LOGO

 

Exchange-Traded Funds

 

30 April

2022

 

Nuveen Exchange-Traded Funds

 

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

 

As permitted by regulations adopted by the Securities and Exchange Commission, paper copies of the Funds’ annual and semi-annual shareholder reports will not be sent to you by mail unless you specifically request paper copies of the reports. Instead, the reports will be made available on the Funds’ website (www.nuveen.com), and you will be notified by mail each time a report is posted and provided with a website link to access the report.

You may elect to receive shareholder reports and other communications from the Funds electronically at any time by contacting the financial intermediary (such as a broker-dealer or bank) through which you hold your Fund shares.

You may elect to receive all future shareholder reports in paper free of charge at any time by contacting your financial intermediary. Your election to receive reports in paper will apply to all funds held in your account with your financial intermediary.

 

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LOGO


Table

of Contents

 

Chair’s Letter to Shareholders

     4  

Important Semiannual Shareholder Report Notice

     5  

Risk Considerations

     7  

Fund Performance and Expense Ratios

     9  

Holding Summaries

     11  

Expense Examples

     28  

Portfolio of Investments

     32  

Statement of Assets and Liabilities

     85  

Statement of Operations

     86  

Statement of Changes in Net Assets

     87  

Financial Highlights

     92  

Notes to Financial Statements

     96  

Additional Fund Information

     105  

Glossary of Terms Used in this Report

     107  

Liquidity Risk Management Program

     109  

 

3


Chair’s Letter to Shareholders

 

LOGO

Dear Shareholders,

Markets have had a turbulent start to 2022. Global economic activity has been deteriorating from post-pandemic peaks, and crisis-era monetary and fiscal support programs are being phased out. Inflation has surged partially due to supply chain bottlenecks and exacerbated by Russia’s war in Ukraine and recent lockdowns across China to contain a large-scale COVID-19 outbreak.

We are now almost four months into the Eastern European conflict and are witnessing the scale of the humanitarian crisis and the economic impact caused by this event. Market uncertainty has remained elevated, as the situations in Russia/Ukraine and China have increased inflation and recession risks. The U.S. Federal Reserve (Fed) and other central banks now face an even more difficult task of slowing inflation without pulling the economy into recession. 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 two years ago, then made increasingly more aggressive moves of 0.50% in May and 0.75% in June 2022. Additional rate hikes of these larger magnitudes are expected this year, as inflation has lingered at a 40-year high and consumer sentiment indicators are slumping. Forecasting was made difficult given the wide range of potential outcomes with regard to the Russia-Ukraine war, the resilience of China’s economy, the reopening of supply chains, the impact of inflation on economic growth, and the Fed’s response to inflation. Accordingly, markets are struggling with pricing these risks.

In the meantime, 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, I look forward to continuing to earn your trust in the months and years ahead.

 

LOGO

Terence J. Toth

Chair of the Board

June 22, 2022

 

4


Important Notices

 

For Shareholders of

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)

Portfolio Manager Commentaries in Semiannual Reports

The Funds include portfolio manager commentary in their 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 October 31, 2021 annual shareholder report.

For current information on the 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.

Additional Market Disruption Risk

In late February 2022, Russia launched a large scale military attack on Ukraine. The invasion significantly amplified already existing geopolitical tensions among Russia, Ukraine, Europe, NATO and other western nations, including the U.S. In response to the military action by Russia, various countries, including the U.S., the United Kingdom, and European Union issued broad-ranging economic sanctions against Russia. Such sanctions included, among other things, a prohibition on doing business with certain Russian companies, large financial institutions, officials and oligarchs; a commitment by certain countries and the European Union to remove selected Russian banks from the Society for Worldwide Interbank Financial Telecommunications (“SWIFT”), the electronic banking network that connects banks globally; and restrictive measures to prevent the Russian Central Bank from undermining the impact of the sanctions.

Additional sanctions may be imposed in the future. Such sanctions may adversely impact, among other things, the Russian economy and various sectors of the global economy, including but not limited to, the financials, energy, metals and mining, engineering and defense sectors. The sanctions and any related boycotts, tariffs, and financial restrictions imposed on Russia’s government, companies and certain individuals may cause a decline in the value and liquidity of Russian securities; weaken the value of the ruble; downgrade the country’s credit rating; freeze Russian securities and/or funds invested in prohibited assets and impair the ability to trade in Russian securities and/or other assets; and have other adverse consequences on the Russian government, economy, companies and region. Further, several large corporations and U.S. states have announced plans to divest interests or otherwise curtail business dealings with certain Russian businesses.

 

5


Important Notices (continued)

 

The ramifications of the hostilities and sanctions, however, may not be limited to Russia and Russian companies but may spill over to and negatively impact other regional and global economic markets (including Europe and the United States), companies in other countries (particularly those that have done business with Russia) and on various sectors, industries and markets for securities and commodities globally, such as oil and natural gas. Accordingly, the actions discussed above and the potential for a wider conflict could increase financial market volatility, cause severe negative effects on regional and global economic markets, industries, and companies and have a negative effect on your Fund’s investments and performance beyond any direct exposure to Russian issuers or those of adjoining geographic regions. In addition, Russia may take retaliatory actions and other countermeasures, including cyberattacks and espionage against other countries and companies around the world, which may negatively impact such countries and the companies in which your Fund invests.

The extent and duration of the military action or future escalation of such hostilities, the extent and impact of existing and future sanctions, market disruptions and volatility, and the result of any diplomatic negotiations cannot be predicted. These and any related events could have a significant impact on Fund performance and the value of an investment in the Fund, particularly with respect to Russian exposure.

 

6


Risk Considerations

 

Nuveen ESG Dividend ETF (NUDV)

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. In addition, because the Index selects securities for inclusion based on environmental, social, and governance (ESG) criteria, the Fund may forgo some market opportunities available to funds that don’t use these criteria. The value of equity securities may decline significantly over short or extended periods of time. 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. These and other risk considerations are described in detail in the Fund’s prospectus.

Nuveen ESG Emerging Markets Equity ETF (NUEM)

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. 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. Due to the percentage weight within the base index, the Fund may at times be significantly invested in certain countries, such as China. Investing in China involves additional risks, including a reduction in growth if global or domestic demand for Chinese goods decreases significantly, pricing anomalies that may be connected to governmental influence, a lack of publicy-available information and/or social instability. In addition, because the Index selects securities for inclusion based on environmental, social, and governance (ESG) criteria, the Fund may forgo some market opportunities available to funds that don’t use these criteria. A portfolio concentrated in a single industry sector or country may present more risk than a portfolio broadly diversified over several industries or countries. These and other risks, such as mid-cap stock risk, are described in the Fund’s prospectus.

Nuveen ESG International Developed Markets Equity ETF (NUDM)

Investing involves risk; principal loss is possible. There is no guarantee the Fund’s investment objectives will be achieved. This exchange-traded fund seeks to generally track the investment results of an index; however the Fund may underperform, outperform or be more volatile than the referenced index. Non-U.S. investments involve risks such as currency fluctuation, political and economic instability, lack of liquidity and differing legal and accounting standards. In addition, because the Index selects securities for inclusion based on environmental, social, and governance (ESG) criteria, the Fund may forgo some market opportunities available to funds that don’t use these criteria. A portfolio concentrated in a single industry sector or country may present more risk than a portfolio broadly diversified over several industries or countries. These and other risks, such as mid-cap stock risk, are described in the Fund’s prospectus.

Nuveen ESG Large-Cap ETF (NULC)

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. In addition, because the Index selects securities for inclusion based on environmental, social, and governance (ESG) criteria, the Fund may forgo some market opportunities available to funds that don’t use these criteria. The value of equity securities may decline significantly over short or extended periods of time. Because it invests primarily in large-capitalization stocks, the Fund may underperform funds that invest primarily in stocks of smaller capitalization companies during periods when the stocks of such companies are in favor. These and other risk considerations are described in detail in the Fund’s prospectus.

Nuveen ESG Large-Cap Growth ETF (NULG)

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. In addition, because the Index selects securities for inclusion based on environmental, social, and governance (ESG) criteria, the Fund may forgo some market opportunities available to funds that don’t use these criteria. The value of equity securities may decline significantly over short or extended periods of time. Growth stocks tend to be more volatile and can

 

7


Risk Considerations (continued)

 

experience sharp price declines. Because it invests primarily in large-capitalization stocks, the Fund may underperform funds that invest primarily in stocks of smaller capitalization companies during periods when the stocks of such companies are in favor. These and other risk considerations are described in detail in the Fund’s prospectus.

Nuveen ESG Large-Cap Value ETF (NULV)

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. In addition, because the Index selects securities for inclusion based on environmental, social, and governance (ESG) criteria, the Fund may forgo some market opportunities available to funds that don’t use these criteria. The value of equity securities may decline significantly over short or extended periods of time. Value stocks may not be fully recognized by the market and be undervalued. Because it invests primarily in large-capitalization stocks, the Fund may underperform funds that invest primarily in stocks of smaller capitalization companies during periods when the stocks of such companies are in favor. These and other risk considerations are described in detail in the Fund’s prospectus.

