N-CSR/A

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT

INVESTMENT COMPANIES

Investment Company Act file number 811-23161

Nushares ETF Trust

(Exact name of registrant as specified in charter)

Nuveen Investments

333 West Wacker Drive, Chicago, IL 60606

(Address of principal executive offices) (Zip code)

Diana R. Gonzalez

Vice President and Secretary

333 West Wacker Drive,

Chicago, IL 60606

(Name and address of agent for service)

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

Date of fiscal year end: October 31

Date of reporting period: October 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.

January 25, 2024

Nuveen Investments, Inc.

333 West Wacker Drive

Chicago, IL 60606

Securities and Exchange Commission

100 F Street, N.E.

Washington, D.C. 20549

RE:	Nushares ETF Trust
	Investment Company Act File Number 811-23161
	Accession Number 0001193125-24-003364

Ladies and Gentlemen:

We are filing an amendment to Form N-CSR for the following funds, originally filed on 05-Jan-2024:

1. Nuveen ESG Dividend ETF

2. Nuveen ESG Emerging Markets Equity ETF

3. Nuveen ESG International Developed Markets Equity ETF

4. Nuveen ESG Large-Cap ETF

5. Nuveen ESG Large-Cap Growth ETF

6. Nuveen ESG Large-Cap Value ETF

7. Nuveen ESG Mid-Cap Growth ETF

8. Nuveen ESG Mid-Cap Value ETF

9. Nuveen ESG Small-Cap ETF

10. Nuveen Dividend Growth ETF

11. Nuveen Growth Opportunities ETF

12. Nuveen Small Cap Select ETF

13. Nuveen Winslow Large-Cap Growth ESG ETF

Explanation: We have amended the original filing for the following reason:    

The Chief Administrative Officer (principal executive officer) of the registrant changed from Jordan M. Farris to Briton Ryan on 01-Jan-2024 and therefore Mr. Ryan is the appropriate signatory pursuant to General Instruction F of Form N-CSR. No other amendments to the original filing have been made.

Sincerely,

Nushares ETF Trust

/s/ Diana R. Gonzalez

Diana R. Gonzalez

Vice President and Secretary

312-917-6852

ITEM 1. REPORTS TO STOCKHOLDERS.

Funds

Exchange-Traded

Funds

Nuveen

Exchange-Traded

October

31,

2023

Annual

Report

Fund

Name

Listing

Exchange

Ticker

Symbol

Nuveen

ESG

Dividend

ETF

Cboe

BZX

Exchange,

Inc.

NUDV

Nuveen

ESG

Emerging

Markets

Equity

ETF

Cboe

BZX

Exchange,

Inc.

NUEM

Nuveen

ESG

International

Developed

Markets

Equity

ETF

Cboe

BZX

Exchange,

Inc.

NUDM

Nuveen

ESG

Large-Cap

ETF

Cboe

BZX

Exchange,

Inc.

NULC

Nuveen

ESG

Large-Cap

Growth

ETF

Cboe

BZX

Exchange,

Inc.

NULG

Nuveen

ESG

Large-Cap

Value

ETF

Cboe

BZX

Exchange,

Inc.

NULV

Nuveen

ESG

Mid-Cap

Growth

ETF

Cboe

BZX

Exchange,

Inc.

NUMG

Nuveen

ESG

Mid-Cap

Value

ETF

Cboe

BZX

Exchange,

Inc.

NUMV

Nuveen

ESG

Small-Cap

ETF

Cboe

BZX

Exchange,

Inc.

NUSC

2

Table

of

Contents

Chair’s

Letter

to

Shareholders

3

Important

Notices

4

Portfolio

Managers’

Comments

5

Risk

Considerations

13

About

the

Funds’

Benchmarks

15

Fund

Performance,

Expense

Ratios

and

Holdings

Summaries

17

Expense

Examples

36

Report

of

Independent

Registered

Public

Accounting

Firm

39

Portfolios

of

Investments

41

Statement

of

Assets

and

Liabilities

80

Statement

of

Operations

82

Statement

of

Changes

in

Net

Assets

84

Financial

Highlights

89

Notes

to

Financial

Statements

93

Important

Tax

Information

103

Additional

Fund

Information

105

Glossary

of

Terms

Used

in

this

Report

107

Liquidity

Risk

Management

Program

108

Annual

Investment

Management

Agreement

Approval

Process

109

Trustees

and

Officers

117

Chair’s

Letter

to

Shareholders

3

Dear

Shareholders,

Financial

markets

spent

the

past

year

focused

on

the

direction

of

inflation

and

whether

policy

makers

would

be

able

to

deliver

a

soft

landing

in

their

economies.

After

more

than

a

year

and

a

half

of

interest

rate

increases

by

the

U.S.

Federal

Reserve

(Fed)

and

other

central

banks,

financial

conditions

have

tightened

and

inflation

rates

have

cooled

considerably.

The

Fed

increased

the

target

fed

funds

rate

from

near

zero

in

March

2022

to

a

range

of

5.25%

to

5.50%

as

of

November

2023,

with

pauses

in

June

2023,

September

2023

and

November

2023.

But

current

inflation

rates

remain

above

central

banks’

targets,

and

the

trajectory

from

here

is

difficult

to

predict

given

that

monetary

policy

acts

on

the

economy

with

long

and

variable

lags.

Surprisingly,

economies

were

relatively

resilient

for

much

of

2023.

By

year-end,

the

“most

predicted

recession”

had

yet

to

materialize

in

the

U.S.,

while

U.K.

and

European

economic

growth

was

just

beginning

to

show

signs

of

stagnation

or

decline.

U.S.

gross

domestic

product

rose

5.2%

in

the

third

quarter

of

2023,

2.1%

in

the

second

quarter

of

2023

and

2.0%

in

the

first

quarter

of

2023,

after

growing

2.1%

in

2022

overall

compared

to

2021.

Much

of

the

growth

was

driven

by

a

relatively

strong

jobs

market,

which

kept

consumer

sentiment

and

spending

elevated

despite

long-term

interest

rates

nearing

multi-year

highs,

a

series

of

U.S.

regional

bank

failures

and

shocks

from

flaring

geopolitical

tensions.

While

central

banks

are

likely

nearing

the

end

of

this

interest

rate

hiking

cycle,

there

are

still

upside

risks

to

inflation

and

downside

risks

to

the

economy.

Some

labor

market

and

consumer

indicators

are

softening.

Government

funding

and

deficits

remain

a

concern,

especially

as

the

U.S.

election

year

gets

underway.

The

markets

will

continue

to

try

to

anticipate

monetary

policy

shifts

as

the

Fed

evaluates

incoming

data

and

adjusts

its

rate

setting

activity

on

a

meeting-

by-meeting

basis.

Geopolitical

risks

–

from

relations

with

China,

to

wars

in

Europe

and

the

Middle

East

–

also

expand

the

range

of

outcomes

from

economies

and

markets

around

the

world.

All

these

uncertainties,

and

others,

will

remain

sources

of

short-term

market

volatility.

In

this

environment,

Nuveen

remains

committed

to

filtering

the

market

noise

for

investable

opportunities

that

ultimately

serve

long-term

investment

objectives.

Maintaining

a

long-term

perspective

is

also

important

for

investors,

and

we

encourage

you

to

review

your

time

horizon,

risk

tolerance

and

investment

goals

with

your

financial

professional.

On

behalf

of

the

other

members

of

the

Nuveen

Fund

Board,

we

look

forward

to

continuing

to

earn

your

trust

in

the

months

and

years

ahead.

Terence

J.

Toth

Chair

of

the

Board

December 22,

2023

4

Important

Notices

Securities

and

Exchange

Commission

(the

“SEC”)

Adopts

Amendments

for

Tailored

Shareholder

Reports

On

October

26,

2022,

the

SEC

adopted

rule

and

form

amendments

(the

“Amendments”)

that

require

mutual

funds

and

exchange-

traded

funds

registered

on

Form

N-1A

to

provide

shareholders

with

streamlined

annual

and

semi-annual

shareholder

reports

(“Tailored

Shareholder

Reports”). Tailored

Shareholder

Reports

are

meant

to

be

three

to

four

pages

in

length

and

will

highlight

key

information

such

as

a

fund’s

expenses,

performance

and

portfolio

holdings.

Other,

more

detailed

information

that

currently

appears

in

fund

shareholder

reports

will

be

made

available

online,

filed

with

the

SEC,

and

delivered

to

investors

free

of

charge

in

paper

or

electronically

upon

request.

The

first

Tailored

Shareholder

Reports

to

be

prepared

for

these

Funds

will

be

for

the

reporting

period

ended

October

31,

2024.

Portfolio

Managers’

Comments

5

Nuveen

ESG

Dividend

ETF

(NUDV)

Nuveen

ESG

Emerging

Markets

Equity

ETF

(NUEM)

Nuveen

ESG

International

Developed

Markets

Equity

ETF

(NUDM)

Nuveen

ESG

Large-Cap

ETF

(NULC)

Nuveen

ESG

Large-Cap

Growth

ETF

(NULG)

Nuveen

ESG

Large-Cap

Value

ETF

(NULV)

Nuveen

ESG

Mid-Cap

Growth

ETF

(NUMG)

Nuveen

ESG

Mid-Cap

Value

ETF

(NUMV)

Nuveen

ESG

Small-Cap

ETF

(NUSC)

These

Funds

feature

portfolio

management

by

Teachers

Advisors,

LLC,

an

affiliate

of

Nuveen

Fund

Advisors,

LLC.

Below,

the

Funds’

portfolio

managers,

Philip

James

(Jim)

Campagna,

CFA,

and

Lei

Liao,

CFA,

discuss

global

economic

and

market

conditions,

key

investment

strategies

and

the

performance

of

the

Funds

during

the

twelve-month

reporting

period

ended

October

31,

2023.

For

more

information

on

each

Fund’s

investment

objectives

and

policies,

please

refer

to

the

prospectus.

What

factors

affected

the

U.S.

economy

and

market

conditions

during

the

twelve-month

annual

reporting

period

ended

October

31,

2023?

The

U.S.

economy

performed

better

than

expected

despite

persistent

inflationary

pressure

and

rising

interest

rates

during

the

twelve-month

period

ended

October

31,

2023.

Gross

domestic

product

accelerated

sharply

in

third

quarter

of

2023

to

an

annualized

rate

of

5.2%,

according

to

the

U.S.

Bureau

of

Economic

Analysis

second

estimate,

up

from

2.1%

in

the

second

quarter

of

2023.

By

comparison,

GDP

grew

2.1%

in

2022

overall.

Early

in

the

reporting

period,

inflation

had

risen

sharply

because

of

supply

chain

disruptions

and

high

food

and

energy

prices,

the

Russia-Ukraine

war

and

China’s

zero-COVID

restrictions

(lifted

in

December

2022).

Since

then,

price

pressures

have

eased

given

normalization

in

supply

chains,

falling

energy

prices

and

aggressive

measures

by

the

U.S.

Federal

Reserve

(Fed)

and

other

global

central

banks

to

tighten

financial

conditions

and

slow

demand

in

their

economies.

Nevertheless,

during

the

reporting

period

inflation

levels

remained

much

higher

than

central

banks’

target

levels.

The

Fed

raised

its

target

fed

funds

rate

six

times

during

the

reporting

period,

bringing

it

to

a

range

of

5.25%

to

5.50%

as

of

July

2023

and

voting

to

hold

it

at

that

level

at

its

next

two

meetings

held

near

the

end

of

the

reporting

period.

For

much

of

the

reporting

period,

the

Fed’s

activity

led

to

significant

volatility

in

bond

and

stock

markets,

given

the

uncertainty

of

how

rising

interest

rates

would

affect

the

economy.

One

of

the

most

highly

visible

impacts

occurred

in

the

U.S.

regional

banking

sector

in

March

2023,

when

Silicon

Valley

Bank,

Signature

Bank,

First

Republic

Bank

and

Silvergate

Bank

failed.

In

the

same

month,

Swiss

bank

UBS

agreed

to

buy

Credit

Suisse,

which

was

considered

vulnerable

in

the

current

environment.

The

Fed’s

monetary

tightening

policy

also

contributed

to

an

increase

in

the

U.S.

dollar’s

value

relative

to

major

world

currencies,

which

acts

as

a

headwind

to

the

profits

of

international

companies

and

U.S.

domestic

companies

with

overseas

earnings.

During

the

reporting

period,

elevated

inflation

and

higher

borrowing

costs

weighed

on

some

segments

of

the

economy,

including

the

real

estate

market.

Consumer

spending,

however,

has

remained

more

resilient

than

expected,

in

part

because

of

a

still-strong

labor

market,

another

key

gauge

of

the

economy’s

health.

As

of

October

2023,

the

unemployment

rate

was

3.9%,

rising

from

its

pre-

pandemic

low,

with

monthly

job

growth

continuing

to

moderate.

The

strong

labor

market

and

wage

gains

helped

the

U.S.

economy

during

the

reporting

period,

even

as

the

Fed

sought

to

soften

job

growth

to

help

curb

inflation

pressures.

During

the

reporting

period,

investors

also

continued

to

monitor

government

funding

and

deficits.

The

U.S.

government

avoided

a

default

scenario

after

approving

an

increase

to

the

debt

ceiling

limit

in

June

2023.

At

the

same

time,

the

potential

for

a

government

shutdown

loomed

but

was

ultimately

avoided

with

funding

resolutions

passed

in

September

2023

and,

subsequent

to

the

close

of

the

reporting

period,

November

2023.

Notably,

in

August

2023,

ratings

agency

Fitch

downgraded

U.S.

debt

from

AAA

to

AA+

based

on

concerns

about

the

U.S.’s

growing

fiscal

debt

and

reduced

confidence

in

fiscal

management.

Global

equity

performance

during

the

reporting

period

was

concentrated

among

several

mega-cap

technology

stocks

that

were

expected

to

benefit

from

rapidly

emerging

artificial

intelligence

capabilities.

By

comparison,

the

remainder

of

the

market

was

weak.

Equities

faced

pressure

from

recession

risks,

especially

in

Europe,

high

interest

rates,

and

elevated

inflation.

Additionally,

China’s

economic

recovery

following

its

prolonged

pandemic

lockdown

disappointed

expectations

and

its

property

sector

continued

to

signal

distress.

Geopolitical

tensions

increased

as

the

U.S.

tightened

regulations

on

China’s

advanced

chip

exports,

the

Russia-

Ukraine

war

continued,

and

conflict

broke

out

in

the

Middle

East.

Portfolio

Managers’

Comments

(continued)

6

Nuveen

ESG

Dividend

ETF

(NUDV)

What

key

strategies

were

used

to

manage

the

Fund

during

the

twelve-month

reporting

period

ended

October

31,

2023?

The

Fund

employs

a

passive

management

(or

“indexing”)

approach,

seeking

to

track

the

investment

results,

before

fees

and

expenses,

of

its

custom

index,

which

is

comprised

solely

of

equity

securities

selected

from

a

base

index

that

meet

certain

environmental,

social

and

governance

(“ESG”)

criteria.

The

Fund

seeks

to

track

its

custom

index

by

investing

all,

or

substantially

all,

of

its

assets

in

the

securities

represented

in

its

custom

index

in

approximately

the

same

proportions.

The

Fund

rebalances

its

holdings

quarterly

in

response

to

the

quarterly

rebalance

of

its

custom

index,

which

occurs

in

February,

May,

August,

and

November.

NUDV

seeks

to

track

the

investment

results,

before

fees

and

expenses,

of

the

TIAA

ESG

USA

High

Dividend

Index

(the

“NUDV

custom

index”),

which

is

comprised

of

equity

securities

issued

by

large

and

mid-capitalization

companies

listed

on

U.S.

exchanges.

The

NUDV

custom

index

aims

to

represent

the

performance

of

a

set

of

securities

with

high

dividend

income

and

quality

characteristics

while

maximizing

the

exposure

to

positive

environmental,

social

and

governance

(ESG)

factors

as

well

as

exhibit

lower

carbon

exposure

than

the

MSCI

USA

Index

(the

“NUDV

base

index”).

The

NUDV

custom

index

selects

from

the

securities

included

in

the

NUDV

base

index,

which

generally

consists

of

the

large

and

mid-capitalization

segments

of

the

U.S.

market.

MSCI

Inc.

(“MSCI”)

is

the

index

provider

for

the

NUDV

custom

index

and

NUDV

base

index.

The

custom

index

and

base

index

are

owned,

calculated

and

controlled

by

MSCI,

in

its

sole

discretion.

Neither

the

sub-adviser

nor

its

affiliates

has

any

discretion

to

select

index

components

or

change

the

custom

index’s

methodology.

The

custom

index

identifies

equity

securities

from

its

base

index

that

satisfy

certain

ESG

criteria,

based

on

ESG

performance

data

collected

by

MSCI

ESG

Research,

Inc.

ESG

performance

is

measured

on

an

industry-specific

basis,

with

assessment

categories

varying

by

industry.

How

did

the

Fund

perform

during

the

twelve-month

reporting

period

ended

October

31,

2023?

The

Fund’s

total

return

at

NAV

is

compared

with

the

performance

of

the

Fund’s

custom

index,

which

the

Fund

is

designed

to

track.

The

Fund’s

total

return

at

NAV

was

-1.59%

for

the

reporting

period

while

the

custom

index

returned

-1.36%.

The

difference

between

the

Fund’s

total

return

at

NAV

and

that

of

the

custom

index

is

attributable

to

management

fees

and

other

expenses

incurred

by

the

Fund

that

are

not

incurred

by

the

custom

index.

Gross

of

management

fees

and

other

expenses,

the

Fund

performed

in

line

with

its

custom

index

over

the

reporting

period.

During

the

reporting

period,

the

NUDV

custom

index

significantly

underperformed

the

NUDV

base

index,

driven

by

underweight

allocations

to

and

security

selection

within

the

information

technology

and

communication

services

sectors.

The

custom

index

lacked

exposure

to

a

handful

of

strong-performing,

non-dividend

paying

stocks

in

both

sectors.

This

created

a

headwind

for

the

NUDV

custom

index’s

performance

relative

to

the

base

index

but

is

consistent

with

the

custom

index’s

selection

criteria.

Nuveen

ESG

Emerging

Markets

Equity

ETF

(NUEM)

What

key

strategies

were

used

to

manage

the

Fund

during

the

twelve-month

reporting

period

ended

October

31,

2023?

The

Fund

employs

a

passive

management

(or

“indexing”)

approach,

seeking

to

track

the

investment

results,

before

fees

and

expenses,

of

its

custom

index,

which

is

comprised

solely

of

equity

securities

selected

from

a

base

index

that

meet

certain

environmental,

social

and

governance

(“ESG”)

criteria.

The

Fund

seeks

to

track

its

custom

index

by

investing

all,

or

substantially

all,

of

its

assets

in

the

securities

represented

in

its

custom

index

in

approximately

the

same

proportions.

The

Fund

rebalances

its

holdings

quarterly

in

response

to

the

quarterly

rebalance

of

its

custom

index,

which

occurs

in

February,

May,

August,

and

November.

NUEM

seeks

to

track

the

investment

results,

before

fees

and

expenses,

of

the

TIAA

ESG

Emerging

Markets

Equity

Index

(the

“NUEM

custom

index”),

which

is

comprised

solely

of

listed

equity

securities

issued

by

companies

(and

depositary

receipts

representing

such

securities)

located

in

countries

within

emerging

markets,

and

uses

a

rules-based

methodology

that

aims

to

increase

exposure

to

positive

environmental,

social

and

governance

(ESG)

factors

as

well

as

exhibit

lower

carbon

exposure

than

the

MSCI

Emerging

Markets

Index

(the

“NUEM

base

index”).

The

NUEM

custom

index

selects

from

the

securities

included

in

the

NUEM

base

index,

which

currently

consists

of

large

and

mid-capitalization

companies

located

in

emerging

market

countries.

MSCI

Inc.

(“MSCI”)

is

the

index

provider

for

the

NUEM

custom

index

and

NUEM

base

index.

The

custom

index

and

base

index

are

owned,

calculated

and

controlled

by

MSCI,

in

its

sole

discretion.

Neither

the

sub-adviser

nor

its

affiliates

has

any

discretion

to

select

index

components

or

change

the

custom

index’s

methodology.

The

custom

index

identifies

equity

securities

from

its

base

index

that

7

satisfy

certain

ESG

criteria,

based

on

ESG

performance

data

collected

by

MSCI

ESG

Research,

Inc.

ESG

performance

is

measured

on

an

industry-specific

basis,

with

assessment

categories

varying

by

industry.

How

did

the

Fund

perform

during

the

twelve-month

reporting

period

ended

October

31,

2023?

The

Fund’s

total

return

at

NAV

is

compared

with

the

performance

of

the

Fund’s

custom

index,

which

the

Fund

is

designed

to

track.

The

Fund’s

total

return

at

NAV

was

11.80%

for

the

reporting

period

while

the

custom

index

returned

12.59%.

The

difference

between

the

Fund’s

total

return

at

NAV

and

that

of

the

custom

index

is

attributable

to

management

fees

and

other

expenses

incurred

by

the

Fund

that

are

not

incurred

by

the

custom

index

along

with

transaction

costs

such

as

commissions

and

exchange

taxes

and

fees,

which

can

be

higher

in

emerging

markets.

During

the

reporting

period,

the

NUEM

custom

index

outperformed

the

NUEM

base

index,

driven

by

security

selection

in

the

information

technology

and

consumer

discretionary

sectors.

From

a

country

perspective,

a

lack

of

exposure

to

Kuwait

and

a

modest

overweight

allocation

to

Taiwan

also

contributed

positively

to

relative

returns.

Nuveen

ESG

International

Developed

Markets

Equity

ETF

(NUDM)

What

key

strategies

were

used

to

manage

the

Fund

during

the

twelve-month

reporting

period

ended

October

31,

2023?

The

Fund

employs

a

passive

management

(or

“indexing”)

approach,

seeking

to

track

the

investment

results,

before

fees

and

expenses,

of

its

custom

index,

which

is

comprised

solely

of

equity

securities

selected

from

a

base

index

that

meet

certain

environmental,

social

and

governance

(“ESG”)

criteria.

The

Fund

seeks

to

track

its

custom

index

by

investing

all,

or

substantially

all,

of

its

assets

in

the

securities

represented

in

its

custom

index

in

approximately

the

same

proportions.

The

Fund

rebalances

its

holdings

quarterly

in

response

to

the

quarterly

rebalance

of

its

custom

index,

which

occurs

in

February,

May,

August,

and

November.

NUDM

seeks

to

track

the

investment

results,

before

fees

and

expenses,

of

the

TIAA

ESG

International

Developed

Markets

Equity

Index

(the

“NUDM

custom

index”),

which

is

comprised

solely

of

listed

equity

securities

issued

by

companies

(and

depositary

receipts

representing

such

securities)

located

in

countries

within

developed

markets,

excluding

the

United

States

and

Canada,

and

uses

a

rules-based

methodology

that

aims

to

increase

exposure

to

positive

environmental,

social

and

governance

(ESG)

factors

as

well

as

exhibit

lower

carbon

exposure

than

the

MSCI

EAFE

Index

(the

“NUDM

base

index”).

The

NUDM

custom

index

selects

from

the

securities

included

in

the

NUDM

base

index,

which

currently

consists

of

large

and

mid-capitalization

companies

located

in

developed

market

countries.

MSCI

Inc.

(“MSCI”)

is

the

index

provider

for

the

NUDM

custom

index

and

NUDM

base

index.

The

custom

index

and

base

index

are

owned,

calculated

and

controlled

by

MSCI,

in

its

sole

discretion.

Neither

the

sub-adviser

nor

its

affiliates

has

any

discretion

to

select

index

components

or

change

the

custom

index’s

methodology.

The

custom

index

identifies

equity

securities

from

its

base

index

that

satisfy

certain

ESG

criteria,

based

on

ESG

performance

data

collected

by

MSCI

ESG

Research,

Inc.

ESG

performance

is

measured

on

an

industry-specific

basis,

with

assessment

categories

varying

by

industry.

How

did

the

Fund

perform

during

the

twelve-month

reporting

period

ended

October

31,

2023?

The

Fund’s

total

return

at

NAV

is

compared

with

the

performance

of

the

Fund’s

custom

index,

which

the

Fund

is

designed

to

track.

The

Fund’s

total

return

at

NAV

was

12.84%

for

the

reporting

period

while

the

custom

index

returned

13.14%.

The

difference

between

the

Fund’s

total

return

at

NAV

and

that

of

the

custom

index

is

attributable

to

management

fees

and

other

expenses

incurred

by

the

Fund

that

are

not

incurred

by

the

custom

index.

During

the

reporting

period,

the

NUDM

custom

index

underperformed

the

NUDM

base

index,

driven

by

security

selection

in

the

industrials

sector.

Within

industrials,

relative

returns

were

hampered

by

underweight

allocations

to

aerospace

&

defense

firms

as

well

as

trading

companies

&

distributors.

From

a

country

perspective,

security

selection

in

Japanese

equities

also

detracted

from

relative

performance,

due

to

an

underweight

allocation

to

industrials,

energy

and

utilities.

Portfolio

Managers’

Comments

(continued)

8

Nuveen

ESG

Large-Cap

ETF

(NULC)

What

key

strategies

were

used

to

manage

the

Fund

during

the

twelve-month

reporting

period

ended

October

31,

2023?

The

Fund

employs

a

passive

management

(or

“indexing”)

approach,

seeking

to

track

the

investment

results,

before

fees

and

expenses,

of

its

custom

index,

which

is

comprised

solely

of

equity

securities

selected

from

a

base

index

that

meet

certain

environmental,

social

and

governance

(“ESG”)

criteria.

The

Fund

seeks

to

track

its

custom

index

by

investing

all,

or

substantially

all,

of

its

assets

in

the

securities

represented

in

its

custom

index

in

approximately

the

same

proportions.

The

Fund

rebalances

its

holdings

quarterly

in

response

to

the

quarterly

rebalance

of

its

custom

index,

which

occurs

in

February,

May,

August,

and

November.

NULC

seeks

to

track

the

investment

results,

before

fees

and

expenses,

of

the

TIAA

ESG

USA

Large-Cap

Index

(the

“NULC

custom

index”),

which

is

comprised

of

equity

securities

issued

by

large

capitalization

companies

listed

on

U.S.

exchanges,

and

uses

a

rules-

based

methodology

that

aims

to

increase

exposure

to

positive

environmental,

social

and

governance

(ESG)

factors

as

well

as

exhibit

lower

carbon

exposure

than

the

MSCI

USA

Index

(the

“NULC

base

index”).

The

NULC

custom

index

selects

from

the

securities

included

in

the

NULC

base

index,

which

generally

consists

of

the

large

and

mid-capitalization

segments

of

the

U.S.

market.

MSCI

Inc.

(“MSCI”)

is

the

index

provider

for

the

NULC

custom

index

and

NULC

base

index.

The

custom

index

and

base

index

are

owned,

calculated

and

controlled

by

MSCI,

in

its

sole

discretion.

Neither

the

sub-adviser

nor

its

affiliates

has

any

discretion

to

select

index

components

or

change

the

custom

index’s

methodology.

The

custom

index

identifies

equity

securities

from

its

base

index

that

satisfy

certain

ESG

criteria,

based

on

ESG

performance

data

collected

by

MSCI

ESG

Research,

Inc.

ESG

performance

is

measured

on

an

industry-specific

basis,

with

assessment

categories

varying

by

industry.

How

did

the

Fund

perform

during

the

twelve-month

reporting

period

ended

October

31,

2023?

The

Fund’s

total

return

at

NAV

is

compared

with

the

performance

of

the

Fund’s

custom

index,

which

the

Fund

is

designed

to

track.

The

Fund’s

total

return

at

NAV

was

8.06%

for

the

reporting

period

while

the

custom

index

returned

8.30%.

The

difference

between

the

Fund’s

total

return

at

NAV

and

that

of

the

custom

index

is

attributable

to

management

fees

and

other

expenses

incurred

by

the

Fund

that

are

not

incurred

by

the

custom

index.

During

the

reporting

period,

the

NULC

custom

index

underperformed

the

NULC

base

index,

driven

by

stock

selection

within

the

communication

services

sector.

The

custom

index

did

not

have

exposure

to

Alphabet,

Inc.

or

Meta

Platforms,

Inc.,

two

of

the

best-

performing

companies

in

the

communication

services

sector.

Both

securities

were

excluded

from

the

custom

index

over

the

period

due

to

ESG

concerns.

This

is

consistent

with

the

custom

index’s

selection

criteria.

Nuveen

ESG

Large-Cap

Growth

ETF

(NULG)

What

key

strategies

were

used

to

manage

the

Fund

during

the

twelve-month

reporting

period

ended

October

31,

2023?

The

Fund

employs

a

passive

management

(or

“indexing”)

approach,

seeking

to

track

the

investment

results,

before

fees

and

expenses,

of

its

custom

index,

which

is

comprised

solely

of

equity

securities

selected

from

a

base

index

that

meet

certain

environmental,

social

and

governance

(“ESG”)

criteria.

The

Fund

seeks

to

track

its

custom

index

by

investing

all,

or

substantially

all,

of

its

assets

in

the

securities

represented

in

its

custom

index

in

approximately

the

same

proportions.

The

Fund

rebalances

its

holdings

quarterly

in

response

to

the

quarterly

rebalance

of

its

custom

index,

which

occurs

in

February,

May,

August,

and

November.

NULG

seeks

to

track

the

investment

results,

before

fees

and

expenses,

of

the

TIAA

ESG

USA

Large-Cap

Growth

Index

(the

“NULG

custom

index”),

which

is

comprised

of

equity

securities

issued

by

large-capitalization

companies

listed

on

U.S.

exchanges,

and

uses

a

rules-based

methodology

that

aims

to

increase

exposure

to

positive

environmental,

social

and

governance

(ESG)

factors

as

well

as

exhibit

lower

carbon

exposure

than

the

MSCI

USA

Growth

Index

(the

“NULG

base

index”).

The

NULG

custom

index

selects

from

the

securities

included

in

the

NULG

base

index,

which

generally

consists

of

large

and

mid-capitalization

U.S.

equity

securities

that

exhibit

overall

growth

style

characteristics

based

on

five

variables:

long-term

forward

earnings

per

share

(“EPS”)

growth

rate,

short

term

forward

EPS

growth

rate,

current

internal

growth

rate,

long-term

historical

EPS

growth

trend,

and

long-term

historical

sales

per

share

growth

trend.

MSCI

Inc.

(“MSCI”)

is

the

index

provider

for

the

NULG

custom

index

and

NULG

base

index.

The

custom

index

and

base

index

are

owned,

calculated

and

controlled

by

MSCI,

in

its

sole

discretion.

Neither

the

sub-adviser

nor

its

affiliates

has

any

discretion

to

select

index

components

or

change

the

custom

index’s

methodology.

The

custom

index

identifies

equity

securities

from

its

base

index

that

9

satisfy

certain

ESG

criteria,

based

on

ESG

performance

data

collected

by

MSCI

ESG

Research,

Inc.

ESG

performance

is

measured

on

an

industry-specific

basis,

with

assessment

categories

varying

by

industry.

How

did

the

Fund

perform

during

the

twelve-month

reporting

period

ended

October

31,

2023?

The

Fund’s

total

return

at

NAV

is

compared

with

the

performance

of

the

Fund’s

custom

index,

which

the

Fund

is

designed

to

track.

The

Fund’s

total

return

at

NAV

was

19.36%

for

the

reporting

period

while

the

custom

index

returned

19.72%.

The

difference

between

the

Fund’s

total

return

at

NAV

and

that

of

the

custom

index

is

attributable

to

management

fees

and

other

expenses

incurred

by

the

Fund

that

are

not

incurred

by

the

custom

index.

During

the

reporting

period,

the

NULG

custom

index

underperformed

the

NULG

base

index,

driven

by

stock

selection

within

the

communication

services

sector.

The

custom

index

did

not

have

exposure

to

Alphabet,

Inc.

or

Meta

Platforms,

Inc.,

two

of

the

best-

performing

companies

in

the

communication

services

sector.

Both

securities

were

excluded

from

the

custom

index

over

the

period

due

to

ESG

concerns.

This

is

consistent

with

the

custom

index’s

selection

criteria.

Nuveen

ESG

Large-Cap

Value

ETF

(NULV)

What

key

strategies

were

used

to

manage

the

Fund

during

the

twelve-month

reporting

period

ended

October

31,

2023?

The

Fund

employs

a

passive

management

(or

“indexing”)

approach,

seeking

to

track

the

investment

results,

before

fees

and

expenses,

of

its

custom

index,

which

is

comprised

solely

of

equity

securities

selected

from

a

base

index

that

meet

certain

environmental,

social

and

governance

(“ESG”)

criteria.

The

Fund

seeks

to

track

its

custom

index

by

investing

all,

or

substantially

all,

of

its

assets

in

the

securities

represented

in

its

custom

index

in

approximately

the

same

proportions.

The

Fund

rebalances

its

holdings

quarterly

in

response

to

the

quarterly

rebalance

of

its

custom

index,

which

occurs

in

February,

May,

August,

and

November.

NULV

seeks

to

track

the

investment

results,

before

fees

and

expenses,

of

the

TIAA

ESG

USA

Large-Cap

Value

Index

(the

“NULV

custom

index”),

which

is

comprised

of

equity

securities

issued

by

large-capitalization

companies

listed

on

U.S.

exchanges,

and

uses

a

rules-based

methodology

that

aims

to

increase

exposure

to

positive

environmental,

social

and

governance

(ESG)

factors

as

well

as

exhibit

lower

carbon

exposure

than

the

MSCI

USA

Value

Index

(the

“NULV

base

index”).

The

NULV

custom

index

selects

from

the

securities

included

in

the

NULV

base

index,

which

generally

consists

of

large

and

mid-capitalization

U.S.

equity

securities

that

exhibit

overall

value

style

characteristics

based

on

three

variables:

book

value

to

price,

twelve-month

forward

earnings

to

price

and

dividend

yield.

MSCI

Inc.

(“MSCI”)

is

the

index

provider

for

the

NULV

custom

index

and

NULV

base

index.

The

custom

index

and

base

index

are

owned,

calculated

and

controlled

by

MSCI,

in

its

sole

discretion.

Neither

the

sub-adviser

nor

its

affiliates

has

any

discretion

to

select

index

components

or

change

the

custom

index’s

methodology.

The

custom

index

identifies

equity

securities

from

its

base

index

that

satisfy

certain

ESG

criteria,

based

on

ESG

performance

data

collected

by

MSCI

ESG

Research,

Inc.

ESG

performance

is

measured

on

an

industry-specific

basis,

with

assessment

categories

varying

by

industry.

How

did

the

Fund

perform

during

the

twelve-month

reporting

period

ended

October

31,

2023?

The

Fund’s

total

return

at

NAV

is

compared

with

the

performance

of

the

Fund’s

custom

index,

which

the

Fund

is

designed

to

track.

The

Fund’s

total

return

at

NAV

was

-2.73%

for

the

reporting

period

while

the

custom

index

returned

-2.49%.

The

difference

between

the

Fund’s

total

return

at

NAV

and

that

of

the

custom

index

is

attributable

to

management

fees

and

other

expenses

incurred

by

the

Fund

that

are

not

incurred

by

the

custom

index.

During

the

reporting

period,

the

NULV

custom

index

underperformed

the

NULV

base

index,

driven

by

security

selection

in

the

information

technology

sector.

The

largest

individual

detractor

during

the

reporting

period

was

Broadcom,

Inc.,

a

security

not

held

by

the

custom

index.

Broadcom

posted

strong

returns

given

positive

investor

sentiment

over

potential

in

artificial

intelligence

technology.

This

was

partially

offset

by

an

underweight

allocation

to

and

stock

selection

within

the

energy

sector.

Portfolio

Managers’

Comments

(continued)

10

Nuveen

ESG

Mid-Cap

Growth

ETF

(NUMG)

What

key

strategies

were

used

to

manage

the

Fund

during

the

twelve-month

reporting

period

ended

October

31,

2023?

The

Fund

employs

a

passive

management

(or

“indexing”)

approach,

seeking

to

track

the

investment

results,

before

fees

and

expenses,

of

its

custom

index,

which

is

comprised

solely

of

equity

securities

selected

from

a

base

index

that

meet

certain

environmental,

social

and

governance

(“ESG”)

criteria.

The

Fund

seeks

to

track

its

custom

index

by

investing

all,

or

substantially

all,

of

its

assets

in

the

securities

represented

in

its

custom

index

in

approximately

the

same

proportions.

The

Fund

rebalances

its

holdings

quarterly

in

response

to

the

quarterly

rebalance

of

its

custom

index,

which

occurs

in

February,

May,

August,

and

November.

NUMG

seeks

to

track

the

investment

results,

before

fees

and

expenses,

of

the

TIAA

ESG

USA

Mid-Cap

Growth

Index

(the

“NUMG

custom

index”),

which

is

comprised

of

equity

securities

issued

by

mid-capitalization

companies

listed

on

U.S.

exchanges,

and

uses

a

rules-based

methodology

that

aims

to

increase

exposure

to

positive

ESG

factors

as

well

as

exhibit

lower

carbon

exposure

than

the

MSCI

USA

Mid-Cap

Growth

Index

(the

“NUMG

base

index”).

The

NUMG

custom

index

selects

from

the

securities

included

in

the

NUMG

base

index,

which

generally

consists

of

mid-capitalization

U.S.

equity

securities

that

exhibit

overall

growth

style

characteristics

based

on

five

variables:

long-term

forward

EPS

growth

rate,

short-term

forward

EPS

growth

rate,

current

internal

growth

rate,

long-term

historical

EPS

growth

trend

and

long-term

historical

sales

per

share

growth

trend.

MSCI

Inc.

(“MSCI”)

is

the

index

provider

for

the

NUMG

custom

index

and

NUMG

base

index.

The

custom

index

and

base

index

are

owned,

calculated

and

controlled

by

MSCI,

in

its

sole

discretion.

Neither

the

sub-adviser

nor

its

affiliates

has

any

discretion

to

select

index

components

or

change

the

custom

index’s

methodology.

The

custom

index

identifies

equity

securities

from

its

base

index

that

satisfy

certain

ESG

criteria,

based

on

ESG

performance

data

collected

by

MSCI

ESG

Research,

Inc.

ESG

performance

is

measured

on

an

industry-specific

basis,

with

assessment

categories

varying

by

industry.

How

did

the

Fund

perform

during

the

twelve-month

reporting

period

ended

October

31,

2023?

The

Fund’s

total

return

at

NAV

is

compared

with

the

performance

of

the

Fund’s

custom

index,

which

the

Fund

is

designed

to

track.

The

Fund’s

total

return

at

NAV

was

0.43%

for

the

reporting

period

while

the

custom

index

returned

0.72%.

The

difference

between

the

Fund’s

total

return

at

NAV

and

that

of

the

custom

index

is

attributable

to

management

fees

and

other

expenses

incurred

by

the

Fund

that

are

not

incurred

by

the

custom

index.

During

the

reporting

period,

the

NUMG

custom

index

underperformed

the

NUMG

base

index,

driven

by

security

selection

in

the

communication

services

sector.

The

largest

detractors

from

relative

returns

within

the

sector

were

an

overweight

position

in

ZoomInfo

Technologies

Inc.

and

a

lack

of

exposure

to

Trade

Desk,

Inc.

Security

selection

within

the

financials

sector

also

detracted

relative

to

the

base

index.

Nuveen

ESG

Mid-Cap

Value

ETF

(NUMV)

What

key

strategies

were

used

to

manage

the

Fund

during

the

twelve-month

reporting

period

ended

October

31,

2023?

The

Fund

employs

a

passive

management

(or

“indexing”)

approach,

seeking

to

track

the

investment

results,

before

fees

and

expenses,

of

its

custom

index,

which

is

comprised

solely

of

equity

securities

selected

from

a

base

index

that

meet

certain

environmental,

social

and

governance

(“ESG”)

criteria.

The

Fund

seeks

to

track

its

custom

index

by

investing

all,

or

substantially

all,

of

its

assets

in

the

securities

represented

in

its

custom

index

in

approximately

the

same

proportions.

The

Fund

rebalances

its

holdings

quarterly

in

response

to

the

quarterly

rebalance

of

its

custom

index,

which

occurs

in

February,

May,

August,

and

November.

NUMV

seeks

to

track

the

investment

results,

before

fees

and

expenses,

of

the

TIAA

ESG

USA

Mid-Cap

Value

Index

(the

“NUMV

custom

index”),

which

is

comprised

of

equity

securities

issued

by

mid

capitalization

companies

listed

on

U.S.

exchanges,

and

uses

a

rules-based

methodology

that

aims

to

increase

exposure

to

positive

environmental,

social

and

governance

(ESG)

factors

as

well

as

exhibit

lower

carbon

exposure

than

the

MSCI

USA

Mid-Cap

Value

Index

(the

“NUMV

base

index”).

The

NUMV

custom

index

selects

from

the

securities

included

in

the

NUMV

base

index,

which

generally

consists

of

mid-capitalization

U.S.

equity

securities

that

exhibit

overall

value

style

characteristics

based

on

three

variables:

book

value

to

price,

twelve-month

forward

earnings

to

price

and

dividend

yield.

11

MSCI

Inc.

(“MSCI”)

is

the

index

provider

for

the

NUMV

custom

index

and

NUMV

base

index.

The

custom

index

and

base

index

are

owned,

calculated

and

controlled

by

MSCI,

in

its

sole

discretion.

Neither

the

sub-adviser

nor

its

affiliates

has

any

discretion

to

select

index

components

or

change

the

custom

index’s

methodology.

The

custom

index

identifies

equity

securities

from

its

base

index

that

satisfy

certain

ESG

criteria,

based

on

ESG

performance

data

collected

by

MSCI

ESG

Research,

Inc.

ESG

performance

is

measured

on

an

industry-specific

basis,

with

assessment

categories

varying

by

industry.

How

did

the

Fund

perform

during

the

twelve-month

reporting

period

ended

October

31,

2023?

The

Fund’s

total

return

at

NAV

is

compared

with

the

performance

of

the

Fund’s

custom

index,

which

the

Fund

is

designed

to

track.

The

Fund’s

total

return

at

NAV

was

-8.58%

for

the

reporting

period

while

the

custom

index

returned

-8.37%.

The

difference

between

the

Fund’s

total

return

at

NAV

and

that

of

the

custom

index

is

attributable

to

management

fees

and

other

expenses

incurred

by

the

Fund

that

are

not

incurred

by

the

custom

index.

During

the

reporting

period,

the

NUMV

custom

index

underperformed

the

NUMV

base

index,

driven

by

security

selection

in

the

financials

sector,

primarily

because

of

overweight

allocations

to

both

Silicon

Valley

Bank

and

First

Republic

Bank.

Security

selection

within

the

consumer

discretionary

sector

also

detracted

relative

to

the

base

index,

particularly

an

underweight

in

homebuilders

and

cruise

lines.

Nuveen

ESG

Small-Cap

ETF

(NUSC)

What

key

strategies

were

used

to

manage

the

Fund

during

the

twelve-month

reporting

period

ended

October

31,

2023?

The

Fund

employs

a

passive

management

(or

“indexing”)

approach,

seeking

to

track

the

investment

results,

before

fees

and

expenses,

of

its

custom

index,

which

is

comprised

solely

of

equity

securities

selected

from

a

base

index

that

meet

certain

environmental,

social

and

governance

(“ESG”)

criteria.

The

Fund

seeks

to

track

its

custom

index

by

investing

all,

or

substantially

all,

of

its

assets

in

the

securities

represented

in

its

custom

index

in

approximately

the

same

proportions.

The

Fund

rebalances

its

holdings

quarterly

in

response

to

the

quarterly

rebalance

of

its

custom

index,

which

occurs

in

February,

May,

August,

and

November.

NUSC

seeks

to

track

the

investment

results,

before

fees

and

expenses,

of

the

TIAA

ESG

USA

Small-Cap

Index

(the

“NUSC

custom

index”),

which

is

comprised

of

equity

securities

issued

by

small-capitalization

companies

listed

on

U.S.

exchanges,

and

uses

a

rules-

based

methodology

that

aims

to

increase

exposure

to

positive

ESG

factors

as

well

as

exhibit

lower

carbon

exposure

than

the

MSCI

USA

Small-Cap

Index

(the

“NUSC

base

index”).

The

NUSC

custom

index

selects

from

the

securities

included

in

the

NUSC

base

index,

which

generally

consists

of

the

small-capitalization

segment

of

the

U.S.

market.

MSCI

Inc.

(“MSCI”)

is

the

index

provider

for

the

NUSC

custom

index

and

NUSC

base

index.

The

custom

index

and

base

index

are

owned,

calculated

and

controlled

by

MSCI,

in

its

sole

discretion.

Neither

the

sub-adviser

nor

its

affiliates

has

any

discretion

to

select

index

components

or

change

the

custom

index’s

methodology.

The

custom

index

identifies

equity

securities

from

its

base

index

that

satisfy

certain

ESG

criteria,

based

on

ESG

performance

data

collected

by

MSCI

ESG

Research,

Inc.

ESG

performance

is

measured

on

an

industry-specific

basis,

with

assessment

categories

varying

by

industry.

How

did

the

Fund

perform

during

the

twelve-month

reporting

period

ended

October

31,

2023?

The

Fund’s

total

return

at

NAV

is

compared

with

the

performance

of

the

Fund’s

custom

index,

which

the

Fund

is

designed

to

track.

The

Fund’s

total

return

at

NAV

was

-7.77%

for

the

reporting

period

while

the

custom

index

returned

-7.58%.

The

difference

between

the

Fund’s

total

return

at

NAV

and

that

of

the

custom

index

is

attributable

to

management

fees

and

other

expenses

incurred

by

the

Fund

that

are

not

incurred

by

the

custom

index.

During

the

reporting

period,

the

NUSC

custom

index

underperformed

the

NUSC

base

index,

driven

by

security

selection

in

the

consumer

discretionary

and

health

care

sectors.

Within

consumer

discretionary,

an

underweight

allocation

to

homebuilders

relative

to

the

base

index

was

the

primary

driver

of

underperformance.

Within

health

care,

a

modest

tilt

towards

smaller

companies

detracted

relative

to

the

base

index.

Portfolio

Managers’

Comments

(continued)

12

This

material

is

not

intended

to

be

a

recommendation

or

investment

advice,

does

not

constitute

a

solicitation

to

buy,

sell

or

hold

a

security

or

an

investment

strategy,

and

is

not

provided

in

a

fiduciary

capacity.

The

information

provided

does

not

take

into

account

the

specific

objectives

or

circumstances

of

any

particular

investor,

or

suggest

any

specific

course

of

action.

Investment

decisions

should

be

made

based

on

an

investor’s

objectives

and

circumstances

and

in

consultation

with

his

or

her

advisors.

Certain

statements

in

this

report

are

forward-looking

statements.

Discussions

of

specific

investments

are

for

illustration

only

and

are

not

intended

as

recommendations

of

individual

investments.

The

forward-looking

statements

and

other

views

expressed

herein

are

those

of

the

portfolio

managers

as

of

the

date

of

this

report.

Actual

future

results

or

occurrences

may

differ

significantly

from

those

anticipated

in

any

forward-looking

statements

and

the

views

expressed

herein

are

subject

to

change

at

any

time,

due

to

numerous

market

and

other

factors.

The

Funds

disclaim

any

obligation

to

update

publicly

or

revise

any

forward-looking

statements

or

views

expressed

herein.

Refer

to

the

Glossary

of

Terms

Used

in

this

Report

for

further

definition

of

the

terms

used

within

this

section.

Risk

Considerations

13

Nuveen

ESG

Dividend

ETF

(NUDV)

Investing

involves

risk;

principal

loss

is

possible.

There

is

no

guarantee

the

Fund’s

investment

objectives

will

be

achieved.

This

ETF

seeks

to

generally

track

the

investment

results

of

an

index;

however

the

Fund

may

underperform,

outperform

or

be

more

volatile

than

the

referenced

index.

In

addition,

because

the

Index

selects

securities

for

inclusion

based

on

environmental,

social,

and

governance

(ESG)

criteria,

the

Fund

may

forgo

some

market

opportunities

available

to

funds

that

don’t

use

these

criteria.

The

value

of

equity

securities

may

decline

significantly

over

short

or

extended

periods

of

time.

Dividend-paying

stocks,

such

as

those

held

by

the

Fund,

are

subject

to

market

risk,

concentration

or

sector

risk,

preferred

security

risk,

and

common

stock

risk.

These

and

other

risk

considerations

are

described

in

detail

in

the

Fund’s

prospectus.

Nuveen

ESG

Emerging

Markets

Equity

ETF

(NUEM)

Investing

involves

risk;

principal

loss

is

possible.

There

is

no

guarantee

the

Fund’s

investment

objectives

will

be

achieved.

This

ETF

seeks

to

generally

track

the

investment

results

of

an

index;

however

the

Fund

may

underperform,

outperform

or

be

more

volatile

than

the

referenced

index.

Non-U.S.

investments

involve

risks

such

as

currency

fluctuation,

political

and

economic

instability,

lack

of

liquidity

and

differing

legal

and

accounting

standards.

These

risks

are

magnified

in

emerging

markets.

Due

to

the

percentage

weight

within

the

base

index,

the

Fund

may

at

times

be

significantly

invested

in

certain

countries,

such

as

China.

Investing

in

China

involves

additional

risks,

including

a

reduction

in

growth

if

global

or

domestic

demand

for

Chinese

goods

decreases

significantly,

pricing

anomalies

that

may

be

connected

to

governmental

influence,

a

lack

of

publicy-available

information

and/or

social

instability.

In

addition,

because

the

Index

selects

securities

for

inclusion

based

on

environmental,

social,

and

governance

(ESG)

criteria,

the

Fund

may

forgo

some

market

opportunities

available

to

funds

that

don’t

use

these

criteria.

A

portfolio

concentrated

in

a

single

industry

sector

or

country

may

present

more

risk

than

a

portfolio

broadly

diversified

over

several

industries

or

countries.

These

and

other

risks,

such

as

mid-cap

stock

risk,

are

described

in

the

Fund’s

prospectus.

Nuveen

ESG

International

Developed

Markets

Equity

ETF

(NUDM)

Investing

involves

risk;

principal

loss

is

possible.

There

is

no

guarantee

the

Fund’s

investment

objectives

will

be

achieved.

This

exchange-traded

fund

seeks

to

generally

track

the

investment

results

of

an

index;

however

the

Fund

may

underperform,

outperform

or

be

more

volatile

than

the

referenced

index.

Non-U.S.

investments

involve

risks

such

as

currency

fluctuation,

political

and

economic

instability,

lack

of

liquidity

and

differing

legal

and

accounting

standards.

In

addition,

because

the

Index

selects

securities

for

inclusion

based

on

environmental,

social,

and

governance

(ESG)

criteria,

the

Fund

may

forgo

some

market

opportunities

available

to

funds

that

don’t

use

these

criteria.

A

portfolio

concentrated

in

a

single

industry

sector

or

country

may

present

more

risk

than

a

portfolio

broadly

diversified

over

several

industries

or

countries.

These

and

other

risks,

such

as

mid-cap

stock

risk,

are

described

in

the

Fund’s

prospectus.

Nuveen

ESG

Large-Cap

ETF

(NULC)

Investing

involves

risk;

principal

loss

is

possible.

There

is

no

guarantee

the

Fund’s

investment

objectives

will

be

achieved.

This

ETF

seeks

to

generally

track

the

investment

results

of

an

index;

however

the

Fund

may

underperform,

outperform

or

be

more

volatile

than

the

referenced

index.

In

addition,

because

the

Index

selects

securities

for

inclusion

based

on

environmental,

social,

and

governance

(ESG)

criteria,

the

Fund

may

forgo

some

market

opportunities

available

to

funds

that

don’t

use

these

criteria.

The

value

of

equity

securities

may

decline

significantly

over

short

or

extended

periods

of

time.

Because

it

invests

primarily

in

large-

capitalization

stocks,

the

Fund

may

underperform

funds

that

invest

primarily

in

stocks

of

smaller

capitalization

companies

during

periods

when

the

stocks

of

such

companies

are

in

favor.

These

and

other

risk

considerations

are

described

in

detail

in

the

Fund’s

prospectus.

Nuveen

ESG

Large-Cap

Growth

ETF

(NULG)

Investing

involves

risk;

principal

loss

is

possible.

There

is

no

guarantee

the

Fund’s

investment

objectives

will

be

achieved.

This

ETF

seeks

to

generally

track

the

investment

results

of

an

index;

however

the

Fund

may

underperform,

outperform

or

be

more

volatile

than

the

referenced

index.

In

addition,

because

the

Index

selects

securities

for

inclusion

based

on

environmental,

social,

and

governance

(ESG)

criteria,

the

Fund

may

forgo

some

market

opportunities

available

to

funds

that

don’t

use

these

criteria.

The

value

of

equity

securities

may

decline

significantly

over

short

or

extended

periods

of

time.

Growth

stocks

tend

to

be

more

volatile

and

can

experience

sharp

price

declines.

Because

it

invests

primarily

in

large-capitalization

stocks,

the

Fund

may

underperform

funds

that

invest

primarily

in

stocks

of

smaller

capitalization

companies

during

periods

when

the

stocks

of

such

companies

are

in

favor.

These

and

other

risk

considerations

are

described

in

detail

in

the

Fund’s

prospectus.

Risk

Considerations

(continued)

14

Nuveen

ESG

Large-Cap

Value

ETF

(NULV)

Investing

involves

risk;

principal

loss

is

possible.

There

is

no

guarantee

the

Fund’s

investment

objectives

will

be

achieved.

This

ETF

seeks

to

generally

track

the

investment

results

of

an

index;

however

the

Fund

may

underperform,

outperform

or

be

more

volatile

than

the

referenced

index.

In

addition,

because

the

Index

selects

securities

for

inclusion

based

on

environmental,

social,

and

governance

(ESG)

criteria,

the

Fund

may

forgo

some

market

opportunities

available

to

funds

that

don’t

use

these

criteria.

The

value

of

equity

securities

may

decline

significantly

over

short

or

extended

periods

of

time.

Value

stocks

may

not

be

fully

recognized

by

the

market

and

be

undervalued.

Because

it

invests

primarily

in

large-capitalization

stocks,

the

Fund

may

underperform

funds

that

invest

primarily

in

stocks

of

smaller

capitalization

companies

during

periods

when

the

stocks

of

such

companies

are

in

favor.

These

and

other

risk

considerations

are

described

in

detail

in

the

Fund’s

prospectus.

Nuveen

ESG

Mid-Cap

Growth

ETF

(NUMG)

Investing

involves

risk;

principal

loss

is

possible.

There

is

no

guarantee

the

Fund’s

investment

objectives

will

be

achieved.

This

ETF

seeks

to

generally

track

the

investment

results

of

an

index;

however

the

Fund

may

underperform,

outperform

or

be

more

volatile

than

the

referenced

index.

In

addition,

because

the

Index

selects

securities

for

inclusion

based

on

environmental,

social,

and

governance

(ESG)

criteria,

the

Fund

may

forgo

some

market

opportunities

available

to

funds

that

don’t

use

these

criteria.

The

value

of

equity

securities

may

decline

significantly

over

short

or

extended

periods

of

time.

Because

it

invests

primarily

in

mid-capitalization

stocks,

the

Fund

may

be

subject

to

greater

volatility

than

those

that

invest

in

larger

companies,

but

may

be

less

volatile

than

investments

in

smaller

companies.

Growth

stocks

tend

to

be

more

volatile

and

can

experience

sharp

price

declines.

These

and

other

risk

considerations

are

described

in

detail

in

the

Fund’s

prospectus.

Nuveen

ESG

Mid-Cap

Value

ETF

(NUMV)

Investing

involves

risk;

principal

loss

is

possible.

There

is

no

guarantee

the

Fund’s

investment

objectives

will

be

achieved.

This

ETF

seeks

to

generally

track

the

investment

results

of

an

index;

however

the

Fund

may

underperform,

outperform

or

be

more

volatile

than

the

referenced

index.

In

addition,

because

the

Index

selects

securities

for

inclusion

based

on

environmental,

social,

and

governance

(ESG)

criteria,

the

Fund

may

forgo

some

market

opportunities

available

to

funds

that

don’t

use

these

criteria.

The

value

of

equity

securities

may

decline

significantly

over

short

or

extended

periods

of

time.

Value

stocks

may

not

be

fully

recognized

by

the

market

and

be

undervalued.

Because

it

invests

primarily

in

mid-capitalization

stocks,

the

Fund

may

be

subject

to

greater

volatility

than

those

that

invest

in

larger

companies,

but

may

be

less

volatile

than

investments

in

smaller

companies.

These

and

other

risk

considerations

are

described

in

detail

in

the

Fund’s

prospectus.

Nuveen

ESG

Small-Cap

ETF

(NUSC)

Investing

involves

risk;

principal

loss

is

possible.

There

is

no

guarantee

the

Fund’s

investment

objectives

will

be

achieved.

This

ETF

seeks

to

generally

track

the

investment

results

of

an

index;

however

the

Fund

may

underperform,

outperform

or

be

more

volatile

than

the

referenced

index.

In

addition,

because

the

Index

selects

securities

for

inclusion

based

on

environmental,

social,

and

governance

(ESG)

criteria,

the

Fund

may

forgo

some

market

opportunities

available

to

funds

that

don’t

use

these

criteria.

The

value

of

equity

securities

may

decline

significantly

over

short

or

extended

periods

of

time.

Investments

in

smaller

companies

are

subject

to

greater

volatility

than

those

of

larger

companies.

These

and

other

risk

considerations

are

described

in

detail

in

the

Fund’s

prospectus.

About

the

Funds’

Benchmarks

15

MSCI

EAFE

(Europe,

Australasia,

Far

East)

Index

(Net):

An

index

designed

to

measure

the

performance

of

large

and

mid-cap

securities

across

21

developed

market

countries,

excluding

the

U.S.

and

Canada.

Index

returns

assume

reinvestment

of

distributions,

but

do

not

reflect

any

applicable

sales

charges

or

management

fees.

MSCI

Emerging

Markets

Index

(Net):

An

index

designed

to

measure

the

performance

of

large

and

mid-cap

equity

securities

across

24

emerging

market

countries.

Index

returns

assume

reinvestment

of

distributions,

but

do

not

reflect

any

applicable

sales

charges

or

management

fees.

MSCI

USA

Growth

Index:

An

index

designed

to

measure

the

performance

of

large

and

mid-cap

U.S.

equity

securities

that

exhibit

overall

growth

style

characteristics

based

on

five

variables:

1)

long-term

forward

earnings

per

share

(EPS)

growth

rate,

2)

short-term

forward

EPS

growth

rate,

3)

current

internal

growth

rate,

4)

long-term

historical

EPS

growth

trend

and

5)

long-term

historical

sales

per

share

growth

trend.

Index

returns

assume

reinvestment

of

distributions,

but

do

not

reflect

any

applicable

sales

charges

or

management

fees.

MSCI

USA

Index:

An

index

designed

to

measure

the

performance

of

the

large

and

mid-cap

segments

of

the

U.S.

market.

With

over

600

constituents,

the

index

covers

approximately

85%

of

the

free

float-adjusted

market

capitalization

in

the

U.S.

Index

returns

assume

reinvestment

of

distributions,

but

do

not

reflect

any

applicable

sales

charges

or

management

fees.

MSCI

USA

Mid-Cap

Growth

Index:

An

index

designed

to

measure

the

performance

of

mid-cap

U.S.

equity

securities

that

exhibit

overall

growth

style

characteristics

based

on

five

variables:

1)

long-term

forward

earnings

per

share

(EPS)

growth

rate,

2)

short-term

forward

EPS

growth

rate,

3)

current

internal

growth

rate,

4)

long-term

historical

EPS

growth

trend

and

5)

long-term

historical

sales

per

share

growth

trend.

Index

returns

assume

reinvestment

of

distributions,

but

do

not

reflect

any

applicable

sales

charges

or

management

fees.

MSCI

USA

Mid-Cap

Value

Index:

An

index

designed

to

measure

the

performance

of

mid-cap

U.S.

equity

securities

that

exhibit

overall

value

style

characteristics

based

on

three

variables:

1)

book

value

to

price,

2)

twelve-month

forward

earnings

to

price

and

3)

dividend

yield.

Index

returns

assume

reinvestment

of

distributions,

but

do

not

reflect

any

applicable

sales

charges

or

management

fees.

MSCI

USA

Small-Cap

Index:

An

index

designed

to

measure

the

performance

of

the

small-cap

segment

of

the

U.S.

equity

market.

Index

returns

assume

reinvestment

of

distributions,

but

do

not

reflect

any

applicable

sales

charges

or

management

fees.

MSCI

USA

Value

Index:

An

index

designed

to

measure

the

performance

of

large

and

mid-cap

U.S.

equity

securities

that

exhibit

overall

value

style

characteristics

based

on

three

variables:

1)

book

value

to

price,

2)

twelve-month

forward

earnings

to

price

and

3)

dividend

yield.

Index

returns

assume

reinvestment

of

distributions,

but

do

not

reflect

any

applicable

sales

charges

or

management

fees.

TIAA

ESG

Emerging

Markets

Equity

Index:

A

custom

index

that

is

based

on

the

MSCI

Emerging

Markets

Index

(Net)

(defined

herein),

its

base

index,

and

uses

a

rules-based

methodology

that

aims

to

increase

the

base

index’s

exposure

to

positive

environmental,

social

and

governance

(ESG)

factors

as

well

as

exhibit

lower

carbon

exposure

than

the

base

index.

Index

returns

assume

reinvestment

of

distributions,

but

do

not

reflect

any

applicable

sales

charges

or

management

fees.

TIAA

ESG

International

Developed

Markets

Equity

Index:

A

custom

index

that

is

based

on

the

MSCI

EAFE

Index

(Net)

(defined

herein),

its

base

index,

and

uses

a

rules-based

methodology

that

aims

to

increase

the

base

index’s

exposure

to

positive

environmental,

social

and

governance

(ESG)

factors

as

well

as

exhibit

lower

carbon

exposure

than

the

base

index.

Index

returns

assume

reinvestment

of

distributions,

but

do

not

reflect

any

applicable

sales

charges

or

management

fees.

About

the

Funds’

Benchmarks

(continued)

16

TIAA

ESG

USA

High

Dividend

Yield

Index:

A

custom

index

that

is

based

on

the

MSCI

USA

Index

(defined

herein),

its

base

index,

and

uses

a

rules-based

methodology

that

aims

to

represent

the

performance

of

a

set

of

securities

with

high

dividend

income

and

quality

characteristics

while

maximizing

the

exposure

to

positive

environmental,

social

and

governance

(ESG)

factors

as

well

as

exhibit

lower

carbon

exposure

than

the

base

index.

Index

returns

assume

reinvestment

of

distributions,

but

do

not

reflect

any

applicable

sales

charges

or

management

fees.

TIAA

ESG

USA

Large-Cap

Growth

Index:

A

custom

index

based

on

the

MSCI

USA

Growth

Index

(defined

herein),

its

base

index,

and

uses

a

rules-based

methodology

that

aims

to

increase

the

base

index’s

exposure

to

positive

environmental,

social

and

governance

(ESG)

factors

as

well

as

exhibit

lower

carbon

exposure

than

the

base

index.

Index

returns

assume

reinvestment

of

distributions,

but

do

not

reflect

any

applicable

sales

charges

or

management

fees.

TIAA

ESG

USA

Large-Cap

Index:

A

custom

index

based

on

the

MSCI

USA

Index

(defined

herein),

its

base

index,

and

uses

a

rules-based

methodology

that

aims

to

increase

the

base

index’s

exposure

to

positive

environmental,

social

and

governance

(ESG)

factors

as

well

as

exhibit

lower

carbon

exposure

than

the

base

index.

Index

returns

assume

reinvestment

of

distributions,

but

do

not

reflect

any

applicable

sales

charges

or

management

fees.

TIAA

ESG

USA

Large-Cap

Value

Index:

A

custom

index

based

on

the

MSCI

USA

Value

Index

(defined

herein),

its

base

index,

and

uses

a

rules-based

methodology

that

aims

to

increase

the

base

index’s

exposure

to

positive

environmental,

social

and

governance

(ESG)

factors

as

well

as

exhibit

lower

carbon

exposure

than

the

base

index.

Index

returns

assume

reinvestment

of

distributions,

but

do

not

reflect

any

applicable

sales

charges

or

management

fees.

TIAA

ESG

USA

Mid-Cap

Growth

Index:

A

custom

index

based

on

the

MSCI

USA

Mid-Cap

Growth

Index

(defined

herein),

its

base

index,

and

uses

a

rules-based

methodology

that

aims

to

increase

the

base

index’s

exposure

to

positive

environmental,

social

and

governance

(ESG)

factors

as

well

as

exhibit

lower

carbon

exposure

than

the

base

index.

Index

returns

assume

reinvestment

of

distributions,

but

do

not

reflect

any

applicable

sales

charges

or

management

fees.

TIAA

ESG

USA

Mid-Cap

Value

Index:

A

custom

index

based

on

the

MSCI

USA

Mid-Cap

Value

Index

(defined

herein),

its

base

index,

and

uses

a

rules-based

methodology

that

aims

to

increase

the

base

index’s

exposure

to

positive

environmental,

social

and

governance

(ESG)

factors

as

well

as

exhibit

lower

carbon

exposure

than

the

base

index.

Index

returns

assume

reinvestment

of

distributions,

but

do

not

reflect

any

applicable

sales

charges

or

management

fees.

TIAA

ESG

USA

Small-Cap

Index:

A

custom

index

based

on

the

MSCI

USA

Small-Cap

Index

(defined

herein),

its

base

index,

and

uses

a

rules-based

methodology

that

aims

to

increase

the

base

index’s

exposure

to

positive

environmental,

social

and

governance

(ESG)

factors

as

well

as

exhibit

lower

carbon

exposure

than

the

base

index.

Index

returns

assume

reinvestment

of

distributions,

but

do

not

reflect

any

applicable

sales

charges

or

management

fees.

Fund

Performance,

Expense

Ratios

and

Holdings

Summaries

17

The

Fund

Performance,

Expense

Ratios

and

Holdings

Summaries

for

each

Fund

are

shown

within

this

section

of

the

report.

Fund

Performance

Performance

data

shown

represents

past

performance

and

does

not

predict

or

guarantee

future

results

.

Investment

returns

and

principal

value

will

fluctuate

so

that

when

shares

are

sold,

they

may

be

worth

more

or

less

than

their

original

cost.

Current

performance

may

be

higher

or

lower

than

the

performance

shown.

Returns

quoted

for

the

Funds

reflect

management

fees

and

other

expenses

such

as

transaction

costs

incurred

by

the

Funds

during

the

reporting

period

while

the

Indexes

are

unmanaged

and

therefore

returns

do

not

reflect

any

such

fees

and

expenses.

Total

returns

for

a

period

of

less

than

one

year

are

not annualized

(i.e.

cumulative

returns).

Returns

assume

reinvestment

of

dividends

and

capital

gains.

Market

price

returns

are

based

on

the

closing

market

price

as

of

the

end

of

the

reporting

period.

For

performance

current

to

the

most

recent

month-end

visit

nuveen.com

or

call

(800)

257-8787.

Returns

do

not

reflect

the

deduction

of

taxes

that

a

shareholder

would

pay

on

Fund

distributions

or

the

sale

of

Fund

shares.

Expense

Ratios

The

expense

ratios

shown

are

as

of each

Fund’s

most

recent

prospectus.

The

expense

ratios

shown

reflect

total

operating

expenses including

management

fees

and

other

fees

and

expenses

but

do

not

reflect

expected

transaction

costs.

Refer

to

the

Financial

Highlights

later

in

this

report

for each

Fund’s

expense

ratios

as

of

the

end

of

the

reporting

period.

Holdings

Summaries

The

Holdings

Summaries

data

relates

to

the

securities

held

in

each

Fund’s

portfolio

of

investments

as

of

the

end

of

this

reporting

period.

It

should

not

be

construed

as

a

measure

of

performance

for

the

Fund

itself.

Holdings

are

subject

to

change.

Refer

to

the

Fund’s

Portfolio

of

Investments

for

individual

security

information. 

18

Nuveen

ESG

Dividend

ETF

(NUDV)

(continued)

Fund

Performance,

Expense

Ratios

and

Holdings

Summaries

October

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

TIAA

ESG

USA

High

Dividend

Yield

Index.

Growth

of

an

Assumed

$10,000

Investment

as

of October

31,

2023

The

graphs

do

not

reflect

the

deduction

of

taxes

that

a

shareholder

may

pay

on

Fund

distributions

or

the

redemption

of

Fund

Shares.

Total

Returns

as

of

October

31,

2023

Average

Annual

Expense

Ratios

Inception

Date

1-Year

Since

Inception

NUDV

at

NAV

9/27/21

(1.59)%

(2.51)%

0.26%

NUDV

at

Market

Price

9/27/21

(1.69)%

(2.56)%

—

MSCI

USA

Index

—

10.08%

(2.26)%

—

TIAA

ESG

USA

High

Dividend

Yield

Index

—

(1.36)%

(2.29)%

—

19

Holdings

Summaries

as

of

October

31,

2023

Fund

Allocation

(%

of

net

assets)

Common

Stocks

99

.6‌

%

Other

Assets

&

Liabilities,

Net

0

.4‌

%

Net

Assets

100‌

%

Portfolio

Composition

(%

of

net

assets)

Financials

21.3%

Industrials

17.1%

Health

Care

11.6%

Information

Technology

11.6%

Consumer

Staples

10.6%

Real

Estate

8.0%

Consumer

Discretionary

5.2%

Materials

4.4%

Communication

Services

4.2%

Utilities

3.7%

Energy

1.9%

Other

Assets

&

Liabilities,

Net

0.4%

Total

100%

Top

Five

Common

Stock

Holdings

(%

of

net

assets)

UnitedHealth

Group

Inc

2.8%

Merck

&

Co

Inc

2.0%

Home

Depot

Inc/The

2.0%

Intel

Corp

1.9%

Coca-Cola

Co/The

1.9%

20

Nuveen

ESG

Emerging

Markets

Equity

ETF

(NUEM)

(continued)

Fund

Performance,

Expense

Ratios

and

Holdings

Summaries

October

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

TIAA

ESG

Emerging

Markets

Equity

Index.

Growth

of

an

Assumed

$10,000

Investment

as

of October

31,

2023

The

graphs

do

not

reflect

the

deduction

of

taxes

that

a

shareholder

may

pay

on

Fund

distributions

or

the

redemption

of

Fund

Shares.

Total

Returns

as

of

October

31,

2023

Average

Annual

Expense

Ratios

Inception

Date

1-Year

5-Year

Since

Inception

NUEM

at

NAV

6/06/17

11.80%

2.95%

1.64%

0.36%

NUEM

at

Market

Price

6/06/17

12.00%

2.80%

1.61%

—

MSCI

Emerging

Markets

Index

(Net)

—

10.80%

1.59%

0.86%

—

TIAA

ESG

Emerging

Markets

Equity

Index

—

12.59%

3.74%

2.41%

—

21

Holdings

Summaries

as

of

October

31,

2023

Fund

Allocation

(%

of

net

assets)

Common

Stocks

100

.0‌

%

Corporate

Bonds

0

.0‌

%

Other

Assets

&

Liabilities,

Net

(

0

.0‌

)

%

Net

Assets

100‌

%

Top

Five

Common

Stock

Holdings

(%

of

net

assets)

Taiwan

Semiconductor

Manufacturing

Co

Ltd

7.7%

Alibaba

Group

Holding

Ltd

3.7%

China

Construction

Bank

Corp

2.2%

Baidu

Inc

1.6%

NetEase

Inc

1.5%

Portfolio

Composition

(%

of

net

assets)

Financials

23.7%

Information

Technology

17.1%

Consumer

Discretionary

15.8%

Communication

Services

10.1%

Materials

8.8%

Consumer

Staples

6.7%

Industrials

5.2%

Health

Care

3.7%

Energy

3.7%

Utilities

2.9%

Real

Estate

2.3%

Other

Assets

&

Liabilities,

Net

(0.0)%

Total

100%

Country

Allocation

1

(%

of

net

assets)

China

30.7%

India

16.4%

Taiwan

14.5%

South

Korea

11.7%

Brazil

4.9%

Saudi

Arabia

4.4%

South

Africa

2.9%

Mexico

2.5%

Thailand

1.9%

Indonesia

1.9%

Other

8.2%

Other

Assets

&

Liabilities,

Net

(0.0)%

Net

Assets

100%

1

Includes

100.0%

(as

a

percentage

of

net

assets)

in

emerging

market

countries.

22

Nuveen

ESG

International

Developed

Markets

Equity

ETF

(NUDM)

(continued)

Fund

Performance,

Expense

Ratios

and

Holdings

Summaries

October

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

TIAA

ESG

International

Developed

Markets

Equity

Index.

Growth

of

an

Assumed

$10,000

Investment

as

of October

31,

2023

The

graphs

do

not

reflect

the

deduction

of

taxes

that

a

shareholder

may

pay

on

Fund

distributions

or

the

redemption

of

Fund

Shares.

