Funds
Exchange-Traded
Funds
Nuveen
Exchange-Traded
October
31,
2023
Annual
Report
Fund
Name
Listing
Exchange
Ticker
Symbol
Nuveen
ESG
Dividend
ETF
Cboe
BZX
Exchange,
Inc.
NUDV
Nuveen
ESG
Emerging
Markets
Equity
ETF
Cboe
BZX
Exchange,
Inc.
NUEM
Nuveen
ESG
International
Developed
Markets
Equity
ETF
Cboe
BZX
Exchange,
Inc.
NUDM
Nuveen
ESG
Large-Cap
ETF
Cboe
BZX
Exchange,
Inc.
NULC
Nuveen
ESG
Large-Cap
Growth
ETF
Cboe
BZX
Exchange,
Inc.
NULG
Nuveen
ESG
Large-Cap
Value
ETF
Cboe
BZX
Exchange,
Inc.
NULV
Nuveen
ESG
Mid-Cap
Growth
ETF
Cboe
BZX
Exchange,
Inc.
NUMG
Nuveen
ESG
Mid-Cap
Value
ETF
Cboe
BZX
Exchange,
Inc.
NUMV
Nuveen
ESG
Small-Cap
ETF
Cboe
BZX
Exchange,
Inc.
NUSC
2
Table
of
Contents
Chair’s
Letter
to
Shareholders
3
Important
Notices
4
Portfolio
Managers’
Comments
5
Risk
Considerations
13
About
the
Funds’
Benchmarks
15
Fund
Performance,
Expense
Ratios
and
Holdings
Summaries
17
Expense
Examples
36
Report
of
Independent
Registered
Public
Accounting
Firm
39
Portfolios
of
Investments
41
Statement
of
Assets
and
Liabilities
80
Statement
of
Operations
82
Statement
of
Changes
in
Net
Assets
84
Financial
Highlights
89
Notes
to
Financial
Statements
93
Important
Tax
Information
103
Additional
Fund
Information
105
Glossary
of
Terms
Used
in
this
Report
107
Liquidity
Risk
Management
Program
108
Annual
Investment
Management
Agreement
Approval
Process
109
Trustees
and
Officers
117
Chair’s
Letter
to
Shareholders
3
Dear
Shareholders,
Financial
markets
spent
the
past
year
focused
on
the
direction
of
inflation
and
whether
policy
makers
would
be
able
to
deliver
a
soft
landing
in
their
economies.
After
more
than
a
year
and
a
half
of
interest
rate
increases
by
the
U.S.
Federal
Reserve
(Fed)
and
other
central
banks,
financial
conditions
have
tightened
and
inflation
rates
have
cooled
considerably.
The
Fed
increased
the
target
fed
funds
rate
from
near
zero
in
March
2022
to
a
range
of
5.25%
to
5.50%
as
of
November
2023,
with
pauses
in
June
2023,
September
2023
and
November
2023.
But
current
inflation
rates
remain
above
central
banks’
targets,
and
the
trajectory
from
here
is
difficult
to
predict
given
that
monetary
policy
acts
on
the
economy
with
long
and
variable
lags.
Surprisingly,
economies
were
relatively
resilient
for
much
of
2023.
By
year-end,
the
“most
predicted
recession”
had
yet
to
materialize
in
the
U.S.,
while
U.K.
and
European
economic
growth
was
just
beginning
to
show
signs
of
stagnation
or
decline.
U.S.
gross
domestic
product
rose
5.2%
in
the
third
quarter
of
2023,
2.1%
in
the
second
quarter
of
2023
and
2.0%
in
the
first
quarter
of
2023,
after
growing
2.1%
in
2022
overall
compared
to
2021.
Much
of
the
growth
was
driven
by
a
relatively
strong
jobs
market,
which
kept
consumer
sentiment
and
spending
elevated
despite
long-term
interest
rates
nearing
multi-year
highs,
a
series
of
U.S.
regional
bank
failures
and
shocks
from
flaring
geopolitical
tensions.
