Funds

Exchange-Traded

Funds

Nuveen

Exchange-Traded

October

31,

2022

Annual

Report

Fund

Name

Listing

Exchange

Ticker

Symbol

Nuveen

Dividend

Growth

ETF

NYSE

Arca

NDVG

Nuveen

Growth

Opportunities

ETF

NYSE

Arca

NUGO

Nuveen

Small-Cap

Select

ETF

NYSE

Arca

NSCS

Nuveen

Winslow

Large-Cap

Growth

ESG

ETF

NYSE

Arca

NWLG

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NO

BANK

GUARANTEE

Table

of

Contents

3

Chair’s

Letter

to

Shareholders

4

Portfolio

Managers’

Comments

5

Risk

Considerations

9

Fund

Performance,

Expense

Ratios

and

Holdings

Summaries

10

Expense

Examples

19

Report

of

Independent

Registered

Public

Accounting

Firm

21

Portfolios

of

Investments

23

Statement

of

Assets

and

Liabilities

36

Statement

of

Operations

37

Statement

of

Changes

in

Net

Assets

38

Financial

Highlights

40

Notes

to

Financial

Statements

42

Important

Tax

Information

49

Additional

Fund

Information

50

Glossary

of

Terms

Used

in

this

Report

52

Liquidity

Risk

Management

Program

53

Annual

Investment

Management

Agreement

Approval

Process

54

Trustees

and

Officers

61

4

Chair’s

Letter

to

Shareholders

Dear

Shareholders,

With

more

economic

indicators

pointing

to

a

broadening

contraction

across

the

world’s

economies,

the

conversation

has

shifted

from

debating

whether

a

global

recession

would

happen

to

considering

by

how

much

and

for

how

long.

Higher

than

expected

inflation

has

made

the

outcome

more

unpredictable,

as

it

has

dampened

consumer

sentiment,

pushed

central

banks

into

raising

interest

rates

more

aggressively

and

contributed

to

considerable

turbulence

in

the

markets

this

year.

Inflation

has

surged

partially

due

to

pandemic-related

supply

chain

bottlenecks,

exacerbated

by

Russia’s

war

in

Ukraine

and

recurring

lockdowns

across

China

to

contain

a

large-scale

COVID-19

outbreak.

This

has

necessitated

increasingly

forceful

responses

from

the

U.S.

Federal

Reserve

(Fed)

and

other

central

banks,

who

have

signaled

their

intentions

to

slow

inflation

while

tolerating

materially

slower

economic

growth

and

some

softening

in

the

labor

market.

As

anticipated,

the

Fed

began

the

rate

hiking

cycle

in

March

2022,

raising

its

short-

term

rate

by

0.25%

from

near

zero

for

the

first

time

since

the

pandemic

was

declared

more

than

two

years

ago.

Larger

increases

of

0.50%

in

May,

four

increases

of

0.75%

during

the

summer

and

fall,

and

another

0.50%

hike

in

December

2022

followed,

bringing

the

target

fed

funds

rate

to

a

range

of

4.25%

to

4.50%.

Additional

rate

hikes

are

expected

in

2023,

as

Fed

officials

closely

monitor

inflation

data

along

with

other

economic

measures

and

will

modify

their

rate

setting

policy

based

upon

these

factors.

After

contracting

in

the

first

half

of

2022,

U.S.

gross

domestic

product

resumed

positive

growth

in

the

third

quarter,

according

to

the

government’s

estimates.

The

recent

strength

was

largely

attributed

to

a

narrowing

in

the

trade

deficit

while

consumer

and

business

activity

has

remained

slower

in

part

due

to

higher

prices

and

borrowing

costs.

The

sharp

increase

in

the

U.S.

dollar’s

value

relative

to

other

currencies

in

2022

has

added

further

uncertainty

to

the

economic

outlook.

However,

the

still

strong

labor

market

suggests

not

all

areas

of

the

economy

are

weakening

in

unison.

While

markets

will

likely

continue

fluctuating

with

the

daily

headlines,

we

encourage

investors

to

keep

a

long-term

perspective.

To

learn

more

about

how

well

your

portfolio

is

aligned

to

your

time

horizon,

risk

tolerance

and

investment

goals,

consider

reviewing

it

with

your

financial

professional.

On

behalf

of

the

other

members

of

the

Nuveen

Fund

Board,

we

look

forward

to

continuing

to

earn

your

trust

in

the

months

and

years

ahead.

Terence

J.

