Funds
Exchange-Traded
Funds
Nuveen
Exchange-Traded
January
31,
2023
Semi-annual
Report
This
semi-annual
report
contains
the
Funds'
unaudited financial
statements.
Fund
Name
Listing
Exchange
Ticker
Symbol
Nuveen
Enhanced
Yield
U.S.
Aggregate
Bond
ETF
NYSE
Arca
NUAG
Nuveen
Enhanced
Yield
1-5
Year
U.S.
Aggregate
Bond
ETF
NYSE
Arca
NUSA
Nuveen
ESG
High
Yield
Corporate
Bond
ETF
NYSE
Arca
NUHY
Nuveen
ESG
U.S.
Aggregate
Bond
ETF
NYSE
Arca
NUBD
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If
you
receive
your
Nuveen
Fund
distributions
and
statements
from
your
financial
advisor
or
brokerage
account.
or
www.nuveen.com/client-access
If
you
receive
your
Nuveen
Fund
distributions
and
statements
directly
from
Nuveen.
Must
be
preceded
by
or
accompanied
by
a
prospectus.
NOT
FDIC
INSURED
MAY
LOSE
VALUE
NO
BANK
GUARANTEE
Table
of
Contents
3
Chair’s
Letter
to
Shareholders
4
Important
Notices
5
Risk
Considerations
and
Dividend
Information
6
Fund
Performance,
Expense
Ratios
and
Holdings
Summaries
7
Yields
16
Expense
Examples
17
Portfolio
of
Investments
19
Statement
of
Assets
and
Liabilities
74
Statement
of
Operations
75
Statement
of
Changes
in
Net
Assets
76
Financial
Highlights
78
Notes
to
Financial
Statements
80
Additional
Fund
Information
87
Glossary
of
Terms
Used
in
this
Report
89
Liquidity
Risk
Management
Program
91
4
Chair’s
Letter
to
Shareholders
Dear
Shareholders,
The
significant
measures
taken
by
the
U.S.
Federal
Reserve
(Fed)
and
other
global
central
banks
over
the
past
year
to
contain
inflation
have
begun
to
take
effect.
From
March
2022
to
February
2023,
the
Fed
raised
the
target
fed
funds
rate
by
4.50%
to
a
range
of
4.50%
to
4.75%,
marking
the
fastest
interest
rate
hiking
cycle
in
its
history.
Across
most
of
the
world,
inflation
rates
have
fallen
from
their
post-pandemic
highs
but
currently
remain
well
above
the
levels
that
central
banks
consider
supportive
of
their
economies’
long-term
growth.
At
the
same
time,
the
U.S.
and
other
large
economies
have
remained
surprisingly
resilient,
even
as
financial
conditions
have
tightened.
Despite
contracting
in
the
first
half
of
2022,
U.S.
gross
domestic
product
grew
2.1%
in
the
year
overall
compared
to
2021.
More
recent
data
have
shown
a
relatively
strong
jobs
market,
rebounding
consumer
sentiment
and
spending,
and
a
pick-up
in
manufacturing.
Markets
are
concerned
that
these
conditions
could
keep
upward
pressure
on
inflation,
which
could
prompt
central
banks
to
continue
raising
interest
rates
at
the
risk
of
slowing
economies
too
much.
Fed
officials
are
closely
monitoring
inflation
data
and
other
economic
measures
to
modify
their
rate
setting
policy
based
upon
these
factors,
and
additional
rate
hikes
are
expected
until
the
Fed
sees
sustainable
progress
toward
its
inflation
goals.
In
the
meantime,
markets
are
likely
to
continue
reacting
in
the
short
term
to
news
about
inflation
data,
economic
indicators
and
central
bank
policy.
Recently,
following
the
collapses
of
Silicon
Valley
Bank
and
two
cryptocurrency-exposed
banks,
investors
sought
to
assess
contagion
risks
across
the
banking
sector
as
well
as
the
impact
to
the
Fed’s
pace
of
rate
hikes
going
forward,
which
contributed
to
volatility
in
the
markets.
