Funds
Exchange-Traded
Funds
Nuveen
Exchange-Traded
October
31,
2023
Annual
Report
Fund
Name
Listing
Exchange
Ticker
Symbol
Nuveen
Dividend
Growth
ETF
NYSE
Arca
NDVG
Nuveen
Growth
Opportunities
ETF
NYSE
Arca
NUGO
Nuveen
Small
Cap
Select
ETF
NYSE
Arca
NSCS
Nuveen
Winslow
Large-Cap
Growth
ESG
ETF
NYSE
Arca
NWLG
2
Table
of
Contents
Chair’s
Letter
to
Shareholders
3
Important
Notices
4
Portfolio
Managers’
Comments
5
Risk
Considerations
9
About
the
Funds’
Benchmarks
10
Fund
Performance,
Expense
Ratios
and
Holdings
Summaries
11
Expense
Examples
20
Report
of
Independent
Registered
Public
Accounting
Firm
22
Portfolios
of
Investments
24
Statement
of
Assets
and
Liabilities
34
Statement
of
Operations
35
Statement
of
Changes
in
Net
Assets
36
Financial
Highlights
38
Notes
to
Financial
Statements
40
Important
Tax
Information
46
Additional
Fund
Information
47
Glossary
of
Terms
Used
in
this
Report
49
Liquidity
Risk
Management
Program
50
Annual
Investment
Management
Agreement
Approval
Process
51
Trustees
and
Officers
58
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
Manager
Update
for
Nuveen
Winslow
Large-Cap
Growth
ESG
ETF
(NWLG)
Effective
March
21,
2023,
Steven
Hamill,
CFA,
Senior
Managing
Director
and
Portfolio
Manager,
has
been
added
as
a
portfolio
manager.
There
were
no
other
changes
to
the
portfolio
management
of
the
Fund
during
the
reporting
period.
Events
that
Occurred
Subsequent
to
the
Reporting
Period
Nuveen
Growth
Opportunities
ETF
(NUGO)
Transitions
from
Semi-Transparent
to
Fully
Transparent
Effective
November
1,
2023,
NUGO
completed
its
transition
from
semi-transparent
to
fully
transparent.
Semi-transparent
ETFs
disclose
their
full
portfolio
of
securities
monthly
while
fully
transparent
ETFs
disclose
their
full
portfolio
of
securities
each
day.
There
were
no
significant
changes
to
NUGO’s
investment
process
or
philosophy
as
a
result
of
this
transition.
However,
moving
to
fully
transparent
will
allow
the
portfolio
managers
to
invest
in
security
types
that
were
otherwise
prohibited
under
the
semi-transparent
structure.
This
provides
the
portfolio
management
team
greater
flexibility
in
executing
their
strategy
and
meeting
the
investment
objective.
For
additional
information
regarding
the
unique
attributes
and
risks
of
this
ETF,
please
refer
to
the
Fund’s
prospectus
and/
or
statement
of
additional
information
at
https://www.nuveen.com/en-us/exchange-traded-funds.
Portfolio
Managers’
Comments
5
Nuveen
Dividend
Growth
ETF
(NDVG)
Nuveen
Growth
Opportunities
ETF
(NUGO)
Nuveen
Small
Cap
Select
ETF
(NSCS)
Nuveen
Winslow
Large-Cap
Growth
ESG
ETF
(NWLG)
The
Nuveen
Dividend
Growth
ETF
(NDVG),
Nuveen
Growth
Opportunities
ETF
(NUGO)
and
Nuveen
Small
Cap
Select
ETF
(NSCS)
feature
portfolio
management
by
Nuveen
Asset
Management,
LLC
(NAM),
an
affiliate
of
Nuveen
Fund
Advisors,
LLC,
the
Funds’
investment
adviser.
Portfolio
managers
for
NDVG
include
David
Park,
CFA,
and
David
Chalupnik,
CFA.
Portfolio
managers
for
NUGO
include
Karen
Hiatt,
CFA,
and
Terrence
Kontos,
CFA.
