![[image]](g302443img_de73a466d2654.jpg) |
Exchange-Traded
Funds |
29 April 2022 | ||
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Listing
Exchange |
Ticker
Symbol | ||
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Fund
Name |
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Cboe
BZX Exchange, Inc. |
NURE |
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The
Securities and Exchange Commission (“SEC”)
has not approved or disapproved these securities or passed upon the
adequacy of this prospectus. Any representation to the contrary is a
criminal offense. |
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As
permitted by regulations adopted by the SEC, paper copies of the Fund’s
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 Fund’s 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
Fund 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 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. |
|
Prospectus |
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Table
of Contents | |
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Section
1 Fund
Summary
Section
2 Additional
Detail About the Fund’s
Strategy, Holdings and Risks Section
3 Fund
Management
Section
4 Investing
in the Fund
Section
5 General
Information
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NOT
FDIC OR GOVERNMENT INSURED MAY
LOSE VALUE NO
BANK GUARANTEE |
Section
1
Fund Summary
Nuveen
Short-Term REIT
ETF
Investment
Objective
Nuveen
Short-Term REIT ETF (the “Fund”)
seeks to track the investment results, before fees and expenses, of the Dow
Jones U.S. Select Short-Term REIT Index (the “Index”).
Fees
and Expenses of the Fund
The
table below describes the fees and expenses that you may pay if you buy, hold
and sell shares of the Fund. You may pay other fees, such as brokerage
commissions and other fees to financial intermediaries, when buying or selling
shares of the Fund, which are not reflected in this table or the example that
follows:
Annual
Fund Operating Expenses
(expenses
that you pay each year as a percentage of the value of your
investment)
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Management
Fees |
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Distribution
and/or Service (12b-1) Fees |
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Other
Expenses |
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Total
Annual Fund Operating Expenses |
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Example
The
following example is intended to help you compare the cost of investing in the
Fund with the cost of investing in other funds. The example assumes that you
invest $10,000 in the Fund for the time periods indicated and then sell all your
shares at the end of a period. The example also assumes that your investment has
a 5% return each year and that the Fund’s operating expenses remain the same.
The example does not reflect brokerage commissions that you may pay when you
purchase and sell Fund shares. Although your actual costs may be higher or
lower, based on these assumptions your costs would be:
|
1
Year |
$ |
|
3
Years |
$ |
|
5
Years |
$ |
|
10
Years |
$ |
Portfolio
Turnover
The
Fund pays transaction costs, such as commissions, when it buys and sells
securities (or “turns over” its portfolio). A higher portfolio turnover rate may
indicate higher transaction costs and may result in higher taxes when Fund
shares are held in a taxable account. These costs, which are not reflected in
annual fund operating expenses or in the example, affect the Fund’s performance.
During the most recent fiscal year, the Fund's portfolio turnover rate was
11 % of the average value of its
portfolio.
Principal
Investment Strategies
The
Fund seeks to track the investment results of the Index, which is comprised of
real estate investment trusts (“REITs”).
REITs are publicly traded corporations or trusts that invest in residential or
commercial real estate. The Index is a subset of the Dow Jones U.S. Select REIT
Index (the “Base
Index”),
which generally includes equity REITs traded on a national securities exchange
in the United States that derive at least 75% of their total revenue from the
ownership and operation of real estate assets and that have a minimum total
market capitalization of $200 million at the time of their inclusion. The Index
selects REITs from the Base Index that are classified as concentrating their
holdings in apartment buildings, hotels, self-storage facilities or manufactured
home properties, as REITs investing in these sectors typically have shorter
lease durations than REITs investing in other sectors. Index holdings are
weighted by float-adjusted market capitalization, provided that no single REIT
can comprise more than 5% of the Index as of any rebalance date.
“Float-adjusted” means that the share amounts used in calculating the Index
reflect only shares available to investors, with shares held by control groups,
public companies and government agencies
excluded.
The
Index is rebalanced quarterly after the close of the third Friday in March,
June, September and December. The Index and the Base Index exclude mortgage
REITs, hybrid REITs, certain other types of REITs (e.g., timber and net-lease
REITs), real estate finance companies, mortgage brokers and bankers, commercial
and residential real estate brokers
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2 |
Section
1
Fund Summary |
and
estate agents, home builders, large landowners and subdividers of unimproved
land, and companies that have more than 25% of their assets in direct mortgage
investments. As of March 31, 2022, the Index was comprised of 37
REITs.
The
Fund attempts to replicate the Index by investing all, or substantially all, of
its assets in the REITs that make up the Index, holding each REIT in
approximately the same proportion as its weighting in the Index. The Fund
rebalances its holdings quarterly in response to the quarterly Index rebalances.
The Fund may sell REITs that are represented in the Index in anticipation of
their removal from the Index, or buy REITs that are not yet represented in the
index in anticipation of their addition to the
Index.
Principal
Risks
Concentration
Risk—The
Fund’s assets will generally be concentrated in the securities of issuers in the
real estate sector, and, accordingly, the Fund may be adversely affected by the
performance of those securities, may be subject to increased price volatility,
and may be more susceptible to adverse economic, market, political or regulatory
occurrences affecting that sector.
Cybersecurity
Risk—Cybersecurity
risk is the risk of an unauthorized breach and access to Fund assets, customer
data (including private shareholder information), or proprietary information, or
the risk of an incident occurring that causes the Fund, its investment adviser
or sub-adviser, custodian, transfer agent, distributor or other service provider
or a financial intermediary to suffer a data breach, data corruption or lose
operational functionality. Successful cyber-attacks or other cyber-failures or
events affecting the Fund or its service providers may adversely impact the Fund
or its shareholders. Additionally, a cybersecurity breach could affect the
issuers in which the Fund invests, which may cause the Fund’s investments to
lose value.
Equity
Security Risk—Equity
securities in the Fund’s portfolio may decline significantly in price over short
or extended periods of time, and such declines may occur because of declines in
the equity market as a whole, or because of declines in only a particular
country, company, industry, or sector of the market.
Index
Provider Risk—There
is no assurance that the Index will be determined, maintained, constructed,
reconstituted, rebalanced, composed, calculated or disseminated accurately. To
correct any such error, an index provider may carry out an unscheduled rebalance
or other modification of the Index constituents or weightings, which may
increase the Fund’s costs. Unusual market conditions may cause an index
provider to postpone a scheduled rebalance. Such a postponement in a time of
market volatility could mean a constituent that would otherwise be removed at
rebalance may remain, causing the performance and constituents of the index to
vary from those expected under normal conditions. Index providers generally do
not provide any representation or warranty in relation to the quality, accuracy
or completeness of data in the indexes in which they license, and generally do
not guarantee that an index will be calculated in accordance with its stated
methodology. Losses or costs associated with any index provider errors generally
will be borne by the Fund and its
shareholders.
Interest
Rate Risk—Interest
rate risk is the risk that the value of the Fund’s portfolio will decline
because of rising interest rates. Increases in interest rates typically lower
the present value of a REIT’s future earnings stream, and may make financing
property purchases and improvements more costly. The risk of rising interest
rates may be greater currently than would normally be the case due to the
current period of historically low rates and anticipated changes in government
fiscal policy initiatives. Because the market price of REITs may change based
upon investors’ collective perceptions of future earnings, the value of the Fund
will generally decline when investors anticipate or experience rising interest
rates.
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Section
1
Fund Summary |
3 |
Investment
Style Risk—The
Fund invests in the securities included in, or representative of, the Index
regardless of their investment merit. The Fund does not attempt to outperform
the Index or take defensive positions in declining markets or in response to
changing market conditions. As a result, the Fund’s performance may be adversely
affected by a general decline in the market segments relating to the Index.
Market
Risk—The
market value of the Fund’s investments may go up or down, sometimes rapidly or
unpredictably and for short or extended periods of time, due to the particular
circumstances of individual issuers or due to general conditions impacting
issuers more broadly. Global economies and financial markets have become highly
interconnected, and thus economic, market or political conditions or events in
one country or region might adversely impact the value of the Fund’s investments
whether or not the Fund invests in such country or region. Events such as war,
terrorism, natural and environmental disasters and the spread of infectious
illnesses or other public health emergencies may have a severe negative impact
on the global economy, could cause financial markets to experience extreme
volatility and losses, and could result in the disruption of trading and the
reduction of liquidity in many instruments.
Market
Trading Risks—The
Fund is an exchange-traded fund (“ETF”),
and as with all ETFs, Fund shares may be bought and sold in the secondary market
at market prices. Although it is expected that the market price of a Fund share
typically will approximate its net asset value (“NAV”),
there may be times when the market price and the NAV diverge more significantly,
particularly in times of market volatility or steep market declines. Thus, you
may pay more or less than NAV when you buy Fund shares on the secondary market,
and you may receive more or less than NAV when you sell those shares. Although
the Fund’s shares are listed for trading on a national securities exchange, it
is possible that an active trading market may not develop or be maintained, in
which case transactions may occur at wider bid/ask spreads (which may be
especially pronounced for smaller funds). Trading of the Fund’s shares may be
halted by the activation of individual or market-wide trading halts (which halt
trading for a specific period of time when the price of a particular security or
overall market prices decline by a specified percentage). In times of market
stress, the Fund’s underlying portfolio holdings may become less liquid, which
in turn may affect the liquidity of the Fund’s shares and/or lead to more
significant differences between the Fund’s market price and its NAV. Market
makers are under no obligation to make a market in the Fund’s shares, and
authorized participants are not obligated to submit purchase or redemption
orders for the Fund’s shares. In the event market makers cease making a market
in the Fund’s shares or authorized participants stop submitting creation or
redemption orders, Fund shares may trade at a larger premium or discount to
NAV.
