Funds
Exchange-Traded
Funds
Nuveen
Exchange-Traded
July
31,
2023
Annual
Report
Fund
Name
Listing
Exchange
Ticker
Symbol
Nuveen
Global
Net
Zero
Transition
ETF
NASDAQ
Stock
Market
LLC
NTZG
2
Table
of
Contents
Chair’s
Letter
to
Shareholders
3
Important
Notices
4
Portfolio
Managers’
Comments
5
Risk
Considerations
7
About
the
Fund’s
Benchmarks
8
Fund
Performance,
Expense
Ratios
and
Holdings
Summaries
9
Expense
Examples
12
Report
of
Independent
Registered
Public
Accounting
Firm
13
Portfolio
of
Investments
14
Statement
of
Assets
and
Liabilities
17
Statement
of
Operations
18
Statement
of
Changes
in
Net
Assets
19
Financial
Highlights
20
Notes
to
Financial
Statements
22
Important
Tax
Information
27
Additional
Fund
Information
28
Glossary
of
Terms
Used
in
this
Report
29
Liquidity
Risk
Management
Program
30
Annual
Investment
Management
Agreement
Approval
Process
31
Trustees
and
Officers
37
Chair’s
Letter
to
Shareholders
3
Dear
Shareholders,
Inflation
concerns
have
continued
to
dominate
the
investment
landscape
in
2023.
While
inflation
rates
have
fallen
meaningfully
from
post-pandemic
highs,
helped
by
the
significant
policy
interest
rate
increases
from
the
U.S.
Federal
Reserve
(Fed)
and
other
global
central
banks
since
2022
and
the
normalization
of
supply
chains,
they
currently
remain
above
the
levels
that
central
banks
consider
supportive
of
their
economies’
long-term
growth.
Core
inflation
measures,
which
exclude
volatile
food
and
energy
prices,
in
particular
remain
above
central
banks’
targeted
levels.
At
the
same
time,
the
U.S.
and
other
large
economies
have
remained
relatively
resilient,
even
as
financial
conditions
have
tightened.
U.S.
gross
domestic
product
increased
to
2.1%
in
the
second
quarter
of
2023
from
2.0%
in
the
first
quarter
of
2023,
after
growing
2.1%
in
2022
overall
compared
to
2021.
Consider
that
much
of
this
growth
occurred
while
the
Fed
was
raising
interest
rates
in
one
of
the
fastest
hiking
cycles
in
its
history.
From
March
2022
to
July
2023
(with
only
a
brief
pause
in
June
2023),
the
Fed
increased
the
target
fed
funds
rate
from
near
zero
to
a
range
of
5.25%
to
5.50%
as
of
July
2023.
Despite
historically
high
inflation
and
rapidly
rising
interest
rates,
the
jobs
market
has
remained
relatively
strong,
helping
to
support
consumer
sentiment
and
spending.
However,
markets
are
concerned
that
these
conditions
could
keep
upward
pressure
on
prices
and
wages
while
the
impact
of
the
collapse
of
three
regional
U.S.
banks
(Silicon
Valley
Bank,
Signature
Bank
and
First
Republic
Bank)
and
major
European
bank
Credit
Suisse
in
March
2023
adds
to
uncertainty.
Given
the
lingering
upside
risks
to
inflation
and
the
lagging
impact
of
tighter
credit
conditions
on
the
economy,
Fed
officials
are
closely
monitoring
incoming
inflation
data
and
other
economic
measures
to
modify
their
rate
setting
activity
based
upon
these
factors
on
a
meeting-by-meeting
basis.
The
Fed
remains
committed
to
acting
until
it
sees
sustainable
progress
toward
its
inflation
goals.
Additionally,
market
concerns
surrounding
the
U.S.
debt
ceiling
faded
after
the
government
agreed
in
June
2023
to
suspend
the
nation’s
borrowing
limit
until
January
2025,
averting
a
near-term
default
scenario.
In
the
meantime,
markets
are
likely
to
continue
reacting
in
the
short
term
to
news
about
inflation
data,
economic
indicators
and
central
bank
policy.
We
encourage
investors
to
keep
a
long-term
perspective
amid
the
short-term
turbulence.
Your
financial
professional
can
help
you
review
how
well
your
portfolio
is
aligned
with
your
time
horizon,
risk
tolerance
and
investment
goals.
On
behalf
of
the
other
members
of
the
Nuveen
Fund
Board,
we
look
forward
to
continuing
to
earn
your
trust
in
the
months
and
years
ahead.
Terence
J.
