Funds

Exchange-Traded

Funds

Nuveen

Exchange-Traded

July

31,

2023

Annual

Report

Fund

Name

Listing

Exchange

Ticker

Symbol

Nuveen

Enhanced

Yield

U.S.

Aggregate

Bond

ETF

NYSE

Arca

NUAG

Nuveen

ESG

1-5

Year

U.S.

Aggregate

Bond

ETF

(formerly

Nuveen

Enhanced

Yield

1-5

Year

U.S.

Aggregate

Bond

ETF)

NYSE

Arca

NUSA

Nuveen

ESG

High

Yield

Corporate

Bond

ETF

NYSE

Arca

NUHY

Nuveen

ESG

U.S.

Aggregate

Bond

ETF

NYSE

Arca

NUBD

2

Table

of

Contents

Chair’s

Letter

to

Shareholders

3

Important

Notices

4

Portfolio

Managers’

Comments

5

Risk

Considerations

and

Dividend

Information

9

About

the

Funds’

Benchmarks

10

Fund

Performance,

Expense

Ratios

and

Holdings

Summaries

12

Yields

21

Expense

Examples

22

Report

of

Independent

Registered

Public

Accounting

Firm

24

Portfolio

of

Investments

26

Statement

of

Assets

and

Liabilities

83

Statement

of

Operations

84

Statement

of

Changes

in

Net

Assets

85

Financial

Highlights

87

Notes

to

Financial

Statements

89

Important

Tax

Information

96

Additional

Fund

Information

97

Glossary

of

Terms

Used

in

this

Report

99

Liquidity

Risk

Management

Program

100

Annual

Investment

Management

Agreement

Approval

Process

101

Trustees

and

Officers

108

Chair’s

Letter

to

Shareholders

3

Dear

Shareholders,

Inflation

concerns

have

continued

to

dominate

the

investment

landscape

in

2023.

While

inflation

rates

have

fallen

meaningfully

from

post-pandemic

highs,

helped

by

the

significant

policy

interest

rate

increases

from

the

U.S.

Federal

Reserve

(Fed)

and

other

global

central

banks

since

2022

and

the

normalization

of

supply

chains,

they

currently

remain

above

the

levels

that

central

banks

consider

supportive

of

their

economies’

long-term

growth.

Core

inflation

measures,

which

exclude

volatile

food

and

energy

prices,

in

particular

remain

above

central

banks’

targeted

levels.

At

the

same

time,

the

U.S.

and

other

large

economies

have

remained

relatively

resilient,

even

as

financial

conditions

have

tightened.

U.S.

gross

domestic

product

increased

to

2.1%

in

the

second

quarter

of

2023

from

2.0%

in

the

first

quarter

of

2023,

after

growing

2.1%

in

2022

overall

compared

to

2021.

Consider

that

much

of

this

growth

occurred

while

the

Fed

was

raising

interest

rates

in

one

of

the

fastest

hiking

cycles

in

its

history.

From

March

2022

to

July

2023

(with

only

a

brief

pause

in

June

2023),

the

Fed

increased

the

target

fed

funds

rate

from

near

zero

to

a

range

of

5.25%

to

5.50%

as

of

July

2023.

Despite

historically

high

inflation

and

rapidly

rising

interest

rates,

the

jobs

market

has

remained

relatively

strong,

helping

to

support

consumer

sentiment

and

spending.

However,

markets

are

concerned

that

these

conditions

could

keep

upward

pressure

on

prices

and

wages

while

the

impact

of

the

collapse

of

three

regional

U.S.

banks

(Silicon

Valley

Bank,

Signature

Bank

and

First

Republic

Bank)

and

major

European

bank

Credit

Suisse

in

March

2023

adds

to

uncertainty.

Given

the

lingering

upside

risks

to

inflation

and

the

lagging

impact

of

tighter

credit

conditions

on

the

economy,

Fed

officials

are

closely

monitoring

incoming

inflation

data

and

other

economic

measures

to

modify

their

rate

setting

activity

based

upon

these

factors

on

a

meeting-by-meeting

basis.

The

Fed

remains

committed

to

acting

until

it

sees

sustainable

progress

toward

its

inflation

goals.

Additionally,

market

concerns

surrounding

the

U.S.

debt

ceiling

faded

after

the

government

agreed

in

June

2023

to

suspend

the

nation’s

borrowing

limit

until

January

2025,

averting

a

near-term

default

scenario.

In

the

meantime,

markets

are

likely

to

continue

reacting

in

the

short

term

to

news

about

inflation

data,

economic

indicators

and

central

bank

policy.

We

encourage

investors

to

keep

a

long-term

perspective

amid

the

short-term

turbulence.

Your

financial

professional

can

help

you

review

how

well

your

portfolio

is

aligned

with

your

time

horizon,

risk

tolerance

and

investment

goals.

On

behalf

of

the

other

members

of

the

Nuveen

Fund

Board,

we

look

forward

to

continuing

to

earn

your

trust

in

the

months

and

years

ahead.

Terence

J.

Toth

Chair

of

the

Board

September 22,

2023

4

Important

Notices

Securities

and

Exchange

Commission

(the

“SEC”)

Adopts

Amendments

for

Tailored

Shareholder

Reports

On

October

26,

2022,

the

SEC

adopted

rule

and

form

amendments

(the

“Amendments”)

that

require

mutual

funds

and

exchange-traded

funds

registered

on

Form

N-1A

to

provide

shareholders

with

streamlined

annual

and

semi-annual

shareholder

reports

(“Tailored

Shareholder

Reports”).

Tailored

Shareholder

Reports

are

meant

to

be

three

to

four

pages

in

length

and

will

highlight

key

information

such

as

a

fund’s

expenses,

performance

and

portfolio

holdings.

Other,

more

detailed

information

that

currently

appears

in

fund

shareholder

reports

will

be

made

available

online,

filed

with

the

SEC,

and

delivered

to

investors

free

of

charge

in

paper

or

electronically

upon

request.

The

first

Tailored

Shareholder

Reports

prepared

for

the

Funds

included

within

this

shareholder

report

will

be

for

the

reporting

period

ended

July

31,

2024.

Portfolio

Manager

Update

for

the

Funds

Effective March

21,

2023,

Kevin

Chen

is

no

longer

a

portfolio

manager

of

the

Funds. 

Vivian

Liu

and

James

Tsang

will

continue

to

serve

as

portfolio

managers

for

the

Funds.

Nuveen

Enhanced

Yield

1-5

Year

U.S.

Aggregate

Bond

ETF

(NUSA)

Product

Actions

Effective

after

the

close

of

business

on

June

30,

2023,

NUSA

made

the

following

changes

to

its

name,

investment

objective,

management

fee,

indices

and

principal

investment

strategies:

Name

was

changed

to

“Nuveen

ESG

1-5

Year

U.S.

Aggregate

Bond

ETF.”

Management

fee

was

reduced

from

0.20%

to

0.15%.

Investment

objective

was

changed

to

reflect

that

the

Fund’s

custom

index

changed

to

the

Bloomberg

MSCI

1-5

Year

U.S.

Aggregate

ESG

Select

Index.

Base

Index

was

changed

to

the

Bloomberg

1-5

Year

U.S.

Aggregate

Bond

Index.

