Fund Name		Listing Exchange	Ticker Symbol
Nuveen ESG Emerging Markets Equity ETF		Cboe BZX Exchange, Inc.	NUEM
Nuveen ESG International Developed Markets Equity ETF		Cboe BZX Exchange, Inc.	NUDM
Nuveen ESG Large-Cap ETF		Cboe BZX Exchange, Inc.	NULC
Nuveen ESG Large-Cap Growth ETF		Cboe BZX Exchange, Inc.	NULG
Nuveen ESG Large-Cap Value ETF		Cboe BZX Exchange, Inc.	NULV
Nuveen ESG Mid-Cap Growth ETF		Cboe BZX Exchange, Inc.	NUMG
Nuveen ESG Mid-Cap Value ETF		Cboe BZX Exchange, Inc.	NUMV
Nuveen ESG Small-Cap ETF		Cboe BZX Exchange, Inc.	NUSC

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.

Annual Report

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NOT FDIC INSURED MAY LOSE VALUE NO BANK GUARANTEE  

Table

of Contents

    

Chair’s Letter to Shareholders	4
Portfolio Managers’ Comments	5
Risk Considerations	10
Fund Performance and Expense Ratios	12
Holding Summaries	21
Expense Examples	29
Report of Independent Registered Public Accounting Firm	33
Portfolios of Investments	35
Statement of Assets and Liabilities	97
Statement of Operations	98
Statement of Changes in Net Assets	99
Financial Highlights	103
Notes to Financial Statements	105
Additional Fund Information	114
Glossary of Terms Used in this Report	116
Annual Investment Management Agreement Approval Process	119
Liquidity Risk Management Program	127
Trustees and Officers	128

3

Chair’s Letter to Shareholders    

Portfolio Managers’

Comments    

Nuveen ESG Emerging Markets Equity ETF (NUEM)

Nuveen ESG International Developed Markets Equity ETF (NUDM)

Nuveen ESG Large-Cap ETF (NULC)

Nuveen ESG Large-Cap Growth ETF (NULG)

Nuveen ESG Large-Cap Value ETF (NULV)

Nuveen ESG Mid-Cap Growth ETF (NUMG)

Nuveen ESG Mid-Cap Value ETF (NUMV)

Nuveen ESG Small-Cap ETF (NUSC)

These Funds feature portfolio management by Teachers Advisors, LLC, an affiliate of Nuveen, LLC. Below, the Funds’ portfolio managers, Philip James (Jim) Campagna, CFA, and Lei Liao, CFA, discuss U.S. and international economic and market conditions, key investment strategies and the performance of the Funds during the twelve-month reporting period. Jim and Lei have managed the Funds since their commencement of operations on December 13, 2016 (for NULG, NULV, NUMG, NUMV and NUSC), June 6, 2017 (for NUDM and NUEM) and June 3, 2019 (for NULC).

What factors affected the U.S. economy and the global stock markets during the twelve-month reporting period ended October 31, 2020?

The U.S. economy rebounded more quickly than expected from the deep downturn caused by the COVID-19 crisis and containment measures. As business and social activities were drastically restricted in March and April 2020 to slow the spread of COVID-19, U.S. gross domestic product (GDP) shrank 31.4% on an annualized basis in the second quarter of 2020 (following a 5% decline in the first quarter), according to the Bureau of Economic Analysis (BEA) “third” estimate. GDP measures the value of goods and services produced by the nation’s economy less the value of the goods and services used up in production, adjusted for price changes. Government relief programs provided significant aid to individuals and businesses as the economy began reopening in May 2020, which helped the economy bounce back strongly over the summer months. GDP rose 33.1% in the third quarter of 2020, according to the BEA’s “second” estimate. While the third quarter gain was historic, the economy remained below pre-pandemic growth levels. GDP growth was 2.4% in the fourth quarter of 2019 and 2.2% for 2019 overall.

Consumer spending, the largest driver of the economy, was well supported earlier in this reporting period by low unemployment, wage gains and tax cuts. However, the COVID-19 crisis containment measures drove a significant drop in consumer spending and a sharp rise in unemployment starting in March 2020. The Bureau of Labor Statistics said the unemployment rate rose to 6.9% in October 2020 from 3.6% in October 2019. As of October 2020, slightly more than half of the 22 million jobs lost in March and April 2020 have been recovered. The average hourly earnings rate appeared to soar, growing at an annualized rate of 4.5% in October 2020, despite the spike in unemployment. Earnings data was skewed by the concentration of job losses in lower-wage work, which effectively eliminated most of the low-wage data, resulting in an average of mostly higher numbers. The overall trend of inflation remained muted, as decreases in gasoline, apparel and transportation prices offset an increase in food prices. The Bureau of Labor Statistics said the Consumer Price Index (CPI) increased 1.2% over the twelve-month reporting period ended October 31, 2020 before seasonal adjustment.

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.

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)

Prior to the COVID-19 crisis recession, the U.S. Federal Reserve (the Fed) had reduced its benchmark interest rate to support the economy’s slowing growth. The Fed also stopped shrinking its bond portfolio sooner than scheduled and began buying short-term Treasury bills to help money markets operate smoothly and maintain short-term borrowing rates at low levels.

As the health and economic crisis deepened, the Fed enacted an array of emergency measures in March 2020 to stabilize the financial system and support the markets, including cutting its main interest rate to near zero, offering lending programs to aid small and large companies and allowing unlimited bond purchases, known as quantitative easing. There were no policy changes at the Fed’s April, June and July 2020 meetings, where Chairman Powell reiterated a commitment to keep rates near zero until the economy recovers and maintained a cautious outlook for the U.S. economy. Also at the July 2020 meeting, the Fed extended some of its pandemic funding facilities by another three months to December 2020. At the annual Jackson Hole Economic Symposium, held virtually in August 2020, the Fed announced a change in inflation policy to average inflation targeting. Under this regime, the Fed will tolerate the inflation rate temporarily overshooting the target rate to offset periods of below-target inflation, so that inflation averages a 2% rate over time. The Fed provided further clarification of the new inflation policy and left the benchmark interest rate unchanged at its September 2020 meeting. (As expected, there were no policy changes at the Fed’s November 2020 meeting, which occurred after the close of this reporting period.)

In March and April 2020, the U.S. government approved three aid packages. These included $2 trillion allocated across direct payments to Americans, an expansion of unemployment insurance, loans to large and small businesses, funding to hospitals and health agencies and support to state and local governments, as well as more than $100 billion in funding to health agencies and employers offering paid leave. As some of these programs began to expire, additional relief measures were under discussion in Congress, but a final deal had not been reached as of the end of this reporting period. The election outcome, subsequent to the close of the reporting period, did not change expectations for a stimulus bill, but the timing and size remained uncertain.

The COVID-19 crisis rapidly dwarfed all other market concerns starting in late February 2020. Equity and commodity markets sold-off and safe-haven assets rallied in March 2020 as China, other countries and then the United States initiated quarantines, restricted travel and shuttered factories and businesses. The potential economic shock was particularly difficult to assess, which amplified market volatility. An ill-timed oil price war between the Organization of the Petroleum Exporting Countries (OPEC) and non-OPEC member Russia, which caused oil prices to plunge in March 2020, exacerbated the market sell-off.

Geopolitical uncertainty remained elevated with the U.S. presidential election, the Brexit transition period winding down and U.S.- China relations deteriorating. While markets remained concerned about the potential for a disputed outcome, the next round of fiscal stimulus was expected to follow the presidential election. In Europe, the EU and U.K. continued to negotiate, but had not yet reached, a final Brexit agreement after the U.K. formally exited at the end of January 2020 and triggered the one-year transition period (which ends on December 31, 2020). Although China and the U.S. signed a “phase one” trade deal in January 2020, tensions continued to flare over other trade and technology/security issues, Hong Kong’s sovereignty and the management of the COVID-19 crisis.

Global equities managed positive performance during the twelve-month reporting period, despite a dramatic sell-off in March 2020. Massive fiscal and monetary stimulus from the world’s governments and central banks and helped avert a credit crisis and helped economies to rebound more quickly than expected. Positive news on the development of COVID-19 vaccines and treatments also supported equity prices in the latter half of the reporting period. However, share price volatility remained elevated as economic recovery momentum was slowing, COVID-19 infections were surging again especially in Europe and the U.S. and the U.S. election added to political uncertainty.

What key strategies were used to manage the Funds during the twelve-month reporting period ended October 31, 2020, and how did these strategies influence performance?

The Funds employ a passive management (or “indexing”) approach, seeking to track the investment results, before fees and expenses, of their respective indexes, which are comprised solely of equity securities selected from a base index that meet certain environmental, social and governance (“ESG”) criteria. ESG performance is measured on an industry-specific basis, with assessment categories varying by industry. Environmental assessment categories can include a company’s impact on climate change, natural resource use, and waste management and emission management. Social evaluation categories can include a company’s relations with employees and suppliers, product safety and sourcing practices. Governance assessment categories can include a company’s corporate gov-

6

ernance practices and business ethics. The ESG criteria also consider how well a company adheres to national and international laws and regulations as well as commonly accepted global norms related to ESG matters. Each index generally excludes companies with significant activities in certain controversial businesses, including those involving alcohol, tobacco, military weapons, firearms, nuclear power and gambling, among others.

Companies that meet the ESG criteria are then ranked within their respective sectors based on their ESG performance score. The highest ranked companies in each sector are identified as eligible for inclusion in each index until such point that the aggregate weight of companies in the sector reaches 50% of the market cap of such sector in the respective base index. For example, if the market capitalization of all consumer discretionary sector companies included in a base index totals $200 million, then the index would screen these consumer discretionary sector companies, rank them based on ESG performance scores, and add the highest scoring companies to the index until such point that their combined total market capitalization reaches $100 million. Companies otherwise eligible for inclusion in the index that exceed certain carbon-based ownership and emissions thresholds are excluded from the index. Once the universe of eligible index components is established, the index provider optimizes the weightings of individual components to approximate the sector weightings of the base index, within certain constraints established by the index.

You cannot invest directly in an index. Each Fund seeks to track its index by investing all, or substantially all, of its assets in the securities represented in its index in approximately the same proportions as the index. Each Fund rebalances its holdings quarterly in response to the quarterly rebalance of its index, which occurs in February, May, August and November.

