Funds

Exchange-Traded

Funds

Nuveen

Exchange-Traded

July

31,

2022

Annual

Report

Fund

Name

Listing

Exchange

Ticker

Symbol

Nuveen

Global

Net

Zero

Transition

ETF

NASDAQ

Stock

Market

LLC

NTZG

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NOT

FDIC

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MAY

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VALUE

NO

BANK

GUARANTEE

Table

of

Contents

3

Chair’s

Letter

to

Shareholders

4

Portfolio

Managers’

Comments

5

Risk

Considerations

7

Fund

Performance,

Expense

Ratios

and

Holdings

Summaries

8

Expense

Examples

11

Report

of

Independent

Registered

Public

Accounting

Firm

12

Portfolio

of

Investments

13

Statement

of

Assets

and

Liabilities

16

Statement

of

Operations

17

Statement

of

Changes

in

Net

Assets

18

Financial

Highlights

19

Notes

to

Financial

Statements

21

Important

Tax

Information

27

Additional

Fund

Information

28

Glossary

of

Terms

Used

in

this

Report

29

Annual

Investment

Management

Agreement

Approval

Process

30

Liquidity

Risk

Management

Program

34

Trustees

and

Officers

35

4

Chair’s

Letter

to

Shareholders

Dear

Shareholders,

The

question

of

whether

economies

are

moving

toward

normalization

or

recession

has

dominated

financial

markets

in

2022.

Persistently

high

inflation

has

made

the

outcome

more

unpredictable,

as

it

has

dampened

consumer

sentiment,

pushed

central

banks

into

raising

interest

rates

more

aggressively

and

contributed

to

considerable

turbulence

in

the

markets

this

year.

Inflation

has

surged

partially

due

to

COVID

supply

chain

bottlenecks

and

exacerbated

by

Russia’s

war

in

Ukraine

and

recent

lockdowns

across

China

to

contain

a

large-scale

COVID-

19

outbreak.

This

has

necessitated

increasingly

forceful

responses

from

the

U.S.

Federal

Reserve

(Fed)

and

other

central

banks,

who

have

signaled

their

intentions

to

slow

inflation

while

tolerating

slower

economic

growth.

As

anticipated,

the

Fed

began

the

rate

hiking

cycle

in

March

2022,

raising

its

short-term

rate

by

0.25%

from

near

zero

for

the

first

time

since

the

pandemic

was

declared

two

years

ago.

Larger

increases

of

0.50%

in

May

and

0.75%

in

June,

July

and

September

2022

followed,

bringing

the

target

fed

funds

rate

to

a

range

of

3.00%

to

3.25%.

Additional

rate

hikes

are

expected

in

the

remainder

of

this

year,

although

Fed

officials

will

closely

monitor

inflation

data

along

with

other

economic

measures

and

modify

their

rate

setting

policy

based

upon

these

factors.

U.S.

gross

domestic

product

growth

has

now

contracted

for

two

consecutive

quarters,

according

to

government

estimates,

as

consumer

and

business

activity

has

slowed

in

part

due

to

higher

prices

and

borrowing

costs.

However,

the

still

strong

labor

market

suggests

not

all

areas

of

the

economy

are

weakening

in

unison.

While

markets

will

likely

continue

fluctuating

with

the

daily

headlines,

we

encourage

investors

to

keep

a

long-term

perspective.

To

learn

more

about

how

well

your

portfolio

is

aligned

to

your

time

horizon,

risk

tolerance

and

investment

goals,

consider

reviewing

it

with

your

financial

professional.

On

behalf

of

the

other

members

of

the

Nuveen

Fund

Board,

we

look

forward

to

continuing

to

earn

your

trust

in

the

months

and

years

ahead.

Terence

J.

Toth

Chair

of

the

Board

September 23,

2022

Portfolio

Managers’

Comments

5

Nuveen

Global

Net

Zero

Transition

ETF

(NTZG)

The

Fund

features

portfolio

management

by

Nuveen

Asset

Management,

LLC

(NAM),

an

affiliate

of

Nuveen

Fund

Advisors,

LLC,

the

Funds’

investment

adviser.

The

Fund’s

portfolio

managers

include

Thomas

J.

Lavia,

Jr.,

CFA,

Gregory

Mancini

and

Willis

W.

Tsai.

Here

the

Fund’s

portfolio

management

team

reviews

economic

and

market

conditions,

key

investment

strategies

and

the

Fund’s

performance

for

the

abbreviated

reporting

period

since

the

Fund’s

commencement

on

June

23,

2022

through

July

31,

2022.

For

more

information

on

the

Fund’s

investment

objectives

and

policies,

please

refer

to

the

prospectus.

What

factors

affected

the

economy

and

market

conditions

during

the

abbreviated

reporting

period

since

the

Fund’s

commencement

of

operations

on

June

23,

2022

through

July

31,

2022?

After

recovering

from

the

pandemic

in

2021,

the

U.S.

economy

weakened

in

the

first

half

of

2022.

Overall,

2021

gross

domestic

product

(GDP)

grew

by

5.7%

as

the

economy

reopened

with

the

help

of

$5.3

trillion

in

crisis-related

aid

from

the

federal

government,

low

borrowing

rates

for

businesses

and

individuals,

an

increase

in

COVID-19

vaccinations

and

improved

treatments

for

COVID-19.

However,

in

early

2022,

China’s

COVID-19

lockdown

and

the

Russia-Ukraine

war

worsened

existing

pandemic-related

supply

chain

disruptions.

Inflation

increased

more

than

expected

during

the

first

half

of

2022,

putting

pressure

on

global

central

banks

to

respond

with

more

aggressive

measures.

The

U.S.

Federal

Reserve

(Fed)

began

an

interest

rate

hiking

cycle

in

March

2022

with

a

0.25%

hike

to

the

target

federal

funds

rate,

followed

by

larger

increases

of

0.50%

in

May

2022,

0.75%

in

June

2022

and

another

0.75%

in

July

2022.

Overall,

the

Fed

raised

the

target

federal

funds

rate

from

near

zero

at

the

start

of

2022

to

a

range

of

2.25%

to

2.50%

by

July

2022.

Subsequent

to

the

end

of

the

reporting

period,

the

Fed

raised

the

policy

interest

rate

another

0.75%

in

September

2022

to

a

range

of

3.00%

to

3.25%.

Interest

rate,

stock

and

bond

price

volatility

increased

as

markets

considered

whether

the

Fed

could

cool

inflation

without

putting

the

economy

into

a

recession.

Additionally,

the

U.S.

dollar

appreciated

significantly

relative

to

major

world

currencies

beginning

in

March

of

2022,

serving

as

a

headwind

to

the

profits

of

international

companies

and

U.S.

domestic

companies

with

overseas

earnings.

The

dollar’s

appreciation

was

driven

in

part

by

the

Fed’s

increasingly

forceful

response

to

inflation

compared

with

other

central

banks,

the

relatively

better

prospects

of

the

U.S.

economy

and

“safe-haven”

flows

from

investors

uncertain

about

geopolitical

and

global

economic

conditions.

By

mid-year,

inflation

and

higher

borrowing

costs

appeared

to

be

dampening

consumer

confidence

and

consumer

spending.

Also,

two

consecutive

quarters

of

negative

U.S.

GDP

growth

added

to

recession

risks.