Non-Diversification
Risk—As
a non-diversified fund, the Fund may invest a larger portion of its assets in
the securities of a limited number of issuers and may be more sensitive to any
single economic, business, political or regulatory occurrence affecting an
issuer than a diversified fund. Poor
performance by any one of these issuers would adversely affect the Fund to a
greater extent than a more broadly diversified
fund.
Real
Estate Investment Risk—Due
to the composition of the Index, the Fund concentrates its investments in real
estate companies and companies related to the real estate sector. As such, the
Fund is subject to risks associated with the direct ownership of real estate,
and an investment in the Fund will be closely linked to the performance of the
real estate markets. These risks include, among others: declines in the value of
real estate; risks related to general and local economic conditions; possible
lack of availability of mortgage funds or other limits to accessing the credit
or capital markets; defaults by borrowers or tenants, particularly during an
economic downturn; and changes in interest rates. The Fund's investments in the
real estate market have many of the same risks as direct ownership of real
estate. The real estate sector is highly sensitive to general and local economic
conditions and developments and is characterized by intense competition and
periodic overbuilding. Real estate values have been subject to substantial
fluctuations and declines on a local, regional and national basis in the past
and may continue to be in the
future.
REITs
Risk—In
addition to the risks associated with investing in securities of real estate
companies and real estate related companies, REITs are subject to certain
additional risks. REITs may be affected by changes in real estate values, rents,
property taxes, zoning laws, neighborhood values and interest rates. Further,
REITs are dependent upon specialized management skills and cash flows, and may
have their investments in relatively few properties, or in a small geographic
area or a single property type. Failure of a company to qualify as a REIT under
federal tax law, or changes to federal tax law or regulations governing REITs,
may have adverse consequences to the Fund. In addition, REITs have their own
expenses, and the Fund will bear a proportionate share of those expenses. Many
REITs utilize leverage (and some may be highly leveraged), which increases
investment risk and could potentially magnify the Fund’s
losses.
Service
Provider Operational Risk—The
Fund’s service providers, such as the Fund’s administrator, custodian or
transfer agent, may experience disruptions or operating errors that could
negatively impact the Fund. Although service providers are required to have
appropriate operational risk management policies and procedures, and to take
appropriate precautions to avoid and mitigate risks that could lead to
disruptions and operating errors, it may not be possible to
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4 |
Section
1
Fund Summary |
identify
all of the operational risks that may affect the Fund or to develop processes
and controls to completely eliminate or mitigate their occurrence or
effects.
Smaller
Company Risk—Even
larger REITs may be small- to medium-sized companies in relation to the equity
markets as a whole. Small-cap securities involve substantial risk. Prices of
small-cap securities may be subject to more abrupt or erratic movements, and to
wider fluctuations, than security prices of larger, more established companies
or the broader market averages in general. It may be difficult to sell small-cap
securities at the desired time and price. It
may be difficult to sell small-cap securities
at
the desired time and price. While
mid-cap stocks may be slightly less volatile than small-cap stocks, they still
involve similar risks.
Tracking
Error Risk—Tracking
error is the divergence of the Fund’s performance from that of the Index.
Tracking error may occur because of, for example, pricing differences,
transaction costs, the Fund’s holding of uninvested cash, differences in timing
of the accrual of distributions, changes to the Index or the need to meet
various new or existing regulatory requirements. This risk may be heightened
during times of increased market volatility or other unusual market conditions.
Tracking error also may result because the Fund incurs fees and expenses, but
the Index does not.
Fund
Performance
The
following bar chart and table provide some indication of the potential risks of
investing in the Fund. Both the bar chart and the table assume that all
distributions have been reinvested. The Fund’s past performance
(before and after taxes) is not necessarily an indication of how the Fund will
perform in the future. Updated performance information is
available at www.nuveen.com/etf
or by calling (800)
257-8787 .
![[image]](g302443img_0454ccbdd9824.jpg)
During
the period reflected in the bar chart above, the Fund’s highest and lowest quarterly returns
were 19.26 % and -29.29 %, respectively, for the quarters ended
December 31, 2020 and
March 31,
2020 .
Average
Annual Total Returns for the Periods Ended December 31, 2021 | ||||
|
Inception
Date |
1
Year |
5
Year |
Since Inception | |
|
NURE
(return before taxes) |
|
|
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|
|
NURE
(return after taxes on distributions) |
|
|
| |
|
NURE
(return after taxes on distributions and sale of Fund shares) |
|
|
| |
|
Dow
Jones U.S. Select Short-Term REIT Index (reflects no deduction for fees,
expenses or taxes) |
|
|
| |
|
Dow
Jones U.S. Select REIT Index (reflects no deduction for taxes or sales
loads) |
|
|
| |
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Section
1
Fund Summary |
5 |
Management
Investment
Adviser
Nuveen
Fund Advisors, LLC
Sub-Adviser
Teachers
Advisors, LLC
Portfolio
Managers
|
Name |
Title |
Portfolio
Manager of Fund Since |
|
Philip
James (Jim) Campagna, CFA |
Managing
Director |
December
2016 |
|
Lei
Liao, CFA |
Managing
Director |
December
2016 |
Purchase
and Sale of Fund Shares
The
Fund is an ETF. Shares of the Fund are listed on a national securities exchange
and can only be bought and sold in the secondary market through a broker-dealer
at market prices. Because Fund shares trade at market prices rather than NAV,
shares may trade at a price greater than NAV (at a “premium”)
or less than NAV (at a “discount”).
An investor may also incur costs attributable to the difference between the
highest price a buyer is willing to pay to purchase Fund shares (bid) and the
lowest price a seller is willing to accept for Fund shares (ask) when buying and
selling shares in the secondary market (the “bid/ask
spread”).
Recent information regarding the Fund, including its NAV, market price, premiums
and discounts, and bid/ask spreads, is available on the Fund’s website at
www.nuveen.com/etf.
Tax
Information
The
Fund’s distributions are taxable and will generally be taxed as ordinary income
or capital gains, unless you are investing through a tax-deferred account, such
as an individual retirement account (“IRA”)
or 401(k) plan (in which case you may be taxed upon withdrawal of your
investment from such account).
Payments
to Broker-Dealers and Other Financial Intermediaries
If
you purchase shares of the Fund through a broker-dealer or other financial
intermediary (such as a bank or financial advisor), the Fund’s investment
adviser or its affiliates may pay the intermediary for marketing activities and
presentations, educational training programs, conferences, the development of
technology platforms and reporting systems or other services related to the sale
or promotion of Fund shares. These payments may create a conflict of interest by
influencing the broker-dealer or other financial intermediary and your
salesperson to recommend the Fund over another investment. Ask your salesperson
or visit your financial intermediary’s website for more information.
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6 |
Section
1
Fund Summary |
Section
2
Additional Detail About the Fund’s Strategies,
Holdings and Risks
This
prospectus contains important information about investing in the Fund. Please
read this prospectus carefully before you make any investment decisions.
Additional information regarding the Fund is available at www.nuveen.com/etf
or by calling Nuveen Investor Services at (888) 290-9881.
The
Fund is designed to track an index that is not representative of the market as a
whole. The Fund is designed to be used as part of a broader asset allocation
strategy, and thus an investment in the Fund should not be considered a complete
investment program.
The
Index is a theoretical financial calculation, whereas the Fund is an actual
investment portfolio. The performance of the Fund and the Index may vary for a
number of reasons, including transaction costs, asset valuations, corporate
actions (such as mergers and spin-offs), and differences between the Fund’s
portfolio and its Index resulting from legal restrictions (such as tax
diversification requirements) that apply to the Fund but not to the Index. On an
annual basis, the Fund’s tracking error (i.e.,
the divergence of the Fund’s performance from that of the Index) is generally
expected to be less than 5%.
Investment
Objective and Principal Investment Strategies |
The
Fund’s investment objective, which is described in the “Fund Summary” section,
may be changed by the Fund’s Board of Trustees (the “Board”)
without shareholder approval.
The
Fund’s investment policies may be changed by the Board without shareholder
approval unless otherwise noted in this prospectus or the statement of
additional information.
The
Fund has adopted a policy whereby, under normal market conditions, it will
invest at least 80% of the sum of its net assets and the amount of any
borrowings for investment purposes in REITs (the “Name
Policy”).
If the Name Policy changes, you will be notified at least 60 days in advance.
The Fund may consider both direct investments and indirect investments (e.g.,
investments in other investment companies, derivatives and synthetic instruments
with economic characteristics similar to the direct investments that meet the
Name Policy) when determining compliance with the Name Policy. For purposes of
the Name Policy, the Fund will value eligible derivatives at fair value or
market value and not notional value.
The
Fund’s principal investment strategies are discussed in the “Fund Summary”
section. These are the strategies that the Fund’s investment adviser and
sub-adviser believe are most likely to be important in trying to achieve the
Fund’s investment objective. This section provides more information about these
strategies, as well as information about some additional strategies that the
Fund’s sub-adviser uses, or may use, to achieve the Fund’s objective. You should
be aware that the Fund may also use strategies and invest in securities that are
not described in this prospectus, but that are described in the statement of
additional information. For a copy of the statement of additional information,
call Nuveen Investor Services at (888) 290-9881 or visit the Fund’s website at
www.nuveen.com/etf.
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Section
2
Additional Detail About the Fund’s Strategies, Holdings and
Risks |
7 |
Under
normal market conditions, the Fund invests in component securities of the Index,
which is comprised of REITs, in accordance with the Name Policy. The Fund may
also, as a non-principal strategy, invest up to 20% of its assets in securities
and other instruments that the Fund’s sub-adviser believes will help it track
the Index, such as shares of other investment companies (including other ETFs),
derivative instruments (including forward contracts, futures contracts, options
on futures contracts, options and swaps), and cash and cash equivalents.
Additional information about the Fund’s portfolio holdings can be found
below.
