inc/OH
2.625%
8/06/24
BBB+
96,722
100
ING
Groep
NV
3.950%
3/29/27
A-
96,455
50
ING
Groep
NV
4.050%
4/09/29
A-
47,512
54
Intercontinental
Exchange
Inc
3.750%
9/21/28
A-
52,227
100
Intercontinental
Exchange
Inc
4.600%
3/15/33
A-
99,203
50
Intercontinental
Exchange
Inc
4.250%
9/21/48
A-
44,812
20
Invesco
Finance
PLC
3.750%
1/15/26
A-
19,456
110
JPMorgan
Chase
&
Co
0.824%
6/01/25
A+
103,543
100
JPMorgan
Chase
&
Co
3.845%
6/14/25
A+
98,250
100
JPMorgan
Chase
&
Co
2.595%
2/24/26
A+
95,140
100
JPMorgan
Chase
&
Co
4.080%
4/26/26
A+
98,228
100
JPMorgan
Chase
&
Co
1.470%
9/22/27
A+
88,590
190
JPMorgan
Chase
&
Co
3.702%
5/06/30
A+
176,944
210
JPMorgan
Chase
&
Co
2.739%
10/15/30
A+
183,543
648
JPMorgan
Chase
&
Co
4.493%
3/24/31
A+
632,594
110
JPMorgan
Chase
&
Co
2.545%
11/08/32
A+
91,311
100
JPMorgan
Chase
&
Co
3.157%
4/22/42
A+
78,853
250
JPMorgan
Chase
&
Co
3.328%
4/22/52
A+
189,676
20
KeyBank
NA/Cleveland
OH
6.950%
2/01/28
BBB+
21,496
90
KeyCorp
2.250%
4/06/27
BBB+
82,256
40
Kilroy
Realty
LP
4.750%
12/15/28
BBB
37,315
100
Kimco
Realty
OP
LLC
2.250%
12/01/31
BBB+
80,314
20
Legg
Mason
Inc
4.750%
3/15/26
A
20,125
60
Lincoln
National
Corp
3.050%
1/15/30
BBB+
52,159
10
Lincoln
National
Corp
3.400%
3/01/32
BBB+
8,545
10
Lincoln
National
Corp
(3)
4.375%
6/15/50
BBB+
8,053
40
Lloyds
Banking
Group
PLC
4.500%
11/04/24
BBB+
39,608
210
Lloyds
Banking
Group
PLC
2.438%
2/05/26
A-
197,919
20
Lloyds
Banking
Group
PLC
4.550%
8/16/28
A-
19,501
30
Manulife
Financial
Corp
5.375%
3/04/46
A-
31,034
10
Marsh
&
McLennan
Cos
Inc
3.875%
3/15/24
A-
9,889
150
Marsh
&
McLennan
Cos
Inc
2.250%
11/15/30
A-
126,812
10
Marsh
&
McLennan
Cos
Inc
4.350%
1/30/47
A-
9,153
200
Mitsubishi
UFJ
Financial
Group
Inc
2.757%
9/13/26
A-
186,058
250
Mitsubishi
UFJ
Financial
Group
Inc
1.538%
7/20/27
A-
221,268
64
Mitsubishi
UFJ
Financial
Group
Inc
3.961%
3/02/28
A-
61,835
100
Mizuho
Financial
Group
Inc
2.651%
5/22/26
A-
93,759
10
Mizuho
Financial
Group
Inc
3.663%
2/28/27
A-
9,525
100
Mizuho
Financial
Group
Inc
2.869%
9/13/30
A-
86,377
20
Morgan
Stanley
0.790%
5/30/25
A
18,779
20
Morgan
Stanley
4.350%
9/08/26
BBB+
19,606
170
Morgan
Stanley
4.210%
4/20/28
A
165,063
727
Morgan
Stanley
3.772%
1/24/29
A
691,018
100
Morgan
Stanley
5.123%
2/01/29
A+
101,114
291
Morgan
Stanley
4.431%
1/23/30
A
283,574
110
Morgan
Stanley
3.622%
4/01/31
A
101,180
170
Morgan
Stanley
2.239%
7/21/32
A
138,273
100
Morgan
Stanley
2.484%
9/16/36
BBB+
77,516
250
National
Australia
Bank
Ltd/New
York
4.966%
1/12/26
AA-
252,965
50
National
Australia
Bank
Ltd/New
York
3.375%
1/14/26
AA-
48,429
100
NatWest
Group
PLC
4.269%
3/22/25
A-
98,710
100
NatWest
Group
PLC
5.076%
1/27/30
A-
98,760
30
Nomura
Holdings
Inc
2.648%
1/16/25
BBB+
28,530
120
Nomura
Holdings
Inc
2.172%
7/14/28
BBB+
102,226
42
Northern
Trust
Corp
3.950%
10/30/25
A
41,278
20
Northern
Trust
Corp
3.150%
5/03/29
A+
18,667
30
ORIX
Corp
3.700%
7/18/27
A-
28,908
Nuveen
ESG
U.S.
Aggregate
Bond
ETF
(NUBD)
(continued)
Portfolio
of
Investments
January
31,
2023
(Unaudited)
60
Principal
Amount
(000)
Description
(1)
Coupon
Maturity
Ratings
(2)
Value
Financials
(continued)
$
10
PNC
Bank
NA
3.300%
10/30/24
A
$
9,803
10
PNC
Bank
NA
3.100%
10/25/27
A
9,549
90
PNC
Bank
NA
4.050%
7/26/28
A-
87,040
20
PNC
Bank
NA
2.700%
10/22/29
A-
17,561
124
PNC
Financial
Services
Group
Inc/The
3.900%
4/29/24
A-
122,773
54
Principal
Financial
Group
Inc
3.700%
5/15/29
A-
51,202
34
Progressive
Corp/The
3.200%
3/26/30
A
31,562
20
Progressive
Corp/The
(3)
3.000%
3/15/32
A
18,057
30
Progressive
Corp/The
4.200%
3/15/48
A
27,257
91
Prologis
LP
3.875%
9/15/28
A-
87,724
50
Prologis
LP
2.875%
11/15/29
A-
44,962
10
Prologis
LP
4.375%
9/15/48
A-
9,050
31
Prudential
Financial
Inc
1.500%
3/10/26
A-
28,311
60
Prudential
Financial
Inc
3.000%
3/10/40
A-
47,590
10
Prudential
Financial
Inc
4.500%
9/15/47
BBB+
9,379
113
Prudential
Financial
Inc
3.905%
12/07/47
A-
96,552
100
Prudential
PLC
3.625%
3/24/32
A
91,979
130
Realty
Income
Corp
2.200%
6/15/28
A-
115,122
10
Regions
Financial
Corp
1.800%
8/12/28
BBB+
8,710
20
Regions
Financial
Corp
7.375%
12/10/37
BBB
23,446
10
Reinsurance
Group
of
America
Inc
3.950%
9/15/26
BBB+
9,735
19
Reinsurance
Group
of
America
Inc
3.900%
5/15/29
BBB+
17,940
100
Royal
Bank
of
Canada
3.375%
4/14/25
A+
97,491
100
Royal
Bank
of
Canada
1.200%
4/27/26
A+
90,068
100
Royal
Bank
of
Canada
1.150%
7/14/26
A+
89,353
100
Santander
Holdings
USA
Inc
4.260%
6/09/25
BBB+
97,835
100
Santander
Holdings
USA
Inc
2.490%
1/06/28
BBB+
88,202
100
State
Street
Corp
1.746%
2/06/26
A+
93,730
90
State
Street
Corp
2.400%
1/24/30
A+
79,240
28
Sumitomo
Mitsui
Financial
Group
Inc
3.936%
10/16/23
A-
27,818
50
Sumitomo
Mitsui
Financial
Group
Inc
2.632%
7/14/26
A-
46,421
330
Sumitomo
Mitsui
Financial
Group
Inc
3.364%
7/12/27
A-
312,568
10
Sumitomo
Mitsui
Financial
Group
Inc
1.710%
1/12/31
A-
7,864
50
SVB
Financial
Group
1.800%
10/28/26
BBB
44,213
112
Synchrony
Financial
4.875%
6/13/25
BBB-
109,834
100
Toronto-Dominion
Bank/The
2.350%
3/08/24
A
97,440
212
Toronto-Dominion
Bank/The
1.200%
6/03/26
A+
189,119
30
Toronto-Dominion
Bank/The
3.625%
9/15/31
A-
28,356
92
Travelers
Cos
Inc/The
4.600%
8/01/43
A
88,047
10
Travelers
Cos
Inc/The
3.750%
5/15/46
A
8,338
51
Truist
Bank
3.625%
9/16/25
A
49,536
200
Truist
Financial
Corp
3.700%
6/05/25
A-
196,072
50
Truist
Financial
Corp
1.887%
6/07/29
A-
43,247
100
UnitedHealth
Group
Inc
4.000%
5/15/29
A
98,055
100
UnitedHealth
Group
Inc
5.300%
2/15/30
A
105,142
100
UnitedHealth
Group
Inc
4.200%
5/15/32
A
98,574
100
UnitedHealth
Group
Inc
5.350%
2/15/33
A
106,573
211
UnitedHealth
Group
Inc
4.750%
5/15/52
A
208,959
250
US
Bank
NA/Cincinnati
OH
2.800%
1/27/25
AA-
242,323
21
Ventas
Realty
LP
3.850%
4/01/27
BBB+
20,247
10
Ventas
Realty
LP
4.400%
1/15/29
BBB+
9,588
10
Ventas
Realty
LP
3.000%
1/15/30
BBB+
8,733
54
Ventas
Realty
LP
4.750%
11/15/30
BBB+
52,636
9
Voya
Financial
Inc
4.800%
6/15/46
BBB
7,819
40
Voya
Financial
Inc
(3)
4.700%
1/23/48
BBB-
34,182
22
Welltower
OP
LLC
3.625%
3/15/24
BBB+
21,638
108
Welltower
OP
LLC
4.125%
3/15/29
BBB+
101,857
50
Westpac
Banking
Corp
1.953%
11/20/28
AA-
43,996
100
Westpac
Banking
Corp
2.150%
6/03/31
AA-
86,037
166
Westpac
Banking
Corp
4.322%
11/23/31
BBB+
159,491
61
Principal
Amount
(000)
Description
(1)
Coupon
Maturity
Ratings
(2)
Value
Financials
(continued)
$
10
Willis
North
America
Inc
3.600%
5/15/24
BBB
$
9,790
50
Willis
North
America
Inc
2.950%
9/15/29
BBB
44,244
10
Zions
Bancorp
NA
3.250%
10/29/29
BBB
8,487
24,286
Total
Financials
22,375,380
Industrial
-
14.9%
20
3M
Co
3.375%
3/01/29
A+
18,729
118
3M
Co
(3)
2.375%
8/26/29
A+
103,252
70
3M
Co
3.050%
4/15/30
A+
63,038
20
ABB
Finance
USA
Inc
3.800%
4/03/28
A-
19,594
44
Adobe
Inc
1.900%
2/01/25
A
41,875
18
Adobe
Inc
2.150%
2/01/27
A
16,727
40
Advance
Auto
Parts
Inc
3.500%
3/15/32
BBB-
34,030
60
Agilent
Technologies
Inc
2.100%
6/04/30
BBB+
50,242
99
Air
Products
and
Chemicals
Inc
1.850%
5/15/27
A
90,197
100
Albemarle
Corp
4.650%
6/01/27
BBB
99,267
150
Alibaba
Group
Holding
Ltd
4.500%
11/28/34
A+
141,467
100
Amazon.com
Inc
4.550%
12/01/27
AA-
101,270
100
Amazon.com
Inc
4.650%
12/01/29
AA-
101,765
100
Amazon.com
Inc
4.700%
12/01/32
AA-
102,370
300
Amazon.com
Inc
4.800%
12/05/34
AA-
311,326
100
Amazon.com
Inc
3.950%
4/13/52
AA-
88,562
10
Amcor
Finance
USA
Inc
4.500%
5/15/28
BBB
9,739
50
Amcor
Flexibles
North
America
Inc
2.630%
6/19/30
BBB
42,612
50
American
Honda
Finance
Corp
2.150%
9/10/24
A-
48,020
100
American
Honda
Finance
Corp
1.500%
1/13/25
A-
94,267
50
American
Tower
Corp
5.000%
2/15/24
BBB-
49,975
10
American
Tower
Corp
4.000%
6/01/25
BBB-
9,788
100
American
Tower
Corp
(3)
1.500%
1/31/28
BBB-
84,616
70
American
Tower
Corp
2.900%
1/15/30
BBB-
61,158
100
American
Tower
Corp
(3)
4.050%
3/15/32
BBB-
92,656
100
Amgen
Inc
3.000%
2/22/29
BBB+
91,829
138
Amgen
Inc
2.300%
2/25/31
BBB+
116,117
100
Amgen
Inc
2.000%
1/15/32
BBB+
80,904
20
Amgen
Inc
5.750%
3/15/40
BBB+
20,768
200
Amgen
Inc
4.400%
5/01/45
BBB+
178,506
50
Amphenol
Corp
4.350%
6/01/29
BBB+
49,132
100
Analog
Devices
Inc
1.700%
10/01/28
A-
87,070
10
Applied
Materials
Inc
3.900%
10/01/25
A
9,871
52
Applied
Materials
Inc
5.100%
10/01/35
A
54,761
50
Applied
Materials
Inc
4.350%
4/01/47
A
48,052
50
Aptiv
PLC
4.350%
3/15/29
BBB
48,095
52
Aptiv
PLC
/
Aptiv
Corp
4.150%
5/01/52
BBB
40,605
10
Archer-Daniels-Midland
Co
3.250%
3/27/30
A
9,331
100
Archer-Daniels-Midland
Co
2.700%
9/15/51
A
71,246
100
Astrazeneca
Finance
LLC
1.200%
5/28/26
A-
90,333
49
AstraZeneca
PLC
1.375%
8/06/30
A-
40,221
165
AstraZeneca
PLC
6.450%
9/15/37
A-
197,489
10
AstraZeneca
PLC
4.375%
11/16/45
A-
9,680
600
AT&T
Inc
4.850%
3/01/39
BBB
573,775
200
AT&T
Inc
6.375%
3/01/41
BBB
222,001
100
Autodesk
Inc
2.400%
12/15/31
BBB
83,837
100
Automatic
Data
Processing
Inc
1.700%
5/15/28
AA-
89,086
70
AutoNation
Inc
1.950%
8/01/28
BBB-
58,017
100
AutoZone
Inc
4.500%
2/01/28
BBB
99,709
50
Avery
Dennison
Corp
2.250%
2/15/32
BBB
39,720
20
Avnet
Inc
4.625%
4/15/26
BBB-
19,580
105
Baker
Hughes
Holdings
LLC
/
Baker
Hughes
Co-Obligor
Inc
3.138%
11/07/29
A-
95,349
180
Baxalta
Inc
4.000%
6/23/25
BBB
176,773
50
Baxter
International
Inc
1.730%
4/01/31
BBB
39,386
Nuveen
ESG
U.S.
Aggregate
Bond
ETF
(NUBD)
(continued)
Portfolio
of
Investments
January
31,
2023
(Unaudited)
62
Principal
Amount
(000)
Description
(1)
Coupon
Maturity
Ratings
(2)
Value
Industrial
(continued)
$
100
Baxter
International
Inc
2.539%
2/01/32
BBB
$
81,949
12
Bell
Telephone
Co
of
Canada
or
Bell
Canada/The
2.150%
2/15/32
BBB+
9,806
80
Bell
Telephone
Co
of
Canada
or
Bell
Canada/The
3.650%
3/17/51
BBB+
63,285
20
Biogen
Inc
2.250%
5/01/30
BBB
16,957
40
Block
Financial
LLC
2.500%
7/15/28
BBB-
35,129
50
Booking
Holdings
Inc
3.600%
6/01/26
A-
48,602
62
BorgWarner
Inc
2.650%
7/01/27
BBB+
57,039
90
Bristol-Myers
Squibb
Co
1.450%
11/13/30
A
73,553
260
Bristol-Myers
Squibb
Co
4.125%
6/15/39
A
244,615
70
British
Telecommunications
PLC
9.625%
12/15/30
BBB
88,280
212
Broadcom
Inc,
144A
4.150%
4/15/32
BBB-
193,415
385
Broadcom
Inc
4.300%
11/15/32
BBB-
354,536
100
Broadridge
Financial
Solutions
Inc
2.600%
5/01/31
BBB+
84,917
100
Brunswick
Corp/DE
(3)
4.400%
9/15/32
BBB
86,478
30
Bunge
Ltd
Finance
Corp
3.250%
8/15/26
BBB
28,461
10
Bunge
Ltd
Finance
Corp
3.750%
9/25/27
BBB
9,605
50
Bunge
Ltd
Finance
Corp
2.750%
5/14/31
BBB
42,820
10
Campbell
Soup
Co
3.300%
3/19/25
BBB
9,678
110
Campbell
Soup
Co
(3)
2.375%
4/24/30
BBB
94,578
50
Canadian
National
Railway
Co
6.375%
11/15/37
A
56,856
30
Canadian
National
Railway
Co
3.650%
2/03/48
A
25,654
10
Canadian
National
Railway
Co
4.450%
1/20/49
A
9,494
100
Canadian
Pacific
Railway
Co
2.450%
12/02/31
BBB
86,358
120
Cardinal
Health
Inc
4.500%
11/15/44
BBB
103,267
40
Carlisle
Cos
Inc
3.500%
12/01/24
BBB
38,749
20
Carlisle
Cos
Inc
2.200%
3/01/32
BBB
15,963
172
Carrier
Global
Corp
3.377%
4/05/40
BBB-
138,581
100
Caterpillar
Financial
Services
Corp
0.600%
9/13/24
A
93,946
50
Caterpillar
Financial
Services
Corp
3.250%
12/01/24
A
48,861
112
Caterpillar
Financial
Services
Corp
3.400%
5/13/25
A
109,352
10
Caterpillar
Financial
Services
Corp
0.800%
11/13/25
A
9,073
100
Caterpillar
Inc
3.803%
8/15/42
A
90,726
20
CBRE
Services
Inc
4.875%
3/01/26
BBB+
19,915
112
CDW
LLC
/
CDW
Finance
Corp
2.670%
12/01/26
BBB-
100,697
100
Celanese
US
Holdings
LLC
1.400%
8/05/26
BBB-
86,142
50
Celulosa
Arauco
y
Constitucion
SA
3.875%
11/02/27
BBB-
47,375
10
Celulosa
Arauco
y
Constitucion
SA
5.500%
11/02/47
BBB-
8,987
50
Cheniere
Corpus
Christi
Holdings
LLC
5.875%
3/31/25
BBB-
50,482
62
Cheniere
Corpus
Christi
Holdings
LLC
5.125%
6/30/27
BBB-
62,467
40
Church
&
Dwight
Co
Inc
3.150%
8/01/27
BBB+
38,087
100
Church
&
Dwight
Co
Inc
5.000%
6/15/52
BBB+
100,041
70
Cigna
Corp
4.500%
2/25/26
BBB+
69,751
300
Cigna
Corp
3.050%
10/15/27
BBB+
281,749
50
Cigna
Corp
4.800%
8/15/38
BBB+
48,951
100
Cintas
Corp
No
2
3.450%
5/01/25
A-
97,416
100
Cintas
Corp
No
2
3.700%
4/01/27
A-
97,508
188
Cisco
Systems
Inc
2.500%
9/20/26
A+
177,786
100
Clorox
Co/The
4.400%
5/01/29
BBB+
98,775
50
CNH
Industrial
NV
3.850%
11/15/27
BBB
48,590
85
Coca-Cola
Co/The
1.450%
6/01/27
A+
76,654
50
Coca-Cola
Co/The
1.000%
3/15/28
A+
43,100
160
Coca-Cola
Co/The
1.650%
6/01/30
A+
134,657
100
Coca-Cola
Co/The
3.000%
3/05/51
A+
77,771
40
Coca-Cola
Co/The
2.750%
6/01/60
A+
29,162
90
Coca-Cola
Femsa
SAB
de
CV
1.850%
9/01/32
A-
71,431
100
Colgate-Palmolive
Co
3.250%
8/15/32
AA-
93,940
200
Comcast
Corp
3.300%
4/01/27
A-
191,797
200
Comcast
Corp
3.400%
4/01/30
A-
187,652
200
Comcast
Corp
1.500%
2/15/31
A-
161,668
100
Comcast
Corp
5.500%
11/15/32
A-
107,650
63
Principal
Amount
(000)
Description
(1)
Coupon
Maturity
Ratings
(2)
Value
Industrial
(continued)
$
300
Comcast
Corp
3.750%
4/01/40
A-