Total

Returns

as

of

October

31,

2023

Average

Annual

Expense

Ratios

Inception

Date

1-Year

5-Year

Since

Inception

NUDM

at

NAV

6/06/17

12.84%

4.30%

2.91%

0.31%

NUDM

at

Market

Price

6/06/17

13.40%

4.40%

3.00%

—

MSCI

EAFE®

Index

(Net)

—

14.40%

4.10%

2.97%

—

TIAA

ESG

International

Developed

Markets

Equity

Index

—

13.14%

4.57%

3.17%

—

23

Holdings

Summaries

as

of

October

31,

2023

Fund

Allocation

(%

of

net

assets)

Common

Stocks

99

.5‌

%

Investments

Purchased

with

Collateral

from

Securities

Lending

0

.1‌

%

Other

Assets

&

Liabilities,

Net

0

.4‌

%

Net

Assets

100‌

%

Top

Five

Common

Stock

Holdings

(%

of

net

assets)

Nestle

SA

3.3%

Novo

Nordisk

A/S

2.7%

AstraZeneca

PLC

2.6%

ASML

Holding

NV

2.3%

Sony

Group

Corp

2.1%

Portfolio

Composition

(%

of

net

assets)

Financials

20.4%

Industrials

16.9%

Consumer

Discretionary

13.1%

Health

Care

12.0%

Consumer

Staples

11.0%

Materials

7.7%

Information

Technology

6.5%

Communication

Services

5.5%

Real

Estate

2.7%

Utilities

2.7%

Energy

1.0%

Investments

Purchased

with

Collateral

from

Securities

Lending

0.1%

Other

Assets

&

Liabilities,

Net

0.4%

Total

100%

Country

Allocation

(%

of

net

assets)

Japan

22.8%

United

Kingdom

14.9%

France

11.5%

Switzerland

9.9%

Australia

7.4%

Germany

7.3%

Denmark

3.5%

Spain

3.5%

Netherlands

3.2%

Italy

3.0%

Other

12.6%

Other

Assets

&

Liabilities,

Net

0.4%

Net

Assets

100%

24

Nuveen

ESG

Large-Cap

ETF

(NULC)

(continued)

Fund

Performance,

Expense

Ratios

and

Holdings

Summaries

October

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

TIAA

ESG

USA

Large-Cap

Index.

Growth

of

an

Assumed

$10,000

Investment

as

of October

31,

2023

The

graphs

do

not

reflect

the

deduction

of

taxes

that

a

shareholder

may

pay

on

Fund

distributions

or

the

redemption

of

Fund

Shares.

Total

Returns

as

of

October

31,

2023

Average

Annual

Expense

Ratios

Inception

Date

1-Year

Since

Inception

NULC

at

NAV

6/03/19

8.06%

10.97%

0.21%

NULC

at

Market

Price

6/03/19

7.96%

10.97%

—

MSCI

USA

Index

—

10.08%

11.84%

—

TIAA

ESG

USA

Large-Cap

Index

—

8.30%

11.21%

—

25

Holdings

Summaries

as

of

October

31,

2023

Fund

Allocation

(%

of

net

assets)

Common

Stocks

99

.8‌

%

Investments

Purchased

with

Collateral

from

Securities

Lending

0

.2‌

%

Other

Assets

&

Liabilities,

Net

0

.0‌

%

Net

Assets

100‌

%

Portfolio

Composition

(%

of

net

assets)

Information

Technology

27.4%

Financials

15.0%

Health

Care

13.1%

Consumer

Discretionary

11.5%

Industrials

8.8%

Consumer

Staples

8.0%

Communication

Services

6.1%

Materials

3.3%

Energy

2.7%

Utilities

2.2%

Real

Estate

1.7%

Investments

Purchased

with

Collateral

from

Securities

Lending

0.2%

Other

Assets

&

Liabilities,

Net

0.0%

Total

100%

Top

Five

Common

Stock

Holdings

(%

of

net

assets)

Microsoft

Corp

7.9%

Amazon.com

Inc

4.7%

NVIDIA

Corp

3.9%

Procter

&

Gamble

Co/The

2.2%

Mastercard

Inc

2.1%

26

Nuveen

ESG

Large-Cap

Growth

ETF

(NULG)

(continued)

Fund

Performance,

Expense

Ratios

and

Holdings

Summaries

October

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

TIAA

ESG

USA

Large-Cap

Growth

Index.

Growth

of

an

Assumed

$10,000

Investment

as

of October

31,

2023

The

graphs

do

not

reflect

the

deduction

of

taxes

that

a

shareholder

may

pay

on

Fund

distributions

or

the

redemption

of

Fund

Shares.

Total

Returns

as

of

October

31,

2023

Average

Annual

Expense

Ratios

Inception

Date

1-Year

5-Year

Since

Inception

NULG

at

NAV

12/13/16

19.36%

14.56%

15.30%

0.26%

NULG

at

Market

Price

12/13/16

19.29%

14.52%

15.29%

—

MSCI

USA

Growth

Index

—

21.92%

14.55%

15.28%

—

TIAA

ESG

USA

Large-Cap

Growth

Index

—

19.72%

14.96%

15.71%

—

27

Holdings

Summaries

as

of

October

31,

2023

Fund

Allocation

(%

of

net

assets)

Common

Stocks

100

.0‌

%

Investments

Purchased

with

Collateral

from

Securities

Lending

0

.0‌

%

Other

Assets

&

Liabilities,

Net

(

0

.0‌

)

%

Net

Assets

100‌

%

Portfolio

Composition

(%

of

net

assets)

Information

Technology

39.2%

Health

Care

11.6%

Consumer

Discretionary

11.0%

Industrials

9.6%

Communication

Services

9.5%

Financials

9.5%

Consumer

Staples

5.9%

Materials

1.9%

Energy

0.9%

Real

Estate

0.9%

Investments

Purchased

with

Collateral

from

Securities

Lending

0.0%

Other

Assets

&

Liabilities,

Net

(0.0)%

Total

100%

Top

Five

Common

Stock

Holdings

(%

of

net

assets)

Microsoft

Corp

13.6%

NVIDIA

Corp

6.3%

Eli

Lilly

&

Co

3.6%

Visa

Inc

3.1%

Mastercard

Inc

2.9%

28

Nuveen

ESG

Large-Cap

Value

ETF

(NULV)

(continued)

Fund

Performance,

Expense

Ratios

and

Holdings

Summaries

October

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

USA

Value

Index.

Growth

of

an

Assumed

$10,000

Investment

as

of October

31,

2023

The

graphs

do

not

reflect

the

deduction

of

taxes

that

a

shareholder

may

pay

on

Fund

distributions

or

the

redemption

of

Fund

Shares.

Total

Returns

as

of

October

31,

2023

Average

Annual

Expense

Ratios

Inception

Date

1-Year

5-Year

Since

Inception

NULV

at

NAV

12/13/16

(2.73)%

5.31%

6.09%

0.26%

NULV

at

Market

Price

12/13/16

(2.98)%

5.24%

6.07%

—

MSCI

USA

Value

Index

—

(1.37)%

6.45%

6.55%

—

TIAA

ESG

USA

Large-Cap

Value

Index

—

(2.49)%

5.64%

6.43%

—

29

Holdings

Summaries

as

of

October

31,

2023

Fund

Allocation

(%

of

net

assets)

Common

Stocks

99

.8‌

%

Investments

Purchased

with

Collateral

from

Securities

Lending

0

.0‌

%

Other

Assets

&

Liabilities,

Net

0

.2‌

%

Net

Assets

100‌

%

Portfolio

Composition

(%

of

net

assets)

Financials

19.2%

Health

Care

17.7%

Information

Technology

13.6%

Consumer

Staples

12.1%

Industrials

10.5%

Materials

6.0%

Utilities

5.0%

Communication

Services

4.2%

Real

Estate

4.0%

Energy

3.9%

Consumer

Discretionary

3.6%

Investments

Purchased

with

Collateral

from

Securities

Lending

0.0%

Other

Assets

&

Liabilities,

Net

0.2%

Total

100%

Top

Five

Common

Stock

Holdings

(%

of

net

assets)

JPMorgan

Chase

&

Co

3.6%

UnitedHealth

Group

Inc

2.9%

Merck

&

Co

Inc

2.8%

Coca-Cola

Co/The

2.6%

PepsiCo

Inc

2.5%

30

Nuveen

ESG

Mid-Cap

Growth

ETF

(NUMG)

(continued)

Fund

Performance,

Expense

Ratios

and

Holdings

Summaries

October

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

TIAA

ESG

USA

Mid-Cap

Growth

Index.

Growth

of

an

Assumed

$10,000

Investment

as

of October

31,

2023

The

graphs

do

not

reflect

the

deduction

of

taxes

that

a

shareholder

may

pay

on

Fund

distributions

or

the

redemption

of

Fund

Shares.

Total

Returns

as

of

October

31,

2023

Average

Annual

Expense

Ratios

Inception

Date

1-Year

5-Year

Since

Inception

NUMG

at

NAV

12/13/16

0.43%

7.44%

8.17%

0.31%

NUMG

at

Market

Price

12/13/16

0.27%

7.28%

8.15%

—

MSCI

USA

Mid-Cap

Growth

Index

—

2.90%

9.35%

9.39%

—

TIAA

ESG

USA

Mid-Cap

Growth

Index

—

0.72%

7.82%

8.58%

—

31

Holdings

Summaries

as

of

October

31,

2023

Fund

Allocation

(%

of

net

assets)

Common

Stocks

99

.9‌

%

Investments

Purchased

with

Collateral

from

Securities

Lending

0

.4‌

%

Other

Assets

&

Liabilities,

Net

(

0

.3‌

)

%

Net

Assets

100‌

%

Portfolio

Composition

(%

of

net

assets)

Information

Technology

32.2%

Industrials

19.0%

Health

Care

12.5%

Financials

9.8%

Consumer

Discretionary

8.6%

Communication

Services

7.8%

Materials

4.0%

Real

Estate

2.4%

Energy

2.1%

Consumer

Staples

1.5%

Investments

Purchased

with

Collateral

from

Securities

Lending

0.4%

Other

Assets

&

Liabilities,

Net

(0.3)%

Total

100%

Top

Five

Common

Stock

Holdings

(%

of

net

assets)

Gartner

Inc

2.9%

Splunk

Inc

2.9%

MongoDB

Inc

2.6%

Quanta

Services

Inc

2.6%

West

Pharmaceutical

Services

Inc

2.5%

32

Nuveen

ESG

Mid-Cap

Value

ETF

(NUMV)

(continued)

Fund

Performance,

Expense

Ratios

and

Holdings

Summaries

October

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

TIAA

ESG

USA

Mid-Cap

Value

Index.

Growth

of

an

Assumed

$10,000

Investment

as

of October

31,

2023

The

graphs

do

not

reflect

the

deduction

of

taxes

that

a

shareholder

may

pay

on

Fund

distributions

or

the

redemption

of

Fund

Shares.

Total

Returns

as

of

October

31,

2023

Average

Annual

Expense

Ratios

Inception

Date

1-Year

5-Year

Since

Inception

NUMV

at

NAV

12/13/16

(8.58)%

3.91%

4.10%

0.31%

NUMV

at

Market

Price

12/13/16

(8.76)%

3.85%

4.09%

—

MSCI

USA

Mid-Cap

Value

Index

—

(5.55)%

4.50%

4.79%

—

TIAA

ESG

USA

Mid-Cap

Value

Index

—

(8.37)%

4.27%

4.48%

—

33

Holdings

Summaries

as

of

October

31,

2023

Fund

Allocation

(%

of

net

assets)

Common

Stocks

99

.7‌

%

Investments

Purchased

with

Collateral

from

Securities

Lending

0

.1‌

%

Other

Assets

&

Liabilities,

Net

0

.2‌

%

Net

Assets

100‌

%

Portfolio

Composition

(%

of

net

assets)

Industrials

17.5%

Financials

16.0%

Consumer

Discretionary

10.3%

Real

Estate

9.9%

Utilities

9.0%

Materials

8.4%

Information

Technology

7.5%

Health

Care

7.4%

Consumer

Staples

5.7%

Energy

4.6%

Communication

Services

3.4%

Investments

Purchased

with

Collateral

from

Securities

Lending

0.1%

Other

Assets

&

Liabilities,

Net

0.2%

Total

100%

Top

Five

Common

Stock

Holdings

(%

of

net

assets)

Ferguson

PLC

2.5%

ONEOK

Inc

2.5%

Hartford

Financial

Services

Group

Inc/The

2.3%

Martin

Marietta

Materials

Inc

2.2%

Baker

Hughes

Co

2.2%

34

Nuveen

ESG

Small-Cap

ETF

(NUSC)

(continued)

Fund

Performance,

Expense

Ratios

and

Holdings

Summaries

October

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

TIAA

ESG

USA

Small-Cap

Index.

Growth

of

an

Assumed

$10,000

Investment

as

of October

31,

2023

The

graphs

do

not

reflect

the

deduction

of

taxes

that

a

shareholder

may

pay

on

Fund

distributions

or

the

redemption

of

Fund

Shares.

Total

Returns

as

of

October

31,

2023

Average

Annual

Expense

Ratios

Inception

Date

1-Year

5-Year

Since

Inception

NUSC

at

NAV

12/13/16

(7.77)%

5.63%

6.05%

0.31%

NUSC

at

Market

Price

12/13/16

(7.89)%

5.59%

6.05%

—

MSCI

USA

Small-Cap

Index

—

(4.54)%

5.74%

6.32%

—

TIAA

ESG

USA

Small-Cap

Index

—

(7.58)%

5.97%

6.42%

—

35

Holdings

Summaries

as

of

October

31,

2023

Fund

Allocation

(%

of

net

assets)

Common

Stocks

99

.8‌

%

Common

Stock

Rights

0

.0‌

%

Investments

Purchased

with

Collateral

from

Securities

Lending

1

.0‌

%

Other

Assets

&

Liabilities,

Net

(

0

.8‌

)

%

Net

Assets

100‌

%

Portfolio

Composition

(%

of

net

assets)

Industrials

17.8%

Financials

16.3%

Consumer

Discretionary

15.6%

Information

Technology

13.6%

Health

Care

11.8%

Real

Estate

6.7%

Materials

5.2%

Energy

4.7%

Consumer

Staples

3.7%

Utilities

2.6%

Communication

Services

1.8%

Investments

Purchased

with

Collateral

from

Securities

Lending

1.0%

Other

Assets

&

Liabilities,

Net

(0.8)%

Total

100%

Top

Five

Common

Stock

Holdings

(%

of

net

assets)

EMCOR

Group

Inc

1.1%

TechnipFMC

PLC

1.1%

Murphy

USA

Inc

1.1%

WEX

Inc

1.0%

Service

Corp

International/US

0.9%

36

Expense

Examples

As

a

shareholder

of

one

or

more of

the

Funds,

you

incur

two

types

of

costs:

(1)

transaction

costs,

including

brokerage

commissions

on

purchases

and

sales

of

Fund

shares,

and

(2)

ongoing

costs,

including

management

fees

and

other

applicable

Fund

expenses.

The

Examples

below

are

intended

to

help

you

understand

your

ongoing

costs

(in

dollars)

of

investing

in

the

Fund

and

to

compare

these

costs

with

the

ongoing

costs

of

investing

in

other

funds.

The

Examples

below

are

based

on

an

investment

of

$1,000

invested

at

the

beginning

of

the

period

and

held

through

the

period

ended

October

31,

2023.

The

beginning

of

the

period

is

May

1,

2023.

The

information

under

“Actual

Performance,”

together

with

the

amount

you

invested,

allows

you

to

estimate

actual

expenses

incurred

over

the

reporting

period.

Simply

divide

your

account

value

by

$1,000

(for

example,

an

$8,600

account

value

divided

by

$1,000

=

8.60)

and

multiply

the

result

by

the

cost

shown

for

your

share

class,

in

the

row

entitled

“Expenses

Incurred

During

Period”

to

estimate

the

expenses

incurred

on

your

account

during

this

period.

The

information

under

“Hypothetical

Performance,”

provides

information

about

hypothetical

account

values

and

hypothetical

expenses

based

on

each

Fund’s

actual

expense

ratios

and

an

assumed

rate

of

return

of

5%

per

year

before

expenses,

which

is

not

the

Fund’s

actual

return.

The

hypothetical

account

values

and

expenses

may

not

be

used

to

estimate

the

actual

ending

account

balance

or

expense

you

incurred

for

the

period.

You

may

use

this

information

to

compare

the

ongoing

costs

of

investing

in

the

Fund

and

other

funds.

To

do

so,

compare

this

5%

hypothetical

example

with

the

5%

hypothetical

examples

that

appear

in

the

shareholder

reports

of

the

other

funds.

Please

note

that

the

expenses

shown

in

the

following

tables

are

meant

to

highlight

your

ongoing

costs

only

and

do

not

reflect

any

transaction

costs.

Therefore,

the

hypothetical

information

is

useful

in

comparing

ongoing

costs

only,

and

will

not

help

you

determine

the

relative

total

costs

of

owning

different

funds

or

share

classes.

In

addition,

if

these

transaction

costs

were

included,

your

costs

would

have

been

higher.

Nuveen

ESG

Dividend

ETF

(NUDV)

Actual

Performance

Beginning

Account

Value

$1,000.00

Ending

Account

Value

$955.57

Expenses

Incurred

During

the

Period

$1.28

Hypothetical

Performance

(5%

annualized

return

before

expenses)

Beginning

Account

Value

$1,000.00

Ending

Account

Value

$1,023.89

Expenses

Incurred

During

the

Period

$1.33

Expenses

are

equal

to

the

Fund’s

annualized

net

expense

ratio

of

0.26%

multiplied

by

the

average

account

value

over

the

period,

multiplied

by

184/365

(to

reflect

the

one-half

year

period).

Nuveen

ESG

Emerging

Markets

Equity

ETF

(NUEM)

Actual

Performance

Beginning

Account

Value

$1,000.00

Ending

Account

Value

$951.54

Expenses

Incurred

During

the

Period

$1.77

Hypothetical

Performance

(5%

annualized

return

before

expenses)

Beginning

Account

Value

$1,000.00

Ending

Account

Value

$1,023.39

Expenses

Incurred

During

the

Period

$1.84

Expenses

are

equal

to

the

Fund’s

annualized

net

expense

ratio

of

0.36%

multiplied

by

the

average

account

value

over

the

period,

multiplied

by

184/365

(to

reflect

the

one-half

year

period).

37

Nuveen

ESG

International

Developed

Markets

Equity

ETF

(NUDM)

Actual

Performance

Beginning

Account

Value

$1,000.00

Ending

Account

Value

$898.44

Expenses

Incurred

During

the

Period

$1.48

Hypothetical

Performance

(5%

annualized

return

before

expenses)

Beginning

Account

Value

$1,000.00

Ending

Account

Value

$1,023.64

Expenses

Incurred

During

the

Period

$1.58

Expenses

are

equal

to

the

Fund’s

annualized

net

expense

ratio

of

0.31%

multiplied

by

the

average

account

value

over

the

period,

multiplied

by

184/365

(to

reflect

the

one-half

year

period).

Nuveen

ESG

Large-Cap

ETF

(NULC)

Actual

Performance

Beginning

Account

Value

$1,000.00

Ending

Account

Value

$1,012.07

Expenses

Incurred

During

the

Period

$1.07

Hypothetical

Performance

(5%

annualized

return

before

expenses)

Beginning

Account

Value

$1,000.00

Ending

Account

Value

$1,024.15

Expenses

Incurred

During

the

Period

$1.07

Expenses

are

equal

to

the

Fund’s

annualized

net

expense

ratio

of

0.21%

multiplied

by

the

average

account

value

over

the

period,

multiplied

by

184/365

(to

reflect

the

one-half

year

period).

Nuveen

ESG

Large-Cap

Growth

ETF

(NULG)

Actual

Performance

Beginning

Account

Value

$1,000.00

Ending

Account

Value

$1,056.61

Expenses

Incurred

During

the

Period

$1.35

Hypothetical

Performance

(5%

annualized

return

before

expenses)

Beginning

Account

Value

$1,000.00

Ending

Account

Value

$1,023.89

Expenses

Incurred

During

the

Period

$1.33

Expenses

are

equal

to

the

Fund’s

annualized

net

expense

ratio

of

0.26%

multiplied

by

the

average

account

value

over

the

period,

multiplied

by

184/365

(to

reflect

the

one-half

year

period).

Nuveen

ESG

Large-Cap

Value

ETF

(NULV)

Actual

Performance

Beginning

Account

Value

$1,000.00

Ending

Account

Value

$951.10

Expenses

Incurred

During

the

Period

$1.28

Hypothetical

Performance

(5%

annualized

return

before

expenses)

Beginning

Account

Value

$1,000.00

Ending

Account

Value

$1,023.89

Expenses

Incurred

During

the

Period

$1.33

Expenses

are

equal

to

the

Fund’s

annualized

net

expense

ratio

of

0.26%

multiplied

by

the

average

account

value

over

the

period,

multiplied

by

184/365

(to

reflect

the

one-half

year

period).

Expense

Examples

(continued)

38

Nuveen

ESG

Mid-Cap

Growth

ETF

(NUMG)

Actual

Performance

Beginning

Account

Value

$1,000.00

Ending

Account

Value

$944.07

Expenses

Incurred

During

the

Period

$1.52

Hypothetical

Performance

(5%

annualized

return

before

expenses)

Beginning

Account

Value

$1,000.00

Ending

Account

Value

$1,023.64

Expenses

Incurred

During

the

Period

$1.58

Expenses

are

equal

to

the

Fund’s

annualized

net

expense

ratio

of

0.31%

multiplied

by

the

average

account

value

over

the

period,

multiplied

by

184/365

(to

reflect

the

one-half

year

period).

Nuveen

ESG

Mid-Cap

Value

ETF

(NUMV)

Actual

Performance

Beginning

Account

Value

$1,000.00

Ending

Account

Value

$931.70

Expenses

Incurred

During

the

Period

$1.51

Hypothetical

Performance

(5%

annualized

return

before

expenses)

Beginning

Account

Value

$1,000.00

Ending

Account

Value

$1,023.64

Expenses

Incurred

During

the

Period

$1.58

Expenses

are

equal

to

the

Fund’s

annualized

net

expense

ratio

of

0.31%

multiplied

by

the

average

account

value

over

the

period,

multiplied

by

184/365

(to

reflect

the

one-half

year

period).

Nuveen

ESG

Small-Cap

ETF

(NUSC)

Actual

Performance

Beginning

Account

Value

$1,000.00

Ending

Account

Value

$924.46

Expenses

Incurred

During

the

Period

$1.50

Hypothetical

Performance

(5%

annualized

return

before

expenses)

Beginning

Account

Value

$1,000.00

Ending

Account

Value

$1,023.64

Expenses

Incurred

During

the

Period

$1.58

Expenses

are

equal

to

the

Fund’s

annualized

net

expense

ratio

of

0.31%

multiplied

by

the

average

account

value

over

the

period,

multiplied

by

184/365

(to

reflect

the

one-half

year

period).

Report

of

Independent

Registered

Public

Accounting

Firm

39

To

the

Shareholders

and

Board

of

Trustees

Nushares

ETF

Trust:

Opinion

on

the

Financial

Statements

We

have

audited

the

accompanying

statements

of

assets

and

liabilities

of

the

Funds

Listed

in

Appendix

A

(the

Funds),

including

the

portfolios

of

investments,

as

of

October

31,

2023,

the

related

statements

of

operations

and

changes

in

net

assets

for

the

Funds

and

periods

listed

in

Appendix

A,

and

the

related

notes

(collectively,

the

financial

statements)

and

the

financial

highlights

for

the

Funds

and

periods

listed

in

Appendix

A.

In

our

opinion,

the

financial

statements

and

financial

highlights

present

fairly,

in

all

material

respects,

the

financial

position

of

the

Funds

as

of

October

31,

2023,

the

results

of

their

operations

and

the

changes

in

their

net

assets

for

the

periods

listed

in

Appendix

A,

and

the

financial

highlights

for

the

Funds

and

periods

listed

in

Appendix

A,

in

conformity

with

U.S.

generally

accepted

accounting

principles.

Basis

for

Opinion

These

financial

statements

and

financial

highlights

are

the

responsibility

of

the

Funds'

management.

Our

responsibility

is

to

express

an

opinion

on

these

financial

statements

and

financial

highlights

based

on

our

audits.

We

are

a

public

accounting

firm

registered

with

the

Public

Company

Accounting

Oversight

Board

(United

States)

(PCAOB)

and

are

required

to

be

independent

with

respect

to

the

Funds

in

accordance

with

the

U.S.

federal

securities

laws

and

the

applicable

rules

and

regulations

of

the

Securities

and

Exchange

Commission

and

the

PCAOB.

We

conducted

our

audits

in

accordance

with

the

standards

of

the

PCAOB.

Those

standards

require

that

we

plan

and

perform

the

audit

to

obtain

reasonable

assurance

about

whether

the

financial

statements

and

financial

highlights

are

free

of

material

misstatement,

whether

due

to

error

or

fraud.

Our

audits

included

performing

procedures

to

assess

the

risks

of

material

misstatement

of

the

financial

statements

and

financial

highlights,

whether

due

to

error

or

fraud,

and

performing

procedures

that

respond

to

those

risks.

Such

procedures

included

examining,

on

a

test

basis,

evidence

regarding

the

amounts

and

disclosures

in

the

financial

statements

and

financial

highlights.

Such

procedures

also

included

confirmation

of

securities

owned

as

of

October

31,

2023,

by

correspondence

with

custodians

and

brokers;

when

replies

were

not

received

from

brokers,

we

performed

other

auditing

procedures.

Our

audits

also

included

evaluating

the

accounting

principles

used

and

significant

estimates

made

by

management,

as

well

as

evaluating

the

overall

presentation

of

the

financial

statements

and

financial

highlights.

We

believe

that

our

audits

provide

a

reasonable

basis

for

our

opinion.

/s/

KPMG

LLP

We

have

served

as

the

auditor

of

one

or

more

Nuveen

investment

companies

since

2014.

Chicago,

Illinois 

December

28,

2023

Report

of

Independent

Registered

Public

Accounting

Firm

(continued)

40

Appendix

A

Nushares

ETF

Trust

For

the

year

ended

October

31,

2023

(statement

of

operations);

for

each

of

the

years

in

the

two-

year

period

ended

October

31,

2023

(Statement

of

changes

in

net

assets);

for

each

of

the

years

in

the

two-year

period

ended

October

31,

2023,

and

the

period

September

27,

2021

(commencement

of

operations)

through

October

31,

2021

(financial

highlights):

Nuveen

ESG

Dividend

ETF

For

the

year

ended

October

31,

2023

(statement

of

operations);

for

each

of

the

years

in

the

two-

year

period

ended

October

31,

2023

(statement

of

changes

in

net

assets);

for

each

of

the

years

in

the

five-year

period

ended

October

31,

2023

(financial

highlights):

Nuveen

ESG

Emerging

Markets

Equity

ETF

Nuveen

ESG

International

Developed

Markets

Equity

ETF

Nuveen

ESG

Large-Cap

Growth

ETF

Nuveen

ESG

Large-Cap

Value

ETF

Nuveen

ESG

Mid-Cap

Growth

ETF

Nuveen

ESG

Mid-Cap

Value

ETF

Nuveen

ESG

Small-Cap

ETF

For

the

year

ended

October

31,

2023

(statement

of

operations);

for

each

of

the

years

in

the

two-

year

period

ended

October

31,

2023

(statement

of

changes

in

net

assets);

for

each

of

the

years

in

the

four-year

period

ended

October

31,

2023,

and

the

period

June

3,

2019

(commencement

of

operations)

through

October

31,

2019

(financial

highlights):

Nuveen

ESG

Large-Cap

ETF

41

Nuveen

ESG

Dividend

ETF

(NUDV)

Portfolio

of

Investments

October

31,

2023

Shares

Description

(a)

Value

LONG-TERM

INVESTMENTS

-

99.6%

X

–

COMMON

STOCKS

-

99.6%

Communication

Services

-

4.2%

12,832

AT&T

Inc

$

197,613

830

Fox

Corp,

Class

A

25,224

428

Fox

Corp,

Class

B

11,946

1,191

Interpublic

Group

of

Cos

Inc/The

33,824

5,819

Verizon

Communications

Inc

204,421

Total

Communication

Services

473,028

Consumer

Discretionary

-

5.2%

607

Best

Buy

Co

Inc

40,560

406

Hasbro

Inc

18,331

772

Home

Depot

Inc/The

219,781

829

LKQ

Corp

36,410

867

Lowe's

Cos

Inc

165,224

338

Tractor

Supply

Co

65,085

124

Vail

Resorts

Inc

26,319

1,020

VF

Corp

15,024

Total

Consumer

Discretionary

586,734

Consumer

Staples

-

10.6%

1,675

Archer-Daniels-Midland

Co

119,880

463

Bunge

Ltd

49,069

381

Clorox

Co/The

44,844

3,746

Coca-Cola

Co/The

211,611

927

Hormel

Foods

Corp

30,174

317

J

M

Smucker

Co/The

36,087

2,800

Keurig

Dr

Pepper

Inc

84,924

1,038

Kimberly-Clark

Corp

124,186

957

Kroger

Co/The

43,419

777

McCormick

&

Co

Inc/MD

49,650

1,267

PepsiCo

Inc

206,876

1,311

Target

Corp

145,246

2,262

Walgreens

Boots

Alliance

Inc

47,683

Total

Consumer

Staples

1,193,649

Energy

-

1.9%

3,127

Baker

Hughes

Co

107,631

2,771

Halliburton

Co

109,011

Total

Energy

216,642

Financials

-

21.3%

830

Ally

Financial

Inc

20,078

320

Ameriprise

Financial

Inc

100,662

1,522

Annaly

Capital

Management

Inc

23,758

163

Assurant

Inc

24,271

7,351

Bank

of

America

Corp

193,625

2,390

Bank

of

New

York

Mellon

Corp/The

101,575

269

BlackRock

Inc

164,703

3,760

Citigroup

Inc

148,482

783

Discover

Financial

Services

64,269

1,822

Fidelity

National

Information

Services

Inc

89,478

916

Franklin

Resources

Inc

20,876

568

Goldman

Sachs

Group

Inc/The

172,451

557

Hartford

Financial

Services

Group

Inc/The

40,912

4,453

Huntington

Bancshares

Inc/OH

42,971

1,050

Invesco

Ltd

13,619

Nuveen

ESG

Dividend

ETF

(NUDV)

(continued)

Portfolio

of

Investments

October

31,

2023

42

Shares

Description

(a)

Value

Financials

(continued)

942

Marsh

&

McLennan

Cos

Inc

$

178,650

2,001

MetLife

Inc

120,080

2,166

Morgan

Stanley

153,396

1,060

Nasdaq

Inc

52,576

642

Northern

Trust

Corp

42,314

1,227

PNC

Financial

Services

Group

Inc/The

140,455

1,127

Prudential

Financial

Inc

103,053

621

Raymond

James

Financial

Inc

59,268

1,031

State

Street

Corp

66,634

1,322

Synchrony

Financial

37,082

692

T

Rowe

Price

Group

Inc

62,626

4,537

US

Bancorp

144,640

Total

Financials

2,382,504

Health

Care

-

11.6%

739

Amgen

Inc

188,962

3,069

Bristol-Myers

Squibb

Co

158,145

623

Cigna

Group/The

192,632

2,352

Gilead

Sciences

Inc

184,726

2,148

Merck

&

Co

Inc

220,600

346

Quest

Diagnostics

Inc

45,014

587

UnitedHealth

Group

Inc

314,374

Total

Health

Care

1,304,453

Industrials

-

17.1%

1,677

3M

Co

152,523

268

Allegion

plc

26,361

725

Automatic

Data

Processing

Inc

158,210

363

Broadridge

Financial

Solutions

Inc

61,942

708

Caterpillar

Inc

160,043

358

CH

Robinson

Worldwide

Inc

29,295

437

Cummins

Inc

94,523

815

Eaton

Corp

PLC

169,447

1,748

Emerson

Electric

Co

155,520

631

Ferguson

PLC

94,776

727

Illinois

Tool

Works

Inc

162,935

2,110

Johnson

Controls

International

plc

103,432

696

Masco

Corp

36,255

1,276

Otis

Worldwide

Corp

98,520

331

Robert

Half

Inc

24,749

354

Rockwell

Automation

Inc

93,035

704

Trane

Technologies

PLC

133,978

1,113

United

Parcel

Service

Inc,

Class

B

157,211

Total

Industrials

1,912,755

Information

Technology

-

11.6%

3,958

Cisco

Systems

Inc

206,330

1,777

Gen

Digital

Inc

29,605

3,983

Hewlett

Packard

Enterprise

Co

61,258

2,738

HP

Inc

72,092

5,806

Intel

Corp

211,919

1,330

International

Business

Machines

Corp

192,371

992

Juniper

Networks

Inc

26,705

656

NetApp

Inc

47,744

798

NXP

Semiconductors

NV

137,599

996

Paychex

Inc

110,606

573

Seagate

Technology

Holdings

PLC

39,107

1,173

Texas

Instruments

Inc

166,578

Total

Information

Technology

1,301,914

43

Shares

Description

(a)

Value

Materials

-

4.4%

4,539

Amcor

PLC

$

40,352

249

Avery

Dennison

Corp

43,343

970

Ball

Corp

46,705

788

International

Flavors

&

Fragrances

Inc

53,860

802

LyondellBasell

Industries

NV,

Class

A

72,372

2,444

Newmont

Corp

91,577

723

PPG

Industries

Inc

88,763

496

Steel

Dynamics

Inc

52,829

Total

Materials

489,801

Real

Estate

-

8.0%

997

American

Tower

Corp

177,656

460

Boston

Properties

Inc

24,642

1,338

Crown

Castle

Inc

124,407

230

Equinix

Inc

167,817

900

Iron

Mountain

Inc

53,163

1,528

Prologis

Inc

153,946

333

SBA

Communications

Corp

69,474

1,533

Welltower

Inc

128,174

Total

Real

Estate

899,279

Utilities

-

3.7%

598

American

Water

Works

Co

Inc

70,355

447

Atmos

Energy

Corp

48,124

1,070

Consolidated

Edison

Inc

93,935

773

Essential

Utilities

Inc

25,865

1,077

Eversource

Energy

57,932

3,057

Exelon

Corp

119,039

Total

Utilities

415,250

Total

Common

Stocks

(cost

$12,262,657)

11,176,009

Total

Long-Term

Investments

(cost

$12,262,657)

11,176,009

Other

Assets

&

Liabilities,

Net

-

0.4%

39,537

Net

Assets

-

100%

$

11,215,546

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.

(a)

All

percentages

shown

in

the

Portfolio

of

Investments

are

based

on

net

assets.

See

Notes

to

Financial

Statements

44

Nuveen

ESG

Emerging

Markets

Equity

ETF

(NUEM)

Portfolio

of

Investments

October

31,

2023

Shares

Description

(a)

Value

LONG-TERM

INVESTMENTS

-

100.0%

X

–

COMMON

STOCKS

-

100.0%

Communication

Services

-

10.1%

18,405

37

Interactive

Entertainment

Network

Technology

Group

Co

Ltd,

Class

A

$

51,891

664,952

America

Movil

SAB

de

CV

548,448

260,007

(b)

Baidu

Inc,

Class

A

3,412,662

156,764

Bharti

Airtel

Ltd

1,721,681

7,783

CD

Projekt

SA

193,928

13,966

(b)

China

Literature

Ltd,

144A

47,032

143,896

(b)

China

Ruyi

Holdings

Ltd

33,102

309,851

Emirates

Telecommunications

Group

Co

PJSC

1,557,269

304,908

Focus

Media

Information

Technology

Co

Ltd,

Class

A

287,381

956

G-bits

Network

Technology

Xiamen

Co

Ltd,

Class

A

34,635

287

(b)

HYBE

Co

Ltd

46,645

24,461

Info

Edge

India

Ltd

1,199,932

396

JYP

Entertainment

Corp

30,084

64,466

Kakao

Corp

1,804,313

69,987

(b)

Kanzhun

Ltd,

ADR

1,035,808

8,838

KT

Corp

213,662

424,891

(b)

Kuaishou

Technology,

144A

2,734,103

39,460

Mango

Excellent

Media

Co

Ltd,

Class

A

135,922

4,320

MTN

Group

Ltd

20,965

1,494

NCSoft

Corp

257,195

149,421

NetEase

Inc

3,213,909

12,987

Ooredoo

QPSC

35,276

18,982

Perfect

World

Co

Ltd/China,

Class

A

31,025

186,038

Saudi

Telecom

Co

1,904,217

72,832

Telefonica

Brasil

SA

653,365

1,677,259

Telkom

Indonesia

Persero

Tbk

PT

368,501

117,381

(b)

Turkcell

Iletisim

Hizmetleri

AS

199,142

Total

Communication

Services

21,772,093

Consumer

Discretionary

-

15.8%

11,244

AIMA

Technology

Group

Co

Ltd,

Class

A

43,034

777,850

(b)

Alibaba

Group

Holding

Ltd

7,957,837

87,204

(b)

Allegro.eu

SA,

144A

623,920

23,620

BYD

Co

Ltd,

Class

A

767,404

67,029

BYD

Co

Ltd

2,033,674

32,283

China

Tourism

Group

Duty

Free

Corp

Ltd,

Class

A

415,956

27,040

China

Tourism

Group

Duty

Free

Corp

Ltd,

144A

305,317

294,814

Chow

Tai

Fook

Jewellery

Group

Ltd

415,963

19,282

Coway

Co

Ltd

616,773

62,628

(b)

East

Buy

Holding

Ltd,

144A

255,327

28,800

Eicher

Motors

Ltd

1,139,962

460

(b),(c)

FF

Group

5

250,423

Geely

Automobile

Holdings

Ltd

283,881

9,364

Hangzhou

Robam

Appliances

Co

Ltd,

Class

A

29,462

11,903

Hero

MotoCorp

Ltd

441,523

14,809

Hotai

Motor

Co

Ltd

275,315

257,080

Indian

Hotels

Co

Ltd

1,183,833

329,868

Jiumaojiu

International

Holdings

Ltd,

144A

358,341

32,682

LG

Electronics

Inc

2,412,643

85,459

(b)

Li

Auto

Inc,

Class

A

1,460,250

114,899

Lojas

Renner

SA

279,330

108,096

Mahindra

&

Mahindra

Ltd

1,893,721

52,139

Minor

International

PCL

40,617

9,880

(b)

Naspers

Ltd

1,533,276

17,327

(b)

NIO

Inc,

ADR

126,487

45

Shares

Description

(a)

Value

Consumer

Discretionary

(continued)

15,615

Pop

Mart

International

Group

Ltd,

144A

$

43,006

396,898

PTT

Oil

&

Retail

Business

PCL

202,079

372,566

TCL

Technology

Group

Corp,

Class

A

199,425

80,554

Titan

Co

Ltd

3,086,031

428,806

(b)

Tongcheng

Travel

Holdings

Ltd

818,746

18,012

TVS

Motor

Co

Ltd

344,150

7,840

(b)

Vipshop

Holdings

Ltd,

ADR

111,798

30,303

(b)

XPeng

Inc,

Class

A

223,847

48,200

Yum

China

Holdings

Inc

2,533,392

1,095,033

(b)

Zomato

Ltd

1,382,293

Total

Consumer

Discretionary

33,838,618

Consumer

Staples

-

6.7%

732,744

(b)

Alibaba

Health

Information

Technology

Ltd

431,709

39,267

Arca

Continental

SAB

de

CV

351,648

2,040

BGF

retail

Co

Ltd

208,750

16,697

Britannia

Industries

Ltd

887,706

439,074

China

Feihe

Ltd,

144A

272,717

169,456

China

Mengniu

Dairy

Co

Ltd

553,332

1,925

CJ

CheilJedang

Corp

402,660

167,070

CP

ALL

PCL

255,654

174,610

Fomento

Economico

Mexicano

SAB

de

CV

1,973,684

92,310

Hindustan

Unilever

Ltd

2,754,041

133,995

Inner

Mongolia

Yili

Industrial

Group

Co

Ltd,

Class

A

500,425

16,453

Marico

Ltd

106,029

8,438

Nestle

India

Ltd

2,456,117

181,395

Nongfu

Spring

Co

Ltd,

144A

1,032,787

122,292

Raia

Drogasil

SA

625,646

34,515

Savola

Group/The

334,883

329,295

Wal-Mart

de

Mexico

SAB

de

CV

1,177,057

29,864

Yihai

Kerry

Arawana

Holdings

Co

Ltd,

Class

A

142,363

Total

Consumer

Staples

14,467,208

Energy

-

3.7%

221,413

Cosan

SA

691,504

1,172,333

Dialog

Group

Bhd

529,020

117,124

Empresas

Copec

SA

772,870

14,214

HD

Hyundai

Co

Ltd

604,112

22,926

Motor

Oil

Hellas

Corinth

Refineries

SA

545,238

93,410

Offshore

Oil

Engineering

Co

Ltd,

Class

A

79,008

206,635

Qatar

Fuel

QSC

842,771

15,447

(b)

SK

Innovation

Co

Ltd

1,397,670

15,538

S-Oil

Corp

763,928

425,915

Thai

Oil

PCL

556,945

250,176

Ultrapar

Participacoes

SA

1,014,495

22,200

Yantai

Jereh

Oilfield

Services

Group

Co

Ltd,

Class

A

86,326

Total

Energy

7,883,887

Financials

-

23.7%

97,364

Agricultural

Bank

of

China

Ltd,

Class

A

47,607

5,687,825

Agricultural

Bank

of

China

Ltd

2,100,787

53,967

AU

Small

Finance

Bank

Ltd,

144A

433,700

800,281

B3

SA

-

Brasil

Bolsa

Balcao

1,761,475

10,712

Bancolombia

SA

68,360

3,402

Bancolombia

SA

24,136

3,061,556

Bank

Central

Asia

Tbk

PT

1,686,409

220,953

Bank

Negara

Indonesia

Persero

Tbk

PT

66,627

461,315

Bank

of

Communications

Co

Ltd

272,971

6,015,413

Bank

Rakyat

Indonesia

Persero

Tbk

PT

1,878,278

606,856

Cathay

Financial

Holding

Co

Ltd

821,365

Nuveen

ESG

Emerging

Markets

Equity

ETF

(NUEM)

(continued)

Portfolio

of

Investments

October

31,

2023

46

Shares

Description

(a)

Value

Financials

(continued)

192,198

China

Construction

Bank

Corp,

Class

A

$

164,134

8,409,598

China

Construction

Bank

Corp

4,771,952

20,212

China

International

Capital

Corp

Ltd,

Class

A

101,417

395,872

China

International

Capital

Corp

Ltd,

144A

630,392

810,285

China

Merchants

Bank

Co

Ltd

3,085,972

96,138

China

Merchants

Bank

Co

Ltd,

Class

A

402,776

143,660

Commercial

International

Bank

Egypt

SAE

280,352

3,807

Credicorp

Ltd

475,723

1,660

DB

Insurance

Co

Ltd

108,040

688,593

FirstRand

Ltd

2,256,755

993,694

Fubon

Financial

Holding

Co

Ltd

1,841,252

93,639

Grupo

Financiero

Banorte

SAB

de

CV

758,946

66,663

Haci

Omer

Sabanci

Holding

AS

126,056

29,199

Hana

Financial

Group

Inc

847,507

156,245

HDFC

Bank

Ltd

2,770,829

126,329

Huatai

Securities

Co

Ltd,

Class

A

275,816

98,509

(b)

IDFC

First

Bank

Ltd

97,848

6,371,124

Industrial

&

Commercial

Bank

of

China

Ltd

3,061,553

92,680

Industrial

&

Commercial

Bank

of

China

Ltd,

Class

A

59,708

156,104

Industrial

Bank

Co

Ltd,

Class

A

320,625

33,478

KB

Financial

Group

Inc

1,276,604

15,687

Komercni

Banka

AS

458,724

107,017

Kotak

Mahindra

Bank

Ltd

2,235,745

1,077,241

Malayan

Banking

Bhd

2,039,398

3,784

(b)

mBank

SA

466,759

98,850

Ping

An

Insurance

Group

Co

of

China

Ltd,

Class

A

612,053

583,713

Ping

An

Insurance

Group

Co

of

China

Ltd

2,991,449

17,094

(b)

Piraeus

Financial

Holdings

SA

50,411

565,523

Postal

Savings

Bank

of

China

Co

Ltd,

Class

A

352,005

972,017

Postal

Savings

Bank

of

China

Co

Ltd,

144A

443,486

7,842

(b)

Powszechna

Kasa

Oszczednosci

Bank

Polski

SA

80,988

1,118,363

Public

Bank

Bhd

976,470

346,626

Qatar

National

Bank

QPSC

1,417,539

10,399

Samsung

Fire

&

Marine

Insurance

Co

Ltd

1,990,405

18,424

Samsung

Life

Insurance

Co

Ltd

986,306

1,303

(b)

Santander

Bank

Polska

SA

141,122

55,955

Shinhan

Financial

Group

Co

Ltd

1,439,737

104,339

Standard

Bank

Group

Ltd

1,017,905

33,772

Woori

Financial

Group

Inc

297,573

215,437

Yapi

ve

Kredi

Bankasi

AS

131,275

Total

Financials

51,005,322

Health

Care

-

3.7%

510,729

3SBio

Inc,

144A

454,295

84,927

(b)

Akeso

Inc,

144A

476,484

287,729

Bangkok

Dusit

Medical

Services

PCL

212,139

604

Celltrion

Healthcare

Co

Ltd

29,741

80,717

CSPC

Pharmaceutical

Group

Ltd

70,457

29,511

Dr

Sulaiman

Al

Habib

Medical

Services

Group

Co

1,982,293

96,622

(b)

Hapvida

Participacoes

e

Investimentos

S/A,

144A

70,699

62,220

IHH

Healthcare

Bhd

78,355

130,100

Jiangsu

Hengrui

Pharmaceuticals

Co

Ltd,

Class

A

849,489

14,328

Pharmaron

Beijing

Co

Ltd,

Class

A

64,887

16,734

Richter

Gedeon

Nyrt

391,498

30,534

Shanghai

Pharmaceuticals

Holding

Co

Ltd,

Class

A

74,983

6,570

(b)

SK

Bioscience

Co

Ltd

294,800

60,279

WuXi

AppTec

Co

Ltd,

144A

724,155

4,990

WuXi

AppTec

Co

Ltd,

Class

A

58,796

274,930

(b)

Wuxi

Biologics

Cayman

Inc,

144A

1,707,640

26,026

Yunnan

Baiyao

Group

Co

Ltd,

Class

A

180,252

14,194

(b)

Zai

Lab

Ltd

35,990

47

Shares

Description

(a)

Value

Health

Care

(continued)

7,740

Zhangzhou

Pientzehuang

Pharmaceutical

Co

Ltd,

Class

A

$

263,761

Total

Health

Care

8,020,714

Industrials

-

5.2%

827,340

Airports

of

Thailand

PCL

1,536,480

112,250

CCR

SA

266,658

46,061

Contemporary

Amperex

Technology

Co

Ltd,

Class

A

1,164,378

109,240

COSCO

SHIPPING

Holdings

Co

Ltd,

Class

A

145,365

552,756

Delta

Electronics

Thailand

PCL

1,214,933

31,259

Evergreen

Marine

Corp

Taiwan

Ltd

103,602

41,143

Grupo

Aeroportuario

del

Pacifico

SAB

de

CV,

Class

B

479,299

12,164

Havells

India

Ltd

182,061

4,577

Hyundai

Glovis

Co

Ltd

579,856

43,324

(b)

JD

Logistics

Inc,

144A

51,272

71,768

Jiangsu

Zhongtian

Technology

Co

Ltd,

Class

A

136,751

17,224

LG

Corp

984,557

36,838

Localiza

Rent

a

Car

SA

371,594

17,458

Mytilineos

SA

645,490

102,525

Rumo

SA

453,566

14,602

(b)

Samsung

Engineering

Co

Ltd

256,782

103,472

SF

Holding

Co

Ltd,

Class

A

553,858

7,348

Shanghai

M&G

Stationery

Inc,

Class

A

38,781

27,413

Shenzhen

Inovance

Technology

Co

Ltd,

Class

A

225,665

8,309

Siemens

Ltd

332,420

24,339

SM

Investments

Corp

343,594

6,776

Sungrow

Power

Supply

Co

Ltd,

Class

A

77,662

46,382

(b)

Turk

Hava

Yollari

AO

356,233

332,914

Turkiye

Sise

ve

Cam

Fabrikalari

AS

557,038

3,704

Voltronic

Power

Technology

Corp

147,886

Total

Industrials

11,205,781

Information

Technology

-

17.1%

155,050

AAC

Technologies

Holdings

Inc

279,005

554,493

Acer

Inc

582,957

162,721

Advantech

Co

Ltd

1,663,080

36,381

ASE

Technology

Holding

Co

Ltd

127,308

125,200

Asustek

Computer

Inc

1,304,689

185,251

AU

Optronics

Corp

89,099

131,117

China

Railway

Signal

&

Communication

Corp

Ltd,

Class

A

83,934

331,187

Delta

Electronics

Inc

2,966,235

74,623

HCL

Technologies

Ltd

1,143,651

165,336

Infosys

Ltd

2,717,382

1,030,316

Lenovo

Group

Ltd

1,198,256

221,032

Lite-On

Technology

Corp

681,462

19,337

Samsung

Electro-Mechanics

Co

Ltd

1,779,711

36,245

SK

Hynix

Inc

3,121,168

1,017,092

Taiwan

Semiconductor

Manufacturing

Co

Ltd

16,588,305

580,059

United

Microelectronics

Corp

826,229

550,700

Wistron

Corp

1,517,884

Total

Information

Technology

36,670,355

Materials

-

8.8%

8,113

Anglo

American

Platinum

Ltd

270,045

5,876

Anglogold

Ashanti

UK

Ltd

107,980

56,209

Asian

Paints

Ltd

2,022,434

81,486

(b)

Cemex

SAB

de

CV

48,883

80,666

China

Jushi

Co

Ltd,

Class

A

127,118

630,813

China

Steel

Corp

469,682

12,033

Cia

Siderurgica

Nacional

SA

28,060

288,216

CMOC

Group

Ltd

171,649

Nuveen

ESG

Emerging

Markets

Equity

ETF

(NUEM)

(continued)

Portfolio

of

Investments

October

31,

2023

48

Shares

Description

(a)

Value

Materials

(continued)

365,023

CMOC

Group

Ltd,

Class

A

$

275,431

85,805

Ganfeng

Lithium

Group

Co

Ltd,

144A

307,598

33,810

Ganfeng

Lithium

Group

Co

Ltd,

Class

A

203,909

73,677

GEM

Co

Ltd,

Class

A

58,805

397,815

Gerdau

SA

1,717,318

52,813

Gold

Fields

Ltd

699,980

57,442

Grasim

Industries

Ltd

1,301,675

46,151

Impala

Platinum

Holdings

Ltd

191,232

5,919

KGHM

Polska

Miedz

SA

157,667

118,024

Klabin

SA

500,836

362,781

Klabin

SA

308,612

2,246

Korea

Zinc

Co

Ltd

779,959

8,190

Kumba

Iron

Ore

Ltd

215,736

2,736

LG

Chem

Ltd

891,370

693

LG

Chem

Ltd

143,931

631,230

Nan

Ya

Plastics

Corp

1,204,660

114,257

(b)

National

Industrialization

Co

353,893

10,797

Pidilite

Industries

Ltd

318,754

2,875

POSCO

Future

M

Co

Ltd

503,452

39,421

SABIC

Agri-Nutrients

Co

1,405,941

125,332

Sahara

International

Petrochemical

Co

1,077,395

258,237

(b)

Saudi

Arabian

Mining

Co

2,478,018

2,819

Sociedad

Quimica

y

Minera

de

Chile

SA,

Class

B

135,942

31,128

Tianqi

Lithium

Corp,

Class

A

233,183

23,596

Zangge

Mining

Co

Ltd,

Class

A

71,957

33,589

Zhejiang

Huayou

Cobalt

Co

Ltd,

Class

A

168,310

Total

Materials

18,951,415

Real

Estate

-

2.3%

1,041,210

Aldar

Properties

PJSC

1,474,079

129,986

China

Resources

Land

Ltd

486,746

195,676

China

Vanke

Co

Ltd

183,057

59,315

Country

Garden

Services

Holdings

Co

Ltd

51,851

212,665

DLF

Ltd

1,439,329

38,937

Longfor

Group

Holdings

Ltd,

144A

56,630

2,184,659

SM

Prime

Holdings

Inc

1,155,089

Total

Real

Estate

4,846,781

Utilities

-

2.9%

11,976

(b)

Adani

Green

Energy

Ltd

131,132

136,780

China

Longyuan

Power

Group

Corp

Ltd

115,897

279,186

China

Resources

Gas

Group

Ltd

826,005

20,496

Cia

de

Saneamento

Basico

do

Estado

de

Sao

Paulo

SABESP

237,230

64,250

Cia

Energetica

de

Minas

Gerais

149,573

68,049

CPFL

Energia

SA

451,231

2,202,438

(b)

Enel

Americas

SA

225,665

6,760

Energisa

S/A

62,479

55,955

Energy

Absolute

PCL

65,385

70,742

Engie

Brasil

Energia

SA

551,291

195,651

ENN

Energy

Holdings

Ltd

1,494,025

59,346

Equatorial

Energia

SA

371,869

60,446

Interconexion

Electrica

SA

ESP

211,866

585,197

Power

Grid

Corp

of

India

Ltd

1,420,843

Total

Utilities

6,314,491

Total

Common

Stocks

(cost

$224,041,582)

214,976,665

49

Principal

Amount

(000)

Description

(a)

Coupon

Maturity

Value

X

–

CORPORATE

BONDS

-

0.0%

Consumer

Staples

-

0.0%

$

25

Britannia

Industries

Ltd

5.500%

6/03/24

$

295

Total

Consumer

Staples

295

Total

Corporate

Bonds

(cost

$122)

295

Total

Long-Term

Investments

(cost

$224,041,704)

214,976,960

Other

Assets

&

Liabilities,

Net

-

(0.0)%

(

63,051

)

Net

Assets

-

100%

$

214,913,909

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.

(a)

All

percentages

shown

in

the

Portfolio

of

Investments

are

based

on

net

assets.

(b)

Non-income

producing;

issuer

has

not

declared

an

ex-dividend

date

within

the

past

twelve

months.

(c)

For

fair

value

measurement

disclosure

purposes,

investment

classified

as

Level

3.

144A

Investment

is

exempt

from

registration

under

Rule

144A

of

the

Securities

Act

of

1933,

as

amended.

These

investments

may

only

be

resold

in

transactions

exempt

from

registration,

which

are

normally

those

transactions

with

qualified

institutional

buyers.

ADR

American

Depositary

Receipt

See

Notes

to

Financial

Statements

50

Nuveen

ESG

International

Developed

Markets

Equity

ETF

(NUDM)

Portfolio

of

Investments

October

31,

2023

h

Shares

Description

(a)

Value

LONG-TERM

INVESTMENTS

-

99.5%

X

–

COMMON

STOCKS

-

99.5%

Communication

Services

-

5.5%

1,617,307

BT

Group

PLC

$

2,212,743

122,627

KDDI

Corp

3,633,183

118,519

Nintendo

Co

Ltd

4,868,478

15,270

Publicis

Groupe

SA

1,157,589

176,059

Telenor

ASA

1,798,933

29,057

Telstra

Group

Ltd

70,094

3,544,672

Vodafone

Group

PLC

3,256,070

269,837

WPP

PLC

2,313,646

Total

Communication

Services

19,310,736

Consumer

Discretionary

-

13.1%

78,921

Amadeus

IT

Group

SA

4,489,637

39,839

Bayerische

Motoren

Werke

AG

3,690,084

13,450

Bayerische

Motoren

Werke

AG

1,139,464

61,120

Cie

Generale

des

Etablissements

Michelin

SCA

1,810,200

5,387

D'ieteren

Group

797,738

24,139

(b)

Dufry

AG

841,105

9,724

Fast

Retailing

Co

Ltd

2,120,152

1,784

Hermes

International

3,318,057

580,214

Honda

Motor

Co

Ltd

5,771,682

140

Kering

SA

56,706

156,952

Oriental

Land

Co

Ltd/Japan

5,033,615

490,241

Panasonic

Holdings

Corp

4,237,350

43,513

(b)

Prosus

NV

1,215,601

58,695

(c)

Sharp

Corp/Japan

364,196

12,131

Sodexo

SA

1,280,708

88,717

Sony

Group

Corp

7,278,608

26,769

Valeo

351,988

77,171

Wesfarmers

Ltd

2,468,448

Total

Consumer

Discretionary

46,265,339

Consumer

Staples

-

11.0%

102,991

Ajinomoto

Co

Inc

3,726,704

39,850

(b)

Coca-Cola

Europacific

Partners

PLC

2,331,624

93,363

Danone

SA

5,541,145

414,857

J

Sainsbury

PLC

1,295,269

19,414

Kerry

Group

PLC,

Class

A

1,495,541

64,682

Koninklijke

Ahold

Delhaize

NV

1,914,328

9,484

L'Oreal

SA

3,971,241

110,274

Mowi

ASA

1,789,582

106,546

Nestle

SA

11,480,580

187,108

Orkla

ASA

1,288,621

384,622

Tesco

PLC

1,258,743

56,996

Unilever

PLC

2,689,702

Total

Consumer

Staples

38,783,080

Energy

-

1.0%

105,924

Neste

Oyj

3,550,305

Total

Energy

3,550,305

Financials

-

20.4%

219,541

3i

Group

PLC

5,153,547

15,573

Ageas

SA/NV

596,864

24,762

Allianz

SE

5,781,711

51

Shares

Description

(a)

Value

Financials

(continued)

143,881

Assicurazioni

Generali

SpA

$

2,850,781

204,113

AXA

SA

6,031,220

409,783

Banco

Bilbao

Vizcaya

Argentaria

SA

3,214,770

84,665

BNP

Paribas

SA

4,858,461

925,918

BOC

Hong

Kong

Holdings

Ltd

2,449,518

119,325

DNB

Bank

ASA

2,150,087

48,596

Gjensidige

Forsikring

ASA

727,742

189,294

Hang

Seng

Bank

Ltd

2,168,827

38,092

Hong

Kong

Exchanges

&

Clearing

Ltd

1,338,765

1,559,776

Intesa

Sanpaolo

SpA

4,049,990

1

Isracard

Ltd

3

15,420

KBC

Group

NV

845,915

10,331,081

Lloyds

Banking

Group

PLC

5,006,978

107,309

MS&AD

Insurance

Group

Holdings

Inc

3,892,161

1,458,532

NatWest

Group

PLC

3,153,883

546,811

Oversea-Chinese

Banking

Corp

Ltd

5,060,811

130,720

Poste

Italiane

SpA,

144A

1,290,517

260,457

Suncorp

Group

Ltd

2,206,474

62,905

Swedbank

AB

1,028,931

221

Swiss

Life

Holding

AG

141,286

1,162

Swiss

Re

AG

126,562

185,551

Tokio

Marine

Holdings

Inc

4,095,856

164,249

UBS

Group

AG

3,829,860

Total

Financials

72,051,520

Health

Care

-

12.0%

111,391

Astellas

Pharma

Inc

1,397,490

73,237

AstraZeneca

PLC

9,109,117

2,223

BioMerieux

212,649

13,968

CSL

Ltd

2,054,866

182,407

Daiichi

Sankyo

Co

Ltd

4,646,744

63,147

Eisai

Co

Ltd

3,319,445

2,868

(b)

Genmab

A/S

808,248

50,473

(b)

Hoya

Corp

4,777,513

2,439

Lonza

Group

AG

849,047

20,644

Merck

KGaA

3,106,178

3,701

(b),(d)

NMC

Health

PLC

–

101,028

Novo

Nordisk

A/S,

Class

B

9,685,960

38,650

Ramsay

Health

Care

Ltd

1,191,260

70,918

Sonic

Healthcare

Ltd

1,290,925

300

Sonova

Holding

AG

70,710

959

Sysmex

Corp

45,295

Total

Health

Care

42,565,447

Industrials

-

16.9%

110,492

ABB

Ltd

3,695,815

54,845

ACS

Actividades

de

Construccion

y

Servicios

SA

1,980,875

7,441

Aeroports

de

Paris

832,131

462,203

Aurizon

Holdings

Ltd

1,000,842

24,875

Beijer

Ref

AB

235,332

47,704

Bouygues

SA

1,674,552

347,792

Brambles

Ltd

2,886,881

207,278

CNH

Industrial

NV

2,292,807

87,887

Computershare

Ltd

1,379,456

54,820

Dai

Nippon

Printing

Co

Ltd

1,414,978

3,233

Daikin

Industries

Ltd

461,750

24,741

DCC

PLC

1,370,503

56,109

DHL

Group

2,180,133

5,154

DSV

A/S

767,843

18,375

Eiffage

SA

1,664,498

58,695

FANUC

Corp

1,415,780

Nuveen

ESG

International

Developed

Markets

Equity

ETF

(NUDM)

(contin-

ued)

Portfolio

of

Investments

October

31,

2023

52

Shares

Description

(a)

Value

Industrials

(continued)

2,774

(b)

Hitachi

Construction

Machinery

Co

Ltd

$

70,557

366,724

Keppel

Corp

Ltd

1,662,243

3,276

Kingspan

Group

PLC

219,814

71,980

Lixil

Corp

784,701

390,119

MTR

Corp

Ltd

1,458,347

37,479

Recruit

Holdings

Co

Ltd

1,072,313

128,530

RELX

PLC

4,473,068

21,125

Schneider

Electric

SE

3,237,276

12,452

SGS

SA

1,012,251

139,441

Shimizu

Corp

986,109

50,933

Siemens

AG

6,727,369

87,585

Smiths

Group

PLC

1,714,828

13,321

Teleperformance

1,522,784

391,288

Transurban

Group

2,928,334

54,061

Vestas

Wind

Systems

A/S

1,165,688

34,644

Volvo

AB

692,716

238,097

Volvo

AB

4,707,534

3,548

West

Japan

Railway

Co

134,615

Total

Industrials

59,824,723

Information

Technology

-

6.5%

13,813

ASML

Holding

NV

8,253,573

25,152

Fujitsu

Ltd

3,224,445

16,246

Ibiden

Co

Ltd

680,220

38,019

Logitech

International

SA

2,972,839

23,685

SAP

SE

3,172,941

70,506

STMicroelectronics

NV

2,681,404

11,330

Temenos

AG

810,984

9,179

Tokyo

Electron

Ltd

1,197,340

Total

Information

Technology

22,993,746

Materials

-

7.7%

30,645

Antofagasta

PLC

500,154

123,875

Asahi

Kasei

Corp

755,299

68,348

Boliden

AB

1,748,058

21,465

Croda

International

PLC

1,140,325

27,090

Endeavour

Mining

PLC

558,830

205,257

Fortescue

Metals

Group

Ltd

2,898,074

1,089

Givaudan

SA

3,613,845

74,963

IGO

Ltd

451,372

2,546

JSR

Corp

67,565

43,819

Mineral

Resources

Ltd

1,602,493

42,776

Mitsui

Chemicals

Inc

1,062,868

677,664

Pilbara

Minerals

Ltd

1,574,661

46,756

SIG

Group

AG

1,027,034

18,868

Sika

AG

4,496,972

28,344

Smurfit

Kappa

Group

PLC

920,958

351,590

Sumitomo

Chemical

Co

Ltd

886,839

61,824

Sumitomo

Metal

Mining

Co

Ltd

1,721,087

323,786

Toray

Industries

Inc

1,549,606

27,485

Umicore

SA

652,209

Total

Materials

27,228,249

Real

Estate

-

2.7%

282,951

Capitaland

Investment

Ltd/Singapore

607,187

126,246

City

Developments

Ltd

582,369

12,727

Covivio

SA/France

543,479

148,887

Daiwa

House

Industry

Co

Ltd

4,057,292

269,518

Dexus

1,105,782

72,266

Keppel

REIT

41,934

53

Shares

Description

(a)

Value

Real

Estate

(continued)

172,046

Lendlease

Corp

Ltd

$

676,461

325,321

Sino

Land

Co

Ltd

324,714

110,806

Stockland

248,355

106,547

Swire

Pacific

Ltd

682,208

288,805

Swire

Properties

Ltd

558,815

1

(b)

Unibail-Rodamco-Westfield

49

143,015

Vicinity

Ltd

153,935

Total

Real

Estate

9,582,580

Utilities

-

2.7%

226,216

Iberdrola

SA

2,510,658

479,959

National

Grid

PLC

5,699,427

1,596

Orsted

AS

76,801

14,575

Verbund

AG

1,263,274

Total

Utilities

9,550,160

Total

Common

Stocks

(cost

$359,992,643)

351,705,885

Total

Long-Term

Investments

(cost

$359,992,643)

351,705,885

Shares

Description

(a)

Coupon

Value

INVESTMENTS

PURCHASED

WITH

COLLATERAL

FROM

SECURITIES

LENDING

-

0.1%

293,935

(e)

State

Street

Navigator

Securities

Lending

Government

Money

Market

Portfolio

5.360%(f)

$

293,935

Total

Investments

Purchased

with

Collateral

from

Securities

Lending

(cost

$293,935)

293,935

Total

Investments

(cost

$

360,286,578

)

-

99

.6

%

351,999,820

Other

Assets

&

Liabilities,

Net

-

0.4%

1,523,429

Net

Assets

-

100%

$

353,523,249

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.

(a)

All

percentages

shown

in

the

Portfolio

of

Investments

are

based

on

net

assets.

(b)

Non-income

producing;

issuer

has

not

declared

an

ex-dividend

date

within

the

past

twelve

months.

(c)

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

$272,723.

(d)

For

fair

value

measurement

disclosure

purposes,

investment

classified

as

Level

3.

(e)

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.

(f)

The

rate

shown

is

the

one-day

yield

as

of

the

end

of

the

reporting

period.

144A

Investment

is

exempt

from

registration

under

Rule

144A

of

the

Securities

Act

of

1933,

as

amended.

These

investments

may

only

be

resold

in

transactions

exempt

from

registration,

which

are

normally

those

transactions

with

qualified

institutional

buyers.

REIT

Real

Estate

Investment

Trust

See

Notes

to

Financial

Statements

54

Nuveen

ESG

Large-Cap

ETF

(NULC)

Portfolio

of

Investments

October

31,

2023

Shares

Description

(a)

Value

LONG-TERM

INVESTMENTS

-

99.8%

X

–

COMMON

STOCKS

-

99.8%

Communication

Services

-

6.1%

12,419

AT&T

Inc

$

191,253

1,408

Comcast

Corp,

Class

A

58,136

1,585

Electronic

Arts

Inc

196,207

1,643

Fox

Corp,

Class

A

49,931

872

Fox

Corp,

Class

B

24,338

1,411

(b)

Liberty

Global

PLC,

Class

C

23,931

1,213

(b)

Liberty

Media

Corp-Liberty

Formula

One,

Class

C

78,469

1,707

(b)

Match

Group

Inc

59,062

716

(b)

Netflix

Inc

294,770

2,318

News

Corp,

Class

A

47,936

3,644

(b)

Pinterest

Inc,

Class

A

108,883

4,808

(c)

Sirius

XM

Holdings

Inc

20,578

6,206

(b)

Snap

Inc,

Class

A

62,122

256

(b)

Take-Two

Interactive

Software

Inc

34,240

51

(b)

Trade

Desk

Inc/The,

Class

A

3,619

742

Verizon

Communications

Inc

26,066

819

(b)

Walt

Disney

Co/The

66,822

1,621

(b)

ZoomInfo

Technologies

Inc

21,008

Total

Communication

Services

1,367,371

Consumer

Discretionary

-

11.5%

7,875

(b)

Amazon.com

Inc

1,048,084

1,733

(b)

Aptiv

PLC

151,117

51

(b)

AutoZone

Inc

126,334

112

(b)

Booking

Holdings

Inc

312,431

1,436

BorgWarner

Inc

52,988

436

DR

Horton

Inc

45,518

193

Lear

Corp

25,044

790

Lowe's

Cos

Inc

150,550

5,616

(b),(c)

Lucid

Group

Inc

23,138

145

(b)

Lululemon

Athletica

Inc

57,055

269

(b)

MercadoLibre

Inc

333,759

4,008

(b)

Rivian

Automotive

Inc,

Class

A

65,010

2,035

Starbucks

Corp

187,708

129

Yum!

Brands

Inc

15,591

Total

Consumer

Discretionary

2,594,327

Consumer

Staples

-

8.0%

3,339

Archer-Daniels-Midland

Co

238,972

918

Bunge

Ltd

97,290

6,988

Coca-Cola

Co/The

394,752

983

(b)

Darling

Ingredients

Inc

43,537

4,153

Kroger

Co/The

188,422

1,797

PepsiCo

Inc

293,414

3,306

Procter

&

Gamble

Co/The

495,999

469

Target

Corp

51,961

Total

Consumer

Staples

1,804,347

Energy

-

2.7%

6,207

Baker

Hughes

Co

213,645

5,531

Halliburton

Co

217,589

2,744

ONEOK

Inc

178,909

Total

Energy

610,143

55

Shares

Description

(a)

Value

Financials

-

15.0%

363

American

Express

Co

$

53,009

95

Bank

of

America

Corp

2,502

642

Cboe

Global

Markets

Inc

105,217

1,137

Citigroup

Inc

44,900

1,910

(b)

Fiserv

Inc

217,263

270

Goldman

Sachs

Group

Inc/The

81,975

125

LPL

Financial

Holdings

Inc

28,065

1,879

Marsh

&

McLennan

Cos

Inc

356,352

1,248

Mastercard

Inc,

Class

A

469,685

3,641

Morgan

Stanley

257,856

1,880

PNC

Financial

Services

Group

Inc/The

215,204

2,614

Progressive

Corp/The

413,247

1,793

Regions

Financial

Corp

26,052

989

S&P

Global

Inc

345,468

1,301

Travelers

Cos

Inc/The

217,839

2,346

Truist

Financial

Corp

66,533

1,994

Visa

Inc,

Class

A

468,789

Total

Financials

3,369,956

Health

Care

-

13.1%

392

Amgen

Inc

100,234

5,148

Bristol-Myers

Squibb

Co

265,276

74

Cigna

Group/The

22,881

301

Cooper

Cos

Inc/The

93,837

1,517

Danaher

Corp

291,294

508

(b)

EAS

Segment

35,052

3,575

(b)

Edwards

Lifesciences

Corp

227,799

321

Elevance

Health

Inc

144,479

788

Eli

Lilly

&

Co

436,497

4,052

Gilead

Sciences

Inc

318,244

1,048

HCA

Healthcare

Inc

236,995

1,501

(b)

Hologic

Inc

99,321

3,000

Merck

&

Co

Inc

308,100

145

STERIS

PLC

30,447

369

UnitedHealth

Group

Inc

197,622

414

West

Pharmaceutical

Services

Inc

131,772

166

Zimmer

Biomet

Holdings

Inc

17,332

Total

Health

Care

2,957,182

Industrials

-

8.8%

1,440

Automatic

Data

Processing

Inc

314,237

431

(b)

Axon

Enterprise

Inc

88,135

257

(b)

Builders

FirstSource

Inc

27,890

5,118

Carrier

Global

Corp

243,924

961

CSX

Corp

28,686

934

Deere

&

Co

341,246

851

Dover

Corp

110,588

514

Eaton

Corp

PLC

106,866

581

Ferguson

PLC

87,266

773

Fortune

Brands

Innovations

Inc

43,133

20

Old

Dominion

Freight

Line

Inc

7,533

882

Quanta

Services

Inc

147,400

2,029

United

Parcel

Service

Inc,

Class

B

286,596

183

WW

Grainger

Inc

133,559

Total

Industrials

1,967,059

Information

Technology

-

27.4%

466

(b)

Adobe

Inc

247,940

1,636

Applied

Materials

Inc

216,525

337

(b)

Atlassian

Corp

Ltd,

Class

A

60,876

Nuveen

ESG

Large-Cap

ETF

(NULC)

(continued)

Portfolio

of

Investments

October

31,

2023

56

Shares

Description

(a)

Value

Information

Technology

(continued)

1,491

(b)

Cadence

Design

Systems

Inc

$

357,616

624

(b)

First

Solar

Inc

88,889

3,469

Gen

Digital

Inc

57,794

7,919

Hewlett

Packard

Enterprise

Co

121,794

5,440

HP

Inc

143,235

11,553

Intel

Corp

421,685

2,652

International

Business

Machines

Corp

383,585

1,970

Juniper

Networks

Inc

53,032

1,094

(b)

Keysight

Technologies

Inc

133,523

7

Lam

Research

Corp

4,118

5,257

Microsoft

Corp

1,777,444

2,149

NVIDIA

Corp

876,362

209

NXP

Semiconductors

NV

36,038

1,063

(b)

Salesforce

Inc

213,482

1,145

Seagate

Technology

Holdings

PLC

78,146

143

(b)

ServiceNow

Inc

83,205

776

(b)

Synopsys

Inc

364,285

2,106

Texas

Instruments

Inc

299,073

1,518

(b)

Trimble

Inc

71,543

1,962

(b)

Western

Digital

Corp

78,774

Total

Information

Technology

6,168,964

Materials

-

3.3%

2,789

DuPont

de

Nemours

Inc

203,262

357

Ecolab

Inc

59,883

764

FMC

Corp

40,645

1,596

LyondellBasell

Industries

NV,

Class

A

144,023

181

Newmont

Corp

6,782

360

Reliance

Steel

&

Aluminum

Co

91,577

713

Sherwin-Williams

Co/The

169,844

324

Steel

Dynamics

Inc

34,509

Total

Materials

750,525

Real

Estate

-

1.7%

1,187

American

Tower

Corp

211,512

206

Crown

Castle

Inc

19,154

59

Equinix

Inc

43,049

1,054

Prologis

Inc

106,190

Total

Real

Estate

379,905

Utilities

-

2.2%

1,217

Consolidated

Edison

Inc

106,840

2,925

Exelon

Corp

113,900

3,826

Sempra

267,935

Total

Utilities

488,675

Total

Common

Stocks

(cost

$21,228,012)

22,458,454

Total

Long-Term

Investments

(cost

$21,228,012)

22,458,454

Shares

Description

(a)

Coupon

Value

INVESTMENTS

PURCHASED

WITH

COLLATERAL

FROM

SECURITIES

LENDING

-

0.2%

34,355

(d)

State

Street

Navigator

Securities

Lending

Government

Money

Market

Portfolio

5.360%(e)

$

34,355

Total

Investments

Purchased

with

Collateral

from

Securities

Lending

(cost

$34,355)

34,355

Total

Investments

(cost

$21,262,367

)

-

100.0%

22,492,809

Other

Assets

&

Liabilities,

Net

-

0.0%

10,840

Net

Assets

-

100%

$

22,503,649

57

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.