While
central
banks
are
likely
nearing
the
end
of
this
interest
rate
hiking
cycle,
there
are
still
upside
risks
to
inflation
and
downside
risks
to
the
economy.
Some
labor
market
and
consumer
indicators
are
softening.
Government
funding
and
deficits
remain
a
concern,
especially
as
the
U.S.
election
year
gets
underway.
The
markets
will
continue
to
try
to
anticipate
monetary
policy
shifts
as
the
Fed
evaluates
incoming
data
and
adjusts
its
rate
setting
activity
on
a
meeting-
by-meeting
basis.
Geopolitical
risks
from
relations
with
China,
to
wars
in
Europe
and
the
Middle
East
also
expand
the
range
of
outcomes
from
economies
and
markets
around
the
world.
All
these
uncertainties,
and
others,
will
remain
sources
of
short-term
market
volatility.
In
this
environment,
Nuveen
remains
committed
to
filtering
the
market
noise
for
investable
opportunities
that
ultimately
serve
long-term
investment
objectives.
Maintaining
a
long-term
perspective
is
also
important
for
investors,
and
we
encourage
you
to
review
your
time
horizon,
risk
tolerance
and
investment
goals
with
your
financial
professional.
On
behalf
of
the
other
members
of
the
Nuveen
Fund
Board,
we
look
forward
to
continuing
to
earn
your
trust
in
the
months
and
years
ahead.
Terence
J.
Toth
Chair
of
the
Board
December 22,
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
Reports
to
be
prepared
for
these
Funds
will
be
for
the
reporting
period
ended
October
31,
2024.
Portfolio
Managers’
Comments
5
Nuveen
ESG
Dividend
ETF
(NUDV)
Nuveen
ESG
Emerging
Markets
Equity
ETF
(NUEM)
Nuveen
ESG
International
Developed
Markets
Equity
ETF
(NUDM)
Nuveen
ESG
Large-Cap
ETF
(NULC)
Nuveen
ESG
Large-Cap
Growth
ETF
(NULG)
Nuveen
ESG
Large-Cap
Value
ETF
(NULV)
Nuveen
ESG
Mid-Cap
Growth
ETF
(NUMG)
Nuveen
ESG
Mid-Cap
Value
ETF
(NUMV)
Nuveen
ESG
Small-Cap
ETF
(NUSC)
These
Funds
feature
portfolio
management
by
Teachers
Advisors,
LLC,
an
affiliate
of
Nuveen
Fund
Advisors,
LLC.
Below,
the
Funds’
portfolio
managers,
Philip
James
(Jim)
Campagna,
CFA,
and
Lei
Liao,
CFA,
discuss
global
economic
and
market
conditions,
key
investment
strategies
and
the
performance
of
the
Funds
during
the
twelve-month
reporting
period
ended
October
31,
2023.
For
more
information
on
each
Fund’s
investment
objectives
and
policies,
please
refer
to
the
prospectus.
What
factors
affected
the
U.S.
economy
and
market
conditions
during
the
twelve-month
annual
reporting
period
ended
October
31,
2023?
The
U.S.
economy
performed
better
than
expected
despite
persistent
inflationary
pressure
and
rising
interest
rates
during
the
twelve-month
period
ended
October
31,
2023.
Gross
domestic
product
accelerated
sharply
in
third
quarter
of
2023
to
an
annualized
rate
of
5.2%,
according
to
the
U.S.
Bureau
of
Economic
Analysis
second
estimate,
up
from
2.1%
in
the
second
quarter
of
2023.
By
comparison,
GDP
grew
2.1%
in
2022
overall.
Early
in
the
reporting
period,
inflation
had
risen
sharply
because
of
supply
chain
disruptions
and
high
food
and
energy
prices,
the
Russia-Ukraine
war
and
China’s
zero-COVID
restrictions
(lifted
in
December
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
six
times
during
the
reporting
period,
bringing
it
to
a
range
of
5.25%
to
5.50%
as
of
July
2023
and
voting
to
hold
it
at
that
level
at
its
next
two
meetings
held
near
the
end
of
the
reporting
period.