Current

principal

investment

strategies

designed

to

enhance

yield

were

changed,

as

described

in

the

Fund’s

most

recent

prospectus

supplement.

Portfolio

Managers’

Comments

5

Nuveen

Enhanced

Yield

U.S.

Aggregate

Bond

ETF

(NUAG)

Nuveen

ESG

1-5

Year

U.S.

Aggregate

Bond

ETF

(NUSA)

(Formerly

Nuveen

Enhanced

Yield

1-5

Year

U.S.

Aggregate

Bond

ETF)

Nuveen

ESG

High

Yield

Corporate

Bond

ETF

(NUHY)

Nuveen

ESG

U.S.

Aggregate

Bond

ETF

(NUBD)

These

Funds

feature

portfolio

management

by

Teachers

Advisors,

LLC,

an

affiliate

of

Nuveen

Fund

Advisors,

LLC.

The

portfolio

managers

are

James

Tsang,

CFA,

and

Vivian

Liu,

CFA.

Effective

following

market

close

on

June

30,

2023,

the

name

of

the

Nuveen

Enhanced

Yield

1-5

Year

U.S.

Aggregate

Bond

ETF

was

changed

to

the

Nuveen

ESG

1-5

Year

U.S.

Aggregate

Bond

ETF,

the

custom

index

changed

from

the

ICE

BofA

Enhanced

Yield

1-5

Year

U.S.

Broad

Bond

Index

to

the

Bloomberg

MSCI

1-5

Year

U.S.

Aggregate

ESG

Select

Index,

the

base

index

changed

from

the

ICE

BofA

1-5

Year

U.S.

Broad

Market

Index

to

the

Bloomberg

1-5

Year

U.S.

Aggregate

Bond

Index,

and

the

expense

ratio

was

reduced

from

0.20%

to

0.15%.

Effective

March

21,

2023,

Lijun

(Kevin)

Chen

retired

and

no

longer

serves

as

a

portfolio

manager

of

the

Funds.

James

Tsang,

PhD,

CFA,

and

Vivian

Liu,

PhD.,

CFA,

continue

to

serve

as

portfolio

managers

of

the

Funds.

Here

the

portfolio

management

team

discusses

U.S.

economic

and

market

conditions,

key

investment

strategies

and

the

performance

of

the

Funds

for

the

twelve-month

reporting

period

ended

July

31,

2023.

For

more

information

on

each

Fund’s

investment

objectives

and

policies,

please

refer

to

each

Fund’s

prospectus.

What

factors

affected

the

U.S.

economy

and

the

bond

market

during

the

twelve-month

annual

reporting

period

ended

July

31,

2023?

The

U.S.

economy

performed

better

than

expected

despite

persistent

inflationary

pressure

and

rising

interest

rates

during

the

twelve-month

period

ended

July

31,

2023.

In

the

second

quarter

of

2023,

the

economy

grew

at

an

annualized

rate

of

2.1%,

according

to

the

second

estimate

from

the

U.S.

Bureau

of

Economic

Analysis,

compared

to

2.0%

in

the

first

quarter

and

in

line

with

2.1%

in

2022

overall.

Early

in

the

reporting

period,

inflation

rose

sharply

because

of

supply

chain

disruptions

and

high

food

and

energy

prices,

the

Russia-Ukraine

war

and

China’s

zero-COVID

restrictions

(eventually

lifted

in

December

2022).

During

the

reporting

period,

U.S.

inflation

reached

its

peak

level

in

August

2022.

Since

then,

price

pressures

have

eased

given

normalization

in

supply

chains,

falling

energy

prices

and

aggressive

measures

by

the

U.S.

Federal

Reserve

(Fed)

and

other

global

central

banks

to

tighten

financial

conditions

and

slow

demand

in

their

economies.

Nevertheless,

during

the

reporting

period

inflation

levels

remained

much

higher

than

central

banks’

target

levels.

The

Fed

raised

its

target

fed

funds

rate

seven

times

during

the

reporting

period,

bringing

it

to

a

range

of

5.25%

to

5.50%

as

of

July

2023.

One

of

the

Fed’s

rate

increases

occurred

in

March

2023,

a

decision

that

was

closely

watched

because

of

the

failure

of

Silicon

Valley

Bank

and

Signature

Bank

during

the

same

month

and

uncertainty

around

the

economic

impact

of

these

failures.

Additionally,

in

March

2023,

Swiss

bank

UBS

agreed

to

buy

Credit

Suisse,

which

was

considered

to

be

vulnerable

in

the

current

environment.

For

much

of

the

reporting

period,

the

Fed’s

activity

led

to

significant

volatility

in

bond

and

stock

markets.

In

addition,

it

contributed

to

an

increase

in

the

U.S.

dollar’s

value

relative

to

major

world

currencies,

which

acts

as

a

headwind

to

the

profits

of

international

companies

and

U.S.

domestic

companies

with

overseas

earnings.

Global

currency

and

bond

markets

were

further

roiled

in

September

2022

by

an

unpopular

fiscal

spending

proposal

in

the

U.K.

but

recovered

after

the

plans

were

abandoned.

During

the

reporting

period,

elevated

inflation

and

higher

borrowing

costs

weighed

on

some

segments

of

the

economy,

including

the

real

estate

market.

Consumer

spending,

however,

has

remained

more

resilient

than

expected,

in

part

because

of

a

still-strong

labor

market,

another

key

gauge

of

the

economy’s

health.

As

of

July

2023,

the

unemployment

rate

remained

near

its

pre-pandemic

low

of

3.5%,

although

monthly

job

growth

appeared

to

be

slowing.

The

strong

labor

market

and

wage

gains

helped

provide

a

measure

of

resilience

to

the

U.S.

economy

during

the

reporting

period,

even

as

the

Fed

sought

to

soften

job

growth

to

help

curb

inflation

pressures.

Portfolio

Managers’

Comments

(continued)

6

Nuveen

Enhanced

Yield

U.S.

Aggregate

Bond

ETF

(NUAG)

What

key

strategies

were

used

to

manage

the

Fund

during

the

twelve-month

reporting

period

ended

July

31,

2023?

The

Fund

employs

a

passive

management

(or

“indexing”)

approach,

seeking

to

track

the

investment

results,

before

fees

and

expenses,

of

the

ICE

BofA

Enhanced

Yield

U.S.

Broad

Bond

Index

(the

custom

index).

The

custom

index

is

designed

to

broadly

capture

the

U.S.

investment

grade

taxable

fixed

income

market

and

uses

a

rules-based

weighting

methodology

that

seeks

to

enhance

yield

while

maintaining

risk

at

a

level

comparable

to

that

of

the

ICE

BofA

U.S.

Broad

Market

Index

(the

base

index).

The

custom

index

selects

from

the

securities

included

in

the

base

index,

which

consists

of

U.S.

dollar

denominated,

investment

grade

taxable

debt

securities,

including

U.S.

Treasury

notes

and

bonds,

government

securities,

corporate

securities,

residential

and

commercial

mortgage-backed

securities

and

asset-backed

securities.

The

Fund

generally

invests

in

a

sample

of

the

securities

in

the

custom

index

whose

risk,

return

and

other

characteristics

resemble

the

risk,

return

and

other

characteristics

of

the

custom

index.

Under

normal

market

conditions,

the

Fund

invests

at

least

80%

of

its

assets

in

component

securities

of

the

custom

index.

