Funds

Exchange-Traded

Funds

Nuveen

Exchange-Traded

October

31,

2022

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

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NO

BANK

GUARANTEE

Table

of

Contents

3

Chair’s

Letter

to

Shareholders

4

Portfolio

Managers’

Comments

5

Risk

Considerations

8

Fund

Performance,

Expense

Ratios

and

Holdings

Summaries

10

Expense

Examples

29

Report

of

Independent

Registered

Public

Accounting

Firm

32

Portfolios

of

Investments

34

Statement

of

Assets

and

Liabilities

73

Statement

of

Operations

75

Statement

of

Changes

in

Net

Assets

77

Financial

Highlights

82

Notes

to

Financial

Statements

86

Important

Tax

Information

96

Additional

Fund

Information

98

Glossary

of

Terms

Used

in

this

Report

100

Liquidity

Risk

Management

Program

102

Annual

Investment

Management

Agreement

Approval

Process

103

Trustees

and

Officers

111

4

Chair’s

Letter

to

Shareholders

Dear

Shareholders,

With

more

economic

indicators

pointing

to

a

broadening

contraction

across

the

world’s

economies,

the

conversation

has

shifted

from

debating

whether

a

global

recession

would

happen

to

considering

by

how

much

and

for

how

long.

Higher

than

expected

inflation

has

made

the

outcome

more

unpredictable,

as

it

has

dampened

consumer

sentiment,

pushed

central

banks

into

raising

interest

rates

more

aggressively

and

contributed

to

considerable

turbulence

in

the

markets

this

year.

Inflation

has

surged

partially

due

to

pandemic-related

supply

chain

bottlenecks,

exacerbated

by

Russia’s

war

in

Ukraine

and

recurring

lockdowns

across

China

to

contain

a

large-scale

COVID-19

outbreak.

This

has

necessitated

increasingly

forceful

responses

from

the

U.S.

Federal

Reserve

(Fed)

and

other

central

banks,

who

have

signaled

their

intentions

to

slow

inflation

while

tolerating

materially

slower

economic

growth

and

some

softening

in

the

labor

market.

As

anticipated,

the

Fed

began

the

rate

hiking

cycle

in

March

2022,

raising

its

short-

term

rate

by

0.25%

from

near

zero

for

the

first

time

since

the

pandemic

was

declared

more

than

two

years

ago.

Larger

increases

of

0.50%

in

May,

four

increases

of

0.75%

during

the

summer

and

fall,

and

another

0.50%

hike

in

December

2022

followed,

bringing

the

target

fed

funds

rate

to

a

range

of

4.25%

to

4.50%.

Additional

rate

hikes

are

expected

in

2023,

as

Fed

officials

closely

monitor

inflation

data

along

with

other

economic

measures

and

will

modify

their

rate

setting

policy

based

upon

these

factors.

After

contracting

in

the

first

half

of

2022,

U.S.

gross

domestic

product

resumed

positive

growth

in

the

third

quarter,

according

to

the

government’s

estimates.

The

recent

strength

was

largely

attributed

to

a

narrowing

in

the

trade

deficit

while

consumer

and

business

activity

has

remained

slower

in

part

due

to

higher

prices

and

borrowing

costs.

The

sharp

increase

in

the

U.S.

dollar’s

value

relative

to

other

currencies

in

2022

has

added

further

uncertainty

to

the

economic

outlook.

However,

the

still

strong

labor

market

suggests

not

all

areas

of

the

economy

are

weakening

in

unison.

While

markets

will

likely

continue

fluctuating

with

the

daily

headlines,

we

encourage

investors

to

keep

a

long-term

perspective.

To

learn

more

about

how

well

your

portfolio

is

aligned

to

your

time

horizon,

risk

tolerance

and

investment

goals,

consider

reviewing

it

with

your

financial

professional.

On

behalf

of

the

other

members

of

the

Nuveen

Fund

Board,

we

look

forward

to

continuing

to

earn

your

trust

in

the

months

and

years

ahead.

Terence

J.

Toth

Chair

of

the

Board

December

22,

2022

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,

2022.

For

more

information

on

each

Fund’s

investment

objectives

and

policies,

please

refer

to

the

prospectus.

