UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT

INVESTMENT COMPANIES

Investment Company Act file number 811-23161

Nushares ETF Trust

(Exact name of registrant as specified in charter)

 

Nuveen Investments

333 West Wacker Drive, Chicago, IL 60606

(Address of principal executive offices) (Zip code)

Christopher M. Rohrbacher

Vice President and Secretary

333 West Wacker Drive, Chicago, IL 60606

(Name and address of agent for service)

Registrant’s telephone number, including area code: (312) 917-7700

Date of fiscal year end: July 31

Date of reporting period: January 31, 2020

Form N-CSR is to be used by management investment companies to file reports with the Commission not later than 10 days after the transmission to stockholders of any report that is required to be transmitted to stockholders under Rule 30e-1 under the Investment Company Act of 1940 (17 CFR 270.30e-1). The Commission may use the information provided on Form N-CSR in its regulatory, disclosure review, inspection, and policy making roles.

A registrant is required to disclose the information specified by Form N-CSR, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-CSR unless the Form displays a currently valid Office of Management and Budget (“OMB”) control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to Secretary, Securities and Exchange Commission, 450 Fifth Street, NW, Washington, DC 20549-0609. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. ss.3507.

Item 1. Reports to Stockholders.

Exchange-Traded
Funds
31 January
2020
Nuveen Exchange-Traded
Funds
Fund Name   Listing Exchange Ticker Symbol  
Nuveen Enhanced Yield U.S. Aggregate Bond ETF   NYSE Arca NUAG    
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    
Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of the Funds annual and semi-annual shareholder reports will no longer be sent 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.
If you have already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. You may elect to receive shareholder reports and other communications from the Funds electronically anytime by contacting the financial intermediary (such as a broker-dealer or bank) through which you hold your 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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NOT FDIC INSURED MAY LOSE VALUE NO BANK GUARANTEE  
Chair’s Letter to Shareholders    
Dear Shareholders,
The COVID-19 crisis is taking an unprecedented toll on our health, societies, economies and financial markets. The extreme “social distancing” efforts needed to contain the coronavirus are causing a severe contraction in economic activity and amplifying market volatility, as global supply chains and consumer and business demand remain significantly disrupted. However, the full economic impact remains to be seen. The number of confirmed cases is still accelerating in the U.S. and many parts of the world, and previous epidemics offer few parallels to today’s situation. The recent spike in market volatility reflects this uncertainty, and we expect that large swings in both directions are likely to continue until there is more clarity.
While we do not want to understate the dampening effect on the global economy, we also note that markets occasionally overreact. Differentiating short-term interruptions from the longer-lasting implications to the economy may provide opportunities. Some areas of the global economy were already on the mend prior to the coronavirus epidemic. Momentum could pick up again as factories come back online and consumer demand resumes once the virus is under control and temporary bans on movement and travel are lifted. Central banks and governments around the world have announced economic stimulus measures. In the U.S., the Federal Reserve has cut its benchmark interest rate to near zero and reintroduced programs that helped revive the U.S. economy after the 2008 financial crisis. The U.S. government has approved more than $100 billion in emergency spending and relief and is set to deliver a trillion-dollar package to further aid workers and businesses.
In the meantime, patience and a long-term perspective are key for investors. When market fluctuations are the leading headlines day after day, it’s tempting to “do something.” However, your long-term goals can’t be met with short-term thinking. We encourage you to talk to your financial advisor, who can review 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.
Sincerely,
Terence J. Toth
Chair of the Board
March 24, 2020
 
4
Portfolio Managers’
Comments    
Nuveen Enhanced Yield U.S. Aggregate Bond ETF (NUAG)
Nuveen Enhanced Yield 1-5 Year U.S. Aggregate Bond ETF (NUSA)
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. Portfolio managers include Lijun (Kevin) Chen, CFA, and Yong (Mark) Zheng, CFA. Kevin has managed the Funds since their inceptions and Mark was added as a portfolio manager in June 2018. Here they discuss key investment strategies and the six-month performance of the Funds.
Nuveen Enhanced Yield U.S. Aggregate Bond ETF (NUAG)
What key strategies were used to manage the Fund during the six-month reporting period and how did these strategies influence performance?
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 “NUAG Enhanced Index”). The NUAG Enhanced Index is designed to broadly capture the U.S. investment grade fixed income market and uses a rules-based weighting methodology that seeks to enhance yield while maintaining comparable risk. The NUAG Enhanced Index is primarily comprised of 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 Fund generally invests in a sample of the securities in the NUAG Enhanced Index whose risk, return and other characteristics resemble the risk, return and other characteristics of the NUAG Enhanced Index. Under normal market conditions, the Fund invests at least 80% of its assets, exclusive of collateral held from securities lending, in component securities of the NUAG Enhanced Index. The Fund rebalances its holdings monthly in response to the monthly NUAG Enhanced Index rebalances.
During the reporting period, the Fund has remained fully invested within its allocation targets to track the NUAG Enhanced Index. As of January 31, 2020, the Fund’s net assets were invested in 36.2% securitized debt, 34.7% corporate debt, 23.1% U.S. Treasuries and 20.8% government-related debt.
How did the Fund perform during the six-month reporting period ended January 31, 2020?
The table in the Fund’s Performance Overview and Expense Ratios section of this report provides the Fund’s total return performance information for the six-month, one-year and since inception periods ended January 31, 2020. The Fund’s total returns at net asset value (NAV) are compared with the performance of the NUAG Enhanced Index, which the Fund is designed to track.
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 and NUSA, 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 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.
5
Portfolio Managers’ Comments (continued)
The Fund’s total return underperformed the NUAG Enhanced Index during the reporting period. The relative underperformance is mainly attributable to the transaction costs related to the Fund’s acquisition of portfolio securities, the fees and expenses incurred by the Fund that are not incurred by the NUAG Enhanced Index, and the representative sampling process that utilizes a sub-set of Index securities in an effort to provide exposure similar to that of the NUAG Enhanced Index, which leads the Fund to be overweight and underweight (and, in some cases, not invested at all in) certain securities as compared to the Index. The NUAG Enhanced Index is unmanaged and therefore its returns do not reflect any fees or expenses, which would detract from its performance. You cannot invest directly in an index.
U.S. fixed income markets produced positive returns over the reporting period. The Federal Reserve lowered its benchmark interest rate three times in the second half of 2019 to help extend the economic cycle in the face of growing downside risks from trade tensions and weaker growth abroad. Geopolitical events including escalating tariff rhetoric, a U.S.-Iran military conflict and the COVID-19 coronavirus epidemic triggered bouts of risk aversion. However, optimism for a U.S.-China trade deal and improving macroeconomic indicators periodically swung sentiment in the other direction. Amid elevated interest rate volatility, the 10-year U.S. Treasury yield fell to 1.51% as of January 31, 2020 from 2.02% as of July 31, 2019. Longer maturity bonds generally outperformed shorter dated bonds, while performance across government and non-government sectors was broadly positive. Corporate bond credit spreads tightened amid a moderately healthy U.S. economy, strong stock market and robust investor demand for higher yielding assets. Securitized assets were well supported by favorable outlooks for consumer credit and the housing and mortgage markets, although falling interest rates prompted concerns about mortgage prepayments accelerating.
Nuveen Enhanced Yield 1-5 Year U.S. Aggregate Bond ETF (NUSA)
What key strategies were used to manage the Fund during the six-month reporting period and how did these strategies influence performance?
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 1-5 Year U.S. Broad Bond Index (the “NUSA Enhanced Index”). The NUSA Enhanced Index is designed to broadly capture the 1-5 year U.S. investment grade fixed income market and uses a rules-based weighting methodology that seeks to enhance yield while maintaining comparable risk. The NUSA Enhanced Index is primarily comprised of 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 Fund generally invests in a sample of the securities in the NUSA Enhanced Index whose risk, return and other characteristics resemble the risk, return and other characteristics of the NUSA Enhanced Index. Under normal market conditions, the Fund invests at least 80%of its assets and the amount of any borrowings for investment purposes in component securities of the NUSA Enhanced Index. The Fund rebalances its holdings monthly in response to the monthly NUSA Enhanced Index rebalances.
During the reporting period, the Fund has remained fully invested within its allocation targets to track the NUSA Enhanced Index. As of January 31, 2020, the Fund’s net assets were invested in 47.0% corporate debt, 26.9% securitized debt, 26.2% U.S. Treasuries, and 0.8% government-related debt.
How did the Fund perform during the six-month reporting period ended January 31, 2020?
The table in the Fund’s Performance Overview and Expense Ratios section of this report provides the Fund’s total return performance information for the six-month, one-year and since inception periods ended January 31, 2020. The Fund’s total returns at net asset value (NAV) are compared with the performance of the NUSA Enhanced Index, which the Fund is designed to track. The Fund’s total return slightly trailed that of the NUSA Enhanced Index over this reporting period.
The relative underperformance is mainly attributable to the transaction costs related to the Fund’s acquisition of portfolio securities, the fees and expenses incurred by the Fund that are not incurred by the NUSA Enhanced Index, and the representative sampling process that utilizes a sub-set of Index securities in an effort to provide exposure similar to that of the NUSA Enhanced Index, which leads the Fund to be overweight and underweight (and, in some cases, not invested at all in) certain securities as compared to the Index. The NUSA Enhanced Index is unmanaged and therefore its returns do not reflect any fees or expenses, which would detract from its performance. You cannot invest directly in an index.
6
U.S. fixed income markets produced positive returns over the reporting period. The Federal Reserve lowered its benchmark interest rate three times in the second half of 2019 to help extend the economic cycle in the face of growing downside risks from trade tensions and weaker growth abroad. Geopolitical events including escalating tariff rhetoric, a U.S.-Iran military conflict and the COVID-19 coronavirus epidemic triggered bouts of risk aversion. However, optimism for a U.S.-China trade deal and improving macroeconomic indicators periodically swung sentiment in the other direction. Amid elevated interest rate volatility, the 10-year U.S. Treasury yield fell to 1.51% as of January 31, 2020 from 2.02% as of July 31, 2019. Longer maturity bonds generally outperformed shorter dated bonds, while performance across government and non-government sectors was broadly positive. Corporate bond credit spreads tightened amid a moderately healthy U.S. economy, strong stock market and robust investor demand for higher yielding assets. Securitized assets were well supported by favorable outlooks for consumer credit and the housing and mortgage markets, although falling interest rates prompted concerns about mortgage prepayments accelerating
Nuveen ESG High Yield Corporate Bond ETF (NUHY)
What key strategies were used to manage the Fund during the abbreviated reporting period and how did these strategies influence performance?
The Fund employs a passive management (or “indexing”) approach, investing in a diversified portfolio of U.S. dollar-denominated, high yield, fixed-rate corporate bonds that satisfy certain environmental, social and governance (“ESG”) criteria. The Fund seeks to track the investment results, before fees and expenses, of the Bloomberg Barclays MSCI U.S. High Yield Very Liquid ESG Select Index (“the NUHY Select Index”). The NUHY Select 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. Below investment grade bonds are commonly referred to as “high yield” or “junk” bonds. The NUHY Select Index selects from the securities included in the Bloomberg Barclays 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. 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 NUHY Select Index. To the extent the NUHY 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 NUHY Select Index. The Fund rebalances its holdings monthly in response to the monthly NUHY Select Index rebalances.
During the abbreviated reporting period, the Fund worked to fully invest within its allocation targets to track the NUHY Select Index. As of January 31, 2020, the Fund’s net assets were invested in the following corporate bond sectors: 87.9% industrials, 7.2% financial institutions and 2.9% utilities and 0.8% government-related debt.
How did the Fund perform during the abbreviated reporting period ended January 31, 2020?
The table in the Fund’s Performance Overview and Expense Ratios section of this report provides the Fund’s total return performance for the abbreviated reporting period from the Fund’s commencement of operations on September 25, 2019 through January 31, 2020. The Fund’s total returns at net asset value (NAV) are compared with the performance of the NUHY Select Index, which the Fund is designed to track.
The Fund’s total return trailed that of the NUHY Select Index over this reporting period. The relative underperformance is mainly attributable to the transaction costs related to the Fund’s acquisition of portfolio securities, as well as fees and expenses incurred by the Fund that are not incurred by the NUHY Select Index. Additionally, costs and expenses tend to be elevated during a Fund’s start-up phase when the portfolio is being fully invested, which is captured in this abbreviated reporting period. The NUHY Select Index is unmanaged and therefore its returns do not reflect any fees or expenses, which would detract from its performance. You cannot invest directly in an index.
High yield corporate bonds delivered positive performance during the abbreviated reporting period. Investor sentiment improved as the U.S. and China agreed to a preliminary trade deal, which was signed in January 2020, and recession risks appeared to diminish with sustained moderate growth in the U.S. and stabilization in some economic indicators abroad. The optimistic tone continued to
7
Portfolio Managers’ Comments (continued)
support demand for high yield bonds, despite a modest increase in default activity in 2019, particularly in commodity-related sectors. As the reporting period closed, however, high yield credit spreads widened, equity markets sold off and commodity prices fell amid concern about the COVID-19 coronavirus outbreak and its dampening effect on global economic activity.
Nuveen ESG U.S. Aggregate Bond ETF (NUBD)
What key strategies were used to manage the Fund during the six-month reporting period and how did these strategies influence performance?
The Fund employs a passive management (or “indexing”) approach, investing in a diversified portfolio of U.S. investment grade bonds that satisfy certain environmental, social and governance (“ESG”) criteria. The Fund seeks to track the investment results, before fees and expenses, of the Bloomberg Barclays MSCI U.S. Aggregate ESG Select Index (“the NUBD Select Index”). The NUBD Select 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 NUBD Select Index selects from the securities included in the Bloomberg Barclays U.S. Aggregate Bond Index (the “Base Index”), which is designed to broadly capture the U.S. investment grade, taxable fixed income market. 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 NUBD Select Index. To the extent the NUBD 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 NUBD Select Index. The Fund rebalances its holdings monthly in response to the monthly NUBD Select Index rebalances.
During the reporting period, the Fund remained fully invested within its allocation targets to track the NUBD Select Index. As of January 31, 2020, the Fund’s net assets were invested in 38.7% U.S. Treasuries, 28.9% securitized debt, 25.2% corporate debt and 13.7% government-related debt.
How did the Fund perform during the six-month reporting period ended January 31, 2020?
The table in the Fund’s Performance Overview and Expense Ratios section of this report provides the Fund’s total return performance for the six-month, one-year and since inception periods ended January 31, 2020. The Fund’s total returns at net asset value (NAV) are compared with the performance of the NUBD Select Index, which the Fund is designed to track. The Fund’s total return slightly trailed that of the NUBD Select Index over this reporting period. The relative underperformance is mainly attributable to the transaction costs related to the Fund’s acquisition of portfolio securities, as well as fees and expenses incurred by the Fund that are not incurred by the NUBD Select Index. The NUBD Select Index is unmanaged and therefore its returns do not reflect any fees or expenses, which would detract from its performance. You cannot invest directly in an index.
U.S. fixed income markets produced positive returns over the reporting period. The Federal Reserve lowered its benchmark interest rate three times in the second half of 2019 to help extend the economic cycle in the face of growing downside risks from trade tensions and weaker growth abroad. Geopolitical events including escalating tariff rhetoric, a U.S.-Iran military conflict and the COVID-19 coronavirus epidemic triggered bouts of risk aversion. However, optimism for a U.S.-China trade deal and improving macroeconomic indicators periodically swung sentiment in the other direction. Amid elevated interest rate volatility, the 10-year U.S. Treasury yield fell to 1.51% as of January 31, 2020 from 2.02% as of July 31, 2019. Longer maturity bonds generally outperformed shorter dated bonds, while performance across government and non-government sectors was broadly positive. Corporate bond credit spreads tightened amid a moderately healthy U.S. economy, strong stock market and robust investor demand for higher yielding assets. Securitized assets were well supported by favorable outlooks for consumer credit and the housing and mortgage markets, although falling interest rates prompted concerns about mortgage prepayments accelerating.
8
An Update on COVID-19 Coronavirus
The COVID-19 coronavirus pandemic has delivered an exogenous shock to the global economy. Containment efforts around the world have halted business and manufacturing operations and restricted people’s movement and travel. The disruptions to global supply chains, consumer demand, business investment and the global financial system are just beginning to be seen.
Although the virus was detected in China as early as December 2019, markets didn’t fully acknowledge the risks until February 2020, when large outbreaks were reported outside of China. Global stock markets sold off severely, reaching a bear market (a 20% drop from the previous high) within three weeks, the fastest bear market decline in history. Demand for safe-haven assets, along with mounting recession fears, drove the yield on the 10-year U.S. Treasury note below 1% in March, an all-time low. Additionally, oil prices collapsed to an 18-year low in March on supply glut concerns, as shutdowns across the global economy curb oil demand while Saudi Arabia and Russia are flooding the market with cheap oil in a price war.
Central banks and governments have responded with liquidity injections to ease the strain on financial systems and stimulus measures to buffer the shock to businesses and consumers. But markets will likely remain volatile until the health crisis itself is under control (via fewer new cases, slower spread and/or verified treatments). There are still many unknowns and new information is incoming daily, compounding the difficulty of modeling outcomes for epidemiologists and economists alike.
Nuveen is monitoring the situation carefully and continuously refining our views. Our portfolio management teams remain attuned to opportunities to seek risk-adjusted returns through all market environments.
9
Risk Considerations and Dividend Information    
Nuveen Enhanced Yield U.S. Aggregate Bond ETF
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 Enhanced Yield 1-5 Year U.S. Aggregate Bond ETF
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. 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. These and other risk considerations are described in detail in the Fund's prospectus.
Nuveen ESG High Yield Corporate Bond ETF
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
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 and NUDB 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
Fund Performance and Expense Ratios    
The Fund Performance and Expense Ratios 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.
11
Fund Performance and Expense Ratios (continued)
Nuveen Enhanced Yield U.S. Aggregate Bond ETF (NUAG)
Refer to the first page of this Fund Performance and Expense Ratios 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
Average Annual Total Returns as of January 31, 2020
  Total Returns as of January 31, 2020    
    Cumulative   Average Annual  
  Inception
Date 		6-Month   1-Year Since
Inception 		Expense
Ratio
NUAG at NAV 9/14/16 4.49%   10.88% 3.57% 0.20%
NUAG at Market Price 9/14/16 4.80%   11.11% 3.60% 0.20%
ICE BofAML Enhanced Yield U.S. Broad Bond Index - 4.71%   11.56% 4.15% -
ICE BofAML U.S. Broad Market Index - 4.29%   9.96% 3.47% -
12
Nuveen Enhanced Yield 1-5 Year U.S. Aggregate Bond ETF (NUSA)
Refer to the first page of this Fund Performance and Expense Ratios 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
Average Annual Total Returns as of January 31, 2020
  Total Returns as of January 31, 2020    
    Cumulative   Average Annual  
  Inception
Date 		6-Month   1-Year Since
Inception 		Expense
Ratio
NUSA at NAV 3/31/17 2.60%   5.80% 3.05% 0.20%
NUSA at Market Price 3/31/17 2.65%   5.76% 3.10% 0.20%
ICE BofAML Enhanced Yield 1-5 Year U.S. Broad Bond Index - 2.77%   6.41% 3.40% -
ICE BofAML 1-5 Year U.S. Broad Market Index - 2.37%   5.50% 2.88% -
13
Fund Performance and Expense Ratios (continued)
Nuveen ESG High Yield Corporate Bond ETF (NUHY)
Refer to the first page of this Fund Performance and Expense Ratios 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 January 31, 2020  
    Cumulative  
  Inception
Date 		Since
Inception 		Expense
Ratio
NUHY at NAV 9/25/19 1.99% 0.35%
NUHY at Market Price 9/25/19 2.16% 0.35%
Bloomberg Barclays MSCI U.S. High Yield Very Liquid ESG Select Index - 2.41% -
Bloomberg Barclays U.S. High Yield Very Liquid Index - 2.33% -
14
Nuveen ESG U.S. Aggregate Bond ETF (NUBD)
Refer to the first page of this Fund Performance and Expense Ratios 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
Average Annual Total Returns as of January 31, 2020
  Total Returns as of January 31, 2020    
    Cumulative   Average Annual  
  Inception
Date 		6-Month   1-Year Since
Inception 		Expense
Ratio
NUBD at NAV 9/29/17 3.93%   9.29% 4.40% 0.20%
NUBD at Market Price 9/29/17 4.06%   9.37% 4.49% 0.20%
Bloomberg Barclays MSCI U.S. Aggregate ESG Select Index - 4.08%   9.38% 4.61% -
Bloomberg Barclays U.S. Aggregate Bond Index - 4.20%   9.64% 4.67% -
15
Yields    as of January 31, 2020
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 3.05%
SEC 30-Day Yield 2.14%
Nuveen Enhanced Yield 1-5 Year U.S. Aggregate Bond ETF (NUSA)
   
Dividend Rate 2.55%
SEC 30-Day Yield 1.79%
Nuveen ESG High Yield Corporate Bond ETF (NUHY)
   
Dividend Rate 3.30%
SEC 30-Day Yield 4.41%
Nuveen ESG U.S. Aggregate Bond ETF (NUBD)
   
Dividend Rate 2.26%
SEC 30-Day Yield 1.71%
16
Holding Summaries    as of January 31, 2020
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.
Each Fund uses credit quality ratings for its portfolio securities provided by Moody's, S&P and Fitch. For NUAG and NUSA, 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 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.
Nuveen Enhanced Yield U.S. Aggregate Bond ETF (NUAG)
Fund Allocation
(% of net assets) 		 
Securitized 36.2%
Corporate Debt 34.7%
U.S. Treasury 23.1%
Government Related - Long-Term 5.0%
U.S. Government and Agency Obligations 15.8%
Other Assets Less Liabilities (14.8)%
Net Assets 100%
Corporate Debt: Industries
(% of total corporate debt
holdings) 		 
Industrial 42.6%
Financials 21.6%
Utility 35.8%
Total 100%
Portfolio Credit Quality
(% of total investments) 		 
AAA 0.7%
AA 2.4%
A 11.3%
BBB 19.8%
U.S. Treasury/Agency 65.8%
Total 100%
17
Holding Summaries    as of January 31, 2020 (continued)
Nuveen Enhanced Yield 1-5 Year U.S. Aggregate Bond ETF (NUSA)
Fund Allocation
(% of net assets) 		 
Corporate Debt 47.0%
Securitized 26.9%
U.S. Treasury 26.2%
U.S. Government and Agency Obligations 0.8%
Other Assets Less Liabilities (0.9)%
Net Assets 100%
Corporate Debt: Industries
(% of total corporate debt
holdings) 		 
Industrial 24.8%
Financials 48.4%
Utility 26.8%
Total 100%
Portfolio Credit Quality
(% of total investments) 		 
AAA 14.9%
AA 5.7%
A 18.3%
BBB 23.1%
U.S. Treasury/Agency 38.0%
Total 100%
18
Nuveen ESG High Yield Corporate Bond ETF (NUHY)
Fund Allocation
(% of net assets) 		 
Corporate Debt 98.0%
U.S. Government and Agency Obligations 0.8%
Other Assets Less Liabilities 1.2%
Net Assets 100%
    
