Nuveen Exchange-Traded
Funds

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

As permitted by regulations adopted by the Securities and Exchange Commission, paper copies of the Funds' annual and semi-annual shareholder reports will not be sent to you by mail unless you specifically request paper copies of the reports. Instead, the reports will be made available on the Funds' website (www.nuveen.com), and you will be notified by mail each time a report is posted and provided with a website link to access the report.

You may elect to receive shareholder reports and other communications from the Funds electronically at any time by contacting the financial intermediary (such as a broker-dealer or bank) through which you hold your Fund shares.

You may elect to receive all future shareholder reports in paper free of charge at any time by contacting your financial intermediary. Your election to receive reports in paper will apply to all funds held in your account with your financial intermediary.

Annual Report

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Must be preceded by or accompanied by a prospectus.

NOT FDIC INSURED MAY LOSE VALUE NO BANK GUARANTEE  

Table

of Contents

    

Chair’s Letter to Shareholders	4
Portfolio Managers’ Comments	5
Risk Considerations	9
Fund Performance and Expense Ratios	11
Holding Summaries	21
Expense Examples	30
Report of Independent Registered Public Accounting Firm	34
Portfolios of Investments	36
Statement of Assets and Liabilities	92
Statement of Operations	93
Statement of Changes in Net Assets	94
Financial Highlights	99
Notes to Financial Statements	103
Additional Fund Information	112
Glossary of Terms Used in this Report	114
Annual Investment Management Agreement Approval Process	117
Liquidity Risk Management Program	129
Trustees and Officers	130

3

Chair’s Letter to Shareholders    

Portfolio Managers’

Comments    

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. Jim and Lei have managed the Funds since their commencement of operations on December 13, 2016 (NULG, NULV, NUMG, NUMV and NUSC), June 6, 2017 (NUDM and NUEM), June 3, 2019 (NULC) and September 27, 2021 (NUDV).

For more information on the Funds’ investment objectives and policies, please refer to the prospectus.

What factors affected the global economy and the stock market during the annual reporting period ended October 31, 2021?

Supported by massive fiscal and monetary stimulus and economic reopening, the U.S. economy rebounded more quickly than expected from the deep downturn caused by the COVID-19 crisis and containment measures. The federal government’s relief measures have totaled approximately $5.3 trillion across six aid packages, which included direct payments to individuals and families, expanded unemployment insurance, loans to large and small businesses, funding for hospitals and health agencies, state and local governments, education and public health/vaccinations. Additionally, while not technically a pandemic spending measure, the $1.2 trillion Infrastructure Investment and Jobs Act that funds improvements to roads/bridges, broadband internet, airports and ports, and water and power systems was signed into law after the close of this reporting period on November 15, 2021. The U.S. Federal Reserve (Fed) has maintained short-term interest rates near zero and enacted credit facilities to help keep the financial system stable, lowering borrowing costs for businesses and individuals.

By the start of this reporting period, markets had largely stabilized from the initial shock of the health crisis. To recap, in March 2020, equity and commodity markets sold off and safe-haven assets rallied as countries initiated quarantines, restricted travel and shuttered factories and businesses, while an ill-timed oil price war between the Organization of the Petroleum Exporting Countries (OPEC) and non-OPEC member Russia further amplified oil price volatility. In late 2020, the announcement of high efficacy rates in several COVID 19 vaccine trials, followed by regulatory authorizations and public vaccination drives across Western countries, improved the outlook for 2021, which contributed to risk-on sentiment in the markets. The positive sentiment was realized during the first half of 2021 as

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.

5

Portfolio Managers’ Comments (continued)

U.S. gross domestic product (GDP) expanded at an annualized rate of 6.3% in the first quarter of 2021 and 6.7% in the second quarter of 2021. However, economic growth slowed considerably in the third quarter of 2021 to a 2.1% annualized rate, dampened by the spread of the COVID-19 delta variant and constricted supply chains, according to the “second” estimate released by the Bureau of Economic Analysis.

Although supply bottlenecks, labor shortages and higher inflation have weighed on economic growth in the short term, consumer demand remains strong. Given the U.S. economy’s progress, the Fed began signaling a timeline for tapering pandemic monetary support by reducing its monthly bond purchases (which was initially announced at the November 2021 policy meeting, after the close of this reporting period), as well as suggested interest rate normalization that could start later in 2022. In addition to monetary policy, markets remained concerned about the political gridlock over raising the debt ceiling  –  the amount the U.S. government is allowed to borrow. (After the close of this reporting period, the government approved a $2.5 trillion increase to the debt limit, averting a default at the end of 2021.)

A backdrop of strong, though moderating, global economic growth, accommodative central bank tightening policy, significant government relief spending, increasing vaccination rates and economic reopening drove global equities higher in the twelve-month reporting period. This environment led to strong performance across some of the more economically sensitive areas of the market, while traditionally defensive sectors such as consumer staples, utilities and health care lagged. However, concerns about inflation risks tempered the gains at times, particularly in the second half of the period as price pressures were longer-lasting than initially anticipated and markets began pricing in central bank policy shifts.

What key strategies were used to manage the Funds during the twelve-month reporting period ended October 31, 2021?

The Funds employ a passive management (or “indexing”) approach, seeking to track the investment results, before fees and expenses, of their respective Custom Indexes, which are comprised solely of equity securities selected from a Base Index that meet certain environmental, social and governance (“ESG”) criteria. Each 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. Each 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 TIAA ESG USA High Dividend Yield 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 Custom Index selects from the securities included in the MSCI USA Index (the “NUDV Base Index”), which generally consists of the large and mid-capitalization segments of the U.S. market.

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 Custom Index selects from the securities included in the MSCI Emerging Markets Index (the “NUEM Base Index”), which currently consists of large and mid-capitalization companies located in one of the following 26 emerging market countries: Argentina, Brazil, Chile, China, Colombia, Czech Republic, Egypt, Greece, Hungary, India, Indonesia, Korea, Malaysia, Mexico, Pakistan, Peru, Philippines, Poland, Qatar, Russia, Saudi Arabia, South Africa, Taiwan, Thailand, Turkey and the United Arab Emirates.

