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

period

while

the

custom

index

returned

8.30%.

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

NULC

custom

index

underperformed

the

NULC

base

index,

driven

by

stock

selection

within

the

communication

services

sector.

The

custom

index

did

not

have

exposure

to

Alphabet,

Inc.

or

Meta

Platforms,

Inc.,

two

of

the

best-

performing

companies

in

the

communication

services

sector.

Both

securities

were

excluded

from

the

custom

index

over

the

period

due

to

ESG

concerns.

This

is

consistent

with

the

custom

index’s

selection

criteria.

Nuveen

ESG

Large-Cap

Growth

ETF

(NULG)

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.

NULG

seeks

to

track

the

investment

results,

before

fees

and

expenses,

of

the

TIAA

ESG

USA

Large-Cap

Growth

Index

(the

“NULG

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

Growth

Index

(the

“NULG

base

index”).

The

NULG

custom

index

selects

from

the

securities

included

in

the

NULG

base

index,

which

generally

consists

of

large

and

mid-capitalization

U.S.

equity

securities

that

exhibit

overall

growth

style

characteristics

based

on

five

variables:

long-term

forward

earnings

per

share

(“EPS”)

growth

rate,

short

term

forward

EPS

growth

rate,

current

internal

growth

rate,

long-term

historical

EPS

growth

trend,

and

long-term

historical

sales

per

share

growth

trend.

MSCI

Inc.

(“MSCI”)

is

the

index

provider

for

the

NULG

custom

index

and

NULG

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

9

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

19.36%

for

the

reporting

period

while

the

custom

index

returned

19.72%.

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

NULG

custom

index

underperformed

the

NULG

base

index,

driven

by

stock

selection

within

the

communication

services

sector.

The

custom

index

did

not

have

exposure

to

Alphabet,

Inc.

or

Meta

Platforms,

Inc.,

two

of

the

best-

performing

companies

in

the

communication

services

sector.

Both

securities

were

excluded

from

the

custom

index

over

the

period

due

to

ESG

concerns.

This

is

consistent

with

the

custom

index’s

selection

criteria.

Nuveen

ESG

Large-Cap

Value

ETF

(NULV)

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.

NULV

seeks

to

track

the

investment

results,

before

fees

and

expenses,

of

the

TIAA

ESG

USA

Large-Cap

Value

Index

(the

“NULV

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

Value

Index

(the

“NULV

base

index”).

The

NULV

custom

index

selects

from

the

securities

included

in

the

NULV

base

index,

which

generally

consists

of

large

and

mid-capitalization

U.S.

equity

securities

that

exhibit

overall

value

style

characteristics

based

on

three

variables:

book

value

to

price,

twelve-month

forward

earnings

to

price

and

dividend

yield.

MSCI

Inc.

(“MSCI”)

is

the

index

provider

for

the

NULV

custom

index

and

NULV

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

-2.73%

for

the

reporting

period

while

the

custom

index

returned

-2.49%.

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

NULV

custom

index

underperformed

the

NULV

base

index,

driven

by

security

selection

in

the

information

technology

sector.

The

largest

individual

detractor

during

the

reporting

period

was

Broadcom,

Inc.,

a

security

not

held

by

the

custom

index.

Broadcom

posted

strong

returns

given

positive

investor

sentiment

over

potential

in

artificial

intelligence

technology.

This

was

partially

offset

by

an

underweight

allocation

to

and

stock

selection

within

the

energy

sector.

Portfolio

Managers’

Comments

(continued)

10

Nuveen

ESG

Mid-Cap

Growth

ETF

(NUMG)

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.

NUMG

seeks

to

track

the

investment

results,

before

fees

and

expenses,

of

the

TIAA

ESG

USA

Mid-Cap

Growth

Index

(the

“NUMG

custom

index”),

which

is

comprised

of

equity

securities

issued

by

mid-capitalization

companies

listed

on

U.S.

exchanges,

and

uses

a

rules-based

methodology

that

aims

to

increase

exposure

to

positive

ESG

factors

as

well

as

exhibit

lower

carbon

exposure

than

the

MSCI

USA

Mid-Cap

Growth

Index

(the

“NUMG

base

index”).