(a)

All

percentages

shown

in

the

Portfolio

of

Investments

are

based

on

net

assets.

(b)

Non-income

producing;

issuer

has

not

declared

an

ex-dividend

date

within

the

past

twelve

months.

(c)

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

$32,787.

(d)

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.

(e)

The

rate

shown

is

the

one-day

yield

as

of

the

end

of

the

reporting

period.

S&P

Standard

&

Poor's

See

Notes

to

Financial

Statements

58

Nuveen

ESG

Large-Cap

Growth

ETF

(NULG)

Portfolio

of

Investments

October

31,

2023

Shares

Description

(a)

Value

LONG-TERM

INVESTMENTS

-

100.0%

X

–

COMMON

STOCKS

-

100.0%

Communication

Services

-

9.5%

67,702

(b)

Liberty

Media

Corp-Liberty

Formula

One,

Class

C

$

4,379,642

147,323

(b)

Match

Group

Inc

5,097,376

56,843

(b)

Netflix

Inc

23,401,695

314,444

(b)

Pinterest

Inc,

Class

A

9,395,587

222,427

(b)

ROBLOX

Corp,

Class

A

7,075,403

32,345

(b)

Roku

Inc

1,926,792

537,517

(b)

Snap

Inc,

Class

A

5,380,545

89,813

(b)

Take-Two

Interactive

Software

Inc

12,012,489

189,644

(b)

Trade

Desk

Inc/The,

Class

A

13,457,138

182,840

(b)

Walt

Disney

Co/The

14,917,915

138,354

(b)

ZoomInfo

Technologies

Inc

1,793,068

Total

Communication

Services

98,837,650

Consumer

Discretionary

-

11.0%

149,657

(b)

Aptiv

PLC

13,050,090

3,082

(b)

AutoZone

Inc

7,634,515

6,396

(b)

Booking

Holdings

Inc

17,842,026

12,956

(b)

Burlington

Stores

Inc

1,568,065

13,836

(b)

Deckers

Outdoor

Corp

8,260,922

11,437

Dick's

Sporting

Goods

Inc

1,223,187

175,883

(b),(c)

Lucid

Group

Inc

724,638

37,280

(b)

Lululemon

Athletica

Inc

14,668,934

13,478

(b)

MercadoLibre

Inc

16,722,694

12,471

Pool

Corp

3,937,968

126,381

Starbucks

Corp

11,657,383

21,899

Tractor

Supply

Co

4,216,871

13,131

(b)

Ulta

Beauty

Inc

5,006,982

62,866

Yum!

Brands

Inc

7,597,985

Total

Consumer

Discretionary

114,112,260

Consumer

Staples

-

5.9%

128,630

Church

&

Dwight

Co

Inc

11,697,612

9,942

Clorox

Co/The

1,170,173

48,454

Costco

Wholesale

Corp

26,767,928

42,400

Hershey

Co/The

7,943,640

77,005

Lamb

Weston

Holdings

Inc

6,915,049

103,861

Sysco

Corp

6,905,718

Total

Consumer

Staples

61,400,120

Energy

-

0.9%

123,749

Baker

Hughes

Co

4,259,440

134,117

Halliburton

Co

5,276,163

Total

Energy

9,535,603

Financials

-

9.5%

9,934

FactSet

Research

Systems

Inc

4,290,395

7,387

MarketAxess

Holdings

Inc

1,578,971

79,311

Mastercard

Inc,

Class

A

29,848,695

27,118

Moody's

Corp

8,352,344

82,530

Nasdaq

Inc

4,093,488

53,351

S&P

Global

Inc

18,636,038

135,855

Visa

Inc,

Class

A

31,939,511

Total

Financials

98,739,442

59

Shares

Description

(a)

Value

Health

Care

-

11.6%

26,426

Agilent

Technologies

Inc

$

2,731,656

15,097

Cooper

Cos

Inc/The

4,706,490

67,928

Danaher

Corp

13,043,534

22,642

(b)

EAS

Segment

1,562,298

135,349

(b)

Edwards

Lifesciences

Corp

8,624,438

20,669

Elevance

Health

Inc

9,302,910

67,455

Eli

Lilly

&

Co

37,365,348

14,755

HCA

Healthcare

Inc

3,336,696

48,952

(b)

Hologic

Inc

3,239,154

13,705

(b)

IDEXX

Laboratories

Inc

5,474,736

9,399

(b)

Insulet

Corp

1,246,025

5,548

(b)

Mettler-Toledo

International

Inc

5,465,890

13,391

(b)

Repligen

Corp

1,801,893

38,545

West

Pharmaceutical

Services

Inc

12,268,488

62,207

Zoetis

Inc

9,766,499

Total

Health

Care

119,936,055

Industrials

-

9.6%

60,694

Automatic

Data

Processing

Inc

13,244,645

32,314

(b)

Axon

Enterprise

Inc

6,607,890

10,547

Broadridge

Financial

Solutions

Inc

1,799,740

67,804

(b)

Builders

FirstSource

Inc

7,358,090

13,371

Cintas

Corp

6,780,702

29,029

Deere

&

Co

10,606,035

43,561

Graco

Inc

3,238,760

8,307

IDEX

Corp

1,590,043

36,444

Illinois

Tool

Works

Inc

8,167,829

2,183

JB

Hunt

Transport

Services

Inc

375,192

25,476

Old

Dominion

Freight

Line

Inc

9,595,790

69,475

Otis

Worldwide

Corp

5,364,165

38,974

Quanta

Services

Inc

6,513,335

9,162

Rockwell

Automation

Inc

2,407,865

17,939

Toro

Co/The

1,450,189

45,865

TransUnion

2,012,556

10,835

United

Rentals

Inc

4,401,936

10,829

WW

Grainger

Inc

7,903,329

Total

Industrials

99,418,091

Information

Technology

-

39.2%

50,291

(b)

Adobe

Inc

26,757,830

45,852

(b)

ANSYS

Inc

12,758,778

113,807

Applied

Materials

Inc

15,062,356

80,534

(b)

Atlassian

Corp

Ltd,

Class

A

14,547,662

78,586

(b)

Autodesk

Inc

15,530,951

12,298

(b)

Ceridian

HCM

Holding

Inc

787,195

42,654

Intuit

Inc

21,111,597

94,374

(b)

Keysight

Technologies

Inc

11,518,347

416,331

Microsoft

Corp

140,765,674

159,766

NVIDIA

Corp

65,152,575

76,344

NXP

Semiconductors

NV

13,163,996

10,898

Paycom

Software

Inc

2,669,683

8,580

(b)

Paylocity

Holding

Corp

1,539,252

59,489

(b)

PTC

Inc

8,353,445

116,710

(b)

Salesforce

Inc

23,438,869

39,257

(b)

Synopsys

Inc

18,428,806

70,713

(b)

Workday

Inc,

Class

A

14,970,649

Total

Information

Technology

406,557,665

Nuveen

ESG

Large-Cap

Growth

ETF

(NULG)

(continued)

Portfolio

of

Investments

October

31,

2023

60

Shares

Description

(a)

Value

Materials

-

1.9%

20,995

Avery

Dennison

Corp

$

3,654,599

39,205

Ecolab

Inc

6,576,247

38,099

Sherwin-Williams

Co/The

9,075,563

Total

Materials

19,306,409

Real

Estate

-

0.9%

24,712

American

Tower

Corp

4,403,431

70,157

(b)

CBRE

Group

Inc,

Class

A

4,864,687

Total

Real

Estate

9,268,118

Total

Common

Stocks

(cost

$1,016,039,722)

1,037,111,413

Total

Long-Term

Investments

(cost

$1,016,039,722)

1,037,111,413

Shares

Description

(a)

Coupon

Value

INVESTMENTS

PURCHASED

WITH

COLLATERAL

FROM

SECURITIES

LENDING

-

0.0%

539,429

(d)

State

Street

Navigator

Securities

Lending

Government

Money

Market

Portfolio

5.360%(e)

$

539,429

Total

Investments

Purchased

with

Collateral

from

Securities

Lending

(cost

$539,429)

539,429

Total

Investments

(cost

$

1,016,579,151

)

-

100

.0

%

1,037,650,842

Other

Assets

&

Liabilities,

Net

-

(0.0)%

(

152,068

)

Net

Assets

-

100%

$

1,037,498,774

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.

(a)

All

percentages

shown

in

the

Portfolio

of

Investments

are

based

on

net

assets.

(b)

Non-income

producing;

issuer

has

not

declared

an

ex-dividend

date

within

the

past

twelve

months.

(c)

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

$520,187.

(d)

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.

(e)

The

rate

shown

is

the

one-day

yield

as

of

the

end

of

the

reporting

period.

S&P

Standard

&

Poor's

See

Notes

to

Financial

Statements

61

Nuveen

ESG

Large-Cap

Value

ETF

(NULV)

Portfolio

of

Investments

October

31,

2023

Shares

Description

(a)

Value

LONG-TERM

INVESTMENTS

-

99.8%

X

–

COMMON

STOCKS

-

99.8%

Communication

Services

-

4.2%

874,190

AT&T

Inc

$

13,462,526

114,248

Fox

Corp,

Class

B

3,188,662

311,110

Interpublic

Group

of

Cos

Inc/The

8,835,524

353,877

Paramount

Global,

Class

B

3,850,182

834,417

Verizon

Communications

Inc

29,313,069

Total

Communication

Services

58,649,963

Consumer

Discretionary

-

3.6%

198,726

Aramark

5,351,691

40,144

Home

Depot

Inc/The

11,428,595

3,376

LKQ

Corp

148,274

131,945

Lowe's

Cos

Inc

25,144,759

43,587

(b),(c)

Lucid

Group

Inc

179,578

32,379

Vail

Resorts

Inc

6,872,443

Total

Consumer

Discretionary

49,125,340

Consumer

Staples

-

12.1%

267,212

Archer-Daniels-Midland

Co

19,124,363

121,457

Bunge

Ltd

12,872,013

635,824

Coca-Cola

Co/The

35,917,698

4,904

General

Mills

Inc

319,937

621,481

Keurig

Dr

Pepper

Inc

18,849,519

172,934

Kimberly-Clark

Corp

20,689,824

4,906

Kraft

Heinz

Co/The

154,343

444,404

Kroger

Co/The

20,162,609

74,775

McCormick

&

Co

Inc/MD

4,778,122

207,424

PepsiCo

Inc

33,868,191

3,836

Target

Corp

424,990

Total

Consumer

Staples

167,161,609

Energy

-

3.9%

529,207

Baker

Hughes

Co

18,215,305

363,421

Halliburton

Co

14,296,982

319,077

ONEOK

Inc

20,803,820

Total

Energy

53,316,107

Financials

-

19.2%

77,022

American

Express

Co

11,247,523

42,604

Assurant

Inc

6,343,736

150,736

Bank

of

New

York

Mellon

Corp/The

6,406,280

85,124

Cboe

Global

Markets

Inc

13,950,972

218,837

Citigroup

Inc

8,641,873

378,631

Fidelity

National

Information

Services

Inc

18,594,568

204,688

(c)

Fiserv

Inc

23,283,260

42,995

Goldman

Sachs

Group

Inc/The

13,053,712

249,590

Hartford

Financial

Services

Group

Inc/The

18,332,386

358,618

JPMorgan

Chase

&

Co

49,869,419

111,530

Marsh

&

McLennan

Cos

Inc

21,151,665

153,805

MetLife

Inc

9,229,838

294,319

Morgan

Stanley

20,843,672

75,979

PNC

Financial

Services

Group

Inc/The

8,697,316

11,353

Prudential

Financial

Inc

1,038,118

748,577

Regions

Financial

Corp

10,876,824

116,089

Travelers

Cos

Inc/The

19,437,942

Nuveen

ESG

Large-Cap

Value

ETF

(NULV)

(continued)

Portfolio

of

Investments

October

31,

2023

62

Shares

Description

(a)

Value

Financials

(continued)

180,940

Truist

Financial

Corp

$

5,131,458

Total

Financials

266,130,562

Health

Care

-

17.7%

304,329

Abbott

Laboratories

28,774,307

84,094

Amgen

Inc

21,502,836

467,337

Bristol-Myers

Squibb

Co

24,081,875

50,154

Cigna

Group/The

15,507,617

86,581

Danaher

Corp

16,625,283

28,795

(c)

EAS

Segment

1,986,855

264,736

Gilead

Sciences

Inc

20,792,365

71,665

HCA

Healthcare

Inc

16,206,323

372,519

Merck

&

Co

Inc

38,257,701

1,359

Quest

Diagnostics

Inc

176,806

64,418

STERIS

PLC

13,526,492

74,903

UnitedHealth

Group

Inc

40,115,051

68,875

Zimmer

Biomet

Holdings

Inc

7,191,239

Total

Health

Care

244,744,750

Industrials

-

10.5%

1,822

3M

Co

165,711

61,498

Broadridge

Financial

Solutions

Inc

10,494,019

444,846

CSX

Corp

13,278,653

102,224

Eaton

Corp

PLC

21,253,392

135,956

Ferguson

PLC

20,420,591

254,255

Fortive

Corp

16,597,767

12,844

Hubbell

Inc

3,469,165

114,227

Ingersoll

Rand

Inc

6,931,294

95,503

Jacobs

Solutions

Inc

12,730,550

252,065

Johnson

Controls

International

plc

12,356,226

76,081

Otis

Worldwide

Corp

5,874,214

54,283

TransUnion

2,381,938

125,225

United

Parcel

Service

Inc,

Class

B

17,688,031

5,086

United

Rentals

Inc

2,066,289

Total

Industrials

145,707,840

Information

Technology

-

13.6%

76,581

Accenture

PLC,

Class

A

22,751,449

94,312

Applied

Materials

Inc

12,482,193

374,060

Cisco

Systems

Inc

19,499,748

28,602

(c)

First

Solar

Inc

4,074,355

393,895

Gen

Digital

Inc

6,562,291

357,020

Hewlett

Packard

Enterprise

Co

5,490,968

251,300

HP

Inc

6,616,729

892,627

Intel

Corp

32,580,885

202,804

International

Business

Machines

Corp

29,333,570

201,526

Marvell

Technology

Inc

9,516,058

72,977

NXP

Semiconductors

NV

12,583,424

177,766

Texas

Instruments

Inc

25,244,550

35,826

(c)

Wolfspeed

Inc

1,212,352

Total

Information

Technology

187,948,572

Materials

-

6.0%

12,239

Ball

Corp

589,308

283,866

DuPont

de

Nemours

Inc

20,688,154

38,940

Ecolab

Inc

6,531,796

100,491

FMC

Corp

5,346,121

50,628

International

Flavors

&

Fragrances

Inc

3,460,424

209,558

LyondellBasell

Industries

NV,

Class

A

18,910,514

111,811

Newmont

Corp

4,189,558

63

Shares

Description

(a)

Value

Materials

(continued)

30,860

PPG

Industries

Inc

$

3,788,682

47,270

Reliance

Steel

&

Aluminum

Co

12,024,543

64,558

Steel

Dynamics

Inc

6,876,072

Total

Materials

82,405,172

Real

Estate

-

4.0%

114,474

American

Tower

Corp

20,398,122

73,574

Crown

Castle

Inc

6,840,911

191,553

Host

Hotels

&

Resorts

Inc

2,965,241

14,602

Iron

Mountain

Inc

862,540

219,575

Prologis

Inc

22,122,181

34,117

Welltower

Inc

2,852,522

Total

Real

Estate

56,041,517

Utilities

-

5.0%

128,895

CenterPoint

Energy

Inc

3,464,698

225,983

Consolidated

Edison

Inc

19,839,047

4,434

Essential

Utilities

Inc

148,362

64,072

Eversource

Energy

3,446,433

544,644

Exelon

Corp

21,208,437

310,241

Sempra

21,726,177

Total

Utilities

69,833,154

Total

Common

Stocks

(cost

$1,497,269,367)

1,381,064,586

Total

Long-Term

Investments

(cost

$1,497,269,367)

1,381,064,586

Shares

Description

(a)

Coupon

Value

INVESTMENTS

PURCHASED

WITH

COLLATERAL

FROM

SECURITIES

LENDING

-

0.0%

139,667

(d)

State

Street

Navigator

Securities

Lending

Government

Money

Market

Portfolio

5.360%(e)

$

139,667

Total

Investments

Purchased

with

Collateral

from

Securities

Lending

(cost

$139,667)

139,667

Total

Investments

(cost

$

1,497,409,034

)

-

99

.8

%

1,381,204,253

Other

Assets

&

Liabilities,

Net

-

0.2%

2,431,894

Net

Assets

-

100%

$

1,383,636,147

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.

(a)

All

percentages

shown

in

the

Portfolio

of

Investments

are

based

on

net

assets.

(b)

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

$134,683.

(c)

Non-income

producing;

issuer

has

not

declared

an

ex-dividend

date

within

the

past

twelve

months.

(d)

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.

(e)

The

rate

shown

is

the

one-day

yield

as

of

the

end

of

the

reporting

period.

See

Notes

to

Financial

Statements

64

Nuveen

ESG

Mid-Cap

Growth

ETF

(NUMG)

Portfolio

of

Investments

October

31,

2023

Shares

Description

(a)

Value

LONG-TERM

INVESTMENTS

-

99.9%

X

–

COMMON

STOCKS

-

99.9%

Communication

Services

-

7.8%

91,463

(b)

Liberty

Media

Corp-Liberty

Formula

One,

Class

C

$

5,916,741

68,526

(b)

Roku

Inc

4,082,094

667,722

(b)

Snap

Inc,

Class

A

6,683,897

41,773

(b)

Take-Two

Interactive

Software

Inc

5,587,139

232,587

(b)

ZoomInfo

Technologies

Inc

3,014,328

Total

Communication

Services

25,284,199

Consumer

Discretionary

-

8.6%

13,801

(b)

Burlington

Stores

Inc

1,670,335

12,902

(b)

Deckers

Outdoor

Corp

7,703,268

428,935

(b),(c)

Lucid

Group

Inc

1,767,212

19,879

Pool

Corp

6,277,192

36,742

Tractor

Supply

Co

7,075,040

8,648

(b)

Ulta

Beauty

Inc

3,297,569

Total

Consumer

Discretionary

27,790,616

Consumer

Staples

-

1.5%

54,271

Church

&

Dwight

Co

Inc

4,935,405

Total

Consumer

Staples

4,935,405

Energy

-

2.1%

194,157

Baker

Hughes

Co

6,682,884

Total

Energy

6,682,884

Financials

-

9.8%

107,883

Brown

&

Brown

Inc

7,489,238

13,279

FactSet

Research

Systems

Inc

5,735,067

27,595

Jack

Henry

&

Associates

Inc

3,890,619

33,929

LPL

Financial

Holdings

Inc

7,617,739

22,223

MarketAxess

Holdings

Inc

4,750,166

47,230

Nasdaq

Inc

2,342,608

Total

Financials

31,825,437

Health

Care

-

12.5%

20,561

Cooper

Cos

Inc/The

6,409,892

53,942

(b)

DaVita

Inc

4,165,941

66,694

(b)

Hologic

Inc

4,413,142

27,553

(b)

Insulet

Corp

3,652,701

6,537

(b)

Molina

Healthcare

Inc

2,176,494

37,651

(b)

Repligen

Corp

5,066,319

27,295

(b)

Waters

Corp

6,510,676

25,450

West

Pharmaceutical

Services

Inc

8,100,480

Total

Health

Care

40,495,645

Industrials

-

19.0%

35,912

(b)

Axon

Enterprise

Inc

7,343,645

32,808

Broadridge

Financial

Solutions

Inc

5,598,357

57,850

(b)

Builders

FirstSource

Inc

6,277,882

48,822

(b)

CoStar

Group

Inc

3,584,023

70,887

Graco

Inc

5,270,449

13,058

IDEX

Corp

2,499,432

25,115

JB

Hunt

Transport

Services

Inc

4,316,515

426

Lennox

International

Inc

157,850

49,460

Quanta

Services

Inc

8,265,755

65

Shares

Description

(a)

Value

Industrials

(continued)

79,590

Robert

Half

Inc

$

5,950,944

59,306

Toro

Co/The

4,794,297

14,391

United

Rentals

Inc

5,846,632

2,358

WW

Grainger

Inc

1,720,939

Total

Industrials

61,626,720

Information

Technology

-

32.2%

27,829

(b)

ANSYS

Inc

7,743,697

22,074

(b)

Aspentech

Corp

3,923,653

91,617

(b)

Ceridian

HCM

Holding

Inc

5,864,404

57,811

(b)

DocuSign

Inc

2,247,692

7,120

(b)

Fair

Isaac

Corp

6,022,594

36,995

(b)

First

Solar

Inc

5,269,938

28,064

(b)

Gartner

Inc

9,318,371

17,804

(b)

HubSpot

Inc

7,544,801

61,278

(b)

Keysight

Technologies

Inc

7,478,980

74,890

(b)

Lattice

Semiconductor

Corp

4,164,633

24,295

(b)

MongoDB

Inc

8,371,814

28,048

(b)

Paylocity

Holding

Corp

5,031,811

52,897

(b)

PTC

Inc

7,427,797

63,290

(b)

Splunk

Inc

9,313,756

89,619

(b)

Twilio

Inc,

Class

A

4,593,870

80,708

(b)

Wolfspeed

Inc

2,731,159

45,287

(b)

Zscaler

Inc

7,186,594

Total

Information

Technology

104,235,564

Materials

-

4.0%

10,329

Avery

Dennison

Corp

1,797,969

52,486

RPM

International

Inc

4,790,397

32,852

Vulcan

Materials

Co

6,455,090

Total

Materials

13,043,456

Real

Estate

-

2.4%

113,674

(b)

CBRE

Group

Inc,

Class

A

7,882,155

Total

Real

Estate

7,882,155

Total

Common

Stocks

(cost

$353,039,887)

323,802,081

Total

Long-Term

Investments

(cost

$353,039,887)

323,802,081

Shares

Description

(a)

Coupon

Value

INVESTMENTS

PURCHASED

WITH

COLLATERAL

FROM

SECURITIES

LENDING

-

0.4%

1,374,422

(d)

State

Street

Navigator

Securities

Lending

Government

Money

Market

Portfolio

5.360%(e)

$

1,374,422

Total

Investments

Purchased

with

Collateral

from

Securities

Lending

(cost

$1,374,422)

1,374,422

Total

Investments

(cost

$

354,414,309

)

-

100

.3

%

325,176,503

Other

Assets

&

Liabilities,

Net

-

(0.3)%

(

1,114,290

)

Net

Assets

-

100%

$

324,062,213

Nuveen

ESG

Mid-Cap

Growth

ETF

(NUMG)

(continued)

Portfolio

of

Investments

October

31,

2023

66

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.

(a)

All

percentages

shown

in

the

Portfolio

of

Investments

are

based

on

net

assets.

(b)

Non-income

producing;

issuer

has

not

declared

an

ex-dividend

date

within

the

past

twelve

months.

(c)

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

$1,325,408.

(d)

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.

(e)

The

rate

shown

is

the

one-day

yield

as

of

the

end

of

the

reporting

period.

See

Notes

to

Financial

Statements

67

Nuveen

ESG

Mid-Cap

Value

ETF

(NUMV)

Portfolio

of

Investments

October

31,

2023

Shares

Description

(a)

Value

LONG-TERM

INVESTMENTS

-

99.7%

X

–

COMMON

STOCKS

-

99.7%

Communication

Services

-

3.4%

144,570

Interpublic

Group

of

Cos

Inc/The

$

4,105,788

66,003

Omnicom

Group

Inc

4,944,285

96,214

Paramount

Global,

Class

B

1,046,808

Total

Communication

Services

10,096,881

Consumer

Discretionary

-

10.3%

139,109

Aramark

3,746,205

58,999

Bath

&

Body

Works

Inc

1,749,320

57,763

BorgWarner

Inc

2,131,455

25,722

(b)

CarMax

Inc

1,571,357

16,724

DR

Horton

Inc

1,745,986

79,217

Hasbro

Inc

3,576,648

100,013

LKQ

Corp

4,392,571

88,814

(b),(c)

Lucid

Group

Inc

365,914

76,836

PulteGroup

Inc

5,654,361

22,613

Vail

Resorts

Inc

4,799,609

46,700

VF

Corp

687,891

315

Whirlpool

Corp

32,936

Total

Consumer

Discretionary

30,454,253

Consumer

Staples

-

5.7%

52,740

Bunge

Ltd

5,589,385

157,625

Conagra

Brands

Inc

4,312,620

67,616

Kellogg

Co

3,412,580

57,216

McCormick

&

Co

Inc/MD

3,656,102

Total

Consumer

Staples

16,970,687

Energy

-

4.6%

188,810

Baker

Hughes

Co

6,498,840

111,662

ONEOK

Inc

7,280,363

Total

Energy

13,779,203

Financials

-

16.0%

108,497

Ally

Financial

Inc

2,624,542

268,707

Annaly

Capital

Management

Inc

4,194,516

34,778

Assurant

Inc

5,178,444

38,747

Cboe

Global

Markets

Inc

6,350,246

151,322

Citizens

Financial

Group

Inc

3,545,475

20,485

Discover

Financial

Services

1,681,409

67,204

Fifth

Third

Bancorp

1,593,407

91,154

Hartford

Financial

Services

Group

Inc/The

6,695,261

244,222

Huntington

Bancshares

Inc/OH

2,356,742

14,911

Jack

Henry

&

Associates

Inc

2,102,302

80,128

Nasdaq

Inc

3,974,349

14,389

Northern

Trust

Corp

948,379

301,705

Regions

Financial

Corp

4,383,774

189,152

(b)

Robinhood

Markets

Inc,

Class

A

1,728,849

4,553

Synchrony

Financial

127,712

Total

Financials

47,485,407

Health

Care

-

7.4%

260,338

(b)

Avantor

Inc

4,537,691

28,549

Baxter

International

Inc

925,844

44,741

DENTSPLY

SIRONA

Inc

1,360,574

Nuveen

ESG

Mid-Cap

Value

ETF

(NUMV)

(continued)

Portfolio

of

Investments

October

31,

2023

68

Shares

Description

(a)

Value

Health

Care

(continued)

10,048

(b)

Exact

Sciences

Corp

$

618,856

15,539

Laboratory

Corp

of

America

Holdings

3,103,605

42,189

Quest

Diagnostics

Inc

5,488,789

27,820

STERIS

PLC

5,841,644

Total

Health

Care

21,877,003

Industrials

-

17.5%

31,418

Broadridge

Financial

Solutions

Inc

5,361,168

32,868

CH

Robinson

Worldwide

Inc

2,689,588

10,183

Dover

Corp

1,323,281

32,369

Expeditors

International

of

Washington

Inc

3,536,313

48,654

Ferguson

PLC

7,307,830

7,506

IDEX

Corp

1,436,723

81,409

Ingersoll

Rand

Inc

4,939,898

1,052

Lennox

International

Inc

389,808

84,741

Masco

Corp

4,414,159

39,933

Owens

Corning

4,527,204

41,995

Pentair

PLC

2,440,749

60,503

TransUnion

2,654,872

13,941

United

Rentals

Inc

5,663,810

57,359

Xylem

Inc/NY

5,365,361

Total

Industrials

52,050,764

Information

Technology

-

7.5%

26,458

(b)

First

Solar

Inc

3,768,942

242,512

Gen

Digital

Inc

4,040,250

381,563

Hewlett

Packard

Enterprise

Co

5,868,439

20,014

Juniper

Networks

Inc

538,777

57,478

(b)

Trimble

Inc

2,708,938

96,269

(b)

Western

Digital

Corp

3,865,200

47,481

(b)

Wolfspeed

Inc

1,606,757

Total

Information

Technology

22,397,303

Materials

-

8.4%

6,098

Avery

Dennison

Corp

1,061,479

57,541

Ball

Corp

2,770,599

91,336

International

Flavors

&

Fragrances

Inc

6,242,816

16,211

Martin

Marietta

Materials

Inc

6,629,326

15,262

Reliance

Steel

&

Aluminum

Co

3,882,348

39,401

Steel

Dynamics

Inc

4,196,600

Total

Materials

24,783,168

Real

Estate

-

9.9%

52,002

Alexandria

Real

Estate

Equities

Inc

4,842,946

80,925

Boston

Properties

Inc

4,335,152

19,494

Camden

Property

Trust

1,654,651

5,109

Healthpeak

Properties

Inc

79,445

334,747

Host

Hotels

&

Resorts

Inc

5,181,883

101,839

Iron

Mountain

Inc

6,015,630

10,353

Kimco

Realty

Corp

185,733

1,108

Regency

Centers

Corp

66,768

129,476

Ventas

Inc

5,497,551

30,541

WP

Carey

Inc

1,638,525

Total

Real

Estate

29,498,284

Utilities

-

9.0%

50,897

Atmos

Energy

Corp

5,479,571

213,882

CenterPoint

Energy

Inc

5,749,148

104,596

CMS

Energy

Corp

5,683,747

138,666

Essential

Utilities

Inc

4,639,764

69

Shares

Description

(a)

Value

Utilities

(continued)

200,434

NiSource

Inc

$

5,042,920

Total

Utilities

26,595,150

Total

Common

Stocks

(cost

$327,088,655)

295,988,103

Total

Long-Term

Investments

(cost

$327,088,655)

295,988,103

Shares

Description

(a)

Coupon

Value

INVESTMENTS

PURCHASED

WITH

COLLATERAL

FROM

SECURITIES

LENDING

-

0.1%

284,571

(d)

State

Street

Navigator

Securities

Lending

Government

Money

Market

Portfolio

5.360%(e)

$

284,571

Total

Investments

Purchased

with

Collateral

from

Securities

Lending

(cost

$284,571)

284,571

Total

Investments

(cost

$

327,373,226

)

-

99

.8

%

296,272,674

Other

Assets

&

Liabilities,

Net

-

0.2%

544,554

Net

Assets

-

100%

$

296,817,228

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.

(a)

All

percentages

shown

in

the

Portfolio

of

Investments

are

based

on

net

assets.

(b)

Non-income

producing;

issuer

has

not

declared

an

ex-dividend

date

within

the

past

twelve

months.

(c)

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

$274,433.

(d)

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.

(e)

The

rate

shown

is

the

one-day

yield

as

of

the

end

of

the

reporting

period.

See

Notes

to

Financial

Statements

70

Nuveen

ESG

Small-Cap

ETF

(NUSC)

Portfolio

of

Investments

October

31,

2023

Shares

Description

(a)

Value

LONG-TERM

INVESTMENTS

-

99.8%

X

–

COMMON

STOCKS

-

99.8%

Communication

Services

-

1.8%

94,710

(b)

AMC

Entertainment

Holdings

Inc,

Class

A

$

1,011,503

29,007

(b)

Bandwidth

Inc,

Class

A

307,764

615

Cable

One

Inc

338,170

7,127

(b)

Cars.com

Inc

108,544

70,087

(b)

Cinemark

Holdings

Inc

1,155,735

356,263

(b)

Clear

Channel

Outdoor

Holdings

Inc

391,889

70,724

(b)

Consolidated

Communications

Holdings

Inc

294,919

104,139

(b)

Eventbrite

Inc,

Class

A

862,271

19,672

(b)

Frontier

Communications

Parent

Inc

352,522

77,475

Gray

Television

Inc

505,137

102,078

(b)

iHeartMedia

Inc,

Class

A

239,883

11,805

(b)

IMAX

Corp

214,969

53,287

Iridium

Communications

Inc

1,974,283

54,807

John

Wiley

&

Sons

Inc,

Class

A

1,659,008

24,067

(b)

Liberty

Latin

America

Ltd,

Class

A

164,378

25,255

(b)

Lions

Gate

Entertainment

Corp,

Class

B

188,402

145,209

(b)

Magnite

Inc

964,188

25,317

(b)

MediaAlpha

Inc,

Class

A

260,259

87,361

(b)

Nextdoor

Holdings

Inc

158,997

104,784

TEGNA

Inc

1,520,416

62,273

(b)

WideOpenWest

Inc

438,402

47,182

(b)

Ziff

Davis

Inc

2,852,624

Total

Communication

Services

15,964,263

Consumer

Discretionary

-

15.6%

38,793

(b)

1-800-Flowers.com

Inc,

Class

A

291,335

92,559

(b)

2U

Inc

196,225

38,003

Aaron's

Co

Inc/The

281,602

271,185

ADT

Inc

1,534,907

8,722

Advance

Auto

Parts

Inc

453,806

7,410

(b)

America's

Car-Mart

Inc/TX

496,322

17,632

(b)

Asbury

Automotive

Group

Inc

3,374,236

5,646

(b)

AutoNation

Inc

734,432

35,598

(b)

Beazer

Homes

USA

Inc

861,116

50,671

(b)

Bright

Horizons

Family

Solutions

Inc

3,752,694

14,826

(b)

Brinker

International

Inc

502,898

43,846

Brunswick

Corp/DE

3,045,982

485,696

(b),(c)

Canoo

Inc

133,129

16,530

Carriage

Services

Inc

357,048

8,543

Carter's

Inc

573,748

143,036

(b)

Chegg

Inc

1,077,061

82,072

(b)

Chico's

FAS

Inc

613,899

9,968

Columbia

Sportswear

Co

735,638

55,396

(b)

Crocs

Inc

4,947,971

43,381

(b)

European

Wax

Center

Inc,

Class

A

640,737

928

(b)

Five

Below

Inc

161,453

31,026

(b)

Floor

&

Decor

Holdings

Inc,

Class

A

2,556,542

7,198

Foot

Locker

Inc

151,086

101,751

(b)

Frontdoor

Inc

2,943,656

47,338

Gap

Inc/The

605,926

17,275

Group

1

Automotive

Inc

4,359,001

190,177

H&R

Block

Inc

7,806,766

81,207

Harley-Davidson

Inc

2,180,408

25,051

(b)

Helen

of

Troy

Ltd

2,463,014

97,091

(b)

Hilton

Grand

Vacations

Inc

3,490,421

71

Shares

Description

(a)

Value

Consumer

Discretionary

(continued)

32,917

(b)

iRobot

Corp

$

1,083,957

62,835

Kontoor

Brands

Inc

2,918,686

21,612

LCI

Industries

2,344,686

5,365

Leggett

&

Platt

Inc

125,702

218,032

(b)

Leslie's

Inc

1,077,078

48,618

Levi

Strauss

&

Co,

Class

A

664,608

22,160

Lithia

Motors

Inc

5,367,374

17,777

(b)

Lovesac

Co/The

292,609

31,022

Macy's

Inc

377,848

25,539

(b)

MarineMax

Inc

699,258

37,301

Marriott

Vacations

Worldwide

Corp

3,351,868

20,116

(b)

MasterCraft

Boat

Holdings

Inc

411,171

388,948

(b)

Mattel

Inc

7,421,128

8,900

Meritage

Homes

Corp

1,014,778

5,107

(b)

Modine

Manufacturing

Co

201,727

19,205

Movado

Group

Inc

535,051

25,834

Murphy

USA

Inc

9,369,733

96,707

(b)

National

Vision

Holdings

Inc

1,502,827

219,235

Newell

Brands

Inc

1,473,259

88,321

Nordstrom

Inc

1,234,728

43,342

(b)

ODP

Corp/The

1,946,923

108,911

(b)

Petco

Health

&

Wellness

Co

Inc

376,832

37,607

(b)

Planet

Fitness

Inc

2,078,539

11,877

PVH

Corp

883,055

128,910

(b)

Rover

Group

Inc

831,470

47,781

(b)

SeaWorld

Entertainment

Inc

2,058,405

154,274

Service

Corp

International/US

8,395,591

9,727

Signet

Jewelers

Ltd

679,236

27,285

(b)

Sleep

Number

Corp

443,927

152,168

(b)

Sonos

Inc

1,640,371

11,883

Steven

Madden

Ltd

389,644

50,737

(b)

Stride

Inc

2,789,520

72,205

Tapestry

Inc

1,989,970

7,164

(b)

Taylor

Morrison

Home

Corp

274,524

63,328

Thor

Industries

Inc

5,568,431

9,876

(b)

TopBuild

Corp

2,259,234

108,182

(b)

Topgolf

Callaway

Brands

Corp

1,321,984

80,978

(b)

Traeger

Inc

212,972

89,441

Travel

+

Leisure

Co

3,043,677

69,032

(b)

Victoria's

Secret

&

Co

1,234,292

67,320

Wendy's

Co/The

1,280,426

1,423

Williams-Sonoma

Inc

213,792

37,606

Winnebago

Industries

Inc

2,179,268

61,940

Wolverine

World

Wide

Inc

498,617

20,874

(b)

XPEL

Inc

966,466

30,396

(b)

Xponential

Fitness

Inc,

Class

A

433,751

55,244

(b)

YETI

Holdings

Inc

2,348,975

Total

Consumer

Discretionary

139,131,027

Consumer

Staples

-

3.7%

39,954

Andersons

Inc/The

2,002,894

9,217

Casey's

General

Stores

Inc

2,506,195

60,514

Edgewell

Personal

Care

Co

2,111,939

28,095

Energizer

Holdings

Inc

887,240

192,754

Flowers

Foods

Inc

4,227,095

54,143

(b)

Freshpet

Inc

3,107,808

93,428

(b)

Hain

Celestial

Group

Inc/The

1,032,379

34,725

(b)

Hostess

Brands

Inc

1,159,815

52,235

(b)

Mission

Produce

Inc

491,531

61,411

Nu

Skin

Enterprises

Inc,

Class

A

1,166,195

35,089

(b)

Performance

Food

Group

Co

2,026,741

Nuveen

ESG

Small-Cap

ETF

(NUSC)

(continued)

Portfolio

of

Investments

October

31,

2023

72

Shares

Description

(a)

Value

Consumer

Staples

(continued)

63,094

(b)

TreeHouse

Foods

Inc

$

2,630,389

209,256

(b)

US

Foods

Holding

Corp

8,148,429

34,667

(b)

Vital

Farms

Inc

383,417

6,538

WD-40

Co

1,382,133

Total

Consumer

Staples

33,264,200

Energy

-

4.7%

175,665

Archrock

Inc

2,225,675

5,607

Cactus

Inc,

Class

A

263,193

246,686

ChampionX

Corp

7,597,929

219,555

(b)

Clean

Energy

Fuels

Corp

766,247

6,801

Core

Laboratories

Inc

145,677

81,850

Delek

US

Holdings

Inc

2,156,747

25,413

(b)

DMC

Global

Inc

481,576

35,100

(b)

Dril-Quip

Inc

760,266

33,342

(c)

Enviva

Inc

120,698

22,464

Excelerate

Energy

Inc,

Class

A

319,438

113,277

(b)

Expro

Group

Holdings

NV

1,784,113

23,223

(c)

Kinetik

Holdings

Inc

823,023

236,659

NOV

Inc

4,723,714

50,626

(b)

Oceaneering

International

Inc

1,113,266

445,057

TechnipFMC

PLC

9,577,627

75,986

(b)

Weatherford

International

PLC

7,073,537

77,658

World

Kinect

Corp

1,436,673

Total

Energy

41,369,399

Financials

-

16.3%

472,789

AGNC

Investment

Corp

3,489,183

20,170

Amalgamated

Financial

Corp

367,901

23,819

A-Mark

Precious

Metals

Inc

645,018

42,000

Argo

Group

International

Holdings

Ltd

1,253,280

12,663

Artisan

Partners

Asset

Management

Inc,

Class

A

417,879

6,468

Atlantic

Union

Bankshares

Corp

186,343

17,753

(c)

Banc

of

California

Inc

199,011

60,115

(b)

Bancorp

Inc/The

2,143,100

29,399

Bank

OZK

1,052,778

41,724

Banner

Corp

1,761,170

19,508

Bar

Harbor

Bankshares

488,090

54,159

Berkshire

Hills

Bancorp

Inc

1,062,058

37,279

BOK

Financial

Corp

2,442,520

62,465

Bread

Financial

Holdings

Inc

1,688,429

79,551

(b)

BRP

Group

Inc,

Class

A

1,665,002

31,306

Byline

Bancorp

Inc

593,875

9,341

Cambridge

Bancorp

501,705

31,296

(b)

Donnelley

Financial

Solutions

Inc

1,703,441

115,842

East

West

Bancorp

Inc

6,211,448

19,975

Enterprise

Financial

Services

Corp

694,531

81,017

EVERTEC

Inc

2,574,720

6,400

Federal

Agricultural

Mortgage

Corp,

Class

C

950,784

128,997

First

American

Financial

Corp

6,635,606

104,156

First

BanCorp/Puerto

Rico

1,390,483

9,033

First

Financial

Bancorp

167,110

10,667

First

Interstate

BancSystem

Inc,

Class

A

246,088

423,845

FNB

Corp/PA

4,530,903

90,508

Glacier

Bancorp

Inc

2,732,436

107,078

Hancock

Whitney

Corp

3,686,696

35,584

Hanmi

Financial

Corp

522,373

108,122

Hannon

Armstrong

Sustainable

Infrastructure

Capital

Inc

1,853,211

2,108

Hanover

Insurance

Group

Inc/The

247,079

30,232

Independent

Bank

Corp

1,475,322

23,854

Independent

Bank

Corp/MI

475,887

73

Shares

Description

(a)

Value

Financials

(continued)

69,560

International

Bancshares

Corp

$

3,048,815

25,574

Invesco

Mortgage

Capital

Inc

174,670

92,779

Jackson

Financial

Inc,

Class

A

3,405,917

10,082

Lincoln

National

Corp

219,485

28,887

Morningstar

Inc

7,315,344

18,184

National

Bank

Holdings

Corp,

Class

A

566,977

18,204

Nelnet

Inc,

Class

A

1,543,881

53,058

OFG

Bancorp

1,571,578

55,086

Old

National

Bancorp/IN

754,678

147,150

PacWest

Bancorp

1,041,822

30,981

(b)

Palomar

Holdings

Inc

1,551,528

53,211

PennyMac

Financial

Services

Inc

3,575,779

3,074

Pinnacle

Financial

Partners

Inc

191,695

29,332

PJT

Partners

Inc,

Class

A

2,298,456

35,518

Primerica

Inc

6,789,621

58,376

(b)

PROG

Holdings

Inc

1,598,919

47,089

Reinsurance

Group

of

America

Inc

7,038,393

11,342

RenaissanceRe

Holdings

Ltd

2,490,590

143,943

(b)

Rocket

Cos

Inc,

Class

A

1,063,739

108,886

(b)

Ryan

Specialty

Holdings

Inc

4,703,875

21,417

SLM

Corp

278,421

57,100

SouthState

Corp

3,774,310

228,260

Starwood

Property

Trust

Inc

4,051,615

34,142

Stewart

Information

Services

Corp

1,490,981

171,316

Synovus

Financial

Corp

4,466,208

27,730

United

Bankshares

Inc/WV

788,641

328,951

Valley

National

Bancorp

2,559,239

61,489

Veritex

Holdings

Inc

1,058,841

33,453

Victory

Capital

Holdings

Inc,

Class

A

985,525

10,156

Walker

&

Dunlop

Inc

658,109

90,991

Western

Alliance

Bancorp

3,739,730

206,318

Western

Union

Co/The

2,329,330

52,047

(b)

WEX

Inc

8,664,785

135,974

WisdomTree

Inc

843,039

68,976

Zions

Bancorp

NA

2,127,910

Total

Financials

144,817,906

Health

Care

-

11.8%

315,333

(b),(c)

23andMe

Holding

Co,

Class

A

267,119

64,332

(b)

89bio

Inc

476,057

83,038

(b)

Accolade

Inc

539,747

60,223

(b)

Aclaris

Therapeutics

Inc

299,911

22,419

(b)

AdaptHealth

Corp

164,331

49,605

(b)

Agiliti

Inc

279,276

16,534

(b)

agilon

health

Inc

297,612

57,007

(b)

Aldeyra

Therapeutics

Inc

97,482

51,016

(b)

Alector

Inc

265,283

4,521

(b)

Alkermes

PLC

109,363

43,803

(b)

Allakos

Inc

83,664

41,891

(b)

Alphatec

Holdings

Inc

384,559

49,451

(b)

AMN

Healthcare

Services

Inc

3,751,353

15,195

(b)

AnaptysBio

Inc

247,830

56,045

(b),(c)

Anavex

Life

Sciences

Corp

312,731

34,916

(b)

Arcellx

Inc

1,230,789

29,411

(b)

Arcturus

Therapeutics

Holdings

Inc

561,750

7,647

(b)

Arvinas

Inc

123,270

160,746

(b),(c)

ATAI

Life

Sciences

NV

197,718

1,735

Atrion

Corp

593,335

44,504

(b)

Axogen

Inc

167,335

19,276

(b),(c)

Axsome

Therapeutics

Inc

1,200,509

3,940

(b)

Azenta

Inc

179,073

Nuveen

ESG

Small-Cap

ETF

(NUSC)

(continued)

Portfolio

of

Investments

October

31,

2023

74

Shares

Description

(a)

Value

Health

Care

(continued)

72,504

(b)

Biohaven

Ltd

$

1,922,081

196,791

(b)

Brookdale

Senior

Living

Inc

769,453

31,181

(b)

Castle

Biosciences

Inc

487,047

220,641

(b)

Cerus

Corp

308,897

98,836

(b)

Compass

Therapeutics

Inc

177,905

11,780

(b)

CorVel

Corp

2,284,613

38,389

(b),(c)

CRISPR

Therapeutics

AG

1,494,484

43,066

(b)

Cross

Country

Healthcare

Inc

997,409

56,037

(b)

CryoPort

Inc

543,559

23,456

(b)

Cullinan

Oncology

Inc

218,844

72,871

(b)

Cymabay

Therapeutics

Inc

1,193,627

28,420

(b)

Day

One

Biopharmaceuticals

Inc

336,209

47,168

(b)

Denali

Therapeutics

Inc

888,173

118,080

(b)

DocGo

Inc

701,395

17,796

(b)

Editas

Medicine

Inc

118,877

311,245

(b)

Elanco

Animal

Health

Inc

2,742,068

54,651

Embecta

Corp

826,323

3,100

Encompass

Health

Corp

193,936

22,596

(b),(c)

Enliven

Therapeutics

Inc

279,964

61,062

(b)

Enovis

Corp

2,802,746

26,828

Ensign

Group

Inc/The

2,591,585

15,564

(b),(c)

Entrada

Therapeutics

Inc

249,180

110,832

(b)

Envista

Holdings

Corp

2,579,061

14,883

(b)

Establishment

Labs

Holdings

Inc

435,774

47,489

(b)

Fortrea

Holdings

Inc

1,348,688

23,753

(b)

Fulgent

Genetics

Inc

568,647

100,782

(b)

Geron

Corp

191,486

41,316

(b)

Haemonetics

Corp

3,521,363

112,554

(b)

Halozyme

Therapeutics

Inc

3,812,204

58,067

(b)

Health

Catalyst

Inc

434,922

60,463

(b)

Ideaya

Biosciences

Inc

1,642,780

18,548

(b)

Inari

Medical

Inc

1,126,049

5,872

(b)

Inhibrx

Inc

90,840

22,310

(b)

Intellia

Therapeutics

Inc

558,865

13,450

(b),(c)

Janux

Therapeutics

Inc

86,349

32,141

(b)

Karuna

Therapeutics

Inc

5,355,012

19,647

(b)

Keros

Therapeutics

Inc

560,725

144,407

(b),(c)

Lyell

Immunopharma

Inc

238,994

38,209

(b)

Merit

Medical

Systems

Inc

2,626,487

53,235

(b)

Merus

NV

1,070,556

25,162

(b)

Mirati

Therapeutics

Inc

1,397,246

16,538

(b)

ModivCare

Inc

698,565

53,637

(b),(c)

Monte

Rosa

Therapeutics

Inc

182,366

23,718

(b)

Morphic

Holding

Inc

473,174

159,170

(b)

NeoGenomics

Inc

2,231,563

27,119

(b)

Novocure

Ltd

360,683

36,880

(b)

Nurix

Therapeutics

Inc

206,159

7,100

(b)

Omnicell

Inc

252,334

88,018

(b)

OraSure

Technologies

Inc

454,173

90,792

(b)

Owens

&

Minor

Inc

1,301,049

40,479

(b)

Paragon

28

Inc

349,334

34,344

Patterson

Cos

Inc

1,046,118

17,745

(b)

Pennant

Group

Inc/The

192,888

7,968

(b)

Penumbra

Inc

1,523,083

70,290

Perrigo

Co

PLC

1,942,816

33,332

(b)

Phathom

Pharmaceuticals

Inc

309,988

50,941

(b)

Pliant

Therapeutics

Inc

747,304

79,913

(b)

Point

Biopharma

Global

Inc

1,011,699

6,369

(b)

PROCEPT

BioRobotics

Corp

170,626

28,305

(b)

Progyny

Inc

873,492

208,268

(b)

Project

Roadrunner

Parent

Inc

2,455,480

75

Shares

Description

(a)

Value

Health

Care

(continued)

56,358

(b)

Protagonist

Therapeutics

Inc

$

819,445

38,158

(b)

Prothena

Corp

PLC

1,391,241

43,122

(b)

Pulmonx

Corp

379,042

36,282

(b)

QuidelOrtho

Corp

2,216,105

26,849

(b)

RAPT

Therapeutics

Inc

353,064

162,501

(b),(c)

Recursion

Pharmaceuticals

Inc,

Class

A

858,005

85,078

(b)

Revance

Therapeutics

Inc

671,265

24,904

(b)

RxSight

Inc

551,375

80,467

(b),(c)

Sana

Biotechnology

Inc

238,182

46,348

(b)

Scholar

Rock

Holding

Corp

545,052

390,177

(b)

Sharecare

Inc

409,686

18,770

(b)

Shockwave

Medical

Inc

3,871,500

22,616

(b)

SI-BONE

Inc

384,698

43,183

(b)

Sight

Sciences

Inc

68,445

123,478

(b)

Sotera

Health

Co

1,563,231

7,530

(b)

STAAR

Surgical

Co

314,905

56,213

(b),(c)

Tango

Therapeutics

Inc

472,189

27,667

(b)

Tarsus

Pharmaceuticals

Inc

393,978

128,733

(b)

Teladoc

Health

Inc

2,129,244

50,265

(b)

Treace

Medical

Concepts

Inc

504,158

9,061

(b)

UFP

Technologies

Inc

1,412,791

18,366

(b)

Ultragenyx

Pharmaceutical

Inc

650,156

32,691

(b)

Varex

Imaging

Corp

590,073

42,743

(b)

Vaxcyte

Inc

2,055,938

51,057

(b)

Ventyx

Biosciences

Inc

736,242

27,157

(b)

Vera

Therapeutics

Inc

282,976

53,438

(b)

Verve

Therapeutics

Inc

643,394

37,904

(b)

Viridian

Therapeutics

Inc

473,800

41,245

(b)

Xenon

Pharmaceuticals

Inc

1,278,595

46,215

(b)

Zymeworks

Inc

324,429

Total

Health

Care

104,970,618

Industrials

-

17.8%

52,900

AAON

Inc

2,881,992

48,103

Advanced

Drainage

Systems

Inc

5,138,843

13,256

AGCO

Corp

1,519,933

130,248

Air

Lease

Corp

4,510,488

6,000

ArcBest

Corp

653,280

15,031

Argan

Inc

687,518

14,162

(b)

ASGN

Inc

1,181,960

28,929

(b)

Atkore

Inc

3,595,296

123,053

(b)

AZEK

Co

Inc/The

3,223,989

31,207

AZZ

Inc

1,475,155

50,924

(b)

Beacon

Roofing

Supply

Inc

3,624,261

49,291

Boise

Cascade

Co

4,621,031

33,207

(b)

Chart

Industries

Inc

3,859,650

8,802

Comfort

Systems

USA

Inc

1,600,644

46,033

Crane

Co

4,480,392

38,833

CSG

Systems

International

Inc

1,819,714

20,083

Curtiss-Wright

Corp

3,992,701

3,392

Donaldson

Co

Inc

195,583

46,841

EMCOR

Group

Inc

9,679,693

70,436

(b)

Energy

Recovery

Inc

1,070,627

207,883

(b)

ExlService

Holdings

Inc

5,427,825

64,908

First

Advantage

Corp

844,453

128,932

(b),(c)

FREYR

Battery

SA

413,872

29,413

(b)

FTI

Consulting

Inc

6,243,203

518,891

(b)

FuelCell

Energy

Inc

565,591

16,400

(b)

Gates

Industrial

Corp

PLC

179,088

25,905

Granite

Construction

Inc

1,048,634

68,825

(b)

GXO

Logistics

Inc

3,476,351

Nuveen

ESG

Small-Cap

ETF

(NUSC)

(continued)

Portfolio

of

Investments

October

31,

2023

76

Shares

Description

(a)

Value

Industrials

(continued)

24,632

Heidrick

&

Struggles

International

Inc

$

599,543

41,285

Hexcel

Corp

2,556,367

57,426

HNI

Corp

1,992,108

7,136

ICF

International

Inc

904,345

71,355

Interface

Inc

634,346

14,896

John

Bean

Technologies

Corp

1,549,482

76,794

KBR

Inc

4,465,571

40,292

Kelly

Services

Inc,

Class

A

719,212

45,870

(b)

Kratos

Defense

&

Security

Solutions

Inc

782,083

10,295

Landstar

System

Inc

1,696,410

65,830

(b)

Leonardo

DRS

Inc

1,255,378

28,295

(b)

Liquidity

Services

Inc

545,245

33,701

Luxfer

Holdings

PLC

278,707

57,147

ManpowerGroup

Inc

3,998,576

55,601

(b)

Mercury

Systems

Inc

2,000,524

36,080

(b)

Montrose

Environmental

Group

Inc

834,170

21,527

Moog

Inc,

Class

A

2,498,208

106,208

(b)

MRC

Global

Inc

1,116,246

172,711

Mueller

Water

Products

Inc,

Class

A

2,136,435

20,192

(b)

MYR

Group

Inc

2,338,839

132,678

(b)

NOW

Inc

1,462,112

58,515

nVent

Electric

PLC

2,816,327

108,079

(b)

OPENLANE

Inc

1,451,501

520,520

(b),(c)

Plug

Power

Inc

3,065,863

32,237

(b)

Proto

Labs

Inc

761,116

132,542

(b)

Resideo

Technologies

Inc

1,919,208

9,589

Rush

Enterprises

Inc

387,779

26,357

(b)

RXO

Inc

461,511

54,239

Ryder

System

Inc

5,290,472

9,851

(b)

Saia

Inc

3,531,485

56,011

(b)

SiteOne

Landscape

Supply

Inc

7,716,635

188,399

(b),(c)

Stem

Inc

636,789

29,766

(b)

Sterling

Check

Corp

332,784

107,639

(b),(c)

SunPower

Corp

459,619

183,161

(b)

Sunrun

Inc

1,767,504

44,384

(b)

TriNet

Group

Inc

4,560,456

38,156

(b)

TrueBlue

Inc

422,387

150,218

(b)

Upwork

Inc

1,569,778

15,255

(b)

V2X

Inc

779,073

129,592

(b),(c)

Velo3D

Inc

171,061

16,148

Veritiv

Corp

2,735,633

6,137

Wabash

National

Corp

126,975

12,748

WESCO

International

Inc

1,634,294

73,512

(b)

WillScot

Mobile

Mini

Holdings

Corp

2,897,108

4,800

(b)

XPO

Inc

363,888

Total

Industrials

158,234,920

Information

Technology

-

13.6%

134,850

(b)

ACI

Worldwide

Inc

2,746,894

133,391

Adeia

Inc

1,124,486

66,499

(b)

Altair

Engineering

Inc,

Class

A

4,130,918

3,053

(b)

Appfolio

Inc,

Class

A

572,651

104,452

(b)

Array

Technologies

Inc

1,810,153

20,997

(b)

Asana

Inc

387,815

44,221

(b)

Avid

Technology

Inc

1,194,851

71,820

(b)

AvidXchange

Holdings

Inc

620,525

36,502

Badger

Meter

Inc

5,057,352

26,779

(b)

Blackbaud

Inc

1,751,347

41,267

(b)

Box

Inc,

Class

A

1,025,898

67,252

(b)

Calix

Inc

2,227,386

71,066

(b)

Cantaloupe

Inc

467,614

77

Shares

Description

(a)

Value

Information

Technology

(continued)

50,900

(b)

Cerence

Inc

$

779,279

58,839

(b)

Cirrus

Logic

Inc

3,938,094

265,493

(b)

CommScope

Holding

Co

Inc

392,930

10,049

(b)

CommVault

Systems

Inc

656,702

19,459

(b)

CS

Disco

Inc

109,165

3,053

CTS

Corp

114,213

73,983

Dolby

Laboratories

Inc,

Class

A

5,988,184

109,854

(b)

DoubleVerify

Holdings

Inc

3,057,237

263,545

(b)

DXC

Technology

Co

5,315,703

193,325

(b)

E2open

Parent

Holdings

Inc

558,709

50,793

(b)

Envestnet

Inc

1,879,341

33,044

(b)

ePlus

Inc

2,065,250

3,005

(b)

Five9

Inc

173,899

202,589

(b)

Flex

Ltd

5,210,589

38,884

(b)

Gitlab

Inc,

Class

A

1,682,900

132,430

(b)

Harmonic

Inc

1,428,920

65,501

(b)

Infinera

Corp

191,918

45,864

(b)

Informatica

Inc,

Class

A

879,672

22,313

(b)

Insight

Enterprises

Inc

3,197,453

16,731

InterDigital

Inc

1,259,008

56,551

(b)

Itron

Inc

3,239,241

8,290

(b)

Jamf

Holding

Corp

133,137

22,542

(b)

Kimball

Electronics

Inc

590,600

57,371

Kulicke

&

Soffa

Industries

Inc

2,387,207

84,820

(b)

LivePerson

Inc

223,925

16,126

(b)

LiveRamp

Holdings

Inc

446,045

12,115

(b)

Lumentum

Holdings

Inc

475,029

179,278

(b)

Matterport

Inc

365,727

43,478

Methode

Electronics

Inc

994,342

213,327

(b),(c)

MicroVision

Inc

403,188

215,610

(b)

Mirion

Technologies

Inc

1,494,177

39,463

(b)

Model

N

Inc

951,058

80,428

(b)

N-able

Inc

1,042,347

123,223

(b)

NCR

Corp

1,884,080

61,611

(b)

NCR

Corp

ATM

1,359,139

37,079

(b)

Novanta

Inc

4,896,653

152,402

(b)

Nutanix

Inc,

Class

A

5,515,428

23,776

(b)

Onto

Innovation

Inc

2,671,709

24,541

(b)

Paycor

HCM

Inc

529,595

38,103

(b)

PDF

Solutions

Inc

1,010,873

3,845

Pegasystems

Inc

164,335

17,198

Power

Integrations

Inc

1,192,337

23,654

(b)

Procore

Technologies

Inc

1,445,023

45,904

Progress

Software

Corp

2,358,548

23,281

(b)

PROS

Holdings

Inc

725,203

124,347

(b)

Rambus

Inc

6,755,772

38,397

(b)

Repay

Holdings

Corp

229,998

119,953

(b)

Ribbon

Communications

Inc

225,512

19,605

(b)

Rogers

Corp

2,409,258

31,401

(b)

ScanSource

Inc

954,590

5,366

(b)

Silicon

Laboratories

Inc

494,638

11,273

(b)

SoundThinking

Inc

170,110

30,604

(b)

SPS

Commerce

Inc

4,907,045

30,308

(b)

Teradata

Corp

1,294,758

56,822

(b)

Veeco

Instruments

Inc

1,360,319

103,518

Vontier

Corp

3,059,992

2,133

(b)

Workiva

Inc

185,763

52,293

(b)

Xperi

Inc

443,968

Total

Information

Technology

120,987,725

Nuveen

ESG

Small-Cap

ETF

(NUSC)

(continued)

Portfolio

of

Investments

October

31,

2023

78

Shares

Description

(a)

Value

Materials

-

5.2%

108,017

Avient

Corp

$

3,415,498

196,387

(b)

Axalta

Coating

Systems

Ltd

5,151,231

33,764

Balchem

Corp

3,924,727

80,163

(b)

Coeur

Mining

Inc

201,209

102,596

Commercial

Metals

Co

4,338,785

44,000

Compass

Minerals

International

Inc

1,084,160

27,202

Graphic

Packaging

Holding

Co

585,115

5,639

Greif

Inc,

Class

B

361,234

25,078

Hawkins

Inc

1,440,230

3,293

HB

Fuller

Co

217,832

30,139

Innospec

Inc

2,953,622

12,466

(b)

Knife

River

Corp

627,289

26,297

Koppers

Holdings

Inc

961,681

80,727

Louisiana-Pacific

Corp

4,139,681

25,629

Materion

Corp

2,485,500

40,496

Minerals

Technologies

Inc

2,189,214

36,589

Myers

Industries

Inc

613,597

12,186

Olympic

Steel

Inc

618,683

43,713

(b)

Ranpak

Holdings

Corp

138,133

13,252

Royal

Gold

Inc

1,382,581

32,896

Ryerson

Holding

Corp

955,629

52,351

Sensient

Technologies

Corp

2,953,643

27,852

Stepan

Co

2,083,330

32,715

(b)

TimkenSteel

Corp

665,096

37,001

Trinseo

PLC

229,036

87,107

Valvoline

Inc

2,584,465

Total

Materials

46,301,201

Real

Estate

-

6.7%

122,113

(b)

Anywhere

Real

Estate

Inc

570,268

41,026

Brixmor

Property

Group

Inc

852,931

101,624

Cousins

Properties

Inc

1,816,021

47,360

(b)

Cushman

&

Wakefield

PLC

349,043

84,440

Douglas

Emmett

Inc

946,572

110,369

Easterly

Government

Properties

Inc

1,187,571

40,710

Elme

Communities

519,460

169,914

Empire

State

Realty

Trust

Inc,

Class

A

1,374,604

136,564

Equity

Commonwealth

2,586,522

25,128

Federal

Realty

Investment

Trust

2,291,422

2,603

(b)

Howard

Hughes

Holdings

Inc

172,657

160,050

Hudson

Pacific

Properties

Inc

713,823

19,815

JBG

SMITH

Properties

255,019

16,165

(b)

Jones

Lang

LaSalle

Inc

2,067,827

123,598

Kennedy-Wilson

Holdings

Inc

1,590,706

132,157

Kilroy

Realty

Corp

3,777,047

267,766

Macerich

Co/The

2,602,686

30,502

Marcus

&

Millichap

Inc

875,407

425,992

Medical

Properties

Trust

Inc

2,036,242

101,554

Omega

Healthcare

Investors

Inc

3,361,437

176,089

Outfront

Media

Inc

1,718,629

254,360

Park

Hotels

&

Resorts

Inc

2,932,771

35,586

Phillips

Edison

&

Co

Inc

1,256,542

27,263

Piedmont

Office

Realty

Trust

Inc,

Class

A

142,040

99,565

PotlatchDeltic

Corp

4,266,360

136,388

Rexford

Industrial

Realty

Inc

5,897,417

52,186

Ryman

Hospitality

Properties

Inc

4,467,122

48,690

Safehold

Inc

792,186

59,353

SL

Green

Realty

Corp

1,738,449

136,917

Summit

Hotel

Properties

Inc

772,212

96,812

Tanger

Factory

Outlet

Centers

Inc

2,183,111

26,265

(b)

Tejon

Ranch

Co

407,633

79

Shares

Description

(a)

Value

Real

Estate

(continued)

2,511

Terreno

Realty

Corp

$

133,786

299,802

Uniti

Group

Inc

1,379,089

13,336

Veris

Residential

Inc

178,569

137,026

Xenia

Hotels

&

Resorts

Inc

1,593,612

Total

Real

Estate

59,806,793

Utilities

-

2.6%

31,880

American

States

Water

Co

2,488,234

40,443

Clearway

Energy

Inc,

Class

A

823,824

102,459

Clearway

Energy

Inc,

Class

C

2,224,385

120,718

New

Jersey

Resources

Corp

4,898,737

53,005

ONE

Gas

Inc

3,201,502

48,545

Ormat

Technologies

Inc

2,987,459

3,421

Spire

Inc

190,310

131,331

(b),(c)

Sunnova

Energy

International

Inc

1,199,052

260,576

UGI

Corp

5,419,981

Total

Utilities

23,433,484

Total

Common

Stocks

(cost

$1,026,310,441)

888,281,536

Shares

Description

(a)

Value

X

–

COMMON

STOCK

RIGHTS

-

0.0%

Health

Care

-

0.0%

18,959

(d)

Achillion

Pharmaceuticals

Inc

8,721

23,934

(b),(d)

CinCor

Pharma

Inc

73,238

Total

Health

Care

81,959

Total

Common

Stock

Rights

(cost

$0)

81,959

Total

Long-Term

Investments

(cost

$1,026,310,441)

888,363,495

Shares

Description

(a)

Coupon

Value

INVESTMENTS

PURCHASED

WITH

COLLATERAL

FROM

SECURITIES

LENDING

-

1.0%

8,664,248

(e)

State

Street

Navigator

Securities

Lending

Government

Money

Market

Portfolio

5.360%(f)

$

8,664,248

Total

Investments

Purchased

with

Collateral

from

Securities

Lending

(cost

$8,664,248)

8,664,248

Total

Investments

(cost

$1,034,974,689

)

-

100.8%

897,027,743

Other

Assets

&

Liabilities,

Net

-

(0.8)%

(7,426,352)

Net

Assets

-

100%

$

889,601,391

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.

(a)

All

percentages

shown

in

the

Portfolio

of

Investments

are

based

on

net

assets.

(b)

Non-income

producing;

issuer

has

not

declared

an

ex-dividend

date

within

the

past

twelve

months.

(c)

Investment,

or

a

portion

of

investment,

is

out

on

loan

for

securities

lending.

The

total

value

of

the

securities

out

on

loan

as

of

the

end

of

the

reporting

period

was

$8,461,156.

(d)

For

fair

value

measurement

disclosure

purposes,

investment

classified

as

Level

3.

(e)

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.

(f)

The

rate

shown

is

the

one-day

yield

as

of

the

end

of

the

reporting

period.