NUDM seeks to track the investment results, before fees and expenses, of the TIAA ESG International Developed Markets Equity Index (the “NUDM 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 Custom Index selects from the securities included in the MSCI EAFE Index (the “NUDM Base Index”), which currently consists of large and mid-capitalization companies located in one of the following 21 developed market countries: Australia, Austria, Belgium, Denmark, Finland, France, Germany, Hong Kong, Ireland, Israel, Italy, Japan, the Netherlands, New Zealand, Norway, Portugal, Singapore, Spain, Sweden, Switzerland and the United Kingdom.

6

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 Custom Index selects from the securities included in the MSCI USA Index (the “NULC Base Index”), which generally consists of the large and mid-capitalization segments of the U.S. market.

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 Custom Index selects from the securities included in the MSCI USA Growth Index (the “NULG Base Index”), which generally consists of large and mid-capitalization U.S. equity securities that exhibit overall growth style characteristics based on five variables: long-term forward earnings per share (“EPS”) growth rate, short-term forward EPS growth rate, current internal growth rate, long-term historical EPS growth trend, and long-term historical sales per share growth trend.

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

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

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

NUSC seeks to track the investment results, before fees and expenses, of the TIAA ESG USA Small-Cap Index (the “NUSC 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 environmental, social and governance (ESG) factors as well as exhibit lower carbon exposure than the MSCI USA Small-Cap Index. The NUSC Custom Index selects from the securities included in the MSCI USA Small-Cap Index (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 each Custom Index and Base Index. Each 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. Each 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

7

Portfolio Managers’ Comments (continued)

How did the Funds perform during the twelve-month reporting period ended October 31, 2021?

The tables in each Fund’s Performance Overview and Expense Ratios section of this report provide each Fund’s total return performance at net asset value (NAV) for the period ended October 31, 2021. Each Fund’s total returns at NAV are compared with the performance of its respective Custom Index.

As global equity markets appreciated over the trailing twelve-month period, the Funds with at least one year of performance posted double-digit advances ranging from 18.5% (NUEM) to 52% (NUMV). The total return for each Fund with at least one year of performance underperformed its respective Custom Index during the reporting period, and NUDV performed in-line with its Custom Index for its abbreviated reporting period. The Funds’ performance at NAV reflects management fees and other expenses such as cash drag and transaction costs incurred by the Funds during the reporting periods while the Custom Indexes are unmanaged and therefore their returns do not reflect any such fees and expenses. Gross of management fees and other expenses, all of the Funds performed in-line with their respective Custom Indexes over the reporting periods with the exception of NUEM. Transaction costs such as commissions and exchange taxes and fees, which can be higher in emerging markets, negatively impacted NUEM’s performance relative to the NUEM Custom Index.

8

Risk Considerations    

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 se-

9

Risk Considerations (continued)

curities 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.

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.

10

Fund Performance and Expense Ratios    

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

Fund Performance

Returns quoted represent past performance, which is no guarantee of future results. Investment returns and principal value will fluctuate so that when shares are sold, they may be worth more or less than their original cost. Current performance may be higher or lower than the performance shown.

Total returns for a period of less than one year are not annualized (i.e. cumulative returns). Returns assume reinvestment of dividends and capital gains. Market price returns are based on the closing market price as of the end of the reporting period. For performance current to the most recent month-end visit nuveen.com or call (800) 257-8787.

Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the sale of Fund shares.

Expense Ratios

The expense ratios shown are as of each Fund's most recent prospectus. The expense ratios shown reflect total operating expenses (before fee waivers and/or expense reimbursements, if any). The expense ratios include management fees and other fees and expenses. Refer to the Financial Highlights later in this report for each Fund's expense ratios as of the end of the reporting period.

11

Fund Performance and Expense Ratios (continued)

Nuveen ESG Dividend ETF (NUDV)

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

Fund Performance and Expense Ratio

	Total Returns as of October 31, 2021
		Cumulative
	Inception Date	Since Inception	Expense Ratios
NUDV at NAV	9/27/21	2.74%	0.25%
NUDV at Market Price	9/27/21	2.85%	-
MSCI USA Index	-	3.69%	-
TIAA ESG USA High Dividend Yield Index1	-	2.78%	-

Growth of an Assumed $10,000 Investment as of October 31, 2021

The graphs do not reflect the deduction of taxes that a shareholder may pay on Fund distributions or the redemption of Fund shares.

12

Nuveen ESG Emerging Markets Equity ETF (NUEM)

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

Fund Performance and Expense Ratio

	Total Returns as of October 31, 2021
		Average Annual
	Inception Date	1-Year	Since Inception	Expense Ratios
NUEM at NAV	6/06/17	18.45%	8.84%	0.35%
NUEM at Market Price	6/06/17	17.77%	8.83%	-
MSCI Emerging Markets Index	-	16.96%	7.63%	-
TIAA ESG Emerging Markets Equity Index1	-	19.69%	9.72%	-

Growth of an Assumed $10,000 Investment as of October 31, 2021

The graphs do not reflect the deduction of taxes that a shareholder may pay on Fund distributions or the redemption of Fund shares.

13

Fund Performance and Expense Ratios (continued)

Nuveen ESG International Developed Markets Equity ETF (NUDM)

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

Fund Performance and Expense Ratio

	Total Returns as of October 31, 2021
		Average Annual
	Inception Date	1-Year	Since Inception	Expense Ratios
NUDM at NAV	6/06/17	34.83%	8.01%	0.30%
NUDM at Market Price	6/06/17	34.73%	8.16%	-
MSCI EAFE Index	-	34.18%	7.41%	-
TIAA ESG International Developed Markets Equity Index1	-	35.26%	8.32%	-

Growth of an Assumed $10,000 Investment as of October 31, 2021

The graphs do not reflect the deduction of taxes that a shareholder may pay on Fund distributions or the redemption of Fund shares.