NUEM seeks to track the investment results, before fees and expenses, of the TIAA ESG Emerging Markets Equity Index (the “NUEM Index”), which is comprised solely of listed equity securities issued by companies (and depositary receipts representing such securities) located in countries with emerging markets that meet certain ESG criteria. The NUEM Index selects from the securities included in the MSCI Emerging Markets Index (the “NUEM Base Index”), which currently consists of large- and mid-capitalization companies located in one of the following 26 emerging market countries: Argentina, Brazil, Chile, China, Colombia, Czech Republic, Egypt, Greece, Hungary, India, Indonesia, Korea, Malaysia, Mexico, Pakistan, Peru, Philippines, Poland, Qatar, Russia, Saudi Arabia, South Africa, Taiwan, Thailand, Turkey and the United Arab Emirates.

NUDM seeks to track the investment results, before fees and expenses, of the TIAA ESG International Developed Markets Equity Index (the “NUDM Index”), which is comprised solely of listed equity securities issued by companies (and depositary receipts representing such securities) located in countries with developed markets, excluding the United States and Canada, that meet certain ESG criteria. The NUDM Index selects from the securities included in the MSCI EAFE Index (the “NUDM Base Index”), which currently consists of large- and mid-capitalization companies located in one of the following 21 developed market countries: Australia, Austria, Belgium, Denmark, Finland, France, Germany, Hong Kong, Ireland, Israel, Italy, Japan, the Netherlands, New Zealand, Norway, Portugal, Singapore, Spain, Sweden, Switzerland and the United Kingdom.

NULC seeks to track the investment results, before fees and expenses, of the TIAA ESG USA Large-Cap Index (the “NULC Index”), which is comprised of equity securities issued by large capitalization companies listed on U.S. exchanges that meet certain environ-mental, social and governance (“ESG”) criteria. The Index selects from the securities included in the MSCI USA Index (the “NULC Base Index”), which generally consists of large-and mid-capitalization U.S. equity securities that exhibit overall growth style characteristics based on five variables: long-term forward earnings per share (“EPS”) growth rate, short-term forward EPS growth rate, current internal growth rate, long-term historical EPS growth trend, and long-term historical sales per share growth trend. Securities in the Base Index are weighted based on market capitalization.

NULG seeks to track the investment results, before fees and expenses, of the TIAA ESG USA Large-Cap Growth Index (the “NULG Index”), which is comprised of equity securities issued by large-capitalization companies listed on U.S. exchanges that meet certain ESG criteria. The NULG Index selects from the securities included in the MSCI USA Growth Index (the “NULG Base Index”), which generally consists of large- and mid-capitalization U.S. equity securities that exhibit overall growth style characteristics based on five variables: long-term forward earnings per share (“EPS”) growth rate, short-term forward EPS growth rate, current internal growth rate, long-term historical EPS growth trend, and long-term historical sales per share growth trend.

NULV seeks to track the investment results, before fees and expenses, of the TIAA ESG USA Large-Cap Value Index (the “NULV Index”), which is comprised of equity securities issued by large-capitalization companies listed on U.S. exchanges that meet certain ESG

7

Portfolio Managers’ Comments (continued)

criteria. The NULV Index selects from the securities included in the MSCI USA Value Index (the “NULV Base Index”), which generally consists of large- and mid-capitalization U.S. equity securities that exhibit overall value style characteristics based on three variables: book value to price, twelve-month forward earnings to price and dividend yield.

NUMG seeks to track the investment results, before fees and expenses, of the TIAA ESG USA Mid-Cap Growth Index (the “NUMG Index”), which is comprised of equity securities issued by mid-capitalization companies listed on U.S. exchanges that meet certain ESG criteria. The NUMG Index selects from the securities included in the MSCI USA Mid-Cap Growth Index (the “NUMG Base Index”),which generally consists of mid-capitalization U.S. equity securities that exhibit overall growth style characteristics based on five variables: long-term forward EPS growth rate, short-term forward EPS growth rate, current internal growth rate, long-term historical EPS growth trend and long-term historical sales per share growth trend.

NUMV seeks to track the investment results, before fees and expenses, of the TIAA ESG USA Mid-Cap Value Index (the “NUMV Index”), which is comprised of equity securities issued by mid-capitalization companies listed on U.S. exchanges that meet certain ESG criteria. The NUMV Index selects from the securities included in the MSCI USA Mid-Cap Value Index (the “NUMV Base Index”), which generally consists of mid-capitalization U.S. equity securities that exhibit overall value style characteristics based on three variables: book value to price, twelve-month forward earnings to price and dividend yield.

NUSC seeks to track the investment results, before fees and expenses, of the TIAA ESG USA Small-Cap Index (the “NUSC Index”),which is comprised of equity securities issued by small-capitalization companies listed on U.S. exchanges that meet certain ESG criteria. The NUSC Index selects from the securities included in the MSCI USA Small Cap Index (the “NUSC Base Index”), which generally consists of equity securities that comprise the small-cap segment of the U.S. market.

MSCI Inc. (“MSCI”) is the index provider for each Index and Base Index. Each Index and Base Index are owned, calculated and con-trolled by MSCI, in its sole discretion. Neither the sub-adviser nor its affiliates has any discretion to select Index components or change the Index methodology. Each Index identifies equity securities from its Base Index that satisfy certain ESG criteria, based on ESG performance data collected by MSCI ESG Research, Inc. ESG performance is measured on an industry-specific basis, with assessment categories varying by industry.

How did the Funds perform during the twelve-month reporting period ended October 31, 2020?

The tables in each Fund’s Performance Overview and Expense Ratios section of this report provides the Funds’ total return performance at net asset value (NAV) for the period ended October 31, 2020. Each Fund’s total returns at NAV are compared with the performance of the Index, which each Fund is designed to track.

The total return for each Fund underperformed its respective Index during the respective reporting periods. The trailing performance is primarily attributable to fees and expenses. Transaction costs in emerging markets for NUEM’s purchase and sale of securities due to higher levels of turnover in the NUEM Index during the reporting period, as well as fees and expenses incurred by the Fund that are not incurred by the NUEM Index, reduced relative performance. The Indexes are unmanaged and therefore their returns do not reflect any fees or expenses, which would detract from their performance. You cannot invest directly in an index.

Performance diverged widely across market sectors, investment styles and geographies during the reporting period. Technology stocks garnered a considerable lead as the COVID-19 crisis accelerated the trend toward working, learning, shopping and socializing online. As a result, growth stocks and countries with tech-dominant stock markets tended to outperform. On the other hand, energy stocks were by far the weakest performing group, followed by the financials sector, which weighed on value-oriented indexes due to their higher exposures to these sectors.

In this environment, NUMG and NULG delivered strong gains, followed by NULC. The three Funds hold the highest exposure to the outperforming technology sector. NUSC posted a comparatively smaller positive return, as small-cap stocks generally lagged the larger market cap segments. The value-oriented Funds, NULV and NUMV, had negative performance. The two Funds’ large weightings in the underperforming financials sector were detrimental to performance, as was NUMV’s heavy exposure to the real estate sector, which also performed poorly in this reporting period.

8

For the non-U.S. Funds, NUEM closed the reporting period with a double-digit positive return, while NUDM posted a loss. Emerging market equities significantly outperformed developed market equities in this reporting period, largely driven by China and other emerging Asia countries that benefited from their greater exposure to the technology sector and their relatively more successful containment of COVID-19.

9

Risk Considerations    

Nuveen ESG Emerging Markets Equity ETF (NUEM)

Investing involves risk; principal loss is possible. There is no guarantee the Fund’s investment objectives will be achieved. This ETF seeks to generally track the investment results of an index; however the Fund may underperform, outperform or be more volatile than the referenced index. Non-U.S. investments involve risks such as currency fluctuation, political and economic instability, lack of liquidity and differing legal and accounting standards. These risks are magnified in emerging markets. Due to the percentage weight within the base index, the Fund may at times be significantly invested in certain countries, such as China. Investing in China involves additional risks, including a reduction in growth if global or domestic demand for Chinese goods decreases significantly, pricing anomalies that may be connected to governmental influence, a lack of publicy-available information and/or social instability. In addition, because the Index selects securities for inclusion based on environmental, social, and governance (ESG) criteria, the Fund may forgo some market opportunities available to funds that don’t use these criteria. A portfolio concentrated in a single industry sector or country may present more risk than a portfolio broadly diversified over several industries or countries. These and other risks, such as mid-cap stock risk, are described in the Fund’s prospectus.

Nuveen ESG International Developed Markets Equity ETF (NUDM)

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

Nuveen ESG Large-Cap ETF (NULC)

Investing involves risk; principal loss is possible. There is no guarantee the Fund's investment objectives will be achieved. This ETF seeks to generally track the investment results of an index; however the Fund may underperform, outperform or be more volatile than the referenced index. In addition, because the Index selects securities for inclusion based on environmental, social, and governance (ESG) criteria, the Fund may forgo some market opportunities available to funds that don't use these criteria. The value of equity securities may decline significantly over short or extended periods of time. Because it invests primarily in large-capitalization stocks, the Fund may underperform funds that invest primarily in stocks of smaller capitalization companies during periods when the stocks of such companies are in favor. These and other risk considerations are described in detail in the Fund's prospectus.

Nuveen ESG Large-Cap Growth ETF (NULG)

Investing involves risk; principal loss is possible. There is no guarantee the Fund’s investment objectives will be achieved. This ETF seeks to generally track the investment results of an index; however the Fund may underperform, outperform or be more volatile than the referenced index. In addition, because the Index selects securities for inclusion based on environmental, social, and governance (ESG) criteria, the Fund may forgo some market opportunities available to funds that don’t use these criteria. The value of equity securities may decline significantly over short or extended periods of time. Growth stocks tend to be more volatile and can experience sharp price declines. Because it invests primarily in large-capitalization stocks, the Fund may underperform funds that invest primarily in stocks of smaller capitalization companies during periods when the stocks of such companies are in favor. These and other risk considerations are described in detail in the Fund’s prospectus.

Nuveen ESG Large-Cap Value ETF (NULV)

Investing involves risk; principal loss is possible. There is no guarantee the Fund’s investment objectives will be achieved. This ETF seeks to generally track the investment results of an index; however the Fund may underperform, outperform or be more volatile than the referenced index. In addition, because the Index selects securities for inclusion based on environmental, social, and governance

10

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

Nuveen ESG Mid-Cap Growth ETF (NUMG)

Investing involves risk; principal loss is possible. There is no guarantee the Fund’s investment objectives will be achieved. This ETF seeks to generally track the investment results of an index; however the Fund may underperform, outperform or be more volatile than the referenced index. In addition, because the Index selects securities for inclusion based on environmental, social, and governance (ESG) criteria, the Fund may forgo some market opportunities available to funds that don’t use these criteria. The value of equity securities may decline significantly over short or extended periods of time. Because it invests primarily in mid-capitalization stocks, the Fund may be subject to greater volatility than those that invest in larger companies, but may be less volatile than investments in smaller companies. Growth stocks tend to be more volatile and can experience sharp price declines. These and other risk considerations are described in detail in the Fund’s prospectus.