Corporate Debt: Industries
(% of total corporate debt
holdings) 		 
Industrial 89.7%
Financials 7.3%
Utility 3.0%
Total 100%
Portfolio Credit Quality
(% of total investments) 		 
BBB 7.7%
BB or Lower 91.5%
U.S. Treasury/Agency 0.8%
Total 100%
19
Holding Summaries    as of January 31, 2020 (continued)
Nuveen ESG U.S. Aggregate Bond ETF (NUBD)
Fund Allocation
(% of net assets) 		 
U.S. Treasury 38.7%
Securitized 28.9%
Corporate Debt 25.2%
Government Related - Long-Term 6.2%
U.S. Government and Agency Obligations 7.5%
Other Assets Less Liabilities (6.5)%
Net Assets 100%
Corporate Debt: Industries
(% of total corporate debt
holdings) 		 
Industrial 60.7%
Financials 31.6%
Utility 7.7%
Total 100%
Portfolio Credit Quality
(% of total investments) 		 
AAA 4.4%
AA 3.8%
A 13.7%
BBB 6.9%
U.S. Treasury/Agency 71.2%
Total 100%
20
Expense Examples    
As a shareholder of the Fund, 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. Since NUHY’s expense example below reflects only the first 129 days of the Fund’s operations, it may not provide a meaningful understanding of the Fund’s ongoing expenses.
The Examples below are based on an investment of $1,000 invested at the beginning of the period and held through the period ended January 31, 2020.
The beginning of the period for NUAG, NUSA and NUBD is August 1, 2019 and NUHY is September 25, 2019 (commencement of operations).
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 Enhanced Yield U.S. Aggregate Bond ETF (NUAG)
Actual Performance  
Beginning Account Value $1,000.00
Ending Account Value $1,044.90
Expenses Incurred During Period $ 1.08
Hypothetical Performance
(5% annualized return before expenses) 		 
Beginning Account Value $1,000.00
Ending Account Value $1,024.08
Expenses Incurred During the Period $ 1.07
Expenses are equal to the Fund's annualized net expense ratio of 0.21% multiplied by the average account value over the period, multiplied by 184/366 (to reflect the one-half year period).
21
Expense Examples    (continued)
Nuveen Enhanced Yield 1-5 Year U.S. Aggregate Bond ETF (NUSA)
Actual Performance  
Beginning Account Value $1,000.00
Ending Account Value $1,026.00
Expenses Incurred During Period $ 1.12
Hypothetical Performance
(5% annualized return before expenses) 		 
Beginning Account Value $1,000.00
Ending Account Value $1,024.03
Expenses Incurred During the Period $ 1.12
Expenses are equal to the Fund's annualized net expense ratio of 0.22% multiplied by the average account value over the period, multiplied by 184/366 (to reflect the one-half year period).
Nuveen ESG High Yield Corporate Bond ETF (NUHY)
Actual Performance  
Beginning Account Value $1,000.00
Ending Account Value $1,019.90
Expenses Incurred During Period $ 1.28
Hypothetical Performance
(5% annualized return before expenses) 		 
Beginning Account Value $1,000.00
Ending Account Value $1,016.35
Expenses Incurred During the Period $ 1.28
Expenses are equal to the Fund's annualized net expense ratio of 0.36% multiplied by the average account value over the period, multiplied by 129/366 (to reflect the 129 days in the period since commencement of operations).
Nuveen ESG U.S. Aggregate Bond ETF (NUBD)
Actual Performance  
Beginning Account Value $1,000.00
Ending Account Value $1,039.30
Expenses Incurred During Period $ 1.13
Hypothetical Performance
(5% annualized return before expenses) 		 
Beginning Account Value $1,000.00
Ending Account Value $1,024.03
Expenses Incurred During the Period $ 1.12
Expenses are equal to the Fund's annualized net expense ratio of 0.22% multiplied by the average account value over the period, multiplied by 184/366 (to reflect the one-half year period).
22
Nuveen Enhanced Yield U.S. Aggregate Bond ETF (NUAG)
Portfolio of Investments    January 31, 2020
(Unaudited)
Principal Amount (000)   Description (1) Coupon Maturity Ratings (2) Value
    LONG-TERM INVESTMENTS  –  99.0%        
    SECURITIZED – 36.2%        
$ 250   COMM 2015-LC19 Mortgage Trust 3.527% 2/10/48 AAA $264,470
500   Csail 2015-C2 Commercial Mortgage Trust 3.849% 6/15/57 Aa2 531,854
1,142   Fannie Mae Pool AL9125 4.000% 10/01/43 N/R 1,225,129
617   Fannie Mae Pool AS6302 3.500% 12/01/45 N/R 648,141
699   Fannie Mae Pool AX4887 4.000% 12/01/44 N/R 745,239
63   Fannie Mae Pool MA1489 3.000% 7/01/43 Aaa 65,275
774   Fannie Mae Pool MA2929 3.500% 3/01/47 Aaa 806,672
978   Fannie Mae Pool MA3120 3.500% 9/01/47 Aaa 1,019,268
285   Fannie Mae Pool MA3211 4.000% 12/01/47 Aaa 300,315
505   Fannie Mae Pool MA3239 4.000% 1/01/48 Aaa 531,884
797   Fannie Mae Pool MA3276 3.500% 2/01/48 Aaa 830,272
182   Fannie Mae Pool MA3277 4.000% 2/01/48 N/R 191,617
408   Fannie Mae Pool MA3305 3.500% 3/01/48 N/R 425,331
128   Fannie Mae Pool MA3306 4.000% 3/01/48 N/R 135,659
426   Fannie Mae Pool MA3332 3.500% 4/01/48 Aaa 444,500
680   Fannie Mae Pool MA3383 3.500% 6/01/48 Aaa 706,077
329   Fannie Mae Pool MA3467 4.000% 9/01/48 Aaa 343,690
395   Fannie Mae Pool MA3663 3.500% 5/01/49 Aaa 407,534
477   Fannie Mae Pool MA3744 3.000% 8/01/49 N/R 487,983
14,254   Fannie Mae Pool MA3774, (DD1) 3.000% 9/01/49 Aaa 14,579,968
11,816   Fannie Mae Pool MA3905 3.000% 1/01/50 N/R 12,087,501
300   Fannie Mae Pool MA3960 3.000% 3/01/50 N/R 306,974
727   Freddie Mac Gold Pool G08797 4.000% 1/01/48 N/R 769,755
350   Freddie Mac Gold Pool G08800 3.500% 2/01/48 N/R 365,969
52   Ginnie Mae II Pool MA2149 4.000% 8/20/44 N/R 55,629
623   Ginnie Mae II Pool MA3310 3.500% 12/20/45 Aaa 653,342
179   Ginnie Mae II Pool MA3311 4.000% 12/20/45 Aaa 189,762
222   Ginnie Mae II Pool MA3874 3.500% 8/20/46 Aaa 231,853
142   Ginnie Mae II Pool MA3937 3.500% 9/20/46 Aaa 148,828
368   Ginnie Mae II Pool MA4900 3.500% 12/20/47 Aaa 383,753
296   Ginnie Mae II Pool MA4962 3.500% 1/20/48 Aaa 306,876
408   Ginnie Mae II Pool MA5875 3.500% 4/20/49 Aaa 420,896
2,886   Ginnie Mae II Pool MA6283 3.000% 11/20/49 N/R 2,970,685
11,453   Ginnie Mae II Pool MA6338, (DD1) 3.000% 12/20/49 N/R 11,784,979
500   SoFi Professional Loan Program 2017-E LLC, 144A 2.720% 11/26/40 AAA 508,799
250   Verizon Owner Trust 2019-C 2.060% 4/22/24 AA+ 251,780
23
Nuveen Enhanced Yield U.S. Aggregate Bond ETF (NUAG) (continued)
Portfolio of Investments    January 31, 2020
(Unaudited)
Principal Amount (000)   Description (1) Coupon Maturity Ratings (2) Value
$ 250   Wells Fargo Commercial Mortgage Trust 2014-LC16 4.020% 8/15/50 Aaa $ 265,460
$ 54,711   Total Securitized (cost $55,916,223)       56,393,719
    
Principal Amount (000)   Description (1) Coupon Maturity Ratings (2) Value
    CORPORATE DEBT – 34.7%        
    Financials  –  7.5%        
$ 215   Air Lease Corp 3.875% 7/03/23 BBB $227,645
109   Aircastle Ltd 5.000% 4/01/23 BBB- 118,030
100   Alexandria Real Estate Equities Inc 3.375% 8/15/31 BBB+ 107,907
150   Ally Financial Inc 8.000% 11/01/31 BBB- 210,750
561   American International Group Inc 4.200% 4/01/28 BBB+ 631,587
151   Anthem Inc 3.700% 9/15/49 A 152,044
145   Aon Corp 3.750% 5/02/29 A- 159,747
136   AXIS Specialty Finance PLC 4.000% 12/06/27 A- 149,429
137   Bank of Montreal 3.803% 12/15/32 A+ 146,124
40   Barclays Bank PLC 3.750% 5/15/24 A1 42,868
300   Barclays PLC 3.932% 5/07/25 A 319,495
250   Barclays PLC 5.250% 8/17/45 A 316,995
62   Boston Properties LP 2.900% 3/15/30 A- 63,914
27   Brixmor Operating Partnership LP 4.125% 5/15/29 BBB- 29,868
351   Capital One Financial Corp 3.800% 1/31/28 A- 382,192
141   Charles Schwab Corp 3.250% 5/22/29 A 152,179
317   Citigroup Inc 4.125% 7/25/28 A- 351,929
437   Citigroup Inc 4.750% 5/18/46 A- 540,034
131   CNA Financial Corp 3.900% 5/01/29 A- 145,441
147   Discover Bank 4.650% 9/13/28 BBB+ 169,203
196   Fifth Third Bancorp 3.950% 3/14/28 A- 219,886
139   GATX Corp 4.550% 11/07/28 BBB 156,603
600   GE Capital International Funding Co Unlimited Co 4.418% 11/15/35 BBB+ 675,811
20   Goldman Sachs Group Inc 3.750% 2/25/26 A 21,646
26   Goldman Sachs Group Inc 3.500% 11/16/26 A 27,775
134   Goldman Sachs Group Inc 4.223% 5/01/29 A 151,168
376   Goldman Sachs Group Inc 4.411% 4/23/39 A 445,834
212   Hartford Financial Services Group Inc 4.400% 3/15/48 BBB+ 253,640
18   Healthcare Realty Trust Inc 3.625% 1/15/28 BBB+ 19,125
104   Highwoods Realty LP 3.050% 2/15/30 BBB 106,303
212   Humana Inc 3.850% 10/01/24 BBB+ 228,215
101   Huntington Bancshares Inc/OH 4.000% 5/15/25 A- 110,721
311   International Lease Finance Corp 8.625% 1/15/22 BBB 349,894
145   Jefferies Financial Group Inc 5.500% 10/18/23 BBB 158,846
4   JPMorgan Chase & Co 3.702% 5/06/30 AA- 4,411
24
Principal Amount (000)   Description (1) Coupon Maturity Ratings (2) Value
    Financials (continued)        
$ 153   JPMorgan Chase & Co 3.964% 11/15/48 AA- $179,400
40   KeyBank NA/Cleveland OH 3.400% 5/20/26 BBB+ 42,737
202   Lazard Group LLC 4.500% 9/19/28 A- 230,956
28   Lincoln National Corp 4.200% 3/15/22 A- 29,346
300   Lloyds Banking Group PLC 2.438% 2/05/26 A+ 301,993
145   Manulife Financial Corp 4.061% 2/24/32 A- 154,206
136   Markel Corp 5.000% 5/20/49 BBB+ 168,602
132   MetLife Inc 3.000% 3/01/25 A- 139,469
13   Morgan Stanley 4.350% 9/08/26 A- 14,477
200   Morgan Stanley 4.457% 4/22/39 A 243,195
26   Physicians Realty LP 3.950% 1/15/28 BBB- 27,875
108   Principal Financial Group Inc 3.700% 5/15/29 A- 119,905
153   Prudential Financial Inc 5.375% 5/15/45 BBB+ 166,311
212   Raymond James Financial Inc 3.625% 9/15/26 BBB+ 229,653
8   Realty Income Corp 3.650% 1/15/28 A- 8,788
186   Regions Financial Corp 3.800% 8/14/23 BBB+ 198,284
18   Reinsurance Group of America Inc 4.700% 9/15/23 A 19,689
246   Royal Bank of Scotland Group PLC 4.269% 3/22/25 A 264,272
29   Sabra Health Care LP 4.800% 6/01/24 BBB- 31,106
141   Santander Holdings USA Inc, 144A 3.244% 10/05/26 BBB+ 144,517
27   Service Properties Trust 4.375% 2/15/30 BBB- 27,413
146   Synchrony Financial 3.950% 12/01/27 BBB- 155,646
130   Toronto-Dominion Bank 3.625% 9/15/31 A2 139,677
99   Truist Bank 3.300% 5/15/26 A 105,408
104   UDR Inc 3.000% 8/15/31 BBB+ 108,166
29   UnitedHealth Group Inc 3.850% 6/15/28 A+ 32,469
186   Unum Group 4.500% 12/15/49 BBB 188,811
108   Ventas Realty LP 4.400% 1/15/29 BBB+ 121,825
26   VEREIT Operating Partnership LP 4.875% 6/01/26 BBB 29,375
132   Wells Fargo & Co 4.750% 12/07/46 A 163,441
147   Welltower Inc 4.250% 4/15/28 BBB+ 165,004
146   Westpac Banking Corp 4.322% 11/23/31 A+ 158,885
194   Willis North America Inc 4.500% 9/15/28 BBB 220,475
10,455   Total Financials       11,678,635
    Industrial  –  14.8%        
206   Abbott Laboratories 4.750% 11/30/36 A- 264,257
380   AbbVie Inc 3.600% 5/14/25 A- 406,139
196   AbbVie Inc, 144A 4.050% 11/21/39 A- 213,264
310   Allergan Funding SCS 3.850% 6/15/24 BBB 330,530
200   Altria Group Inc 5.800% 2/14/39 A3 242,062
25
Nuveen Enhanced Yield U.S. Aggregate Bond ETF (NUAG) (continued)
Portfolio of Investments    January 31, 2020
(Unaudited)
Principal Amount (000)   Description (1) Coupon Maturity Ratings (2) Value
    Industrial (continued)        
$ 140   American Tower Corp 3.800% 8/15/29 BBB $152,353
198   Amgen Inc 4.563% 6/15/48 A- 236,941
803   Anheuser-Busch InBev Worldwide Inc 4.000% 4/13/28 A- 899,746
140   Apache Corp 4.750% 4/15/43 BBB 136,874
248   AT&T Inc 4.350% 3/01/29 A- 279,730
210   AT&T Inc 5.375% 10/15/41 A- 260,639
153   AT&T Inc 4.900% 6/15/42 A- 182,365
205   AT&T Inc 4.300% 12/15/42 A- 225,442
256   AT&T Inc 4.350% 6/15/45 A- 283,150
138   AutoNation Inc 4.500% 10/01/25 BBB- 151,059
27   Baxter International Inc 3.500% 8/15/46 A- 27,641
148   Becton Dickinson and Co 4.685% 12/15/44 BBB 182,064
129   Bell Canada Inc 4.464% 4/01/48 BBB+ 155,255
133   Booking Holdings Inc 3.550% 3/15/28 A- 145,126
147   BorgWarner Inc 4.375% 3/15/45 BBB+ 159,615
190   Broadcom Inc, 144A 4.750% 4/15/29 BBB- 212,918
100   Cardinal Health Inc 4.500% 11/15/44 BBB 102,761
126   Cenovus Energy Inc 4.250% 4/15/27 BBB 134,472
363   Charter Communications Operating LLC / Charter Communications Operating Capital 5.375% 5/01/47 BBB- 418,263
438   Cigna Corp, 144A 4.500% 2/25/26 A- 489,358
212   Cimarex Energy Co 4.375% 6/01/24 BBB- 225,342
109   Columbia Pipeline Group Inc 5.800% 6/01/45 A3 142,096
129   Comcast Corp 4.600% 10/15/38 A- 159,137
252   Constellation Brands Inc 3.600% 2/15/28 BBB 271,891
104   Crown Castle International Corp 3.100% 11/15/29 BBB 107,683
562   CSX Corp 4.250% 3/15/29 BBB+ 647,434
561   CVS Health Corp 4.875% 7/20/35 BBB 669,656
96   Dell International LLC / EMC Corp, 144A 8.350% 7/15/46 BBB- 134,070
320   Discovery Communications LLC 4.900% 3/11/26 BBB- 362,568
256   Dow Chemical Co 4.800% 5/15/49 BBB+ 300,251
141   Eaton Corp 4.150% 11/02/42 A- 168,026
16   Ecolab Inc 3.250% 12/01/27 A- 17,333
29   Electronic Arts Inc 4.800% 3/01/26 A- 33,454
151   Embraer Netherlands Finance BV 5.050% 6/15/25 BBB 166,855
135   Energy Transfer Operating LP 5.950% 10/01/43 BBB- 150,455
143   Energy Transfer Operating LP 6.125% 12/15/45 BBB- 165,303
400   Enterprise Products Operating LLC 5.750% 3/01/35 BBB+ 483,554
191   EQM Midstream Partners LP 4.000% 8/01/24 BBB- 182,556
146   FedEx Corp 3.100% 8/05/29 BBB 149,416
252   FedEx Corp 3.900% 2/01/35 BBB 266,213
26
Principal Amount (000)   Description (1) Coupon Maturity Ratings (2) Value
    Industrial (continued)        
$ 150   Fiserv Inc 3.500% 7/01/29 BBB $161,635
201   Ford Motor Co 4.750% 1/15/43 BBB 187,434
125   Fortive Corp 4.300% 6/15/46 Baa1 137,575
250   General Motors Co 6.600% 4/01/36 BBB 304,170
137   Global Payments Inc 4.450% 6/01/28 BBB- 154,953
126   Grupo Televisa SAB 5.000% 5/13/45 BBB+ 140,969
144   HCA Inc 4.125% 6/15/29 BBB- 155,836
135   Helmerich & Payne Inc 4.650% 3/15/25 BBB+ 148,138
132   Hess Corp 4.300% 4/01/27 BBB- 140,923
127   Hewlett Packard Enterprise Co 6.200% 10/15/35 BBB+ 158,780
146   International Paper Co 4.400% 8/15/47 BBB 159,870
10   Interpublic Group of Cos Inc 3.750% 2/15/23 BBB+ 10,525
140   JM Smucker Co 4.250% 3/15/35 BBB 157,231
133   Johnson Controls International plc 4.625% 7/02/44 BBB+ 154,291
256   Kinder Morgan Inc/DE 4.300% 3/01/28 BBB 282,923
310   Kraft Heinz Foods Co 5.000% 7/15/35 BBB- 357,834
186   Lowe's Cos Inc 3.650% 4/05/29 BBB+ 202,792
206   LYB International Finance III LLC 4.200% 10/15/49 BBB+ 214,487
141   Magellan Midstream Partners LP 4.200% 3/15/45 BBB+ 146,486
136   Marriott International Inc/MD 4.500% 10/01/34 BBB 158,333
83   McDonald's Corp 4.700% 12/09/35 BBB+ 103,467
140   McDonald's Corp 4.875% 7/15/40 BBB+ 172,536
142   Mondelez International Inc 4.125% 5/07/28 Baa1 161,858
139   Mosaic Co 4.050% 11/15/27 BBB- 148,857
99   MPLX LP 4.500% 7/15/23 BBB 106,214
260   Newmont Corp 3.500% 3/15/22 BBB 268,156
153   Noble Energy Inc 3.900% 11/15/24 BBB 163,077
132   Nordstrom Inc 6.950% 3/15/28 BBB+ 162,393
150   Norfolk Southern Corp 4.150% 2/28/48 BBB+ 177,420
153   Nutrien Ltd 6.125% 1/15/41 BBB 201,918
233   Occidental Petroleum Corp 6.600% 3/15/46 BBB+ 309,600
320   ONEOK Inc 4.550% 7/15/28 BBB 352,702
135   Oracle Corp 3.800% 11/15/37 A+ 153,407
134   Orange SA 5.375% 1/13/42 BBB+ 180,436
200   Phillips 66 4.650% 11/15/34 A3 239,640
140   Pioneer Natural Resources Co 4.450% 1/15/26 BBB 155,660
29   Rayonier Inc 3.750% 4/01/22 BBB- 29,495
152   Republic Services Inc 3.950% 5/15/28 BBB+ 171,086
264   Reynolds American Inc 5.700% 8/15/35 BBB+ 315,792
143   Rogers Communications Inc 5.000% 3/15/44 BBB+ 181,742
100   RPM International Inc 4.250% 1/15/48 BBB 105,240
27
Nuveen Enhanced Yield U.S. Aggregate Bond ETF (NUAG) (continued)
Portfolio of Investments    January 31, 2020
(Unaudited)
Principal Amount (000)   Description (1) Coupon Maturity Ratings (2) Value
    Industrial (continued)        
$ 139   Seagate HDD Cayman 4.875% 6/01/27 Baa3 $150,166
273   Spectra Energy Partners LP 4.500% 3/15/45 BBB+ 310,357
150   Starbucks Corp 3.550% 8/15/29 BBB+ 166,385
150   Telefonica Emisiones SA 5.520% 3/01/49 BBB 193,617
200   TransCanada PipeLines Ltd 5.100% 3/15/49 A- 248,730
510   Union Pacific Corp 4.300% 3/01/49 A- 610,106
248   United Technologies Corp 3.750% 11/01/46 BBB+ 283,720
100   University of Southern California 3.226% 10/01/20 AA 100,690
199   Valero Energy Corp 3.650% 3/15/25 BBB 214,117
697   Verizon Communications Inc 4.750% 11/01/41 A- 872,280
274   ViacomCBS Inc 2.900% 1/15/27 BBB 279,835
198   Vodafone Group PLC 4.875% 6/19/49 BBB 236,850
193   Walgreens Boots Alliance Inc 4.500% 11/18/34 Baa2 208,125
150   Waste Management Inc 3.450% 6/15/29 A- 164,312
196   Western Midstream Operating LP 4.650% 7/01/26 BBB- 205,320
196   Williams Cos Inc 3.750% 6/15/27 BBB 207,112
66   WPP Finance 2010 3.750% 9/19/24 BBB+ 70,767
26   Zimmer Biomet Holdings Inc 5.750% 11/30/39 BBB 32,062
20,246   Total Industrial       23,045,749
    Utility  –  12.4%        
212   AEP Texas Inc 4.150% 5/01/49 A- 247,677
200   Ameren Illinois Co 4.150% 3/15/46 A1 241,352
150   American Water Capital Corp 4.300% 12/01/42 A 177,707
273   Appalachian Power Co 4.400% 5/15/44 A- 326,533
460   Berkshire Hathaway Energy Co 3.800% 7/15/48 A- 514,162
317   Black Hills Corp 3.150% 1/15/27 BBB+ 328,048
391   CenterPoint Energy Resources Corp 4.000% 4/01/28 BBB+ 433,766
570   Cleco Corporate Holdings LLC 3.743% 5/01/26 BBB- 598,616
260   CMS Energy Corp 4.700% 3/31/43 Baa1 312,521
446   Consolidated Edison Co of New York Inc 3.700% 11/15/59 A- 490,580
412   Dominion Energy Inc 5.250% 8/01/33 BBB+ 512,909
497   Dominion Energy Inc 4.700% 12/01/44 BBB+ 600,832
338   DTE Electric Co 3.750% 8/15/47 Aa3 387,628
1,260   Duke Energy Corp 3.750% 9/01/46 BBB+ 1,346,019
512   Duke Energy Progress LLC 3.600% 9/15/47 Aa3 565,986
190   Edison International 5.750% 6/15/27 BBB- 219,476
338   Emera US Finance LP 4.750% 6/15/46 BBB 411,168
254   Enel Chile SA 4.875% 6/12/28 BBB+ 285,115
224   Entergy Corp 2.950% 9/01/26 BBB 233,789
62   Entergy Texas Inc 3.550% 9/30/49 A 67,791
28
Principal Amount (000)   Description (1) Coupon Maturity Ratings (2) Value
    Utility (continued)        
$ 16   Evergy Metro Inc 5.300% 10/01/41 A+ $21,137
97   Evergy Metro Inc 4.200% 6/15/47 A+ 118,822
104   Evergy Metro Inc 4.125% 4/01/49 A+ 125,430
100   Eversource Energy 3.450% 1/15/50 BBB+ 103,179
300   Exelon Corp 4.950% 6/15/35 BBB+ 363,561
941   Exelon Corp 4.450% 4/15/46 BBB+ 1,105,772
517   FirstEnergy Corp 4.850% 7/15/47 BBB 637,197
196   Georgia Power Co 2.650% 9/15/29 A- 199,273
259   Indiana Michigan Power Co 3.750% 7/01/47 A- 290,257
504   Interstate Power & Light Co 4.700% 10/15/43 A- 603,158
29   ITC Holdings Corp 5.300% 7/01/43 BBB+ 37,407
113   John Sevier Combined Cycle Generation LLC 4.626% 1/15/42 Aaa 139,286
194   National Grid USA 5.803% 4/01/35 BBB+ 242,815
320   National Rural Utilities Cooperative Finance Corp 3.700% 3/15/29 A1 359,277
438   NextEra Energy Capital Holdings Inc 3.500% 4/01/29 A- 475,932
292   NiSource Inc 5.250% 2/15/43 BBB+ 368,815
249   NiSource Inc 4.800% 2/15/44 BBB+ 300,781
320   NiSource Inc 3.950% 3/30/48 BBB+ 347,264
372   Oglethorpe Power Corp 5.050% 10/01/48 BBB+ 463,118
200   Oncor Electric Delivery Co LLC 5.300% 6/01/42 A+ 274,242
398   PPL Capital Funding Inc 4.700% 6/01/43 BBB+ 473,249
337   Puget Energy Inc 3.650% 5/15/25 BBB 356,795
190   Sempra Energy 4.050% 12/01/23 BBB+ 203,953
205   Southern California Edison Co 3.400% 6/01/23 A- 215,355
372   Southern California Gas Co 3.950% 2/15/50 Aa2 441,051
133   Southern Co 4.250% 7/01/36 BBB+ 151,922
515   Southern Co 4.400% 7/01/46 BBB+ 598,008
391   Southern Co Gas Capital Corp 4.400% 6/01/43 A- 454,058
311   Spire Inc 4.700% 8/15/44 BBB+ 369,793
262   Wisconsin Public Service Corp 3.300% 9/01/49 A+ 277,374
611   Xcel Energy Inc 4.800% 9/15/41 BBB+ 727,813
196   Xcel Energy Inc 3.500% 12/01/49 BBB+ 207,034
16,848   Total Utility       19,354,803
$ 47,549   Total Corporate Debt (cost $53,204,274)       54,079,187
    