To

the

extent

the

custom

index

concentrates

(i.e.,

holds

25%

or

more

of

its

total

assets)

in

the

securities

of

companies

in

a

particular

industry

or

group

of

industries,

the

Fund

will

concentrate

its

investments

to

approximately

the

same

extent

as

the

custom

index.

The

Fund

rebalances

its

holdings

monthly

in

response

to

the

monthly

custom

index

rebalances.

During

the

reporting

period,

the

Fund

remained

fully

invested

within

its

allocation

targets

to

track

the

custom

index.

How

did

the

Fund

perform

during

the

twelve-month

reporting

period

ended

July

31,

2023?

The

Fund’s

total

returns

at

NAV

are

compared

with

the

performance

of

the

Fund’s

custom

index,

which

the

Fund

is

designed

to

track.

The

Fund’s

total

return

at

NAV

was

-2.51%

for

the

reporting

period

while

the

custom

index

returned

-2.27%.

The

difference

between

the

Fund’s

total

return

at

NAV

and

that

of

the

custom

index

is

attributable

to

management

fees

and

other

expenses

incurred

by

the

Fund

that

are

not

incurred

by

the

custom

index.

During

the

reporting

period,

the

custom

index

outperformed

the

base

index,

led

primarily

by

the

custom

index’s

relative

underweight

to

longer-duration

Treasuries,

which

generally

underperformed.

The

custom

index’s

relative

underweight

is

consistent

with

its

rules-based

weighting

methodology.

Nuveen

ESG

1-5

Year

U.S.

Aggregate

Bond

ETF

(NUSA)

(formerly

Nuveen

Enhanced

Yield

1-5

Year

U.S.

Aggregate

Bond

ETF

(NUSA))

What

key

strategies

were

used

to

manage

the

Fund

during

the

twelve-month

reporting

period

ended

July

31,

2023?

The

Fund

employs

a

passive

management

(or

“indexing”)

approach.

The

Fund

seeks

to

track

the

investment

results,

before

fees

and

expenses,

of

the

Bloomberg

MSCI

1-5

Year

U.S.

Aggregate

ESG

Select

Index.

Through

market

close

on

June

30,

2023,

the

Fund

sought

to

track

the

investment

returns,

before

fees

and

expenses,

of

the

ICE

BofA

Enhanced

Yield

1-5

Year

U.S.

Broad

Bond

Index.

The

Bloomberg

MSCI

1-5

Year

U.S.

Aggregate

ESG

Select

Index

is

designed

to

increase

the

Fund’s

ESG

score

and

achieve

a

lower

carbon

profile

relative

to

the

Bloomberg

1-5

Year

US

Aggregate

Bond

Index.

The

index

selects

from

the

securities

of

the

Bloomberg

1-5

Year

U.S.

Aggregate

Bond

Index,

which

consists

of

fixed-rate

U.S.

investment

grade

taxable

bonds

that

have

a

remaining

term

to

final

maturity

of

between

one

and

five

years.

The

Bloomberg

1-5

Year

U.S.

Aggregate

Bond

Index

includes

Treasuries,

government-

related

and

corporate

securities,

mortgage-backed

securities

(MBS),

asset-backed

securities

(ABS)

and

commercial

mortgage-

backed

securities

(CMBS).

The

Fund

generally

invests

in

a

sample

of

the

securities

in

the

Bloomberg

MSCI

1-5

Year

U.S.

Aggregate

ESG

Select

Index

whose

risk,

return

and

other

characteristics

resemble

the

risk,

return

and

other

characteristics

of

the

Bloomberg

MSCI

1-5

Year

U.S.

Aggregate

ESG

Select

Index.

Under

normal

market

conditions,

the

Fund

invests

at

least

80%

of

its

assets

in

component

securities

of

the

Bloomberg

MSCI

1-5

Year

U.S.

Aggregate

ESG

Select

Index.

To

the

extent

the

Bloomberg

MSCI

1-5

Year

U.S.

Aggregate

ESG

Select

Index

concentrates

(i.e.,

holds

25%

or

more

of

its

total

assets)

in

the

securities

of

companies

in

a

particular

industry

or

group

of

industries,

the

Fund

will

concentrate

its

investments

to

approximately

the

same

extent

as

the

Bloomberg

MSCI

1-5

Year

U.S.

Aggregate

ESG

Select

Index.

The

Fund

rebalances

its

holdings

monthly

in

response

to

the

monthly

Bloomberg

MSCI

1-5

Year

U.S.

Aggregate

ESG

Select

Index

rebalances.

7

How

did

the

Fund

perform

during

the

twelve-month

reporting

period

ended

July

31,

2023?

The

Fund’s

total

returns

at

NAV

are

compared

with

the

NUSA

Custom

Index,

which

the

Fund

is

designed

to

track.

For

the

purposes

of

this

reporting

period,

the

NUSA

Custom

Index

is

defined

as

the

linked

returns

between

the

ICE

BofA

Enhanced

Yield

1-5

Year

U.S.

Broad

Bond

Index

(through

market

close

on

June

30,

2023)

and

the

Bloomberg

MSCI

1-5

Year

U.S.

Aggregate

ESG

Select

Index

(following

market

close

on

June

30,

2023).

For

the

reporting

period,

the

Fund’s

total

return

at

NAV

was

-0.08%

while

the

NUSA

Custom

Index

returned

-0.01%.

The

difference

between

the

Fund’s

total

return

at

NAV

and

that

of

the

NUSA

Custom

Index

is

attributable

to

management

fees

and

other

expenses

incurred

by

the

Fund

that

are

not

incurred

by

the

NUSA

Custom

Index,

along

with

the

representative

sampling

process,

which

utilizes

a

subset

of

index

securities

in

an

effort

to

provide

exposure

similar

to

that

of

the

NUSA

Custom

Index.

From

the

beginning

of

the

reporting

period

to

June

30,

2023,

the

NUSA

Custom

Index

performed

in

line

with

the

ICE

BofA

1-5

Year

U.S.

Broad

Market

Index.

Through

June

30,

2023,

the

NUSA

Custom

Index’s

overweight

to

corporate

bonds

contributed

positively

to

relative

returns

but

was

partially

offset

by

a

modest

overweight

to

residential

mortgage

backed

securities,

which

underperformed.

Following

the

benchmark

change

after

market

close

on

June

30,

2023,

the

NUSA

Custom

Index

performed

in

line

with

the

Bloomberg

1-5

Year

U.S.

Aggregate

Bond

Index.

There

were

no

material

contributors

or

detractors

that

differentiated

the

NUSA

Custom

Index

from

the

base

index

from

June

30,

2023,

through

the

end

of

the

reporting

period.

Nuveen

ESG

High

Yield

Corporate

Bond

ETF

(NUHY)

What

key

strategies

were

used

to

manage

the

Fund

during

the

twelve-month

reporting

period

ended

July

31,

2023?

The

Fund

employs

a

passive

management

(or

“indexing”)

approach,

seeking

to

track

the

investment

results,

before

fees

and

expenses,

of

the

Bloomberg

MSCI

U.S.

High

Yield

Very

Liquid

ESG

Select

Index

(the

custom

index).