Nuveen ESG Mid-Cap Value ETF (NUMV)

Investing involves risk; principal loss is possible. There is no guarantee the Fund’s investment objectives will be achieved. This ETF seeks to generally track the investment results of an index; however the Fund may underperform, outperform or be more volatile than the referenced index. In addition, because the Index selects securities for inclusion based on environmental, social, and governance (ESG) criteria, the Fund may forgo some market opportunities available to funds that don’t use these criteria. The value of equity securities may decline significantly over short or extended periods of time. Value stocks may not be fully recognized by the market and be undervalued. Because it invests primarily in mid-capitalization stocks, the Fund may be subject to greater volatility than those that invest in larger companies, but may be less volatile than investments in smaller companies. These and other risk considerations are described in detail in the Fund’s prospectus.

Nuveen ESG Small-Cap ETF (NUSC)

Investing involves risk; principal loss is possible. There is no guarantee the Fund’s investment objectives will be achieved. This ETF seeks to generally track the investment results of an index; however the Fund may underperform, outperform or be more volatile than the referenced index. In addition, because the Index selects securities for inclusion based on environmental, social, and governance (ESG) criteria, the Fund may forgo some market opportunities available to funds that don’t use these criteria. The value of equity securities may decline significantly over short or extended periods of time. Investments in smaller companies are subject to greater volatility than those of larger companies. These and other risk considerations are described in detail in the Fund’s prospectus.

11

Fund Performance and Expense Ratios    

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

Fund Performance

Returns quoted represent past performance, which is no guarantee of future results. Investment returns and principal value will fluctuate so that when shares are sold, they may be worth more or less than their original cost. Current performance may be higher or lower than the performance shown.

Total returns for a period of less than one year are not annualized (i.e. cumulative returns). Returns assume reinvestment of dividends and capital gains. Market price returns are based on the closing market price as of the end of the reporting period. For performance current to the most recent month-end visit nuveen.com or call (800) 257-8787.

Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the sale of Fund shares.

Expense Ratios

The expense ratios shown are as of each Fund's most recent prospectus. The expense ratios shown reflect total operating expenses (before fee waivers and/or expense reimbursements, if any). The expense ratios include management fees and other fees and expenses.

12

Nuveen ESG Emerging Markets Equity ETF (NUEM)

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 October 31, 2020
		Average Annual
	Inception Date	1-Year	Since Inception	Expense Ratios
NUEM at NAV	6/06/17	16.41%	6.16%	0.45%
NUEM at Market Price	6/06/17	16.47%	6.34%	—
TIAA ESG Emerging Markets Equity Index	—	17.34%	6.95%	—
MSCI Emerging Markets Index	—	8.25%	5.04%	—

    

Growth of an Assumed $10,000 Investment as of October 31, 2020

The graphs do not reflect the deduction of taxes that a shareholder may pay on Fund distributions or the redemption of Fund shares.

13

Fund Performance and Expense Ratios (continued)

Nuveen ESG International Developed Markets Equity ETF (NUDM)

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 October 31, 2020
		Average Annual
	Inception Date	1-Year	Since Inception	Expense Ratios
NUDM at NAV	6/06/17	(5.91)%	1.20%	0.40%
NUDM at Market Price	6/06/17	(5.67)%	1.39%	—
TIAA ESG International Developed Markets Equity Index	—	(5.64)%	1.47%	—
MSCI EAFE Index	—	(6.86)%	0.60%	—

    

Growth of an Assumed $10,000 Investment as of October 31, 2020

The graphs do not reflect the deduction of taxes that a shareholder may pay on Fund distributions or the redemption of Fund shares.

14

Nuveen ESG Large-Cap ETF (NULC)

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 October 31, 2020
		Average Annual
	Inception Date	1-Year	Since Inception	Expense Ratios
NULC at NAV	6/03/19	11.71%	17.39%	0.20%
NULC at Market Price	6/03/19	11.43%	17.12%	—
TIAA ESG USA Large-Cap Index	—	11.94%	17.65%	—
MSCI USA Index	—	11.58%	16.70%	—

    

Growth of an Assumed $10,000 Investment as of October 31, 2020

The graphs do not reflect the deduction of taxes that a shareholder may pay on Fund distributions or the redemption of Fund shares.

15

Fund Performance and Expense Ratios (continued)

Nuveen ESG Large-Cap Growth ETF (NULG)

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 October 31, 2020
		Average Annual
	Inception Date	1-Year	Since Inception	Expense Ratios
NULG at NAV	12/31/16	28.66%	20.72%	0.35%
NULG at Market Price	12/31/16	28.42%	20.68%	—
TIAA ESG USA Large-Cap Growth Index	—	29.19%	21.19%	—
MSCI USA Growth Index	—	32.94%	21.20%	—

    

Growth of an Assumed $10,000 Investment as of October 31, 2020

The graphs do not reflect the deduction of taxes that a shareholder may pay on Fund distributions or the redemption of Fund shares.

16

Nuveen ESG Large-Cap Value ETF (NULV)

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 October 31, 2020
		Average Annual
	Inception Date	1-Year	Since Inception	Expense Ratios
NULV at NAV	12/31/16	(7.87)%	5.16%	0.35%
NULV at Market Price	12/31/16	(7.78)%	5.19%	—
TIAA ESG USA Large-Cap Value Index	—	(7.57)%	5.53%	—
MSCI USA Value Index	—	(8.42)%	3.70%	—

    

Growth of an Assumed $10,000 Investment as of October 31, 2020

The graphs do not reflect the deduction of taxes that a shareholder may pay on Fund distributions or the redemption of Fund shares.

17

Fund Performance and Expense Ratios (continued)

Nuveen ESG Mid-Cap Growth ETF (NUMG)

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 October 31, 2020
		Average Annual
	Inception Date	1-Year	Since Inception	Expense Ratios
NUMG at NAV	12/31/16	29.43%	16.59%	0.40%
NUMG at Market Price	12/31/16	28.90%	16.52%	—
TIAA ESG USA Mid-Cap Growth Index	—	30.00%	17.10%	—
MSCI USA Mid-Cap Growth Index	—	24.64%	15.30%	—

    

Growth of an Assumed $10,000 Investment as of October 31, 2020

The graphs do not reflect the deduction of taxes that a shareholder may pay on Fund distributions or the redemption of Fund shares.

18

Nuveen ESG Mid-Cap Value ETF (NUMV)

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 October 31, 2020
		Average Annual
	Inception Date	1-Year	Since Inception	Expense Ratios
NUMV at NAV	12/31/16	(10.98)%	2.49%	0.40%
NUMV at Market Price	12/31/16	(11.11)%	2.51%	—
TIAA ESG USA Mid-Cap Value Index	—	(10.64)%	2.90%	—
MSCI USA Mid-Cap Value Index	—	(11.33)%	2.26%	—

    

Growth of an Assumed $10,000 Investment as of October 31, 2020

The graphs do not reflect the deduction of taxes that a shareholder may pay on Fund distributions or the redemption of Fund shares.

19

Fund Performance and Expense Ratios (continued)

Nuveen ESG Small-Cap ETF (NUSC)

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 October 31, 2020
		Average Annual
	Inception Date	1-Year	Since Inception	Expense Ratios
NUSC at NAV	12/31/16	4.40%	6.98%	0.40%
NUSC at Market Price	12/31/16	4.44%	7.03%	—
TIAA ESG USA Small-Cap Index	—	4.78%	7.42%	—
MSCI USA Small-Cap Index	—	0.87%	6.03%	—

    

Growth of an Assumed $10,000 Investment as of October 31, 2020

The graphs do not reflect the deduction of taxes that a shareholder may pay on Fund distributions or the redemption of Fund shares.

20

Holding Summaries    as of October 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.

Nuveen ESG Emerging Markets Equity ETF (NUEM)

Fund Allocation (% of net assets)
Common Stocks	99.8%
Common Stock Rights	0.0%
Other Assets Less Liabilities	0.2%
Net Assets	100%

    

Top Five Common Stock Holdings (% of net assets)
Alibaba Group Holding Ltd, Sponsored ADR	10.1%
Tencent Holdings Ltd	8.1%
Taiwan Semiconductor Manufacturing Co Ltd	6.9%
Meituan Dianping, Class B	3.5%
China Construction Bank Corp	1.9%

Portfolio Composition (% of net assets)
Consumer Discretionary	20.9%
Information Technology	18.6%
Financials	16.8%
Communication Services	12.7%
Materials	8.5%
Industrials	6.6%
Consumer Staples	6.1%
Health Care	3.6%
Real Estate	2.3%
Utilities	1.9%
Energy	1.8%
Other Assets Less Liabilities	0.2%
Net Assets	100%

Country Allocation1 (% of net assets)
China	41.8%
Taiwan	13.6%
Korea, Republic Of	10.7%
India	6.7%
Brazil	3.8%
South Africa	3.2%
Saudi Arabia	2.9%
Malaysia	1.8%
Thailand	1.8%
Russia	1.6%
Other	11.9%
Other Assets Less Liabilities	0.2%
Net Assets	100%

21

Holding Summaries    as of October 31, 2020 (continued)

Nuveen ESG International Developed Markets Equity ETF (NUDM)

Fund Allocation (% of net assets)
Common Stocks	99.4%
Other Assets Less Liabilities	0.6%
Net Assets	100%

    

Top Five Common Stock Holdings (% of net assets)
Nestle SA	3.7%
Sony Corp	2.2%
AstraZeneca PLC	1.9%
Nintendo Co Ltd	1.9%
L'Oreal SA	1.9%

Portfolio Composition (% of net assets)
Financials	16.4%
Industrials	16.2%
Consumer Staples	13.5%
Health Care	12.9%
Consumer Discretionary	12.4%
Materials	8.2%
Communication Services	5.8%
Information Technology	4.9%
Real Estate	3.6%
Utilities	3.3%
Energy	2.2%
Other Assets Less Liabilities	0.6%
Net Assets	100%