See

Notes

to

Financial

Statements

Statement

of

Assets

and

Liabilities

See

Notes

to

Financial

Statements

80

October

31,

2023

NUDV

NUEM

NUDM

NULC

NULG

ASSETS

Long-term

investments,

at

value

†‡

$

11,176,009‌

$

214,976,960‌

$

351,705,885‌

$

22,458,454‌

$

1,037,111,413‌

Investments

purchased

with

collateral

from

securities

lending,

at

value

(cost

approximates

value)

—‌

—‌

293,935‌

34,355‌

539,429‌

Cash

21,987‌

338,717‌

436,181‌

21,997‌

1,421,305‌

Cash

denominated

in

foreign

currencies

^

—‌

32,879‌

51,285‌

—‌

—‌

Receivables:

Dividends

20,044‌

136,752‌

894,058‌

26,901‌

130,165‌

Investments

sold

—‌

265‌

—‌

—‌

2,930,208‌

Reclaims

—‌

1,314‌

529,611‌

—‌

—‌

Securities

lending

income

—‌

262‌

—‌

408‌

3,659‌

Other

107‌

2,493‌

3,826‌

317‌

16,145‌

Total

assets

11,218,147‌

215,489,642‌

353,914,781‌

22,542,432‌

1,042,152,324‌

LIABILITIES

Payables:

Capital

gains

tax

—‌

508,828‌

—‌

—‌

—‌

Collateral

from

securities

lending

—‌

—‌

293,935‌

34,355‌

539,429‌

Investments

purchased

-

regular

settlement

—‌

—‌

—‌

—‌

931,430‌

Shares

redeemed

—‌

—‌

—‌

—‌

2,930,775‌

Accrued

expenses:

Management

fees

2,335‌

61,103‌

88,219‌

3,742‌

217,865‌

Professional

fees

42‌

1,025‌

1,587‌

104‌

5,278‌

Trustees

fees

118‌

2,480‌

4,128‌

266‌

12,627‌

Other

106‌

2,297‌

3,663‌

316‌

16,146‌

Total

liabilities

2,601‌

575,733‌

391,532‌

38,783‌

4,653,550‌

Net

assets

$

11,215,546‌

$

214,913,909‌

$

353,523,249‌

$

22,503,649‌

$

1,037,498,774‌

Shares

outstanding

500,000‌

8,600,000‌

13,600,000‌

650,000‌

17,700,000‌

Net

asset

value

("NAV")

per

share

$

22.43‌

$

24.99‌

$

25.99‌

$

34.62‌

$

58.62‌

NET

ASSETS

CONSIST

OF:

Paid-in

capital

12,363,453‌

255,107,973‌

377,550,680‌

21,467,924‌

1,111,295,387‌

Total

distributable

earnings

(loss)

(1,147,907‌)

(40,194,064‌)

(24,027,431‌)

1,035,725‌

(73,796,613‌)

Net

assets

$

11,215,546‌

$

214,913,909‌

$

353,523,249‌

$

22,503,649‌

$

1,037,498,774‌

Authorized

shares

Unlimited

Unlimited

Unlimited

Unlimited

Unlimited

Par

value

per

share

$

0.01‌

$

0.01‌

$

0.01‌

$

0.01‌

$

0.01‌

†

Long-term

investments,

cost

$

12,262,657‌

$

224,041,704‌

$

359,992,643‌

$

21,228,012‌

$

1,016,039,722‌

‡  

Includes

securities

loaned

of

$

—‌

$

—‌

$

272,723‌

$

32,787‌

$

520,187‌

^  Cash

denominated

in

foreign

currencies,

cost

$

—‌

$

32,766‌

$

51,285‌

$

—‌

$

—‌

Statement

of

Assets

and

Liabilities

(continued)

See

Notes

to

Financial

Statements

81

October

31,

2023

NULV

NUMG

NUMV

NUSC

ASSETS

Long-term

investments,

at

value

†‡

$

1,381,064,586‌

$

323,802,081‌

$

295,988,103‌

$

888,363,495‌

Investments

purchased

with

collateral

from

securities

lending,

at

value

(cost

approximates

value)

139,667‌

1,374,422‌

284,571‌

8,664,248‌

Cash

2,197,100‌

309,960‌

520,212‌

1,123,097‌

Receivables:

Dividends

2,685,063‌

31,126‌

387,085‌

331,923‌

Investments

sold

—‌

—‌

—‌

3,237,610‌

Reclaims

48,256‌

—‌

2,310‌

2,682‌

Securities

lending

income

1,013‌

9,445‌

40‌

27,845‌

Other

26,066‌

5,959‌

4,474‌

18,360‌

Total

assets

1,386,161,751‌

325,532,993‌

297,186,795‌

901,769,260‌

LIABILITIES

Payables:

Collateral

from

securities

lending

139,667‌

1,374,422‌

284,571‌

8,664,248‌

Investments

purchased

-

regular

settlement

2,047,082‌

—‌

—‌

—‌

Shares

redeemed

—‌

—‌

—‌

3,240,780‌

Accrued

expenses:

Management

fees

288,560‌

84,522‌

75,188‌

228,216‌

Professional

fees

7,132‌

1,684‌

1,573‌

4,761‌

Trustees

fees

17,099‌

4,193‌

3,761‌

11,504‌

Other

26,064‌

5,959‌

4,474‌

18,360‌

Total

liabilities

2,525,604‌

1,470,780‌

369,567‌

12,167,869‌

Net

assets

$

1,383,636,147‌

$

324,062,213‌

$

296,817,228‌

$

889,601,391‌

Shares

outstanding

42,400,000‌

9,400,000‌

11,050,000‌

27,450,000‌

Net

asset

value

("NAV")

per

share

$

32.63‌

$

34.47‌

$

26.86‌

$

32.41‌

NET

ASSETS

CONSIST

OF:

Paid-in

capital

1,624,356,080‌

425,830,181‌

368,624,533‌

1,173,272,045‌

Total

distributable

earnings

(loss)

(240,719,933‌)

(101,767,968‌)

(71,807,305‌)

(283,670,654‌)

Net

assets

$

1,383,636,147‌

$

324,062,213‌

$

296,817,228‌

$

889,601,391‌

Authorized

shares

Unlimited

Unlimited

Unlimited

Unlimited

Par

value

per

share

$

0.01‌

$

0.01‌

$

0.01‌

$

0.01‌

†

Long-term

investments,

cost

$

1,497,269,367‌

$

353,039,887‌

$

327,088,655‌

$

1,026,310,441‌

‡  

Includes

securities

loaned

of

$

134,683‌

$

1,325,408‌

$

274,433‌

$

8,461,156‌

Statement

of

Operations

See

Notes

to

Financial

Statements

82

Year

Ended

October

31,

2023

NUDV

NUEM

NUDM

NULC

NULG

INVESTMENT

INCOME

Dividends

$

304,051‌

$

6,652,106‌

$

12,084,151‌

$

402,949‌

$

6,570,785‌

Interest

905‌

20,267‌

20,245‌

1,542‌

51,795‌

Securities

lending

income,

net

—‌

3,095‌

—‌

562‌

29,591‌

Foreign

tax

withheld

on

dividend

income

(

687‌

)

(

848,556‌

)

(

1,078,944‌

)

(

466‌

)

(

23,903‌

)

Total

investment

income

304,269‌

5,826,912‌

11,025,452‌

404,587‌

6,628,268‌

EXPENSES

Management

fees

25,405‌

773,995‌

1,020,051‌

48,041‌

2,430,094‌

Professional

fees

335‌

8,265‌

12,375‌

845‌

35,515‌

Trustees

fees

397‌

7,954‌

12,337‌

915‌

38,171‌

Other

3‌

1,775‌

5‌

—‌

1‌

Total

expenses

26,140‌

791,989‌

1,044,768‌

49,801‌

2,503,781‌

Net

investment

income

(loss)

278,129‌

5,034,923‌

9,980,684‌

354,786‌

4,124,487‌

REALIZED

AND

UNREALIZED

GAIN

(LOSS)

Realized

gain

(loss):

Investments

(

76,205‌

)

(

13,686,514‌

)

(

9,418,512‌

)

(

508,971‌

)

(

73,845,294‌

)

In-kind

redemptions

362,249‌

344,915‌

—‌

1,862,154‌

141,703,967‌

Net

realized

gain

(loss)

286,044‌

(

13,341,599‌

)

(

9,418,512‌

)

1,353,183‌

67,858,673‌

Change

in

unrealized

appreciation

(depreciation)

on:

Investments

and

foreign

currency**

(

795,812‌

)

29,435,732‌

30,173,610‌

245,183‌

89,994,365‌

Change

in

net

unrealized

appreciation

(depreciation)

(

795,812‌

)

29,435,732‌

30,173,610‌

245,183‌

89,994,365‌

Net

realized

and

unrealized

gain

(loss)

(

509,768‌

)

16,094,133‌

20,755,098‌

1,598,366‌

157,853,038‌

Net

increase

(decrease)

in

net

assets

from

operations

$

(

231,639‌

)

$

21,129,056‌

$

30,735,782‌

$

1,953,152‌

$

161,977,525‌

**

Net

of

change

in

foreign

capital

gains

tax

$

—‌

$

(

231,728‌

)

$

—‌

$

—‌

$

—‌

Statement

of

Operations

(continued)

See

Notes

to

Financial

Statements

83

Year

Ended

October

31,

2023

NULV

NUMG

NUMV

NUSC

INVESTMENT

INCOME

Dividends

$

42,819,428‌

$

1,707,551‌

$

8,436,884‌

$

13,625,832‌

Interest

83,258‌

20,244‌

16,638‌

73,565‌

Securities

lending

income,

net

10,721‌

82,361‌

111,472‌

932,696‌

Foreign

tax

withheld

on

dividend

income

(

37,119‌

)

—‌

—‌

(

6,466‌

)

Total

investment

income

42,876,288‌

1,810,156‌

8,564,994‌

14,625,627‌

EXPENSES

Management

fees

3,853,469‌

1,052,382‌

984,063‌

2,932,403‌

Professional

fees

55,473‌

12,902‌

13,483‌

36,259‌

Trustees

fees

59,710‌

13,738‌

12,984‌

38,479‌

Other

—‌

—‌

5‌

1‌

Total

expenses

3,968,652‌

1,079,022‌

1,010,535‌

3,007,142‌

Net

investment

income

(loss)

38,907,636‌

731,134‌

7,554,459‌

11,618,485‌

REALIZED

AND

UNREALIZED

GAIN

(LOSS)

Realized

gain

(loss):

Investments

(

109,491,624‌

)

(

44,328,701‌

)

(

45,715,065‌

)

(

136,400,758‌

)

In-kind

redemptions

131,113,068‌

21,731,206‌

25,792,765‌

131,451,295‌

Net

realized

gain

(loss)

21,621,444‌

(

22,597,495‌

)

(

19,922,300‌

)

(

4,949,463‌

)

Change

in

unrealized

appreciation

(depreciation)

on:

Investments

(

95,040,172‌

)

22,679,298‌

(

16,157,098‌

)

(

80,326,221‌

)

Change

in

net

unrealized

appreciation

(depreciation)

(

95,040,172‌

)

22,679,298‌

(

16,157,098‌

)

(

80,326,221‌

)

Net

realized

and

unrealized

gain

(loss)

(

73,418,728‌

)

81,803‌

(

36,079,398‌

)

(

85,275,684‌

)

Net

increase

(decrease)

in

net

assets

from

operations

$

(

34,511,092‌

)

$

812,937‌

$

(

28,524,939‌

)

$

(

73,657,199‌

)

Statement

of

Changes

in

Net

Assets

See

Notes

to

Financial

Statements

84

NUDV

NUEM

Year

Ended

10/31/23

Year

Ended

10/31/22

Year

Ended

10/31/23

Year

Ended

10/31/22

OPERATIONS

Net

investment

income

(loss)

$

278,129‌

$

156,574‌

$

5,034,923‌

$

3,870,048‌

Net

realized

gain

(loss)

286,044‌

37,968‌

(

13,341,599‌

)

(

15,593,661‌

)

Change

in

net

unrealized

appreciation

(depreciation)

(

795,812‌

)

(

418,823‌

)

29,435,732‌

(

51,263,329‌

)

Net

increase

(decrease)

in

net

assets

from

operations

(

231,639‌

)

(

224,281‌

)

21,129,056‌

(

62,986,942‌

)

DISTRIBUTIONS

TO

SHAREHOLDERS

Dividends

(

326,285‌

)

(

151,160‌

)

(

3,969,620‌

)

(

3,002,760‌

)

Total

distributions

(

326,285‌

)

(

151,160‌

)

(

3,969,620‌

)

(

3,002,760‌

)

FUND

SHARE

TRANSACTIONS

Subscriptions

7,139,645‌

3,470,370‌

30,858,962‌

120,707,881‌

Redemptions

(

3,598,170‌

)

–‌

(

10,718,220‌

)

–‌

Net

increase

(decrease)

from

Fund

share

transactions

3,541,475‌

3,470,370‌

20,140,742‌

120,707,881‌

Net

increase

(decrease)

in

net

assets

2,983,551‌

3,094,929‌

37,300,178‌

54,718,179‌

Net

assets

at

the

beginning

of

period

8,231,995‌

5,137,066‌

177,613,731‌

122,895,552‌

Net

assets

at

the

end

of

period

$

11,215,546‌

$

8,231,995‌

$

214,913,909‌

$

177,613,731‌

Statement

of

Changes

in

Net

Assets

(continued)

See

Notes

to

Financial

Statements

85

NUDM

NULC

Year

Ended

10/31/23

Year

Ended

10/31/22

Year

Ended

10/31/23

Year

Ended

10/31/22

OPERATIONS

Net

investment

income

(loss)

$

9,980,684‌

$

6,333,100‌

$

354,786‌

$

375,641‌

Net

realized

gain

(loss)

(

9,418,512‌

)

(

13,243,494‌

)

1,353,183‌

229,868‌

Change

in

net

unrealized

appreciation

(depreciation)

30,173,610‌

(

52,796,445‌

)

245,183‌

(

6,605,084‌

)

Net

increase

(decrease)

in

net

assets

from

operations

30,735,782‌

(

59,706,839‌

)

1,953,152‌

(

5,999,575‌

)

DISTRIBUTIONS

TO

SHAREHOLDERS

Dividends

(

5,913,680‌

)

(

7,207,380‌

)

(

648,635‌

)

(

1,900,650‌

)

Total

distributions

(

5,913,680‌

)

(

7,207,380‌

)

(

648,635‌

)

(

1,900,650‌

)

FUND

SHARE

TRANSACTIONS

Subscriptions

60,945,222‌

173,167,233‌

4,918,970‌

2,154,555‌

Redemptions

–‌

–‌

(

8,309,095‌

)

–‌

Net

increase

(decrease)

from

Fund

share

transactions

60,945,222‌

173,167,233‌

(

3,390,125‌

)

2,154,555‌

Net

increase

(decrease)

in

net

assets

85,767,324‌

106,253,014‌

(

2,085,608‌

)

(

5,745,670‌

)

Net

assets

at

the

beginning

of

period

267,755,925‌

161,502,911‌

24,589,257‌

30,334,927‌

Net

assets

at

the

end

of

period

$

353,523,249‌

$

267,755,925‌

$

22,503,649‌

$

24,589,257‌

Statement

of

Changes

in

Net

Assets

(continued)

See

Notes

to

Financial

Statements

86

NULG

NULV

Year

Ended

10/31/23

Year

Ended

10/31/22

Year

Ended

10/31/23

Year

Ended

10/31/22

OPERATIONS

Net

investment

income

(loss)

$

4,124,487‌

$

3,669,183‌

$

38,907,636‌

$

29,800,109‌

Net

realized

gain

(loss)

67,858,673‌

(

8,499,258‌

)

21,621,444‌

21,678,649‌

Change

in

net

unrealized

appreciation

(depreciation)

89,994,365‌

(

275,556,909‌

)

(

95,040,172‌

)

(

182,958,927‌

)

Net

increase

(decrease)

in

net

assets

from

operations

161,977,525‌

(

280,386,984‌

)

(

34,511,092‌

)

(

131,480,169‌

)

DISTRIBUTIONS

TO

SHAREHOLDERS

Dividends

(

3,194,800‌

)

(

47,021,850‌

)

(

32,805,740‌

)

(

56,331,080‌

)

Total

distributions

(

3,194,800‌

)

(

47,021,850‌

)

(

32,805,740‌

)

(

56,331,080‌

)

FUND

SHARE

TRANSACTIONS

Subscriptions

597,868,760‌

236,696,565‌

723,029,485‌

970,444,575‌

Redemptions

(

512,906,665‌

)

(

58,409,625‌

)

(

803,390,155‌

)

(

427,932,540‌

)

Net

increase

(decrease)

from

Fund

share

transactions

84,962,095‌

178,286,940‌

(

80,360,670‌

)

542,512,035‌

Net

increase

(decrease)

in

net

assets

243,744,820‌

(

149,121,894‌

)

(

147,677,502‌

)

354,700,786‌

Net

assets

at

the

beginning

of

period

793,753,954‌

942,875,848‌

1,531,313,649‌

1,176,612,863‌

Net

assets

at

the

end

of

period

$

1,037,498,774‌

$

793,753,954‌

$

1,383,636,147‌

$

1,531,313,649‌

Statement

of

Changes

in

Net

Assets

(continued)

See

Notes

to

Financial

Statements

87

NUMG

NUMV

Year

Ended

10/31/23

Year

Ended

10/31/22

Year

Ended

10/31/23

Year

Ended

10/31/22

OPERATIONS

Net

investment

income

(loss)

$

731,134‌

$

462,327‌

$

7,554,459‌

$

6,193,280‌

Net

realized

gain

(loss)

(

22,597,495‌

)

(

23,721,600‌

)

(

19,922,300‌

)

14,382,388‌

Change

in

net

unrealized

appreciation

(depreciation)

22,679,298‌

(

120,677,264‌

)

(

16,157,098‌

)

(

67,182,054‌

)

Net

increase

(decrease)

in

net

assets

from

operations

812,937‌

(

143,936,537‌

)

(

28,524,939‌

)

(

46,606,386‌

)

DISTRIBUTIONS

TO

SHAREHOLDERS

Dividends

(

626,285‌

)

(

46,745,770‌

)

(

18,324,390‌

)

(

18,456,730‌

)

Total

distributions

(

626,285‌

)

(

46,745,770‌

)

(

18,324,390‌

)

(

18,456,730‌

)

FUND

SHARE

TRANSACTIONS

Subscriptions

141,769,215‌

144,225,425‌

141,288,495‌

112,559,015‌

Redemptions

(

130,837,060‌

)

(

41,476,430‌

)

(

108,286,065‌

)

(

13,583,080‌

)

Net

increase

(decrease)

from

Fund

share

transactions

10,932,155‌

102,748,995‌

33,002,430‌

98,975,935‌

Net

increase

(decrease)

in

net

assets

11,118,807‌

(

87,933,312‌

)

(

13,846,899‌

)

33,912,819‌

Net

assets

at

the

beginning

of

period

312,943,406‌

400,876,718‌

310,664,127‌

276,751,308‌

Net

assets

at

the

end

of

period

$

324,062,213‌

$

312,943,406‌

$

296,817,228‌

$

310,664,127‌

Statement

of

Changes

in

Net

Assets

(continued)

See

Notes

to

Financial

Statements

88

NUSC

Year

Ended

10/31/23

Year

Ended

10/31/22

OPERATIONS

Net

investment

income

(loss)

$

11,618,485‌

$

10,086,932‌

Net

realized

gain

(loss)

(

4,949,463‌

)

18,267,752‌

Change

in

net

unrealized

appreciation

(depreciation)

(

80,326,221‌

)

(

224,243,139‌

)

Net

increase

(decrease)

in

net

assets

from

operations

(

73,657,199‌

)

(

195,888,455‌

)

DISTRIBUTIONS

TO

SHAREHOLDERS

Dividends

(

10,372,580‌

)

(

77,261,695‌

)

Total

distributions

(

10,372,580‌

)

(

77,261,695‌

)

FUND

SHARE

TRANSACTIONS

Subscriptions

523,390,850‌

250,807,675‌

Redemptions

(

459,587,365‌

)

(

174,195,465‌

)

Net

increase

(decrease)

from

Fund

share

transactions

63,803,485‌

76,612,210‌

Net

increase

(decrease)

in

net

assets

(

20,226,294‌

)

(

196,537,940‌

)

Net

assets

at

the

beginning

of

period

909,827,685‌

1,106,365,625‌

Net

assets

at

the

end

of

period

$

889,601,391‌

$

909,827,685‌

Financial

Highlights

89

The

following

data

is

for

a

share

outstanding

for

each

fiscal

year

end

unless

otherwise

noted:

Investment

Operations

Less

Distributions

Net

Asset

Value,

Beginning

of

Period

Net

Investment

Income

(Loss)(a)

Net

Realized

/Unrealized

Gain

(Loss)

Total

From

Net

Investment

Income

From

Net

Realized

Gains

Total

Net

Asset

Value,

End

of

Period

Market

Price,

End

of

Period

NUDV

10/31/23

$

23.52

$

0.65

$

(

0.99

)

$

(

0.34

)

$

(

0.61

)

$

(

0.14

)

$

(

0.75

)

$

22.43

$

22.41

10/31/22

25.69

0.62

(

2.21

)

(

1.59

)

(

0.58

)

—

(

0.58

)

23.52

23.52

10/31/21(d)

25.00

0.05

0.64

0.69

—

—

—

25.69

25.71

NUEM

10/31/23

22.77

0.60

2.10

2.70

(

0.48

)

—

(

0.48

)

24.99

24.95

10/31/22

34.14

0.69

(

11.27

)

(

10.58

)

(

0.38

)

(

0.41

)

(

0.79

)

22.77

22.71

10/31/21

29.18

0.52

4.86

5.38

(

0.42

)

—

(

0.42

)

34.14

34.15

10/31/20

25.57

0.40

3.75

4.15

(

0.54

)

—

(

0.54

)

29.18

29.37

10/31/19

23.78

0.58

1.70

2.28

(

0.49

)

—

(

0.49

)

25.57

25.71

NUDM

10/31/23

23.49

0.81

2.20

3.01

(

0.51

)

—

(

0.51

)

25.99

26.15

10/31/22

32.30

0.78

(

8.26

)

(

7.48

)

(

0.88

)

(

0.45

)

(

1.33

)

23.49

23.51

10/31/21

24.33

0.98

7.42

8.40

(

0.43

)

—

(

0.43

)

32.30

32.53

10/31/20

26.74

0.54

(

2.03

)

(

1.49

)

(

0.92

)

—

(

0.92

)

24.33

24.50

10/31/19

24.10

0.75

2.44

3.19

(

0.55

)

—

(

0.55

)

26.74

26.86

NULC

10/31/23

32.79

0.51

2.08

2.59

(

0.44

)

(

0.32

)

(

0.76

)

34.62

34.62

10/31/22

43.34

0.51

(

8.52

)

(

8.01

)

(

0.43

)

(

2.11

)

(

2.54

)

32.79

32.82

10/31/21

31.05

0.46

13.25

13.71

(

0.48

)

(

0.94

)

(

1.42

)

43.34

43.39

10/31/20

28.01

0.53

2.74

3.27

(

0.21

)

(

0.02

)

(

0.23

)

31.05

30.95

10/31/19(f)

24.96

0.19

2.86

3.05

—

—

—

28.01

27.99

NULG

10/31/23

49.30

0.24

9.28

9.52

(

0.20

)

—

(

0.20

)

58.62

58.58

10/31/22

71.98

0.25

(

19.45

)

(

19.20

)

(

0.14

)

(

3.34

)

(

3.48

)

49.30

49.30

10/31/21

49.60

0.07

23.82

23.89

(

0.11

)

(

1.40

)

(

1.51

)

71.98

72.01

10/31/20

38.97

0.18

10.91

11.09

(

0.20

)

(

0.26

)

(

0.46

)

49.60

49.54

10/31/19

33.84

0.29

5.96

6.25

(

0.24

)

(

0.88

)

(

1.12

)

38.97

39.00

(a)

Based

on

average

shares

outstanding.

(b)

Percentage

is

not

annualized.

(c)

Does

not

include

in-kind

transactions.

(d)

For

the

period

September

27,

2021

(commencement

of

operations)

through

October

31,

2021.

(e)

Annualized.

(f)

For

the

period

June

3,

2019

(commencement

of

operations)

through

October

31,

2019.

See

Notes

to

Financial

Statements

90

Ratios

and

Supplemental

Data

Total

Return

Ratios

to

Average

Net

Assets

Based

on

Net

Asset

Value(b)

Based

on

Market

Price(b)

Net

Assets,

End

of

Period

(000)

Expenses

Net

Investment

Income

(Loss)

Portfolio

Turnover

Rate(c)

(

1

.59

)

%

(

1

.69

)

%

$

11,216

0

.26‌

%

2

.74‌

%

57

%

(

6

.22

)

(

6

.31

)

8,232

0

.26‌

2

.52‌

76

2

.74

2

.85

5,137

0

.25‌

(e)

2

.04‌

(e)

0

11

.80

12

.00

214,914

0

.36‌

2

.28‌

71

(

31

.62

)

(

31

.88

)

177,614

0

.36‌

2

.45‌

63

18

.45

17

.77

122,896

0

.44‌

1

.49‌

61

16

.41

16

.47

46,695

0

.45‌

1

.56‌

81

9

.68

9

.70

56,255

0

.45‌

2

.30‌

53

12

.84

13

.40

353,523

0

.31‌

2

.94‌

66

(

24

.17

)

(

24

.57

)

267,756

0

.31‌

2

.93‌

62

34

.83

34

.73

161,503

0

.39‌

3

.16‌

64

(

5

.91

)

(

5

.67

)

53,520

0

.40‌

2

.17‌

66

13

.71

14

.10

66,853

0

.40‌

3

.03‌

57

8

.06

7

.96

22,504

0

.21‌

1

.48‌

71

(

19

.57

)

(

19

.59

)

24,589

0

.21‌

1

.39‌

57

45

.28

45

.91

30,335

0

.20‌

1

.20‌

49

11

.71

11

.43

17,079

0

.20‌

1

.81‌

61

12

.22

12

.14

8,403

0

.20‌

(e)

1

.75‌

(e)

9

19

.36

19

.29

1,037,499

0

.26‌

0

.42‌

78

(

27

.90

)

(

27

.94

)

793,754

0

.26‌

0

.44‌

80

49

.04

49

.29

942,876

0

.34‌

0

.11‌

66

28

.66

28

.42

344,703

0

.35‌

0

.39‌

86

19

.57

19

.53

83,789

0

.35‌

0

.82‌

61

91

Financial

Highlights

(continued)

The

following

data

is

for

a

share

outstanding

for

each

fiscal

year

end

unless

otherwise

noted:

Investment

Operations

Less

Distributions

Net

Asset

Value,

Beginning

of

Period

Net

Investment

Income

(Loss)(a)

Net

Realized

/Unrealized

Gain

(Loss)

Total

From

Net

Investment

Income

From

Net

Realized

Gains

Total

Net

Asset

Value,

End

of

Period

Market

Price,

End

of

Period

NULV

10/31/23

$

34.26

$

0.87

$

(

1.77

)

$

(

0.90

)

$

(

0.73

)

$

—

$

(

0.73

)

$

32.63

$

32.59

10/31/22

39.42

0.77

(

4.17

)

(

3.40

)

(

0.63

)

(

1.13

)

(

1.76

)

34.26

34.30

10/31/21

28.62

0.77

10.50

11.27

(

0.47

)

—

(

0.47

)

39.42

39.44

10/31/20

31.52

0.77

(

3.19

)

(

2.42

)

(

0.48

)

—

(

0.48

)

28.62

28.65

10/31/19

28.75

0.74

3.00

3.74

(

0.57

)

(

0.40

)

(

0.97

)

31.52

31.52

NUMG

10/31/23

34.39

0.08

0.06

0.14

(

0.06

)

—

(

0.06

)

34.47

34.45

10/31/22

57.68

0.05

(

17.07

)

(

17.02

)

(

0.01

)

(

6.26

)

(

6.27

)

34.39

34.42

10/31/21

42.94

(

0.03

)

16.66

16.63

(

0.02

)

(

1.87

)

(

1.89

)

57.68

57.71

10/31/20

33.26

0.03

9.75

9.78

(

0.10

)

—

(

0.10

)

42.94

42.83

10/31/19

29.93

0.06

4.62

4.68

(

0.06

)

(

1.29

)

(

1.35

)

33.26

33.32

NUMV

10/31/23

31.07

0.68

(

3.17

)

(

2.49

)

(

0.64

)

(

1.08

)

(

1.72

)

26.86

26.84

10/31/22

38.44

0.68

(

5.61

)

(

4.93

)

(

0.48

)

(

1.96

)

(

2.44

)

31.07

31.10

10/31/21

25.64

0.54

12.68

13.22

(

0.42

)

—

(

0.42

)

38.44

38.50

10/31/20

29.50

0.57

(

3.71

)

(

3.14

)

(

0.72

)

—

(

0.72

)

25.64

25.67

10/31/19

27.04

0.64

2.78

3.42

(

0.62

)

(

0.34

)

(

0.96

)

29.50

29.57

NUSC

10/31/23

35.54

0.43

(

3.16

)

(

2.73

)

(

0.40

)

—

(

0.40

)

32.41

32.40

10/31/22

45.25

0.37

(

7.12

)

(

6.75

)

(

0.32

)

(

2.64

)

(

2.96

)

35.54

35.58

10/31/21

30.68

0.36

14.41

14.77

(

0.20

)

—

(

0.20

)

45.25

45.27

10/31/20

29.65

0.28

1.03

1.31

(

0.28

)

—

(

0.28

)

30.68

30.74

10/31/19

28.23

0.34

2.06

2.40

(

0.27

)

(

0.71

)

(

0.98

)

29.65

29.70

(a)

Based

on

average

shares

outstanding.

(b)

Percentage

is

not

annualized.

(c)

Does

not

include

in-kind

transactions.

See

Notes

to

Financial

Statements

92

Ratios

and

Supplemental

Data

Total

Return

Ratios

to

Average

Net

Assets

Based

on

Net

Asset

Value(b)

Based

on

Market

Price(b)

Net

Assets,

End

of

Period

(000)

Expenses

Net

Investment

Income

(Loss)

Portfolio

Turnover

Rate(c)

(

2

.73

)

%

(

2

.98

)

%

$

1,383,636

0

.26‌

%

2

.52‌

%

61

%

(

9

.09

)

(

9

.03

)

1,531,314

0

.26‌

2

.15‌

68

39

.68

39

.63

1,176,613

0

.34‌

2

.13‌

59

(

7

.87

)

(

7

.78

)

535,228

0

.35‌

2

.63‌

38

13

.80

13

.59

94,569

0

.35‌

2

.51‌

66

0

.43

0

.27

324,062

0

.31‌

0

.21‌

100

(

32

.50

)

(

32

.48

)

312,943

0

.31‌

0

.13‌

84

39

.51

39

.92

400,877

0

.39‌

(

0

.06‌

)

83

29

.43

28

.90

193,216

0

.40‌

0

.08‌

94

16

.93

16

.41

53,222

0

.40‌

0

.19‌

67

(

8

.58

)

(

8

.76

)

296,817

0

.31‌

2

.30‌

77

(

13

.71

)

(

13

.76

)

310,664

0

.31‌

2

.02‌

77

51

.97

52

.06

276,751

0

.39‌

1

.57‌

67

(

10

.98

)

(

11

.11

)

119,241

0

.40‌

2

.25‌

72

13

.51

13

.57

54,573

0

.40‌

2

.31‌

70

(

7

.77

)

(

7

.89

)

889,601

0

.31‌

1

.19‌

62

(

15

.68

)

(

15

.63

)

909,828

0

.31‌

0

.99‌

71

48

.28

48

.03

1,106,366

0

.39‌

0

.85‌

60

4

.40

4

.44

369,634

0

.40‌

0

.98‌

54

9

.24

9

.26

167,515

0

.40‌

1

.17‌

32

Notes

to

Financial

Statements

93

1.

General

Information 

Trust

and

Fund

Information:

Nushares

ETF

Trust

(the

“Trust”)

is

an

open-end

management

investment

company

registered

under

the

Investment

Company

Act

of

1940,

as

amended

(the

“1940

Act”).

The

Trust

is

comprised

of

Nuveen

ESG

Dividend

ETF

(NUDV),

Nuveen

ESG

Emerging

Markets

Equity

ETF

(NUEM),

Nuveen

ESG

International

Developed

Markets

Equity

ETF

(NUDM),

Nuveen

ESG

Large-Cap

ETF

(NULC),

Nuveen

ESG

Large-

Cap

Growth

ETF

(NULG),

Nuveen

ESG

Large-Cap

Value

ETF

(NULV),

Nuveen

ESG

Mid-Cap

Growth

ETF

(NUMG),

Nuveen

ESG

Mid-Cap

Value

ETF

(NUMV)

and

Nuveen

ESG

Small-Cap

ETF

(NUSC)

(each

a

“Fund”

and

collectively,

the

“Funds”),

as

diversified

funds,

among

others.

The

Trust

was

organized

as

a

Massachusetts

business

trust

on

February

20,

2015.

Shares

of

the

Funds

are

listed

and

traded

on

the

Cboe

BZX

Exchange,

Inc.

(the

“Exchange”).

Current

Fiscal

Period:

The

end

of

the

reporting

period

for

the

Funds

is

October

31,

2023,

and

the

period

covered

by

these

Notes

to

Financial

Statements

is

the

fiscal

year

ended

October

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 officers,

all

of

whom

receive

remuneration

for

their

services

to the

Trust

from

the

Adviser

or

its

affiliates.

The

Funds'

Board

of Trustees

(the

"Board") has

adopted

a

deferred

compensation

plan

for

independent

trustees

that

enables

trustees

to

elect

to

defer

receipt

of

all

or

a

portion

of

the

annual

compensation

they

are

entitled

to

receive

from

certain

Nuveen-advised

funds.

Under

the

plan,

deferred

amounts

are

treated

as

though

equal

dollar

amounts

had

been

invested

in

shares

of

select

Nuveen-advised

funds.

Distributions

to

Shareholders:

Distributions

to

shareholders

are

recorded

on

the

ex-dividend

date.

The

amount,

character

and

timing

of

distributions

are

determined

in

accordance

with

federal

income

tax

regulations,

which

may

differ

from

U.S.

GAAP.

Foreign

Currency

Transactions

and

Translation:

The

books

and

records

of

the

Funds

are

maintained

in

U.S.

dollars.

Assets,

including

investments,

and

liabilities

denominated

in

foreign

currencies

are

translated

into

U.S.

dollars

at

the

end

of

each

day.

Purchases

and

sales

of

securities,

income

and

expenses

are

translated

into

U.S.

dollars

at

the

prevailing

exchange

rate

on

the

respective

dates

of

the

transactions.

Net

realized

foreign

currency

gains

and

losses

resulting

from

changes

in

exchange

rates

associated

with

(i)

foreign

currency,

(ii)

investments

and

(iii)

derivatives

include

foreign

currency

gains

and

losses

between

trade

date

and

settlement

date

of

the

transactions,

foreign

currency

transactions,

and

the

difference

between

the

amounts

of

interest

and

dividends

recorded

on

the

books

of

the

Funds

and

the

amounts

actually

received

are

recognized

as

a

component

of

“Net

realized

gain

(loss)

from

investments

and

foreign

currency”

on

the

Statement

of

Operations,

when

applicable.

The

unrealized

gains

and

losses

resulting

from

changes

in

foreign

currency

exchange

rates

and

changes

in

foreign

exchange

rates

associated

with

(i)

investments

and

(ii)

other

assets

and

liabilities

are

recognized

as

a

component

of

“Change

in

net

unrealized

appreciation

(depreciation)

of

investments

and

foreign

currency”

on

the

Statement

of

Operations,

when

applicable.

The

unrealized

gains

and

losses

resulting

from

changes

in

foreign

exchange

rates

associated

with

investments

in

derivatives

are

recognized

as

a

component

of

the

respective

derivative’s

related

“Change

in

net

unrealized

appreciation

(depreciation)”

on

the

Statement

of

Operations,

when

applicable.

As

of

the

end

of

the

reporting

period,

the

following

Funds'

investments

in

non-U.S.

securities

were

as

follows:

94

Notes

to

Financial

Statements

(continued)

Foreign

Taxes:

The

Funds

may

be

subject

to

foreign

taxes

on

income,

gains

on

investments

or

foreign

currency

repatriation,

a

portion

of

which

may

be

recoverable.

The

Funds

will

accrue

such

taxes

and

recoveries

as

applicable,

based

upon

the

current

interpretation

of

tax

rules

and

regulations

that

exist

in

the

markets

in

which

the

Funds

invest.

Indemnifications:

Under

the

Trust’s

organizational

documents,

its

officers

and

trustees

are

indemnified

against

certain

liabilities

arising

out

of

the

performance

of

their

duties

to

the

Trust.

In

addition,

in

the

normal

course

of

business,

the

Trust

enters

into

contracts

that

provide

general

indemnifications

to

other

parties.

The

Trust’s

maximum

exposure

under

these

arrangements

is

unknown

as

this

would

involve

future

claims

that

may

be

made

against

the

Trust

that

have

not

yet

occurred.

However,

the

Trust

has

not

had

prior

claims

or

losses

pursuant

to

these

contracts

and

expects

the

risk

of

loss

to

be

remote.

Investments

and

Investment

Income:

Securities

transactions

are

accounted

for

as

of

the

end

of

trade

date

for

financial

reporting

purposes.

Dividend

income

is

recorded

on

the

ex-dividend

date.

Foreign

dividend

income

is

recorded

on

the

ex-dividend

date

or

as

soon

as

possible

after

the

Funds

determine

the

existence

of

a

dividend

declaration.

Non-cash

dividends

received

in

the

form

of

stock,

if

any,

are

recognized

on

the

ex-dividend

date

and

recorded

at

fair

value.

Interest

income

is

recorded

on

an

accrual

basis.

Distributions

received

on

securities

that

represent

a

return

of

capital

or

capital

gains

are

recorded

as

a

reduction

of

cost

of

investments

and/or

as

a

realized

gain.

The

Funds

estimate

the

components

of

distributions

received

that

may

be

considered

return

of

capital

distributions

or

capital

gain

distributions.

Securities

lending

income

is

comprised

of

fees

earned

from

borrowers

and

income

earned

on

cash

collateral

investments.

New

Accounting

Pronouncement:

In

June

2022,

the

FASB

issued

ASU

2022-03

to

clarify

the

guidance

in

Topic

820,

Fair

Value

Measurement

("Topic

820").

The

amendments

in

ASU

2022-03

affect

all

entities

that

have

investments

in

equity

securities

measured

at

fair

value

that

are

subject

to

a

contractual

sale

restriction.

ASU

2022-03

(1)

clarifies

the

guidance

in

Topic

820,

when

measuring

the

fair

value

of

an

equity

security

subject

to

contractual

restrictions

that

prohibit

the

sale

of

equity

security,

(2)

amends

a

related

illustrative

example,

and

(3)

introduces

new

disclosure

requirements

for

equity

securities

subject

to

contractual

sale

restrictions

that

are

measured

at

fair

value

in

accordance

with

Topic

820.

For

public

business

entities,

the

amendments

in

ASU

2022-03

are

effective

for

fiscal

years

beginning

after

December

15,

2023,

and

interim

periods

within

those

fiscal

years.

For

all

other

entities,

the

amendments

are

effective

for

fiscal

years

beginning

after

December

15,

2024,

and

interim

periods

within

those

fiscal

years.

Early

adoption

is

permitted

for

both

interim

and

annual

financial

statements

that

have

not

yet

been

issued

or

made

available

for

issuance.

During

the

current

fiscal

period,

the

Funds

adopted

the

new

guidance

and

there

was

no

material

impact

to

the

Funds.

NUEM

Value

%

of

Net

Assets

Country:

China

$

65,942,272

30.7

%

India

35,145,115

16.4

Taiwan

31,211,009

14.5

South

Korea

25,069,935

11.7

Brazil

10,566,831

4.9

Saudi

Arabia

9,536,641

4.4

South

Africa

6,205,894

2.9

Mexico

5,337,965

2.5

Thailand

4,084,234

1.9

Indonesia

3,999,815

1.9

Other

17,877,249

8.2

Total

non-U.S.

Securities

$214,976,960

100.0%

NUDM

Value

%

of

Net

Assets

Country:

Japan

$

80,751,838

22.8

%

United

Kingdom

52,679,627

14.9

France

40,746,135

11.5

Switzerland

34,842,329

9.9

Australia

26,188,712

7.4

Germany

25,797,881

7.3

Denmark

12,504,540

3.5

Spain

12,195,940

3.5

Netherlands

11,383,502

3.2

Italy

10,484,096

3.0

Other

44,004,723

12.5

Total

non-U.S.

Securities

$351,579,323

99.5%

95

3.

Investment

Valuation

and

Fair

Value

Measurements 

The

Funds’

investments

in

securities

are

recorded

at

their

estimated

fair

value

utilizing

valuation

methods

approved

by

the

Adviser,

subject

to

oversight

of

the Board.

Fair

value

is

defined

as

the

price

that

would

be

received

upon

selling

an

investment

or

transferring

a

liability

in

an

orderly

transaction

to

an

independent

buyer

in

the

principal

or

most

advantageous

market

for

the

investment.

U.S.

GAAP

establishes

the

three-tier

hierarchy

which

is

used

to

maximize

the

use

of

observable

market

data

and

minimize

the

use

of

unobservable

inputs

and

to

establish

classification

of

fair

value

measurements

for

disclosure

purposes.

Observable

inputs

reflect

the

assumptions

market

participants

would

use

in

pricing

the

asset

or

liability.

Observable

inputs

are

based

on

market

data

obtained

from

sources

independent

of

the

reporting

entity.

Unobservable

inputs

reflect

management’s

assumptions

about

the

assumptions

market

participants

would

use

in

pricing

the

asset

or

liability.

Unobservable

inputs

are

based

on

the

best

information

available

in

the

circumstances.

The

following

is

a

summary

of

the

three-tiered

hierarchy

of

valuation

input

levels.

Level

1

–

Inputs

are

unadjusted

and

prices

are

determined

using

quoted

prices

in

active

markets

for

identical

securities.

Level

2

–

Prices

are

determined

using

other

significant

observable

inputs

(including

quoted

prices

for

similar

securities,

interest

rates,

credit

spreads,

etc.).

Level

3

–

Prices

are

determined

using

significant

unobservable

inputs

(including

management’s

assumptions

in

determining

the

fair

value

of

investments).

A

description

of

the

valuation

techniques

applied

to

the

Funds’

major

classifications

of

assets

and

liabilities

measured

at

fair

value

follows:

Equity

securities

and

exchange-traded

funds

listed

or

traded

on

a

national

market

or

exchange

are

valued

based

on

their

last

reported

sales

price

or

official

closing

price

of

such

market

or

exchange

on

the

valuation

date.

Foreign

equity

securities

and

registered

investment

companies

that

trade

on

a

foreign

exchange

are

valued

at

the

last

reported

sales

price

or

official

closing

price

on

the

principal

exchange

where

traded,

and

converted

to

U.S.

dollars

at

the

prevailing

rates

of

exchange

on

the

valuation

date.

To

the

extent

these

securities

are

actively

traded

and

no

valuation

adjustments

are

applied,

they

are

generally

classified

as

Level

1.

When

valuation

adjustments

are

applied

to

the

most

recent

last

sales

price

or

official

closing

price,

these

securities

are

generally

classified

as

Level

2.

Prices

of

certain

American

Depositary

Receipts

(“ADR”)

held

by

the

Funds

that

trade

in

the

United

States

are

valued

based

on

the

last

traded

price,

official

closing

price,

or

an

evaluated

price

provided

by

the

pricing

services and

are

generally

classified

as

Level

1

or

2.

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.

For

any

portfolio

security

or

derivative

for

which

market

quotations

are

not

readily

available

or

for

which

the

Adviser

deems

the

valuations

derived

using

the

valuation

procedures

described

above

not

to

reflect

fair

value,

the

Adviser

will

determine

a

fair

value

in

good

faith

using

alternative

procedures

approved

by

the

Adviser,

subject

to

the

oversight

of

the

Board.

As

a

general

principle,

the

fair

value

of

a

security

is

the

amount

that

the

owner

might

reasonably

expect

to

receive

for

it

in

a

current

sale.

A

variety

of

factors

may

be

considered

in

determining

the

fair

value

of

such

securities,

which

may

include

consideration

of

the

following:

yields

or

prices

of

investments

of

comparable

quality,

type

of

issue,

coupon,

maturity

and

rating,

market

quotes

or

indications

of

value

from

security

dealers,

evaluations

of

anticipated

cash

flows

or

collateral,

general

market

conditions

and

other

information

and

analysis,

including

the

obligor’s

credit

characteristics

considered

relevant.

To

the

extent

the

inputs

are

observable

and

timely,

the

values

would

be

classified

as Level

2;

otherwise

they

would

be

classified

as

Level

3. 

The

following

table

summarizes

tile

market

value

of

the

Funds’

investments

as

of

the

end

of

the

reporting

period,

based

on

the

inputs

used

to

value

them:

NUDV

Level

1

Level

2

Level

3

Total

Long-Term

Investments:

Common

Stocks

$

11,176,009

$

–

$

–

$

11,176,009

Total

$

11,176,009

$

–

$

–

$

11,176,009

a

NUEM

Level

1

Level

2

Level

3

Total

Long-Term

Investments:

Common

Stocks

$

211,360,221

$

3,616,439

$

5*

$

214,976,665

Corporate

Bonds

–

295

–

295

Total

$

211,360,221

$

3,616,734

$

5

$

214,976,960

a

96

Notes

to

Financial

Statements

(continued)

NUDM

Level

1

Level

2

Level

3

Total

Long-Term

Investments:

Common

Stocks

$

351,705,885

$

–

$

–**

$

351,705,885

Investments

Purchased

with

Collateral

from

Securities

Lending

293,935

–

–

293,935

Total

$

351,999,820

$

–

$

–

$

351,999,820

a

NULC

Level

1

Level

2

Level

3

Total

Long-Term

Investments:

Common

Stocks

$

22,458,454

$

–

$

–

$

22,458,454

Investments

Purchased

with

Collateral

from

Securities

Lending

34,355

–

–

34,355

Total

$

22,492,809

$

–

$

–

$

22,492,809

a

NULG

Level

1

Level

2

Level

3

Total

Long-Term

Investments:

Common

Stocks

$

1,037,111,413

$

–

$

–

$

1,037,111,413

Investments

Purchased

with

Collateral

from

Securities

Lending

539,429

–

–

539,429

Total

$

1,037,650,842

$

–

$

–

$

1,037,650,842

a

NULV

Level

1

Level

2

Level

3

Total

Long-Term

Investments:

Common

Stocks

$

1,381,064,586

$

–

$

–

$

1,381,064,586

Investments

Purchased

with

Collateral

from

Securities

Lending

139,667

–

–

139,667

Total

$

1,381,204,253

$

–

$

–

$

1,381,204,253

a

NUMG

Level

1

Level

2

Level

3

Total

Long-Term

Investments:

Common

Stocks

$

323,802,081

$

–

$

–

$

323,802,081

Investments

Purchased

with

Collateral

from

Securities

Lending

1,374,422

–

–

1,374,422

Total

$

325,176,503

$

–

$

–

$

325,176,503

a

NUMV

Level

1

Level

2

Level

3

Total

Long-Term

Investments:

Common

Stocks

$

295,988,103

$

–

$

–

$

295,988,103

Investments

Purchased

with

Collateral

from

Securities

Lending

284,571

–

–

284,571

Total

$

296,272,674

$

–

$

–

$

296,272,674

a

NUSC

Level

1

Level

2

Level

3

Total

Long-Term

Investments:

Common

Stocks

$

886,787,052

$

1,494,484

$

–

$

888,281,536

Common

Stock

Rights

–

–

81,959*

81,959

Investments

Purchased

with

Collateral

from

Securities

Lending

8,664,248

–

–

8,664,248

Total

$

895,451,300

$

1,494,484

$

81,959

$

897,027,743

a

*

Refer

to

the

Fund’s

Portfolio

of

Investments

for

securities

classified

as

Level

3.

**

Refer

to

the

Fund's

Portfolio

of

Investments

for

securities

classified

as

Level

3.

Value

equals

zero

as

of

the

end

of

the

reporting

period.

97

4.

Portfolio

Securities

Securities

Lending:

Each

Fund

may

lend

securities

representing

up

to

one-third

of

the

value

of

its

total

assets

to

broker-dealers,

banks,

and

other

institutions

in

order

to

generate

additional

income.

When

loaning

securities,

the

Fund

retains

the

benefits

of

owning

the

securities,

including

the

economic

equivalent

of

dividends

or

interest

generated

by

the

security.

The

loans

are

continuous,

can

be

recalled

at

any

time,

and

have

no

set

maturity.

State

Street

Bank

and

Trust

Company,

serves

as

the

securities

lending

agent

(the

“Agent”).

When

a

Fund

loans

its

portfolio

securities,

it

will

receive,

at

the

inception

of

each

loan,

cash

collateral

equal

to

an

amount

not

less

than

100%

of

the

market

value

of

the

loaned

securities.

The

actual

percentage

of

the

cash

collateral

will

vary

depending

upon

the

asset

type

of

the

loaned

securities.

Collateral

for

the

loaned

securities

is

invested

in

a

government

money

market

vehicle

maintained

by

the

Agent,

which

is

subject

to

the

requirements

of

Rule

2a-7

under

the

1940

Act.

The

value

of

the

loaned

securities

and

the

liability

to

return

the

cash

collateral

received

are

recognized

on

the

Statement

of

Assets

and

Liabilities.

If

the

market

value

of

the

loaned

securities

increases,

the

borrower

must

furnish

additional

collateral

to

the

Fund,

which

is

also

recognized

on

the

Statement

of

Assets

and

Liabilities.

Securities

out

on

loan

are

subject

to

termination

at

any

time

at

the

option

of

the

borrower

or

the

Fund.

Upon

termination,

the

borrower

is

required

to

return

to

the

Fund

securities

identical

to

the

securities

loaned.

During

the

term

of

the

loan,

the

Fund

bears

the

market

risk

with

respect

to

the

investment

of

collateral

and

the

risk

that

the

Agent

may

default

on

its

contractual

obligations

to

the

Fund.

The

Agent

bears

the

risk

that

the

borrower

may

default

on

its

obligation

to

return

the

loaned

securities

as

the

Agent

is

contractually

obligated

to

indemnify

the

Fund

if

at

the

time

of

a

default

by

a

borrower

some

or

all

of

the

loan

securities

have

not

been

returned.

Securities

lending

income

recognized

by

a

Fund

consists

of

earnings

on

invested

collateral

and

lending

fees,

net

of

any

rebates

to

the

borrower

and

compensation

to

the

Agent.

Such

income

is

recognized

on

the

Statement

of

Operations.

As

of

the

end

of

the

reporting

period,

the

total

value

of

the

loaned

securities

and

the

total

value

of

collateral

received

were

as

follows:

Purchases

and

Sales:

Long-term

purchases

and

sales

(excluding in-kind

transactions)

during

the

current fiscal

period

were

as

follows:

In-kind

transactions

during

the

current

fiscal

period

were

as

follows:

Fund

Asset

Class

out

on

Loan

Long-Term

Investments,

at

Value

Total

Collateral

Received

NUDM

Common

Stocks

$272,723

$293,935

NULC

Common

Stocks

$32,787

$34,355

NULG

Common

Stocks

$520,187

$539,429

NULV

Common

Stocks

$134,683

$139,667

NUMG

Common

Stocks

$1,325,408

$1,374,422

NUMV

Common

Stocks

$274,433

$284,571

NUSC

Common

Stocks

$8,461,156

$8,664,248

Fund

Non-U.S.

Government

Purchases

Non-U.S.

Government

Sales

NUDV

$

5,758,152

$

5,809,356

NUEM

172,093,098

154,266,700

NUDM

227,955,912

221,700,906

NULC

17,185,459

17,051,322

NULG

773,449,208

754,754,955

NULV

959,439,152

941,926,845

NUMG

354,701,211

348,200,068

NUMV

252,046,538

261,911,140

NUSC

650,976,334

602,301,617

98

Notes

to

Financial

Statements

(continued)

The

Funds

may

purchase

securities

on

a

when-issued

or

delayed-delivery

basis.

Securities

purchased

on

a

when-issued

or

delayed-delivery

basis

may

have

extended

settlement

periods;

interest

income

is

not

accrued

until

settlement

date.

Any

securities

so

purchased

are

subject

to

market

fluctuation

during

this

period. 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.

5.

Derivative

Investments

Each

Fund

is

authorized

to

invest

in

certain

derivative

instruments.

As

defined

by

U.S.

GAAP,

a

derivative

is

a

financial

instrument

whose

value

is

derived

from

an

underlying

security

price,

foreign

exchange

rate,

interest

rate,

index

of

prices

or

rates,

or

other

variables.

Investments

in

derivatives

as

of

the

end

of

and/or

during

the

current

fiscal

period,

if

any,

are

included

within

the

Statement

of

Assets

and

Liabilities

and

the

Statement

of

Operations,

respectively.

Although

the

Funds

are

authorized

to

invest

in

derivative

instruments,

and

may

do

so

in

the

future,

they

did

not

make

any

such

investments

during

the

current

fiscal

period.

Market

and

Counterparty

Credit

Risk:

In

the

normal

course

of

business

each

Fund

may

invest

in

financial

instruments

and

enter

into

financial

transactions

where

risk

of

potential

loss

exists

due

to

changes

in

the

market

(market

risk)

or

failure

of

the

other

party

to

the

transaction

to

perform

(counterparty

credit

risk).

The

potential

loss

could

exceed

the

value

of

the

financial

assets

recorded

on

the

financial

statements.

Financial

assets,

which

potentially

expose

each

Fund

to

counterparty

credit

risk,

consist

principally

of

cash

due

from

counterparties

on

forward,

option

and

swap

transactions,

when

applicable.

The

extent

of

each

Fund’s

exposure

to

counterparty

credit

risk

in

respect

to

these

financial

assets

approximates

their

carrying

value

as

recorded

on

the

Statement

of

Assets

and

Liabilities.

Each

Fund

helps

manage

counterparty

credit

risk

by

entering

into

agreements

only

with

counterparties

the

Adviser

believes

have

the

financial

resources

to

honor

their

obligations

and

by

having

the

Adviser

monitor

the

financial

stability

of

the

counterparties.

Additionally,

counterparties

may

be

required

to

pledge

collateral

daily

(based

on

the

daily

valuation

of

the

financial

asset)

on

behalf

of

each

Fund

with

a

value

approximately

equal

to

the

amount

of

any

unrealized

gain

above

a

pre-determined

threshold.

Reciprocally,

when

each

Fund

has

an

unrealized

loss,

the

Funds

have

instructed

the

custodian

to

pledge

assets

of

the

Funds

as

collateral

with

a

value

approximately

equal

to

the

amount

of

the

unrealized

loss

above

a

pre-determined

threshold.

Collateral

pledges

are

monitored

and

subsequently

adjusted

if

and

when

the

valuations

fluctuate,

either

up

or

down,

by

at

least

the

pre-determined

threshold

amount.

6.

Fund

Shares

Each Fund

issues

and

redeems its

shares

on

a

continuous

basis

at

NAV

only

in

aggregations

of

a

specified

number

of

shares

or

multiples

thereof

(“Creation

Units”).

Only

certain

institutional

investors

(referred

to

as

“Authorized

Participants”)

who

have

entered

into

agreements

with

Nuveen

Securities,

LLC,

the

Funds'

distributor,

may

purchase

and

redeem

Creation

Units.

Once

created,

shares

of

the

Funds

trade

on

the

Exchange

at

market

prices

and

are

only

available

to

individual

investors

through

their

brokers.

Creation

Units

are

purchased

and

redeemed

in-kind

for

a

designated

portfolio

of

securities

included

in each

Fund’s

respective Index

and/or

a

specified

amount

of

cash.

Authorized

Participants

are

charged

fixed

transaction

fees

in

connection

with

purchasing

and

redeeming

Creation

Units.

Authorized

Participants

transacting

in

Creation

Units

for

cash

may

also

pay

an

additional

variable

charge

to

compensate

the

relevant Fund

for

certain

transaction

costs

(i.e.,

taxes

on

currency

or

other

financial

transactions,

and

brokerage

costs)

and

market

impact

expenses

it

incurs

in

purchasing

or

selling

portfolio

securities.

Such

variable

charges,

if

any,

are

included

in

“Proceeds

from

shares

sold”

on

the

Statements

of

Changes

in

Net

Assets.

Transactions

in

Fund

shares

during

the

current

and

prior

period

were

as

follows:

Fund

In-Kind

Purchases

In-Kind

Sales

NUDV

$

7,122,577

$

3,588,104

NUEM

4,443,279

1,531,376

NUDM

57,992,679

—

NULC

4,936,903

8,391,919

NULG

597,017,966

512,993,544

NULV

740,382,201

831,329,058

NUMG

141,518,039

130,563,654

NUMV

141,026,197

108,665,374

NUSC

520,939,508

460,984,255

99

7.

Income

Tax

Information

Each

Fund

is

a

separate

taxpayer

for

federal

income

tax

purposes.

Each

Fund

intends

to

distribute

substantially

all

of

its

net

investment

income

and

net

capital

gains

to

shareholders

and

otherwise

comply

with

the

requirements

of

Subchapter

M

of

the

Internal

Revenue

Code

applicable

to

regulated

investment

companies.

Therefore,

no

federal

income

tax

provision

is

required.

Each

Fund

files

income

tax

returns

in

U.S.

federal

and

applicable

state

and

local

jurisdictions.

A

Fund's

federal

income

tax

returns

are

generally

subject

to

examination

for

a

period

of

three

fiscal

years

after

being

filed.

State

and

local

tax

returns

may

be

subject

to

examination

for

an

additional

period

of

time

depending

on

the

jurisdiction.

Management

has

analyzed

each

Fund's

tax

positions

taken

for

all

open

tax

years

and

has

concluded

that

no

provision

for

income

tax

is

required

in

the

Fund's

financial

statements.

Differences

between

amounts

for

financial

statement

and

federal

income

tax

purposes

are

primarily

due

to

timing

differences

in

recognizing

gains

and

losses

on

investment

transactions.  Temporary

differences

do

not

require

reclassification.  As

of

year

end,

permanent

differences

that

resulted

in

reclassifications

among

the

components

of

net

assets

relate

primarily

to

distribution

reallocations,

foreign

currency

transactions,

investments

in

passive

foreign

investment

companies,

redemptions

in-kind,

and

return

of

capital

and

long-term

capital

gain

distributions

received

from

portfolio

investments.  Temporary

and

permanent

differences

have

no

impact

on

a

Fund's

net

assets.

NUDV

NUEM

Year

Ended

10/31/23

Year

Ended

10/31/22

Year

Ended

10/31/23

Year

Ended

10/31/22

Shares

Amount

Shares

Amount

Shares

Amount

Shares

Amount

Subscriptions

300,000

$7,139,645

150,000

$3,470,370

1,200,000

$30,858,962

4,200,000

$120,707,881

Redemptions

(150,000)

(3,598,170)

–

–

(400,000)

(10,718,220)

–

–

Net

increase

(decrease)

150,000

$3,541,475

150,000

$3,470,370

800,000

$20,140,742

4,200,000

$120,707,881

NUDM

NULC

Year

Ended

10/31/23

Year

Ended

10/31/22

Year

Ended

10/31/23

Year

Ended

10/31/22

Shares

Amount

Shares

Amount

Shares

Amount

Shares

Amount

Subscriptions

2,200,000

$60,945,222

6,400,000

$173,167,233

150,000

$4,918,970

50,000

$2,154,555

Redemptions

–

–

–

–

(250,000)

(8,309,095)

–

–

Net

increase

(decrease)

2,200,000

$60,945,222

6,400,000

$173,167,233

(100,000)

$(3,390,125)

50,000

$2,154,555

NULG

NULV

Year

Ended

10/31/23

Year

Ended

10/31/22

Year

Ended

10/31/23

Year

Ended

10/31/22

Shares

Amount

Shares

Amount

Shares

Amount

Shares

Amount

Subscriptions

10,450,000

$597,868,760

3,950,000

$236,696,565

20,750,000

$723,029,485

26,850,000

$970,444,575

Redemptions

(8,850,000)

(512,906,665)

(950,000)

(58,409,625)

(23,050,000)

(803,390,155)

(12,000,000)

(427,932,540)

Net

increase

(decrease)

1,600,000

$84,962,095

3,000,000

$178,286,940

(2,300,000)

$(80,360,670)

14,850,000

$542,512,035

NUMG

NUMV

Year

Ended

10/31/23

Year

Ended

10/31/22

Year

Ended

10/31/23

Year

Ended

10/31/22

Shares

Amount

Shares

Amount

Shares

Amount

Shares

Amount

Subscriptions

3,800,000

$141,769,215

3,250,000

$144,225,425

4,800,000

$141,288,495

3,200,000

$112,559,015

Redemptions

(3,500,000)

(130,837,060)

(1,100,000)

(41,476,430)

(3,750,000)

(108,286,065)

(400,000)

(13,583,080)

Net

increase

(decrease)

300,000

$10,932,155

2,150,000

$102,748,995

1,050,000

$33,002,430

2,800,000

$98,975,935

NUSC

Year

Ended

10/31/23

Year

Ended

10/31/22

Shares

Amount

Shares

Amount

Subscriptions

14,550,000

$523,390,850

6,100,000

$250,807,675

Redemptions

(12,700,000)

(459,587,365)

(4,950,000)

(174,195,465)

Net

increase

(decrease)

1,850,000

$63,803,485

1,150,000

$76,612,210

100

Notes

to

Financial

Statements

(continued)

As

of

year

end,

the

aggregate

cost

and

the

net

unrealized

appreciation/(depreciation)

of

all

investments

for

federal

income

tax

purposes

were

as

follows:

For

purposes

of

this

disclosure,

tax

cost

generally

includes

the

cost

of

portfolio

investments

as

well

as

up-front

fees

or

premiums

exchanged

on

derivatives

and

any

amounts

unrealized

for

income

statement

reporting

but

realized

income

and/or

capital

gains

for

tax

reporting,

if

applicable.

As

of

year

end,

the

components

of

accumulated

earnings

on

a

tax

basis

were

as

follows:

The

tax

character

of

distributions

paid

was

as

follows:

Fund

Tax

Cost

Gross

Unrealized

Appreciation

Gross

Unrealized

(Depreciation)

Net

Unrealized

Appreciation

(Depreciation)

NUDV

$

12,318,314

$

241,205

$

(1,383,510)

$

(1,142,305)

NUEM

228,384,736

12,695,228

(26,103,004)

(13,407,776)

NUDM

363,316,457

20,262,597

(31,579,234)

(11,316,637)

NULC

21,366,715

2,887,205

(1,761,111)

1,126,094

NULG

1,042,329,420

80,946,030

(85,624,608)

(4,678,578)

NULV

1,511,480,498

28,708,649

(158,984,894)

(130,276,245)

NUMG

357,765,286

13,438,910

(46,027,693)

(32,588,783)

NUMV

330,072,440

11,219,170

(45,018,936)

(33,799,766)

NUSC

1,057,519,664

44,594,482

(205,086,403)

(160,491,921)

Fund

Undistributed

Ordinary

Income

Undistributed

Long-Term

Capital

Gains

Unrealized

Appreciation

(Depreciation)

Capital

Loss

Carryforwards

Late-Year

Loss

Deferrals

Other

Book-to-Tax

Differences

Total

NUDV

$

18,474

$

—

$

(1,142,305)

$

(24,076)

$

—

$

—

$

(1,147,907)

NUEM

4,358,021

—

(13,640,002)

(30,912,083)

—

—

(40,194,064)

NUDM

11,342,358

—

(11,339,660)

(24,030,129)

—

—

(24,027,431)

NULC

276,660

—

1,126,094

(367,029)

—

—

1,035,725

NULG

3,287,234

—

(4,678,578)

(72,405,269)

—

—

(73,796,613)

NULV

31,936,836

—

(130,276,245)

(142,380,524)

—

—

(240,719,933)

NUMG

484,934

—

(32,588,783)

(69,664,119)

—

—

(101,767,968)

NUMV

5,529,795

—

(33,799,766)

(43,537,334)

—

—

(71,807,305)

NUSC

7,792,023

—

(160,491,921)

(130,970,756)

—

—

(283,670,654)

10/31/23

10/31/22

Fund

Ordinary

Income

Long-Term

Capital

Gains

Ordinary

Income

Long-Term

Capital

Gains

NUDV

$

326,285

$

—

$

151,160

$

—

NUEM

3,969,620

—

2,832,518

170,242

NUDM

5,913,680

—

7,207,380

—

NULC

376,232

272,403

1,437,598

463,052

NULG

3,194,800

—

35,573,661

11,448,189

NULV

32,805,740

—

53,950,099

2,380,981

NUMG

626,285

—

31,850,426

14,895,344

NUMV

7,063,580

11,260,810

15,283,065

3,173,665

NUSC

10,372,580

—

58,056,628

19,205,067

101

As

of

year

end,

the

Funds

had

capital

loss

carryforwards,

which

will

not

expire:

8.

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

Short-Term

Long-Term

Total

NUDV

$

—

$

24,076

$

24,076

NUEM

1

21,168,556

9,743,527

30,912,083

NUDM

1

13,264,626

10,765,503

24,030,129

NULC

91,524

275,505

367,029

NULG

50,827,171

21,578,098

72,405,269

NULV

94,751,198

47,629,326

142,380,524

NUMG

46,927,534

22,736,585

69,664,119

NUMV

25,765,934

17,771,400

43,537,334

NUSC

57,317,169

73,653,587

130,970,756

1

A

portion

of

NUEM's

and

NUDM's

capital

loss

carryforwards

is

subject

to

limitation

under

the

Internal

Revenue

Code

and

related

regulations.

Fund

Management

Fee

NUDV

0.25%

NUEM

0.35

NUDM

0.30

NULC

0.20

NULG

0.25

NULV

0.25

NUMG

0.30

NUMV

0.30

NUSC

0.30

102

Notes

to

Financial

Statements

(continued)

Other

Transactions

with

Affiliates:

Each

Fund

is

permitted

to

purchase

or

sell

securities

from

or

to

certain

other

funds

or

accounts

managed

by

the

Sub-Adviser

(“Affiliated

Entity”)

under

specified

conditions

outlined

in

procedures

adopted

by

the

Board

("cross-trade").

These

procedures

have

been

designed

to

ensure

that

any

cross-trade

of

securities

by

the

Fund

from

or

to

an

Affiliated

Entity

by

virtue

of

having

a

common

investment

adviser

(or

affiliated

investment

adviser),

common

officer

and/or

common

trustee

complies

with

Rule

17a-7

under

the

1940

Act.

These

transactions

are

effected

at

the

current

market

price

(as

provided

by

an

independent

pricing

service)

without

incurring

broker

commissions.

During

the

current

fiscal

period,

the

Funds

engaged

in

cross-trades

pursuant

to

these

procedures

as

follows:

Fund

Purchases

Sales

Realized

Gain

(Loss)

NUDV

$

—

$

—

$

—

NUEM

—

—

—

NUDM

—

—

—

NULC

—

—

—

NULG

29,937,991

41,306,510

(2,868,679)

NULV

39,865,744

18,954,995

(3,681,042)

NUMG

7,850,398

18,684,795

(3,842,177)

NUMV

19,566,563

12,828,116

(5,523,941)

NUSC

8,792,379

1,267,775

41,472

103

Important

Tax

Information

(Unaudited)

As

required

by

the

Internal

Revenue

Code

and

Treasury

Regulations,

certain

tax

information,

as

detailed

below,

must

be

provided

to

shareholders.

Shareholders

are

advised

to

consult

their

tax

advisor

with

respect

to

the

tax

implications

of

their

investment.

The

amounts

listed

below

may

differ

from

the

actual

amounts

reported

on

Form

1099-DIV,

which

will

be

sent

to

shareholders

shortly

after

calendar

year

end.

Long-Term

Capital

Gains

As

of

year

end,

each

Fund

designates

the

following

distribution

amounts,

or

maximum

amount

allowable,

as

being

from

net

long-term

capital

gains

pursuant

to

Section

852(b)(3)

of

the

Internal

Revenue

Code:

Dividends

Received

Deduction

(DRD)

Each

Fund

listed

below

had

the

following

percentage,

or

maximum

amount

allowable,

of

ordinary

income

distributions

eligible

for

the

dividends

received

deduction

for

corporate

shareholders:

Qualified

Dividend

Income

(QDI)

Each

Fund

listed

below

had

the

following

percentage,

or

maximum

amount

allowable,

of

ordinary

income

distributions

treated

as

qualified

dividend

income

for

individuals

pursuant

to

Section

1(h)(11)

of

the

Internal

Revenue

Code:

Fund

Net

Long-Term

Capital

Gains

NUDV

$

—

NUEM

—

NUDM

—

NULC

272,403

NULG

—

NULV

—

NUMG

—

NUMV

11,260,810

NUSC

—

Fund

Percentage

NUDV

100

.0

%

NUEM

0

.6

NUDM

–

NULC

100

.0

NULG

100

.0

NULV

100

.0

NUMG

100

.0

NUMV

91

.4

NUSC

100

.0

Fund

Percentage

NUDV

100

.0

%

NUEM

49

.8

NUDM

100

.0

NULC

100

.0

NULG

100

.0

NULV

100

.0

NUMG

100

.0

NUMV

100

.0

NUSC

100

.0

104

Important

Tax

Information

(Unaudited)

(continued)

Foreign

Source

Income

and

Foreign

Tax

Credit

Pass

Through

Each

Fund

listed

below

has

made

an

election

under

Section

853

of

the

Internal

Revenue

Code

to

pass

through

foreign

taxes

paid:

Fund

Foreign

Source

Income

Foreign

Source

Income

Per

Share

Qualifying

Foreign

Taxes

Paid

Qualifying

Foreign

Taxes

Paid

Per

Share

NUDV

$

—

$

—

$

—

$

—

NUEM

4,920,822

0.57219

846,323

0.09841

NUDM

10,020,034

0.73677

854,928

0.06286

NULC

—

—

—

—

NULG

—

—

—

—

NULV

—

—

—

—

NUMG

—

—

—

—

NUMV

—

—

—

—

NUSC

—

—

—

—

105

Additional

Fund

Information

(Unaudited)

The

tables

below

show

the

number

and

percentage

of

days

during

the

current

fiscal

period

that

each

Fund’s

market

price

was

greater

than

its

NAV

per

share

(i.e.,

at

premium)

and

less

than

its

NAV

per

share

(i.e.,

at

a

discount).

The

market

price

is

determined

using

the

midpoint

between

the

highest

bid

and

the

lowest

offer

on

the

applicable

Fund’s

listing

exchange,

as

of

the

time

that

the

Fund’s

NAV

is

calculated

(normally

4:00

p.m.

Eastern

Time).

Investment

Adviser

Nuveen

Fund

Advisors,

LLC

333

West

Wacker

Drive

Chicago,

IL

60606

Sub-Adviser

Teachers

Advisors,

LLC

730

Third

Avenue

New

York,

NY

10017-3206

Independent

Registered

Public

Accounting

Firm

KPMG

LLP

200

East

Randolph

Street

Chicago,

IL

60601

Administrator,

Custodian

and

Transfer

Agent

Brown

Brothers

Harriman

50

Post

Office

Square

Boston,

MA

02110

Legal

Counsel

Chapman

and

Cutler

LLP

Chicago,

IL

60603

Morgan

Lewis

&

Bockius

LLP

111

Pennsylvania

Avenue,

NW

Washington,

D.C.

20004

NUDV

NUEM

Year

Ended

October

31,

2023

Number

of

Days

%

of

Total

Days

Number

of

Days

%

of

Total

Days

Premium/Discount

Range:

Greater

than

3.00%

-

-

1

0.4%

1.01%

to

3.00%

-

-

47

18.7%

0.51%

to

1.00%

-

-

48

19.1%

0.26%

to

0.50%

-

-

42

16.7%

0.00%

to

0.25%

94

37.5%

30

11.9%

(0.01)%

to

(0.25)%

157

62.5%

31

12.4%

(0.26)%

to

(0.50)%

-

-

25

10.0%

(0.51)%

to

(1.00)%

-

-

23

9.2%

(1.01)%

to

(3.00)%

-

-

4

1.6%

251

100%

251

100%

NUDM

NULC

Year

Ended

October

31,

2023

Number

of

Days

%

of

Total

Days

Number

of

Days

%

of

Total

Days

Premium/Discount

Range:

1.01%

to

3.00%

8

3.2%

-

-

0.51%

to

1.00%

61

24.3%

-

-

0.26%

to

0.50%

48

19.1%

-

-

0.00%

to

0.25%

53

21.1%

48

19.1%

(0.01)%

to

(0.25)%

42

16.7%

203

80.9%

(0.26)%

to

(0.50)%

23

9.2%

-

-

(0.51)%

to

(1.00)%

14

5.6%

-

-

(1.01)%

to

(3.00)%

2

0.8%

-

-

251

100%

251

100%

106

Additional

Fund

Information

(Unaudited)

(continued)

NULG

NULV

Year

Ended

October

31,

2023

Number

of

Days

%

of

Total

Days

Number

of

Days

%

of

Total

Days

Premium/Discount

Range:

0.00%

to

0.25%

200

79.7%

122

48.6%

(0.01)%

to

(0.25)%

51

20.3%

129

51.4%

251

100%

251

100%

NUMG

NUMV

Year

Ended

October

31,

2023

Number

of

Days

%

of

Total

Days

Number

of

Days

%

of

Total

Days

Premium/Discount

Range:

0.00%

to

0.25%

88

35.1%

94

37.5%

(0.01)%

to

(0.25)%

163

64.9%

157

62.5%

251

100%

251

100%

NUSC

Year

Ended

October

31,

2023

Number

of

Days

%

of

Total

Days

Premium/Discount

Range:

0.00%

to

0.25%

159

63.3%

(0.01)%

to

(0.25)%

92

36.7%

251

100%

Portfolio

of

Investments

Information

Each

Fund

is

required

to

file

its

complete

schedule

of

portfolio

holdings

with

the

Securities

and

Exchange

Commission

(SEC)

for

the

first

and

third

quarters

of

each

fiscal

year

as

an

exhibit

to

its

report

on

Form

N-PORT.

You

may

obtain

this

information

on

the

SEC’s

website

at

http://www.sec.gov.

Nuveen

Funds’

Proxy

Voting

Information

You

may

obtain

(i)

information

regarding

how

each

fund

voted

proxies

relating

to

portfolio

securities

held

during

the

most

recent

twelve-month

period

ended

June

30,

without

charge,

upon

request,

by

calling

Nuveen

toll-free

at

(800)

257-8787

or

on

Nuveen’s

website

at

www.nuveen.com

and

(ii)

a

description

of

the

policies

and

procedures

that

each

fund

used

to

determine

how

to

vote

proxies

relating

to

portfolio

securities

without

charge,

upon

request,

by

calling

Nuveen

toll-free

at

(800)

257-8787.

You

may

also

obtain

this

information

directly

from

the

SEC.

Visit

the

SEC

on-line

at

http://www.sec.gov.

FINRA

BrokerCheck:

The

Financial

Industry

Regulatory

Authority

(FINRA)

provides

information

regarding

the

disciplinary

history

of

FINRA

member

firms

and

associated

investment

professionals.

This

information

as

well

as

an

investor

brochure

describing

FINRA

BrokerCheck

is

available

to

the

public

by

calling

the

FINRA

BrokerCheck

Hotline

number

at

(800)

289-9999

or

by

visiting

www.FINRA.org.

Glossary

of

Terms

Used

in

this

Report

(Unaudited)

107

Average

Annual

Total

Return:

This

is

a

commonly

used

method

to

express

an

investment’s

performance

over

a

particular,

usually

multi-year

time

period.

It

expresses

the

return

that

would

have

been

necessary

each

year

to

equal

the

investment’s

actual

cumulative

performance

(including

change

in

NAV

or

offer

price

and

reinvested

dividends

and

capital

gains

distributions,

if

any)

over

the

time

period

being

considered.

Gross

Domestic

Product

(GDP):

The

total

market

value

of

all

final

goods

and

services

produced

in

a

country/region

in

a

given

year,

equal

to

total

consumer,

investment

and

government

spending,

plus

the

value

of

exports,

minus

the

value

of

imports.

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.

108

Liquidity

Risk

Management

Program

(Unaudited)

Discussion

of

the

operation

and

effectiveness

of

the

Funds’

liquidity

risk

management

program

In

compliance

with

Rule

22e-4

under

the

Investment

Company

Act

of

1940,

as

amended

(the

“Liquidity

Rule”),

each

Fund

covered

in

this

Report

(the

“Funds”)

has

adopted

and

implemented

a

liquidity

risk

management

program

(the

“Program”),

which

is

designed

to

manage

the

Fund’s

liquidity

risk.

The

Program

consists

of

various

protocols

for

assessing

and

managing

each

Fund’s

liquidity

risk.

The

Funds’

Board

of Directors (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,

2023

meeting

of

the

Board,

the

Administrator

provided

the

Board

with

a

written

report

addressing

the

Program’s

operation,

adequacy

and

effectiveness

of

implementation

for

calendar

year

2022

(the

“Review

Period”),

as

required

under

the

Liquidity

Rule.

The

report

noted

that

the

Program

has

been

and

continues

to

be

adequately

and

effectively

implemented

to

monitor

and

(as

applicable)

respond

to

each

Fund’s

liquidity

developments.

In

accordance

with

the

Program,

the

LMAT

assesses

each

Fund’s

liquidity

risk

no

less

frequently

than

annually

based

on

various

factors,

such

as

(1)

the

Fund’s

investment

strategy

and

the

liquidity

of

portfolio

investments,

(ii)

cash

flow

projections,

and

(ii)

holdings

of

cash

and

cash

equivalents,

borrowing

arrangements,

and

other

funding

sources.