Principal Amount (000)   Description (1) Coupon Maturity Ratings (2) Value
    U.S. TREASURY – 23.1%        
$ 2,075   United States Treasury Note/Bond 2.625% 7/31/20 Aaa $2,085,537
16,968   United States Treasury Note/Bond 2.625% 7/15/21 Aaa 17,260,300
29
Nuveen Enhanced Yield U.S. Aggregate Bond ETF (NUAG) (continued)
Portfolio of Investments    January 31, 2020
(Unaudited)
Principal Amount (000)   Description (1) Coupon Maturity Ratings (2) Value
$ 7,473   United States Treasury Note/Bond 2.000% 12/31/21 Aaa $7,562,910
3,068   United States Treasury Note/Bond 1.750% 6/15/22 Aaa 3,098,680
258   United States Treasury Note/Bond 1.375% 10/15/22 Aaa 258,383
2,987   United States Treasury Note/Bond 3.125% 11/15/28 Aaa 3,386,861
934   United States Treasury Note/Bond 2.375% 5/15/29 Aaa 1,003,941
1,130   United States Treasury Note/Bond 1.625% 8/15/29 Aaa 1,140,991
124   United States Treasury Note/Bond 2.250% 8/15/49 Aaa 130,539
$ 35,017   Total U.S. Treasury (cost $35,784,730)       35,928,142
    
Principal Amount (000)   Description (1) Coupon Maturity Ratings (2) Value
    GOVERNMENT RELATED – 5.0%        
    Government Agency  –  1.6%        
$ 496   Federal Home Loan Mortgage Corp 6.250% 7/15/32 Aaa $738,312
517   Federal National Mortgage Association 6.625% 11/15/30 Aaa 759,856
529   Petroleos Mexicanos 5.350% 2/12/28 BBB+ 533,787
375   Tennessee Valley Authority 3.500% 12/15/42 Aaa 447,336
1,917   Total Government Agency       2,479,291
    Municipal Bonds  –  1.7% (3)        
95   Bay Area Toll Authority, California, Revenue Bonds, San Francisco Bay Area Toll Bridge, Subordinate Lien, Build America Federally Taxable Bond Series 2010S-1 (No Optional Call) 6.918% 4/01/40 AA- 146,652
83   California State, General Obligation Bonds, Various Purpose Build America Taxable Bond Series 2010 (Optional Call: 3/20 at 100.00) 7.950% 3/01/36 Aa2 83,405
260   California State, General Obligation Bonds, Various Purpose Build America Taxable Bond Series 2010 (No Optional Call) 7.625% 3/01/40 Aa2 437,980
135   Chicago O'Hare International Airport (No Optional Call) 4.572% 1/01/54 A 176,190
95   Commonwealth Financing Authority, Pennsylvania, State Appropriation Lease Bonds, Plancon Program, Taxable Series 2018A (No Optional Call) 3.864% 6/01/38 A1 106,897
95   Dormitory Authority of the State of New York, Revenue Bonds, Montefiore Obligated Group, Taxable Series 2018B (Optional Call: 8/28 at 100.00) 4.946% 8/01/48 AA 106,334
60   Health & Educational Facilities Authority of the State of Missouri (No Optional Call) 3.086% 9/15/51 AA+ 62,559
105   Illinois State, General Obligation Bonds, Pension Funding Series 2003 (No Optional Call) 5.100% 6/01/33 BBB 118,465
95   Los Angeles Unified School District, Los Angeles County, California, General Obligation Bonds, Build America Taxable Bonds, Series 2009KRY (No Optional Call) 5.750% 7/01/34 Aa3 127,828
300   Metropolitan Transportation Authority, New York, Transportation Revenue Bonds, Build America Taxable Bonds, Series 2009A-1 (No Optional Call) 5.871% 11/15/39 AA- 402,285
100   Municipal Electric Authority of Georgia, Plant Vogtle Units 3 & 4 Project J Bonds, Taxable Build America Bonds Series 2010A (No Optional Call) 6.637% 4/01/57 A 143,430
135   New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Federally Taxable Issuer Subsidy Build America Bonds, Series 2010B (No Optional Call) 6.561% 12/15/40 A- 192,467
30
Principal Amount (000)   Description (1) Coupon Maturity Ratings (2) Value
    Municipal Bonds (3) (continued)        
$ 32   Ohio State University, General Receipts Bonds, Multiyear Debt Issuance Program, Taxable Series 2016B (No Optional Call) 3.798% 12/01/46 Aa1 $37,942
60   Phoenix, Arizona, Various Purpose General Obligation Bonds, Build America Taxable Bonds, Series 2009A (No Optional Call) 5.269% 7/01/34 AA+ 74,720
120   Sales Tax Securitization Corp (No Optional Call) 3.820% 1/01/48 AA- 132,025
81   Texas State, General Obligation Bonds, Transportation Commission, Build America Taxable Bonds, Series 2010A (No Optional Call) 4.631% 4/01/33 AAA 97,661
145   University of California, General Revenue Bonds, Taxable Series 2019BD (No Optional Call) 3.349% 7/01/29 AA 160,761
10   University of Texas System (No Optional Call) 3.852% 8/15/46 AAA 12,388
2,006   Total Municipal Bonds       2,619,989
    Sovereign Debt  –  1.7%        
24   Chile Government International Bond 3.500% 1/25/50 A+ 26,112
209   Colombia Government International Bond 6.125% 1/18/41 Baa2 282,451
200   Mexico Government International Bond 6.050% 1/11/40 A3 268,000
497   Mexico Government International Bond 4.350% 1/15/47 A3 544,712
260   Panama Government International Bond 4.300% 4/29/53 BBB+ 316,550
312   Peruvian Government International Bond 4.125% 8/25/27 A3 355,524
200   Philippine Government International Bond 3.750% 1/14/29 BBB+ 226,315
200   Philippine Government International Bond 3.700% 2/02/42 BBB+ 234,620
126   Republic of Italy Government International Bond 5.375% 6/15/33 BBB 152,537
251   Uruguay Government International Bond 5.100% 6/18/50 BBB 316,887
2,279   Total Sovereign Debt       2,723,708
$ 6,202   Total Government Related (cost $7,434,170)       7,822,988
    Total Long-Term Investments (cost $152,339,397)       154,224,036
    
Principal Amount (000)   Description Coupon Maturity Ratings (2) Value
    SHORT-TERM INVESTMENTS – 15.8%        
    U.S. GOVERNMENT AND AGENCY OBLIGATIONS  –  15.8%        
$ 24,660   Federal Home Loan Bank, Discount Notes 0.000% 2/03/20 N/R $ 24,660,000
    Total Short-Term Investments (cost $24,660,000)       24,660,000
    Total Investments (cost $176,999,397) – 114.8%       178,884,036
    Other Assets Less Liabilities – (14.8)%       (23,065,470)
    Net Assets – 100%       $ 155,818,566
31
Nuveen Enhanced Yield U.S. Aggregate Bond ETF (NUAG) (continued)
Portfolio of Investments    January 31, 2020
(Unaudited)
  For Fund portfolio compliance purposes, the Fund’s industry classifications refer to any one or more of the industry sub-classifications used by one or more widely recognized market indexes or ratings group indexes, and/or as defined by Fund management. This definition may not apply for purposes of this report, which may combine industry sub-classifications into sectors for reporting ease.  
(1) All percentages shown in the Portfolio of Investments are based on net assets.  
(2) The Fund uses credit quality ratings for its portfolio securities provided by Moody's, S&P and Fitch. 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. 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. Holdings designated N/R are not rated by Moody's, S&P or Fitch.  
(3) Optional Call Provisions: Dates (month and year) and prices of the earliest optional call or redemption. There may be other call provisions at varying prices at later dates. Certain mortgage-backed securities may be subject to periodic principal paydowns.  
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.  
DD1 Portion of investment purchased on a delayed delivery basis.  
See accompanying notes to financial statements.
32
Nuveen Enhanced Yield 1-5 Year U.S. Aggregate Bond ETF (NUSA)
Portfolio of Investments    January 31, 2020
(Unaudited)
Principal Amount (000)   Description (1) Coupon Maturity Ratings (2) Value
    LONG-TERM INVESTMENTS – 100.1%        
    CORPORATE DEBT – 47.0%        
    Financials  –  22.8%        
$ 200   AerCap Ireland Capital DAC / AerCap Global Aviation Trust 4.875% 1/16/24 BBB $219,154
175   Air Lease Corp 2.250% 1/15/23 BBB 176,508
107   Aircastle Ltd 4.400% 9/25/23 BBB- 114,794
86   American Express Co 3.400% 2/22/24 A 91,076
100   Ares Capital Corp 3.250% 7/15/25 BBB 100,944
121   Bank of America Corp 5.000% 5/13/21 A+ 126,085
350   Bank of America Corp 3.458% 3/15/25 A+ 370,450
86   Bank of Montreal 3.300% 2/05/24 AA- 90,709
212   Bank of New York Mellon Corp 3.450% 8/11/23 AA- 224,658
86   Bank of Nova Scotia 3.400% 2/11/24 AA- 91,049
200   Barclays PLC 3.932% 5/07/25 A 212,997
48   BlackRock Inc 4.250% 5/24/21 AA- 49,639
86   Canadian Imperial Bank of Commerce 3.100% 4/02/24 AA- 90,015
271   Capital One Financial Corp 4.750% 7/15/21 A- 282,356
284   Citigroup Inc 4.044% 6/01/24 A 302,853
104   Citizens Financial Group Inc 2.375% 7/28/21 BBB+ 104,805
200   Deutsche Bank AG/New York NY 3.700% 5/30/24 BBB 207,063
100   Discover Bank 3.350% 2/06/23 BBB+ 103,852
125   Fifth Third Bancorp 2.600% 6/15/22 A- 127,236
165   Goldman Sachs Group Inc 3.625% 2/20/24 A 175,488
200   HSBC Holdings PLC 5.100% 4/05/21 A+ 207,661
96   Humana Inc 2.900% 12/15/22 BBB+ 98,459
314   JPMorgan Chase & Co 4.500% 1/24/22 AA- 330,793
129   JPMorgan Chase & Co 3.797% 7/23/24 AA- 137,081
128   Marsh & McLennan Cos Inc 3.875% 3/15/24 A- 137,848
212   Mitsubishi UFJ Financial Group Inc 3.761% 7/26/23 A1 224,798
175   Morgan Stanley 2.625% 11/17/21 A 177,742
55   Northern Trust Corp 3.375% 8/23/21 AA- 56,494
96   PNC Financial Services Group Inc 3.300% 3/08/22 A+ 99,066
75   Prudential Financial Inc 5.625% 6/15/43 BBB+ 81,110
75   Prudential Financial Inc 5.200% 3/15/44 BBB+ 79,988
400   Royal Bank of Scotland Group PLC 4.269% 3/22/25 A 429,710
86   Sabra Health Care LP 4.800% 6/01/24 BBB- 92,245
100   Santander Holdings USA Inc 3.500% 6/07/24 BBB+ 104,328
59   SL Green Realty Corp 4.500% 12/01/22 BBB 62,422
33
Nuveen Enhanced Yield 1-5 Year U.S. Aggregate Bond ETF (NUSA) (continued)
Portfolio of Investments    January 31, 2020
(Unaudited)
Principal Amount (000)   Description (1) Coupon Maturity Ratings (2) Value
    Financials (continued)        
$ 46   Stifel Financial Corp 3.500% 12/01/20 BBB $46,566
212   Sumitomo Mitsui Financial Group Inc 3.748% 7/19/23 A1 225,010
100   Synchrony Financial 2.850% 7/25/22 BBB- 101,941
86   Synchrony Financial 4.375% 3/19/24 BBB- 92,385
100   Toronto-Dominion Bank 2.650% 6/12/24 Aa3 103,615
86   Trinity Acquisition PLC 4.625% 8/15/23 BBB 93,260
115   Truist Financial Corp 2.050% 5/10/21 A+ 115,593
115   US Bancorp 2.625% 1/24/22 AA- 117,140
156   Wells Fargo & Co 3.500% 3/08/22 A+ 161,622
86   Wells Fargo & Co 3.750% 1/24/24 A+ 91,848
128   Welltower Inc 3.950% 9/01/23 BBB+ 136,513
6,536   Total Financials       6,866,969
    Industrial  –  11.6%        
86   AbbVie Inc 3.750% 11/14/23 A- 91,530
100   American Tower Corp 2.400% 3/15/25 BBB 101,312
211   AT&T Inc 3.800% 3/15/22 A- 219,720
100   BAT Capital Corp 2.789% 9/06/24 BBB+ 102,082
126   Becton Dickinson and Co 3.125% 11/08/21 BBB 128,747
128   Bristol-Myers Squibb Co, 144A 2.750% 2/15/23 A+ 131,710
86   Broadcom Inc, 144A 3.625% 10/15/24 BBB- 90,506
59   Bunge Ltd Finance Corp 3.000% 9/25/22 BBB 60,375
86   Charter Communications Operating LLC / Charter Communications Operating Capital 4.500% 2/01/24 BBB- 93,451
110   Constellation Brands Inc 2.650% 11/07/22 BBB 112,452
125   CVS Health Corp 2.625% 8/15/24 BBB 128,055
100   Dominion Energy Gas Holdings LLC 2.500% 11/15/24 BBB+ 101,576
89   eBay Inc 2.875% 8/01/21 BBB+ 90,108
100   Energy Transfer Operating LP 4.250% 3/15/23 BBB- 105,226
100   Ford Motor Credit Co LLC 5.584% 3/18/24 BBB 108,861
126   Fortive Corp 2.350% 6/15/21 Baa1 126,683
374   General Motors Financial Co Inc 4.375% 9/25/21 BBB 388,162
86   Global Payments Inc 4.000% 6/01/23 BBB- 91,450
86   Hewlett Packard Enterprise Co 3.500% 10/05/21 BBB+ 88,327
100   Keurig Dr Pepper Inc 4.057% 5/25/23 BBB 106,747
55   McDonald's Corp 2.625% 1/15/22 BBB+ 55,988
110   Mosaic Co 3.250% 11/15/22 BBB- 113,381
126   NextEra Energy Capital Holdings Inc 2.800% 1/15/23 A- 129,448
55   Norfolk Southern Corp 3.250% 12/01/21 BBB+ 56,299
100   Occidental Petroleum Corp 2.900% 8/15/24 BBB+ 102,148
100   ONEOK Inc 2.750% 9/01/24 BBB 102,188
46   Quest Diagnostics Inc 4.700% 4/01/21 BBB+ 47,540
34
Principal Amount (000)   Description (1) Coupon Maturity Ratings (2) Value
    Industrial (continued)        
$ 46   Roper Technologies Inc 2.800% 12/15/21 BBB+ $46,819
100   Ryder System Inc 2.500% 9/01/24 A- 102,036
36   Southern Natural Gas Co LLC / Southern Natural Issuing Corp 4.400% 6/15/21 BBB+ 36,996
86   Union Pacific Corp 3.150% 3/01/24 A- 90,416
110   ViacomCBS Inc 2.900% 6/01/23 BBB 113,462
46   Xylem Inc/NY 4.875% 10/01/21 BBB 48,300
3,394   Total Industrial       3,512,101
    Utility  –  12.6%        
100   Ameren Corp 2.500% 9/15/24 Baa1 101,910
100   American Water Capital Corp 3.850% 3/01/24 A 107,172
85   Appalachian Power Co 4.600% 3/30/21 A- 87,232
99   CenterPoint Energy Resources Corp 3.550% 4/01/23 BBB+ 103,368
100   CMS Energy Corp 3.875% 3/01/24 Baa1 106,768
69   Consolidated Edison Inc 2.000% 5/15/21 BBB+ 69,246
59   Dominion Energy Inc 4.104% 4/01/21 BBB 60,378
200   DTE Energy Co 3.500% 6/01/24 BBB+ 210,845
288   Duke Energy Carolinas LLC 3.050% 3/15/23 Aa2 299,696
100   Entergy Gulf States Louisiana LLC 5.590% 10/01/24 A 116,776
150   Entergy Louisiana LLC 5.400% 11/01/24 A 174,229
100   Evergy Inc 2.450% 9/15/24 BBB+ 101,723
96   Eversource Energy 2.500% 3/15/21 BBB+ 96,737
100   Eversource Energy 2.750% 3/15/22 BBB+ 101,916
298   Exelon Corp 3.497% 6/01/22 BBB 307,090
150   Georgia Power Co 2.200% 9/15/24 A- 151,768
110   ITC Holdings Corp 2.700% 11/15/22 BBB+ 112,169
62   National Rural Utilities Cooperative Finance Corp 3.050% 2/15/22 A1 63,609
55   NextEra Energy Capital Holdings Inc 4.500% 6/01/21 A- 56,634
85   PacifiCorp 2.950% 2/01/22 A+ 86,896
100   PacifiCorp 3.600% 4/01/24 A+ 106,931
360   PSEG Power LLC 3.850% 6/01/23 BBB+ 380,654
215   Sempra Energy 2.900% 2/01/23 BBB+ 221,409
94   Southern California Edison Co 1.845% 2/01/22 A- 92,707
91   Southern California Edison Co 3.400% 6/01/23 A- 95,597
161   Southern Co 2.350% 7/01/21 BBB+ 162,170
111   Virginia Electric & Power Co 2.950% 1/15/22 A2 113,189
115   Xcel Energy Inc 2.400% 3/15/21 BBB+ 115,815
3,653   Total Utility       3,804,634
$ 13,583   Total Corporate Debt (cost $13,746,365)       14,183,704
    
35
Nuveen Enhanced Yield 1-5 Year U.S. Aggregate Bond ETF (NUSA) (continued)
Portfolio of Investments    January 31, 2020
(Unaudited)
Principal Amount (000)   Description (1) Coupon Maturity Ratings (2) Value
    SECURITIZED – 26.9%        
$ 500   American Express Credit Account Master Trust 2.990% 12/15/23 AAA $509,326
100   BENCHMARK 2018-B1 Mortgage Trust 3.571% 1/15/51 AAA 104,187
500   CarMax Auto Owner Trust 3.130% 6/15/23 AAA 508,705
120   COMM 2012-CCRE1 Mortgage Trust 3.912% 5/15/45 Aaa 124,470
300   COMM 2014-CCRE16 Mortgage Trust 3.775% 4/10/47 AAA 321,361
250   Discover Card Execution Note Trust 3.110% 1/16/24 AAA 255,699
507   Fannie Mae Pool BM3087 4.000% 12/01/32 N/R 532,367
226   Fannie Mae Pool MA3392 3.500% 6/01/33 N/R 236,029
166   Fannie Mae Pool MA3490 4.000% 10/01/33 N/R 173,291
949   Fannie Mae Pool MA3738 3.000% 8/01/34 N/R 977,737
386   Fannie Mae Pool MA3798 3.000% 10/01/34 N/R 397,964
97   Fannie Mae Pool MA3828 3.000% 11/01/34 N/R 100,382
99   Fannie Mae Pool MA3897 3.000% 1/01/35 N/R 102,406
598   Fannie Mae Pool MA3930 2.500% 2/01/35 N/R 608,876
500   Ford Credit Auto Owner Trust 2016-REV1, 144A 2.310% 8/15/27 AAA 503,508
200   Ford Credit Floorplan Master Owner Trust A 2.440% 9/15/26 AAA 205,767
296   Freddie Mac Gold Pool G18642 3.500% 4/01/32 N/R 310,372
100   GM Financial Automobile Leasing Trust 2018-3 3.300% 7/20/22 AAA 101,240
300   GS Mortgage Securities Trust 2019-GC38 3.872% 2/10/52 AAA 320,811
200   JP Morgan Chase Commercial Mortgage Securities Trust 2013-C16 4.166% 12/15/46 Aaa 215,908
259   JPMBB Commercial Mortgage Securities Trust 2015-C28 2.773% 10/15/48 Aaa 259,139
250   Synchrony Credit Card Master Note Trust 2.210% 5/15/24 AAA 251,835
150   Verizon Owner Trust 2019-A 2.930% 9/20/23 AAA 153,240
550   Wells Fargo Commercial Mortgage Trust 2016-C32 3.324% 1/15/59 Aaa 575,972
118   WFRBS Commercial Mortgage Trust 2012-C7 4.090% 6/15/45 Aaa 123,074
140   WFRBS Commercial Mortgage Trust 2013-C12 3.863% 3/15/48 AA 145,250
$ 7,861   Total Securitized (cost $7,997,261)       8,118,916
    
Principal Amount (000)   Description (1) Coupon Maturity Ratings (2) Value
    U.S. TREASURY – 26.2%        
$ 117   United States Treasury Note/Bond 1.375% 2/15/20 Aaa $116,990
1,716   United States Treasury Note/Bond 2.625% 7/15/21 Aaa 1,745,561
885   United States Treasury Note/Bond 1.875% 2/28/22 Aaa 894,576
400   United States Treasury Note/Bond 2.125% 5/15/22 Aaa 407,125
1,262   United States Treasury Note/Bond 1.750% 6/30/22 Aaa 1,274,718
250   United States Treasury Note/Bond 1.375% 10/15/22 Aaa 250,371
316   United States Treasury Note/Bond 2.000% 10/31/22 Aaa 321,839
191   United States Treasury Note/Bond 2.000% 11/30/22 Aaa 194,633
508   United States Treasury Note/Bond 2.375% 1/31/23 Aaa 523,796
340   United States Treasury Note/Bond 2.500% 3/31/23 Aaa 352,498
36
Principal Amount (000)   Description (1) Coupon Maturity Ratings (2) Value
$ 762   United States Treasury Note/Bond 2.750% 4/30/23 Aaa $796,707
170   United States Treasury Note/Bond 2.875% 11/30/23 Aaa 179,835
170   United States Treasury Note/Bond 2.500% 1/31/24 Aaa 177,789
500   United States Treasury Note/Bond 1.750% 6/30/24 Aaa 509,023
100   United States Treasury Note/Bond 1.250% 8/31/24 Aaa 99,676
50   United States Treasury Note/Bond 1.375% 1/31/25 N/R 50,115
$ 7,737   Total U.S. Treasury (cost $7,730,334)       7,895,252
    Total Long-Term Investments (cost $29,473,960)       30,197,872
    
