Exchange-Traded
Funds
31 October
2021
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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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
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Table of Contents
Chair’s Letter to Shareholders    
Dear Shareholders,
In 2021, we have seen a nearly full recovery in the economy and began to approach more normalcy in our daily lives, enabled by unprecedented help from governments and central banks and the development of effective COVID-19 vaccines and therapies. However, the newly discovered omicron variant is a reminder that pandemic risks are still with us, which has created uncertainty about the economic outlook in the coming year and contributed to recent short-term volatility in the markets.
As some factors that drove 2021’s rebound fade and the pandemic continues to pose some downside risk, global economic growth is expected to be slower but remain expansionary. In the U.S., the Federal Reserve has begun winding down its pandemic bond buying program and could begin raising short-term interest rates in 2022. The crisis-related fiscal stimulus totaling $5.3 trillion to support individuals and families, small and large businesses, state and local governments, education, public health and vaccinations will also phase out. Government spending will be lower from here but should continue to aid the global recovery in the coming year. In the U.S., the $1.2 trillion Infrastructure Investment and Jobs Act recently went into effect on November 15, 2021, funding upgrades to road, rail and air transportation, broadband internet, and power and water systems. Europe, Japan and China are also expected to roll out additional fiscal support in 2022.
Investors will continue to closely monitor inflation. The spread of the COVID-19 delta variant in 2021 exacerbated shortages of raw materials and labor and disrupted transportation and logistics, which contributed to inflation staying elevated for longer than expected. This prompted some central banks to begin withdrawing monetary stimulus measures and others to raise interest rates. The timing of monetary policy normalization will be a key focus in the markets, as will the progression of the virus, which can be difficult to predict given uneven vaccination rates around the world and the potential for new variants.
We anticipate periodic volatility as markets digest incoming data on economic activity levels, inflation, interest rates and COVID-19, as well as their impacts to consumer behavior and corporate profits. Short-term market fluctuations can provide your Fund opportunities to invest in new ideas as well as upgrade existing positioning while providing long-term value for shareholders. For more than 120 years, the careful consideration of risk and reward has guided Nuveen’s focus on delivering long-term results to our shareholders.
As the global economy shifts from the fast recovery phase to a new phase of expansion potentially impacted by inflations and new COVID strains, it may be an opportune time to assess your portfolio. 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, I look forward to continuing to earn your trust in the months and years ahead.
Terence J. Toth
Chair of the Board
December 22, 2021
 
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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.
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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.
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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
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Table of Contents
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.
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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-
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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.
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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.
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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% -
1 For purposes of Fund performance, relative results are measured against this Index.
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.
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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% -
1 For purposes of Fund performance, relative results are measured against this Index.
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.
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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% -
1 For purposes of Fund performance, relative results are measured against this Index.
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.
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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% -
1 For purposes of Fund performance, relative results are measured against this Index.
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.
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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% -
1 For purposes of Fund performance, relative results are measured against this Index.
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.
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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% -
1 For purposes of Fund performance, relative results are measured against this Index.
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.
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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% -
1 For purposes of Fund performance, relative results are measured against this Index.
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.
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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% -
1 For purposes of Fund performance, relative results are measured against this Index.
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.
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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% -
1 For purposes of Fund performance, relative results are measured against this Index.
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.
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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%
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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%
1 Includes 100.0% (as a percentage of net assets) in emerging market countries.  
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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%
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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%
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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%
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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%
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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%
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Table of Contents
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%
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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%
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Table of Contents
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).
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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).
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Table of Contents
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).
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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).
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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
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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
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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


Table of Contents
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


Table of Contents
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


Table of Contents
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


Table of Contents
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


Table of Contents
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


Table of Contents
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


Table of Contents
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