Certain

factors

are

considered

under

both

normal

and

reasonably

foreseeable

stressed

conditions.

Each

Fund

portfolio

investment

is

classified

into

one

of

four

liquidity

categories

(including

the

most

liquid,

“Highly

Liquid”,

and

the

least

liquid,

“Illiquid”,

discussed

below),

The

classification

is

based

on

a

determination

of

how

long

it

is

reasonably

expected

to

take

to

convert

the

investment

into

cash,

or

sell

or

dispose

of

the

investment,

in

current

market

conditions

without

significantly

changing

the

market

value

of

the

investment

Liquidity

classification

determinations

take

into

account

various

market,

trading,

and

investment-specific

considerations,

as

well

as

market

depth,

and

use

third-

party

vendor

data.

Any

Fund

that

does

not

primarily

hold

highly

liquid

investments

must,

among

other

things,

determine

a

minimum

percentage

of

Fund

assets

that

must

be

invested

in

highly

liquid

investments

(a

“Highly

Liquid

Investment

Minimum”).

During

the

Review

Period,

each

Fund

primarily

held

Highly

Liquid

investments

and

therefore

was

exempt

from

the

requirement

to

adopt

a

Highly

Liquid

Investment

Minimum

and

to

comply

with

the

related

requirements

under

the

Liquidity

Rule.

The

Liquidity

Rule

also

limits

a

Fund’s

investments

in

Illiquid

investments.

Specifically,

the

Liquidity

Rule

prohibits

a

Fund

from

acquiring

Illiquid

investments

if

doing

so

would

result

in

the

Fund

holding

more

than

15%

of

its

net

assets

in

illiquid

investments,

and

requires

certain

reporting

to

the

Fund

Board

and

the

Securities

and

Exchange

Commission

any

time

a

Fund’s

holdings

of

Illiquid

investments

exceeds

15%

of

net

assets.

During

the

Review

Period,

no

Fund

exceeded

the

15%

limit

on

Illiquid

investments.

Annual

Investment

Management

Agreement

Approval

Process

(Unaudited)

109

At

a

meeting

held

on

May

23-25,

2023

(the

“May

Meeting”),

the

Board

of

Trustees

(the

“Board”

and

each

Trustee,

a

“Board

Member”)

of

Nushares

ETF

Trust,

which

is

comprised

entirely

of

Board

Members

who

are

not

“interested

persons”

(as

defined

under

the

Investment

Company

Act

of

1940

(the

“1940

Act”))

(the

“Independent

Board

Members”),

approved,

for

each

Fund,

the

renewal

of

the

management

agreement

(each,

an

“Investment

Management

Agreement”)

with

Nuveen

Fund

Advisors,

LLC

(the

“Adviser”)

pursuant

to

which

the

Adviser

serves

as

the

investment

adviser

to

such

Fund

and

the

sub-advisory

agreement

(each,

a

“Sub-Advisory

Agreement”)

with

Teachers

Advisors,

LLC

(the

“Sub-Adviser”)

pursuant

to

which

the

Sub-Adviser

serves

as

the

sub-adviser

to

such

Fund

for

an

additional

one-year

term.

As

the

Board

is

comprised

of

all

Independent

Board

Members,

the

references

to

the

Board

and

the

Independent

Board

Members

are

interchangeable.

Following

up

to

an

initial

two-year

period,

the

Board

considers

the

renewal

of

each

Investment

Management

Agreement

and

Sub-Advisory

Agreement

on

behalf

of

the

applicable

Fund

on

an

annual

basis.

The

Investment

Management

Agreements

and

Sub-Advisory

Agreements

are

collectively

referred

to

as

the

“Advisory

Agreements,”

and

the

Adviser

and

the

Sub-Adviser

are

collectively,

the

“Fund

Advisers”

and

each,

a

“Fund

Adviser.”

The

Independent

Board

Members

considered

the

review

of

the

advisory

agreements

for

the

Nuveen

funds

to

be

an

ongoing

process

and

employed

the

accumulated

information,

knowledge

and

experience

the

Board

Members

had

gained

during

their

tenure

on

the

boards

governing

the

Nuveen

funds

and

working

with

the

Adviser

and

the

applicable

sub-advisers

in

their

annual

review

of

the

advisory

agreements.

Throughout

the

year,

the

Board

and

its

committees

meet

regularly

and,

at

these

meetings,

receive

regular

and/or

special

reports

that

cover

an

extensive

array

of

topics

and

information

that

are

relevant

to

the

Board’s

annual

consideration

of

the

renewal

of

the

advisory

agreements

for

the

Nuveen

funds.

Such

information

may

address,

among

other

things,

fund

performance

and

risk

information;

the

Adviser’s

strategic

plans;

product

initiatives

for

various

funds;

the

review

of

the

funds

and

investment

teams;

compliance,

regulatory

and

risk

management

matters;

the

trading

practices

of

the

various

sub-advisers

to

the

Nuveen

funds;

management

of

distributions;

valuation

of

securities;

fund

expenses;

securities

lending;

liquidity

management;

and

overall

market

and

regulatory

developments.

The

Board

also

seeks

to

meet

periodically

with

the

Nuveen

funds’

sub-advisers

and/or

portfolio

teams,

when

feasible.

The

presentations,

discussions,

and

meetings

throughout

the

year

also

provide

a

means

for

the

Board

to

evaluate

the

level,

breadth

and

quality

of

services

provided

by

the

Adviser

and

how

such

services

have

changed

over

time

in

light

of

new

or

modified

regulatory

requirements,

changes

to

market

conditions

or

other

factors.

In

connection

with

its

annual

consideration

of

the

advisory

agreements

for

the

Nuveen

funds,

the

Board,

through

its

independent

legal

counsel,

requested

and

received

extensive

materials

and

information

prepared

specifically

for

its

review

of

such

advisory

agreements

by

the

Adviser

and

by

Broadridge

Financial

Solutions,

Inc.

(“Broadridge”),

an

independent

provider

of

investment

company

data.

The

materials

cover

a

wide

range

of

topics

including,

but

not

limited

to,

a

description

of

the

nature,

extent

and

quality

of

services

provided

by

the

Fund

Advisers;

a

review

of

product

actions

advanced

in

2022

for

the

benefit

of

particular

Nuveen

funds

and/or

the

Nuveen

fund

complex;

a

review

of

each

sub-adviser

to

the

Nuveen

funds

and/or

the

applicable

investment

team;

an

analysis

of

fund

performance

with

a

focus

on

any

Nuveen

funds

considered

performance

outliers;

an

analysis

of

the

fees

and

expense

ratios

of

the

Nuveen

funds

with

a

focus

on

any

Nuveen

funds

considered

expense

outliers;

a

review

of

management

fee

schedules;

a

description

of

portfolio

manager

compensation;

a

description

of

the

profitability

or

financial

data

of

Nuveen

and

the

sub-advisers

to

the

Nuveen

funds;

and

a

description

of

indirect

benefits

received

by

the

Adviser

and

the

sub-advisers

as

a

result

of

their

relationships

with

the

Nuveen

funds.

The

information

prepared

specifically

for

the

annual

review

supplemented

the

information

provided

to

the

Board

and

its

committees

and

the

evaluations

of

the

Nuveen

funds

by

the

Board

and

its

committees

during

the

year.

The

Board’s

review

of

the

advisory

agreements

for

the

Nuveen

funds

is

based

on

all

the

information

provided

to

the

Board

and

its

committees

throughout

the

year

as

well

as

the

information

prepared

specifically

with

respect

to

the

annual

review

of

such

advisory

agreements.

The

performance,

fee

and

expense

data

and

other

information

provided

by

a

Fund

Adviser,

Broadridge

or

other

service

providers

were

not

independently

verified

by

the

Independent

Board

Members.

As

part

of

its

review,

the

Board

met

on

April

11-12,

2023

(the

“April

Meeting”)

to

review

and

discuss,

in

part,

the

performance

of

the

Nuveen

funds

and

the

Adviser’s

evaluation

of

each

sub-adviser

to

the

Nuveen

funds

and/or

its

investment

teams.

At

the

April

Meeting,

the

Board

Members

asked

questions

and

requested

additional

information

that

was

provided

for

the

May

Meeting.

The

Independent

Board

Members

were

advised

by

independent

legal

counsel

during

the

annual

review

process

as

well

as

throughout

the

year,

including

meeting

in

executive

sessions

with

such

counsel

at

which

no

representatives

from

the

Adviser

or

the

Sub-Adviser

were

present.

In

connection

with

their

annual

review,

the

Independent

Board

Members

also

received

a

memorandum

from

independent

legal

counsel

outlining

their

fiduciary

duties

and

legal

standards

in

reviewing

the

Advisory

Agreements,

including

guidance

from

court

cases

evaluating

advisory

fees.

The

Board’s

decision

to

renew

the

Advisory

Agreements

was

not

based

on

a

single

identified

factor,

but

rather

the

decision

reflected

the

comprehensive

consideration

of

all

the

information

provided

to

the

Board

and

its

committees

throughout

the

year

as

well

as

the

materials

prepared

specifically

in

connection

with

the

renewal

process.

The

contractual

arrangements

are

a

result

of

multiple

years

of

review,

negotiation

and

information

provided

in

connection

with

the

Board’s

annual

review

of

the

Nuveen

funds’

advisory

arrangements

and

oversight

of

the

Nuveen

funds.

Each

Board

Member

may

have

attributed

different

levels

of

importance

to

the

various

factors

and

information

considered

in

connection

with

the

approval

process

and

may

place

different

emphasis

on

the

relevant

information

year

to

year

in

light

of,

among

other

things,

changing

market

and

economic

conditions.

A

summary

of

the

principal

factors

and

information,

but

not

all

the

factors,

the

Board

considered

in

deciding

to

renew

the

Advisory

Agreements

is

set

forth

below.

110

Annual

Investment

Management

Agreement

Approval

Process

(Unaudited)

(continued)

A.

Nature,

Extent

and

Quality

of

Services

In

evaluating

the

renewal

of

the

Advisory

Agreements,

the

Independent

Board

Members

received

and

considered

information

regarding

the

nature,

extent

and

quality

of

the

applicable

Fund

Adviser’s

services

provided

to

the

respective

Fund

with

particular

focus

on

the

services

and

enhancements

or

changes

to

such

services

provided

during

the

last

year.

The

Independent

Board

Members

considered

the

Investment

Management

Agreements

and

the

Sub-Advisory

Agreements

separately

in

the

course

of

their

review.

With

this

approach,

they

considered

the

respective

roles

of

the

Adviser

and

the

Sub-Adviser

in

providing

services

to

the

Funds.

The

Board

recognized

that

the

Adviser

provides

a

wide

array

of

management,

oversight

and

administrative

services

to

manage

and

operate

the

Nuveen

funds

and

that

the

scope

and

complexity

of

these

services,

along

with

the

undertakings

required

of

the

Adviser

in

connection

with

providing

these

services,

have

expanded

over

time

as

a

result

of,

among

other

things,

regulatory,

market

and

other

developments.

The

Board

noted

the

Adviser’s

dedication

of

resources,

time,

personnel

and

capital

and

commitment

to

continuing

to

develop

improvements

and

innovations

that

seek

to

enhance

the

Nuveen

fund

complex

and

meet

the

needs

of

the

Nuveen

funds

in

an

increasingly

complex

regulatory

environment.

The

Board

received

and

reviewed

information

regarding,

among

other

things,

the

Adviser’s

investment

oversight

responsibilities,

regulatory

and

compliance

services,

administrative

duties

and

other

services.

The

Board

considered

the

breadth

and

the

quality

of

the

services

the

Adviser

and

its

various

teams

provide

in

overseeing

the

investment

management

of

the

Nuveen

funds,

including,

among

other

things,

overseeing

and

reviewing

the

services

provided

by

the

various

sub-advisers

to

the

Nuveen

funds

and

their

investment

teams;

evaluating

fund

performance

and

market

conditions;

overseeing

operational

and

investment

risks;

evaluating

investment

strategies

and

recommending

any

changes

thereto;

managing

liquidity;

managing

the

daily

valuation

of

portfolio

securities;

overseeing

trade

execution

and

securities

lending;

and

setting

and

managing

distributions

consistent

with

the

respective

fund’s

product

design.

The

Board

also

reviewed

the

structure

of

investment

personnel

compensation

of

each

Fund

Adviser

and

considered

whether

the

structure

provides

appropriate

incentives

to

attract

and

maintain

qualified

personnel

and

to

act

in

the

best

interests

of

the

respective

Nuveen

fund.

Given

the

Nuveen

funds

operate

in

a

highly

regulated

industry,

the

Board

further

considered

the

extensive

compliance,

regulatory

and

administrative

services

the

Adviser

and

its

various

teams

provide

to

manage

and

operate

the

Nuveen

funds.

The

Board

recognized

such

services

included,

but

were

not

limited

to,

managing

compliance

policies;

monitoring

compliance

with

applicable

policies,

laws

and

regulations;

devising

internal

compliance

programs

in

seeking

to

enhance

compliance

with

regulatory

requirements

and

creating

a

framework

to

review

and

assess

compliance

programs;

overseeing

sub-adviser

compliance

testing;

preparing

compliance

training

materials;

and

responding

to

regulatory

requests.

The

Board

reviewed

highlights

of

the

various

initiatives

Nuveen

compliance

had

taken

in

2022

including,

among

other

things,

additional

due

diligence

of

service

providers

as

their

operating

environments

evolve

post-Covid

to

more

hybrid

in-person

working

arrangements;

investments

in

supporting

and

expanding

international

trading

capabilities;

continuing

efforts

to

enhance

policies

and

controls

to

address

compliance

risks

including

those

related

to

environmental,

social

and

governance

(“ESG”)

matters

and

new

regulatory

developments

or

guidance;

and

establishing

and

maintaining

compliance

policies

and

comprehensive

compliance

training

programs.

The

Board

also

considered

information

regarding

the

Adviser’s

business

continuity,

disaster

recovery

and

information

security

programs

and

the

periodic

testing

and

review

of

such

programs.

In

addition

to

the

above

functions,

the

Board

considered

the

quality

and

extent

of

other

non-advisory

services

the

Adviser

provides

including,

among

other

things,

various

fund

administration

services

(such

as

preparing,

overseeing

or

assisting

with

the

preparation

of

tax

and

regulatory

filings);

product

management

services

(such

as

evaluating

and

enhancing

products

and

strategies);

legal

support

services;

shareholder

services

and

transfer

agency

function

oversight

services;

and

board

support

and

reporting

services.

With

respect

to

board

support

services,

the

Board

reviewed

a

summary

of

the

annual,

quarterly,

and

special

reports

the

Adviser

and/or

its

affiliates

provided

to

the

Board

throughout

2022.

The

Board

further

acknowledged

various

initiatives

the

Adviser

had

undertaken

or

continued

in

2022

in

seeking

to

improve

the

effectiveness

of

its

organization,

the

Nuveen

funds

product

line-up

as

well

as

particular

Nuveen

fund(s)

through,

among

other

things,

rationalizing

the

product

line

and

gaining

efficiencies

through

mergers,

repositionings

and

liquidations;

launching

new

funds;

reviewing

and

updating

investment

policies

and

benchmarks;

reopening

certain

funds

previously

closed

to

new

investors;

adding

or

modifying

the

share

classes

offered

by

certain

funds;

implementing

fee

waivers

and

expense

cap

changes

for

certain

funds

and

evaluating

and

adjusting

portfolio

management

teams

as

appropriate

for

various

funds;

and

developing

policy

positions

on

a

broad

range

of

regulatory

proposals

that

may

impact

the

funds

and

communicating

with

lawmakers

and

other

regulatory

authorities

to

help

ensure

these

positions

are

represented.

Aside

from

the

services

provided,

the

Board

recognized

the

financial

resources

of

the

Adviser

and

its

affiliates

and

their

willingness

to

make

investments

in

the

technology,

personnel

and

infrastructure

to

support

the

Nuveen

funds,

including

maintaining

a

seed

capital

budget

to

support

new

or

existing

funds

and/or

facilitate

changes

for

a

respective

fund.

The

Board

noted

the

benefits

to

shareholders

of

investing

in

a

fund

that

is

a

part

of

a

large

fund

complex

with

a

variety

of

investment

disciplines,

capabilities,

expertise

and

resources

available

to

navigate

and

support

the

Nuveen

funds

including

during

stressed

times.

The

Board

recognized

the

overall

reputation

and

capabilities

of

the

Adviser

and

its

affiliates,

the

Adviser’s

continuing

commitment

to

provide

high

quality

services,

its

willingness

to

implement

operational

or

organizational

changes

in

seeking,

among

other

things,

to

enhance

efficiencies

and

services

to

the

Nuveen

funds

and

its

responsiveness

to

the

Board’s

questions

and/or

concerns

raised

throughout

the

year

and

during

the

annual

review

of

advisory

agreements.

The

Board

also

considered

the

significant

risks

borne

by

the

Adviser

and

its

affiliates

in

connection

with

their

services

to

the

Nuveen

funds,

including

entrepreneurial

risks

in

sponsoring

new

funds

and

ongoing

risks

with

managing

the

funds

such

as

investment,

operational,

reputational,

regulatory,

compliance

and

litigation

risks.

The

Board

further

considered

the

division

of

responsibilities

between

the

Adviser

and

the

Sub-Adviser

and

recognized

that

the

Sub-Adviser

and

its

investment

personnel

generally

are

responsible

for

the

management

of

each

Fund’s

portfolio

under

the

oversight

of

the

Adviser

and

the

Board.

The

Board

considered

an

analysis

of

the

Sub-Adviser

provided

by

the

Adviser

which

included,

among

other

things,

information

relating

to

the

assets

under

management

of

the

applicable

investment

team

and

changes

thereto,

a

summary

of

the

applicable

investment

team

and

changes

to

such

team,

the

investment

process

and

philosophy

of

the

applicable

investment

team,

the

performance

of

the

Nuveen

funds

sub-advised

by

the

111

Sub-Adviser

over

various

periods

of

time

and

a

summary

of

any

significant

policy

and/or

other

changes

to

the

Nuveen

funds

sub-advised

by

the

Sub-Adviser.

The

Board

further

considered

at

the

May

Meeting

or

prior

meetings

evaluations

of

the

Sub-Adviser’s

compliance

programs

and

trade

execution.

The

Board

noted

that

the

Adviser

recommended

the

renewal

of

the

Sub-Advisory

Agreements.

Based

on

its

review,

the

Board

determined,

in

the

exercise

of

its

reasonable

business

judgment,

that

it

was

satisfied

with

the

nature,

extent

and

quality

of

services

provided

to

the

respective

Funds

under

each

applicable

Advisory

Agreement.

B.

The

Investment

Performance

of

the

Funds

and

Fund

Advisers

In

evaluating

the

quality

of

the

services

provided

by

the

Fund

Advisers,

the

Board

also

considered

a

variety

of

investment

performance

data

of

the

Nuveen

funds

prepared

specifically

for

the

annual

review

of

the

advisory

agreements

as

well

as

the

performance

data

the

Board

received

throughout

the

year

representing

different

time

periods.

In

this

regard,

leading

into

the

May

Meeting,

the

Board

reviewed,

among

other

things,

fund

performance

over

various

time

periods.

In

addition,

the

Board

reviewed

and

discussed

performance

data

at

its

regularly

scheduled

quarterly

meetings

during

the

year.

The

Board

therefore

took

into

account

the

performance

data,

presentations

and

discussions

(written

and

oral)

that

have

been

provided

for

the

annual

review

as

well

as

in

prior

meetings

over

time

in

evaluating

fund

performance,

including

the

Adviser’s

analysis

of

a

fund’s

performance

with

particular

focus

on

performance

outliers

(both

overperformance

and

underperformance),

the

factors

contributing

to

performance

(including

relative

to

a

fund’s

benchmark

and

peers

and

the

impact

of

market

conditions)

and

any

recommendations

or

steps

that

had

been

taken

or

were

proposed

to

be

taken

to

address

significant

performance

concerns.

In

this

regard,

the

Board

noted,

among

other

things,

that

certain

Nuveen

funds

had

changes

in

portfolio

managers

or

other

significant

changes

to

their

investment

strategies

or

policies

since

March

2020,

and,

as

a

result,

the

Board

reviewed

certain

tracking

performance

data

comparing

the

performance

of

such

funds

before

and

after

such

changes.

The

Board

recognized

that

performance

data

reflects

performance

over

a

specified

period

which

may

differ

significantly

depending

on

the

ending

dates

selected,

particularly

during

periods

of

market

volatility.

Further,

the

Board

noted

that

shareholders

may

evaluate

performance

based

on

their

own

respective

holding

periods

which

may

differ

from

the

performance

periods

reviewed

by

the

Board

and

lead

to

differing

results.

In

its

evaluation,

the

Board

reviewed

Nuveen

fund

performance

results

from

different

perspectives.

In

general,

subject

to

certain

exceptions,

the

Board

reviewed

both

absolute

and

relative

fund

performance

during

the

annual

review

over

various

time

periods

and

evaluated

performance

results

in

light

of

a

fund’s

investment

objective(s),

strategies

and

risks.

With

respect

to

the

relative

performance,

the

Board

generally

considered

fund

performance

in

comparison

to

the

performance

of

certain

peer

funds

and

recognized

and/or

customized

benchmarks

(i.e.,

generally

benchmarks

derived

from

multiple

recognized

benchmarks).

In

reviewing

such

comparative

performance,

the

Board

was

cognizant

of

the

inherent

limitations

of

such

data

which

can

make

meaningful

performance

comparisons

generally

difficult.

As

an

illustration,

differences

in

the

composition

of

the

peer

group,

the

investment

objective(s),

strategies

and

other

characteristics

of

the

peers

in

the

peer

group,

the

level,

type

and

cost

of

leverage

(if

any)

of

the

peers,

and

the

varying

sizes

of

peers

all

may

contribute

to

differences

in

the

performance

results

of

a

peer

group

compared

to

the

applicable

Nuveen

fund.

With

respect

to

relative

performance

of

a

Nuveen

fund

compared

to

a

benchmark

index,

differences,

among

other

things,

in

the

investment

objective(s)

and

strategies

of

a

fund

and

the

benchmark

(particularly

an

actively

managed

fund

that

does

not

directly

follow

an

index)

as

well

as

the

costs

of

operating

a

fund

would

necessarily

contribute

to

differences

in

performance

results

and

limit

the

value

of

the

comparative

performance

information.

The

Board

noted

that

each

Fund,

a

Nuveen

exchange-traded

fund

(“ETF”),

is

designed

to

track

the

performance

of

a

specified

index

(an

“Underlying

Index”;

each

Fund

is

an

“Index

ETF”).

In

its

review,

the

Board

received

and

reviewed

performance

information

including,

among

other

things,

the

net

asset

value

performance

of

each

Fund

over

the

quarter,

one-,

three-

and

five-year

periods

ended

December

31,

2022

and

March

31,

2023

(or

for

such

shorter

periods

available

to

the

extent

a

Fund

was

not

in

existence

during

such

periods).

The

Board

also

considered,

among

other

things,

each

Fund’s

performance

in

comparison

to

the

performance

of

its

Underlying

Index

and

a

broad-based

index

from

which

the

Underlying

Index

is

generally

derived,

underlying

factors

that

attributed

to

the

Fund’s

performance,

and

the

Fund’s

tracking

error

and

relative

return

compared

to

its

Underlying

Index

and

certain

peer

rankings

(the

peer

funds

upon

which

such

peer

rankings

are

based

are

referred

to

collectively

as

the

“Performance

Peer

Group”).

However,

given

each

Fund’s

investment

objective

of

seeking

investment

results

that

correspond

generally

to

the

performance

of

its

Underlying

Index,

the

Board

recognized

that

the

extent

to

which

a

Fund

tracked

its

benchmark

was

of

greater

relevance

in

assessing

the

performance

for

the

Fund

and

therefore

placed

more

emphasis

on

the

tracking

error

and

correlation

data.

The

Board

also

evaluated

Nuveen

fund

performance

in

light

of

various

relevant

factors

which

may

include,

among

other

things,

general

market

conditions,

issuer-specific

information,

asset

class

information,

leverage

and

fund

cash

flows.

The

Board

acknowledged

that

long-term

performance

could

be

impacted

by

even

one

period

of

significant

outperformance

or

underperformance

and

that

a

single

investment

theme

could

disproportionately

affect

performance.

Further,

the

Board

recognized

that

the

market

and

economic

conditions

may

significantly

impact

a

fund’s

performance,

particularly

over

shorter

periods,

and

such

performance

may

be

more

reflective

of

such

economic

or

market

events

and

not

necessarily

reflective

of

management

skill.

Although

the

Board

reviews

short-,

intermediate-

and

longer-term

performance

data,

the

Board

recognized

that

longer

periods

of

performance

may

reflect

full

market

cycles.

In

relation

to

recent

general

market

conditions,

the

Board

had

recognized

the

general

market

volatility

and

underperformance

of

the

market

in

2022

in

considering

Nuveen

fund

performance.

The

Board

took

into

account

the

Adviser’s

assessment

of

a

fund’s

performance

during

the

recent

period

of

significant

market

volatility.

In

their

review

from

year

to

year,

the

Board

Members

consider

and

may

place

different

emphasis

on

the

relevant

information

in

light

of

changing

circumstances

in

market

and

economic

conditions.

In

evaluating

performance,

the

Board

focused

particular

attention

on

funds

with

less

favorable

performance

records.

However,

depending

on

the

facts

and

circumstances

including

any

differences

between

the

respective

fund

and

its

benchmark

and/or

peer

group,

the

Board

may

be

satisfied

with

a

fund’s

performance

notwithstanding

that

its

performance

may

be

below

that

of

its

benchmark

and/or

peer

group

for

certain

periods.

With

respect

to

any

funds

for

which

the

Board

has

identified

performance

issues,

the

Board

seeks

to

monitor

such

funds

closely

until

performance

improves,

discusses

with

the

Adviser

the

reasons

for

such

results,

considers

whether

any

steps

are

necessary

or

appropriate

to

address

such

issues,

and

reviews

the

results

of

any

steps

undertaken.

The

Board’s

determinations

with

respect

to

each

Fund

are

summarized

below.

112

Annual

Investment

Management

Agreement

Approval

Process

(Unaudited)

(continued)

For

Nuveen

ESG

Dividend

ETF

(the

“Dividend

Fund”),

the

Board

considered,

among

other

things,

the

performance

of

the

Fund

and

its

Underlying

Index

for

the

one-year

periods

ended

December 31,

2022

and

March 31,

2023

as

well

as

its

tracking

error

compared

to

its

Underlying

Index

as

of

such

dates.

The

Board

noted

that

the

Fund

ranked

in

the

third

quartile

of

its

Performance

Peer

Group

for

such

periods.

Given

the

Fund’s

investment

objective,

however,

the

Board

placed

more

emphasis

on

its

review

of

the

tracking

error

and

correlation

data.

The

Board

observed

that

during

the

course

of

2022

based

on

tracking

error

data,

the

Fund

generally

met

its

investment

objective

to

track

the

investment

results,

before

fees

and

expenses,

of

its

Underlying

Index.

The

Board,

however,

noted

that

the

performance

history

was

too

short

for

a

meaningful

assessment

of

performance,

and

management

deserved

additional

time

to

develop

a

performance

record.

For

Nuveen

ESG

Emerging

Markets

Equity

ETF

(the

“Emerging

Markets

Fund”),

the

Board

considered,

among

other

things,

the

performance

of

the

Fund

and

its

Underlying

Index

for

the

one-,

three-

and

five-year

periods

ended

December 31,

2022

and

March 31,

2023

as

well

as

its

tracking

error

compared

to

its

Underlying

Index

as

of

such

dates.

The

Board

noted

that

the

Fund

ranked

in

the

third

quartile

of

its

Performance

Peer

Group

for

the

one-year

period,

first

quartile

for

the

three-year

period

and

second

quartile

for

the

five-year

period

ended

December

31,

2022.

In

addition,

the

Fund

ranked

in

the

third

quartile

of

its

Performance

Peer

Group

for

the

one-year

period

and

second

quartile

for

the

three-

and

five-year

periods

ended

March

31,

2023.

Given

the

Fund’s

investment

objective,

however,

the

Board

placed

more

emphasis

on

its

review

of

the

tracking

error

and

correlation

data.

The

Board

observed

that

during

the

course

of

2022

based

on

tracking

error

data,

the

Fund

generally

met

its

investment

objective

to

track

the

investment

results,

before

fees

and

expenses,

of

its

Underlying

Index.

Based

on

its

review,

the

Board

was

generally

satisfied

with

the

Fund’s

overall

performance.

For

Nuveen

ESG

International

Developed

Markets

Equity

ETF

(the

“International

Fund”),

the

Board

considered,

among

other

things,

the

performance

of

the

Fund

and

its

Underlying

Index

for

the

one-,

three-

and

five-year

periods

ended

December 31,

2022

and

March 31,

2023

as

well

as

its

tracking

error

compared

to

its

Underlying

Index

as

of

such

dates.

The

Board

noted

that

the

Fund

ranked

in

the

third

quartile

of

its

Performance

Peer

Group

for

the

one-year

period,

second

quartile

for

the

three-year

period

and

first

quartile

for

the

five-year

period

ended

December

31,

2022.

The

Fund

also

ranked

in

the

first

quartile

of

its

Performance

Peer

Group

for

the

one-

and

five-year

periods

and

second

quartile

for

the

three-year

period

ended

March

31,

2023.

Given

the

Fund’s

investment

objective,

however,

the

Board

placed

more

emphasis

on

its

review

of

the

tracking

error

and

correlation

data.

The

Board

observed

that

during

the

course

of

2022

based

on

tracking

error

data,

the

Fund

generally

met

its

investment

objective

to

track

the

investment

results,

before

fees

and

expenses,

of

its

Underlying

Index.

Based

on

its

review,

the

Board

was

generally

satisfied

with

the

Fund’s

overall

performance.

For

Nuveen

ESG

Large-Cap

ETF

(the

“Large-Cap

Fund”),

the

Board

considered,

among

other

things,

the

performance

of

the

Fund

and

its

Underlying

Index

for

the

one-

and

three-year

periods

ended

December 31,

2022

and

March 31,

2023

as

well

as

its

tracking

error

as

compared

to

its

Underlying

Index

as

of

such

dates.

The

Board

noted

that

the

Fund

ranked

in

the

third

quartile

of

its

Performance

Peer

Group

for

the

one-

and

three-

year

periods

ended

December

31,

2022.

Further,

although

the

Fund

ranked

in

the

fourth

quartile

of

its

Performance

Peer

Group

for

the

one-year

period

ended

March

31,

2023,

the

Fund

ranked

in

the

third

quartile

for

the

three-year

period

ended

March

31,

2023.

Given

the

Fund’s

investment

objective,

however,

the

Board

placed

more

emphasis

on

its

review

of

the

tracking

error

and

correlation

data.

The

Board

observed

that

during

the

course

of

2022

based

on

tracking

error

data,

the

Fund

generally

met

its

investment

objective

to

track

the

investment

results,

before

fees

and

expenses,

of

its

Underlying

Index.

Based

on

its

review,

the

Board

was

generally

satisfied

with

the

Fund’s

overall

performance.

For

Nuveen

ESG

Large-Cap

Growth

ETF

(the

“Large-Cap

Growth

Fund”),

the

Board

considered,

among

other

things,

the

performance

of

the

Fund

and

its

Underlying

Index

for

the

one-,

three-

and

five-year

periods

ended

December 31,

2022

and

March 31,

2023

as

well

as

its

tracking

error

compared

to

its

Underlying

Index

as

of

such

dates.

The

Board

noted

that

the

Fund

ranked

in

the

first

quartile

of

its

Performance

Peer

Group

for

such

periods.

Given

the

Fund’s

investment

objective,

however,

the

Board

placed

more

emphasis

on

its

review

of

the

tracking

error

and

correlation

data.

The

Board

observed

that

during

the

course

of

2022

based

on

tracking

error

data,

the

Fund

generally

met

its

investment

objective

to

track

the

investment

results,

before

fees

and

expenses,

of

its

Underlying

Index.

Based

on

its

review,

the

Board

was

generally

satisfied

with

the

Fund’s

overall

performance.

For

Nuveen

ESG

Large-Cap

Value

ETF

(the

“Large-Cap

Value

Fund”),

the

Board

considered,

among

other

things,

the

performance

of

the

Fund

and

its

Underlying

Index

for

the

one-,

three-

and

five-year

periods

ended

December 31,

2022

and

March 31,

2023

as

well

as

its

tracking

error

compared

to

its

Underlying

Index

as

of

such

dates.

The

Board

noted

that

although

the

Fund

ranked

in

the

fourth

quartile

of

its

Performance

Peer

Group

for

the

three-

and

five-year

periods

ended

December 31,

2022,

the

Fund

ranked

in

the

third

quartile

for

the

one-year

period

ended

December

31,

2022.

In

addition,

the

Fund

ranked

in

the

fourth

quartile

of

its

Performance

Peer

Group

for

the

one-,

three-

and

five-year

periods

ended

March 31,

2023.

Given

the

Fund’s

investment

objective,

however,

the

Board

placed

more

emphasis

on

its

review

of

the

tracking

error

and

correlation

data.

The

Board

observed

that

during

the

course

of

2022

based

on

tracking

error

data,

the

Fund

generally

met

its

investment

objective

to

track

the

investment

results,

before

fees

and

expenses,

of

its

Underlying

Index.

Based

on

its

review,

the

Board

was

generally

satisfied

with

the

Fund’s

overall

performance.

For

Nuveen

ESG

Mid-Cap

Growth

ETF

(the

“Mid-Cap

Growth

Fund”),

the

Board

considered,

among

other

things,

the

performance

of

the

Fund

and

its

Underlying

Index

for

the

one-,

three-

and

five-year

periods

ended

December 31,

2022

and

March 31,

2023

as

well

as

its

tracking

error

compared

to

its

Underlying

Index

as

of

such

dates.

The

Board

noted

that

the

Fund

ranked

in

the

third

quartile

of

its

Performance

Peer

Group

for

the

one-

and

three-year

periods

ended

December 31,

2022

and

March

31,

2023

and

second

quartile

for

the

five-year

periods

ended

December

31,

2022

and

March

31,

2023.

Given

the

Fund’s

investment

objective,

however,

the

Board

placed

more

emphasis

on

its

review

of

the

tracking

error

and

correlation

data.

The

Board

observed

that

during

the

course

of

2022

based

on

tracking

error

data,

the

Fund

generally

met

its

investment

objective

to

track

the

investment

results,

before

fees

and

expenses,

of

its

Underlying

Index.

Based

on

its

review,

the

Board

was

generally

satisfied

with

the

Fund’s

overall

performance.

For

Nuveen

ESG

Mid-Cap

Value

ETF

(the

“Mid-Cap

Value

Fund”),

the

Board

considered,

among

other

things,

the

performance

of

the

Fund

and

its

Underlying

Index

for

the

one-,

three-

and

five-year

periods

ended

December 31,

2022

and

March 31,

2023

as

well

as

its

tracking

error

compared

to

its

Underlying

Index

as

of

such

dates.

The

Board

noted

that

although

the

Fund

ranked

in

the

fourth

quartile

of

its

Performance

Peer

Group

for

the

one-year

period

ended

December 31,

2022,

the

Fund

ranked

in

the

third

quartile

for

the

three-

and

five-year

periods

ended

December

31,

2022.

113

Further,

although

the

Fund

ranked

in

the

fourth

quartile

of

its

Performance

Peer

Group

for

the

one-

and

three-year

periods

ended

March 31,

2023,

the

Fund

ranked

in

the

third

quartile

for

the

five-year

period

ended

March

31,

2023.

Given

the

Fund’s

investment

objective,

however,

the

Board

placed

more

emphasis

on

its

review

of

the

tracking

error

and

correlation

data.

The

Board

observed

that

during

the

course

of

2022

based

on

tracking

error

data,

the

Fund

generally

met

its

investment

objective

to

track

the

investment

results,

before

fees

and

expenses,

of

its

Underlying

Index.

Based

on

its

review,

the

Board

was

generally

satisfied

with

the

Fund’s

overall

performance.

For

Nuveen

ESG

Small-Cap

ETF

(the

“Small-Cap

Fund”),

the

Board

considered,

among

other

things,

the

performance

of

the

Fund

and

its

Underlying

Index

for

the

one-,

three-

and

five-year

periods

ended

December 31,

2022

and

March 31,

2023

as

well

as

its

tracking

error

compared

to

its

Underlying

Index

as

of

such

dates.

The

Board

noted

that

although

the

Fund

ranked

in

the

fourth

quartile

of

its

Performance

Peer

Group

for

the

one-

year

periods

ended

December 31,

2022

and

March 31,

2023,

the

Fund

ranked

in

the

third

quartile

for

the

three-year

periods

ended

December 31,

2022

and

March 31,

2023

and

first

quartile

for

the

five-year

periods

ended

December

31,

2022

and

March

31,

2023.

Given

the

Fund’s

investment

objective,

however,

the

Board

placed

more

emphasis

on

its

review

of

the

tracking

error

and

correlation

data.

The

Board

observed

that

during

the

course

of

2022

based

on

tracking

error

data,

the

Fund

generally

met

its

investment

objective

to

track

the

investment

results,

before

fees

and

expenses,

of

its

Underlying

Index.

Based

on

its

review,

the

Board

was

generally

satisfied

with

the

Fund’s

overall

performance.

C.

Fees,

Expenses

and

Profitability

1.

Fees

and

Expenses

As

part

of

its

annual

review,

the

Board

generally

reviewed,

among

other

things,

with

respect

to

the

Nuveen

open-end

funds,

the

contractual

management

fee

and

net

management

fee

(i.e.,

the

management

fee

after

taking

into

consideration

fee

waivers

and/or

expense

reimbursements,

if

any)

paid

by

a

fund

to

the

Adviser

in

light

of

the

nature,

extent

and

quality

of

the

services

provided.

The

Board

also

generally

considered

the

total

operating

expense

ratio

of

a

fund

(after

any

fee

waivers

and/or

expense

reimbursements).

The

Board,

however,

recognized

that

the

Nuveen

ETFs

pay

the

Adviser

a

single,

all-inclusive

(or

unified)

management

fee

for

providing

all

services

necessary

for

the

management

and

operation

of

the

Nuveen

ETFs,

subject

to

certain

exceptions.

Unlike

the

typical

fee

arrangements

of

the

other

Nuveen

funds

in

which

the

funds

pay

a

variety

of

fees

and

expenses

such

as

investment

advisory

fees,

transfer

agency

fees,

audit

fees,

custodian

fees,

administration

fees,

compliance

expenses,

recordkeeping

expenses,

marketing

and

shareholder

service

fees,

distribution

charges

and

other

expenses,

the

Nuveen

ETFs

pay

the

Adviser

a

unified

fee,

and

the

Adviser

is

responsible

for

providing

such

services

or

arranging

and

supervising

third

parties

to

provide

such

services

(subject

to

the

certain

exceptions).

Under

the

unified

fee

structure,

the

Board

recognized

that

the

Adviser

generally

bears

the

risks

of

the

operating

costs

rising

(and

benefits

if

such

expenses

decrease)

and

therefore

has

an

incentive

to

be

administratively

efficient.

As

part

of

the

Board’s

analysis

of

the

fee

level

of

each

Nuveen

ETF,

the

Independent

Board

Members

reviewed,

among

other

things,

the

unified

management

fee

compared

to

the

gross

and

net

management

fees

of

a

group

of

comparable

funds

(the

“Peer

Group”)

established

by

Broadridge,

as

well

as

the

Nuveen

ETF’s

net

total

expense

ratio

compared

to

the

net

total

expense

ratio

of

its

respective

Peer

Group.

In

addition,

the

Independent

Board

Members

reviewed

the

methodology

Broadridge

employed

to

establish

the

Peer

Group

and

recognized

that

differences

between

the

applicable

fund

and

its

respective

Peer

Group

as

well

as

changes

to

the

composition

of

the

Peer

Group

from

year

to

year

may

limit

some

of

the

value

of

the

comparative

data.

The

Independent

Board

Members

take

these

limitations

and

differences

into

account

when

reviewing

comparative

peer

data.

The

Independent

Board

Members

also

considered

a

fund’s

operating

expense

ratio

as

it

more

directly

reflected

the

shareholder’s

costs

in

investing

in

the

respective

fund.

The

Independent

Board

Members

noted

that

the

contractual

management

fees

of

certain

Nuveen

ETFs,

including

the

Emerging

Markets

Fund,

the

International

Fund,

the

Large-Cap

Growth

Fund,

the

Large-Cap

Value

Fund,

the

Mid-Cap

Growth

Fund,

the

Mid-Cap

Value

Fund

and

the

Small-Cap

Fund,

were

reduced

effective

in

September

2021.

In

their

review,

the

Independent

Board

Members

considered,

in

particular,

each

Nuveen

fund

with

a

net

total

expense

ratio

of

six

basis

points

or

higher

compared

to

that

of

its

peer

average

(each,

an

“Expense

Outlier

Fund”),

including

the

Emerging

Markets

Fund,

the

International

Fund

and

the

Large-Cap

Value

Fund,

and

an

analysis

as

to

the

factors

contributing

to

each

such

fund’s

higher

relative

net

total

expense

ratio.

Accordingly,

in

reviewing

the

comparative

data

between

a

fund

and

its

peers,

the

Board

generally

considered

the

fund’s

net

total

expense

ratio

and

fees

to

be

higher

if

they

were

over

10

basis

points

higher,

slightly

higher

if

they

were

6

to

10

basis

points

higher,

in

line

if

they

were

within

approximately

5

basis

points

higher

than

the

peer

average

and

below

if

they

were

below

the

peer

average

of

the

Peer

Group.

The

Independent

Board

Members

also

considered,

in

relevant

part,

a

Nuveen

fund’s

management

fee

and

net

total

expense

ratio

in

light

of

its

performance

history,

including

reviewing

certain

funds

identified

by

the

Adviser

and/or

the

Board

as

having

a

higher

net

total

expense

ratio

or

management

fee

compared

to

their

respective

peers

coupled

with

experiencing

periods

of

challenged

performance

and

considering

the

reasons

for

such

comparative

positions.

With

respect

to

the

Sub-Adviser,

the

Board

also

considered,

among

other

things,

the

sub-advisory

fee

schedule

paid

to

the

Sub-Adviser

in

light

of

the

sub-advisory

services

provided

to

the

respective

Fund

and

comparative

data

of

the

fees

the

Sub-Adviser

charges

to

other

clients,

if

any.

In

its

review,

the

Board

recognized

that

the

compensation

paid

to

the

Sub-Adviser

is

the

responsibility

of

the

Adviser,

not

the

Funds.

114

Annual

Investment

Management

Agreement

Approval

Process

(Unaudited)

(continued)

The

Independent

Board

Members

noted

that

(a)

the

Dividend

Fund,

the

Large-Cap

Growth

Fund

and

the

Mid-Cap

Value

Fund

each

had

a

management

fee

and

a

net

total

expense

ratio

that

were

below

the

respective

peer

averages;

(b)

the

Large-Cap

Fund

and

the

Mid-Cap

Growth

Fund

each

had

a

management

fee

and

a

net

total

expense

ratio

that

were

in

line

with

the

respective

peer

averages;

(c)

the

Small-

Cap

Fund

had

a

management

fee

that

was

in

line

with

the

peer

average

and

a

net

total

expense

ratio

that

was

below

the

peer

average;

(d)

the

Emerging

Markets

Fund

and

the

International

Fund

each

had

a

management

fee

and

a

net

total

expense

ratio

that

were

higher

than

the

respective

peer

averages;

and

(e)

the

Large-Cap

Value

Fund

had

a

management

fee

and

a

net

total

expense

ratio

that

were

slightly

higher

than

the

respective

peer

average.

Notwithstanding

the

foregoing

with

respect

to

the

Emerging

Markets

Fund

and

the

Large-Cap

Value

Fund,

the

Independent

Board

Members

recognized

that

each

such

Fund’s

unified

management

fee

was

reduced

in

September

2021,

each

such

Fund’s

net

total

expense

ratio

was

lower

in

its

last

fiscal

year

than

it

had

been

in

the

preceding

fiscal

year,

and

changes

in

the

composition

of

each

such

Fund’s

peer

set

caused

the

average

net

total

expense

ratio

of

the

peer

set

to

decrease.

In

addition,

notwithstanding

the

foregoing

with

respect

to

the

International

Fund,

the

Independent

Board

Members

recognized

that

such

Fund’s

unified

management

fee

was

reduced

in

September

2021

and

such

Fund’s

net

total

expense

ratio

was

lower

in

its

last

fiscal

year

than

it

had

been

in

the

preceding

fiscal

year.

Based

on

its

review

of

the

information

provided,

the

Board

determined

that

each

Fund’s

management

fees

(as

applicable)

to

a

Fund

Adviser

were

reasonable

in

light

of

the

nature,

extent

and

quality

of

services

provided

to

the

Fund.

2.

Comparisons

with

the

Fees

of

Other

Clients

In

evaluating

the

appropriateness

of

fees,

the

Board

also

considered

information

regarding

the

fee

rates

the

respective

Fund

Advisers

charged

to

certain

other

types

of

clients

and

the

type

of

services

provided

to

these

other

clients.

With

respect

to

the

Adviser

and/or

the

Sub-Adviser,

such

other

clients

may

include:

foreign

investment

companies

offered

by

Nuveen

and

sub-advised

by

the

Sub-Adviser;

and

certain

funds

advised

by

the

Sub-Adviser.

The

Board

further

noted

that

the

Adviser

also

advised,

and

the

Sub-Adviser

sub-advised,

certain

additional

ETFs

sponsored

by

Nuveen.

The

Board

reviewed,

among

other

things,

the

range

of

fees

assessed

for

foreign

investment

companies

and

ETFs

offered

by

Nuveen.

In

addition,

the

Board

reviewed

the

management

fees

and

expense

ratios

of

certain

funds

advised

by

the

Sub-Adviser

in

the

TIAA-CREF

family

of

funds.

In

considering

the

comparative

fee

data,

the

Board

recognized

that

differences,

including

but

not

limited

to,

the

amount,

type

and

level

of

services

provided

by

the

Adviser

to

the

Nuveen

funds

compared

to

that

provided

to

various

other

clients

as

well

as

differences

in,

among

other

things,

regulatory

requirements

contribute

to

the

variations

in

the

fee

schedules.

In

this

regard,

the

Board

noted

that

differences

in

the

client

base,

governing

bodies,

distribution

jurisdiction

and

operational

complexities

would

contribute

to

variations

in

management

fees

assessed

the

Nuveen

funds

compared

to

foreign

fund

clients.

Further,

with

respect

to

ETFs,

the

Board

considered

that

the

Index

ETFs

(including

the

Funds)

were

passively

managed

compared

to

the

active

management

of

other

Nuveen

funds,

which

also

contributed

to

the

differences

in

fee

levels

between

such

Index

ETFs

and

the

actively

managed

funds.

The

Board

acknowledged

the

wide

range

of

services

in

addition

to

investment

management

that

the

Adviser

had

provided

to

the

Nuveen

funds

compared

to

other

types

of

clients

as

well

as

the

increased

entrepreneurial,

legal

and

regulatory

risks

that

the

Adviser

incurs

in

sponsoring

and

managing

the

Nuveen

funds.

In

general,

higher

fee

levels

reflect

higher

levels

of

service

provided

by

the

Adviser,

increased

investment

management

complexity,

greater

product

management

requirements,

and

higher

levels

of

business

risk

or

some

combination

of

these

factors.

The

Board

further

considered

that

the

Sub-Adviser’s

fee

is

essentially

for

portfolio

management

services.

The

Board

concluded

the

varying

levels

of

fees

were

justified

given,

among

other

things,

the

more

extensive

services,

regulatory

requirements

and

legal

liabilities,

and

the

entrepreneurial,

legal

and

regulatory

risks

incurred

in

sponsoring

and

advising

a

registered

investment

company

compared

to

that

required

in

advising

other

types

of

clients.

3.

Profitability

of

Fund

Advisers

In

their

review,

the

Independent

Board

Members

considered

estimated

profitability

information

of

Nuveen

as

a

result

of

its

advisory

services

to

the

Nuveen

funds

as

well

as

profitability

data

of

other

publicly

traded

asset

management

firms.

Such

profitability

information

included,

among

other

things,

gross

and

net

revenue

margins

(excluding

distribution)

of

Nuveen

Investments,

Inc.

(“Nuveen

Investments”)

for

services

to

the

Nuveen

funds

on

a

pre-tax

and

after-tax

basis

for

the

2022

and

2021

calendar

years

as

well

as

the

revenues

earned

(less

any

expense

reimbursements/fee

waivers)

and

expenses

incurred

by

Nuveen

Investments

for

its

advisory

activities

to

the

Nuveen

funds

(excluding

distribution

and

certain

other

expenses)

for

the

2022

and

2021

calendar

years.

The

Independent

Board

Members

also

considered

a

summary

of

some

of

the

key

factors

that

impacted

Nuveen’s

profitability

in

2022.

In

addition,

the

Board

reviewed

the

revenues,

expenses

and

operating

margin

(pre-

and

after-tax)

the

Adviser

derived

from

its

ETF

product

line

for

the

2022

and

2021

calendar

years.

In

developing

the

profitability

data

of

the

Adviser

for

its

advisory

services

to

the

Nuveen

funds,

the

Independent

Board

Members

recognized

the

subjective

nature

of

calculating

profitability

as

the

information

is

not

audited

and

is

necessarily

dependent

on

cost

allocation

methodologies

to

allocate

expenses

throughout

the

complex

and

among

the

various

advisory

products.

Given

there

is

no

perfect

expense

allocation

methodology

and

that

other

reasonable

and

valid

allocation

methodologies

could

be

employed

and

could

lead

to

significantly

different

results,

the

Board

reviewed,

among

other

things,

a

description

of

the

cost

allocation

methodologies

employed

to

develop

the

financial

information,

a

summary

of

the

history

of

changes

to

the

methodology

over

the

years

from

2010

through

2022,

and

a

historical

expense

analysis

of

Nuveen

Investments’

revenues,

expenses

and

pre-tax

net

revenue

margins

derived

from

its

advisory

services

to

the

Nuveen

funds

(excluding

distribution)

for

the

calendar

years

from

2017

through

2022.

The

Board

had

also

appointed

four

Independent

Board

Members

to

serve

as

the

Board’s

liaisons,

with

the

assistance

of

independent

counsel,

to

meet

with

representatives

of

the

Adviser

and

review

the

development

of

the

profitability

data

and

to

report

to

the

full

Board.

115

In

addition,

the

Board

considered

certain

comparative

operating

margin

data.

In

this

regard,

the

Board

reviewed

the

operating

margins

of

Nuveen

Investments

compared

to

the

adjusted

operating

margins

of

a

peer

group

of

asset

management

firms

with

publicly

available

data

and

the

most

comparable

assets

under

management

(based

on

asset

size

and

asset

composition)

to

Nuveen.

The

Board

recognized

that

the

operating

margins

of

the

peers

were

adjusted

generally

to

address

that

certain

services

provided

by

the

peers

were

not

provided

by

Nuveen.

The

Board

also

reviewed,

among

other

things,

the

net

revenue

margins

(pre-tax)

of

Nuveen

Investments

on

a

company-wide

basis

and

the

net

revenue

margins

(pre-tax)

of

Nuveen

Investments

derived

from

its

services

to

the

Nuveen

funds

only

(including

and

excluding

distribution)

compared

to

the

adjusted

operating

margins

of

the

peer

group

for

each

calendar

year

from

2012

to

2022.

Although

the

total

company

operating

margins

of

Nuveen

Investments

were

in

the

bottom

half

of

the

peer

group

range

for

2022

and

2021,

the

Independent

Board

Members

recognized

the

limitations

of

the

comparative

data

given

that

peer

data

is

not

generally

public

and

the

calculation

of

profitability

is

subjective

and

affected

by

numerous

factors

(such

as

types

of

funds

a

peer

manages,

its

business

mix,

its

cost

of

capital,

the

numerous

assumptions

underlying

the

methodology

used

to

allocate

expenses

and

other

factors)

that

can

have

a

significant

impact

on

the

results.

Aside

from

Nuveen’s

profitability,

the

Board

recognized

that

the

Adviser

is

a

subsidiary

of

Nuveen,

LLC,

the

investment

management

arm

of

Teachers

Insurance

and

Annuity

Association

of

America

(“TIAA”).

Accordingly,

the

Board

also

reviewed

a

balance

sheet

for

TIAA

reflecting

its

assets,

liabilities

and

capital

and

contingency

reserves

for

the

2022

and

2021

calendar

years

to

consider

the

financial

strength

of

TIAA.

The

Board

recognized

the

benefit

of

an

investment

adviser

and

its

parent

with

significant

resources,

particularly

during

periods

of

market

volatility.

The

Board

also

noted

the

reinvestments

Nuveen,

its

parent

and/or

other

affiliates

made

into

its

business

through,

among

other

things,

the

investment

of

seed

capital

in

certain

Nuveen

funds

and

continued

investments

in

enhancements

to

technological

capabilities.

In

addition

to

Nuveen,

the

Independent

Board

Members

considered

the

profitability

of

the

Sub-Adviser

from

its

relationships

with

the

respective

Nuveen

funds.

In

this

regard,

the

Independent

Board

Members

reviewed,

among

other

things,

the

Sub-Adviser’s

revenues,

expenses

and

net

operating

income

for

its

advisory

services

to

the

Nuveen

ETFs

and

Nuveen

closed-end

funds

it

sub-advises

for

the

2022

and

2021

calendar

years.

In

evaluating

the

reasonableness

of

the

compensation,

the

Independent

Board

Members

also

considered

any

other

ancillary

benefits

derived

by

the

respective

Fund

Adviser

from

its

relationship

with

the

Nuveen

funds

as

discussed

in

further

detail

below.

Based

on

a

consideration

of

all

the

information

provided,

the

Board

noted

that

Nuveen’s

and

the

Sub-Adviser’s

level

of

profitability

was

acceptable

and

not

unreasonable

in

light

of

the

services

provided.

D.

Economies

of

Scale

and

Whether

Fee

Levels

Reflect

These

Economies

of

Scale

The

Board

considered

whether

there

have

been

economies

of

scale

with

respect

to

the

management

of

the

Nuveen

funds,

whether

these

economies

of

scale

have

been

appropriately

shared

with

the

funds

and

whether

there

is

potential

for

realization

of

further

economies

of

scale.

Although

the

Board

recognized

that

economies

of

scale

are

difficult

to

measure

with

any

precision

and

certain

expenses

may

not

decline

with

a

rise

in

assets,

the

Board

considered

that

Nuveen

shares

the

benefits

of

economies

of

scale,

if

any,

in

a

number

of

ways

including

through

the

use

of

breakpoints

in

the

management

fee

schedule,

fee

waivers

and/or

expense

limitations,

the

pricing

of

funds

at

scale

at

inception

and

investments

in

Nuveen’s

business

which

can

enhance

the

services

provided

to

the

funds

for

the

fees

paid.

In

this

regard,

the

Board

recognized

that,

with

respect

to

the

Nuveen

funds

generally,

although

the

management

fee

of

the

Adviser

is

typically

comprised

of

a

fund-level

component

and

a

complex-level

component

each

with

its

own

breakpoint

schedule,

the

Nuveen

ETFs

do

not

have

breakpoint

schedules.

The

Board

recognized

that

the

Nuveen

ETFs

pay

a

unified

fee

and

as

a

result,

any

reduction

in

fixed

costs

associated

with

the

management

of

these

funds

would

benefit

the

Adviser.

However,

the

Independent

Board

Members

noted

that

the

unified

fee

schedule

provides

shareholders

with

a

level

of

certainty

of

the

expenses

of

the

Nuveen

ETFs.

The

Independent

Board

Members

considered

that

the

unified

fees

generally

provide

inherent

economies

of

scale

because

the

Nuveen

ETF

would

maintain

a

competitive

fixed

fee

over

the

annual

contract

period

even

if

the

particular

fund’s

assets

declined

and/or

operating

costs

rose.

The

Independent

Board

Members

further

recognized

that

the

Nuveen

ETFs

do

not

participate

in

the

complex-level

fee

programs.

As

noted

above,

the

Independent

Board

Members

also

recognized

the

continued

reinvestment

in

Nuveen’s

business

to

enhance

its

capabilities

and

services

to

the

benefit

of

its

various

clients.

The

Board

understood

that

many

of

these

investments

in

the

Nuveen

business

were

not

specific

to

individual

Nuveen

funds

but

rather

incurred

across

of

a

variety

of

products

and

services

pursuant

to

which

the

family

of

Nuveen

funds

as

a

whole

may

benefit.

In

addition,

the

Board

also

considered

that

Nuveen

has

provided,

without

raising

advisory

fees

to

the

Nuveen

funds,

certain

additional

services,

including,

but

not

limited

to,

services

required

by

new

regulations

and

regulatory

interpretations,

and

this

was

also

a

means

of

sharing

economies

of

scale

with

the

funds

and

their

shareholders.

Based

on

its

review,

the

Board

was

satisfied

that

the

current

fee

arrangements

together

with

the

reinvestment

in

Nuveen’s

business

appropriately

shared

any

economies

of

scale

with

shareholders.

Further,

with

respect

to

the

Nuveen

ETFs,

the

Board

concluded

that

the

absence

of

a

fund-level

and/or

complex-level

breakpoint

schedule

or

arrangement

(as

applicable)

was

acceptable.

E.

Indirect

Benefits

The

Independent

Board

Members

received

and

considered

information

regarding

other

benefits

the

respective

Fund

Adviser

or

its

affiliates

may

receive

as

a

result

of

their

relationship

with

the

Nuveen

funds.

In

addition,

the

Independent

Board

Members

noted

that

the

various

sub-advisers

to

the

Nuveen

funds

do

not

generally

benefit

from

soft

dollar

arrangements

with

respect

to

Nuveen

fund

portfolio

transactions.

Based

on

its

review,

the

Board

concluded

that

any

indirect

benefits

received

by

a

Fund

Adviser

as

a

result

of

its

relationship

with

the

Funds

were

reasonable

in

light

of

the

services

provided.

116

Annual

Investment

Management

Agreement

Approval

Process

(Unaudited)

(continued)

F.

Other

Considerations

The

Independent

Board

Members

did

not

identify

any

single

factor

discussed

previously

as

all-important

or

controlling.

The

Independent

Board

Members

concluded

that

the

terms

of

each

Advisory

Agreement

were

reasonable,

that

the

respective

Fund

Adviser’s

fees

were

reasonable

in

light

of

the

services

provided

to

each

Fund

and

that

the

Advisory

Agreements

be

renewed

for

an

additional

one-year

period.

117

Trustees

and

Officers

(Unaudited)

The

management

of

the

Funds,

including

general

supervision

of

the

duties

performed

for

the

Funds

by

the

Adviser,

is

the

responsibility

of

the

Board

of Trustees

of

the

Funds.

The

number

of Trustees of

the

Funds

is

currently

set

at

ten.

None

of

the Trustees

who

are

not

“interested”

persons

of

the

Funds

(referred

to

herein

as

“Independent

Trustees”)

has

ever

been

a Trustees

or

employee

of,

or

consultant

to,

Nuveen

or

its

affiliates.

The

names

and

business

addresses

of

the Trustees

and

officers

of

the

Funds,

their

principal

occupations

and

other

affiliations

during

the

past

five

years,

the

number

of

portfolios

each

oversees

and

other

directorships

they

hold

are

set

forth

below.

The

Funds’

Statement

of

Additional

Information

(“SAI”)

includes

more

information

about

the

Trustees.

To

request

a

free

copy,

call

Nuveen

Investments

at

(800)

257-8787

or

visit

the

Funds’

website

at

www.nuveen.com.

Name,

Year

of

Birth

&

Address

Position(s)

Held

with

the

Funds

Year

First

Elected

or

Appointed

(1)

Principal

Occupation(s)

Including

other

Directorships

During

Past

5

Years

Number

of

Portfolios

in

Fund

Complex

Overseen

By

Trustee

Independent

Trustees:

Terence

J.

Toth

1959

333

W.

Wacker

Drive

Chicago,

IL

60606

Chair

and

Trustee

2008

Formerly,

a

Co-Founding

Partner,

Promus

Capital

(investment

advisory

firm)

(2008-2017);

formerly,

Director,

Quality

Control

Corporation

(manufacturing)

(2012-2021);

Chair

of

the

Board

of

the

Kehrein

Center

for

the

Arts

(philanthropy)

(since

2021);

member:

Catalyst

Schools

of

Chicago

Board

(since

2008)

and

Mather

Foundation

Board

(philanthropy)

(since

2012),

formerly,

Chair

of

its

Investment

Committee

(2017-2022);

formerly,

Member,

Chicago

Fellowship

Board

(philanthropy)

2005-2016);

formerly,

Director,

Fulcrum

IT

Services

LLC

(information

technology

services

firm

to

government

entities)

(2010-2019);

formerly,

Director,

LogicMark

LLC

(health

services)

(2012-2016);

formerly,

Director,

Legal

&

General

Investment

Management

America,

Inc.

(asset

management)

(2008-2013);

formerly,

CEO

and

President,

Northern

Trust

Global

Investments

(financial

services)

(2004-2007);

Executive

Vice

President,

Quantitative

Management

&

Securities

Lending

(2000-2004);

prior

thereto,

various

positions

with

Northern

Trust

Company

(financial

services)

(since

1994);

formerly,

Member,

Northern

Trust

Mutual

Funds

Board

(2005-2007),

Northern

Trust

Global

Investments

Board

(2004-2007),

Northern

Trust

Japan

Board

(2004-2007),

Northern

Trust

Securities

Inc.

Board

(2003-2007)

and

Northern

Trust

Hong

Kong

Board

(1997-2004).

132

Jack

B.

Evans

1948

333

W.

Wacker

Drive

Chicago,

IL

60606

Trustee

1999

Chairman

(since

2019),

formerly,

President

(1996-2019),

The

Hall-Perrine

Foundation,

(private

philanthropic

corporation);

Life

Trustee

of

Coe

College

and

the

Iowa

College

Foundation;

formerly,

Member

and

President

Pro-Tem

of

the

Board

of

Regents

for

the

State

of

Iowa

University

System

(2007-

2013);

Director

and

Chairman

(2009-2021),

United

Fire

Group,

a

publicly

held

company;

Director,

Public

Member,

American

Board

of

Orthopaedic

Surgery

(2015-2020);

Director

(2000-2004),

Alliant

Energy;

Director

(1996-2015),

The

Gazette

Company

(media

and

publishing);

Director

(1997-

2003),

Federal

Reserve

Bank

of

Chicago;

President

and

Chief

Operating

Officer

(1972-1995),

SCI

Financial

Group,

Inc.,

(regional

financial

services

firm).

132

William

C.

Hunter

1948

333

W.

Wacker

Drive

Chicago,

IL

60606

Trustee

2003

Dean

Emeritus,

formerly,

Dean,

Tippie

College

of

Business,

University

of

Iowa

(2006-2012);

Director

of

Wellmark,

Inc.

(since

2009);

past

Director

(2005-2015),

and

past

President

(2010-

2014)

Beta

Gamma

Sigma,

Inc.,

The

International

Business

Honor

Society;

formerly,

Director

(2004-2018)

of

Xerox

Corporation;

formerly,

Dean

and

Distinguished

Professor

of

Finance,

School

of

Business

at

the

University

of

Connecticut

(2003-2006);

previously,

Senior

Vice

President

and

Director

of

Research

at

the

Federal

Reserve

Bank

of

Chicago

(1995-2003);

formerly,

Director

(1997-2007),

Credit

Research

Center

at

Georgetown

University.

132

118

Trustees

and

Officers

(Unaudited)

(continued)

Name,

Year

of

Birth

&

Address

Position(s)

Held

with

the

Funds

Year

First

Elected

or

Appointed

(1)

Principal

Occupation(s)

Including

other

Directorships

During

Past

5

Years

Number

of

Portfolios

in

Fund

Complex

Overseen

By

Trustee

Amy

B.

R.

Lancellotta

1959

333

W.

Wacker

Drive

Chicago,

IL

60606

Trustee

2021

Formerly,

Managing

Director,

Independent

Directors

Council

(IDC)

(supports

the

fund

independent

director

community

and

is

part

of

the

Investment

Company

Institute

(ICI),

which

represents

regulated

investment

companies)

(2006-2019);

formerly,

various

positions

with

ICI

(1989-2006);

President

(since

2023)

and

Member

(since

2020)

of

the

Board

of

Directors,

Jewish

Coalition

Against

Domestic

Abuse

(JCADA).

132

Joanne

T.

Medero

1954

333

W.

Wacker

Drive

Chicago,

IL

60606

Trustee

2021

Formerly,

Managing

Director,

Government

Relations

and

Public

Policy

(2009-2020)

and

Senior

Advisor

to

the

Vice

Chairman

(2018-2020),

BlackRock,

Inc.

(global

investment

management

firm);

formerly,

Managing

Director,

Global

Head

of

Government

Relations

and

Public

Policy,

Barclays

Group

(IBIM)

(investment

banking,

investment

management

and

wealth

management

businesses)(2006-2009);

formerly,

Managing

Director,

Global

General

Counsel

and

Corporate

Secretary,

Barclays

Global

Investors

(global

investment

management

firm)

(1996-2006);

formerly,

Partner,

Orrick,

Herrington

&

Sutcliffe

LLP

(law

firm)

(1993-1995);

formerly,

General

Counsel,

Commodity

Futures

Trading

Commission

(government

agency

overseeing

U.S.

derivatives

markets)

(1989-1993);

formerly,

Deputy

Associate

Director/Associate

Director

for

Legal

and

Financial

Affairs,

Office

of

Presidential

Personnel,

The

White

House

(1986-1989);

Member

of

the

Board

of

Directors,

Baltic-American

Freedom

Foundation

(seeks

to

provide

opportunities

for

citizens

of

the

Baltic

states

to

gain

education

and

professional

development

through

exchanges

in

the

U.S.)

(since

2019).

132

Albin

F.

Moschner

1952

333

W.

Wacker

Drive

Chicago,

IL

60606

Trustee

2016

Founder

and

Chief

Executive

Officer,

Northcroft

Partners,

LLC,

(management

consulting)

(since

2012);

formerly,

Chairman

(2019),

and

Director

(2012-2019),

USA

Technologies,

Inc.,

(provider

of

solutions

and

services

to

facilitate

electronic

payment

transactions);

formerly,

Director,

Wintrust

Financial

Corporation

(1996-2016);

previously,

held

positions

at

Leap

Wireless

International,

Inc.

(consumer

wireless

services),

including

Consultant

(2011-2012),

Chief

Operating

Officer

(2008-2011),

and

Chief

Marketing

Officer

(2004-2008);

formerly,

President,

Verizon

Card

Services

division

of

Verizon

Communications,

Inc.

(2000-2003);

formerly,

President,

One

Point

Services

at

One

Point

Communications

(telecommunication

services)

(1999-2000);

formerly,

Vice

Chairman

of

the

Board,

Diba,

Incorporated

(internet

technology

provider)

(1996-1997);

formerly,

various

executive

positions

(1991-1996)

including

Chief

Executive

Officer

(1995-1996)

of

Zenith

Electronics

Corporation

(consumer

electronics).

132

John

K.

Nelson

1962

333

W.

Wacker

Drive

Chicago,

IL

60606

Trustee

2013

Member

of

Board

of

Directors

of

Core12

LLC.

(private

firm

which

develops

branding,

marketing

and

communications

strategies

for

clients)

(since

2008);

served

The

President’s

Council

of

Fordham

University

(2010-2019)

and

previously

a

Director

of

the

Curran

Center

for

Catholic

American

Studies

(2009-2018);

formerly,

senior

external

advisor

to

the

Financial

Services

practice

of

Deloitte

Consulting

LLP.

(2012-2014);

former

Chair

of

the

Board

of

Trustees

of

Marian

University

(2010-2014

as

trustee,

2011-2014

as

Chair);

formerly

Chief

Executive

Officer

of

ABN

AMRO

Bank

N.V.,

North

America,

and

Global

Head

of

the

Financial

Markets

Division

(2007-2008),

with

various

executive

leadership

roles

in

ABN

AMRO

Bank

N.V.

between

1996

and

2007.

132

119

Name,

Year

of

Birth

&

Address

Position(s)

Held

with

the

Funds

Year

First

Elected

or

Appointed

(1)

Principal

Occupation(s)

Including

other

Directorships

During

Past

5

Years

Number

of

Portfolios

in

Fund

Complex

Overseen

By

Trustee

Matthew

Thornton

III

1958

333

W.

Wacker

Drive

Chicago,

IL

60606

Trustee

2020

Formerly,

Executive

Vice

President

and

Chief

Operating

Officer

(2018-2019),

FedEx

Freight

Corporation,

a

subsidiary

of

FedEx

Corporation

(FedEx)

(provider

of

transportation,

e-commerce

and

business

services

through

its

portfolio

of

companies);

formerly,

Senior

Vice

President,

U.S.

Operations

(2006-2018),

Federal

Express

Corporation,

a

subsidiary

of

FedEx;

formerly

Member

of

the

Board

of

Directors

(2012-2018),

Safe

Kids

Worldwide®

(a

non-profit

organization

dedicated

to

preventing

childhood

injuries).

Member

of

the

Board

of

Directors

(since

2014),

The

Sherwin-Williams

Company

(develops,

manufactures,

distributes

and

sells

paints,

coatings

and

related

products);

Director

(since

2020),

Crown

Castle

International

(provider

of

communications

infrastructure).

132

Margaret

L.

Wolff

1955

333

W.

Wacker

Drive

Chicago,

IL

60606

Trustee

2016

Formerly,

member

of

the

Board

of

Directors

(2013-2017)

of

Travelers

Insurance

Company

of

Canada

and

The

Dominion

of

Canada

General

Insurance

Company

(each,

a

part

of

Travelers

Canada,

the

Canadian

operation

of

The

Travelers

Companies,

Inc.);

formerly,

Of

Counsel,

Skadden,

Arps,

Slate,

Meagher

&

Flom

LLP

(Mergers

&

Acquisitions

Group)

(legal

services)

(2005-2014);

Member

of

the

Board

of

Trustees

of

New

York-Presbyterian

Hospital

(since

2005);

Member

(since

2004)

formerly,

Chair

(2015-2022)

of

the

Board

of

Trustees

of

The

John

A.

Hartford

Foundation

(a

philanthropy

dedicated

to

improving

the

care

of

older

adults);

formerly,

Member

(2005-2015)

and

Vice

Chair

(2011-2015)

of

the

Board

of

Trustees

of

Mt.

Holyoke

College.

132

Robert

L.

Young

1963

333

W.

Wacker

Drive

Chicago,

IL

60606

Trustee

2017

Formerly,

Chief

Operating

Officer

and

Director,

J.P.

Morgan

Investment

Management

Inc.

(financial

services)

(2010-2016);

formerly,

President

and

Principal

Executive

Officer

(2013-2016),

and

Senior

Vice

President

and

Chief

Operating

Officer

(2005-2010),

of

J.P.

Morgan

Funds;

formerly,

Director

and

various

officer

positions

for

J.P.

Morgan

Investment

Management

Inc.

(formerly,

JPMorgan

Funds

Management,

Inc.

and

formerly,

One

Group

Administrative

Services)

and

JPMorgan

Distribution

Services,

Inc.

(financial

services)

(formerly,

One

Group

Dealer

Services,

Inc.)

(1999-2017).

132

Name,

Year

of

Birth

&

Address

Position(s)

Held

with

the

Funds

Year

First

Elected

or

Appointed

(2)

Principal

Occupation(s)

Including

other

Directorships

During

Past

5

Years

Officers

of

the

Funds:

Jordan

M.

Farris

1980

333

W.

Wacker

Drive

Chicago,

IL

60606

Chief

Administrative

Officer

2019

Managing

Director

(since

2017),

formerly

Vice

President

(2016-2017),

Head

of

Product

Management

and

Development,

ETFs,

Nuveen

Securities,

LLC;

Director,

Guggenheim

Funds

Distributors

(2013-2016).

Brett

E.

Black

1972

333

West

Wacker

Drive

Chicago,

IL

60606

Vice

President

and

Chief

Compliance

Officer

2022

Managing

Director,

Chief

Compliance

Officer

of

Nuveen

(since

2022);

formerly,

Vice

President

(2014-2022),

Chief

Compliance

Officer

and

Anti-Money

Laundering

Compliance

Officer(2017-2022),

Deputy

Chief

Compliance

Officer

(2014-2017)

of

BMO

Funds,

Inc.

Mark

J.