REITs
REITs
are publicly traded corporations or trusts that invest in residential or
commercial real estate. REITs generally can be divided into the following three
types:
· Equity
REITs, which invest the majority of their assets directly in real property and
derive their income primarily from rents and capital gains or real estate
appreciation.
· Mortgage
REITs, which invest the majority of their assets in real estate mortgage loans
and derive their income primarily from interest payments.
· Hybrid
REITs, which combine the characteristics of equity REITs and mortgage REITs.
The
only REITs included in the Index are equity REITs. The Fund can invest in common
stock, preferred securities and convertible securities issued by equity
REITs.
Investment
Companies and Other Pooled Investment Vehicles
As
a non-principal investment strategy, the Fund may invest in securities of other
open-end or closed-end investment companies, including ETFs. In addition,
the Fund may invest a portion of its assets in pooled investment vehicles (other
than investment companies) that invest primarily in securities of the types in
which the Fund may invest directly. As a shareholder in an investment company or
other pooled investment vehicle, the Fund will bear its ratable share of that
vehicle’s expenses, and would remain subject to payment of the Fund’s management
fees with respect to assets so invested. Shareholders would therefore be subject
to duplicative expenses to the extent the Fund invests in an investment company
or other pooled investment vehicle. In addition, the Fund will incur brokerage
costs when purchasing and selling shares of ETFs. Securities of investment
companies or other pooled investment vehicles may be leveraged, in which case
the value and/or yield of such securities will tend to be more volatile than
securities of unleveraged vehicles.
Generally,
investments in other investment companies (including ETFs) are subject to
statutory limitations prescribed by the Investment Company Act of 1940, as
amended ("1940
Act").
These limitations include a prohibition on the Fund acquiring more than 3% of
the voting shares of any other investment company, and a prohibition on
investing more than 5% of the Fund’s total assets in the securities of any one
investment company or more than 10% of its total assets, in the aggregate, in
investment company securities. Subject to certain conditions, the Fund may
invest in money market funds beyond the statutory limits described
above.
Derivatives
As
a non-principal investment strategy, the Fund may invest in derivatives.
Generally, a derivative is a financial contract the value of which depends upon,
or is derived from, the value of an underlying asset, reference rate or index.
Derivatives generally take the form of contracts under which the parties agree
to payments between them based upon the
|
8 |
Section
2
Additional Detail About the Fund’s Strategies, Holdings and
Risks |
performance
of a wide variety of underlying references, such as stocks, bonds, loans,
commodities, interest rates, currency exchange rates, and various domestic and
foreign indices. Examples of derivative instruments include forward currency
contracts, currency and interest rate swaps, currency options, futures
contracts, options on futures contracts and swap agreements.
Derivatives
may entail investment exposures that are greater than their cost would suggest.
As a result, a small investment in derivatives could have a large impact on the
Fund’s performance.
Cash
Equivalents and Short-Term Investments
As
a non-principal investment strategy, the Fund may invest in cash and in U.S.
dollar-denominated high-quality money market instruments and other short-term
securities, including money market funds, in such proportions as warranted by
prevailing market conditions and the Fund’s principal investment strategies. The
Fund may temporarily invest without limit in such holdings for liquidity
purposes, or in an attempt to respond to adverse market, economic, political or
other conditions. Being invested in these securities may keep the Fund from
participating in a market upswing and prevent the Fund from achieving its
investment objective.
Temporary
Defensive Positions
In
certain situations or market conditions, such as in the case of liquidity
concerns and/or unusually large cash inflows or redemptions, the Fund may
temporarily depart from its normal investment policies and strategies, provided
that the alternative is consistent with the Fund’s investment objective and is
in the best interest of the Fund’s shareholders.
A
description of the Fund’s policies and procedures with respect to the disclosure
of the Fund’s portfolio holdings is available in the Fund’s statement of
additional information. In addition, the identities and quantities of the
securities held by the Fund are disclosed on the Fund’s website.
Risks |
Risk
is inherent in all investing. Investing in the Fund involves risk, including the
risk that you may receive little or no return on your investment or even that
you may lose part or all of your investment. Therefore, before investing you
should consider carefully the principal risks and certain other risks that you
assume when you invest in the Fund. Descriptions of these risks listed below are
presented alphabetically to facilitate your ability to find particular risks and
compare them with the risks of other funds. Each risk summarized below is
considered a “principal risk” of investing in the Fund, regardless of the order
in which it appears. Because of these risks, you should consider an investment
in the Fund to be a long-term investment.
Principal
Risks
Concentration
risk:
The Fund’s assets will generally be concentrated in the securities of issuers in
the real estate sector, and, accordingly, the Fund may be adversely affected by
the performance of those securities, may be subject to increased price
volatility, and may be more susceptible to adverse economic, market, political
or regulatory occurrences affecting that sector. Concentrated exposure to an
industry or group of industries may cause the Fund to experience increased
market price volatility compared to funds that invest more broadly in the
overall market.
|
Section
2
Additional Detail About the Fund’s Strategies, Holdings and
Risks |
9 |
Cybersecurity
risk:
Intentional cybersecurity breaches include: unauthorized access to systems,
networks or devices (such as through “hacking” activity); infection from
computer viruses or other malicious software code; and attacks that shut down,
disable, slow, or otherwise disrupt operations, business processes, or website
access or functionality. In addition, unintentional incidents can occur, such as
the inadvertent release of confidential information (possibly resulting in the
violation of applicable privacy laws).
A
cybersecurity breach could result in the loss or theft of customer data or
funds, the inability to access electronic systems (“denial of services”), loss
or theft of proprietary information or corporate data, physical damage to a
computer or network system, or costs associated with system repairs. Such
incidents could cause the Fund, the Fund’s investment adviser or sub-adviser, a
financial intermediary, or other service providers to incur regulatory
penalties, reputational damage, additional compliance costs or financial loss.
Negative impacts on the Fund could include the inability to calculate NAV,
transact business, process transactions on behalf of shareholders or safeguard
data. In addition, such incidents could affect issuers in which the Fund
invests, and thereby cause the Fund’s investments to lose value.
Equity
security risk:
Equity securities in the Fund’s portfolio may decline significantly in price
over short or extended periods of time. Even a long-term investment approach
cannot guarantee a profit. Price changes may occur in the market as a whole, or
they may occur in only a particular country, company, industry, or sector of the
market. Adverse
events in any part of the U.S. and global financial markets may have unexpected
negative effects on equity markets. These events may at times result in
unusually high market volatility, including short-term volatility, which could
negatively affect Fund performance.
A
variety of factors can negatively affect the price of a particular company's
equity securities. These factors may include, but are not limited to: poor
earnings reports, a loss of customers, litigation against the company, general
unfavorable performance of the company's sector or industry, or changes in
government regulations affecting the company or its industry.
Index
provider risk:
There is no assurance that the Index will be determined, maintained,
constructed, reconstituted, rebalanced, composed, calculated or disseminated
accurately. To correct any such error, an index provider may carry out an
unscheduled rebalance or other modification of the Index constituents or
weightings, which may increase the Fund’s costs. Unusual market conditions may
cause an index provider to postpone a scheduled rebalance. Such a postponement
in a time of market volatility could mean a constituent that would otherwise be
removed at rebalance may remain, causing the performance and constituents of the
index to vary from those expected under normal conditions. Index providers
generally do not provide any representation or warranty in relation to the
quality, accuracy or completeness of data in the indexes in which they license,
and generally do not guarantee that an index will be calculated in accordance
with its stated methodology. Losses or costs associated with any index provider
errors generally will be borne by the Fund and its
shareholders.
Interest
rate risk:
Increases in interest rates typically lower the present value of a REIT’s future
earnings stream, and may make financing property purchases and improvements more
costly. The Fund may be subject to a greater risk of rising interest rates than
would normally be the case due to the current period of historically low rates
and the effect of potential government fiscal policy initiatives and resulting
market reaction to those initiatives. Because the market price of REITs may
change based upon investors’
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collective
perceptions of future earnings, the value of the Fund will generally decline
when investors anticipate or experience rising interest rates.
Investment
style risk: The
Fund invests in the securities included in, or representative of, the Index
regardless of their investment merit. The Fund does not attempt to outperform
its Index or take defensive positions in declining markets or in response to
changing market conditions. As a result, the Fund’s performance may be adversely
affected by a general decline in the market segments relating to its Index.
Market
risk:
The market value of the Fund’s investments may go up or down, sometimes rapidly
or unpredictably and for short or extended periods of time. Market values may
change due to the particular circumstances of individual issuers or due to
general conditions impacting issuers more broadly within a specific country,
region, industry, sector or asset class. Global economies and financial markets
have become highly interconnected, and thus economic, market or political
conditions or events in one country or region might adversely impact issuers in
a different country or region. As a result, the value of the Fund’s investments
may be negatively affected whether or not the Fund invests in a country or
region directly impacted by such conditions or events.
Additionally,
unexpected events and their aftermaths, including broad financial dislocations
(such as the “great recession” of 2008-09), war (such as Russia’s invasion of
Ukraine in February of 2022), terrorism, natural and environmental disasters and
the spread of infectious illnesses or other public health emergencies (such as
the COVID-19 coronavirus pandemic first detected in December of 2019), may
adversely affect the global economy and the markets and issuers in which the
Fund invests. These events could reduce consumer demand or economic output,
result in market closures, travel restrictions or quarantines, or wide-spread
unemployment, and generally have a severe negative impact on the global economy.
Such events could also impair the information technology and other operational
systems upon which the Fund’s service providers, including the investment
adviser and sub-adviser, rely, and could otherwise disrupt the ability of
employees of the Fund’s service providers to perform essential tasks on behalf
of the Fund. Furthermore, such events could cause financial markets to
experience elevated or even extreme volatility and losses, and could result in
the disruption of trading and the reduction of liquidity in many instruments.