For
much
of
the
reporting
period,
the
Fed’s
activity
led
to
significant
volatility
in
bond
and
stock
markets,
given
the
uncertainty
of
how
rising
interest
rates
would
affect
the
economy.
One
of
the
most
highly
visible
impacts
occurred
in
the
U.S.
regional
banking
sector
in
March
2023,
when
Silicon
Valley
Bank,
Signature
Bank,
First
Republic
Bank
and
Silvergate
Bank
failed.
In
the
same
month,
Swiss
bank
UBS
agreed
to
buy
Credit
Suisse,
which
was
considered
vulnerable
in
the
current
environment.
The
Fed’s
monetary
tightening
policy
also
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.
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
October
2023,
the
unemployment
rate
was
3.9%,
rising
from
its
pre-
pandemic
low,
with
monthly
job
growth
continuing
to
moderate.
The
strong
labor
market
and
wage
gains
helped
the
U.S.
economy
during
the
reporting
period,
even
as
the
Fed
sought
to
soften
job
growth
to
help
curb
inflation
pressures.
During
the
reporting
period,
investors
also
continued
to
monitor
government
funding
and
deficits.
The
U.S.
government
avoided
a
default
scenario
after
approving
an
increase
to
the
debt
ceiling
limit
in
June
2023.
At
the
same
time,
the
potential
for
a
government
shutdown
loomed
but
was
ultimately
avoided
with
funding
resolutions
passed
in
September
2023
and,
subsequent
to
the
close
of
the
reporting
period,
November
2023.
Notably,
in
August
2023,
ratings
agency
Fitch
downgraded
U.S.
debt
from
AAA
to
AA+
based
on
concerns
about
the
U.S.’s
growing
fiscal
debt
and
reduced
confidence
in
fiscal
management.
Global
equity
performance
during
the
reporting
period
was
concentrated
among
several
mega-cap
technology
stocks
that
were
expected
to
benefit
from
rapidly
emerging
artificial
intelligence
capabilities.
By
comparison,
the
remainder
of
the
market
was
weak.
Equities
faced
pressure
from
recession
risks,
especially
in
Europe,
high
interest
rates,
and
elevated
inflation.
Additionally,
China’s
economic
recovery
following
its
prolonged
pandemic
lockdown
disappointed
expectations
and
its
property
sector
continued
to
signal
distress.
Geopolitical
tensions
increased
as
the
U.S.
tightened
regulations
on
China’s
advanced
chip
exports,
the
Russia-
Ukraine
war
continued,
and
conflict
broke
out
in
the
Middle
East.
Portfolio
Managers’
Comments
(continued)
6
Nuveen
ESG
Dividend
ETF
(NUDV)
What
key
strategies
were
used
to
manage
the
Fund
during
the
twelve-month
reporting
period
ended
October
31,
2023?
The
Fund
employs
a
passive
management
(or
“indexing”)
approach,
seeking
to
track
the
investment
results,
before
fees
and
expenses,
of
its
custom
index,
which
is
comprised
solely
of
equity
securities
selected
from
a
base
index
that
meet
certain
environmental,
social
and
governance
(“ESG”)
criteria.
The
Fund
seeks
to
track
its
custom
index
by
investing
all,
or
substantially
all,
of
its
assets
in
the
securities
represented
in
its
custom
index
in
approximately
the
same
proportions.
The
Fund
rebalances
its
holdings
quarterly
in
response
to
the
quarterly
rebalance
of
its
custom
index,
which
occurs
in
February,
May,
August,
and
November.
NUDV
seeks
to
track
the
investment
results,
before
fees
and
expenses,
of
the
TIAA
ESG
USA
High
Dividend
Index
(the
“NUDV
custom
index”),
which
is
comprised
of
equity
securities
issued
by
large
and
mid-capitalization
companies
listed
on
U.S.
exchanges.
The
NUDV
custom
index
aims
to
represent
the
performance
of
a
set
of
securities
with
high
dividend
income
and
quality
characteristics
while
maximizing
the
exposure
to
positive
environmental,
social
and
governance
(ESG)
factors
as
well
as
exhibit
lower
carbon
exposure
than
the
MSCI
USA
Index
(the
“NUDV
base
index”).
