Funds
Exchange-Traded
Funds
Nuveen
Exchange-Traded
January
31,
2023
Semi-annual
Report
This
semi-annual
report
contains
the
Fund's
unaudited financial
statements.
Fund
Name
Listing
Exchange
Ticker
Symbol
Nuveen
Global
Net
Zero
Transition
ETF
NASDAQ
Stock
Market
LLC
NTZG
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If
you
receive
your
Nuveen
Fund
distributions
and
statements
from
your
financial
advisor
or
brokerage
account.
or
www.nuveen.com/client-access
If
you
receive
your
Nuveen
Fund
distributions
and
statements
directly
from
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
Important
Notices
5
Risk
Considerations
6
Fund
Performance,
Expense
Ratios
and
Holdings
Summaries
7
Expense
Examples
10
Portfolio
of
Investments
11
Statement
of
Assets
and
Liabilities
14
Statement
of
Operations
15
Statement
of
Changes
in
Net
Assets
16
Financial
Highlights
17
Notes
to
Financial
Statements
19
Additional
Fund
Information
25
Glossary
of
Terms
Used
in
this
Report
26
Liquidity
Risk
Management
Program
27
4
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
February
2023,
the
Fed
raised
the
target
fed
funds
rate
by
4.50%
to
a
range
of
4.50%
to
4.75%,
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.
More
recent
data
have
shown
a
relatively
strong
jobs
market,
rebounding
consumer
sentiment
and
spending,
and
a
pick-up
in
manufacturing.
Markets
are
concerned
that
these
conditions
could
keep
upward
pressure
on
inflation,
which
could
prompt
central
banks
to
continue
raising
interest
rates
at
the
risk
of
slowing
economies
too
much.
Fed
officials
are
closely
monitoring
inflation
data
and
other
economic
measures
to
modify
their
rate
setting
policy
based
upon
these
factors,
and
additional
rate
hikes
are
expected
until
the
Fed
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.
Recently,
following
the
collapses
of
Silicon
Valley
Bank
and
two
cryptocurrency-exposed
banks,
investors
sought
to
assess
contagion
risks
across
the
banking
sector
as
well
as
the
impact
to
the
Fed’s
pace
of
rate
hikes
going
forward,
which
contributed
to
volatility
in
the
markets.
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
March
22,
2023
Important
Notices
5
For
Shareholders
of
Nuveen
Global
Net
Zero
Transition
ETF
Portfolio
Manager
Commentaries
in
Semiannual
Shareholder
Reports
The
Fund
includes
portfolio
manager
commentary
in
its
annual
shareholder
reports.
For
the
Fund’s
most
recent
annual
portfolio
manager
discussion,
please
refer
to
the
Portfolio
Managers’
Comments
section
of
the
Fund’s
July
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
and
Holding
Summaries
section
within
this
report.
6
Risk
Considerations
Nuveen
Global
Net
Zero
Transition
ETF
(NTZG)
Investing
involves
risk;
principal
loss
is
possible.
Because
the
Fund
will
exclude
securities
of
certain
issuers
for
non-financial
reasons
(i.e.,
companies
that
the
sub-adviser
does
not
classify
as
Net
Zero
Transition
Companies
and
companies
involved
in
certain
prohibited
activities),
the
Fund
may
forgo
some
market
opportunities
available
to
funds
that
do
not
pursue
a
net
zero
carbon
economy
investment
strategy
or
may
be
required
to
sell
a
security
when
it
might
otherwise
be
disadvantageous
to
do
so.
This
may
cause
the
Fund
to
underperform
the
stock
market
as
a
whole
or
other
funds
that
do
not
employ
such
an
investment
strategy.
In
addition,
there
is
a
risk
that
the
companies
identified
by
the
Fund’s
investment
strategy
will
not
operate
as
expected
with
respect
to
the
transition
to
a
net
zero
economy
and
the
reduction
of
global
greenhouse
gas
emissions.
Further,
in
selecting
companies
for
inclusion
in
the
Fund’s
portfolio,
the
sub-adviser
relies
on
information
and
data
related
to
carbon
intensity
and
carbon
emissions
provided
by
a
third-party
research
firm,
which
could
be
incomplete
or
erroneous,
which
in
turn
could
cause
the
sub-adviser
to
assess
a
company’s
net
zero
carbon
economy
characteristics
incorrectly.
Responsible
investing
incorporates
Environmental
Social
Governance
(ESG)
factors
that
may
affect
exposure
to
issuers,
sectors,
industries,
limiting
the
type
and
number
of
investment
opportunities
available,
which
could
result
in
excluding
investments
that
perform
well.
Prices
of
equity
securities
may
decline
significantly
over
short
or
extended
periods
of
time.
Large
companies
are
more
mature
and
may
grow
more
slowly
than
the
overall
market.
An
investment
in
common
stocks
of
issuers
with
small
or
medium
market
capitalizations
generally
involves
greater
risk
and
price
volatility
than
an
investment
in
common
stocks
of
larger,
more
established
companies.
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.
Fund
Performance,
Expense
Ratios
and
Holdings
Summaries
7
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
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 the
Fund’s
expense
ratios
as
of
the
end
of
the
reporting
period.
Holdings
Summaries
The
Holdings
Summaries
data
relates
to
the
securities
held
in
the
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. 
8
Nuveen
Global
Net
Zero
Transition
ETF
(NTZG)
(continued)
Fund
Performance,
Expense
Ratios
and
Holdings
Summaries
January
31,
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
MSCI
ACWI
Index
(Net).
