# EDGAR Filing Document

**Accession Number:** 0001635073
**File Stem:** 0001193125-25-307620
**Filing Date:** 2025-12
**Character Count:** 122971
**Document Hash:** 16fcd8a2d1d1640cbb2d73ee0d6c759c
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-25-307620.hdr.sgml**: 20251204

**ACCESSION NUMBER**: 0001193125-25-307620

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 20

**CONFORMED PERIOD OF REPORT**: 20250930

**FILED AS OF DATE**: 20251204

**DATE AS OF CHANGE**: 20251204

**EFFECTIVENESS DATE**: 20251204

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Nushares ETF Trust
- **CENTRAL INDEX KEY:** 0001635073

**ORGANIZATION NAME:**
- **EIN:** 000000000

**FILING VALUES:**
- **FORM TYPE:** N-CSRS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-23161
- **FILM NUMBER:** 251548525

**BUSINESS ADDRESS:**
- **STREET 1:** 333 W. WACKER DR.
- **CITY:** CHICAGO
- **STATE:** IL
- **ZIP:** 60606
- **BUSINESS PHONE:** 312-917-8146

**MAIL ADDRESS:**
- **STREET 1:** 333 W. WACKER DR.
- **CITY:** CHICAGO
- **STATE:** IL
- **ZIP:** 60606

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** NuShares ETF Trust
- **DATE OF NAME CHANGE:** 20160614

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Nuveen ETF Trust
- **DATE OF NAME CHANGE:** 20150226

## Series and Classes Contracts Data

### Nuveen High Yield Municipal Income ETF (Series ID: S000089611)

| Class ID   | Class Name                             | Ticker Symbol   |
|:---|:---|:---|
| C000256223 | Nuveen High Yield Municipal Income ETF | NHYM            |

### Nuveen Municipal Income ETF (Series ID: S000089612)

| Class ID   | Class Name                  | Ticker Symbol   |
|:---|:---|:---|
| C000256224 | Nuveen Municipal Income ETF | NUMI            |

?xml version='1.0' encoding='ASCII'? Nushares ETF Trust

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 <u>811-23161</u> 

Nushares ETF Trust

(Exact name of registrant as specified in charter)

Nuveen Investments

333 West Wacker Drive

Chicago, Illinois 60606

(Address of principal executive offices) (Zip code)

Diana R. Gonzalez

Vice President and Secretary

8500 Andrew Carnegie Boulevard

Charlotte, North Carolina 28262

(Name and address of agent for service)

Registrant's telephone number, including area code: (<u>312) 917-7700</u>

Date of fiscal year end: <u>March</u> <u>31</u>

Date of reporting period: <u>September</u> <u>30, 2025</u>

------

**Item 1.** **Reports to Stockholders.**<br>

------

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> ![LOGO](g77301g1g19w55.jpg) | <br>Semi-Annual Shareholder Report <br>September 30, 2025  |

---

Nuveen High Yield Municipal Income ETF

NHYM/NYSE Arca, Inc.

Semi-Annual Shareholder Report

This semi-annual shareholder report contains important information about the Nuveen High Yield Municipal Income ETF for the period of April 1, 2025 to September 30, 2025. You can find additional information at https://www.nuveen.com/en-us/exchange-traded-funds/prospectuses. You can also request this information by contacting us at (800) 257-8787.

What were the Fund costs for the last six months? (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
|  | **Cost of a** <br> **$10,000 investment**  | **Costs paid as a percentage of**<br> **$10,000 investment\*** |
| &nbsp;&nbsp;&nbsp; Nuveen High Yield Municipal Income ETF | $18 | 0.36% |

---

\* Annualized for period less than one year.

Fund Statistics (as of September 30, 2025)

---

| | |
|:---|:---|
|  Fund net assets | $86732209 |
|  Total number of portfolio holdings | 198 |
|  Portfolio turnover (%) | 7% |

---

What did the Fund invest in? (as of September 30, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> ![LOGO](g77301g1g00n03.jpg)  | <br> ![LOGO](g77301g1g03n02.jpg)  |

---

(1) The ratings disclosed are the lowest rating given by one of the following national rating agencies: Standard & Poor's (S&P), Moody's Investors Service, Inc. (Moody's) or Fitch, Inc (Fitch). This treatment of split-rated securities may differ from that used for other purposes, such as for Fund investment policies. Credit ratings are subject to change. AAA, AA, A, and BBB are investment grade ratings; BB, B, CCC, CC, C and D are below-investment grade ratings. Holdings designated N/R are not rated by these national ratings agencies.