$
265,109
300
Comcast
Corp
2.987%
11/01/63
A-
201,046
10
Conagra
Brands
Inc
4.600%
11/01/25
BBB-
9,931
130
Conagra
Brands
Inc
8.250%
9/15/30
BBB-
152,144
50
Corning
Inc
5.350%
11/15/48
BBB+
50,297
10
Corning
Inc
3.900%
11/15/49
BBB+
7,932
10
Corning
Inc
4.375%
11/15/57
BBB+
8,606
100
Costco
Wholesale
Corp
1.375%
6/20/27
A+
89,470
40
Crown
Castle
Inc
4.300%
2/15/29
BBB-
38,801
214
Crown
Castle
Inc
3.300%
7/01/30
BBB-
194,529
100
Crown
Castle
Inc
2.500%
7/15/31
BBB-
84,141
155
CSX
Corp
4.250%
3/15/29
BBB+
153,608
10
CSX
Corp
6.000%
10/01/36
BBB+
10,907
100
CSX
Corp
4.100%
3/15/44
BBB+
89,435
10
CSX
Corp
4.750%
11/15/48
BBB+
9,629
52
CSX
Corp
4.250%
11/01/66
BBB+
44,780
9
Cummins
Inc
1.500%
9/01/30
A
7,340
82
Cummins
Inc
2.600%
9/01/50
A
55,250
200
CVS
Health
Corp
3.625%
4/01/27
BBB
193,313
80
CVS
Health
Corp
1.875%
2/28/31
BBB
64,850
300
CVS
Health
Corp
(3)
2.125%
9/15/31
BBB
246,151
110
CVS
Health
Corp
2.700%
8/21/40
BBB
79,396
100
CVS
Health
Corp
4.250%
4/01/50
BBB
85,037
100
Danaher
Corp
2.800%
12/10/51
BBB+
71,826
100
Deere
&
Co
3.900%
6/09/42
A
94,327
140
Dell
International
LLC
/
EMC
Corp
5.850%
7/15/25
BBB
142,653
122
Dell
International
LLC
/
EMC
Corp
8.100%
7/15/36
BBB
142,788
182
Discovery
Communications
LLC
3.625%
5/15/30
BBB-
160,092
51
Discovery
Communications
LLC
6.350%
6/01/40
BBB-
50,495
46
Discovery
Communications
LLC
4.000%
9/15/55
BBB-
31,639
100
Dollar
General
Corp
3.500%
4/03/30
BBB
92,211
12
Dollar
Tree
Inc
4.000%
5/15/25
BBB
11,778
82
Dollar
Tree
Inc
3.375%
12/01/51
BBB
59,390
30
Dover
Corp
5.375%
10/15/35
BBB+
31,284
141
Dow
Chemical
Co/The
4.250%
10/01/34
BBB+
132,255
50
DR
Horton
Inc
1.300%
10/15/26
BBB+
43,957
126
DuPont
de
Nemours
Inc
4.725%
11/15/28
BBB+
127,874
120
DuPont
de
Nemours
Inc
5.319%
11/15/38
BBB+
124,119
30
DXC
Technology
Co
1.800%
9/15/26
BBB
26,530
171
Eastern
Gas
Transmission
&
Storage
Inc
4.800%
11/01/43
A-
155,051
48
Eaton
Corp
3.103%
9/15/27
BBB+
45,446
42
Eaton
Corp
4.000%
11/02/32
BBB+
40,355
134
eBay
Inc
2.700%
3/11/30
BBB+
117,774
86
Ecolab
Inc
3.250%
12/01/27
A-
82,057
100
Ecolab
Inc
2.700%
12/15/51
A-
67,721
52
Electronic
Arts
Inc
1.850%
2/15/31
BBB+
42,474
25
Eli
Lilly
&
Co
3.375%
3/15/29
A
23,976
50
Emerson
Electric
Co
2.000%
12/21/28
A
43,989
62
Emerson
Electric
Co
1.950%
10/15/30
A
51,716
10
Enbridge
Inc
2.500%
2/14/25
BBB+
9,515
160
Enbridge
Inc
3.125%
11/15/29
BBB+
144,239
90
Enbridge
Inc
4.500%
6/10/44
BBB+
79,615
40
Enterprise
Products
Operating
LLC
7.550%
4/15/38
BBB+
47,057
200
Enterprise
Products
Operating
LLC
6.125%
10/15/39
BBB+
219,993
100
Enterprise
Products
Operating
LLC
4.850%
3/15/44
BBB+
95,241
60
Equifax
Inc
2.600%
12/15/25
BBB
56,269
40
Equinix
Inc
2.625%
11/18/24
BBB
38,412
100
Equinix
Inc
3.900%
4/15/32
BBB
91,949
110
Estee
Lauder
Cos
Inc/The
2.600%
4/15/30
A+
98,448
162
Fidelity
National
Information
Services
Inc
1.650%
3/01/28
BBB
139,511
Nuveen
ESG
U.S.
Aggregate
Bond
ETF
(NUBD)
(continued)
Portfolio
of
Investments
January
31,
2023
(Unaudited)
64
Principal
Amount
(000)
Description
(1)
Coupon
Maturity
Ratings
(2)
Value
Industrial
(continued)
$
254
Fiserv
Inc
3.500%
7/01/29
BBB
$
236,564
50
Flex
Ltd
4.875%
6/15/29
BBB-
49,349
30
Flowserve
Corp
2.800%
1/15/32
BBB-
23,928
40
FMC
Corp
3.450%
10/01/29
BBB-
36,781
10
Fomento
Economico
Mexicano
SAB
de
CV
4.375%
5/10/43
A-
8,620
79
Fomento
Economico
Mexicano
SAB
de
CV
3.500%
1/16/50
A-
60,123
30
Fortive
Corp
3.150%
6/15/26
BBB
28,446
110
Fox
Corp
4.709%
1/25/29
BBB
108,717
174
General
Mills
Inc
2.875%
4/15/30
BBB
155,470
200
General
Motors
Financial
Co
Inc
5.000%
4/09/27
BBB-
198,156
274
General
Motors
Financial
Co
Inc
5.650%
1/17/29
BBB-
276,109
210
General
Motors
Financial
Co
Inc
4.300%
4/06/29
BBB-
196,349
40
Genuine
Parts
Co
2.750%
2/01/32
BBB
33,325
160
Gilead
Sciences
Inc
4.600%
9/01/35
BBB+
158,961
146
Gilead
Sciences
Inc
4.000%
9/01/36
BBB+
136,101
30
Gilead
Sciences
Inc
5.650%
12/01/41
BBB+
32,522
50
GlaxoSmithKline
Capital
Inc
3.625%
5/15/25
A
49,224
30
GlaxoSmithKline
Capital
PLC
3.000%
6/01/24
A
29,355
230
GlaxoSmithKline
Capital
PLC
3.375%
6/01/29
A
218,175
150
Global
Payments
Inc
3.200%
8/15/29
BBB-
133,219
152
Halliburton
Co
4.850%
11/15/35
BBB+
148,775
40
Harley-Davidson
Inc
(3)
4.625%
7/28/45
BBB-
33,156
10
Hasbro
Inc
3.500%
9/15/27
BBB
9,365
100
Hasbro
Inc
3.900%
11/19/29
BBB
91,408
200
HCA
Inc,
144A
3.125%
3/15/27
BBB-
185,931
106
HCA
Inc
4.125%
6/15/29
BBB-
100,756
110
HCA
Inc
5.125%
6/15/39
BBB-
103,683
100
HCA
Inc
3.500%
7/15/51
BBB-
70,120
50
Hewlett
Packard
Enterprise
Co
6.200%
10/15/35
BBB
54,053
100
Home
Depot
Inc/The
2.700%
4/15/25
A
96,390
10
Home
Depot
Inc/The
2.950%
6/15/29
A
9,281
299
Home
Depot
Inc/The
5.400%
9/15/40
A
323,015
100
Home
Depot
Inc/The
5.950%
4/01/41
A
113,985
22
Home
Depot
Inc/The
4.400%
3/15/45
A
20,984
100
Honda
Motor
Co
Ltd
2.534%
3/10/27
A-
93,284
100
Hormel
Foods
Corp
1.700%
6/03/28
A
88,739
92
HP
Inc
3.400%
6/17/30
BBB
81,638
100
HP
Inc
4.200%
4/15/32
BBB
89,226
20
IDEX
Corp
(3)
2.625%
6/15/31
BBB
17,099
60
Illinois
Tool
Works
Inc
4.875%
9/15/41
A
62,089
292
Intel
Corp
2.450%
11/15/29
A+
256,647
10
Intel
Corp
4.000%
12/15/32
A+
9,455
110
Intel
Corp
4.600%
3/25/40
A+
104,369
40
Intel
Corp
4.250%
12/15/42
A+
35,699
60
Intel
Corp
4.100%
5/11/47
A+
51,151
60
Intel
Corp
3.734%
12/08/47
A+
47,714
20
International
Business
Machines
Corp
7.000%
10/30/25
A-
21,310
170
International
Business
Machines
Corp
3.300%
5/15/26
A-
164,047
100
International
Business
Machines
Corp
(3)
2.720%
2/09/32
A-
86,860
72
International
Business
Machines
Corp
5.600%
11/30/39
A-
76,901
90
International
Business
Machines
Corp
4.700%
2/19/46
A-
84,657
30
International
Flavors
&
Fragrances
Inc
4.375%
6/01/47
BBB
25,460
10
International
Flavors
&
Fragrances
Inc
5.000%
9/26/48
BBB
9,300
45
International
Paper
Co
4.800%
6/15/44
BBB
41,985
42
International
Paper
Co
(3)
4.350%
8/15/48
BBB
37,614
60
Interpublic
Group
of
Cos
Inc/The
2.400%
3/01/31
BBB
49,624
48
Intuit
Inc
1.350%
7/15/27
A-
42,578
10
Intuit
Inc
1.650%
7/15/30
A-
8,277
100
J
M
Smucker
Co/The
2.750%
9/15/41
BBB
73,438
40
Jabil
Inc
4.250%
5/15/27
BBB-
38,889
65
Principal
Amount
(000)
Description
(1)
Coupon
Maturity
Ratings
(2)
Value
Industrial
(continued)
$
112
John
Deere
Capital
Corp
0.450%
6/07/24
A
$
105,858
100
John
Deere
Capital
Corp
0.625%
9/10/24
A
94,141
100
John
Deere
Capital
Corp
1.300%
10/13/26
A
89,642
50
Johnson
Controls
International
plc
5.125%
9/14/45
BBB
48,716
10
Johnson
Controls
International
plc
/
Tyco
Fire
&
Security
Finance
SCA
1.750%
9/15/30
BBB
8,281
30
Johnson
Controls
International
plc
/
Tyco
Fire
&
Security
Finance
SCA
2.000%
9/16/31
BBB
24,860
70
Kansas
City
Southern/Old
4.300%
5/15/43
BBB
62,615
115
Kellogg
Co
2.650%
12/01/23
BBB
112,895
100
Keurig
Dr
Pepper
Inc
3.130%
12/15/23
BBB
98,558
110
Keurig
Dr
Pepper
Inc
4.500%
4/15/52
BBB
99,462
50
Keysight
Technologies
Inc
3.000%
10/30/29
BBB
44,754
10
Kimberly-Clark
Corp
3.950%
11/01/28
A
9,888
100
Kimberly-Clark
Corp
2.000%
11/02/31
A
83,702
48
Kimberly-Clark
Corp
6.625%
8/01/37
A
58,202
69
Kimberly-Clark
Corp
5.300%
3/01/41
A
73,282
90
Kinder
Morgan
Inc
1.750%
11/15/26
BBB
80,736
312
Kinder
Morgan
Inc
5.300%
12/01/34
BBB
307,950
100
KLA
Corp
4.650%
7/15/32
A-
101,562
10
Koninklijke
KPN
NV
8.375%
10/01/30
BBB
11,782
100
Kraft
Heinz
Foods
Co
3.875%
5/15/27
BBB-
97,420
100
Kraft
Heinz
Foods
Co
4.250%
3/01/31
BBB-
96,542
100
Kraft
Heinz
Foods
Co
5.500%
6/01/50
BBB-
102,060
10
Kroger
Co/The
2.200%
5/01/30
BBB
8,409
160
Kroger
Co/The
6.900%
4/15/38
BBB
183,522
9
Kroger
Co/The
5.400%
7/15/40
BBB
9,067
100
Laboratory
Corp
of
America
Holdings
1.550%
6/01/26
BBB
90,101
100
Laboratory
Corp
of
America
Holdings
2.700%
6/01/31
BBB
86,423
10
Lam
Research
Corp
1.900%
6/15/30
A-
8,408
90
Lam
Research
Corp
3.125%
6/15/60
A-
63,898
60
Lear
Corp
2.600%
1/15/32
BBB
47,130
30
Leggett
&
Platt
Inc
4.400%
3/15/29
BBB
29,056
30
Leggett
&
Platt
Inc
3.500%
11/15/51
BBB
22,174
10
Linde
Inc/CT
1.100%
8/10/30
A
8,008
70
Lowe's
Cos
Inc
3.350%
4/01/27
BBB+
67,032
61
Lowe's
Cos
Inc
4.500%
4/15/30
BBB+
60,340
300
Lowe's
Cos
Inc
5.000%
4/15/40
BBB+
291,750
190
LYB
International
Finance
III
LLC
3.375%
10/01/40
BBB
146,121
60
Magna
International
Inc
2.450%
6/15/30
A-
51,281
122
Marathon
Petroleum
Corp
4.750%
9/15/44
BBB
109,467
112
Martin
Marietta
Materials
Inc
3.200%
7/15/51
BBB
82,567
100
Marvell
Technology
Inc
2.450%
4/15/28
BBB-
87,697
50
Masco
Corp
2.000%
2/15/31
BBB
40,477
32
Mastercard
Inc
2.950%
6/01/29
A+
29,854
44
Mastercard
Inc
3.350%
3/26/30
A+
41,618
100
Mastercard
Inc
2.000%
11/18/31
A+
83,928
40
Mastercard
Inc
3.800%
11/21/46
A+
35,885
70
MDC
Holdings
Inc
3.966%
8/06/61
BBB-
42,240
100
Merck
&
Co
Inc
1.900%
12/10/28
A+
88,256
200
Merck
&
Co
Inc
1.450%
6/24/30
A+
165,733
100
Merck
&
Co
Inc
2.750%
12/10/51
A+
72,016
20
Micron
Technology
Inc
4.975%
2/06/26
BBB-
20,060
80
Micron
Technology
Inc
4.185%
2/15/27
BBB-
77,984
50
Microsoft
Corp
3.300%
2/06/27
AAA
48,683
211
Microsoft
Corp
3.450%
8/08/36
AAA
195,305
576
Microsoft
Corp
2.921%
3/17/52
AAA
440,411
20
Moody's
Corp
(3)
2.000%
8/19/31
BBB+
16,472
10
Moody's
Corp
5.250%
7/15/44
BBB+
10,192
100
Moody's
Corp
(3)
3.750%
2/25/52
BBB+
82,050
Nuveen
ESG
U.S.
Aggregate
Bond
ETF
(NUBD)
(continued)
Portfolio
of
Investments
January
31,
2023
(Unaudited)
66
Principal
Amount
(000)
Description
(1)
Coupon
Maturity
Ratings
(2)
Value
Industrial
(continued)
$
50
Mosaic
Co/The
4.875%
11/15/41
BBB
$
45,459
100
Motorola
Solutions
Inc
2.750%
5/24/31
BBB-
82,816
120
MPLX
LP
2.650%
8/15/30
BBB
102,325
100
MPLX
LP
4.950%
3/14/52
BBB
88,629
30
National
Fuel
Gas
Co
5.500%
1/15/26
BBB-
30,133
50
NetApp
Inc
2.375%
6/22/27
BBB
45,713
100
Norfolk
Southern
Corp
2.300%
5/15/31
BBB+
85,178
32
Norfolk
Southern
Corp
4.837%
10/01/41
BBB+
31,280
100
Norfolk
Southern
Corp
2.900%
8/25/51
BBB+
69,802
40
NOV
Inc
3.950%
12/01/42
BBB
30,293
150
Novartis
Capital
Corp
2.200%
8/14/30
AA-
132,133
100
Novartis
Capital
Corp
4.400%
5/06/44
AA-
99,238
100
Nutrien
Ltd
4.200%
4/01/29
BBB
96,957
100
NVIDIA
Corp
2.000%
6/15/31
A
83,691
62
NVIDIA
Corp
3.500%
4/01/40
A
53,870
30
NVR
Inc
3.000%
5/15/30
BBB+
26,228
10
NXP
BV
/
NXP
Funding
LLC
/
NXP
USA
Inc
3.150%
5/01/27
BBB
9,320
112
NXP
BV
/
NXP
Funding
LLC
/
NXP
USA
Inc
2.500%
5/11/31
BBB
91,996
100
NXP
BV
/
NXP
Funding
LLC
/
NXP
USA
Inc
2.650%
2/15/32
BBB
81,973
183
ONEOK
Inc
4.550%
7/15/28
BBB
178,812
19
ONEOK
Inc
4.350%
3/15/29
BBB
18,129
10
ONEOK
Inc
7.150%
1/15/51
BBB
11,112
150
Oracle
Corp
2.800%
4/01/27
BBB
138,837
600
Oracle
Corp
4.300%
7/08/34
BBB
554,781
150
Oracle
Corp
6.900%
11/09/52
BBB
173,511
120
Orange
SA
5.375%
1/13/42
BBB+
124,778
60
Otis
Worldwide
Corp
3.112%
2/15/40
BBB
47,055
22
Owens
Corning
3.400%
8/15/26
BBB
20,820
50
Owens
Corning
3.875%
6/01/30
BBB
47,049
100
PACCAR
Financial
Corp
3.150%
6/13/24
A+
98,156
100
PACCAR
Financial
Corp
3.550%
8/11/25
A+
98,007
20
Paramount
Global
4.200%
6/01/29
BBB
18,560
300
Paramount
Global
(3)
4.200%
5/19/32
BBB
257,531
10
Parker-Hannifin
Corp
3.250%
3/01/27
BBB+
9,521
104
Parker-Hannifin
Corp
4.200%
11/21/34
BBB+
97,732
10
Parker-Hannifin
Corp
4.450%
11/21/44
BBB+
9,161
10
PayPal
Holdings
Inc
(3)
3.900%
6/01/27
A-
9,834
150
PayPal
Holdings
Inc
2.850%
10/01/29
A-
134,997
60
PepsiCo
Inc
3.500%
7/17/25
A+
58,865
20
PepsiCo
Inc
2.375%
10/06/26
A+
18,886
100
PepsiCo
Inc
1.625%
5/01/30
A+
83,926
364
PepsiCo
Inc
2.875%
10/15/49
A+
279,826
100
PerkinElmer
Inc
2.250%
9/15/31
BBB
80,987
100
Pfizer
Inc
3.600%
9/15/28
A
97,861
250
Pfizer
Inc
4.200%
9/15/48
A
237,671
90
Phillips
66
Co,
144A
3.550%
10/01/26
BBB+
85,582
112
Phillips
66
Co,
144A
4.680%
2/15/45
BBB+
104,595
50
PPG
Industries
Inc
(3)
3.750%
3/15/28
A-
48,767
100
Procter
&
Gamble
Co/The
1.000%
4/23/26
AA-
90,581
200
Procter
&
Gamble
Co/The
3.000%
3/25/30
AA-
187,092
25
PulteGroup
Inc
5.000%
1/15/27
BBB
25,113
21
PVH
Corp
4.625%
7/10/25
BBB-
20,644
30
Qorvo
Inc,
144A
1.750%
12/15/24
BBB-
28,070
200
QUALCOMM
Inc
1.650%
5/20/32
A
161,041
100
QUALCOMM
Inc
4.250%
5/20/32
A
99,724
100
Quanta
Services
Inc
2.350%
1/15/32
BBB-
80,032
28
Quest
Diagnostics
Inc
4.250%
4/01/24
BBB
27,802
50
Quest
Diagnostics
Inc
3.450%
6/01/26
BBB
48,109
40
Regeneron
Pharmaceuticals
Inc
1.750%
9/15/30
BBB-
32,281
40
RELX
Capital
Inc
4.750%
5/20/32
BBB+
39,775
67
Principal
Amount
(000)
Description
(1)
Coupon
Maturity
Ratings
(2)
Value
Industrial
(continued)
$
10
Republic
Services
Inc
3.375%
11/15/27
BBB
$
9,538
70
Republic
Services
Inc
3.950%
5/15/28
BBB
68,187
18
Republic
Services
Inc
2.300%
3/01/30
BBB
15,609
40
Republic
Services
Inc
1.450%
2/15/31
BBB
32,017
40
Rockwell
Automation
Inc
4.200%
3/01/49
A
36,803
10
Rogers
Communications
Inc