Country Allocation (% of net assets)
Japan	25.7%
United Kingdom	14.8%
Switzerland	10.4%
Germany	9.3%
France	9.2%
Australia	6.9%
Netherlands	3.1%
Sweden	2.9%
Denmark	2.8%
Spain	2.1%
Other	12.2%
Other Assets Less Liabilities	0.6%
Net Assets	100%

22

Nuveen ESG Large-Cap ETF (NULC)

Fund Allocation (% of net assets)
Common Stocks	99.8%
Other Assets Less Liabilities	0.2%
Net Assets	100%

Portfolio Composition (% of net assets)
Information Technology	27.5%
Health Care	12.7%
Financials	11.1%
Communication Services	10.7%
Consumer Discretionary	10.4%
Industrials	9.5%
Consumer Staples	7.0%
Real Estate	4.0%
Materials	3.0%
Utilities	2.4%
Energy	1.5%
Other Assets Less Liabilities	0.2%
Net Assets	100%

    

Top Five Common Stock Holdings (% of net assets)
Microsoft Corp	6.0%
Alphabet Inc, Class C	2.7%
Procter & Gamble Co	2.3%
NVIDIA Corp	2.2%
Alphabet Inc	2.0%

23

Holding Summaries    as of October 31, 2020 (continued)

Nuveen ESG Large-Cap Growth ETF (NULG)

Fund Allocation (% of net assets)
Common Stocks	99.9%
U.S. Government and Agency Obligations	0.1%
Other Assets Less Liabilities	0.0%
Net Assets	100%

Portfolio Composition (% of net assets)
Information Technology	36.8%
Health Care	16.7%
Consumer Discretionary	14.2%
Communication Services	13.7%
Industrials	9.0%
Financials	4.9%
Consumer Staples	4.6%
U.S. Government and Agency Obligations	0.1%
Other Assets Less Liabilities	0.0%
Net Assets	100%

Top Five Common Stock Holdings (% of net assets)
Alphabet Inc	7.5%
NVIDIA Corp	3.3%
salesforcecom Inc	2.8%
Mastercard Inc	2.7%
Thermo Fisher Scientific Inc	2.6%

24

Nuveen ESG Large-Cap Value ETF (NULV)

Fund Allocation (% of net assets)
Common Stocks	99.7%
U.S. Government and Agency Obligations	0.1%
Other Assets Less Liabilities	0.2%
Net Assets	100%

Portfolio Composition (% of net assets)
Financials	19.4%
Health Care	13.3%
Consumer Staples	12.5%
Industrials	12.4%
Information Technology	10.3%
Communication Services	7.1%
Utilities	6.0%
Consumer Discretionary	5.5%
Materials	5.3%
Real Estate	4.9%
Energy	3.0%
U.S. Government and Agency Obligations	0.1%
Other Assets Less Liabilities	0.2%
Net Assets	100%

Top Five Common Stock Holdings (% of net assets)
Procter & Gamble Co	3.9%
Verizon Communications Inc	3.0%
Walt Disney Co	2.9%
Coca-Cola Co	2.8%
PepsiCo Inc	2.6%

25

Holding Summaries    as of October 31, 2020 (continued)

Nuveen ESG Mid-Cap Growth ETF (NUMG)

Fund Allocation (% of net assets)
Common Stocks	99.9%
U.S. Government and Agency Obligations	0.1%
Other Assets Less Liabilities	(0.0)%
Net Assets	100%

Portfolio Composition (% of net assets)
Information Technology	35.1%
Health Care	18.6%
Industrials	17.7%
Communication Services	11.8%
Consumer Discretionary	5.7%
Financials	4.3%
Consumer Staples	2.7%
Real Estate	2.4%
Materials	1.6%
U.S. Government and Agency Obligations	0.1%
Other Assets Less Liabilities	(0.0)%
Net Assets	100%

Top Five Common Stock Holdings (% of net assets)
Snap Inc	4.2%
Twilio Inc	3.3%
Splunk Inc	3.0%
Copart Inc	2.7%
ANSYS Inc	2.7%

26

Nuveen ESG Mid-Cap Value ETF (NUMV)

Fund Allocation (% of net assets)
Common Stocks	99.7%
U.S. Government and Agency Obligations	0.2%
Other Assets Less Liabilities	0.1%
Net Assets	100%

Portfolio Composition (% of net assets)
Financials	18.6%
Consumer Discretionary	15.3%
Real Estate	14.0%
Industrials	13.4%
Information Technology	10.2%
Health Care	7.0%
Utilities	5.4%
Materials	5.4%
Consumer Staples	3.6%
Energy	3.4%
Communication Services	3.4%
U.S. Government and Agency Obligations	0.2%
Other Assets Less Liabilities	0.1%
Net Assets	100%

Top Five Common Stock Holdings (% of net assets)
Marvell Technology Group Ltd	2.6%
Best Buy Co Inc	2.2%
CMS Energy Corp	2.2%
Arthur J Gallagher & Co	2.2%
Darden Restaurants Inc	2.0%

27

Holding Summaries    as of October 31, 2020 (continued)

Nuveen ESG Small-Cap ETF (NUSC)

Fund Allocation (% of net assets)
Common Stocks	99.9%
Common Stock Rights	0.0%
Investments Purchased with Collateral from Securities Lending	0.7%
U.S. Government and Agency Obligations	0.1%
Other Assets Less Liabilities	(0.7)%
Net Assets	100%

Portfolio Composition (% of net assets)
Information Technology	16.8%
Consumer Discretionary	16.2%
Health Care	16.1%
Industrials	15.4%
Financials	12.9%
Real Estate	8.5%
Consumer Staples	4.3%
Materials	4.2%
Utilities	2.2%
Communication Services	1.7%
Energy	1.6%
Investments Purchased with Collateral from Securities Lending	0.7%
U.S. Government and Agency Obligations	0.1%
Other Assets Less Liabilities	(0.7)%
Net Assets	100%

Top Five Common Stock Holdings (% of net assets)
Generac Holdings Inc	1.3%
Pool Corp	1.2%
Entegris Inc	1.1%
Darling Ingredients Inc	1.0%
Service Corp International/US	1.0%

Expense Examples    

As a shareholder of one or more of the Funds, you incur two types of costs: (1) transaction costs, including brokerage commissions on purchases and sales of Fund shares, and (2) ongoing costs, including management fees and other applicable Fund expenses. The Examples below are intended to help you understand your ongoing costs (in dollars) of investing in the Funds and to compare these costs with the ongoing costs of investing in other funds.

The Examples below are based on an investment of $1,000 invested at the beginning of the period and held through the period ended October 31, 2020.

The beginning of the period is May 1, 2020.

The information under “Actual Performance,” together with the amount you invested, allows you to estimate actual expenses incurred over the reporting period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.60) and multiply the result by the cost shown for your Fund in the row entitled “Expenses Incurred During Period” to estimate the expenses incurred on your account during this period.

The information under “Hypothetical Performance” provides information about hypothetical account values and hypothetical expenses based on each Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expense you incurred for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the tables are meant to highlight your ongoing costs only and do not reflect any transaction costs. Therefore, the hypothetical information is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transaction costs were included, your costs would have been higher.

Nuveen ESG Emerging Markets Equity ETF (NUEM)

Actual Performance
Beginning Account Value	$1,000.00
Ending Account Value	$1,270.10
Expenses Incurred During Period	$ 2.57
Hypothetical Performance (5% annualized return before expenses)
Beginning Account Value	$1,000.00
Ending Account Value	$1,022.87
Expenses Incurred During the Period	$ 2.29

Expenses are equal to the Fund's annualized net expense ratio of 0.45% multiplied by the average account value over the period, multiplied by 184/366 (to reflect the one-half year period).

29

Expense Examples    (continued)

Nuveen ESG International Developed Markets Equity ETF (NUDM)

Actual Performance
Beginning Account Value	$1,000.00
Ending Account Value	$1,088.40
Expenses Incurred During Period	$ 2.10
Hypothetical Performance (5% annualized return before expenses)
Beginning Account Value	$1,000.00
Ending Account Value	$1,023.13
Expenses Incurred During the Period	$ 2.03

Expenses are equal to the Fund's annualized net expense ratio of 0.40% multiplied by the average account value over the period, multiplied by 184/366 (to reflect the one-half year period).

Nuveen ESG Large-Cap ETF (NULC)

Actual Performance
Beginning Account Value	$1,000.00
Ending Account Value	$1,155.30
Expenses Incurred During Period	$ 1.08
Hypothetical Performance (5% annualized return before expenses)
Beginning Account Value	$1,000.00
Ending Account Value	$1,024.13
Expenses Incurred During the Period	$ 1.02

Expenses are equal to the Fund's annualized net expense ratio of 0.20% multiplied by the average account value over the period, multiplied by 184/366 (to reflect the one-half year period).

Nuveen ESG Large-Cap Growth ETF (NULG)

Actual Performance
Beginning Account Value	$1,000.00
Ending Account Value	$1,225.50
Expenses Incurred During Period	$ 1.96
Hypothetical Performance (5% annualized return before expenses)
Beginning Account Value	$1,000.00
Ending Account Value	$1,023.38
Expenses Incurred During the Period	$ 1.78

Expenses are equal to the Fund's annualized net expense ratio of 0.35% multiplied by the average account value over the period, multiplied by 184/366 (to reflect the one-half year period).

30

Nuveen ESG Large-Cap Value ETF (NULV)

Actual Performance
Beginning Account Value	$1,000.00
Ending Account Value	$1,066.80
Expenses Incurred During Period	$ 1.82
Hypothetical Performance (5% annualized return before expenses)
Beginning Account Value	$1,000.00
Ending Account Value	$1,023.38
Expenses Incurred During the Period	$ 1.78

Expenses are equal to the Fund's annualized net expense ratio of 0.35% multiplied by the average account value over the period, multiplied by 184/366 (to reflect the one-half year period).

Nuveen ESG Mid-Cap Growth ETF (NUMG)

Actual Performance
Beginning Account Value	$1,000.00
Ending Account Value	$1,271.00
Expenses Incurred During Period	$ 2.28
Hypothetical Performance (5% annualized return before expenses)
Beginning Account Value	$1,000.00
Ending Account Value	$1,023.13
Expenses Incurred During the Period	$ 2.03

Expenses are equal to the Fund's annualized net expense ratio of 0.40% multiplied by the average account value over the period, multiplied by 184/366 (to reflect the one-half year period).