Governmental and quasi-governmental authorities and regulators throughout the
world have in the past responded to major economic disruptions with a variety of
significant fiscal and monetary policy changes, including but not limited to,
direct capital infusions into companies, new monetary programs and dramatically
lower interest rates. An unexpected or quick reversal of these policies, or the
ineffectiveness of these policies, could increase volatility in securities
markets, which could adversely affect the value of the Fund’s
investments.
Market
trading risks:
As with all ETFs, Fund shares may be bought and sold in the secondary market at
market prices. Although it is expected that the market price of a Fund share
typically will approximate its NAV, there may be times when the market price and
the NAV diverge more significantly, particularly in times of market volatility
or steep market declines. Thus, you may pay more or less than NAV when you buy
Fund shares on the secondary market, and you may receive more or less than NAV
when you sell those shares. In times of market stress, the Fund’s underlying
portfolio holdings may become less liquid, which in turn may affect the
liquidity of the Fund’s shares and/or lead to more significant differences
between the Fund’s market price and its NAV.
Only
certain institutional investors are eligible to purchase and redeem shares
directly from the Fund at NAV. In addition, efficient trading in the Fund’s
shares on the secondary market depends on the participation of firms acting as
market makers and/or
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11 |
liquidity
providers in the market place. To the extent these market maker and authorized
participant firms exit the ETF business or otherwise significantly reduce their
business activities and no other entities step forward to perform these
functions, the Fund’s shares may trade at a material discount to NAV.
During
periods of high market volatility, a Fund share may trade at a significant
discount to its NAV, and in these circumstances certain types of brokerage
orders may expose an investor to an increased risk of loss. A “stop order,”
sometimes called a “stop-loss order,” may cause a Fund share to be sold at the
next prevailing market price once the “stop” level is reached, which during a
period of high volatility can be at a price that is substantially below NAV. By
including a “limit” criteria with your brokerage order, you may be able to limit
the size of the loss resulting from the execution of an ill-timed stop
order.
Although
the Fund’s shares are listed for trading on a national securities exchange, it
is possible that an active trading market may not develop or be maintained, in
which case transactions may occur at wider bid/ask spreads (discussed in further
detail below). Trading of the Fund’s shares may be halted by the activation of
individual or market-wide trading halts (which halt trading for a specific
period of time when the price of a particular security or overall market prices
decline by a specified percentage).
Buying
or selling Fund shares on an exchange involves two types of costs that apply to
all securities transactions. When buying or selling shares of the Fund through a
broker, you will likely incur a brokerage commission and other charges. In
addition, you may incur the cost of the “spread;” that is, the difference
between what investors are willing to pay for Fund shares (the “bid” price) and
the price at which they are willing to sell Fund shares (the “ask” price). The
spread, which varies over time based on trading volume and market liquidity, is
generally narrower if the Fund has more trading volume and market liquidity and
wider if the Fund has less trading volume and market liquidity (which is often
the case for funds that are newly launched or small in size). The Fund’s spread
may also be impacted by market volatility generally and the liquidity of the
underlying securities held by the Fund, particularly for newly launched or
smaller funds. Because of the costs inherent in buying or selling Fund shares,
frequent trading may detract significantly from investment results, and an
investment in Fund shares may not be advisable for investors who anticipate
regularly making small investments through a brokerage account.
Non-diversification
risk:
The Fund is a non-diversified fund and may invest a larger portion of its assets
in a fewer number of issuers than a diversified fund. Because a relatively high
percentage of the Fund’s assets may be invested in the securities of a limited
number of issuers, the Fund’s portfolio and, therefore, performance may be more
susceptible to any single economic, business (either globally or with respect to
a particular company or companies), political or regulatory occurrence affecting
an issuer than the portfolio of a diversified fund. Poor
performance by any one of these issuers would adversely affect the
Fund
to a greater extent than a more broadly diversified fund and the
Fund’s share price may fluctuate more than that of a comparable diversified
fund.
Real
estate investment risk:
Fund investments in real estate securities are closely linked to the performance
of the real estate markets and subject to the risks associated with the direct
ownership of real estate. Real estate companies are subject to substantial
fluctuations and declines on a local, regional and national basis in the past
that may continue to occur in the future. Real property values and incomes from
real property may decline due to general and local economic conditions,
overbuilding and increased competition, delays in completion of construction,
increases in property taxes and
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operating
expenses, changes in zoning laws, low demand, casualty or condemnation losses,
regulatory limitations on rents, changes in neighborhoods and in demographics,
increases in market interest rates, liabilities or losses due to environmental
problems, defaults by mortgagors or other borrowers, loss of rental income,
possible lack of availability of mortgage funds or other limits to accessing the
credit or capital markets, or other factors. The Fund’s investments in the real
estate market have many of the same risks as direct ownership of real estate.
Factors such as these may adversely affect companies which own and operate real
estate directly, companies which lend to them, and companies which service the
real estate industry. The Fund’s income could decline when the Fund experiences
reduced distributions from real estate companies it holds. Additionally, many
real estate companies, including REITs, utilize leverage (and some may be highly
leveraged), which may increase investment risk and are highly dependent on cash
flows. To the extent the Fund’s underlying assets are concentrated
geographically, by property type or in certain other respects, the Fund may be
subject to certain of the foregoing risks to a greater extent.
Negative
economic impacts caused by COVID-19 have resulted in a number of businesses and
individuals being unable to pay all or a portion of their rents, which has
created cash flow difficulties for many landlords. Furthermore, demand for some
categories of leased commercial and retail space has weakened. Real estate
companies, including REITs, provide space to many industries that have been
directly impacted by the spread of COVID-19 and may be negatively impacted by
these conditions.
REITs
risk:
In addition to the risks associated with investing in securities of real estate
companies and real estate related companies, REITs are subject to certain
additional risks. Equity REITs will be affected by changes in the values of and
incomes from the properties they own, while mortgage REITs may be affected by
the credit quality of the mortgage loans they hold. REITs are subject to other
risks as well, including the fact that REITs are dependent on specialized
management skills which may affect their ability to generate cash flow for
operating purposes and to make distributions to shareholders or unitholders.
REITs may have limited diversification and are subject to the risks associated
with obtaining financing for real property.
A
U.S. domestic REIT can pass its income through to shareholders or unitholders
without any tax at the entity level if it complies with various requirements
under the Internal Revenue Code. There is the risk that a REIT held by the Fund
will fail to qualify for this tax-free pass-through treatment of its income.
Similarly, REITs formed under the laws of non-U.S. countries may fail to qualify
for corporate tax benefits made available by the governments of such countries.
Failure by a U.S. or non-U.S. REIT to qualify for favorable tax treatment could
adversely affect the value of such REIT.
By
investing in REITs indirectly through the Fund, in addition to bearing a
proportionate share of the expenses of the Fund, shareholders of the Fund will
also indirectly bear similar expenses of the REITs in which the Fund
invests.
Service
provider operational risk:
The Fund’s service providers, such as the Fund’s administrator, custodian or
transfer agent, may experience disruptions or operating errors that could
negatively impact the Fund. Although service providers are required to have
appropriate operational risk management policies and procedures, and to take
appropriate precautions to avoid and mitigate risks that could lead to
disruptions and operating errors, it may not be possible to identify all of the
operational risks that may affect the Fund or to develop processes and controls
to completely eliminate or mitigate their occurrence or effects.
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Smaller
company risk:
Even larger REITs may be small- to medium-sized companies in relation to the
equity markets as a whole. Stocks of small-cap companies involve substantial
risk. These companies may lack the management expertise, financial resources,
product diversification, and competitive strengths of larger companies. Prices
of small-cap stocks may be subject to more abrupt or erratic movements than
stock prices of larger, more established companies or the market averages in
general. In addition, the frequency and volume of their trading may be less than
is typical of larger companies, making them subject to wider price fluctuations.
In some cases, there could be difficulties in selling the stocks of small-cap
companies at the desired time and price. Stocks at the bottom end of the
capitalization range of small-cap companies sometimes are referred to as
“micro-cap” stocks. These stocks may be subject to extreme price volatility, as
well as limited liquidity and limited research. While mid-cap stocks may be
slightly less volatile than small-cap stocks, they still involve similar
risks.
Tracking
error risk:
Tracking error is the divergence of the Fund’s performance from that of its
Index. Tracking error may occur because of, for example, pricing differences,
transaction costs, the Fund’s holding of uninvested cash, differences in timing
of the accrual of distributions, changes to its Index or the need to meet
various new or existing regulatory requirements. This risk may be heightened
during times of increased market volatility or other unusual market conditions.
Tracking error also may result because the Fund incurs fees and expenses, but
the Index does not.
Non-Principal
Risks
Derivatives
risk:
The use of derivatives presents risks different from, and possibly greater than,
the risks associated with investing directly in traditional securities.
Derivatives can be highly volatile, illiquid and difficult to value, and there
is the risk that changes in the value of a derivative held by the Fund will not
correlate with the asset, index or rate underlying the derivative contract.
The
use of derivatives can lead to losses because of adverse movements in the price
or value of the underlying asset, index or rate, which may be magnified by
certain features of the contract. A derivative transaction also involves the
risk that a loss may be sustained as a result of the failure of the counterparty
to the contract to make required payments. These risks are heightened when the
management team uses derivatives to enhance the Fund’s return or as a substitute
for a position or security, rather than solely to hedge (or offset) the risk of
a position or security held by the Fund.
In
addition, when the Fund engages in certain derivative transactions, it is
effectively leveraging its investments, which could result in exaggerated
changes in the NAV of the Fund’s shares and can result in losses that exceed the
amount originally invested. The success of the Fund’s derivatives strategies
will depend on the sub-adviser’s ability to assess and predict the impact of
market or economic developments on the underlying asset, index or rate and the
derivative itself, without the benefit of observing the performance of the
derivative under all possible market conditions.