Czarniecki

1979

901

Marquette

Avenue

Minneapolis,

MN

55402

Vice

President

and

Secretary

2013

Managing

Director

(since

2022),

formerly,

Vice

President

(2016-2022),

and

Assistant

Secretary

(since

2016)

of

Nuveen

Securities,

LLC;

Managing

Director

(since

2022),

formerly,

Vice

President

(2017-2022)

and

Assistant

Secretary

(since

2017)

of

Nuveen

Fund

Advisors,

LLC;

Managing

Director

and

Associate

General

Counsel

(since

January

2022),

formerly,

Vice

President

and

Associate

General

Counsel

of

Nuveen

(2013-2021);

Managing

Director

(since

2022),

formerly,

Vice

President

(2018-2022),

Assistant

Secretary

and

Associate

General

Counsel

(since

2018)

of

Nuveen

Asset

Management,

LLC;

Managing

Director,

Associate

General

Counsel

and

Assistant

Secretary

of

Teachers

Advisors,

LLC

and

TIAA-CREF

Investment

Management,

LLC

(since

2023).

120

Trustees

and

Officers

(Unaudited)

(continued)

Name,

Year

of

Birth

&

Address

Position(s)

Held

with

the

Funds

Year

First

Elected

or

Appointed

(2)

Principal

Occupation(s)

Including

other

Directorships

During

Past

5

Years

Diana

R.

Gonzalez

1978

8500

Andrew

Carnegie

Blvd.

Charlotte,

NC

28262

Vice

President

and

Assistant

Secretary

2017

Vice

President

and

Assistant

Secretary

of

Nuveen

Fund

Advisors,

LLC

(since

2017);

Vice

President

and

Associate

General

Counsel

and

Assistant

Secretary

of

Nuveen

Asset

Management,

LLC

(since

2022);

Vice

President,

Associate

General

Counsel

and

Assistant

Secretary

of

Teachers

Advisors,

LLC

and

TIAA-CREF

Investment

Management,

LLC

(since

2023);

Vice

President

and

Associate

General

Counsel

of

Nuveen

(since

2017);

formerly,

Associate

General

Counsel

of

Jackson

National

Asset

Management

(2012-2017).

Nathaniel

T.

Jones

1979

333

W.

Wacker

Drive

Chicago,

IL

60606

Vice

President

and

Treasurer

2016

Senior

Managing

Director

(since

2021),

formerly,

Managing

Director

(2017-2021),

Senior

Vice

President

(2016-2017)

of

Nuveen;

Managing

Director

(since

2015)

of

Nuveen

Fund

Advisors,

LLC;

Chartered

Financial

Analyst.

Brian

H.

Lawrence

1982

8500

Andrew

Carnegie

Blvd.

Charlotte,

NC

28262

Vice

President

and

Assistant

Secretary

2023

Vice

President

and

Associate

General

Counsel

of

Nuveen

(since

2023);

Vice

President,

Associate

General

Counsel

and

Assistant

Secretary

(since

2023)

of

Teachers

Advisors,

LLC

and

TIAA-CREF

Investment

Management,

LLC;

formerly

Corporate

Counsel

of

Franklin

Templeton

(2018-2022).

Tina

M.

Lazar

1961

333

W.

Wacker

Drive

Chicago,

IL

60606

Vice

President

2002

Managing

Director

(since

2017),

formerly,

Senior

Vice

President

(2014-2017)

of

Nuveen

Securities,

LLC.

Brian

J.

Lockhart

1974

333

W.

Wacker

Drive

Chicago,

IL

60606

Vice

President

2019

Managing

Director

(since

2019)

of

Nuveen

Fund

Advisors,

LLC;

Senior

Managing

Director

(since

2021),

formerly,

Managing

Director

(2017-2021),

Vice

President

(2010-2017)

of

Nuveen;

Head

of

Investment

Oversight

(since

2017),

formerly,

Team

Leader

of

Manager

Oversight

(2015-2017);

Chartered

Financial

Analyst

and

Certified

Financial

Risk

Manager.

John

M.

McCann

1975

8500

Andrew

Carnegie

Blvd.

Charlotte,

NC

28262

Vice

President

and

Assistant

Secretary

2022

Managing

Director

(since

2021),

General

Counsel

and

Secretary

(since

2023),

formerly,

Assistant

Secretary

(2021-2023),

of

Nuveen

Fund

Advisors,

LLC;

Managing

Director,

Associate

General

Counsel

and

Assistant

Secretary

of

Nuveen

Asset

Management,

LLC

(since

2021);

Managing

Director

(since

2021)

and

Assistant

Secretary

(since

2016)

of

TIAA

SMA

Strategies

LLC;

Managing

Director

(since

2019,

formerly,

Vice

President

and

Director),

Associate

General

Counsel

and

Assistant

Secretary

of

College

Retirement

Equities

Fund,

TIAA

Separate

Account

VA-1,

TIAA-CREF

Funds

and

TIAA-CREF

Life

Funds;

Managing

Director

(since

2018),

formerly,

Vice

President

and

Director,

Associate

General

Counsel

and

Assistant

Secretary

of

Teachers

Insurance

and

Annuity

Association

of

America,

Teacher

Advisors

LLC

and

TIAA-CREF

Investment

Management,

LLC;

Managing

Director

(since

2022),

formerly,

Vice

President

(2017-2022),

Associate

General

Counsel

and

Assistant

Secretary

(since

2011)

of

Nuveen

Alternative

Advisors

LLC;

General

Counsel

and

Assistant

Secretary

of

Covariance

Capital

Management,

Inc.

(2014-2017).

Kevin

J.

McCarthy

1966

333

W.

Wacker

Drive

Chicago,

IL

60606

Vice

President

and

Assistant

Secretary

2007

Executive

Vice

President

(since

2022)

and

Secretary

and

General

Counsel

(since

2016)

of

Nuveen

Investments,

Inc.,

formerly,

Senior

Managing

Director

(2017-

2022);

Executive

Vice

President

(since

2023)

and

Assistant

Secretary

(since

2008)

of

Nuveen

Securities,

LLC,

formerly

Senior

Managing

Director

(2017-2023);

Executive

Vice

President

and

Assistant

Secretary

(since

2023)

of

Nuveen

Fund

Advisors,

LLC,

formerly,

Senior

Managing

Director

(2017-2023),

Secretary

(2016-

2023)

and

Co-General

Counsel

(2011-2020);

Executive

Vice

President

(since

2023)

and

Secretary

(since

2016)

of

Nuveen

Asset

Management,

LLC,

formerly,

Senior

Managing

Director

(2017-2023)

and

Associate

General

Counsel

(2011-2020);

Executive

Vice

President

(since

2021)

and

Secretary

(since

2023)

of

Teachers

Advisors,

LLC,

formerly,

General

Counsel

and

Assistant

Secretary

(2021-2023);

Executive

Vice

President

(since

2017)

and

Secretary

(since

2023)

of

TIAA-CREF

Investment

Management,

LLC,

formerly

General

Counsel

and

Assistant

Secretary

(2017-2023);

formerly,

Vice

President

(2007-2021)

and

Secretary

(2016-2021),

of

NWQ

Investment

Management

Company,

LLC

and

Santa

Barbara

Asset

Management,

LLC;

Vice

President

and

Secretary

of

Winslow

Capital

Management,

LLC

(since

2010);

Executive

Vice

President

(since

2023)

and

Secretary

(since

2016)

of

Nuveen

Alternative

Investments,

LLC,

formerly

Senior

Managing

Director

(2017-2023).

121

Name,

Year

of

Birth

&

Address

Position(s)

Held

with

the

Funds

Year

First

Elected

or

Appointed

(2)

Principal

Occupation(s)

Including

other

Directorships

During

Past

5

Years

Jon

Scott

Meissner

1973

8500

Andrew

Carnegie

Blvd.

Charlotte,

NC

28262

Vice

President

and

Assistant

Secretary

2019

Managing

Director,

Mutual

Fund

Tax

and

Expense

Administration

(since

2022),

formerly,

Managing

Director

of

Mutual

Fund

Tax

and

Financial

Reporting

groups

(2017-2022),

at

Nuveen;

Managing

Director

of

Nuveen

Fund

Advisors,

LLC

(since

2019);

Managing

Director

(since

2021),

formerly,

Senior

Director

(2016-2021),

of

Teachers

Advisors,

LLC

and

TIAA-CREF

Investment

Management,

LLC;

Managing

Director,

Mutual

Fund

Tax

and

Expense

Administration

(since

2022),

formerly,

Senior

Director

Mutual

Fund

Taxation

(2015-2022),

to

the

TIAA-CREF

Funds,

the

TIAA-CREF

Life

Funds,

the

TIAA

Separate

Account

VA-1

and

the

CREF

Accounts;

has

held

various

positions

with

TIAA

since

2004.

William

A.

Siffermann

1975

333

W.

Wacker

Drive

Chicago,

IL

60606

Vice

President

2017

Managing

Director

(since

2017),

formerly

Senior

Vice

President

(2016-2017)

of

Nuveen.

E.

Scott

Wickerham

1973

8500

Andrew

Carnegie

Blvd.                                     

Charlotte,

NC

28262

Vice

President

and

Controller

2019

Senior

Managing

Director,

Head

of

Public

Investment

Finance

of

Nuveen

(since

2019),

formerly,

Managing

Director;

Senior

Managing

Director

(since

2019)

of

Nuveen

Fund

Advisors,

LLC;

Senior

Managing

Director

(since

2022)

of

Nuveen

Asset

Management,

LLC;

Senior

Managing

Director

of

Teachers

Advisors,

LLC

(since

2021)

and

TIAA-CREF

Investment

Management,

LLC

(since

2016);

Principal

Financial

Officer,

Principal

Accounting

Officer

and

Treasurer

(since

2017)

of

the

TIAA-CREF

Funds,

the

TIAA-CREF

Life

Funds,

the

TIAA

Separate

Account

VA-1

and

the

Principal

Financial

Officer,

Principal

Accounting

Officer

(since

2020)

and

Treasurer

(since

2017)

to

the

CREF

Accounts;

has

held

various

positions

with

TIAA

since

2006.

Mark

L.

Winget

1968

333

W.

Wacker

Drive

Chicago,

IL

60606

Vice

President

and

Assistant

Secretary

2008

Vice

President

and

Assistant

Secretary

of

Nuveen

Securities,

LLC

(since

2008),

and

Nuveen

Fund

Advisors,

LLC

(since

2019);

Vice

President,

Associate

General

Counsel

and

Assistant

Secretary

of

Teachers

Advisors,

LLC

and

TIAA-CREF

Investment

Management,

LLC

(since

2023)

and

Nuveen

Asset

Management,

LLC(since

2020);

Vice

President

(since

2010)

and

Associate

General

Counsel

(since

2019)

of

Nuveen.

Rachael

Zufall

1973

8500

Andrew

Carnegie

Blvd.

Charlotte,

NC

28262

Vice

President

and

Assistant

Secretary

2022

Managing

Director

and

Assistant

Secretary

(since

2023)

of

Nuveen

Fund

Advisors,

LLC;

Managing

Director

(since

2017),

Associate

General

Counsel

and

Assistant

Secretary

(since

2014)

of

the

CREF

Accounts,

TIAA

Separate

Account

VA-1,

TIAA-

CREF

Funds

and

TIAA-CREF

Life

Funds;

Managing

Director

(since

2017),

Associate

General

Counsel

and

Assistant

Secretary

(since

2011)

of

Teachers

Advisors,

LLC

and

TIAA-CREF

Investment

Management,

LLC;

Managing

Director

of

Nuveen,

LLC

and

of

TIAA

(since

2017).

(1)

Trustees

serve

an

indefinite

term

until

his/her

successor

is

elected

or

appointed.

The

year

first

elected

or

appointed

represents

the

year

in

which

the

director

was

first

elected

or

appointed

to

any

fund

in

the

Nuveen

Fund

Complex.

(2)

Officers

serve

one

year

terms

through

August

of

each

year.

The

year

first

elected

or

appointed

represents

the

year

in

which

the

officer

was

first

elected

or

appointed

to

any

fund

in

the

Nuveen

Fund

Complex.

Nuveen

Securities,

LLC,

member

FINRA

and

SIPC

333

West

Wacker

Drive

Chicago,

IL

60606

www.nuveen.com

NAN-NSESG-1023P

3241315-INV-Y-12/24

Nuveen:

Serving

Investors

for

Generations

Since

1898,

financial

advisors

and

their

clients

have

relied

on

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to

provide

dependable

investment

solutions

through

continued

adherence

to

proven,

long-term

investing

principles.

Today,

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offer

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range

of

high

quality

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designed

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well-diversified

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meeting

investor

needs.

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investment

manager

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world’s

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specialist

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read

the

information

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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

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representative

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read

the

prospectus

carefully

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send

money.

Learn

more

about

Nuveen

Funds

at:

www.nuveen.com/exchange-traded-funds

NOT

FDIC

INSURED

MAY

LOSE

VALUE

NO

BANK

GUARANTEE

Funds

Exchange-Traded

Funds

Nuveen

Exchange-Traded

October

31,

2023

Annual

Report

Fund

Name

Listing

Exchange

Ticker

Symbol

Nuveen

Dividend

Growth

ETF

NYSE

Arca

NDVG

Nuveen

Growth

Opportunities

ETF

NYSE

Arca

NUGO

Nuveen

Small

Cap

Select

ETF

NYSE

Arca

NSCS

Nuveen

Winslow

Large-Cap

Growth

ESG

ETF

NYSE

Arca

NWLG

2

Table

of

Contents

Chair’s

Letter

to

Shareholders

3

Important

Notices

4

Portfolio

Managers’

Comments

5

Risk

Considerations

9

About

the

Funds’

Benchmarks

10

Fund

Performance,

Expense

Ratios

and

Holdings

Summaries

11

Expense

Examples

20

Report

of

Independent

Registered

Public

Accounting

Firm

22

Portfolios

of

Investments

24

Statement

of

Assets

and

Liabilities

34

Statement

of

Operations

35

Statement

of

Changes

in

Net

Assets

36

Financial

Highlights

38

Notes

to

Financial

Statements

40

Important

Tax

Information

46

Additional

Fund

Information

47

Glossary

of

Terms

Used

in

this

Report

49

Liquidity

Risk

Management

Program

50

Annual

Investment

Management

Agreement

Approval

Process

51

Trustees

and

Officers

58

Chair’s

Letter

to

Shareholders

3

Dear

Shareholders,

Financial

markets

spent

the

past

year

focused

on

the

direction

of

inflation

and

whether

policy

makers

would

be

able

to

deliver

a

soft

landing

in

their

economies.

After

more

than

a

year

and

a

half

of

interest

rate

increases

by

the

U.S.

Federal

Reserve

(Fed)

and

other

central

banks,

financial

conditions

have

tightened

and

inflation

rates

have

cooled

considerably.

The

Fed

increased

the

target

fed

funds

rate

from

near

zero

in

March

2022

to

a

range

of

5.25%

to

5.50%

as

of

November

2023,

with

pauses

in

June

2023,

September

2023

and

November

2023.

But

current

inflation

rates

remain

above

central

banks’

targets,

and

the

trajectory

from

here

is

difficult

to

predict

given

that

monetary

policy

acts

on

the

economy

with

long

and

variable

lags.

Surprisingly,

economies

were

relatively

resilient

for

much

of

2023.

By

year-end,

the

“most

predicted

recession”

had

yet

to

materialize

in

the

U.S.,

while

U.K.

and

European

economic

growth

was

just

beginning

to

show

signs

of

stagnation

or

decline.

U.S.

gross

domestic

product

rose

5.2%

in

the

third

quarter

of

2023,

2.1%

in

the

second

quarter

of

2023

and

2.0%

in

the

first

quarter

of

2023,

after

growing

2.1%

in

2022

overall

compared

to

2021.

Much

of

the

growth

was

driven

by

a

relatively

strong

jobs

market,

which

kept

consumer

sentiment

and

spending

elevated

despite

long-term

interest

rates

nearing

multi-year

highs,

a

series

of

U.S.

regional

bank

failures

and

shocks

from

flaring

geopolitical

tensions.

While

central

banks

are

likely

nearing

the

end

of

this

interest

rate

hiking

cycle,

there

are

still

upside

risks

to

inflation

and

downside

risks

to

the

economy.

Some

labor

market

and

consumer

indicators

are

softening.

Government

funding

and

deficits

remain

a

concern,

especially

as

the

U.S.

election

year

gets

underway.

The

markets

will

continue

to

try

to

anticipate

monetary

policy

shifts

as

the

Fed

evaluates

incoming

data

and

adjusts

its

rate

setting

activity

on

a

meeting-

by-meeting

basis.

Geopolitical

risks

–

from

relations

with

China,

to

wars

in

Europe

and

the

Middle

East

–

also

expand

the

range

of

outcomes

from

economies

and

markets

around

the

world.

All

these

uncertainties,

and

others,

will

remain

sources

of

short-term

market

volatility.

In

this

environment,

Nuveen

remains

committed

to

filtering

the

market

noise

for

investable

opportunities

that

ultimately

serve

long-term

investment

objectives.

Maintaining

a

long-term

perspective

is

also

important

for

investors,

and

we

encourage

you

to

review

your

time

horizon,

risk

tolerance

and

investment

goals

with

your

financial

professional.

On

behalf

of

the

other

members

of

the

Nuveen

Fund

Board,

we

look

forward

to

continuing

to

earn

your

trust

in

the

months

and

years

ahead.

Terence

J.

Toth

Chair

of

the

Board

December 22,

2023

4

Important

Notices

Securities

and

Exchange

Commission

(the

“SEC”)

Adopts

Amendments

for

Tailored

Shareholder

Reports

On

October

26,

2022,

the

SEC

adopted

rule

and

form

amendments

(the

“Amendments”)

that

require

mutual

funds

and

exchange-

traded

funds

registered

on

Form

N-1A

to

provide

shareholders

with

streamlined

annual

and

semi-annual

shareholder

reports

(“Tailored

Shareholder

Reports”).

Tailored

Shareholder

Reports

are

meant

to

be

three

to

four

pages

in

length

and

will

highlight

key

information

such

as

a

fund’s

expenses,

performance

and

portfolio

holdings.

Other,

more

detailed

information

that

currently

appears

in

fund

shareholder

reports

will

be

made

available

online,

filed

with

the

SEC,

and

delivered

to

investors

free

of

charge

in

paper

or

electronically

upon

request.

The

first

Tailored

Shareholder

Reports

to

be

prepared

for

these

Funds

will

be

for

the

reporting

period

ended

October

31,

2024.

Portfolio

Manager

Update

for

Nuveen

Winslow

Large-Cap

Growth

ESG

ETF

(NWLG)

Effective

March

21,

2023,

Steven

Hamill,

CFA,

Senior

Managing

Director

and

Portfolio

Manager,

has

been

added

as

a

portfolio

manager.

There

were

no

other

changes

to

the

portfolio

management

of

the

Fund

during

the

reporting

period.

Events

that

Occurred

Subsequent

to

the

Reporting

Period

Nuveen

Growth

Opportunities

ETF

(NUGO)

Transitions

from

Semi-Transparent

to

Fully

Transparent

Effective

November

1,

2023,

NUGO

completed

its

transition

from

semi-transparent

to

fully

transparent.

Semi-transparent

ETFs

disclose

their

full

portfolio

of

securities

monthly

while

fully

transparent

ETFs

disclose

their

full

portfolio

of

securities

each

day.

There

were

no

significant

changes

to

NUGO’s

investment

process

or

philosophy

as

a

result

of

this

transition.

However,

moving

to

fully

transparent

will

allow

the

portfolio

managers

to

invest

in

security

types

that

were

otherwise

prohibited

under

the

semi-transparent

structure.

This

provides

the

portfolio

management

team

greater

flexibility

in

executing

their

strategy

and

meeting

the

investment

objective.

For

additional

information

regarding

the

unique

attributes

and

risks

of

this

ETF,

please

refer

to

the

Fund’s

prospectus

and/

or

statement

of

additional

information

at

https://www.nuveen.com/en-us/exchange-traded-funds.

Portfolio

Managers’

Comments

5

Nuveen

Dividend

Growth

ETF

(NDVG)

Nuveen

Growth

Opportunities

ETF

(NUGO)

Nuveen

Small

Cap

Select

ETF

(NSCS)

Nuveen

Winslow

Large-Cap

Growth

ESG

ETF

(NWLG)

The

Nuveen

Dividend

Growth

ETF

(NDVG),

Nuveen

Growth

Opportunities

ETF

(NUGO)

and

Nuveen

Small

Cap

Select

ETF

(NSCS)

feature

portfolio

management

by

Nuveen

Asset

Management,

LLC

(NAM),

an

affiliate

of

Nuveen

Fund

Advisors,

LLC,

the

Funds’

investment

adviser.

Portfolio

managers

for

NDVG

include

David

Park,

CFA,

and

David

Chalupnik,

CFA.

Portfolio

managers

for

NUGO

include

Karen

Hiatt,

CFA,

and

Terrence

Kontos,

CFA.

Gregory

Ryan,

CFA,

and

Jon

Loth,

CFA,

are

the

portfolio

managers

for

NSCS.

The

Nuveen

Winslow

Large-Cap

Growth

ESG

ETF

(NWLG)

features

portfolio

management

by

Winslow

Capital

Management,

LLC

(“Winslow

Capital”),

an

affiliate

of

Nuveen

Fund

Advisors,

LLC,

the

Fund’s

investment

adviser.

Justin

Kelly,

CFA,

Patrick

Burton,

CFA,

Stephan

Petersen

and

Steven

Hamill,

CFA,

are

the

portfolio

managers

for

NWLG.

Effective

March

21,

2023,

Steven

Hamill,

Senior

Managing

Director,

Portfolio

Manager

and

Analyst

at

Winslow

Capital

Management,

LLC,

was

added

as

a

portfolio

manager

of

the

Nuveen

Winslow

Large-Cap

Growth

ESG

ETF

(NWLG).

Justin

Kelly,

Patrick

Burton

and

Stephan

Petersen

continue

to

serve

as

portfolio

managers

for

the

Fund.

Here

the

portfolio

management

teams

discuss

U.S.

economic

and

financial

market

conditions,

key

investment

strategies

and

the

Funds’

performance

for

the

twelve-month

reporting

period

ended

October

31,

2023.

For

more

information

on

the

Funds’

investment

objectives,

policies

and

characteristics

on

actively

managed,

semi-transparent

ETFs,

please

refer

to

each

Fund’s

prospectus.

What

factors

affected

the

U.S.

economy

and

market

conditions

during

the

twelve-month

reporting

period

ended

October

31,

2023?

The

U.S.

economy

performed

better

than

expected

despite

persistent

inflationary

pressure

and

rising

interest

rates

during

the

twelve-month

period

ended

October

31,

2023.

Gross

domestic

product

accelerated

sharply

in

third

quarter

of

2023

to

an

annualized

rate

of

5.2%,

according

to

the

U.S.

Bureau

of

Economic

Analysis

second

estimate,

up

from

2.1%

in

the

second

quarter

of

2023.

By

comparison,

GDP

grew

2.1%

in

2022

overall.

Early

in

the

reporting

period,

inflation

had

risen

sharply

because

of

supply

chain

disruptions

and

high

food

and

energy

prices,

the

Russia-Ukraine

war

and

China’s

zero-COVID

restrictions

(lifted

in

December

2022).

Since

then,

price

pressures

have

eased

given

normalization

in

supply

chains,

falling

energy

prices

and

aggressive

measures

by

the

U.S.

Federal

Reserve

(Fed)

and

other

global

central

banks

to

tighten

financial

conditions

and

slow

demand

in

their

economies.

Nevertheless,

during

the

reporting

period

inflation

levels

remained

much

higher

than

central

banks’

target

levels.

The

Fed

raised

its

target

fed

funds

rate

six

times

during

the

reporting

period,

bringing

it

to

a

range

of

5.25%

to

5.50%

as

of

July

2023

and

voting

to

hold

it

at

that

level

at

its

next

two

meetings

held

near

the

end

of

the

reporting

period.

For

much

of

the

reporting

period,

the

Fed’s

activity

led

to

significant

volatility

in

bond

and

stock

markets,

given

the

uncertainty

of

how

rising

interest

rates

would

affect

the

economy.

One

of

the

most

highly

visible

impacts

occurred

in

the

U.S.

regional

banking

sector

in

March

2023,

when

Silicon

Valley

Bank,

Signature

Bank,

First

Republic

Bank

and

Silvergate

Bank

failed.

In

the

same

month,

Swiss

bank

UBS

agreed

to

buy

Credit

Suisse,

which

was

considered

vulnerable

in

the

current

environment.

The

Fed’s

monetary

tightening

policy

also

contributed

to

an

increase

in

the

U.S.

dollar’s

value

relative

to

major

world

currencies,

which

acts

as

a

headwind

to

the

profits

of

international

companies

and

U.S.

domestic

companies

with

overseas

earnings.

During

the

reporting

period,

elevated

inflation

and

higher

borrowing

costs

weighed

on

some

segments

of

the

economy,

including

the

real

estate

market.

Consumer

spending,

however,

has

remained

more

resilient

than

expected,

in

part

because

of

a

still-strong

labor

market,

another

key

gauge

of

the

economy’s

health.

As

of

October

2023,

the

unemployment

rate

was

3.9%,

rising

from

its

pre-

pandemic

low,

with

monthly

job

growth

continuing

to

moderate.

The

strong

labor

market

and

wage

gains

helped

the

U.S.

economy

during

the

reporting

period,

even

as

the

Fed

sought

to

soften

job

growth

to

help

curb

inflation

pressures.

During

the

reporting

period,

investors

also

continued

to

monitor

government

funding

and

deficits.

The

U.S.

government

avoided

a

default

scenario

after

approving

an

increase

to

the

debt

ceiling

limit

in

June

2023.

At

the

same

time,

the

potential

for

a

government

shutdown

loomed

but

was

ultimately

avoided

with

funding

resolutions

passed

in

September

2023

and,

subsequent

to

the

close

of

the

reporting

period,

November

2023.

Notably,

in

August

2023,

rating

agency

Fitch

downgraded

U.S.

debt

from

AAA

to

AA+

based

on

concerns

about

the

U.S.’s

growing

fiscal

debt

and

reduced

confidence

in

fiscal

management.

Portfolio

Managers’

Comments

(continued)

6

Equity

markets

experienced

strong

growth

during

the

reporting

period.

Although

the

Fed

continued

to

raise

interest

rates,

investors

started

to

factor

in

a

nearer-term

end

to

the

tightening

cycle.

The

longer

duration

of

growth

equities’

free

cash

flow

generation

positioned

them

as

key

beneficiaries

of

interest

rate

stabilization.

In

addition,

growth

equities

benefited

from

attractive

starting

point

valuations

after

the

market

sell-off

in

2022,

a

renewed

focus

on

corporate

spending

efficiency

and

enthusiasm

for

generative

artificial

intelligence’s

(AI)

ability

to

drive

innovation

and

productivity

gains.

Nuveen

Dividend

Growth

ETF

(NDVG)

What

key

strategies

were

used

to

manage

the

Fund

during

the

twelve-month

reporting

period

ended

October

31,

2023?

NDVG

seeks

an

attractive

total

return

comprised

of

income

from

dividends

and

long-term

capital

appreciation

focusing

on

high

quality,

mid-

to

large-cap

companies

with

the

potential

for

sustainable

dividend

growth.

NDVG

is

an

actively

managed,

semi-

transparent

ETF,

which

offers

investors

an

additional

vehicle

to

access

the

firm’s

equity

capabilities,

while

maintaining

the

potential

benefits

of

the

traditional

ETF

structure,

including

tax-efficiency

and

daily

liquidity.

Investment

decisions

are

actively

made

by

portfolio

managers

with

the

goal

of

outperforming

the

benchmark

index.

How

did

the

Fund

perform

during

the

twelve-month

reporting

period

ended

October

31,

2023?

NDVG

significantly

underperformed

the

S&P

500®

Index

during

the

twelve-month

reporting

period

ended

October

31,

2023.

For

purposes

of

this

Performance

Commentary,

references

to

relative

performance

are

in

comparison

to

the

S&P

500®

Index.

During

the

reporting

period,

a

narrow

group

of

more

volatile

and

non-dividend

paying

companies

significantly

outperformed

the

S&P

500®

Index,

particularly

in

the

information

technology

and

communication

services

sectors.

This

created

a

performance

headwind

for

the

Fund,

which

remained

focused

on

investing

in

higher

quality

companies

with

the

potential

for

dividend

growth

and

maintaining

a

lower

risk

profile

versus

the

S&P

500®

Index.

The

largest

detractor

from

the

Fund’s

relative

performance

during

the

reporting

period

was

security

selection

in

the

information

technology

sector.

In

particular,

the

Fund’s

lack

of

exposure

to

chipmaker

NVIDIA

Corporation

detracted.

NVIDIA

was

the

top-performing

stock

in

the

sector

and

represents

a

large

weight

in

the

benchmark.

NVIDIA

does

not

meet

the

Fund’s

investment

criteria

given

the

company’s

lack

of

dividend

growth

and

its

volatility

above

the

Fund’s

typical

range.

Additionally,

the

Fund’s

underweight

to

the

communication

services

sector

detracted

from

relative

performance,

particularly

the

Fund’s

lack

of

exposure

to

Meta

Platforms

Inc.,

the

top-performing

stock

in

the

sector

and

another

large

weight

in

the

benchmark.

The

company

pays

no

dividend

and

therefore

does

not

meet

the

Fund’s

investment

criteria.

Security

selection

also

detracted

in

the

financials

sector,

including

a

position

in

financial

services

provider

Charles

Schwab

Corporation.

The

stock

underperformed

because

of

concerns

surrounding

the

company’s

profitability

and

earnings

as

clients

moved

money

into

higher-yielding

offerings.

Investors

also

worried

about

the

impact

higher

interest

rates

would

have

on

funding

costs

and

unrealized

losses

in

the

company’s

securities

portfolio.

Charles

Schwab

is

still

held

in

the

portfolio

because

recent

signs

point

to

an

end

of

the

Fed’s

interest

rate

hiking

campaign,

which

may

dispel

some

of

these

pressures.

Partially

offsetting

the

Fund’s

underperformance

was

security

selection

in

the

industrials

sector,

led

by

a

position

in

Eaton

Corporation,

a

manufacturer

of

power

management

solutions

for

a

broad

array

of

end

markets.

The

company

is

benefiting

from

pricing

and

productivity

initiatives

as

recent

financial

results

exceeded

estimates

for

organic

revenue,

operating

margin,

and

adjusted

earnings

per

share.

Eaton

also

continues

to

experience

robust

end-market

growth

for

its

electrical

business,

with

management

raising

2023

guidance

based

on

the

company’s

substantial

backlog

growth

and

new

business

wins.

The

Fund

continued

to

maintain

a

position

in

Eaton.

Nuveen

Growth

Opportunities

ETF

(NUGO)

What

key

strategies

were

used

to

manage

the

Fund

during

the

twelve-month

reporting

period

ended

October

31,

2023?

NUGO

seeks

long-term

capital

appreciation

through

a

concentrated

growth

portfolio

that

primarily

invests

in

high-quality

U.S.

companies

with

market

capitalizations

of

at

least

$1

billion

that

exhibit

potential

for

attractive

earnings

growth,

strong

relative

valuation,

attractive

cash

flows,

and

significant

long-term

returns.

NUGO

is

an

actively

managed,

semi-transparent

ETF,

which

offers

investors

an

additional

vehicle

to

access

the

firm’s

equity

capabilities,

while

maintaining

the

potential

benefits

of

the

traditional

ETF

structure,

including

tax-efficiency

and

daily

liquidity.

Investment

decisions

are

actively

made

by

portfolio

managers

with

the

goal

of

outperforming

the

benchmark

index.

7

How

did

the

Fund

perform

during

the

twelve-month

reporting

period

ended

October

31,

2023?

NUGO

significantly

outperformed

the

Russell

1000®

Growth

Index

during

the

twelve-month

reporting

period

ended

October

31,

2023.

For

purposes

of

this

Performance

Commentary,

references

to

relative

performance

are

in

comparison

to

the

Russell

1000®

Growth

Index.

The

Fund’s

outperformance

was

driven

by

security

selection

in

the

information

technology

sector,

led

by

a

position

in

chipmaker

NVIDIA

Corporation,

the

top-performing

stock

in

the

sector

and

an

overweight

in

the

Fund.

NVIDIA

shares

advanced

after

the

company

reported

several

consecutive

quarters

of

earnings

that

significantly

exceeded

consensus

expectations,

largely

fueled

by

the

demand

for

generative

artificial

intelligence

(AI).

The

data

center

industry

has

benefited

from

significant

infrastructure

investment

in

recent

years,

leading

NVIDIA’s

management

to

issue

a

strong

growth

outlook

beyond

2023.

The

Fund

continues

to

own

NVIDIA.

Also

in

the

technology

sector,

global

semiconductor

and

software

infrastructure

company

Broadcom

Inc.

contributed

to

relative

performance

during

the

reporting

period.

Broadcom’s

management

team

provided

a

favorable

update

on

its

investment

in

AI

and

announced

a

new

multibillion-dollar

agreement

with

Apple

Inc.

The

Fund

maintains

a

position

in

Broadcom.

The

Fund’s

relative

performance

was

also

aided

by

security

selection

in

the

health

care

sector,

led

by

pharmaceutical

company

Horizon

Therapeutics

Plc.

In

December

2022,

the

company

agreed

to

be

acquired

by

Amgen

Inc.

for

a

substantial

premium

to

its

price

prior

to

the

merger

rumors,

causing

the

stock

price

to

increase.

Following

the

stock

advance,

the

Fund

exited

Horizon

Therapeutics.

Additionally,

within

the

health

care

sector,

the

Fund

benefited

from

its

emphasis

on

the

accelerating

demand

for

the

new

glucagon-like

peptide

1

(GLP-1)

obesity

drugs

through

its

ongoing

investments

in

Eli

Lilly

and

Company

and

Novo

Nordisk

A/S.

While

security

selection

in

the

health

care

sector

contributed

to

relative

performance

overall,

an

overweight

to

the

sector

served

to

partially

offset

strong

selection.

In

addition,

an

overweight

to

the

weaker-performing

energy

sector

also

detracted

from

relative

performance.

Nuveen

Small

Cap

Select

ETF

(NSCS)

What

key

strategies

were

used

to

manage

the

Fund

during

the

twelve-month

reporting

period

ended

October

31,

2023?

NSCS

seeks

to

provide

capital

appreciation

through

buying

companies

trading

at

a

discount

to

their

intrinsic

value

only

when

a

forthcoming

catalyst

is

apparent.

NSCS

is

an

actively

managed,

semi-transparent

ETF,

which

offers

investors

an

additional

vehicle

to

access

the

firm’s

equity

capabilities,

while

maintaining

the

potential

benefits

of

the

traditional

ETF

structure,

including

tax-efficiency

and

daily

liquidity.

Investment

decisions

are

actively

made

by

portfolio

managers

with

the

goal

of

outperforming

the

benchmark

index.

How

did

the

Fund

perform

during

the

twelve-month

reporting

period

ended

October

31,

2023?

NSCS

significantly

outperformed

the

Russell

2000®

Index

during

the

twelve-month

reporting

period

ended

October

31,

2023.

For

purposes

of

this

Performance

Commentary,

references

to

relative

performance

are

in

comparison

to

the

Russell

2000®

Index.

The

Fund’s

relative

performance

was

driven

by

favorable

security

selection

in

the

industrials

sector,

led

by

Kratos

Defense

&

Security

Solutions,

Inc.,

a

producer

of

unmanned

aerial

drones

and

satellite

communications

systems.

Kratos

Defense

&

Security

shares

were

driven

higher

as

the

company

provided

a

solid

fourth-quarter

earnings

report

that

included

strong

earnings

growth,

healthy

guidance

for

2023,

and

strong

demand

for

its

products.

The

Fund

continues

to

maintain

this

position.

Also

in

the

industrials

sector,

Comfort

Systems

USA,

Inc.,

an

electrical,

heating,

ventilation,

and

air

conditioner

contractor,

contributed

to

relative

performance.

The

company

benefited

from

inflation

and

reshoring,

which

have

led

to

strong

order

and

backlog

trends.

The

company

is

seeing

notable

growth

from

manufacturing

and

datacenter

construction

projects

and

posted

several

quarterly

earnings

beats

and

increased

guidance.

The

Fund

continues

to

hold

a

position

in

Comfort

Systems.

Security

selection

in

the

health

care,

financials,

and

consumer

staples

sectors

also

contributed

to

relative

performance.

A

top

contributor

in

the

consumer

staples

sector

was

protein

product

maker

BellRing

Brands

Inc.

The

company

is

experiencing

strong

consumption

growth

across

its

product

lines,

with

total

distribution

reaching

all-time

highs

during

the

reporting

period.

BellRing’s

products

are

also

benefiting

from

synergies

gained

from

the

growing

usage

of

glucagon-like

peptide

1

(GLP-1)

obesity

drugs

in

2023.

The

Fund

continues

to

own

BellRing

Brands.

Partially

offsetting

the

Fund’s

outperformance

was

unfavorable

security

selection

in

the

consumer

discretionary

and

information

technology

sectors.

The

Fund’s

most

notable

detractor

was

technology

company

Impinj,

Inc.,

a

manufacturer

of

radio

frequency

Portfolio

Managers’

Comments

(continued)

8

identification

readers

and

sensor

endpoints

used

for

retail

tracking

and

inventory

management.

Impinj

shares

were

pressured

by

the

delayed

implementation

of

a

major

contract

for

a

logistics

provider,

followed

by

intensive

pressures

in

retail

and

inventory

destocking

that

the

portfolio

management

team

believes

may

take

time

to

resolve.

The

Fund

exited

Impinj

during

the

reporting

period.

Nuveen

Winslow

Large-Cap

Growth

ESG

ETF

(NWLG)

What

key

strategies

were

used

to

manage

the

Fund

during

the

twelve-month

reporting

period

ended

October

31,

2023?

NWLG

seeks

to

provide

long-term

capital

appreciation

by

investing

in

equity

securities

of

U.S.

companies

with

market

capitalization

in

excess

of

$4

billion

at

the

time

of

purchase,

with

above-average

earnings

growth

potential

that

demonstrate

sustainable

environmental,

social

and

governance

(ESG)

characteristics.

NWLG

is

an

actively

managed,

semi-transparent

ETF,

which

offers

investors

an

additional

vehicle

to

access

the

firm’s

equity

capabilities,

while

maintaining

the

potential

benefits

of

the

traditional

ETF

structure,

including

tax-efficiency

and

daily

liquidity.

Investment

decisions

are

actively

made

by

portfolio

managers

with

the

goal

of

outperforming

the

benchmark

index.

How

did

the

Fund

perform

during

the

twelve-month

reporting

period

ended

October

31,

2023?

NWLG

outperformed

the

Russell

1000®

Growth

Index

during

the

twelve-month

reporting

period

ended

October

31,

2023.

For

purposes

of

this

Performance

Commentary,

references

to

relative

performance

are

in

comparison

to

the

Russell

1000®

Growth

Index.

During

the

reporting

period,

the

primary

contributor

to

the

Fund’s

relative

performance

was

stock

selection

in

the

consumer

discretionary

and

health

care

sectors.

The

largest

individual

contributors

to

the

Fund’s

relative

performance

were

Abiomed,

Inc.,

NVIDIA

Corp.

and

ServiceNow

Inc.

Innovative

cardiovascular

medical

device

company

Abiomed,

Inc.

was

the

top

contributor

during

the

reporting

period

after

Johnson

&

Johnson

announced

its

intent

to

buy

the

company

at

a

51%

premium

during

the

fourth

quarter

of

2022.

The

position

was

sold

on

the

news.

Semiconductor

company

NVIDIA

Corp.

experienced

rising

demand

for

its

semiconductors

and

software

solutions

as

a

wide

range

of

customers

seek

to

leverage

AI

in

their

businesses.

The

company

has

implemented

robust

talent

initiatives

and

portfolio

management

believes

it

is

well-positioned

to

capitalize

on

clean

technology

opportunities.

The

Fund

maintains

its

exposure

to

NVIDIA

Corp.

ServiceNow

Inc.

was

also

a

key

contributor

given

its

position

as

a

leader

in

the

IT

service

management

category,

a

quintessential

tool

as

companies

continue

to

digitize

their

workflows.

The

Fund

maintains

exposure

to

ServiceNow

Inc.

Partially

offsetting

the

Fund’s

outperformance

were

sector

allocation

and

stock

selection

in

the

communication

services

sector

and

stock

selection

in

the

information

technology

sector.

UnitedHealth

Group

Inc.

and

Dollar

Tree

Inc.

were

the

largest

individual

detractors

from

relative

performance.

UnitedHealth

Group

Inc.

detracted

as

managed

care

margins

have

been

negatively

impacted

by

the

surging

post-Covid

patient

demand

for

procedures,

doctors’

visits

and

pharmaceuticals.

UnitedHealth

Group

remains

in

the

Fund’s

portfolio

because

the

portfolio

management

team

believes

the

services

business

unit,

Optum,

will

drive

future

growth.

Discount

retailer

Dollar

Tree

Inc.

noted

that

increased

margin

pressure

may

dampen

earnings

growth

going

forward,

and

the

position

was

sold.

This

material

is

not

intended

to

be

a

recommendation

or

investment

advice,

does

not

constitute

a

solicitation

to

buy,

sell

or

hold

a

security

or

an

investment

strategy,

and

is

not

provided

in

a

fiduciary

capacity.

The

information

provided

does

not

take

into

account

the

specific

objectives

or

circumstances

of

any

particular

investor,

or

suggest

any

specific

course

of

action.

Investment

decisions

should

be

made

based

on

an

investor’s

objectives

and

circumstances

and

in

consultation

with

his

or

her

advisors.

Certain

statements

in

this

report

are

forward-looking

statements.

Discussions

of

specific

investments

are

for

illustration

only

and

are

not

intended

as

recommendations

of

individual

investments.

The

forward-looking

statements

and

other

views

expressed

herein

are

those

of

the

portfolio

managers

as

of

the

date

of

this

report.

Actual

future

results

or

occurrences

may

differ

significantly

from

those

anticipated

in

any

forward-looking

statements

and

the

views

expressed

herein

are

subject

to

change

at

any

time,

due

to

numerous

market

and

other

factors.

The

Funds

disclaim

any

obligation

to

update

publicly

or

revise

any

forward-looking

statements

or

views

expressed

herein.

Refer

to

the

Glossary

of

Terms

Used

in

this

Report

for

further

definition

of

the

terms

used

within

this

section.

Risk

Considerations

9

Nuveen

Dividend

Growth

ETF

(NDVG)

Investing

involves

risk;

principal

loss

is

possible.

There

is

no

guarantee

the

Fund’s

investment

objectives

will

be

achieved.

Dividend

paying

stocks,

such

as

those

held

by

the

Fund,

are

subject

to

market

risk,

concentration

or

sector

risk,

preferred

security

risk,

and

common

stock

risk.

Smaller

company

stocks

are

subject

to

greater

volatility.

Foreign

investments

involve

additional

risks

including

currency

fluctuations,

political

and

economic

instability,

and

lack

of

liquidity.

These

and

other

risk

considerations

are

described

in

detail

in

the

Fund’s

prospectus.

Nuveen

Growth

Opportunities

ETF

(NUGO)

Investing

involves

risk;

principal

loss

is

possible.

There

is

no

guarantee

the

Fund’s

investment

objectives

will

be

achieved.

Large

companies

are

more

mature

and

may

grow

more

slowly

than

the

overall

market.

Growth

stocks

tend

to

be

more

volatile

than

other

equities

and

can

experience

sharp

price

declines.

Non-U.S.

investments

involve

risks

such

as

currency

fluctuation,

political

and

economic

instability,

lack

of

liquidity

and

differing

legal

and

accounting

standards.

These

and

other

risk

considerations,

such

as

active

management,

issuer,

mid-cap,

and

style

risks

of

growth

investing,

are

described

in

detail

in

the

Fund’s

prospectus.

Nuveen

Small

Cap

Select

ETF

(NSCS)

Investing

involves

risk;

principal

loss

is

possible.

There

is

no

guarantee

the

Fund’s

investment

objectives

will

be

achieved.

Investments

in

smaller

companies

are

subject

to

greater

volatility

than

those

of

larger

companies.

Non-U.S.

investments

involve

risks

such

as

currency

fluctuation,

political

and

economic

instability,

lack

of

liquidity

and

differing

legal

and

accounting

standards.

These

risks

are

magnified

in

emerging

markets.

These

and

other

risk

considerations,

such

as

derivatives

and

growth

stock

risks,

are

described

in

the

Fund’s

prospectus.

Nuveen

Winslow

Large-Cap

Growth

ESG

ETF

(NWLG)

Investing

involves

risk;

principal

loss

is

possible.

There

is

no

guarantee

the

Fund’s

investment

objectives

will

be

achieved.

Because

the

Fund’s

Environmental

Social

Governance

(ESG)

investment

strategy

may

exclude

securities

of

certain

issuers

for

non-financial

reasons,

the

Fund

may

forgo

some

market

opportunities

available

to

funds

that

don’t

use

an

ESG

investment

strategy.

Prices

of

equity

securities

may

decline

significantly

over

short

or

extended

periods

of

time.

Growth

stocks

tend

to

be

more

volatile

than

certain

other

types

of

stocks

and

their

prices

usually

fluctuate

more

dramatically

than

the

overall

stock

market.

Non-U.S.

investments

involve

risks

such

as

currency

fluctuation,

political

and

economic

instability,

lack

of

liquidity

and

differing

legal

and

accounting

standards.

These

and

other

risk

considerations,

such

as

active

management

and

growth

stock

risks,

are

described

in

detail

in

the

Fund’s

prospectus.

10

About

the

Funds’

Benchmarks

Russell

1000®

Growth

Index:

An

index

designed

to

measure

the

performance

of

the

large-cap

growth

segment

of

the

U.S.

equity

universe.

It

includes

those

Russell

1000®

companies

higher

price-to-book

ratios

and

higher

forecasted

growth

values.

The

index

returns

assume

reinvestment

of

distributions,

but

do

not

reflect

any

applicable

sales

charges

or

management

fees.

Russell

2000®

Index:

An

index

designed

to

measure

the

performance

of

the

small-cap

segment

of

the

U.S.

equity

universe.

The

index

returns

assume

reinvestment

of

distributions,

but

do

not

reflect

any

applicable

sales

charges

or

management

fees.

S&P

500®

Index:

An

index

generally

considered

representative

of

the

U.S.

equity

market.

The

index

includes

500

leading

companies

and

covers

approximately

80%

of

available

market

capitalization.

The

index

returns

assume

reinvestment

of

distributions,

but

do

not

reflect

any

applicable

sales

charges

or

management

fees.

Fund

Performance,

Expense

Ratios

and

Holdings

Summaries

11

The

Fund

Performance,

Expense

Ratios

and

Holdings

Summaries

for

each

Fund

are

shown

within

this

section

of

the

report.

Fund

Performance

Performance

data

shown

represents

past

performance

and

does

not

predict

or

guarantee

future

results

.

Investment

returns

and

principal

value

will

fluctuate

so

that

when

shares

are

sold,

they

may

be

worth

more

or

less

than

their

original

cost.

Current

performance

may

be

higher

or

lower

than

the

performance

shown.

Returns

quoted

for

the

Funds

reflect

management

fees

and

other

expenses

such

as

transaction

costs

incurred

by

the

Funds

during

the

reporting

period

while

the

Indexes

are

unmanaged

and

therefore

returns

do

not

reflect

any

such

fees

and

expenses.

Total

returns

for

a

period

of

less

than

one

year

are

not annualized

(i.e.

cumulative

returns).

Returns

assume

reinvestment

of

dividends

and

capital

gains.

Market

price

returns

are

based

on

the

closing

market

price

as

of

the

end

of

the

reporting

period.

For

performance

current

to

the

most

recent

month-end

visit

nuveen.com

or

call

(800)

257-8787.

Returns

do

not

reflect

the

deduction

of

taxes

that

a

shareholder

would

pay

on

Fund

distributions

or

the

sale

of

Fund

shares.

Expense

Ratios

The

expense

ratios

shown

are

as

of each

Fund’s

most

recent

prospectus.

The

expense

ratios

shown

reflect

total

operating

expenses including

management

fees

and

other

fees

and

expenses

but

do

not

reflect

expected

transaction

costs.

Refer

to

the

Financial

Highlights

later

in

this

report

for each

Fund’s

expense

ratios

as

of

the

end

of

the

reporting

period.

Holdings

Summaries

The

Holdings

Summaries

data

relates

to

the

securities

held

in

each

Fund’s

portfolio

of

investments

as

of

the

end

of

this

reporting

period.

It

should

not

be

construed

as

a

measure

of

performance

for

the

Fund

itself.

Holdings

are

subject

to

change.

Refer

to

the

Fund’s

Portfolio

of

Investments

for

individual

security

information. 

12

Nuveen

Dividend

Growth

ETF

(NDVG)

(continued)

Fund

Performance,

Expense

Ratios

and

Holdings

Summaries

October

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

S&P

500®

Index.

Growth

of

an

Assumed

$10,000

Investment

as

of October

31,

2023

The

graphs

do

not

reflect

the

deduction

of

taxes

that

a

shareholder

may

pay

on

Fund

distributions

or

the

redemption

of

Fund

Shares.

Total

Returns

as

of

October

31,

2023

Average

Annual

Expense

Ratios

Inception

Date

1-Year

Since

Inception

NDVG

at

NAV

8/04/21

4.08%

1.16%

0.64%

NDVG

at

Market

Price

8/04/21

4.08%

1.17%

—

S&P

500®

Index

—

10.14%

(0.58)%

—

13

Holdings

Summaries

as

of

October

31,

2023

Fund

Allocation

(%

of

net

assets)

Common

Stocks

98

.9‌

%

Other

Assets

&

Liabilities,

Net

1

.1‌

%

Net

Assets

100‌

%

Portfolio

Composition

(%

of

net

assets)

Technology

Hardware

&

Equipment

10.7%

Software

&

Services

10.2%

Financial

Services

9.6%

Health

Care

Equipment

&

Services

8.5%

Capital

Goods

7.3%

Semiconductors

&

Semiconductor

Equipment

5.9%

Food,

Beverage

&

Tobacco

5.6%

Energy

5.0%

Equity

Real

Estate

Investment

Trusts

(REITs)

4.9%

Materials

4.7%

Consumer

Discretionary

Distribution

&

Retail

4.6%

Utilities

4.5%

Pharmaceuticals,

Biotechnology

&

Life

Sciences

4.2%

Banks

2.8%

Media

&

Entertainment

2.6%

Insurance

2.5%

Consumer

Staples

Distribution

&

Retail

2.2%

Transportation

1.6%

Consumer

Services

1.5%

Other

Assets

&

Liabilities,

Net

1.1%

Net

Assets

100%

Top

Five

Common

Stock

Holdings

(%

of

net

assets)

Apple

Inc

7.3%

Microsoft

Corp

7.1%

UnitedHealth

Group

Inc

3.9%

Broadcom

Inc

3.9%

Motorola

Solutions

Inc

3.3%

14

Nuveen

Growth

Opportunities

ETF

(NUGO)

(continued)

Fund

Performance,

Expense

Ratios

and

Holdings

Summaries

October

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

Russell

1000®

Growth

Index.

Growth

of

an

Assumed

$10,000

Investment

as

of October

31,

2023

The

graphs

do

not

reflect

the

deduction

of

taxes

that

a

shareholder

may

pay

on

Fund

distributions

or

the

redemption

of

Fund

Shares.

Total

Returns

as

of

October

31,

2023

Average

Annual

Expense

Ratios

Inception

Date

1-Year

Since

Inception

NUGO

at

NAV

9/27/21

23.30%

(5.61)%

0.55%

NUGO

at

Market

Price

9/27/21

23.46%

(5.65)%

—

Russell

1000®

Growth

Index

—

18.95%

(2.96)%

—

15

Holdings

Summaries

as

of

October

31,

2023

Fund

Allocation

(%

of

net

assets)

Common

Stocks

99

.1‌

%

Other

Assets

&

Liabilities,

Net

0

.9‌

%

Net

Assets

100‌

%

Portfolio

Composition

(%

of

net

assets)

Software

&

Services

23.0%

Semiconductors

&

Semiconductor

Equipment

12.0%

Media

&

Entertainment

11.4%

Technology

Hardware

&

Equipment

9.4%

Consumer

Discretionary

Distribution

&

Retail

8.7%

Pharmaceuticals,

Biotechnology

&

Life

Sciences

7.5%

Financial

Services

6.3%

Health

Care

Equipment

&

Services

5.2%

Consumer

Services

3.0%

Capital

Goods

2.9%

Energy

2.5%

Materials

2.3%

Consumer

Staples

Distribution

&

Retail

2.3%

Automobiles

&

Components

1.6%

Food,

Beverage

&

Tobacco

1.0%

Other

Assets

&

Liabilities,

Net

0.9%

Net

Assets

100%

Top

Five

Common

Stock

Holdings

(%

of

net

assets)

Microsoft

Corp

13.5%

Apple

Inc

8.8%

Amazon.com

Inc

8.6%

NVIDIA

Corp

7.5%

Alphabet

Inc

6.4%

16

Nuveen

Small

Cap

Select

ETF

(NSCS)

(continued)

Fund

Performance,

Expense

Ratios

and

Holdings

Summaries

October

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

Russell

2000®

Index.

Growth

of

an

Assumed

$10,000

Investment

as

of October

31,

2023

The

graphs

do

not

reflect

the

deduction

of

taxes

that

a

shareholder

may

pay

on

Fund

distributions

or

the

redemption

of

Fund

Shares.

Total

Returns

as

of

October

31,

2023

Average

Annual

Expense

Ratios

Inception

Date

1-Year

Since

Inception

NSCS

at

NAV

8/04/21

(3.49)%

(7.80)%

0.85%

NSCS

at

Market

Price

8/04/21

(3.51)%

(7.80)%

—

Russell

2000®

Index

—

(8.56)%

(10.45)%

—

17

Holdings

Summaries

as

of

October

31,

2023

Fund

Allocation

(%

of

net

assets)

Common

Stocks

97

.3‌

%

Exchange-Traded

Funds

1

.2‌

%

Investments

Purchased

with

Collateral

from

Securities

Lending

0

.3‌

%

Other

Assets

&

Liabilities,

Net

1

.2‌

%

Net

Assets

100‌

%

Portfolio

Composition

(%

of

net

assets)

Capital

Goods

14.1%

Health

Care

Equipment

&

Services

11.7%

Software

&

Services

8.5%

Energy

8.3%

Banks

6.6%

Financial

Services

6.1%

Commercial

&

Professional

Services

4.4%

Pharmaceuticals,

Biotechnology

&

Life

Sciences

4.0%

Materials

3.8%

Equity

Real

Estate

Investment

Trusts

(REITs)

3.8%

Semiconductors

&

Semiconductor

Equipment

3.1%

Food,

Beverage

&

Tobacco

3.0%

Transportation

2.8%

Consumer

Discretionary

Distribution

&

Retail

2.5%

Utilities

2.5%

Household

&

Personal

Products

2.4%

Consumer

Durables

&

Apparel

2.3%

Consumer

Services

1.9%

Automobiles

&

Components

1.8%

Technology

Hardware

&

Equipment

1.4%

Insurance

1.4%

Media

&

Entertainment

0.9%

Exchange-Traded

Funds

1.2%

Investments

Purchased

with

Collateral

from

Securities

Lending

0.3%

Other

Assets

&

Liabilities,

Net

1.2%

Net

Assets

100%

Top

Five

Common

Stock

Holdings

(%

of

net

assets)

Permian

Resources

Corp

2.5%

BellRing

Brands

Inc

2.4%

Northern

Oil

and

Gas

Inc

2.3%

Matador

Resources

Co

2.3%

HealthEquity

Inc

2.0%

18

Nuveen

Winslow

Large-Cap

Growth

ESG

ETF

(NWLG)

(continued)

Fund

Performance,

Expense

Ratios

and

Holdings

Summaries

October

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

Russell

1000®

Growth

Index.

Growth

of

an

Assumed

$10,000

Investment

as

of October

31,

2023

The

graphs

do

not

reflect

the

deduction

of

taxes

that

a

shareholder

may

pay

on

Fund

distributions

or

the

redemption

of

Fund

Shares.

Total

Returns

as

of

October

31,

2023

Average

Annual

Expense

Ratios

Inception

Date

1-Year

Since

Inception

NWLG

at

NAV

8/04/21

20.95%

(5.98)%

0.64%

NWLG

at

Market

Price

8/04/21

21.00%

(5.96)%

—

Russell

1000®

Growth

Index

—

18.95%

(2.35)%

—

19

Holdings

Summaries

as

of

October

31,

2023

Fund

Allocation

(%

of

net

assets)

Common

Stocks

99

.3‌

%

Other

Assets

&

Liabilities,

Net

0

.7‌

%

Net

Assets

100‌

%

Portfolio

Composition

(%

of

net

assets)

Software

&

Services

28.6%

Semiconductors

&

Semiconductor

Equipment

15.1%

Consumer

Discretionary

Distribution

&

Retail

9.3%

Health

Care

Equipment

&

Services

8.3%

Financial

Services

8.2%

Media

&

Entertainment

6.3%

Technology

Hardware

&

Equipment

6.2%

Consumer

Services

5.1%

Pharmaceuticals,

Biotechnology

&

Life

Sciences

4.0%

Transportation

2.2%

Materials

2.0%

Capital

Goods

1.4%

Consumer

Durables

&

Apparel

1.4%

Consumer

Staples

Distribution

&

Retail

1.2%

Other

Assets

&

Liabilities,

Net

0.7%

Net

Assets

100%

Top

Five

Common

Stock

Holdings

(%

of

net

assets)

Microsoft

Corp

14.4%

Amazon.com

Inc

7.8%

Apple

Inc

6.2%

NVIDIA

Corp

5.1%

ServiceNow

Inc

4.2%

20

Expense

Examples

As

a

shareholder

of

one

or

more of

the

Funds,

you

incur

two

types

of

costs:

(1)

transaction

costs,

including

brokerage

commissions

on

purchases

and

sales

of

Fund

shares,

and

(2)

ongoing

costs,

including

management

fees

and

other

applicable

Fund

expenses.

The

Examples

below

are

intended

to

help

you

understand

your

ongoing

costs

(in

dollars)

of

investing

in

the

Fund

and

to

compare

these

costs

with

the

ongoing

costs

of

investing

in

other

funds.

The

Examples

below

are

based

on

an

investment

of

$1,000

invested

at

the

beginning

of

the

period

and

held

through

the

period

ended

October

31,

2023.

The

beginning

of

the

period

is

May

1,

2023.

The

information

under

“Actual

Performance,”

together

with

the

amount

you

invested,

allows

you

to

estimate

actual

expenses

incurred

over

the

reporting

period.

Simply

divide

your

account

value

by

$1,000

(for

example,

an

$8,600

account

value

divided

by

$1,000

=

8.60)

and

multiply

the

result

by

the

cost

shown

for

your

share

class,

in

the

row

entitled

“Expenses

Incurred

During

Period”

to

estimate

the

expenses

incurred

on

your

account

during

this

period.

The

information

under

“Hypothetical

Performance,”

provides

information

about

hypothetical

account

values

and

hypothetical

expenses

based

on

each

Fund’s

actual

expense

ratios

and

an

assumed

rate

of

return

of

5%

per

year

before

expenses,

which

is

not

the

Fund’s

actual

return.

The

hypothetical

account

values

and

expenses

may

not

be

used

to

estimate

the

actual

ending

account

balance

or

expense

you

incurred

for

the

period.

You

may

use

this

information

to

compare

the

ongoing

costs

of

investing

in

the

Fund

and

other

funds.

To

do

so,

compare

this

5%

hypothetical

example

with

the

5%

hypothetical

examples

that

appear

in

the

shareholder

reports

of

the

other

funds.

Please

note

that

the

expenses

shown

in

the

following

tables

are

meant

to

highlight

your

ongoing

costs

only

and

do

not

reflect

any

transaction

costs.

Therefore,

the

hypothetical

information

is

useful

in

comparing

ongoing

costs

only,

and

will

not

help

you

determine

the

relative

total

costs

of

owning

different

funds

or

share

classes.

In

addition,

if

these

transaction

costs

were

included,

your

costs

would

have

been

higher.

Nuveen

Dividend

Growth

ETF

(NDVG)

Actual

Performance

Beginning

Account

Value

$

1,000.00

Ending

Account

Value

$

981.19

Expenses

Incurred

During

the

Period

$

3.25

Hypothetical

Performance

(5%

annualized

return

before

expenses)

Beginning

Account

Value

$

1,000.00

Ending

Account

Value

$

1,021.93

Expenses

Incurred

During

the

Period

$

3.31

Expenses

are

equal

to

the

Fund’s

annualized

net

expense

ratio

of

0.65%

multiplied

by

the

average

account

value

over

the

period,

multiplied

by

184/365

(to

reflect

the

one-half

year

period).

Nuveen

Growth

Opportunities

ETF

(NUGO)

Actual

Performance

Beginning

Account

Value

$

1,000.00

Ending

Account

Value

$

1,085.52

Expenses

Incurred

During

the

Period

$

2.94

Hypothetical

Performance

(5%

annualized

return

before

expenses)

Beginning

Account

Value

$

1,000.00

Ending

Account

Value

$

1,022.38

Expenses

Incurred

During

the

Period

$

2.85

Expenses

are

equal

to

the

Fund’s

annualized

net

expense

ratio

of

0.56%

multiplied

by

the

average

account

value

over

the

period,

multiplied

by

184/365

(to

reflect

the

one-half

year

period).

21

Nuveen

Small

Cap

Select

ETF

(NSCS)

Actual

Performance

Beginning

Account

Value

$

1,000.00

Ending

Account

Value

$

976.93

Expenses

Incurred

During

the

Period

$

4.29

Hypothetical

Performance

(5%

annualized

return

before

expenses)

Beginning

Account

Value

$

1,000.00

Ending

Account

Value

$

1,020.87

Expenses

Incurred

During

the

Period

$

4.38

Expenses

are

equal

to

the

Fund’s

annualized

net

expense

ratio

of

0.86%

multiplied

by

the

average

account

value

over

the

period,

multiplied

by

184/365

(to

reflect

the

one-half

year

period).

Nuveen

Winslow

Large-Cap

Growth

ESG

ETF

(NWLG)

Actual

Performance

Beginning

Account

Value

$

1,000.00

Ending

Account

Value

$

1,054.48

Expenses

Incurred

During

the

Period

$

3.37

Hypothetical

Performance

(5%

annualized

return

before

expenses)

Beginning

Account

Value

$

1,000.00

Ending

Account

Value

$

1,021.93

Expenses

Incurred

During

the

Period

$

3.31

Expenses

are

equal

to

the

Fund’s

annualized

net

expense

ratio

of

0.65%

multiplied

by

the

average

account

value

over

the

period,

multiplied

by

184/365

(to

reflect

the

one-half

year

period).

22

Report

of

Independent

Registered

Public

Accounting

Firm

To

the

Shareholders

and

Board

of

Trustees

Nushares

ETF

Trust:

Opinions

on

the

Financial

Statements

We

have

audited

the

accompanying

statements

of

assets

and

liabilities

of

the

Funds

listed

in

Appendix

A

(the

Funds),

including

the

portfolios

of

investments,

as

of

October

31,

2023,

the

related

statements

of

operations

and

changes

in

net

assets

for

the

Funds

and

periods

listed

in

Appendix

A,

and

the

related

notes

(collectively,

the

financial

statements)

and

the

financial

highlights

for

the

Funds

and

periods

listed

in

Appendix

A.

In

our

opinion,

the

financial

statements

and

financial

highlights

present

fairly,

in

all

material

respects,

the

financial

position

of

the

Funds

as

of

October

31,

2023,

the

results

of

their

operations

and

the

changes

in

their

net

assets

for

the

periods

listed

in

Appendix

A,

and

the

financial

highlights

for

the

Funds

and

periods

listed

in

Appendix

A,

in

conformity

with

U.S.

generally

accepted

accounting

principles.

Basis

for

Opinion

These

financial

statements

and

financial

highlights

are

the

responsibility

of

the

Funds'

management.

Our

responsibility

is

to

express

an

opinion

on

these

financial

statements

and

financial

highlights

based

on

our

audits.

We

are

a

public

accounting

firm

registered

with

the

Public

Company

Accounting

Oversight

Board

(United

States)

(PCAOB)

and

are

required

to

be

independent

with

respect

to

the

Funds

in

accordance

with

the

U.S.

federal

securities

laws

and

the

applicable

rules

and

regulations

of

the

Securities

and

Exchange

Commission

and

the

PCAOB.

We

conducted

our

audits

in

accordance

with

the

standards

of

the

PCAOB.

Those

standards

require

that

we

plan

and

perform

the

audit

to

obtain

reasonable

assurance

about

whether

the

financial

statements

and

financial

highlights

are

free

of

material

misstatement,

whether

due

to

error

or

fraud.

Our

audits

included

performing

procedures

to

assess

the

risks

of

material

misstatement

of

the

financial

statements

and

financial

highlights,

whether

due

to

error

or

fraud,

and

performing

procedures

that

respond

to

those

risks.

Such

procedures

included

examining,

on

a

test

basis,

evidence

regarding

the

amounts

and

disclosures

in

the

financial

statements

and

financial

highlights.

Such

procedures

also

included

confirmation

of

securities

owned

as

of

October

31,

2023,

by

correspondence

with

custodians

and

brokers;

when

replies

were

not

received

from

brokers,

we

performed

other

auditing

procedures.

Our

audits

also

included

evaluating

the

accounting

principles

used

and

significant

estimates

made

by

management,

as

well

as

evaluating

the

overall

presentation

of

the

financial

statements

and

financial

highlights.

We

believe

that

our

audits

provide

a

reasonable

basis

for

our

opinion.

/s/

KPMG

LLP

We

have

served

as

the

auditor

of

one

or

more

Nuveen

investment

companies

since

2014.

Chicago,

Illinois 

December

28,

2023

23

Appendix

A

Nushares

ETF

Trust

For

the

year

ended

October

31,

2023

(statement

of

operations);

for

each

of

the

years

in

the

two-year

period

ended

October

31,

2023

(statement

of

changes

in

net

assets);

for

each

of

the

years

in

the

two-year

period

ended

October

31,

2023,

and

the

period

August

4,

2021

(commencement

of

operations)

through

October

31,

2021

(financial

highlights):

Nuveen

Dividend

Growth

ETF

Nuveen

Small

Cap

Select

ETF

Nuveen

Winslow

Large-Cap

Growth

ESG

ETF

For

the

year

ended

October

31,

2023

(statement

of

operations);

for

each

of

the

years

in

the

two-year

period

ended

October

31,

2023

(statement

of

changes

in

net

assets);

for

each

of

the

years

in

the

two-year

period

ended

October

31,

2023,

and

the

period

September

27,

2021

(commencement

of

operations)

through

October

31,

2021

(financial

highlights):

Nuveen

Growth

Opportunities

ETF

24

Nuveen

Dividend

Growth

ETF

(NDVG)

Portfolio

of

Investments

October

31,

2023

Shares

Description

(a)

Value

LONG-TERM

INVESTMENTS

-

98.9%  

X

8,120,267

COMMON

STOCKS

-

98.9%

X

8,120,267

Banks

-

2

.8

%

1,662

JPMorgan

Chase

&

Co

$

231,118

Total

Banks

231,118

Capital

Goods

-

7

.3

%

901

Eaton

Corp

PLC

187,327

854

Honeywell

International

Inc

156,504

240

Northrop

Grumman

Corp

113,143

728

Trane

Technologies

PLC

138,546

Total

Capital

Goods

595,520

Consumer

Discretionary

Distribution

&

Retail

-

4

.6

%

995

Lowe's

Cos

Inc

189,617

2,167

TJX

Cos

Inc/The

190,848

Total

Consumer

Discretionary

Distribution

&

Retail

380,465

Consumer

Services

-

1

.5

%

469

McDonald's

Corp

122,958

Total

Consumer

Services

122,958

Consumer

Staples

Distribution

&

Retail

-

2

.2

%

1,080

Walmart

Inc

176,483

Total

Consumer

Staples

Distribution

&

Retail

176,483

Energy

-

5

.0

%

1,364

Chevron

Corp

198,776

2,011

Exxon

Mobil

Corp

212,864

Total

Energy

411,640

Equity

Real

Estate

Investment

Trusts

(REITs)

-

4

.9

%

1,120

American

Tower

Corp

199,573

2,029

Prologis

Inc

204,422

Total

Equity

Real

Estate

Investment

Trusts

(REITs)

403,995

Financial

Services

-

9

.6

%

1,136

American

Express

Co

165,890

3,170

Charles

Schwab

Corp/The

164,967

1,802

Fidelity

National

Information

Services

Inc

88,496

564

Mastercard

Inc,

Class

A

212,261

448

S&P

Global

Inc

156,491

Total

Financial

Services

788,105

Food,

Beverage

&

Tobacco

-

5

.6

%

2,316

Mondelez

International

Inc,

Class

A

153,342

919

PepsiCo

Inc

150,054

1,741

Philip

Morris

International

Inc

155,228

Total

Food,

Beverage

&

Tobacco

458,624

Health

Care

Equipment

&

Services

-

8

.5

%

2,071

Abbott

Laboratories

195,813

404

Elevance

Health

Inc

181,836

599

UnitedHealth

Group

Inc

320,801

Total

Health

Care

Equipment

&

Services

698,450

25

Shares

Description

(a)

Value

Insurance

-

2

.5

%

1,085

Marsh

&

McLennan

Cos

Inc

$

205,770

Total

Insurance

205,770

Materials

-

4

.7

%

711

Linde

PLC

271,716

746

Packaging

Corp

of

America

114,175

Total

Materials

385,891

Media

&

Entertainment

-

2

.6

%

5,095

Comcast

Corp,

Class

A

210,372

Total

Media

&

Entertainment

210,372

Pharmaceuticals,

Biotechnology

&

Life

Sciences

-

4

.2

%

1,383

AbbVie

Inc

195,252

959

Zoetis

Inc

150,563

Total

Pharmaceuticals,

Biotechnology

&

Life

Sciences

345,815

Semiconductors

&

Semiconductor

Equipment

-

5

.9

%

376

Broadcom

Inc

316,355

1,207

Texas

Instruments

Inc

171,406

Total

Semiconductors

&

Semiconductor

Equipment

487,761

Software

&

Services

-

10

.2

%

860

Accenture

PLC,

Class

A

255,498

1,720

Microsoft

Corp

581,549

Total

Software

&

Services

837,047

Technology

Hardware

&

Equipment

-

10

.7

%

3,523

Apple

Inc

601,623

984

Motorola

Solutions

Inc

274,004

Total

Technology

Hardware

&

Equipment

875,627

Transportation

-

1

.6

%

639

Union

Pacific

Corp

132,663

Total

Transportation

132,663

Utilities

-

4

.5

%

3,461

NextEra

Energy

Inc

201,776

2,091

WEC

Energy

Group

Inc

170,187

Total

Utilities

371,963

Total

Long-Term

Investments

(cost

$8,053,180)

8,120,267

Other

Assets

&

Liabilities,

Net

-

1.1%

93,813

Net

Assets

-

100%

$

8,214,080

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.

(a)

All

percentages

shown

in

the

Portfolio

of

Investments

are

based

on

net

assets.