3.625%
12/15/25
BBB+
9,650
100
Rogers
Communications
Inc,
144A
3.200%
3/15/27
BBB+
94,045
10
Rogers
Communications
Inc,
144A
3.800%
3/15/32
BBB+
9,001
140
Rogers
Communications
Inc
5.450%
10/01/43
BBB+
134,502
100
Roper
Technologies
Inc
3.800%
12/15/26
BBB
97,047
114
Ryder
System
Inc
2.500%
9/01/24
BBB
109,383
100
Ryder
System
Inc
2.850%
3/01/27
BBB
92,195
100
S&P
Global
Inc,
144A
2.900%
3/01/32
A-
88,589
20
Sabine
Pass
Liquefaction
LLC
5.875%
6/30/26
BBB
20,451
150
Sabine
Pass
Liquefaction
LLC
4.500%
5/15/30
BBB
145,604
100
Salesforce
Inc
2.700%
7/15/41
A
75,369
112
Salesforce
Inc
(3)
2.900%
7/15/51
A
80,003
10
Schlumberger
Finance
Canada
Ltd
1.400%
9/17/25
A
9,278
72
Schlumberger
Investment
SA
2.650%
6/26/30
A
64,039
131
Sherwin-Williams
Co/The
2.950%
8/15/29
BBB
117,782
42
Sherwin-Williams
Co/The
4.500%
6/01/47
BBB
37,878
38
Shire
Acquisitions
Investments
Ireland
DAC
2.875%
9/23/23
BBB
37,432
60
Sonoco
Products
Co
2.850%
2/01/32
BBB
51,229
100
Stanley
Black
&
Decker
Inc
4.250%
11/15/28
A-
97,454
100
Stanley
Black
&
Decker
Inc
(3)
3.000%
5/15/32
A-
86,611
100
Starbucks
Corp
(3)
3.000%
2/14/32
BBB+
88,855
50
Takeda
Pharmaceutical
Co
Ltd
3.375%
7/09/60
BBB
36,091
100
Tapestry
Inc
3.050%
3/15/32
BBB-
81,969
21
Target
Corp
3.375%
4/15/29
A
20,022
150
Target
Corp
2.350%
2/15/30
A
131,643
12
Target
Corp
6.500%
10/15/37
A
13,954
9
Target
Corp
3.900%
11/15/47
A
7,853
20
TC
PipeLines
LP
3.900%
5/25/27
BBB+
19,251
60
Teledyne
Technologies
Inc
2.250%
4/01/28
BBB-
53,347
20
Telefonica
Emisiones
SA
4.103%
3/08/27
BBB-
19,409
21
Telefonica
Emisiones
SA
7.045%
6/20/36
BBB-
23,049
10
Telefonica
Emisiones
SA
4.665%
3/06/38
BBB-
8,694
10
Telefonica
Emisiones
SA
4.895%
3/06/48
BBB-
8,473
90
Telefonica
Emisiones
SA
5.520%
3/01/49
BBB-
82,531
60
Telefonica
Europe
BV
8.250%
9/15/30
BBB-
69,982
50
TELUS
Corp
3.700%
9/15/27
BBB+
48,216
60
Texas
Instruments
Inc
1.750%
5/04/30
A+
51,019
100
Texas
Instruments
Inc
1.900%
9/15/31
A+
83,776
10
Texas
Instruments
Inc
3.875%
3/15/39
A+
9,356
100
Thermo
Fisher
Scientific
Inc
2.800%
10/15/41
A-
78,520
40
Thomson
Reuters
Corp
3.350%
5/15/26
BBB
38,344
30
Timken
Co/The
4.125%
4/01/32
BBB-
27,661
132
Toyota
Motor
Corp
2.760%
7/02/29
A+
120,868
40
Toyota
Motor
Credit
Corp
2.500%
3/22/24
A+
39,046
100
Toyota
Motor
Credit
Corp
0.625%
9/13/24
A+
93,776
100
Toyota
Motor
Credit
Corp
4.400%
9/20/24
A+
99,523
100
Toyota
Motor
Credit
Corp
1.450%
1/13/25
A+
94,174
100
Toyota
Motor
Credit
Corp
1.125%
6/18/26
A+
89,702
10
Trane
Technologies
Luxembourg
Finance
SA
3.800%
3/21/29
BBB
9,515
260
TransCanada
PipeLines
Ltd
2.500%
10/12/31
BBB+
216,270
50
Transcontinental
Gas
Pipe
Line
Co
LLC
7.850%
2/01/26
BBB+
53,985
150
Transcontinental
Gas
Pipe
Line
Co
LLC
3.250%
5/15/30
BBB+
135,205
50
Transcontinental
Gas
Pipe
Line
Co
LLC
3.950%
5/15/50
BBB+
41,273
200
TSMC
Arizona
Corp
4.250%
4/22/32
AA-
198,739
39
TWDC
Enterprises
18
Corp
3.150%
9/17/25
A-
37,589
Nuveen
ESG
U.S.
Aggregate
Bond
ETF
(NUBD)
(continued)
Portfolio
of
Investments
January
31,
2023
(Unaudited)
68
Principal
Amount
(000)
Description
(1)
Coupon
Maturity
Ratings
(2)
Value
Industrial
(continued)
$
20
TWDC
Enterprises
18
Corp
4.375%
8/16/41
A-
$
18,688
10
TWDC
Enterprises
18
Corp
4.125%
12/01/41
A-
9,155
100
Tyco
Electronics
Group
SA
2.500%
2/04/32
A-
85,893
10
Unilever
Capital
Corp
2.600%
5/05/24
A+
9,747
18
Unilever
Capital
Corp
3.100%
7/30/25
A+
17,398
21
Unilever
Capital
Corp
2.000%
7/28/26
A+
19,420
100
Unilever
Capital
Corp
1.750%
8/12/31
A+
81,835
458
Union
Pacific
Corp
3.550%
8/15/39
A-
400,654
100
United
Parcel
Service
Inc
4.450%
4/01/30
A
101,011
150
United
Parcel
Service
Inc
5.200%
4/01/40
A
160,275
100
Valero
Energy
Corp
2.800%
12/01/31
BBB
85,423
70
Valmont
Industries
Inc
5.250%
10/01/54
BBB-
64,377
100
Verisk
Analytics
Inc
4.125%
3/15/29
BBB
95,461
39
Verizon
Communications
Inc
4.016%
12/03/29
BBB+
37,392
100
Verizon
Communications
Inc
1.500%
9/18/30
BBB+
80,838
300
Verizon
Communications
Inc
2.550%
3/21/31
BBB+
256,064
605
Verizon
Communications
Inc
2.355%
3/15/32
BBB+
498,402
112
Verizon
Communications
Inc
(3)
2.850%
9/03/41
BBB+
82,932
10
Verizon
Communications
Inc
5.500%
3/16/47
BBB+
10,313
200
Verizon
Communications
Inc
3.875%
3/01/52
BBB+
164,142
40
VF
Corp
2.800%
4/23/27
BBB+
37,177
100
VICI
Properties
LP
4.950%
2/15/30
BBB-
96,705
100
Visa
Inc
(3)
2.050%
4/15/30
AA-
87,228
201
Visa
Inc
4.150%
12/14/35
AA-
198,626
130
VMware
Inc
1.400%
8/15/26
BBB-
115,117
10
Vodafone
Group
PLC
4.125%
5/30/25
BBB
9,840
20
Vodafone
Group
PLC
6.250%
11/30/32
BBB
21,925
183
Vodafone
Group
PLC
6.150%
2/27/37
BBB
196,787
80
Vodafone
Group
PLC
5.250%
5/30/48
BBB
76,027
200
Walgreens
Boots
Alliance
Inc
3.200%
4/15/30
BBB
177,738
100
Walt
Disney
Co/The
3.350%
3/24/25
A-
97,467
40
Walt
Disney
Co/The
2.650%
1/13/31
A-
35,303
130
Walt
Disney
Co/The
6.400%
12/15/35
A-
149,770
12
Walt
Disney
Co/The
4.750%
9/15/44
A-
11,751
60
Walt
Disney
Co/The
4.950%
10/15/45
A-
60,060
270
Walt
Disney
Co/The
2.750%
9/01/49
A-
192,523
40
Warnermedia
Holdings
Inc,
144A
3.528%
3/15/24
BBB-
39,054
150
Warnermedia
Holdings
Inc,
144A
3.788%
3/15/25
BBB-
144,908
250
Warnermedia
Holdings
Inc,
144A
5.391%
3/15/62
BBB-
208,037
100
Waste
Connections
Inc
2.200%
1/15/32
BBB+
82,897
10
Waste
Management
Inc
1.500%
3/15/31
BBB+
8,110
100
Waste
Management
Inc
4.150%
4/15/32
BBB+
98,324
40
Western
Union
Co/The
2.850%
1/10/25
BBB
38,437
10
Western
Union
Co/The
(3)
6.200%
11/17/36
BBB
10,361
100
Weyerhaeuser
Co
3.375%
3/09/33
BBB
87,910
100
Whirlpool
Corp
(3)
4.700%
5/14/32
BBB
98,076
190
Williams
Cos
Inc/The
2.600%
3/15/31
BBB
160,813
120
WRKCo
Inc
4.000%
3/15/28
BBB
114,864
50
WW
Grainger
Inc
1.850%
2/15/25
A-
47,453
31
Xylem
Inc/NY
2.250%
1/30/31
BBB
26,028
10
Zoetis
Inc
4.500%
11/13/25
BBB
9,971
126
Zoetis
Inc
3.900%
8/20/28
BBB
123,092
9
Zoetis
Inc
2.000%
5/15/30
BBB
7,620
42,888
Total
Industrial
39,112,708
Utility
-
2.2%
52
AEP
Texas
Inc
4.150%
5/01/49
BBB+
44,350
100
American
Electric
Power
Co
Inc
2.031%
3/15/24
BBB-
96,630
110
American
Water
Capital
Corp
2.800%
5/01/30
BBB+
98,371
110
American
Water
Capital
Corp
2.300%
6/01/31
BBB+
93,930
69
Principal
Amount
(000)
Description
(1)
Coupon
Maturity
Ratings
(2)
Value
Utility
(continued)
$
100
Appalachian
Power
Co
4.400%
5/15/44
A-
$
87,308
100
Atmos
Energy
Corp
2.625%
9/15/29
A-
89,125
100
Atmos
Energy
Corp
2.850%
2/15/52
A-
70,004
100
Avista
Corp
4.000%
4/01/52
A-
84,112
120
Berkshire
Hathaway
Energy
Co
3.700%
7/15/30
A-
114,554
210
Berkshire
Hathaway
Energy
Co
5.150%
11/15/43
A-
211,560
100
Berkshire
Hathaway
Energy
Co,
144A
4.600%
5/01/53
A-
93,937
100
CenterPoint
Energy
Houston
Electric
LLC
3.000%
3/01/32
A
89,674
100
CenterPoint
Energy
Inc
1.450%
6/01/26
BBB
90,366
90
CenterPoint
Energy
Resources
Corp
4.100%
9/01/47
A-
77,717
121
Commonwealth
Edison
Co
6.450%
1/15/38
A
141,028
100
Commonwealth
Edison
Co
2.750%
9/01/51
A
69,101
100
Connecticut
Light
and
Power
Co/The
2.050%
7/01/31
A+
84,042
40
Consolidated
Edison
Co
of
New
York
Inc
(3)
2.400%
6/15/31
A-
34,172
124
Consolidated
Edison
Co
of
New
York
Inc
5.500%
12/01/39
A-
127,922
122
Consolidated
Edison
Co
of
New
York
Inc
4.650%
12/01/48
A-
113,702
10
Consolidated
Edison
Co
of
New
York
Inc
4.300%
12/01/56
A-
8,655
10
Consolidated
Edison
Co
of
New
York
Inc
4.500%
5/15/58
A-
8,947
21
Consolidated
Edison
Co
of
New
York
Inc
3.000%
12/01/60
A-
14,274
90
Consumers
Energy
Co
3.500%
8/01/51
A+
72,661
126
DTE
Energy
Co
2.950%
3/01/30
BBB
110,858
112
Duke
Energy
Florida
LLC
2.400%
12/15/31
A
95,143
47
Duke
Energy
Florida
LLC
6.350%
9/15/37
A
53,713
100
Duke
Energy
Florida
LLC
5.950%
11/15/52
A
113,299
52
Emera
US
Finance
LP
4.750%
6/15/46
BBB-
43,713
10
Enel
Generacion
Chile
SA
4.250%
4/15/24
BBB
9,900
100
Entergy
Arkansas
LLC
5.150%
1/15/33
A
103,920
100
Essential
Utilities
Inc
2.400%
5/01/31
BBB
83,214
100
Exelon
Corp
2.750%
3/15/27
BBB
93,357
10
Exelon
Corp
4.950%
6/15/35
BBB
10,070
10
Exelon
Corp
4.450%
4/15/46
BBB
9,032
48
Interstate
Power
and
Light
Co
3.600%
4/01/29
BBB+
44,911
100
National
Rural
Utilities
Cooperative
Finance
Corp
3.450%
6/15/25
A
97,023
100
National
Rural
Utilities
Cooperative
Finance
Corp
2.750%
4/15/32
A+
85,909
151
NiSource
Inc
3.600%
5/01/30
BBB
139,652
110
NSTAR
Electric
Co
3.950%
4/01/30
A+
106,001
12
NSTAR
Electric
Co
5.500%
3/15/40
A+
12,651
100
Oncor
Electric
Delivery
Co
LLC
2.750%
5/15/30
A
89,356
67
Oncor
Electric
Delivery
Co
LLC
7.500%
9/01/38
A
85,250
100
ONE
Gas
Inc
4.250%
9/01/32
A-
97,555
120
PECO
Energy
Co
4.600%
5/15/52
A+
116,158
100
Piedmont
Natural
Gas
Co
Inc
2.500%
3/15/31
BBB+
84,856
36
Potomac
Electric
Power
Co
6.500%
11/15/37
A
41,571
50
PPL
Capital
Funding
Inc
3.100%
5/15/26
BBB+
47,443
60
PPL
Electric
Utilities
Corp
4.150%
10/01/45
A+
53,188
18
Public
Service
Co
of
Colorado
6.500%
8/01/38
A+
20,927
50
Public
Service
Co
of
New
Hampshire
2.200%
6/15/31
A+
42,434
20
Public
Service
Co
of
Oklahoma
2.200%
8/15/31
A-
16,521
20
Public
Service
Electric
and
Gas
Co
1.900%
8/15/31
A
16,546
100
Public
Service
Electric
and
Gas
Co
5.800%
5/01/37
A
108,932
100
Puget
Energy
Inc
4.224%
3/15/32
BBB-
91,342
30
Puget
Sound
Energy
Inc
5.638%
4/15/41
A
31,268
100
San
Diego
Gas
&
Electric
Co
3.000%
3/15/32
A
88,635
43
San
Diego
Gas
&
Electric
Co
4.150%
5/15/48
A
38,218
94
Sempra
Energy
6.000%
10/15/39
BBB
100,671
220
Southern
California
Edison
Co
4.700%
6/01/27
A-
221,048
150
Southern
California
Edison
Co
5.450%
6/01/52
A-
153,276
100
Southern
California
Gas
Co
2.950%
4/15/27
A
94,640
100
Southern
Co/The
5.700%
10/15/32
BBB
106,606
10
Southwest
Gas
Corp
3.700%
4/01/28
BBB+
9,334
Nuveen
ESG
U.S.
Aggregate
Bond
ETF
(NUBD)
(continued)
Portfolio
of
Investments
January
31,
2023
(Unaudited)
70
Principal
Amount
(000)
Description
(1)
Coupon
Maturity
Ratings
(2)
Value
Utility
(continued)
$
20
Southwest
Gas
Corp
3.800%
9/29/46
BBB+
$
14,985
140
Southwestern
Electric
Power
Co
3.250%
11/01/51
BBB+
99,132
86
Southwestern
Public
Service
Co
4.500%
8/15/41
A-
79,210
23
Southwestern
Public
Service
Co
4.400%
11/15/48
A-
20,691
100
Tampa
Electric
Co
5.000%
7/15/52
A-
98,508
12
Tucson
Electric
Power
Co
3.050%
3/15/25
A-
11,534
100
Tucson
Electric
Power
Co
3.250%
5/15/32
A-
88,170
30
Tucson
Electric
Power
Co
3.250%
5/01/51
A-
21,105
20
Washington
Gas
Light
Co
3.796%
9/15/46
A-
16,076
100
WEC
Energy
Group
Inc
5.150%
10/01/27
BBB+
102,218
100
WEC
Energy
Group
Inc
2.200%
12/15/28
BBB+
87,425
20
Wisconsin
Electric
Power
Co
1.700%
6/15/28
A
17,495
10
Wisconsin
Power
and
Light
Co
1.950%
9/16/31
A-
8,117
48
Wisconsin
Public
Service
Corp
3.671%
12/01/42
A
38,912
6,115
Total
Utility
5,687,861
$
73,289
Total
Corporate
Debt
(cost
$75,858,048)
67,175,949
Principal
Amount
(000)
Description
(1)
Coupon
Maturity
Ratings
(2)
Value
X
13,609,933
GOVERNMENT
RELATED
-
5.2%
X
13,609,933
Government
Agency
-
2.1%
$
10
Equinor
ASA
3.250%
11/10/24
AA-
$
9,795
10
Equinor
ASA
3.000%
4/06/27
AA-
9,561
10
Equinor
ASA
3.625%
9/10/28
AA-
9,720
214
Equinor
ASA
3.125%
4/06/30
AA-
198,755
22
Equinor
ASA
3.950%
5/15/43
AA-
19,719
10
Equinor
ASA
3.700%
4/06/50
AA-
8,513
100
Export
Development
Canada
3.375%
8/26/25
AAA
98,248
390
Federal
Home
Loan
Banks
2.375%
9/08/23
N/R
384,062
440
Federal
Home
Loan
Banks
2.500%
2/13/24
N/R
431,611
100
Federal
Home
Loan
Banks
2.125%
2/28/24
AA+
97,083
240
Federal
Home
Loan
Banks
2.875%
6/14/24
N/R
234,284
100
Federal
Home
Loan
Banks
4.500%
10/03/24
AA+
100,216
150
Federal
Home
Loan
Banks
3.250%
11/16/28
N/R
146,922
81
Federal
National
Mortgage
Association
2.625%
9/06/24
N/R
78,808
70
Federal
National
Mortgage
Association
1.625%
1/07/25
N/R
66,615
200
Federal
National
Mortgage
Association
0.625%
4/22/25
N/R
184,893
200
Federal
National
Mortgage
Association
0.500%
6/17/25
N/R
183,756
200
Federal
National
Mortgage
Association
1.875%
9/24/26
N/R
187,099
329
Federal
National
Mortgage
Association
5.625%
7/15/37
N/R
390,881
50
Israel
Government
AID
Bond
5.500%
12/04/23
AAA
50,259
10
Israel
Government
AID
Bond
5.500%
9/18/33
AAA
11,442
99
Japan
Bank
for
International
Cooperation
2.500%
5/28/25
A+
94,513
200
Japan
Bank
for
International
Cooperation
0.625%
7/15/25
A+
182,371
200
Japan
Bank
for
International
Cooperation
4.250%
1/26/26
A+
199,481
180
Japan
Bank
for
International
Cooperation
2.875%
6/01/27
A+
170,499
100
Korea
Development
Bank/The
2.125%
10/01/24
AA
95,949
40
Korea
Development
Bank/The
1.375%
4/25/27
AA
35,252
774
Kreditanstalt
fuer
Wiederaufbau
2.500%
11/20/24
AAA
748,221
100
Kreditanstalt
fuer
Wiederaufbau
1.250%
1/31/25
AAA
94,236
79
Kreditanstalt
fuer
Wiederaufbau
0.375%
7/18/25
AAA
72,204
112
Kreditanstalt
fuer
Wiederaufbau
3.000%
5/20/27
AAA
108,538
10
Landwirtschaftliche
Rentenbank
