Nushares ETF Trust

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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

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

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.

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.

Risk Considerations

Nuveen ESG Dividend ETF (NUDV)

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)

Nuveen ESG Large-Cap Growth ETF (NULG)

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)

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.

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.

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%

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

Fund Performance, Expense Ratios and Holdings Summaries

April 30, 2022

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.

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.

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

Fund Performance, Expense Ratios and Holdings Summaries

April 30, 2022

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.

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%

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

Fund Performance, Expense Ratios and Holdings Summaries

April 30, 2022

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.

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%

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

Fund Performance, Expense Ratios and Holdings Summaries

April 30, 2022

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.

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%

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

Fund Performance, Expense Ratios and Holdings Summaries

April 30, 2022

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.

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%

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

Fund Performance, Expense Ratios and Holdings Summaries

April 30, 2022

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.

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%

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

Fund Performance, Expense Ratios and Holdings Summaries

April 30, 2022

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.

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%

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

Fund Performance, Expense Ratios and Holdings Summaries

April 30, 2022

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.

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%

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).

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).

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).

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).

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


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

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


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.

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


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

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


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

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


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

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%

Britannia Industries Ltd

5.500%

6/03/24

N/R

323

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

(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.

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

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


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<