U.S.

GDP

fell

by

an

annual

rate

of

0.6%

in

the

second

quarter

of

2022,

according

to

the

second

estimate

from

the

U.S.

Bureau

of

Economic

Analysis.

This

followed

a

1.6%

annualized

GDP

decrease

in

the

first

quarter

of

2022.

However,

the

labor

market,

another

key

gauge

of

the

economy’s

health,

has

remained

resilient.

As

of

July

2022,

the

U.S.

unemployment

rate

fell

to

3.5%,

its

pre-pandemic

low,

and

the

economy

has

now

recovered

the

22

million

jobs

lost

since

the

beginning

of

the

pandemic.

Nuveen

Global

Net

Zero

Transition

ETF

(NTZG)

What

key

strategies

were

used

to

manage

the

Fund

during

abbreviated

reporting

period

since

the

Fund’s

commencement

on

June

23,

2022

through

July

31,

2022?

The

Fund

is

an

actively

managed

exchange-traded

fund

(ETF)

that

seeks

to

provide

capital

appreciation.

Under

normal

market

conditions,

the

Fund

invests

at

least

80%

of

the

sum

of

its

net

assets

and

the

amount

of

any

borrowings

for

investment

purposes

in

equity

securities

of

companies

that

the

sub-adviser

believes

will

have

a

positive

impact

on

the

carbon

economy

through

their

current

and/or

planned

efforts

to

reduce

global

greenhouse

gas

emissions,

which,

in

turn,

will

contribute

to

the

overall

transition

to

a

net

zero

economy.

During

the

abbreviated

reporting

period,

the

portfolio

was

fully

invested

in

a

diverse

group

of

70

to

80

high

quality

companies

from

around

the

world

that

met

the

Fund’s

net

zero

transition

criteria.

The

Fund’s

investments

were

selected

with

a

longer-term

time

horizon

to

keep

portfolio

turnover

low.

The

Fund

commenced

operations

during

a

period

of

elevated

market

volatility,

which

provided

ample

opportunity

to

invest

in

stocks

with

attractive

valuations.

The

investment

management

team

sought

fundamentally

high-quality

companies

from

a

variety

of

style

factors

and

regions.

Portfolio

Managers’

Comments

(continued)

6

How

did

the

Fund

perform

during

the

abbreviated

reporting

period

since

the

Fund’s

commencement

on

June

23,

2022

through

July

31,

2022?

For

the

abbreviated

reporting

period,

NTZG

performed

in

line

with

the

MSCI

All

Country

World

Index

(Net).

For

the

purposes

of

this

Performance

Commentary,

references

to

relative

performance

are

in

comparison

to

the

MSCI

All

Country

World

Index

(Net).

The

abbreviated

reporting

period

spans

approximately

five

weeks

and

includes

the

Fund’s

initial

invest-up

period.

These

constraints

make

the

Fund’s

underlying

performance

trends

less

meaningful

than

the

performance

over

a

longer-term

period

with

a

fully

invested

portfolio.

Nevertheless,

the

Fund

performed

in

line

with

the

benchmark

in

the

volatile

market

conditions

of

this

abbreviated

reporting

period.

Favorable

security

selection

in

the

information

technology

sector

was

the

most

significant

contributor

to

relative

performance,

led

by

a

holding

in

ON

Semiconductor,

a

U.S.-based

semiconductor

supplier.

Offsetting

the

Fund’s

outperformance

was

unfavorable

security

selection

in

the

utilities

and

health

care

sectors.

Enel

SpA.,

a

multi-

national

electricity

distributor

based

in

Italy,

was

among

the

larger

detractors

to

relative

performance

in

the

portfolio

during

the

abbreviated

reporting

period.

The

Fund

continued

to

hold

the

position

based

on

the

long-term

fundamental

view

of

the

company.

This

material

is

not

intended

to

be

a

recommendation

or

investment

advice,

does

not

constitute

a

solicitation

to

buy,

sell

or

hold

a

security

or

an

investment

strategy,

and

is

not

provided

in

a

fiduciary

capacity.

The

information

provided

does

not

take

into

account

the

specific

objectives

or

circumstances

of

any

particular

investor,

or

suggest

any

specific

course

of

action.

Investment

decisions

should

be

made

based

on

an

investor’s

objectives

and

circumstances

and

in

consultation

with

his

or

her

advisors.

Certain

statements

in

this

report

are

forward-looking

statements.

Discussions

of

specific

investments

are

for

illustration

only

and

are

not

intended

as

recommendations

of

individual

investments.

The

forward-looking

statements

and

other

views

expressed

herein

are

those

of

the

portfolio

managers

as

of

the

date

of

this

report.

Actual

future

results

or

occurrences

may

differ

significantly

from

those

anticipated

in

any

forward-looking

statements

and

the

views

expressed

herein

are

subject

to

change

at

any

time,

due

to

numerous

market

and

other

factors.

The

Fund

disclaims

any

obligation

to

update

publicly

or

revise

any

forward-looking

statements

or

views

expressed

herein.

Refer

to

the

Glossary

of

Terms

Used

in

this

Report

for

further

definition

of

the

terms

used

within

this

section.

Risk

Considerations

7

Nuveen

Global

Net

Zero

Transition

ETF

(NTZG)

Investing

involves

risk;

principal

loss

is

possible.

Because

the

Fund

will

exclude

securities

of

certain

issuers

for

non-financial

reasons

(i.e.,

companies

that

the

sub-adviser

does

not

classify

as

Net

Zero

Transition

Companies

and

companies

involved

in

certain

prohibited

activities),

the

Fund

may

forgo

some

market

opportunities

available

to

funds

that

do

not

pursue

a

net

zero

carbon

economy

investment

strategy

or

may

be

required

to

sell

a

security

when

it

might

otherwise

be

disadvantageous

to

do

so.

This

may

cause

the

Fund

to

underperform

the

stock

market

as

a

whole

or

other

funds

that

do

not

employ

such

an

investment

strategy.

In

addition,

there

is

a

risk

that

the

companies

identified

by

the

Fund’s

investment

strategy

will

not

operate

as

expected

with

respect

to

the

transition

to

a

net

zero

economy

and

the

reduction

of

global

greenhouse

gas

emissions.

Further,

in

selecting

companies

for

inclusion

in

the

Fund’s

portfolio,

the

sub-adviser

relies

on

information

and

data

related

to

carbon

intensity

and

carbon

emissions

provided

by

a

third-party

research

firm,

which

could

be

incomplete

or

erroneous,

which

in

turn

could

cause

the

sub-adviser

to

assess

a

company’s

net

zero

carbon

economy

characteristics

incorrectly.

Responsible

investing

incorporates

Environmental

Social

Governance

(ESG)

factors

that

may

affect

exposure

to

issuers,

sectors,

industries,

limiting

the

type

and

number

of

investment

opportunities

available,

which

could

result

in

excluding

investments

that

perform

well.

Prices

of

equity

securities

may

decline

significantly

over

short

or

extended

periods

of

time.

Large

companies

are

more

mature

and

may

grow

more

slowly

than

the

overall

market.

An

investment

in

common

stocks

of

issuers

with

small

or

medium

market

capitalizations

generally

involves

greater

risk

and

price

volatility

than

an

investment

in

common

stocks

of

larger,

more

established

companies.