Principal Amount (000)   Description Coupon Maturity Ratings (2) Value
    SHORT-TERM INVESTMENTS – 0.8%        
    U.S. GOVERNMENT AND AGENCY OBLIGATIONS  –  0.8%        
$ 230   Federal Home Loan Bank, Discount Notes 0.000% 2/03/20 N/R $ 230,000
    Total Short-Term Investments (cost $230,000)       230,000
    Total Investments (cost $29,703,960) – 100.9%       30,427,872
    Other Assets Less Liabilities – (0.9)%       (271,633)
    Net Assets – 100%       $ 30,156,239
  For Fund portfolio compliance purposes, the Fund’s industry classifications refer to any one or more of the industry sub-classifications used by one or more widely recognized market indexes or ratings group indexes, and/or as defined by Fund management. This definition may not apply for purposes of this report, which may combine industry sub-classifications into sectors for reporting ease.  
(1) All percentages shown in the Portfolio of Investments are based on net assets.  
(2) The Fund uses credit quality ratings for its portfolio securities provided by Moody's, S&P and Fitch. 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. 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. Holdings designated N/R are not rated by Moody's, S&P or Fitch.  
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.  
See accompanying notes to financial statements.
37
Nuveen ESG High Yield Corporate Bond ETF (NUHY)
Portfolio of Investments    January 31, 2020
(Unaudited)
Principal Amount (000)   Description (1) Coupon Maturity Ratings (2) Value
    LONG-TERM INVESTMENTS – 98.0%        
    CORPORATE DEBT – 98.0%        
    Financials  –  7.2%        
$ 360   Brookfield Property REIT Inc / BPR Cumulus LLC / BPR Nimbus LLC / GGSI Sellco LL, 144A 5.750% 5/15/26 BB+ $375,635
260   Centene Corp 4.750% 1/15/25 BBB- 268,341
470   Centene Corp, 144A 5.375% 6/01/26 BBB- 499,962
40   Centene Corp, 144A 5.375% 8/15/26 BBB- 42,500
130   ESH Hospitality Inc, 144A 5.250% 5/01/25 BB- 133,250
300   Icahn Enterprises LP / Icahn Enterprises Finance Corp 6.250% 2/01/22 BB+ 305,250
630   Intesa Sanpaolo SpA, 144A 5.710% 1/15/26 BBB- 698,201
130   LPL Holdings Inc, 144A 5.750% 9/15/25 BB 135,525
110   MPT Operating Partnership LP / MPT Finance Corp 5.000% 10/15/27 BBB- 115,632
210   MPT Operating Partnership LP / MPT Finance Corp 4.625% 8/01/29 BBB- 219,450
70   Nationstar Mortgage Holdings Inc, 144A 8.125% 7/15/23 B 74,025
820   Nationstar Mortgage Holdings Inc, 144A 9.125% 7/15/26 B 910,569
3,530   Total Financials       3,778,340
    Industrial  –  87.9%        
210   Acadia Healthcare Co Inc 5.625% 2/15/23 B- 212,799
150   AMC Entertainment Holdings Inc 5.750% 6/15/25 B3 133,500
170   AMC Networks Inc 5.000% 4/01/24 BB 173,400
50   AmeriGas Partners LP / AmeriGas Finance Corp 5.625% 5/20/24 BB 53,135
170   AmeriGas Partners LP / AmeriGas Finance Corp 5.500% 5/20/25 BB 181,900
90   AmeriGas Partners LP / AmeriGas Finance Corp 5.875% 8/20/26 BB 98,505
170   Antero Midstream Partners LP / Antero Midstream Finance Corp 5.375% 9/15/24 BB+ 150,535
170   Antero Midstream Partners LP / Antero Midstream Finance Corp, 144A 5.750% 3/01/27 BB+ 132,549
170   Aramark Services Inc, 144A 5.000% 4/01/25 BB 177,101
400   Aramark Services Inc, 144A 5.000% 2/01/28 BB 419,000
130   ASP AMC Merger Sub Inc, 144A 8.000% 5/15/25 CCC 87,750
130   Atento Luxco 1 SA, 144A 6.125% 8/10/22 BB 131,137
110   Beacon Roofing Supply Inc, 144A 4.875% 11/01/25 B- 109,417
240   Berry Global Inc, 144A 4.875% 7/15/26 BBB- 250,764
70   Bombardier Inc, 144A 8.750% 12/01/21 B 74,900
70   Bombardier Inc, 144A 7.500% 12/01/24 B- 67,988
90   Bombardier Inc, 144A 7.500% 3/15/25 B 86,513
130   Bombardier Inc, 144A 7.875% 4/15/27 B 123,169
630   Builders FirstSource Inc, 144A 5.625% 9/01/24 BB- 653,436
320   Calfrac Holdings LP, 144A 8.500% 6/15/26 Caa3 121,600
38
Principal Amount (000)   Description (1) Coupon Maturity Ratings (2) Value
    Industrial (continued)        
$ 950   Camelot Finance SA, 144A 4.500% 11/01/26 B $966,625
240   Catalent Pharma Solutions Inc, 144A 5.000% 7/15/27 B+ 252,636
110   Cengage Learning Inc, 144A 9.500% 6/15/24 CCC 101,750
210   Chemours Co 6.625% 5/15/23 Ba3 206,730
300   Cheniere Energy Partners LP 5.250% 10/01/25 BB 309,000
470   Cheniere Energy Partners LP 5.625% 10/01/26 BB 492,326
150   Clean Harbors Inc, 144A 4.875% 7/15/27 BB+ 157,860
340   Clear Channel Worldwide Holdings Inc, 144A 9.250% 2/15/24 B- 370,175
300   CommScope Inc, 144A 5.500% 3/01/24 Ba3 308,250
640   CommScope Inc, 144A 6.000% 3/01/26 Ba3 671,201
240   CommScope Inc, 144A 8.250% 3/01/27 B- 246,600
360   CommScope Technologies LLC, 144A 6.000% 6/15/25 B- 344,700
210   CommScope Technologies LLC, 144A 5.000% 3/15/27 B- 190,575
850   Connect Finco SARL / Connect US Finco LLC, 144A 6.750% 10/01/26 B+ 899,937
470   Cornerstone Building Brands Inc, 144A 8.000% 4/15/26 B- 492,912
360   Coty Inc, 144A 6.500% 4/15/26 B+ 375,300
130   Darling Ingredients Inc, 144A 5.250% 4/15/27 BB+ 137,150
130   DCP Midstream Operating LP 5.375% 7/15/25 BB+ 141,878
210   Diamond Sports Group LLC / Diamond Sports Finance Co, 144A 5.375% 8/15/26 BB 209,181
150   Dun & Bradstreet Corp, 144A 10.250% 2/15/27 BB- 171,945
360   Elanco Animal Health Inc 4.272% 8/28/23 BB+ 383,298
190   Encompass Health Corp 4.500% 2/01/28 B+ 195,708
720   Encompass Health Corp 4.750% 2/01/30 B+ 748,800
240   Energizer Holdings Inc, 144A 6.375% 7/15/26 B+ 255,612
300   Energizer Holdings Inc, 144A 7.750% 1/15/27 B+ 330,765
220   EnLink Midstream Partners LP 4.150% 6/01/25 BBB- 202,950
150   Entegris Inc, 144A 4.625% 2/10/26 BB 154,875
340   Envision Healthcare Corp, 144A 8.750% 10/15/26 CCC+ 205,020
170   Exela Intermediate LLC / Exela Finance Inc, 144A 10.000% 7/15/23 CCC- 65,450
510   Frontier Communications Corp 10.500% 9/15/22 CCC- 232,050
840   Frontier Communications Corp 11.000% 9/15/25 CCC- 384,825
190   Gogo Intermediate Holdings LLC / Gogo Finance Co Inc, 144A 9.875% 5/01/24 B3 204,258
430   Goodyear Tire & Rubber Co 5.000% 5/31/26 BB 446,684
210   Goodyear Tire & Rubber Co 4.875% 3/15/27 BB 216,300
50   Gray Television Inc, 144A 5.875% 7/15/26 BB- 52,313
50   Gray Television Inc, 144A 7.000% 5/15/27 BB- 54,440
240   Greif Inc, 144A 6.500% 3/01/27 BB- 258,449
130   GrubHub Holdings Inc, 144A 5.500% 7/01/27 BB- 126,912
220   Hanesbrands Inc, 144A 4.625% 5/15/24 Ba2 230,450
400   Hanesbrands Inc, 144A 4.875% 5/15/26 Ba2 421,500
130   HCA Inc 5.375% 2/01/25 Ba2 145,288
39
Nuveen ESG High Yield Corporate Bond ETF (NUHY) (continued)
Portfolio of Investments    January 31, 2020
(Unaudited)
Principal Amount (000)   Description (1) Coupon Maturity Ratings (2) Value
    Industrial (continued)        
$ 110   HCA Inc 5.875% 2/15/26 Ba2 $126,363
190   HD Supply Inc, 144A 5.375% 10/15/26 Ba2 201,400
110   Herc Holdings Inc, 144A 5.500% 7/15/27 B+ 114,917
860   Hertz Corp, 144A 7.125% 8/01/26 B- 913,750
550   Hertz Corp/The, 144A 5.500% 10/15/24 B- 558,019
210   Hilton Domestic Operating Co Inc 4.250% 9/01/24 BB+ 213,150
340   Hilton Domestic Operating Co Inc 5.125% 5/01/26 BB+ 356,048
260   Hilton Domestic Operating Co Inc 4.875% 1/15/30 BB+ 274,950
130   Hilton Worldwide Finance LLC / Hilton Worldwide Finance Corp 4.625% 4/01/25 BB+ 132,925
130   Hilton Worldwide Finance LLC / Hilton Worldwide Finance Corp 4.875% 4/01/27 BB+ 136,825
220   Hologic Inc, 144A 4.375% 10/15/25 BB- 224,033
190   Hughes Satellite Systems Corp 5.250% 8/01/26 BBB- 206,131
50   Hughes Satellite Systems Corp 6.625% 8/01/26 BB 55,313
110   IAA Inc, 144A 5.500% 6/15/27 BB- 116,727
1,000   iHeartCommunications Inc 8.375% 5/01/27 B- 1,087,490
320   Infor US Inc 6.500% 5/15/22 CCC+ 322,400
190   Intelsat Connect Finance SA, 144A 9.500% 2/15/23 CCC- 96,900
260   Intelsat Jackson Holdings SA, 144A 9.750% 7/15/25 CCC+ 221,650
340   Iron Mountain Inc, 144A 4.375% 6/01/21 BB- 341,275
240   Iron Mountain Inc, 144A 4.875% 9/15/27 BB- 247,200
210   Iron Mountain Inc, 144A 5.250% 3/15/28 BB- 219,450
400   Iron Mountain Inc, 144A 4.875% 9/15/29 BB- 408,040
170   KAR Auction Services Inc, 144A 5.125% 6/01/25 B+ 174,391
190   Laureate Education Inc, 144A 8.250% 5/01/25 BB- 203,537
190   Lennar Corp 4.750% 11/29/27 Baa2 210,425
190   Marriott Ownership Resorts Inc / ILG LLC 6.500% 9/15/26 BB- 205,675
150   Masonite International Corp, 144A 5.375% 2/01/28 BB+ 157,922
1,310   Mattel Inc, 144A 6.750% 12/31/25 BB- 1,404,975
90   MGM Growth Properties Operating Partnership LP / MGP Finance Co-Issuer Inc 5.625% 5/01/24 BB+ 98,171
60   MGM Growth Properties Operating Partnership LP / MGP Finance Co-Issuer Inc 5.750% 2/01/27 BB+ 66,750
210   Michaels Stores Inc, 144A 8.000% 7/15/27 B1 187,687
1,030   Navistar International Corp, 144A 6.625% 11/01/25 B+ 1,077,205
220   NCR Corp, 144A 5.750% 9/01/27 BB 234,345
240   NCR Corp, 144A 6.125% 9/01/29 BB 261,876
70   Netflix Inc 4.375% 11/15/26 BB- 73,570
110   Netflix Inc 4.875% 4/15/28 BB- 117,700
130   Netflix Inc 5.875% 11/15/28 BB- 146,399
220   Netflix Inc 6.375% 5/15/29 BB- 256,850
70   Netflix Inc, 144A 5.375% 11/15/29 BB- 76,191
360   Nokia Oyj 4.375% 6/12/27 BB+ 379,800
220   NortonLifeLock Inc, 144A 5.000% 4/15/25 BB+ 224,657
40
Principal Amount (000)   Description (1) Coupon Maturity Ratings (2) Value
    Industrial (continued)        
$ 150   OCI NV, 144A 6.625% 4/15/23 BB $155,700
320   Open Text Corp, 144A 5.875% 6/01/26 BB 338,000
220   Parkland Fuel Corp, 144A 6.000% 4/01/26 BB 231,550
110   Parkland Fuel Corp, 144A 5.875% 7/15/27 BB 116,567
70   PBF Holding Co LLC / PBF Finance Corp 7.250% 6/15/25 BB 74,346
210   Pitney Bowes Inc 4.125% 10/01/21 BB 214,177
550   Plantronics Inc, 144A 5.500% 5/31/23 B+ 530,750
170   Prestige Brands Inc, 144A 6.375% 3/01/24 B+ 175,312
1,260   Prime Security Services Borrower LLC / Prime Finance Inc, 144A 9.250% 5/15/23 B- 1,319,850
300   Prime Security Services Borrower LLC / Prime Finance Inc, 144A 6.250% 1/15/28 B- 296,325
90   Qorvo Inc 5.500% 7/15/26 BB+ 95,175
170   Realogy Group LLC / Realogy Co-Issuer Corp, 144A 5.250% 12/01/21 B 171,062
130   Ritchie Bros Auctioneers Inc, 144A 5.375% 1/15/25 BB+ 135,037
210   Sabre GLBL Inc, 144A 5.375% 4/15/23 BB 213,675
70   Sabre GLBL Inc, 144A 5.250% 11/15/23 BB 71,664
170   Sally Holdings LLC / Sally Capital Inc 5.625% 12/01/25 BB- 175,950
420   SBA Communications Corp 4.000% 10/01/22 BB- 427,350
400   SBA Communications Corp 4.875% 9/01/24 BB- 413,500
130   Select Medical Corp, 144A 6.250% 8/15/26 B- 140,248
240   Sensata Technologies UK Financing Co PLC, 144A 6.250% 2/15/26 BB+ 252,036
110   Service Corp International/US 4.625% 12/15/27 BB 115,022
170   Service Corp International/US 5.125% 6/01/29 BB 181,033
400   ServiceMaster Co LLC/The, 144A 5.125% 11/15/24 BB- 413,388
50   SESI LLC 7.750% 9/15/24 B- 31,131
150   Signature Aviation US Holdings Inc, 144A 5.375% 5/01/26 BB 155,625
170   Sirius XM Radio Inc, 144A 3.875% 8/01/22 BB 172,159
280   Sirius XM Radio Inc, 144A 4.625% 7/15/24 BB 290,325
170   Sirius XM Radio Inc, 144A 5.375% 4/15/25 BB 175,329
210   Sirius XM Radio Inc, 144A 5.375% 7/15/26 BB 221,504
300   Sirius XM Radio Inc, 144A 5.000% 8/01/27 BB 315,000
260   Sirius XM Radio Inc, 144A 5.500% 7/01/29 BB 279,799
400   Summit Materials LLC / Summit Materials Finance Corp 6.125% 7/15/23 BB 404,000
50   Sunoco LP / Sunoco Finance Corp 4.875% 1/15/23 BB 51,313
70   Sunoco LP / Sunoco Finance Corp 6.000% 4/15/27 BB 73,848
30   Tallgrass Energy Partners LP / Tallgrass Energy Finance Corp, 144A 5.500% 9/15/24 BB+ 30,301
210   Targa Resources Partners LP / Targa Resources Partners Finance Corp 5.875% 4/15/26 BB 221,550
70   Targa Resources Partners LP / Targa Resources Partners Finance Corp 6.500% 7/15/27 BB 76,300
70   Targa Resources Partners LP / Targa Resources Partners Finance Corp 5.000% 1/15/28 BB 71,225
70   Targa Resources Partners LP / Targa Resources Partners Finance Corp 6.875% 1/15/29 BB 77,131
400   TEGNA Inc, 144A 5.000% 9/15/29 BB 405,000
260   Tenet Healthcare Corp 6.750% 6/15/23 B- 281,450
41
Nuveen ESG High Yield Corporate Bond ETF (NUHY) (continued)
Portfolio of Investments    January 31, 2020
(Unaudited)
Principal Amount (000)   Description (1) Coupon Maturity Ratings (2) Value
    Industrial (continued)        
$ 300   Tenet Healthcare Corp 4.625% 7/15/24 BB- $307,500
110   Tenet Healthcare Corp, 144A 4.625% 9/01/24 BB- 113,300
90   Tenet Healthcare Corp 5.125% 5/01/25 Ba3 91,575
380   Tenet Healthcare Corp, 144A 4.875% 1/01/26 BB- 394,012
280   Tenet Healthcare Corp, 144A 5.125% 11/01/27 BB- 294,700
260   Tenneco Inc 5.000% 7/15/26 BB- 239,850
340   Tervita Corp, 144A 7.625% 12/01/21 B+ 345,950
380   Tesla Inc, 144A 5.300% 8/15/25 B- 383,808
320   TransDigm Inc, 144A 6.250% 3/15/26 Ba3 345,120
300   TransDigm Inc 6.375% 6/15/26 B- 316,500
170   TreeHouse Foods Inc, 144A 6.000% 2/15/24 BB- 174,675
220   Trinseo Materials Operating SCA / Trinseo Materials Finance Inc, 144A 5.375% 9/01/25 B+ 206,206
170   Under Armour Inc 3.250% 6/15/26 Baa3 166,163
130   United Rentals North America Inc 5.500% 7/15/25 BB- 134,511
110   United Rentals North America Inc 4.625% 10/15/25 BB- 112,406
170   United Rentals North America Inc 5.875% 9/15/26 BB- 180,837
190   United Rentals North America Inc 6.500% 12/15/26 BB- 206,387
300   United Rentals North America Inc 4.875% 1/15/28 BB- 312,750
170   United Rentals North America Inc 5.250% 1/15/30 BB- 182,495
90   Uniti Group LP / Uniti Fiber Holdings Inc / CSL Capital LLC, 144A 7.125% 12/15/24 B- 71,325
90   Uniti Group LP / Uniti Group Finance Inc / CSL Capital LLC, 144A 6.000% 4/15/23 BB 86,175
170   Uniti Group LP / Uniti Group Finance Inc / CSL Capital LLC 8.250% 10/15/23 B- 137,700
105   Univision Communications Inc, 144A 5.125% 2/15/25 B 104,738
400   UPC Holding BV, 144A 5.500% 1/15/28 B 416,000
150   US Concrete Inc 6.375% 6/01/24 BB- 155,250
570   US Foods Inc, 144A 5.875% 6/15/24 BB 582,899
300   USA Compression Partners LP / USA Compression Finance Corp 6.875% 4/01/26 BB- 312,000
170   USA Compression Partners LP / USA Compression Finance Corp 6.875% 9/01/27 BB- 177,208
130   VeriSign Inc 5.250% 4/01/25 BBB- 143,130
320   VeriSign Inc 4.750% 7/15/27 BBB- 337,600
350   VICI Properties LP / VICI Note Co Inc, 144A 4.625% 12/01/29 BB 365,750
700   Vodafone Group PLC 7.000% 4/04/79 BB+ 825,313
130   Wyndham Hotels & Resorts Inc, 144A 5.375% 4/15/26 Ba2 136,012
170   XPO Logistics Inc, 144A 6.500% 6/15/22 BB- 172,975
340   Ziggo Bond Co BV, 144A 6.000% 1/15/27 B- 357,075
46,095   Total Industrial       46,415,460
    Utility  –  2.9%        
650   AES Corp/VA 5.500% 4/15/25 BBB- 670,312
90   Calpine Corp, 144A 5.250% 6/01/26 BB+ 92,934
150   Drax Finco PLC, 144A 6.625% 11/01/25 BB+ 158,697
42
Principal Amount (000)   Description (1) Coupon Maturity Ratings (2) Value
    Utility (continued)        
$ 500   Enviva Partners LP / Enviva Partners Finance Corp, 144A 6.500% 1/15/26 BB- $533,385
90   NextEra Energy Operating Partners LP, 144A 4.250% 9/15/24 Ba1 93,713
1,480   Total Utility       1,549,041
$ 51,105   Total Corporate Debt (cost $51,728,049)       51,742,841
    Total Long-Term Investments (cost $51,728,049)       51,742,841
    
Principal Amount (000)   Description Coupon Maturity Ratings (2) Value
    SHORT-TERM INVESTMENTS – 0.8%        
    U.S. GOVERNMENT AND AGENCY OBLIGATIONS  –  0.8%        
$ 430   Federal Home Loan Bank, Discount Notes 0.000% 2/03/20 N/R $ 430,000
    Total Short-Term Investments (cost $430,000)       430,000
    Total Investments (cost $52,158,049) – 98.8%       52,172,841
    Other Assets Less Liabilities – 1.2%       634,058
    Net Assets – 100%       $ 52,806,899
  For Fund portfolio compliance purposes, the Fund’s industry classifications refer to any one or more of the industry sub-classifications used by one or more widely recognized market indexes or ratings group indexes, and/or as defined by Fund management. This definition may not apply for purposes of this report, which may combine industry sub-classifications into sectors for reporting ease.  
(1) All percentages shown in the Portfolio of Investments are based on net assets.  
(2) The Fund uses credit quality ratings for its portfolio securities provided by Moody's, S&P and Fitch. If all three of Moody's, S&P, and Fitch provide a rating for a security, the middle 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. Holdings designated N/R are not rated by Moody's, S&P or Fitch.  
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.  
REIT Real Estate Investment Trust  
43
Nuveen ESG U.S. Aggregate Bond ETF (NUBD)
Portfolio of Investments    January 31, 2020
(Unaudited)
Principal Amount (000)   Description (1) Coupon Maturity Ratings (2) Value
    LONG-TERM INVESTMENTS  –  99.0%        
    U.S. TREASURY – 38.7%        
$ 1,517   United States Treasury Note/Bond 1.375% 9/15/20 Aaa $1,515,222
9,839   United States Treasury Note/Bond 1.875% 9/30/22 Aaa 9,983,510
1,190   United States Treasury Note/Bond 2.750% 7/31/23 Aaa 1,248,152
1,282   United States Treasury Note/Bond 2.875% 11/30/23 Aaa 1,356,166
1,345   United States Treasury Note/Bond 2.500% 1/31/24 Aaa 1,406,628
300   United States Treasury Note/Bond 2.250% 4/30/24 Aaa 311,414
2,950   United States Treasury Note/Bond 2.000% 5/31/24 Aaa 3,033,545
250   United States Treasury Note/Bond 1.250% 8/31/24 Aaa 249,190
2,944   United States Treasury Note/Bond 2.125% 9/30/24 Aaa 3,049,340
1,386   United States Treasury Note/Bond 2.125% 11/30/24 Aaa 1,437,325
200   United States Treasury Note/Bond 1.375% 1/31/25 N/R 200,461
982   United States Treasury Note/Bond 2.250% 8/15/27 Aaa 1,038,312
846   United States Treasury Note/Bond 2.250% 11/15/27 Aaa 895,405
2,234   United States Treasury Note/Bond 2.750% 2/15/28 Aaa 2,451,379
1,400   United States Treasury Note/Bond 2.375% 5/15/29 Aaa 1,504,836
300   United States Treasury Note/Bond 1.625% 8/15/29 Aaa 302,918
1,300   United States Treasury Note/Bond 2.750% 8/15/42 Aaa 1,482,457
4,163   United States Treasury Note/Bond 2.750% 8/15/47 Aaa 4,806,151
$ 34,428   Total U.S. Treasury (cost $34,955,508)       36,272,411
    
Principal Amount (000)   Description (1) Coupon Maturity Ratings (2) Value
    SECURITIZED – 28.9%        
$ 250   American Express Credit Account Master Trust 1.930% 9/15/22 Aaa $249,974
500   BBCMS Trust, (WI/DD) 2.690% 2/15/53 AAA 514,990
500   COMM 2015-LC19 Mortgage Trust 3.183% 2/10/48 Aaa 529,262
862   Fannie Mae Pool MA2941 3.500% 3/01/32 N/R 902,198
1,423   Fannie Mae Pool MA3120 3.500% 9/01/47 Aaa 1,483,513
2,895   Fannie Mae Pool MA3143 3.000% 9/01/47 N/R 2,979,958
337   Fannie Mae Pool MA3392 3.500% 6/01/33 N/R 352,228
729   Fannie Mae Pool MA3490 4.000% 10/01/33 N/R 762,478
677   Fannie Mae Pool MA3536 4.000% 12/01/48 Aaa 707,930
932   Fannie Mae Pool MA3574 3.500% 1/01/49 N/R 962,147
5,501   Fannie Mae Pool MA3774 3.000% 9/01/49 Aaa 5,627,292
244   Fannie Mae Pool MA3828 3.000% 11/01/34 N/R 250,954
493   Fannie Mae Pool MA3865 3.000% 12/01/34 N/R 508,079
44
Principal Amount (000)   Description (1) Coupon Maturity Ratings (2) Value
$ 2,785   Fannie Mae Pool MA3905, (DD1) 3.000% 1/01/50 N/R $2,849,134
300   Fannie Mae Pool MA3960 3.000% 3/01/50 N/R 306,974
1,672   Ginnie Mae II Pool MA3663 3.500% 5/20/46 Aaa 1,747,819
327   Ginnie Mae II Pool MA5264 4.000% 6/20/48 Aaa 341,298
363   Ginnie Mae II Pool MA5398 4.000% 8/20/48 Aaa 378,174
2,306   Ginnie Mae II Pool MA6038 3.000% 7/20/49 N/R 2,374,287
846   Ginnie Mae II Pool MA6283 3.000% 11/20/49 N/R 870,718
1,396   Ginnie Mae II Pool MA6338, (DD1) 3.000% 12/20/49 N/R 1,436,283
200   GS Mortgage Securities Trust 2019-GC38 3.968% 2/10/52 AAA 227,448
300   Wells Fargo Commercial Mortgage Trust 2016-C32 3.324% 1/15/59 Aaa 314,166
300   Wells Fargo Commercial Mortgage Trust 2019-C49 3.760% 3/15/52 Aaa 336,300
$ 26,138   Total Securitized (cost $26,563,466)       27,013,604
    