The
NUDV
custom
index
selects
from
the
securities
included
in
the
NUDV
base
index,
which
generally
consists
of
the
large
and
mid-capitalization
segments
of
the
U.S.
market.
MSCI
Inc.
(“MSCI”)
is
the
index
provider
for
the
NUDV
custom
index
and
NUDV
base
index.
The
custom
index
and
base
index
are
owned,
calculated
and
controlled
by
MSCI,
in
its
sole
discretion.
Neither
the
sub-adviser
nor
its
affiliates
has
any
discretion
to
select
index
components
or
change
the
custom
index’s
methodology.
The
custom
index
identifies
equity
securities
from
its
base
index
that
satisfy
certain
ESG
criteria,
based
on
ESG
performance
data
collected
by
MSCI
ESG
Research,
Inc.
ESG
performance
is
measured
on
an
industry-specific
basis,
with
assessment
categories
varying
by
industry.
How
did
the
Fund
perform
during
the
twelve-month
reporting
period
ended
October
31,
2023?
The
Fund’s
total
return
at
NAV
is
compared
with
the
performance
of
the
Fund’s
custom
index,
which
the
Fund
is
designed
to
track.
The
Fund’s
total
return
at
NAV
was
-1.59%
for
the
reporting
period
while
the
custom
index
returned
-1.36%.
The
difference
between
the
Fund’s
total
return
at
NAV
and
that
of
the
custom
index
is
attributable
to
management
fees
and
other
expenses
incurred
by
the
Fund
that
are
not
incurred
by
the
custom
index.
Gross
of
management
fees
and
other
expenses,
the
Fund
performed
in
line
with
its
custom
index
over
the
reporting
period.
During
the
reporting
period,
the
NUDV
custom
index
significantly
underperformed
the
NUDV
base
index,
driven
by
underweight
allocations
to
and
security
selection
within
the
information
technology
and
communication
services
sectors.
The
custom
index
lacked
exposure
to
a
handful
of
strong-performing,
non-dividend
paying
stocks
in
both
sectors.
This
created
a
headwind
for
the
NUDV
custom
index’s
performance
relative
to
the
base
index
but
is
consistent
with
the
custom
index’s
selection
criteria.
Nuveen
ESG
Emerging
Markets
Equity
ETF
(NUEM)
What
key
strategies
were
used
to
manage
the
Fund
during
the
twelve-month
reporting
period
ended
October
31,
2023?
The
Fund
employs
a
passive
management
(or
“indexing”)
approach,
seeking
to
track
the
investment
results,
before
fees
and
expenses,
of
its
custom
index,
which
is
comprised
solely
of
equity
securities
selected
from
a
base
index
that
meet
certain
environmental,
social
and
governance
(“ESG”)
criteria.
The
Fund
seeks
to
track
its
custom
index
by
investing
all,
or
substantially
all,
of
its
assets
in
the
securities
represented
in
its
custom
index
in
approximately
the
same
proportions.
The
Fund
rebalances
its
holdings
quarterly
in
response
to
the
quarterly
rebalance
of
its
custom
index,
which
occurs
in
February,
May,
August,
and
November.
NUEM
seeks
to
track
the
investment
results,
before
fees
and
expenses,
of
the
TIAA
ESG
Emerging
Markets
Equity
Index
(the
“NUEM
custom
index”),
which
is
comprised
solely
of
listed
equity
securities
issued
by
companies
(and
depositary
receipts
representing
such
securities)
located
in
countries
within
emerging
markets,
and
uses
a
rules-based
methodology
that
aims
to
increase
exposure
to
positive
environmental,
social
and
governance
(ESG)
factors
as
well
as
exhibit
lower
carbon
exposure
than
the
MSCI
Emerging
Markets
Index
(the
“NUEM
base
index”).
The
NUEM
custom
index
selects
from
the
securities
included
in
the
NUEM
base
index,
which
currently
consists
of
large
and
mid-capitalization
companies
located
in
emerging
market
countries.
MSCI
Inc.
(“MSCI”)
is
the
index
provider
for
the
NUEM
custom
index
and
NUEM
base
index.