The

custom

index

is

composed

of

U.S.

dollar-denominated

below

investment

grade

corporate

bonds

with

above

average

liquidity

that

satisfy

certain

ESG

and

low-

carbon

criteria.

The

custom

index

selects

from

the

securities

included

in

the

Bloomberg

U.S.

High

Yield

Very

Liquid

Index

(the

base

index),

which

is

designed

to

broadly

capture

the

U.S.

dollar-denominated,

high

yield,

fixed-rate

corporate

bond

market.

The

Fund

generally

invests

in

a

sample

of

the

securities

in

the

custom

index

whose

risk,

return

and

other

characteristics

resemble

the

risk,

return

and

other

characteristics

of

the

custom

index.

Under

normal

market

conditions,

the

Fund

invests

at

least

80%

of

the

sum

of

its

net

assets

and

the

amount

of

any

borrowings

for

investment

purposes

in

component

securities

of

the

custom

index.

To

the

extent

the

custom

index

concentrates

(i.e.,

holds

25%

or

more

of

its

total

assets)

in

the

securities

of

companies

in

a

particular

industry

or

group

of

industries,

the

Fund

will

concentrate

its

investments

to

approximately

the

same

extent

as

the

custom

index.

The

Fund

rebalances

its

holdings

monthly

in

response

to

the

monthly

custom

index

rebalances.

During

the

reporting

period,

the

Fund

remained

fully

invested

within

its

allocation

targets

to

track

the

custom

index.

How

did

the

Fund

perform

during

the

twelve-month

reporting

period

ended

July

31,

2023?

The

Fund’s

total

returns

at

NAV

are

compared

with

the

performance

of

the

Fund’s

custom

index,

which

the

Fund

is

designed

to

track.

For

the

reporting

period,

the

Fund’s

total

return

at

NAV

was

2.47%

while

the

custom

index

returned

2.86%.

The

difference

between

the

Fund’s

total

return

at

NAV

and

that

of

the

custom

index

is

attributable

to

management

fees

and

other

expenses

incurred

by

the

Fund

that

are

not

incurred

by

the

custom

index,

along

with

the

representative

sampling

process,

which

utilizes

a

subset

of

index

securities

in

an

effort

to

provide

exposure

similar

to

that

of

the

custom

index.

During

the

reporting

period,

the

custom

index

underperformed

the

base

index.

Security

selection

within

consumer

cyclicals

was

a

leading

detractor

over

the

period

driven

by

an

underweight

in

casinos

and

gaming

issuers.

The

custom

index's

underweight

in

this

industry

is

consistent

with

its

ESG

selection

methodology.

Nuveen

ESG

U.S.

Aggregate

Bond

ETF

(NUBD)

What

key

strategies

were

used

to

manage

the

Fund

during

the

twelve-month

reporting

period

ended

July

31,

2023?

The

Fund

employs

a

passive

management

(or

“indexing”)

approach,

seeking

to

track

the

investment

results,

before

fees

and

expenses,

of

the

Bloomberg

MSCI

U.S.

Aggregate

ESG

Select

Index

(the

custom

index).

The

custom

index

is

composed

of

U.S.

investment

grade

fixed

income

securities

that

satisfy

certain

ESG

and

low-carbon

criteria,

including

U.S.

government

securities,

debt

securities

issued

by

U.S.

corporations,

residential

and

commercial

mortgage-backed

securities,

asset-backed

securities

and

U.S.

dollar-denominated

debt

securities

issued

by

non-U.S.

corporations

that

are

publicly

offered

for

sale

in

the

U.S.

The

custom

index

Portfolio

Managers’

Comments

(continued)

8

selects

from

the

securities

included

in

the

Bloomberg

U.S.

Aggregate

Bond

Index

(the

base

index),

which

is

designed

to

broadly

capture

the

U.S.

investment

grade,

taxable

fixed

income

market.

The

Fund

generally

invests

in

a

sample

of

the

securities

in

the

custom

index

whose

risk,

return

and

other

characteristics

resemble

the

risk,

return

and

other

characteristics

of

the

custom

index.

Under

normal

market

conditions,

the

Fund

invests

at

least

80%

of

the

sum

of

its

net

assets

and

the

amount

of

any

borrowings

for

investment

purposes

in

component

securities

of

the

custom

index.

To

the

extent

the

custom

index

concentrates

(i.e.,

holds

25%

or

more

of

its

total

assets)

in

the

securities

of

companies

in

a

particular

industry

or

group

of

industries,

the

Fund

will

concentrate

its

investments

to

approximately

the

same

extent

as

the

custom

index.

The

Fund

rebalances

its

holdings

monthly

in

response

to

the

custom

index

rebalances.

During

the

reporting

period,

the

Fund

remained

fully

invested

within

its

allocation

targets

to

track

the

custom

index.

How

did

the

Fund

perform

during

the

twelve-month

reporting

period

ended

July

31,

2023?

The

Fund’s

total

returns

at

NAV

are

compared

with

the

performance

of

the

Fund’s

custom

index,

which

the

Fund

is

designed

to

track.

For

the

reporting

period,

the

Fund’s

total

return

at

NAV

was

-3.47%

while

the

custom

index

returned

-3.42%.

The

difference

between

the

Fund’s

total

return

at

NAV

and

that

of

the

custom

index

is

attributable

to

the

representative

sampling

process,

which

utilizes

a

subset

of

index

securities

in

an

effort

to

provide

exposure

similar

to

that

of

the

custom

index,

and

management

fees

and

other

expenses

incurred

by

the

Fund

that

are

not

incurred

by

the

custom

index.

During

the

reporting

period,

the

custom

index

performed

in

line

with

the

base

index.

Sector

allocations

were

consistent

in

both

the

custom

index

and

base

index

while

security

selection

slightly

detracted

in

corporate

bonds

and

contributed

in

mortgage-backed

securities.

This

material

is

not

intended

to

be

a

recommendation

or

investment

advice,

does

not

constitute

a

solicitation

to

buy,

sell

or

hold

a

security

or

an

investment

strategy,

and

is

not

provided

in

a

fiduciary

capacity.

The

information

provided

does

not

take

into

account

the

specific

objectives

or

circumstances

of

any

particular

investor,

or

suggest

any

specific

course

of

action.

Investment

decisions

should

be

made

based

on

an

investor’s

objectives

and

circumstances

and

in

consultation

with

his

or

her

advisors.

Certain

statements

in

this

report

are

forward-looking

statements.

Discussions

of

specific

investments

are

for

illustration

only

and

are

not

intended

as

recommendations

of

individual

investments.

The

forward-looking

statements

and

other

views

expressed

herein

are

those

of

the

portfolio

managers

as

of

the

date

of

this

report.

Actual

future

results

or

occurrences

may

differ

significantly

from

those

anticipated

in

any

forward-looking

statements

and

the

views

expressed

herein

are

subject

to

change

at

any

time,

due

to

numerous

market

and

other

factors.

The

Funds

disclaim

any

obligation

to

update

publicly

or

revise

any

forward-looking

statements

or

views

expressed

herein.

Each

Fund

uses

credit

quality

ratings

for

its

portfolio

securities

provided

by

Moody’s,

S&P

and

Fitch.

