Funds
Exchange-Traded
Funds
Nuveen
Exchange-Traded
December
31,
2022
Annual
Report
Fund
Name
Listing
Exchange
Ticker
Symbol
Nuveen
Short-Term
REIT
ETF
Cboe
BZX
Exchange,
Inc.
NURE
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or
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account.
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you
receive
your
Nuveen
Fund
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Nuveen.
Must
be
preceded
by
or
accompanied
by
a
prospectus.
NOT
FDIC
INSURED
MAY
LOSE
VALUE
NO
BANK
GUARANTEE
Table
of
Contents
3
Chair’s
Letter
to
Shareholders
4
Portfolio
Managers’
Comments
5
Risk
Considerations
and
Dividend
Information
7
Fund
Performance,
Expense
Ratios
and
Holdings
Summaries
8
Expense
Examples
11
Report
of
Independent
Registered
Public
Accounting
Firm
12
Portfolio
of
Investments
13
Statement
of
Assets
and
Liabilities
15
Statement
of
Operations
16
Statement
of
Changes
in
Net
Assets
17
Financial
Highlights
18
Notes
to
Financial
Statements
20
Important
Tax
Information
25
Additional
Fund
Information
26
Glossary
of
Terms
Used
in
this
Report
27
Annual
Investment
Management
Agreement
Approval
Process
28
Liquidity
Risk
Management
Program
35
Trustees
and
Officers
36
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
how
long
and
severe
a
recession
would
be.
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
over
the
past
year.
Inflation
has
surged
partially
due
to
pandemic-related
supply
chain
bottlenecks,
exacerbated
by
Russia’s
war
in
Ukraine
and
China’s
recurring
COVID-19
lockdowns
throughout
the
year
until
China’s
zero-COVID
policy
effectively
ended
in
December
2022.
This
necessitated
forceful
responses
from
the
U.S.
Federal
Reserve
(Fed)
and
other
central
banks,
who
signaled
their
intentions
to
slow
inflation
even
if
it
meant
tolerating
materially
slower
economic
growth
and
some
softening
in
the
labor
market.
In
March
2022,
the
Fed
began
the
fastest
interest
rate
hiking
cycle
in
its
history,
raising
the
target
fed
funds
rate
by
4.50%
over
a
ten-month
span
to
a
range
of
4.50%
to
4.75%
by
January
2023.
While
inflation
began
to
ease
over
the
second
half
of
2022,
it
remains
far
higher
than
the
Fed’s
inflation
target.
Fed
officials
are
closely
monitoring
inflation
data
and
other
economic
measures
to
modify
their
rate
setting
policy
based
upon
these
factors
and
has
more
recently
slowed
the
pace
of
monetary
tightening.
But
additional
rate
hikes
are
expected
until
the
Fed
sees
sustainable
progress
toward
its
inflation
goals.
Despite
contracting
in
the
first
half
of
2022,
U.S.
gross
domestic
product
grew
2.1%
in
the
year
overall
compared
to
2021.
Consumer
spending
remained
relatively
resilient
in
2022,
supported
by
a
surprisingly
strong
labor
market
that
suggested
not
all
areas
of
the
economy
were
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
February
23,
2023
Portfolio
Managers’
Comments
5
Nuveen
Short-Term
REIT
ETF
(NURE)
This
Fund
features
portfolio
management
by
Teachers
Advisors,
LLC,
an
affiliate
of
Nuveen
Fund
Advisors,
LLC.
Here,
portfolio
managers
Philip
James
(Jim)
Campagna,
CFA,
and
Lei
Liao,
CFA,
discuss
U.S.
economic
and
market
conditions,
key
investment
strategies
and
the
Fund’s
performance
for
the
twelve-month
reporting
period
ended
December
31,
2022.
For
more
information
on
the
Fund’s
investment
objectives
and
policies,
please
refer
to
the
prospectus.
What
factors
affected
the
U.S.
economy
and
the
real
estate
investment
trust
(REIT)
market
during
the
twelve-month
reporting
period
ended
December
31,
2022?
In
2022,
the
U.S.
economy
grew
at
a
pace
of
2.1%,
normalizing
from
its
rapid
post-pandemic
recovery
in
2021
when
it
expanded
5.9%,
according
to
the
U.S.