3.125%
11/14/23
AAA
9,868
30
Landwirtschaftliche
Rentenbank
2.000%
1/13/25
AAA
28,702
150
Landwirtschaftliche
Rentenbank
0.500%
5/27/25
AAA
137,687
100
Landwirtschaftliche
Rentenbank
3.875%
9/28/27
AAA
100,356
109
Oesterreichische
Kontrollbank
AG
3.125%
11/07/23
AA+
107,496
100
Oesterreichische
Kontrollbank
AG
0.500%
9/16/24
AA+
93,773
100
Oesterreichische
Kontrollbank
AG
2.875%
5/23/25
AA+
97,001
71
Principal
Amount
(000)
Description
(1)
Coupon
Maturity
Ratings
(2)
Value
Government
Agency
(continued)
$
10
Svensk
Exportkredit
AB
0.625%
5/14/25
AA+
$
9,179
200
Svensk
Exportkredit
AB
4.625%
11/28/25
AA+
201,966
5,629
Total
Government
Agency
5,489,534
Municipal
Bonds
-
0.8%
(4)
250
Province
of
Alberta
Canada
(No
Opt.
Call)
1.000%
5/20/25
AA-
232,042
160
Province
of
Alberta
Canada
(No
Opt.
Call)
3.300%
3/15/28
AA-
154,974
40
Province
of
Alberta
Canada
(No
Opt.
Call)
1.300%
7/22/30
AA-
33,058
100
Province
of
British
Columbia
Canada
(No
Opt.
Call)
1.750%
9/27/24
AA+
95,517
50
Province
of
British
Columbia
Canada
(No
Opt.
Call)
2.250%
6/02/26
AA+
47,200
110
Province
of
British
Columbia
Canada
(No
Opt.
Call)
0.900%
7/20/26
AA+
98,851
100
Province
of
Manitoba
Canada
(No
Opt.
Call)
2.600%
4/16/24
A+
97,524
100
Province
of
Manitoba
Canada
(No
Opt.
Call)
1.500%
10/25/28
A+
86,998
70
Province
of
New
Brunswick
Canada
(No
Opt.
Call)
3.625%
2/24/28
A+
68,657
10
Province
of
Ontario
Canada
(No
Opt.
Call)
3.400%
10/17/23
AA-
9,889
60
Province
of
Ontario
Canada
(No
Opt.
Call)
3.200%
5/16/24
AA-
58,896
200
Province
of
Ontario
Canada
(No
Opt.
Call)
2.500%
4/27/26
AA-
190,138
100
Province
of
Ontario
Canada
(No
Opt.
Call)
(3)
3.100%
5/19/27
AA-
96,397
100
Province
of
Ontario
Canada
(No
Opt.
Call)
1.800%
10/14/31
AA-
84,224
100
Province
of
Ontario
Canada
(No
Opt.
Call)
2.125%
1/21/32
AA-
86,344
20
Province
of
Quebec
Canada
(No
Opt.
Call)
2.625%
2/13/23
AA-
19,988
89
Province
of
Quebec
Canada
(No
Opt.
Call)
2.875%
10/16/24
AA-
86,540
180
Province
of
Quebec
Canada
(No
Opt.
Call)
1.500%
2/11/25
AA-
170,090
50
Province
of
Quebec
Canada
(No
Opt.
Call)
0.600%
7/23/25
AA-
45,796
295
Province
of
Quebec
Canada
(No
Opt.
Call)
2.500%
4/20/26
AA-
280,877
70
Province
of
Quebec
Canada
(No
Opt.
Call)
2.750%
4/12/27
AA-
66,637
2,254
Total
Municipal
Bonds
2,110,637
Sovereign
Debt
-
2.3%
10
African
Development
Bank
3.000%
9/20/23
AAA
9,883
100
African
Development
Bank
3.375%
7/07/25
AAA
98,242
100
African
Development
Bank
0.875%
7/22/26
AAA
89,690
100
Asian
Development
Bank
4.125%
9/27/24
AAA
99,384
400
Asian
Development
Bank
1.500%
10/18/24
AAA
380,734
110
Asian
Development
Bank
1.500%
1/20/27
AAA
100,538
100
Asian
Development
Bank
1.875%
3/15/29
AAA
89,737
100
Asian
Development
Bank
3.125%
4/27/32
AAA
95,435
80
Canada
Government
International
Bond
1.625%
1/22/25
AAA
76,068
100
Canada
Government
International
Bond
2.875%
4/28/25
AAA
97,233
30
Chile
Government
International
Bond
3.125%
1/21/26
A
28,857
20
Chile
Government
International
Bond
3.240%
2/06/28
A
18,954
210
Chile
Government
International
Bond
(3)
2.450%
1/31/31
A
179,247
200
Chile
Government
International
Bond
3.250%
9/21/71
A
130,470
32
Council
Of
Europe
Development
Bank
1.375%
2/27/25
AA+
30,184
50
Council
Of
Europe
Development
Bank
(3)
0.875%
9/22/26
AA+
44,745
311
European
Investment
Bank
3.125%
12/14/23
AAA
306,615
100
European
Investment
Bank
2.250%
6/24/24
AAA
96,957
100
European
Investment
Bank
2.750%
8/15/25
AAA
96,955
100
European
Investment
Bank
0.750%
10/26/26
AAA
89,227
112
European
Investment
Bank
1.375%
3/15/27
AAA
101,873
14
Hungary
Government
International
Bond
7.625%
3/29/41
BBB
15,785
100
Inter-American
Development
Bank
3.250%
7/01/24
AAA
98,170
130
Inter-American
Development
Bank
2.000%
7/23/26
AAA
121,914
100
Inter-American
Development
Bank
1.500%
1/13/27
AAA
91,484
100
Inter-American
Development
Bank
4.000%
1/12/28
AAA
101,425
100
Inter-American
Development
Bank
1.125%
7/20/28
AAA
86,945
200
Inter-American
Development
Bank
3.875%
10/28/41
AAA
195,226
60
International
Bank
for
Reconstruction
&
Development
2.500%
3/19/24
AAA
58,559
535
International
Bank
for
Reconstruction
&
Development
1.500%
8/28/24
AAA
510,845
151
International
Bank
for
Reconstruction
&
Development
2.125%
3/03/25
AAA
144,549
Nuveen
ESG
U.S.
Aggregate
Bond
ETF
(NUBD)
(continued)
Portfolio
of
Investments
January
31,
2023
(Unaudited)
72
Principal
Amount
(000)
Description
(1)
Coupon
Maturity
Ratings
(2)
Value
Sovereign
Debt
(continued)
$
60
International
Bank
for
Reconstruction
&
Development
3.125%
11/20/25
AAA
$
58,593
20
International
Bank
for
Reconstruction
&
Development
2.500%
11/22/27
AAA
18,895
100
International
Bank
for
Reconstruction
&
Development
1.625%
11/03/31
AAA
84,515
112
International
Bank
for
Reconstruction
&
Development
2.500%
3/29/32
AAA
101,710
80
International
Finance
Corp
0.375%
7/16/25
AAA
73,181
50
International
Finance
Corp
2.125%
4/07/26
AAA
47,295
240
Israel
Government
International
Bond
2.750%
7/03/30
A+
218,040
60
Israel
Government
International
Bond
3.875%
7/03/50
A+
50,869
80
Korea
International
Bond
2.750%
1/19/27
AA
75,978
10
Korea
International
Bond
2.500%
6/19/29
AA-
9,193
20
Korea
International
Bond
1.000%
9/16/30
AA
16,211
70
Korea
International
Bond
(3)
1.750%
10/15/31
AA
58,765
70
Nordic
Investment
Bank
2.250%
5/21/24
AAA
67,782
120
Panama
Government
International
Bond
4.000%
9/22/24
BBB
117,504
20
Panama
Government
International
Bond
3.750%
3/16/25
BBB
19,403
30
Panama
Government
International
Bond
3.160%
1/23/30
BBB
26,312
250
Panama
Government
International
Bond
4.500%
5/15/47
BBB
199,587
70
Panama
Government
International
Bond
4.500%
4/16/50
BBB
54,779
10
Peruvian
Government
International
Bond
4.125%
8/25/27
BBB
9,720
180
Peruvian
Government
International
Bond
2.844%
6/20/30
BBB
155,149
70
Peruvian
Government
International
Bond
2.783%
1/23/31
BBB
59,250
65
Peruvian
Government
International
Bond
3.000%
1/15/34
BBB
52,761
96
Peruvian
Government
International
Bond
5.625%
11/18/50
BBB
97,306
10
Peruvian
Government
International
Bond
(3)
3.550%
3/10/51
BBB
7,350
10
Republic
of
Italy
Government
International
Bond
0.875%
5/06/24
BBB
9,401
100
Republic
of
Italy
Government
International
Bond
1.250%
2/17/26
BBB
88,115
270
Republic
of
Italy
Government
International
Bond
2.875%
10/17/29
BBB
230,127
70
Republic
of
Poland
Government
International
Bond
4.000%
1/22/24
A-
69,197
54
Uruguay
Government
International
Bond
5.750%
10/28/34
BBB
59,173
200
Uruguay
Government
International
Bond
4.125%
11/20/45
BBB
187,671
6,552
Total
Sovereign
Debt
6,009,762
$
14,435
Total
Government
Related
(cost
$14,931,306)
13,609,933
Total
Long-Term
Investments
(cost
$289,464,009)
259,737,209
Shares
Description
(1)
Coupon
Value
INVESTMENTS
PURCHASED
WITH
COLLATERAL
FROM
SECURITIES
LENDING
-
  0.7%
X
1,754,835
MONEY
MARKET
FUNDS
-
0.7%
X
1,754,835
1,754,835
State
Street
Navigator
Securities
Lending
Government
Money
Market
Portfolio
(5)
4.350%(6)
$
1,754,835
Total
Money
Market
Funds
(cost
$1,754,835)
$
1,754,835
Total
Investments
Purchased
with
Collateral
from
Securities
Lending
(cost
$1,754,835)
1,754,835
Total
Investments
(cost
$291,218,844
)
-
99.7%
261,492,044
Other
Assets
&
Liabilities,
Net
-
0.3%
664,161
Net
Assets
-
100%
$
262,156,205
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.
(3)
Investment,
or
a
portion
of
investment,
is
out
on
loan
for
securities
lending.
The
total
value
of
the
securities
out
on
loan
as
of
the
end
of
the
reporting
period
was
$1,703,238.
(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.
73
(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
January
31,
2023
(Unaudited)
See
accompanying
notes
to
financial
statements.
74
NUAG
NUSA
NUHY
NUBD
Assets
Long-term
investments,
at
value
†‡
$
33,224,126‌
$
31,917,507‌
$
101,755,429‌
$
259,737,209‌
Investments
purchased
with
collateral
from
securities
lending,
at
value
(cost
approximates
value)
215,687‌
198,114‌
7,324,132‌
1,754,835‌
Cash
61,242‌
98,071‌
705,621‌
3,771,911‌
Receivable
for
Interest
268,034‌
174,680‌
1,667,025‌
1,559,078‌
Receivable
for
investments
sold
1,388,171‌
429,887‌
3,273,540‌
2,240,887‌
Receivable
for
securities
lending
income
414‌
133‌
11,774‌
2,013‌
Other
assets
2,370‌
223‌
601‌
1,547‌
Total
assets
35,160,044‌
32,818,615‌
114,738,122‌
269,067,480‌
Liabilities
Cash
denominated
in
foreign
currencies
^
–‌
–‌
–‌
–‌
Payable
for
collateral
from
securities
lending
215,687‌
198,114‌
7,324,132‌
1,754,835‌
Payable
for
investments
purchased
-
regular
settlement
1,104,841‌
354,736‌
3,007,714‌
4,741,065‌
Payable
for
investments
purchased
-
when-issued/delayed-delivery
settlement
–‌
–‌
–‌
377,869‌
Accrued
expenses:
Management
fees
5,333‌
5,105‌
24,712‌
30,492‌
Professional
fees
255‌
247‌
774‌
1,890‌
Trustees
fees
477‌
482‌
1,471‌
3,578‌
Other
2,371‌
223‌
601‌
1,546‌
Total
liabilities
1,328,964‌
558,907‌
10,359,404‌
6,911,275‌
Net
assets
$
33,831,080‌
$
32,259,708‌
$
104,378,718‌
$
262,156,205‌
Shares
outstanding
1,600,000‌
1,400,000‌
5,000,000‌
11,700,000‌
Net
asset
value
("NAV")
per
share
$
21.14‌
$
23.04‌
$
20.88‌
$
22.41‌
Net
assets
consist
of:
Paid-in
capital
78,639,094‌
35,545,375‌
119,123,509‌
300,420,541‌
Total
distributable
earnings
(loss)
(44,808,014‌)
(3,285,667‌)
(14,744,791‌)
(38,264,336‌)
Net
assets
$
33,831,080‌
$
32,259,708‌
$
104,378,718‌
$
262,156,205‌
Authorized
shares
Unlimited
Unlimited
Unlimited
Unlimited
Par
value
per
share
$
0.01‌
$
0.01‌
$
0.01‌
$
0.01‌
†
Long-term
investments,
cost
$
36,876,737‌
$
33,745,723‌
$
109,818,032‌
$
289,464,009‌
‡  
Includes
securities
loaned
of
$
208,973‌
$
192,302‌
$
7,042,077‌
$
1,703,238‌
Statement
of
Operations
Six
Months
Ended
January
31,
2023
(Unaudited)
See
accompanying
notes
to
financial
statements.
75
NUAG
NUSA
NUHY
NUBD
Investment
Income
Interest
1,250,142‌
380,765‌
2,292,713‌
2,977,055‌
Securities
lending
income,
net
2,190‌
1,001‌
50,328‌
8,475‌
Total
investment
income
1,252,332‌
381,766‌
2,343,041‌
2,985,530‌
Expenses
Management
fees
66,413‌
33,982‌
147,662‌
184,219‌
Professional
fees
517‌
72‌
435‌
865‌
Trustees
fees
1,466‌
739‌
2,148‌
5,265‌
Total
expenses
68,396‌
34,793‌
150,245‌
190,349‌
Net
investment
income
(loss)
1,183,936‌
346,973‌
2,192,796‌
2,795,181‌
Realized
and
Unrealized
Gain
(Loss)
Net
realized
gain
(loss)
from
investments
(
4,964,284‌
)
(
132,211‌
)
(
3,317,249‌
)
(
1,221,724‌
)
Net
realized
gain
(loss)
from
in-kind
redemptions
(
15,470,195‌
)
(
280,123‌
)
—‌
(
594,318‌
)
Net
realized
gain
(loss)
(
20,434,479‌
)
(
412,334‌
)
(
3,317,249‌
)
(
1,816,042‌
)
Change
in
net
unrealized
appreciation
(depreciation)
of
investments
12,941,811‌
(
182,734‌
)
1,792,743‌
(
7,136,649‌
)
Change
in
net
unrealized
appreciation
(depreciation)
12,941,811‌
(
182,734‌
)
1,792,743‌
(
7,136,649‌
)
Net
realized
and
unrealized
gain
(loss)
(
7,492,668‌
)
(
595,068‌
)
(
1,524,506‌
)
(
8,952,691‌
)
Net
increase
(decrease)
in
net
assets
from
operations
$
(
6,308,732‌
)
$
(
248,095‌
)
$
668,290‌
$
(
6,157,510‌
)
Statement
of
Changes
in
Net
Assets
See
accompanying
notes
to
financial
statements.
76
NUAG
NUSA
Unaudited
Six
Months
Ended
1/31/23
Year
Ended
7/31/22
Unaudited
Six
Months
Ended
1/31/23
Year
Ended
7/31/22
Operations
Net
investment
income
(loss)
$
1,183,936‌
$
5,217,071‌
$
346,973‌
$
489,715‌
Net
realized
gain
(loss)
(
20,434,479‌
)
(
28,600,975‌
)
(
412,334‌
)
(
347,071‌
)
Change
in
net
unrealized
appreciation
(depreciation)
12,941,811‌
(
17,185,746‌
)
(
182,734‌
)
(
2,216,914‌
)
Net
increase
(decrease)
in
net
assets
from
operations
(
6,308,732‌
)
(
40,569,650‌
)
(
248,095‌
)
(
2,074,270‌
)
Distributions
to
Shareholders
Dividends
(
1,459,110‌
)
(
7,065,060‌
)
(
455,210‌
)
(
801,410‌
)
Decrease
in
net
assets
from
distributions
to
shareholders
(1,459,110)
(7,065,060)
(455,210)
(801,410)
Fund
Share
Transactions
Proceeds
from
sale
of
shares
2,191,868‌
210,415,750‌
–‌
7,319,590‌
Cost
of
shares
redeemed
(
125,774,690‌
)
(
171,275,770‌
)
(
4,603,020‌
)
(
7,333,910‌
)
Net
increase
(decrease)
in
net
assets
from
Fund
share
transactions
(
123,582,822‌
)
39,139,980‌
(
4,603,020‌
)
(
14,320‌
)
Net
increase
(decrease)
in
net
assets
(
131,350,664‌
)
(
8,494,730‌
)
(
5,306,325‌
)
(
2,890,000‌
)
Net
assets
at
the
beginning
of
period
165,181,744‌
173,676,474‌
37,566,033‌
40,456,033‌
Net
assets
at
the
end
of
period
$
33,831,080‌
$
165,181,744‌
$
32,259,708‌
$
37,566,033‌
See
accompanying
notes
to
financial
statements.
77
NUHY
NUBD
Unaudited
Six
Months
Ended
1/31/23
Year
Ended
7/31/22
Unaudited
Six
Months
Ended
1/31/23
Year
Ended
7/31/22
Operations
Net
investment
income
(loss)
$
2,192,796‌
$
4,373,425‌
$
2,795,181‌
$
4,267,577‌
Net
realized
gain
(loss)
(
3,317,249‌