14

Nuveen ESG Large-Cap ETF (NULC)

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

Fund Performance and Expense Ratio

	Total Returns as of October 31, 2021
		Average Annual
	Inception Date	1-Year	Since Inception	Expense Ratios
NULC at NAV	6/03/19	45.28%	28.23%	0.20%
NULC at Market Price	6/03/19	45.91%	28.29%	-
MSCI USA Index	-	43.34%	27.10%	-
TIAA ESG USA Large-Cap Index1	-	45.69%	28.57%	-

Growth of an Assumed $10,000 Investment as of October 31, 2021

The graphs do not reflect the deduction of taxes that a shareholder may pay on Fund distributions or the redemption of Fund shares.

15

Fund Performance and Expense Ratios (continued)

Nuveen ESG Large-Cap Growth ETF (NULG)

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

Fund Performance and Expense Ratio

	Total Returns as of October 31, 2021
		Average Annual
	Inception Date	1-Year	Since Inception	Expense Ratios
NULG at NAV	12/31/16	49.04%	26.05%	0.25%
NULG at Market Price	12/31/16	49.29%	26.06%	-
MSCI USA Growth Index	-	43.85%	25.53%	-
TIAA ESG USA Large-Cap Growth Index1	-	49.68%	26.55%	-

Growth of an Assumed $10,000 Investment as of October 31, 2021

The graphs do not reflect the deduction of taxes that a shareholder may pay on Fund distributions or the redemption of Fund shares.

16

Nuveen ESG Large-Cap Value ETF (NULV)

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

Fund Performance and Expense Ratio

	Total Returns as of October 31, 2021
		Average Annual
	Inception Date	1-Year	Since Inception	Expense Ratios
NULV at NAV	12/31/16	39.68%	11.46%	0.25%
NULV at Market Price	12/31/16	39.63%	11.47%	-
MSCI USA Value Index	-	42.72%	10.71%	-
TIAA ESG USA Large-Cap Value Index1	-	40.28%	11.87%	-

Growth of an Assumed $10,000 Investment as of October 31, 2021

The graphs do not reflect the deduction of taxes that a shareholder may pay on Fund distributions or the redemption of Fund shares.

17

Fund Performance and Expense Ratios (continued)

Nuveen ESG Mid-Cap Growth ETF (NUMG)

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

Fund Performance and Expense Ratio

	Total Returns as of October 31, 2021
		Average Annual
	Inception Date	1-Year	Since Inception	Expense Ratios
NUMG at NAV	12/31/16	39.51%	20.96%	0.30%
NUMG at Market Price	12/31/16	39.92%	20.97%	-
MSCI USA Mid-Cap Growth Index	-	44.51%	20.76%	-
TIAA ESG USA Mid-Cap Growth Index1	-	40.15%	21.49%	-

Growth of an Assumed $10,000 Investment as of October 31, 2021

The graphs do not reflect the deduction of taxes that a shareholder may pay on Fund distributions or the redemption of Fund shares.

18

Nuveen ESG Mid-Cap Value ETF (NUMV)

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

Fund Performance and Expense Ratio

	Total Returns as of October 31, 2021
		Average Annual
	Inception Date	1-Year	Since Inception	Expense Ratios
NUMV at NAV	12/31/16	51.97%	11.10%	0.30%
NUMV at Market Price	12/31/16	52.06%	11.14%	-
MSCI USA Mid-Cap Value Index	-	51.31%	10.81%	-
TIAA ESG USA Mid-Cap Value Index1	-	52.72%	11.57%	-

Growth of an Assumed $10,000 Investment as of October 31, 2021

The graphs do not reflect the deduction of taxes that a shareholder may pay on Fund distributions or the redemption of Fund shares.

19

Fund Performance and Expense Ratios (continued)

Nuveen ESG Small-Cap ETF (NUSC)

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

Fund Performance and Expense Ratio

	Total Returns as of October 31, 2021
		Average Annual
	Inception Date	1-Year	Since Inception	Expense Ratios
NUSC at NAV	12/31/16	48.28%	14.38%	0.30%
NUSC at Market Price	12/31/16	48.03%	14.38%	-
MSCI USA Small-Cap Index	-	52.01%	14.10%	-
TIAA ESG USA Small-Cap Index1	-	48.95%	14.86%	-

Growth of an Assumed $10,000 Investment as of October 31, 2021

The graphs do not reflect the deduction of taxes that a shareholder may pay on Fund distributions or the redemption of Fund shares.

20

Holding Summaries    as of October 31, 2021

This data relates to the securities held in each Fund's portfolio of investments as of the end of this reporting period. It should not be construed as a measure of performance for the Fund itself. Holdings are subject to change.

Nuveen ESG Dividend ETF (NUDV)

Fund Allocation (% of net assets)
Common Stocks	99.6%
Other Assets Less Liabilities	0.4%
Net Assets	100%

Portfolio Composition (% of net assets)
Financials	20.0%
Industrials	14.7%
Consumer Staples	12.3%
Health Care	11.3%
Information Technology	11.0%
Real Estate	7.8%
Consumer Discretionary	7.0%
Communication Services	4.8%
Utilities	4.6%
Materials	4.1%
Energy	2.0%
Other Assets Less Liabilities	0.4%
Net Assets	100%

Top Five Common Stock Holdings (% of net assets)
Home Depot Inc	2.4%
Procter & Gamble Co	2.1%
Lowe's Cos Inc	1.8%
PepsiCo Inc	1.8%
Coca-Cola Co	1.8%

21

Holding Summaries    as of October 31, 2021 (continued)

Nuveen ESG Emerging Markets Equity ETF (NUEM)

Fund Allocation (% of net assets)
Common Stocks	100.1%
Corporate Bonds	0.0%
Common Stock Rights	0.0%
Other Assets Less Liabilities	(0.1)%
Net Assets	100%

    

Top Five Common Stock Holdings (% of net assets)
Taiwan Semiconductor Manufacturing Co Ltd	8.0%
Tencent Holdings Ltd	6.0%
Alibaba Group Holding Ltd	4.8%
Meituan., Class B	2.7%
Infosys Ltd	2.0%