1 continued>>

------

Availability of additional information about the Fund

You can find additional information about the Fund at https://www.nuveen.com/en-us/exchange-traded-funds/prospectuses, including its:

• prospectus   •  financial statements and other information   •  fund holdings   •  proxy voting information

You can also request this information at (800) 257-8787.

---

| | |
|:---|:---|
| 67092P722_SAR_0925<br> 4875776 | ![LOGO](g77301g1g01w01.jpg) |

---

2.0 ------

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> ![LOGO](g77301g1g19w55.jpg) | <br> Semi-Annual Shareholder Report <br>September 30, 2025  |

---

Nuveen Municipal Income ETF

NUMI/NYSE Arca, Inc.

Semi-Annual Shareholder Report

This semi-annual shareholder report contains important information about the Nuveen Municipal Income ETF for the period of April 1, 2025 to September 30, 2025. You can find additional information at https://www.nuveen.com/en-us/exchange-traded-funds/prospectuses. You can also request this information by contacting us at (800) 257-8787.

What were the Fund costs for the last six months? (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
|  | **Cost of a** <br> **$10,000 investment**  | **Costs paid as a percentage of**<br> **$10,000 investment\*** |
| &nbsp;&nbsp;&nbsp; Nuveen Municipal Income ETF | $15 | 0.30% |

---

\* Annualized for period less than one year.

Fund Statistics (as of September 30, 2025)

---

| | |
|:---|:---|
|  Fund net assets | $64156286 |
|  Total number of portfolio holdings | 227 |
|  Portfolio turnover (%) | 42% |

---

What did the Fund invest in? (as of September 30, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> ![LOGO](g77301g1g00n08.jpg)  | <br> ![LOGO](g77301g1g08n02.jpg)  |

---

(1) The ratings disclosed are the lowest rating given by one of the following national rating agencies: Standard & Poor's (S&P), Moody's Investors Service, Inc. (Moody's) or Fitch, Inc (Fitch). This treatment of split-rated securities may differ from that used for other purposes, such as for Fund investment policies. Credit ratings are subject to change. AAA, AA, A, and BBB are investment grade ratings; BB, B, CCC, CC, C and D are below-investment grade ratings. Holdings designated N/R are not rated by these national ratings agencies.

1 continued>>

------

Availability of additional information about the Fund

You can find additional information about the Fund at https://www.nuveen.com/en-us/exchange-traded-funds/prospectuses, including its:

• prospectus   •  financial statements and other information   •  fund holdings   •  proxy voting information

You can also request this information at (800) 257-8787.

---

| | |
|:---|:---|
| 67092P714_SAR_0925<br> 4875777 | ![LOGO](g77301g1g01w01.jpg) |

---

2.0 ------

**Item 2.** **Code of Ethics.** <br>

Not applicable to this filing.

------

**Item 3.** **Audit Committee Financial Expert.** <br>

Not applicable to this filing.

------

**Item 4.** **Principal Accountant Fees and Services.** <br>

Not applicable to this filing.

------

**Item 5.** **Audit Committee of Listed Registrants.** <br>

Not applicable to this filing.

------

**Item 6.** **Investments.** <br>

(a) Schedule of Investments is included as part of the financial statements filed under Item 7 of this Form N-CSR.

(b) Not applicable.

------

**Item 7.** **Financial Statements and Financial Highlights for Open-End Management Investment Companies.** <br>

------

#### Portfolio of Investments September 30, 2025

#### NHYM
See Notes to Financial Statements

(Unaudited)

SHARES

DESCRIPTION

VALUE

LONG-TERM INVESTMENTS - 97.5%

INVESTMENT COMPANIES - 0.2%

178,442

State Street Institutional US Government Money Market Fund

$

178,442

TOTAL INVESTMENT COMPANIES

(cost $178,442)

$

178,442

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

MUNICIPAL BONDS - 97.3%

ALABAMA - 2.3%

$

1,000,000

Mobile County Industrial Development Authority, Alabama, Solid

Waste Disposal Revenue Bonds, AM/NS Calvert LLC Project,

Series 2024B, (AMT)