The

NUMG

custom

index

selects

from

the

securities

included

in

the

NUMG

base

index,

which

generally

consists

of

mid-capitalization

U.S.

equity

securities

that

exhibit

overall

growth

style

characteristics

based

on

five

variables:

long-term

forward

EPS

growth

rate,

short-term

forward

EPS

growth

rate,

current

internal

growth

rate,

long-term

historical

EPS

growth

trend

and

long-term

historical

sales

per

share

growth

trend.

MSCI

Inc.

(“MSCI”)

is

the

index

provider

for

the

NUMG

custom

index

and

NUMG

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

0.43%

for

the

reporting

period

while

the

custom

index

returned

0.72%.

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

NUMG

custom

index

underperformed

the

NUMG

base

index,

driven

by

security

selection

in

the

communication

services

sector.

The

largest

detractors

from

relative

returns

within

the

sector

were

an

overweight

position

in

ZoomInfo

Technologies

Inc.

and

a

lack

of

exposure

to

Trade

Desk,

Inc.

Security

selection

within

the

financials

sector

also

detracted

relative

to

the

base

index.

Nuveen

ESG

Mid-Cap

Value

ETF

(NUMV)

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.

NUMV

seeks

to

track

the

investment

results,

before

fees

and

expenses,

of

the

TIAA

ESG

USA

Mid-Cap

Value

Index

(the

“NUMV

custom

index”),

which

is

comprised

of

equity

securities

issued

by

mid

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

Mid-Cap

Value

Index

(the

“NUMV

base

index”).

The

NUMV

custom

index

selects

from

the

securities

included

in

the

NUMV

base

index,

which

generally

consists

of

mid-capitalization

U.S.

equity

securities

that

exhibit

overall

value

style

characteristics

based

on

three

variables:

book

value

to

price,

twelve-month

forward

earnings

to

price

and

dividend

yield.

11

MSCI

Inc.

(“MSCI”)

is

the

index

provider

for

the

NUMV

custom

index

and

NUMV

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

-8.58%

for

the

reporting

period

while

the

custom

index

returned

-8.37%.

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

NUMV

custom

index

underperformed

the

NUMV

base

index,

driven

by

security

selection

in

the

financials

sector,

primarily

because

of

overweight

allocations

to

both

Silicon

Valley

Bank

and

First

Republic

Bank.

Security

selection

within

the

consumer

discretionary

sector

also

detracted

relative

to

the

base

index,

particularly

an

underweight

in

homebuilders

and

cruise

lines.

Nuveen

ESG

Small-Cap

ETF

(NUSC)

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.

NUSC

seeks

to

track

the

investment

results,

before

fees

and

expenses,

of

the

TIAA

ESG

USA

Small-Cap

Index

(the

“NUSC

custom

index”),

which

is

comprised

of

equity

securities

issued

by

small-capitalization

companies

listed

on

U.S.

exchanges,

and

uses

a

rules-

based

methodology

that

aims

to

increase

exposure

to

positive

ESG

factors

as

well

as

exhibit

lower

carbon

exposure

than

the

MSCI

USA

Small-Cap

Index

(the

“NUSC

base

index”).

The

NUSC

custom

index

selects

from

the

securities

included

in

the

NUSC

base

index,

which

generally

consists

of

the

small-capitalization

segment

of

the

U.S.

market.

MSCI

Inc.

(“MSCI”)

is

the

index

provider

for

the

NUSC

custom

index

and

NUSC

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

-7.77%

for

the

reporting

period

while

the

custom

index

returned

-7.58%.

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

NUSC

custom

index

underperformed

the

NUSC

base

index,

driven

by

security

selection

in

the

consumer

discretionary

and

health

care

sectors.

Within

consumer

discretionary,

an

underweight

allocation

to

homebuilders

relative

to

the

base

index

was

the

primary

driver

of

underperformance.

Within

health

care,

a

modest

tilt

towards

smaller

companies

detracted

relative

to

the

base

index.

Portfolio

Managers’

Comments

(continued)

12

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

Funds

disclaim

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

13

Nuveen

ESG

Dividend

ETF

(NUDV)

Investing

involves

risk;

principal

loss

is

possible.

There

is

no

guarantee

the

Fund’s

investment

objectives

will

be

achieved.

This

ETF

seeks

to

generally

track

the

investment

results

of

an

index;

however

the

Fund

may

underperform,

outperform

or

be

more

volatile

than

the

referenced

index.