Portfolio Composition (% of net assets)
Information Technology	20.6%
Financials	16.7%
Consumer Discretionary	16.5%
Communication Services	11.0%
Materials	10.1%
Industrials	6.7%
Consumer Staples	6.4%
Health Care	4.5%
Utilities	2.8%
Energy	2.6%
Real Estate	2.2%
Other Assets Less Liabilities	(0.1)%
Net Assets	100%

Country Allocation1 (% of net assets)
China	36.3%
Taiwan	15.4%
India	11.7%
South Korea	11.7%
Brazil	4.1%
Saudi Arabia	3.5%
South Africa	3.1%
Mexico	2.0%
Russia	1.8%
Thailand	1.7%
Other	8.8%
Other Assets Less Liabilities	(0.1)%
Net Assets	100%

22

Nuveen ESG International Developed Markets Equity ETF (NUDM)

Fund Allocation (% of net assets)
Common Stocks	99.4%
Other Assets Less Liabilities	0.6%
Net Assets	100%

    

Top Five Common Stock Holdings (% of net assets)
Nestle SA	3.5%
Sony Group Corp	2.3%
ASML Holding NV	2.3%
SAP SE	2.1%
GlaxoSmithKline PLC	1.8%

Portfolio Composition (% of net assets)
Financials	18.3%
Industrials	15.9%
Consumer Discretionary	14.0%
Health Care	12.4%
Consumer Staples	11.7%
Information Technology	8.2%
Materials	7.4%
Communication Services	4.7%
Real Estate	2.7%
Utilities	2.3%
Energy	1.8%
Other Assets Less Liabilities	0.6%
Net Assets	100%

Country Allocation (% of net assets)
Japan	23.2%
United Kingdom	14.4%
Switzerland	10.4%
France	9.7%
Germany	8.7%
Australia	6.8%
Netherlands	5.2%
Sweden	3.3%
Italy	3.2%
Hong Kong	3.0%
Other	11.5%
Other Assets Less Liabilities	0.6%
Net Assets	100%

23

Holding Summaries    as of October 31, 2021 (continued)

Nuveen ESG Large-Cap ETF (NULC)

Fund Allocation (% of net assets)
Common Stocks	99.8%
Other Assets Less Liabilities	0.2%
Net Assets	100%

Portfolio Composition (% of net assets)
Information Technology	28.5%
Health Care	12.7%
Financials	12.3%
Consumer Discretionary	12.2%
Communication Services	9.6%
Industrials	8.3%
Consumer Staples	6.2%
Real Estate	3.5%
Materials	2.6%
Energy	2.0%
Utilities	1.9%
Other Assets Less Liabilities	0.2%
Net Assets	100%

    

Top Five Common Stock Holdings (% of net assets)
Microsoft Corp	6.4%
Tesla Inc	3.4%
Alphabet Inc, Class A	3.4%
NVIDIA Corp	2.9%
Alphabet Inc, Class C	2.1%

24

Nuveen ESG Large-Cap Growth ETF (NULG)

Fund Allocation (% of net assets)
Common Stocks	99.9%
Investments Purchased with Collateral from Securities Lending	0.2%
Other Assets Less Liabilities	(0.1)%
Net Assets	100%

Portfolio Composition (% of net assets)
Information Technology	41.0%
Consumer Discretionary	17.0%
Communication Services	14.2%
Health Care	11.2%
Industrials	5.0%
Financials	4.3%
Consumer Staples	3.0%
Materials	2.1%
Real Estate	1.7%
Energy	0.4%
Investments Purchased with Collateral from Securities Lending	0.2%
Other Assets Less Liabilities	(0.1)%
Net Assets	100%

Top Five Common Stock Holdings (% of net assets)
Microsoft Corp	12.2%
Tesla Inc	6.0%
Alphabet Inc, Class A	5.3%
NVIDIA Corp	4.5%
Alphabet Inc, Class C	4.0%

25

Holding Summaries    as of October 31, 2021 (continued)

Nuveen ESG Large-Cap Value ETF (NULV)

Fund Allocation (% of net assets)
Common Stocks	99.8%
Other Assets Less Liabilities	0.2%
Net Assets	100%

Portfolio Composition (% of net assets)
Financials	22.1%
Health Care	16.2%
Industrials	13.6%
Information Technology	10.9%
Consumer Staples	10.6%
Communication Services	5.5%
Consumer Discretionary	5.5%
Real Estate	5.2%
Utilities	4.2%
Energy	3.0%
Materials	3.0%
Other Assets Less Liabilities	0.2%
Net Assets	100%

Top Five Common Stock Holdings (% of net assets)
Procter & Gamble Co	2.9%
Home Depot Inc	2.7%
Coca-Cola Co	2.4%
PepsiCo Inc	2.4%
Intel Corp	2.1%

26

Nuveen ESG Mid-Cap Growth ETF (NUMG)

Fund Allocation (% of net assets)
Common Stocks	99.9%
Other Assets Less Liabilities	0.1%
Net Assets	100%

Portfolio Composition (% of net assets)
Information Technology	39.5%
Health Care	18.3%
Consumer Discretionary	12.7%
Industrials	12.0%
Communication Services	9.1%
Financials	3.3%
Energy	1.9%
Materials	1.8%
Consumer Staples	1.3%
Other Assets Less Liabilities	0.1%
Net Assets	100%

Top Five Common Stock Holdings (% of net assets)
Marvell Technology Inc	3.6%
Cadence Design Systems Inc	3.3%
HubSpot Inc	3.0%
Match Group Inc	2.9%
Etsy Inc	2.8%

27

Holding Summaries    as of October 31, 2021 (continued)

Nuveen ESG Mid-Cap Value ETF (NUMV)

Fund Allocation (% of net assets)
Common Stocks	99.8%
Investments Purchased with Collateral from Securities Lending	0.1%
Other Assets Less Liabilities	0.1%
Net Assets	100%