For

NUAG,

if

all

three

of

Moody’s,

S&P,

and

Fitch

provide

a

rating

for

a

security,

an

average

of

the

ratings

is

used;

if

two

of

the

three

agencies

rate

a

security,

an

average

of

the

two

is

used;

and

if

only

one

rating

agency

rates

a

security,

that

rating

is

used.

For

NUSA,

NUHY

and

NUBD,

if

all

three

of

Moody’s,

S&P,

and

Fitch

provide

a

rating

for

a

security,

the

middle

rating

is

used;

if

two

of

the

three

agencies

rate

a

security,

the

lower

rating

is

used;

and

if

only

one

rating

agency

rates

a

security,

that

rating

is

used.

AAA,

AA,

A,

and

BBB

are

investment

grade

ratings;

BB,

B,

CCC/CC/C

and

D

are

below-

investment

grade

ratings.

Credit

ratings

are

subject

to

change.

U.S.

Treasury,

U.S.

Agency,

and

U.S.

Agency

mortgage-backed

securities

are

included

in

the

U.S.

Treasury/Agency

category.

Refer

to

the

Glossary

of

Terms

Used

in

this

Report

for

further

definition

of

the

terms

used

within

this

section.

Risk

Considerations

and

Dividend

Information

9

Risk

Considerations

Nuveen

Enhanced

Yield

U.S.

Aggregate

Bond

ETF

(NUAG)

Investing

involves

risk;

principal

loss

is

possible.

This

is

no

guarantee

the

Fund’s

investment

objective

will

be

achieved.

An

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.

Interest

rate

risk

occurs

when

interest

rates

rise

causing

bond

prices

to

fall.

Credit

risk

arises

from

an

issuer’s

ability

to

make

interest

and

principal

payments

when

due,

as

well

as

the

prices

of

bonds

declining

when

an

issuer’s

credit

quality

is

expected

to

deteriorate.

These

and

other

risk

considerations

are

described

in

detail

in

the

Fund’s

prospectus.

Nuveen

ESG

1-5

Year

U.S.

Aggregate

Bond

ETF

(NUSA)

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.

Interest

rate

risk

is

the

risk

that

the

value

of

the

Fund’s

portfolio

will

decline

because

of

rising

interest

rates.

Credit

Risk

is

the

risk

that

an

issuer

of

a

debt

security

may

be

unable

or

unwilling

to

make

interest

and

principal

payments

when

due

and

the

related

risk

that

the

value

of

a

debt

security

may

decline

because

of

concerns

about

the

issuer’s

ability

or

willingness

to

make

such

payments.

This

ETF

is

concentrated

in

the

financial

sector.

Performance

of

companies

in

the

financial

sector

may

be

adversely

impacted

by

many

factors,

including,

among

others,

government

relations,

economic

conditions,

changes

in

interest

rates

and

decreases

liquidity

in

credit

markets.

These

and

other

risk

considerations

are

described

in

detail

in

the

Fund’s

prospectus.

Nuveen

ESG

High

Yield

Corporate

Bond

ETF

(NUHY)

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.

Investments

in

below

investment

grade

or

high

yield

securities

are

subject

to

liquidity

risk

and

heightened

credit

risk.

Credit

risk

arises

from

an

issuer’s

ability

to

make

interest

and

principal

payments

when

due,

as

well

as

the

prices

of

bonds

declining

when

an

issuer’s

credit

quality

is

expected

to

deteriorate.

The

Fund

is

subject

to

interest

rate

risk

;

as

interest

rates

rise,

bond

prices

fall.

These

and

other

risk

considerations,

such

as

call,

concentration

and

income

risks,

are

described

in

detail

in

the

Fund’s

prospectus.

Nuveen

ESG

U.S.

Aggregate

Bond

ETF

(NUBD)

Investing

involves

risk;

principal

loss

is

possible.

There

is

no

guarantee

the

Fund’s

investment

objectives

will

be

achieved.

An

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.

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.

Interest

rate

risk

occurs

when

interest

rates

rise

causing

bond

prices

to

fall.

Credit

risk

arises

from

an

issuer’s

credit

quality

is

expected

to

deteriorate.

These

and

other

risk

considerations

are

described

in

detail

in

the

Fund’s

prospectus.

Dividend

Information

Each

Fund

seeks

to

pay

monthly

dividends

out

of

its

net

investment

income.

Monthly

distributions

are

not

expected

to

be

a

level

amount

from

period-to-period.

Each

Fund

will,

over

time,

pay

all

its

net

investment

income

as

dividends

to

shareholders.

All

monthly

dividends

paid

by

each

Fund

during

the

current

reporting

period

were

paid

from

net

investment

income.

If

a

portion

of

the

Fund’s

monthly

distributions

is

sourced

or

comprised

of

elements

other

than

net

investment

income,

including

capital

gains

and/

or

a

return

of

capital,

shareholders

will

be

notified

of

those

sources.

For

financial

reporting

purposes,

the

per

share

amounts

of

each

Fund’s

dividends

for

the

reporting

period

are

presented

in

this

report’s

Financial

Highlights.

For

income

tax

purposes,

distribution

information

for

NUAG,

NUSA,

NUHY

and

NUBD

as

of

their

most

recent

tax

year

end

is

presented

in

Note

6

-

Income

Tax

Information

within

the

Notes

to

Financial

Statements

of

this

report.

10

About

the

Funds’

Benchmarks

Bloomberg

1-5

Year

U.S.

Aggregate

Bond

Index:

An

index

designed

to

measure

the

performance

of

the

USD-

denominated,

fixed-rate

U.S.

investment

grade

taxable

bonds

that

have

a

remaining

term

to

final

maturity

of

between

one

and

five

years.

The

index

includes

Treasuries,

government-related

and

corporate

securities,

mortgage-backed

securities

(MBS),

asset-backed

securities

(ABS)

and

commercial

mortgage-backed

securities

(CMBS).

Index

returns

assume

reinvestment

of

distributions,

but

do

not

reflect

any

applicable

sales

charges

or

management

fees.

Bloomberg

MSCI

1-5

Year

U.S.

Aggregate

ESG

Select

Index:

A

custom

index

that

utilizes

certain

environmental,

social,

and

governance

(ESG)

and

low-carbon

criteria

to

select

from

the

securities

included

in

a

modified

version

of

the

Bloomberg

1-5

U.S.

Aggregate

Bond

Index,

its

base

index.

Index

returns

assume

reinvestment

of

distributions,

but

do

not

reflect

any

applicable

sales

charges

or

management

fees.

Bloomberg

MSCI

U.S.

Aggregate

ESG

Select

Index:

A

custom

index

that

utilizes

certain

environmental,

social,

and

governance

(ESG)

and

low-carbon

criteria

to

select

from

the

securities

included

in

the

Bloomberg

U.S.

Aggregate

Bond

Index,

its

base

index.

Index

returns

assume

reinvestment

of

distributions,

but

do

not

reflect

any

applicable

sales

charges

or

management

fees.

Bloomberg

MSCI

U.S.

High

Yield

Very

Liquid

ESG

Select

Index:

A

custom

index

that

utilizes

certain

environmental,

social,

and

governance

(ESG)

and

low-carbon

criteria

to

select

from

the

securities

included

in

the

Bloomberg

U.S.

High

Yield

Very

Liquid

Index,

its

base

index.

Index

returns

assume

reinvestment

of

distributions,

but

do

not

reflect

any

applicable

sales

charges

or

management

fees.