We
encourage
investors
to
keep
a
long-term
perspective
amid
the
short-term
noise.
Your
financial
professional
can
help
you
review
how
well
your
portfolio
is
aligned
with
your
time
horizon,
risk
tolerance
and
investment
goals.
On
behalf
of
the
other
members
of
the
Nuveen
Fund
Board,
we
look
forward
to
continuing
to
earn
your
trust
in
the
months
and
years
ahead.
Terence
J.
Toth
Chair
of
the
Board
March
22,
2023
Important
Notices
5
For
Shareholders
of
Nuveen
Enhanced
Yield
U.S.
Aggregate
Bond
ETF
Nuveen
Enhanced
Yield
1-5
Year
U.S.
Aggregate
Bond
ETF
Nuveen
ESG
High
Yield
Corporate
Bond
ETF
Nuveen
ESG
U.S.
Aggregate
Bond
ETF
Portfolio
Manager
Commentaries
in
Semi-annual
Shareholder
Reports
The
Funds
include
portfolio
manager
commentary
in
their
annual
shareholder
reports.
For
the
Funds’
most
recent
annual
portfolio
manager
discussion,
please
refer
to
the
Portfolio
Managers’
Comments
section
of
each
Fund’s
July
31,
2022
annual
shareholder
report.
For
current
information
on
your
Fund’s
investment
objectives,
portfolio
management
team
and
average
annual
total
returns
please
refer
to
the
Fund’s
website
at
www.nuveen.com.
For
changes
that
occurred
to
your
Fund
both
during
and
subsequent
to
this
reporting
period,
please
refer
to
the
Notes
to
Financial
Statements
section
of
this
report.
For
average
annual
total
returns
as
of
the
end
of
this
reporting
period,
please
refer
to
the
Performance
Overview
and
Holding
Summaries
section
within
this
report.
Portfolio
Manager
Removal
for
Nuveen
Enhanced
Yield
U.S.
Aggregate
Bond
ETF
(NUAG),
Nuveen
Enhanced
Yield
1-5
Year
U.S.
Aggregate
Bond
ETF
(NUSA),
Nuveen
ESG
High
Yield
Corporate
Bond
ETF
(NUHY)
and
Nuveen
ESG
U.S.
Aggregate
Bond
ETF
(NUBD)
Effective March
21,
2023,
Kevin
Chen
is
no
longer
a
portfolio
manager
of
the
Funds. 
Vivian
Liu
and
James
Tsang
will
continue
to
serve
as
portfolio
managers
for
the
Funds.
Nuveen
Enhanced
Yield
1-5
Year
U.S.
Aggregate
Bond
ETF
(NUSA)
Change
in
Investment
Policy
The
Board
of
Trustees
of
Nuveen
Enhanced
Yield
1-5
Year
U.S.
Aggregate
Bond
ETF
(the
“Fund”)
has
approved
the
following
changes
to
the
Fund’s
name,
investment
objective,
management
fee,
indices
and
principal
investment
strategies,
which
are
expected
to
go
into
effect
in
May
2023:
The
Fund’s
name
will
be
changed
to
“Nuveen
ESG
1-5
Year
U.S.
Aggregate
Bond
ETF.”
The
Fund’s
management
fee
will
be
reduced
from
0.20%
to
0.15%.
The
Fund’s
investment
objective
will
be
changed
to
reflect
that
the
Fund’s
underlying
index
will
change
to
the
Bloomberg
MSCI
1-5
Year
U.S.
Aggregate
ESG
Select
Index.
The
Fund’s
Base
Index
will
be
changed
to
the
Bloomberg
1-5
Year
U.S.
Aggregate
Index.
The
Fund’s
current
principal
investment
strategies
seeking
to
enhance
yield
will
be
changed
as
described
in
the
Fund’s
most
recent
prospectus
supplement.