Nuveen ESG Mid-Cap Growth ETF (NUMG)

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. In addition, because the Index selects securities for inclusion based on environmental, social, and governance (ESG) criteria, the Fund may forgo some market opportunities available to funds that don’t use these criteria. The value of equity securities may decline significantly over short or extended periods of time. Because it invests primarily in mid-capitalization stocks,the Fund may be subject to greater volatility than those that invest in larger companies, but may be less volatile than investments in smaller companies. Growth stocks tend to be more volatile and can experience sharp price declines. These and other risk considerations are described in detail in the Fund’s prospectus.

Nuveen ESG Mid-Cap Value ETF (NUMV)

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. In addition, because the Index selects securities for inclusion based on environmental, social, and governance (ESG) criteria, the Fund may forgo some market opportunities available to funds that don’t use these criteria. The value of equity securities may decline significantly over short or extended periods of time. Value stocks may not be fully recognized by the market and be undervalued. Because it invests primarily in mid-capitalization stocks, the Fund may be subject to greater volatility than those that invest in larger companies, but may be less volatile than investments in smaller companies. These and other risk considerations are described in detail in the Fund’s prospectus.

Nuveen ESG Small-Cap ETF (NUSC)

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. In addition, because the Index selects securities for inclusion based on environmental, social, and governance (ESG) criteria, the Fund may forgo some market opportunities available to funds that don’t use these criteria. The value of equity securities may decline significantly over short or extended periods of time. Investments in smaller companies are subject to greater volatility than those of larger companies. These and other risk considerations are described in detail in the Fund’s prospectus.

 

8


Fund Performance, Expense Ratios and Holdings Summaries

 

The Fund Performance and Expense Ratio for each Fund are shown within this section of the report.

Fund Performance

Returns quoted represent past performance, which is no guarantee of 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.

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 (before fee waivers and/or expense reimbursements, if any). The expense ratios include management fees and other fees and expenses. 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

This 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.

 

9


Nuveen ESG Dividend ETF (NUDV) (continued)

Fund Performance, Expense Ratios and Holdings Summaries

April 30, 2022

 

Refer to the first page of this Fund Performance, Expense Ratios and Holdings Summaries section for further explanation of the information included within this section. Refer to the Glossary of Terms Used in this Report for definitions of terms used within this section.

Fund Performance and Expense Ratio*

 

                Total Returns as of April 30, 2022           
                Cumulative           
        Inception
Date
       6-Month        Since
Inception
       Expense
Ratios
 

NUDV at NAV

       9/27/21          (2.56)%          0.04%          0.25%  

NUDV at Market Price

       9/27/21          (2.73)%          0.11%           

MSCI USA Index

                (11.30)%          (8.02)%           

TIAA ESG USA High Dividend Yield Index

                (2.47)%          0.25%           

 

*

For purposes of Fund performance, relative results are measured against the TIAA ESG USA High Dividend Yield Index.

 

10


Holdings Summaries as of April 30, 2022

 

Fund Allocation

(% of net assets)

 

   

Common Stocks

       99.5%  

Other Assets Less Liabilities

       0.5%  

Net Assets

       100%  

Portfolio Composition

(% of net assets)

 

   

Industrials

       15.3%  

Health Care

       14.6%  

Financials

       12.9%  

Information Technology

       12.3%  

Consumer Staples

       10.8%  

Real Estate

       9.5%  

Consumer Discretionary

       6.6%  

Utilities

       4.9%  

Communication Services

       4.7%  

Energy

       4.4%  

Materials

       3.5%  

Other Assets Less Liabilities

       0.5%  

Net Assets

       100%  

Top Five Common Stock Holdings (% of net assets)

 

   

Procter & Gamble Co.

       2.3%  

Eli Lilly & Co.

       2.1%  

Coca-Cola Co.

       2.0%  

Merck & Co Inc.

       2.0%  

PepsiCo Inc.

       1.9%  

 

11


Nuveen ESG Emerging Markets Equity ETF (NUEM) (continued)

Fund Performance, Expense Ratios and Holdings Summaries

April 30, 2022

 

Refer to the first page of this Fund Performance, Expense Ratios and Holdings Summaries section for further explanation of the information included within this section. Refer to the Glossary of Terms Used in this Report for definitions of terms used within this section.

Fund Performance and Expense Ratio*

 

                Total Returns as of April 30, 2022           
                Cumulative        Average Annual           
        Inception
Date
       6-Month        1-Year        Since
Inception
       Expense
Ratios
 

NUEM at NAV

       6/06/17          (14.19)%          (17.54)%          4.59%          0.35%  

NUEM at Market Price

       6/06/17          (15.09)%          (18.52)%          4.36%           

MSCI Emerging Markets Index (Net)

                (14.15)%          (18.33)%          3.55%           

TIAA ESG Emerging Markets Equity Index

                (14.02)%          (16.91)%          5.39%           

 

*

For purposes of Fund performance, relative results are measured against the TIAA ESG Emerging Markets Equity Index.

 

12


Holdings Summaries as of April 30, 2022

 

Fund Allocation

(% of net assets)

 

   

Common Stocks

       99.9%  

Corporate Bonds

       0.0%  

Investments Purchased with Collateral from Securities Lending

       0.1%  

Other Assets Less Liabilities

       0.0%  

Net Assets

       100%  

Top Five Common Stock Holdings

(% of net assets)

 

   

Taiwan Semiconductor Manufacturing Co Ltd.

       7.7%  

Tencent Holdings Ltd.

       5.1%  

China Construction Bank Corp.

       2.3%  

Saudi Arabian Mining Co.

       2.3%  

Meituan, Class B

       2.3%  

Portfolio Composition

(% of net assets)

 

   

Information Technology

       19.4%  

Financials

       19.4%  

Communication Services

       13.4%  

Consumer Discretionary

       12.4%  

Materials

       12.0%  

Consumer Staples

       6.2%  

Industrials

       5.0%  

Utilities

       3.4%  

Health Care

       3.4%  

Energy

       3.2%  

Real Estate

       2.1%  

Investments Purchased with Collateral from Securities Lending

       0.1%  

Corporate Bonds

       0.0%  

Other Assets Less Liabilities

       0.0%  

Net Assets

       100%  

Country Allocation1

(% of net assets)    

 

   

China

       30.8%  

Taiwan

       16.2%  

India

       13.2%  

South Korea

       11.9%  

Brazil

       5.3%  

Saudi Arabia

       4.9%  

South Africa

       3.4%  

Mexico

       2.3%  

Indonesia

       2.2%  

Thailand

       1.9%  

Other

       7.8%  

Investments Purchased with Collateral from Securities Lending

       0.1%  

Other Assets Less Liabilities

       0.0%  

Net Assets

       100%  
1

Includes 99.9% (as a percentage of net assets) in emerging market countries.

 

13


Nuveen ESG International Developed Markets Equity ETF (NUDM) (continued)

Fund Performance, Expense Ratios and Holdings Summaries

April 30, 2022

 

Refer to the first page of this Fund Performance, Expense Ratios and Holdings Summaries section for further explanation of the information included within this section. Refer to the Glossary of Terms Used in this Report for definitions of terms used within this section.

Fund Performance and Expense Ratio*

 

                Total Returns as of April 30, 2022           
                Cumulative        Average Annual           
        Inception
Date
       6-Month        1-Year        Since

Inception
       Expense

Ratios
 

NUDM at NAV

       6/06/17          (11.92)%          (7.75)%          4.43%          0.30%  

NUDM at Market Price

       6/06/17          (13.26)%          (8.76)%          4.23%           

MSCI EAFE Index (Net)

                (11.80)%          (8.15)%          3.93%           

TIAA ESG International Developed Markets Equity Index

                (11.84)%          (7.60)%          4.71%           

 

*

For purposes of Fund performance, relative results are measured against the TIAA ESG International Developed Markets Equity Index.

 

14


Holdings Summaries as of April 30, 2022

 

Fund Allocation    

(% of net assets)    

 

   

Common Stocks

       99.1%  

Other Assets Less Liabilities

       0.9%  

Net Assets

       100%  

Top Five Common Stock Holdings

(% of net assets)    

 

   

Nestle SA

       3.8%  

GlaxoSmithKline PLC

       2.2%  

ASML Holding NV

       1.9%  

Allianz SE

       1.8%  

RELX PLC

       1.7%  

Portfolio Composition    

(% of net assets)    

 

   

Financials

       17.6%  

Industrials

       16.4%  

Health Care

       12.9%  

Consumer Staples

       12.0%  

Consumer Discretionary

       11.2%  

Materials

       8.7%  

Information Technology

       7.2%  

Communication Services

       5.8%  

Utilities

       3.0%  

Real Estate

       2.7%  

Energy

       1.6%  

Other Assets Less Liabilities

       0.9%  

Net Assets

       100%  

Country Allocation    

(% of net assets)    

 

   

Japan

       22.1%  

United Kingdom

       15.6%  

France

       10.1%  

Switzerland

       10.1%  

Australia

       8.2%  

Germany

       8.2%  

Netherlands

       3.8%  

Hong Kong

       3.2%  

Sweden

       2.5%  

Denmark

       2.2%  

Other

       13.1%  

Other Assets Less Liabilities

       0.9%  

Net Assets

       100%  

 

15


Nuveen ESG Large-Cap ETF (NULC) (continued)

Fund Performance, Expense Ratios and Holdings Summaries

April 30, 2022

 

Refer to the first page of this Fund Performance, Expense Ratios and Holdings Summaries section for further explanation of the information included within this section. Refer to the Glossary of Terms Used in this Report for definitions of terms used within this section.