The
Fund may also enter into over-the-counter (“OTC”)
transactions in derivatives. Transactions in the OTC markets generally are
conducted on a principal-to-principal basis. The terms and conditions of these
instruments generally are not standardized and tend to be more specialized or
complex, and the instruments may be harder to value. In general, there is less
governmental regulation and supervision of transactions in the OTC markets than
of transactions entered into on organized exchanges. In addition, certain
derivative instruments and markets may not be liquid, which means the Fund may
not be able to close out a derivatives transaction in a cost-efficient manner.
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Short
positions in derivatives may involve greater risks than long positions, as the
risk of loss on short positions is theoretically unlimited (unlike a long
position, in which the risk of loss may be limited to the notional amount of the
instrument).
Swap
agreements may involve fees, commissions or other costs that may reduce the
Fund’s gains from a swap agreement or may cause the Fund to lose money.
Futures
contracts are subject to the risk that an exchange may impose price fluctuation
limits, which may make it difficult or impossible for the Fund to close out a
position when desired.
Options
contracts may expire unexercised, which may cause the Fund to realize a capital
loss equal to the premium paid on a purchased option or a capital gain equal to
the premium received on a written option.
Global
economic risk:
National and regional economies and financial markets are becoming increasingly
interconnected, which increases the possibilities that conditions in one
country, region or market might adversely impact issuers in a different country,
region or market. Changes in legal, political, regulatory, tax and economic
conditions may cause fluctuations in markets and securities prices around the
world, which could negatively impact the value of the Fund’s investments. Major
economic or political disruptions, particularly in large economies like China’s,
may have global negative economic and market repercussions. Additionally, events
such as war, terrorism, natural and environmental disasters and the spread of
infectious illnesses or other public health emergencies may adversely affect the
global economy and the markets and issuers in which the Fund invests. Recent
examples of such events include the outbreak of a novel coronavirus known as
COVID-19 that was first detected in China in December 2019, Russia’s
invasion of Ukraine, and heightened concerns regarding North Korea’s nuclear
weapons and long-range ballistic missile programs. These events could reduce
consumer demand or economic output, result in market closure, travel
restrictions or quarantines, and generally have a significant impact on the
global economy. These events could also impair the information technology and
other operational systems upon which the Fund’s service providers, including the
investment adviser and sub-adviser, rely, and could otherwise disrupt the
ability of employees of the Fund’s service providers to perform essential tasks
on behalf of the Fund. Governmental and quasi-governmental authorities and
regulators throughout the world have in the past responded to major economic
disruptions with a variety of significant fiscal and monetary policy changes,
including but not limited to, direct capital infusions into companies, new
monetary programs and dramatically lower interest rates. An unexpected or quick
reversal of these policies, or the ineffectiveness of these policies, could
increase volatility in securities markets, which could adversely affect the
Fund’s investments.
Other
investment companies risk:
When the Fund invests in other investment companies, such as ETFs, shareholders
bear both their proportionate share of Fund expenses and, indirectly, the
expenses of the other investment companies. Furthermore, the Fund is exposed to
the risks to which the other investment companies may be subject. For
index-based ETFs, while such ETFs seek to achieve the same returns as a
particular market index, the performance of an ETF may diverge from the
performance of such index (commonly known as tracking error).
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15 |
Section
3
Fund Management
Nuveen
Fund Advisors, LLC (the “Adviser”),
the Fund’s investment adviser, offers advisory and investment management
services to a broad range of clients, including investment companies and other
pooled investment vehicles. The Adviser has overall responsibility for
management of the Fund, oversees the management of the Fund’s portfolio, manages
the Fund’s business affairs and provides certain clerical, bookkeeping and other
administrative services. In addition, the Adviser arranges for sub-advisory,
transfer agency, custody, fund administration and all other non-distribution
related services necessary for the Fund to operate. The Adviser is a wholly
owned subsidiary of Nuveen, LLC (“Nuveen”),
the investment management arm of Teachers Insurance and Annuity Association of
America (“TIAA”).
TIAA is a life insurance company founded in 1918 by the Carnegie Foundation for
the Advancement of Teaching and is the companion organization of College
Retirement Equities Fund (“CREF”).
As of March 31, 2022, Nuveen managed approximately $1.2 trillion in assets, of
which approximately $178.2 billion was managed by the Adviser. The Adviser is
located at 333 West Wacker Drive, Chicago, Illinois 60606.
The
Adviser has selected its affiliate, Teachers Advisors, LLC (the “Sub-Adviser”),
to serve as sub-adviser to the Fund, responsible for the day-to-day management
of the Fund’s portfolio. As of March 31, 2022, the Sub-Adviser, a wholly owned
subsidiary of Nuveen, managed approximately $387 billion in assets. The
Sub-Adviser is located at 730 Third Avenue, New York, New York
10017-3206.
The
portfolio managers for the Fund are Jim Campagna and Lei Liao.
|
Total
Experience (since dates specified below) | ||||
|
Name & Title |
Experience
Over Past Five Years |
At
TIAA |
Total | |
|
Philip
James (Jim) Campagna, CFA Managing Director |
Teachers
Advisors, LLC, TIAA-CREF Investment Management, LLC and other advisory
affiliates of TIAA – 2005 to Present (portfolio management of domestic and
international large-, mid- and small-cap equity index portfolios) |
2005 |
1991 | |
|
Lei
Liao, CFA Managing Director |
Teachers
Advisors, LLC, TIAA-CREF Investment Management, LLC and other advisory
affiliates of TIAA – 2012 to Present (portfolio management of domestic and
international large-, mid- and small-cap equity index portfolios) |
2012 |
2005 | |
Additional
information about the portfolio managers’ compensation, other accounts managed
by the portfolio managers and the portfolio managers’ ownership of securities in
the Fund is provided in the statement of additional information.
As
compensation for the services it provides to the Fund during the fiscal year
ended December 31, 2021, the Adviser received a management fee from the Fund
based on a percentage of the Fund’s average daily net assets, of 0.35%.
The
Adviser is responsible for substantially all other expenses of the Fund, except
any future distribution and/or service fees, interest expenses, taxes, acquired
fund fees and expenses, fees incurred in acquiring and disposing of portfolio
securities, fees and
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Fund Management |
expenses
of the independent trustees (including any trustees’ counsel fees), certain
compensation expenses of the Fund’s chief compliance officer, litigation
expenses and extraordinary expenses.
Information
regarding the Board’s approval of the investment management agreements
is available in the Fund’s annual report for the fiscal year ended December
31, 2021.
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Fund Management |
17 |
Section
4
Investing in the Fund
The
Fund is an ETF, which differs from a mutual fund in important ways. Shares of a
mutual fund are purchased and redeemed by all shareholders directly from the
issuing fund at NAV. By contrast, most investors will buy and sell shares of the
Fund through a broker on a national securities exchange, where the Fund’s shares
are listed and trade throughout the day at market prices like shares of other
publicly traded securities. The Fund does not impose any minimum investment for
shares of the Fund purchased on an exchange or otherwise in the secondary
market. The Fund’s shares trade under the trading symbol listed on the cover of
this prospectus.
Purchasing
or selling shares of the Fund on an exchange or other secondary market typically
involves two types of costs. When purchasing or selling shares of the Fund
through a broker, you may incur a brokerage commission. The commission is
frequently a fixed amount and may be a significant proportional cost for
investors seeking to buy or sell small amounts of shares. In addition, you may
incur the cost of the “spread,” that is, any difference on the exchange between
the bid price and the ask price for a share of the Fund. The spread will vary
over time based on the Fund’s trading volume and market liquidity.
The
Fund’s primary listing exchange is the Cboe BZX Exchange, Inc. (the
“Listing
Exchange”).
The Listing Exchange is open for trading Monday through Friday and is closed on
weekends and the following holidays: New Year’s Day, Martin Luther King, Jr.
Day, Presidents’ Day, Good Friday, Memorial Day, Juneteenth Holiday,
Independence Day, Labor Day, Thanksgiving Day and Christmas Day.
Book
Entry
Shares
of the Fund are held in book-entry form, which means that no stock certificates
are issued. The Depository Trust Company (“DTC”)
or its nominee is the record owner of all outstanding shares of the Fund and is
recognized as the owner of all shares for all purposes.
Investors
owning shares of the Fund are beneficial owners as shown on the records of DTC
or its participants. DTC serves as the securities depository for shares of the
Fund. DTC participants include securities brokers and dealers, banks, trust
companies, clearing corporations and other institutions that directly or
indirectly maintain a custodial relationship with DTC. As a beneficial owner of
shares, you are not entitled to receive physical delivery of stock certificates
or to have shares registered in your name, and you are not considered a
registered owner of shares. Therefore, to exercise any right as an owner of
shares, you must rely upon the procedures of DTC and its participants. These
procedures are the same as those that apply to any other securities that you
hold in book-entry or “street name” form.
Share
Trading Prices
The
trading prices of the Fund’s shares on the Listing Exchange generally differ
from the Fund’s NAV and are affected by market forces such as the supply of and
demand for the Fund’s shares as well as the securities held by the Fund,
economic conditions and other factors. The price you pay or receive when you buy
or sell your shares in the secondary market is based on the market price of the
Fund’s shares, which may be more or less than the NAV of such shares.
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Investing in the Fund |
Householding
Householding
is a method of delivery, based on the preference of the individual investor, in
which a single copy of certain shareholder documents can be delivered to
investors who share the same address, even if their accounts are registered
under different names. Please contact your broker-dealer if you are interested
in enrolling in householding and receiving a single copy of prospectuses and
other shareholder documents, or if you are currently enrolled in householding
and wish to change your householding status.
Investments
by Registered Investment Companies
Section
12(d)(1) of the 1940 Act restricts investments by registered investment
companies in the securities of other investment companies, including shares of
the Fund. Registered investment companies are permitted to invest in the Fund
beyond the limits set forth in Rule 12d1-4 under the 1940 Act, including that
such investment companies enter into an agreement with the
Fund.