4.750 %

12/01/54

925,701

1,000,000

Southeast Energy Authority, Alabama, Revenue Bonds,

Cooperative District Energy Supply Series 2025B, (Mandatory Put

1/01/33)

5.250 03/01/55

1,069,613

TOTAL ALABAMA

1,995,314

ARKANSAS - 1.1%

500,000

Arkansas Development Finance Authority, Arkansas,

Environmental Improvement Revenue Bonds, United States Steel

Corporation, Green Series 2023, (AMT)

5.700 05/01/53

507,881

500,000

(a) Arkansas Development Finance Authority, Industrial

Development Revenue Bonds, Big River Steel Project, Series

2019, (AMT)

4.500 09/01/49

479,698

TOTAL ARKANSAS

987,579

CALIFORNIA - 7.0%

500,000

California Community Choice Financing Authority, Clean Energy

Project Revenue Bonds, Green Series 2023C, (Mandatory Put

10/01/31)

5.250 01/01/54

533,691

750,000

California Community Choice Financing Authority, Clean Energy

Project Revenue Bonds, Green Series 2025A, (Mandatory Put

5/01/35)

5.000 01/01/56

803,857

500,000

(a) California Community Housing Agency, California, Essential

Housing Revenue Bonds, Glendale Properties, Senior Series

2021A-1

4.000 02/01/56

406,079

250,000

(a) California Community Housing Agency, California, Essential

Housing Revenue Bonds, Serenity at Larkspur Apartments, Series

2020A

5.000 02/01/50

162,460

300,000

(a) California Community Housing Agency, California, Essential

Housing Revenue Bonds, Summit at Sausalito Apartments, Series

2021A-1

3.000 02/01/57

200,786

160,000

California Municipal Finance Authority, Revenue Bonds,

Eisenhower Medical Center, Refunding Series 2017A

4.000 07/01/47

138,956

780,000

California Municipal Finance Authority, Special Tax Revenue

Bonds, Community Facilities District 2023-11 Hesperia-

Silverwood Improvement Area 1, Series 2025

5.125 09/01/50

785,273

1,000,000

(a) California Statewide Communities Development Authority,

California, Revenue Bonds, Loma Linda University Medical

Center, Series 2016A

5.250 12/01/56

965,261

125,000

(a) CMFA Special Finance Agency I, California, Essential Housing

Revenue Bonds, The Mix at Center City, Series 2021A-2

4.000 04/01/56

94,095

500,000

(a) CMFA Special Finance Agency, California, Essential Housing

Revenue Bonds, Latitude 33, Senior Series 2021A-1

3.000 12/01/56

324,200

105,000

(a) CSCDA Community Improvement Authority, California, Essential

Housing Revenue Bonds, Moda at Monrovia Station, Social Series

2021A-2

4.000 10/01/56

79,128

205,000

(a) CSCDA Community Improvement Authority, California, Essential

Housing Revenue Bonds, Renaissance at City Center, Series

2020A

5.000 07/01/51

190,547

200,000

(a) CSCDA Community Improvement Authority, California, Essential

Housing Revenue Bonds, Waterscape Apartments, Senior Lien

Series 2021A

3.000 09/01/56

134,456

#### Portfolio of Investments September 30, 2025
(continued)

#### NHYM

See Notes to Financial Statements

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

CALIFORNIA

(continued)

$

2,000,000

Golden State Tobacco Securitization Corporation, California,

Tobacco Settlement Asset-Backed Bonds, Capital Appreciation

Series 2021B-2

0.000 %

06/01/66

$

213,014

500,000

Los Angeles Department of Airports, California, Revenue Bonds,

Los Angeles International Airport, Refunding Subordinate Green

Series 2025A, (AMT)