What

factors

affected

the

global

economy

and

the

stock

market

during

the

annual

reporting

period

ended

October

31,

2022?

After

recovering

from

the

pandemic

in

2021,

the

U.S.

economy

weakened

in

2022.

Overall,

2021

gross

domestic

product

(GDP)

grew

by

5.7%

as

the

economy

reopened

with

the

help

of

$5.3

trillion

in

crisis-related

aid

from

the

federal

government,

low

borrowing

rates

for

businesses

and

individuals,

an

increase

in

COVID-19

vaccinations

and

improved

treatments

for

COVID-19.

However,

in

early

2022,

China’s

COVID-19

lockdown

and

the

Russia-Ukraine

war

worsened

existing

pandemic-related

supply

chain

disruptions.

Inflation

increased

more

than

expected

over

much

of

2022,

putting

pressure

on

global

central

banks

to

respond

with

more

aggressive

measures.

The

U.S.

Federal

Reserve

(Fed)

began

an

interest

rate

hiking

cycle

in

March

2022,

raising

its

short-term

rate

by

0.25%

from

near

zero

for

the

first

time

since

the

pandemic

was

declared

more

than

two

years

ago.

Larger

increases

of

0.50%

in

May

2022,

three

increases

of

0.75%

during

the

summer

and

fall,

and

additional

hikes

of

0.75%

in

November

2022

and

0.50%

in

December

2022

(subsequent

to

the

end

of

the

reporting

period)

followed,

bringing

the

target

fed

funds

rate

to

a

range

of

4.25%

to

4.50%.

Volatility

increased

as

markets

considered

whether

the

Fed

could

cool

inflation

without

causing

a

recession.

Additionally,

the

U.S.

dollar

appreciated

significantly

relative

to

major

world

currencies,

accelerating

in

March

2022,

serving

as

a

headwind

to

the

profits

of

international

companies

and

U.S.

domestic

companies

with

overseas

earnings.

The

dollar’s

appreciation

was

driven

in

part

by

the

Fed’s

increasingly

forceful

response

to

inflation

compared

with

other

central

banks,

the

relatively

better

prospects

of

the

U.S.

economy

and

“safe-haven”

flows

from

investors

uncertain

about

geopolitical

and

global

economic

conditions.

In

September

2022,

global

currency

and

bond

markets

sold

off

sharply

on

concerns

about

the

U.K.’s

new

fiscal

spending

plan,

but

recovered

in

October

2022

after

the

plan

was

mostly

withdrawn

and

a

new

prime

minster

was

announced.

By

mid-year

2022,

inflation

and

higher

borrowing

costs

appeared

to

be

dampening

consumer

confidence

and

consumer

spending.

U.S.

GDP

contracted

in

the

first

half

of

2022,

falling

by

an

annual

rate

of

1.6%

and

0.6%

in

the

first

and

second

quarters

of

2022,

respectively,

according

to

the

U.S.

Bureau

of

Economic

Analysis.

However,

the

labor

market,

another

key

gauge

of

the

economy’s

health,

has

remained

resilient.

By

July

2022,

the

economy

had

recovered

the

22

million

jobs

lost

since

the

beginning

of

the

pandemic,

and

as

of

October

2022,

the

unemployment

rate

remained

near

its

pre-pandemic

low

at

3.7%.

U.S.

GDP

returned

to

expansion

in

the

third

quarter

of

2022,

growing

by

2.9%

(annualized)

according

to

the

government’s

second

estimate,

but

the

gains

were

primarily

related

to

trade

balance

adjustments.

Heightened

volatility

stemming

from

global

economic

uncertainty,

persistently

high

inflation

and

tightening

financial

conditions

drove

global

equity

performance

lower

in

the

reporting

period.

Equity

markets

remained

highly

focused

on

central

bank

actions

and

their

official

outlooks,

as

well

as

on

the

impacts

of

slower

economic

activity,

inflationary

pressure

and

rising

interest

rates

on

corporate

profits.

While

there

were

a

few

pockets

of

strong

performance,

such

as

the

energy

sector

and

Latin

American

equities,

most

market

segments

ended

the

reporting

period

with

negative

performance.