Principal Amount (000)   Description (1) Coupon Maturity Ratings (2) Value
    CORPORATE DEBT – 25.2%        
    Financials  –  8.0%        
$ 90   Alexandria Real Estate Equities Inc 3.900% 6/15/23 BBB+ $95,517
117   Allstate Corp 4.500% 6/15/43 A- 146,955
279   American Express Co 3.400% 2/27/23 A 292,117
42   Ameriprise Financial Inc 4.000% 10/15/23 A 45,344
238   Bank of Montreal 3.803% 12/15/32 A+ 253,851
64   Bank of New York Mellon Corp 3.450% 8/11/23 AA- 67,821
157   Bank of New York Mellon Corp 3.300% 8/23/29 A+ 169,575
169   Bank of Nova Scotia 2.450% 9/19/22 Aa2 172,521
42   BlackRock Inc 3.500% 3/18/24 AA- 45,188
87   Boston Properties LP 3.850% 2/01/23 A- 91,683
42   Brixmor Operating Partnership LP 3.875% 8/15/22 BBB- 43,965
48   Brookfield Finance Inc 4.000% 4/01/24 A- 51,782
89   Canadian Imperial Bank of Commerce 3.500% 9/13/23 Aa2 94,443
105   Chubb Corp 6.000% 5/11/37 A 152,516
316   Cooperatieve Rabobank UA 3.875% 2/08/22 Aa3 329,696
112   Deutsche Bank AG/New York NY 4.250% 10/14/21 BBB 115,339
120   ERP Operating LP 2.500% 2/15/30 A 122,405
42   Franklin Resources Inc 2.800% 9/15/22 A+ 43,138
95   Healthpeak Properties Inc 3.150% 8/01/22 BBB+ 97,604
46   Host Hotels & Resorts LP 4.750% 3/01/23 Baa2 49,475
200   HSBC Holdings PLC 2.633% 11/07/25 A+ 203,352
200   HSBC Holdings PLC 4.583% 6/19/29 A+ 228,389
146   KeyCorp 5.100% 3/24/21 A- 151,591
82   Liberty Property LP 3.375% 6/15/23 Baa1 86,006
500   Lloyds Banking Group PLC 2.438% 2/05/26 A+ 503,322
45
Nuveen ESG U.S. Aggregate Bond ETF (NUBD) (continued)
Portfolio of Investments    January 31, 2020
(Unaudited)
Principal Amount (000)   Description (1) Coupon Maturity Ratings (2) Value
    Financials (continued)        
$ 112   Marsh & McLennan Cos Inc 4.800% 7/15/21 A- $116,139
64   Mitsubishi UFJ Financial Group Inc 3.961% 3/02/28 A1 71,826
743   Morgan Stanley 3.772% 1/24/29 A 816,894
42   Northern Trust Corp 3.950% 10/30/25 A+ 46,593
44   ORIX Corp 2.900% 7/18/22 A- 44,946
270   PNC Financial Services Group Inc 3.900% 4/29/24 A 290,754
100   Principal Financial Group Inc 3.700% 5/15/29 A- 111,024
72   Prologis LP 3.875% 9/15/28 A- 81,219
193   Prudential Financial Inc 3.905% 12/07/47 A 215,449
63   RBC USA Holdco Corp 5.250% 9/15/20 AA- 64,382
42   Regency Centers Corp 3.750% 11/15/22 BBB+ 43,872
89   Regions Financial Corp 3.800% 8/14/23 BBB+ 94,878
38   Santander Holdings USA Inc 4.500% 7/17/25 BBB+ 41,535
160   Santander UK PLC 4.000% 3/13/24 Aa3 172,696
100   Simon Property Group LP 2.450% 9/13/29 A 100,461
42   Sompo International Holdings Ltd 4.700% 10/15/22 A- 44,762
143   State Street Corp 3.100% 5/15/23 A+ 149,069
152   Sumitomo Mitsui Financial Group Inc 3.936% 10/16/23 A1 162,680
162   Sumitomo Mitsui Financial Group Inc 3.364% 7/12/27 A1 173,469
165   Toronto-Dominion Bank 2.125% 4/07/21 Aa1 166,083
264   Truist Financial Corp 3.750% 12/06/23 A+ 282,028
100   UDR Inc 3.000% 8/15/31 BBB+ 104,006
132   Welltower Inc 4.125% 3/15/29 BBB+ 147,987
100   Westpac Banking Corp 2.000% 1/13/23 AA- 100,910
140   Westpac Banking Corp 4.322% 11/23/31 A+ 152,355
6,960   Total Financials       7,449,612
    Industrial  –  15.3%        
180   3M Co 2.375% 8/26/29 AA- 182,444
402   AbbVie Inc 3.750% 11/14/23 A- 427,851
130   AbbVie Inc 4.500% 5/14/35 A- 149,361
100   Adobe Inc, (WI/DD) 1.900% 2/01/25 A 101,088
134   American Honda Finance Corp 1.650% 7/12/21 A 133,999
149   American Tower Corp 5.000% 2/15/24 BBB 165,889
197   Amgen Inc 4.400% 5/01/45 A- 227,815
82   Analog Devices Inc 2.500% 12/05/21 Baa1 83,051
145   Apple Inc 1.800% 9/11/24 AA+ 145,978
241   Apple Inc 4.500% 2/23/36 AA+ 301,872
242   Apple Inc 3.850% 5/04/43 AA+ 280,735
42   Applied Materials Inc 5.100% 10/01/35 A- 55,057
9   Archer-Daniels-Midland Co 5.765% 3/01/41 A 12,831
46
Principal Amount (000)   Description (1) Coupon Maturity Ratings (2) Value
    Industrial (continued)        
$ 159   AstraZeneca PLC 6.450% 9/15/37 A $232,186
100   Baker Hughes a GE Co LLC / Baker Hughes Co-Obligor Inc 3.138% 11/07/29 A- 103,967
97   Biogen Inc 3.625% 9/15/22 A- 101,476
70   Booking Holdings Inc 2.750% 3/15/23 A- 72,051
38   Bristol-Myers Squibb Co 2.000% 8/01/22 A+ 38,546
293   Bristol-Myers Squibb Co, 144A 5.000% 8/15/45 A+ 390,047
42   Broadridge Financial Solutions Inc 3.950% 9/01/20 BBB+ 42,507
28   Bunge Ltd Finance Corp 3.000% 9/25/22 BBB 28,653
135   Cardinal Health Inc 2.616% 6/15/22 BBB 137,099
38   Cardinal Health Inc 3.200% 3/15/23 BBB 39,318
58   Caterpillar Financial Services Corp 2.550% 11/29/22 A 59,451
158   Caterpillar Inc 3.803% 8/15/42 A 182,856
250   Cigna Corp, 144A 3.050% 10/15/27 A- 259,410
150   Cisco Systems Inc 2.500% 9/20/26 AA- 156,720
28   Clorox Co 3.050% 9/15/22 A- 28,823
142   Coca-Cola Co 2.500% 4/01/23 A+ 145,838
149   CSX Corp 4.250% 3/15/29 BBB+ 171,651
42   CSX Corp 4.250% 11/01/66 BBB+ 47,210
212   Deere & Co 3.900% 6/09/42 A 249,868
145   Dell International LLC / EMC Corp, 144A 8.100% 7/15/36 BBB- 200,481
112   Discovery Communications LLC 3.500% 6/15/22 BBB- 116,069
38   Discovery Communications LLC 5.000% 9/20/37 BBB- 44,090
100   DuPont de Nemours Inc 4.725% 11/15/28 A- 115,303
42   Eaton Corp 4.000% 11/02/32 A- 49,242
112   Ecolab Inc 3.250% 12/01/27 A- 121,330
100   Fiserv Inc 3.500% 7/01/29 BBB 107,757
132   Fortive Corp 2.350% 6/15/21 Baa1 132,715
262   Gilead Sciences Inc 4.000% 9/01/36 A 300,617
150   GlaxoSmithKline Capital PLC 3.375% 6/01/29 A+ 165,253
150   HCA Inc 4.125% 6/15/29 BBB- 162,329
112   Hewlett Packard Enterprise Co 3.500% 10/05/21 BBB+ 115,031
239   Home Depot Inc 5.400% 9/15/40 A 328,556
78   Ingersoll-Rand Global Holding Co Ltd 4.250% 6/15/23 BBB 84,280
260   Intel Corp 2.450% 11/15/29 A+ 266,455
250   International Business Machines Corp 3.300% 5/15/26 A 269,053
60   International Business Machines Corp 5.600% 11/30/39 A 83,307
58   International Flavors & Fragrances Inc 3.200% 5/01/23 BBB 59,740
101   Kellogg Co 2.650% 12/01/23 BBB 103,773
161   Keurig Dr Pepper Inc 3.130% 12/15/23 BBB 168,081
46   Kimberly-Clark Corp 6.625% 8/01/37 A 69,556
100   Kimberly-Clark Corp, (WI/DD) 2.875% 2/07/50 A 99,939
47
Nuveen ESG U.S. Aggregate Bond ETF (NUBD) (continued)
Portfolio of Investments    January 31, 2020
(Unaudited)
Principal Amount (000)   Description (1) Coupon Maturity Ratings (2) Value
    Industrial (continued)        
$ 156   Kraft Heinz Foods Co 5.000% 7/15/35 BBB- $180,071
99   Laboratory Corp of America Holdings 3.200% 2/01/22 BBB 101,584
58   Lam Research Corp 2.800% 6/15/21 A3 58,811
150   Lowe's Cos Inc 4.650% 4/15/42 BBB+ 177,590
28   Mastercard Inc 2.000% 11/21/21 A+ 28,241
133   McCormick & Co Inc/MD 2.700% 8/15/22 BBB 135,650
225   Merck & Co Inc 3.400% 3/07/29 AA 248,731
276   Microsoft Corp 3.450% 8/08/36 AAA 311,872
281   Microsoft Corp 3.700% 8/08/46 AAA 330,618
80   Moody's Corp 4.500% 9/01/22 BBB+ 84,836
38   Moody's Corp 2.625% 1/15/23 BBB+ 38,953
111   Motorola Solutions Inc 3.500% 3/01/23 BBB- 115,357
44   National Oilwell Varco Inc 2.600% 12/01/22 BBB+ 44,688
42   Norfolk Southern Corp 4.837% 10/01/41 BBB+ 52,844
200   Nutrien Ltd 4.200% 4/01/29 BBB 224,951
54   NVIDIA Corp 2.200% 9/16/21 A- 54,349
261   ONEOK Inc 4.550% 7/15/28 BBB 287,672
116   Oracle Corp 3.250% 11/15/27 A+ 125,504
110   Oracle Corp 3.850% 7/15/36 A+ 125,625
105   Orange SA 4.125% 9/14/21 BBB+ 109,239
92   PACCAR Financial Corp 2.300% 8/10/22 A+ 93,558
100   Parker-Hannifin Corp 4.200% 11/21/34 A- 115,877
200   PepsiCo Inc 2.875% 10/15/49 A+ 202,266
115   Praxair Inc 2.700% 2/21/23 A 118,169
28   Quest Diagnostics Inc 4.250% 4/01/24 BBB+ 30,418
54   Rockwell Collins Inc 3.700% 12/15/23 BBB+ 57,477
36   Roper Technologies Inc 3.125% 11/15/22 BBB+ 37,143
100   Ryder System Inc 2.500% 9/01/24 A- 102,036
45   Seagate HDD Cayman 4.750% 6/01/23 Baa3 47,758
125   Sherwin-Williams Co 2.950% 8/15/29 BBB 129,244
145   Starbucks Corp 3.550% 8/15/29 BBB+ 160,839
119   Target Corp 4.000% 7/01/42 A 141,435
41   Telefonica Emisiones SA 5.462% 2/16/21 BBB 42,520
150   Telefonica Emisiones SA 5.520% 3/01/49 BBB 193,617
170   Toyota Motor Corp 2.760% 7/02/29 AA- 180,487
307   TWDC Enterprises 18 Corp 2.350% 12/01/22 A 313,129
38   Tyco Electronics Group SA 3.500% 2/03/22 A- 39,142
100   Unilever Capital Corp 2.600% 5/05/24 A+ 103,467
103   Union Pacific Corp 3.600% 9/15/37 A- 112,347
28   United Parcel Service Inc 6.200% 1/15/38 A 40,390
148   United Parcel Service Inc 3.750% 11/15/47 A 163,578
48
Principal Amount (000)   Description (1) Coupon Maturity Ratings (2) Value
    Industrial (continued)        
$ 161   Visa Inc 4.150% 12/14/35 AA- $196,993
129   VMware Inc 2.950% 8/21/22 Baa2 132,011
157   Vodafone Group PLC 6.150% 2/27/37 BBB 212,335
100   Waste Management Inc 3.450% 6/15/29 A- 109,542
100   Western Midstream Operating LP 4.050% 2/01/30 BBB- 99,678
31   Weyerhaeuser Co 4.625% 9/15/23 BBB 33,767
118   WPP Finance 2010 3.625% 9/07/22 BBB+ 122,988
72   Xylem Inc/NY 4.875% 10/01/21 BBB 75,600
112   Zoetis Inc 3.900% 8/20/28 Baa1 125,217
12,841   Total Industrial       14,288,819
    Utility  –  1.9%        
145   Alabama Power Co 6.000% 3/01/39 A1 206,678
21   Commonwealth Edison Co 6.450% 1/15/38 A1 31,132
80   Consolidated Edison Co of New York Inc 5.500% 12/01/39 A- 109,291
100   DTE Energy Co 2.950% 3/01/30 BBB 101,634
94   Entergy Louisiana LLC 4.000% 3/15/33 A 110,333
100   Eversource Energy 3.450% 1/15/50 BBB+ 103,179
135   Florida Power & Light Co 5.950% 2/01/38 Aa2 195,523
100   National Rural Utilities Cooperative Finance Corp, (WI/DD) 2.400% 3/15/30 A1 101,136
45   Northern States Power Co/MN 6.200% 7/01/37 Aa3 65,909
36   Potomac Electric Power Co 6.500% 11/15/37 A 52,815
137   San Diego Gas & Electric Co 4.150% 5/15/48 A 162,106
122   Southern California Edison Co 4.500% 9/01/40 A- 145,135
126   Virginia Electric & Power Co 6.000% 5/15/37 A2 177,447
257   WEC Energy Group Inc 2.450% 6/15/20 BBB+ 257,495
1,498   Total Utility       1,819,813
$ 21,299   Total Corporate Debt (cost $22,395,576)       23,558,244
    
Principal Amount (000)   Description (1) Coupon Maturity Ratings (2) Value
    GOVERNMENT RELATED – 6.2%        
    Government Agency  –  3.1%        
$ 290   Federal Home Loan Banks 1.875% 12/11/20 Aaa $290,900
341   Federal National Mortgage Association 5.625% 7/15/37 Aaa 516,346
200   Japan Bank for International Cooperation 1.750% 10/17/24 A+ 200,984
276   Kreditanstalt fuer Wiederaufbau 1.500% 6/15/21 AAA 276,227
772   Kreditanstalt fuer Wiederaufbau 2.375% 12/29/22 AAA 794,190
728   Kreditanstalt fuer Wiederaufbau 2.500% 11/20/24 AAA 765,198
16   Tennessee Valley Authority 5.250% 9/15/39 Aaa 23,161
2,623   Total Government Agency       2,867,006
49
Nuveen ESG U.S. Aggregate Bond ETF (NUBD) (continued)
Portfolio of Investments    January 31, 2020
(Unaudited)
Principal Amount (000)   Description (1) Coupon Maturity Ratings (2) Value
    Municipal Bonds  –  2.3% (3)        
$ 223   Asian Development Bank (No Optional Call) 1.625% 5/05/20 AAA $222,962
239   European Investment Bank (No Optional Call) 2.000% 3/15/21 Aaa 240,358
20   Illinois State, General Obligation Bonds, Taxable Build America Bonds, Series 2010-3 (No Optional Call) 6.725% 4/01/35 BBB 24,330
324   Inter-American Development Bank (No Optional Call) 3.875% 10/28/41 Aaa 420,114
375   International Bank for Reconstruction & Development (No Optional Call) 1.500% 8/28/24 AAA 376,760
100   Province of British Columbia Canada (No Optional Call) 1.750% 9/27/24 AAA 101,305
350   Province of Ontario Canada (No Optional Call) 1.750% 1/24/23 Aa3 352,807
176   Province of Quebec Canada (No Optional Call) 2.500% 4/20/26 Aa2 184,909
85   Sales Tax Securitization Corp (No Optional Call) 3.820% 1/01/48 AA- 93,518
120   Texas State, General Obligation Bonds, Transportation Commission, Build America Taxable Bonds, Series 2009A (No Optional Call) 5.517% 4/01/39 AAA 171,794
2,012   Total Municipal Bonds       2,188,857
    Sovereign Debt  –  0.8%        
200   Chile Government International Bond 2.550% 1/27/32 A+ 203,000
416   Colombia Government International Bond 2.625% 3/15/23 Baa2 420,880
14   Hungary Government International Bond 7.625% 3/29/41 BBB 23,554
92   Peruvian Government International Bond 5.625% 11/18/50 A3 140,760
722   Total Sovereign Debt       788,194
$ 5,357   Total Government Related (cost $5,624,050)       5,844,057
    Total Long-Term Investments (cost $89,538,600)       92,688,316
    
Principal Amount (000)   Description Coupon Maturity Ratings (2) Value
    SHORT-TERM INVESTMENTS – 7.5%        
    U.S. GOVERNMENT AND AGENCY OBLIGATIONS  –  7.5%        
$ 7,020   Federal Home Loan Bank, Discount Notes 0.000% 2/03/20 N/R $ 7,020,000
    Total Short-Term Investments (cost $7,020,000)       7,020,000
    Total Investments (cost $96,558,600) – 106.5%       99,708,316
    Other Assets Less Liabilities – (6.5)%       (6,099,679)
    Net Assets – 100%       $ 93,608,637
50
  For Fund portfolio compliance purposes, the Fund’s industry classifications refer to any one or more of the industry sub-classifications used by one or more widely recognized market indexes or ratings group indexes, and/or as defined by Fund management. This definition may not apply for purposes of this report, which may combine industry sub-classifications into sectors for reporting ease.  
(1) All percentages shown in the Portfolio of Investments are based on net assets.  
(2) The Fund uses credit quality ratings for its portfolio securities provided by Moody's, S&P and Fitch. If all three of Moody's, S&P, and Fitch provide a rating for a security, the middle 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. Holdings designated N/R are not rated by Moody's, S&P or Fitch.  
(3) Optional Call Provisions: Dates (month and year) and prices of the earliest optional call or redemption. There may be other call provisions at varying prices at later dates. Certain mortgage-backed securities may be subject to periodic principal paydowns.  
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.  
DD1 Portion of investment purchased on a delayed delivery basis.  
WI/DD Purchased on a when-issued or delayed delivery basis.  
See accompanying notes to financial statements.
51
Statement of Assets and Liabilities
January 31, 2020
(Unaudited)
  NUAG NUSA NUHY NUBD
Assets        
Long-term investments, at value (cost $152,339,397, $29,473,960, $51,728,049 and $89,538,600, respectively) $154,224,036 $30,197,872 $51,742,841 $ 92,688,316
Short-term investments, at value (cost approximates value) 24,660,000 230,000 430,000 7,020,000
Cash 137,543 6,037 6,667 330,785
Receivable for:        
Interest 833,055 174,655 815,338 557,923
Investments sold  — 730,154 2,983,665  —
Shares sold 2,513,260  —  —  —
Total assets 182,367,894 31,338,718 55,978,511 100,597,024
Liabilities        
Payable for:        
Investments purchased - regular settlement 6,602,935 1,177,065 3,155,198 3,494,233
Investments purchased - when-issued/delayed-delivery settlement 19,930,080  —  — 3,478,817
Accrued expenses:        
Management fees 15,596 5,241 16,220 14,927
Professional fees 571 117 113 270
Trustees Fees 146 56 81 140
Total liabilities 26,549,328 1,182,479 3,171,612 6,988,387
Net assets $155,818,566 $30,156,239 $52,806,899 $ 93,608,637
Shares outstanding 6,200,000 1,200,000 2,100,000 3,600,000
Net asset value ("NAV") per share $ 25.13 $ 25.13 $ 25.15 $ 26.00
Net assets consist of:        
Capital paid-in $154,352,133 $29,752,105 $52,678,730 $ 90,489,613
Total distributable earnings 1,466,433 404,134 128,169 3,119,024
Net assets $155,818,566 $30,156,239 $52,806,899 $ 93,608,637
Authorized shares Unlimited Unlimited Unlimited Unlimited
Par value per share $ 0.01 $ 0.01 $ 0.01 $ 0.01
See accompanying notes to financial statements.
52
Statement of Operations
Six Months Ended January 31, 2020
(Unaudited)
  NUAG NUSA NUHY NUBD
Investment Income $1,623,016 $402,514 $653,883 $ 889,504
Expenses        
Management fees 123,394 29,683 44,316 70,717
Professional fees 4,564 2,842 314 3,359
Trustees fees 1,674 392 328 944
Total expenses 129,632 32,917 44,958 75,020
Net investment income (loss) 1,493,384 369,597 608,925 814,484
Realized and Unrealized Gain (Loss)        
Net realized gain (loss) from:        
Investments (246,338) 46,906 (21,528) 43,468
In-kind redemptions 1,371,059  —  — 171,532
Change in net unrealized appreciation (depreciation) of investments (227,355) 333,288 14,792 1,830,885
Net realized and unrealized gain (loss) 897,366 380,194 (6,736) 2,045,885
Net increase (decrease) in net assets from operations $2,390,750 $749,791 $602,189 $2,860,369
See accompanying notes to financial statements.
53
Statement of Changes in Net Assets
(Unaudited)
  NUAG   NUSA   NUHY   NUBD
  Six Months
Ended
1/31/20 		Year Ended
7/31/19 		  Six Months
Ended
1/31/20 		Year Ended
7/31/19 		  For the Period
9/25/19
(commencement of
operations) through
1/31/20 		  Six Months
Ended
1/31/20 		Year Ended
7/31/19
Operations                    
Net investment income (loss) $ 1,493,384 $ 3,377,177   $ 369,597 $ 742,567   $ 608,925   $ 814,484 $ 1,322,685
Net realized gain (loss) from:                    
Investments (246,338) 1,816,047   46,906 (12,392)   (21,528)   43,468 16,430
In-kind redemptions 1,371,059 (604,601)    — 56,816    —   171,532 323,021
Change in net unrealized appreciation (depreciation) of investments (227,355) 3,499,814   333,288 767,226   14,792   1,830,885 2,432,028
Net increase (decrease) in net assets from operations 2,390,750 8,088,437   749,791 1,554,217   602,189   2,860,369 4,094,164
Distributions to Shareholders                    
Dividends (1,896,640) (3,510,400)   (438,650) (855,950)   (474,020)   (900,190) (1,392,050)
Decrease in net assets from distributions to shareholders (1,896,640) (3,510,400)   (438,650) (855,950)   (474,020)   (900,190) (1,392,050)
Fund Share Transactions                    
Proceeds from shares sold 265,079,490 119,215,650   2,495,870 4,875,760   52,678,730   41,056,165 29,521,639
Cost of shares redeemed (180,774,420) (200,733,010)    — (4,951,480)    —   (5,194,200) (17,525,220)
Net increase (decrease) in net assets from Fund share transactions 84,305,070 (81,517,360)   2,495,870 (75,720)   52,678,730   35,861,965 11,996,419
Net increase (decrease) in net assets 84,799,180 (76,939,323)   2,807,011 622,547   52,806,899   37,822,144 14,698,533
Net assets at the beginning of period 71,019,386 147,958,709   27,349,228 26,726,681    —   55,786,493 41,087,960
Net assets at the end of period $ 155,818,566 $ 71,019,386   $30,156,239 $27,349,228   $52,806,899   $93,608,637 $ 55,786,493
See accompanying notes to financial statements.
54
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55
Financial Highlights
(Unaudited)
Selected data for a share outstanding throughout each period:
                   
                   
    Investment Operations   Less Distributions    
Year Ended
July 31, 		Beginning
NAV 		Net
Investment
Income
(Loss)(a) 		Net
Realized/
Unrealized
Gain (Loss) 		Total   From
Net
Investment
Income 		From
Accumulated
Net Realized
Gains 		Total Ending
NAV 		Ending
Market
Price
NUAG                    
2020(d) $24.49 $0.31 $ 0.78 $ 1.09   $(0.45) $ — $(0.45) $25.13 $25.16
2019 23.49 0.75 1.09 1.84   (0.84)  — (0.84) 24.49 24.44
2018 24.61 0.67 (0.91) (0.24)   (0.88)  — (0.88) 23.49 23.50
2017(e) 25.00 0.57 (0.40) 0.17   (0.56)  —** (0.56) 24.61 24.67
NUSA                    
2020(d) 24.86 0.32 0.32 0.64   (0.37)  — (0.37) 25.13 25.17
2019 24.30 0.62 0.65 1.27   (0.71)  — (0.71) 24.86 24.89
2018 25.11 0.55 (0.64) (0.09)   (0.72)  — (0.72) 24.30 24.33
2017(f) 25.00 0.23 0.04 0.27   (0.16)  — (0.16) 25.11 25.15
NUHY                    
2020(g) 25.00 0.43 0.07 0.50   (0.35)  — (0.35) 25.15 25.19
NUBD                    
2020(d) 25.36 0.30 0.68 0.98   (0.34)  — (0.34) 26.00 26.06
2019 24.17 0.63 1.24 1.87   (0.68)  — (0.68) 25.36 25.38
2018(h) 25.00 0.48 (0.82) (0.34)   (0.49)  — (0.49) 24.17 24.20
56
           
    Ratios/Supplemental Data
Total Return   Ratios to Average Net Assets  
Based
on
NAV(b) 		Based
on
Market
Price(b) 		Ending
Net
Assets
(000) 		Expenses Net
Investment
Income
(Loss) 		Portfolio
Turnover
Rate(c)
           
4.49% 4.80% $155,819 0.21%* 2.45%* 86%
8.03 7.77 71,019 0.20 3.17 167
(1.00) (1.21) 147,959 0.20 2.79 123
0.74 1.00 54,135 0.20* 2.67* 84
           
2.60 2.65 30,156 0.22* 2.52* 16
5.37 5.31 27,349 0.20 2.54 36
(0.37) (0.39) 26,727 0.20 2.22 37
1.10 1.26 30,132 0.20* 2.74* 4
           