Gregory
Ryan,
CFA,
and
Jon
Loth,
CFA,
are
the
portfolio
managers
for
NSCS.
The
Nuveen
Winslow
Large-Cap
Growth
ESG
ETF
(NWLG)
features
portfolio
management
by
Winslow
Capital
Management,
LLC
(“Winslow
Capital”),
an
affiliate
of
Nuveen
Fund
Advisors,
LLC,
the
Fund’s
investment
adviser.
Justin
Kelly,
CFA,
Patrick
Burton,
CFA,
Stephan
Petersen
and
Steven
Hamill,
CFA,
are
the
portfolio
managers
for
NWLG.
Effective
March
21,
2023,
Steven
Hamill,
Senior
Managing
Director,
Portfolio
Manager
and
Analyst
at
Winslow
Capital
Management,
LLC,
was
added
as
a
portfolio
manager
of
the
Nuveen
Winslow
Large-Cap
Growth
ESG
ETF
(NWLG).
Justin
Kelly,
Patrick
Burton
and
Stephan
Petersen
continue
to
serve
as
portfolio
managers
for
the
Fund.
Here
the
portfolio
management
teams
discuss
U.S.
economic
and
financial
market
conditions,
key
investment
strategies
and
the
Funds’
performance
for
the
twelve-month
reporting
period
ended
October
31,
2023.
For
more
information
on
the
Funds’
investment
objectives,
policies
and
characteristics
on
actively
managed,
semi-transparent
ETFs,
please
refer
to
each
Fund’s
prospectus.
What
factors
affected
the
U.S.
economy
and
market
conditions
during
the
twelve-month
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,
rating
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.
Portfolio
Managers’
Comments
(continued)
6
Equity
markets
experienced
strong
growth
during
the
reporting
period.
Although
the
Fed
continued
to
raise
interest
rates,
investors
started
to
factor
in
a
nearer-term
end
to
the
tightening
cycle.
The
longer
duration
of
growth
equities’
free
cash
flow
generation
positioned
them
as
key
beneficiaries
of
interest
rate
stabilization.
In
addition,
growth
equities
benefited
from
attractive
starting
point
valuations
after
the
market
sell-off
in
2022,
a
renewed
focus
on
corporate
spending
efficiency
and
enthusiasm
for
generative
artificial
intelligence’s
(AI)
ability
to
drive
innovation
and
productivity
gains.
Nuveen
Dividend
Growth
ETF
(NDVG)
What
key
strategies
were
used
to
manage
the
Fund
during
the
twelve-month
reporting
period
ended
October
31,
2023?
NDVG
seeks
an
attractive
total
return
comprised
of
income
from
dividends
and
long-term
capital
appreciation
focusing
on
high
quality,
mid-
to
large-cap
companies
with
the
potential
for
sustainable
dividend
growth.
NDVG
is
an
actively
managed,
semi-
transparent
ETF,
which
offers
investors
an
additional
vehicle
to
access
the
firm’s
equity
capabilities,
while
maintaining
the
potential
benefits
of
the
traditional
ETF
structure,
including
tax-efficiency
and
daily
liquidity.
Investment
decisions
are
actively
made
by
portfolio
managers
with
the
goal
of
outperforming
the
benchmark
index.
How
did
the
Fund
perform
during
the
twelve-month
reporting
period
ended
October
31,
2023?
NDVG
significantly
underperformed
the
S&P
500®
Index
during
the
twelve-month
reporting
period
ended
October
31,
2023.
For
purposes
of
this
Performance
Commentary,
references
to
relative
performance
are
in
comparison
to
the
S&P
500®
Index.
During
the
reporting
period,
a
narrow
group
of
more
volatile
and
non-dividend
paying
companies
significantly
outperformed
the
S&P
500®
Index,
particularly
in
the
information
technology
and
communication
services
sectors.
This
created
a
performance
headwind
for
the
Fund,
which
remained
focused
on
investing
in
higher
quality
companies
with
the
potential
for
dividend
growth
and
maintaining
a
lower
risk
profile
versus
the
S&P
500®
Index.