Fund Performance and Expense Ratio*

 

                Total Returns as of April 30, 2022           
                Cumulative        Average Annual           
        Inception
Date
       6-Month        1-Year        Since

Inception
       Expense

Ratios
 

NULC at NAV

       6/03/19          (13.48)%          (3.60)%          16.91%          0.20%  

NULC at Market Price

       6/03/19          (13.66)%          (3.78)%          16.88%           

MSCI USA Index

                (11.30)%          (1.60)%          17.04%           

TIAA ESG USA Large-Cap Index

                (13.41)%          (3.40)%          17.18%           

 

*

For purposes of Fund performance, relative results are measured against the TIAA ESG USA Large-Cap Index.

 

16


Holdings Summaries as of April 30, 2022

 

Fund Allocation    

(% of net assets)    

 

   

Common Stocks

       99.7%  

Other Assets Less Liabilities

       0.3%  

Net Assets

       100%  

Portfolio Composition    

(% of net assets)    

 

   

Information Technology

       27.4%  

Health Care

       13.7%  

Financials

       13.2%  

Consumer Discretionary

       9.8%  

Consumer Staples

       8.4%  

Industrials

       8.3%  

Communication Services

       6.2%  

Real Estate

       4.1%  

Energy

       3.1%  

Materials

       2.8%  

Utilities

       2.7%  

Other Assets Less Liabilities

       0.3%  

Net Assets

       100%  

Top Five Common Stock Holdings

(% of net assets)    

 

   

Microsoft Corp

       6.5%  

Tesla Inc

       2.7%  

Procter & Gamble Co

       2.4%  

S&P Global Inc

       2.2%  

NVIDIA Corp

       2.2%  

 

17


Nuveen ESG Large-Cap Growth ETF (NULG) (continued)

Fund Performance, Expense Ratios and Holdings Summaries

April 30, 2022

 

Refer to the first page of this Fund Performance, Expense Ratios and Holdings Summaries section for further explanation of the information included within this section. Refer to the Glossary of Terms Used in this Report for definitions of terms used within this section.

Fund Performance and Expense Ratio*    

 

                Total Returns as of April 30, 2022           
                Cumulative        Average Annual           
        Inception
Date
       6-Month        1-Year        5-Year        Since

Inception
       Expense

Ratios
 

NULG at NAV

       12/31/16          (21.61)%          (8.11)%          17.18%          17.92%          0.25%  

NULG at Market Price

       12/31/16          (21.61)%          (8.08)%          17.42%          17.93%           

MSCI USA Growth Index

                (19.99)%          (8.05)%          17.19%          17.92%           

TIAA ESG USA Large-Cap Growth Index

                (21.52)%          (7.80)%          17.63%          18.36%           

 

*

For purposes of Fund performance, relative results are measured against the TIAA ESG USA Large-Cap Growth Index.

 

18


Holdings Summaries as of April 30, 2022

 

Fund Allocation

(% of net assets)

 

   

Common Stocks

       99.8%  

Other Assets Less Liabilities

       0.2%  

Net Assets

       100%  

Portfolio Composition

(% of net assets)

 

   

Information Technology

       42.4%  

Consumer Discretionary

       14.4%  

Health Care

       11.9%  

Communication Services

       11.0%  

Industrials

       5.9%  

Financials

       4.8%  

Consumer Staples

       3.9%  

Materials

       2.7%  

Real Estate

       1.6%  

Energy

       1.2%  

Other Assets Less Liabilities

       0.2%  

Net Assets

       100%  

Top Five Common Stock Holdings

(% of net assets)

 

   

Microsoft Corp

       12.8%  

Tesla Inc

       5.6%  

NVIDIA Corp

       3.7%  

Visa Inc, Class A

       3.2%  

S&P Global Inc

       3.1%  

 

19


Nuveen ESG Large-Cap Value ETF (NULV) (continued)

Fund Performance, Expense Ratios and Holdings Summaries

April 30, 2022

 

Refer to the first page of this Fund Performance, Expense Ratios and Holdings Summaries section for further explanation of the information included within this section. Refer to the Glossary of Terms Used in this Report for definitions of terms used within this section.

Fund Performance and Expense Ratio*    

 

                Total Returns as of April 30, 2022           
                Cumulative        Average Annual           
        Inception
Date
       6-Month        1-Year        5-Year        Since

Inception
       Expense

Ratios
 

NULV at NAV

       12/31/16          (4.38)%          1.01%          9.64%          9.44%          0.25%  

NULV at Market Price

       12/31/16          (4.44)%          0.93%          9.63%          9.43%           

MSCI USA Value Index

                (2.56)%          4.12%          9.40%          9.14%           

TIAA ESG USA Large-Cap Value Index

                (4.28)%          1.30%          10.03%          9.81%           

 

*

For purposes of Fund performance, relative results are measured against the TIAA ESG USA Large-Cap Value Index.

 

20


Holdings Summaries as of April 30, 2022

 

Fund Allocation

(% of net assets)

 

   

Common Stocks

       99.8%  

Investments Purchased with Collateral from Securities Lending

       0.2%  

Other Assets Less Liabilities

       (0.0)%  

Net Assets

       100%  

Portfolio Composition

(% of net assets)

 

   

Health Care

       17.5%  

Financials

       17.3%  

Information Technology

       13.2%  

Consumer Staples

       12.9%  

Industrials

       11.9%  

Real Estate

       6.1%  

Consumer Discretionary

       5.3%  

Utilities

       4.8%  

Energy

       3.8%  

Communication Services

       3.7%  

Materials

       3.3%  

Investments Purchased with Collateral from Securities Lending

       0.2%  

Other Assets Less Liabilities

       (0.0)%  

Net Assets

       100%  

Top Five Common Stock Holdings

(% of net assets)

 

   

Procter & Gamble Co

       3.3%  

JPMorgan Chase & Co

       2.8%  

Coca-Cola Co

       2.7%  

PepsiCo Inc

       2.5%  

Home Depot Inc

       2.4%  

 

21


Nuveen ESG Mid-Cap Growth ETF (NUMG) (continued)

Fund Performance, Expense Ratios and Holdings Summaries

April 30, 2022

 

Refer to the first page of this Fund Performance, Expense Ratios and Holdings Summaries section for further explanation of the information included within this section. Refer to the Glossary of Terms Used in this Report for definitions of terms used within this section.

Fund Performance and Expense Ratio*    

 

                Total Returns as of April 30, 2022           
                Cumulative        Average Annual           
        Inception
Date
       6-Month        1-Year        5-Year        Since
Inception
       Expense
Ratios
 

NUMG at NAV

       12/31/16          (24.87)%          (17.74)%          12.52%          12.70%          0.30%  

NUMG at Market Price

       12/31/16          (24.87)%          (17.70)%          12.52%          12.71%           

MSCI USA Mid-Cap Growth Index

                (24.10)%          (14.24)%          12.51%          12.73%           

TIAA ESG USA Mid-Cap Growth Index

                (24.81)%          (17.49)%          12.99%          13.16%           

 

*

For purposes of Fund performance, relative results are measured against the TIAA ESG USA Mid-Cap Growth Index.

 

22


Holdings Summaries as of April 30, 2022

 

Fund Allocation    

(% of net assets)    

 

   

Common Stocks

       99.9%  

Investments Purchased with Collateral from Securities Lending

       2.4%  

Other Assets Less Liabilities

       (2.3)%  

Net Assets

       100%  

Portfolio Composition    

(% of net assets)    

 

   

Information Technology

       34.1%  

Health Care

       20.9%  

Industrials

       12.8%  

Consumer Discretionary

       11.7%  

Communication Services

       6.7%  

Energy

       5.5%  

Financials

       3.6%  

Materials

       3.3%  

Real Estate

       1.3%  

Investments Purchased with Collateral from Securities Lending

       2.4%  

Other Assets Less Liabilities

       (2.3)%  

Net Assets

       100%  

Top Five Common Stock Holdings

(% of net assets)    

 

   

Cadence Design Systems Inc

       3.8%  

Cheniere Energy Inc

       3.5%  

Mettler-Toledo International Inc

       2.9%  

Ulta Beauty Inc

       2.6%  

Tractor Supply Co

       2.6%  

 

23


Nuveen ESG Mid-Cap Value ETF (NUMV) (continued)

Fund Performance, Expense Ratios and Holdings Summaries

April 30, 2022

 

Refer to the first page of this Fund Performance, Expense Ratios and Holdings Summaries section for further explanation of the information included within this section. Refer to the Glossary of Terms Used in this Report for definitions of terms used within this section.