Toth
Chair
of
the
Board
September 22,
2023
4
Important
Notices
Securities
and
Exchange
Commission
(the
“SEC”)
Adopts
Amendments
for
Tailored
Shareholder
Reports
On
October
26,
2022,
the
SEC
adopted
rule
and
form
amendments
(the
“Amendments”)
that
require
mutual
funds
and
exchange-
traded
funds
registered
on
Form
N-1A
to
provide
shareholders
with
streamlined
annual
and
semi-annual
shareholder
reports
(“Tailored
Shareholder
Reports”). Tailored
Shareholder
Reports
are
meant
to
be
three
to
four
pages
in
length
and
will
highlight
key
information
such
as
a
fund’s
expenses,
performance
and
portfolio
holdings.
Other,
more
detailed
information
that
currently
appears
in
fund
shareholder
reports
will
be
made
available
online,
filed
with
the
SEC,
and
delivered
to
investors
free
of
charge
in
paper
or
electronically
upon
request.
The
first
Tailored
Shareholder
Report
to
be
prepared
for
this
Fund
will
be
for
the
reporting
period
ended
July
31,
2024.
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
Fund’s
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
twelve-month
reporting
period
ended
July
31,
2023.
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
twelve-month
annual
reporting
period
ended
July
31,
2023?
The
U.S.
economy
performed
better
than
expected
despite
persistent
inflationary
pressure
and
rising
interest
rates
during
the
twelve-month
period
ended
July
31,
2023.
In
the
second
quarter
of
2023,
the
economy
grew
at
an
annualized
rate
of
2.1%,
according
to
the
second
estimate
from
the
U.S.
Bureau
of
Economic
Analysis,
compared
to
2.0%
in
the
first
quarter
and
in
line
with
2.1%
in
2022
overall.
Early
in
the
reporting
period,
inflation
rose
sharply
because
of
supply
chain
disruptions
and
high
food
and
energy
prices,
the
Russia-Ukraine
war
and
China’s
zero-COVID
restrictions
(eventually
lifted
in
December
2022).
During
the
reporting
period,
U.S.
inflation
reached
its
peak
level
in
August
2022.
Since
then,
price
pressures
have
eased
given
normalization
in
supply
chains,
falling
energy
prices
and
aggressive
measures
by
the
U.S.
Federal
Reserve
(Fed)
and
other
global
central
banks
to
tighten
financial
conditions
and
slow
demand
in
their
economies.
Nevertheless,
during
the
reporting
period
inflation
levels
remained
much
higher
than
central
banks’
target
levels.
The
Fed
raised
its
target
fed
funds
rate
seven
times
during
the
reporting
period,
bringing
it
to
a
range
of
5.25%
to
5.50%
as
of
July
2023.
One
of
the
Fed’s
rate
increases
occurred
in
March
2023,
a
decision
that
was
closely
watched
because
of
the
failure
of
Silicon
Valley
Bank
and
Signature
Bank
during
the
same
month
and
uncertainty
around
the
economic
impact
of
these
failures.
Additionally,
in
March
2023,
Swiss
bank
UBS
agreed
to
buy
Credit
Suisse,
which
was
considered
to
be
vulnerable
in
the
current
environment.
For
much
of
the
reporting
period,
the
Fed’s
activity
led
to
significant
volatility
in
bond
and
stock
markets.
In
addition,
it
contributed
to
an
increase
in
the
U.S.
dollar’s
value
relative
to
major
world
currencies,
which
acts
as
a
headwind
to
the
profits
of
international
companies
and
U.S.
domestic
companies
with
overseas
earnings.
Global
currency
and
bond
markets
were
further
roiled
in
September
2022
by
an
unpopular
fiscal
spending
proposal
in
the
U.K.
but
recovered
after
the
plans
were
abandoned.
During
the
reporting
period,
elevated
inflation
and
higher
borrowing
costs
weighed
on
some
segments
of
the
economy,
including
the
real
estate
market.
Consumer
spending,
however,
has
remained
more
resilient
than
expected,
in
part
because
of
a
still-strong
labor
market,
another
key
gauge
of
the
economy’s
health.
As
of
July
2023,
the
unemployment
rate
remained
near
its
pre-pandemic
low
of
3.5%,
although
monthly
job
growth
appeared
to
be
slowing.
The
strong
labor
market
and
wage
gains
helped
provide
a
measure
of
resilience
to
the
U.S.
economy
during
the
reporting
period,
even
as
the
Fed
sought
to
soften
job
growth
to
help
curb
inflation
pressures.
What
key
strategies
were
used
to
manage
the
Fund
during
the
twelve-month
reporting
period
ended
July
31,
2023?
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
carbon
economy.
How
did
the
Fund
perform
during
the
twelve-month
reporting
period
ended
July
31,
2023?
NTZG
underperformed
the
MSCI
All
Country
World
Index
(Net)
during
the
twelve-month
reporting
period
ended
July
31,
2023.