1.99 2.16 52,807 0.36* 4.88* 20
           
3.93 4.06 93,609 0.22* 2.34* 8
7.89 7.84 55,786 0.20 2.59 27
(1.37) (1.25) 41,088 0.20* 2.31* 17
(a) Per share Net Investment Income (Loss) is calculated using the average daily shares method.
(b) Total Return Based on NAV reflects the change in NAV over the period, including the assumed reinvestment of distributions, if any, at NAV on each ex-dividend payment date during the period. Total Return Based on Market Price reflects the change in the market price per share over the period, including the assumed reinvestment of distributions, if any, at the ending market price per share on each ex-dividend payment date during the period. Total returns are not annualized.
(c) Portfolio Turnover Rate is calculated based on the lesser of long-term purchases or sales (as disclosed in Note 4 - Portfolio Securities and Investments in Derivatives, Investment Transactions) divided by the average long-term market value during the period. Portfolio Turnover Rate excludes securities received or delivered as a result of processing in-kind creations or redemptions of Fund shares (as disclosed in Note 5 - Fund Shares).
(d) For the six months ended January 31, 2020.
(e) For the period September 14, 2016 (commencement of operations) through July 31, 2017.
(f) For the period March 31, 2017 (commencement of operations) through July 31, 2017.
(g) For the period September 25, 2019 (commencement of operations) through January 31, 2020.
(h) For the period September 29, 2017 (commencement of operations) through July 31, 2018.
* Annualized.
** Rounds to less than $0.01 per share.
See accompanying notes to financial statements.
57
Notes to Financial Statements    
(Unaudited)
1.  General Information
Trust and Fund Information
Nushares ETF Trust (the “Trust”) is an open-end management investment company registered under the Investment Company Act of 1940, as amended (the “1940 Act”). The Trust is comprised of Nuveen Enhanced Yield U.S. Aggregate Bond ETF (NUAG), Nuveen Enhanced Yield 1-5 Year U.S. Aggregate Bond ETF (NUSA), Nuveen ESG High Yield Corporate Bond ETF (NUHY) and Nuveen ESG U.S. Aggregate Bond ETF (NUBD) (each a “Fund” and collectively, the “Funds”), as diversified funds, among others. The Trust was organized as a Massachusetts business trust on February 20, 2015. Shares of the Funds are listed and traded on the NYSE Arca (the “Exchange”).
The end of the reporting period for the Funds is January 31, 2020, and the period covered by these Notes to Financial Statements for NUAG, NUSA and NUBD is the six months ended January 31, 2020 and for NUHY is September 25, 2019 (commencement of operations) through January 31, 2020 (the "current fiscal period").
Investment Adviser and Sub-Adviser
The Funds' investment adviser is Nuveen Fund Advisors, LLC (the “Adviser”), a subsidiary of Nuveen, LLC. (“Nuveen”). Nuveen is the investment management arm of Teachers Insurance and Annuity Association of America ("TIAA"). The Adviser has overall responsibility for management of the Funds, oversees the management of the Funds' portfolios, manages the Funds' business affairs and provides certain clerical, bookkeeping and other administrative services. The Adviser has entered into sub-advisory agreements with Teachers Advisors, LLC (the “Sub-Adviser”), an affiliate of the Adviser, under which the Sub-Adviser manages the investment portfolios of the Funds.
2.  Significant Accounting Policies
The accompanying financial statements were prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”), which may require the use of estimates made by management and the evaluation of subsequent events. Actual results may differ from those estimates. Each Fund is an investment company and follows accounting guidance in the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification 946, Financial Services—Investment Companies. The net asset value (“NAV”) for financial reporting purposes may differ from the NAV for processing security and creation unit transactions. The NAV for financial reporting purposes includes security and creation unit transactions through the date of the report. Total return is computed based on the NAV used for processing security and creation unit transactions. The following is a summary of the significant accounting policies consistently followed by the Funds.
Compensation
The Trust pays no compensation directly to those of its trustees who are affiliated with the Adviser or to its officers, all of whom receive remuneration for their services to the Trust from the Adviser or its affiliates. The Board has adopted a deferred compensation plan for independent trustees that enables trustees to elect to defer receipt of all or a portion of the annual compensation they are entitled to receive from certain Nuveen-advised funds. Under the plan, deferred amounts are treated as though equal dollar amounts had been invested in shares of select Nuveen-advised funds.
Distributions to Shareholders
Distributions to shareholders are recorded on the ex-dividend date. The amount and timing of distributions are determined in accordance with federal income tax regulations, which may differ from U.S. GAAP.
Indemnifications
Under the Trust’s organizational documents, its officers and trustees are indemnified against certain liabilities arising out of the performance of their duties to the Trust. In addition, in the normal course of business, the Trust enters into contracts that provide general indemnifications to other parties. The Trust’s maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Trust that have not yet occurred. However, the Trust has not had prior claims or losses pursuant to these contracts and expects the risk of loss to be remote.
Investments and Investment Income
Securities transactions are accounted for as of the trade date for financial reporting purposes. Realized gains and losses on securities transactions are based upon the specific identification method. Investment income is comprised of interest income, which reflects the amortization of premiums and includes accretion of discounts for financial reporting purposes and, is recorded on an accrual basis. Investment income also reflects payment-in-kind ("PIK") interest and paydown gains and losses, if any. PIK interest represents income received in the form of securities in lieu of cash.
58
New Accounting Pronouncements and Rule Issuances
FASB Accounting Standards Update (“ASU”) 2017-08 (“ASU 2017-08”) Premium Amortization on Purchased Callable Debt Securities
The FASB has issued ASU 2017-08, which shortens the premium amortization period for purchased non-contingently callable debt securities. ASU 2017-08 specifies that the premium amortization period ends at the earliest call date, for purchased non-contingently callable debt securities. ASU 2017-08 is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2018. During the current fiscal period, ASU 2017-08 became effective for the Funds and it did not have a material impact on the Funds' financial statements.
Fair Value Measurement: Disclosure Framework
During August 2018, the FASB issued Accounting Standards Update ("ASU") 2018-13 (“ASU 2018-13”), Fair Value Measurement: Disclosure Framework  –  Changes to the Disclosure Requirements for Fair Value Measurements. ASU 2018-13 modifies the disclosures required by Topic 820, Fair Value Measurements. The amendments in ASU 2018-13 are effective for all entities for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2019. Management has early implemented this guidance and it did not have a material impact on the Funds' financial statements.
3.  Investment Valuation and Fair Value Measurements
The fair valuation input levels as described below are for fair value measurement purposes.
The Funds' investments in securities are recorded at their estimated fair value. Fair value is defined as the price that would be received upon selling an investment or transferring a liability in an orderly transaction to an independent buyer in the principal or most advantageous market for the investment. A three-tier hierarchy is used to maximize the use of observable market data and minimize the use of unobservable inputs and to establish classification of fair value measurements for disclosure purposes. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability. Observable inputs are based on market data obtained from sources independent of the reporting entity. Unobservable inputs reflect the reporting entity’s own assumptions about the assumptions market participants would use in pricing the asset or liability. Unobservable inputs are based on the best information available in the circumstances. The following is a summary of the three-tiered hierarchy of valuation input levels.
Level 1  –     Inputs are unadjusted and prices are determined using quoted prices in active markets for identical securities.
Level 2  –     Prices are determined using other significant observable inputs (including quoted prices for similar securities, interest rates, credit spreads, etc.).
Level 3  –     Prices are determined using significant unobservable inputs (including management’s assumptions in determining the fair value of investments).
Prices of fixed-income securities are provided by an independent pricing service (“pricing service”) approved by the Board. The pricing service establishes a security’s fair value using methods that may include consideration of the following: yields or prices of investments of comparable quality, type of issue, coupon, maturity and rating, market quotes or indications of value from security dealers, evaluations of anticipated cash flows or collateral, general market conditions and other information and analysis, including the obligor’s credit characteristics considered relevant. These securities are generally classified as Level 2. In pricing certain securities, particularly less liquid and lower quality securities, the pricing service may consider information about a security, its issuer or market activity, provided by the Adviser. These securities are generally classified as Level 2 or Level 3 depending on the observability of the significant inputs.
Certain securities may not be able to be priced by the pre-established pricing methods as described above. Such securities may be valued by the Board and/or its appointee at fair value. These securities generally include, but are not limited to, restricted securities (securities which may not be publicly sold without registration under the Securities Act of 1933, as amended) for which a pricing service is unable to provide a market price; securities whose trading has been formally suspended; debt securities that have gone into default and for which there is no current market quotation; a security whose market price is not available from a pre-established pricing source; a security with respect to which an event has occurred that is likely to materially affect the value of the security after the market has closed but before the calculation of a Fund’s NAV (as may be the case in non-U.S. markets on which the security is primarily traded) or make it difficult or impossible to obtain a reliable market quotation; and a security whose price, as provided by the pricing service, is not deemed to reflect the security’s fair value. As a general principle, the fair value of a security would appear to be the amount that the owner might reasonably expect to receive for it in a current sale. A variety of factors may be considered in determining the fair value of such securities, which may include consideration of the following: yields or prices of investments of comparable quality, type of issue, coupon, maturity and rating, market quotes or indications of value from security dealers, evaluations of anticipated cash flows or collateral, general market conditions and other information and analysis, including the obligor’s credit characteristics considered relevant. These securities are generally classified as Level 2 or Level 3 depending on the observability of the significant inputs. Regardless of the method employed to value a particular security, all valuations are subject to review by the Board and/or its appointee.
59
Notes to Financial Statements (Unaudited) (continued)
The inputs or methodologies used for valuing securities are not an indication of the risks associated with investing in those securities. The following is a summary of each Fund’s fair value measurements as of the end of the reporting period:
NUAG Level 1 Level 2 Level 3 Total
Long-Term Investments:        
Securitized $ — $ 56,393,719 $ — $ 56,393,719
Corporate Debt  — 54,079,187  — 54,079,187
U.S. Treasury  — 35,928,142  — 35,928,142
Government Related  — 7,822,988  — 7,822,988
Short-Term Investments:        
U.S. Government and Agency Obligations  — 24,660,000  — 24,660,000
Total $ — $178,884,036 $ — $178,884,036
    
NUSA Level 1 Level 2 Level 3 Total
Long-Term Investments:        
Corporate Debt $ — $14,183,704 $ — $14,183,704
Securitized  — 8,118,916  — 8,118,916
U.S. Treasury  — 7,895,252  — 7,895,252
Short-Term Investments:        
U.S. Government and Agency Obligations  — 230,000  — 230,000
Total $ — $30,427,872 $ — $30,427,872
    
NUHY Level 1 Level 2 Level 3 Total
Long-Term Investments:        
Corporate Debt $ — $51,742,841 $ — $51,742,841
Short-Term Investments:        
U.S. Government and Agency Obligations  — 430,000  — 430,000
Total $ — $52,172,841 $ — $52,172,841
    
NUBD Level 1 Level 2 Level 3 Total
Long-Term Investments:        
U.S. Treasury $ — $36,272,411 $ — $36,272,411
Securitized  — 27,013,604  — 27,013,604
Corporate Debt  — 23,558,244  — 23,558,244
Government Related  — 5,844,057  — 5,844,057
Short-Term Investments:        
U.S. Government and Agency Obligations  — 7,020,000  — 7,020,000
Total $ — $99,708,316 $ — $99,708,316
4.  Portfolio Securities and Investments in Derivatives
Portfolio Securities
Zero Coupon Securities
A zero coupon security does not pay a regular interest coupon to its holders during the life of the security. Income to the holder of the security comes from accretion of the difference between the original purchase price of the security at issuance and the par value of the security at maturity and is effectively paid at maturity. The market prices of zero coupon securities generally are more volatile than the market prices of securities that pay interest periodically.
60
Investment Transactions
Long-term purchases and sales (including maturities, but excluding in-kind transactions) during the current fiscal period were as follows:
  NUAG NUSA NUHY NUBD
Purchases:        
Investment securities $126,725,056 $5,610,286 $11,506,513 $27,681,939
U.S. Government and agency obligations 23,369,674 1,511,250  — 16,517,134
Sales and maturities:        
Investment securities 85,799,251 3,942,095 7,185,092 4,157,152
U.S. Government and agency obligations 14,822,393 603,586  — 1,420,762
In-kind transactions during the current fiscal period were as follows:
  NUAG NUSA NUHY NUBD
In-kind purchases $138,233,325 $ — $47,512,951 $  —
In-kind sales 103,915,917  —  — 2,776,344
The Funds may purchase securities on a when-issued or delayed-delivery basis. Securities purchased on a when-issued or delayed-delivery basis may have extended settlement periods; interest income is not accrued until settlement date. Any securities so purchased are subject to market fluctuation during this period. The Funds have earmarked securities in their portfolios with a current value at least equal to the amount of the when-issued/delayed-delivery purchase commitments. If a Fund has outstanding when-issued/delayed-delivery purchases commitments as of the end of the reporting period, such amounts are recognized on the Statement of Assets and Liabilities.
Investments in Derivatives
Each Fund is authorized to invest in certain derivative instruments. The Funds record derivative instruments at fair value, with changes in fair value recognized on the Statement of Operations, when applicable. Even though the Funds' investments in derivatives may represent economic hedges, they are not considered to be hedge transactions for financial reporting purposes.
Although each Fund is authorized to invest in derivative instruments, and may do so in the future, they did not make any such investments during the current fiscal period.
Market and Counterparty Credit Risk
In the normal course of business each Fund may invest in financial instruments and enter into financial transactions where risk of potential loss exists due to changes in the market (market risk) or failure of the other party to the transaction to perform (counterparty credit risk). The potential loss could exceed the value of the financial assets recorded on the financial statements. Financial assets, which potentially expose each Fund to counterparty credit risk, consist principally of cash due from counterparties on forward, option and swap transactions, when applicable. The extent of each Fund’s exposure to counterparty credit risk in respect to these financial assets approximates their carrying value as recorded on the Statement of Assets and Liabilities.
Each Fund helps manage counterparty credit risk by entering into agreements only with counterparties the Adviser believes have the financial resources to honor their obligations and by having the Adviser monitor the financial stability of the counterparties. Additionally, counterparties may be required to pledge collateral daily (based on the daily valuation of the financial asset) on behalf of each Fund with a value approximately equal to the amount of any unrealized gain above a pre-determined threshold. Reciprocally, when each Fund has an unrealized loss, the Funds have instructed the custodian to pledge assets of the Funds as collateral with a value approximately equal to the amount of the unrealized loss above a pre-determined threshold. Collateral pledges are monitored and subsequently adjusted if and when the valuations fluctuate, either up or down, by at least the pre-determined threshold amount.
5.  Fund Shares
Each Fund issues and redeems its shares on a continuous basis at NAV only in aggregations of a specified number of shares or multiples thereof (“Creation Units”). Only certain institutional investors (referred to as “Authorized Participants”) who have entered into agreements with Nuveen Securities, LLC, the Funds' distributor, may purchase and redeem Creation Units. Once created, shares of the Funds trade on the Exchange at market prices and are only available to individual investors through their brokers.
Creation Units are purchased and redeemed in-kind for a designated portfolio of securities included in each Fund’s respective Index and/or a specified amount of cash. Authorized Participants are charged fixed transaction fees in connection with purchasing and redeeming Creation Units. Authorized Participants transacting in Creation Units for cash may also pay an additional variable charge to compensate the relevant Fund for certain transaction costs (i.e., taxes on currency or other financial transactions, and brokerage costs) and market impact expenses it incurs in purchasing or selling portfolio securities. Such variable charges, if any, are included in “Proceeds from shares sold” on the Statements of Changes in Net Assets.
61
Notes to Financial Statements (Unaudited) (continued)
Transactions in Fund shares during the current fiscal period were as follows:
  NUAG   NUSA
  Six Months Ended
1/31/20 		  Year Ended
7/31/19 		  Six Months Ended
1/31/20 		  Year Ended
7/31/19
  Shares Amount   Shares Amount   Shares Amount   Shares Amount
Shares sold 10,600,000 $ 265,079,490   5,000,000 $ 119,215,650   100,000 $2,495,870   200,000 $ 4,875,760
Shares redeemed (7,300,000) (180,774,420)   (8,400,000) (200,733,010)    —  —   (200,000) (4,951,480)
Net increase (decrease) 3,300,000 $ 84,305,070   (3,400,000) $ (81,517,360)   100,000 $2,495,870    — $ (75,720)
    
  NUHY   NUBD
  For the Period
9/25/19
(commencement of
operations) through
1/31/20 		  Six Months Ended
1/31/20 		  Year Ended
7/31/19
  Shares Amount   Shares Amount   Shares Amount
Shares sold 2,100,000 $52,678,730   1,600,000 $41,056,165   1,200,000 $ 29,521,639
Shares redeemed  —  —   (200,000) (5,194,200)   (700,000) (17,525,220)
Net increase (decrease) 2,100,000 $52,678,730   1,400,000 $35,861,965   500,000 $ 11,996,419
6.  Income Tax Information
Each Fund is a separate taxpayer for federal income tax purposes. Each Fund intends to distribute substantially all of its net investment income and net capital gains to shareholders and to otherwise comply with the requirements of Subchapter M of the Internal Revenue Code applicable to regulated investment companies. Therefore, no federal income tax provision is required.
For all open tax years and all major taxing jurisdictions, management of the Funds has concluded that there are no significant uncertain tax positions that would require recognition in the financial statements. Open tax years are those that are open for examination by taxing authorities (i.e., generally the last four tax year ends and the interim tax period since then). Furthermore, management of the Funds is also not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months.
The following information is presented on an income tax basis. Differences between amounts for financial statement and federal income tax purposes are primarily due to timing differences in recognizing certain gains and losses on investment transactions. To the extent that differences arise that are permanent in nature, such amounts are reclassified within the capital accounts as detailed below. Temporary differences do not require reclassification. Temporary and permanent differences do not impact the NAVs of the Funds.
The table below presents the cost and unrealized appreciation (depreciation) of each Fund’s investment portfolio, as determined on a federal income tax basis, as of January 31, 2020.
  NUAG NUSA NUHY NUBD
Tax cost of investments $177,244,981 $29,800,206 $52,276,630 $96,765,499
Gross unrealized:        
Appreciation $ 1,720,134 $ 661,880 $ 314,387 $ 2,980,634
Depreciation (81,079) (34,214) (418,176) (37,817)
Net unrealized appreciation (depreciation) of investments $ 1,639,055 $ 627,666 $ (103,789) $ 2,942,817
Permanent differences, primarily due to redemption in-kind, bond premium amortization adjustments, taxes paid, and paydowns resulted in reclassifications among the Funds' components of net assets as of July 31, 2019, the Funds' last tax year end.
The tax components of undistributed net ordinary income and net long-term capital gains as of July 31, 2019, the Funds' last tax year end, were as follows:
  NUAG NUSA NUBD
Undistributed net ordinary income1 $232,791 $87,713 $167,112
Undistributed net long-term capital gains  —  —  —
    
1 Net ordinary income consists of net taxable income derived from dividends, interest, and net short-term capital gains, if any.
62
The tax character of distributions paid during the Funds' last tax year ended July 31, 2019 was designated for purposes of the dividends paid deduction as follows:
  NUAG NUSA NUBD
Distributions from net ordinary income1 $3,510,400 $855,950 $1,392,050
Distributions from net long-term capital gains  —  —  —
    
1 Net ordinary income consists of net taxable income derived from dividends, interest, and net short-term capital gains, if any.
As of July 31, 2019, the Funds’ last tax year end, the Funds had unused capital losses carrying forward available for federal income tax purposes to be applied against future capital gains, if any. The capital losses are not subject to expiration.
  NUAG NUSA NUBD
Not subject to expiration:      
Short-term $  — $ 71,352 $ 88,928
Long-term 1,259,805 203,512 86,570
Total $1,259,805 $274,864 $175,498
During the Funds' last tax year ended July 31, 2019, NUAG utilized $1,391,402 of its capital loss carryforward.
7.  Management Fees and Other Transactions with Affiliates
Management Fees
Each Fund’s management fee compensates the Adviser for its investment advisory services to the Funds. The Sub-Adviser is compensated for its services to the Funds from the management fees paid to the Adviser. The Adviser is responsible for substantially all other expenses of the Funds, except any future distribution and/or service fees, interest expenses, taxes, acquired fund fees and expenses, fees incurred in acquiring and disposing of portfolio securities, fees and expenses of the independent trustees (including any trustees’ counsel fees), certain compensation expenses of the Funds’ chief compliance officer, litigation expenses and extraordinary expenses.
The annual management fee, payable monthly, for each Fund is based on a percentage of average daily net assets according to the following rates:
Fund Management Fee
NUAG 0.20%
NUSA 0.20
NUHY 0.35
NUBD 0.20
Other Transactions with Affiliates
As of the end of the reporting period, Nuveen owned shares of the following Fund as follows:
  NUAG
Nuveen owned shares 3,983
As of the end of the reporting period, TIAA owned shares of the following Fund as follows:
Fund NUHY
TIAA owned shares 1,927,000
8.  Subsequent Event
Other Matters
The COVID-19 coronavirus pandemic was first detected in China in December 2019 and subsequently spread internationally. Containment efforts around the world have halted business and manufacturing operations and restricted people’s movement and travel. The disruptions to global supply chains, consumer demand, business investment and the global financial system are just beginning to be seen. The impact of the coronavirus may last for an extended period of time and through the date these financial statements are issued, has resulted in substantial market volatility and may result in a significant economic downturn.
63
Additional Fund Information    
Investment Adviser
Nuveen Fund Advisors, LLC
333 West Wacker Drive
Chicago, IL 60606
Sub-Adviser
Teachers Advisors, LLC
730 Third Avenue
New York, NY 10017-3206
Independent Registered
Public Accounting Firm
KPMG LLP
200 East Randolph Street
Chicago, IL 60601
Adminstrator, Custodian
and Transfer Agent
Brown Brothers Harriman
50 Post Office Square
Boston, MA 02110
Legal Counsel
Chapman and Cutler LLP
Chicago, IL 60603
Morgan, Lewis & Bockius LLP
111 Pennsylvania Avenue, NW
Washington, D.C. 20004
The tables below show the number and percentage of days during the current fiscal period that each Fund's market price was greater than its NAV per share (i.e., at premium) and less than its NAV per share (i.e., at a discount). The market price is determined using the midpoint between the highest bid and the lowest offer on the applicable Fund's listing exchange, as of the time that the Fund's NAV is calculated (normally 4:00 p.m. Eastern Time).
  NUAG
Six months ended January 31, 2020 Number of Days % of Total Days
Premium/Discount Range    
0.26% to 0.50% 6 2.4%
0.00 to 0.25% 115 45.8%
(0.01)% to (0.25)% 121 48.2%
(0.26)% to (0.50)% 9 3.6%
  251 100%
    
  NUSA
Six months ended January 31, 2020 Number of Days % of Total Days
Premium/Discount Range    
0.00 to 0.25% 250 99.6%
(0.01)% to (0.25)% 1 0.4%
  251 100%
    
  NUHY
Six months ended January 31, 2020 Number of Days % of Total Days
Premium/Discount Range    
0.26% to 0.50% 31 12.3%
0.00 to 0.25% 203 80.9%
(0.01)% to (0.25)% 17 6.8%
  251 100%
    