The
largest
detractor
from
the
Fund’s
relative
performance
during
the
reporting
period
was
security
selection
in
the
information
technology
sector.
In
particular,
the
Fund’s
lack
of
exposure
to
chipmaker
NVIDIA
Corporation
detracted.
NVIDIA
was
the
top-performing
stock
in
the
sector
and
represents
a
large
weight
in
the
benchmark.
NVIDIA
does
not
meet
the
Fund’s
investment
criteria
given
the
company’s
lack
of
dividend
growth
and
its
volatility
above
the
Fund’s
typical
range.
Additionally,
the
Fund’s
underweight
to
the
communication
services
sector
detracted
from
relative
performance,
particularly
the
Fund’s
lack
of
exposure
to
Meta
Platforms
Inc.,
the
top-performing
stock
in
the
sector
and
another
large
weight
in
the
benchmark.
The
company
pays
no
dividend
and
therefore
does
not
meet
the
Fund’s
investment
criteria.
Security
selection
also
detracted
in
the
financials
sector,
including
a
position
in
financial
services
provider
Charles
Schwab
Corporation.
The
stock
underperformed
because
of
concerns
surrounding
the
company’s
profitability
and
earnings
as
clients
moved
money
into
higher-yielding
offerings.
Investors
also
worried
about
the
impact
higher
interest
rates
would
have
on
funding
costs
and
unrealized
losses
in
the
company’s
securities
portfolio.
Charles
Schwab
is
still
held
in
the
portfolio
because
recent
signs
point
to
an
end
of
the
Fed’s
interest
rate
hiking
campaign,
which
may
dispel
some
of
these
pressures.
Partially
offsetting
the
Fund’s
underperformance
was
security
selection
in
the
industrials
sector,
led
by
a
position
in
Eaton
Corporation,
a
manufacturer
of
power
management
solutions
for
a
broad
array
of
end
markets.
The
company
is
benefiting
from
pricing
and
productivity
initiatives
as
recent
financial
results
exceeded
estimates
for
organic
revenue,
operating
margin,
and
adjusted
earnings
per
share.
Eaton
also
continues
to
experience
robust
end-market
growth
for
its
electrical
business,
with
management
raising
2023
guidance
based
on
the
company’s
substantial
backlog
growth
and
new
business
wins.
The
Fund
continued
to
maintain
a
position
in
Eaton.
Nuveen
Growth
Opportunities
ETF
(NUGO)
What
key
strategies
were
used
to
manage
the
Fund
during
the
twelve-month
reporting
period
ended
October
31,
2023?
NUGO
seeks
long-term
capital
appreciation
through
a
concentrated
growth
portfolio
that
primarily
invests
in
high-quality
U.S.
companies
with
market
capitalizations
of
at
least
$1
billion
that
exhibit
potential
for
attractive
earnings
growth,
strong
relative
valuation,
attractive
cash
flows,
and
significant
long-term
returns.
NUGO
is
an
actively
managed,
semi-transparent
ETF,
which
offers
investors
an
additional
vehicle
to
access
the
firm’s
equity
capabilities,
while
maintaining
the
potential
benefits
of
the
traditional
ETF
structure,
including
tax-efficiency
and
daily
liquidity.
Investment
decisions
are
actively
made
by
portfolio
managers
with
the
goal
of
outperforming
the
benchmark
index.
7
How
did
the
Fund
perform
during
the
twelve-month
reporting
period
ended
October
31,
2023?
NUGO
significantly
outperformed
the
Russell
1000®
Growth
Index
during
the
twelve-month
reporting
period
ended
October
31,
2023.
For
purposes
of
this
Performance
Commentary,
references
to
relative
performance
are
in
comparison
to
the
Russell
1000®
Growth
Index.
The
Fund’s
outperformance
was
driven
by
security
selection
in
the
information
technology
sector,
led
by
a
position
in
chipmaker
NVIDIA
Corporation,
the
top-performing
stock
in
the
sector
and
an
overweight
in
the
Fund.