Total
Returns
as
of
January
31,
2023
Cumulative
Expense
Ratios
Inception
Date
6-Month
Since
Inception
NTZG
at
NAV
6/23/22
2.26%
9.51%
0.55%
NTZG
at
Market
Price
6/23/22
2.21%
9.99%
—
MSCI
ACWI
Index
(Net)
—
2.45%
9.63%
—
9
Holdings
Summaries
as
of
January
31,
2023
Fund
Allocation
(%
of
net
assets)
Common
Stocks
96.6%
Other
Assets
&
Liabilities,
Net
3.4%
Net
Assets
100%
Portfolio
Composition
1
(%
of
net
assets)
Information
Technology
22.2%
Health
Care
12.8%
Consumer
Discretionary
12.6%
Industrials
9.1%
Energy
8.7%
Financials
8.7%
Consumer
Staples
6.1%
Utilities
6.1%
Materials
4.3%
Communication
Services
4.0%
Real
Estate
2.0%
Other
Assets
&
Liabilities,
Net
3.4%
Total
100%
Top
Five
Common
Stock
Holdings
(%
of
net
assets)
Amazon.com
Inc
3.3%
Microsoft
Corp
2.9%
Schneider
Electric
SE
2.3%
Taiwan
Semiconductor
Manufacturing
Co
Ltd
2.3%
Shell
PLC
2.1%
Country
Allocation
2
(%
of
net
assets)
United
States
55.4%
Japan
6.3%
United
Kingdom
6.0%
Taiwan
4.8%
Germany
4.7%
Netherlands
4.4%
France
3.9%
Australia
2.8%
Denmark
1.8%
Finland
1.4%
Other
5.1%
Other
Assets
&
Liabilities,
Net
3.4%
Net
Assets
100%
1
See
the
Portfolio
of
Investments
for
the
remaining
industries/sectors
comprising  “Other”
and
not
listed
in
the
table
above.
2
Includes
6.8%
(as
a
percentage
of
net
assets)
in
emerging
market
countries.
10
Expense
Examples
As
a
shareholder
of
the
Fund,
you
incur
two
types
of
costs:
(1)
transaction
costs, including
brokerage
commissions
on
purchase
and
sales
of
Fund
shares,
and
(2)
ongoing
costs,
including
management
fees
and
other
applicable Fund
expenses.
The
Examples
below
are
intended
to
help
you
understand
your
ongoing
costs
(in
dollars)
of
investing
in
the
Fund
and
to
compare
these
costs
with
the
ongoing
costs
of investing
in
other
funds.
The
Examples
below
are
based
on
an
investment
of
$1,000
invested
at
the
beginning
of
the
period
and
held
through
the
period
ended
January
31,
2023.
The
beginning
of
the
period
is
August
1,
2022. 
The
information
under
“Actual
Performance,”
together
with
the
amount
you
invested,
allows
you
to
estimate
actual
expenses
incurred
over
the
reporting
period.
Simply
divide
your
account
value
by
$1,000
(for
example,
an
$8,600
account
value
divided
by
$1,000
=
8.60)
and
multiply
the
result
by
the
cost
shown
for
your Fund in
the
row
entitled
“Expenses
Incurred
During
Period”
to
estimate
the
expenses
incurred
on
your
account
during
this
period.
The
information
under
“Hypothetical
Performance,”
provides
information
about
hypothetical
account
values
and
hypothetical
expenses
based
on
the
Fund’s
actual
expense
ratio
and
an
assumed
rate
of
return
of
5%
per
year
before
expenses,
which
is
not
the
Fund’s
actual
return.
The
hypothetical
account
values
and
expenses
may
not
be
used
to
estimate
the
actual
ending
account
balance
or
expense
you
incurred
for
the
period.
You
may
use
this
information
to
compare
the
ongoing
costs
of
investing
in
the
Fund
and
other
funds.
To
do
so,
compare
this
5%
hypothetical
example
with
the
5%
hypothetical
examples
that
appear
in
the
shareholder
reports
of
the
other
funds.
Please
note
that
the
expenses
shown
in
the
tables
are
meant
to
highlight
your
ongoing
costs
only
and
do
not
reflect
any
transaction
costs.
Therefore,
the
hypothetical
information
is
useful
in
comparing
ongoing
costs
only,
and
will
not
help
you
determine
the
relative
total
costs
of
owning
different
funds
or
share
classes.
In
addition,
if
these
transaction
costs
were
included,
your
costs
would
have
been
higher.
Nuveen
Global
Net
Zero
Transition
ETF
(NTZG)
Actual
Performance
Beginning
Account
Value
$
1,000.00
Ending
Account
Value
$
1,022.58
Expenses
Incurred
During
the
Period
$
2.80
Hypothetical
Performance
(5%
annualized
return
before
expenses)
Beginning
Account
Value
$
1,000.00
Ending
Account
Value
$
1,022.43
Expenses
Incurred
During
the
Period
$
2.80
Expenses
are
equal
to
the
Fund’s
annualized
net
expense
ratio
of
0.55%
multiplied
by
the
average
account
value
over
the
period,
multiplied
by
184/365
(to
reflect
the
one-half
year
period).
11
Nuveen
Global
Net
Zero
Transition
ETF
(NTZG)
Portfolio
of
Investments
January
31,
2023
(Unaudited)