REIT

Real

Estate

Investment

Trust

S&P

Standard

&

Poor's

See

Notes

to

Financial

Statements

26

Nuveen

Growth

Opportunities

ETF

(NUGO)

Portfolio

of

Investments

October

31,

2023

Shares

Description

(a)

Value

LONG-TERM

INVESTMENTS

-

99.1%  

X

2,453,997,739

COMMON

STOCKS

-

99.1%

X

2,453,997,739

Automobiles

&

Components

-

1

.6

%

198,567

(b)

Tesla

Inc

$

39,880,196

Total

Automobiles

&

Components

39,880,196

Capital

Goods

-

2

.9

%

163,484

(b)

Boeing

Co/The

30,542,081

488,937

Carrier

Global

Corp

23,302,737

82,844

Eaton

Corp

PLC

17,224,096

Total

Capital

Goods

71,068,914

Consumer

Discretionary

Distribution

&

Retail

-

8

.7

%

1,608,739

(b)

Amazon.com

Inc

214,107,073

Total

Consumer

Discretionary

Distribution

&

Retail

214,107,073

Consumer

Services

-

3

.0

%

12,360

(b)

Booking

Holdings

Inc

34,478,962

13,703

(b)

Chipotle

Mexican

Grill

Inc

26,613,967

273,786

Las

Vegas

Sands

Corp

12,993,883

Total

Consumer

Services

74,086,812

Consumer

Staples

Distribution

&

Retail

-

2

.3

%

102,853

Costco

Wholesale

Corp

56,820,111

Total

Consumer

Staples

Distribution

&

Retail

56,820,111

Energy

-

2

.5

%

67,520

ConocoPhillips

8,021,376

427,297

EOG

Resources

Inc

53,946,246

Total

Energy

61,967,622

Financial

Services

-

6

.3

%

305,545

(b)

Fiserv

Inc

34,755,744

319,193

Mastercard

Inc,

Class

A

120,128,285

Total

Financial

Services

154,884,029

Food,

Beverage

&

Tobacco

-

1

.0

%

509,184

(b)

Monster

Beverage

Corp

26,019,303

Total

Food,

Beverage

&

Tobacco

26,019,303

Health

Care

Equipment

&

Services

-

5

.2

%

298,619

(b)

Dexcom

Inc

26,526,326

59,193

Elevance

Health

Inc

26,642,177

98,371

(b)

Intuitive

Surgical

Inc

25,794,844

62,948

UnitedHealth

Group

Inc

33,712,431

82,338

(b)

Veeva

Systems

Inc,

Class

A

15,867,356

Total

Health

Care

Equipment

&

Services

128,543,134

Materials

-

2

.3

%

644,124

Corteva

Inc

31,008,130

70,689

Linde

PLC

27,014,508

Total

Materials

58,022,638

27

Shares

Description

(a)

Value

Media

&

Entertainment

-

11

.4

%

1,268,898

(b)

Alphabet

Inc,

Class

A

$

157,444,864

417,652

(b)

Meta

Platforms

Inc

125,826,018

Total

Media

&

Entertainment

283,270,882

Pharmaceuticals,

Biotechnology

&

Life

Sciences

-

7

.5

%

383,627

AstraZeneca

PLC,

Sponsored

ADR

24,256,735

177,447

Eli

Lilly

&

Co

98,293,217

423,562

Novo

Nordisk

A/S,

Sponsored

ADR

40,903,382

147,663

Zoetis

Inc

23,183,091

Total

Pharmaceuticals,

Biotechnology

&

Life

Sciences

186,636,425

Semiconductors

&

Semiconductor

Equipment

-

12

.0

%

91,731

Broadcom

Inc

77,179,712

333,349

Intel

Corp

12,167,239

25,438

Lam

Research

Corp

14,963,140

17,365

Monolithic

Power

Systems

Inc

7,670,815

455,872

NVIDIA

Corp

185,904,602

Total

Semiconductors

&

Semiconductor

Equipment

297,885,508

Software

&

Services

-

23

.0

%

50,955

(b)

Crowdstrike

Holdings

Inc,

Class

A

9,007,315

62,520

(b)

EPAM

Systems

Inc

13,602,476

57,192

Intuit

Inc

28,307,180

989,235

Microsoft

Corp

334,470,246

199,682

(b)

Palo

Alto

Networks

Inc

48,526,720

192,963

(b)

Salesforce

Inc

38,752,759

60,912

(b)

ServiceNow

Inc

35,441,647

100,097

(b)

Synopsys

Inc

46,989,536

53,460

(b)

Workday

Inc,

Class

A

11,318,017

Total

Software

&

Services

566,415,896

Technology

Hardware

&

Equipment

-

9

.4

%

1,278,666

Apple

Inc

218,357,793

80,009

(b)

Arista

Networks

Inc

16,031,403

Total

Technology

Hardware

&

Equipment

234,389,196

Total

Long-Term

Investments

(cost

$2,282,219,697)

2,453,997,739

Other

Assets

&

Liabilities,

Net

-

0.9%

22,997,974

Net

Assets

-

100%

$

2,476,995,713

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.

(a)

All

percentages

shown

in

the

Portfolio

of

Investments

are

based

on

net

assets.

(b)

Non-income

producing;

issuer

has

not

declared

an

ex-dividend

date

within

the

past

twelve

months.

ADR

American

Depositary

Receipt

See

Notes

to

Financial

Statements

28

Nuveen

Small

Cap

Select

ETF

(NSCS)

Portfolio

of

Investments

October

31,

2023

Shares

Description

(a)

Value

LONG-TERM

INVESTMENTS

-

98.5%  

X

5,249,852

COMMON

STOCKS

-

97.3%

X

5,249,852

Automobiles

&

Components

-

1

.8

%

2,800

(b)

Atmus

Filtration

Technologies

Inc

$

52,528

4,002

Dana

Inc

45,943

Total

Automobiles

&

Components

98,471

Banks

-

6

.6

%

1,491

Banner

Corp

62,935

3,770

Home

BancShares

Inc/AR

77,096

846

Preferred

Bank/Los

Angeles

CA

50,396

1,078

SouthState

Corp

71,256

1,279

Wintrust

Financial

Corp

95,529

Total

Banks

357,212

Capital

Goods

-

14

.1

%

485

(b)

AeroVironment

Inc

55,610

499

Applied

Industrial

Technologies

Inc

76,601

1,298

Arcosa

Inc

89,653

3,025

(b)

Array

Technologies

Inc

52,423

501

Comfort

Systems

USA

Inc

91,107

721

EnPro

Industries

Inc

80,074

768

ESCO

Technologies

Inc

74,665

9,676

(b)

Hillman

Solutions

Corp

63,475

4,418

(b)

Kratos

Defense

&

Security

Solutions

Inc

75,327

113

(b)

MYR

Group

Inc

13,089

1,069

(b)

SPX

Technologies

Inc

85,648

Total

Capital

Goods

757,672

Commercial

&

Professional

Services

-

4

.4

%

873

(b)

ASGN

Inc

72,861

644

ICF

International

Inc

81,614

1,071

Maximus

Inc

80,025

Total

Commercial

&

Professional

Services

234,500

Consumer

Discretionary

Distribution

&

Retail

-

2

.5

%

1,477

Academy

Sports

&

Outdoors

Inc

66,229

887

(b)

Ollie's

Bargain

Outlet

Holdings

Inc

68,512

Total

Consumer

Discretionary

Distribution

&

Retail

134,741

Consumer

Durables

&

Apparel

-

2

.3

%

2,270

Steven

Madden

Ltd

74,433

4,244

(b)

Topgolf

Callaway

Brands

Corp

51,862

Total

Consumer

Durables

&

Apparel

126,295

Consumer

Services

-

1

.9

%

3,738

(b)

Everi

Holdings

Inc

40,333

925

Papa

John's

International

Inc

60,144

Total

Consumer

Services

100,477

Energy

-

8

.3

%

5,372

(b)

Diamond

Offshore

Drilling

Inc

66,667

1,969

Matador

Resources

Co

121,468

3,259

Northern

Oil

and

Gas

Inc

124,950

9,292

Permian

Resources

Corp

135,384

Total

Energy

448,469

29

Shares

Description

(a)

Value

Equity

Real

Estate

Investment

Trusts

(REITs)

-

3

.8

%

501

EastGroup

Properties

Inc

$

81,788

2,511

STAG

Industrial

Inc

83,416

6,891

Summit

Hotel

Properties

Inc

38,865

Total

Equity

Real

Estate

Investment

Trusts

(REITs)

204,069

Financial

Services

-

6

.1

%

747

Evercore

Inc,

Class

A

97,244

917

FirstCash

Holdings

Inc

99,880

5,505

Ladder

Capital

Corp

55,656

557

Piper

Sandler

Cos

77,896

Total

Financial

Services

330,676

Food,

Beverage

&

Tobacco

-

3

.0

%

853

MGP

Ingredients

Inc

80,745

6,371

Primo

Water

Corp

83,205

Total

Food,

Beverage

&

Tobacco

163,950

Health

Care

Equipment

&

Services

-

11

.7

%

1,593

(b)

AtriCure

Inc

55,181

1,241

(b)

Axonics

Inc

63,552

908

Encompass

Health

Corp

56,804

778

(b),(c)

Establishment

Labs

Holdings

Inc

22,780

910

(b)

Glaukos

Corp

62,062

1,518

(b)

HealthEquity

Inc

108,810

2,981

(b)

Option

Care

Health

Inc

82,663

1,431

(b)

Progyny

Inc

44,161

2,223

Select

Medical

Holdings

Corp

50,529

2,555

(b)

SI-BONE

Inc

43,461

786

(b)

Tenet

Healthcare

Corp

42,208

Total

Health

Care

Equipment

&

Services

632,211

Household

&

Personal

Products

-

2

.4

%

2,950

(b)

BellRing

Brands

Inc

129,003

Total

Household

&

Personal

Products

129,003

Insurance

-

1

.4

%

379

Primerica

Inc

72,450

Total

Insurance

72,450

Materials

-

3

.8

%

1,934

Avient

Corp

61,153

1,786

Silgan

Holdings

Inc

71,547

2,188

(b)

Summit

Materials

Inc,

Class

A

71,985

Total

Materials

204,685

Media

&

Entertainment

-

0

.9

%

7,463

(b)

Magnite

Inc

49,554

Total

Media

&

Entertainment

49,554

Pharmaceuticals,

Biotechnology

&

Life

Sciences

-

4

.0

%

835

(b)

Crinetics

Pharmaceuticals

Inc

24,457

375

(b)

Cytokinetics

Inc

13,072

925

(b)

Halozyme

Therapeutics

Inc

31,330

1,946

(b)

ImmunoGen

Inc

28,918

846

(b)

Immunovant

Inc

27,960

464

(b)

Intra-Cellular

Therapies

Inc

23,089

118

(b)

Karuna

Therapeutics

Inc

19,660

225

(b)

Krystal

Biotech

Inc

26,296

Nuveen

Small

Cap

Select

ETF

(NSCS)

(continued)

Portfolio

of

Investments

October

31,

2023

30

Shares

Description

(a)

Value

Pharmaceuticals,

Biotechnology

&

Life

Sciences

(continued)

1,405

(b)

Myriad

Genetics

Inc

$

21,890

Total

Pharmaceuticals,

Biotechnology

&

Life

Sciences

216,672

Semiconductors

&

Semiconductor

Equipment

-

3

.1

%

2,071

(b)

Ichor

Holdings

Ltd

50,243

711

(b)

Onto

Innovation

Inc

79,895

413

(b)

Silicon

Laboratories

Inc

38,070

Total

Semiconductors

&

Semiconductor

Equipment

168,208

Software

&

Services

-

8

.5

%

1,198

(b)

CommVault

Systems

Inc

78,289

344

(b)

CyberArk

Software

Ltd

56,292

4,250

(b)

PowerSchool

Holdings

Inc,

Class

A

84,660

2,154

(b)

Q2

Holdings

Inc

64,685

1,432

(b)

Sprout

Social

Inc,

Class

A

61,977

741

(b)

Workiva

Inc

64,534

826

(b)

Ziff

Davis

Inc

49,940

Total

Software

&

Services

460,377

Technology

Hardware

&

Equipment

-

1

.4

%

161

(b)

Super

Micro

Computer

Inc

38,555

3,187

(b)

TTM

Technologies

Inc

36,618

Total

Technology

Hardware

&

Equipment

75,173

Transportation

-

2

.8

%

877

ArcBest

Corp

95,488

763

(b)

Kirby

Corp

56,996

Total

Transportation

152,484

Utilities

-

2

.5

%

1,621

Black

Hills

Corp

78,375

973

Spire

Inc

54,128

Total

Utilities

132,503

Total

Common

Stocks

(cost

$5,375,018)

5,249,852

Shares

Description

(a)

Value

X

61,925

EXCHANGE-TRADED

FUNDS

-

1.2%

X

61,925

935

SPDR

S&P

Biotech

ETF

$

61,925

Total

Exchange-Traded

Funds

(cost

$75,241)

61,925

Total

Long-Term

Investments

(cost

$5,450,259)

5,311,777

Shares

Description

(a)

Coupon

Value

INVESTMENTS

PURCHASED

WITH

COLLATERAL

FROM

SECURITIES

LENDING

-

  0.3%

15,480

State

Street

Navigator

Securities

Lending

Government

Money

Market

Portfolio

(d)

5.360%(e)

$

15,480

Total

Investments

Purchased

with

Collateral

from

Securities

Lending

(cost

$15,480)

15,480

Total

Investments

(cost

$

5,465,739

)

-

98

.8

%

5,327,257

Other

Assets

&

Liabilities,

Net

-

1.2%

65,857

Net

Assets

-

100%

$

5,393,114

31

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.

(a)

All

percentages

shown

in

the

Portfolio

of

Investments

are

based

on

net

assets.

(b)

Non-income

producing;

issuer

has

not

declared

an

ex-dividend

date

within

the

past

twelve

months.

(c)

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

$13,703.

(d)

The

Fund

may

loan

securities

representing

up

to

one

third

of

the

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

value,

at

the

inception

of

each

loan,

equal

to

not

less

than

100%

of

the

value

of

the

loaned

securities.

The

cash

collateral

received

by

the

Fund

is

invested

in

this

money

market

fund.

(e)

The

rate

shown

is

the

one-day

yield

as

of

the

end

of

the

reporting

period.

ETF

Exchange-Traded

Fund

REIT

Real

Estate

Investment

Trust

S&P

Standard

&

Poor's

SPDR

Standard

&

Poor's

Depositary

Receipt

See

Notes

to

Financial

Statements

32

Nuveen

Winslow

Large-Cap

Growth

ESG

ETF

(NWLG)

Portfolio

of

Investments

October

31,

2023

Shares

Description

(a)

Value

LONG-TERM

INVESTMENTS

-

99.3%  

X

5,406,499

COMMON

STOCKS

-

99.3%

X

5,406,499

Capital

Goods

-

1

.4

%

207

Parker-Hannifin

Corp

$

76,365

Total

Capital

Goods

76,365

Consumer

Discretionary

Distribution

&

Retail

-

9

.3

%

3,195

(b)

Amazon.com

Inc

425,223

88

(b)

O'Reilly

Automotive

Inc

81,879

Total

Consumer

Discretionary

Distribution

&

Retail

507,102

Consumer

Durables

&

Apparel

-

1

.4

%

192

(b)

Lululemon

Athletica

Inc

75,548

Total

Consumer

Durables

&

Apparel

75,548

Consumer

Services

-

5

.1

%

71

(b)

Chipotle

Mexican

Grill

Inc

137,896

410

Hilton

Worldwide

Holdings

Inc

62,127

291

McDonald's

Corp

76,291

Total

Consumer

Services

276,314

Consumer

Staples

Distribution

&

Retail

-

1

.2

%

115

Costco

Wholesale

Corp

63,531

Total

Consumer

Staples

Distribution

&

Retail

63,531

Financial

Services

-

8

.2

%

403

Mastercard

Inc,

Class

A

151,669

236

Moody's

Corp

72,688

854

Morgan

Stanley

60,480

143

MSCI

Inc

67,432

407

Visa

Inc,

Class

A

95,686

Total

Financial

Services

447,955

Health

Care

Equipment

&

Services

-

8

.3

%

1,260

(b)

Boston

Scientific

Corp

64,499

600

(b)

Dexcom

Inc

53,298

284

(b)

IDEXX

Laboratories

Inc

113,449

522

(b)

Intuitive

Surgical

Inc

136,879

152

UnitedHealth

Group

Inc

81,405

Total

Health

Care

Equipment

&

Services

449,530

Materials

-

2

.0

%

292

Linde

PLC

111,591

Total

Materials

111,591

Media

&

Entertainment

-

6

.3

%

1,409

(b)

Alphabet

Inc,

Class

A

174,829

1,345

(b)

Alphabet

Inc,

Class

C

168,528

Total

Media

&

Entertainment

343,357

Pharmaceuticals,

Biotechnology

&

Life

Sciences

-

4

.0

%

203

Eli

Lilly

&

Co

112,448

298

(b)

Vertex

Pharmaceuticals

Inc

107,909

Total

Pharmaceuticals,

Biotechnology

&

Life

Sciences

220,357

33

Shares

Description

(a)

Value

Semiconductors

&

Semiconductor

Equipment

-

15

.1

%

303

Analog

Devices

Inc

$

47,671

240

ASML

Holding

NV

143,714

142

Broadcom

Inc

119,474

299

Lam

Research

Corp

175,878

130

Monolithic

Power

Systems

Inc

57,426

677

NVIDIA

Corp

276,081

Total

Semiconductors

&

Semiconductor

Equipment

820,244

Software

&

Services

-

28

.6

%

347

(b)

Atlassian

Corp

Ltd,

Class

A

62,682

308

(b)

Gartner

Inc

102,268

2,317

Microsoft

Corp

783,401

690

(b)

Salesforce

Inc

138,573

392

(b)

ServiceNow

Inc

228,085

190

(b)

Snowflake

Inc,

Class

A

27,575

218

(b)

Synopsys

Inc

102,338

532

(b)

Workday

Inc,

Class

A

112,630

Total

Software

&

Services

1,557,552

Technology

Hardware

&

Equipment

-

6

.2

%

1,982

Apple

Inc

338,466

Total

Technology

Hardware

&

Equipment

338,466

Transportation

-

2

.2

%

2,740

(b)

Uber

Technologies

Inc

118,587

Total

Transportation

118,587

Total

Long-Term

Investments

(cost

$4,855,388)

5,406,499

Other

Assets

&

Liabilities,

Net

-

0.7%

38,001

Net

Assets

-

100%

$

5,444,500

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.

(a)

All

percentages

shown

in

the

Portfolio

of

Investments

are

based

on

net

assets.

(b)

Non-income

producing;

issuer

has

not

declared

an

ex-dividend

date

within

the

past

twelve

months.

See

Notes

to

Financial

Statements

Statement

of

Assets

and

Liabilities

See

Notes

to

Financial

Statements.

34

October

31,

2023

NDVG

NUGO

NSCS

NWLG

ASSETS

Long-term

investments,

at

value

†‡

$

8,120,267‌

$

2,453,997,739‌

$

5,311,777‌

$

5,406,499‌

Investments

purchased

with

collateral

from

securities

lending,

at

value

(cost

approximates

value)

—‌

—‌

15,480‌

—‌

Cash

89,503‌

12,091,527‌

63,847‌

32,130‌

Receivables:

Dividends

8,516‌

339,741‌

308‌

1,356‌

Investments

sold

—‌

11,707,511‌

21,079‌

69,796‌

Reclaims

277‌

38,234‌

—‌

—‌

Securities

lending

income

—‌

—‌

74‌

—‌

Other

95‌

34,508‌

72‌

64‌

Total

assets

8,218,658‌

2,478,209,260‌

5,412,637‌

5,509,845‌

LIABILITIES

Payables:

Collateral

from

securities

lending

—‌

—‌

15,480‌

—‌

Investments

purchased

-

regular

settlement

—‌

—‌

—‌

62,293‌

Accrued

expenses:

Management

fees

4,351‌

1,137,595‌

3,878‌

2,899‌

Professional

fees

37‌

12,429‌

25‌

25‌

Trustees

fees

94‌

29,016‌

66‌

64‌

Other

96‌

34,507‌

74‌

64‌

Total

liabilities

4,578‌

1,213,547‌

19,523‌

65,345‌

Net

assets

$

8,214,080‌

$

2,476,995,713‌

$

5,393,114‌

$

5,444,500‌

Shares

outstanding

330,000‌

112,100,000‌

260,000‌

250,000‌

Net

asset

value

("NAV")

per

share

$

24

.89‌

$

22

.10‌

$

20

.74‌

$

21

.78‌

NET

ASSETS

CONSIST

OF:

Paid-in

capital

8,414,024‌

3,026,055,164‌

6,595,717‌

6,258,562‌

Total

distributable

earnings

(loss)

(

199,944‌

)

(

549,059,451‌

)

(

1,202,603‌

)

(

814,062‌

)

Net

assets

$

8,214,080‌

$

2,476,995,713‌

$

5,393,114‌

$

5,444,500‌

Authorized

shares

Unlimited

Unlimited

Unlimited

Unlimited

Par

value

per

share

$

0

.01‌

$

0

.01‌

$

0

.01‌

$

0

.01‌

†

Long-term

investments,

cost

$

8,053,180‌

$

2,282,219,697‌

$

5,450,259‌

$

4,855,388‌

‡  

Includes

securities

loaned

of

$

—‌

$

—‌

$

13,703‌

$

—‌

Statement

of

Operations

See

Notes

to

Financial

Statements.

35

Year

Ended

October

31,

2023

NDVG

NUGO

NSCS

NWLG

INVESTMENT

INCOME

Dividends

$

165,982‌

$

17,919,186‌

$

55,050‌

$

32,595‌

Interest

3,225‌

1,621,803‌

3,851‌

1,535‌

Securities

lending

income,

net

—‌

—‌

1,082‌

—‌

Foreign

tax

withheld

on

dividend

income

—‌

(

50,853‌

)

(

203‌

)

(

267‌

)

Total

investment

income

169,207‌

19,490,136‌

59,780‌

33,863‌

EXPENSES

Management

fees

51,691‌

13,393,217‌

48,425‌

33,092‌

Professional

fees

275‌

87,434‌

199‌

186‌

Trustees

fees

311‌

94,284‌

217‌

198‌

Other

4‌

—‌

4‌

3‌

Total

expenses

52,281‌

13,574,935‌

48,845‌

33,479‌

Net

investment

income

(loss)

116,926‌

5,915,201‌

10,935‌

384‌

REALIZED

AND

UNREALIZED

GAIN

(LOSS)

Realized

gain

(loss):

Investments

(

242,007‌

)

(

209,896,403‌

)

(

293,748‌

)

(

457,684‌

)

In-kind

redemptions

79,273‌

57,993,147‌

—‌

17,090‌

Net

realized

gain

(loss)

(

162,734‌

)

(

151,903,256‌

)

(

293,748‌

)

(

440,594‌

)

Change

in

unrealized

appreciation

(depreciation)

on:

Investments

328,589‌

666,187,348‌

87,311‌

1,387,412‌

Change

in

net

unrealized

appreciation

(depreciation)

328,589‌

666,187,348‌

87,311‌

1,387,412‌

Net

realized

and

unrealized

gain

(loss)

165,855‌

514,284,092‌

(

206,437‌

)

946,818‌

Net

increase

(decrease)

in

net

assets

from

operations

$

282,781‌

$

520,199,293‌

$

(

195,502‌

)

$

947,202‌

Statement

of

Changes

in

Net

Assets

See

Notes

to

Financial

Statements.

36

NDVG

NUGO

Year

Ended

10/31/23

Year

Ended

10/31/22

Year

Ended

10/31/23

Year

Ended

10/31/22

OPERATIONS

Net

investment

income

(loss)

$

116,926‌

$

87,684‌

$

5,915,201‌

$

2,531,829‌

Net

realized

gain

(loss)

(

162,734‌

)

49,585‌

(

151,903,256‌

)

(

508,386,270‌

)

Change

in

net

unrealized

appreciation

(depreciation)

328,589‌

(

488,661‌

)

666,187,348‌

(

540,604,068‌

)

Net

increase

(decrease)

in

net

assets

from

operations

282,781‌

(

351,392‌

)

520,199,293‌

(

1,046,458,509‌

)

DISTRIBUTIONS

TO

SHAREHOLDERS

Dividends

(

115,641‌

)

(

88,816‌

)

(

5,361,255‌

)

(

151,404‌

)

Total

distributions

(

115,641‌

)

(

88,816‌

)

(

5,361,255‌

)

(

151,404‌

)

FUND

SHARE

TRANSACTIONS

Subscriptions

1,021,307‌

3,373,099‌

169,892,907‌

1,952,646,865‌

Redemptions

(

737,015‌

)

(

1,179,509‌

)

(

540,562,557‌

)

(

260,633,066‌

)

Net

increase

(decrease)

from

Fund

share

transactions

284,292‌

2,193,590‌

(

370,669,650‌

)

1,692,013,799‌

Net

increase

(decrease)

in

net

assets

451,432‌

1,753,382‌

144,168,388‌

645,403,886‌

Net

assets

at

the

beginning

of

period

7,762,648‌

6,009,266‌

2,332,827,325‌

1,687,423,439‌

Net

assets

at

the

end

of

period

$

8,214,080‌

$

7,762,648‌

$

2,476,995,713‌

$

2,332,827,325‌

See

Notes

to

Financial

Statements.

37

NSCS

NWLG

Year

Ended

10/31/23

Year

Ended

10/31/22

Year

Ended

10/31/23

Year

Ended

10/31/22

OPERATIONS

Net

investment

income

(loss)

$

10,935‌

$

15,771‌

$

384‌

$

(

4,116‌

)

Net

realized

gain

(loss)

(

293,748‌

)

(

704,226‌

)

(

440,594‌

)

(

879,623‌

)

Change

in

net

unrealized

appreciation

(depreciation)

87,311‌

(

544,725‌

)

1,387,412‌

(

1,174,720‌

)

Net

increase

(decrease)

in

net

assets

from

operations

(

195,502‌

)

(

1,233,180‌

)

947,202‌

(

2,058,459‌

)

DISTRIBUTIONS

TO

SHAREHOLDERS

Dividends

(

16,390‌

)

(

7,748‌

)

–‌

–‌

Return

of

capital

(

3,136‌

)

–‌

–‌

–‌

Total

distributions

(

19,526‌

)

(

7,748‌

)

–‌

–‌

FUND

SHARE

TRANSACTIONS

Subscriptions

–‌

1,391,006‌

188,861‌

1,275,297‌

Redemptions

–‌

(

832,036‌

)

(

192,596‌

)

(

785,234‌

)

Net

increase

(decrease)

from

Fund

share

transactions

–‌

558,970‌

(

3,735‌

)

490,063‌

Net

increase

(decrease)

in

net

assets

(

215,028‌

)

(

681,958‌

)

943,467‌

(

1,568,396‌

)

Net

assets

at

the

beginning

of

period

5,608,142‌

6,290,100‌

4,501,033‌

6,069,429‌

Net

assets

at

the

end

of

period

$

5,393,114‌

$

5,608,142‌

$

5,444,500‌

$

4,501,033‌

Financial

Highlights

38

The

following

data

is

for

a

share

outstanding

for

each

fiscal

year

end

unless

otherwise

noted:

Investment

Operations

Less

Distributions

Net

Asset

Value,

Beginning

of

Period

Net

Investment

Income

(Loss)(a)

Net

Realized

/Unrealized

Gain

(Loss)

Total

From

Net

Investment

Income

From

Net

Realized

Gains

Return

of

Capital

Total

Net

Asset

Value,

End

of

Period

Market

Price,

End

of

Period

NDVG

10/31/23

$

24.26

$

0.37

$

0.62

$

0.99

$

(

0.36

)

$

—

$

—

$

(

0.36

)

$

24.89

$

24.90

10/31/22

26.13

0.34

(

1.87

)

(

1.53

)

(

0.33

)

(

0.01

)

—

(

0.34

)

24.26

24.27

10/31/21(d)

25.00

0.09

1.10

1.19

(

0.06

)

—

—

(

0.06

)

26.13

26.14

NUGO

10/31/23

17.97

0.05

4.13

4.18

(

0.05

)

—

—

(

0.05

)

22.10

22.08

10/31/22

26.04

0.02

(

8.09

)

(

8.07

)

—

(f)

—

—

—

17.97

17.93

10/31/21(g)

25.00

0.01

1.03

1.04

—

—

—

—

26.04

26.05

NSCS

10/31/23

21.57

0.04

(

0.79

)

(

0.75

)

(

0.07

)

—

(

0.01

)

(

0.08

)

20.74

20.74

10/31/22

26.21

0.06

(

4.67

)

(

4.61

)

(

0.03

)

—

—

(

0.03

)

21.57

21.57

10/31/21(d)

25.00

0.01

1.20

1.21

—

—

—

—

26.21

26.22

NWLG

10/31/23

18.00

—

(f)

3.78

3.78

—

—

—

—

21.78

21.78

10/31/22

26.39

(

0.02

)

(

8.37

)

(

8.39

)

—

—

—

—

18.00

18.00

10/31/21(d)

25.00

(

0.02

)

1.41

1.39

—

—

—

—

26.39

26.37

(a)

Based

on

average

shares

outstanding.

(b)

Percentage

is

not

annualized.

(c)

Does

not

include

in-kind

transactions.

(d)

For

the

period

August

4,

2021

(commencement

of

operations)

through

October

31,

2021.

(e)

Annualized.

(f)

Value

rounded

to

zero.

(g)

For

the

period

September

27,

2021

(commencement

of

operations)

through

October

31,

2021.

See

Notes

to

Financial

Statements.

39

Ratios

and

Supplemental

Data

Total

Return

Ratios

to

Average

Net

Assets

Based

on

Net

Asset

Value(b)

Based

on

Market

Price(b)

Net

Assets,

End

of

Period

(000)

Expenses

Net

Investment

Income

(Loss)

Portfolio

Turnover

Rate(c)

4

.08

%

4

.08

%

$

8,214

0

.65‌

%

1

.45‌

%

18

%

(

5

.89

)

(

5

.91

)

7,763

0

.64‌

1

.34‌

12

4

.76

4

.82

6,009

0

.64‌

(e)

1

.52‌

(e)

7

23

.30

23

.46

2,476,996

0

.56‌

0

.24‌

31

(

31

.01

)

(

31

.16

)

2,332,827

0

.55‌

0

.09‌

39

4

.18

4

.18

1,687,423

0

.55‌

(e)

0

.39‌

(e)

2

(

3

.49

)

(

3

.51

)

5,393

0

.86‌

0

.19‌

44

(

17

.61

)

(

17

.62

)

5,608

0

.85‌

0

.27‌

64

4

.84

4

.87

6,290

0

.85‌

(e)

0

.23‌

(e)

11

20

.95

21

.00

5,445

0

.65‌

0

.01‌

71

(

31

.77

)

(

31

.74

)

4,501

0

.64‌

(

0

.08‌

)

58

5

.56

5

.50

6,069

0

.64‌

(e)

(

0

.24‌

)

(e)

15

40

Notes

to

Financial

Statements

1.

General

Information 

Trust

and

Fund

Information:

The

Nushares

ETF

Trust

(the

“Trust”)

is

an

open-end

management

investment

company

registered

under

the

Investment

Company

Act

of

1940,

as

amended

(the

“1940

Act”).

The

Trust

is

comprised

of

Nuveen

Dividend

Growth

ETF

(NDVG),

Nuveen

Growth

Opportunities

ETF

(NUGO),

Nuveen

Small

Cap

Select

ETF

(NSCS)

and

Nuveen

Winslow

Large-Cap

Growth

ESG

ETF

(NWLG)

(each

a

“Fund”

and

collectively,

the

“Funds”),

as

diversified

funds

(non-diversified

for

NUGO

and

NWLG),

among

others.

The

Trust

was

organized

as

a

Massachusetts

business

trust

on

February

20,

2015.

Shares

of

the

Funds

are

listed

and

traded

on

the

NYSE

Arca

(the

“Exchange”).

Current

Fiscal

Period:

The

end

of

the

reporting

period

for

the

Funds

is

October

31,

2023,

and

the

period

covered

by

these

Notes

to

Financial

Statements

is

the

fiscal

year

ended

October

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

sub-advisory

agreements

with

Nuveen

Asset

Management

(“NAM”),

a

subsidiary

of

the

Adviser

and

Winslow

Capital

Management,

LLC

(“Winslow

Capital”),

(each

a

“Sub-Adviser”

and

collectively,

the

“Sub-Advisers”).

NAM

is

responsible

for

managing

the

investment

portfolio

of

NDVG,

NUGO

and

NSCS.

Winslow

Capital

is

responsible

for

managing

the

investment

portfolio

of

NWLG.

2.

Significant

Accounting

Policies 

The

accompanying

financial

statements

were

prepared

in

accordance

with

accounting

principles

generally

accepted

in

the

United

States

of

America

(“U.S.

GAAP”),

which

may

require

the

use

of

estimates

made

by

management

and

the

evaluation

of

subsequent

events.

Actual

results

may

differ

from

those

estimates.

Each

Fund

is

an

investment

company

and

follows

accounting

guidance

in

the

Financial

Accounting

Standards

Board

(“FASB”)

Accounting

Standards

Codification

946,

Financial

Services

—

Investment

Companies.

The

Net

Asset

Value

("NAV")

for

financial

reporting

purposes

may

differ

from

the

NAV

for

processing

security

and

creation

unit

transactions.

The

NAV

for

financial

reporting

purposes

includes

security

and creation

unit transactions

through

the

date

of

the

report.

Total

return

is

computed

based

on

the

NAV

used

for

processing

security

and creation

unit transactions.

The

following

is

a

summary

of

the

significant

accounting

policies

consistently

followed

by

the

Funds.

Compensation:

The Trust

pays

no

compensation

directly

to

those

of

its officers,

all

of

whom

receive

remuneration

for

their

services

to the

Trust

from

the

Adviser

or

its

affiliates.

The

Funds'

Board

of Trustees

(the

"Board") has

adopted

a

deferred

compensation

plan

for

independent

trustees

that

enables

trustees

to

elect

to

defer

receipt

of

all

or

a

portion

of

the

annual

compensation

they

are

entitled

to

receive

from

certain

Nuveen-advised

funds.

Under

the

plan,

deferred

amounts

are

treated

as

though

equal

dollar

amounts

had

been

invested

in

shares

of

select

Nuveen-advised

funds.

Distributions

to

Shareholders:

Distributions

to

shareholders

are

recorded

on

the

ex-dividend

date.

The

amount,

character

and

timing

of

distributions

are

determined

in

accordance

with

federal

income

tax

regulations,

which

may

differ

from

U.S.

GAAP.

Indemnifications:

Under

the

Trust’s

organizational

documents,

its

officers

and

trustees

are

indemnified

against

certain

liabilities

arising

out

of

the

performance

of

their

duties

to

the

Trust.

In

addition,

in

the

normal

course

of

business,

the

Trust

enters

into

contracts

that

provide

general

indemnifications

to

other

parties.

The

Trust’s

maximum

exposure

under

these

arrangements

is

unknown

as

this

would

involve

future

claims

that

may

be

made

against

the

Trust

that

have

not

yet

occurred.

However,

the

Trust

has

not

had

prior

claims

or

losses

pursuant

to

these

contracts

and

expects

the

risk

of

loss

to

be

remote.

Investments

and

Investment

Income:

Securities

transactions

are

accounted

for

as

of

the

end

of

trade

date

for

financial

reporting

purposes.

Dividend

income

is

recorded

on

the

ex-dividend

date.

Foreign

dividend

income

is

recorded

on

the

ex-dividend

date

or

as

soon

as

possible

after

the

Funds

determine

the

existence

of

a

dividend

declaration.

Non-cash

dividends

received

in

the

form

of

stock,

if

any,

are

recognized

on

the

ex-dividend

date

and

recorded

at

fair

value.

Interest

income

is

recorded

on

an

accrual

basis.

Distributions

received

on

securities

that

represent

a

return

of

capital

or

capital

gains

are

recorded

as

a

reduction

of

cost

of

investments

and/or

as

a

realized

gain.

The

Funds

estimate

the

components

of

distributions

received

that

may

be

considered

return

of

capital

distributions

or

capital

gain

distributions.

Securities

lending

income

is

comprised

of

fees

earned

from

borrowers

and

income

earned

on

cash

collateral

investments.

New

Accounting

Pronouncement:

In

June

2022,

the

FASB

issued

ASU

2022-03

to

clarify

the

guidance

in

Topic

820,

Fair

Value

Measurement

("Topic

820").

The

amendments

in

ASU

2022-03

affect

all

entities

that

have

investments

in

equity

securities

measured

at

fair

value

that

are

subject

to

a

contractual

sale

restriction.

ASU

2022-03

(1)

clarifies

the

guidance

in

Topic

820,

when

measuring

the

fair

value

of

an

equity

security

subject

to

contractual

restrictions

that

prohibit

the

sale

of

equity

security,

(2)

amends

a

related

illustrative

example,

and

(3)

introduces

new

disclosure

requirements

for

equity

securities

subject

to

contractual

sale

restrictions

that

are

measured

at

fair

value

in

accordance

with

Topic

820.

For

public

business

entities,

the

amendments

in

ASU

2022-03

are

effective

for

fiscal

years

beginning

after

December

15,

2023,

and

interim

periods

within

those

fiscal

years.

For

all

other

entities,

the

amendments

are

effective

for

fiscal

years

beginning

after

December

15,

2024,

and

interim

periods

within

those

fiscal

years.

Early

adoption

is

permitted

for

both

interim

and

annual

financial

statements

that

have

not

yet

been

issued

or

made

available

for

issuance.

During

the

current

fiscal

period,

the

Funds

adopted

the

new

guidance

and

there

was

no

material

impact

to

the

Funds.

41

3.

Investment

Valuation

and

Fair

Value

Measurements 

The

Funds’

investments

in

securities

are

recorded

at

their

estimated

fair

value

utilizing

valuation

methods

approved

by

the

Adviser,

subject

to

oversight

of

the Board.

Fair

value

is

defined

as

the

price

that

would

be

received

upon

selling

an

investment

or

transferring

a

liability

in

an

orderly

transaction

to

an

independent

buyer

in

the

principal

or

most

advantageous

market

for

the

investment.

U.S.

GAAP

establishes

the

three-tier

hierarchy

which

is

used

to

maximize

the

use

of

observable

market

data

and

minimize

the

use

of

unobservable

inputs

and

to

establish

classification

of

fair

value

measurements

for

disclosure

purposes.

Observable

inputs

reflect

the

assumptions

market

participants

would

use

in

pricing

the

asset

or

liability.

Observable

inputs

are

based

on

market

data

obtained

from

sources

independent

of

the

reporting

entity.

Unobservable

inputs

reflect

management’s

assumptions

about

the

assumptions

market

participants

would

use

in

pricing

the

asset

or

liability.

Unobservable

inputs

are

based

on

the

best

information

available

in

the

circumstances.

The

following

is

a

summary

of

the

three-tiered

hierarchy

of

valuation

input

levels.

Level

1

–

Inputs

are

unadjusted

and

prices

are

determined

using

quoted

prices

in

active

markets

for

identical

securities.

Level

2

–

Prices

are

determined

using

other

significant

observable

inputs

(including

quoted

prices

for

similar

securities,

interest

rates,

credit

spreads,

etc.).

Level

3

–

Prices

are

determined

using

significant

unobservable

inputs

(including

management’s

assumptions

in

determining

the

fair

value

of

investments).

A

description

of

the

valuation

techniques

applied

to

the

Funds’

major

classifications

of

assets

and

liabilities

measured

at

fair

value

follows:

Equity

securities

and

exchange-traded

funds

listed

or

traded

on

a

national

market

or

exchange

are

valued

based

on

their

last

reported

sales

price

or

official

closing

price

of

such

market

or

exchange

on

the

valuation

date.

Foreign

equity

securities

and

registered

investment

companies

that

trade

on

a

foreign

exchange

are

valued

at

the

last

reported

sales

price

or

official

closing

price

on

the

principal

exchange

where

traded,

and

converted

to

U.S.

dollars

at

the

prevailing

rates

of

exchange

on

the

valuation

date.

To

the

extent

these

securities

are

actively

traded

and

no

valuation

adjustments

are

applied,

they

are

generally

classified

as

Level

1.

When

valuation

adjustments

are

applied

to

the

most

recent

last

sales

price

or

official

closing

price,

these

securities

are

generally

classified

as

Level

2.

Investments

in

investment

companies

are

valued

at

their

respective

NAVs

or

share

price on

the

valuation

date

and

are

generally

classified

as

Level

1. 

Prices

of

certain

American

Depositary

Receipts

(“ADR”)

held

by

the

Funds

that

trade

in

the

United

States

are

valued

based

on

the

last

traded

price,

official

closing

price,

or

an

evaluated

price

provided

by

the

pricing

services and

are

generally

classified

as

Level

1

or

2.

For

any

portfolio

security

or

derivative

for

which

market

quotations

are

not

readily

available

or

for

which

the

Adviser

deems

the

valuations

derived

using

the

valuation

procedures

described

above

not

to

reflect

fair

value,

the

Adviser

will

determine

a

fair

value

in

good

faith

using

alternative

procedures

approved

by

the

Adviser,

subject

to

the

oversight

of

the

Board.

As

a

general

principle,

the

fair

value

of

a

security

is

the

amount

that

the

owner

might

reasonably

expect

to

receive

for

it

in

a

current

sale.

A

variety

of

factors

may

be

considered

in

determining

the

fair

value

of

such

securities,

which

may

include

consideration

of

the

following:

yields

or

prices

of

investments

of

comparable

quality,

type

of

issue,

coupon,

maturity

and

rating,

market

quotes

or

indications

of

value

from

security

dealers,

evaluations

of

anticipated

cash

flows

or

collateral,

general

market

conditions

and

other

information

and

analysis,

including

the

obligor’s

credit

characteristics

considered

relevant.

To

the

extent

the

inputs

are

observable

and

timely,

the

values

would

be

classified

as

Level

2;

otherwise

they

would

be

classified

as

Level

3.

The

following

table

summarizes

the

market

value

of

the

Funds’

investments

as

of

the

end

of

the

reporting

period,

based

on

the

inputs

used

to

value

them:

NDVG

Level

1

Level

2

Level

3

Total

Long-Term

Investments:

Common

Stocks

$

8,120,267

$

–

$

–

$

8,120,267

Total

$

8,120,267

$

–

$

–

$

8,120,267

a

NUGO

Level

1

Level

2

Level

3

Total

Long-Term

Investments:

Common

Stocks

$

2,453,997,739

$

–

$

–

$

2,453,997,739

Total

$

2,453,997,739

$

–

$

–

$

2,453,997,739

a

NSCS

Level

1

Level

2

Level

3

Total

Long-Term

Investments:

Common

Stocks

$

5,249,852

$

–

$

–

$

5,249,852

Exchange-Traded

Funds

61,925

–

–

61,925

Investments

Purchased

with

Collateral

from

Securities

Lending

15,480

–

–

15,480

Total

$

5,327,257

$

–

$

–

$

5,327,257

a

42

Notes

to

Financial

Statements

(continued)

4.

Portfolio

Securities

Securities

Lending:

Each

Fund

may

lend

securities

representing

up

to

one-third

of

the

value

of

its

total

assets

to

broker-dealers,

banks,

and

other

institutions

in

order

to

generate

additional

income.

When

loaning

securities,

the

Fund

retains

the

benefits

of

owning

the

securities,

including

the

economic

equivalent

of

dividends

or

interest

generated

by

the

security.

The

loans

are

continuous,

can

be

recalled

at

any

time,

and

have

no

set

maturity.

State

Street

Bank

and

Trust

Company,

serves

as

the

securities

lending

agent

(the

“Agent”).

When

a

Fund

loans

its

portfolio

securities,

it

will

receive,

at

the

inception

of

each

loan,

cash

collateral

equal

to

an

amount

not

less

than

100%

of

the

market

value

of

the

loaned

securities.

The

actual

percentage

of

the

cash

collateral

will

vary

depending

upon

the

asset

type

of

the

loaned

securities.

Collateral

for

the

loaned

securities

is

invested

in

a

government

money

market

vehicle

maintained

by

the

Agent,

which

is

subject

to

the

requirements

of

Rule

2a-7

under

the

1940

Act.

The

value

of

the

loaned

securities

and

the

liability

to

return

the

cash

collateral

received

are

recognized

on

the

Statement

of

Assets

and

Liabilities.

If

the

market

value

of

the

loaned

securities

increases,

the

borrower

must

furnish

additional

collateral

to

the

Fund,

which

is

also

recognized

on

the

Statement

of

Assets

and

Liabilities.

Securities

out

on

loan

are

subject

to

termination

at

any

time

at

the

option

of

the

borrower

or

the

Fund.

Upon

termination,

the

borrower

is

required

to

return

to

the

Fund

securities

identical

to

the

securities

loaned.

During

the

term

of

the

loan,

the

Fund

bears

the

market

risk

with

respect

to

the

investment

of

collateral

and

the

risk

that

the

Agent

may

default

on

its

contractual

obligations

to

the

Fund.

The

Agent

bears

the

risk

that

the

borrower

may

default

on

its

obligation

to

return

the

loaned

securities

as

the

Agent

is

contractually

obligated

to

indemnify

the

Fund

if

at

the

time

of

a

default

by

a

borrower

some

or

all

of

the

loan

securities

have

not

been

returned.

Securities

lending

income

recognized

by

a

Fund

consists

of

earnings

on

invested

collateral

and

lending

fees,

net

of

any

rebates

to

the

borrower

and

compensation

to

the

Agent.

Such

income

is

recognized

on

the

Statement

of

Operations.

As

of

the

end

of

the

reporting

period,

the

total

value

of

the

loaned

securities

and

the

total

value

of

collateral

received

were

as

follows:

Purchases

and

Sales:

Long-term

purchases

and

sales

(excluding in-kind

transactions)

during

the

current fiscal

period

were

as

follows:

In-kind

transactions during

the

current fiscal

period

were

as

follows:

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. 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.

NWLG

Level

1

Level

2

Level

3

Total

Long-Term

Investments:

Common

Stocks

$

5,406,499

$

–

$

–

$

5,406,499

Total

$

5,406,499

$

–

$

–

$

5,406,499

a

Fund

Asset

Class

out

on

Loan

Long-Term

Investments,

at

Value

Total

Collateral

Received

NSCS

Common

Stocks

$13,703

$15,480

Fund

Non-U.S.

Government

Purchases

Non-U.S.

Government

Sales

NDVG

$

1,443,072

$

1,472,703

NUGO

766,561,723

733,979,187

NSCS

2,494,924

2,495,976

NWLG

3,688,432

3,672,953

Fund

In-Kind

Purchases

In-Kind

Sales

NDVG

$

1,021,880

$

737,927

NUGO

169,284,271

538,314,825

NSCS

—

—

NWLG

183,587

189,125

43

5.

Derivative

Investments

Each

Fund

is

authorized

to

invest

in

certain

derivative

instruments.

As

defined

by

U.S.

GAAP,

a

derivative

is

a

financial

instrument

whose

value

is

derived

from

an

underlying

security

price,

foreign

exchange

rate,

interest

rate,

index

of

prices

or

rates,

or

other

variables.

Investments

in

derivatives

as

of

the

end

of

and/or

during

the

current

fiscal

period,

if

any,

are

included

within

the

Statement

of

Assets

and

Liabilities

and

the

Statement

of

Operations,

respectively.

Market

and

Counterparty

Credit

Risk:

In

the

normal

course

of

business

each

Fund

may

invest

in

financial

instruments

and

enter

into

financial

transactions

where

risk

of

potential

loss

exists

due

to

changes

in

the

market

(market

risk)

or

failure

of

the

other

party

to

the

transaction

to

perform

(counterparty

credit

risk).

The

potential

loss

could

exceed

the

value

of

the

financial

assets

recorded

on

the

financial

statements.

Financial

assets,

which

potentially

expose

each

Fund

to

counterparty

credit

risk,

consist

principally

of

cash

due

from

counterparties

on

forward,

option

and

swap

transactions,

when

applicable.

The

extent

of

each

Fund’s

exposure

to

counterparty

credit

risk

in

respect

to

these

financial

assets

approximates

their

carrying

value

as

recorded

on

the

Statement

of

Assets

and

Liabilities.

Each

Fund

helps

manage

counterparty

credit

risk

by

entering

into

agreements

only

with

counterparties

the

Adviser

believes

have

the

financial

resources

to

honor

their

obligations

and

by

having

the

Adviser

monitor

the

financial

stability

of

the

counterparties.

Additionally,

counterparties

may

be

required

to

pledge

collateral

daily

(based

on

the

daily

valuation

of

the

financial

asset)

on

behalf

of

each

Fund

with

a

value

approximately

equal

to

the

amount

of

any

unrealized

gain

above

a

pre-determined

threshold.

Reciprocally,

when

each

Fund

has

an

unrealized

loss,

the

Funds

have

instructed

the

custodian

to

pledge

assets

of

the

Funds

as

collateral

with

a

value

approximately

equal

to

the

amount

of

the

unrealized

loss

above

a

pre-determined

threshold.

Collateral

pledges

are

monitored

and

subsequently

adjusted

if

and

when

the

valuations

fluctuate,

either

up

or

down,

by

at

least

the

pre-determined

threshold

amount.

6.

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:

7.

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.

NDVG

NUGO

Year

Ended

10/31/23

Year

Ended

10/31/22

Year

Ended

10/31/23

Year

Ended

10/31/22

Shares

Amount

Shares

Amount

Shares

Amount

Shares

Amount

Subscriptions

40,000

$1,021,307

140,000

$3,373,099

8,810,000

$169,892,907

77,150,000

$1,952,646,865

Redemptions

(30,000)

(737,015)

(50,000)

(1,179,509)

(26,550,000)

(540,562,557)

(12,100,000)

(260,633,066)

Net

increase

(decrease)

10,000

$284,292

90,000

$2,193,590

(17,740,000)

$(370,669,650)

65,050,000

$1,692,013,799

NSCS

NWLG

Year

Ended

10/31/23

Year

Ended

10/31/22

Year

Ended

10/31/23

Year

Ended

10/31/22

Shares

Amount

Shares

Amount

Shares

Amount

Shares

Amount

Subscriptions

–

$–

60,000

$1,391,006

10,000

$188,861

60,000

$1,275,297

Redemptions

–

–

(40,000)

(832,036)

(10,000)

(192,596)

(40,000)

(785,234)

Net

increase

(decrease)

–

$–

20,000

$558,970

–

$(3,735)

20,000

$490,063

44

Notes

to

Financial

Statements

(continued)

Differences

between

amounts

for

financial

statement

and

federal

income

tax

purposes

are

primarily

due

to

timing

differences

in

recognizing

gains

and

losses

on

investment

transactions.

Temporary

differences

do

not

require

reclassification.

As

of

year

end,

permanent

differences

that

resulted

in

reclassifications

among

the

components

of

net

assets

relate

primarily

to

redemptions

in-kind

and

return

of

capital

and

long-term

capital

gain

distributions

received

from

portfolio

investments.

Temporary

and

permanent

differences

have

no

impact

on

a

Fund's

net

assets.

As

of

year

end,

the

aggregate

cost

and

the

net

unrealized

appreciation/(depreciation)

of

all

investments

for

federal

income

tax

purposes

were

as

follows:

For

purposes

of

this

disclosure,

tax

cost

generally

includes

the

cost

of

portfolio

investments

as

well

as

up-front

fees

or

premiums

exchanged

on

derivatives

and

any

amounts

unrealized

for

income

statement

reporting

but

realized

income

and/or

capital

gains

for

tax

reporting,

if

applicable.

As

of

year

end,

the

components

of

accumulated

earnings

on

a

tax

basis

were

as

follows:

The

tax

character

of

distributions

paid

were

as

follows:

As

of

year

end,

the

Funds

had

capital

loss

carryforwards,

which

will

not

expire:

8.

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)

NDVG

$

8,053,180

$

663,127

$

(

596,040

)

$

67,087

NUGO

2,297,991,031

301,564,084

(

145,557,376

)

156,006,708

NSCS

5,487,858

594,033

(

754,634

)

(

160,601

)

NWLG

4,916,791

655,820

(

166,112

)

489,708

Fund

Undistributed

Ordinary

Income

Undistributed

Long-Term

Capital

Gains

Unrealized

Appreciation

(Depreciation)

Capital

Loss

Carryforwards

Late-Year

Loss

Deferrals

Other

Book-to-Tax

Differences

Total

NDVG

$

8,868

$

—

$

67,087

$

(

275,899

)

$

—

$

—

$

(

199,944

)

NUGO

3,071,931

—

156,006,708

(

708,138,090

)

—

—

(

549,059,451

)

NSCS

—

—

(

160,601

)

(

1,042,002

)

—

—

(

1,202,603

)

NWLG

384

—

489,708

(

1,304,154

)

—

—

(

814,062

)

10/31/23

10/31/22

Fund

Ordinary

Income

Long-Term

Capital

Gains

Return

of

Capital

Ordinary

Income

Long-Term

Capital

Gains

Return

of

Capital

NDVG

$

115,641

$

—

$

—

$

88,734

$

82

$

—

NUGO

5,361,255

—

—

151,404

—

—

NSCS

16,390

—

3,136

7,748

—

—

NWLG

—

—

—

—

—

—

Fund

Short-Term

Long-Term

Total

NDVG

$

138,085

$

137,814

$

275,899

NUGO

554,804,095

153,333,995

708,138,090

NSCS

689,147

352,855

1,042,002

NWLG

771,445

532,709

1,304,154

45

Other

Transactions

with

Affiliates:

Each

Fund

is

permitted

to

purchase

or

sell

securities

from

or

to

certain

other

funds

or

accounts

managed

by

the

Sub-Adviser

(“Affiliated

Entity”)

under

specified

conditions

outlined

in

procedures

adopted

by

the

Board

("cross-trade").

These

procedures

have

been

designed

to

ensure

that

any

cross-trade

of

securities

by

the

Fund

from

or

to

an

Affiliated

Entity

by

virtue

of

having

a

common

investment

adviser

(or

affiliated

investment

adviser),

common

officer

and/or

common

trustee

complies

with

Rule

17a-7

under

the

1940

Act.

These

transactions

are

effected

at

the

current

market

price

(as

provided

by

an

independent

pricing

service)

without

incurring

broker

commissions.

During

the

current

fiscal

period,

the

Funds

engaged

in

cross-trades

pursuant

to

these

procedures

as

follows: 

As

of

the

end

of

the

reporting

period,

the

percentage

of

Fund

shares

owned

by

TIAA

are

as

follows: 

Fund

Management

Fee

NDVG

0.64%

NUGO

0.55

NSCS

0.85

NWLG

0.64

Fund

Purchases

Sales

Realized

Gain

(Loss)

NDVG

$

—

$

—

$

—

NUGO

—

1,553,643

363,586

NSCS

—

—

—

NWLG

—

—

—

Fund

TIAA

Owned

Shares

NDVG

67

%

NUGO

—

NSCS

85

NWLG

88

46

Important

Tax

Information

(Unaudited)

As

required

by

the

Internal

Revenue

Code

and

Treasury

Regulations,

certain

tax

information,

as

detailed

below,

must

be

provided

to

shareholders.

Shareholders

are

advised

to

consult

their

tax

advisor

with

respect

to

the

tax

implications

of

their

investment.

The

amounts

listed

below

may

differ

from

the

actual

amounts

reported

on

Form

1099-DIV,

which

will

be

sent

to

shareholders

shortly

after

calendar

year

end.

Long-Term

Capital

Gains

As

of

year

end,

each

Fund

designates

the

following

distribution

amounts,

or

maximum

amount

allowable,

as

being

from

net

long-term

capital

gains

pursuant

to

Section

852(b)(3)

of

the

Internal

Revenue

Code:

Dividends

Received

Deduction

(DRD)

Each

Fund

listed

below

had

the

following

percentage,

or

maximum

amount

allowable,

of

ordinary

income

distributions

eligible

for

the

dividends

received

deduction

for

corporate

shareholders:

Qualified

Dividend

Income

(QDI)

Each

Fund

listed

below

had

the

following

percentage,

or

maximum

amount

allowable,

of

ordinary

income

distributions

treated

as

qualified

dividend

income

for

individuals

pursuant

to

Section

1(h)(11)

of

the

Internal

Revenue

Code:

Fund

Net

Long-Term

Capital

Gains

NDVG

$

—

NUGO

—

NSCS

—

NWLG

—

Fund

Percentage

NDVG

100

.0

%

NUGO

100

.0

NSCS

100

.0

NWLG

–

Fund

Percentage

NDVG

100

.0

%

NUGO

100

.0

NSCS

100

.0

NWLG

–

47

Additional

Fund

Information

(Unaudited)

The

tables

below

show

the

number

and

percentage

of

days

during

the

current

fiscal

period

that

each

Fund’s

market

price

was

greater

than

its

NAV

per

share

(i.e.,

at

premium)

and

less

than

its

NAV

per

share

(i.e.,

at

a

discount).

The

market

price

is

determined

using

the

midpoint

between

the

highest

bid

and

the

lowest

offer

on

the

applicable

Fund’s

listing

exchange,

as

of

the

time

that

the

Fund’s

NAV

is

calculated

(normally

4:00

p.m.

Eastern

Time).

Investment

Adviser

Nuveen

Fund

Advisors,

LLC

333

West

Wacker

Drive

Chicago,

IL

60606

Sub-Adviser

Nuveen

Asset

Management,

LLC

333

West

Wacker

Drive

Chicago,

IL

60606

Winslow

Capital

Management,

LLC

80

South

Eighth

Street

Minneapolis,

MN

55402

Independent

Registered

Public

Accounting

Firm

KPMG

LLP

200

East

Randolph

Street

Chicago,

IL

60601

Administrator,

Custodian

and

Transfer

Agent

Brown

Brothers

Harriman

50

Post

Office

Square

Boston,

MA

02110

Legal

Counsel

Chapman

and

Cutler

LLP

Chicago,

IL

60603

Morgan

Lewis

&

Bockius

LLP

111

Pennsylvania

Avenue,

NW

Washington,

D.C.

20004

NDVG

NUGO

Year

Ended

October

31,

2023

Number

of

Days

%

of

Total

Days

Number

of

Days

%

of

Total

Days

Premium/Discount

Range:

0.00%

to

0.25%

156

62.2%

150

59.8%

(0.01)%

to

(0.25)%

95

37.8%

101

40.2%

251

100%

251

100%

NSCS

NWLG

Year

Ended

October

31,

2023

Number

of

Days

%

of

Total

Days

Number

of

Days

%

of

Total

Days

Premium/Discount

Range:

0.26%

to

0.50%

1

0.4%

-

-

0.00%

to

0.25%

149

59.4%

151

60.2%

(0.01)%

to

(0.25)%

100

39.8%

100

39.8%

(0.26)%

to

(0.50)%

1

0.4%

-

-

251

100%

251

100%

48

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)

49

Average

Annual

Total

Return:

This

is

a

commonly

used

method

to

express

an

investment’s

performance

over

a

particular,

usually

multi-year

time

period.

It

expresses

the

return

that

would

have

been

necessary

each

year

to

equal

the

investment’s

actual

cumulative

performance

(including

change

in

NAV

or

offer

price

and

reinvested

dividends

and

capital

gains

distributions,

if

any)

over

the

time

period

being

considered.

Gross

Domestic

Product

(GDP):

The

total

market

value

of

all

final

goods

and

services

produced

in

a

country/region

in

a

given

year,

equal

to

total

consumer,

investment

and

government

spending,

plus

the

value

of

exports,

minus

the

value

of

imports.

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.

50

Liquidity

Risk

Management

Program

(Unaudited)

Discussion

of

the

operation

and

effectiveness

of

the

Funds’

liquidity

risk

management

program

In

compliance

with

Rule

22e-4

under

the

Investment

Company

Act

of

1940,

as

amended

(the

“Liquidity

Rule”),

each

Fund

covered

in

this

Report

(the

“Funds”)

has

adopted

and

implemented

a

liquidity

risk

management

program

(the

“Program”),

which

is

designed

to

manage

the

Fund’s

liquidity

risk.

The

Program

consists

of

various

protocols

for

assessing

and

managing

each

Fund’s

liquidity

risk.

The

Funds’

Board

of Trustees (the

"Board")

previously

designated

Nuveen

Fund

Advisors,

LLC,

the

Funds’

investment

adviser,

as

the

Administrator

of

the

Program.

The

adviser’s

Liquidity

Monitoring

and

Analysis

Team

(“LMAT”)

carries

out

day-to-day

Program

management

with

oversight

by

the

adviser’s

Liquidity

Oversight

Sub-

Committee

(the

“LOSC”).

The

LOSC

is

composed

of

personnel

from

the

adviser

and

Teachers

Advisors,

LLC,

an

affiliate

of

the

adviser.

At

a

May

23-25,

2023

meeting

of

the

Board,

the

Administrator

provided

the

Board

with

a

written

report

addressing

the

Program’s

operation,

adequacy

and

effectiveness

of

implementation

for

calendar

year

2022

(the

“Review

Period”),

as

required

under

the

Liquidity

Rule.

The

report

noted

that

the

Program

has

been

and

continues

to

be

adequately

and

effectively

implemented

to

monitor

and

(as

applicable)

respond

to

each

Fund’s

liquidity

developments.

In

accordance

with

the

Program,

the

LMAT

assesses

each

Fund’s

liquidity

risk

no

less

frequently

than

annually

based

on

various

factors,

such

as

(1)

the

Fund’s

investment

strategy

and

the

liquidity

of

portfolio

investments,

(ii)

cash

flow

projections,

and

(ii)

holdings

of

cash

and

cash

equivalents,

borrowing

arrangements,

and

other

funding

sources.

Certain

factors

are

considered

under

both

normal

and

reasonably

foreseeable

stressed

conditions.

Each

Fund

portfolio

investment

is

classified

into

one

of

four

liquidity

categories

(including

the

most

liquid,

“Highly

Liquid”,

and

the

least

liquid,

“Illiquid”,

discussed

below),

The

classification

is

based

on

a

determination

of

how

long

it

is

reasonably

expected

to

take

to

convert

the

investment

into

cash,

or

sell

or

dispose

of

the

investment,

in

current

market

conditions

without

significantly

changing

the

market

value

of

the

investment

Liquidity

classification

determinations

take

into

account

various

market,

trading,

and

investment-specific

considerations,

as

well

as

market

depth,

and

use

third-

party

vendor

data.

Any

Fund

that

does

not

primarily

hold

highly

liquid

investments

must,

among

other

things,

determine

a

minimum

percentage

of

Fund

assets

that

must

be

invested

in

highly

liquid

investments

(a

“Highly

Liquid

Investment

Minimum”).

During

the

Review

Period,

each

Fund

primarily

held

Highly

Liquid

investments

and

therefore

was

exempt

from

the

requirement

to

adopt

a

Highly

Liquid

Investment

Minimum

and

to

comply

with

the

related

requirements

under

the

Liquidity

Rule.

The

Liquidity

Rule

also

limits

a

Fund’s

investments

in

Illiquid

investments.

Specifically,

the

Liquidity

Rule

prohibits

a

Fund

from

acquiring

Illiquid

investments

if

doing

so

would

result

in

the

Fund

holding

more

than

15%

of

its

net

assets

in

illiquid

investments,

and

requires

certain

reporting

to

the

Fund

Board

and

the

Securities

and

Exchange

Commission

any

time

a

Fund’s

holdings

of

Illiquid

investments

exceeds

15%

of

net

assets.

During

the

Review

Period,

no

Fund

exceeded

the

15%

limit

on

Illiquid

investments.

Annual

Investment

Management

Agreement

Approval

Process

(Unaudited)

51

At

a

meeting

held

on

May

23-25,

2023

(the

“May

Meeting”),

the

Board

of

Trustees

(the

“Board”

and

each

Trustee,

a

“Board

Member”)

of

Nushares

ETF

Trust,

which

is

comprised

entirely

of

Board

Members

who

are

not

“interested

persons”

(as

defined

under

the

Investment

Company

Act

of

1940

(the

“1940

Act”))

(the

“Independent

Board

Members”),

approved,

for

each

Fund,

the

renewal

of

the

management

agreement

(each,

an

“Investment

Management

Agreement”)

with

Nuveen

Fund

Advisors,

LLC

(the

“Adviser”),

pursuant

to

which

the

Adviser

serves

as

the

investment

adviser

to

such

Fund,

and

the

sub-advisory

agreement

(each,

a

“Sub-Advisory

Agreement”)

with

(a)

in

the

case

of

Nuveen

Dividend

Growth

ETF

(the

“Dividend

Growth

Fund”),

Nuveen

Growth

Opportunities

ETF

(the

“Growth

Opportunities

Fund”)

and

Nuveen

Small

Cap

Select

ETF

(the

“Small

Cap

Fund”),

Nuveen

Asset

Management,

LLC

(“NAM”),

pursuant

to

which

NAM

serves

as

the

investment

sub-adviser

to

each

such

Fund;

and

(b)

in

the

case

of

Nuveen

Winslow

Large-Cap

Growth

ESG

ETF

(the

“Large-Cap

Growth

Fund”),

Winslow

Capital

Management,

LLC

(“Winslow,”

and

Winslow

and

NAM

are

each,

a

“Sub-Adviser”),

pursuant

to

which

Winslow

serves

as

the

investment

sub-adviser

to

such

Fund,

for

an

additional

one-year

term.

As

the

Board

is

comprised

of

all

Independent

Board

Members,

the

references

to

the

Board

and

the

Independent

Board

Members

are

interchangeable.

Following

up

to

an

initial

two-year

period,

the

Board

considers

the

renewal

of

each

Investment

Management

Agreement

and

Sub-Advisory

Agreement

on

behalf

of

the

applicable

Fund

on

an

annual

basis.

The

Investment

Management

Agreements

and

the

Sub-Advisory

Agreements

are

collectively

referred

to

as

the

“Advisory

Agreements,”

and

the

Adviser

and

the

Sub-Advisers

are

collectively,

the

“Fund

Advisers”

and

each,

a

“Fund

Adviser.”

The

Independent

Board

Members

considered

the

review

of

the

advisory

agreements

for

the

Nuveen

funds

to

be

an

ongoing

process

and

employed

the

accumulated

information,

knowledge

and

experience

the

Board

Members

had

gained

during

their

tenure

on

the

boards

governing

the

Nuveen

funds

and

working

with

the

Adviser

and

the

applicable

sub-advisers

in

their

annual

review

of

the

advisory

agreements.

Throughout

the

year,

the

Board

and

its

committees

meet

regularly

and,

at

these

meetings,

receive

regular

and/or

special

reports

that

cover

an

extensive

array

of

topics

and

information

that

are

relevant

to

the

Board’s

annual

consideration

of

the

renewal

of

the

advisory

agreements

for

the

Nuveen

funds.

Such

information

may

address,

among

other

things,

fund

performance

and

risk

information;

the

Adviser’s

strategic

plans;

product

initiatives

for

various

funds;

the

review

of

the

funds

and

investment

teams;

compliance,

regulatory

and

risk

management

matters;

the

trading

practices

of

the

various

sub-advisers

to

the

Nuveen

funds;

management

of

distributions;

valuation

of

securities;

fund

expenses;

securities

lending;

liquidity

management;

and

overall

market

and

regulatory

developments.

The

Board

also

seeks

to

meet

periodically

with

the

Nuveen

funds’

sub-advisers

and/or

portfolio

teams,

when

feasible.

The

presentations,

discussions,

and

meetings

throughout

the

year

also

provide

a

means

for

the

Board

to

evaluate

the

level,

breadth

and

quality

of

services

provided

by

the

Adviser

and

how

such

services

have

changed

over

time

in

light

of

new

or

modified

regulatory

requirements,

changes

to

market

conditions

or

other

factors.

In

connection

with

its

annual

consideration

of

the

advisory

agreements

for

the

Nuveen

funds,

the

Board,

through

its

independent

legal

counsel,

requested

and

received

extensive

materials

and

information

prepared

specifically

for

its

review

of

such

advisory

agreements

by

the

Adviser

and

by

Broadridge

Financial

Solutions,

Inc.

(“Broadridge”),

an

independent

provider

of

investment

company

data.

The

materials

cover

a

wide

range

of

topics

including,

but

not

limited

to,

a

description

of

the

nature,

extent

and

quality

of

services

provided

by

the

Fund

Advisers;

a

review

of

product

actions

advanced

in

2022

for

the

benefit

of

particular

Nuveen

funds

and/or

the

Nuveen

fund

complex;

a

review

of

each

sub-adviser

to

the

Nuveen

funds

and/or

the

applicable

investment

team;

an

analysis

of

fund

performance

with

a

focus

on

any

Nuveen

funds

considered

performance

outliers;

an

analysis

of

the

fees

and

expense

ratios

of

the

Nuveen

funds

with

a

focus

on

any

Nuveen

funds

considered

expense

outliers;

a

review

of

management

fee

schedules;

a

description

of

portfolio

manager

compensation;

a

description

of

the

profitability

or

financial

data

of

Nuveen

and

the

sub-advisers

to

the

Nuveen

funds;

and

a

description

of

indirect

benefits

received

by

the

Adviser

and

the

sub-advisers

as

a

result

of

their

relationships

with

the

Nuveen

funds.

The

information

prepared

specifically

for

the

annual

review

supplemented

the

information

provided

to

the

Board

and

its

committees

and

the

evaluations

of

the

Nuveen

funds

by

the

Board

and

its

committees

during

the

year.

The

Board’s

review

of

the

advisory

agreements

for

the

Nuveen

funds

is

based

on

all

the

information

provided

to

the

Board

and

its

committees

throughout

the

year

as

well

as

the

information

prepared

specifically

with

respect

to

the

annual

review

of

such

advisory

agreements.

The

performance,

fee

and

expense

data

and

other

information

provided

by

a

Fund

Adviser,

Broadridge

or

other

service

providers

were

not

independently

verified

by

the

Independent

Board

Members.

As

part

of

its

review,

the

Board

met

on

April

11-12,

2023

(the

“April

Meeting”)

to

review

and

discuss,

in

part,

the

performance

of

the

Nuveen

funds

and

the

Adviser’s

evaluation

of

each

sub-adviser

to

the

Nuveen

funds

and/or

its

investment

teams.

At

the

April

Meeting,

the

Board

Members

asked

questions

and

requested

additional

information

that

was

provided

for

the

May

Meeting.

The

Independent

Board

Members

were

advised

by

independent

legal

counsel

during

the

annual

review

process

as

well

as

throughout

the

year,

including

meeting

in

executive

sessions

with

such

counsel

at

which

no

representatives

from

the

Adviser

or

the

Sub-Advisers

were

present.

In

connection

with

their

annual

review,

the

Independent

Board

Members

also

received

a

memorandum

from

independent

legal

counsel

outlining

their

fiduciary

duties

and

legal

standards

in

reviewing

the

Advisory

Agreements,

including

guidance

from

court

cases

evaluating

advisory

fees.

The

Board’s

decision

to

renew

the

Advisory

Agreements

was

not

based

on

a

single

identified

factor,

but

rather

the

decision

reflected

the

comprehensive

consideration

of

all

the

information

provided

to

the

Board

and

its

committees

throughout

the

year

as

well

as

the

materials

prepared

specifically

in

connection

with

the

renewal

process.

The

contractual

arrangements

are

a

result

of

multiple

years

of

review,

negotiation

and

information

provided

in

connection

with

the

Board’s

annual

review

of

the

Nuveen

funds’

advisory

arrangements

and

oversight

of

the

Nuveen

funds.

Each

Board

Member

may

have

attributed

different

levels

of

importance

to

the

various

factors

and

information

considered

in

connection

with

the

approval

process

and

may

place

different

emphasis

on

the

relevant

information

year

to

year

in

light

of,

among

other

things,

changing

market

and

economic

conditions.

A

summary

of

the

principal

factors

and

information,

but

not

all

the

factors,

the

Board

considered

in

deciding

to

renew

the

Advisory

Agreements

is

set

forth

below.

52

Annual

Investment

Management

Agreement

Approval

Process

(Unaudited)

(continued)

A.

Nature,

Extent

and

Quality

of

Services

In

evaluating

the

renewal

of

the

Advisory

Agreements,

the

Independent

Board

Members

received

and

considered

information

regarding

the

nature,

extent

and

quality

of

the

applicable

Fund

Adviser’s

services

provided

to

the

respective

Fund

with

particular

focus

on

the

services

and

enhancements

or

changes

to

such

services

provided

during

the

last

year.

The

Independent

Board

Members

considered

the

Investment

Management

Agreements

and

the

Sub-Advisory

Agreements

separately

in

the

course

of

their

review.

With

this

approach,

they

considered

the

respective

roles

of

the

Adviser

and

the

Sub-Advisers

in

providing

services

to

the

applicable

Fund(s).

The

Board

recognized

that

the

Adviser

provides

a

wide

array

of

management,

oversight

and

administrative

services

to

manage

and

operate

the

Nuveen

funds

and

that

the

scope

and

complexity

of

these

services,

along

with

the

undertakings

required

of

the

Adviser

in

connection

with

providing

these

services,

have

expanded

over

time

as

a

result

of,

among

other

things,

regulatory,

market

and

other

developments.

The

Board

noted

the

Adviser’s

dedication

of

resources,

time,

personnel

and

capital

and

commitment

to

continuing

to

develop

improvements

and

innovations

that

seek

to

enhance

the

Nuveen

fund

complex

and

meet

the

needs

of

the

Nuveen

funds

in

an

increasingly

complex

regulatory

environment.

The

Board

received

and

reviewed

information

regarding,

among

other

things,

the

Adviser’s

investment

oversight

responsibilities,

regulatory

and

compliance

services,

administrative

duties

and

other

services.

The

Board

considered

the

breadth

and

the

quality

of

the

services

the

Adviser

and

its

various

teams

provide

in

overseeing

the

investment

management

of

the

Nuveen

funds,

including,

among

other

things,

overseeing

and

reviewing

the

services

provided

by

the

various

sub-advisers

to

the

Nuveen

funds

and

their

investment

teams;

evaluating

fund

performance

and

market

conditions;

overseeing

operational

and

investment

risks;

evaluating

investment

strategies

and

recommending

any

changes

thereto;

managing

liquidity;

managing

the

daily

valuation

of

portfolio

securities;

overseeing

trade

execution

and

securities

lending;

and

setting

and

managing

distributions

consistent

with

the

respective

fund’s

product

design.

The

Board

also

reviewed

the

structure

of

investment

personnel

compensation

of

each

Fund

Adviser

and

considered

whether

the

structure

provides

appropriate

incentives

to

attract

and

maintain

qualified

personnel

and

to

act

in

the

best

interests

of

the

respective

Nuveen

fund.