Fund Performance and Expense Ratio*    

 

                Total Returns as of April 30, 2022           
                Cumulative        Average Annual           
        Inception
Date
       6-Month        1-Year        5-Year        Since
Inception
       Expense
Ratios
 

NUMV at NAV

       12/31/16          (5.75)%          (0.19)%          9.16%          8.82%          0.30%  

NUMV at Market Price

       12/31/16          (5.96)%          (0.20)%          8.94%          8.81%           

MSCI USA Mid-Cap Value Index

                (5.18)%          0.62%          8.71%          8.68%           

TIAA ESG USA Mid-Cap Value Index

                (5.67)%          0.09%          9.59%          9.25%           

 

*

For purposes of Fund performance, relative results are measured against the TIAA ESG USA Mid-Cap Value Index.

 

24


Holdings Summaries as of April 30, 2022

 

Fund Allocation    

(% of net assets)    

 

   

Common Stocks

       99.8%  

Other Assets Less Liabilities

       0.2%  

Net Assets

       100%  

Portfolio Composition    

(% of net assets)    

 

   

Financials

       17.6%  

Real Estate

       14.9%  

Industrials

       13.9%  

Consumer Discretionary

       9.6%  

Materials

       8.5%  

Utilities

       6.7%  

Information Technology

       6.6%  

Consumer Staples

       6.3%  

Energy

       5.9%  

Health Care

       5.9%  

Communication Services

       3.9%  

Other Assets Less Liabilities

       0.2%  

Net Assets

       100%  

Top Five Common Stock Holdings

(% of net assets)    

 

   

Arthur J Gallagher & Co

       2.5%  

ONEOK Inc

       2.2%  

McCormick & Co Inc

       2.1%  

Ventas Inc

       2.1%  

Hartford Financial Services Group Inc

       2.0%  

 

25


Nuveen ESG Small-Cap ETF (NUSC) (continued)

Fund Performance, Expense Ratios and Holdings Summaries

April 30, 2022

 

Refer to the first page of this Fund Performance, Expense Ratios and Holdings Summaries section for further explanation of the information included within this section. Refer to the Glossary of Terms Used in this Report for definitions of terms used within this section.

Fund Performance and Expense Ratio*

 

                Total Returns as of April 30, 2022           
                Cumulative        Average Annual           
        Inception
Date
       6-Month        1-Year        5-Year        Since
Inception
       Expense
Ratios
 

NUSC at NAV

       12/31/16          (13.40)%          (12.11)%          10.11%          9.99%          0.30%  

NUSC at Market Price

       12/31/16          (13.38)%          (12.09)%          10.04%          10.00%           

MSCI USA Small-Cap Index

                (14.71)%          (12.10)%          9.46%          9.43%           

TIAA ESG USA Small-Cap Index

                (13.35)%          (11.89)%          10.54%          10.41%           

 

*

For purposes of Fund performance, relative results are measured against the TIAA ESG USA Small-Cap Index.

 

26


Holdings Summaries as of April 30, 2022

 

Fund Allocation

(% of net assets)

 

   

Common Stocks

       99.8%  

Investments Purchased with Collateral from Securities Lending

       0.6%  

Other Assets Less Liabilities

       (0.4)%  

Net Assets

       100%  

Portfolio Composition

(% of net assets)

 

   

Industrials

       18.1%  

Consumer Discretionary

       14.9%  

Financials

       14.0%  

Information Technology

       13.8%  

Health Care

       10.2%  

Real Estate

       10.1%  

Materials

       6.1%  

Consumer Staples

       4.7%  

Energy

       3.7%  

Communication Services

       2.2%  

Utilities

       2.0%  

Investments Purchased with Collateral from Securities Lending

       0.6%  

Other Assets Less Liabilities

       (0.4)%  

Net Assets

       100%  

Top Five Common Stock Holdings

(% of net assets)

 

   

Darling Ingredients Inc

       1.2%  

First Horizon Corp

       1.2%  

Nielsen Holdings PLC

       1.1%  

Reliance Steel & Aluminum Co

       1.0%  

Kilroy Realty Corp

       0.9%  

 

27


Expense

Examples

 

As a shareholder of one or more of the Funds, you incur two types of costs: (1) transaction costs, including brokerage commissions on purchases 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 Funds 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 April 30, 2022.

The beginning of the period is November 1, 2021.

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 each 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. In addition, if these transaction costs were included, your costs would have been higher.

Nuveen ESG Dividend ETF (NUDV)

 

Actual Performance

          

Beginning Account Value

     $ 1,000.00  

Ending Account Value

     $ 974.38  

Expenses Incurred During Period

     $ 1.22  

Hypothetical Performance

(5% annualized return before expenses)

          

Beginning Account Value

     $ 1,000.00  

Ending Account Value

     $ 1,023.55  

Expenses Incurred During the Period

     $ 1.25  

Expenses are equal to the Fund’s annualized net expense ratio of 0.25%, multiplied by 181/365 (to reflect the one-half year period).

 

28


 

Nuveen ESG Emerging Markets Equity ETF (NUEM)

 

Actual Performance

          

Beginning Account Value

     $ 1,000.00  

Ending Account Value

     $ 858.10  

Expenses Incurred During Period

     $ 1.61  

Hypothetical Performance

(5% annualized return before expenses)

          

Beginning Account Value

     $ 1,000.00  

Ending Account Value

     $ 1,023.06  

Expenses Incurred During the Period

     $ 1.76  

Expenses are equal to the Fund’s annualized net expense ratio of 0.35%, multiplied by 181/365 (to reflect the one-half year period).

Nuveen ESG International Developed Markets Equity ETF (NUDM)

 

Actual Performance

          

Beginning Account Value

     $ 1,000.00  

Ending Account Value

     $ 880.80  

Expenses Incurred During Period

     $ 1.40  

Hypothetical Performance

(5% annualized return before expenses)

          

Beginning Account Value

     $ 1,000.00  

Ending Account Value

     $ 1,023.31  

Expenses Incurred During the Period

     $ 1.51  

Expenses are equal to the Fund’s annualized net expense ratio of 0.30%, multiplied by 181/365 (to reflect the one-half year period).

Nuveen ESG Large-Cap ETF (NULC)

 

Actual Performance

          

Beginning Account Value

     $ 1,000.00  

Ending Account Value

     $ 865.20  

Expenses Incurred During Period

     $ 0.92  

Hypothetical Performance

(5% annualized return before expenses)

          

Beginning Account Value

     $ 1,000.00  

Ending Account Value

     $ 1,023.80  

Expenses Incurred During the Period

     $ 1.00  

Expenses are equal to the Fund’s annualized net expense ratio of 0.20%, multiplied by 181/365 (to reflect the one-half year period).

 

29


Expense Examples (continued)

 

Nuveen ESG Large-Cap Growth ETF (NULG)

 

Actual Performance

          

Beginning Account Value

     $ 1,000.00  

Ending Account Value

     $ 783.88  

Expenses Incurred During Period

     $ 1.11  

Hypothetical Performance

(5% annualized return before expenses)

          

Beginning Account Value

     $ 1,000.00  

Ending Account Value

     $ 1,023.55  

Expenses Incurred During the Period

     $ 1.25  

Expenses are equal to the Fund’s annualized net expense ratio of 0.25%, multiplied by 181/365 (to reflect the one-half year period).

Nuveen ESG Large-Cap Value ETF (NULV)

 

Actual Performance

          

Beginning Account Value

     $ 1,000.00  

Ending Account Value

     $ 956.24  

Expenses Incurred During Period

     $ 1.21  

Hypothetical Performance

(5% annualized return before expenses)

          

Beginning Account Value

     $ 1,000.00  

Ending Account Value

     $ 1,023.55  

Expenses Incurred During the Period

     $ 1.25  

Expenses are equal to the Fund’s annualized net expense ratio of 0.25%, multiplied by 181/365 (to reflect the one-half year period).

Nuveen ESG Mid-Cap Growth ETF (NUMG)

 

Actual Performance

          

Beginning Account Value

     $ 1,000.00  

Ending Account Value

     $ 751.27  

Expenses Incurred During Period

     $ 1.30  

Hypothetical Performance

(5% annualized return before expenses)

          

Beginning Account Value

     $ 1,000.00  

Ending Account Value

     $ 1,023.31  

Expenses Incurred During the Period

     $ 1.51  

Expenses are equal to the Fund’s annualized net expense ratio of 0.30%, multiplied by 181/365 (to reflect the one-half year period).