In

addition,

because

the

Index

selects

securities

for

inclusion

based

on

environmental,

social,

and

governance

(ESG)

criteria,

the

Fund

may

forgo

some

market

opportunities

available

to

funds

that

don’t

use

these

criteria.

The

value

of

equity

securities

may

decline

significantly

over

short

or

extended

periods

of

time.

Dividend-paying

stocks,

such

as

those

held

by

the

Fund,

are

subject

to

market

risk,

concentration

or

sector

risk,

preferred

security

risk,

and

common

stock

risk.

These

and

other

risk

considerations

are

described

in

detail

in

the

Fund’s

prospectus.

Nuveen

ESG

Emerging

Markets

Equity

ETF

(NUEM)

Investing

involves

risk;

principal

loss

is

possible.

There

is

no

guarantee

the

Fund’s

investment

objectives

will

be

achieved.

This

ETF

seeks

to

generally

track

the

investment

results

of

an

index;

however

the

Fund

may

underperform,

outperform

or

be

more

volatile

than

the

referenced

index.

Non-U.S.

investments

involve

risks

such

as

currency

fluctuation,

political

and

economic

instability,

lack

of

liquidity

and

differing

legal

and

accounting

standards.

These

risks

are

magnified

in

emerging

markets.

Due

to

the

percentage

weight

within

the

base

index,

the

Fund

may

at

times

be

significantly

invested

in

certain

countries,

such

as

China.

Investing

in

China

involves

additional

risks,

including

a

reduction

in

growth

if

global

or

domestic

demand

for

Chinese

goods

decreases

significantly,

pricing

anomalies

that

may

be

connected

to

governmental

influence,

a

lack

of

publicy-available

information

and/or

social

instability.

In

addition,

because

the

Index

selects

securities

for

inclusion

based

on

environmental,

social,

and

governance

(ESG)

criteria,

the

Fund

may

forgo

some

market

opportunities

available

to

funds

that

don’t

use

these

criteria.

A

portfolio

concentrated

in

a

single

industry

sector

or

country

may

present

more

risk

than

a

portfolio

broadly

diversified

over

several

industries

or

countries.

These

and

other

risks,

such

as

mid-cap

stock

risk,

are

described

in

the

Fund’s

prospectus.

Nuveen

ESG

International

Developed

Markets

Equity

ETF

(NUDM)

Investing

involves

risk;

principal

loss

is

possible.

There

is

no

guarantee

the

Fund’s

investment

objectives

will

be

achieved.

This

exchange-traded

fund

seeks

to

generally

track

the

investment

results

of

an

index;

however

the

Fund

may

underperform,

outperform

or

be

more

volatile

than

the

referenced

index.

Non-U.S.

investments

involve

risks

such

as

currency

fluctuation,

political

and

economic

instability,

lack

of

liquidity

and

differing

legal

and

accounting

standards.

In

addition,

because

the

Index

selects

securities

for

inclusion

based

on

environmental,

social,

and

governance

(ESG)

criteria,

the

Fund

may

forgo

some

market

opportunities

available

to

funds

that

don’t

use

these

criteria.

A

portfolio

concentrated

in

a

single

industry

sector

or

country

may

present

more

risk

than

a

portfolio

broadly

diversified

over

several

industries

or

countries.

These

and

other

risks,

such

as

mid-cap

stock

risk,

are

described

in

the

Fund’s

prospectus.

Nuveen

ESG

Large-Cap

ETF

(NULC)

Investing

involves

risk;

principal

loss

is

possible.

There

is

no

guarantee

the

Fund’s

investment

objectives

will

be

achieved.

This

ETF

seeks

to

generally

track

the

investment

results

of

an

index;

however

the

Fund

may

underperform,

outperform

or

be

more

volatile

than

the

referenced

index.

In

addition,

because

the

Index

selects

securities

for

inclusion

based

on

environmental,

social,

and

governance

(ESG)

criteria,

the

Fund

may

forgo

some

market

opportunities

available

to

funds

that

don’t

use

these

criteria.

The

value

of

equity

securities

may

decline

significantly

over

short

or

extended

periods

of

time.

Because

it

invests

primarily

in

large-

capitalization

stocks,

the

Fund

may

underperform

funds

that

invest

primarily

in

stocks

of

smaller

capitalization

companies

during

periods

when

the

stocks

of

such

companies

are

in

favor.