The
custom
index
and
base
index
are
owned,
calculated
and
controlled
by
MSCI,
in
its
sole
discretion.
Neither
the
sub-adviser
nor
its
affiliates
has
any
discretion
to
select
index
components
or
change
the
custom
index’s
methodology.
The
custom
index
identifies
equity
securities
from
its
base
index
that
7
satisfy
certain
ESG
criteria,
based
on
ESG
performance
data
collected
by
MSCI
ESG
Research,
Inc.
ESG
performance
is
measured
on
an
industry-specific
basis,
with
assessment
categories
varying
by
industry.
How
did
the
Fund
perform
during
the
twelve-month
reporting
period
ended
October
31,
2023?
The
Fund’s
total
return
at
NAV
is
compared
with
the
performance
of
the
Fund’s
custom
index,
which
the
Fund
is
designed
to
track.
The
Fund’s
total
return
at
NAV
was
11.80%
for
the
reporting
period
while
the
custom
index
returned
12.59%.
The
difference
between
the
Fund’s
total
return
at
NAV
and
that
of
the
custom
index
is
attributable
to
management
fees
and
other
expenses
incurred
by
the
Fund
that
are
not
incurred
by
the
custom
index
along
with
transaction
costs
such
as
commissions
and
exchange
taxes
and
fees,
which
can
be
higher
in
emerging
markets.
During
the
reporting
period,
the
NUEM
custom
index
outperformed
the
NUEM
base
index,
driven
by
security
selection
in
the
information
technology
and
consumer
discretionary
sectors.
From
a
country
perspective,
a
lack
of
exposure
to
Kuwait
and
a
modest
overweight
allocation
to
Taiwan
also
contributed
positively
to
relative
returns.
Nuveen
ESG
International
Developed
Markets
Equity
ETF
(NUDM)
What
key
strategies
were
used
to
manage
the
Fund
during
the
twelve-month
reporting
period
ended
October
31,
2023?
The
Fund
employs
a
passive
management
(or
“indexing”)
approach,
seeking
to
track
the
investment
results,
before
fees
and
expenses,
of
its
custom
index,
which
is
comprised
solely
of
equity
securities
selected
from
a
base
index
that
meet
certain
environmental,
social
and
governance
(“ESG”)
criteria.
The
Fund
seeks
to
track
its
custom
index
by
investing
all,
or
substantially
all,
of
its
assets
in
the
securities
represented
in
its
custom
index
in
approximately
the
same
proportions.
The
Fund
rebalances
its
holdings
quarterly
in
response
to
the
quarterly
rebalance
of
its
custom
index,
which
occurs
in
February,
May,
August,
and
November.
NUDM
seeks
to
track
the
investment
results,
before
fees
and
expenses,
of
the
TIAA
ESG
International
Developed
Markets
Equity
Index
(the
“NUDM
custom
index”),
which
is
comprised
solely
of
listed
equity
securities
issued
by
companies
(and
depositary
receipts
representing
such
securities)
located
in
countries
within
developed
markets,
excluding
the
United
States
and
Canada,
and
uses
a
rules-based
methodology
that
aims
to
increase
exposure
to
positive
environmental,
social
and
governance
(ESG)
factors
as
well
as
exhibit
lower
carbon
exposure
than
the
MSCI
EAFE
Index
(the
“NUDM
base
index”).
The
NUDM
custom
index
selects
from
the
securities
included
in
the
NUDM
base
index,
which
currently
consists
of
large
and
mid-capitalization
companies
located
in
developed
market
countries.
MSCI
Inc.
(“MSCI”)
is
the
index
provider
for
the
NUDM
custom
index
and
NUDM
base
index.
The
custom
index
and
base
index
are
owned,
calculated
and
controlled
by
MSCI,
in
its
sole
discretion.
Neither
the
sub-adviser
nor
its
affiliates
has
any
discretion
to
select
index
components
or
change
the
custom
index’s
methodology.
The
custom
index
identifies
equity
securities
from
its
base
index
that
satisfy
certain
ESG
criteria,
based
on
ESG
performance
data
collected
by
MSCI
ESG
Research,
Inc.