Portfolio Composition (% of net assets)
Financials	22.1%
Industrials	16.9%
Real Estate	14.3%
Consumer Discretionary	11.2%
Information Technology	7.9%
Health Care	5.4%
Materials	5.1%
Communication Services	4.7%
Energy	4.6%
Utilities	4.4%
Consumer Staples	3.2%
Investments Purchased with Collateral from Securities Lending	0.1%
Other Assets Less Liabilities	0.1%
Net Assets	100%

Top Five Common Stock Holdings (% of net assets)
Arthur J Gallagher & Co	2.4%
Carrier Global Corp	2.4%
SVB Financial Group	2.3%
ONEOK Inc	2.1%
Kansas City Southern	2.1%

28

Nuveen ESG Small-Cap ETF (NUSC)

Fund Allocation (% of net assets)
Common Stocks	99.9%
Investments Purchased with Collateral from Securities Lending	0.7%
Other Assets Less Liabilities	(0.6)%
Net Assets	100%

Portfolio Composition (% of net assets)
Industrials	16.4%
Information Technology	15.3%
Consumer Discretionary	15.1%
Financials	14.6%
Health Care	14.0%
Real Estate	9.8%
Materials	4.5%
Energy	3.4%
Consumer Staples	3.3%
Utilities	2.0%
Communication Services	1.5%
Investments Purchased with Collateral from Securities Lending	0.7%
Other Assets Less Liabilities	(0.6)%
Net Assets	100%

Top Five Common Stock Holdings (% of net assets)
Darling Ingredients Inc	1.0%
SiteOne Landscape Supply Inc	0.8%
First Horizon Corp	0.7%
Reliance Steel & Aluminum Co	0.7%
Bright Horizons Family Solutions Inc	0.7%

Expense Examples    

As a shareholder of one or more of the Funds, you incur two types of costs: (1) transaction costs, including brokerage commissions on purchases and sales of Fund shares, and (2) ongoing costs, including management fees and other applicable Fund expenses. The Examples below are intended to help you understand your ongoing costs (in dollars) of investing in the Funds and to compare these costs with the ongoing costs of investing in other funds. Since NUDV’s expense example below reflects only the first 35 days of the Fund’s operations, it may not provide a meaningful understanding of the Fund’s ongoing expenses.

The Examples below are based on an investment of $1,000 invested at the beginning of the period and held through the period ended October 31, 2021.

The beginning of the period of NUDV is September 27, 2021 (commencement of operations). The beginning of the period for NUEM, NUDM, NULC, NULG, NULV, NUMG, NUMV and NUSC is May 1, 2021.

The information under “Actual Performance,” together with the amount you invested, allows you to estimate actual expenses incurred over the reporting period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.60) and multiply the result by the cost shown for your Fund in the row entitled “Expenses Incurred During Period” to estimate the expenses incurred on your account during this period.

The information under “Hypothetical Performance” provides information about hypothetical account values and hypothetical expenses based on each Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expense you incurred for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the tables are meant to highlight your ongoing costs only and do not reflect any transaction costs. Therefore, the hypothetical information is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transaction costs were included, your costs would have been higher.

Nuveen ESG Dividend ETF (NUDV)

Actual Performance
Beginning Account Value	$1,000.00
Ending Account Value	$1,027.40
Expenses Incurred During Period	$ 0.24
Hypothetical Performance (5% annualized return before expenses)
Beginning Account Value	$1,000.00
Ending Account Value	$1,004.55
Expenses Incurred During the Period	$ 0.24

Expenses are equal to the Fund's annualized net expense ratio of 0.25% multiplied by the average account value over the period, multiplied by 35/365 (to reflect the 35 days in the period since commencement of operations).

30

Nuveen ESG Emerging Markets Equity ETF (NUEM)

Actual Performance
Beginning Account Value	$1,000.00
Ending Account Value	$ 960.90
Expenses Incurred During Period	$ 2.13
Hypothetical Performance (5% annualized return before expenses)
Beginning Account Value	$1,000.00
Ending Account Value	$1,023.04
Expenses Incurred During the Period	$ 2.19

Expenses are equal to the Fund's annualized net expense ratio of 0.43% multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period).

Nuveen ESG International Developed Markets Equity ETF (NUDM)

Actual Performance
Beginning Account Value	$1,000.00
Ending Account Value	$1,047.30
Expenses Incurred During Period	$ 1.96
Hypothetical Performance (5% annualized return before expenses)
Beginning Account Value	$1,000.00
Ending Account Value	$1,023.29
Expenses Incurred During the Period	$ 1.94

Expenses are equal to the Fund's annualized net expense ratio of 0.38% 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	$1,114.20
Expenses Incurred During Period	$ 1.07
Hypothetical Performance (5% annualized return before expenses)
Beginning Account Value	$1,000.00
Ending Account Value	$1,024.20
Expenses Incurred During the Period	$ 1.02

Expenses are equal to the Fund's annualized net expense ratio of 0.20% multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period).

31

Expense Examples    (continued)

Nuveen ESG Large-Cap Growth ETF (NULG)

Actual Performance
Beginning Account Value	$1,000.00
Ending Account Value	$1,172.20
Expenses Incurred During Period	$ 1.81
Hypothetical Performance (5% annualized return before expenses)
Beginning Account Value	$1,000.00
Ending Account Value	$1,023.54
Expenses Incurred During the Period	$ 1.68

Expenses are equal to the Fund's annualized net expense ratio of 0.33% 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	$1,056.40
Expenses Incurred During Period	$ 1.71
Hypothetical Performance (5% annualized return before expenses)
Beginning Account Value	$1,000.00
Ending Account Value	$1,023.54
Expenses Incurred During the Period	$ 1.68

Expenses are equal to the Fund's annualized net expense ratio of 0.33% multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period).

Nuveen ESG Mid-Cap Growth ETF (NUMG)

Actual Performance
Beginning Account Value	$1,000.00
Ending Account Value	$1,094.90
Expenses Incurred During Period	$ 2.01
Hypothetical Performance (5% annualized return before expenses)
Beginning Account Value	$1,000.00
Ending Account Value	$1,023.29
Expenses Incurred During the Period	$ 1.94

Expenses are equal to the Fund's annualized net expense ratio of 0.38% multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period).