5.000 05/15/55

509,411

500,000

Mountain House Community Facilities District, California Special

Tax Bonds, Improvement Area 1 Series 2024-1

5.000 09/01/40

513,784

TOTAL CALIFORNIA

6,054,998

COLORADO - 12.8%

500,000

(a) Aerotropolis Regional Transportation Authority, Colorado, Special

Revenue Bonds, Series 2024

5.750 12/01/54

494,047

500,000

Aurora Crossroads Metropolitan District 2, Colorado, Limited Tax

General Obligation Bonds, Series 2020A

5.000 12/01/50

481,066

700,000

CCP Metropolitan District 3, Colorado, General Obligation

Bonds, Limited Tax Refunding Series 2024

5.000 12/01/53

679,910

250,000

Colorado Educational and Cultural Facilities Authority, Charter

School Revenue Bonds,Science Technology Engineering and

Math School Project, Refunding Series 2014

5.125 11/01/49

241,483

750,000

(a) Colorado Educational and Cultural Facilities Authority, Cultural

Facilities Revenue Bonds, Stanley Project, Senior Lien Series

2025A-1

6.875 02/01/59

779,285

400,000

Colorado Health Facilities Authority, Colorado, Revenue Bonds,

Covenant Living Communities & Services, Series 2025A

5.125 12/01/55

400,311

750,000

Denver Health and Hospitals Authority, Colorado, Healthcare

Revenue Bonds, Series 2025A

6.000 12/01/55

804,365

250,000

Gardens on Havana Metropolitan District 3, Arapahoe County,

Colorado, Special Revenue Bonds, Refunding Series 2017A

5.250 12/01/47

230,822

500,000

Haymeadow Metropolitan District 1, Eagle County, Colorado,

General Obligation Bonds, Subordinate Limited Tax Series 2025A

6.125 12/01/54

510,112

250,000

Jefferson Center Metropolitan District 1, Arvada, Jefferson

County, Colorado, Special Revenue Bonds, Series 2020-A2

4.125 12/01/40

228,801

500,000

Lakota Pointe Metropolitan District 1, Winter Park, Colorado,

Limited Tax General Obligation Bonds, Series 2025A

6.000 12/01/55

506,587

500,000

Larkridge Metropolitan District No. 2, In the City of Thornton,

Adams County, Colorado, General Obligation, Limited Tax

Convertible to Unlimited Tax, Improvement Bonds, Refunding

Series 2019

5.250 12/01/48

480,008

489,000

Mountain Shadows Metropolitan District, Colorado, General

Obligation Limited Tax Bonds, Refunding Series 2016

5.000 12/01/46

473,321

500,000

Pinery Commercial Metropolitan District 2, Douglas County,

Colorado, Special Revenue Bonds, Series 2025

5.750 12/01/54

497,518

500,000

Pinon Pines Metropolitan District No. 3, El Paso County, Colorado,

General Obligation Limited Tax Convertible Capital Appreciation

Bonds, Series 2025

5.875 12/01/54

443,741

1,000,000

Prairie Farm Metropolitan District, In the City of Commerce City,

Adams County, Colorado, Limited Tax Convertible to Unlimited

Tax, General Obligation Bonds, Series 2018A

5.250 12/01/48

981,731

750,000

(a) Reagan Ranch Metropolitan District 1, Colorado Springs,

Colorado, General Obligation Bonds, Limited Tax & Special

Revenue, Series 2025

6.125 12/01/54

733,011

500,000

Red Barn Metropolitan District, Mead, Colorado, Weld County,

Colorado, General Obligation Bond, Limited Tax Convertible to

Unlimited Tax, Refunding and Improvement, Series 2025A

5.500 12/01/55

500,478

900,000

Redtail Ridge Metropolitan District, City of Louisville, Boulder

County, Colorado, General Obligation Limited Tax Capital

Appreciation Turbo Bonds, Series 2025

0.000 12/01/32

554,346

500,000

Reserve Metropolitan District 2, Mount Crested Butte, Colorado,

Limited Tax General Obligation Bonds, Refunding Series 2016A

5.000 12/01/45

475,387

600,000

West Valley Metropolitan District 3, Colorado, General Obligation

Bonds, Limited Tax Windsor Series 2024A

5.250 12/01/54

579,569

TOTAL COLORADO

11,075,899

See Notes to Financial Statements

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

CONNECTICUT - 0.6%

$

500,000

Stamford Housing Authority, Connecticut, Revenue Bonds,

Mozaic Concierge Living Project, Series 2025A

6.500 %

10/01/55

$

506,336

TOTAL CONNECTICUT