Toth

Chair

of

the

Board

December

22,

2022

Portfolio

Managers’

Comments

5

Nuveen

Dividend

Growth

ETF

(NDVG)

Nuveen

Growth

Opportunities

ETF

(NUGO)

Nuveen

Small

Cap

Select

ETF

(NSCS)

Nuveen

Winslow

Large-Cap

Growth

ESG

ETF

(NWLG)

The

Nuveen

Dividend

Growth

ETF

(NDVG),

Nuveen

Growth

Opportunities

ETF

(NUGO)

and

Nuveen

Small

Cap

Select

ETF

(NSCS)

feature

portfolio

management

by

Nuveen

Asset

Management,

LLC

(NAM),

an

affiliate

of

Nuveen

Fund

Advisors,

LLC,

the

Funds’

investment

adviser.

Portfolio

managers

for

NDVG

include

David

S.

Park,

CFA,

and

David

A.

Chalupnik

,

CFA.

Portfolio

managers

for

NUGO

include

Karen

B.

Hiatt,

CFA,

and

Terrence

Kontos

,

CFA.

Gregory

Ryan,

CFA

and

Jon

A.

Loth,

CFA,

are

the

portfolio

managers

for

NSCS.

The

Nuveen

Winslow

Large-Cap

Growth

ESG

ETF

(NWLG)

features

portfolio

management

by

Winslow

Capital

Management,

LLC

(“Winslow

Capital”),

an

affiliate

of

Nuveen

Fund

Advisors,

LLC,

the

Fund’s

investment

adviser.

Justin

Kelly,

CFA,

Patrick

Burton,

CFA,

and

Stephan

Petersen

are

the

portfolio

managers

for

NWLG.

Here

the

portfolio

management

teams

discuss

U.S.

economic

and

financial

market

conditions,

key

investment

strategies

and

the

Funds’

performance

for

the

twelve-month

reporting

period

ended

October

31,

2022.

For

more

information

on

the

Funds’

investment

objectives,

policies

and

characteristics

on

actively

managed

semi-transparent

ETFs,

please

refer

to

each

Fund’s

prospectus.

What

factors

affected

the

U.S.

economy

and

financial

markets

during

the

twelve-month

reporting

period

ended

October

31,

2022?

After

recovering

from

the

pandemic

in

2021,

the

U.S.

economy

weakened

in

2022.

Overall,

2021

gross

domestic

product

(GDP)

grew

by

5.7%

as

the

economy

reopened

with

the

help

of

$5.3

trillion

in

crisis-related

aid

from

the

federal

government,

low

borrowing

rates

for

businesses

and

individuals,

an

increase

in

COVID-19

vaccinations

and

improved

treatments

for

COVID-19.

However,

in

early

2022,

China’s

COVID-19

lockdown

and

the

Russia-Ukraine

war

worsened

existing

pandemic-related

supply

chain

disruptions.

Inflation

increased

more

than

expected

over

much

of

2022,

putting

pressure

on

global

central

banks

to

respond

with

more

aggressive

measures.

The

U.S.

Federal

Reserve

(Fed)

began

an

interest

rate

hiking

cycle

in

March

2022,

raising

its

short-term

rate

by

0.25%

from

near

zero

for

the

first

time

since

the

pandemic

was

declared

more

than

two

years

ago.

Larger

increases

of

0.50%

in

May

2022,

three

increases

of

0.75%

during

the

summer

and

fall,

and

additional

hikes

of

0.75%

in

November

2022

and

0.50%

in

December

2022

(subsequent

to

the

end

of

the

reporting

period)

followed,

bringing

the

target

fed

funds

rate

to

a

range

of

4.25%

to

4.50%.

Volatility

increased

as

markets

considered

whether

the

Fed

could

cool

inflation

without

causing

a

recession.

Additionally,

the

U.S.

dollar

appreciated

significantly

relative

to

major

world

currencies,

accelerating

in

March

2022,

serving

as

a

headwind

to

the

profits

of

international

companies

and

U.S.

domestic

companies

with

overseas

earnings.

The

dollar’s

appreciation

was

driven

in

part

by

the

Fed’s

increasingly

forceful

response

to

inflation

compared

with

other

central

banks,

the

relatively

better

prospects

of

the

U.S.

economy

and

“safe-haven”

flows

from

investors

uncertain

about

geopolitical

and

global

economic

conditions.