 

30


 

Nuveen ESG Mid-Cap Value ETF (NUMV)

 

Actual Performance

          

Beginning Account Value

     $ 1,000.00  

Ending Account Value

     $ 942.49  

Expenses Incurred During Period

     $ 1.44  

Hypothetical Performance

(5% annualized return before expenses)

          

Beginning Account Value

     $ 1,000.00  

Ending Account Value

     $ 1,023.31  

Expenses Incurred During the Period

     $ 1.51  

Expenses are equal to the Fund’s annualized net expense ratio of 0.30%, multiplied by 181/365 (to reflect the one-half year period).

Nuveen ESG Small-Cap ETF (NUSC)

 

Actual Performance

          

Beginning Account Value

     $ 1,000.00  

Ending Account Value

     $ 866.01  

Expenses Incurred During Period

     $ 1.39  

Hypothetical Performance

(5% annualized return before expenses)

          

Beginning Account Value

     $ 1,000.00  

Ending Account Value

     $ 1,023.31  

Expenses Incurred During the Period

     $ 1.51  

Expenses are equal to the Fund’s annualized net expense ratio of 0.30%, multiplied by 181/365 (to reflect the one-half year period).

 

31


Nuveen ESG Dividend ETF (NUDV)

Portfolio of Investments    April 30, 2022

(Unaudited)

 

Shares     Description (1)   Value  
 

LONG-TERM INVESTMENTS – 99.5%

 
 

COMMON STOCKS – 99.5%

 
      Communication Services – 4.7%      
  2,360    

Comcast Corp, Class A

  $ 93,834  
  621    

Interpublic Group of Cos Inc

    20,257  
  1,361    

Lumen Technologies Inc

    13,692  
  335    

Omnicom Group Inc

    25,503  
  949    

Paramount Global, Class B

    27,635  
  1,581    

Sirius XM Holdings Inc

    9,486  
  2,131    

Verizon Communications Inc

    98,665  
 

Total Communication Services

    289,072  
      Consumer Discretionary – 6.6%      
  349    

Best Buy Co Inc

    31,386  
  207    

Hasbro Inc

    18,228  
  389    

Home Depot Inc

    116,856  
  437    

LKQ Corp

    21,688  
  454    

Lowe’s Cos Inc

    89,770  
  456    

Target Corp

    104,264  
  526    

VF Corp

    27,352  
 

Total Consumer Discretionary

    409,544  
      Consumer Staples – 10.8%      
  878    

Archer-Daniels-Midland Co

    78,634  
  223    

Bunge Ltd

    25,226  
  194    

Clorox Co

    27,833  
  1,954    

Coca-Cola Co

    126,248  
  89    

Colgate-Palmolive Co

    6,857  
  1,118    

Keurig Dr Pepper Inc

    41,813  
  1,109    

Kroger Co

    59,842  
  393    

McCormick & Co Inc/MD

    39,524  
  693    

PepsiCo Inc

    118,995  
  881    

Procter & Gamble Co

    141,444  
 

Total Consumer Staples

    666,416  
      Energy – 4.4%      
  1,303    

Baker Hughes Co

    40,419  
  1,403    

Halliburton Co

    49,975  
  698    

ONEOK Inc

    44,204  
  645    

Valero Energy Corp

    71,904  

 

32


 

 

Shares     Description (1)   Value  
      Energy (continued)      
  1,916    

Williams Cos Inc

  $ 65,700  
 

Total Energy

    272,202  
      Financials – 12.9%      
  1,236    

Bank of New York Mellon Corp

    51,986  
  125    

BlackRock Inc

    78,085  
  168    

Cboe Global Markets Inc

    18,981  
  459    

Discover Financial Services

    51,619  
  272    

Goldman Sachs Group Inc

    83,094  
  2,280    

Huntington Bancshares Inc/OH

    29,982  
  545    

Invesco Ltd

    10,017  
  975    

JPMorgan Chase & Co

    116,376  
  596    

Marsh & McLennan Cos Inc

    96,373  
  992    

Morgan Stanley

    79,945  
  311    

Northern Trust Corp

    32,049  
  1,503    

Regions Financial Corp

    31,142  
  576    

State Street Corp

    38,575  
  867    

Synchrony Financial

    31,914  
  352    

T Rowe Price Group Inc

    43,310  
  86    

Truist Financial Corp

    4,158  
 

Total Financials

    797,606  
      Health Care – 14.6%      
  444    

Amgen Inc

    103,536  
  784    

Baxter International Inc

    55,711  
  1,518    

Bristol-Myers Squibb Co

    114,260  
  444    

Cardinal Health Inc

    25,774  
  397    

Cigna Corp

    97,972  
  967    

CVS Health Corp

    92,958  
  450    

Eli Lilly & Co

    131,459  
  1,472    

Gilead Sciences Inc

    87,348  
  1,421    

Merck & Co Inc

    126,029  
  193    

Quest Diagnostics Inc

    25,831  
  542    

Royalty Pharma PLC, Class A

    23,078  
  1,907    

Viatris Inc

    19,699  
 

Total Health Care

    903,655  
      Industrials – 15.3%      
  210    

A O Smith Corp

    12,270  
  45    

Allegion plc

    5,141  
  1,291    

Carrier Global Corp

    49,407  
  476    

Caterpillar Inc

    100,217  

 

33


Nuveen ESG Dividend ETF (NUDV) Fund (continued)

Portfolio of Investments    April 30, 2022

(Unaudited)

 

Shares     Description (1)   Value  
      Industrials (continued)      
  205    

CH Robinson Worldwide Inc

  $ 21,761  
  223    

Cummins Inc

    42,189  
  568    

Eaton Corp PLC

    82,371  
  917    

Emerson Electric Co

    82,695  
  907    

Fastenal Co

    50,166  
  328    

Illinois Tool Works Inc

    64,652  
  1,105    

Johnson Controls International plc

    66,156  
  384    

Masco Corp

    20,233  
  160    

Owens Corning

    14,549  
  261    

Pentair PLC

    13,246  
  350    

Republic Services Inc

    46,995  
  183    

Rockwell Automation Inc

    46,239  
  350    

Rollins Inc

    11,739  
  86    

Snap-on Inc

    18,274  
  375    

Trane Technologies PLC

    52,459  
  482    

United Parcel Service Inc, Class B

    86,750  
  68    

WW Grainger Inc

    34,002  
  284    

Xylem Inc/NY

    22,862  
 

Total Industrials

    944,373  
      Information Technology – 12.3%      
  453    

Automatic Data Processing Inc

    98,835  
  2,121    

Cisco Systems Inc

    103,887  
  885    

Fidelity National Information Services Inc

    87,748  
  2,062    

Hewlett Packard Enterprise Co

    31,775  
  1,806    

HP Inc

    66,154  
  2,279    

Intel Corp

    99,342  
  753    

International Business Machines Corp

    99,554  
  265    

Motorola Solutions Inc

    56,628  
  615    

Texas Instruments Inc

    104,704  
  649    

Western Union Co

    10,877  
 

Total Information Technology

    759,504  
      Materials – 3.5%      
  2,417    

Amcor PLC

    28,666  
  399    

International Flavors & Fragrances Inc

    48,399  
  1,253    

Newmont Corp

    91,281  
  374    

PPG Industries Inc

    47,868  
 

Total Materials

    216,214  
      Real Estate – 9.5%      
  412    

American Tower Corp

    99,300  

 

34


 

 

Shares     Description (1)   Value  
      Real Estate (continued)      
  547    

Crown Castle International Corp

  $ 101,310  
  445    

Digital Realty Trust Inc

    65,023  
  132    

Equinix Inc

    94,919  
  451    

Iron Mountain Inc

    24,232  
  664    

Prologis Inc

    106,433  
  629    

Ventas Inc

    34,941  
  683    

Welltower Inc

    62,023  
 

Total Real Estate

    588,181  
      Utilities – 4.9%      
  284    

American Water Works Co Inc

    43,759  
  209    

Atmos Energy Corp

    23,700  
  991    

CenterPoint Energy Inc

    30,334  
  558    

Consolidated Edison Inc

    51,749  
  379    

Essential Utilities Inc

    16,964  
  542    

Eversource Energy

    47,371  
  502    

Sempra Energy

    81,003  
  330    

UGI Corp

    11,319  
 

Total Utilities

    306,199  
 

Total Long-Term Investments (cost $6,239,500)

    6,152,966  
 

Other Assets Less Liabilities – 0.5%

    31,992  
 

Net Assets – 100%

  $ 6,184,958  

 

For Fund portfolio compliance purposes, the Fund’s industry classifications refer to any one or more of the industry sub-classifications used by one or more widely recognized market indexes or ratings group indexes, and/or as defined by Fund management. This definition may not apply for purposes of this report, which may combine industry sub-classifications into sectors for reporting ease.

 

(1)

All percentages shown in the Portfolio of Investments are based on net assets.

 

See accompanying notes to financial statements.