32

Nuveen ESG Mid-Cap Value ETF (NUMV)

Actual Performance
Beginning Account Value	$1,000.00
Ending Account Value	$1,059.00
Expenses Incurred During Period	$ 1.97
Hypothetical Performance (5% annualized return before expenses)
Beginning Account Value	$1,000.00
Ending Account Value	$1,023.29
Expenses Incurred During the Period	$ 1.94

Expenses are equal to the Fund's annualized net expense ratio of 0.38% 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	$1,014.90
Expenses Incurred During Period	$ 1.93
Hypothetical Performance (5% annualized return before expenses)
Beginning Account Value	$1,000.00
Ending Account Value	$1,023.29
Expenses Incurred During the Period	$ 1.94

Expenses are equal to the Fund's annualized net expense ratio of 0.38% multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period).

33

Report of Independent Registered Public Accounting Firm    

To the Shareholders and Board of Trustees

Nushares ETF Trust:

Opinions on the Financial Statements

We have audited the accompanying statements of assets and liabilities of Nuveen ESG Dividend ETF, Nuveen ESG Emerging Markets Equity ETF, Nuveen ESG International Developed Markets Equity ETF, Nuveen ESG Large-Cap 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, and Nuveen ESG Small-Cap ETF (nine of the funds comprising Nushares ETF Trust) (the Funds), including the portfolios of investments, as of October 31, 2021, the related statements of operations for the year then ended (period from September 27, 2021 (commencement of operations) to October 31, 2021 for Nuveen ESG Dividend ETF), the statements of changes in net assets for each of the years in the two-year period then ended (period from September 27, 2021 to October 31, 2021 for Nuveen ESG Dividend ETF), and the related notes (collectively, the financial statements) and the financial highlights for each of the years in the four-year period then ended and the period from June 6, 2017 (commencement of operations) to October 31, 2017 for Nuveen ESG Emerging Markets Equity ETF and Nuveen ESG International Developed Markets Equity ETF, each of the years in the four-year period then ended and the period from December 13, 2016 (commencement of operations) to October 31, 2017 for Nuveen ESG Large-Cap Growth ETF, Nuveen ESG Large-Cap Value ETF, Nuveen ESG Mid-Cap Growth ETF, Nuveen ESG Mid-Cap Value ETF and Nuveen ESG Small-Cap ETF, each of the years in the two-year period then ended and the period from June 3, 2019 to October 31, 2019 for Nuveen ESG Large-Cap ETF, and the period from September 27, 2021 to October 31, 2021 for Nuveen ESG Dividend ETF. 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, 2021, the results of their operations for the year then ended (the period from September 27, 2021 to October 31, 2021 for Nuveen ESG Dividend ETF), the changes in their net assets for each of the years in the two-year period then ended (the period from September 27, 2021 to October 31, 2021 for Nuveen ESG Dividend ETF), and the financial highlights for each of the years in the four-year period then ended and the period from June 6, 2017 to October 31, 2017 for Nuveen ESG Emerging Markets Equity ETF and Nuveen ESG International Developed Markets Equity ETF, each of the years in the four-year period then ended and the period from December 13, 2016 to October 31, 2017 for Nuveen ESG Large-Cap Growth ETF, Nuveen ESG Large-Cap Value ETF, Nuveen ESG Mid-Cap Growth ETF, Nuveen ESG Mid-Cap Value ETF and Nuveen ESG Small-Cap ETF, each of the years in the two-year period then ended and the period from June 3, 2019 to October 31, 2019 for Nuveen ESG Large-Cap ETF, and the period from September 27, 2021 to October 31, 2021 for Nuveen ESG Dividend ETF, 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

34

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, 2021, by correspondence with custodians and brokers or other appropriate 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, 2021

35

Nuveen ESG Dividend ETF (NUDV)

Portfolio of Investments    October 31, 2021

Shares		Description (1)				Value
		LONG-TERM INVESTMENTS – 99.6%
		COMMON STOCKS – 99.6%
		Communication Services – 4.8%
3,201		AT&T Inc				$80,857
491		Interpublic Group of Cos Inc				17,956
1,171		Lumen Technologies Inc				13,888
272		Omnicom Group Inc				18,518
1,671		Verizon Communications Inc				88,546
767		ViacomCBS Inc, Class B				27,781
		Total Communication Services				247,546
		Consumer Discretionary  – 7.0%
285		Best Buy Co Inc				34,838
164		Hasbro Inc				15,705
330		Home Depot Inc				122,674
402		Lowe's Cos Inc				93,996
491		Newell Brands Inc				11,239
320		Target Corp				83,078
		Total Consumer Discretionary				361,530
		Consumer Staples  – 12.3%
706		Archer-Daniels-Midland Co				45,353
180		Bunge Ltd				16,675
156		Clorox Co				25,430
1,631		Coca-Cola Co				91,939
903		Colgate-Palmolive Co				68,800
375		Hormel Foods Corp				15,870
140		J M Smucker Co				17,200
896		Keurig Dr Pepper Inc				32,337
376		Kimberly-Clark Corp				48,688
915		Kroger Co				36,618
184		Lamb Weston Holdings Inc				10,387
316		McCormick & Co Inc				25,353
572		PepsiCo Inc				92,435
746		Procter & Gamble Co				106,671
		Total Consumer Staples				633,756
		Energy – 2.0%
923		Baker Hughes Co				23,149
563		ONEOK Inc				35,818