Nuveen ESG Mid-Cap Value ETF (NUMV)

Actual Performance
Beginning Account Value	$1,000.00
Ending Account Value	$1,131.80
Expenses Incurred During Period	$ 2.14
Hypothetical Performance (5% annualized return before expenses)
Beginning Account Value	$1,000.00
Ending Account Value	$1,023.13
Expenses Incurred During the Period	$ 2.03

Expenses are equal to the Fund's annualized net expense ratio of 0.40% multiplied by the average account value over the period, multiplied by 184/366 (to reflect the one-half year period).

31

Expense Examples    (continued)

Nuveen ESG Small-Cap ETF (NUSC)

Actual Performance
Beginning Account Value	$1,000.00
Ending Account Value	$1,233.50
Expenses Incurred During Period	$ 2.25
Hypothetical Performance (5% annualized return before expenses)
Beginning Account Value	$1,000.00
Ending Account Value	$1,023.13
Expenses Incurred During the Period	$ 2.03

Expenses are equal to the Fund's annualized net expense ratio of 0.40% multiplied by the average account value over the period, multiplied by 184/366 (to reflect the one-half year period).

32

Report of Independent Registered Public Accounting Firm    

To the Shareholders and Board of Trustees

Nushares ETF Trust:

Opinions on the Financial Statements

We have audited the accompanying statements of assets and liabilities of Nuveen ESG Emerging Markets Equity ETF, Nuveen ESG International Developed Markets Equity ETF, Nuveen ESG Large-Cap ETF, Nuveen ESG Large-Cap Growth ETF, Nuveen ESG Large-Cap Value ETF, Nuveen ESG Mid-Cap Growth ETF, Nuveen ESG Mid-Cap Value ETF, and Nuveen ESG Small-Cap ETF (eight of the funds comprising Nushares ETF Trust) (the Funds), including the portfolios of investments, as of October 31, 2020, the related statements of operations for the year then ended, the statements of changes in net assets for each of the years in the two-year period then ended (the year then ended and the period from June 3, 2019 (commencement of operations) to October 31, 2019 for Nuveen ESG Large-Cap ETF), and the related notes (collectively, the financial statements) and the financial highlights for each of the years in the three-year period then ended and the period from June 6, 2017 (commencement of operations) to October 31, 2017 for Nuveen ESG Emerging Markets Equity ETF and Nuveen ESG International Developed Markets Equity ETF, each of the years in the three-year period then ended and the period from December 13, 2016 (commencement of operations) to October 31, 2017 for Nuveen ESG Large-Cap Growth ETF, Nuveen ESG Large-Cap Value ETF, Nuveen ESG Mid-Cap Growth ETF, Nuveen ESG Mid-Cap Value ETF and Nuveen ESG Small-Cap ETF, and the year then ended and the period from June 3, 2019 to October 31, 2019 for Nuveen ESG Large-Cap ETF. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Funds as of October 31, 2020, the results of their operations the year then ended, the changes in their net assets for each of the years in the two year period then ended (the year then ended and the period from June 3, 2019 to October 31, 2019 for Nuveen ESG Large-Cap ETF), and the financial highlights for each of the years in the three-year period then ended and the period from June 6, 2017 to October 31, 2017 for Nuveen ESG Emerging Markets Equity ETF and Nuveen ESG International Developed Markets Equity ETF, each of the years in the three-year period then ended and the period from December 13, 2016 to October 31, 2017 for Nuveen ESG Large-Cap Growth ETF, Nuveen ESG Large-Cap Value ETF, Nuveen ESG Mid-Cap Growth ETF, Nuveen ESG Mid-Cap Value ETF and Nuveen ESG Small-Cap ETF, and the year then ended and the period from June 3, 2019 to October 31, 2019 for Nuveen ESG Large-Cap ETF, in conformity with U.S. generally accepted accounting principles.

Basis for Opinions

These financial statements and financial highlights are the responsibility of the Funds’ management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Such procedures also included confirmation of securities owned as of October 31, 2020, by correspondence with custodians and brokers or other appropriate audit-

33

Report of Independent Registered Public Accounting Firm (continued)

ing procedures. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. We believe that our audits provide a reasonable basis for our opinion.

/s/ KPMG LLP

We have served as the auditor of one or more Nuveen investment companies since 2014.

Chicago, Illinois

December 28, 2020

34

Nuveen ESG Emerging Markets Equity ETF (NUEM)

Portfolio of Investments    October 31, 2020

Shares		Description (1)				Value
		LONG-TERM INVESTMENTS – 99.8%
		COMMON STOCKS – 99.8%
		Communication Services – 12.7%
39,653		Advanced Info Service PCL, (2), (3)				$219,464
192,436		Axiata Group Bhd				135,701
120,314		Chunghwa Telecom Co Ltd				450,071
106		Globe Telecom Inc				4,446
282		Hellenic Telecommunications Organization SA				3,751
2,286		Intouch Holdings PCL, (2), (3)				3,924
3,843		Maxis Bhd				4,440
777		MultiChoice Group, (3)				6,406
2,001		NAVER Corp				511,404
28,325		Orange Polska SA, (3)				43,448
2,798		SK Telecom Co Ltd				527,692
1,779		Taiwan Mobile Co Ltd				6,076
26,589		Telefonica Brasil SA				196,167
6,298		Telekom Malaysia Bhd				6,351
49,287		Tencent Holdings Ltd				3,756,181
5,136		Total Access Communication PCL, (2), (3)				5,067
35,756		True Corp PCL, (2), (3)				3,120
17,344		Turkcell Iletisim Hizmetleri AS				30,207
521		Vodacom Group Ltd				3,929
1,723		Wanda Film Holding Co Ltd, (3)				3,957
258,027		XL Axiata Tbk PT				35,815
		Total Communication Services				5,957,617
		Consumer Discretionary  – 20.9%
15,479		Alibaba Group Holding Ltd, Sponsored ADR, (3)				4,716,297
37,313		Asset World Corp PCL, (2), (3)				3,496
113,080		BAIC Motor Corp Ltd, 144A				41,704
31		Bosch Ltd				4,869
45,298		BYD Co Ltd				900,136
7,692		BYD Co Ltd, (3)				183,574
460		FF Group, (3), (4)				643
32,713		Geely Automobile Holdings Ltd				67,157
4,095		Hangzhou Robam Appliances Co Ltd, (3)				22,339
208		Hankook Tire & Technology Co Ltd				5,802
136		Hero MotoCorp Ltd				5,147
8,140		Home Product Center PCL, (2)				3,656

35

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

Portfolio of Investments    October 31, 2020

Shares		Description (1)				Value
		Consumer Discretionary (continued)
4,961		Hotai Motor Co Ltd				$104,411
16,597		Koolearn Technology Holding Ltd, 144A, (3)				53,612
7,523		LG Electronics Inc				556,916
910		Mahindra & Mahindra Ltd				7,303
44,364		Meituan Dianping, Class B, (3)				1,648,737
65,638		Minor International PCL, (2), (3)				35,170
192		Minor International PCL				38
632		Mr Price Group Ltd				4,779
4,222		Naspers Ltd				821,423
11,361		NIO Inc., ADR, (3)				347,419
39,353		Suningcom Co Ltd, (3)				56,947
56,716		TCL Technology Group Corp, (3)				51,073
6,719		Titan Co Ltd				105,857
8,645		Tongcheng-Elong Holdings Ltd, (3)				14,336
1,307		Via Varejo S/A, (3)				3,890
		Total Consumer Discretionary				9,766,731
		Consumer Staples  – 6.1%
15,093		Almarai Co JSC				207,663
31		Amorepacific Corp				4,317
85		Amorepacific Corp				3,925
127		AMOREPACIFIC Group				4,874
600		Angel Yeast Co Ltd, (3)				4,733
740		Arca Continental SAB de CV				3,217
1,246		Atacadao SA, (3)				3,987
3,135		Berli Jucker PCL, (2), (3)				2,892
287		BGF retail Co Ltd				29,846
290		Bid Corp Ltd				3,975
101		Britannia Industries Ltd				4,741
6,200		By-health Co Ltd, (3)				23,953
9,200		China Feihe Ltd, 144A				20,856
74,666		China Mengniu Dairy Co Ltd				350,951
388		Cia Brasileira de Distribuicao, (3)				4,169
16		CJ CheilJedang Corp				5,090
293		Clicks Group Ltd				4,255
7,797		Coca-Cola Femsa SAB de CV, (3)				29,583
265		Colgate-Palmolive India Ltd				5,435
3,283		CP ALL PCL, (3)				5,635
141,541		Dali Foods Group Co Ltd, 144A				87,609
74,871		Fomento Economico Mexicano SAB de CV				401,529
508		Godrej Consumer Products Ltd				4,557
400		Gruma SAB de CV				4,256

36

Shares		Description (1)				Value
		Consumer Staples (continued)
1,792		GS Retail Co Ltd				$50,695
18,650		Hindustan Unilever Ltd				522,197
25,650		Inner Mongolia Yili Industrial Group Co Ltd, (3)				152,186
810		Kuala Lumpur Kepong Bhd				4,137
420		Laobaixing Pharmacy Chain JSC, (3)				4,486
5		LG Household & Health Care Ltd				6,610
150		LG Household & Health Care Ltd				91,346
11,396		Magnit OAO, GDR, REG S				157,151
497		Natura & Co Holding SA, (3)				3,974
1,582		Nestle India Ltd				366,107
2,835		Osotspa PCL, (2)				2,911
987		PPB Group Bhd				4,466
617		President Chain Store Corp				5,565
1,245		Savola Group				15,204
592		Shoprite Holdings Ltd				4,697
491		SPAR Group Ltd				5,217
1,814		Standard Foods Corp				3,875
51,750		Sun Art Retail Group Ltd				55,922
9,745		Thai Union Group PCL, (2), (3)				4,752
300,715		Unilever Indonesia Tbk PT				160,895
2,694		Uni-President Enterprises Corp				5,773
		Total Consumer Staples				2,850,214
		Energy – 1.8%
11,151		Cosan SA				125,686
785,806		IRPC PCL, (3)				50,425
4,701		Motor Oil Hellas Corinth Refineries SA				43,808
18,786		Offshore Oil Engineering Co Ltd, (3)				11,867
20,985		Petronas Dagangan Bhd				87,071
34,457		Qatar Fuel QSC				162,774
3,185		S-Oil Corp				152,415
80,294		Thai Oil PCL, (2), (3)				88,235
51,247		Ultrapar Participacoes SA, (3)				145,582
		Total Energy				867,863
		Financials – 16.8%
1,261		Absa Group Ltd				6,746
3,240		Abu Dhabi Commercial Bank PJSC				5,178
100,901		Axis Bank Ltd, (3)				668,521
14,874		Ayala Corp				234,481
51,897		B3 SA - Brasil Bolsa Balcao, (3)				459,477
65,472		Banco Bradesco SA, (3)				228,914
17,793		Banco Bradesco SA, (3)				56,070