NVIDIA
shares
advanced
after
the
company
reported
several
consecutive
quarters
of
earnings
that
significantly
exceeded
consensus
expectations,
largely
fueled
by
the
demand
for
generative
artificial
intelligence
(AI).
The
data
center
industry
has
benefited
from
significant
infrastructure
investment
in
recent
years,
leading
NVIDIA’s
management
to
issue
a
strong
growth
outlook
beyond
2023.
The
Fund
continues
to
own
NVIDIA.
Also
in
the
technology
sector,
global
semiconductor
and
software
infrastructure
company
Broadcom
Inc.
contributed
to
relative
performance
during
the
reporting
period.
Broadcom’s
management
team
provided
a
favorable
update
on
its
investment
in
AI
and
announced
a
new
multibillion-dollar
agreement
with
Apple
Inc.
The
Fund
maintains
a
position
in
Broadcom.
The
Fund’s
relative
performance
was
also
aided
by
security
selection
in
the
health
care
sector,
led
by
pharmaceutical
company
Horizon
Therapeutics
Plc.
In
December
2022,
the
company
agreed
to
be
acquired
by
Amgen
Inc.
for
a
substantial
premium
to
its
price
prior
to
the
merger
rumors,
causing
the
stock
price
to
increase.
Following
the
stock
advance,
the
Fund
exited
Horizon
Therapeutics.
Additionally,
within
the
health
care
sector,
the
Fund
benefited
from
its
emphasis
on
the
accelerating
demand
for
the
new
glucagon-like
peptide
1
(GLP-1)
obesity
drugs
through
its
ongoing
investments
in
Eli
Lilly
and
Company
and
Novo
Nordisk
A/S.
While
security
selection
in
the
health
care
sector
contributed
to
relative
performance
overall,
an
overweight
to
the
sector
served
to
partially
offset
strong
selection.
In
addition,
an
overweight
to
the
weaker-performing
energy
sector
also
detracted
from
relative
performance.
Nuveen
Small
Cap
Select
ETF
(NSCS)
What
key
strategies
were
used
to
manage
the
Fund
during
the
twelve-month
reporting
period
ended
October
31,
2023?
NSCS
seeks
to
provide
capital
appreciation
through
buying
companies
trading
at
a
discount
to
their
intrinsic
value
only
when
a
forthcoming
catalyst
is
apparent.
NSCS
is
an
actively
managed,
semi-transparent
ETF,
which
offers
investors
an
additional
vehicle
to
access
the
firm’s
equity
capabilities,
while
maintaining
the
potential
benefits
of
the
traditional
ETF
structure,
including
tax-efficiency
and
daily
liquidity.
Investment
decisions
are
actively
made
by
portfolio
managers
with
the
goal
of
outperforming
the
benchmark
index.
How
did
the
Fund
perform
during
the
twelve-month
reporting
period
ended
October
31,
2023?
NSCS
significantly
outperformed
the
Russell
2000®
Index
during
the
twelve-month
reporting
period
ended
October
31,
2023.
For
purposes
of
this
Performance
Commentary,
references
to
relative
performance
are
in
comparison
to
the
Russell
2000®
Index.
The
Fund’s
relative
performance
was
driven
by
favorable
security
selection
in
the
industrials
sector,
led
by
Kratos
Defense
&
Security
Solutions,
Inc.,
a
producer
of
unmanned
aerial
drones
and
satellite
communications
systems.
Kratos
Defense
&
Security
shares
were
driven
higher
as
the
company
provided
a
solid
fourth-quarter
earnings
report
that
included
strong
earnings
growth,
healthy
guidance
for
2023,
and
strong
demand
for
its
products.
The
Fund
continues
to
maintain
this
position.
Also
in
the
industrials
sector,
Comfort
Systems
USA,
Inc.,
an
electrical,
heating,
ventilation,
and
air
conditioner
contractor,
contributed
to
relative
performance.
The
company
benefited
from
inflation
and
reshoring,
which
have
led
to
strong
order
and
backlog
trends.
The
company
is
seeing
notable
growth
from
manufacturing
and
datacenter
construction
projects
and
posted
several
quarterly
earnings
beats
and
increased
guidance.