Bloomberg

U.S.

Aggregate

Bond

Index:

An

index

designed

to

measure

the

performance

of

the

USD-denominated,

fixed-rate

U.S.

investment

grade

taxable

bond

market.

The

index

includes

Treasuries,

government-related

and

corporate

securities,

mortgage-backed

securities

(MBS),

asset-backed

securities

(ABS)

and

commercial

mortgage-

backed

securities

(CMBS).

Index

returns

assume

reinvestment

of

distributions,

but

do

not

reflect

any

applicable

sales

charges

or

management

fees.

Bloomberg

U.S.

High

Yield

Very

Liquid

Index:

A

component

of

the

U.S.

Corporate

High

Yield

Bond

Index,

which

is

an

index

designed

to

measure

the

performance

of

the

more

liquid

USD-denominated,

fixed-rate

high

yield

corporate

bond

market.

Index

returns

assume

reinvestment

of

distributions,

but

do

not

reflect

any

applicable

sales

charges

or

management

fees.

ICE

BofA

1-5

Year

U.S.

Broad

Market

Index:

An

index

designed

to

measure

the

performance

of

USD-denominated,

investment

grade

debt

securities

that

have

a

remaining

term

to

final

maturity

of

between

one

and

five

years.

The

index

includes

U.S.

Treasury

notes

and

bonds,

government

securities,

corporate

securities,

residential

and

commercial

mortgage-backed

securities

(CMBS)

and

asset-backed

securities

(ABS).

Index

returns

assume

reinvestment

of

distributions,

but

do

not

reflect

any

applicable

sales

charges

or

management

fees.

ICE

BofA

Enhanced

Yield

1-5

Year

U.S.

Broad

Bond

Index:

A

custom

index

that

is

based

on

the

ICE

BofA

1-5

Year

U.S.

Broad

Market

Index,

its

base

index.

The

ICE

BofA

Enhanced

Yield

1-5

Year

U.S.

Broad

Bond

Index

uses

a

rules-

based

methodology

that

allocates

higher

weights

to

securities

and

sectors

that

have

the

potential

for

higher

yields

than

the

base

index

while

seeking

to

maintain

risk

and

credit

quality

at

levels

similar

to

those

of

the

base

index

by

limiting

the

amount

of

deviation

between

the

two

indices

with

respect

to

sector

and

category

weights,

tracking

error,

duration

and

turnover.

Index

returns

assume

reinvestment

of

distributions,

but

do

not

reflect

any

applicable

sales

charges

or

management

fees.

ICE

BofA

Enhanced

Yield

U.S.

Broad

Bond

Index:

A

custom

index

that

is

based

on

the

ICE

BofA

U.S.

Broad

Market

Index,

its

base

index.

The

ICE

BofA

U.S.

Enhanced

Yield

U.S.

Broad

Bond

Index

uses

a

rules-based

methodology

that

allocates

higher

weights

to

securities

and

sectors

that

have

the

potential

for

higher

yields

than

the

base

index

while

seeking

to

maintain

risk

and

credit

quality

at

levels

similar

to

those

of

the

base

index

by

limiting

the

amount

of

deviation

between

the

two

indices

with

respect

to

sector

and

category

weights,

tracking

error,

duration

and

turnover.

Index

returns

assume

reinvestment

of

distributions,

but

do

not

reflect

any

applicable

sales

charges

or

management

fees.

11

ICE

BofA

U.S.

Broad

Market

Index:

An

index

designed

to

measure

the

performance

of

USD-denominated,

investment

grade

debt

securities,

including

U.S.

Treasury

notes

and

bonds,

government

securities,

corporate

securities,

residential

and

commercial

mortgage-backed

securities

(CMBS)

and

asset-backed

securities

(ABS).

Index

returns

assume

reinvestment

of

distributions,

but

do

not

reflect

any

applicable

sales

charges

or

management

fees.

12

Fund

Performance,

Expense

Ratios

and

Holdings

Summaries

The

Fund

Performance,

Expense

Ratios

and

Holdings

Summaries

for

each

Fund

are

shown

within

this

section

of

the

report.

Fund

Performance

Performance

data

shown

represents

past

performance

and

does

not

predict

or

guarantee

future

results

.

Investment

returns

and

principal

value

will

fluctuate

so

that

when

shares

are

sold,

they

may

be

worth

more

or

less

than

their

original

cost.

Current

performance

may

be

higher

or

lower

than

the

performance

shown.

Returns

quoted

for

the

Funds

reflect

management

fees

and

other

expenses

such

as

transaction

costs

incurred

by

the

Funds

during

the

reporting

period

while

the

Indexes

are

unmanaged

and

therefore

returns

do

not

reflect

any

such

fees

and

expenses.

The

Funds

employ

a

representative

sampling

process

that

utilizes

a

sub-set

of

Index

securities

in

an

effort

to

provide

exposure

similar

to

that

of

the

Indexes,

which

can

lead

the

Funds

to

be

overweight

(and,

in

some

cases,

not

invested

at

all

in)

certain

securities

as

compared

to

the

Indexes.

This

process

can

create

tracking

error

relative

to

the

Indexes.

Total

returns

for

a

period

of

less

than

one

year

are

not annualized

(i.e.

cumulative

returns).

Returns

assume

reinvestment

of

dividends

and

capital

gains.

Market

price

returns

are

based

on

the

closing

market

price

as

of

the

end

of

the

reporting

period.

For

performance

current

to

the

most

recent

month-end

visit

nuveen.com

or

call

(800)

257-8787.

Returns

do

not

reflect

the

deduction

of

taxes

that

a

shareholder

would

pay

on

Fund

distributions

or

the

sale

of

Fund

shares.

Expense

Ratios

The

expense

ratios

shown

are

as

of each

Fund’s

most

recent

prospectus.

The

expense

ratios

shown

reflect

total

operating

expenses including

management

fees

and

other

fees

and

expenses

but

do

not

reflect

expected

transaction

costs.

Refer

to

the

Financial

Highlights

later

in

this

report

for each

Fund’s

expense

ratios

as

of

the

end

of

the

reporting

period.

Holding

Summaries

The

Holdings

Summaries

data

relates

to

the

securities

held

in

each

Fund's

Portfolio

of

Investments

as

of

the

end

of

this

reporting

period.

It

should

not

be

construed

as

a

measure

of

performance

for

the

Fund

itself.

Holdings

are

subject

to

change.

Refer

to

the

Fund's

Portfolio

of

Investments

for

individual

security

information.

Each

Fund

uses

credit

quality

ratings

for

its

portfolio

securities

provided

by

Moody's,

S&P

and

Fitch.

For

NUAG,

if

all

three

of

Moody's,

S&P

and

Fitch

provide

a

rating

for

a

security,

an

average

of

the

ratings

is

used;

if

two

of

the

three

agencies

rate

a

security,

an

average

of

the

two

is

used;

and

if

only

one

rating

agency

rates

a

security,

that

rating

is

used.

For

NUSA,

NUHY

and

NUBD,

if

all

three

of

Moody's,

S&P

and

Fitch

provide

a

rating

for

a

security,

the

middle

rating

is

used;

if

two

of

the

three

agencies

rate

a

security,

the

lower

rating

is

used;

and

if

only

one

rating

agency

rates

a

security,

that

rating

is

used.

