This
semi-annual
report
contains
the
Funds'
unaudited financial
statements.
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
Chair’s
Letter
to
Shareholders
3
Important
Notices
4
Risk
Considerations
5
About
the
Funds’
Benchmarks
6
Fund
Performance,
Expense
Ratios
and
Holdings
Summaries
7
Expense
Examples
16
Portfolios
of
Investments
18
Statement
of
Assets
and
Liabilities
31
Statement
of
Operations
32
Statement
of
Changes
in
Net
Assets
33
Financial
Highlights
35
Notes
to
Financial
Statements
37
Additional
Fund
Information
43
Glossary
of
Terms
Used
in
this
Report
45
Liquidity
Risk
Management
Program
46
Chair’s
Letter
to
Shareholders
Dear
Shareholders,
The
significant
measures
taken
by
the
U.S.
Federal
Reserve
(Fed)
and
other
global
central
banks
over
the
past
year
to
contain
inflation
have
begun
to
take
effect.
From
March
2022
to
May
2023,
the
Fed
raised
the
target
fed
funds
rate
by
5.00%
to
a
range
of
5.00%
to
5.25%,
marking
the
fastest
interest
rate
hiking
cycle
in
its
history.
Across
most
of
the
world,
inflation
rates
have
fallen
from
their
post-pandemic
highs
but
currently
remain
well
above
the
levels
that
central
banks
consider
supportive
of
their
economies’
long-term
growth.
At
the
same
time,
the
U.S.
and
other
large
economies
have
remained
surprisingly
resilient,
even
as
financial
conditions
have
tightened.
Despite
contracting
in
the
first
half
of
2022,
U.S.
gross
domestic
product
grew
2.1%
in
the
year
overall
compared
to
2021
and
expanded
at
a
more
moderate
pace
of
1.3%
in
the
first
quarter
of
2023.
A
relatively
strong
jobs
market
has
helped
support
consumer
sentiment
and
spending
despite
historically
high
inflation.
Markets
are
concerned
that
these
conditions
could
keep
upward
pressure
on
prices
and
wages,
although
the
recent
collapse
of
three
regional
U.S.
banks
(Silicon
Valley
Bank,
Signature
Bank
and
First
Republic
Bank)
and
major
European
bank
Credit
Suisse
is
likely
to
add
further
downward
pressure
to
the
economy
as
the
banking
system
slows
lending
in
response.
Fed
officials
are
closely
monitoring
inflation
data
and
other
economic
measures
to
modify
their
rate
setting
activity
based
upon
these
factors
on
a
meeting-by-meeting
basis,
including
pausing
rate
adjustments
at
the
most
recent
meeting
in
June
2023
in
order
to
assess
the
effects
of
monetary
policy
so
far
on
the
economy.
While
uncertainty
has
increased
given
the
unpredictable
outcome
of
tighter
credit
conditions
on
the
economy,
the
Fed
remains
committed
to
acting
until
it
sees
sustainable
progress
toward
its
inflation
goals.
In
the
meantime,
markets
are
likely
to
continue
reacting
in
the
short
term
to
news
about
inflation
data,
economic
indicators
and
central
bank
policy.
The
debt
ceiling
debate
in
Congress
was
also
looming
over
the
markets
until
the
government
passed
an
increase
to
the
debt
limit
in
early
June
2023
and
averted
a
default
scenario.
We
encourage
investors
to
keep
a
long-term
perspective
amid
the
short-term
noise.
Your
financial
professional
can
help
you
review
how
well
your
portfolio
is
aligned
with
your
time
horizon,
risk
tolerance
and
investment
goals.
On
behalf
of
the
other
members
of
the
Nuveen
Fund
Board,
we
look
forward
to
continuing
to
earn
your
trust
in
the
months
and
years
ahead.
Terence
J.