These

and

other

risk

considerations

are

described

in

detail

in

the

Fund’s

prospectus.

Nuveen

ESG

Large-Cap

Growth

ETF

(NULG)

Investing

involves

risk;

principal

loss

is

possible.

There

is

no

guarantee

the

Fund’s

investment

objectives

will

be

achieved.

This

ETF

seeks

to

generally

track

the

investment

results

of

an

index;

however

the

Fund

may

underperform,

outperform

or

be

more

volatile

than

the

referenced

index.

In

addition,

because

the

Index

selects

securities

for

inclusion

based

on

environmental,

social,

and

governance

(ESG)

criteria,

the

Fund

may

forgo

some

market

opportunities

available

to

funds

that

don’t

use

these

criteria.

The

value

of

equity

securities

may

decline

significantly

over

short

or

extended

periods

of

time.

Growth

stocks

tend

to

be

more

volatile

and

can

experience

sharp

price

declines.

Because

it

invests

primarily

in

large-capitalization

stocks,

the

Fund

may

underperform

funds

that

invest

primarily

in

stocks

of

smaller

capitalization

companies

during

periods

when

the

stocks

of

such

companies

are

in

favor.

These

and

other

risk

considerations

are

described

in

detail

in

the

Fund’s

prospectus.

Risk

Considerations

(continued)

14

Nuveen

ESG

Large-Cap

Value

ETF

(NULV)

Investing

involves

risk;

principal

loss

is

possible.

There

is

no

guarantee

the

Fund’s

investment

objectives

will

be

achieved.

This

ETF

seeks

to

generally

track

the

investment

results

of

an

index;

however

the

Fund

may

underperform,

outperform

or

be

more

volatile

than

the

referenced

index.

In

addition,

because

the

Index

selects

securities

for

inclusion

based

on

environmental,

social,

and

governance

(ESG)

criteria,

the

Fund

may

forgo

some

market

opportunities

available

to

funds

that

don’t

use

these

criteria.

The

value

of

equity

securities

may

decline

significantly

over

short

or

extended

periods

of

time.

Value

stocks

may

not

be

fully

recognized

by

the

market

and

be

undervalued.

Because

it

invests

primarily

in

large-capitalization

stocks,

the

Fund

may

underperform

funds

that

invest

primarily

in

stocks

of

smaller

capitalization

companies

during

periods

when

the

stocks

of

such

companies

are

in

favor.

These

and

other

risk

considerations

are

described

in

detail

in

the

Fund’s

prospectus.

Nuveen

ESG

Mid-Cap

Growth

ETF

(NUMG)

Investing

involves

risk;

principal

loss

is

possible.

There

is

no

guarantee

the

Fund’s

investment

objectives

will

be

achieved.

This

ETF

seeks

to

generally

track

the

investment

results

of

an

index;

however

the

Fund

may

underperform,

outperform

or

be

more

volatile

than

the

referenced

index.

In

addition,

because

the

Index

selects

securities

for

inclusion

based

on

environmental,

social,

and

governance

(ESG)

criteria,

the

Fund

may

forgo

some

market

opportunities

available

to

funds

that

don’t

use

these

criteria.

The

value

of

equity

securities

may

decline

significantly

over

short

or

extended

periods

of

time.

Because

it

invests

primarily

in

mid-capitalization

stocks,

the

Fund

may

be

subject

to

greater

volatility

than

those

that

invest

in

larger

companies,

but

may

be

less

volatile

than

investments

in

smaller

companies.

Growth

stocks

tend

to

be

more

volatile

and

can

experience

sharp

price

declines.

These

and

other

risk

considerations

are

described

in

detail

in

the

Fund’s

prospectus.

Nuveen

ESG

Mid-Cap

Value

ETF

(NUMV)

Investing

involves

risk;

principal

loss

is

possible.

There

is

no

guarantee

the

Fund’s

investment

objectives

will

be

achieved.

This

ETF

seeks

to

generally

track

the

investment

results

of

an

index;

however

the

Fund

may

underperform,

outperform

or

be

more

volatile

than

the

referenced

index.