In

September

2022,

global

currency

and

bond

markets

sold

off

sharply

on

concerns

about

the

U.K.’s

new

fiscal

spending

plan,

but

recovered

in

October

2022

after

the

plan

was

mostly

withdrawn

and

a

new

prime

minster

was

announced.

By

mid-year

2022,

inflation

and

higher

borrowing

costs

appeared

to

be

dampening

consumer

confidence

and

consumer

spending.

U.S.

GDP

contracted

in

the

first

half

of

2022,

falling

by

an

annual

rate

of

1.6%

and

0.6%

in

the

first

and

second

quarters

of

2022,

respectively,

according

to

the

U.S.

Bureau

of

Economic

Analysis.

However,

the

labor

market,

another

key

gauge

of

the

economy’s

health,

has

remained

resilient.

By

July

2022,

the

economy

had

recovered

the

22

million

jobs

lost

since

the

beginning

of

the

pandemic,

and

as

of

October

2022,

the

unemployment

rate

remained

near

its

pre-pandemic

low

at

3.7%.

U.S.

GDP

returned

to

expansion

in

the

third

quarter

of

2022,

growing

by

2.9%

(annualized)

according

to

the

government’s

second

estimate,

but

the

gains

were

primarily

related

to

trade

balance

adjustments.

High

inflation

and

spiking

interest

rates

were

headwinds

for

equity

markets

during

the

reporting

period.

Investors

grappled

with

the

duration

and

magnitude

of

the

global

growth

slowdown

required

to

bring

inflation

back

to

acceptable

levels.

Geopolitical

risk

remained

elevated

with

the

Russia-Ukraine

war

and

China-Taiwan

tensions

adding

to

overall

unease.

Portfolio

Managers’

Comments

(continued)

6

Nuveen

Dividend

Growth

ETF

(NDVG)

What

key

strategies

were

used

to

manage

the

Fund

during

the

twelve-month

reporting

period

ended

October

31,

2022?

NDVG

seeks

an

attractive

total

return

comprised

of

income

from

dividends

and

long-term

capital

appreciation

focusing

on

high

quality,

mid-

to

large-cap

companies

with

the

potential

for

sustainable

dividend

growth.

NDVG

is

an

actively

managed,

semi-

transparent

ETF,

which

offers

investors

an

additional

vehicle

to

access

the

firm’s

equity

capabilities,

while

maintaining

the

potential

benefits

of

the

traditional

ETF

structure,

including

tax

efficiency

and

daily

liquidity.

Investment

decisions

are

actively

made

by

portfolio

managers

with

the

goal

of

outperforming

the

benchmark

index.

How

did

the

Fund

perform

during

the

twelve-month

reporting

period

ended

October

31,

2022?

NDVG

significantly

outperformed

the

S&P

500®

Index

during

the

twelve-month

reporting

period

ended

October

31,

2022.

For

purposes

of

this

Performance

Commentary,

references

to

relative

performance

are

in

comparison

to

the

S&P

500®

Index.

Strong

security

selection

and

favorable

sector

allocations

drove

the

Fund’s

significant

outperformance

versus

the

benchmark

during

the

reporting

period.

Stock

selection

contributed

on

a

relative

basis

across

most

sectors,

led

by

favorable

results

in

consumer

discretionary,

information

technology

and

financials.

Performance

also

benefited

from

the

Fund’s

substantial

underweights

to

the

two

weakest-performing

sectors,

communications

services

and

consumer

discretionary,

where

the

portfolio

management

team

found

fewer

attractive

dividend-paying

opportunities.

Specifically

in

those

sectors,

the

Fund’s

lack

of

exposure

to

Alphabet

Inc.

as

well

as

Tesla

Inc.

contributed

positively

to

relative

performance.

Both

stocks

represent

large

weightings

in

their

respective

sectors

within

the

index

and

were

down

sharply

during

the

reporting

period.

The

Fund

continued

to

avoid

ownership

in

both

names

at

the

end

of

the

reporting

period.

In

addition,

energy

companies

Chevron

Corporation

and

Phillips

66

were

among

the

Fund’s

top

individual

relative

contributors.

In

general,

shares

of

energy

companies

advanced

strongly

during

the

period

as

oil

prices

reached

a

seven-year

high,

driven

by

robust

demand

and

the

instability

caused

by

the

Russia-Ukraine

war.

Both

Chevron

and

Phillips

66

remained

in

the

Fund’s

portfolio

at

the

end

of

the

reporting

period.