Toth
Chair
of
the
Board
June
21,
2023
For
Shareholders
of
Nuveen
Dividend
Growth
ETF
(NDVG)
Nuveen
Growth
Opportunities
ETF
(NUGO)
Nuveen
Small
Cap
Select
ETF
(NSCS)
Nuveen
Winslow
Large-Cap
Growth
ESG
ETF
(NWLG)
Portfolio
Manager
Commentaries
in
Semi-annual
Reports
The
Funds
include
portfolio
manager
commentary
in
their
annual
shareholder
reports.
For
the
Funds’
most
recent
annual
portfolio
manager
discussion,
please
refer
to
the
Portfolio
Managers’
Comments
section
of
each
Fund’s
October
31,
2022
annual
shareholder
report.
For
current
information
on
your
Fund’s
investment
objectives,
portfolio
management
team
and
average
annual
total
returns
please
refer
to
the
Fund’s
website
at
www.nuveen.com.
For
changes
that
occurred
to
your
Fund
both
during
and
subsequent
to
this
reporting
period,
please
refer
to
the
Notes
to
Financial
Statements
section
of
this
report.
For
average
annual
total
returns
as
of
the
end
of
this
reporting
period,
please
refer
to
the
Performance
Overview,
Expense
Ratios
and
Holdings
Summaries
section
within
this
report.
Portfolio
Manager
Update
for
Nuveen
Winslow
Large-Cap
Growth
ESG
ETF
(NWLG)
Effective
March
21,
2023,
Steve
M.
Hamill,
Senior
Managing
Director,
Portfolio
Manager
and
Analyst
at
Winslow
Capital
Management,
LLC,
was
added
as
a
portfolio
manager
of
the
Fund.
Justin
H.
Kelly,
Patrick
M.
Burton
and
Stephan
C.
Petersen
will
continue
to
serve
as
portfolio
managers
for
the
Fund.
Nuveen
Dividend
Growth
ETF
(NDVG)
Investing
involves
risk;
principal
loss
is
possible.
There
is
no
guarantee
the
Fund’s
investment
objectives
will
be
achieved.
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.
Smaller
company
stocks
are
subject
to
greater
volatility.
Foreign
investments
involve
additional
risks
including
currency
fluctuations,
political
and
economic
instability,
and
lack
of
liquidity.
These
and
other
risk
considerations
are
described
in
detail
in
the
Fund’s
prospectus.
Nuveen
Growth
Opportunities
ETF
(NUGO)
Investing
involves
risk;
principal
loss
is
possible.
There
is
no
guarantee
the
Fund’s
investment
objectives
will
be
achieved.
Large
companies
are
more
mature
and
may
grow
more
slowly
than
the
overall
market.
Growth
stocks
tend
to
be
more
volatile
than
other
equities
and
can
experience
sharp
price
declines.
Non-U.S.
investments
involve
risks
such
as
currency
fluctuation,
political
and
economic
instability,
lack
of
liquidity
and
differing
legal
and
accounting
standards.
These
and
other
risk
considerations,
such
as
active
management,
issuer,
mid-cap,
and
style
risks
of
growth
investing,
are
described
in
detail
in
the
Fund’s
prospectus.
Nuveen
Small
Cap
Select
ETF
(NSCS)
Investing
involves
risk;
principal
loss
is
possible.
There
is
no
guarantee
the
Fund’s
investment
objectives
will
be
achieved.
Investments
in
smaller
companies
are
subject
to
greater
volatility
than
those
of
larger
companies.
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.
These
and
other
risk
considerations,
such
as
derivatives
and
growth
stock
risks,
are
described
in
the
Fund’s
prospectus.
Nuveen
Winslow
Large-Cap
Growth
ESG
ETF
(NWLG)
Investing
involves
risk;
principal
loss
is
possible.
There
is
no
guarantee
the
Fund’s
investment
objectives
will
be
achieved.
Because
the
Fund’s
Environmental
Social
Governance
(ESG)
investment
strategy
may
exclude
securities
of
certain
issuers
for
non-financial
reasons,
the
Fund
may
forgo
some
market
opportunities
available
to
funds
that
don’t
use
an
ESG
investment
strategy.