Only
certain institutional investors (typically market makers or other
broker-dealers) who have entered into agreements with the Nuveen Securities,
LLC, the Fund’s distributor (the “Distributor”),
(“Authorized
Participants”)
may purchase and redeem shares directly from the Fund at NAV and only in large
blocks of shares or multiples thereof (“Creation
Units”).
Except when aggregated in Creation Units, shares are not redeemable by the Fund.
An Authorized Participant must be either a DTC participant or a member of the
Continuous Net Settlement System of the National Securities Clearing Corporation
(“NSCC”).
The
Fund generally issues and redeems Creation Units in exchange for a designated
in-kind basket of Fund securities and/or a designated amount of cash (together,
the “Basket”).
Each day the Listing Exchange is open for trading (a “Business
Day”),
prior to the opening of trading, the Fund publishes that day’s Basket through
NSCC or another method of public dissemination.
Orders
from Authorized Participants to create or redeem Creation Units may only be
placed on a Business Day and are subject to approval by the Distributor. The
prices at which creations and redemptions occur are based on the next
calculation of NAV after an order is received and deemed acceptable by the
Distributor.
Information
about the procedures regarding creation and redemption of Creation Units
(including the cut-off times for receipt of creation and redemption orders) is
included in the Fund’s statement of additional information.
Distributor |
Nuveen
Securities, LLC, the Fund’s distributor, distributes Creation Units for the Fund
on an agency basis. The Distributor does not maintain a secondary market in
shares of the Fund. The Distributor has no role in determining the policies of
the Fund or the securities that are purchased or sold by the Fund. The
Distributor’s principal address is 333 West Wacker Drive, Chicago, Illinois
60606.
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Investing in the Fund |
19 |
Distribution
and Service Plan
The
Fund has adopted a Distribution and Service Plan in accordance with Rule 12b-1
under the 1940 Act pursuant to which the Fund is authorized to pay fees at an
annual rate of up to 0.25% of the Fund’s average daily net assets for the sale
and distribution of the Fund’s shares. No distribution fees are currently
charged to the Fund; there are no plans to impose distribution fees, and no such
fees will be charged for at least twelve months from the date of this
prospectus. Additionally, the implementation of any such fees would require
approval by the Board prior to implementation. Because these fees would be paid
out of the Fund’s assets on an on-going basis, if such fees are charged in the
future, they would increase the cost of your investment and might cost you more
over time than paying other types of sales charges.
Other
Payments by the Adviser
The
Adviser and/or its affiliates may make payments to broker-dealers, registered
investment advisers, banks or other intermediaries (together, “intermediaries”)
related to marketing activities and presentations, educational training
programs, conferences, the development of technology platforms and reporting
systems, data provision services, or their making shares of the Fund and certain
other Nuveen ETFs available to their customers generally and in certain
investment programs. Such payments, which may be significant to the
intermediary, are not made by the Fund. Rather, such payments are made by the
Adviser and/or its affiliates from their own resources, which come directly or
indirectly in part from fees paid by the Nuveen ETFs complex. Payments of this
type are sometimes referred to as revenue-sharing payments. A financial
intermediary may make decisions about which investment options it recommends or
makes available, or the level of services provided, to its customers based on
the payments it is eligible to receive. Therefore, such payments to an
intermediary create conflicts of interest between the intermediary and its
customers and may cause the intermediary to recommend the Fund or other Nuveen
ETFs over another investment. More information regarding these payments is
contained in the Fund’s statement of additional information.
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Section
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Investing in the Fund |
The
Fund does not impose any restrictions on the frequency of purchases and
redemptions (“frequent
trading”);
however, the Fund reserves the right to reject or limit purchases at any time as
described in the statement of additional information. In determining that no
restrictions on frequent trading were necessary, the Board evaluated the risks
of frequent trading to the Fund and its shareholders. The Board considered that
the Fund’s shares can only be purchased and redeemed directly from the Fund in
Creation Units by Authorized Participants, and that the vast majority of trading
in the Fund’s shares occurs on the secondary market. Because secondary market
trades do not involve the Fund directly, the Board concluded that such trades
were unlikely to cause many of the harmful effects of frequent trading,
including dilution, disruption of portfolio management, increases in the Fund’s
trading costs and the realization of capital gains. With respect to purchases
and redemptions by Authorized Participants directly from the Fund that are
effected in-kind (i.e.,
for securities), the Board concluded that those trades do not have the potential
to cause the harmful effects that may result from frequent cash trades. To the
extent that the Fund may effect the purchase or redemption of Creation Units in
exchange wholly or partially for cash, the Board recognized that such trades
could result in dilution to the Fund and increased transaction costs, which
could negatively impact the Fund’s ability to achieve its investment objective.
However, the Board noted that direct trading by Authorized Participants is
critical to ensuring that the Fund’s shares trade at or close to NAV. In
addition, the Board recognized that the Fund imposes fixed and variable
transaction fees on purchases and redemptions of Creation Units to cover the
custodial and other costs incurred by the Fund in effecting trades.
|
Section
4
Investing in the Fund |
21 |
Section
5
General Information
As
a Fund shareholder, you are entitled to your share of the Fund’s income and net
realized gains on its investments. The Fund pays out substantially all of the
distributions it receives from its investments in REITs, less expenses.
Distributions from REITs may include income, return of capital and capital
gains. The Fund declares and pays distributions quarterly.
The
Fund may also realize capital gains on the sale of its REIT investments. The
Fund will generally realize short-term capital gains or losses whenever it sells
assets held for one year or less. Net short-term capital gains will generally be
treated as ordinary income when distributed to shareholders. The Fund will
generally realize long-term capital gains or losses whenever it sells assets
held for more than one year. Net capital gains (the excess of the Fund’s net
long-term capital gains over its net short-term capital losses) are distributed
to shareholders once a year at year end.
The
Fund reserves the right to declare special distributions if such action is
necessary or advisable to preserve its status as a regulated investment company
or to avoid imposition of income or excise taxes on undistributed income or
realized gains.
Your
broker is responsible for distributing any dividends and capital gain
distributions to you.
Dividend
Reinvestment Service
No
dividend reinvestment service is provided by the Fund. Broker-dealers may make
available the DTC book-entry Dividend Reinvestment Service for use by beneficial
owners of the Fund for reinvestment of their dividend distributions. Beneficial
owners should contact their broker to determine the availability and costs of
the service and the details of participation therein. Brokers may require
beneficial owners to adhere to specific procedures and timetables. If this
service is available and used, dividend distributions of both income and
realized gains will be automatically reinvested in additional whole shares of
the Fund purchased in the secondary market.
As
with any investment, you should consider how your investment in shares of the
Fund will be taxed. The tax information in this prospectus is provided as
general information, based on current laws, which may be changed by legislative,
judicial or administrative action. You should not consider this summary to be a
comprehensive explanation of the tax treatment of the Fund, or the tax
consequences of an investment in the Fund. There is no guarantee that shares of
the Fund will receive certain regulatory or accounting treatment. You should
consult your own tax professional about the tax consequences of an investment in
shares of the Fund. Unless your investment in Fund shares is made through a
tax-exempt entity or tax-deferred retirement account, such as an IRA, you need
to be aware of the possible tax consequences when the Fund makes distributions,
you sell Fund shares, or (for Authorized Participants only) you purchase or
redeem Creation Units.
Taxes
and Tax Reporting
The
Fund intends to qualify each year for treatment as a regulated investment
company. If it meets certain minimum distribution requirements, a regulated
investment company is
|
22 |
Section
5
General Information |
not
subject to tax at the fund level on income and gains from investments that are
timely distributed to shareholders. However, the Fund’s failure to qualify as a
regulated investment company or to meet minimum distribution requirements would
result (if certain relief provisions were not available) in fund-level taxation
and, consequently, a reduction in income available for distribution to
shareholders.
The
Fund intends to make distributions that may be taxed as ordinary income or
capital gains. Distributions of the Fund’s net capital gain are taxable as
long-term capital gains regardless of how long you have owned your shares. For
non-corporate shareholders, long-term capital gains are generally taxable at tax
rates up to 20% (lower tax rates apply to individuals in lower tax brackets),
while distributions from short-term capital gains and net investment income are
generally taxable as ordinary income. The tax you pay on a given capital gains
distribution depends generally on how long the Fund has held the portfolio
securities it sold and not on how long you have owned your Fund shares.
Since
the Fund’s income is derived primarily from investment in REITs, it is not
expected that the Fund will distribute “qualified dividend income” or income
that would qualify for the dividends-received deduction for corporate
shareholders.
The
Fund’s investments in REITs may at times result in the Fund’s receipt of cash in
excess of the REIT’s earnings (a “return of capital”); if the Fund distributes
these amounts, these distributions could constitute a return of capital to the
Fund’s shareholders for federal income tax purposes.
The
sale of shares in your account may produce a gain or loss, and is a taxable
event. Any capital gain or loss realized upon a sale of Fund shares is
generally treated as a long-term gain or loss if you held the shares you sold
for more than one year. Any capital gain or loss realized upon a sale of Fund
shares held for one year or less is generally treated as a short-term gain or
loss, except that any capital loss on a sale of shares held for six months or
less is treated as a long-term capital loss to the extent of long-term capital
gain dividends paid with respect to such shares. The ability to deduct capital
losses may be limited depending on your circumstances.
In
general, your distributions are subject to federal income tax for the year in
which they are paid. Distributions paid in January, but declared and payable to
shareholders of record in October, November or December of the prior year,
however, may be taxable to you in the prior year. Distributions are generally
taxable even if they are paid from income or gains earned by the Fund before
your investment (and thus were included in the price you paid for your
shares).