The

Fund

had

few

significant

detractors

during

the

reporting

period;

however,

the

Fund’s

lack

of

exposure

to

Exxon

Mobil

Corporation

modestly

offset

some

of

the

strength

from

the

above-mentioned

energy

holdings.

The

Fund’s

portfolio

management

team

avoided

ownership

in

Exxon

Mobil

because

the

company

continues

to

use

near-term

excess

cash

to

pay

down

debt,

which

includes

plans

to

moderate

dividends

and

share

buybacks

along

with

building

its

cash

balance.

Nuveen

Growth

Opportunities

ETF

(NUGO)

What

key

strategies

were

used

to

manage

the

Fund

during

the

twelve-month

reporting

period

ended

October

31,

2022?

NUGO

seeks

long-term

capital

appreciation

through

a

concentrated

growth

portfolio

that

primarily

invests

in

high-quality

U.S.

companies

with

market

capitalizations

of

at

least

$1

billion

that

exhibit

potential

for

attractive

earnings

growth,

strong

relative

valuation,

attractive

cash

flows,

and

significant

long-term

returns.

NUGO

is

an

actively

managed,

semi-transparent

ETF,

which

offers

investors

an

additional

vehicle

to

access

the

firm’s

equity

capabilities,

while

maintaining

the

potential

benefits

of

the

traditional

ETF

structure,

including

tax-efficiency

and

daily

liquidity.

Investment

decisions

are

actively

made

by

portfolio

managers

with

the

goal

of

outperforming

the

benchmark

index.

How

did

the

Fund

perform

during

the

twelve-month

reporting

period

ended

October

31,

2022?

NUGO

significantly

underperformed

the

Russell

1000®

Growth

Index

during

the

twelve-month

reporting

period

ended

October

31,

2022.

For

purposes

of

this

Performance

Commentary,

references

to

relative

performance

are

in

comparison

to

the

Russell

1000®

Growth

Index.

The

Fund’s

underperformance

was

primarily

the

result

of

unfavorable

security

selection,

concentrated

in

the

information

technology,

health

care,

and

consumer

discretionary

sectors.

The

technology

sector,

which

makes

up

almost

half

of

the

benchmark

and

Fund,

was

negatively

impacted

by

the

general

shift

of

investors

from

growth

to

value

stocks,

supply

chain

constraints,

and

a

sharp

drop

in

corporate

technology

spending

versus

the

previous

pandemic-driven

year.

Amid

the

broader

decline

among

large

technology

stocks,

Apple

Inc.

outperformed

as

demand

for

the

company’s

products

remained

strong

and

shares

reached

an

all-time

high

early

in

the

period.

Although

the

Fund

maintains

a

large

position

in

Apple,

it

represents

an

underweight

versus

the

benchmark,

making

7

it

the

most

significant

relative

performance

detractor.

The

Fund’s

investment

management

team

believes

that

Apple’s

valuation

is

stretched

relative

to

the

inferior

growth

expected

from

the

company

in

2023.

Additionally,

the

Fund’s

position

in

cloud-computing

firm

Salesforce

Inc.

hindered

results.

Salesforce,

which

had

previously

benefited

from

increased

business

spending

following

the

pandemic,

cut

its

full-year

revenue

and

profit

guidance

as

the

weakening

economy

led

to

less

corporate

tech

spending.

After

the

reporting

period

ended,

the

investment

management

team

exited

Salesforce

on

the

heels

of

the

unexpected

departure

of

co-CEO

Bret

Taylor.

In

the

health

care

sector,

the

Fund’s

lack

of

exposure

to

pharmaceutical

company

AbbVie

Inc.

hurt

relative

results.

The

company’s

shares

advanced

strongly

after

two

of

its

newer

medicines

received

Food

and

Drug

Administration

approvals

for

new

indications.

The

investment

management

team

believed

two

other

health

care

holdings,

AstraZeneca

plc

and

Eli

Lilly

and

Company,

offered

stronger

long-term

growth

potential

and

more

promising

product

pipelines

in

a

broader

array

of

markets.

The

Fund’s

underperformance

was

partially

offset

by

an

overweight

in

the

energy

sector,

which

was

the

strongest

performing

sector

in

the

index

with

an

advance

of

over

60%

during

the

reporting

period.

Rising

oil

prices,

the

challenging

supply

and

demand

dynamic

and

geopolitical

tensions

drove

widespread

investor

demand

for

energy

stocks.

The

Fund’s

top

performer

in

the

sector

was

multi-

basin,

low-cost

oil

producer

EOG

Resources

Inc.