Prices
of
equity
securities
may
decline
significantly
over
short
or
extended
periods
of
time.
Growth
stocks
tend
to
be
more
volatile
than
certain
other
types
of
stocks
and
their
prices
usually
fluctuate
more
dramatically
than
the
overall
stock
market.
Non-U.S.
investments
involve
risks
such
as
currency
fluctuation,
political
and
economic
instability,
lack
of
liquidity
and
differing
legal
and
accounting
standards.
These
and
other
risk
considerations,
such
as
active
management
and
growth
stock
risks,
are
described
in
detail
in
the
Fund’s
prospectus.
About
the
Funds’
Benchmarks
Russell
1000®
Growth
Index:
An
index
designed
to
measure
the
performance
of
the
large-cap
growth
segment
of
the
U.S.
equity
universe.
It
includes
those
Russell
1000®
companies
higher
price-to-book
ratios
and
higher
forecasted
growth
values.
The
index
returns
assume
reinvestment
of
distributions,
but
do
not
reflect
any
applicable
sales
charges
or
management
fees.
Russell
2000®
Index:
An
index
designed
to
measure
the
performance
of
the
small-cap
segment
of
the
U.S.
equity
universe.
The
index
returns
assume
reinvestment
of
distributions,
but
do
not
reflect
any
applicable
sales
charges
or
management
fees.
S&P
500®
Index:
An
index
generally
considered
representative
of
the
U.S.
equity
market.
The
index
includes
500
leading
companies
and
covers
approximately
80%
of
available
market
capitalization.
The
index
returns
assume
reinvestment
of
distributions,
but
do
not
reflect
any
applicable
sales
charges
or
management
fees.
Fund
Performance,
Expense
Ratios
and
Holdings
Summaries
The
Fund
Performance,
Expense
Ratios
and
Holdings
Summaries
for
each
Fund
are
shown
within
this
section
of
the
report.
Fund
Performance
Performance
data
shown
represents
past
performance
and
does
not
predict
or
guarantee
future
results
.
Investment
returns
and
principal
value
will
fluctuate
so
that
when
shares
are
sold,
they
may
be
worth
more
or
less
than
their
original
cost.
Current
performance
may
be
higher
or
lower
than
the
performance
shown.
Returns
quoted
for
the
Funds
reflect
management
fees
and
other
expenses
such
as
transaction
costs
incurred
by
the
Funds
during
the
reporting
period
while
the
Indexes
are
unmanaged
and
therefore
returns
do
not
reflect
any
such
fees
and
expenses.
Total
returns
for
a
period
of
less
than
one
year
are
not annualized
(i.e.
cumulative
returns).
Returns
assume
reinvestment
of
dividends
and
capital
gains.
Market
price
returns
are
based
on
the
closing
market
price
as
of
the
end
of
the
reporting
period.
For
performance
current
to
the
most
recent
month-end
visit
nuveen.com
or
call
(800)
257-8787.
Returns
do
not
reflect
the
deduction
of
taxes
that
a
shareholder
would
pay
on
Fund
distributions
or
the
sale
of
Fund
shares.
Expense
Ratios
The
expense
ratios
shown
are
as
of each
Fund’s
most
recent
prospectus.
The
expense
ratios
shown
reflect
total
operating
expenses including
management
fees
and
other
fees
and
expenses
but
do
not
reflect
expected
transaction
costs.
Refer
to
the
Financial
Highlights
later
in
this
report
for each
Fund’s
expense
ratios
as
of
the
end
of
the
reporting
period.
Holdings
Summaries
The
Holdings
Summaries
data
relates
to
the
securities
held
in
each
Fund’s
portfolio
of
investments
as
of
the
end
of
this
reporting
period.
It
should
not
be
construed
as
a
measure
of
performance
for
the
Fund
itself.
Holdings
are
subject
to
change.
Refer
to
the
Fund’s
Portfolio
of
Investments
for
individual
security
information.