  NUBD
Six months ended January 31, 2020 Number of Days % of Total Days
Premium/Discount Range    
0.26% to 0.50% 31 12.3%
0.00 to 0.25% 203 80.9%
(0.01)% to (0.25)% 17 6.8%
  251 100%
64
Additional Fund Information (continued)
Portfolio of Investments Information: Each Fund is required to file its complete schedule of portfolio holdings with the Securities and Exchange Commission (SEC) for the first and third quarters of each fiscal year as an exhibit to its report on Form N-PORT. You may obtain this information on the SEC's website at http://www.sec.gov.
Nuveen Funds’ Proxy Voting Information: You may obtain (i) information regarding how each Fund voted proxies relating to portfolio securities held during the most recent twelve-month period ended June 30, without charge, upon request by calling Nuveen toll-free at (800) 257-8787 or Nuveen's website at www.nuveen.com and (ii) a description of the policies and procedures that each Fund used to determine how to vote proxies relating to portfolio securities without charge, upon request, by calling Nuveen toll-free at (800) 257-8787. You may also obtain this information directly from the SEC. Visit the SEC on-line at http://www.sec.gov.
FINRA BrokerCheck: The Financial Industry Regulatory Authority (FINRA) provides information regarding the disciplinary history of FINRA member firms and associated investment professionals. This information as well as an investor brochure describing FINRA BrokerCheck is available to the public by calling the FINRA BrokerCheck Hotline number at (800) 289-9999 or by visiting www.FINRA.org.
65
Glossary of Terms Used in this Report    
Average Annual Total Return: This is a commonly used method to express an investment’s performance over a particular, usually multi-year time period. It expresses the return that would have been necessary each year to equal the investment’s actual cumulative performance (including change in NAV or market price and reinvested dividends and capital gains distributions, if any) over the time period being considered.
Bloomberg Barclays MSCI U.S. Aggregate ESG Select Index: The 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. governments and corporations that are publicly offered for sale in the U.S. The index returns assume reinvestment of dividends, but do not include the effects of any sales charges or management fees.
Bloomberg Barclays MSCI U.S. High Yield Very Liquid ESG Select Index: An index designed to utilize certain environmental, social, and governance (ESG) criteria to select from the securities included in the Bloomberg Barclays U.S. High Yield Very Liquid Index, which is designed to broadly capture the U.S. dollar-denominated, high yield, fixed-rate corporate bond market. The Index is rebalanced monthly. It is not possible to invest directly in an index.
Bloomberg Barclays U.S. Aggregate Bond Index: The index covers the U.S. investment grade fixed rate bond market, with index components for government and corporate securities, mortgage pass through securities and asset-backed securities. These major sectors are subdivided into more specific indexes that are calculated and reported on a regular basis. Index returns assume reinvestment of distributions, but do not include the effects of any applicable sales charges or management fees.
Bloomberg Barclays U.S. Government/Credit 1-5 Year Bond Index: An index that measures the performance of U.S. dollar-denominated U.S. Treasury bonds, government related bonds and investment grade U.S. corporate bonds that have a remaining maturity of greater than or equal to one year and less than five years. Index returns assume reinvestment of distributions, but do not include the effects of any applicable sales charges or management fees.
ICE BofA Enhanced Yield U.S. Broad Bond Index: This index provides exposure to the broad U.S. investment grade bond market. This included U.S. government and Treasury debt as well corporate bonds. The index uses a fundamental weighting scheme to generate higher yield while maintaining comparable risk. Index returns assume reinvestment of distributions, but do not include the effects of any applicable sales charges or management fees.
ICE BofA 1-5 Year U.S. Broad Market Index: This index consists of U.S. dollar-denominated, investment grade taxable debt securities with fixed rate coupons that have a remaining term to final maturity, or an average life, of less than five years. Index returns assume reinvestment of distributions, but do not include the effects of any applicable sales charges or management fees.
Net Asset Value (NAV) Per Share: A fund’s Net Assets is equal to its total assets (securities, cash, accrued earnings and receivables) less its total liabilities. NAV per share is equal to the fund’s Net Assets divided by its number of shares outstanding.
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Annual Investment Management Agreement Approval Process    
The Approval Process
The Board of Trustees of Nushares ETF Trust (the “Board,” and each Trustee, a “Board Member”), including the Board Members who are not “interested persons” (as defined under the Investment Company Act of 1940 (the “1940 Act”)) (the “Independent Board Members”), is responsible for determining whether to initially approve or, after an initial term, to renew, each Fund’s advisory arrangements. A discussion of the Board’s most recent approval of the renewal of the advisory arrangements for Nuveen Enhanced Yield U.S. Aggregate Bond ETF (the “Enhanced Yield U.S. Aggregate Bond ETF”), Nuveen Enhanced Yield 1-5 Year U.S. Aggregate Bond ETF (the “Enhanced Yield 1-5 Year U.S. Aggregate Bond ETF”) and Nuveen ESG U.S. Aggregate Bond ETF (the “ESG U.S. Aggregate Bond ETF”) is set forth in Part I below. The advisory arrangements for Nuveen ESG High Yield Corporate Bond ETF (the “ESG High Yield Corporate Bond ETF”) have not yet been up for renewal. A discussion of the Board’s initial approval of the advisory arrangements for the ESG High Yield Corporate Bond ETF is set forth in Part II below.
PART I
Nuveen Enhanced Yield U.S. Aggregate Bond ETF
Nuveen Enhanced Yield 1-5 Year U.S. Aggregate Bond ETF
Nuveen ESG U.S. Aggregate Bond ETF
At a meeting held on May 21-23, 2019 (the “May Meeting”), the Board, including the Independent Board Members, approved, for the Enhanced Yield U.S. Aggregate Bond ETF, the Enhanced Yield 1-5 Year U.S. Aggregate Bond ETF and the ESG U.S. Aggregate Bond ETF (for purposes of this Part I, collectively, the “Funds” and each, a “Fund”), the renewal of the management agreement (for purposes of this Part I, each, an “Investment Management Agreement”) with Nuveen Fund Advisors, LLC (the “Adviser”) pursuant to which the Adviser serves as the investment adviser to such Fund and the sub-advisory agreement (for purposes of this Part I, each, a “Sub-Advisory Agreement”) with Teachers Advisors, LLC (the “Sub-Adviser”) pursuant to which the Sub-Adviser serves as the sub-adviser to such Fund. Following an initial two-year period, the Board, including the Independent Board Members, is required under the 1940 Act to review and approve each Investment Management Agreement and Sub-Advisory Agreement on behalf of the applicable Fund on an annual basis. For purposes of this Part I, the Investment Management Agreements and Sub-Advisory Agreements are collectively referred to as the “Advisory Agreements” and the Adviser and the Sub-Adviser are collectively, the “Fund Advisers” and each, a “Fund Adviser.”
In response to a request on behalf of the Independent Board Members by independent legal counsel, the Board received and reviewed prior to the May Meeting extensive materials specifically prepared for the annual review of Advisory Agreements by the Adviser as well as by Broadridge Financial Solutions, Inc. (“Broadridge”), an independent provider of investment company data. The materials provided in connection with the annual review covered a breadth of subject matter including, but not limited to, a description of the nature, extent and quality of services provided by the Fund Advisers; a review of the Sub-Adviser and investment team; an analysis of fund performance in absolute terms and as compared to the performance of certain peer funds and benchmarks with a focus on any performance outliers; an analysis of the fees and expense ratios of the Nuveen funds in absolute terms and as compared to those of certain peer funds with a focus on any expense outliers; a description of portfolio manager compensation; a review of the performance of various service providers; a description of various initiatives Nuveen had undertaken or continued during the year for the benefit of particular fund(s) and/or the complex; a description of the profitability of Nuveen; and a description of indirect benefits received by the Fund Advisers as a result of their relationships with the Nuveen funds. The Board Members held an in-person meeting on April 17-18, 2019 (the “April Meeting”), in part, to review and discuss the performance of the Nuveen funds and the Adviser’s evaluation of the various sub-advisers to the Nuveen funds. The Independent Board Members asked questions and requested additional information that was provided for the May Meeting.
The information prepared specifically for the annual review of the Advisory Agreements supplemented the information provided to the Board and its committees throughout the year. The Board and its committees met regularly during the year and the information provided and topics discussed were relevant to the review of the Advisory Agreements. Some of these reports and other data included, among other things, materials that outlined the investment performance of the Nuveen funds; strategic plans of the Adviser which may impact the services it provides to the Nuveen funds; the review of the Nuveen funds and applicable investment teams; compliance, regulatory and risk management matters; the trading practices of the various sub-advisers; valuation of securities; fund expenses; and overall market and regulatory developments. The Board further continued its practice of seeking to meet periodically with the various sub-advisers to the Nuveen funds and their investment teams, when feasible. The Independent Board Members considered the review of the Advisory Agreements to be an ongoing process and employed the accumulated information, knowledge, and experience the Board Members had gained during their tenure on the boards governing the Nuveen funds and working with the Fund Advisers in their review of the Advisory Agreements. The contractual arrangements are a result of multiple years of review, negotiation and information provided in connection with the boards’ annual review of the Nuveen funds’ advisory arrangements and oversight of the Nuveen funds.
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Annual Investment Management Agreement Approval Process (continued)
The Independent Board Members were advised by independent legal counsel during the annual review process as well as throughout the year, including meeting in executive sessions with such counsel at which no representatives from the Adviser or the Sub-Adviser were present. In connection with their annual review, the Independent Board Members also received a memorandum from independent legal counsel outlining their fiduciary duties and legal standards in reviewing the Advisory Agreements.
In deciding to renew the Advisory Agreements, the Independent Board Members did not identify a particular factor or information as determinative or controlling, but rather the decision reflected the comprehensive consideration of all the information provided, and each Board Member may have attributed different levels of importance to the various factors and information considered in connection with the approval process. The following summarizes the principal factors and information, but not all the factors, the Board considered in deciding to renew the Advisory Agreements and its conclusions.
A. Nature, Extent and Quality of Services
In evaluating the renewal of the Advisory Agreements, the Independent Board Members received and considered information regarding the nature, extent and quality of the applicable Fund Adviser’s services provided to the respective Fund with particular focus on the services and enhancements to such services provided during the last year. The Board recognized that the Adviser provides a comprehensive set of services necessary to operate the Nuveen funds in a highly regulated industry and noted that the scope of such services has expanded over the years as a result of regulatory, market and other developments, such as the development of the liquidity management program and expanded compliance programs. Some of the functions the Adviser is responsible for include, but are not limited to: product management (such as analyzing a fund’s position in the marketplace, setting dividends, preparing shareholder and intermediary communications and other due diligence support); investment oversight (such as analyzing fund performance, sub-advisers and investment teams and analyzing trade executions of portfolio transactions, soft dollar practices and securities lending activities); securities valuation services (such as executing the daily valuation process for portfolio securities and developing and recommending changes to valuation policies and procedures); risk management (such as overseeing operational and investment risks, including stress testing); fund administration (such as preparing fund tax returns and other tax compliance services, overseeing the Nuveen funds’ independent public accountants and other service providers; managing fund budgets and expenses; and helping to fulfill the funds’ regulatory filing requirements); oversight of shareholder services and transfer agency functions (such as oversight and liaison of transfer agent service providers which include registered shareholder customer service and transaction processing); Board relations services (such as organizing and administering Board and committee meetings, preparing various reports to the Board and committees and providing other support services); compliance and regulatory oversight services (such as developing and maintaining a compliance program to ensure compliance with applicable laws and regulations, monitoring compliance with applicable fund policies and procedures and adherence to investment restrictions, and evaluating the compliance programs of the Nuveen fund sub-advisers and certain other service providers); and legal support and oversight of outside law firms (such as with respect to filing and updating registration statements; maintaining various regulatory registrations; and providing legal interpretations regarding fund activities, applicable regulations and implementation of policies and procedures). In reviewing the scope and quality of services, the Board recognized the continued efforts and resources the Adviser and its affiliates have employed to continue to enhance their services for the benefit of the complex as well as particular Nuveen funds over recent years. Such service enhancements have included, but are not limited to:
• Fund Improvements and Product Management Initiatives  –  continuing to proactively manage the Nuveen fund complex as a whole and at the individual fund level with an aim to enhance the shareholder outcomes through, among other things, repositioning funds, merging funds, reviewing and updating investment policies and benchmarks, modifying the composition of certain portfolio management teams and analyzing various data to help devise such improvements;
• Capital Initiatives  –  continuing to invest capital to support new funds with initial capital as well as to facilitate modifications to the strategies or structure of existing funds;
• Compliance Program Initiatives  –  continuing efforts to enhance the compliance program through, among other things, internally integrating various portfolio management teams and aligning compliance support accordingly, completing a comprehensive review of existing policies and procedures and revising such policies and procedures as appropriate, enhancing compliance-related technologies and workflows, and optimizing compliance shared services across the organization and affiliates;
• Risk Management and Valuation Services  –  continuing efforts to strengthen the risk management functions, including through, among other things, enhancing the interaction and reporting between the investment risk management team and various affiliates, increasing the efficiency of risk monitoring performed on the Nuveen funds through improved reporting, continuing to implement risk programs designed to provide a more disciplined and consistent approach to identifying and mitigating operational risks, continuing progress on implementing a liquidity program that complies with the new liquidity regulatory requirements and continuing to oversee the daily valuation process;
• Additional Compliance Services  –  continuing investment of time and resources necessary to develop the compliance policies and procedures and other related tools necessary to meet the various new regulatory requirements affecting the Nuveen funds that have been adopted over recent years;
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• Government Relations  –  continuing efforts of various Nuveen teams and affiliates to advocate and communicate their positions with lawmakers and other regulatory bodies on issues that will impact the Nuveen funds;
• Business Continuity, Disaster Recovery and Information Services  –  establishing an information security program to help identify and manage information security risks, periodically testing disaster recovery plans, maintaining and updating business continuity plans and providing reports to the Board, at least annually, addressing, among other things, management’s security risk assessment, cyber risk profile, incident tracking and other relevant information technology risk-related reports; and
• Expanded Dividend Management Services  –  continuing to expand the services necessary to manage the dividends among the varying types of Nuveen funds that have developed as the Nuveen complex has grown in size and scope.
In addition to the services provided by the Adviser, the Board also considered the risks borne by the Adviser and its affiliates in managing the Nuveen funds, including entrepreneurial, operational, reputational, regulatory and litigation risks.
The Board further considered the division of responsibilities between the Adviser and the Sub-Adviser and recognized that the Sub-Adviser and its investment personnel generally are responsible for the management of each Fund’s portfolio. The Board noted that the Adviser oversees the Sub-Adviser and considered an analysis of the Sub-Adviser provided by the Adviser which included, among other things, the Sub-Adviser’s assets under management and changes thereto, a summary of the investment team and changes thereto, the investment approach of the team and the performance of the funds sub-advised by the Sub-Adviser over various periods. The Board further considered at the May Meeting or prior meetings evaluations of the Sub-Adviser’s compliance program and trade execution. The Board noted that the Adviser recommended the renewal of the Sub-Advisory Agreements.
Based on its review, the Board determined, in the exercise of its reasonable business judgment, that it was satisfied with the nature, extent and quality of services provided to the respective Funds under each applicable Advisory Agreement.
B. The Investment Performance of the Funds and Fund Advisers
In evaluating the quality of the services provided by the Fund Advisers, the Board also received and considered the investment performance of the Nuveen funds they advise. In this regard, the Board reviewed Fund performance over the quarter and one-year periods ending December 31, 2018 as well as performance data for the first quarter of 2019 ending March 29, 2019. Unless otherwise indicated, the performance data referenced below reflects the periods ended December 31, 2018. The Board considered the Adviser’s analysis of each fund’s performance, with particular focus on funds that were considered performance outliers and the factors contributing to their performance. The Board also noted that it received performance data of the Nuveen funds during its quarterly meetings throughout the year and took into account the discussions that occurred at these Board meetings regarding fund performance. In this regard, in its evaluation of Nuveen fund performance at meetings throughout the year, the Board considered performance information for the funds for different time periods, both absolute and relative to appropriate benchmarks and peers, with particular attention to information indicating underperformance of the respective funds and discussed with the Adviser the reasons for such underperformance.
In considering performance data, the Board is aware of certain inherent limitations with such data, including that differences between the objective(s), strategies and other characteristics of the funds compared to certain peer groups and/or benchmark(s) will necessarily contribute to differences in performance results and limit the value of the comparative information. In addition, the performance data may vary significantly depending on the end date selected, and shareholders may evaluate fund performance based on their own holding period which may differ from the performance periods reviewed by the Board leading to different results. Further, the Board considered a fund’s performance in light of the overall financial market conditions during the respective periods. As noted above, the Board reviewed, among other things, Nuveen fund performance over various periods ended December 31, 2018, and the Board was aware of the market decline in the fourth quarter of 2018 and considered performance from the first quarter of 2019 as well. The Board also noted that a shorter period of underperformance may significantly impact longer term performance.
With respect to Nuveen ETFs, the Board noted that the Nuveen ETFs, including the Funds, are designed to track the performance of a specified index (the “Underlying Index”). In its review, with respect to each Fund, the Board received and reviewed, among other things, the net asset value performance of the Fund, the performance of the Fund’s Underlying Index and parent index, its relative performance compared to the performance of peer funds (the “Performance Peer Group”) and the Fund’s tracking error and excess return compared to its Underlying Index. Given each Fund’s investment objective of seeking investment results that correspond generally to the performance of its Underlying Index, however, the Board recognized that the extent to which a Fund tracked its benchmark was of greater relevance in assessing the performance for such Fund and therefore placed more emphasis on the tracking error and correlation data provided.
In their review of performance, the Independent Board Members focused, in particular, on the Adviser’s analysis of Nuveen funds determined to be underperforming performance outliers. The Board recognized that some periods of underperformance may only be temporary while other periods of underperformance may indicate a broader issue that may require a corrective action. Accordingly, with respect to any Nuveen funds for which the Board had identified performance issues, the Board monitors such funds closely until performance improves, discusses with the Adviser the reasons for such results, considers whether any steps are necessary or appropriate to address such issues, and reviews the results of any efforts undertaken.
The Board’s determinations with respect to each Fund are summarized below.
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Annual Investment Management Agreement Approval Process (continued)
For the Enhanced Yield U.S. Aggregate Bond ETF, the Board considered, among other things, the Fund’s performance for the one-year period ended December 31, 2018, the performance of its Underlying Index for such period, the correlation between the Fund’s performance and that of its Underlying Index, and the Fund’s tracking difference and excess return as compared to its Underlying Index. The Board further noted that the Fund ranked in the third quartile of its Performance Peer Group for the one-year period but given the Fund’s investment objective, the Board placed more emphasis on its review of the correlation and tracking difference data. The Board considered that the Fund was relatively new with a limited performance history available, limiting the ability to make a meaningful assessment of performance. Nevertheless, the Board was satisfied with the Fund’s performance.
For the Enhanced Yield 1-5 Year U.S. Aggregate Bond ETF, the Board considered, among other things, the Fund’s performance for the one-year period ended December 31, 2018, the performance of its Underlying Index for such period, the correlation between the Fund’s performance and that of its Underlying Index, and the Fund’s tracking difference and excess return as compared to its Underlying Index. The Board further noted that the Fund ranked in the second quartile of its Performance Peer Group for the one-year period but given the Fund’s investment objective, the Board placed more emphasis on its review of the correlation and tracking difference data. The Board considered that the Fund was relatively new with a limited performance history available, limiting the ability to make a meaningful assessment of performance. Nevertheless, the Board was satisfied with the Fund’s performance.
For the ESG U.S. Aggregate Bond ETF, the Board considered, among other things, the Fund’s performance for the one-year period ended December 31, 2018, the performance of its Underlying Index for such period, the correlation between the Fund’s performance and that of its Underlying Index, and the Fund’s tracking difference and excess return as compared to its Underlying Index. The Board further noted that the Fund ranked in the first quartile of its Performance Peer Group for the one-year period but given the Fund’s investment objective, the Board placed more emphasis on its review of the correlation and tracking difference data. The Board considered that the Fund was relatively new with a limited performance history available, limiting the ability to make a meaningful assessment of performance. Nevertheless, the Board was satisfied with the Fund’s performance.
C. Fees, Expenses and Profitability
1. Fees and Expenses
In its annual review, the Board considered the fees paid to the Fund Advisers and the total operating expense ratio of each Nuveen fund. More specifically, the Board recognized that each Fund pays the Adviser a unitary fee and therefore, the Board reviewed each Fund’s unitary fee compared to the gross and net management fees and net total expense ratios of a group of comparable funds (the “Peer Group”) established by Broadridge. The Independent Board Members reviewed the methodology Broadridge employed to establish its Peer Group and recognized that differences between the applicable fund and its respective Peer Group as well as changes to the composition of the Peer Group from year to year may limit some of the value of the comparative data. The Independent Board Members also considered a fund’s operating expense ratio as it more directly reflected the shareholder’s costs in investing in the respective fund.
In their review, the Independent Board Members considered, in particular, each Nuveen fund with a net expense ratio of six basis points or higher compared to that of its peer average (each, an “Expense Outlier Fund”) and an analysis as to the factors contributing to each such fund’s higher relative net expense ratio. Accordingly, in reviewing the comparative data between a fund and its peers, the Board generally considered the fund’s net expense ratio and fees to be higher if they were over 10 basis points higher, slightly higher if they were 6 to 10 basis points higher, in line if they were within approximately 5 basis points higher than the peer average and below if they were below the peer average of the Peer Group. The Independent Board Members also considered, in relevant part, a fund’s net management fee and net total expense ratio in light of its performance history.
With respect to the Sub-Adviser, the Board considered the sub-advisory fee paid to the Sub-Adviser, and as described below, comparative data of the fees the Sub-Adviser charges to other clients, if any.
As indicated above, the Board recognized that each Fund pays the Adviser a single, all-inclusive (or unified) management fee for providing all services necessary for the management and operation of such Fund, other than any distribution and/or service fees, interest expenses, taxes, acquired fund fees and expenses, expenses incurred in acquiring and disposing of portfolio securities, fees and expenses of the Independent Board Members (including any of their counsel’s fees), certain expenses of such Fund’s chief compliance officer, litigation expenses and extraordinary expenses. Unlike the typical fee arrangements of the other Nuveen funds in which the funds pay a variety of fees and expenses such as investment advisory fees, transfer agency fees, audit fees, custodian fees, administration fees, compliance expenses, recordkeeping expenses, marketing and shareholder service fees, distribution charges and other expenses, each Fund pays the Adviser a unified fee, and the Adviser is responsible for providing such services or arranging and supervising third parties to provide such services (subject to the noted exceptions). Under the unified fee structure, the Board recognized that the Adviser generally bears the risks of the operating costs rising (and benefits if such expenses decrease) and therefore has an incentive to be administratively efficient. As part of the Board’s analysis of the fee level of each Fund, the Independent Board Members reviewed, among other things, the unified fee compared to the gross and net management fees and net total expense ratios of its respective Peer Group.
The Independent Board Members noted that each Fund had a net management fee and a net expense ratio that were in line with the average of its Peer Group.
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Based on its review of the information provided, the Board determined that each Fund’s management fees (as applicable) to a Fund Adviser were reasonable in light of the nature, extent and quality of services provided to the Fund.
2. Comparisons with the Fees of Other Clients
In determining the appropriateness of fees, the Board also reviewed information regarding the fee rates the respective Fund Advisers charged to certain other types of clients and the type of services provided to these other clients. With respect to the Adviser and/or the Sub-Adviser, such other clients may include foreign investment companies offered by Nuveen, certain funds advised by the Sub-Adviser and other ETFs sponsored by Nuveen.
In this regard, the Board reviewed, among other things, the range of fees assessed for foreign investment companies and ETFs offered by Nuveen. The Board also reviewed the management fees and expense ratios of certain funds advised by the Sub-Adviser in the TIAA-CREF family of funds. In addition to the comparative fee data, the Board also reviewed, among other things, a description of the different levels of services provided to certain other clients compared to the services provided to the Nuveen funds as well as the differences in portfolio investment policies, investor profiles, account sizes and regulatory requirements, all of which contribute to the variations in the fee schedules. The Board noted, among other things, the wide range of services in addition to investment management services provided to the Nuveen funds when the Adviser is principally responsible for all aspects of operating the funds, including the increased regulatory requirements that must be met in managing the funds and the increased entrepreneurial, legal and regulatory risks that the Adviser incurs in sponsoring and managing the funds. The Board also considered that the Nuveen ETFs are passively managed compared to the active management of the other Nuveen funds which contributed to the differences in fee levels between Nuveen ETFs and other Nuveen funds. In general, higher fee levels reflect higher levels of service provided by the Adviser, increased investment management complexity, greater product management requirements, and higher levels of business risk or some combination of these factors. The Board further considered that the Sub-Adviser’s fee is essentially for portfolio management services. The Board concluded the varying levels of fees were justified given, among other things, the inherent differences in the products and the level of services provided to the Nuveen funds versus other clients, the differing regulatory requirements and legal liabilities and the entrepreneurial, legal and regulatory risks incurred in sponsoring and advising a registered investment company.
3. Profitability of Fund Advisers
In conjunction with their review of fees, the Independent Board Members considered information regarding Nuveen’s level of profitability for its advisory services to the Nuveen funds for the calendar years 2018 and 2017. The Board reviewed, among other things, Nuveen’s net margins (pre-tax) (both including and excluding distribution expenses); gross and net revenue margins (pre- and post-tax); revenues, expenses, and net income (pre-tax and after-tax and before distribution) of Nuveen for fund advisory services; and comparative profitability data comparing the adjusted margins of Nuveen compared to the adjusted margins of certain peers with publicly available data and with the most comparable assets under management (based on asset size and asset composition) for each of the last two calendar years. The Board also reviewed the revenues and expenses the Adviser derived from its ETF product line that was launched in 2016. The Independent Board Members noted that Nuveen’s net margins were higher in 2018 than the previous year and considered the key drivers behind the revenue and expense changes that impacted Nuveen’s net margins between the years. The Board considered the costs of investments in the Nuveen business, including the investment of seed capital in certain Nuveen funds and additional investments in infrastructure and technology. The Independent Board Members also noted that Nuveen’s adjusted margins from its relationships with the Nuveen funds were on the low range compared to the adjusted margins of the peers; however, the Independent Board Members recognized the inherent limitations of the comparative data of other publicly traded peers given that the calculation of profitability is rather subjective and numerous factors (such as types of funds, business mix, cost of capital, methodology to allocate expenses and other factors) can have a significant impact on the results.
The Independent Board Members also reviewed a description of the expense allocation methodology employed to develop the financial information and a summary of the history of changes to the methodology over the ten-year period from 2008 to 2018, and recognized that other reasonable allocation methodologies could be employed and lead to significantly different results. The Board noted that two Independent Board Members, along with independent counsel, serve as the Board’s liaisons to review profitability and discuss any proposed changes to the methodology prior to the full Board’s review.
Aside from Nuveen’s profitability, the Board recognized that the Adviser is a subsidiary of Nuveen, LLC, the investment management arm of Teachers Insurance and Annuity Association of America (“TIAA”). As such, the Board also reviewed a balance sheet for TIAA reflecting its assets, liabilities and capital and contingency reserves for the 2018 and 2017 calendar years to consider the financial strength of TIAA having recognized the importance of having an adviser with significant resources.
In evaluating the reasonableness of the compensation, the Independent Board Members also considered any other ancillary benefits derived by the respective Fund Adviser from its relationship with the Nuveen funds as discussed in further detail below.
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Annual Investment Management Agreement Approval Process (continued)
Based on a consideration of all the information provided, the Board noted that Nuveen’s level of profitability was acceptable and not unreasonable in light of the services provided.
D. Economies of Scale and Whether Fee Levels Reflect These Economies of Scale
With respect to economies of scale, the Independent Board Members noted that although economies of scale are difficult to measure, the Adviser shares the benefits of economies of scale in various ways including breakpoints in the management fee schedule (subject to limited exceptions), fee waivers and/or expense limitations, the pricing of Nuveen funds at scale at inception and investments in its business which can enhance the services provided to the funds for the fees paid. The Board noted that the Nuveen funds generally pay the Adviser a management fee comprised of a fund-level component and a complex-level component each with its own breakpoint schedule. The Board recognized that the Nuveen ETFs (including each Fund) pay a unitary fee and as a result, any reduction in fixed costs associated with with the management of a Fund would benefit the Adviser. However, the Independent Board Members noted that the unified fee schedule provides shareholders with a level of certainty of the expenses of each Fund. The Independent Board Members considered that the unified fees generally provide inherent economies of scale because each Fund would maintain a competitive fixed fee over the annual contract period even if such Fund’s assets declined and/or operating costs rose. As the Nuveen ETFs, including the Funds, do not have breakpoints, they do not participate in the complex-level fee programs. In addition, given that the Nuveen ETFs were recently launched in 2016, the Independent Board Members recognized the Adviser’s costs in operating the Nuveen ETFs during the start-up phase.
In addition, the Independent Board Members recognized the Adviser’s continued reinvestment in its business through, among other things, investments in its business infrastructure and information technology, portfolio accounting system as well as other systems and platforms that will, among other things, support growth, simplify and enhance information sharing, and enhance the investment process to the benefit of all of the Nuveen funds.
Based on its review, the Board concluded that the current fee arrangements together with the Adviser’s reinvestment in its business appropriately shared any economies of scale with shareholders. The Board further concluded that the absence of a fund-level and/or complex-level breakpoint schedule or arrangement (as applicable) was acceptable.
E. Indirect Benefits
The Independent Board Members received and considered information regarding other benefits the respective Fund Adviser or its affiliates may receive as a result of their relationship with the Nuveen funds. The Independent Board Members considered whether the Sub-Adviser may engage in soft dollar transactions pursuant to which it may receive the benefit of research products and other services provided by broker-dealers executing portfolio transactions on behalf of the applicable Nuveen funds. The Board noted that the Sub-Adviser does not participate in soft dollar arrangements with respect to Fund portfolio transactions.
Based on their review, the Board concluded that any indirect benefits received by a Fund Adviser as a result of its relationship with the Funds were reasonable and within acceptable parameters.
F. Other Considerations
The Board Members did not identify any single factor discussed previously as all-important or controlling. The Board Members, including the Independent Board Members, concluded that the terms of each Advisory Agreement were fair and reasonable, that the respective Fund Adviser’s fees were reasonable in light of the services provided to each Fund and that the Advisory Agreements be renewed.
PART II
Nuveen ESG High Yield Corporate Bond ETF
At the meeting held on September 19, 2019 (the “Meeting”), the Board Members, including the Independent Board Members, considered and approved the investment management agreement (for purposes of this Part II, the “Investment Management Agreement”) pursuant to which Nuveen Fund Advisors, LLC (the “Adviser”) serves as the investment adviser to Nuveen ESG High Yield Corporate Bond ETF (for purposes of this Part II, the “Fund”), a series of Nushares ETF Trust (the “Trust”), and the investment sub-advisory agreement (for purposes of this Part II, the “Sub-Advisory Agreement”) with Teachers Advisors, LLC (the “Sub-Adviser”) pursuant to which the Sub-Adviser serves as the investment sub-adviser to the Fund. For purposes of this Part II, (a) the Adviser and the Sub-Adviser are each hereafter a “Fund Adviser” and (b) the Investment Management Agreement and the Sub-Advisory Agreement are each hereafter an “Advisory Agreement” and collectively, the “Advisory Agreements.”
To assist the Board in its evaluation of an Advisory Agreement with a Fund Adviser at the Meeting, the Independent Board Members had received, in adequate time in advance of the Meeting or at prior meetings, materials which outlined, among other things:
• the nature, extent and quality of the services expected to be provided by the Fund Adviser;
• the organization of the Fund Adviser, including the responsibilities of various departments and key personnel;
• the relevant expertise and background of the Fund Adviser with respect to the Fund’s investment strategy;
• certain performance-related information (as described below);
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• certain profitability-related information (as described below);
• the Fund’s proposed unitary fee structure, including comparisons of the Fund’s proposed net expense ratio with the net expense ratios of comparable funds; and
• the soft dollar practices of the Fund Adviser, if any.
At the Meeting and/or at prior meetings, the Adviser made presentations to and responded to questions from the Board. During the Meeting and/or at prior meetings, the Independent Board Members also met privately with their legal counsel to, among other things, review the Board’s duties under the 1940 Act, the general principles of state law in reviewing and approving advisory contracts, the standards used by courts in determining whether investment company boards of directors have fulfilled their duties, factors to be considered in voting on advisory contracts and an adviser’s fiduciary duty with respect to advisory agreements and compensation. It is with this background that the Independent Board Members considered the Advisory Agreements. As outlined in more detail below, the Independent Board Members considered various factors they believed relevant with respect to the Fund. Each Board Member may have accorded different weight to the various factors and information discussed below in reaching his or her conclusions with respect to the Fund’s Advisory Agreements. The Board Members also drew on information they had received in their capacity as trustees and directors, as applicable, of other registered investment companies advised by the Fund Advisers.
A. Nature, Extent and Quality of Services
The Independent Board Members considered the nature, extent and quality of the respective Fund Adviser’s services, including portfolio management services and administrative services. Given that the Adviser and the Sub-Adviser already serve as adviser and sub-adviser, respectively, to other Nuveen funds overseen by the Board Members, the Board has a good understanding of each such Fund Adviser’s organization, operations, personnel and services. As the Independent Board Members meet regularly throughout the year to oversee the Nuveen funds, including funds currently advised by the Fund Advisers, the Independent Board Members, have, in part, relied upon their knowledge from their meetings and any other interactions throughout the year with the respective Fund Adviser in evaluating the Advisory Agreements.
The Independent Board Members recognized that open-end exchange-traded funds (“ETFs”) were a relatively recent addition to the Nuveen fund product line (i.e., added in 2016). They considered information about the structure, investment objective, investment strategy and other characteristics of the Fund. Additionally, they observed that the Fund was expected to seek to track the investment results of a specified underlying index (the “Index”).
The Board noted that the Fund would be a registered investment company that would operate in a regulated industry. In considering the services that were expected to be provided by the Fund Advisers, at the Meeting and/or at prior meetings, the Board has recognized that the Adviser provides a comprehensive set of services necessary to operate the Nuveen funds in a highly regulated industry and has noted that the scope of such services has expanded over the years as a result of regulatory, market and other developments, such as the development of the liquidity management program and expanded compliance programs. Some of the functions the Adviser is responsible for include, but are not limited to: product management (such as analyzing a fund’s position in the marketplace, setting dividends, preparing shareholder and intermediary communications and other due diligence support); investment oversight (such as analyzing fund performance, sub-advisers and investment teams and analyzing trade executions of portfolio transactions, soft dollar practices and securities lending activities); securities valuation services (such as executing the daily valuation process for portfolio securities and developing and recommending changes to valuation policies and procedures); risk management (such as overseeing operational and investment risks, including stress testing); fund administration (such as preparing fund tax returns and other tax compliance services, overseeing the Nuveen funds’ independent public accountants and other service providers; managing fund budgets and expenses; and helping to fulfill the funds’ regulatory filing requirements); oversight of shareholder services and transfer agency functions (such as oversight and liaison of transfer agent service providers which include registered shareholder customer service and transaction processing); Board relations services (such as organizing and administering Board and committee meetings, preparing various reports to the Board and committees and providing other support services); compliance and regulatory oversight services (such as developing and maintaining a compliance program to ensure compliance with applicable laws and regulations, monitoring compliance with applicable fund policies and procedures and adherence to investment restrictions, and evaluating the compliance programs of the Nuveen fund sub-advisers and certain other service providers); and legal support and oversight of outside law firms (such as with respect to filing and updating registration statements; maintaining various regulatory registrations; and providing legal interpretations regarding fund activities, applicable regulations and implementation of policies and procedures). The Board was aware, however, that services provided to ETFs may in some respects differ from those provided to other Nuveen funds. The Independent Board Members noted that the Adviser would oversee the Sub-Adviser, which was generally expected to provide portfolio advisory services to the Fund. In addition, the Independent Board Members recognized the relevant experience and expertise of the investment team expected to manage the Fund. In this regard, they noted that the portfolio managers that were expected to serve the Fund also serve as portfolio managers to certain other Nuveen ETFs.
73
Annual Investment Management Agreement Approval Process (continued)
Based on their review, the Independent Board Members found that, overall, the nature, extent and quality of services expected to be provided to the Fund under each Advisory Agreement were satisfactory.
B. Investment Performance
The Fund was new and, therefore, did not have its own performance history. The Independent Board Members, however, were familiar with the performance records of other Nuveen funds advised by the Adviser and noted that the Sub-Adviser manages other Nuveen ETFs. In addition, the Independent Board Members reviewed certain historical performance-related data pertaining to the Index as well as the Fund’s contemplated secondary index (including (i) returns for the 1-year, 2-year annualized, 3-year annualized and since inception (i.e., beginning June 30, 2015) annualized periods as of December 31, 2018 and (ii) calendar year returns for 2016 through 2018).
C. Fees, Expenses and Profitability
1. Fees and Expenses
In evaluating the management fees and expenses that the Fund was expected to bear, the Independent Board Members considered, among other things, the Fund’s proposed unitary fee structure and its proposed net expense ratio in absolute terms as well as compared with the net expense ratios of comparable ETFs.
In considering the Fund’s proposed unitary fee structure, the Independent Board Members took into account the Adviser’s representation that unitary fee structures were generally common for ETFs. They noted that under this structure, the Fund would pay a fee to the Adviser and, in turn, the Adviser would be generally responsible for the fees incurred by the Fund (such as custody fees, transfer agency fees, index licensing fees, and stock exchange listing fees, as well as the fee paid to the Sub-Adviser), subject to certain exceptions (which included the management fee, any payments under the Trust’s distribution and service plan, interest expenses, taxes, acquired fund fees and expenses, expenses incurred in acquiring and disposing of portfolio securities, certain compensation expenses of the Fund’s chief compliance officer, fees and expenses of the Independent Board Members and their counsel, litigation expenses and extraordinary expenses). In this regard, the Independent Board Members were provided with estimates of the Fund’s anticipated expenses, including those that would be paid by the Adviser from the unitary fee and those that would be excluded from the unitary fee, to the extent available.
In addition, in considering the proposed unitary fee structure, the Independent Board Members took into account that the Adviser would generally bear the risk that certain of the Fund’s operating expenses would increase (but would also benefit if such expenses decrease) and the degree of expense stability that would be afforded to the Fund’s shareholders. Additionally, the Independent Board Members reviewed, among other things, the Fund’s proposed unitary fee as well as comparative data pertaining to unitary fees of the ETFs included in peer groups comprised of the ten most recently launched high yield bond ETFs (the “Recently Launched ETFs Peer Group”) and the ten largest high yield bond ETFs (the “Largest ETFs Peer Group”). The Independent Board Members noted that (a) as compared to the Recently Launched ETFs Peer Group, the proposed unitary fee to be charged to the Fund was equal to the median fee and the average fee, and below the weighted average fee and (b) as compared to the Largest ETFs Peer Group, the proposed unitary fee to be charged to the Fund was below the median fee, average fee and weighted average fee. Further, the Independent Board Members considered the proposed sub-advisory fee for the Fund, which, as noted above, will be paid by the Adviser out of its unitary fee.
Based on their review of the fee and expense information provided, the Independent Board Members determined that the Fund’s unitary fee was reasonable in light of the nature, extent and quality of services to be provided to the Fund.
2. Comparisons with the Fees of Other Clients
The Board considered that the Fund will pay a unitary fee, which will differ from most other investment companies advised by the Adviser which pay a variety of fees, such as the investment advisory fee; Rule 12b-1 fees, if any; transfer agency fees; custody fees; and other expenses. The Board believed the unitary fee structure provides certain benefits to shareholders as it clearly discloses the cost of owning Fund shares, provides a level of cost certainty by shifting to the Adviser the risk that some of the costs of operating the Fund may rise, and provides an incentive to the Adviser to maximize administrative efficiencies. As noted, the Board considered the unitary fee to be paid by the Fund in comparison to the unitary fees of the ETFs included in the Recently Launched ETFs Peer Group and the Largest ETFs Peer Group.
The Board has also noted at prior meetings that the Adviser and/or the Sub-Adviser provide services to other types of clients, which may include foreign investment companies offered by Nuveen, certain funds advised by the Sub-Adviser and other ETFs sponsored by Nuveen. In this regard, the Board has previously reviewed, among other things, the range of fees assessed for foreign investment companies and ETFs offered by Nuveen and the management fees and expense ratios of certain funds advised by the Sub-Adviser in the TIAA-CREF family of funds. In addition to the comparative fee data, the Board has also reviewed, among other things, a description of the different levels of services provided to certain other clients compared to the services provided to the Nuveen funds as well as the differences in portfolio investment policies, investor profiles, account sizes and regulatory requirements, all of which contribute to the variations in fee schedules. The Board has also noted, among other things, the wide range of services in addition to investment management services provided to the Nuveen funds when the Adviser is principally responsible for all aspects of operating the funds, including the increased regulatory requirements that must be met in managing the funds and the increased entrepreneurial, legal and regulatory risks that the Adviser incurs in sponsoring and managing the funds. The Board has also considered that the Nuveen
74
ETFs are passively managed compared to the active management of the other Nuveen funds, which has contributed to the differences in fee levels between Nuveen ETFs and other Nuveen funds. In general, the Board has noted that the higher fee levels reflect higher levels of service provided by the Adviser, increased investment management complexity, greater product management requirements, and higher levels of business risk or some combination of these factors. The Board has further considered that the Sub-Adviser’s fee is essentially for portfolio management services. The Board has concluded that varying levels of fees are justified given, among other things, the inherent differences in the products and the level of services provided to the Nuveen funds versus other clients, the differing regulatory requirements and legal liabilities and the entrepreneurial, legal and regulatory risks incurred in sponsoring and advising a registered investment company.
3. Profitability of Fund Advisers
At the time of the Meeting, historical information regarding the costs of services provided by the Adviser to the Fund and the profitability of the Fund to the Adviser was not available as the Fund had not commenced operations and it was not possible to predict the effect on profitability of the Fund. The Independent Board Members, however, considered the estimated operating expenses to be paid by the Adviser pursuant to the unitary fee.
Further, at prior meetings, conjunction with their review of fees, the Independent Board Members have considered information regarding Nuveen’s level of profitability for its advisory services to the Nuveen funds for the calendar years 2018 and 2017. In this regard, the Board has reviewed, among other things, Nuveen’s net margins (pre-tax) (both including and excluding distribution expenses); gross and net revenue margins (pre- and post-tax); revenues, expenses, and net income (pre-tax and after-tax and before distribution) of Nuveen for fund advisory services; and comparative profitability data comparing the adjusted margins of Nuveen compared to the adjusted margins of certain peers with publicly available data and with the most comparable assets under management (based on asset size and asset composition) for each of the last two calendar years. The Board has also reviewed the revenues and expenses the Adviser derived from its ETF product line that was launched in 2016. The Independent Board Members have noted that Nuveen’s net margins were higher in 2018 than the previous year and have considered the key drivers behind the revenue and expense changes that impacted Nuveen’s net margins between the years. The Board has considered the costs of investments in the Nuveen business, including the investment of seed capital in certain Nuveen funds and additional investments in infrastructure and technology. The Independent Board Members have also noted that Nuveen’s adjusted margins from its relationships with the Nuveen funds were on the low range compared to the adjusted margins of the peers; however, the Independent Board Members have recognized the inherent limitations of the comparative data of other publicly traded peers given that the calculation of profitability is rather subjective and numerous factors (such as types of funds, business mix, cost of capital, methodology to allocate expenses and other factors) can have a significant impact on the results.
The Independent Board Members have also reviewed a description of the expense allocation methodology employed to develop the financial information and a summary of the history of changes to the methodology over the ten-year period from 2008 to 2018, and have recognized that other reasonable allocation methodologies could be employed and lead to significantly different results. The Board has noted that two Independent Board Members, along with independent counsel, serve as the Board’s liaisons to review profitability and discuss any proposed changes to the methodology prior to the full Board’s review.
Aside from Nuveen’s profitability, the Board has recognized that the Adviser is a subsidiary of Nuveen, LLC, the investment management arm of Teachers Insurance and Annuity Association of America (“TIAA”). As such, the Board has also reviewed a balance sheet for TIAA reflecting its assets, liabilities and capital and contingency reserves for the 2018 and 2017 calendar years to consider the financial strength of TIAA having recognized the importance of having an adviser with significant resources.
In evaluating the reasonableness of the compensation, the Independent Board Members have also considered any other ancillary benefits derived by the respective Fund Adviser from its relationship with the Nuveen funds as discussed in further detail below.
Based on a consideration of all the information provided, the Board has noted that Nuveen’s level of profitability was acceptable and not unreasonable in light of the services provided.
D. Economies of Scale and Whether Fee Levels Reflect These Economies of Scale
With respect to economies of scale, the Independent Board Members have recognized that, in general, as the assets of a particular fund or the Nuveen complex in the aggregate increase over time, economies of scale may be realized with respect to the management of the funds. In this regard, the Independent Board Members considered whether economies of scale were expected to be achieved as the Fund grows and whether any such economies of scale were expected to be shared with shareholders. Although the Independent Board Members have recognized that economies of scale are difficult to measure, they have noted that the Adviser shares the benefits of economies of scale in various ways, including through breakpoints in the management fee schedules (subject to limited exceptions), fee waivers and/or expense limitations, the pricing of Nuveen funds at scale at inception and investments in its business which can enhance the services provided to the Nuveen funds for the fees paid. Most of the funds in the Nuveen complex pay a management fee to the Adviser which is generally comprised of a fund-level component and a complex-level component, each of which has a breakpoint schedule. Generally, the fund level fee component declines as the assets of a particular fund grow. Pursuant to the complex-wide fee arrangement, generally, the complex-level fee component declines when eligible assets of the funds in the Nuveen complex combined grow.
75
Annual Investment Management Agreement Approval Process (continued)
Notwithstanding the foregoing, the Independent Board Members recognized that the unitary fee structure does not have breakpoints and that the Fund (like other Nuveen ETFs) would not participate in the complex-level fee program. However, the Independent Board Members acknowledged, at the Meeting and/or at prior meetings, that as ETFs were relatively new to the Nuveen fund family, there would be ongoing review with respect to the fee structure employed for these types of funds. They have further recognized that although a unitary fee provides shareholders with a level of certainty with respect to the expenses of a Nuveen ETF, the Adviser will benefit from any reductions in certain fixed costs associated with managing the Nuveen ETF (although the Adviser also has the risk if such fixed costs rise).
In addition, at the Meeting and/or at prior meetings, the Independent Board Members have recognized the Adviser’s continued reinvestment in its business through, among other things, investments in its business infrastructure and information technology, portfolio accounting system as well as other systems and platforms that will, among other things, support growth, simplify and enhance information sharing, and enhance the investment process to the benefit of all of the Nuveen funds.
Based on their review, the Independent Board Members concluded that the proposed unitary fee structure (which would not include breakpoints or participation in the complex-level fee program) was acceptable.
E. Indirect Benefits
The Independent Board Members considered information received at the Meeting and/or at prior meetings regarding other benefits that a Fund Adviser or its affiliates may receive as a result of their relationship with the Nuveen funds. The Independent Board Members have considered whether the Sub-Adviser may engage in soft dollar transactions pursuant to which it may receive the benefit of research products and other services provided by broker-dealers executing portfolio transactions on behalf of the applicable Nuveen funds. The Board noted that the Sub-Adviser does not participate in soft dollar arrangements with respect to Nuveen fund portfolio transactions.
Based on their review, the Independent Board Members concluded that any indirect benefits expected to be received by a Fund Adviser as a result of its relationship with the Fund were reasonable and within acceptable parameters.
F. Approval
The Independent Board Members did not identify any single factor discussed previously as all-important or controlling. The Board Members, including a majority of the Independent Board Members, concluded that the terms of the Investment Management Agreement and the Sub-Advisory Agreement were fair and reasonable, that the respective Fund Adviser’s fees were reasonable in light of the services to be provided to the Fund and that the Investment Management Agreement and Sub-Advisory Agreement should be and were approved on behalf of the Fund.
76
Notes    
77
Notes    
78
Notes    
79
Nuveen:
Serving Investors for Generations
Since 1898, financial advisors and their clients have relied on Nuveen to provide dependable investment solutions through continued adherence to proven, long-term investing principles. Today, we offer a range of high quality solutions designed to be integral components of a well-diversified core portfolio.
Focused on meeting investor needs.
Nuveen is the investment manager of TIAA. We have grown into one of the world’s premier global asset managers, with specialist knowledge across all major asset classes and particular strength in solutions that provide income for investors and that draw on our expertise in alternatives and responsible investing. Nuveen is driven not only by the independent investment processes across the firm, but also the insights, risk management, analytics and other tools and resources that a truly world-class platform provides. As a global asset manager, our mission is to work in partnership with our clients to create solutions which help them secure their financial future.
Find out how we can help you.
To learn more about how the products and services of Nuveen may be able to help you meet your financial goals, talk to your financial advisor, or call us at (800) 257-8787. Please read the information provided carefully before you invest. Investors should consider the investment objective and policies, risk considerations, charges and expenses of any investment carefully. Where applicable, be sure to obtain a prospectus, which contains this and other relevant information. To obtain a prospectus, please contact your securities representative or Nuveen, 333 W. Wacker Dr., Chicago, IL 60606. Please read the prospectus carefully before you invest or send money.
Learn more about Nuveen Funds at: www.nuveen.com/exchange-traded-funds
Nuveen Securities, LLC, member FINRA and SIPC | 333 West Wacker Drive Chicago, IL 60606 | www.nuveen.com    NSA-ENHUS-0120P1108018-INV-B-03/21