6
Risk
Considerations
and
Dividend
Information
Risk
Considerations
Nuveen
Enhanced
Yield
U.S.
Aggregate
Bond
ETF
(NUAG)
Investing
involves
risk;
principal
loss
is
possible.
This
is
no
guarantee
the
Fund’s
investment
objective
will
be
achieved.
An
exchange-
traded
fund
seeks
to
generally
track
the
investment
results
of
an
index;
however
the
Fund
may
underperform,
outperform
or
be
more
volatile
than
the
referenced
index.
Interest
rate
risk
occurs
when
interest
rates
rise
causing
bond
prices
to
fall.
Credit
risk
arises
from
an
issuer’s
ability
to
make
interest
and
principal
payments
when
due,
as
well
as
the
prices
of
bonds
declining
when
an
issuer’s
credit
quality
is
expected
to
deteriorate.
These
and
other
risk
considerations
are
described
in
detail
in
the
Fund’s
prospectus.
Nuveen
Enhanced
Yield
1-5
Year
U.S.
Aggregate
Bond
ETF
(NUSA)
Investing
involves
risk;
principal
loss
is
possible.
There
is
no
guarantee
the
Fund’s
investment
objectives
will
be
achieved.
This
ETF
seeks
to
generally
track
the
investment
results
of
an
index;
however
the
Fund
may
underperform,
outperform
or
be
more
volatile
than
the
referenced
index.
Interest
rate
risk
is
the
risk
that
the
value
of
the
Fund’s
portfolio
will
decline
because
of
rising
interest
rates.
Credit
Risk
is
the
risk
that
an
issuer
of
a
debt
security
may
be
unable
or
unwilling
to
make
interest
and
principal
payments
when
due
and
the
related
risk
that
the
value
of
a
debt
security
may
decline
because
of
concerns
about
the
issuer’s
ability
or
willingness
to
make
such
payments.
These
and
other
risk
considerations
are
described
in
detail
in
the
Fund’s
prospectus.
Nuveen
ESG
High
Yield
Corporate
Bond
ETF
(NUHY)
Investing
involves
risk;
principal
loss
is
possible.
There
is
no
guarantee
the
Fund’s
investment
objectives
will
be
achieved.
This
ETF
seeks
to
generally
track
the
investment
results
of
an
index;
however
the
Fund
may
underperform,
outperform
or
be
more
volatile
than
the
referenced
index.
In
addition,
because
the
Index
selects
securities
for
inclusion
based
on
environmental,
social,
and
governance
(ESG)
criteria,
the
Fund
may
forgo
some
market
opportunities
available
to
funds
that
don’t
use
these
criteria.
Investments
in
below
investment
grade
or
high
yield
securities
are
subject
to
liquidity
risk
and
heightened
credit
risk.
Credit
risk
arises
from
an
issuer’s
ability
to
make
interest
and
principal
payments
when
due,
as
well
as
the
prices
of
bonds
declining
when
an
issuer’s
credit
quality
is
expected
to
deteriorate.
The
Fund
is
subject
to
interest
rate
risk
;
as
interest
rates
rise,
bond
prices
fall.
These
and
other
risk
considerations,
such
as
call,
concentration
and
income
risks,
are
described
in
detail
in
the
Fund’s
prospectus.
Nuveen
ESG
U.S.
Aggregate
Bond
ETF
(NUBD)
Investing
involves
risk;
principal
loss
is
possible.
There
is
no
guarantee
the
Fund’s
investment
objectives
will
be
achieved.
An
exchange-traded
fund
seeks
to
generally
track
the
investment
results
of
an
index;
however
the
Fund
may
underperform,
outperform
or
be
more
volatile
than
the
referenced
index.
Because
the
Index
selects
securities
for
inclusion
based
on
environmental,
social,
and
governance
(ESG)
criteria,
the
Fund
may
forgo
some
market
opportunities
available
to
funds
that
don’t
use
these
criteria.
Interest
rate
risk
occurs
when
interest
rates
rise
causing
bond
prices
to
fall.