 

35


Nuveen ESG Emerging Markets Equity ETF (NUEM)

Portfolio of Investments    April 30, 2022

(Unaudited)

 

Shares     Description (1)                                 Value  
 

LONG-TERM INVESTMENTS – 99.9%

                
 

COMMON STOCKS – 99.9%

                
      Communication Services – 13.4%                                 
  676,384    

Axiata Group Bhd

                 $ 545,333  
  380    

Baidu Inc, (2)

                   47,185  
  16,564    

Bharti Airtel Ltd, (2)

                   160,347  
  69,030    

Emirates Telecommunications Group Co PJSC

                   657,778  
  120    

HYBE Co Ltd, (2)

                   24,029  
  18,991    

Info Edge India Ltd

                   1,158,179  
  25,877    

Kakao Corp

                   1,852,183  
  93,530    

MTN Group Ltd

                   997,555  
  1,064    

NCSoft Corp

                   357,067  
  163,830    

NetEase Inc

                   3,215,567  
  195,720    

Ooredoo QPSC

                   402,484  
  6,470    

SK Telecom Co Ltd

                   293,623  
  124,484    

Telefonica Brasil SA

                   1,337,043  
  7,654,398    

Telkom Indonesia Persero Tbk PT

                   2,439,354  
  180,316    

Tencent Holdings Ltd

                   8,673,204  
  106,087    

TIM SA/Brazil

                   288,771  
  72,865    

Turkcell Iletisim Hizmetleri AS

                                     106,139  
 

Total Communication Services

                                     22,555,841  
      Consumer Discretionary – 12.4%                                 
  217,106    

Alibaba Group Holding Ltd, (2)

                   2,825,146  
  88,020    

Allegro.eu SA, 144A, (2)

                   456,900  
  43,794    

Americanas SA

                   212,240  
  63,042    

BYD Co Ltd

                   1,894,599  
  21,899    

BYD Co Ltd, Class A

                   801,219  
  684,068    

China Ruyi Holdings Ltd, (2)

                   166,524  
  13,594    

Coway Co Ltd

                   767,368  
  9,336    

Eicher Motors Ltd

                   321,437  
  460    

FF Group, (2), (3)

                   582  
  4,058    

Hero MotoCorp Ltd

                   132,661  
  85,507    

JD Health International Inc, 144A, (2)

                   550,892  
  8,628    

JD.com Inc, Class A, (2)

                   292,066  
  26,127    

LG Electronics Inc

                   2,423,404  

 

36


 

 

Shares     Description (1)                                 Value  
      Consumer Discretionary (continued)                                 
  34,064    

Li Auto Inc, ADR, (2)

                 $ 764,056  
  76,848    

Mahindra & Mahindra Ltd

                   926,941  
  173,367    

Meituan, Class B, 144A, (2)

                   3,800,479  
  13,053    

Naspers Ltd

                   1,326,861  
  733,651    

PTT Oil & Retail Business PCL, (4)

                   535,512  
  139,900    

Suning.com Co Ltd, (2)

                   68,036  
  53,199    

Vipshop Holdings Ltd, ADR, (2)

                   407,504  
  29,030    

XPeng Inc, ADR, (2)

                   714,428  
  35,469    

Yum China Holdings Inc

                                     1,482,604  
 

Total Consumer Discretionary

                                     20,871,459  
      Consumer Staples – 6.2%                                 
  61,383    

Almarai Co JSC

                   850,996  
  1,014    

AMOREPACIFIC Group

                   40,366  
  834    

BGF retail Co Ltd

                   120,186  
  1,575    

Britannia Industries Ltd

                   67,766  
  184,362    

Cencosud SA

                   295,005  
  447,647    

China Feihe Ltd, 144A

                   428,469  
  111,409    

China Mengniu Dairy Co Ltd

                   604,886  
  123,113    

Coca-Cola Femsa SAB de CV

                   671,833  
  329,662    

Fomento Economico Mexicano SAB de CV

                   2,465,458  
  75,374    

Hindustan Unilever Ltd

                   2,213,620  
  4,971    

Kuala Lumpur Kepong Bhd

                   33,639  
  339    

LG Household & Health Care Ltd

                   245,343  
  519    

LG Household & Health Care Ltd

                   205,369  
  3,982    

Nestle India Ltd

                   954,836  
  52,009    

PPB Group Bhd

                   205,240  
  64,373    

Savola Group, (2)

                   612,700  
  1,846,722    

Unilever Indonesia Tbk PT

                                     495,533  
 

Total Consumer Staples

                                     10,511,245  
      Energy – 3.2%                                 
  426,189    

China Suntien Green Energy Corp Ltd

                   243,346  
  253,065    

Cosan SA

                   1,073,132  
  964,246    

Dialog Group Bhd

                   553,719  
  11,564    

HD Hyundai Co Ltd

                   536,769  
  66,451    

Offshore Oil Engineering Co Ltd

                   40,921  
  73,543    

Petronas Dagangan Bhd

                   367,250  
  119,961    

Qatar Fuel QSC

                   603,799  
  608,249    

Qatar Gas Transport Co Ltd

                   571,212  
  276,888    

Thai Oil PCL, (4)

                   456,764  

 

37


Nuveen ESG Emerging Markets Equity ETF (NUEM) (continued)

Portfolio of Investments    April 30, 2022

(Unaudited)

 

Shares     Description (1)                                 Value  
      Energy (continued)                                 
  30,947    

Turkiye Petrol Rafinerileri AS, (2)

                 $ 487,869  
  178,951    

Ultrapar Participacoes SA

                   472,293  
  13,902    

Yantai Jereh Oilfield Services Group Co Ltd, Class A

                                     65,139  
 

Total Energy

                                     5,472,213  
      Financials – 19.4%                                 
  213,995    

Alpha Services and Holdings SA, (2)

                   245,169  
  286,184    

Axis Bank Ltd

                   2,732,773  
  87,464    

B3 SA - Brasil Bolsa Balcao

                   234,900  
  313,959    

Banco Bradesco SA

                   1,139,894  
  71,209    

Banco Bradesco SA

                   214,395  
  167,506    

Banco do Brasil SA

                   1,123,652  
  158,485    

Bandhan Bank Ltd, 144A

                   691,846  
  774,375    

Bank Central Asia Tbk PT

                   434,007  
  10,034    

Bank Polska Kasa Opieki SA

                   221,591  
  574,826    

Cathay Financial Holding Co Ltd

                   1,218,864  
  5,380,008    

China Construction Bank Corp

                   3,832,994  
  139,473    

China Construction Bank Corp

                   127,468  
  221,284    

China Merchants Bank Co Ltd

                   1,350,918  
  91,400    

China Merchants Bank Co Ltd

                   549,498  
  3,370    

Credicorp Ltd

                   468,059  
  375,961    

First Abu Dhabi Bank PJSC

                   2,296,883  
  314,747    

FirstRand Ltd

                   1,362,967  
  504,782    

Fubon Financial Holding Co Ltd

                   1,274,136  
  37,803    

Hana Financial Group Inc

                   1,414,603  
  108,499    

Huatai Securities Co Ltd

                   218,086  
  377,451    

Huatai Securities Co Ltd, 144A

                   524,361  
  47,161    

KB Financial Group Inc

                   2,196,591  
  29,879    

Kotak Mahindra Bank Ltd

                   698,874  
  41,176    

Malayan Banking Bhd

                   85,785  
  29,234    

Moneta Money Bank AS, 144A

                   109,679  
  5,401    

Nedbank Group Ltd

                   75,704  
  1,096,621    

Old Mutual Ltd

                   879,862  
  29,288    

Piramal Enterprises Ltd

                   829,876  
  183,936    

Postal Savings Bank of China Co Ltd, 144A

                   140,657  
  388,600    

Postal Savings Bank of China Co Ltd

                   316,534  
  768,835    

Public Bank Bhd

                   828,261  
  27,635    

Qatar National Bank QPSC

                   176,430  
  7,566    

Samsung Fire & Marine Insurance Co Ltd

                   1,265,016  
  16,238    

Samsung Life Insurance Co Ltd

                   841,635  
  64,776    

Shinhan Financial Group Co Ltd

                   2,173,812  

 

38


 

 

Shares     Description (1)                                 Value  
      Financials (continued)                                 
  3,087    

Standard Bank Group Ltd

                 $ 32,790  
  30,236    

Woori Financial Group Inc

                                     355,080  
 

Total Financials

                                     32,683,650  
      Health Care – 3.4%                                 
  307,667    

3SBio Inc, 144A, (2)

                   217,629  
  69,635    

Akeso Inc, 144A, (2)

                   132,771  
  86,045    

CSPC Pharmaceutical Group Ltd

                   88,829  
  12,913    

Dr Sulaiman Al Habib Medical Services Group Co

                   688,547  
  83,160    

Genscript Biotech Corp, (2)