ESG
performance
is
measured
on
an
industry-specific
basis,
with
assessment
categories
varying
by
industry.
How
did
the
Fund
perform
during
the
twelve-month
reporting
period
ended
October
31,
2023?
The
Fund’s
total
return
at
NAV
is
compared
with
the
performance
of
the
Fund’s
custom
index,
which
the
Fund
is
designed
to
track.
The
Fund’s
total
return
at
NAV
was
12.84%
for
the
reporting
period
while
the
custom
index
returned
13.14%.
The
difference
between
the
Fund’s
total
return
at
NAV
and
that
of
the
custom
index
is
attributable
to
management
fees
and
other
expenses
incurred
by
the
Fund
that
are
not
incurred
by
the
custom
index.
During
the
reporting
period,
the
NUDM
custom
index
underperformed
the
NUDM
base
index,
driven
by
security
selection
in
the
industrials
sector.
Within
industrials,
relative
returns
were
hampered
by
underweight
allocations
to
aerospace
&
defense
firms
as
well
as
trading
companies
&
distributors.
From
a
country
perspective,
security
selection
in
Japanese
equities
also
detracted
from
relative
performance,
due
to
an
underweight
allocation
to
industrials,
energy
and
utilities.
Portfolio
Managers’
Comments
(continued)
8
Nuveen
ESG
Large-Cap
ETF
(NULC)
What
key
strategies
were
used
to
manage
the
Fund
during
the
twelve-month
reporting
period
ended
October
31,
2023?
The
Fund
employs
a
passive
management
(or
“indexing”)
approach,
seeking
to
track
the
investment
results,
before
fees
and
expenses,
of
its
custom
index,
which
is
comprised
solely
of
equity
securities
selected
from
a
base
index
that
meet
certain
environmental,
social
and
governance
(“ESG”)
criteria.
The
Fund
seeks
to
track
its
custom
index
by
investing
all,
or
substantially
all,
of
its
assets
in
the
securities
represented
in
its
custom
index
in
approximately
the
same
proportions.
The
Fund
rebalances
its
holdings
quarterly
in
response
to
the
quarterly
rebalance
of
its
custom
index,
which
occurs
in
February,
May,
August,
and
November.
NULC
seeks
to
track
the
investment
results,
before
fees
and
expenses,
of
the
TIAA
ESG
USA
Large-Cap
Index
(the
“NULC
custom
index”),
which
is
comprised
of
equity
securities
issued
by
large
capitalization
companies
listed
on
U.S.
exchanges,
and
uses
a
rules-
based
methodology
that
aims
to
increase
exposure
to
positive
environmental,
social
and
governance
(ESG)
factors
as
well
as
exhibit
lower
carbon
exposure
than
the
MSCI
USA
Index
(the
“NULC
base
index”).
The
NULC
custom
index
selects
from
the
securities
included
in
the
NULC
base
index,
which
generally
consists
of
the
large
and
mid-capitalization
segments
of
the
U.S.
market.
MSCI
Inc.
(“MSCI”)
is
the
index
provider
for
the
NULC
custom
index
and
NULC
base
index.
The
custom
index
and
base
index
are
owned,
calculated
and
controlled
by
MSCI,
in
its
sole
discretion.
Neither
the
sub-adviser
nor
its
affiliates
has
any
discretion
to
select
index
components
or
change
the
custom
index’s
methodology.
The
custom
index
identifies
equity
securities
from
its
base
index
that
satisfy
certain
ESG
criteria,
based
on
ESG
performance
data
collected
by
MSCI
ESG
Research,
Inc.
ESG
performance
is
measured
on
an
industry-specific
basis,
with
assessment
categories
varying
by
industry.
How
did
the
Fund
perform
during
the
twelve-month
reporting
period
ended
October
31,
2023?
The
Fund’s
total
return
at
NAV
is
compared
with
the
performance
of
the
Fund’s
custom
index,
which
the
Fund
is
designed
to
track.
The
Fund’s
total
return
at
NAV
was
8.06%
for
the
reporting