REITs
in which the Fund invests often do not provide complete and final tax
information to the Fund until after the time that the Fund issues a tax
reporting statement. As a result, the Fund may at times find it necessary to
reclassify the amount and character of its distributions after it issues a tax
reporting statement. If this were to occur, the financial intermediary with whom
you hold your shares will send you a corrected, final Form 1099-DIV to reflect
the reclassified information.
Early
in each year, you will receive a statement from the firm through which you hold
your Fund shares detailing the amount and nature of all distributions that you
were paid during the prior year. The tax status of your distributions is
the same whether you reinvest them or elect to receive them in cash.
Dividends
and distributions from the Fund and capital gain on the sale of Fund shares are
generally taken into account in determining a shareholder’s “net investment
income”
|
Section
5
General Information |
23 |
for
purposes of the Medicare contribution tax applicable to certain individuals,
estates and trusts.
When
seeking to satisfy redemption requests in whole or in part on a cash basis, the
Fund may be required to sell portfolio securities in order to obtain the cash
needed to distribute redemption proceeds. This may cause the Fund to recognize
investment income and/or capital gains or losses that it might not have
recognized if it had completely satisfied the redemption in-kind. As a result,
the Fund may be less tax efficient if it includes such a cash payment than if
the in-kind redemption process were used.
Distributions
(other than capital gain dividends) paid to individual shareholders that are
neither citizens nor residents of the U.S. or to foreign entities will generally
be subject to a U.S. withholding tax at the rate of 30%, unless a lower treaty
rate applies. Gains realized by foreign shareholders from the sale or other
disposition of shares of the Fund generally are not subject to U.S. taxation,
unless the recipient is an individual who is physically present in the U.S. for
183 days or more per year. The Fund may, under certain circumstances, report all
or a portion of a dividend as an “interest-related dividend” or a “short-term
capital gain dividend,” which would generally be exempt from this 30% U.S.
withholding tax, provided certain other requirements are met. Different tax
consequences may result if you are a foreign shareholder engaged in a trade or
business within the United States or if you are a foreign shareholder entitled
to claim the benefits of a tax treaty.
Please
note that if you do not furnish the Fund with your correct Social Security
number or employer identification number, you fail to provide certain
certifications to the Fund, you fail to certify whether you are a U.S. citizen
or a U.S. resident alien, or the Internal Revenue Service notifies the Fund to
withhold, federal law requires the Fund to withhold federal income tax from your
distributions and redemption proceeds at the applicable withholding rate.
Qualified
Business Income
A
large portion of the Fund’s portfolio holdings consist of REITs. For tax years
beginning after December 31, 2017, the Tax Cuts and Jobs Act generally would
allow a non-corporate taxpayer a deduction equal to the investor’s combined
qualified business income, which would include 20% of the investor’s qualified
REIT dividends. Treasury has issued regulations that allow regulated investment
companies (“RICs”) such as the Fund to report a portion of their distributions
that relate to dividends received from REITs as qualified REIT dividends
eligible for the 20% deduction. The total amount of Fund distributions that
qualify for this deduction is disclosed to investors on their Forms 1099-DIV,
which are made available in February after the close of a calendar
year.
Buying
or Selling Shares Close to a Record Date
Buying
Fund shares shortly before the record date for a taxable dividend or capital
gain distribution is commonly known as “buying the dividend” and generally
should be avoided by taxable investors. The entire distribution may be taxable
to you even though a portion of the distribution effectively represents a return
of your purchase price.
Cost
Basis Method
You
may elect a cost basis method to apply to shares held in your account with your
financial intermediary. The cost basis method you select will determine the
order in which such shares are sold and how your cost basis information is
calculated and subsequently reported to you and to the Internal Revenue Service.
Please consult your tax advisor to determine which cost basis method best suits
your specific situation. Please contact your financial intermediary for
instructions on how to make your election.
|
24 |
Section
5
General Information |
If
you do not make an election, your financial intermediary will choose its own
default cost basis method.
Taxes
on Creation and Redemption of Creation Units
An
Authorized Participant having the U.S. dollar as its functional currency for
U.S. federal income tax purposes that exchanges securities for Creation Units
generally will recognize a gain or loss equal to the difference between
(i) the sum of the market value of the Creation Units at the time of the
exchange and any amount of cash received by the Authorized Participant in the
exchange and (ii) the sum of the exchanger’s aggregate basis in the
securities surrendered and any amount of cash paid for such Creation Units. An
Authorized Participant who redeems Creation Units will generally recognize a
gain or loss equal to the difference between the exchanger’s basis in the
Creation Units and the sum of the aggregate U.S. dollar market value of the
securities plus the amount of any cash received for such Creation Units. The
Internal Revenue Service, however, may assert that a loss that is realized upon
an exchange of securities for Creation Units may not be currently deducted under
the rules governing “wash sales” (for a person who does not mark-to-market its
holdings), or on the basis that there has been no significant change in economic
position.
Gain
or loss recognized by an Authorized Participant upon an issuance of Creation
Units in exchange for securities, or upon a redemption of Creation Units, may be
capital or ordinary gain or loss depending on the circumstances. Any capital
gain or loss realized upon an issuance of Creation Units in exchange for
securities will generally be treated as long-term capital gain or loss if the
securities have been held for more than one year. Any capital gain or loss
realized upon the redemption of a Creation Unit will generally be treated as
long-term capital gain or loss if the Fund shares comprising the Creation Unit
have been held for more than one year. Otherwise, such capital gains or losses
are treated as short-term capital gains or losses.
Persons
exchanging securities for Creation Units should consult their own tax advisors
with respect to the tax treatment of any creation or redemption transaction and
whether the wash sales rules apply and when a loss might be deductible. If you
purchase or redeem Creation Units, you will be sent a confirmation statement
showing how many Fund shares you purchased or redeemed and at what price.
The
foregoing discussion summarizes some of the consequences under current U.S.
federal tax law of an investment in the Fund. It is not a substitute for
personal tax advice. You may also be subject to state and local taxation on Fund
distributions and sales of shares. Consult your personal tax advisor about the
potential tax consequences of an investment in shares of the Fund under all
applicable tax laws.
The
Fund’s NAV is determined as of the close of trading (normally 4:00 p.m. New
York time) on the New York Stock Exchange (“NYSE”)
on each Business Day. The Fund’s NAV per share is calculated by taking the value
of the Fund’s total assets, including interest or dividends accrued but not yet
collected, less all liabilities, and dividing by the total number of shares
outstanding. The Fund’s latest NAV per share is available on the Fund’s website
at www.nuveen.com/etf.
In
determining NAV, exchange-traded instruments generally are valued at the last
reported sales price or official closing price on an exchange, if available.
Independent pricing services typically value non-exchange-traded instruments
utilizing a range of market-based inputs and assumptions, including readily
available market quotations obtained from broker-dealers making markets in such
instruments, cash flows, and
|
Section
5
General Information |
25 |
transactions
for comparable instruments. In pricing certain instruments, the pricing services
may consider information about an instrument’s issuer or market activity
provided by the Adviser or Sub-Adviser.
If
a price cannot be obtained from a pricing service or other pre-approved source,
or if, in the judgment of the Adviser, a price is unreliable, a portfolio
instrument will be valued at its fair value as determined in good faith by the
Board or its appointee. The Adviser may determine that a price is unreliable in
various circumstances. For example, a price may be deemed unreliable if it has
not changed for an identified period of time, or has changed from the previous
day’s price by more than a threshold amount, and recent transactions and/or
broker dealer price quotations differ materially from the price in
question.
The
Board has adopted valuation procedures for the Fund and has appointed the
Adviser’s Valuation Committee with the day-to-day responsibility for fair value
determinations. All fair value determinations made by the Valuation Committee
are subject to review and ratification by the Board. As a general principle, the
fair value of a portfolio instrument is the amount that an owner might
reasonably expect to receive upon the instrument’s current sale. A range of
factors and analysis may be considered when determining fair value, including
relevant market data, interest rates, credit considerations and/or issuer
specific news. However, fair valuation involves subjective judgments, and it is
possible that the fair value determined for a portfolio instrument may be
materially different from the value that could be realized upon the sale of that
instrument.
Information
showing the number of days the market price of the Fund’s shares was greater
than the Fund’s NAV per share (i.e.,
at a premium) and the number of days it was less than the Fund’s NAV per share
(i.e.,
at a discount) are made available on the Fund’s website at www.nuveen.com/etf.
Brown
Brothers Harriman (“BBH”)
is the administrator, custodian and transfer agent for the Fund.
The
Index is a product of S&P Dow Jones Indices LLC or its affiliates
(“SPDJI”)
and Dow Jones, and has been licensed for use by the Adviser. Standard &
Poor’s®
and S&P®
are registered trademarks of Standard & Poor’s Financial Services LLC
(“S&P”);
Dow Jones®
is a registered trademark of Dow Jones Trademark Holdings LLC (“Dow
Jones”);
and these trademarks have been licensed for use by SPDJI and sublicensed for
certain purposes by the Adviser. The Fund is not sponsored, endorsed, sold or
promoted by SPDJI, Dow Jones, S&P, or any of their respective affiliates
(collectively, “S&P
Dow Jones Indices”),
and none of such parties make any representation regarding the advisability of
investing in such product(s) nor do they have any liability for any errors,
omissions, or interruptions of the Index.
S&P
Dow Jones Indices does not make any representation or warranty, express or
implied, to the owners of the Fund or any member of the public regarding the
advisability of investing in securities generally or in the Fund particularly or
the ability of the Index to track general market performance. S&P Dow Jones
Indices’ only relationship to the
|
26 |
Section
5
General Information |
Adviser
with respect to the Index is the licensing of the Index and certain trademarks,
service marks and/or trade names of S&P Dow Jones Indices and/or its
licensors. The Index is determined, composed and calculated by S&P Dow Jones
Indices without regard to the Adviser or the Fund. S&P Dow Jones Indices
have no obligation to take the needs of the Adviser or the owners of the Fund
into consideration in determining, composing or calculating the Index. The
S&P Dow Jones Indices are not responsible for and have not participated in
the determination of the prices, and amount of the Fund or the timing of the
issuance or sale of the Fund or in the determination or calculation of the
equation by which the Fund is to be converted into cash, surrendered or
redeemed, as the case may be. S&P Dow Jones Indices have no obligation or
liability in connection with the administration, marketing or trading of the
Fund. There is no assurance that investment products based on the Index will
accurately track index performance or provide positive investment returns.