                   241,123  
  21,240    

Guangzhou Baiyunshan Pharmaceutical Holdings Co Ltd

                   92,837  
  1,713    

Hangzhou Tigermed Consulting Co Ltd, 144A

                   16,898  
  171,234    

Hansoh Pharmaceutical Group Co Ltd, 144A

                   284,148  
  36,050    

Hartalega Holdings Bhd

                   36,435  
  11,800    

Huadong Medicine Co Ltd

                   60,584  
  3,696,362    

Kalbe Farma Tbk PT

                   418,158  
  4,914    

Richter Gedeon Nyrt

                   97,995  
  51,219    

Shanghai Fosun Pharmaceutical Group Co Ltd

                   221,296  
  9,068    

Shanghai Fosun Pharmaceutical Group Co Ltd

                   58,681  
  27,300    

Shanghai Pharmaceuticals Holding Co Ltd

                   72,302  
  13,600    

Shenzhen Mindray Bio-Medical Electronics Co Ltd

                   639,897  
  63,057    

WuXi AppTec Co Ltd, 144A

                   875,998  
  20,962    

WuXi AppTec Co Ltd

                   325,806  
  113,608    

Wuxi Biologics Cayman Inc, 144A, (2)

                   868,768  
  18,720    

Yunnan Baiyao Group Co Ltd

                                     214,999  
 

Total Health Care

                                     5,653,701  
      Industrials – 5.0%                                 
  709,851    

Airports of Thailand PCL, (4)

                   1,383,432  
  1,548    

Ayala Corp

                   21,869  
  12,600    

China Baoan Group Co Ltd, Class A

                   17,074  
  268,156    

China Lesso Group Holdings Ltd

                   340,059  
  576    

CJ Corp

                   39,898  
  20,117    

Contemporary Amperex Technology Co Ltd

                   1,239,877  
  72,254    

Evergreen Marine Corp Taiwan Ltd

                   355,442  
  46,774    

Grupo Aeroportuario del Pacifico SAB de CV

                   720,524  
  1,661    

Grupo Aeroportuario del Sureste SAB de CV

                   36,218  
  15,340    

GS Engineering & Construction Corp

                   513,572  
  21,280    

LG Corp

                   1,241,898  
  2,985    

Localiza Rent a Car SA

                   31,910  
  132,441    

Rumo SA

                   437,797  

 

39


Nuveen ESG Emerging Markets Equity ETF (NUEM) (continued)

Portfolio of Investments    April 30, 2022

(Unaudited)

 

Shares     Description (1)                                 Value  
      Industrials (continued)                                 
  72,100    

SF Holding Co Ltd, Class A, (2)

                 $ 556,895  
  178,400    

Shanghai Electric Group Co Ltd

                   103,145  
  19,900    

Shenzhen Inovance Technology Co Ltd

                   172,882  
  70,400    

Tianshan Aluminum Group Co Ltd

                   72,820  
  41,731    

WEG SA

                   253,645  
  190,999    

Xinjiang Goldwind Science & Technology Co Ltd

                   274,589  
  10,500    

Xinjiang Goldwind Science & Technology Co Ltd

                   17,849  
  349,236    

Zhejiang Expressway Co Ltd, (2)

                   288,873  
  11,800    

Zhejiang Weixing New Building Materials Co Ltd

                   33,739  
  102,502    

Zoomlion Heavy Industry Science and Technology Co Ltd

                   89,512  
  332,071    

Zoomlion Heavy Industry Science and Technology Co Ltd

                                     196,801  
 

Total Industrials

                                     8,440,320  
      Information Technology – 19.4%                                 
  179,125    

AAC Technologies Holdings Inc, (5)

                   422,349  
  712,908    

Acer Inc

                   667,546  
  173,296    

Asustek Computer Inc

                   2,098,919  
  311,158    

Delta Electronics Inc

                   2,639,124  
  43,898    

Delta Electronics Thailand PCL, (4)

                   465,255  
  1,676    

HCL Technologies Ltd

                   23,805  
  137,532    

Infosys Ltd

                   2,820,717  
  1,024,798    

Lenovo Group Ltd

                   1,003,097  
  57,069    

LG Display Co Ltd

                   761,071  
  8,282    

Samsung SDS Co Ltd

                   979,201  
  93,582    

Sunny Optical Technology Group Co Ltd

                   1,389,510  
  710,785    

Taiwan Semiconductor Manufacturing Co Ltd

                   12,973,566  
  61,298    

Tata Consultancy Services Ltd

                   2,844,282  
  41,921    

Unisplendour Corp Ltd

                   107,300  
  1,552,469    

United Microelectronics Corp

                   2,517,617  
  76,624    

Yageo Corp

                                     1,051,531  
 

Total Information Technology

                                     32,764,890  
      Materials – 12.0%                                 
  284    

Anglo American Platinum Ltd

                   31,507  
  50,902    

Asian Paints Ltd

                   2,156,139  
  2,193    

Berger Paints India Ltd

                   20,607  
  13,000    

Chengxin Lithium Group Co Ltd, (2)

                   86,886  
  59,181    

China Jushi Co Ltd

                   140,162  
  824,137    

China Molybdenum Co Ltd

                   419,098  
  261,165    

China Molybdenum Co Ltd

                   184,027  
  16,852    

Ganfeng Lithium Co Ltd

                   280,803  

 

40


 

 

Shares     Description (1)                                 Value  
      Materials (continued)                                 
  2,596    

Ganfeng Lithium Co Ltd, 144A

                 $ 31,697  
  281,633    

Gerdau SA

                   1,590,662  
  64,487    

Grasim Industries Ltd

                   1,426,530  
  30,647    

Hanwha Solutions Corp, (2)

                   780,815  
  40,564    

Impala Platinum Holdings Ltd

                   528,868  
  14,893    

KGHM Polska Miedz SA

                   486,466  
  33,465    

Kingfa Sci & Tech Co Ltd, Class A

                   41,720  
  106,872    

Klabin SA

                   447,584  
  15,831    

Kumba Iron Ore Ltd

                   534,498  
  4,207    

Lotte Chemical Corp

                   658,181  
  885,191    

Nan Ya Plastics Corp

                   2,603,724  
  236,183    

PTT Global Chemical PCL, (4)

                   344,793  
  52,612    

SABIC Agri-Nutrients Co

                   2,280,770  
  105,793    

Saudi Arabian Mining Co, (2)

                   3,892,352  
  42,504    

Shandong Nanshan Aluminum Co Ltd

                   20,862  
  2,115    

Shanghai Putailai New Energy Technology Co Ltd, (2)

                   37,812  
  91,700    

Sinopec Shanghai Petrochemical Co Ltd

                   42,939  
  44,400    

Transfar Zhilian Co Ltd

                   42,383  
  49,918    

UPL Ltd

                   540,695  
  12,600    

Yunnan Energy New Material Co Ltd, (2)

                   385,017  
  17,925    

Zhejiang Huayou Cobalt Co Ltd

                   222,143  
  13,700    

Zhejiang Yongtai Technology Co Ltd, Class A, (2)

                                     51,981  
 

Total Materials

                                     20,311,721  
      Real Estate – 2.1%                                 
  16,731    

A-Living Smart City Services Co Ltd, 144A

                   26,740  
  89,821    

China Resources Land Ltd

                   404,107  
  419,484    

China Vanke Co Ltd

                   996,563  
  143,300    

China Vanke Co Ltd, Class A

                   418,139  
  29,369    

Country Garden Services Holdings Co Ltd

                   126,704  
  25,993    

Greentown Service Group Co Ltd

                   26,171  
  2,019,611    

SM Prime Holdings Inc, (2)

                   1,354,016  
  195,136    

Sunac Services Holdings Ltd, 144A

                                     107,937  
 

Total Real Estate

                                     3,460,377  
      Utilities – 3.4%                                 
  14,270    

Adani Green Energy Ltd, (2)

                   537,254  
  3,020    

Adani Total Gas Ltd

                   97,586  
  221,277    

China Resources Gas Group Ltd

                   841,829  
  5,252,642    

Enel Americas SA

                   549,863  
  160,819    

ENN Energy Holdings Ltd

                   2,170,585  

 

41


Nuveen ESG Emerging Markets Equity ETF (NUEM) (continued)

Portfolio of Investments    April 30, 2022

(Unaudited)

 

Shares     Description (1)                                 Value  
      Utilities (continued)                                 
  108,718    

Interconexion Electrica SA ESP

                 $ 594,698  
  318,619    

Power Grid Corp of India Ltd

                                     957,410  
 

Total Utilities

                                     5,749,225  
 

Total Common Stocks (cost $172,355,860)

                                     168,474,642  
Principal
Amount (000)
    Description (1)   Coupon        Maturity        Ratings (6)        Value  
 

CORPORATE BONDS – 0.0%

                
      Food Products – 0.0%                                 
$ 25    

Britannia Industries Ltd

    5.500%          6/03/24          N/R        $ 323  
$ 25    

Total Corporate Bonds (cost $0)

                                     323  
 

Total Long-Term Investments (cost $172,355,860)

                                     168,474,965  
Shares     Description (1)   Coupon                            Value  
 

INVESTMENTS PURCHASED WITH COLLATERAL FROM SECURITIES LENDING – 0.1%

 

 

MONEY MARKET FUNDS – 0.1%

                
  132,345    

State Street Navigator Securities Lending Government Money Market Portfolio, (7)

    0.310%(8)                              $ 132,345  
 

Total Investments Purchased with Collateral from Securities Lending (cost $132,345)

 

                             132,345  
 

Total Investments (cost $172,488,205) – 100.0%

                                     168,607,310  
 

Other Assets Less Liabilities – 0.0%

                                     62,676  
 

Net Assets – 100%

                                   $ 168,669,986  

 

For Fund portfolio compliance purposes, the Fund’s industry classifications refer to any one or more of the industry sub-classifications used by one or more widely recognized market indexes or ratings group indexes, and/or as defined by Fund management. This definition may not apply for purposes of this report, which may combine industry sub-classifications into sectors for reporting ease.