What

key

strategies

were

used

to

manage

the

Funds

during

the

twelve-month

reporting

period

ended

October

31,

2022?

The

Funds

employ

a

passive

management

(or

“indexing”)

approach,

seeking

to

track

the

investment

results,

before

fees

and

expenses,

of

their

respective

Custom

Indexes,

which

are

comprised

solely

of

equity

securities

selected

from

a

Base

Index

that

meet

certain

environmental,

social

and

governance

(“ESG”)

criteria.

Each

Fund

seeks

to

track

its

Custom

Index

by

investing

all,

or

Portfolio

Managers’

Comments

(continued)

6

substantially

all,

of

its

assets

in

the

securities

represented

in

its

Custom

Index

in

approximately

the

same

proportions.

Each

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.

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

one

of

the

following

26

emerging

market

countries:

Argentina,

Brazil,

Chile,

China,

Colombia,

Czech

Republic,

Egypt,

Greece,

Hungary,

India,

Indonesia,

Korea,

Malaysia,

Mexico,

Pakistan,

Peru,

Philippines,

Poland,

Qatar,

Russia,

Saudi

Arabia,

South

Africa,

Taiwan,

Thailand,

Turkey

and

the

United

Arab

Emirates.

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

one

of

the

following

21

developed

market

countries:

Australia,

Austria,

Belgium,

Denmark,

Finland,

France,

Germany,

Hong

Kong,

Ireland,

Israel,

Italy,

Japan,

the

Netherlands,

New

Zealand,

Norway,

Portugal,

Singapore,

Spain,

Sweden,

Switzerland

and

the

United

Kingdom.

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.

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.

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.

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

environmental,

social

and

governance

(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

7

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.

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.

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

environmental,

social

and

governance

(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

each

Custom

Index

and

Base

Index.

Each

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.

Each

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

Funds

perform

during

the

twelve-month

reporting

period

ended

October

31,

2022?

The

tables

in

each

Fund’s

Performance

Overview

and

Expense

Ratios

section

of

this

report

provide

each

Fund’s

total

return

performance

at

net

asset

value

(NAV)

for

the

period

ended

October

31,

2022.

Each

Fund’s

total

returns

at

NAV

are

compared

with

the

performance

of

its

respective

Custom

Index.

As

global

equity

markets

declined

over

the

trailing

twelve-month

period,

the

Funds

posted

negative

returns

ranging

from

-6.2%

(NUDV)

to

-32.5%

(NUMG).

Each

Fund

underperformed

its

respective

Custom

Index

during

the

reporting

period.

The

Funds’

performance

at

NAV

reflects

management

fees

and

other

expenses

incurred

by

the

Funds

during

the

reporting

period,

while

the

Custom

Indexes

are

unmanaged

and

therefore

their

returns

do

not

reflect

any

such

fees

and

expenses.

Gross

of

management

fees

and

other

expenses,

all

of

the

Funds

performed

in

line

with

their

respective

Custom

Indexes

over

the

reporting

period.

During

the

reporting

period,

the

Custom

Indexes

for

NULG,

NUSC

and

NUEM

outperformed

or

performed

in

line

with

their

respective

Base

Indexes.

The

NUDV

Custom

Index

significantly

outperformed

the

Base

Index,

driven

primarily

by

a

focus

on

dividend

paying

stocks,

along

with

stock

selection

in

and

an

underweight

to

the

information

technology

sector.

The

Custom

Indexes

for

NULC,

NULV,

NUMG,

NUMV

and

NUDM

underperformed

their

respective

Base

Indexes.

Security

selection

within

the

energy

sector

was

a

consistent

detractor

across

the

Custom

Indexes

that

underperformed

relative

to

their

Base

Indexes.

Relative

to

the

Base

Indexes,

the

ESG

selection

process

leads

to

an

underweight

in

energy

companies

because

of

constraints

on

both

carbon

emission

intensity

and

absolute

emissions.

Security

selection

in

information

technology

was

also

a

detractor

in

the

NULC

and

NUMG

Custom

Indexes,

while

financials

had

a

negative

impact

in

the

NUMV

Custom

Index.

The

Custom

Indexes’

positioning

and

security

selection

is

consistent

with

their

ESG

selection

methodology.

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.

8

Risk

Considerations