)
(
1,975,582‌
)
(
1,816,042‌
)
(
3,379,502‌
)
Change
in
net
unrealized
appreciation
(depreciation)
1,792,743‌
(
11,040,472‌
)
(
7,136,649‌
)
(
26,215,926‌
)
Net
increase
(decrease)
in
net
assets
from
operations
668,290‌
(
8,642,629‌
)
(
6,157,510‌
)
(
25,327,851‌
)
Distributions
to
Shareholders
Dividends
(
3,276,420‌
)
(
5,144,420‌
)
(
3,926,910‌
)
(
5,556,700‌
)
Decrease
in
net
assets
from
distributions
to
shareholders
(3,276,420)
(5,144,420)
(3,926,910)
(5,556,700)
Fund
Share
Transactions
Proceeds
from
sale
of
shares
10,335,190‌
21,321,020‌
19,777,410‌
37,833,980‌
Cost
of
shares
redeemed
–‌
(
7,260,360‌
)
(
4,481,720‌
)
(
12,888,490‌
)
Net
increase
(decrease)
in
net
assets
from
Fund
share
transactions
10,335,190‌
14,060,660‌
15,295,690‌
24,945,490‌
Net
increase
(decrease)
in
net
assets
7,727,060‌
273,611‌
5,211,270‌
(
5,939,061‌
)
Net
assets
at
the
beginning
of
period
96,651,658‌
96,378,047‌
256,944,935‌
262,883,996‌
Net
assets
at
the
end
of
period
$
104,378,718‌
$
96,651,658‌
$
262,156,205‌
$
256,944,935‌
Financial
Highlights
78
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
2023(d)
$
22.02
$
0.38
$
(0.82)
$
(0.44)
$
(0.44)
$
—
$
(0.44)
$
21.14
$
21.19
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
2023(d)
23.48
0.24
(0.37)
(0.13)
(0.31)
—
(0.31)
23.04
23.06
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
2023(d)
21.48
0.46
(0.37)
0.09
(0.69)
—
(0.69)
20.88
21.00
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(f)
25.00
0.93
(0.53)
0.40
(0.97)
—
(0.97)
24.43
24.74
NUBD
2023(d)
23.36
0.25
(0.84)
(0.59)
(0.36)
—
(0.36)
22.41
22.45
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(g)
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
daily
shares
method.
(b)
Total
Return
Based
on
NAV
reflects
the
change
in
NAV
over
the
period,
including
the
assumed
reinvestment
of
distributions,
if
any,
at
NAV
on
each
ex-dividend
payment
date
during
the
period.
Total
Return
Based
on
Market
Price
reflects
the
change
in
the
market
price
per
share
over
the
period,
including
the
assumed
reinvestment
of
distributions,
if
any,
at
the
ending
market
price
per
share
on
each
ex-dividend
payment
date
during
the
period.
Total
returns
are
not
annualized.
(c)
Portfolio
Turnover
Rate
is
calculated
based
on
the
lesser
of
long-term
purchases
or
sales
(as
disclosed
in
Note
4
-
Portfolio
Securities
and
Investments
in
Derivatives)
divided
by
the
average
long-term
market
value
during
the
period.
Portfolio
Turnover
Rate
excludes
securities
received
or
delivered
as
a
result
of
processing
in-kind
creations
or
redemptions
of
Fund
shares
(as
disclosed
in
Note
5
-
Fund
Shares).
(d)
Unaudited.  For
the
six
months
ended
January
31,
2023.
(e)
Annualized.
(f)
For
the
period
September
25,
2019
(commencement
of
operations)
through
July
31,
2020.
(g)
For
the
period
September
29,
2017
(commencement
of
operations)
through
July
31,
2018.
See
accompanying
notes
to
financial
statements.
79
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)
(1.96)
%
(2.04)
%
$
33,831
0.20‌
%
(e)
3.57‌
%
(e)
26
%
(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
(0.52)
(0.61)
32,260
0.20‌
(e)
2.04‌
(e)
12
(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
0.51
0.41
104,379
0.30‌
(e)
4.45‌
(e)
20
(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
(2.51)
(2.52)
262,156
0.15‌
(e)
2.28‌
(e)
7
(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
80
Notes
to
Financial
Statements
(Unaudited)
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
January
31,
2023,
and
the
period
covered
by
these
Notes
to
Financial
Statements
is
the
six
months
ended
January
31,
2023
(the
"current
fiscal
period").
Investment
Adviser
and
Sub-Adviser
The
Funds’
investment
adviser
is
Nuveen
Fund
Advisors,
LLC
(the
“Adviser”),
a
subsidiary
of
Nuveen,
LLC
(“Nuveen”).
Nuveen
is
the
investment
management
arm
of
Teachers
Insurance
and
Annuity
Association
of
America
(“TIAA”).
The
Adviser
has
overall
responsibility
for
management
of
the
Funds,
oversees
the
management
of
the
Funds’
portfolios,
manages
the
Funds’
business
affairs
and
provides
certain
clerical,
bookkeeping
and
other
administrative
services.
The
Adviser
has
entered
into
a
sub-advisory
agreement
with
Teachers
Advisors,
LLC
(the
“Sub-Adviser”),
an
affiliate
of
the
Adviser,
under
which
the
Sub-Adviser
manages
the
investment
portfolios
of
the
Funds.
2.
Significant
Accounting
Policies
The
accompanying
financial
statements
were
prepared
in
accordance
with
accounting
principles
generally
accepted
in
the
United
States
of
America
(“U.S.
GAAP”),
which
may
require
the
use
of
estimates
made
by
management
and
the
evaluation
of
subsequent
events.
Actual
results
may
differ
from
those
estimates. Each
Fund
is
an
investment
company
and
follows
accounting
guidance
in
the
Financial
Accounting
Standards
Board
(“FASB”)
Accounting
Standards
Codification
946,
Financial
Services
–
Investment
Companies.
The
net
asset
value
(“NAV”)
for
financial
reporting
purposes
may
differ
from
the
NAV
for
processing
security
and
shareholder
transactions.
The
NAV
for
financial
reporting
purposes
includes
security
and
shareholder
transactions
through
the
date
of
the
report.
Total
return
is
computed
based
on
the
NAV
used
for
processing
security
and
shareholder
transactions.
The
following
is
a
summary
of
the
significant
accounting
policies
consistently
followed
by
the
Funds.
Compensation
The Trust
pays
no
compensation
directly
to
those
of
its
trustees
or
to
its
officers,
all
of
whom
receive
remuneration
for
their
services
to the
Trust
from
the
Adviser
or
its
affiliates.
The
Funds'
Board
of Trustees
(the
"Board") has
adopted
a
deferred
compensation
plan
for
independent
trustees
that
enables
trustees
to
elect
to
defer
receipt
of
all
or
a
portion
of
the
annual
compensation
they
are
entitled
to
receive
from
certain
Nuveen-advised
funds.
Under
the
plan,
deferred
amounts
are
treated
as
though
equal
dollar
amounts
had
been
invested
in
shares
of
select
Nuveen-advised
funds.
Distributions
to
Shareholders
Distributions
to
shareholders
are
recorded
on
the
ex-dividend
date.
The
amount,
character
and
timing
of
distributions
are
determined
in
accordance
with
federal
income
tax
regulations,
which
may
differ
from
U.S.
GAAP.
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.
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
81
by
the
UK
Financial
Conduct
Authority
(FCA).
The
new
guidance
allows
companies
to,
provided
the
only
change
to
existing
contracts
are
a
change
to
an
approved
benchmark
interest
rate,
account
for
modifications
as
a
continuance
of
the
existing
contract
without
additional
analysis.
For
new
and
existing
contracts,
the
Funds
may
elect
to
apply
the
amendments
as
of
March
12,
2020
through
December
31,
2022.
In
December
2022,
FASB
deferred
ASU
2022-04
and
issued
ASU
2022-06,
Reference
Rate
Reform:
Deferral
of
the
Sunset
Date
of
Topic
848,
which
extends
the
application
of
the
amendments
through
December
31,
2024. Management
has
not
yet
elected
to
apply
the
amendments,
is
continuously
evaluating
the
potential
effect
a
discontinuation
of
LIBOR
could
have
on
the
Funds’
investments
and
has
currently
determined
that
it
is
unlikely
the
ASU’s
adoption
will
have
a
significant
impact
on
the
Funds’
financial
statements
and
various
filings.
New
Rules
to
Modernize
Fund
Valuation
Framework
Take
Effect
A
new
rule
adopted
by
the
Securities
and
Exchange
Commission
(the
"SEC")
governing
fund
valuation
practices,
Rule
2a-5
under
the
1940
Act,
has
established
requirements
for
determining
fair
value
in
good
faith
for
purposes
of
the
1940
Act.
Rule
2a-5
permits
fund
boards
to
designate
certain
parties
to
perform
fair
value
determinations,
subject
to
board
oversight
and
certain
other
conditions.
Rule
2a-5
also
defines
when
market
quotations
are
"readily
available"
for
purposes
of
Section
2(a)(41)
of
the
1940
Act,
which
requires
a
fund
to
fair
value
a
security
when
market
quotations
are
not
readily
available.
Separately,
new
SEC
Rule
31a-4
under
the
1940
Act
sets
forth
the
recordkeeping
requirements
associated
with
fair
value
determinations.
The
Funds
adopted
a
valuation
policy
conforming
to
the
new
rules,
effective
September
1,
2022,
and
there
was
no
material
impact
to
the
Funds.
3.
Investment
Valuation
and
Fair
Value
Measurements 
The
Funds’
investments
in
securities
are
recorded
at
their
estimated
fair
value
utilizing
valuation
methods
approved
by
the
Adviser,
subject
to
oversight
of
the Board.
Fair
value
is
defined
as
the
price
that
would
be
received
upon
selling
an
investment
or
transferring
a
liability
in
an
orderly
transaction
to
an
independent
buyer
in
the
principal
or
most
advantageous
market
for
the
investment.
U.S.
GAAP
establishes
the
three-tier
hierarchy
which
is
used
to
maximize
the
use
of
observable
market
data
and
minimize
the
use
of
unobservable
inputs
and
to
establish
classification
of
fair
value
measurements
for
disclosure
purposes.
Observable
inputs
reflect
the
assumptions
market
participants
would
use
in
pricing
the
asset
or
liability.
Observable
inputs
are
based
on
market
data
obtained
from
sources
independent
of
the
reporting
entity.
Unobservable
inputs
reflect
management’s
assumptions
about
the
assumptions
market
participants
would
use
in
pricing
the
asset
or
liability.
Unobservable
inputs
are
based
on
the
best
information
available
in
the
circumstances.
The
following
is
a
summary
of
the
three-tiered
hierarchy
of
valuation
input
levels.
Level
1
–
Inputs
are
unadjusted
and
prices
are
determined
using
quoted
prices
in
active
markets
for
identical
securities.
Level
2
–
Prices
are
determined
using
other
significant
observable
inputs
(including
quoted
prices
for
similar
securities,
interest
rates,
credit
spreads,
etc.).
Level
3
–
Prices
are
determined
using
significant
unobservable
inputs
(including
management’s
assumptions
in
determining
the
fair
value
of
investments).
A
description
of
the
valuation
techniques
applied
to
the
Funds’
major
classifications
of
assets
and
liabilities
measured
at
fair
value
follows:
Prices
of
fixed-income
securities
are
generally
provided
by
pricing
services
approved
by
the
Adviser,
which
is
subject
to
review
by
the
Adviser
and
oversight
of
the
Board. Pricing
services
establish
a
security’s
fair
value
using
methods
that
may
include
consideration
of
the
following:
yields
or
prices
of
investments
of
comparable
quality,
type
of
issue,
coupon,
maturity
and
rating,
market
quotes
or
indications
of
value
from
security
dealers,
evaluations
of
anticipated
cash
flows
or
collateral,
general
market
conditions
and
other
information
and
analysis,
including
the
obligor’s
credit
characteristics
considered
relevant.
In
pricing
certain
securities,
particularly
less
liquid
and
lower
quality
securities,
pricing
services
may
consider
information
about
a
security,
its
issuer
or
market
activity
provided
by
the
Adviser.
These
securities
are
generally
classified
as
Level
2.
Investments
in
investment
companies
are
valued
at
their
respective
NAVs
or
share
price on
the
valuation
date
and
are
generally
classified
as
Level
1. 
For
any
portfolio
security
or
derivative
for
which
market
quotations
are
not
readily
available
or
for
which
the
Adviser
deems
the
valuations
derived
using
the
valuation
procedures
described
above
not
to
reflect
fair
value,
the
Adviser
will
determine
a
fair
value
in
good
faith
using
alternative
procedures
approved
by
the
Adviser,
subject
to
the
oversight
of
the
Board.
As
a
general
principle,
the
fair
value
of
a
security
is
the
amount
that
the
owner
might
reasonably
expect
to
receive
for
it
in
a
current
sale.
A
variety
of
factors
may
be
considered
in
determining
the
fair
value
of
such
securities,
which
may
include
consideration
of
the
following:
yields
or
prices
of
investments
of
comparable
quality,
type
of
issue,
coupon,
maturity
and
rating,
market
quotes
or
indications
of
value
from
security
dealers,
evaluations
of
anticipated
cash
flows
or
collateral,
general
market
conditions
and
other
information
and
analysis,
including
the
obligor’s
credit
characteristics
considered
relevant.
To
the
extent
the
inputs
are
observable
and
timely,
the
values
would
be
classified
as
Level
2;
otherwise
they
would
be
classified
as
Level
3.
The
following
table
summarizes
the
market
value
of
the
Funds’
investments
as
of
the
end
of
the
reporting
period,
based
on
the
inputs
used
to
value
them:
82
Notes
to
Financial
Statements
(Unaudited)
(continued)
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
NUAG
Level
1
Level
2
Level
3
Total
Long-Term
Investments*:
Corporate
Debt
$
–
$
12,961,649
$
–
$
12,961,649
U.S.
Treasury
–
8,774,078
–
8,774,078