Credit
risk
arises
from
an
issuer’s
credit
quality
is
expected
to
deteriorate.
These
and
other
risk
considerations
are
described
in
detail
in
the
Fund’s
prospectus.
Dividend
Information
Each
Fund
seeks
to
pay
monthly
dividends
out
of
its
net
investment
income.
Monthly
distributions
are
not
expected
to
be
a
level
amount
from
period-to-period.
Each
Fund
will,
over
time,
pay
all
its
net
investment
income
as
dividends
to
shareholders.
All
monthly
dividends
paid
by
each
Fund
during
the
current
reporting
period
were
paid
from
net
investment
income.
If
a
portion
of
the
Fund’s
monthly
distributions
is
sourced
or
comprised
of
elements
other
than
net
investment
income,
including
capital
gains
and/
or
a
return
of
capital,
shareholders
will
be
notified
of
those
sources.
For
financial
reporting
purposes,
the
per
share
amounts
of
each
Fund’s
dividends
for
the
reporting
period
are
presented
in
this
report’s
Financial
Highlights.
For
income
tax
purposes,
distribution
information
for
NUAG,
NUSA,
NUHY
and
NUBD
as
of
their
most
recent
tax
year
end
is
presented
in
Note
6
-
Income
Tax
Information
within
the
Notes
to
Financial
Statements
of
this
report.
Fund
Performance,
Expense
Ratios
and
Holdings
Summaries
7
The
Fund
Performance,
Expense
Ratios
and
Holdings
Summaries
for
each
Fund
are
shown
within
this
section
of
the
report.
Fund
Performance
Performance
data
shown
represents
past
performance
and
does
not
predict
or
guarantee
future
results
.
Investment
returns
and
principal
value
will
fluctuate
so
that
when
shares
are
sold,
they
may
be
worth
more
or
less
than
their
original
cost.
Current
performance
may
be
higher
or
lower
than
the
performance
shown.
Returns
quoted
for
the
Funds
reflect
management
fees
and
other
expenses
such
as
transaction
costs
incurred
by
the
Funds
during
the
reporting
period
while
the
Indexes
are
unmanaged
and
therefore
returns
do
not
reflect
any
such
fees
and
expenses.
The
Funds
employ
a
representative
sampling
process
that
utilizes
a
sub-set
of
Index
securities
in
an
effort
to
provide
exposure
similar
to
that
of
the
Indexes,
which
can
lead
the
Funds
to
be
overweight
(and,
in
some
cases,
not
invested
at
all
in)
certain
securities
as
compared
to
the
Indexes.
This
process
can
create
tracking
error
relative
to
the
Indexes.
Total
returns
for
a
period
of
less
than
one
year
are
not annualized
(i.e.
cumulative
returns).
Returns
assume
reinvestment
of
dividends
and
capital
gains.
Market
price
returns
are
based
on
the
closing
market
price
as
of
the
end
of
the
reporting
period.
For
performance
current
to
the
most
recent
month-end
visit
nuveen.com
or
call
(800)
257-8787.
Returns
do
not
reflect
the
deduction
of
taxes
that
a
shareholder
would
pay
on
Fund
distributions
or
the
sale
of
Fund
shares.
Expense
Ratios
The
expense
ratios
shown
are
as
of each
Fund’s
most
recent
prospectus.
The
expense
ratios
shown
reflect
total
operating
expenses including
management
fees
and
other
fees
and
expenses
but
do
not
reflect
expected
transaction
costs.
Refer
to
the
Financial
Highlights
later
in
this
report
for each
Fund’s
expense
ratios
as
of
the
end
of
the
reporting
period.
Holding
Summaries
The
Holdings
Summaries
data
relates
to
the
securities
held
in
each
Fund's
Portfolio
of
Investments
as
of
the
end
of
this
reporting
period.
It
should
not
be
construed
as
a
measure
of
performance
for
the
Fund
itself.