In

addition,

because

the

Index

selects

securities

for

inclusion

based

on

environmental,

social,

and

governance

(ESG)

criteria,

the

Fund

may

forgo

some

market

opportunities

available

to

funds

that

don’t

use

these

criteria.

The

value

of

equity

securities

may

decline

significantly

over

short

or

extended

periods

of

time.

Value

stocks

may

not

be

fully

recognized

by

the

market

and

be

undervalued.

Because

it

invests

primarily

in

mid-capitalization

stocks,

the

Fund

may

be

subject

to

greater

volatility

than

those

that

invest

in

larger

companies,

but

may

be

less

volatile

than

investments

in

smaller

companies.

These

and

other

risk

considerations

are

described

in

detail

in

the

Fund’s

prospectus.

Nuveen

ESG

Small-Cap

ETF

(NUSC)

Investing

involves

risk;

principal

loss

is

possible.

There

is

no

guarantee

the

Fund’s

investment

objectives

will

be

achieved.

This

ETF

seeks

to

generally

track

the

investment

results

of

an

index;

however

the

Fund

may

underperform,

outperform

or

be

more

volatile

than

the

referenced

index.

In

addition,

because

the

Index

selects

securities

for

inclusion

based

on

environmental,

social,

and

governance

(ESG)

criteria,

the

Fund

may

forgo

some

market

opportunities

available

to

funds

that

don’t

use

these

criteria.

The

value

of

equity

securities

may

decline

significantly

over

short

or

extended

periods

of

time.

Investments

in

smaller

companies

are

subject

to

greater

volatility

than

those

of

larger

companies.

These

and

other

risk

considerations

are

described

in

detail

in

the

Fund’s

prospectus.

About

the

Funds’

Benchmarks

15

MSCI

EAFE

(Europe,

Australasia,

Far

East)

Index

(Net):

An

index

designed

to

measure

the

performance

of

large

and

mid-cap

securities

across

21

developed

market

countries,

excluding

the

U.S.

and

Canada.

Index

returns

assume

reinvestment

of

distributions,

but

do

not

reflect

any

applicable

sales

charges

or

management

fees.

MSCI

Emerging

Markets

Index

(Net):

An

index

designed

to

measure

the

performance

of

large

and

mid-cap

equity

securities

across

24

emerging

market

countries.

Index

returns

assume

reinvestment

of

distributions,

but

do

not

reflect

any

applicable

sales

charges

or

management

fees.

MSCI

USA

Growth

Index:

An

index

designed

to

measure

the

performance

of

large

and

mid-cap

U.S.

equity

securities

that

exhibit

overall

growth

style

characteristics

based

on

five

variables:

1)

long-term

forward

earnings

per

share

(EPS)

growth

rate,

2)

short-term

forward

EPS

growth

rate,

3)

current

internal

growth

rate,

4)

long-term

historical

EPS

growth

trend

and

5)

long-term

historical

sales

per

share

growth

trend.

Index

returns

assume

reinvestment

of

distributions,

but

do

not

reflect

any

applicable

sales

charges

or

management

fees.

MSCI

USA

Index:

An

index

designed

to

measure

the

performance

of

the

large

and

mid-cap

segments

of

the

U.S.

market.

With

over

600

constituents,

the

index

covers

approximately

85%

of

the

free

float-adjusted

market

capitalization

in

the

U.S.

Index

returns

assume

reinvestment

of

distributions,

but

do

not

reflect

any

applicable

sales

charges

or

management

fees.

MSCI

USA

Mid-Cap

Growth

Index:

An

index

designed

to

measure

the

performance

of

mid-cap

U.S.

equity

securities

that

exhibit

overall

growth

style

characteristics

based

on

five

variables:

1)

long-term

forward

earnings

per

share

(EPS)

growth

rate,

2)

short-term

forward

EPS

growth

rate,

3)

current

internal

growth

rate,

4)

long-term

historical

EPS

growth

trend

and

5)

long-term

historical

sales

per

share

growth

trend.

Index

returns

assume

reinvestment

of

distributions,

but

do

not

reflect

any

applicable

sales

charges

or

management

fees.

MSCI

USA

Mid-Cap

Value

Index:

An

index

designed

to

measure

the

performance

of

mid-cap

U.S.

equity

securities

that

exhibit

overall

value

style

characteristics

based

on

three

variables:

1)

book

value

to

price,