AAA,

AA,

A

and

BBB

are

investment

grade

ratings;

BB,

B,

CCC/CC/C

and

D

are

below

investment

grade

ratings.

Credit

ratings

are

subject

to

change.

U.S.

Treasury,

U.S.

Agency,

and

U.S.

Agency

mortgaged-backed

securities

are

included

in

the

U.S.

Treasury/Agency

category.

Nuveen

Enhanced

Yield

U.S.

Aggregate

Bond

ETF

(NUAG)

(continued)

Fund

Performance,

Expense

Ratios

and

Holdings

Summaries

July

31,

2023

13

Refer

to

the

first

page

of

this

Fund

Performance,

Expense

Ratios

and

Holdings

Summaries section

for

further

expla-

nation

of the

information

included

within

this

section. 

Refer

to

the

Glossary

of

Terms

Used

in

this

Report

for

further

definition

of

terms

used

in

this

section.

Fund

Performance

and

Expense

Ratios*

*

For

purposes

of

Fund

performance,

relative

results

are

measured

against

the

ICE

BofA

Enhanced

Yield

U.S.

Broad

Bond

Index.

Growth

of

an

Assumed

$10,000

Investment

as

of July

31,

2023

The

graphs

do

not

reflect

the

deduction

of

taxes

that

a

shareholder

may

pay

on

Fund

distributions

or

the

redemption

of

Fund

Shares.

Total

Returns

as

of

July

31,

2023

Average

Annual

Expense

Ratios

Inception

Date

1-Year

5-Year

Since

Inception

NUAG

at

NAV

9/14/16

(2.51)%

0.58%

0.39%

0.20%

NUAG

at

Market

Price

9/14/16

(2.62)%

0.61%

0.41%

—

ICE

BofA

U.S.

Broad

Market

Index

—

(3.42)%

0.75%

0.46%

—

ICE

BofA

Enhanced

Yield

U.S.

Broad

Bond

Index

—

(2.27)%

0.93%

0.75%

—

14

Fund

Performance,

Expense

Ratios

and

Holdings

Summaries

July

31,

2023

(continued)

Holdings

Summaries

as

of

July

31,

2023

Fund

Allocation

(%

of

net

assets)

Corporate

Debt

43

.0‌

%

U.S.

Treasury

27

.4‌

%

Securitized

18

.3‌

%

Government

Related

9

.8‌

%

Investments

Purchased

with

Collateral

from

Securities

Lending

2

.1‌

%

Other

Assets

&

Liabilities,

Net

(

0

.6‌

)

%

Net

Assets

100‌

%

Corporate

Debt:

Industries

(%

of

total

corporate

debt

holdings)

Financials

42.5%

Utility

31.3%

Industrial

26.2%

Total

100%

Portfolio

Credit

Quality

(%

of

total

investments)

U.S.

Treasury/Agency

10.9%

AAA

36.0%

AA

2.5%

A

13.8%

BBB

34.7%

N/R

(not

rated)

0.1%

N/A

(not

applicable)

2.0%

Total

100‌

%

Nuveen

ESG

1-5

Year

U.S.

Aggregate

Bond

ETF

(NUSA)

(continued)

Fund

Performance,

Expense

Ratios

and

Holdings

Summaries

July

31,

2023

15

Refer

to

the

first

page

of

this

Fund

Performance,

Expense

Ratios

and

Holdings

Summaries section

for

further

expla-

nation

of the

information

included

within

this

section. 

Refer

to

the

Glossary

of

Terms

Used

in

this

Report

for

further

definition

of

terms

used

in

this

section.

Fund

Performance

and

Expense

Ratios*

*

For

purposes

of

Fund

performance,

relative

results

are

measured

against

the

NUSA

Custom

Index.

The

NUSA

Custom

Index

is

defined

as

the

blended

returns

of

the

ICE

BofA

Enhanced

Yield

1-5

Year

U.S.

Broad

Bond

Index

(through

market

close

on

June

30,

2023)

and

the

Bloomberg

MSCI

1-5

Year

U.S.

Aggregate

ESG

Select

Index

(from

July

1,

2023

through

July

31,

2023).

Growth

of

an

Assumed

$10,000

Investment

as

of July

31,

2023

The

graphs

do

not

reflect

the

deduction

of

taxes

that

a

shareholder

may

pay

on

Fund

distributions

or

the

redemption

of

Fund

Shares.

Effective

July

1,

2023,

the

Fund

has

selected

the

Bloomberg

1-5

Year

U.S.

Aggregate

Bond

Index

to

replace

the

ICE

BofA

1-5

Year

U.S.

Broad

Market

Index

as

the

Fund’s

broad-based

securities

market

index

because

the

Fund’s

invest-

ment

adviser

believes

that

the

Bloomberg

1-5

Year

U.S.

Aggregate

Bond

Index

better

reflects

the

securities

in

which

the

Fund

primarily

invests

as

well

as

the

principal

investment

strategies

employed

by

the

Fund.

Total

Returns

as

of

July

31,

2023

Average

Annual

Expense

Ratios

Inception

Date

1-Year

5-Year

Since

Inception

NUSA

at

NAV

3/31/17

(0.08)%

1.33%

1.16%

0.15%

NUSA

at

Market

Price

3/31/17

(0.20)%

1.30%

1.17%

—

Bloomberg

1-5

Year

U.S.

Aggregate

Bond

Index

—

(0.53)%

1.10%

0.93%

—

ICE

BofA

1-5

Year

U.S.

Broad

Market

Index

—

(0.24)%

1.16%

0.99%

—

NUSA

Custom

Index

—

(0.01)%

1.54%

1.38%

—

16

Fund

Performance,

Expense

Ratios

and

Holdings

Summaries

July

31,

2023

(continued)

Holdings

Summaries

as

of

July

31,

2023

Fund

Allocation

(%

of

net

assets)

U.S.

Treasury

57.5‌%

Corporate

Debt

25.0‌%

Securitized

9.9‌%

Government

Related

6.1‌%

Investments

Purchased

with

Collateral

from

Securities

Lending

1.2‌%

Other

Assets

&

Liabilities,

Net

0.3‌%

Net

Assets

100‌%

Corporate

Debt:

Industries

(%

of

total

corporate

debt

holdings)

Industrial

45.9%

Financials

45.2%

Utility

8.9%

Total

100%

Portfolio

Credit

Quality

(%

of

total

investments)

U.S.

Treasury/Agency

0.4%

AAA

72.4%

AA

1.3%

A

13.1%

BBB

11.4%

N/R

(not

rated)

0.2%

N/A

(not

applicable)

1.2%

Total

100‌%

Nuveen

ESG

High

Yield

Corporate

Bond

ETF

(NUHY)

(continued)

Fund

Performance,

Expense

Ratios

and

Holdings

Summaries

July

31,

2023

17

Refer

to

the

first

page

of

this

Fund

Performance,

Expense

Ratios

and

Holdings

Summaries section

for

further

expla-

nation

of the

information

included

within

this

section. 

Refer

to

the

Glossary

of

Terms

Used

in

this

Report

for

further

definition

of

terms

used

in

this

section.

Fund

Performance

and

Expense

Ratios*

*

For

purposes

of

Fund

performance,

relative

results

are

measured

against

the

Bloomberg

MSCI

U.S.