Holdings
are
subject
to
change.
Refer
to
the
Fund's
Portfolio
of
Investments
for
individual
security
information.
Each
Fund
uses
credit
quality
ratings
for
its
portfolio
securities
provided
by
Moody's,
S&P
and
Fitch.
For
NUAG
and
NUSA,
if
all
three
of
Moody's,
S&P
and
Fitch
provide
a
rating
for
a
security,
an
average
of
the
ratings
is
used;
if
two
of
the
three
agencies
rate
a
security,
an
average
of
the
two
is
used;
and
if
only
one
rating
agency
rates
a
security,
that
rating
is
used.
For
NUHY
and
NUBD,
if
all
three
of
Moody's,
S&P
and
Fitch
provide
a
rating
for
a
security,
the
middle
rating
is
used;
if
two
of
the
three
agencies
rate
a
security,
the
lower
rating
is
used;
and
if
only
one
rating
agency
rates
a
security,
that
rating
is
used.
AAA,
AA,
A
and
BBB
are
investment
grade
ratings;
BB,
B,
CCC/CC/C
and
D
are
below
investment
grade
ratings.
Credit
ratings
are
subject
to
change.
U.S.
Treasury,
U.S.
Agency,
and
U.S.
Agency
mortgaged-backed
securities
are
included
in
the
U.S.
Treasury/Agency
category.
8
Nuveen
Enhanced
Yield
U.S.
Aggregate
Bond
ETF
(NUAG)
(continued)
Fund
Performance,
Expense
Ratios
and
Holdings
Summaries
January
31,
2023
Refer
to
the
first
page
of
this
Fund
Performance,
Expense
Ratios
and
Holdings
Summaries section
for
further
expla-
nation
of the
information
included
within
this
section. 
Refer
to
the
Glossary
of
Terms
Used
in
this
Report
for
further
definition
of
terms
used
in
this
section.
Fund
Performance
and
Expense
Ratios*
*
For
purposes
of
Fund
performance,
relative
results
are
measured
against
the
ICE
BofA
Enhanced
Yield
U.S.
Broad
Bond
Index.
Total
Returns
as
of
January
31,
2023
Cumulative
Average
Annual
Expense
Ratios
Inception
Date
6-Month
1-Year
5-Year
Since
Inception
NUAG
at
NAV
9/14/16
(1.96)%
(8.95)%
0.51%
0.51%
0.20%
NUAG
at
Market
Price
9/14/16
(2.04)%
(8.74)%
0.49%
0.54%
—
ICE
BofA
U.S.
Broad
Market
Index
—
(2.50)%
(8.63)%
0.86%
0.64%
—
ICE
BofA
Enhanced
Yield
U.S.
Broad
Bond
Index
—
(1.80)%
(8.63)%
0.88%
0.88%
—
9
Holdings
Summaries
as
of
January
31,
2023
Fund
Allocation
(%
of
net
assets)
Corporate
Debt
38
.3‌
%
U.S.
Treasury
25
.9‌
%
Securitized
22
.6‌
%
Government
Related
11
.4‌
%
Investments
Purchased
with
Collateral
from
Securities
Lending
0
.6‌
%
Other
Assets
&
Liabilities,
Net
1
.2‌
%
Net
Assets
100‌
%
Corporate
Debt:
Industries
(%
of
total
corporate
debt
holdings)
Utility
38.9%
Financials
33.7%
Industrial
27.4%
Total
100%
Portfolio
Credit
Quality
(%
of
total
investments)
U.S.
Treasury/Agency
9.9%
AAA
39.4%
AA
4.5%
A
8.3%
BBB
37.0%
N/R
(not
rated)
0.3%
N/A
(not
applicable)
0.6%
Total
100‌
%
10
Nuveen
Enhanced
Yield
1-5
Year
U.S.
Aggregate
Bond
ETF
(NUSA)
(continued)
Fund
Performance,
Expense
Ratios
and
Holdings
Summaries
January
31,
2023