Securitized
–
7,638,716
–
7,638,716
Government
Related
–
3,849,683
–
3,849,683
Investments
Purchased
with
Collateral
from
Securities
Lending
215,687
–
–
215,687
Total
$
215,687
$
33,224,126
$
–
$
33,439,813
NUSA
Level
1
Level
2
Level
3
Total
Long-Term
Investments*:
Corporate
Debt
$
–
$
16,076,125
$
–
$
16,076,125
U.S.
Treasury
–
8,962,095
–
8,962,095
Securitized
–
6,688,379
–
6,688,379
Government
Related
–
190,908
–
190,908
Investments
Purchased
with
Collateral
from
Securities
Lending
198,114
–
–
198,114
Total
$
198,114
$
31,917,507
$
–
$
32,115,621
NUHY
Level
1
Level
2
Level
3
Total
Long-Term
Investments*:
Corporate
Debt
$
–
$
101,755,429
$
–
$
101,755,429
Investments
Purchased
with
Collateral
from
Securities
Lending
7,324,132
–
–
7,324,132
Total
$
7,324,132
$
101,755,429
$
–
$
109,079,561
NUBD
Level
1
Level
2
Level
3
Total
Long-Term
Investments*:
U.S.
Treasury
$
–
$
103,856,910
$
–
$
103,856,910
Securitized
–
75,094,417
–
75,094,417
Corporate
Debt
–
67,175,949
–
67,175,949
Government
Related
–
13,609,933
–
13,609,933
Investments
Purchased
with
Collateral
from
Securities
Lending
1,754,835
–
–
1,754,835
Total
$
1,754,835
$
259,737,209
$
–
$
261,492,044
*
Refer
to
the
Fund's
Portfolio
of
Investments
for
industry
classifications,
where
applicable.
83
of
the
loan,
the
Fund
bears
the
market
risk
with
respect
to
the
investment
of
collateral
and
the
risk
that
the
Agent
may
default
on
its
contractual
obligations
to
the
Fund.
The
Agent
bears
the
risk
that
the
borrower
may
default
on
its
obligation
to
return
the
loaned
securities
as
the
Agent
is
contractually
obligated
to
indemnify
the
Fund
if
at
the
time
of
a
default
by
a
borrower
some
or
all
of
the
loan
securities
have
not
been
returned.
Securities
lending
income
recognized
by
a
Fund
consists
of
earnings
on
invested
collateral
and
lending
fees,
net
of
any
rebates
to
the
borrower
and
compensation
to
the
Agent.
Such
income
is
recognized
on
the
Statement
of
Operations.
As
of
the
end
of
the
reporting
period,
the
total
value
of
the
loaned
securities
and
the
total
value
of
collateral
received
were
as
follows:
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.
Fund
Asset
Class
out
on
Loan
Long-Term
Investments,
at
Value
Total
Collateral
Received
NUAG
Corporate
Debt
$130,155
$134,693
Government
Related
78,818
80,994
Total
$208,973
$215,687
NUSA
Corporate
Debt
$178,065
$183,564
Government
Related
14,237
14,550
Total
$192,302
$198,114
NUHY
Corporate
Debt
$7,042,077
$7,324,132
NUBD
Corporate
Debt
$1,437,215
$1,480,777
Government
Related
266,023
274,058
Total
$1,703,238
$1,754,835
Purchases
Sales
Fund
Investment
Securities
U.S.
Government
and
Agency
Obligations
Investment
Securities
U.S.
Government
and
Agency
Obligations
NUAG
$
9,508,430
$
9,571,539
$
42,068,800
$
9,066,085
NUSA
2,948,595
1,183,840
2,859,409
2,091,135
NUHY
18,765,625
—
19,305,412
—
NUBD
11,544,466
10,205,373
9,406,476
6,652,469
Fund
In-Kind
Purchases
In-Kind
Sales
NUAG
$
18,857
$
90,301,465
NUSA
—
3,838,487
NUHY
10,288,212
—
NUBD
13,154,858
4,587,778
84
Notes
to
Financial
Statements
(Unaudited)
(continued)
Market
and
Counterparty
Credit
Risk
In
the
normal
course
of
business
each
Fund
may
invest
in
financial
instruments
and
enter
into
financial
transactions
where
risk
of
potential
loss
exists
due
to
changes
in
the
market
(market
risk)
or
failure
of
the
other
party
to
the
transaction
to
perform
(counterparty
credit
risk).
The
potential
loss
could
exceed
the
value
of
the
financial
assets
recorded
on
the
financial
statements.
Financial
assets,
which
potentially
expose
each
Fund
to
counterparty
credit
risk,
consist
principally
of
cash
due
from
counterparties
on
forward,
option
and
swap
transactions,
when
applicable.
The
extent
of
each
Fund’s
exposure
to
counterparty
credit
risk
in
respect
to
these
financial
assets
approximates
their
carrying
value
as
recorded
on
the
Statement
of
Assets
and
Liabilities.
Each
Fund
helps
manage
counterparty
credit
risk
by
entering
into
agreements
only
with
counterparties
the
Adviser
believes
have
the
financial
resources
to
honor
their
obligations
and
by
having
the
Adviser
monitor
the
financial
stability
of
the
counterparties.
Additionally,
counterparties
may
be
required
to
pledge
collateral
daily
(based
on
the
daily
valuation
of
the
financial
asset)
on
behalf
of
each
Fund
with
a
value
approximately
equal
to
the
amount
of
any
unrealized
gain
above
a
pre-determined
threshold.
Reciprocally,
when
each
Fund
has
an
unrealized
loss,
the
Funds
have
instructed
the
custodian
to
pledge
assets
of
the
Funds
as
collateral
with
a
value
approximately
equal
to
the
amount
of
the
unrealized
loss
above
a
pre-determined
threshold.
Collateral
pledges
are
monitored
and
subsequently
adjusted
if
and
when
the
valuations
fluctuate,
either
up
or
down,
by
at
least
the
predetermined
threshold
amount.
5.
Fund
Shares
Each Fund
issues
and
redeems its
shares
on
a
continuous
basis
at
NAV
only
in
aggregations
of
a
specified
number
of
shares
or
multiples
thereof
(“Creation
Units”).
Only
certain
institutional
investors
(referred
to
as
“Authorized
Participants”)
who
have
entered
into
agreements
with
Nuveen
Securities,
LLC,
the
Funds'
distributor,
may
purchase
and
redeem
Creation
Units.
Once
created,
shares
of
the
Funds
trade
on
the
Exchange
at
market
prices
and
are
only
available
to
individual
investors
through
their
brokers.
Creation
Units
are
purchased
and
redeemed
in-kind
for
a
designated
portfolio
of
securities
included
in each
Fund’s
respective Index
and/or
a
specified
amount
of
cash.
Authorized
Participants
are
charged
fixed
transaction
fees
in
connection
with
purchasing
and
redeeming
Creation
Units.
Authorized
Participants
transacting
in
Creation
Units
for
cash
may
also
pay
an
additional
variable
charge
to
compensate
the
relevant Fund
for
certain
transaction
costs
(i.e.,
taxes
on
currency
or
other
financial
transactions,
and
brokerage
costs)
and
market
impact
expenses
it
incurs
in
purchasing
or
selling
portfolio
securities.
Such
variable
charges,
if
any,
are
included
in
“Proceeds
from
shares
sold”
on
the
Statements
of
Changes
in
Net
Assets.
Transactions
in
Fund
shares
during
the
current
and
prior
period
were
as
follows:
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.
NUAG
NUSA
Unaudited
Six
Months
Ended
1/31/23
Year
Ended
7/31/22
Unaudited
Six
Months
Ended
1/31/23
Year
Ended
7/31/22
Shares
Amount
Shares
Amount
Shares
Amount
Shares
Amount
Shares
sold
100,000
$2,191,868
8,500,000
$210,415,750
–
$–
300,000
$7,319,590
Shares
redeemed
(6,000,000)
(125,774,690)
(7,900,000)
(171,275,770)
(200,000)
(4,603,020)
(300,000)
(7,333,910)
Net
increase
(decrease)
(5,900,000)
$(123,582,822)
600,000
$39,139,980
(200,000)
$(4,603,020)
–
$(14,320)
NUHY
NUBD
Unaudited
Six
Months
Ended
1/31/23
Year
Ended
7/31/22
Unaudited
Six
Months
Ended
1/31/23
Year
Ended
7/31/22
Shares
Amount
Shares
Amount
Shares
Amount
Shares
Amount
Shares
sold
500,000
$10,335,190
900,000
$21,321,020
900,000
$19,777,410
1,500,000
$37,833,980
Shares
redeemed
–
–
(300,000)
(7,260,360)
(200,000)
(4,481,720)
(500,000)
(12,888,490)
Net
increase
(decrease)
500,000
$10,335,190
600,000
$14,060,660
700,000
$15,295,690
1,000,000
$24,945,490
85
As
of
the
end
of
the
reporting
period,
the
aggregate
cost
and
the
net
unrealized
appreciation/(depreciation)
of
all
investments
for
federal
income
tax
purposes
were
as
follows:
For
purposes
of
this
disclosure,
tax
cost
generally
includes
the
cost
of
portfolio
investments
as
well
as
up-front
fees
or
premiums
exchanged
on
derivatives
and
any
amounts
unrealized
for
income
statement
reporting
but
realized
income
and/or
capital
gains
for
tax
reporting,
if
applicable.
As
of
prior
fiscal
period
end,
the
components
of
accumulated
earnings
on
a
tax
basis
were
as
follows:
As
of
prior
fiscal
period
end,
the
Funds
had
capital
loss
carryforwards,
which
will
not
expire:
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
$
37,374,586
$
186,050
$
(4,120,823)
$
(3,934,773)
NUSA
34,243,503
45,284
(2,173,166)
(2,127,882)
NUHY
118,819,110
415,962
(10,155,511)
(9,739,549)
NUBD
292,240,383
465,621
(31,213,960)
(30,748,339)
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)
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
Fund
Management
Fee
NUAG
0.20%
NUSA
0.20
NUHY
0.30
NUBD
0.15
86
Notes
to
Financial
Statements
(Unaudited)
(continued)
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: 
8.
Subsequent
Events
The
Board
of
Trustees
of
NUSA
has
approved
the
following
changes
to
the
Fund’s
name,
investment
objective,
management
fee,
indices
and
principal
investment
strategies,
which
are
expected
to
go
into
effect
in
May
2023:
The
Fund’s
name
will
be
changed
to
“Nuveen
ESG
1-5
Year
U.S.
Aggregate
Bond
ETF.”
The
Fund’s
management
fee
will
be
reduced
from
0.20%
to
0.15%.
The
Fund’s
investment
objective
will
be
changed
to
reflect
that
the
Fund’s
underlying
index
will
change
to
the
Bloomberg
MSCI
1-5
Year
U.S.
Aggregate
ESG
Select
Index.
The
Fund’s
Base
Index
will
be
changed
to
the
Bloomberg
1-5
Year
U.S.
Aggregate
Index.
The
Fund’s
current
principal
investment
strategies
seeking
to
enhance
yield
will
be
changed
as
described
in
the
Fund’s
most
recent
prospectus
supplement.
Fund
Nuveen
Owned
Shares
NUAG
—
%
*
NUSA
—
NUHY
—
NUBD
—
*
Value
rounded
to
zero.
Fund
TIAA
Owned
Shares
NUAG
28
%
NUSA
—
NUHY
4
NUBD
—
87
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
Six
Months
Ended
January
31,
2023
Number
of
Days
%
of
Total
Days
Number
of
Days
%
of
Total
Days
Premium/Discount
Range:
0.26%
to
0.50%
13
10.2%
-
-
0.00%
to
0.25%
98
77.2%
108
85.0%
(0.01)%
to
(0.25)%
16
12.6%
19
15.0%
127
100%
127
100%
NUHY
NUBD
Six
Months
Ended
January
31,
2023
Number
of
Days
%
of
Total
Days
Number
of
Days
%
of
Total
Days
Premium/Discount
Range:
1.01%
to
3.00%
7
5.5%
-
-
0.51%
to
1.00%
54
42.6%
-
-
0.26%
to
0.50%
24
18.9%
1
0.8%
0.00%
to
0.25%
14
11.0%
111
87.4%
(0.01)%
to
(0.25)%
14
11.0%
15
11.8%
(0.26)%
to
(0.50)%
8
6.3%
-
-
(0.51)%
to
(1.00)%
5
3.9%
-
-
(1.01)%
to
(3.00)%
1
0.8%
-
-
127
100%
127
100%
88
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)
89
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:
A
component
of
the
U.S.
Corporate
High
Yield
Bond
Index,
which
is
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.
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)
90
Net
Assets
Value
(NAV)
Per
Share:
A
fund’s
Net
Assets
is
equal
to
its
total
assets
(securities,
cash
and
accrued
earnings)
less
its
total
liabilities.
NAV
per
share
is
equal
to
the
fund’s
Net
Assets
divided
by
its
number
of
shares
outstanding.
Liquidity
Risk
Management
Program
(Unaudited)
91
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.
Nuveen
Securities,
LLC,
member
FINRA
and
SIPC
333
West
Wacker
Drive
Chicago,
IL
60606
www.nuveen.com
NSA-ENHUS-0123D
2766014-INV-B-03/24
Nuveen:
Serving
Investors
for
Generations
Since
1898,
financial
advisors
and
their
clients
have
relied
on
Nuveen
to
provide
dependable
investment
solutions
through
continued
adherence
to
proven,
long-term
investing
principles.
Today,
we
offer
a
range
of
high
quality
solutions
designed
to
be
integral
components
of
a
well-diversified
core
portfolio.
Focused
on
meeting
investor
needs.
Nuveen
is
the
investment
manager
of
TIAA.
We
have
grown
into
one
of
the
world’s
premier
global
asset
managers,
with
specialist
knowledge
across
all
major
asset
classes
and
particular
strength
in
solutions
that
provide
income
for
investors
and
that
draw
on
our
expertise
in
alternatives
and
responsible
investing.
Nuveen
is
driven
not
only
by
the
independent
investment
processes
across
the
firm,
but
also
the
insights,
risk
management,
analytics
and
other
tools
and
resources
that
a
truly
world-class
platform
provides.
As
a
global
asset
manager,
our
mission
is
to
work
in
partnership
with
our
clients
to
create
solutions
which
help
them
secure
their
financial
future.
Find
out
how
we
can
help
you.
To
learn
more
about
how
the
products
and
services
of
Nuveen
may
be
able
to
help
you
meet
your
financial
goals,
talk
to
your
financial
advisor,
or
call
us
at
(800)
257-8787.
Please
read
the
information
provided
carefully
before
you
invest.
Investors
should
consider
the
investment
objective
and
policies,
risk
considerations,
charges
and
expenses
of
any
investment
carefully.
Where
applicable,
be
sure
to
obtain
a
prospectus,
which
contains
this
and
other
relevant
information.
To
obtain
a
prospectus,
please
contact
your
securities
representative
or
Nuveen,
333
W.
Wacker
Dr.,
Chicago,
IL
60606.
Please
read
the
prospectus
carefully
before
you
invest
or
send
money.
Learn
more
about
Nuveen
Funds
at:
www.nuveen.com/exchange-traded-funds