High

Yield

Very

Liquid

ESG

Select

Index.

Growth

of

an

Assumed

$10,000

Investment

as

of July

31,

2023

The

graphs

do

not

reflect

the

deduction

of

taxes

that

a

shareholder

may

pay

on

Fund

distributions

or

the

redemption

of

Fund

Shares.

Total

Returns

as

of

July

31,

2023

Average

Annual

Expense

Ratios

Inception

Date

1-Year

Since

Inception

NUHY

at

NAV

9/25/19

2.47%

0.40%

0.30%

NUHY

at

Market

Price

9/25/19

2.07%

0.45%

—

Bloomberg

U.S.

High

Yield

Very

Liquid

Index

—

3.72%

1.75%

—

Bloomberg

MSCI

U.S.

High

Yield

Very

Liquid

ESG

Select

Index

—

2.86%

0.76%

—

18

Fund

Performance,

Expense

Ratios

and

Holdings

Summaries

July

31,

2023

(continued)

Holdings

Summaries

as

of

July

31,

2023

Fund

Allocation

(%

of

net

assets)

Corporate

Debt

97

.4‌

%

Investments

Purchased

with

Collateral

from

Securities

Lending

8

.0‌

%

Other

Assets

&

Liabilities,

Net

(

5

.4‌

)

%

Net

Assets

100‌

%

Corporate

Debt:

Industries

(%

of

total

corporate

debt

holdings)

Industrial

90.5%

Financials

8.3%

Utility

1.2%

Total

100%

Portfolio

Credit

Quality

(%

of

total

investments)

BB

or

Lower

92.1%

N/R

(not

rated)

0.3%

N/A

(not

applicable)

7.6%

Total

100‌

%

Nuveen

ESG

U.S.

Aggregate

Bond

ETF

(NUBD)

(continued)

Fund

Performance,

Expense

Ratios

and

Holdings

Summaries

July

31,

2023

19

Refer

to

the

first

page

of

this

Fund

Performance,

Expense

Ratios

and

Holdings

Summaries section

for

further

expla-

nation

of the

information

included

within

this

section. 

Refer

to

the

Glossary

of

Terms

Used

in

this

Report

for

further

definition

of

terms

used

in

this

section.

Fund

Performance

and

Expense

Ratios*

*

For

purposes

of

Fund

performance,

relative

results

are

measured

against

the

Bloomberg

MSCI

U.S.

Aggregate

ESG

Select

Index.

Growth

of

an

Assumed

$10,000

Investment

as

of July

31,

2023

The

graphs

do

not

reflect

the

deduction

of

taxes

that

a

shareholder

may

pay

on

Fund

distributions

or

the

redemption

of

Fund

Shares.

Total

Returns

as

of

July

31,

2023

Average

Annual

Expense

Ratios

Inception

Date

1-Year

5-Year

Since

Inception

NUBD

at

NAV

9/29/17

(3.47)%

0.50%

0.19%

0.15%

NUBD

at

Market

Price

9/29/17

(3.53)%

0.50%

0.21%

—

Bloomberg

U.S.

Aggregate

Bond

Index

—

(3.37)%

0.75%

0.43%

—

Bloomberg

MSCI

U.S.

Aggregate

ESG

Select

Index

—

(3.42)%

0.75%

0.44%

—

20

Fund

Performance,

Expense

Ratios

and

Holdings

Summaries

July

31,

2023

(continued)

Holdings

Summaries

as

of

July

31,

2023

Fund

Allocation

(%

of

net

assets)

U.S.

Treasury

39

.6‌

%

Securitized

28

.5‌

%

Corporate

Debt

25

.2‌

%

Government

Related

5

.3‌

%

Investments

Purchased

with

Collateral

from

Securities

Lending

1

.0‌

%

Other

Assets

&

Liabilities,

Net

0

.4‌

%

Net

Assets

100‌

%

Corporate

Debt:

Industries

(%

of

total

corporate

debt

holdings)

Industrial

58.2%

Financials

33.1%

Utility

8.7%

Total

100%

Portfolio

Credit

Quality

(%

of

total

investments)

U.S.

Treasury/Agency

17.3%

AAA

53.8%

AA

2.4%

A

12.9%

BBB

12.1%

BB

or

Lower

0.1%

N/R

(not

rated)

0.4%

N/A

(not

applicable)

1.0%

Total

100‌

%

Yields

as

of

July

31,

2023

21

Dividend

Rate

is

the

average

dividend

per

share

for

the

current

reporting

period

divided

by

the

offering

price

per

share

at

period

end.

The

SEC

30-Day

Yield

is

a

standardized

measure

of

a

fund’s

yield

that

accounts

for

the

future

amortization

of

premiums

or

discounts

of

bonds

held

in

the

fund’s

portfolio.

The

SEC

30-Day

Yield

is

computed

under

an

SEC

standardized

formula

and

is

based

on

the

maximum

offer

price

per

share.

Dividend

Rate

may

differ

from

the

SEC

30-Day

Yield

because

the

fund

may

be

paying

out

more

or

less

than

it

is

earning

and

it

may

not

include

the

effect

of

amortization

of

bond

premium.

Nuveen

Enhanced

Yield

U.S.

Aggregate

Bond

ETF

(NUAG)

Dividend

Rate

3

.70

%

SEC

30-Day

Yield

4

.82

%

Nuveen

ESG

1-5

Year

U.S.

Aggregate

Bond

ETF

(NUSA)

Dividend

Rate

2

.53

%

SEC

30-Day

Yield

4

.56

%

Nuveen

ESG

High

Yield

Corporate

Bond

ETF

(NUHY)

Dividend

Rate

6

.06

%

SEC

30-Day

Yield

7

.83

%

Nuveen

ESG

U.S.

Aggregate

Bond

ETF

(NUBD)

Dividend

Rate

2

.84

%

SEC

30-Day

Yield

4

.19

%

22

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

Fund

and

to

compare

these

costs

with

the

ongoing

costs

of

investing

in

other

funds.

The

Examples

below

are

based

on

an

investment

of

$1,000

invested

at

the

beginning

of

the

period

and

held

through

the

period

ended

July

31,

2023.

The

beginning

of

the

period

is

February

1,

2023.

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

share

class,

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

ratios

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

following

tables

are

meant

to

highlight

your

ongoing

costs

only

and

do

not

reflect

any

transaction

costs.

Therefore,

the

hypothetical

information

is

useful

in

comparing

ongoing

costs

only,

and

will

not

help

you

determine

the

relative

total

costs

of

owning

different

funds

or

share

classes.

In

addition,

if

these

transaction

costs

were

included,

your

costs

would

have

been

higher.

Nuveen

Enhanced

Yield

U.S.

Aggregate

Bond

ETF

(NUAG)

Actual

Performance

Beginning

Account

Value

$

1,000.00

Ending

Account

Value

$

994.39

Expenses

Incurred

During

the

Period

$

1.04

Hypothetical

Performance

(5%

annualized

return

before

expenses)

Beginning

Account

Value

$

1,000.00

Ending

Account

Value

$

1,023.75

Expenses

Incurred

During

the

Period

$

1.05

Expenses

are

equal

to

the

Fund’s

annualized

net

expense

ratio

of

0.21%

multiplied

by

the

average

account

value

over