The

company

has

generated

strong

free

cash

flow

(FCF)

throughout

2022,

causing

EOG

management

to

announce

plans

to

return

at

least

60%

of

FCF

to

shareholders

each

year

through

special

dividends

or

share

repurchases.

The

Fund

remains

invested

in

EOG

Resources.

Nuveen

Small

Cap

Select

ETF

(NSCS)

What

key

strategies

were

used

to

manage

the

Fund

during

the

twelve-month

reporting

period

ended

October

31,

2022?

NSCS

seeks

to

provide

capital

appreciation

through

buying

companies

trading

at

a

discount

to

their

intrinsic

value

only

when

a

forthcoming

catalyst

is

apparent.

NSCS

is

an

actively

managed,

semi-transparent

ETF,

which

offers

investors

an

additional

vehicle

to

access

the

firm’s

equity

capabilities,

while

maintaining

the

potential

benefits

of

the

traditional

ETF

structure,

including

tax

efficiency

and

daily

liquidity.

Investment

decisions

are

actively

made

by

portfolio

managers

with

the

goal

of

outperforming

the

benchmark

index.

How

did

the

Fund

perform

during

the

twelve-month

reporting

period

ended

October

31,

2022?

NSCS

outperformed

the

Russell

2000®

Index

during

the

twelve-month

reporting

period

ended

October

31,

2022.

For

purposes

of

this

Performance

Commentary,

references

to

relative

performance

are

in

comparison

to

the

Russell

2000®

Index.

Strong

security

selection

and

favorable

sector

allocations

drove

the

Fund’s

outperformance

versus

the

benchmark

during

the

reporting

period.

Stock

selection

contributed

for

the

majority

of

sectors,

particularly

among

the

Fund’s

health

care,

consumer

staples,

and

information

technology

sector

holdings.

Several

individual

energy

holdings

were

among

the

Fund’s

top

contributors

to

relative

performance

as

rising

oil

prices,

the

challenging

supply

and

demand

dynamic,

and

geopolitical

tensions

drove

widespread

investor

demand

for

energy

stocks.

Shares

of

Northern

Oil

and

Gas

Inc.

advanced

more

than

the

overall

sector

based

on

several

positive

operating

updates

during

the

reporting

period

and

the

simplification

of

its

capital

structure.

As

a

result,

the

Fund

continues

to

hold

Northern

Oil

and

Gas.

Shares

of

defensively

oriented

consumer

staples

companies

also

fared

comparatively

better

during

the

reporting

period.

In

the

distilled

beverages

category,

shares

of

MGP

Ingredients

Inc.

performed

well

as

demand

remained

robust.

The

Fund

continues

to

maintain

its

holding

in

MGP

Ingredients.

In

the

financial

sector,

shares

of

bank

holding

company

Banner

Corp.

advanced

as

the

company

continued

to

successfully

implement

its

cost

savings

plan

and

execute

better

than

the

broader

regional

bank

group

and

the

overall

market

during

a

difficult

period.

Banner,

which

maintains

an

asset-sensitive

loan

and

investment

portfolio

with

a

stable

deposit

base,

benefited

from

the

rising

interest

rate

environment

that

led

to

net

interest

margin

expansion.

The

Fund

continues

to

maintain

its

exposure

to

Banner.

The

Fund’s

outperformance

was

partially

offset

by

negative

security

selection

in

the

communication

services

and

real

estate

sectors.

Fund

performance

was

hindered

by

digital

advertising

holding

Magnite,

Inc.

Shares

of

Magnite

were

pressured

by

broader

industry

news,

including

softening

digital

ad

spending,

particularly

in

Europe.

Additionally,

a

partnership

between

Netflix

Inc.

and

Microsoft

Corporation

weighed

on

pure-play

firms

like

Magnite

while

weak

earnings

from

Snap

Inc.

were

viewed

as

a

warning

for

the

broader

digital

ad

industry.

The

Fund

continued

to

hold

shares

in

Magnite

given

the

company’s

strong

cash

flow

profile,

competitive

position

in

the

digital

ad

space

and

the

stock’s

compelling

valuation.

Portfolio

Managers’

Comments

(continued)

8

Nuveen

Winslow

Large-Cap

Growth

ESG

ETF

(NWLG)

What

key

strategies

were

used

to

manage

the

Fund

during

the

twelve-month

reporting

period

ended

October

31,

2022?