37

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

Portfolio of Investments    October 31, 2020

Shares		Description (1)				Value
		Financials (continued)
183		Banco de Credito e Inversiones SA				$5,722
6,849		Banco do Brasil SA, (3)				35,397
893		Banco Santander Brasil SA				4,964
95,282		Banco Santander Chile				3,332
689		Bancolombia SA				4,379
7,218		Bancolombia SA				45,877
33,699		Bandhan Bank Ltd, 144A				131,781
1,357		Bangkok Bank PCL				4,223
2,483		Bank Central Asia Tbk PT				4,915
527,305		Bank Negara Indonesia Persero Tbk PT				170,901
22,793		Bank of Hangzhou Co Ltd, (3)				44,148
4,719		Bank Polska Kasa Opieki SA, (3)				50,325
186,059		Bank Rakyat Indonesia Persero Tbk PT				42,746
40,448		Banque Saudi Fransi				320,323
2,564		BDO Unibank Inc				4,710
260,626		Cathay Financial Holding Co Ltd				349,889
1,067		Chailease Holding Co Ltd				5,166
1,311,059		China Construction Bank Corp				904,488
3,976		Commercial Bank PQSC				4,641
3,525		Dongbu Insurance Co Ltd				137,465
5,882		ESun Financial Holding Co Ltd				4,997
71,696		First Abu Dhabi Bank PJSC				223,687
6,165		First Financial Holding Co Ltd				4,321
4,549		FirstRand Ltd				10,526
307,816		Fubon Financial Holding Co Ltd				437,992
64,037		Grupo Financiero Banorte SAB de CV, (3)				284,709
547		GT Capital Holdings, Inc				4,860
4,812		Haitong Securities Co Ltd				4,058
2,000		Haitong Securities Co Ltd, (3)				4,193
7,757		Hua Nan Financial Holdings Co Ltd				4,664
4,150		Huaxia Bank Co Ltd, (3)				3,756
773		Hyundai Marine & Fire Insurance Co Ltd				15,873
88,047		Industrial Bank Co Ltd, (3)				234,047
2,595		Itausa SA				4,091
1,947		Kasikornbank PCL				4,701
9,151		KB Financial Group Inc				323,394
632		Komercni banka as, (3)				12,791
4,724		Krungthai Card PCL, (2), (3)				5,987
2,508		Malayan Banking Bhd				4,225
83		mBank SA				2,419
4,928		MCB Bank Ltd				5,091

38

Shares		Description (1)				Value
		Financials (continued)
4,323		Mega Financial Holding Co Ltd				$4,164
1,925		Moneta Money Bank AS, 144A				4,356
2,284		Muangthai Capital PCL, (2), (3)				4,012
1,445		Nedbank Group Ltd				8,535
332,983		Old Mutual Ltd				192,223
153		OTP Bank Nyrt, (3)				4,765
69,609		Ping An Insurance Group Co of China Ltd				714,056
28,500		Ping An Insurance Group Co of China Ltd, (3)				331,253
49,374		Public Bank Bhd				179,196
34,707		Qatar National Bank QPSC				168,721
843		Remgro Ltd				4,481
3,189		RHB Bank Bhd				3,247
198		Samsung Card Co Ltd				5,130
2,178		Samsung Fire & Marine Insurance Co Ltd				343,582
40,276		Sanlam Ltd				117,169
101		Santander Bank Polska SA, (3)				3,134
2,565		Shanghai Commercial & Savings Bank Ltd				3,322
2,708		Shinhan Financial Group Co Ltd				72,431
20,439		Standard Bank Group Ltd				133,423
11,255		Taishin Financial Holding Co Ltd				4,958
11,073		Taiwan Business Bank				3,639
4,560		Turkiye Garanti Bankasi AS, (3)				3,590
6,976		Yuanta Financial Holding Co Ltd				4,329
		Total Financials				7,848,877
		Health Care – 3.6%
90,577		3SBio Inc, 144A, (3)				84,213
1,791		AK Medical Holdings Ltd, 144A				3,991
9,260		Alibaba Health Information Technology Ltd, (3)				24,180
602		Aspen Pharmacare Holdings Ltd, (3)				3,911
123		Asymchem Laboratories Tianjin Co Ltd, (3)				5,035
5,462		Bangkok Dusit Medical Services PCL, (3)				3,067
1,130		Beijing Tongrentang Co Ltd, (3)				4,539
1,007		Bumrungrad Hospital PCL, (2), (3)				2,940
176		CanSino Biologics Inc, 144A, (3)				3,425
4,956		China Medical System Holdings Ltd				5,189
671		China National Medicines Corp Ltd, (3)				4,288
1,018		China Resources Sanjiu Medical & Pharmaceutical Co Ltd, (3)				4,117
272,843		CSPC Pharmaceutical Group Ltd				287,449
4,793		Genscript Biotech Corp, (3)				6,638
1,018		Guangzhou Baiyunshan Pharmaceutical Holdings Co Ltd, (3)				4,640
400		Guangzhou Kingmed Diagnostics Group Co Ltd, (3)				6,293

39

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

Portfolio of Investments    October 31, 2020

Shares		Description (1)				Value
		Health Care (continued)
17		Hanmi Pharm Co Ltd				$3,933
1,122		Hartalega Holdings Bhd				4,861
1,451		Huadong Medicine Co Ltd, (3)				6,043
3,260		Hutchison China MediTech Ltd, ADR, (3)				95,974
2,963		IHH Healthcare Bhd				3,544
500		Jafron Biomedical Co Ltd, (3)				5,921
1,700		Jointown Pharmaceutical Group Co Ltd, (3)				4,610
42,671		Kalbe Farma Tbk PT				4,449
2,350		Kossan Rubber Industries				4,242
3,981		Life Healthcare Group Holdings Ltd				3,991
600		Livzon Pharmaceutical Group Inc				4,333
124,683		Luye Pharma Group Ltd, 144A				72,030
390		Notre Dame Intermedica Participacoes SA, (3)				4,447
500		Ovctek China Inc, (3)				5,089
5,292		Piramal Enterprises Ltd				89,973
172		Richter Gedeon Nyrt				3,509
40		Samsung Biologics Co Ltd, 144A, (3)				24,042
1,612		Shanghai Fosun Pharmaceutical Group Co Ltd				6,621
800		Shanghai Fosun Pharmaceutical Group Co Ltd, (3)				6,497
47,361		Shanghai Pharmaceuticals Holding Co Ltd				73,287
1,400		Shanghai Pharmaceuticals Holding Co Ltd, (3)				4,165
100		Shenzhen Mindray Bio-Medical Electronics Co Ltd, (3)				5,776
94,897		Sinopharm Group Co Ltd				216,842
8,400		SSY Group Ltd				4,582
1,830		Supermax Corp BHD, (3)				4,171
5,900		Tianjin Chase Sun Pharmaceutical Co Ltd, (3)				4,864
100		Topchoice Medical Corp, (3)				3,364
1,774		Winning Health Technology Group Co Ltd, (3)				4,713
12,964		WuXi AppTec Co Ltd, 144A				206,458
8,775		WuXi AppTec Co Ltd, (3)				147,712
5,852		Wuxi Biologics Cayman Inc, (3)				163,452
88		Yuhan Corp				4,614
305		Yunnan Baiyao Group Co Ltd, (3)				4,690
990		Zhejiang Huahai Pharmaceutical Co Ltd, (3)				4,981
		Total Health Care				1,661,695
		Industrials – 6.6%
87		51job Inc., ADR, (3)				6,099
5,376		Air China Ltd				3,466
4,306		Air China Ltd, (3)				4,366
36,254		Airports of Thailand PCL, (2), (3)				60,196
16,484		A-Living Services Co Ltd, 144A				69,083

40

Shares		Description (1)				Value
		Industrials (continued)
1,816		Aselsan Elektronik Sanayi Ve Ticaret AS				$3,629
1,572		BEST Inc., ADR, (3)				4,040
464		Bidvest Group Ltd				3,805
14,573		BOC Aviation Ltd, 144A				89,920
11,442		BTS Group Holdings PCL, (2), (3)				3,267
1,860		CCR SA				3,600
9,284		China Eastern Airlines Corp Ltd				3,687
6,646		China Eastern Airlines Corp Ltd, (3)				4,556
77,236		China Lesso Group Holdings Ltd				124,695
64		CJ Corp				4,287
5,229		Contemporary Amperex Technology Co Ltd, (3)				193,011
56,360		Country Garden Services Holdings Co Ltd				353,574
52,667		ElSwedy Cables Holding Co				24,891
9,696		Eva Airways Corp				3,661
807		Eve Energy Co Ltd, (3)				6,415
10,150		Evergreen Marine Corp Taiwan Ltd, (3)				6,707
5,085		Far Eastern New Century Corp				4,578
4,233		GS Engineering & Construction Corp				99,604
2,298		HAP Seng Consolidated Bhd				4,054
618		Havells India Ltd				6,081
419		Hiwin Technologies Corp				3,648
668		Hyundai Heavy Industries Holdings Co Ltd				126,277
3,693		JG Summit Holdings Inc				4,902
6,712		LG Corp				401,052
21,168		Localiza Rent a Car SA, (3)				222,767
174		Lotte Corp				4,355
4,110		Malaysia Airports Holdings Bhd				4,135
94,702		MISC Bhd				150,201
1,212		Rumo SA, (3)				3,855
14,527		Shanghai Electric Group Co Ltd, (3)				4,121
5,300		Shanghai Electric Group Co Ltd, (3)				3,910
29,992		Shanghai Industrial Holdings Ltd				39,990
4,100		Shanghai International Airport Co Ltd, (3)				40,472
48,955		Shenzhen Expressway Co Ltd				43,558
1,365		Shenzhen Inovance Technology Co Ltd, (3)				13,095
225		Siemens Ltd				3,849
8,762		Sime Darby Bhd				5,082
13,572		Sinotrans Ltd, (3)				8,269
48,197		Sinotruk Hong Kong Ltd				122,810
3,671		Taiwan High Speed Rail Corp				3,882
3,827		Turk Hava Yollari AO, (3)				4,118