Funds
Exchange-Traded
Funds
Nuveen
Exchange-Traded
January
31,
2023
Semi-annual
Report
This
semi-annual
report
contains
the
Fund's
unaudited financial
statements.
Fund
Name
Listing
Exchange
Ticker
Symbol
Nuveen
Global
Net
Zero
Transition
ETF
NASDAQ
Stock
Market
LLC
NTZG
Life
is
Complex.
Nuveen
makes
things
e-simple.
It
only
takes
a
minute
to
sign
up
for
e-Reports.
Once
enrolled,
you’ll
receive
an
e-mail
as
soon
as
your
Nuveen
Fund
information
is
ready.
No
more
waiting
for
delivery
by
regular
mail.
Just
click
on
the
link
within
the
e-mail
to
see
the
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and
save
it
on
your
computer
if
you
wish.
Free
e-Reports
right
to
your
email!
www.investordelivery.com
If
you
receive
your
Nuveen
Fund
distributions
and
statements
from
your
financial
advisor
or
brokerage
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
Important
Notices
5
Risk
Considerations
6
Fund
Performance,
Expense
Ratios
and
Holdings
Summaries
7
Expense
Examples
10
Portfolio
of
Investments
11
Statement
of
Assets
and
Liabilities
14
Statement
of
Operations
15
Statement
of
Changes
in
Net
Assets
16
Financial
Highlights
17
Notes
to
Financial
Statements
19
Additional
Fund
Information
25
Glossary
of
Terms
Used
in
this
Report
26
Liquidity
Risk
Management
Program
27
4
Chair’s
Letter
to
Shareholders
Dear
Shareholders,
The
significant
measures
taken
by
the
U.S.
Federal
Reserve
(Fed)
and
other
global
central
banks
over
the
past
year
to
contain
inflation
have
begun
to
take
effect.
From
March
2022
to
February
2023,
the
Fed
raised
the
target
fed
funds
rate
by
4.50%
to
a
range
of
4.50%
to
4.75%,
marking
the
fastest
interest
rate
hiking
cycle
in
its
history.
Across
most
of
the
world,
inflation
rates
have
fallen
from
their
post-pandemic
highs
but
currently
remain
well
above
the
levels
that
central
banks
consider
supportive
of
their
economies’
long-term
growth.
At
the
same
time,
the
U.S.
and
other
large
economies
have
remained
surprisingly
resilient,
even
as
financial
conditions
have
tightened.
Despite
contracting
in
the
first
half
of
2022,
U.S.
gross
domestic
product
grew
2.1%
in
the
year
overall
compared
to
2021.
More
recent
data
have
shown
a
relatively
strong
jobs
market,
rebounding
consumer
sentiment
and
spending,
and
a
pick-up
in
manufacturing.
Markets
are
concerned
that
these
conditions
could
keep
upward
pressure
on
inflation,
which
could
prompt
central
banks
to
continue
raising
interest
rates
at
the
risk
of
slowing
economies
too
much.
Fed
officials
are
closely
monitoring
inflation
data
and
other
economic
measures
to
modify
their
rate
setting
policy
based
upon
these
factors,
and
additional
rate
hikes
are
expected
until
the
Fed
sees
sustainable
progress
toward
its
inflation
goals.
In
the
meantime,
markets
are
likely
to
continue
reacting
in
the
short
term
to
news
about
inflation
data,
economic
indicators
and
central
bank
policy.
Recently,
following
the
collapses
of
Silicon
Valley
Bank
and
two
cryptocurrency-exposed
banks,
investors
sought
to
assess
contagion
risks
across
the
banking
sector
as
well
as
the
impact
to
the
Fed’s
pace
of
rate
hikes
going
forward,
which
contributed
to
volatility
in
the
markets.
We
encourage
investors
to
keep
a
long-term
perspective
amid
the
short-term
noise.
Your
financial
professional
can
help
you
review
how
well
your
portfolio
is
aligned
with
your
time
horizon,
risk
tolerance
and
investment
goals.
On
behalf
of
the
other
members
of
the
Nuveen
Fund
Board,
we
look
forward
to
continuing
to
earn
your
trust
in
the
months
and
years
ahead.
Terence
J.
Toth
Chair
of
the
Board
March
22,
2023
Important
Notices
5
For
Shareholders
of
Nuveen
Global
Net
Zero
Transition
ETF
Portfolio
Manager
Commentaries
in
Semiannual
Shareholder
Reports
The
Fund
includes
portfolio
manager
commentary
in
its
annual
shareholder
reports.
For
the
Fund’s
most
recent
annual
portfolio
manager
discussion,
please
refer
to
the
Portfolio
Managers’
Comments
section
of
the
Fund’s
July
31,
2022
annual
shareholder
report.
For
current
information
on
your
Fund’s
investment
objectives,
portfolio
management
team
and
average
annual
total
returns
please
refer
to
the
Fund’s
website
at
www.nuveen.com.
For
changes
that
occurred
to
your
Fund
both
during
and
subsequent
to
this
reporting
period,
please
refer
to
the
Notes
to
Financial
Statements
section
of
this
report.
For
average
annual
total
returns
as
of
the
end
of
this
reporting
period,
please
refer
to
the
Performance
Overview
and
Holding
Summaries
section
within
this
report.
6
Risk
Considerations
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.
Fund
Performance,
Expense
Ratios
and
Holdings
Summaries
7
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
Fund
reflect
management
fees
and
other
expenses
such
as
transaction
costs
incurred
by
the
Fund
during
the
reporting
period
while
the
Indexes
are
unmanaged
and
therefore
returns
do
not
reflect
any
such
fees
and
expenses.
Total
returns
for
a
period
of
less
than
one
year
are
not annualized
(i.e.
cumulative
returns).
Returns
assume
reinvestment
of
dividends
and
capital
gains.
Market
price
returns
are
based
on
the
closing
market
price
as
of
the
end
of
the
reporting
period.
For
performance
current
to
the
most
recent
month-end
visit
nuveen.com
or
call
(800)
257-8787.
Returns
do
not
reflect
the
deduction
of
taxes
that
a
shareholder
would
pay
on
Fund
distributions
or
the
sale
of
Fund
shares.
Expense
Ratios
The
expense
ratios
shown
are
as
of the
Fund’s
most
recent
prospectus.
The
expense
ratios
shown
reflect
total
operating
expenses including
management
fees
and
other
fees
and
expenses,
but
do
not
reflect
expected
transaction
costs.
Refer
to
the
Financial
Highlights
later
in
this
report
for 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. 
8
Nuveen
Global
Net
Zero
Transition
ETF
(NTZG)
(continued)
Fund
Performance,
Expense
Ratios
and
Holdings
Summaries
January
31,
2023
Refer
to
the
first
page
of
this
Fund
Performance,
Expense
Ratios
and
Holdings
Summaries section
for
further
expla-
nation
of the
information
included
within
this
section. 
Refer
to
the
Glossary
of
Terms
Used
in
this
Report
for
further
definition
of
terms
used
in
this
section.
Fund
Performance
and
Expense
Ratios*
*
For
purposes
of
Fund
performance,
relative
results
are
measured
against
the
MSCI
ACWI
Index
(Net).
Total
Returns
as
of
January
31,
2023
Cumulative
Expense
Ratios
Inception
Date
6-Month
Since
Inception
NTZG
at
NAV
6/23/22
2.26%
9.51%
0.55%
NTZG
at
Market
Price
6/23/22
2.21%
9.99%
—
MSCI
ACWI
Index
(Net)
—
2.45%
9.63%
—
9
Holdings
Summaries
as
of
January
31,
2023
Fund
Allocation
(%
of
net
assets)
Common
Stocks
96.6%
Other
Assets
&
Liabilities,
Net
3.4%
Net
Assets
100%
Portfolio
Composition
1
(%
of
net
assets)
Information
Technology
22.2%
Health
Care
12.8%
Consumer
Discretionary
12.6%
Industrials
9.1%
Energy
8.7%
Financials
8.7%
Consumer
Staples
6.1%
Utilities
6.1%
Materials
4.3%
Communication
Services
4.0%
Real
Estate
2.0%
Other
Assets
&
Liabilities,
Net
3.4%
Total
100%
Top
Five
Common
Stock
Holdings
(%
of
net
assets)
Amazon.com
Inc
3.3%
Microsoft
Corp
2.9%
Schneider
Electric
SE
2.3%
Taiwan
Semiconductor
Manufacturing
Co
Ltd
2.3%
Shell
PLC
2.1%
Country
Allocation
2
(%
of
net
assets)
United
States
55.4%
Japan
6.3%
United
Kingdom
6.0%
Taiwan
4.8%
Germany
4.7%
Netherlands
4.4%
France
3.9%
Australia
2.8%
Denmark
1.8%
Finland
1.4%
Other
5.1%
Other
Assets
&
Liabilities,
Net
3.4%
Net
Assets
100%
1
See
the
Portfolio
of
Investments
for
the
remaining
industries/sectors
comprising  “Other”
and
not
listed
in
the
table
above.
2
Includes
6.8%
(as
a
percentage
of
net
assets)
in
emerging
market
countries.
10
Expense
Examples
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.
The
Examples
below
are
based
on
an
investment
of
$1,000
invested
at
the
beginning
of
the
period
and
held
through
the
period
ended
January
31,
2023.
The
beginning
of
the
period
is
August
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 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
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
$
1,022.58
Expenses
Incurred
During
the
Period
$
2.80
Hypothetical
Performance
(5%
annualized
return
before
expenses)
Beginning
Account
Value
$
1,000.00
Ending
Account
Value
$
1,022.43
Expenses
Incurred
During
the
Period
$
2.80
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
184/365
(to
reflect
the
one-half
year
period).
11
Nuveen
Global
Net
Zero
Transition
ETF
(NTZG)
Portfolio
of
Investments
January
31,
2023
(Unaudited)
Shares
Description
(1)
Value
LONG-TERM
INVESTMENTS
-
96.6%  
X
5,263,687
COMMON
STOCKS
-
96.6%
X
5,263,687
Communication
Services
-
4.0%
800
Alphabet
Inc
,
Class
A
(2)
$
79,072
3,688
AT&T
Inc
75,125
572
Walt
Disney
Co
(2)
62,056
Total
Communication
Services
216,253
Consumer
Discretionary
-
12.6%
1,742
Amazon.com
Inc
(2)
179,652
280
EssilorLuxottica
SA
51,057
148
Kering
SA
91,700
256
McDonald's
Corp
68,454
476
NIKE
Inc
,
Class
B
60,609
9,200
Panasonic
Holdings
Corp
84,894
612
Starbucks
Corp
66,794
5,636
Toyota
Motor
Corp
(2)
82,192
Total
Consumer
Discretionary
685,352
Consumer
Staples
-
6.1%
1,140
Anheuser-Busch
InBev
SA
68,207
308
J
M
Smucker
Co
47,062
476
Procter
&
Gamble
Co
67,773
772
Reckitt
Benckiser
Group
PLC
54,839
693
Walmart
Inc
99,702
Total
Consumer
Staples
337,583
Energy
-
8.7%
1,692
Baker
Hughes
Co
53,704
588
Cheniere
Energy
Inc
89,840
1,624
Neste
Oyj
77,305
272
Pioneer
Natural
Resources
Co
62,655
1,300
Reliance
Industries
Ltd,
Sponsored
GDR,
144A
74,490
3,940
Shell
PLC
115,152
Total
Energy
473,146
Financials
-
8.7%
448
Bank
of
Montreal
44,956
20,372
Barclays
PLC
46,609
236
Chubb
Ltd
53,688
965
Commonwealth
Bank
of
Australia
74,839
3,856
ING
Groep
NV
55,497
434
London
Stock
Exchange
Group
PLC
39,570
307
M&T
Bank
Corp
47,892
672
MetLife
Inc
49,069
1,292
Wells
Fargo
&
Co
60,556
Total
Financials
472,676
Health
Care
-
12.8%
586
AstraZeneca
PLC
76,399
916
Centene
Corp
(2)
69,836
292
Cigna
Corp
92,468
324
Eli
Lilly
&
Co
111,505
424
Johnson
&
Johnson
69,290
700
Medtronic
PLC
58,583
578
Merck
&
Co
Inc
62,083
722
Novo
Nordisk
A/S,
Class
B
99,396
Nuveen
Global
Net
Zero
Transition
ETF
(NTZG)
(continued)
Portfolio
of
Investments
January
31,
2023
(Unaudited)
12
Shares
Description
(1)
Value
Health
Care
(continued)
1,088
Siemens
Healthineers
AG,
144A
$
57,982
Total
Health
Care
697,542
Industrials
-
9.1%
1,752
Flowserve
Corp
60,304
280
Honeywell
International
Inc
58,374
420
Quanta
Services
Inc
63,920
784
Schneider
Electric
SE
126,289
396
Trane
Technologies
PLC
70,931
236
Union
Pacific
Corp
48,189
598
Vinci
SA
67,310
Total
Industrials
495,317
Information
Technology
-
22.2%
46
Adyen
NV,
144A
(2)
68,823
1,294
AIXTRON
SE
38,282
454
Block
Inc
(2)
37,101
6,000
Delta
Electronics
Inc
57,752
14,000
E
Ink
Holdings
Inc
80,433
2,100
Infineon
Technologies
AG
75,069
188
Keyence
Corp
85,698
108
KLA
Corp
42,388
240
Mastercard
Inc.,
Class
A
88,944
639
Microsoft
Corp
158,351
716
Murata
Manufacturing
Co
Ltd
40,710
1,034
ON
Semiconductor
Corp
(2)
75,947
1,268
Oracle
Corp
112,167
750
Procore
Technologies
Inc
(2)
41,963
600
Rohm
Co
Ltd
47,660
60
Samsung
SDI
Co
Ltd
33,366
1,350
Taiwan
Semiconductor
Manufacturing
Co
Ltd,
Sponsored
ADR
125,185
Total
Information
Technology
1,209,839
Materials
-
4.3%
2,254
BHP
Group
Ltd
78,429
548
Crown
Holdings
Inc
48,312
332
Linde
PLC
109,872
Total
Materials
236,613
Real
Estate
-
2.0%
163
SBA
Communications
Corp
48,497
1,704
VICI
Properties
Inc
58,243
Total
Real
Estate
106,740
Utilities
-
6.1%
1,052
Constellation
Energy
Corp
89,799
828
Dominion
Energy
Inc
52,694
9,580
Enel
SpA
56,090
668
NextEra
Energy
Inc
49,853
1,900
RWE
AG
84,190
Total
Utilities
332,626
Total
Common
Stocks
(cost
$4,790,132)
5,263,687
Total
Long-Term
Investments
(cost
$4,790,132)
5,263,687
Other
Assets
&
Liabilities,
Net
-
3.4%
186,403
Net
Assets
-
100%
$
5,450,090
13
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.
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
January
31,
2023
(Unaudited)
See
accompanying
notes
to
financial
statements.
14
NTZG
Assets
Long-term
investments,
at
value
†
$
5,263,687‌
Cash
186,348‌
Receivable
for
dividends
3,811‌
Receivable
for
reclaims
130‌
Other
assets
23‌
Total
assets
5,453,999‌
Liabilities
Cash
denominated
in
foreign
currencies
^
1,540‌
Accrued
expenses:
Management
fees
2,326‌
Professional
fees
25‌
Trustees
fees
7‌
Other
11‌
Total
liabilities
3,909‌
Net
assets
$
5,450,090‌
Shares
outstanding
200,000‌
Net
asset
value
("NAV")
per
share
$
27
.25‌
Net
assets
consist
of:
Paid-in
capital
5,008,860‌
Total
distributable
earnings
(loss)
441,230‌
Net
assets
$
5,450,090‌
Authorized
shares
Unlimited
Par
value
per
share
$
0
.01‌
†
Long-term
investments,
cost
$
4,790,132‌
^  Cash
denominated
in
foreign
currencies,
cost
$
1,537‌
Statement
of
Operations
Six
Months
Ended
January
31,
2023
(Unaudited)
See
accompanying
notes
to
financial
statements.
15
NTZG
Investment
Income
Dividends
$
50,277‌
Foreign
tax
withheld
on
dividend
income
(1,653‌)
Total
investment
income
48,624‌
Expenses
Management
fees
14,376‌
Professional
fees
46‌
Trustees
fees
63‌
Other
97‌
Total
expenses
14,582‌
Net
investment
income
(loss)
34,042‌
Realized
and
Unrealized
Gain
(Loss)
Net
realized
gain
(loss)
from
investments
and
foreign
currency
(31,948‌)
Net
realized
gain
(loss)
(31,948‌)
Change
in
net
unrealized
appreciation
(depreciation)
of
investments
and
foreign
currency
117,932‌
Change
in
net
unrealized
appreciation
(depreciation)
117,932‌
Net
realized
and
unrealized
gain
(loss)
85,984‌
Net
increase
(decrease)
in
net
assets
from
operations
$
120,026‌
Statement
of
Changes
in
Net
Assets
See
accompanying
notes
to
financial
statements.
16
NTZG
Unaudited
Six
Months
Ended
1/31/23
For
the
period
6/23/22
(commencement
of
operations)
through
7/31/22
Operations
Net
investment
income
(loss)
$
34,042‌
$
3,198‌
Net
realized
gain
(loss)
(
31,948‌
)
(
3,669‌
)
Change
in
net
unrealized
appreciation
(depreciation)
117,932‌
355,635‌
Net
increase
(decrease)
in
net
assets
from
operations
120,026‌
355,164‌
Distributions
to
Shareholders
Dividends
(
33,960‌
)
–‌
Decrease
in
net
assets
from
distributions
to
shareholders
(33,960)
–
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
86,066‌
5,364,024‌
Net
assets
at
the
beginning
of
period
5,364,024‌
–‌
Net
assets
at
the
end
of
period
$
5,450,090‌
$
5,364,024‌
Financial
Highlights
17
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
Total
Ending
NAV
Ending
Market
Price
NTZG
2023(d)
$
26.82
$
0.17
$
0.43
$
0.60
$
(
0.17
)
$
—
$
(
0.17
)
$
27.25
$
27.37
2022(f)
25.04
0.02
1.76
1.78
—
—
—
26.82
26.95
(a)
Per
share
Net
Investment
Income
(Loss)
is
calculated
using
the
average
daily
shares
method.
(b)
Total
Return
Based
on
NAV
reflects
the
change
in
NAV
over
the
period,
including
the
assumed
reinvestment
of
distributions,
if
any,
at
NAV
on
each
ex-dividend
payment
date
during
the
period.
Total
Return
Based
on
Market
Price
reflects
the
change
in
the
market
price
per
share
over
the
period,
including
the
assumed
reinvestment
of
distributions,
if
any,
at
the
ending
market
price
per
share
on
each
ex-dividend
payment
date
during
the
period.
Total
returns
are
not
annualized.
(c)
Portfolio
Turnover
Rate
is
calculated
based
on
the
lesser
of
long-term
purchases
or
sales
(as
disclosed
in
Note
4
-
Portfolio
Securities
and
Investments
in
Derivatives)
divided
by
the
average
long-term
market
value
during
the
period.
Portfolio
Turnover
Rate
excludes
securities
received
or
delivered
as
a
result
of
processing
in-kind
creations
or
redemptions
of
Fund
shares
(as
disclosed
in
Note
5
-
Fund
Shares).
(d)
Unaudited.  For
the
six
months
ended
January
31,
2023.
(e)
Annualized.
(f)
For
the
period
June
23,
2022
(commencement
of
operations)
through
July
31,
2022.
(g)
Value
rounded
to
zero.
See
accompanying
notes
to
financial
statements.
18
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)
2
.26
%
2
.21
%
$
5,450
0
.55‌
%
(e)
1
.30‌
%
(e)
14
%
7
.09
7
.61
5,364
0
.55‌
(e)
0
.59‌
(e)
0
(g)
Notes
to
Financial
Statements
(Unaudited)
19
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
January
31,
2023,
and
the
period
covered
by
these
Notes
to
Financial
Statements
is
the
six
months
ended
January
31,
2023
(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.
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.
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:
20
Notes
to
Financial
Statements
(Unaudited)
(continued)
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.
In
December
2022,
FASB
deferred
ASU
2022-04
and
issued
ASU
2022-06,
Reference
Rate
Reform:
Deferral
of
the
Sunset
Date
of
Topic
848,
which
extends
the
application
of
the
amendments
through
December
31,
2024.
Management
has
not
yet
elected
to
apply
the
amendments,
is
continuously
evaluating
the
potential
effect
a
discontinuation
of
LIBOR
could
have
on
the
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
2(a)(41)
of
the
1940
Act,
which
requires
a
fund
to
fair
value
a
security
when
market
quotations
are
not
readily
available.
Separately,
new
SEC
Rule
31a-4
under
the
1940
Act
sets
forth
the
recordkeeping
requirements
associated
with
fair
value
determinations.
The
Fund
adopted
a
valuation
policy
conforming
to
the
new
rules,
effective
September
1,
2022,
and
there
was
no
material
impact
to
the
Fund.
FASB
issues
ASU
2022-03-Fair
Value
Measurement
(Topic
820),
Fair
Value
Measurement
of
Equity
Securities
Subject
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
NTZG
Value
%
of
Net
Assets
Japan
$
341,154
6.3
%
United
Kingdom
327,288
6.0
Taiwan
263,370
4.8
Germany
255,524
4.7
Netherlands
239,471
4.4
France
210,067
3.9
Australia
153,269
2.8
Denmark
99,396
1.8
Finland
77,305
1.4
Other
277,109
5.1
Total
non-U.S.
Securities
$2,243,953
41.2%
21
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
Adviser,
subject
to
oversight
of
the Board.
Fair
value
is
defined
as
the
price
that
would
be
received
upon
selling
an
investment
or
transferring
a
liability
in
an
orderly
transaction
to
an
independent
buyer
in
the
principal
or
most
advantageous
market
for
the
investment.
U.S.
GAAP
establishes
the
three-tier
hierarchy
which
is
used
to
maximize
the
use
of
observable
market
data
and
minimize
the
use
of
unobservable
inputs
and
to
establish
classification
of
fair
value
measurements
for
disclosure
purposes.
Observable
inputs
reflect
the
assumptions
market
participants
would
use
in
pricing
the
asset
or
liability.
Observable
inputs
are
based
on
market
data
obtained
from
sources
independent
of
the
reporting
entity.
Unobservable
inputs
reflect
management’s
assumptions
about
the
assumptions
market
participants
would
use
in
pricing
the
asset
or
liability.
Unobservable
inputs
are
based
on
the
best
information
available
in
the
circumstances.
The
following
is
a
summary
of
the
three-tiered
hierarchy
of
valuation
input
levels.
Level
1
–
Inputs
are
unadjusted
and
prices
are
determined
using
quoted
prices
in
active
markets
for
identical
securities.
Level
2
–
Prices
are
determined
using
other
significant
observable
inputs
(including
quoted
prices
for
similar
securities,
interest
rates,
credit
spreads,
etc.).
Level
3
–
Prices
are
determined
using
significant
unobservable
inputs
(including
management’s
assumptions
in
determining
the
fair
value
of
investments).
A
description
of
the
valuation
techniques
applied
to
the
Fund's
major
classifications
of
assets
and
liabilities
measured
at
fair
value
follows:
Equity
securities
and
exchange-traded
funds
listed
or
traded
on
a
national
market
or
exchange
are
valued
based
on
their
last
reported sales
price
or
official
closing
price of such
market
or
exchange
on
the
valuation
date.
Foreign
equity
securities
and
registered
investment
companies
that
trade
on
a
foreign
exchange
are
valued
at
the
last
reported sales
price
or
official
closing
price
on
the
principal
exchange
where
traded,
and
converted
to
U.S.
dollars
at
the
prevailing
rates
of
exchange
on
the valuation
date.
For
events affecting
the value
of
foreign
securities
between
the
time
when
the
exchange
on
which
they
are
traded
closes
and
the
time
when
the
Fund's
net
assets
are
calculated,
such
securities
will
be
valued
at
fair
value
in
accordance
with
procedures
adopted
by
the
Adviser,
subject
to
the
oversight
of
the
Board. To
the
extent
these
securities
are
actively
traded
and
no
valuation
adjustments
are
applied,
they
are
generally
classified
as
Level
1. When
valuation
adjustments
are
applied
to
the
most
recent
last
sales
price
or
official
closing
price, these
securities
are
generally
classified
as
Level
2.
Prices
of
certain
American
Depositary
Receipts
(“ADR”)
held
by
the
Fund
that
trade
in
the
United
States
are
valued
based
on
the
last
traded
price,
official
closing
price,
or
an
evaluated
price
provided
by
the
independent
pricing
services
(“pricing
services”)
and
are
generally
classified
as
Level
1
or
2.
For
any
portfolio
security
or
derivative
for
which
market
quotations
are
not
readily
available
or
for
which
the
Adviser
deems
the
valuations
derived
using
the
valuation
procedures
described
above
not
to
reflect
fair
value,
the
Adviser
will
determine
a
fair
value
in
good
faith
using
alternative
procedures
approved
by
the
Adviser,
subject
to
the
oversight
of
the
Board.
As
a
general
principle,
the
fair
value
of
a
security
is
the
amount
that
the
owner
might
reasonably
expect
to
receive
for
it
in
a
current
sale.
A
variety
of
factors
may
be
considered
in
determining
the
fair
value
of
such
securities,
which
may
include
consideration
of
the
following:
yields
or
prices
of
investments
of
comparable
quality,
type
of
issue,
coupon,
maturity
and
rating,
market
quotes
or
indications
of
value
from
security
dealers,
evaluations
of
anticipated
cash
flows
or
collateral,
general
market
conditions
and
other
information
and
analysis,
including
the
obligor’s
credit
characteristics
considered
relevant.
To
the
extent
the
inputs
are
observable
and
timely,
the
values
would
be
classified
as
Level
2;
otherwise
they
would
be
classified
as
Level
3.
The
following
table
summarizes
the
market
value
of
the
Fund's
investments
as
of
the
end
of
the
reporting
period,
based
on
the
inputs
used
to
value
them:
NTZG
Level
1
Level
2
Level
3
Total
Long-Term
Investments*:
Common
Stocks
$
5,189,197
$
74,490
$
–
$
5,263,687
Total
$
5,189,197
$
74,490
$
–
$
5,263,687
*
Refer
to
the
Fund's
Portfolio
of
Investments
for
industry
classifications,
where
applicable.
22
Notes
to
Financial
Statements
(Unaudited)
(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:
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
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.
Fund
Purchases
Sales
NTZG
$
720,166
$
892,963
23
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.
As
of
the
end
of
the
reporting
period,
the
aggregate
cost
and
the
net
unrealized
appreciation/(depreciation)
of
all
investments
for
federal
income
tax
purposes
were
as
follows:
For
purposes
of
this
disclosure,
tax
cost
generally
includes
the
cost
of
portfolio
investments
as
well
as
up-front
fees
or
premiums
exchanged
on
derivatives
and
any
amounts
unrealized
for
income
statement
reporting
but
realized
income
and/or
capital
gains
for
tax
reporting,
if
applicable.
As
of
prior
fiscal
period
end,
the
components
of
accumulated
earnings
on
a
tax
basis
were
as
follows:
As
of
prior
fiscal
period
end,
the
Fund
had
capital
loss
carryforwards,
which
will
not
expire:
NTZG
Six
Months
Ended
1/31/23
For
the
period
6/23/22
(commencement
of
operations)
through
7/31/22
Shares
Amount
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
$
4,790,132
$
564,008
$
(90,453)
$
473,555
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
Fund
Short-Term
Long-Term
Total
NTZG
$
4,242
$
—
$
4,242
24
Notes
to
Financial
Statements
(Unaudited)
(continued)
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
TIAA
Owned
Shares
NTZG
98
%
25
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
Six
months
ended
January
31,
2023
Number
of
Days
%
of
Total
Days
Premium/Discount
Range:
0.51%
to
1.00%
13
10.2%
0.26%
to
0.50%
48
37.9%
0.00%
to
0.25%
53
41.7%
(0.01)%
to
(0.25)%
9
7.1%
(0.26)%
to
(0.50)%
4
3.1%
127
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.
26
Glossary
of
Terms
Used
in
this
Report
(Unaudited)
Average
Annual
Total
Return:
This
is
a
commonly
used
method
to
express
an
investment’s
performance
over
a
particular,
usually
multi-year
time
period.
It
expresses
the
return
that
would
have
been
necessary
each
year
to
equal
the
investment’s
actual
cumulative
performance
(including
change
in
NAV
or
offer
price
and
reinvested
dividends
and
capital
gains
distributions,
if
any)
over
the
time
period
being
considered.
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.
Liquidity
Risk
Management
Program
(Unaudited)
27
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”), the
Fund
covered
in
this
Report
(the
“Fund”)
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 the
Fund’s
liquidity
risk.
The
Fund's
Board
of
Trustees (the
"Board") previously
designated
Nuveen
Fund
Advisors,
LLC,
the
Fund's
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 the
Fund’s
liquidity
developments.
In
accordance
with
the
Program,
the
LMAT
assesses the
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.
The 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, the
Fund
primarily
held
Highly
Liquid
investments
and
therefore
was
exempt
from
the
requirement
to
adopt
a
Highly
Liquid
Investment
Minimum
and
to
comply
with
the
related
requirements
under
the
Liquidity
Rule.
The
Liquidity
Rule
also
limits
a
Fund’s
investments
in
Illiquid
investments.
Specifically,
the
Liquidity
Rule
prohibits
a
Fund
from
acquiring
Illiquid
investments
if
doing
so
would
result
in
the
Fund
holding
more
than
15%
of
its
net
assets
in
illiquid
investments,
and
requires
certain
reporting
to
the
Fund
Board
and
the
Securities
and
Exchange
Commission
any
time
a
Fund’s
holdings
of
Illiquid
investments
exceeds
15%
of
net
assets.
During
the
Review
Period,
no
Fund
exceeded
the
15%
limit
on
Illiquid
investments.
Nuveen
Securities,
LLC,
member
FINRA
and
SIPC
333
West
Wacker
Drive
Chicago,
IL
60606
www.nuveen.com
NSA-NTZG-0123P
2766022-INV-B-03/24
Nuveen:
Serving
Investors
for
Generations
Since
1898,
financial
advisors
and
their
clients
have
relied
on
Nuveen
to
provide
dependable
investment
solutions
through
continued
adherence
to
proven,
long-term
investing
principles.
Today,
we
offer
a
range
of
high
quality
solutions
designed
to
be
integral
components
of
a
well-diversified
core
portfolio.
Focused
on
meeting
investor
needs.
Nuveen
is
the
investment
manager
of
TIAA.
We
have
grown
into
one
of
the
world’s
premier
global
asset
managers,
with
specialist
knowledge
across
all
major
asset
classes
and
particular
strength
in
solutions
that
provide
income
for
investors
and
that
draw
on
our
expertise
in
alternatives
and
responsible
investing.
Nuveen
is
driven
not
only
by
the
independent
investment
processes
across
the
firm,
but
also
the
insights,
risk
management,
analytics
and
other
tools
and
resources
that
a
truly
world-class
platform
provides.
As
a
global
asset
manager,
our
mission
is
to
work
in
partnership
with
our
clients
to
create
solutions
which
help
them
secure
their
financial
future.
Find
out
how
we
can
help
you.
To
learn
more
about
how
the
products
and
services
of
Nuveen
may
be
able
to
help
you
meet
your
financial
goals,
talk
to
your
financial
advisor,
or
call
us
at
(800)
257-8787.
Please
read
the
information
provided
carefully
before
you
invest.
Investors
should
consider
the
investment
objective
and
policies,
risk
considerations,
charges
and
expenses
of
any
investment
carefully.
Where
applicable,
be
sure
to
obtain
a
prospectus,
which
contains
this
and
other
relevant
information.
To
obtain
a
prospectus,
please
contact
your
securities
representative
or
Nuveen,
333
W.
Wacker
Dr.,
Chicago,
IL
60606.
Please
read
the
prospectus
carefully
before
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invest
or
send
money.
Learn
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about
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Funds
at:
www.nuveen.com/exchange-traded-funds