S&P Dow Jones Indices LLC is not an investment advisor. Inclusion of a
security within an index is not a recommendation by S&P Dow Jones Indices to
buy, sell, or hold such security, nor is it considered to be investment
advice.
S&P
DOW JONES INDICES DOES NOT GUARANTEE THE ADEQUACY, ACCURACY, TIMELINESS AND/OR
THE COMPLETENESS OF THE INDEX OR ANY DATA RELATED THERETO OR ANY COMMUNICATION,
INCLUDING BUT NOT LIMITED TO, ORAL OR WRITTEN COMMUNICATION (INCLUDING
ELECTRONIC COMMUNICATIONS) WITH RESPECT THERETO. S&P DOW JONES INDICES SHALL
NOT BE SUBJECT TO ANY DAMAGES OR LIABILITY FOR ANY ERRORS, OMISSIONS, OR DELAYS
THEREIN. S&P DOW JONES INDICES MAKES NO EXPRESS OR IMPLIED WARRANTIES, AND
EXPRESSLY DISCLAIMS ALL WARRANTIES, OF MERCHANTABILITY OR FITNESS FOR A
PARTICULAR PURPOSE OR USE OR AS TO RESULTS TO BE OBTAINED BY THE ADVISER, OWNERS
OF THE FUND, OR ANY OTHER PERSON OR ENTITY FROM THE USE OF THE INDEX OR WITH
RESPECT TO ANY DATA RELATED THERETO. WITHOUT LIMITING ANY OF THE FOREGOING, IN
NO EVENT WHATSOEVER SHALL S&P DOW JONES INDICES BE LIABLE FOR ANY INDIRECT,
SPECIAL, INCIDENTAL, PUNITIVE, OR CONSEQUENTIAL DAMAGES INCLUDING BUT NOT
LIMITED TO, LOSS OF PROFITS, TRADING LOSSES, LOST TIME OR GOODWILL, EVEN IF THEY
HAVE BEEN ADVISED OF THE POSSIBILITY OF SUCH DAMAGES, WHETHER IN CONTRACT, TORT,
STRICT LIABILITY, OR OTHERWISE. THERE ARE NO THIRD PARTY BENEFICIARIES OF ANY
AGREEMENTS OR ARRANGEMENTS BETWEEN S&P DOW JONES INDICES AND THE ADVISER,
OTHER THAN THE LICENSORS OF S&P DOW JONES INDICES.”
Shares
of the Fund are not sponsored, endorsed or promoted by the Listing Exchange. The
Listing Exchange makes no representation or warranty, express or implied, to the
owners of shares of the Fund or any member of the public regarding the ability
of the Fund to track the total return performance of its Index or the ability of
the Index to track REIT performance. The Listing Exchange is not responsible
for, nor has it participated in, the determination of the compilation or the
calculation of the Index, nor in the determination of the timing of, prices of
or quantities of shares of the Fund to be issued, nor in the determination or
calculation of the equation by which the shares are redeemable. The Listing
Exchange has no obligation or liability to owners of shares of the Fund in
connection with the administration, marketing or trading of shares of the Fund.
The Listing Exchange does not guarantee the accuracy and/or the completeness of
the Index or any data included therein. The Listing Exchange makes no
warranty,
|
Section
5
General Information |
27 |
express
or implied, as to results to be obtained by the Trust, on behalf of the Fund as
licensee, licensee’s customers and counterparties, owners of shares of the Fund
or any other person or entity, from the use of the Index or any data included
therein in connection with the rights licensed as described herein or for any
other use.
The
Listing Exchange makes no express or implied warranties and hereby expressly
disclaims all warranties of merchantability or fitness for a particular purpose
with respect to the Index or any data included therein. Without limiting any of
the foregoing, in no event shall the Listing Exchange have any liability for any
direct, indirect, special, punitive, consequential or any other damages
(including lost profits) even if notified of the possibility of such
damages.
|
28 |
Section
5
General Information |
Section
6
Financial Highlights
The
financial highlights table is intended to help you understand the Fund’s
financial performance for the period of operations for the Fund. Certain
information reflects financial results for a single Fund share. The total
returns in the table represent the rate that an investor would have earned (or
lost) on an investment in the Fund (assuming reinvestment of all dividends and
distributions).
This
has been derived from information that has been audited by KPMG LLP, whose
report for the most recent fiscal year, along with the Fund’s financial
statements, are included in the Fund’s annual report, which is available upon
request.
Selected
data for a share outstanding throughout the period:
|
Investment
Operations |
Less
Distributions |
||||||||||||
|
Year
Ended December 31, |
Beginning NAV |
Net Investment Income (Loss)(a) |
Net Realized/ Unrealized Gain (Loss) |
Total |
From Net Investment Income |
From Accumulated Net Realized Gains |
Return of Capital |
Total |
Ending NAV |
Ending Market Price | |||
|
2021 |
$26.98 |
$0.46 |
$13.79 |
$14.25 |
$(0.39) |
$
— |
$(0.16) |
$(0.55) |
$40.68 |
$40.74 | |||
|
2020 |
30.24 |
0.48 |
(2.82 |
) |
(2.34 |
) |
(0.59) |
(0.04) |
(0.29) |
(0.92) |
26.98 |
26.98 | |
|
2019 |
25.05 |
0.75 |
5.50 |
6.25 |
(0.73) |
(0.33) |
— |
(1.06) |
30.24 |
30.23 | |||
|
2018 |
26.35 |
0.82 |
(1.10 |
) |
(0.28 |
) |
(0.95) |
(0.07) |
— |
(1.02) |
25.05 |
24.99 | |
|
2017 |
25.49 |
0.70 |
1.16 |
1.86 |
(0.70) |
(0.26) |
(0.04) |
(1.00) |
26.35 |
26.01 | |||
|
Section
6
Financial Highlights |
29 |
|
Ratios/Supplemental
Data | ||||||
|
Total
Return |
Ratios
to Average Net Assets |
|||||
|
Based on NAV(b) |
Based on Market Price(b) |
Ending Net Assets (000) |
Expenses |
Net Investment Income (Loss) |
Portfolio Turnover Rate(c) | |
|
53.19% |
53.42% |
$117,978 |
0.35% |
1.31% |
11% | |
|
(7.29) |
(7.27) |
24,283 |
0.35 |
1.95 |
29 | |
|
25.10 |
25.38 |
57,451 |
0.35 |
2.57 |
14 | |
|
(1.05) |
0.01 |
31,316 |
0.35 |
3.05 |
16 | |
|
7.45 |
8.41 |
6,588 |
0.35 |
2.70 |
20 | |
(a) Per
share Net Investment Income (Loss) is calculated using the average daily shares
method.
(b) Total
Return Based on NAV reflects the change in NAV over the period, including the
assumed reinvestment of distributions, if any, at NAV on each ex-dividend
payment date during the period. Total Return Based on Market Price reflects the
change in the market price per share over the period, including the assumed
reinvestment of distributions, if any, at the ending market price per share on
each ex-dividend payment date during the period. Total returns are not
annualized.
(c) Portfolio
Turnover Rate is calculated based on the lesser of long-term purchases or sales
divided by the average long-term market value during the period. Portfolio
Turnover Rate excludes securities received or delivered as a result of
processing in-kind creations or redemptions of Fund shares.
|
30 |
Section
6
Financial Highlights |
![[image]](g302443img_e5d74893439a4.jpg)
Several
additional sources of information are available to you, including the codes of
ethics adopted by the Fund, Nuveen, the Adviser and the Sub-Adviser. The
statement of additional information, incorporated by reference into this
prospectus, contains detailed information on the policies and operation of the
Fund included in this prospectus. Additional information about the Fund’s
investments will be available in the annual and semi-annual reports to
shareholders. In the Fund’s annual report, you will find a discussion of the
market conditions and investment strategies that significantly affected the
Fund’s performance during its last fiscal year. The Fund’s most recent statement
of additional information, annual and semi-annual reports and certain other
information are available, free of charge, by calling Nuveen Investor Services
at (888) 290-9881, on the Fund’s website at www.nuveen.com/etf, or through your
financial advisor. Shareholders may call the toll free number above with
any inquiries.
You
may also obtain this and other Fund information directly from the SEC. Reports
and other information about the Fund are available on the EDGAR Database on the
SEC’s website at http://www.sec.gov. You may also request Fund information by
sending an e-mail request to [email protected]. The SEC may charge a copying
fee for this information.
Distributed
by
Nuveen Securities, LLC
333 West Wacker Drive
Chicago, Illinois 60606
www.nuveen.com/etf
Nuveen Securities, LLC
333 West Wacker Drive
Chicago, Illinois 60606
www.nuveen.com/etf
No
person has been authorized to give any information or to make any
representations other than those contained in this prospectus in connection with
the offer of Fund shares, and, if given or made, the information or
representations must not be relied upon as having been authorized by the Fund.
Neither the delivery of this prospectus nor any sale of Fund shares shall under
any circumstance imply that the information contained herein is correct as of
any date after the date of this prospectus. Please read and keep this prospectus
for future reference.
Dealers
effecting transactions in Fund shares, whether or not participating in this
distribution, are generally required to deliver a prospectus. This is in
addition to any obligation of dealers to deliver a prospectus when acting as
underwriters.
The
Fund is a series of Nushares ETF Trust, whose Investment Company Act file number
is 811-23161.
|
NPR-NURE-0422P |