NWLG

seeks

to

provide

long-term

capital

appreciation

while

exhibiting

better

ESG

characteristics

than

the

Russell

1000®

Growth

Index.

NWLG

invests

a

substantial

portion

of

its

assets

in

equity

securities

of

U.S.

companies

with

market

capitalizations

in

excess

of

$4

billion

at

the

time

of

purchase,

and

emphasizes

environmental,

social

and

governance

(ESG)

characteristics

within

the

security

selection

process.

In

assembling

NWLG’s

portfolio,

Winslow

Capital

believes

that

investing

in

companies

with

above-average

earnings

growth

potential

and

strong

ESG

characteristics

provides

the

best

opportunity

for

achieving

superior

portfolio

returns

over

the

long

term.

While

these

are

key

elements

in

the

Winslow

Capital

investment

process,

assessing

actual

valuations

relative

to

estimated

earnings

or

the

cash

flow

growth

rate

for

an

issue

is

also

important

in

selecting

a

stock.

The

firm

focuses

on

companies

that

can

deliver

attractive

future

annual

earnings

growth

with

rising

return

on

invested

capital

and

positive

cash

flow.

Winslow

Capital

employs

a

sell

discipline

pursuant

to

which

it

may

sell

some

or

all

of

its

position

in

a

stock

when

a

stock

becomes

fully

valued,

the

fundamental

business

prospects

are

deteriorating,

there

is

a

drop

in

the

ESG

rank

or

the

position

size

exceeds

limits

set

by

the

sub-adviser.

As

a

fully

integrated

element

into

the

investment

process,

Winslow

Capital

evaluates

each

company’s

performance,

relative

to

sector

and

industry

peers,

against

a

set

of

ESG

factors.

Factors

can

include

themes

such

as

impact

on

or

from

climate

change,

human

capital

management,

supply

chain

management,

and

corporate

governance.

Winslow

Capital

then

determines

which

ESG

factors

may

be

material

to

a

company’s

future

financial

performance

and

generally

seeks

to

own

those

companies

identified

as

ESG

leaders

while

avoiding

those

identified

as

ESG

laggards.

NWLG

is

an

actively

managed,

semi-transparent

ETF,

which

offers

investors

an

additional

vehicle

to

access

the

firm’s

equity

capabilities,

while

maintaining

the

potential

benefits

of

the

traditional

ETF

structure,

including

tax-efficiency

and

daily

liquidity.

Investment

decisions

are

actively

made

by

portfolio

managers

with

the

goal

of

outperforming

the

benchmark

index.

How

did

the

Fund

perform

during

the

twelve-month

reporting

period

ended

October

31,

2022?

NWLG

significantly

underperformed

the

Russell

1000®

Growth

Index

during

the

twelve-month

reporting

period

ended

October

31,

2022.

For

purposes

of

this

Performance

Commentary,

references

to

relative

performance

are

in

comparison

to

the

Russell

1000®

Growth

Index.

The

Fund’s

underperformance

was

largely

driven

by

stock

selection.

The

most

significant

detractors

from

relative

performance

were

stock

selection

in

information

technology

and

health

care.

Information

technology

holding

Apple

Inc.

was

the

largest

overall

individual

detractor

from

relative

performance.

The

Fund

was

underweight

Apple

Inc.,

which

performed

well

during

the

reporting

period.

The

position

in

Apple

was

exited

in

the

first

quarter

of

2022

but

repurchased

in

the

third

quarter

as

consensus

expectations

lowered

and

the

risk

and

reward

opportunity

became

more

compelling.

Apple

Inc.

remained

in

the

Fund’s

portfolio

at

the

end

of

the

reporting

period.

Another

significant

detractor

was

energy

storage

technology

company

Fluence

Energy

Inc.

The

stock

experienced

near-term

supply

chain

issues

and

failed

to

meet

consensus

expectations.

The

Fund

sold

its

position

in

Fluence

Energy

during

the

reporting

period.

Partially

offsetting

the

Fund’s

underperformance

was

positive

sector

allocation

and

stock

selection

in

the

communication

services

sector.

The

top

two

individual

contributors,

Meta

Platforms

Inc.

and

Netflix

Inc.,

were

represented

in

the

index,

but

not

held

in

the

Fund.

This

contributed

to

relative

performance

as

the

securities

declined

over

50%

during

the

reporting

period.

Within

the

consumer

discretionary

sector,

index

constituent

Tesla

Inc.

declined

nearly

40%

and

was

not

held

in

the

Fund,

benefiting

relative

performance.

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.