Bureau
of
Economic
Analysis.
Although
a
moderation
was
largely
expected,
gross
domestic
product
(GDP)
unexpectedly
contracted
in
the
first
half
of
the
year.
China’s
Zero-COVID
restrictions
(later
lifted
in
December
2022)
and
the
Russia-Ukraine
war
worsened
existing
pandemic-related
supply
chain
disruptions
and
drove
food
and
energy
prices
higher.
Inflation
rose
more
than
expected
over
much
of
2022,
which
pressured
global
central
banks
to
respond
with
more
aggressive
measures
and
increased
recession
risks.
Beginning
in
March
2022,
the
U.S.
Federal
Reserve
(Fed)
raised
its
target
fed
funds
rate
seven
times
during
the
reporting
period,
bringing
it
from
near
zero
at
the
start
of
the
year
to
a
range
of
4.25%
to
4.50%.
In
early
2023,
after
the
close
of
the
reporting
period,
the
Fed
raised
its
rate
by
0.25%
to
a
range
of
4.50%
to
4.75%.
The
Fed’s
activity
led
to
significant
volatility
in
bond
and
stock
markets
in
2022.
In
addition,
it
contributed
to
a
surge
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.
Global
currency
and
bond
markets
were
further
roiled
in
September
2022
by
an
unpopular
fiscal
spending
proposal
in
the
U.K.
but
recovered
after
the
plans
were
abandoned.
Inflation
and
higher
borrowing
costs
weighed
on
consumer
confidence
and
spending
and
notably
cooled
the
housing
market
in
2022.
However,
the
labor
market,
another
key
gauge
of
the
economy’s
health,
remained
resilient.
By
July
2022,
the
economy
had
recovered
the
22
million
jobs
lost
since
the
beginning
of
the
pandemic.
As
of
December
2022,
the
unemployment
rate
remained
near
its
pre-pandemic
low
of
3.5%,
although
monthly
job
growth
appeared
to
be
slowing.
The
strong
labor
market
and
wage
gains
helped
U.S.
GDP
return
to
expansion
in
the
third
and
fourth
quarters
of
2022,
growing
at
an
annualized
rate
of
3.2%
and
2.9%,
respectively.
The
U.S.
REIT
market
declined
during
the
reporting
period,
underperforming
the
broad
stock
market,
amid
headwinds
from
high
inflation,
rising
interest
rates
and
weakening
economic
growth.
Demand
for
real
estate
moderated
while
credit
conditions
tightened,
dampening
the
outlook
for
the
sector
and
weakening
investor
sentiment
for
REITs.
No
REIT
subsector
was
spared
from
the
sell-off;
among
the
short-term
REIT
subsectors
in
which
the
Fund
invests,
hotels
declined
the
least
while
residential
and
self-storage
posted
the
biggest
losses.
What
key
strategies
were
used
to
manage
the
Fund
during
the
twelve-month
reporting
period
ended
December
31,
2022?
The
Fund
seeks
to
track
the
investment
results,
before
fees
and
expenses,
of
the
Dow
Jones
U.S.
Select
Short-Term
REIT
Index
(the
“NURE
Custom
Index”).
The
NURE
Custom
Index
is
comprised
of
U.S.
exchange-traded
equity
REITs
that
concentrate
their
holdings
in
apartment
buildings,
hotels,
self-storage
facilities
and
manufactured
home
properties,
which
typically
have
shorter
lease
terms
than
REITs
that
invest
in
other
sectors.
The
NURE
Custom
Index
selects
from
securities
included
in
the
Dow
Jones
U.S.
Select
REIT
Index
(the
“NURE
Base
Index”),
which
is
comprised
of
U.S.
exchange-traded
equity
REITs.
The
Fund
attempts
to
replicate
the
NURE
Custom
Index
by
investing
all,
or
substantially
all,
of
its
assets
in
the
REITs
that
make
up
the
NURE
Custom
Index,
holding
each
REIT
in
approximately
the
same
proportion
as
its
weighting
in
the
Index.
The
Fund
rebalances
its
holdings
quarterly
in
response
to
the
quarterly
rebalance
of
the
NURE
Custom
Index.