The
Fund
continues
to
hold
a
position
in
Comfort
Systems.
Security
selection
in
the
health
care,
financials,
and
consumer
staples
sectors
also
contributed
to
relative
performance.
A
top
contributor
in
the
consumer
staples
sector
was
protein
product
maker
BellRing
Brands
Inc.
The
company
is
experiencing
strong
consumption
growth
across
its
product
lines,
with
total
distribution
reaching
all-time
highs
during
the
reporting
period.
BellRing’s
products
are
also
benefiting
from
synergies
gained
from
the
growing
usage
of
glucagon-like
peptide
1
(GLP-1)
obesity
drugs
in
2023.
The
Fund
continues
to
own
BellRing
Brands.
Partially
offsetting
the
Fund’s
outperformance
was
unfavorable
security
selection
in
the
consumer
discretionary
and
information
technology
sectors.
The
Fund’s
most
notable
detractor
was
technology
company
Impinj,
Inc.,
a
manufacturer
of
radio
frequency
Portfolio
Managers’
Comments
(continued)
8
identification
readers
and
sensor
endpoints
used
for
retail
tracking
and
inventory
management.
Impinj
shares
were
pressured
by
the
delayed
implementation
of
a
major
contract
for
a
logistics
provider,
followed
by
intensive
pressures
in
retail
and
inventory
destocking
that
the
portfolio
management
team
believes
may
take
time
to
resolve.
The
Fund
exited
Impinj
during
the
reporting
period.
Nuveen
Winslow
Large-Cap
Growth
ESG
ETF
(NWLG)
What
key
strategies
were
used
to
manage
the
Fund
during
the
twelve-month
reporting
period
ended
October
31,
2023?
NWLG
seeks
to
provide
long-term
capital
appreciation
by
investing
in
equity
securities
of
U.S.
companies
with
market
capitalization
in
excess
of
$4
billion
at
the
time
of
purchase,
with
above-average
earnings
growth
potential
that
demonstrate
sustainable
environmental,
social
and
governance
(ESG)
characteristics.
NWLG
is
an
actively
managed,
semi-transparent
ETF,
which
offers
investors
an
additional
vehicle
to
access
the
firm’s
equity
capabilities,
while
maintaining
the
potential
benefits
of
the
traditional
ETF
structure,
including
tax-efficiency
and
daily
liquidity.
Investment
decisions
are
actively
made
by
portfolio
managers
with
the
goal
of
outperforming
the
benchmark
index.
How
did
the
Fund
perform
during
the
twelve-month
reporting
period
ended
October
31,
2023?
NWLG
outperformed
the
Russell
1000®
Growth
Index
during
the
twelve-month
reporting
period
ended
October
31,
2023.
For
purposes
of
this
Performance
Commentary,
references
to
relative
performance
are
in
comparison
to
the
Russell
1000®
Growth
Index.
During
the
reporting
period,
the
primary
contributor
to
the
Fund’s
relative
performance
was
stock
selection
in
the
consumer
discretionary
and
health
care
sectors.
The
largest
individual
contributors
to
the
Fund’s
relative
performance
were
Abiomed,
Inc.,
NVIDIA
Corp.
and
ServiceNow
Inc.
Innovative
cardiovascular
medical
device
company
Abiomed,
Inc.
was
the
top
contributor
during
the
reporting
period
after
Johnson
&
Johnson
announced
its
intent
to
buy
the
company
at
a
51%
premium
during
the
fourth
quarter
of
2022.
The
position
was
sold
on
the
news.
Semiconductor
company
NVIDIA
Corp.
experienced
rising
demand
for
its
semiconductors
and
software
solutions
as
a
wide
range
of
customers
seek
to
leverage
AI
in
their
businesses.
The
company
has
implemented
robust
talent
initiatives
and
portfolio
management
believes
it
is
well-positioned
to
capitalize
on
clean
technology
opportunities.
The
Fund
maintains
its
exposure
to
NVIDIA
Corp.
ServiceNow
Inc.
was