Nuveen
Dividend
Growth
ETF
(NDVG)
(continued)
Fund
Performance,
Expense
Ratios
and
Holdings
Summaries
April
30,
2023
Refer
to
the
first
page
of
this
Fund
Performance,
Expense
Ratios
and
Holdings
Summaries section
for
further
expla-
nation
of the
information
included
within
this
section.
Refer
to
the
Glossary
of
Terms
Used
in
this
Report
for
further
definition
of
terms
used
in
this
section.
Fund
Performance
and
Expense
Ratios*
*
For
purposes
of
Fund
performance,
relative
results
are
measured
against
the
S&P
500®
Index.
Total
Returns
as
of
April
30,
2023
Cumulative
Average
Annual
Expense
Ratios
Inception
Date
6-Month
1-Year
Since
Inception
NDVG
at
NAV
8/04/21
6.07%
3.85%
2.61%
0.64%
NDVG
at
Market
Price
8/04/21
5.98%
3.92%
2.58%
—
S&P
500®
Index
—
8.63%
2.66%
(1.53)%
—
Holdings
Summaries
as
of
April
30,
2023
Fund
Allocation
(%
of
net
assets)
Common
Stocks
99.6%
Other
Assets
&
Liabilities,
Net
0.4%
Net
Assets
100%
Portfolio
Composition
1
(%
of
net
assets)
Technology
Hardware,
Storage
&
Peripherals
7.2%
Software
6.3%
Semiconductors
&
Semiconductor
Equipment
5.8%
Health
Care
Providers
&
Services
5.8%
Oil,
Gas
&
Consumable
Fuels
5.7%
Specialty
Retail
4.8%
Chemicals
4.5%
Consumer
Staples
Distribution
&
Retail
4.3%
Insurance
4.2%
Financial
Services
3.8%
Communications
Equipment
3.4%
IT
Services
2.9%
Industrial
REITs
2.8%
Banks
2.8%
Media
2.5%
Biotechnology
2.5%
Electric
Utilities
2.5%
Multi-Utilities
2.4%
Electrical
Equipment
2.2%
Consumer
Finance
2.2%
Health
Care
Equipment
&
Supplies
2.2%
Building
Products
2.2%
Food
Products
2.1%
Beverages
2.1%
Tobacco
2.1%
Other
10.3%
Other
Assets
&
Liabilities,
Net
0.4%
Net
Assets
100%
Top
Five
Common
Stock
Holdings
(%
of
net
assets)
Apple
Inc
7.2%
Microsoft
Corp
6.3%
UnitedHealth
Group
Inc
3.5%
Motorola
Solutions
Inc
3.4%
Broadcom
Inc
3.4%
1
See
the
Portfolio
of
Investments
for
the
remaining
industries/sectors
comprising “Other”
and
not
listed
in
the
table
above.
Nuveen
Growth
Opportunities
ETF
(NUGO)
(continued)
Fund
Performance,
Expense
Ratios
and
Holdings
Summaries
April
30,
2023
Refer
to
the
first
page
of
this
Fund
Performance,
Expense
Ratios
and
Holdings
Summaries section
for
further
expla-
nation
of the
information
included
within
this
section.
Refer
to
the
Glossary
of
Terms
Used
in
this
Report
for
further
definition
of
terms
used
in
this
section.
Fund
Performance
and
Expense
Ratios*
*
For
purposes
of
Fund
performance,
relative
results
are
measured
against
the
Russell
1000®
Growth
Index.
Total
Returns
as
of
April
30,
2023
Cumulative
Average
Annual
Expense
Ratios
Inception
Date
6-Month
1-Year
Since
Inception
NUGO
at
NAV
9/27/21
13.59%
0.72%
(11.99)%
0.55%
NUGO
at
Market
Price
9/27/21
13.95%
0.75%
(11.92)%
—
Russell
1000®
Growth
Index
—
11.51%
2.34%
(7.70)%
—