Item 2. Code of Ethics.

Not applicable to this filing.

Item 3. Audit Committee Financial Expert.

Not applicable to this filing.

Item 4. Principal Accountant Fees and Services.

Not applicable to this filing.

Item 5. Audit Committee of Listed Registrants.

Not applicable to this filing.

Item 6. Schedule of Investments.

(a) See Portfolio of Investments in Item 1.

(b) Not applicable.

Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Not applicable to this registrant.

Item 8. Portfolio Managers of Closed-End Management Investment Companies.

Not applicable to this registrant.

Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

Not applicable to this registrant.

Item 10. Submission of Matters to a Vote of Security Holders.

There have been no material changes to the procedures by which shareholders may recommend nominees to the registrant’s Board implemented after the registrant last provided disclosure in response to this Item.

Item 11. Controls and Procedures.

 

(a)

The registrant’s principal executive and principal financial officers, or persons performing similar functions, have concluded that the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the “1940 Act”) (17 CFR 270.30a-3(c))) are effective, as of a date within 90 days of the filing date of this report that includes the disclosure required by this paragraph, based on their evaluation of the controls and procedures required by Rule 30a-3(b) under the 1940 Act (17 CFR 270.30a-3(b)) and Rules 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934, as amended (the “Exchange Act”) (17 CFR 240.13a-15(b) or 240.15d-15(b)).

 

(b)

There were no changes in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act (17 CFR 270.30a-3(d)) that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.

Item 12. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.

Not applicable.

Item 13. Exhibits.

File the exhibits listed below as part of this Form.

(a)(1) Any code of ethics, or amendment thereto, that is the subject of the disclosure required by Item 2, to the extent that the registrant intends to satisfy the Item 2 requirements through filing of an exhibit: Not applicable to this filing.

(a)(2) A separate certification for each principal executive officer and principal financial officer of the registrant as required by Rule 30a-2(a) under the 1940 Act (17 CFR 270.30a-2(a)) in the exact form set forth below: See EX-99.CERT attached hereto.

(a)(3) Any written solicitation to purchase securities under Rule 23c-1 under the 1940 Act (17 CFR 270.23c-1) sent or given during the period covered by the report by or on behalf of the registrant to 10 or more persons: Not applicable to this registrant.

(a)(4) Change in registrant’s independent public accountant. Not applicable.

(b) If the report is filed under Section 13(a) or 15(d) of the Exchange Act, provide the certifications required by Rule 30a-2(b) under the 1940 Act (17 CFR 270.30a-2(b)), Rule 13a-14(b) or Rule 15d-14(b) under the Exchange Act (17 CFR 240.13a-14(b) or 240.15d-14(b)), and Section 1350 of Chapter 63 of Title 18 of the United States Code (18 U.S.C. 1350) as an Exhibit. A certification furnished pursuant to this paragraph will not be deemed “filed” for purposes of Section 18 of the Exchange Act (15 U.S.C. 78r), or otherwise subject to the liability of that section. Such certification will not be deemed to be incorporated by reference into any filing under the Securities Act of 1933 or the Exchange Act, except to the extent that the registration specifically incorporates it by reference: See EX-99.906 CERT attached hereto.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

(Registrant) Nushares ETF Trust

 

By   (Signature and Title)   /s/ Christopher M. Rohrbacher  
   

Christopher M. Rohrbacher

Vice President and Secretary

 

Date: April 6, 2020

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

 

By   (Signature and Title)   /s/ Jordan Farris  
   

Jordan Farris

Chief Administrative Officer

(principal executive officer)

 

Date: April 6, 2020

 

By   (Signature and Title)   /s/ E. Scott Wickerham  
   

E. Scott Wickerham

Vice President and Controller

(principal financial officer)

 

Date: April 6, 2020

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