 

(1)

All percentages shown in the Portfolio of Investments are based on net assets.

 

(2)

Non-income producing; issuer has not declared an ex-dividend date within the past twelve months.

 

(3)

Investment valued at fair value using methods determined in good faith by, or at the discretion of, the Board. For fair value measurement disclosure purposes, investment classified as Level 3.

 

(4)

For fair value measurement disclosure purposes, investment classified as Level 2.

 

(5)

Investment, or a portion of investment, is out on loan for securities lending. The total value of the securities out on loan as of the end of the reporting period was $135,608.

 

(6)

For financial reporting purposes, the ratings disclosed are the highest of Standard & Poor’s Group (“Standard & Poor’s”), Moody’s Investors Service, Inc. (“Moody’s”) or Fitch, Inc. (“Fitch”) rating. This treatment of split-rated securities may differ from that used for other purposes, such as for Fund investment policies. Ratings below BBB by Standard & Poor’s, Baa by Moody’s or BBB by Fitch are considered to be below investment grade. Holdings designated N/R are not rated by any of these national rating agencies.

 

(7)

The Fund may loan securities representing up to one third of the market value of its total assets (which includes collateral for securities on loan) to broker dealers, banks, and other institutions. The collateral maintained by the Fund shall have a market value, at the inception of each loan, equal to not less than 100% of the market value of the loaned securities. The cash collateral received by the Fund is invested in this money market fund.

 

(8)

The rate shown is the one-day yield as of the end of the reporting period.

 

144A

Investment is exempt from registration under Rule 144A of the Securities Act of 1933, as amended. These investments may only be resold in transactions exempt from registration, which are normally those transactions with qualified institutional buyers.

 

ADR

American Depositary Receipt

 

See accompanying notes to financial statements.

 

42


Nuveen ESG International Developed Markets Equity ETF (NUDM)

Portfolio of Investments    April 30, 2022

(Unaudited)

 

Shares     Description (1)   Value  
 

LONG-TERM INVESTMENTS – 99.1%

 
 

COMMON STOCKS – 99.1%

 
      Communication Services – 5.8%      
  504,403    

BT Group PLC

  $ 1,123,119  
  536,771    

HKT Trust & HKT Ltd

    770,319  
  9,191    

Informa PLC, (2)

    66,305  
  74,700    

KDDI Corp

    2,499,417  
  3,745    

Nintendo Co Ltd

    1,731,730  
  7,253    

Publicis Groupe SA

    440,576  
  73,549    

SoftBank Corp

    860,040  
  98,720    

Telenor ASA

    1,408,235  
  75,173    

Telia Co AB

    313,792  
  42,966    

Vivendi SE

    496,784  
  1,066,793    

Vodafone Group PLC

    1,627,856  
  446    

Vodafone Group PLC, Sponsored ADR

    6,775  
  41,263    

WPP PLC

    520,647  
  154,462    

Z Holdings Corp

    613,508  
 

Total Communication Services

    12,479,103  
      Consumer Discretionary – 11.2%      
  20,101    

Accor SA, (2)

    668,611  
  8,073    

Bayerische Motoren Werke AG

    601,699  
  21,381    

Bayerische Motoren Werke AG

    1,770,862  
  1,039    

Bridgestone Corp

    38,229  
  26,258    

Cie Financiere Richemont SA

    3,124,503  
  12,333    

EssilorLuxottica SA

    2,131,152  
  4,187    

Fiverr International Ltd, (2)

    222,958  
  25,099    

IDP Education Ltd

    479,269  
  71,547    

Industria de Diseno Textil SA

    1,517,118  
  80,641    

Mazda Motor Corp

    578,230  
  45,912    

Mercedes-Benz Group AG, (2)

    3,249,979  
  170,953    

Panasonic Holdings Corp

    1,531,267  
  5,263    

Prosus NV

    258,677  
  42,704    

Sony Group Corp

    3,698,201  
  5,566    

Valeo

    102,787  
  88,325    

Wesfarmers Ltd

    3,101,375  

 

43


Nuveen ESG International Developed Markets Equity ETF (NUDM) (continued)

Portfolio of Investments    April 30, 2022

(Unaudited)

 

Shares     Description (1)   Value  
      Consumer Discretionary (continued)      
  9,185    

Whitbread PLC, (2)

  $ 324,850  
  39,827    

Yamaha Motor Co Ltd

    826,911  
 

Total Consumer Discretionary

    24,226,678  
      Consumer Staples – 12.0%      
  50,509    

Associated British Foods PLC

    1,018,747  
  29,115    

Coca-Cola Europacific Partners PLC, (2)

    1,454,294  
  21,255    

Coca-Cola HBC AG

    436,978  
  56,597    

Danone SA

    3,441,512  
  248,704    

J Sainsbury PLC

    728,474  
  17,978    

Kao Corp

    725,864  
  3,895    

Kerry Group PLC, Class A

    431,448  
  15,596    

Koninklijke Ahold Delhaize NV

    462,165  
  4,741    

Lawson Inc

    174,549  
  9,465    

L’Oreal SA

    3,483,802  
  62,486    

Mowi ASA

    1,788,754  
  63,379    

Nestle SA

    8,227,223  
  106,830    

Orkla ASA

    875,596  
  18,342    

Reckitt Benckiser Group PLC

    1,436,971  
  24,155    

Unilever PLC

    1,127,846  
 

Total Consumer Staples

    25,814,223  
      Energy – 1.6%      
  34,008    

Ampol Ltd

    818,080  
  60,071    

Neste Oyj

    2,610,922  
 

Total Energy

    3,429,002  
      Financials – 17.6%      
  261,865    

AIA Group Ltd

    2,594,904  
  17,273    

Allianz SE

    3,939,629  
  85,964    

Australia & New Zealand Banking Group Ltd

    1,667,766  
  121,096    

AXA SA

    3,252,521  
  426,068    

Banco Bilbao Vizcaya Argentaria SA

    2,273,921  
  161,129    

Bank Hapoalim BM

    1,503,494  
  525,328    

BOC Hong Kong Holdings Ltd

    1,918,221  
  24,642    

CNP Assurances

    542,798  
  3,812    

Erste Group Bank AG

    119,277  
  28,292    

Gjensidige Forsikring ASA

    612,208  
  236,452    

HSBC Holdings PLC

    1,488,187  
  118,045    

ING Groep NV

    1,133,237  
  1,170,350    

Intesa Sanpaolo SpA

    2,413,515  
  1    

Isracard Ltd

    4  

 

44


 

 

Shares     Description (1)   Value  
      Financials (continued)      
  87,611    

Legal & General Group PLC

  $ 277,299  
  3,280,300    

Lloyds Banking Group PLC

    1,889,529  
  63,292    

MS&AD Insurance Group Holdings Inc

    1,895,927  
  28,379    

NatWest Group PLC

    77,673  
  436,463    

Nomura Holdings Inc, (2)

    1,684,405  
  292,236    

Resona Holdings Inc

    1,274,190  
  34,611    

Societe Generale SA

    846,003  
  47,930    

Sumitomo Mitsui Trust Holdings Inc

    1,491,246  
  7,125    

Swiss Re AG

    589,584  
  5,315    

Tokyo Century Corp

    164,299  
  112,017    

UBS Group AG

    1,928,980  
  104,702    

United Overseas Bank Ltd

    2,273,889  
 

Total Financials

    37,852,706  
      Health Care – 12.9%      
  1,684    

Ambu A/S

    22,550  
  4,436    

Argenx SE, (2)

    1,281,786  
  185,879    

Astellas Pharma Inc

    2,837,825  
  27,071    

AstraZeneca PLC

    3,632,599  
  108    

AstraZeneca PLC, Sponsored ADR

    7,171  
  76,425    

Chugai Pharmaceutical Co Ltd

    2,302,306  
  90,033    

Daiichi Sankyo Co Ltd

    2,266,808  
  26,400    

Eisai Co Ltd

    1,154,134  
  1,079    

Genmab A/S, (2)

    383,319  
  210,551    

GlaxoSmithKline PLC

    4,750,312  
  15,879    

Kyowa Kirin Co Ltd

    334,959  
  39    

Lonza Group AG

    23,240  
  9,855    

Merck KGaA

    1,839,666  
  3,701    

NMC Health PLC, (2), (3)

    5  
  22,865    

Novo Nordisk A/S

    2,634,016  
  16,660    

Ramsay Health Care Ltd

    960,296  
  39,347    

Ryman Healthcare Ltd

    235,207  
  1,462<