41

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

Portfolio of Investments    October 31, 2020

Shares		Description (1)				Value
		Industrials (continued)
34,494		WEG SA				$453,639
6,193		Westports Holdings Bhd				5,813
52,711		Xinjiang Goldwind Science & Technology Co Ltd				69,331
14,702		Xinjiang Goldwind Science & Technology Co Ltd, (3)				25,425
100,970		Zhejiang Expressway Co Ltd				68,747
6,579		Zhejiang Weixing New Building Materials Co Ltd, (3)				18,373
9,432		Zhengzhou Yutong Bus Co Ltd, (3)				22,537
26,702		Zoomlion Heavy Industry Science and Technology Co Ltd, (3)				29,508
93,003		Zoomlion Heavy Industry Science and Technology Co Ltd				81,911
		Total Industrials				3,080,904
		Information Technology – 18.6%
9,872		360 Security Technology Inc				23,308
51,284		AAC Technologies Holdings Inc				270,147
527		Accton Technology Corp				3,823
8,090		Acer Inc				6,746
1,500		Addsino Co Ltd, (3)				4,507
25,996		ASE Technology Holding Co Ltd				57,439
540,704		AU Optronics Corp, (3)				218,335
3,751		Beijing Shiji Information Technology Co Ltd, (3)				20,636
142,967		BOE Technology Group Co Ltd, (3)				100,987
2,246		BYD Electronic International Co Ltd				9,645
1,537		Chicony Electronics Co Ltd				4,627
309		China National Software & Service Co Ltd, (3)				3,235
1,100		China TransInfo Technology Co Ltd, (3)				3,645
5,924		Cielo SA, (3)				3,462
7,153		Compal Electronics Inc				4,651
53,709		Delta Electronics Inc				356,764
477		Glodon Co Ltd, (3)				5,056
13,700		GoerTek Inc, (3)				92,803
519		HCL Technologies Ltd				5,916
735		Info Edge India Ltd				35,120
55,503		Infosys Ltd				794,189
5,718		Inventec Corp				4,518
2,148		Kingdee International Software Group Co Ltd				5,637
40,682		Legend Holdings Corp, 144A				54,768
509,850		Lenovo Group Ltd				318,868
16,352		LG Display Co Ltd, (3)				202,473
1,004		LG Innotek Co Ltd				134,492
2,791		Lite-On Technology Corp				4,542
1,423		Micro-Star International Co Ltd				5,721
1,941		Samsung SDI Co Ltd				756,078

42

Shares		Description (1)				Value
		Information Technology (continued)
213,478		Taiwan Semiconductor Manufacturing Co Ltd				$3,224,168
20,316		Tata Consultancy Services Ltd				730,192
586		Tech Mahindra Ltd				6,415
1,080		Unisplendour Corp Ltd, (3)				3,548
306,533		United Microelectronics Corp				329,000
2,047		Vanguard International Semiconductor Corp, (3)				6,670
23,645		Win Semiconductors Corp, (3)				257,087
30,072		Wipro Ltd				138,374
4,689		Wistron Corp				4,672
79,463		Xinyi Solar Holdings Ltd				144,481
26,184		Yageo Corp				325,429
		Total Information Technology				8,682,174
		Materials – 8.5%
50		Anglo American Platinum Ltd				3,278
78,700		Baoshan Iron & Steel Co Ltd, (3)				62,760
1,888,322		Barito Pacific Tbk PT, (3)				116,205
9,798		Beijing Oriental Yuhong Waterproof Technology Co Ltd, (3)				54,241
14,579		China Jushi Co Ltd, (3)				30,372
222,162		China Molybdenum Co Ltd				80,501
7,565		China Molybdenum Co Ltd, (3)				4,462
3,400		China Northern Rare Earth Group High-Tech Co Ltd, (3)				5,113
75,358		China Steel Corp				53,482
19,067		Empresas CMPC SA				39,613
98,256		Eregli Demir ve Celik Fabrikalari TAS				111,700
4,709		Ganfeng Lithium Co Ltd, (3)				42,770
4,800		GEM Co Ltd, (3)				3,441
364		Gold Fields Ltd				3,868
516		Grasim Industries Ltd				5,428
4,700		Guangdong HEC Technology Holding Co Ltd, (3)				3,994
500		Guangdong Hongda Blasting Co Ltd, (3)				3,559
5,521		Hanwha Solutions Corp				212,627
4,158		Hengli Petrochemical Co Ltd, (3)				11,984
18,578		Impala Platinum Holdings Ltd				163,236
4,527		Indorama Ventures PCL, (2), (3)				3,210
277		Industrias Penoles SAB de CV				4,411
300		Jiangsu Yangnong Chemical Co Ltd, (3)				4,171
5,547		KGHM Polska Miedz SA, (3)				165,345
1,020		Klabin SA				4,200
228		Korea Zinc Co Ltd				76,857
4,575		Kumba Iron Ore Ltd				135,236
52		Kumho Petrochemical Co Ltd				6,095

43

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

Portfolio of Investments    October 31, 2020

Shares		Description (1)				Value
		Materials (continued)
91,838		Lee & Man Paper Manufacturing Ltd				$69,279
531		Lotte Chemical Corp				109,036
25,200		Maanshan Iron & Steel Co Ltd, (3)				9,709
28,135		Nan Ya Plastics Corp				57,738
608		Northam Platinum Ltd, (3)				5,793
35,900		Pangang Group Vanadium Titanium & Resources Co Ltd, (3)				10,669
169,370		Petronas Chemicals Group Bhd				238,463
4,477		PhosAgro PJSC GDR				51,575
238		Pidilite Industries Ltd				5,047
3,747		Polymetal International PLC				79,432
4,761		Polyus PJSC GDR				468,006
5,508		Press Metal Aluminium Holdings Bhd				7,278
71,471		PTT Global Chemical PCL, (2), (3)				91,725
22,398		Saudi Basic Industries Corp				537,509
12,900		Shandong Nanshan Aluminum Co Ltd, (3)				4,527
800		Shandong Sinocera Functional Material Co Ltd, (3)				4,898
300		Shanghai Putailai New Energy Technology Co Ltd, (3)				4,993
23,418		Shanxi Taigang Stainless Steel Co Ltd, (3)				12,240
18,698		Siam Cement PCL, (2)				202,773
234,742		Sinopec Shanghai Petrochemical Co Ltd				43,287
25,800		Sinopec Shanghai Petrochemical Co Ltd, (3)				12,753
4,176		Sociedad Quimica y Minera de Chile SA				152,413
3,230		Taiwan Cement Corp				4,579
1,800		Tianqi Lithium Corp, (3)				5,322
2,600		Tongkun Group Co Ltd, (3)				5,875
13,300		Tongling Nonferrous Metals Group Co Ltd				4,310
3,265		UPL Ltd				19,958
17,894		Yanbu National Petrochemical Co				274,353
660		Yunnan Energy New Material Co Ltd, (3)				9,837
4,414		Zhaojin Mining Industry Co Ltd				5,663
4,851		Zhejiang Huayou Cobalt Co Ltd, (3)				28,818
		Total Materials				3,950,017
		Real Estate – 2.3%
27,463		Aldar Properties PJSC				20,486
3,143		Central Pattana PCL, (2), (3)				3,882
900		China Merchants Property Operation & Service Co Ltd, (3)				3,421
2,467		China Merchants Shekou Industrial Zone Holdings Co Ltd, (3)				5,180
115,095		China Overseas Land & Investment Ltd				287,929
54,027		China Vanke Co Ltd				167,205
22,434		China Vanke Co Ltd, (3)				92,299
19,522		DLF Ltd				41,859

44

Shares		Description (1)				Value
		Real Estate (continued)
34,379		Greenland Holdings Corp Ltd, (3)				$31,780
6,278		Growthpoint Properties Ltd				4,099
12,300		Guangzhou R&F Properties Co Ltd				15,576
3,972		Jinke Properties Group Co Ltd, (3)				4,597
1,147		KWG Living Group Holdings Ltd, (3)				899
2,294		KWG Property Holding Ltd				3,029
2,855		Logan Group Co Ltd				4,462
49,951		Poly Developments and Holdings Group Co Ltd, (3)				114,579
455		Poly Property Services Co Ltd				3,271
3,684		Ruentex Development Co Ltd				5,087
13,748		Shenzhen Investment Ltd				4,184
10,265		Shimao Group Holdings Ltd				36,203
159		Shimao Services Holdings Ltd, 144A, (3)				340
17,945		Sino-Ocean Group Holding Ltd				3,425
87,181		SM Prime Holdings Inc				60,702
9,942		SOHO China Ltd, (3)				2,654
994		Sunac China Holdings Ltd				3,666
64,964		Wharf Holdings Ltd				134,035
		Total Real Estate				1,054,849
		Utilities – 1.9%
11,357		Aguas Andinas SA				2,947
157,798		China Longyuan Power Group Corp Ltd				107,846
2,603		Cia Energetica de Minas Gerais				4,627
370		Cia Paranaense de Energia, (3)				3,963
858		CPFL Energia SA				4,147
1,350,575		Enel Americas SA				179,023
68,736		Enel Chile SA				4,608
656		Energisa SA				4,775
2,973		Energy Absolute PCL, (2), (3)				3,625
541		Engie Brasil Energia SA				3,743
1,201		Equatorial Energia SA				4,151
4,539		Gulf Energy Development PCL, (2), (3)				4,150
1,524		Infraestructura Energetica Nova SAB de CV, (3)				5,080
31,334		Interconexion Electrica SA ESP				169,568
15,815		Manila Electric Co				98,027
129,483		Power Grid Corp of India Ltd				300,437
		Total Utilities				900,717
		Total Common Stocks (cost $37,498,413)				46,621,658

    

45

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

Portfolio of Investments    October 31, 2020

Shares		Description (1)				Value
		COMMON STOCK RIGHTS  –  0.0%
		Information Technology  –  0.0%
3,176		Legend Holdings Corp, (4)				$  —
		Total Common Stock Rights (cost $-)				0
		Total Long-Term Investments (cost $37,498,413)				46,621,658
		Other Assets Less Liabilities – 0.2%				73,754
		Net Assets – 100%				$ 46,695,412

	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)	For fair value measurement disclosure purposes, investment classified as Level 2. See Notes to Financial Statements, Note 3 - Investment Valuation and Fair Value Measurements for more information.
(3)	Non-income producing; issuer has not declared a dividend within the past twelve months.
(4)	Investment valued at fair value using methods determined in good faith by, or at the discretion of, the Board. For fair value measurement disclosure purposes, investment classified as Level 3. See Notes to Financial Statements, Note 2 - Investment Valuation and Fair Value Measurements for more information.
144A	Investment is exempt from registration under Rule 144A of the Securities Act of 1933, as amended. These investments may only be resold in transactions exempt from registration, which are normally those transactions with qualified institutional buyers.
ADR	American Depositary Receipt
GDR	Global Depositary Receipt

See accompanying notes to financial statements.