506,336

FLORIDA - 14.3%

180,000

Astonia Community Development District, Polk County, Florida,

Special Assessment Revenue Bonds, Area 3 Project, Series 2023

5.125 06/15/43

181,671

1,000,000

Babcock Ranch Community Independent Special District,

Charlotte County, Florida, Special Assessment Bonds, 2022

Project Series 2022

5.000 05/01/53

945,868

125,000

Bridgewater Community Development District, Florida, Special

Assessment Bonds, Assessment Area 2 Project, Refunding Series

2015

4.650 05/01/35

125,009

370,000

(a) Cedar Crossing Community Development District, Polk County,

Florida, Special Assessment Bond, 2025 Project, Series 2025

5.300 05/01/45

362,235

500,000

(a) Charlotte County Industrial Development Authority, Florida,

Utility System Revenue Bonds, Town & Country Utilities Project,

Series 2021A, (AMT)

4.000 10/01/51

409,408

250,000

(a) Connerton East Community Development District, Pasco County,

Florida, Special Assessment Revenue Bonds, Assessment Area 2

Project, Series 2025

5.450 06/15/45

251,829

530,000

Creekside at Twin Creeks Community Development District,

Florida, Special Assessment Bonds, Area 2 Project, Series

2016A-3

5.250 11/01/30

535,625

140,000

(a) Davenport Road South Community Development District,

Florida, Special Assessment Bonds, Series 2018

5.000 11/01/38

143,105

410,000

(a) Del Webb Sunchase Community Development District, Manatee

County, Florida, Special Assessment Bonds, Series 2025

5.450 05/01/45

413,463

500,000

Florida Development Finance Corporation, Revenue Bonds,

Brightline Florida Passenger Rail Expansion Project, Brightline

Trains Florida LLC Issue, Series 2024, (AMT)

5.500 07/01/53

427,390

510,000

(a) Florida Development Finance Corporation, Revenue Bonds,

Brightline Florida Passenger Rail Expansion Project, Series 2025B,

(AMT), (Mandatory Put 6/15/26)

10.000 07/01/57

434,507

500,000

(a) Grand Bay at Doral Community Development District, Miami-

Dade County, Florida, Special Assessment Bonds, Assessment

Area Two Phase 1 Project, Series 2025A-1

5.000 05/01/45

495,321

250,000

(a) Lakewood Ranch Stewardship District, Florida, Special

Assessment Revenue Bonds, Lorraine Lakes Project, Series 2020

3.875 05/01/51

201,851

385,000

(a) Lowery Hills Community Development District, Lake Alfred,

Florida, Special Assessments Revenue Bonds, Assessment Area

1, Series 2025

5.625 05/01/45

380,899

250,000

(a) Magnolia Island Community Development District, Pasco County,

Florida, Capital Improvement Revenue Bonds, Assessment Area

1, series 2025

5.750 05/01/55

247,563

295,000

Mangrove Point and Mangrove Manor, Community Development

District, Hillsborough County, Florida, Capital Improvement

Revenue Bonds, Series 2022

4.375 05/01/52

234,746

500,000

Miami-Dade County, Florida, Aviation Revenue Bonds, Refunding

Series 2017B, (AMT)

5.000 10/01/40

505,029

505,000

(a) Miromar Lakes Community Development District, Lee County,

Florida, Capital Improvement Revenue Bonds, Refunding Series

2025

5.000 05/01/35

544,739

750,000

Orange County Health Facilities Authority, Florida, Hospital

Revenue Bonds, Orlando Health Inc. Series 2025A

4.500 10/01/56

706,609

485,000

(a) Pacific Ace Community Development District, Lake County,

Florida, Special Assessment Revenue Bonds, Area 2 Series 2024

5.200 05/01/44

480,724

400,000

Palermo Community Development District, Lee County, Florida,

Special Assessment Bonds, Area 2, Series 2025

5.500 06/15/55

406,572

205,000

Palm Gate Community Development District, Florida, Special

Assessment Bond, 2025 Project, Series 2025

5.300 06/15/45

200,298

250,000

(a) Palm Gate Community Development District, Florida, Special

Assessment Bond, 2025 Project, Series 2025

5.550 06/15/55

243,927

#### Portfolio of Investments September 30, 2025
(continued)

#### NHYM

See Notes to Financial Statements

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

FLORIDA

(continued)