How
did
the
Fund
perform
during
the
twelve-month
reporting
period
ended
December
31,
2022?
The
table
in
the
Fund’s
Performance
Overview
and
Expense
Ratios
section
of
this
report
provides
the
Fund’s
total
return
performance
at
net
asset
value
(NAV)
for
the
reporting
period.
The
Fund’s
total
returns
at
NAV
are
compared
with
the
performance
of
the
NURE
Custom
Index.
Portfolio
Managers’
Comments
(continued)
6
As
equity
REITs
depreciated
during
the
trailing
twelve-month
period,
the
Fund
generated
a
total
return
at
NAV
of
-28.37%
while
the
NURE
Custom
Index
returned
-28.15%.
The
Fund’s
performance
at
NAV
reflects
management
fees
and
other
expenses
incurred
by
the
Fund
during
the
reporting
period,
while
the
NURE
Custom
Index
is
unmanaged
and
therefore
returns
do
not
reflect
any
such
fees
and
expenses.
Gross
of
management
fees
and
other
expenses,
the
Fund
performed
in
line
with
its
Custom
Index
over
the
reporting
period.
The
NURE
Custom
Index
underperformed
its
Base
Index
over
the
reporting
period.
The
relative
underperformance
was
mainly
driven
by
the
Custom
Index’s
overweight
exposure
to
shorter-term
lease
apartments.
The
Custom
Index’s
positioning
and
security
selection
is
consistent
with
its
shorter-term
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.
Risk
Considerations
and
Dividend
Information
7
Nuveen
Short-Term
REIT
ETF
(NURE)
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.
This
Fund
invests
in
equity
REITs
,
which
invest
the
majority
of
their
assets
directly
in
real
property
and
derive
their
income
primarily
from
rents
and
capital
gains
from
the
sale
of
appreciated
properties.
Equity
REITs
can
be
greatly
affected
by
economic
downturns,
by
changes
in
real
estate
values,
rents,
property
taxes,
and
interest
rates,
and
by
revisions
to
tax
rules
or
other
regulations
applicable
to
REITs.
The
value
of
equity
securities
may
decline
significantly
over
short
or
extended
periods
of
time.
The
Fund’s
assets
will
generally
be
concentrated
in
the
securities
of
issuers
in
the
real
estate
industry,
and,
accordingly,
the
Fund
may
be
adversely
affected
by
the
performance
of
those
securities,
may
be
subject
to
increased
price
volatility
and
may
be
more
susceptible
to
adverse
economic,
market,
political
or
regulatory
occurrences
affecting
that
industry.
These
and
other
risk
considerations,
such
as
interest
rate,
non-diversification,
and
smaller
company
risks,
are
described
in
detail
in
the
Fund’s
prospectus.
Dividend
Information
Regular
dividends
are
declared
and
distributed
quarterly
for
NURE.
The
Fund
intends
to
pay
out
substantially
all
of
the
distributions
it
receives
from
investments
in
real
estate
investment
trust
(REIT)
securities,
less
expenses,
each
quarter.
To
permit
the
Fund
to
maintain
a
more
stable
dividend,
the
Fund
may
pay
dividends
at
a
rate
that
may
be
more
or
less
than
the
amount
of
net
investment
income
it
actually
earned
during
the
period.
If
the
Fund
has
cumulatively
earned
more
than
it
has
paid
in
dividends,
it
will
hold
the
excess
in
reserve
as
undistributed
net
investment
income
(UNII)
as
part
of
the
Fund’s
NAV.
Conversely,
if
the
Fund
has
cumulatively
paid
out
dividends
more
than
it
has
earned,
the
excess
will
constitute
negative
UNII
that
will
likewise
be
reflected
in
the
Fund’s
NAV.
The
Fund
will,
over
time,
pay
all
of
its
net
investment
income
as
dividends
to
shareholders.
In
certain
instances,
a
portion
of
the
Fund’s
distributions
may
be
paid
from
sources
or
comprised
of
elements
other
than
ordinary
income,
including
capital
gains
and/or
a
return
of
capital.