Foreign

investments

involve

additional

risks

including

currency

fluctuations,

political

and

economic

instability,

and

lack

of

liquidity.

These

and

other

risk

considerations

are

described

in

detail

in

the

Fund’s

prospectus.

8

Fund

Performance,

Expense

Ratios

and

Holdings

Summaries

The

Fund

Performance,

Expense

Ratios

and

Holdings

Summaries

for

the

Fund

are

shown

within

this

section

of

the

report.

Fund

Performance

Performance

data

shown

represents

past

performance

and

does

not

predict

or

guarantee

future

results

.

Investment

returns

and

principal

value

will

fluctuate

so

that

when

shares

are

sold,

they

may

be

worth

more

or

less

than

their

original

cost.

Current

performance

may

be

higher

or

lower

than

the

performance

shown.

Total

returns

for

a

period

of

less

than

one

year

are

not annualized

(i.e.

cumulative

returns).

Returns

assume

reinvestment

of

dividends

and

capital

gains.

Market

price

returns

are

based

on

the

closing

market

price

as

of

the

end

of

the

reporting

period.

For

performance

current

to

the

most

recent

month-end

visit

nuveen.com

or

call

(800)

257-8787.

Returns

do

not

reflect

the

deduction

of

taxes

that

a

shareholder

would

pay

on

Fund

distributions

or

the

sale

of

Fund

shares.

Expense

Ratios

The

expense

ratios

shown

are

as

of

the

Fund’s

most

recent

prospectus.

The

expense

ratios

shown

reflect

total

operating

expenses

(before

fee

waivers

and/or

expense

reimbursements,

if

any).

The

expense

ratios

include

management

fees

and

other

fees

and

expenses.

Refer

to

the

Financial

Highlights

later

in

this

report

for

the

Fund’s

expense

ratios

as

of

the

end

of

the

reporting

period.

Holdings

Summaries

The

Holdings

Summaries

data

relates

to

the

securities

held

in

the

Fund’s

portfolio

of

investments

as

of

the

end

of

this

reporting

period.

It

should

not

be

construed

as

a

measure

of

performance

for

the

Fund

itself.

Holdings

are

subject

to

change.

Refer

to

the

Fund’s

Portfolio

of

Investments

for

individual

security

information. 

Nuveen

Global

Net

Zero

Transition

ETF

(NTZG)

(continued)

Fund

Performance,

Expense

Ratios

and

Holdings

Summaries

July

31,

2022

9

Refer

to

the

first

page

of

this

Fund

Performance,

Expense

Ratios

and

Holdings

Summaries section

for

further

expla-

nation

of the

information

included

within

this

section. 

Refer

to

the

Glossary

of

Terms

Used

in

this

Report

for

further

definition

of

terms

used

in

this

section.

Fund

Performance

and

Expense

Ratios*

*

For

purposes

of

Fund

performance,

relative

results

are

measured

against

the

MSCI

ACWI

Index

(Net).

Growth

of

an

Assumed

$10,000

Investment

as

of July

31,

2022

The

graphs

do

not

reflect

the

deduction

of

taxes

that

a

shareholder

may

pay

on

Fund

distributions

or

the

redemption

of

Fund

Shares.

Total

Returns

as

of

July

31,

2022

Cumulative

Expense

Ratios

Inception

Date

Since

Inception

NTZG

at

NAV

6/23/22

7.09%

0.55%

NTZG

at

Market

Price

6/23/22

7.61%

—

MSCI

ACWI

Index

(Net)

—

7.00%

—

10

Fund

Performance,

Expense

Ratios

and

Holdings

Summaries

July

31,

2022

(continued)

Holdings

Summaries

as

of

July

31,

2022

Fund

Allocation

(%

of

net

assets)

Common

Stocks

99.7%

Other

Assets

Less

Liabilities

0.3%

Net

Assets

100%

Portfolio

Composition

1

(%

of

net

assets)

Information

Technology

25.0%

Health

Care

12.6%

Consumer

Discretionary

10.6%

Energy

8.7%

Industrials

8.4%

Financials

8.0%

Communication

Services

7.4%

Consumer

Staples

6.9%

Utilities

6.0%

Other

6.1%

Other

Assets

Less

Liabilities

0.3%

Total

100%

Top

Five

Common

Stock

Holdings

(%

of

net

assets)

Microsoft

Corp

4.3%

Amazon.com

Inc

3.3%

Walmart

Inc

2.3%

Taiwan

Semiconductor

Manufacturing

Co

Ltd

2.2%

Schneider

Electric

SE

2.0%

Country

Allocation

2

(%

of

net

assets)

United

States

61.1%

United

Kingdom

6.5%

Taiwan

5.2%

France

5.1%

Netherlands

4.8%

Japan

3.9%

Germany

3.5%

Australia

2.4%

Finland

1.5%

India

1.5%

Other

4.2%

Other

Assets

Less

Liabilities

0.3%

Net

Assets

100%

1

See

the

Portfolio

of

Investments

for

the

remaining

industries/sectors

comprising  “Other”

and

not

listed

in

the

Portfolio

Composition

above.

2

Includes

8.3%

(as

a

percentage

of

net

assets)

in

emerging

market

countries.

Expense

Examples

11

As

a

shareholder

of

the

Fund,

you

incur

two

types

of

costs:

(1)

transaction

costs, including

brokerage

commissions

on

purchase

and

sales

of

Fund

shares,

and

(2)

ongoing

costs,

including

management

fees

and

other

applicable Fund

expenses.

The

Examples

below

are

intended

to

help

you

understand

your

ongoing

costs

(in

dollars)

of

investing

in

the

Fund

and

to

compare

these

costs

with

the

ongoing

costs

of investing

in

other

funds.

Since

the

expense

example

below

reflects

only

the

first

39

days

of

the

Fund's

operations,

it

may

not

provide

a

meaningful

understanding

of

the

Fund's

ongoing

expenses.

The

Examples

below

are

based

on

an

investment

of

$1,000

invested

at

the

beginning

of

the

period

and

held

through

the

period

ended

July

31,

2022.

The

beginning

of

the

period

is

June

23,

2022 (commencement

of

operations). 

The

information

under

“Actual

Performance,”

together

with

the

amount

you

invested,

allows

you

to

estimate

actual

expenses

incurred

over

the

reporting

period.

Simply

divide

your

account

value

by

$1,000

(for

example,

an

$8,600

account

value

divided

by

$1,000

=

8.60)

and

multiply

the

result

by

the

cost

shown

for

your Fund in

the

row

entitled

“Expenses

Incurred

During

Period”

to

estimate

the

expenses

incurred

on

your

account

during

this

period.

The

information

under

“Hypothetical

Performance,”

provides

information

about

hypothetical

account

values

and

hypothetical

expenses

based

on

the

Fund’s

actual

expense

ratio

and

an

assumed

rate

of

return

of

5%

per

year

before

expenses,

which

is

not

the

Fund’s

actual

return.

The

hypothetical

account

values

and

expenses

may

not

be

used

to

estimate

the

actual

ending

account

balance

or

expense

you

incurred

for

the

period.

You

may

use

this

information

to

compare

the

ongoing

costs

of

investing

in

the

Fund

and

other

funds.