$

645,000

(a) Ranches at Lake McLeod Community Development District, Polk

County, Florida, Special Assessment Revenue Bonds, Assessment

Area 2 Series 2025

5.450 %

06/15/45

$

645,847

750,000

(a) Sawyers Landing Community Development District, Florida,

Special Assessment Revenue Bonds, Series 2021

4.125 05/01/41

683,441

380,000

Stoneybrook North Community Development District, Florida,

Special Assessment Revenue Bonds, Assessment Area One

Project, Series 2017A-3

5.875 11/01/29

383,967

180,000

(a) Twisted Oaks Pointe Community Development District, Florida,

Special Assessment Revenue Bonds Assessment Area One

Project Series 2023

5.625 05/01/53

181,721

500,000

Two Lakes Community Development District, Hialeah, Florida,

Special Assessment Bonds, Series 2024

5.000 05/01/55

496,671

100,000

(a) Two Rivers West Community Development District, Pasco County,

Florida, Special Assessment Bonds, 2022 Project, Series 2022

6.250 05/01/53

103,913

190,000

(a) Two Rivers West Community Development District, Pasco County,

Florida, Special Assessment Bonds, 2024 Project, Series 2024

5.875 05/01/54

193,009

250,000

(a) V-Dana Community Development District, Lee County, Florida,

Special Assessment Bonds, Area 2 - 2025 Project, Series 2025

5.550 05/01/55

247,156

180,000

Verandah West Community Development District, Florida,

Capital Improvement Revenue Bonds, Refunding Series 2013

5.000 05/01/33

180,137

275,000

Verano 3 Community Development District, Florida, Special

Assessment Bonds, Phase 1 Assessment Area, Series 2021

3.375 05/01/41

219,858

300,000

(a) Woodcreek Community Development District, Pasco County,

Florida, Capital Improvement Revenue Bonds, Assessment Area

2, Series 2025

5.500 05/01/55

287,774

TOTAL FLORIDA

12,501,882

GEORGIA - 2.6%

500,000

Georgia Housing and Finance Authority, Single Family Mortgage

Bonds, Series 2025A

4.500 12/01/45

501,480

500,000

(a) Main Street Natural Gas Inc., Georgia, Gas Supply Revenue

Bonds, Series 2022C, (Mandatory Put 11/01/27)

4.000 08/01/52

503,147

1,000,000

Municipal Electric Authority of Georgia, Plant Vogtle Units 3 & 4

Project J Bonds, Series 2019A

5.000 01/01/49

998,748

300,000

(a) Savannah-Georgia Convention Center Authority, Convention

Center Hotel Second Tier Revenue Bonds, Series 2025B

6.250 06/01/61

300,544

TOTAL GEORGIA

2,303,919

HAWAII - 0.6%

500,000

Hawaii State, Airport System Revenue Bonds, Series 2025A,

(AMT)

5.250 07/01/51

524,044

TOTAL HAWAII

524,044

ILLINOIS - 0.6%

250,000

Chicago Board of Education, Illinois, General Obligation Bonds,

Dedicated Revenues Series 2012A

5.000 12/01/42

236,094

250,000

(a) Lincolnwood, Cook County, Illinois, Tax Increment Revenue

Bonds, District 1860 Development Project, Series 2025B

5.750 12/01/43

251,690

TOTAL ILLINOIS

487,784

INDIANA - 0.1%

100,000

Indianapolis Local Public Improvement Bond Bank, Indiana,

Revenue Bonds, Convention Center Hotel Senior Series 2023E

6.000 03/01/53

103,766

TOTAL INDIANA

103,766

IOWA - 0.3%

250,000

Iowa Finance Authority, Single Family Mortgage Revenue Bonds,

Social Series 2025A

4.550 07/01/45

250,785

TOTAL IOWA

250,785

See Notes to Financial Statements

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

KENTUCKY - 2.0%

$

500,000

Kentucky Economic Development Finance Authority, Revenue

Bonds, Next Generation Kentucky Information Highway Project,

Senior Series 2015A

5.000 %

01/01/45

$

500,064

750,000

Louisville and Jefferson County Metropolitan Government,

Kentucky, Hospital Revenue Bonds, UofL Health Project, Series

2022A

5.000 05/15/52

739,336

500,000

Public Energy Authority of Kentucky, Gas Supply Revenue Bonds,

Refunding Series 2025A, (Mandatory Put 12/01/29)