46

Nuveen ESG International Developed Markets Equity ETF (NUDM)

Portfolio of Investments    October 31, 2020

Shares		Description (1)				Value
		LONG-TERM INVESTMENTS – 99.4%
		COMMON STOCKS – 99.4%
		Communication Services – 5.8%
4,447		BT Group PLC				$5,830
96		Elisa Oyj				4,723
1,593		Informa PLC, (2)				8,610
270		JCDecaux SA, (2)				4,167
7,873		KDDI Corp				210,306
2,393		Koninklijke KPN NV				6,467
1,864		Nintendo Co Ltd				1,015,982
5,153		Nippon Telegraph & Telephone Corp				108,246
5,915		NTT DOCOMO Inc				219,931
424		Orange SA				4,756
5,473		Pearson PLC				36,091
231		Schibsted ASA, (2)				8,279
329,528		Singapore Telecommunications Ltd				489,888
13		Swisscom AG				6,614
405		Tele2 AB				4,802
1,672		Telefonica Deutschland Holding AG				4,221
29,023		Telenor ASA				446,935
1,621		Telia Co AB				6,214
222		Vivendi SA				6,411
386,510		Vodafone Group PLC				514,750
752		WPP PLC				5,995
		Total Communication Services				3,119,218
		Consumer Discretionary  – 12.4%
22		adidas AG, (2)				6,535
2,261		Bayerische Motoren Werke AG				116,937
6,222		Bayerische Motoren Werke AG				425,295
180		Benesse Holdings Inc				4,234
216		Bridgestone Corp				7,004
290		Burberry Group PLC				5,085
194		Cie Financiere Richemont SA				12,171
55		Cie Generale des Etablissements Michelin SCA				5,935
29,945		Compass Group PLC, (2)				408,484
1,017		Delivery Hero SE, 144A, (2)				117,020
291		Electrolux AB				6,568
9		Fast Retailing Co Ltd				6,260

47

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

Portfolio of Investments    October 31, 2020

Shares		Description (1)				Value
		Consumer Discretionary (continued)
8,979		Honda Motor Co Ltd				$209,143
781		Husqvarna AB				8,072
14,510		Industria de Diseno Textil SA, (2)				358,153
639		Isuzu Motors Ltd				5,153
785		JD Sports Fashion PLC				7,523
671		Kering SA				405,267
1,633		Kingfisher PLC, (2)				6,062
360		Marui Group Co Ltd				6,453
891		Mazda Motor Corp, (2)				4,654
2,969		Mercari Inc, (2)				124,963
67		Next PLC, (2)				5,059
367		NGK Spark Plug Co Ltd				6,407
12,374		Nikon Corp				74,452
10,121		Ocado Group PLC, (2)				297,848
5,148		Oriental Land Co Ltd/Japan				718,228
77,338		Panasonic Corp				710,719
216		Pandora A/S, (2)				17,107
165		Persimmon PLC				4,984
23,738		Peugeot SA, (2)				426,658
11,134		Pirelli & C SpA, 144A, (2)				46,431
52		Prosus NV, (2)				5,196
80		Puma SE, (2)				6,993
34,815		Rakuten Inc, (2)				338,026
7,799		Renault SA, (2)				193,094
649		SEB SA				105,536
430		Sega Sammy Holdings Inc, (2)				5,372
464		Sekisui Chemical Co Ltd				7,190
13,929		Sony Corp				1,155,731
215		Stanley Electric Co Ltd				6,088
0		Taylor Wimpey PLC, (2)				0
3,984		Taylor Wimpey PLC				5,450
6,803		Valeo SA				205,799
246		Whitbread PLC, (2)				6,829
403		Yamaha Motor Co Ltd				5,717
67		Zalando SE, 144A, (2)				6,258
199		ZOZO Inc				5,046
		Total Consumer Discretionary				6,623,189
		Consumer Staples  – 13.5%
235		Aeon Co Ltd				5,987
14,272		Associated British Foods PLC				313,252
3		Barry Callebaut AG				6,196

48

Shares		Description (1)				Value
		Consumer Staples (continued)
52		Beiersdorf AG				$5,445
384		Carrefour SA				5,976
20,178		Coca-Cola Amatil Ltd				176,133
8,302		Coca-Cola European Partners PLC				296,464
8,098		Coca-Cola HBC AG, (2)				183,761
10,873		Danone SA				600,341
2,643		Essity AB				76,578
4,171		Henkel AG & Co KGaA				377,269
119		ICA Gruppen AB				5,632
2,487		J Sainsbury PLC				6,483
451		Jeronimo Martins SGPS SA				7,166
9,423		Kao Corp				668,822
585		Kerry Group PLC				69,984
2,524		Koninklijke Ahold Delhaize NV				69,357
119		Lawson Inc				5,470
3,132		L'Oreal SA				1,013,136
7,184		METRO AG, (2)				69,875
17,790		Mowi ASA, (2)				280,375
17,625		Nestle SA				1,982,584
29,969		Orkla ASA				282,420
209,355		Tesco PLC				556,280
3,021		Unilever NV				170,848
2,004		Wm Morrison Supermarkets PLC				4,221
		Total Consumer Staples				7,240,055
		Energy – 2.2%
10,196		Ampol Ltd				185,734
2,865		Koninklijke Vopak NV				148,943
15,661		Neste Oyj				815,085
		Total Energy				1,149,762
		Financials – 16.4%
39,274		3i Group PLC				488,008
72,541		Aegon NV				195,616
895		Allianz SE				157,486
69		Amundi SA, 144A, (2)				4,525
30,904		Assicurazioni Generali SpA				414,343
572		ASX Ltd				31,986
53,150		Australia & New Zealand Banking Group Ltd				702,076
77,327		Aviva PLC				257,458
320		AXA SA				5,144
93,528		Banco Bilbao Vizcaya Argentaria SA, (2)				268,225
45,940		Bank Hapoalim BM				269,577

49

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

Portfolio of Investments    October 31, 2020

Shares		Description (1)				Value
		Financials (continued)
149,721		BOC Hong Kong Holdings Ltd				$415,095
2,988		CaixaBank SA, (2)				5,437
1,738		Century Leasing System, Inc				84,622
3,033		CNP Assurances, (2)				34,164
663		Credit Agricole SA, (2)				5,238
26		Deutsche Boerse AG				3,827
1,558		Direct Line Insurance Group PLC				5,308
385		DNB ASA				5,184
2,429		Erste Group Bank AG				49,741
110		Eurazeo SE, (2)				5,002
18,311		Hang Seng Bank Ltd				281,459
13,055		Hong Kong Exchanges & Clearing Ltd				623,218
899		ING Groep NV, (2)				6,136
1,656		Insurance Australia Group Ltd				5,547
380,433		Intesa Sanpaolo SpA, (2)				629,092
9,125		Investor AB, (2)				547,839
47,564		Israel Discount Bank Ltd				134,066
212		Julius Baer Group Ltd				9,470
842		KBC Group NV, (2)				41,517
195		Kinnevik AB, (2)				8,000
125,594		Legal & General Group PLC				300,102
99		London Stock Exchange Group PLC				10,596
1,413		Mitsubishi UFJ Lease & Finance Co Ltd, (2)				5,947
255		MS&AD Insurance Group Holdings Inc				6,939
2,620		Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen				612,823
38,297		Natixis SA, (2)				89,042
518		ORIX Corp				6,023
1,096		Oversea-Chinese Banking Corp Ltd				6,758
9,758		QBE Insurance Group Ltd				56,534
79,517		Resona Holdings Inc				260,518
995		RSA Insurance Group PLC				5,450
144		Schroders PLC				4,867
661		Skandinaviska Enskilda Banken AB, (2)				5,666
371		Societe Generale SA, (2)				5,030
164		Sompo Holdings Inc				6,104
470		St James's Place PLC				5,465
0		Standard Chartered PLC, (2)				0
1,203		Standard Chartered PLC				5,472
1,878		Standard Life Aberdeen PLC				5,452
12,484		Sumitomo Mitsui Financial Group Inc				344,044
10,279		Sumitomo Mitsui Trust Holdings Inc				273,690

50

Shares		Description (1)				Value
		Financials (continued)
572		Svenska Handelsbanken AB, (2)				$4,635
359		Swedbank AB, (2)				5,626
5,236		Swiss Re AG				375,555
57,828		UBS Group AG				671,626
632		UniCredit SpA, (2)				4,712
53		Wendel SE				4,593
17		Zurich Insurance Group AG				5,639
		Total Financials				8,783,314
		Health Care – 12.9%
5,903		Alcon Inc, (2)				335,548
32,044		Astellas Pharma Inc				439,862
10,343		AstraZeneca PLC				1,038,586
35		BioMerieux				5,210
17,597		Chugai Pharmaceutical Co Ltd				676,847
391		Cochlear Ltd, (2)				58,260
49		Coloplast A/S				7,151
2,779		CSL Ltd				561,188
29,866		Daiichi Sankyo Co Ltd				785,075
206		Demant A/S, (2)				6,488
30		DiaSorin SpA				6,587
9,001		Eisai Co Ltd				696,471
753		Fisher & Paykel Healthcare Corp Ltd				17,418
85		GN Store Nord A/S				6,114
1,190		H Lundbeck A/S				33,514
233		Kyowa Kirin Co Ltd				5,773
338		Lonza Group AG				204,743
59		Merck KGaA				8,739
3,701		NMC Health PLC, (3)				5
1,716		Novo Nordisk A/S				110,226
125		Orion Oyj				5,351
48		Orpea, (2)				4,794
5,815		Ramsay Health Care Ltd				254,611
2,857		Roche Holding AG				918,772
9,219		Ryman Healthcare Ltd				85,300
585		Sartorius AG				247,634
19		Sartorius Stedim Biotech				7,206
2,212		Shionogi & Co Ltd				104,189
26		Sonova Holding AG, (2)				6,170
54		Straumann Holding AG				56,324
2,337		Sysmex Corp				219,080
		Total Health Care				6,913,236