To

do

so,

compare

this

5%

hypothetical

example

with

the

5%

hypothetical

examples

that

appear

in

the

shareholder

reports

of

the

other

funds.

Please

note

that

the

expenses

shown

in

the

following

tables

are

meant

to

highlight

your

ongoing

costs

only

and

do

not

reflect

any

transaction

costs.

Therefore,

the

hypothetical

information

is

useful

in

comparing

ongoing

costs

only,

and

will

not

help

you

determine

the

relative

total

costs

of

owning

different

funds

or

share

classes.

In

addition,

if

these

transaction

costs

were

included,

your

costs

would

have

been

higher.

Nuveen

Global

Net

Zero

Transition

ETF

(NTZG)

Actual

Performance

Beginning

Account

Value

$

1,000.00

Ending

Account

Value

$

1,070.90

Expenses

Incurred

During

the

Period

$

0.61

Hypothetical

Performance

(5%

annualized

return

before

expenses)

Beginning

Account

Value

$

1,000.00

Ending

Account

Value

$

1,004.75

Expenses

Incurred

During

the

Period

$

0.59

Expenses

are

equal

to

the

Fund’s

annualized

net

expense

ratio

of

0.55%

multiplied

by

the

average

account

value

over

the

period,

multiplied

by

39/365

(to

reflect

the

39

days

in

the

period

since

commencement

of

operations).

12

Report

of

Independent

Registered

Public

Accounting

Firm

To

the

Shareholders

and

Board

of

Trustees

Nushares

ETF

Trust:

Opinion

on

the

Financial

Statements

We

have

audited

the

accompanying

statement

of

assets

and

liabilities

of

Nuveen

Global

Net

Zero

Transition

ETF

(the

Fund),

including

the

portfolio

of

investments,

as

of

July

31,

2022,

the

related

statement

of

operations

for

the

period

from

June

23,

2022

(commencement

of

operations)

through

July

31,

2022,

the

statement

of

changes

in

net

assets

for

the

period

from

June

23,

2022

through

July

31,

2022,

and

the

related

notes

(collectively,

the

financial

statements)

and

the

financial

highlights

for

the

period

from

June

23,

2022

through

July

31,

2022.

In

our

opinion,

the

financial

statements

and

financial

highlights

present

fairly,

in

all

material

respects,

the

financial

position

of

the

Fund

as

of

July

31,

2022,

the

results

of

its

operations

for

the

period

from

June

23,

2022

through

July

31,

2022,

the

changes

in

its

net

assets

for

the

period

from

June

23,

2022

through

July

31,

2022,

and

the

financial

highlights

for

the

period

from

June

23,

2022

through

July

31,

2022,

in

conformity

with

U.S.

generally

accepted

accounting

principles.

Basis

for

Opinion

These

financial

statements

and

financial

highlights

are

the

responsibility

of

the

Fund's

management.

Our

responsibility

is

to

express

an

opinion

on

these

financial

statements

and

financial

highlights

based

on

our

audit.

We

are

a

public

accounting

firm

registered

with

the

Public

Company

Accounting

Oversight

Board

(United

States)

(PCAOB)

and

are

required

to

be

independent

with

respect

to

the

Fund

in

accordance

with

the

U.S.

federal

securities

laws

and

the

applicable

rules

and

regulations

of

the

Securities

and

Exchange

Commission

and

the

PCAOB.

We

conducted

our

audit

in

accordance

with

the

standards

of

the

PCAOB.

Those

standards

require

that

we

plan

and

perform

the

audit

to

obtain

reasonable

assurance

about

whether

the

financial

statements

and

financial

highlights

are

free

of

material

misstatement,

whether

due

to

error

or

fraud.

Our

audit

included

performing

procedures

to

assess

the

risks

of

material

misstatement

of

the

financial

statements

and

financial

highlights,

whether

due

to

error

or

fraud,

and

performing

procedures

that

respond

to

those

risks.

Such

procedures

included

examining,

on

a

test

basis,

evidence

regarding

the

amounts

and

disclosures

in

the

financial

statements

and

financial

highlights.

Such

procedures

also

included

confirmation

of

securities

owned

as

of

July

31,

2022,

by

correspondence

with

custodians

and

brokers;

when

replies

were

not

received

from

brokers,

we

performed

other

auditing

procedures.

Our

audit

also

included

evaluating

the

accounting

principles

used

and

significant

estimates

made

by

management,

as

well

as

evaluating

the

overall

presentation

of

the

financial

statements

and

financial

highlights.

We

believe

that

our

audit

provides

a

reasonable

basis

for

our

opinion.

/s/

KPMG

LLP

We

have

served

as

the

auditor

of

one

or

more

Nuveen

investment

companies

since

2014.

Chicago,

Illinois

September 28,

2022

13

Nuveen

Global

Net

Zero

Transition

ETF

(NTZG)

Portfolio

of

Investments

July

31,

2022

Shares

Description

(1)

Value

LONG-TERM

INVESTMENTS

-

99.7%  

COMMON

STOCKS

-

99.7%

Communication

Services

-

7.4%

800

Alphabet

Inc,

Class

A

(2)

$

93,056

3,688

AT&T

Inc

69,261

433

Baidu

Inc,

Sponsored

ADR

(2)

59,135

2,004

Comcast

Corp,

Class

A

75,190

1,876

Nexon

Co

Ltd

42,321

572

Walt

Disney

Co

(2)

60,689

Total

Communication

Services

399,652

Consumer

Discretionary

-

10.6%

1,320

Amazon.com

Inc

(2)

178,134

280

EssilorLuxottica

SA

43,525

148

Kering

SA

84,040

256

McDonald's

Corp

67,423

476

NIKE

Inc,

Class

B

54,702

612

Starbucks

Corp

51,885

5,636

Toyota

Motor

Corp

(2)

90,117

Total

Consumer

Discretionary

569,826

Consumer

Staples

-

6.9%

1,448

Diageo

PLC

68,404

308

J

M

Smucker

Co

40,754

476

Procter

&

Gamble

Co

66,121

772

Reckitt

Benckiser

Group

PLC

62,436

952

Walmart

Inc

125,712

Total

Consumer

Staples

363,427

Energy

-

8.7%

1,692

Baker

Hughes

Co

43,467

588

Cheniere

Energy

Inc

87,953

1,624

Neste

Oyj

82,928

272

Pioneer

Natural

Resources

Co

64,450

1,300

Reliance

Industries

Ltd,

Sponsored

GDR,

144A

(3)

82,030

3,940

Shell

PLC

104,474

Total

Energy

465,302

Financials

-

8.0%

448

Bank

of

Montreal

44,634

20,372

Barclays

PLC

38,966

236

Chubb

Ltd

44,519

965

Commonwealth

Bank

of

Australia

67,856

1,448

Fifth

Third

Bancorp

49,406

1,100

Hong

Kong

Exchanges

&

Clearing

Ltd,

ADR

50,281

3,856

ING

Groep

NV

37,316

672

MetLife

Inc

42,504

1,292

Wells

Fargo

&

Co

56,680

Total

Financials

432,162

Health

Care

-

12.6%

586

AstraZeneca

PLC

77,329

916

Centene

Corp

(2)

85,161

292

Cigna

Corp

80,405

324

Eli

Lilly

&

Co

106,820

424

Johnson

&

Johnson

73,996

700

Medtronic

PLC

64,764

Nuveen

Global

Net

Zero

Transition

ETF

(NTZG)