This
is
generally
due
to
the
fact
that
the
tax
character
of
Fund
distributions
for
a
fiscal
year
is
dependent
upon
the
amount
and
tax
character
or
distributions
received
from
securities
held
in
the
Fund’s
portfolio.
Distributions
received
from
certain
securities
in
which
the
Fund
invests,
most
notably
REIT
securities,
may
be
characterized
for
tax
purposes
as
ordinary
income,
long-term
capital
gain
and/or
a
return
of
capital.
The
issuer
of
a
REIT
security
typically
reports
the
tax
character
of
its
distributions
only
once
per
year,
generally
during
the
first
two
months
of
the
following
calendar
year.
The
full
amount
of
the
distributions
received
from
such
securities
is
included
in
the
Fund’s
ordinary
income
during
the
course
of
the
year
until
such
time
the
Fund
is
notified
by
the
issuer
of
the
actual
tax
character.
To
the
extent
that
at
the
time
of
a
particular
distribution
the
Fund
estimates
that
a
portion
of
that
distribution
is
attributable
to
a
source
or
sources
other
than
ordinary
income,
the
Fund
would
send
shareholders
a
notice
to
that
effect.
The
final
determination
of
the
sources
and
tax
character
of
all
distributions
for
the
fiscal
year
is
made
after
the
end
of
the
fiscal
year.
The
Fund
seeks
to
pay
regular
dividends
at
a
rate
that
reflects
the
cash
flow
received
from
the
Fund’s
investments
in
portfolio
securities.
Fund
distributions
are
not
intended
to
include
expected
portfolio
appreciation;
however,
the
Fund
invests
in
securities
that
make
payments
which
ultimately
may
be
fully
or
partially
characterized
for
tax
purposes
by
the
securities’
issuers
as
gains
or
return
of
capital.
While
the
reported
sources
of
distributions
may
include
capital
gains
and/or
return
of
capital
for
tax
purposes,
the
Fund
intends
to
distribute
only
the
net
cash
flow
received
as
opposed
to
a
distribution
rate
based
on
long-term
total
return.
This
tax
treatment
will
generally
“flow
through”
to
the
Fund’s
distributions
but
the
specific
tax
treatment
is
often
not
known
with
certainty
until
after
the
end
of
the
Fund’s
tax
year.
As
a
result,
certain
portions
of
the
regular
distributions
by
the
Fund
throughout
the
year
were
later
recharacterized
for
tax
purposes
as
either
long-term
gains
(both
realized
and
unrealized),
or
as
a
non-taxable
return
of
capital,
as
set
forth
in
the
table
below. 
Data
as
of
December
31,
2022
The
amounts
and
sources
of
distributions
reported
in
this
notice
are
for
financial
reporting
purposes
and
are
not
being
provided
for
tax
reporting
purposes.
The
actual
amounts
and
character
of
the
distributions
for
tax
reporting
purposes
will
be
reported
to
shareholders
on
Form
1099-DIV
which
will
be
sent
to
shareholders
shortly
after
calendar
year-end.
More
details
about
each
Fund’s
distributions
and
the
basis
for
these
estimates
are
available
on
www.nuveen.com.
Percentages
of
Distributions
Per
Share
Amounts
Fund
Net
Investment
Income
Realized
Gains
Return
of
Capital
1
Distributions
Net
Investment
Income
Realized
Gains
Return
of
Capital
1
NURE
73.1%
0.0%
26.9%
$
0.7970
$
0.5825
$
0.0000
$
0.2145
1
Return
of
capital
may
represent
unrealized
gains,
return
of
shareholder’s
principal,
or
both.
In
certain
circumstances,
all
or
a
portion
of
the
return
of
capital
may
be
characterized
as
ordinary
income
under
federal
tax
law.
The
actual
tax
characterization
is
provided
to
shareholders
on
Form
1099-DIV
shortly
after
calendar
year-end.
8
Fund
Performance,
Expense
Ratios
and
Holdings
Summaries
The
Fund
Performance,
Expense
Ratios
and
Holdings
Summaries
for
the
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
Fund
reflect
management
fees
and
other
expenses
such
as
transaction
costs
incurred
by
the
Fund
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 the
Fund’s
most
recent
prospectus.
The