For
the
purposes
of
this
Performance
Commentary,
references
to
relative
performance
are
in
comparison
to
the
MSCI
All
Country
World
Index
(Net).
During
the
reporting
period,
the
largest
detractors
from
the
Fund’s
relative
performance
were
stock
selection
and
an
underweight
allocation
to
the
communication
services
sector.
Specifically,
within
communication
services,
lack
of
exposure
to
Meta
Platforms,
Portfolio
Managers’
Comments
(continued)
6
Inc.
detracted.
In
addition,
exposure
to
Baidu
Inc.,
and
AT&T
Inc.,
which
underperformed,
detracted
from
performance.
Meta
Platforms
was
one
of
the
best-performing
stocks
in
the
index
given
better-than-expected
results
in
its
advertising
business
as
well
as
investments
in
artificial
intelligence
(AI).
The
Fund
did
not
own
the
company
on
ESG
concerns
around
data
security
and
content
moderation.
Baidu
Inc.
faced
headwinds
in
2022
on
growing
macroeconomic
uncertainty
in
China
and
lower-than-expected
revenue
growth.
AT&T
underperformed
because
of
higher-than-expected
capital
expenditures
on
fiber
cabling
and
5G,
as
well
as
investor
concerns
over
lead
contamination
in
legacy
wirelines.
The
Fund
sold
out
of
both
positions
during
the
reporting
period.
The
Fund’s
stock
selection
in
energy
also
weighed
on
relative
performance.
The
top
individual
detractors
in
the
energy
sector
were
Neste
Oyj
and
Reliance
Industries
Ltd.
Neste
Oyj
underperformed
on
investor
concerns
around
an
oversupply
in
the
renewable
fuels
market
along
with
softening
demand.
The
Fund
sold
out
of
Neste
prior
to
the
end
of
the
reporting
period.
Reliance
Industries,
an
India-based
conglomerate
with
business
lines
in
oil
refining,
telecommunications
and
retailing,
detracted
because
of
weaker-
than-expected
EPS
growth
and
increased
interest
expense.
The
Fund
continues
to
own
Reliance
Industries
because
the
portfolio
management
team
remains
confident
in
the
strength
of
its
core
refining
business
and
investments
in
the
green
energy
value
chain.
Stock
selection
in
financials
was
also
disadvantageous
to
relative
performance,
where
the
top
individual
detractor
in
the
sector
was
MetLife,
Inc.,
which
posted
weaker-than-expected
quarterly
results
on
variable
investment
income.
The
Fund
sold
its
position
in
MetLife.
Partially
offsetting
the
Fund’s
underperformance
was
a
positive
contribution
from
stock
selection
in
the
industrials
sector,
led
by
top
individual
contributors
Schneider
Electric
SE
and
Quanta
Services
Inc.
Both
Schneider
Electric
and
Quanta
Services
posted
strong
revenue
growth
above
analyst
expectations
along
with
improved
guidance.
The
portfolio
management
team
believes
both
are
well
positioned
to
benefit
from
the
energy
transition
and
electrification
of
infrastructure,
and
both
companies
remain
in
the
portfolio.
Stock
selection
and
an
underweight
in
the
consumer
staples
sector
also
contributed
positively
to
relative
performance.
Within
the
consumer
staples
sector,
Walmart
Inc.
was
the
largest
positive
contributor.
Walmart
posted
solid
returns
on
improved
economic
sentiment
and
improved
2023
guidance
from
management.
The
Fund
continues
to
hold
the
company
as
the
portfolio
management
team
believes
it
is
well
positioned
to
continue
its
growth
in
market
share
in
the
U.S.
and
internationally.
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
About
the
Fund’s
Benchmarks
MSCI
ACWI
Index
(Net)
:
An
index
designed
to
measure
the
performance
of
large
and
mid-cap
stocks
across
23
developed
and
24
emerging
markets.
Index
returns
assume
reinvestment
of
distributions,
but
do
not
reflect
any
applicable
sales
charges
or
management
fees.
Fund
Performance,
Expense
Ratios
and
Holdings
Summaries
9
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.
Returns
quoted
for
the
Fund
reflect
management
fees
and
other
expenses
such
as
transaction
costs
incurred
by
the
Fund
during
the
reporting
period
while
the
Indexes
are
unmanaged
and
therefore
returns
do
not
reflect
any
such
fees
and
expenses.
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 including
management
fees
and
other
fees
and
expenses,
but
do
not
reflect
expected
transaction
costs.
Refer
to
the
Financial
Highlights
later
in
this
report
for 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. 
10
Nuveen
Global
Net
Zero
Transition
ETF
(NTZG)
(continued)
Fund
Performance,
Expense
Ratios
and
Holdings
Summaries
July
31,
2023