(continued)

Portfolio

of

Investments

July

31,

2022

14

Shares

Description

(1)

Value

Health

Care

(continued)

1,120

Merck

&

Co

Inc

$

100,061

344

Sanofi

34,097

1,088

Siemens

Healthineers

AG,

144A

55,491

Total

Health

Care

678,124

Industrials

-

8.4%

1,752

Flowserve

Corp

59,288

280

Honeywell

International

Inc

53,889

420

Quanta

Services

Inc

58,267

784

Schneider

Electric

SE

107,552

396

Trane

Technologies

PLC

58,208

236

Union

Pacific

Corp

53,643

598

Vinci

SA

56,938

Total

Industrials

447,785

Information

Technology

-

25.0%

29

Adyen

NV,

144A

(2)

51,599

112

ASML

Holding

NV

63,427

112

Broadcom

Inc

59,974

280

Capgemini

SE

52,918

14,000

E

Ink

Holdings

Inc

91,413

2,100

Infineon

Technologies

AG

56,851

88

Keyence

Corp

34,522

164

KLA

Corp

62,900

240

Mastercard

Inc,

Class

A

84,910

3,000

MediaTek

Inc

68,435

816

Microsoft

Corp

229,084

716

Murata

Manufacturing

Co

Ltd

41,503

1,516

ON

Semiconductor

Corp

(2)

101,238

1,268

Oracle

Corp

98,701

536

Salesforce

Inc

(2)

98,635

60

Samsung

SDI

Co

Ltd

26,279

1,350

Taiwan

Semiconductor

Manufacturing

Co

Ltd,

Sponsored

ADR

(2)

119,448

Total

Information

Technology

1,341,837

Materials

-

4.0%

2,254

BHP

Group

Ltd

60,837

548

Crown

Holdings

Inc

55,721

332

Linde

PLC

100,264

Total

Materials

216,822

Real

Estate

-

2.1%

1,484

American

Homes

4

Rent,

Class

A

56,214

1,704

VICI

Properties

Inc

58,260

Total

Real

Estate

114,474

Utilities

-

6.0%

1,052

Constellation

Energy

Corp

69,537

828

Dominion

Energy

Inc

67,879

9,580

Enel

SpA

47,953

668

NextEra

Energy

Inc

56,439

1,900

RWE

AG

77,842

Total

Utilities

319,650

Total

Long-Term

Investments

(cost

$4,993,372)

5,349,061

Other

Assets

Less

Liabilities

-

0.3%

14,963

Net

Assets

-

100%

$

5,364,024

15

For

Fund

portfolio

compliance

purposes,

the

Fund’s

industry

classifications

refer

to

any

one

or

more

of

the

industry

sub-classifications

used

by

one

or

more

widely

recognized

market

indexes

or

ratings

group

indexes,

and/or

as

defined

by

Fund

management.

This

definition

may

not

apply

for

purposes

of

this

report,

which

may

combine

industry

sub-classifications

into

sectors

for

reporting

ease.

(1)

All

percentages

shown

in

the

Portfolio

of

Investments

are

based

on

net

assets.

(2)

Non-income

producing;

issuer

has

not

declared

an

ex-dividend

date

within

the

past

twelve

months.

(3)

For

fair

value

measurement

disclosure

purposes,

investment

classified

as

Level

2.

144A

Investment

is

exempt

from

registration

under

Rule

144A

of

the

Securities

Act

of

1933,

as

amended.

These

investments

may

only

be

resold

in

transactions

exempt

from

registration,

which

are

normally

those

transactions

with

qualified

institutional

buyers.

ADR

American

Depositary

Receipt

GDR

Global

Depositary

Receipt

See

accompanying

notes

to

financial

statements.

Statement

of

Assets

and

Liabilities

July

31,

2022

See

accompanying

notes

to

financial

statements.

16

NTZG

Assets

Long-term

investments,

at

value

†

$

5,349,061‌

Receivable

for

dividends

3,234‌

Receivable

due

from

broker

54,396‌

Total

assets

5,406,691‌

Liabilities

Cash

overdraft

14,397‌

Payable

for

investments

purchased

-

regular

settlement

25,834‌

Accrued

expenses:

Management

fees

2,366‌

Professional

fees

10‌

Trustees

fees

7‌

Other

53‌

Total

liabilities

42,667‌

Net

assets

$

5,364,024‌

Shares

outstanding

200,000‌

Net

asset

value

("NAV")

per

share

$

26.82‌

Net

assets

consist

of:

Capital

paid-in

5,008,860‌

Total

distributable

earnings

(loss)

355,164‌

Net

assets

5,364,024‌

Authorized

shares

Unlimited

Par

value

per

share

$

0.01‌

†

Long-term

investments,

cost

$

4,993,372‌

Statement

of

Operations

For

the

period

June

23,

2022

(commencement

of

opera-

tions)

through

July

31,

2022

See

accompanying

notes

to

financial

statements.

17

NTZG

Investment

Income

Dividends

$

7,039‌

Foreign

tax

withheld

on

dividend

income

(

877‌

)

Total

investment

income

6,162‌

Expenses

Management

fees

2,899‌

Professional

fees

10‌

Trustees

fees

13‌

Other

42‌

Total

expenses

2,964‌

Net

investment

income

(loss)

3,198‌

Realized

and

Unrealized

Gain

(Loss)

Net

realized

gain

(loss)

from

investments

(

3,669‌

)

Change

in

net

unrealized

appreciation

(depreciation)

of

investments

355,635‌

Net

realized

and

unrealized

gain

(loss)

351,966‌

Net

increase

(decrease)

in

net

assets

from

operations

$

355,164‌

Statement

of

Changes

in

Net

Assets

See

accompanying

notes

to

financial

statements.

18

NTZG

For

the

period

6/23/22

(commencement

of

operations)

through

7/31/22

Operations

Net

investment

income

$

3,198‌

Net

realized

gain

(loss)

from

investments

(

3,669‌

)

Change

in

unrealized

appreciation

(depreciation)

of

investments

355,635‌

Net

increase

(decrease)

in

net

assets

from

operations

355,164‌

Fund

Share

Transactions

Proceeds

from

sale

of

shares

5,008,860‌

Net

increase

(decrease)

in

net

assets

from

Fund

share

transactions

5,008,860‌

Net

increase

(decrease)

in

net

assets

5,364,024‌

Net

assets

at

the

beginning

of

period

–‌

Net

assets

at

the

end

of

period

$

5,364,024‌

Financial

Highlights

19

The

Fund's

fiscal

year

end

is

July

31st. 

The

following

data

is

for

a

share

outstanding for

each

fiscal

year

end

unless

otherwise

noted:

Investment

Operations

Less

Distributions

Beginning

NAV

Net

Investment

Income

(NII)

(Loss)(a)

Net

Realized

/Unrealized

Gain

(Loss)

Total

From

NII

From

Accumulated

Net

Realized

Gains

Return

of

Capital

Total

Ending

NAV

Ending

Market

Price

NTZG

2022(d)

$

25.04

$

0.02

$

1.76

$

1.78

$

—

$

—

$

—

$

—

$

26.82

$

26.95

(a)

Per

share

Net

Investment

Income

(Loss)

is

calculated

using

the

average

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

(as

disclosed

in

Note

4

-

Portfolio

Securities

and

Investment

Transactions)

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

(as

disclosed

in

Note

5

-

Fund

Shares).