36

Shares		Description (1)				Value
		Energy (continued)
1,543		Williams Cos Inc				$ 43,343
		Total Energy				102,310
		Financials – 20.0%
469		Ally Financial Inc				22,390
935		American International Group Inc				55,249
147		Ameriprise Financial Inc				44,413
260		Arthur J Gallagher & Co				43,594
76		Assurant Inc				12,260
1,055		Bank of New York Mellon Corp				62,456
89		BlackRock Inc				83,968
204		Carlyle Group Inc				11,455
366		CME Group Inc				80,721
483		Equitable Holdings Inc				16,180
379		Franklin Resources Inc				11,935
435		Invesco Ltd				11,053
224		Lincoln National Corp				16,162
472		Marsh & McLennan Cos Inc				78,730
811		Morgan Stanley				83,355
144		Nasdaq Inc				30,221
252		Northern Trust Corp				31,006
731		Progressive Corp				69,357
496		Prudential Financial Inc				54,585
232		Raymond James Financial Inc				22,873
440		State Street Corp				43,362
288		T Rowe Price Group Inc				62,461
1,315		US Bancorp				79,386
		Total Financials				1,027,172
		Health Care – 11.3%
356		Amgen Inc				73,681
199		Anthem Inc				86,591
635		Baxter International Inc				50,140
1,206		Bristol-Myers Squibb Co				70,430
367		Cardinal Health Inc				17,546
348		Cigna Corp				74,336
337		Eli Lilly & Co				85,854
1,041		Gilead Sciences Inc				67,540
164		Quest Diagnostics Inc				24,072
223		Royalty Pharma PLC, Class A				8,815
1,527		Viatris Inc				20,386
		Total Health Care				579,391

37

Nuveen ESG Dividend ETF (NUDV) (continued)

Portfolio of Investments    October 31, 2021

Shares		Description (1)				Value
		Industrials – 14.7%
397		3M Co				$70,936
172		A O Smith Corp				12,568
172		Booz Allen Hamilton Holding Corp				14,940
380		Caterpillar Inc				77,524
429		Eaton Corp PLC				70,682
701		Emerson Electric Co				68,004
723		Fastenal Co				41,269
906		Johnson Controls International plc				66,473
132		Owens Corning				12,330
164		Parker-Hannifin Corp				48,641
284		Republic Services Inc				38,226
144		Robert Half International Inc				16,282
148		Rockwell Automation Inc				47,271
68		Snap-on Inc				13,820
302		Trane Technologies PLC				54,641
468		Waste Management Inc				74,988
56		WW Grainger Inc				25,934
		Total Industrials				754,529
		Information Technology – 11.0%
352		Automatic Data Processing Inc				79,021
1,639		Cisco Systems Inc				91,735
1,651		Hewlett Packard Enterprise Co				24,187
1,591		HP Inc				48,255
1,715		Intel Corp				84,035
568		International Business Machines Corp				71,057
216		Motorola Solutions Inc				53,695
731		NortonLifeLock Inc				18,604
459		Texas Instruments Inc				86,053
519		Western Union Co				9,456
		Total Information Technology				566,098
		Materials – 4.1%
1,959		Amcor PLC				23,645
944		Dow Inc				52,836
316		International Flavors & Fragrances Inc				46,594
471		International Paper Co				23,395
300		PPG Industries Inc				48,171
264		Steel Dynamics Inc				17,445
		Total Materials				212,086
		Real Estate – 7.8%
277		American Tower Corp				78,106
374		Crown Castle International Corp				67,432

38

Shares		Description (1)				Value
		Real Estate (continued)
87		Equinix Inc				$72,825
371		Iron Mountain Inc				16,933
569		Prologis Inc				82,482
192		Regency Centers Corp				13,519
474		Ventas Inc				25,297
530		Welltower Inc				42,612
		Total Real Estate				399,206
		Utilities – 4.6%
229		American Water Works Co Inc				39,887
164		Atmos Energy Corp				15,108
367		CMS Energy Corp				22,148
435		Consolidated Edison Inc				32,799
295		Essential Utilities Inc				13,886
435		Eversource Energy				36,931
495		NiSource Inc				12,212
400		Sempra Energy				51,052
263		UGI Corp				11,417
		Total Utilities				235,440
		Total Long-Term Investments (cost $4,991,077)				5,119,064
		Other Assets Less Liabilities – 0.4%				18,002
		Net Assets – 100%				$ 5,137,066

	For Fund portfolio compliance purposes, the Fund’s industry classifications refer to any one or more of the industry sub-classifications used by one or more widely recognized market indexes or ratings group indexes, and/or as defined by Fund management. This definition may not apply for purposes of this report, which may combine industry sub-classifications into sectors for reporting ease.
(1)	All percentages shown in the Portfolio of Investments are based on net assets.

See accompanying notes to financial statements.

39

Nuveen ESG Emerging Markets Equity ETF (NUEM)

Portfolio of Investments    October 31, 2021

Shares		Description (1)				Value
		LONG-TERM INVESTMENTS – 100.1%
		COMMON STOCKS – 100.1%
		Communication Services – 11.0%
432,780		Axiata Group Bhd				$412,818
387		CD Projekt SA				16,879
28,486		Emirates Telecommunications Group Co PJSC				198,533
381		Globe Telecom Inc				22,644
12,159		Info Edge India Ltd				986,498
56,269		MTN Group Ltd, (2)				507,087
4,849		NAVER Corp				1,688,882
171		NCSoft Corp				91,752
5,621		NetEase Inc, ADR				548,553
119,201		Ooredoo QPSC				226,551
8,869		Orange Polska SA, (2)				17,319
1,359		SK Telecom Co Ltd, (3)				354,684
79,934		Telefonica Brasil SA				645,484
118,994		Tencent Holdings Ltd				7,357,726
69,633		TIM SA/Brazil				138,599
190,651		Turkcell Iletisim Hizmetleri AS				303,173
		Total Communication Services				13,517,182
		Consumer Discretionary  – 16.5%
281,200		Alibaba Group Holding Ltd, (2)				5,892,185
12,871		Allegro.eu SA, 144A, (2)				145,671
18,543		Americanas SA, (2)				97,699
299		Bajaj Auto Ltd				14,819
6,602		Baozun Inc, Sponsored ADR, (2)				114,215
38,140		BYD Co Ltd				1,454,204
16,530		BYD Co Ltd				803,716
77,548		China Education Group Holdings Ltd				133,184
59,420		Chongqing Changan Automobile Co Ltd				180,969
8,690		Coway Co Ltd				590,463
426,035		Dongfeng Motor Group Co Ltd				398,156
4,402		Falabella SA				12,206
460		FF Group, (2), (3)				639
3,800		Guangdong Xinbao Electrical Appliances Holdings Co Ltd				13,312
328,145		Guangzhou Automobile Group Co Ltd				310,468
4,078		Hangzhou Robam Appliances Co Ltd				19,955
403		Hankook Tire & Technology Co Ltd				14,260