Given

the

Nuveen

funds

operate

in

a

highly

regulated

industry,

the

Board

further

considered

the

extensive

compliance,

regulatory

and

administrative

services

the

Adviser

and

its

various

teams

provide

to

manage

and

operate

the

Nuveen

funds.

The

Board

recognized

such

services

included,

but

were

not

limited

to,

managing

compliance

policies;

monitoring

compliance

with

applicable

policies,

laws

and

regulations;

devising

internal

compliance

programs

in

seeking

to

enhance

compliance

with

regulatory

requirements

and

creating

a

framework

to

review

and

assess

compliance

programs;

overseeing

sub-adviser

compliance

testing;

preparing

compliance

training

materials;

and

responding

to

regulatory

requests.

The

Board

reviewed

highlights

of

the

various

initiatives

Nuveen

compliance

had

taken

in

2022

including,

among

other

things,

additional

due

diligence

of

service

providers

as

their

operating

environments

evolve

post-Covid

to

more

hybrid

in-person

working

arrangements;

investments

in

supporting

and

expanding

international

trading

capabilities;

continuing

efforts

to

enhance

policies

and

controls

to

address

compliance

risks

including

those

related

to

environmental,

social

and

governance

(“ESG”)

matters

and

new

regulatory

developments

or

guidance;

and

establishing

and

maintaining

compliance

policies

and

comprehensive

compliance

training

programs.

The

Board

also

considered

information

regarding

the

Adviser’s

business

continuity,

disaster

recovery

and

information

security

programs

and

the

periodic

testing

and

review

of

such

programs.

In

addition

to

the

above

functions,

the

Board

considered

the

quality

and

extent

of

other

non-advisory

services

the

Adviser

provides

including,

among

other

things,

various

fund

administration

services

(such

as

preparing,

overseeing

or

assisting

with

the

preparation

of

tax

and

regulatory

filings);

product

management

services

(such

as

evaluating

and

enhancing

products

and

strategies);

legal

support

services;

shareholder

services

and

transfer

agency

function

oversight

services;

and

board

support

and

reporting

services.

With

respect

to

board

support

services,

the

Board

reviewed

a

summary

of

the

annual,

quarterly,

and

special

reports

the

Adviser

and/or

its

affiliates

provided

to

the

Board

throughout

2022.

The

Board

further

acknowledged

various

initiatives

the

Adviser

had

undertaken

or

continued

in

2022

in

seeking

to

improve

the

effectiveness

of

its

organization,

the

Nuveen

funds

product

line-up

as

well

as

particular

Nuveen

fund(s)

through,

among

other

things,

rationalizing

the

product

line

and

gaining

efficiencies

through

mergers,

repositionings

and

liquidations;

launching

new

funds;

reviewing

and

updating

investment

policies

and

benchmarks;

reopening

certain

funds

previously

closed

to

new

investors;

adding

or

modifying

the

share

classes

offered

by

certain

funds;

implementing

fee

waivers

and

expense

cap

changes

for

certain

funds

and

evaluating

and

adjusting

portfolio

management

teams

as

appropriate

for

various

funds;

and

developing

policy

positions

on

a

broad

range

of

regulatory

proposals

that

may

impact

the

funds

and

communicating

with

lawmakers

and

other

regulatory

authorities

to

help

ensure

these

positions

are

represented.

Aside

from

the

services

provided,

the

Board

recognized

the

financial

resources

of

the

Adviser

and

its

affiliates

and

their

willingness

to

make

investments

in

the

technology,

personnel

and

infrastructure

to

support

the

Nuveen

funds,

including

maintaining

a

seed

capital

budget

to

support

new

or

existing

funds

and/or

facilitate

changes

for

a

respective

fund.

The

Board

noted

the

benefits

to

shareholders

of

investing

in

a

fund

that

is

a

part

of

a

large

fund

complex

with

a

variety

of

investment

disciplines,

capabilities,

expertise

and

resources

available

to

navigate

and

support

the

Nuveen

funds

including

during

stressed

times.

The

Board

recognized

the

overall

reputation

and

capabilities

of

the

Adviser

and

its

affiliates,

the

Adviser’s

continuing

commitment

to

provide

high

quality

services,

its

willingness

to

implement

operational

or

organizational

changes

in

seeking,

among

other

things,

to

enhance

efficiencies

and

services

to

the

Nuveen

funds

and

its

responsiveness

to

the

Board’s

questions

and/or

concerns

raised

throughout

the

year

and

during

the

annual

review

of

advisory

agreements.

The

Board

also

considered

the

significant

risks

borne

by

the

Adviser

and

its

affiliates

in

connection

with

their

services

to

the

Nuveen

funds,

including

entrepreneurial

risks

in

sponsoring

new

funds

and

ongoing

risks

with

managing

the

funds

such

as

investment,

operational,

reputational,

regulatory,

compliance

and

litigation

risks.

The

Board

further

considered

the

division

of

responsibilities

between

the

Adviser

and

the

Sub-Advisers

and

recognized

that

each

Sub-Adviser

and

its

investment

personnel

generally

are

responsible

for

the

management

of

each

applicable

Fund’s

portfolio

under

the

oversight

of

the

Adviser

and

the

Board.

The

Board

considered

an

analysis

of

each

Sub-Adviser

provided

by

the

Adviser

which

included,

among

other

things,

the

assets

under

management

of

the

Sub-Adviser

or

the

applicable

investment

team

and

changes

thereto,

a

summary

of

the

applicable

investment

team

and

changes

to

such

team,

the

investment

process

and

philosophy

of

the

applicable

investment

team,

the

performance

of

the

Nuveen

funds

sub-advised

by

the

53

Sub-Adviser

over

various

periods

of

time

and

a

summary

of

any

significant

policy

and/or

other

changes

to

the

Nuveen

funds

sub-advised

by

the

Sub-Adviser.

The

Board

further

considered

at

the

May

Meeting

or

prior

meetings

evaluations

of

each

Sub-Adviser’s

compliance

programs

and

trade

execution.

The

Board

noted

that

the

Adviser

recommended

the

renewal

of

the

Sub-Advisory

Agreements.

Based

on

its

review,

the

Board

determined,

in

the

exercise

of

its

reasonable

business

judgment,

that

it

was

satisfied

with

the

nature,

extent

and

quality

of

services

provided

to

the

respective

Funds

under

each

applicable

Advisory

Agreement.

B.

The

Investment

Performance

of

the

Funds

and

Fund

Advisers

In

evaluating

the

quality

of

the

services

provided

by

the

Fund

Advisers,

the

Board

also

considered

a

variety

of

investment

performance

data

of

the

Nuveen

funds

prepared

specifically

for

the

annual

review

of

the

advisory

agreements

as

well

as

the

performance

data

the

Board

received

throughout

the

year

representing

different

time

periods.

In

this

regard,

leading

into

the

May

Meeting,

the

Board

reviewed,

among

other

things,

Fund

performance

over

the

quarter

and

one-year

periods

ending

December 31,

2022

and

March

31,

2023.

In

addition,

the

Board

reviewed

and

discussed

performance

data

at

its

regularly

scheduled

quarterly

meetings

during

the

year.

The

Board

therefore

took

into

account

the

performance

data,

presentations

and

discussions

(written

and

oral)

that

have

been

provided

for

the

annual

review

as

well

as

in

prior

meetings

over

time

in

evaluating

fund

performance,

including

the

Adviser’s

analysis

of

a

fund’s

performance

with

particular

focus

on

performance

outliers

(both

overperformance

and

underperformance),

the

factors

contributing

to

performance

(including

relative

to

a

fund’s

benchmark

and

peers

and

the

impact

of

market

conditions)

and

any

recommendations

or

steps

that

had

been

taken

or

were

proposed

to

be

taken

to

address

significant

performance

concerns.

In

this

regard,

the

Board

noted,

among

other

things,

that

certain

Nuveen

funds

had

changes

in

portfolio

managers

or

other

significant

changes

to

their

investment

strategies

or

policies

since

March

2020,

and,

as

a

result,

the

Board

reviewed

certain

tracking

performance

data

comparing

the

performance

of

such

funds

before

and

after

such

changes.

The

Board

recognized

that

performance

data

reflects

performance

over

a

specified

period

which

may

differ

significantly

depending

on

the

ending

dates

selected,

particularly

during

periods

of

market

volatility.

Further,

the

Board

noted

that

shareholders

may

evaluate

performance

based

on

their

own

respective

holding

periods

which

may

differ

from

the

performance

periods

reviewed

by

the

Board

and

lead

to

differing

results.

In

its

evaluation,

the

Board

reviewed

Nuveen

fund

performance

results

from

different

perspectives.

In

general,

subject

to

certain

exceptions,

the

Board

reviewed

both

absolute

and

relative

fund

performance

during

the

annual

review

over

the

various

time

periods

and

evaluated

performance

results

in

light

of

a

fund’s

investment

objective(s),

strategies

and

risks.

With

respect

to

the

relative

performance,

the

Board

considered

fund

performance

in

comparison

to

the

performance

of

peer

funds

(the

“Performance

Peer

Group”)

and

recognized

and/or

customized

benchmarks

(i.e.,

generally

benchmarks

derived

from

multiple

recognized

benchmarks).

In

reviewing

such

comparative

performance,

the

Board

was

cognizant

of

the

inherent

limitations

of

such

data

which

can

make

meaningful

performance

comparisons

generally

difficult.

As

an

illustration,

differences

in

the

composition

of

the

Performance

Peer

Group,

the

investment

objective(s),

strategies

and

other

characteristics

of

the

peers

in

the

Performance

Peer

Group,

the

level,

type

and

cost

of

leverage

(if

any)

of

the

peers,

and

the

varying

sizes

of

peers

all

may

contribute

to

differences

in

the

performance

results

of

a

Performance

Peer

Group

compared

to

the

applicable

Nuveen

fund.

With

respect

to

relative

performance

of

a

Nuveen

fund

compared

to

a

benchmark

index,

differences,

among

other

things,

in

the

investment

objective(s)

and

strategies

of

a

fund

and

the

benchmark

(particularly

an

actively

managed

fund

that

does

not

directly

follow

an

index)

as

well

as

the

costs

of

operating

a

fund

would

necessarily

contribute

to

differences

in

performance

results

and

limit

the

value

of

the

comparative

performance

information.

To

assist

the

Board

in

its

review

of

the

comparability

of

the

relative

performance,

the

Adviser

has

ranked

the

relevancy

of

the

peer

group

to

the

Funds

as

low,

medium

or

high.

The

Board

noted

that

each

Fund,

a

Nuveen

exchange-traded

fund

(“ETF”),

is

actively

managed.

The

Board

also

evaluated

Nuveen

fund

performance

in

light

of

various

relevant

factors

which

may

include,

among

other

things,

general

market

conditions,

issuer-specific

information,

asset

class

information,

leverage

and

fund

cash

flows.

The

Board

acknowledged

that

long-term

performance

could

be

impacted

by

even

one

period

of

significant

outperformance

or

underperformance

and

that

a

single

investment

theme

could

disproportionately

affect

performance.

Further,

the

Board

recognized

that

the

market

and

economic

conditions

may

significantly

impact

a

fund’s

performance,

particularly

over

shorter

periods,

and

such

performance

may

be

more

reflective

of

such

economic

or

market

events

and

not

necessarily

reflective

of

management

skill.

Although

the

Board

reviews

short-,

intermediate-

and

longer-term

performance

data,

the

Board

recognized

that

longer

periods

of

performance

may

reflect

full

market

cycles.

In

relation

to

recent

general

market

conditions,

the

Board

had

recognized

the

general

market

volatility

and

underperformance

of

the

market

in

2022

in

considering

Nuveen

fund

performance.

The

Board

took

into

account

the

Adviser’s

assessment

of

a

fund’s

performance

during

the

recent

period

of

significant

market

volatility.

In

their

review

from

year

to

year,

the

Board

Members

consider

and

may

place

different

emphasis

on

the

relevant

information

in

light

of

changing

circumstances

in

market

and

economic

conditions.

In

evaluating

performance,

the

Board

focused

particular

attention

on

funds

with

less

favorable

performance

records.

However,

depending

on

the

facts

and

circumstances

including

any

differences

between

the

respective

fund

and

its

benchmark

and/or

Performance

Peer

Group,

the

Board

may

be

satisfied

with

a

fund’s

performance

notwithstanding

that

its

performance

may

be

below

that

of

its

benchmark

and/or

peer

group

for

certain

periods.

With

respect

to

any

funds

for

which

the

Board

has

identified

performance

issues,

the

Board

seeks

to

monitor

such

funds

closely

until

performance

improves,

discusses

with

the

Adviser

the

reasons

for

such

results,

considers

whether

any

steps

are

necessary

or

appropriate

to

address

such

issues,

and

reviews

the

results

of

any

steps

undertaken.

The

Board’s

determinations

with

respect

to

each

Fund

are

summarized

below.

For

the

Dividend

Growth

Fund,

the

Board

noted

that

the

Fund

ranked

in

the

third

quartile

of

its

Performance

Peer

Group

for

the

one-year

period

ended

December

31,

2022

and

second

quartile

for

the

one-year

period

ended

March

31,

2023.

In

addition,

the

Fund

outperformed

its

benchmark

for

the

one-year

periods

ended

December

31,

2022

and

March

31,

2023.

The

Board,

however,

recognized

that

the

Fund

was

relatively

new

with

performance

history

too

short

to

make

a

meaningful

assessment

of

performance,

and

management

deserved

additional

time

to

develop

a

performance

record.

54

Annual

Investment

Management

Agreement

Approval

Process

(Unaudited)

(continued)

For

the

Growth

Opportunities

Fund,

the

Board

noted

that

the

Fund’s

performance

was

below

the

performance

of

its

benchmark

and

the

Fund

ranked

in

the

third

quartile

of

its

Performance

Peer

Group

for

the

one-year

periods

ended

December

31,

2022

and

March

31,

2023.

The

Board,

however,

recognized

that

the

Fund

was

relatively

new

with

performance

history

too

short

to

make

a

meaningful

assessment

of

performance,

and

management

deserved

additional

time

to

develop

a

performance

record.

For

the

Small

Cap

Fund,

the

Board

noted

that

although

the

Fund

ranked

in

the

fourth

quartile

of

its

Performance

Peer

Group

for

the

one-year

period

ended

December

31,

2022,

the

Fund

outperformed

its

benchmark

for

such

period.

In

addition,

the

Fund

outperformed

its

benchmark

and

ranked

in

the

third

quartile

of

its

Performance

Peer

Group

for

the

one-year

period

ended

March

31,

2023.

The

Board,

however,

recognized

that

the

Fund

was

relatively

new

with

performance

history

too

short

to

make

a

meaningful

assessment

of

performance,

and

management

deserved

additional

time

to

develop

a

performance

record.

For

the

Large-Cap

Growth

Fund,

the

Board

noted

that

although

the

Fund’s

performance

was

below

the

performance

of

its

benchmark

for

the

one-

year

periods

ended

December

31,

2022

and

March

31,

2023,

the

Fund

ranked

in

the

third

quartile

of

its

Performance

Peer

Group

for

the

one-year

period

ended

December

31,

2022

and

second

quartile

for

the

one-year

period

ended

March

31,

2023.

The

Board,

however,

recognized

that

the

Fund

was

relatively

new

with

performance

history

too

short

to

make

a

meaningful

assessment

of

performance,

and

management

deserved

additional

time

to

develop

a

performance

record.

C.

Fees,

Expenses

and

Profitability

1.

Fees

and

Expenses

As

part

of

its

annual

review,

the

Board

generally

reviewed,

among

other

things,

with

respect

to

the

Nuveen

open-end

funds,

the

contractual

management

fee

and

net

management

fee

(i.e.,

the

management

fee

after

taking

into

consideration

fee

waivers

and/or

expense

reimbursements,

if

any)

paid

by

a

fund

to

the

Adviser

in

light

of

the

nature,

extent

and

quality

of

the

services

provided.

The

Board

also

generally

considered

the

total

operating

expense

ratio

of

a

fund

(after

any

fee

waivers

and/or

expense

reimbursements).

The

Board,

however,

recognized

that

the

Nuveen

ETFs

pay

the

Adviser

a

single,

all-inclusive

(or

unified)

management

fee

for

providing

all

services

necessary

for

the

management

and

operation

of

the

Nuveen

ETFs,

subject

to

certain

exceptions.

Unlike

the

typical

fee

arrangements

of

the

other

Nuveen

funds

in

which

the

funds

pay

a

variety

of

fees

and

expenses

such

as

investment

advisory

fees,

transfer

agency

fees,

audit

fees,

custodian

fees,

administration

fees,

compliance

expenses,

recordkeeping

expenses,

marketing

and

shareholder

service

fees,

distribution

charges

and

other

expenses,

the

Nuveen

ETFs

pay

the

Adviser

a

unified

fee,

and

the

Adviser

is

responsible

for

providing

such

services

or

arranging

and

supervising

third

parties

to

provide

such

services

(subject

to

the

certain

exceptions).

Under

the

unified

fee

structure,

the

Board

recognized

that

the

Adviser

generally

bears

the

risks

of

the

operating

costs

rising

(and

benefits

if

such

expenses

decrease)

and

therefore

has

an

incentive

to

be

administratively

efficient.

As

part

of

the

Board’s

analysis

of

the

fee

level

of

each

Nuveen

ETF,

the

Independent

Board

Members

reviewed,

among

other

things,

the

unified

management

fee

compared

to

the

gross

and

net

management

fees

of

a

group

of

comparable

funds

(the

“Peer

Group”)

established

by

Broadridge,

as

well

as

the

Nuveen

ETF’s

net

total

expense

ratio

compared

to

the

net

total

expense

ratio

of

its

respective

Peer

Group.

In

addition,

the

Independent

Board

Members

reviewed

the

methodology

Broadridge

employed

to

establish

the

Peer

Group

and

recognized

that

differences

between

the

applicable

fund

and

its

respective

Peer

Group

as

well

as

changes

to

the

composition

of

the

Peer

Group

from

year

to

year

may

limit

some

of

the

value

of

the

comparative

data.

The

Independent

Board

Members

take

these

limitations

and

differences

into

account

when

reviewing

comparative

peer

data.

The

Independent

Board

Members

also

considered

a

fund’s

operating

expense

ratio

as

it

more

directly

reflected

the

shareholder’s

costs

in

investing

in

the

respective

fund.

In

their

review,

the

Independent

Board

Members

considered,

in

particular,

each

Nuveen

fund

with

a

net

total

expense

ratio

of

six

basis

points

or

higher

compared

to

that

of

its

peer

average

(each,

an

“Expense

Outlier

Fund”),

including

the

Large-Cap

Growth

Fund,

and

an

analysis

as

to

the

factors

contributing

to

each

such

fund’s

higher

relative

net

total

expense

ratio.

Accordingly,

in

reviewing

the

comparative

data

between

a

fund

and

its

peers,

the

Board

generally

considered

the

fund’s

net

total

expense

ratio

and

fees

to

be

higher

if

they

were

over

10

basis

points

higher,

slightly

higher

if

they

were

6

to

10

basis

points

higher,

in

line

if

they

were

within

approximately

5

basis

points

higher

than

the

peer

average

and

below

if

they

were

below

the

peer

average

of

the

Peer

Group.

The

Independent

Board

Members

also

considered,

in

relevant

part,

a

Nuveen

fund’s

management

fee

and

net

total

expense

ratio

in

light

of

its

performance

history,

including

reviewing

certain

funds

identified

by

the

Adviser

and/or

the

Board

as

having

a

higher

net

total

expense

ratio

or

management

fee

compared

to

their

respective

peers

coupled

with

experiencing

periods

of

challenged

performance

and

considering

the

reasons

for

such

comparative

positions.

With

respect

to

each

Sub-Adviser,

the

Board

also

considered,

among

other

things,

the

sub-advisory

fee

schedule

paid

to

the

Sub-Adviser

in

light

of

the

sub-advisory

services

provided

to

the

respective

Fund,

as

applicable,

and

comparative

data

of

the

fees

the

Sub-Adviser

charges

to

other

clients,

if

any.

In

its

review,

the

Board

recognized

that

the

compensation

paid

to

each

Sub-Adviser

is

the

responsibility

of

the

Adviser,

not

the

applicable

Fund(s).

The

Independent

Board

Members

noted

that

(a)

the

Dividend

Growth

Fund

and

the

Growth

Opportunities

Fund

each

had

a

management

fee

and

a

net

total

expense

ratio

that

were

below

the

respective

peer

averages;

(b)

the

Small

Cap

Fund

had

a

management

fee

that

was

slightly

higher

than

the

peer

average,

but

a

net

total

expense

ratio

that

was

below

the

peer

average;

and

(c)

the

Large-Cap

Growth

Fund

had

a

management

fee

and

a

net

total

expense

ratio

that

were

slightly

higher

than

the

respective

peer

averages.

With

respect

to

the

Large-

Cap

Growth

Fund,

the

Independent

Board

Members

noted

that

the

peer

set

included

only

one

other

fund

with

a

large-cap

growth

ESG

strategy,

and

the

Fund’s

net

total

expense

ratio

was

only

slightly

higher

than

the

net

total

expense

ratio

of

such

peer.

55

Based

on

its

review

of

the

information

provided,

the

Board

determined

that

each

Fund’s

management

fees

(as

applicable)

to

a

Fund

Adviser

were

reasonable

in

light

of

the

nature,

extent

and

quality

of

services

provided

to

the

Fund.

2.

Comparisons

with

the

Fees

of

Other

Clients

In

evaluating

the

appropriateness

of

fees,

the

Board

also

considered

information

regarding

the

fee

rates

the

respective

Fund

Advisers

charged

to

certain

other

types

of

clients

and

the

type

of

services

provided

to

these

other

clients.

With

respect

to

the

Adviser

and/or

the

Sub-Advisers,

such

other

clients

may

include:

retail

and

institutional

managed

accounts

sub-advised

by

a

Sub-Adviser

(with

respect

to

each

Sub-Adviser);

hedge

funds

or

other

structured

products

managed

by

a

Sub-Adviser

(with

respect

to

NAM);

investment

companies

offered

outside

the

Nuveen

family

and

sub-advised

by

a

Sub-Adviser

(with

respect

to

each

Sub-Adviser);

foreign

investment

companies

offered

by

Nuveen

and

sub-advised

by

a

Sub-Adviser

(with

respect

to

each

Sub-Adviser);

and

collective

investment

trusts

sub-advised

by

a

Sub-Adviser

(with

respect

to

each

Sub-Adviser).

The

Board

further

noted

that

the

Adviser

also

advised,

and

the

Sub-Advisers

sub-advised,

certain

ETFs

sponsored

by

Nuveen.

The

Board

reviewed,

among

other

things,

the

range

of

fees

assessed

for

managed

accounts,

hedge

funds

(along

with

their

performance

fee),

foreign

investment

companies

and

ETFs

offered

by

Nuveen,

as

applicable.

The

Board

also

reviewed

the

fee

range

and

average

fee

rate

of

certain

selected

investment

strategies

offered

in

retail

and

institutional

managed

accounts

sub-advised

by

each

Sub-Adviser,

the

hedge

funds

advised

by

NAM

(along

with

their

performance

fee)

and

non-Nuveen

investment

companies

sub-advised

by

certain

affiliated

sub-advisers.

In

considering

the

comparative

fee

data,

the

Board

recognized

that

differences,

including

but

not

limited

to,

the

amount,

type

and

level

of

services

provided

by

the

Adviser

to

the

Nuveen

funds

compared

to

that

provided

to

other

clients

as

well

as

differences

in

investment

policies;

eligible

portfolio

assets

and

the

manner

of

managing

such

assets;

product

structure;

investor

profiles;

account

sizes;

and

regulatory

requirements

contribute

to

the

variations

in

the

fee

schedules.

Similarly,

differences

in

the

client

base,

governing

bodies,

distribution

jurisdiction

and

operational

complexities

would

also

contribute

to

variations

in

management

fees

assessed

the

Nuveen

funds

compared

to

foreign

fund

clients.

Further,

with

respect

to

ETFs,

the

Board

considered

that

the

Nuveen

ETFs

that

are

designed

to

track

the

performance

of

a

specified

index

(“Index

ETFs”)

were

passively

managed

compared

to

the

active

management

of

other

Nuveen

funds,

which

also

contributed

to

the

differences

in

fee

levels

between

such

Index

ETFs

and

the

actively

managed

funds.

(As

indicated

above,

the

Funds

are

actively

managed

ETFs.)

The

Board

acknowledged

the

wide

range

of

services

in

addition

to

investment

management

that

the

Adviser

had

provided

to

the

Nuveen

funds

compared

to

other

types

of

clients

as

well

as

the

increased

entrepreneurial,

legal

and

regulatory

risks

that

the

Adviser

incurs

in

sponsoring

and

managing

the

Nuveen

funds.

In

general,

higher

fee

levels

reflect

higher

levels

of

service

provided

by

the

Adviser,

increased

investment

management

complexity,

greater

product

management

requirements,

and

higher

levels

of

business

risk

or

some

combination

of

these

factors.

The

Board

further

considered

that

a

Sub-Adviser’s

fee

is

essentially

for

portfolio

management

services

and

therefore

more

comparable

to

the

fees

it

receives

for

retail

wrap

accounts

and

other

external

sub-advisory

mandates,

as

applicable.

The

Board

concluded

the

varying

levels

of

fees

were

justified

given,

among

other

things,

the

more

extensive

services,

regulatory

requirements

and

legal

liabilities,

and

the

entrepreneurial,

legal

and

regulatory

risks

incurred

in

sponsoring

and

advising

a

registered

investment

company

compared

to

that

required

in

advising

other

types

of

clients.

3.

Profitability

of

Fund

Advisers

In

their

review,

the

Independent

Board

Members

considered

estimated

profitability

information

of

Nuveen

as

a

result

of

its

advisory

services

to

the

Nuveen

funds

as

well

as

profitability

data

of

other

publicly

traded

asset

management

firms.

Such

profitability

information

included,

among

other

things,

gross

and

net

revenue

margins

(excluding

distribution)

of

Nuveen

Investments,

Inc.

(“Nuveen

Investments”)

for

services

to

the

Nuveen

funds

on

a

pre-tax

and

after-tax

basis

for

the

2022

and

2021

calendar

years

as

well

as

the

revenues

earned

(less

any

expense

reimbursements/fee

waivers)

and

expenses

incurred

by

Nuveen

Investments

for

its

advisory

activities

to

the

Nuveen

funds

(excluding

distribution

and

certain

other

expenses)

for

the

2022

and

2021

calendar

years.

The

Independent

Board

Members

also

considered

a

summary

of

some

of

the

key

factors

that

impacted

Nuveen’s

profitability

in

2022.

In

addition,

the

Board

reviewed

the

revenues,

expenses

and

operating

margin

(pre-

and

after-tax)

the

Adviser

derived

from

its

ETF

product

line

for

the

2022

and

2021

calendar

years.

In

developing

the

profitability

data

of

the

Adviser

for

its

advisory

services

to

the

Nuveen

funds,

the

Independent

Board

Members

recognized

the

subjective

nature

of

calculating

profitability

as

the

information

is

not

audited

and

is

necessarily

dependent

on

cost

allocation

methodologies

to

allocate

expenses

throughout

the

complex

and

among

the

various

advisory

products.

Given

there

is

no

perfect

expense

allocation

methodology

and

that

other

reasonable

and

valid

allocation

methodologies

could

be

employed

and

could

lead

to

significantly

different

results,

the

Board

reviewed,

among

other

things,

a

description

of

the

cost

allocation

methodologies

employed

to

develop

the

financial

information,

a

summary

of

the

history

of

changes

to

the

methodology

over

the

years

from

2010

through

2022,

and

a

historical

expense

analysis

of

Nuveen

Investments’

revenues,

expenses

and

pre-tax

net

revenue

margins

derived

from

its

advisory

services

to

the

Nuveen

funds

(excluding

distribution)

for

the

calendar

years

from

2017

through

2022.

The

Board

had

also

appointed

four

Independent

Board

Members

to

serve

as

the

Board’s

liaisons,

with

the

assistance

of

independent

counsel,

to

meet

with

representatives

of

the

Adviser

and

review

the

development

of

the

profitability

data

and

to

report

to

the

full

Board.

56

Annual

Investment

Management

Agreement

Approval

Process

(Unaudited)

(continued)

In

addition,

the

Board

considered

certain

comparative

operating

margin

data.

In

this

regard,

the

Board

reviewed

the

operating

margins

of

Nuveen

Investments

compared

to

the

adjusted

operating

margins

of

a

peer

group

of

asset

management

firms

with

publicly

available

data

and

the

most

comparable

assets

under

management

(based

on

asset

size

and

asset

composition)

to

Nuveen.

The

Board

recognized

that

the

operating

margins

of

the

peers

were

adjusted

generally

to

address

that

certain

services

provided

by

the

peers

were

not

provided

by

Nuveen.

The

Board

also

reviewed,

among

other

things,

the

net

revenue

margins

(pre-tax)

of

Nuveen

Investments

on

a

company-wide

basis

and

the

net

revenue

margins

(pre-tax)

of

Nuveen

Investments

derived

from

its

services

to

the

Nuveen

funds

only

(including

and

excluding

distribution)

compared

to

the

adjusted

operating

margins

of

the

peer

group

for

each

calendar

year

from

2012

to

2022.

Although

the

total

company

operating

margins

of

Nuveen

Investments

were

in

the

bottom

half

of

the

peer

group

range

for

2022

and

2021,

the

Independent

Board

Members

recognized

the

limitations

of

the

comparative

data

given

that

peer

data

is

not

generally

public

and

the

calculation

of

profitability

is

subjective

and

affected

by

numerous

factors

(such

as

types

of

funds

a

peer

manages,

its

business

mix,

its

cost

of

capital,

the

numerous

assumptions

underlying

the

methodology

used

to

allocate

expenses

and

other

factors)

that

can

have

a

significant

impact

on

the

results.

Aside

from

Nuveen’s

profitability,

the

Board

recognized

that

the

Adviser

is

a

subsidiary

of

Nuveen,

LLC,

the

investment

management

arm

of

Teachers

Insurance

and

Annuity

Association

of

America

(“TIAA”).

Accordingly,

the

Board

also

reviewed

a

balance

sheet

for

TIAA

reflecting

its

assets,

liabilities

and

capital

and

contingency

reserves

for

the

2022

and

2021

calendar

years

to

consider

the

financial

strength

of

TIAA.

The

Board

recognized

the

benefit

of

an

investment

adviser

and

its

parent

with

significant

resources,

particularly

during

periods

of

market

volatility.

The

Board

also

noted

the

reinvestments

Nuveen,

its

parent

and/or

other

affiliates

made

into

its

business

through,

among

other

things,

the

investment

of

seed

capital

in

certain

Nuveen

funds

and

continued

investments

in

enhancements

to

technological

capabilities.

In

addition

to

Nuveen,

the

Independent

Board

Members

considered

the

profitability

of

each

Sub-Adviser

from

its

relationships

with

the

respective

Nuveen

funds.

In

this

regard,

the

Independent

Board

Members

reviewed,

among

other

things,

each

Sub-Adviser’s

revenues,

expenses

and

net

revenue

margins

(pre-

and

after-tax)

for

its

advisory

activities

to

the

respective

Nuveen

funds

for

the

calendar

years

ended

December 31,

2022

and

December

31,

2021.

The

Independent

Board

Members

also

reviewed

a

profitability

analysis

reflecting

the

revenues,

expenses

and

revenue

margin

(pre-

and

after-tax)

by

asset

type

for

NAM

for

the

calendar

years

ending

December 31,

2022

and

December

31,

2021.

In

evaluating

the

reasonableness

of

the

compensation,

the

Independent

Board

Members

also

considered

any

other

ancillary

benefits

derived

by

the

respective

Fund

Adviser

from

its

relationship

with

the

Nuveen

funds

as

discussed

in

further

detail

below.

Based

on

a

consideration

of

all

the

information

provided,

the

Board

noted

that

Nuveen’s

and

each

Sub-Adviser’s

level

of

profitability

was

acceptable

and

not

unreasonable

in

light

of

the

services

provided.

D.

Economies

of

Scale

and

Whether

Fee

Levels

Reflect

These

Economies

of

Scale

The

Board

considered

whether

there

have

been

economies

of

scale

with

respect

to

the

management

of

the

Nuveen

funds,

whether

these

economies

of

scale

have

been

appropriately

shared

with

the

funds

and

whether

there

is

potential

for

realization

of

further

economies

of

scale.

Although

the

Board

recognized

that

economies

of

scale

are

difficult

to

measure

with

any

precision

and

certain

expenses

may

not

decline

with

a

rise

in

assets,

the

Board

considered

that

Nuveen

shares

the

benefits

of

economies

of

scale,

if

any,

in

a

number

of

ways

including

through

the

use

of

breakpoints

in

the

management

fee

schedule,

fee

waivers

and/or

expense

limitations,

the

pricing

of

funds

at

scale

at

inception

and

investments

in

Nuveen’s

business

which

can

enhance

the

services

provided

to

the

funds

for

the

fees

paid.

In

this

regard,

the

Board

recognized

that,

with

respect

to

the

Nuveen

funds

generally,

although

the

management

fee

of

the

Adviser

is

typically

comprised

of

a

fund-level

component

and

a

complex-level

component

each

with

its

own

breakpoint

schedule,

the

Nuveen

ETFs

do

not

have

breakpoint

schedules.

The

Board

recognized

that

the

Nuveen

ETFs

pay

a

unified

fee

and

as

a

result,

any

reduction

in

fixed

costs

associated

with

the

management

of

these

funds

would

benefit

the

Adviser.

However,

the

Independent

Board

Members

noted

that

the

unified

fee

schedule

provides

shareholders

with

a

level

of

certainty

of

the

expenses

of

the

Nuveen

ETFs.

The

Independent

Board

Members

considered

that

the

unified

fees

generally

provide

inherent

economies

of

scale

because

the

Nuveen

ETF

would

maintain

a

competitive

fixed

fee

over

the

annual

contract

period

even

if

the

particular

fund’s

assets

declined

and/or

operating

costs

rose.

The

Independent

Board

Members

further

recognized

that

the

Nuveen

ETFs

do

not

participate

in

the

complex-level

fee

programs.

As

noted

above,

the

Independent

Board

Members

also

recognized

the

continued

reinvestment

in

Nuveen’s

business

to

enhance

its

capabilities

and

services

to

the

benefit

of

its

various

clients.

The

Board

understood

that

many

of

these

investments

in

the

Nuveen

business

were

not

specific

to

individual

Nuveen

funds

but

rather

incurred

across

of

a

variety

of

products

and

services

pursuant

to

which

the

family

of

Nuveen

funds

as

a

whole

may

benefit.

In

addition,

the

Board

also

considered

that

Nuveen

has

provided,

without

raising

advisory

fees

to

the

Nuveen

funds,

certain

additional

services,

including,

but

not

limited

to,

services

required

by

new

regulations

and

regulatory

interpretations,

and

this

was

also

a

means

of

sharing

economies

of

scale

with

the

funds

and

their

shareholders.

Based

on

its

review,

the

Board

was

satisfied

that

the

current

fee

arrangements

together

with

the

reinvestment

in

Nuveen’s

business

appropriately

shared

any

economies

of

scale

with

shareholders.

Further,

with

respect

to

the

Nuveen

ETFs,

the

Board

concluded

that

the

absence

of

a

fund-level

and/or

complex-level

breakpoint

schedule

or

arrangement

(as

applicable)

was

acceptable.

E.

Indirect

Benefits

The

Independent

Board

Members

received

and

considered

information

regarding

other

benefits

the

respective

Fund

Adviser

or

its

affiliates

may

receive

as

a

result

of

their

relationship

with

the

Nuveen

funds.

In

addition,

the

Independent

Board

Members

noted

that

the

various

sub-advisers

to

the

Nuveen

funds

do

not

generally

benefit

from

soft

dollar

arrangements

with

respect

to

Nuveen

fund

portfolio

transactions.

Based

on

its

review,

the

Board

concluded

that

any

indirect

benefits

received

by

a

Fund

Adviser

as

a

result

of

its

relationship

with

the

applicable

Fund(s)

were

reasonable

in

light

of

the

services

provided.

57

F.

Other

Considerations

The

Independent

Board

Members

did

not

identify

any

single

factor

discussed

previously

as

all-important

or

controlling.

The

Independent

Board

Members

concluded

that

the

terms

of

each

Advisory

Agreement

were

reasonable,

that

the

respective

Fund

Adviser’s

fees

were

reasonable

in

light

of

the

services

provided

to

each

applicable

Fund

and

that

the

Advisory

Agreements

be

renewed

for

an

additional

one-year

period.

58

Trustees

and

Officers

(Unaudited)

The

management

of

the

Funds,

including

general

supervision

of

the

duties

performed

for

the

Funds

by

the

Adviser,

is

the

responsibility

of

the

Board

of Trustees

of

the

Funds.

The

number

of Trustees of

the

Funds

is

currently

set

at

ten.

None

of

the Trustees

who

are

not

“interested”

persons

of

the

Funds

(referred

to

herein

as

“Independent

Trustees”)

has

ever

been

a Trustees

or

employee

of,

or

consultant

to,

Nuveen

or

its

affiliates.

The

names

and

business

addresses

of

the Trustees

and

officers

of

the

Funds,

their

principal

occupations

and

other

affiliations

during

the

past

five

years,

the

number

of

portfolios

each

oversees

and

other

directorships

they

hold

are

set

forth

below.

The

Funds’

Statement

of

Additional

Information

(“SAI”)

includes

more

information

about

the

Trustees.

To

request

a

free

copy,

call

Nuveen

Investments

at

(800)

257-8787

or

visit

the

Funds’

website

at

www.nuveen.com.

Name,

Year

of

Birth

&

Address

Position(s)

Held

with

the

Funds

Year

First

Elected

or

Appointed

(1)

Principal

Occupation(s)

Including

other

Directorships

During

Past

5

Years

Number

of

Portfolios

in

Fund

Complex

Overseen

By

Trustee

Independent

Trustees:

Terence

J.

Toth

1959

333

W.

Wacker

Drive

Chicago,

IL

60606

Chair

and

Trustee

2008

Formerly,

a

Co-Founding

Partner,

Promus

Capital

(investment

advisory

firm)

(2008-2017);

formerly,

Director,

Quality

Control

Corporation

(manufacturing)

(2012-2021);

Chair

of

the

Board

of

the

Kehrein

Center

for

the

Arts

(philanthropy)

(since

2021);

member:

Catalyst

Schools

of

Chicago

Board

(since

2008)

and

Mather

Foundation

Board

(philanthropy)

(since

2012),

formerly,

Chair

of

its

Investment

Committee

(2017-2022);

formerly,

Member,

Chicago

Fellowship

Board

(philanthropy)

2005-2016);

formerly,

Director,

Fulcrum

IT

Services

LLC

(information

technology

services

firm

to

government

entities)

(2010-2019);

formerly,

Director,

LogicMark

LLC

(health

services)

(2012-2016);

formerly,

Director,

Legal

&

General

Investment

Management

America,

Inc.

(asset

management)

(2008-2013);

formerly,

CEO

and

President,

Northern

Trust

Global

Investments

(financial

services)

(2004-2007);

Executive

Vice

President,

Quantitative

Management

&

Securities

Lending

(2000-2004);

prior

thereto,

various

positions

with

Northern

Trust

Company

(financial

services)

(since

1994);

formerly,

Member,

Northern

Trust

Mutual

Funds

Board

(2005-2007),

Northern

Trust

Global

Investments

Board

(2004-2007),

Northern

Trust

Japan

Board

(2004-2007),

Northern

Trust

Securities

Inc.

Board

(2003-2007)

and

Northern

Trust

Hong

Kong

Board

(1997-2004).

132

Jack

B.

Evans

1948

333

W.

Wacker

Drive

Chicago,

IL

60606

Trustee

1999

Chairman

(since

2019),

formerly,

President

(1996-2019),

The

Hall-Perrine

Foundation,

(private

philanthropic

corporation);

Life

Trustee

of

Coe

College

and

the

Iowa

College

Foundation;

formerly,

Member

and

President

Pro-Tem

of

the

Board

of

Regents

for

the

State

of

Iowa

University

System

(2007-

2013);

Director

and

Chairman

(2009-2021),

United

Fire

Group,

a

publicly

held

company;

Director,

Public

Member,

American

Board

of

Orthopaedic

Surgery

(2015-2020);

Director

(2000-2004),

Alliant

Energy;

Director

(1996-2015),

The

Gazette

Company

(media

and

publishing);

Director

(1997-

2003),

Federal

Reserve

Bank

of

Chicago;

President

and

Chief

Operating

Officer

(1972-1995),

SCI

Financial

Group,

Inc.,

(regional

financial

services

firm).

132

William

C.

Hunter

1948

333

W.

Wacker

Drive

Chicago,

IL

60606

Trustee

2003

Dean

Emeritus,

formerly,

Dean,

Tippie

College

of

Business,

University

of

Iowa

(2006-2012);

Director

of

Wellmark,

Inc.

(since

2009);

past

Director

(2005-2015),

and

past

President

(2010-

2014)

Beta

Gamma

Sigma,

Inc.,

The

International

Business

Honor

Society;

formerly,

Director

(2004-2018)

of

Xerox

Corporation;

formerly,

Dean

and

Distinguished

Professor

of

Finance,

School

of

Business

at

the

University

of

Connecticut

(2003-2006);

previously,

Senior

Vice

President

and

Director

of

Research

at

the

Federal

Reserve

Bank

of

Chicago

(1995-2003);

formerly,

Director

(1997-2007),

Credit

Research

Center

at

Georgetown

University.

132

59

Name,

Year

of

Birth

&

Address

Position(s)

Held

with

the

Funds

Year

First

Elected

or

Appointed

(1)

Principal

Occupation(s)

Including

other

Directorships

During

Past

5

Years

Number

of

Portfolios

in

Fund

Complex

Overseen

By

Trustee

Amy

B.

R.

Lancellotta

1959

333

W.

Wacker

Drive

Chicago,

IL

60606

Trustee

2021

Formerly,

Managing

Director,

Independent

Directors

Council

(IDC)

(supports

the

fund

independent

director

community

and

is

part

of

the

Investment

Company

Institute

(ICI),

which

represents

regulated

investment

companies)

(2006-2019);

formerly,

various

positions

with

ICI

(1989-2006);

President

(since

2023)

and

Member

(since

2020)

of

the

Board

of

Directors,

Jewish

Coalition

Against

Domestic

Abuse

(JCADA).

132

Joanne

T.

Medero

1954

333

W.

Wacker

Drive

Chicago,

IL

60606

Trustee

2021

Formerly,

Managing

Director,

Government

Relations

and

Public

Policy

(2009-2020)

and

Senior

Advisor

to

the

Vice

Chairman

(2018-2020),

BlackRock,

Inc.

(global

investment

management

firm);

formerly,

Managing

Director,

Global

Head

of

Government

Relations

and

Public

Policy,

Barclays

Group

(IBIM)

(investment

banking,

investment

management

and

wealth

management

businesses)(2006-2009);

formerly,

Managing

Director,

Global

General

Counsel

and

Corporate

Secretary,

Barclays

Global

Investors

(global

investment

management

firm)

(1996-2006);

formerly,

Partner,

Orrick,

Herrington

&

Sutcliffe

LLP

(law

firm)

(1993-1995);

formerly,

General

Counsel,

Commodity

Futures

Trading

Commission

(government

agency

overseeing

U.S.

derivatives

markets)

(1989-1993);

formerly,

Deputy

Associate

Director/Associate

Director

for

Legal

and

Financial

Affairs,

Office

of

Presidential

Personnel,

The

White

House

(1986-1989);

Member

of

the

Board

of

Directors,

Baltic-American

Freedom

Foundation

(seeks

to

provide

opportunities

for

citizens

of

the

Baltic

states

to

gain

education

and

professional

development

through

exchanges

in

the

U.S.)

(since

2019).

132

Albin

F.

Moschner

1952

333

W.

Wacker

Drive

Chicago,

IL

60606

Trustee

2016

Founder

and

Chief

Executive

Officer,

Northcroft

Partners,

LLC,

(management

consulting)

(since

2012);

formerly,

Chairman

(2019),

and

Director

(2012-2019),

USA

Technologies,

Inc.,

(provider

of

solutions

and

services

to

facilitate

electronic

payment

transactions);

formerly,

Director,

Wintrust

Financial

Corporation

(1996-2016);

previously,

held

positions

at

Leap

Wireless

International,

Inc.

(consumer

wireless

services),

including

Consultant

(2011-2012),

Chief

Operating

Officer

(2008-2011),

and

Chief

Marketing

Officer

(2004-2008);

formerly,

President,

Verizon

Card

Services

division

of

Verizon

Communications,

Inc.

(2000-2003);

formerly,

President,

One

Point

Services

at

One

Point

Communications

(telecommunication

services)

(1999-2000);

formerly,

Vice

Chairman

of

the

Board,

Diba,

Incorporated

(internet

technology

provider)

(1996-1997);

formerly,

various

executive

positions

(1991-1996)

including

Chief

Executive

Officer

(1995-1996)

of

Zenith

Electronics

Corporation

(consumer

electronics).

132

John

K.

Nelson

1962

333

W.

Wacker

Drive

Chicago,

IL

60606

Trustee

2013

Member

of

Board

of

Directors

of

Core12

LLC.

(private

firm

which

develops

branding,

marketing

and

communications

strategies

for

clients)

(since

2008);

served

The

President’s

Council

of

Fordham

University

(2010-2019)

and

previously

a

Director

of

the

Curran

Center

for

Catholic

American

Studies

(2009-2018);

formerly,

senior

external

advisor

to

the

Financial

Services

practice

of

Deloitte

Consulting

LLP.

(2012-2014);

former

Chair

of

the

Board

of

Trustees

of

Marian

University

(2010-2014

as

trustee,

2011-2014

as

Chair);

formerly

Chief

Executive

Officer

of

ABN

AMRO

Bank

N.V.,

North

America,

and

Global

Head

of

the

Financial

Markets

Division

(2007-2008),

with

various

executive

leadership

roles

in

ABN

AMRO

Bank

N.V.

between

1996

and

2007.

132

60

Trustees

and

Officers

(Unaudited)

(continued)

Name,

Year

of

Birth

&

Address

Position(s)

Held

with

the

Funds

Year

First

Elected

or

Appointed

(1)

Principal

Occupation(s)

Including

other

Directorships

During

Past

5

Years

Number

of

Portfolios

in

Fund

Complex

Overseen

By

Trustee

Matthew

Thornton

III

1958

333

W.

Wacker

Drive

Chicago,

IL

60606

Trustee

2020

Formerly,

Executive

Vice

President

and

Chief

Operating

Officer

(2018-2019),

FedEx

Freight

Corporation,

a

subsidiary

of

FedEx

Corporation

(FedEx)

(provider

of

transportation,

e-commerce

and

business

services

through

its

portfolio

of

companies);

formerly,

Senior

Vice

President,

U.S.

Operations

(2006-2018),

Federal

Express

Corporation,

a

subsidiary

of

FedEx;

formerly

Member

of

the

Board

of

Directors

(2012-2018),

Safe

Kids

Worldwide®

(a

non-profit

organization

dedicated

to

preventing

childhood

injuries).

Member

of

the

Board

of

Directors

(since

2014),

The

Sherwin-Williams

Company

(develops,

manufactures,

distributes

and

sells

paints,

coatings

and

related

products);

Director

(since

2020),

Crown

Castle

International

(provider

of

communications

infrastructure).

132

Margaret

L.

Wolff

1955

333

W.

Wacker

Drive

Chicago,

IL

60606

Trustee

2016

Formerly,

member

of

the

Board

of

Directors

(2013-2017)

of

Travelers

Insurance

Company

of

Canada

and

The

Dominion

of

Canada

General

Insurance

Company

(each,

a

part

of

Travelers

Canada,

the

Canadian

operation

of

The

Travelers

Companies,

Inc.);

formerly,

Of

Counsel,

Skadden,

Arps,

Slate,

Meagher

&

Flom

LLP

(Mergers

&

Acquisitions

Group)

(legal

services)

(2005-2014);

Member

of

the

Board

of

Trustees

of

New

York-Presbyterian

Hospital

(since

2005);

Member

(since

2004)

formerly,

Chair

(2015-2022)

of

the

Board

of

Trustees

of

The

John

A.

Hartford

Foundation

(a

philanthropy

dedicated

to

improving

the

care

of

older

adults);

formerly,

Member

(2005-2015)

and

Vice

Chair

(2011-2015)

of

the

Board

of

Trustees

of

Mt.

Holyoke

College.

132

Robert

L.

Young

1963

333

W.

Wacker

Drive

Chicago,

IL

60606

Trustee

2017

Formerly,

Chief

Operating

Officer

and

Director,

J.P.

Morgan

Investment

Management

Inc.

(financial

services)

(2010-2016);

formerly,

President

and

Principal

Executive

Officer

(2013-2016),

and

Senior

Vice

President

and

Chief

Operating

Officer

(2005-2010),

of

J.P.

Morgan

Funds;

formerly,

Director

and

various

officer

positions

for

J.P.

Morgan

Investment

Management

Inc.

(formerly,

JPMorgan

Funds

Management,

Inc.

and

formerly,

One

Group

Administrative

Services)

and

JPMorgan

Distribution

Services,

Inc.

(financial

services)

(formerly,

One

Group

Dealer

Services,

Inc.)

(1999-2017).

132

Name,

Year

of

Birth

&

Address

Position(s)

Held

with

the

Funds

Year

First

Elected

or

Appointed

(2)

Principal

Occupation(s)

Including

other

Directorships

During

Past

5

Years

Officers

of

the

Funds:

Jordan

M.

Farris

1980

333

W.

Wacker

Drive

Chicago,

IL

60606

Chief

Administrative

Officer

2019

Managing

Director

(since

2017),

formerly

Vice

President

(2016-2017),

Head

of

Product

Management

and

Development,

ETFs,

Nuveen

Securities,

LLC;

Director,

Guggenheim

Funds

Distributors

(2013-2016).

Brett

E.

Black

1972

333

West

Wacker

Drive

Chicago,

IL

60606

Vice

President

and

Chief

Compliance

Officer

2022

Managing

Director,

Chief

Compliance

Officer

of

Nuveen

(since

2022);

formerly,

Vice

President

(2014-2022),

Chief

Compliance

Officer

and

Anti-Money

Laundering

Compliance

Officer(2017-2022),

Deputy

Chief

Compliance

Officer

(2014-2017)

of

BMO

Funds,

Inc.

Mark

J.

Czarniecki

1979

901

Marquette

Avenue

Minneapolis,

MN

55402

Vice

President

and

Secretary

2013

Managing

Director

(since

2022),

formerly,

Vice

President

(2016-2022),

and

Assistant

Secretary

(since

2016)

of

Nuveen

Securities,

LLC;

Managing

Director

(since

2022),

formerly,

Vice

President

(2017-2022)

and

Assistant

Secretary

(since

2017)

of

Nuveen

Fund

Advisors,

LLC;

Managing

Director

and

Associate

General

Counsel

(since

January

2022),

formerly,

Vice

President

and

Associate

General

Counsel

of

Nuveen

(2013-2021);

Managing

Director

(since

2022),

formerly,

Vice

President

(2018-2022),

Assistant

Secretary

and

Associate

General

Counsel

(since

2018)

of

Nuveen

Asset

Management,

LLC;

Managing

Director,

Associate

General

Counsel

and

Assistant

Secretary

of

Teachers

Advisors,

LLC

and

TIAA-CREF

Investment

Management,

LLC

(since

2023).

61

Name,

Year

of

Birth

&

Address

Position(s)

Held

with

the

Funds

Year

First

Elected

or

Appointed

(2)

Principal

Occupation(s)

Including

other

Directorships

During

Past

5

Years

Diana

R.

Gonzalez

1978

8500

Andrew

Carnegie

Blvd.

Charlotte,

NC

28262

Vice

President

and

Assistant

Secretary

2017

Vice

President

and

Assistant

Secretary

of

Nuveen

Fund

Advisors,

LLC

(since

2017);

Vice

President

and

Associate

General

Counsel

and

Assistant

Secretary

of

Nuveen

Asset

Management,

LLC

(since

2022);

Vice

President,

Associate

General

Counsel

and

Assistant

Secretary

of

Teachers

Advisors,

LLC

and

TIAA-CREF

Investment

Management,

LLC

(since

2023);

Vice

President

and

Associate

General

Counsel

of

Nuveen

(since

2017);

formerly,

Associate

General

Counsel

of

Jackson

National

Asset

Management

(2012-2017).

Nathaniel

T.

Jones

1979

333

W.

Wacker

Drive

Chicago,

IL

60606

Vice

President

and

Treasurer

2016

Senior

Managing

Director

(since

2021),

formerly,

Managing

Director

(2017-2021),

Senior

Vice

President

(2016-2017)

of

Nuveen;

Managing

Director

(since

2015)

of

Nuveen

Fund

Advisors,

LLC;

Chartered

Financial

Analyst.

Brian

H.

Lawrence

1982

8500

Andrew

Carnegie

Blvd.

Charlotte,

NC

28262

Vice

President

and

Assistant

Secretary

2023

Vice

President

and

Associate

General

Counsel

of

Nuveen

(since

2023);

Vice

President,

Associate

General

Counsel

and

Assistant

Secretary

(since

2023)

of

Teachers

Advisors,

LLC

and

TIAA-CREF

Investment

Management,

LLC;

formerly

Corporate

Counsel

of

Franklin

Templeton

(2018-2022).

Tina

M.

Lazar

1961

333

W.

Wacker

Drive

Chicago,

IL

60606

Vice

President

2002

Managing

Director

(since

2017),

formerly,

Senior

Vice

President

(2014-2017)

of

Nuveen

Securities,

LLC.

Brian

J.

Lockhart

1974

333

W.

Wacker

Drive

Chicago,

IL

60606

Vice

President

2019

Managing

Director

(since

2019)

of

Nuveen

Fund

Advisors,

LLC;

Senior

Managing

Director

(since

2021),

formerly,

Managing

Director

(2017-2021),

Vice

President

(2010-2017)

of

Nuveen;

Head

of

Investment

Oversight

(since

2017),

formerly,

Team

Leader

of

Manager

Oversight

(2015-2017);

Chartered

Financial

Analyst

and

Certified

Financial

Risk

Manager.

John

M.

McCann

1975

8500

Andrew

Carnegie

Blvd.

Charlotte,

NC

28262

Vice

President

and

Assistant

Secretary

2022

Managing

Director

(since

2021),

General

Counsel

and

Secretary

(since

2023),

formerly,

Assistant

Secretary

(2021-2023),

of

Nuveen

Fund

Advisors,

LLC;

Managing

Director,

Associate

General

Counsel

and

Assistant

Secretary

of

Nuveen

Asset

Management,

LLC

(since

2021);

Managing

Director

(since

2021)

and

Assistant

Secretary

(since

2016)

of

TIAA

SMA

Strategies

LLC;

Managing

Director

(since

2019,

formerly,

Vice

President

and

Director),

Associate

General

Counsel

and

Assistant

Secretary

of

College

Retirement

Equities

Fund,

TIAA

Separate

Account

VA-1,

TIAA-CREF

Funds

and

TIAA-CREF

Life

Funds;

Managing

Director

(since

2018),

formerly,

Vice

President

and

Director,

Associate

General

Counsel

and

Assistant

Secretary

of

Teachers

Insurance

and

Annuity

Association

of

America,

Teacher

Advisors

LLC

and

TIAA-CREF

Investment

Management,

LLC;

Managing

Director

(since

2022),

formerly,

Vice

President

(2017-2022),

Associate

General

Counsel

and

Assistant

Secretary

(since

2011)

of

Nuveen

Alternative

Advisors

LLC;

General

Counsel

and

Assistant

Secretary

of

Covariance

Capital

Management,

Inc.

(2014-2017).

Kevin

J.

McCarthy

1966

333

W.

Wacker

Drive

Chicago,

IL

60606

Vice

President

and

Assistant

Secretary

2007

Executive

Vice

President

(since

2022)

and

Secretary

and

General

Counsel

(since

2016)

of

Nuveen

Investments,

Inc.,

formerly,

Senior

Managing

Director

(2017-

2022);

Executive

Vice

President

(since

2023)

and

Assistant

Secretary

(since

2008)

of

Nuveen

Securities,

LLC,

formerly

Senior

Managing

Director

(2017-2023);

Executive

Vice

President

and

Assistant

Secretary

(since

2023)

of

Nuveen

Fund

Advisors,

LLC,

formerly,

Senior

Managing

Director

(2017-2023),

Secretary

(2016-

2023)

and

Co-General

Counsel

(2011-2020);

Executive

Vice

President

(since

2023)

and

Secretary

(since

2016)

of

Nuveen

Asset

Management,

LLC,

formerly,

Senior

Managing

Director

(2017-2023)

and

Associate

General

Counsel

(2011-2020);

Executive

Vice

President

(since

2021)

and

Secretary

(since

2023)

of

Teachers

Advisors,

LLC,

formerly,

General

Counsel

and

Assistant

Secretary

(2021-2023);

Executive

Vice

President

(since

2017)

and

Secretary

(since

2023)

of

TIAA-CREF

Investment

Management,

LLC,

formerly

General

Counsel

and

Assistant

Secretary

(2017-2023);

formerly,

Vice

President

(2007-2021)

and

Secretary

(2016-2021),

of

NWQ

Investment

Management

Company,

LLC

and

Santa

Barbara

Asset

Management,

LLC;

Vice

President

and

Secretary

of

Winslow

Capital

Management,

LLC

(since

2010);

Executive

Vice

President

(since

2023)

and

Secretary

(since

2016)

of

Nuveen

Alternative

Investments,

LLC,

formerly

Senior

Managing

Director

(2017-2023).

62

Trustees

and

Officers

(Unaudited)

(continued)

Name,

Year

of

Birth

&

Address

Position(s)

Held

with

the

Funds

Year

First

Elected

or

Appointed

(2)

Principal

Occupation(s)

Including

other

Directorships

During

Past

5

Years

Jon

Scott

Meissner

1973

8500

Andrew

Carnegie

Blvd.

Charlotte,

NC

28262

Vice

President

and

Assistant

Secretary

2019

Managing

Director,

Mutual

Fund

Tax

and

Expense

Administration

(since

2022),

formerly,

Managing

Director

of

Mutual

Fund

Tax

and

Financial

Reporting

groups

(2017-2022),

at

Nuveen;

Managing

Director

of

Nuveen

Fund

Advisors,

LLC

(since

2019);

Managing

Director

(since

2021),

formerly,

Senior

Director

(2016-2021),

of

Teachers

Advisors,

LLC

and

TIAA-CREF

Investment

Management,

LLC;

Managing

Director,

Mutual

Fund

Tax

and

Expense

Administration

(since

2022),

formerly,

Senior

Director

Mutual

Fund

Taxation

(2015-2022),

to

the

TIAA-CREF

Funds,

the

TIAA-CREF

Life

Funds,

the

TIAA

Separate

Account

VA-1

and

the

CREF

Accounts;

has

held

various

positions

with

TIAA

since

2004.

William

A.

Siffermann

1975

333

W.

Wacker

Drive

Chicago,

IL

60606

Vice

President

2017

Managing

Director

(since

2017),

formerly

Senior

Vice

President

(2016-2017)

of

Nuveen.

E.

Scott

Wickerham

1973

8500

Andrew

Carnegie

Blvd.                                     

Charlotte,

NC

28262

Vice

President

and

Controller

2019

Senior

Managing

Director,

Head

of

Public

Investment

Finance

of

Nuveen

(since

2019),

formerly,

Managing

Director;

Senior

Managing

Director

(since

2019)

of

Nuveen

Fund

Advisors,

LLC;

Senior

Managing

Director

(since

2022)

of

Nuveen

Asset

Management,

LLC;

Senior

Managing

Director

of

Teachers

Advisors,

LLC

(since

2021)

and

TIAA-CREF

Investment

Management,

LLC

(since

2016);

Principal

Financial

Officer,

Principal

Accounting

Officer

and

Treasurer

(since

2017)

of

the

TIAA-CREF

Funds,

the

TIAA-CREF

Life

Funds,

the

TIAA

Separate

Account

VA-1

and

the

Principal

Financial

Officer,

Principal

Accounting

Officer

(since

2020)

and

Treasurer

(since

2017)

to

the

CREF

Accounts;

has

held

various

positions

with

TIAA

since

2006.

Mark

L.

Winget

1968

333

W.

Wacker

Drive

Chicago,

IL

60606

Vice

President

and

Assistant

Secretary

2008

Vice

President

and

Assistant

Secretary

of

Nuveen

Securities,

LLC

(since

2008),

and

Nuveen

Fund

Advisors,

LLC

(since

2019);

Vice

President,

Associate

General

Counsel

and

Assistant

Secretary

of

Teachers

Advisors,

LLC

and

TIAA-CREF

Investment

Management,

LLC

(since

2023)

and

Nuveen

Asset

Management,

LLC(since

2020);

Vice

President

(since

2010)

and

Associate

General

Counsel

(since

2019)

of

Nuveen.

Rachael

Zufall

1973

8500

Andrew

Carnegie

Blvd.

Charlotte,

NC

28262

Vice

President

and

Assistant

Secretary

2022

Managing

Director

and

Assistant

Secretary

(since

2023)

of

Nuveen

Fund

Advisors,

LLC;

Managing

Director

(since

2017),

Associate

General

Counsel

and

Assistant

Secretary

(since

2014)

of

the

CREF

Accounts,

TIAA

Separate

Account

VA-1,

TIAA-

CREF

Funds

and

TIAA-CREF

Life

Funds;

Managing

Director

(since

2017),

Associate

General

Counsel

and

Assistant

Secretary

(since

2011)

of

Teachers

Advisors,

LLC

and

TIAA-CREF

Investment

Management,

LLC;

Managing

Director

of

Nuveen,

LLC

and

of

TIAA

(since

2017).

(1)

Trustees

serve

an

indefinite

term

until

his/her

successor

is

elected

or

appointed.

The

year

first

elected

or

appointed

represents

the

year

in

which

the

director

was

first

elected

or

appointed

to

any

fund

in

the

Nuveen

Fund

Complex.

(2)

Officers

serve

one

year

terms

through

August

of

each

year.

The

year

first

elected

or

appointed

represents

the

year

in

which

the

officer

was

first

elected

or

appointed

to

any

fund

in

the

Nuveen

Fund

Complex.

Nuveen

Securities,

LLC,

member

FINRA

and

SIPC

333

West

Wacker

Drive

Chicago,

IL

60606

www.nuveen.com

NAN-ETF-1023P

3241316-INV-Y-12/24

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

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ITEM 2. CODE OF ETHICS.

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

ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.

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

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

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

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

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

ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.

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

Fiscal Year Ended October 31, 2023	Audit Fees Billed to Funds 1		Audit-Related Fees Billed to Funds 2		Tax Fees Billed to Funds 3		All Other Fees Billed to Funds 4
Fund Name
Nuveen ESG International Developed Markets Equity ETF		24,000		0		0		0
Nuveen ESG Dividend ETF		18,000		0		0		0
Nuveen ESG Emerging Markets Equity ETF		24,000		0		0		0
Nuveen ESG Large-Cap ETF		18,000		0		0		0
Nuveen ESG Large-Cap Growth ETF		18,000		0		0		0
Nuveen ESG Large-Cap Value ETF		18,000		0		0		0
Nuveen ESG Mid-Cap Growth ETF		18,000		0		0		0
Nuveen ESG Mid-Cap Value ETF		18,000		0		0		0
Nuveen ESG Small-Cap ETF		18,000		0		0		0
Nuveen Dividend Growth ETF		18,000		0		0		0
Nuveen Small-Cap Select ETF		18,000		0		0		0
Nuveen Growth Opportunities ETF		21,000		0		0		0
Nuveen Winslow Large-Cap Growth ESG ETF		18,000		0		0		0
Total	$	249,000	$	0	$	0	$	0

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

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

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

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

	Percentage Approved Pursuant to Pre-approval Exception
	Audit Fees Billed to Funds			Audit-Related Fees Billed to Funds			Tax Fees Billed to Funds			All Other Fees Billed to Funds
Fund Name
Nuveen ESG International Developed Markets Equity ETF		0	%		0	%		0	%		0	%
Nuveen ESG Dividend ETF		0	%		0	%		0	%		0	%
Nuveen ESG Emerging Markets Equity ETF		0	%		0	%		0	%		0	%
Nuveen ESG Large-Cap ETF		0	%		0	%		0	%		0	%
Nuveen ESG Large-Cap Growth ETF		0	%		0	%		0	%		0	%
Nuveen ESG Large-Cap Value ETF		0	%		0	%		0	%		0	%
Nuveen ESG Mid-Cap Growth ETF		0	%		0	%		0	%		0	%
Nuveen ESG Mid-Cap Value ETF		0	%		0	%		0	%		0	%
Nuveen ESG Small-Cap ETF		0	%		0	%		0	%		0	%
Nuveen Dividend Growth ETF		0	%		0	%		0	%		0	%
Nuveen Small-Cap Select ETF		0	%		0	%		0	%		0	%
Nuveen Growth Opportunities ETF		0	%		0	%		0	%		0	%
Nuveen Winslow Large-Cap Growth ESG ETF		0	%		0	%		0	%		0	%

October 31, 2022	Audit Fees Billed to Funds 1		Audit-Related Fees Billed to Funds 2		Tax Fees Billed to Funds 3		All Other Fees Billed to Funds 4
Fund Name
Nuveen ESG International Developed Markets Equity ETF		22,810		0		0		0
Nuveen ESG Dividend ETF		17,180		0		0		0
Nuveen ESG Emerging Markets Equity ETF		23,850		0		0		0
Nuveen ESG Large-Cap ETF		17,180		0		0		0
Nuveen ESG Large-Cap Growth ETF		17,180		0		0		0
Nuveen ESG Large-Cap Value ETF		17,180		0		0		0
Nuveen ESG Mid-Cap Growth ETF		17,180		0		0		0
Nuveen ESG Mid-Cap Value ETF		17,180		0		0		0
Nuveen ESG Small-Cap ETF		17,180		0		0		0
Nuveen Dividend Growth ETF		17,180		0		0		0
Nuveen Small-Cap Select ETF		17,180		0		0		0
Nuveen Growth Opportunities ETF		19,220		0		0		0
Nuveen Winslow Large-Cap Growth ESG ETF		17,180		0		0		0
Total	$	237,680	$	0	$	0	$	0

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

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

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

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

	Percentage Approved Pursuant to Pre-approval Exception
	Audit Fees Billed to Funds			Audit-Related Fees Billed to Funds			Tax Fees Billed to Funds			All Other Fees Billed to Funds
Fund Name
Nuveen Dividend Growth ETF		0	%		0	%		0	%		0	%
Nuveen Small Cap Select ETF		0	%		0	%		0	%		0	%
Nuveen ESG International Developed Markets Equity ETF		0	%		0	%		0	%		0	%
Nuveen ESG Dividend ETF		0	%		0	%		0	%		0	%
Nuveen ESG Emerging Markets Equity ETF		0	%		0	%		0	%		0	%
Nuveen Growth Opportunities ETF		0	%		0	%		0	%		0	%
Nuveen ESG Large-Cap ETF		0	%		0	%		0	%		0	%
Nuveen ESG Large-Cap Growth ETF		0	%		0	%		0	%		0	%
Nuveen ESG Large-Cap Value ETF		0	%		0	%		0	%		0	%
Nuveen ESG Mid-Cap Growth ETF		0	%		0	%		0	%		0	%
Nuveen ESG Mid-Cap Value ETF		0	%		0	%		0	%		0	%
Nuveen ESG Small-Cap ETF		0	%		0	%		0	%		0	%
Nuveen Winslow Large-Cap Growth ESG ETF		0	%		0	%		0	%		0	%

Fiscal Year Ended October 31, 2023	Audit-Related Fees Billed to Adviser and Affiliated  Fund Service Providers			Tax Fees Billed to Adviser and Affiliated Fund Service Providers			All Other Fees Billed to Adviser and Affiliated Fund Service Providers
NuShares ETF Trust	$	0		$	0		$	0
	Percentage Approved Pursuant to Pre-approval Exception
	Audit-Related Fees Billed to Adviser and Affiliated Fund Service Providers			Tax Fees Billed to Adviser and Affiliated Fund Service Providers			All Other Fees Billed to Adviser and Affiliated Fund Service Providers
		0	%		0	%		0	%
Fiscal Year Ended October 31, 2022	Audit-Related Fees Billed to Adviser and Affiliated Fund Service Providers			Tax Fees Billed to Adviser and Affiliated Fund Service Providers			All Other Fees Billed to Adviser and Affiliated Fund Service Providers
NuShares ETF Trust	$	0		$	0		$	0
	Percentage Approved Pursuant to Pre-approval Exception
	Audit-Related Fees Billed to Adviser and Affiliated Fund Service Providers			Tax Fees Billed to Adviser and Affiliated Fund Service Providers			All Other Fees Billed to Adviser and Affiliated Fund Service Providers
		0	%		0	%		0	%

Fiscal Year Ended October 31, 2023	Total Non-Audit Fees Billed to Trust		Total Non-Audit Fees billed to Adviser and Affiliated Fund  Service Providers (engagements related directly to the operations and financial reporting of the Trust)		Total Non-Audit Fees billed to Adviser and Affiliated Fund  Service Providers (all other engagements)		Total
Fund Name
Nuveen ESG International Developed Markets Equity ETF		0		0		0		0
Nuveen ESG Dividend ETF		0		0		0		0
Nuveen ESG Emerging Markets Equity ETF		0		0		0		0
Nuveen ESG Large-Cap ETF		0		0		0		0
Nuveen ESG Large-Cap Growth ETF		0		0		0		0
Nuveen ESG Large-Cap Value ETF		0		0		0		0
Nuveen ESG Mid-Cap Growth ETF		0		0		0		0
Nuveen ESG Mid-Cap Value ETF		0		0		0		0
Nuveen ESG Small-Cap ETF		0		0		0		0
Nuveen Dividend Growth ETF		0		0		0		0
Nuveen Small Cap Select ETF		0		0		0		0
Nuveen Growth Opportunities ETF		0		0		0		0
Nuveen Winslow Large-Cap Growth ESG ETF		0		0		0		0
Total	$	0	$	0	$	0	$	0

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

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

Fiscal Year Ended October 31, 2022	Total Non-Audit Fees Billed to Trust		Total Non-Audit Fees billed to Adviser and Affiliated Fund  Service Providers (engagements related directly to the operations and financial reporting of the Trust)		Total Non-Audit Fees billed to Adviser and Affiliated Fund  Service Providers (all other engagements)		Total
Fund Name
Nuveen ESG International Developed Markets Equity ETF		0		0		0		0
Nuveen ESG Dividend ETF		0		0		0		0
Nuveen ESG Emerging Markets Equity ETF		0		0		0		0
Nuveen Growth Opportunities ETF		0		0		0		0
Nuveen ESG Large-Cap Growth ETF		0		0		0		0
Nuveen ESG Large-Cap Value ETF		0		0		0		0
Nuveen ESG Mid-Cap Growth ETF		0		0		0		0
Nuveen ESG Mid-Cap Value ETF		0		0		0		0
Nuveen ESG Small-Cap ETF		0		0		0		0
Nuveen Dividend Growth ETF		0		0		0		0
Nuveen Small Cap Select ETF		0		0		0		0
Nuveen Growth Opportunities ETF		0		0		0		0
Nuveen Winslow Large-Cap Growth ESG ETF		0		0		0		0
Total	$	0	$	0	$	0	$	0

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

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

ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.

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

ITEM 6. SCHEDULE OF INVESTMENTS.

a) See Portfolio of Investments in Item 1.

b) Not applicable.

ITEM 7. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable to this registrant.

ITEM 8. PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable to this registrant.

ITEM 9. PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS.

Not applicable to this registrant.

ITEM 10. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.

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

ITEM 11. CONTROLS AND PROCEDURES.

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

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

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

Not applicable.

ITEM 13. EXHIBITS.

File the exhibits listed below as part of this Form.

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

SIGNATURES

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

(Registrant) Nushares ETF Trust

By (Signature and Title)	/s/ Briton Ryan
	Briton Ryan
	Chief Administrative Officer

Date: January 25, 2024

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/ Briton Ryan
	Briton Ryan
	Chief Administrative Officer
	(principal executive officer)

Date: January 25, 2024

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

Date: January 25, 2024

EX-99.CERT

EX-99.CERT

CERTIFICATIONS

I, Briton Ryan, 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: January 25, 2024

/s/ Briton Ryan

Briton Ryan

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: January 25, 2024

/s/ E. Scott Wickerham

E. Scott Wickerham

Vice President and Controller

(principal financial officer)

EX-99.906CERT

EX-99.906CERT

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

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

1. The Form N-CSR of the Registrant for the period ended October 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: January 25, 2024

/s/ Briton Ryan

Briton Ryan

Chief Administrative Officer

(principal executive officer)

/s/ E. Scott Wickerham

E. Scott Wickerham

Vice President and Controller

(principal financial officer)