(d)

For

the

period

June

23,

2022

(commencement

of

operations)

through

July

31,

2022.

(e)

Annualized.

(f)

Value

rounded

to

zero.

See

accompanying

notes

to

financial

statements.

20

Ratios/Supplemental

Data

Total

Return

Ratios

to

Average

Net

Assets

Based

on

NAV(b)

Based

on

Market

Price(b)

Ending

Net

Assets

(000)

Expenses

NII

(Loss)

Portfolio

Turnover

Rate(c)

7.09

%

7.61

%

$

5,364

0.55‌

%

(e)

0.59‌

%

(e)

0

%

(f)

Notes

to

Financial

Statements

21

1.

General

Information 

Trust

and

Fund

Information

The

Nushares

ETF

Trust

(the

“Trust”)

is

an

open-end

management

investment

company

registered

under

the

Investment

Company

Act

of

1940,

as

amended

(the

“1940

Act”).

The

Trust

is

comprised

of

Nuveen

Global

Net

Zero

Transition

ETF

(NTZG)

(the

“Fund”),

as

a

diversified

fund,

among

others.

The

Trust

was

organized

as

a

Massachusetts

business

trust

on

February

20,

2015.

Shares

of

the

Fund

are

listed

and

traded

on

the

NASDAQ

Stock

Market

LLC

(the

“Exchange“).

Current

Fiscal

Period

The

end

of

the

reporting

period

for

the

Fund

is

July

31,

2022,

and

the

period

covered

by

these

Notes

to

Financial

Statements

is

the

fiscal

period

June

23,

2022

(commencement

of

operations)

through

July

31,

2022

(the

“current

fiscal

period”).

Investment

Adviser

and

Sub-Adviser

The

Fund’s

investment

adviser

is

Nuveen

Fund

Advisors,

LLC

(the

“Adviser”),

a

subsidiary

of

Nuveen,

LLC

(“Nuveen”).

Nuveen

is

the

investment

management

arm

of

Teachers

Insurance

and

Annuity

Association

of

America

(“TIAA”).

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.

The

Adviser

has

entered

into

a

sub-advisory

agreement

with

Nuveen

Asset

Management,

LLC

(the

“Sub-Adviser”),

an

affiliate

of

the

Adviser,

under

which

the

Sub-Adviser

manages

the

investment

portfolio

of

the

Fund.

Other

Matters 

The

outbreak

of

the

novel

coronavirus

(“COVID-19”)

and

subsequent

global

pandemic

began

significantly

impacting

the

U.S.

and

global

financial

markets

and

economies

during

the

calendar

quarter

ended

March

31,

2020.

The

worldwide

spread

of

COVID-19

has

created

significant

uncertainty

in

the

global

economy.

The

duration

and

extent

of

COVID-19

over

the

long-term

cannot

be

reasonably

estimated

at

this

time.

The

ultimate

impact

of

COVID-19

and

the

extent

to

which

COVID-19

impacts

the

Fund’s

normal

course

of

business,

results

of

operations,

investments,

and

cash

flows

will

depend

on

future

developments,

which

are

highly

uncertain

and

difficult

to

predict.

Management

continues

to

monitor

and

evaluate

this

situation.

2.

Significant

Accounting

Policies

The

accompanying

financial

statements

were

prepared

in

accordance

with

accounting

principles

generally

accepted

in

the

United

States

of

America

(“U.S.

GAAP”),

which

may

require

the

use

of

estimates

made

by

management

and

the

evaluation

of

subsequent

events.

Actual

results

may

differ

from

those

estimates. The

Fund

is

an

investment

company

and

follows

accounting

guidance

in

the

Financial

Accounting

Standards

Board

(“FASB”)

Accounting

Standards

Codification

946,

Financial

Services

—

Investment

Companies.

The

Net

Asset

Value

("NAV")

for

financial

reporting

purposes

may

differ

from

the

NAV

for

processing

security

and

creation

unit

transactions.

The

NAV

for

financial

reporting

purposes

includes

security

and

creation

unit

transactions

through

the

date

of

the

report.

Total

return

is

computed

based

on

the

NAV

used

for

processing

security

and creation

unit transactions.

The

following

is

a

summary

of

the

significant

accounting

policies

consistently

followed

by

the

Fund.

Compensation

The Trust

pays

no compensation

directly

to

those

of

its

trustees

or

to

its

officers,

all

of

whom

receive

remuneration

for

their

services

to the

Trust

from

the

Adviser

or

its

affiliates.

The

Fund's

Board

of Trustees

(the

"Board")

has

adopted

a

deferred

compensation

plan

for

independent

trustees

that

enables

trustees

to

elect

to

defer

receipt

of

all

or

a

portion

of

the

annual

compensation

they

are

entitled

to

receive

from

certain

Nuveen-advised

funds.

Under

the

plan,

deferred

amounts

are

treated

as

though

equal

dollar

amounts

had

been

invested

in

shares

of

select

Nuveen-advised

funds.

Distributions

to

Shareholders

Distributions

to

shareholders

are

recorded

on

the

ex-dividend

date.

The

amount,

character

and

timing

of

distributions

are

determined

in

accordance

with

federal

income

tax

regulations,

which

may

differ

from

U.S.

GAAP.

Foreign

Currency

Transactions

and

Translation

The

books

and

records

of

the

Fund

are

maintained

in

U.S.

dollars.

Assets,

including

investments,

and

liabilities

denominated

in

foreign

currencies

are

translated

into

U.S.

dollars

at

the

end

of

each

day.

Purchases

and

sales

of

securities,

income

and

expenses

are

translated

into

U.S.

dollars

at

the

prevailing

exchange

rate

on

the

respective

dates

of

the

transactions.

Net

realized

foreign

currency

gains

and

losses

resulting

from

changes

in

exchange

rates

associated

with

(i)

foreign

currency,

(ii)

investments

and

(iii)

derivatives

include

foreign

currency

gains

and

losses

between

trade

date

and

settlement

date

of

the

transactions,

foreign

currency

transactions,

and

the

difference

between

the

amounts

of

interest

and

dividends

recorded

on

the

books

of

the

Fund

and

the

amounts

actually

received

are

recognized

as

a

component

of

“Net

realized

gain

(loss)

from

investments

and

foreign

currency”

on

the

Statement

of

Operations,

when

applicable.

22

Notes

to

Financial

Statements

(continued)

The

unrealized

gains

and

losses

resulting

from

changes

in

foreign

currency

exchange

rates

and

changes

in

foreign

exchange

rates

associated

with

(i)

investments

and

(ii)

other

assets

and

liabilities

are

recognized

as

a

component

of

“Change

in

net

unrealized

appreciation

(depreciation)

of

investments

and

foreign

currency”

on

the

Statement

of

Operations,

when

applicable.

The

unrealized

gains

and

losses

resulting

from

changes

in

foreign

exchange

rates

associated

with

investments

in

derivatives

are

recognized

as

a

component

of

the

respective

derivative’s

related

“Change

in

net

unrealized

appreciation

(depreciation)”

on

the

Statement

of

Operations,

when

applicable.