40

Shares		Description (1)				Value
		Consumer Discretionary (continued)
171,519		HengTen Networks Group Ltd, (2)				$58,870
3,014		Hero MotoCorp Ltd				106,949
45,207		JD Health International Inc, 144A, (2)				400,404
5,500		Joyoung Co Ltd				20,058
5,719		JUMBO SA				84,979
13,574		LG Electronics Inc				1,399,741
21,155		Li Auto Inc, ADR, (2)				690,288
6,400		Liaoning Cheng Da Co Ltd				20,341
7		LPP SA				25,161
9,551		Mahindra & Mahindra Ltd				112,785
96,567		Meituan., Class B, 144A, (2)				3,346,741
4,690		Naspers Ltd				799,194
30,144		NIO Inc., ADR, (2)				1,187,975
77,700		Shenzhen Overseas Chinese Town Co Ltd				75,968
859		Shenzhou International Group Holdings Ltd				18,529
25,200		Songcheng Performance Development Co Ltd				55,102
130,716		TCL Technology Group Corp				123,720
5,698		Vipshop Holdings Ltd, ADR, (2)				63,590
19,900		Wuchan Zhongda Group Co Ltd				19,488
6,686		XPeng Inc, ADR, (2)				311,768
21,426		Yum China Holdings Inc				1,222,996
		Total Consumer Discretionary				20,340,768
		Consumer Staples  – 6.4%
9,715		Adecoagro SA, (2)				85,103
39,393		Almarai Co JSC				555,571
1,224		BGF retail Co Ltd				169,163
987		Britannia Industries Ltd				48,374
15,303		Charoen Pokphand Foods PCL, (4)				11,645
25,088		China Feihe Ltd, 144A				41,797
66,832		China Mengniu Dairy Co Ltd				425,698
77,091		Coca-Cola Femsa SAB de CV				415,307
314,289		Dali Foods Group Co Ltd, 144A				174,941
188,373		Fomento Economico Mexicano SAB de CV				1,554,905
1,200		Fu Jian Anjoy Foods Co Ltd				37,979
45,381		Hindustan Unilever Ltd				1,450,344
57,380		Inner Mongolia Yili Industrial Group Co Ltd				385,359
2,436		Kuala Lumpur Kepong Bhd				12,718
10		LG Household & Health Care Ltd				10,021
261		LG Household & Health Care Ltd				133,789
26,463		Magnit PJSC, GDR				490,095
524		Nestle India Ltd				132,712

41

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

Portfolio of Investments    October 31, 2021

Shares		Description (1)				Value
		Consumer Staples (continued)
32,246		PPB Group Bhd				$141,568
41,229		Savola Group				402,298
1,199,532		Unilever Indonesia Tbk PT				374,232
185,739		Uni-President China Holdings Ltd				158,542
28,947		Want Want China Holdings Ltd				22,439
19,383		X5 Retail Group NV, GDR				659,797
		Total Consumer Staples				7,894,397
		Energy – 2.6%
162,416		Cosan SA				570,199
622,462		Dialog Group Bhd				425,397
40,951		Offshore Oil Engineering Co Ltd				29,741
46,934		Petronas Dagangan Bhd				230,760
76,765		Qatar Fuel QSC				387,725
392,840		Qatar Gas Transport Co Ltd				350,654
7,096		S-Oil Corp				622,429
176,813		Thai Oil PCL, (4)				297,064
114,202		Ultrapar Participacoes SA				264,385
		Total Energy				3,178,354
		Financials – 16.7%
2,738,295		Agricultural Bank of China Ltd				932,824
95,514		Alpha Services and Holdings SA, (2)				121,421
135,760		Axis Bank Ltd, (2)				1,345,249
202,263		B3 SA - Brasil Bolsa Balcao				427,346
152,184		Banco Bradesco SA				537,247
53,606		Banco Bradesco SA				161,664
4,937		Bancolombia SA				43,815
1,604		Bancolombia SA				14,286
101,503		Bandhan Bank Ltd, 144A				395,066
1,279,385		Bank Central Asia Tbk PT				675,024
13,543		Bank Polska Kasa Opieki SA				447,566
344,917		Cathay Financial Holding Co Ltd				720,631
3,422,108		China Construction Bank Corp				2,327,142
88,900		China Construction Bank Corp				82,337
68,741		China Merchants Bank Co Ltd				579,245
1,850		Credicorp Ltd				239,871
171,695		First Abu Dhabi Bank PJSC				832,965
189,545		FirstRand Ltd				723,388
317,916		Fubon Financial Holding Co Ltd				841,420
18,497		Grupo Financiero Banorte SAB de CV				117,179
270,809		Haitong Securities Co Ltd				241,251
69,099		Huatai Securities Co Ltd				171,272

42

Shares		Description (1)				Value
		Financials (continued)
243,096		Huatai Securities Co Ltd, 144A				$362,501
196,065		Industrial Bank Co Ltd				570,492
23,633		KB Financial Group Inc				1,144,690
17,406		Kotak Mahindra Bank Ltd				472,137
348,456		Kuwait Finance House KSCP				961,736
8,657		Malayan Banking Bhd, WI/DD				16,829
732,214		Old Mutual Ltd				751,001
3,009		OTP Bank Nyrt, (2)				180,889
15,848		Piramal Enterprises Ltd				551,327
467,311		Public Bank Bhd				470,584
16,871		Qatar National Bank QPSC				94,989
4,849		Samsung Fire & Marine Insurance Co Ltd				958,555
58,664		Sanlam Ltd