Item 2. Code of Ethics.

Not applicable to this filing.

Item 3. Audit Committee Financial Expert.

Not applicable to this filing.

Item 4. Principal Accountant Fees and Services.

Not applicable to this filing.

Item 5. Audit Committee of Listed Registrants.

Not applicable to this filing.

Item 6. Schedule of Investments.

(a) See Portfolio of Investments in Item 1.

(b) Not applicable.

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

Not applicable to this registrant.

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

Not applicable to this registrant.

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

Not applicable to this registrant.

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

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

Item 11. Controls and Procedures.

 

(a)

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

 

(b)

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

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

Not applicable.

Item 13. Exhibits.

File the exhibits listed below as part of this Form.

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

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

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

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

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

SIGNATURES

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

(Registrant) Nushares ETF Trust

 

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

Diana R. Gonzalez

Vice President and Secretary

  

Date: April 6, 2023

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

 

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

Jordan M. Farris

Chief Administrative Officer

(principal executive officer)

  

Date: April 6, 2023

 

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

E. Scott Wickerham

Vice President and Controller

(principal financial officer)

  

Date: April 6, 2023

EX-99.CERT 2 d437443dex99cert.htm CERTIFICATION PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT Certification Pursuant to Section 302 of the Sarbanes-Oxley Act

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: April 6, 2023

 

/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: April 6, 2023

 

/s/ E. Scott Wickerham

E. Scott Wickerham

Vice President and Controller

(principal financial officer)

 EX-99.906CERT 3 d437443dex99906cert.htm CERTIFICATION PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT Certification Pursuant to Section 906 of the Sarbanes-Oxley Act

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 January 31, 2023 (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: April 6, 2023

 

/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)