As

of

the

end

of

the

reporting

period,

the

Fund's

investments

in

non-U.S.

securities

were

as

follows:

Foreign

Taxes

The

Fund

may

be

subject

to

foreign

taxes

on

income,

gains

on

investments

or

foreign

currency

repatriation,

a

portion

of

which

may

be

recoverable. 

The

Fund

will

accrue

such

taxes

and

recoveries

as

applicable,

based

upon

the

current

interpretation

of

tax

rules

and

regulations

that

exist

in

the

markets

in

which

the

Fund

invest.

Indemnifications

Under

the

Trust’s

organizational

documents,

its

officers

and

trustees

are

indemnified

against

certain

liabilities

arising

out

of

the

performance

of

their

duties

to

the

Trust.

In

addition,

in

the

normal

course

of

business,

the

Trust

enters

into

contracts

that

provide

general

indemnifications

to

other

parties.

The

Trust’s

maximum

exposure

under

these

arrangements

is

unknown

as

this

would

involve

future

claims

that

may

be

made

against

the

Trust

that

have

not

yet

occurred.

However,

the

Trust

has

not

had

prior

claims

or

losses

pursuant

to

these

contracts

and

expects

the

risk

of

loss

to

be

remote.

Investments

and

Investment

Income

Securities

transactions

are

accounted

for

as

of

the

end

of

trade

date

for

financial

reporting

purposes.

Realized

gains

and

losses

on

securities

transactions

are

based

upon

the

specific

identification

method.

Dividend

income

is

recorded

on

the

ex-dividend

date.

Foreign

dividend

income

is

recorded

on

the

ex-dividend

date

or

as

soon

as

possible

after

the

Fund

determines

the

existence

of

a

dividend

declaration.

Non-cash

dividends

received

in

the

form

of

stock,

if

any,

are

recognized

on

the

ex-dividend

date

and

recorded

at

fair

value.

Securities

lending

income

is

comprised

of

fees

earned

from

borrowers

and

income

earned

on

cash

collateral

investments.

New

Accounting

Pronouncements

and

Rule

Issuances

Reference

Rate

Reform

In

March

2020,

FASB

issued

Accounting

Standards

Update

(“ASU”)

2020-04,

Reference

Rate

Reform:

Facilitation

of

the

Effects

of

Reference

Rate

Reform

on

Financial

Reporting.

The

main

objective

of

the

new

guidance

is

to

provide

relief

to

companies

that

will

be

impacted

by

the

expected

change

in

benchmark

interest

rates,

when

participating

banks

will

no

longer

be

required

to

submit

London

Interbank

Offered

Rate

(LIBOR)

quotes

by

the

UK

Financial

Conduct

Authority

(FCA).

The

new

guidance

allows

companies

to,

provided

the

only

change

to

existing

contracts

are

a

change

to

an

approved

benchmark

interest

rate,

account

for

modifications

as

a

continuance

of

the

existing

contract

without

additional

analysis.

For

new

and

existing

contracts,

the

Fund

may

elect

to

apply

the

amendments

as

of

March

12,

2020

through

December

31,

2022.

Management

has

not

yet

elected

to

apply

the

amendments,

is

continuously

evaluating

the

potential

effect

a

discontinuation

of

LIBOR

could

have

on

the

Fund's

investments

and

has

currently

determined

that

it

is

unlikely

the

ASU’s

adoption

will

have

a

significant

impact

on

the

Fund's

financial

statements

and

various

filings.

New

Rules

to

Modernize

Fund

Valuation

Framework

Take

Effect

A

new

rule

adopted

by

the

Securities

and

Exchange

Commission

(the

"SEC")

governing

fund

valuation

practices,

Rule

2a-5

under

the

1940

Act,

has

established

requirements

for

determining

fair

value

in

good

faith

for

purposes

of

the

1940

Act.

Rule

2a-5

permits

fund

boards

to

designate

certain

parties

to

perform

fair

value

determinations,

subject

to

board

oversight

and

certain

other

conditions.

Rule

2a-5

also

defines

when

market

quotations

are

"readily

available"

for

purposes

of

Section

29(a)(41)

of

the

1940

Act,

which

requires

a

fund

to

fair

value

a

security

when

market

quotations

are

not

readily

available.

Separately,

new

SEC

Rule

31a-4

under

the

1940

Act

sets

forth

the

recordkeeping

requirements

associated

with

fair

value

determinations.

The

Fund

adopted

a

valuation

policy

conforming

to

the

new

rules,

effective

September

1,

2022,

and

there

was

no

material

impact

to

the

Fund.

NTZG

Value

%

of

Net

Assets

Country:

United

Kingdom

$

347,398

6.5

%

Taiwan

279,296

5.2

France

271,519

5.1

Netherlands

256,817

4.8

Japan

208,462

3.9

Germany

190,184

3.5

Australia

128,694

2.4

Finland

82,928

1.5

India

82,030

1.5

Other

228,282

4.2

Total

non-U.S.

Securities

$2,075,610

38.6%

23

FASB

issues

ASU

2022-03-Fair

Value

Measurement

(Topic

820),

Fair

Value

Measurement

of

Equity

Securities

to

Contractual

Sale

Restrictions

("ASU

2022-03")

In

June

2022,

the

FASB

issued

ASU

2022-03

to

clarify

the

guidance

in

Topic

820,

Fair

Value

Measurement

("Topic

820").

The

amendments

in

ASU

2022-03

affect

all

entities

that

have

investments

in

equity

securities

measured

at

fair

value

that

are

subject

to

a

contractual

sale

restriction.

ASU

2022-

03

(1)

clarifies

the

guidance

in

Topic

820,

when

measuring

the

fair

value

of

an

equity

security

subject

to

contractual

restrictions

that

prohibit

the

sale

of

equity

security,

(2)

amends

a

related

illustrative

example,

and

(3)

introduces

new

disclosure

requirements

for

equity

securities

subject

to

contractual

sale

restrictions

that

are

measured

at

fair

value

in

accordance

with

Topic

820.

For

public

business

entities,

the

amendments

in

ASU

2022-03

are

effective

for

fiscal

years

beginning

after

December

15,

2023,

and

interim

periods

within

those

fiscal

years.

For

all

other

entities,

the

amendments

are

effective

for

fiscal

years

beginning

after

December

15,

2024,

and

interim

periods

within

those

fiscal

years.

Early

adoption

is

permitted

for

both

interim

and

annual

financial

statements

that

have

not

yet

been

issued

or

made

available

for

issuance.

Management

is

currently

assessing

the

impact

of

these

provisions

on

the

Fund's

financial

statements.

3.

Investment

Valuation

and

Fair

Value

Measurements

The

Fund's

investments

in

securities

are

recorded

at

their

estimated

fair

value

utilizing

valuation

methods

approved

by

the

Board.

Fair

value

is

defined

as

the

price

that

would

be

received

upon

selling

an

investment

or

transferring

a

liability

in

an

orderly

transaction

to

an

independent

buyer

in

the

principal

or

most

advantageous

market

for

the

investment.

U.S.

GAAP

establishes

the

three-tier

hierarchy

which

is

used

to

maximize

the

use

of

observable

market

data

and

minimize

the

use

of

unobservable

inputs

and

to

establish

classification

of

fair

value

measurements

for

disclosure

purposes.

Observable

inputs

reflect

the

assumptions

market

participants

would

use

in

pricing

the

asset

or

liability.

Observable

inputs

are

based

on

market

data

obtained

from

sources

independent

of

the

reporting

entity.

Unobservable

inputs

reflect

management’s

assumptions

about

the

assumptions

market

participants

would

use

in

pricing

the

asset

or

liability.

Unobservable

inputs

are

based

on

the

best

information

available

in

the

circumstances.

The

following

is

a

summary

of

the

three-tiered

hierarchy

of

valuation

input

levels.

Level

1

–

Inputs

are

unadjusted

and

prices

are

determined

using

quoted

prices

in

active

markets

for

identical

securities.

Level

2

–

Prices

are

determined

using

other

significant

observable

inputs

(including

quoted

prices

for

similar

securities,

interest

rates,

credit

spreads,

etc.).

Level

3

–

Prices

are

determined

using

significant

unobservable

inputs

(including

management’s

assumptions

in

determining

the

fair

value

of

investments).

A

description

of

the

valuation

techniques

applied

to

the

Fund's

major

classifications

of

assets

and

liabilities

measured

at

fair

value

follows:

Equity

securities

and

exchange-traded

funds

listed

or

traded

on

a

national

market

or

exchange

are

valued

based

on

their

sale

price

at

the

official

close

of

business

of

such

market

or

exchange

on

the

valuation

date.

Foreign

equity

securities

and

registered

investment

companies

that

trade

on

a

foreign

exchange

are

valued

at

the

last

sale

price

or

official

closing

price

reported

on

the

exchange

where

traded

and

converted

to

U.S.

dollars

at

the

prevailing

rates

of

exchange

on

the

date

of

valuation.

To

the

extent

these

securities

are

actively

traded

and

that

valuation

adjustments

are

not

applied,

they

are

generally

classified

as

Level

1.

If

there

is

no

official

close

of

business,

then

the

latest

available

sale

price

is

utilized.

If

no

sales

are

reported,

then

the

mean

of

the

latest

available

bid

and

ask

prices

is

utilized

and

these

securities

are

generally

classified

as

Level

2.

Prices

of

certain

American

Depositary

Receipts

(“ADR”)

held

by

the

Fund

that

trade

in

the

United

States

are

valued

based

on

the

last

traded

price,

official

closing

price,

or

an

evaluated

price

provided

by

the

independent

pricing

service

(“pricing

service”)

and

are

generally

classified

as

Level

1

or

2.

Any

portfolio

security

or

derivative

for

which

market

quotations

are

not

readily

available

or

for

which

the

above

valuation

procedures

are

deemed

not

to

reflect

fair

value

are

valued

at

fair

value,

as

determined

in

good

faith

using

procedures

approved

by

the

Board.

As

a

general

principle,

the

fair

value

of

a

security

would

appear

to

be

the

amount

that

the

owner

might

reasonably

expect

to

receive

for

it

in

a

current

sale.

A

variety

of

factors

may

be

considered

in

determining

the

fair

value

of

such

securities,

which

may

include

consideration

of

the

following:

yields

or

prices

of

investments

of

comparable

quality,

type

of

issue,

coupon,

maturity

and

rating,

market

quotes

or

indications

of

value

from

security

dealers,

evaluations

of

anticipated

cash

flows

or

collateral,

general

market

conditions

and

other

information

and

analysis,

including

the

obligor’s

credit

characteristics

considered

relevant.

To

the

extent

the

inputs

are

observable

and

timely,

the

values

would

be

classified

as

Level

2

of

the

fair

value

hierarchy;

otherwise

they

would

be

classified

as

Level

3.

The

following

table

summarizes

the

market

value

of

the

Fund's

investments

as

of

the

end

of

the

reporting

period,

based

on

the

inputs

used

to

value

them:

NTZG

Level

1

Level

2

Level

3

Total

Long-Term

Investments*:

Common

Stocks

$

5,267,031

$

82,030

**

$

–

$

5,349,061

Total

$

5,267,031

$

82,030

$

–

$

5,349,061

*

Refer

to

the

Fund's

Portfolio

of

Investments

for

industry

classifications,

where

applicable.

**

Refer

to

the

Fund’s

Portfolio

of

Investments

for

securities

classified

as

Level

2.

24

Notes

to

Financial

Statements

(continued)

4.

Portfolio

Securities

and

Investments

in

Derivatives

Portfolio

Securities

Securities

Lending

The

Fund

may

lend

securities

representing

up

to

one-third

of

the

value

of

its

total

assets

to

broker-dealers,

banks,

and

other

institutions

in

order

to

generate

additional

income.

When

loaning

securities,

the

Fund

retains

the

benefits

of

owning

the

securities,

including

the

economic

equivalent

of

dividends

or

interest

generated

by

the

security.

The

loans

are

continuous,

can

be

recalled

at

any

time,

and

have

no

set

maturity.

State

Street

Bank

and

Trust

Company,

serves

as

the

securities

lending

agent

(the

“Agent”).

When

a

Fund

loans

its

portfolio

securities,

it

will

receive,

at

the

inception

of

each

loan,

cash

collateral

equal

to

an

amount

not

less

than

100%

of

the

market

value

of

the

loaned

securities.

The

actual

percentage

of

the

cash

collateral

will

vary

depending

upon

the

asset

type

of

the

loaned

securities.

Collateral

for

the

loaned

securities

is

invested

in

a

government

money

market

vehicle

maintained

by

the

Agent,

which

is

subject

to

the

requirements

of

Rule

2a-7

under

the

1940

Act.

The

value

of

the

loaned

securities

and

the

liability

to

return

the

cash

collateral

received

are

recognized

on

the

Statement

of

Assets

and

Liabilities.

If

the

market

value

of

the

loaned

securities

increases,

the

borrower

must

furnish

additional

collateral

to

the

Fund,

which

is

also

recognized

on

the

Statement

of

Assets

and

Liabilities.

Securities

out

on

loan

are

subject

to

termination

at

any

time

at

the

option

of

the

borrower

or

the

Fund.

Upon

termination,

the

borrower

is

required

to

return

to

the

Fund

securities

identical

to

the

securities

loaned.

During

the

term

of

the

loan,

the

Fund

bears

the

market

risk

with

respect

to

the

investment

of

collateral

and

the

risk

that

the

Agent

may

default

on

its

contractual

obligations

to

the

Fund.

The

Agent

bears

the

risk

that

the

borrower

may

default

on

its

obligation

to

return

the

loaned

securities

as

the

Agent

is

contractually

obligated

to

indemnify

the

Fund

if

at

the

time

of

a

default

by

a

borrower

some

or

all

of

the

loan

securities

have

not

been

returned.

Securities

lending

income

recognized

by

a

Fund

consists

of

earnings

on

invested

collateral

and

lending

fees,

net

of

any

rebates

to

the

borrower

and

compensation

to

the

Agent.

Such

income

is

recognized

on

the

Statement

of

Operations.

As

of

the

end

of

the

reporting

period,

the

Fund

did

not

have

any

securities

out

on

loan.

Investment

Transactions

Long-term

purchases

and

sales

(excluding in-kind

transactions)

during

the

current fiscal

period

were

as

follows:

In-kind

transactions

during

the

current

fiscal

period

were

as

follows:

The