5.250 06/01/55

536,437

TOTAL KENTUCKY

1,775,837

LOUISIANA - 2.7%

235,000

(a) Juban Trails Community Development District, Livingston Parish,

Louisiana, Special Assessment Revenue Bonds, Series 2022

4.250 06/01/51

194,463

400,000

Louisiana Housing Corporation, Single Family Mortgage Revenue

Bonds, Series 2025A

4.600 12/01/50

396,368

200,000

(a) Louisiana Local Government Environmental Facilities and

Community Development Authority, Louisiana, Revenue Bonds,

Terrebonne Parish GOMESA Project, Series 2018

5.500 11/01/39

205,545

100,000

Louisiana Local Government Environmental Facilities and

Community Development Authority, Revenue Bonds, Westlake

Chemical Corporation Projects, Refunding Series 2017

3.500 11/01/32

97,746

250,000

Louisiana Public Facilities Authority, Revenue Bonds, Ochsner

Clinic Foundation Project, Series 2015

5.000 05/15/47

250,026

500,000

Louisiana Publics Facilities Authority, Louisiana, Revenue Bonds,

I-10 Calcasieu River Bridge Public-Private Partnership Project,

Senior Lien Series 2024, (AMT)

5.750 09/01/64

513,537

750,000

Louisiana Publics Facilities Authority, Louisiana, Revenue Bonds,

I-10 Calcasieu River Bridge Public-Private Partnership Project,

Senior Lien Series 2024, (AMT)

5.000 09/01/66

713,313

TOTAL LOUISIANA

2,370,998

MAINE - 0.2%

200,000

Maine Health and Higher Educational Facilities Authority

Revenue Bonds, Eastern Maine Medical Center Obligated Group

Issue, Series 2016A

5.000 07/01/46

184,286

TOTAL MAINE

184,286

MARYLAND - 0.4%

250,000

Baltimore, Maryland, Convention Center Hotel Revenue Bonds,

Refunding Series 2017

5.000 09/01/46

241,721

120,000

Maryland Economic Development Corporation, Special

Obligation Bonds, Metro Centre Owings Mills Project, Series

2017

4.375 07/01/36

116,543

TOTAL MARYLAND

358,264

MASSACHUSETTS - 1.3%

500,000

Massachusetts Development Finance Agency, Revenue Bonds,

Boston Medical Center Issue, Series 2023G

5.250 07/01/48

499,675

500,000

Massachusetts Development Finance Agency, Revenue Bonds,

Emerson College, Series 2016A

5.000 01/01/47

482,318

100,000

Massachusetts Development Finance Agency, Revenue Bonds,

Merrimack College, Series 2017

5.000 07/01/47

96,922

TOTAL MASSACHUSETTS

1,078,915

MICHIGAN - 0.4%

100,000

Michigan Finance Authority, Tobacco Settlement Asset- Backed

Bonds, 2006 Sold Tobacco Receipts Senior Current Interest

Series 2020A-2

5.000 06/01/40

101,447

250,000

Michigan Strategic Fund, Limited Obligation Revenue Bonds, I-75

Improvement Project, Series 2018, (AMT)

5.000 12/31/32

260,100

TOTAL MICHIGAN

361,547

MINNESOTA - 0.6%

500,000

Minnesota Agricultural and Economic Development Board,

Health Care Facilities Revenue Bonds, Essentia Health Obligated

Group, Series 2024A

5.250 01/01/54

515,040

TOTAL MINNESOTA

515,040

#### Portfolio of Investments September 30, 2025
(continued)

#### NHYM

See Notes to Financial Statements

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

MISSOURI - 0.8%

$

500,000

Missouri Health and Educational Facilities Authority, Health

Facilities Revenue Bonds, BJC Health System, Series 2025A

4.250 %

04/01/55

$

464,049

300,000

Saint Louis County Industrial Development Authority, Missouri,

Revenue Bonds, Friendship Village Saint Louis Obligated Group,

Series 2018A

5.000 09/01/38

302,931

TOTAL MISSOURI

766,980

MONTANA - 0.6%

500,000

Montana Facility Finance Authority, Montana, Health Facilities

Reveue Bonds, Bozeman Deaconess Health Services Obligated

Group, Series 2018

5.000 06/01/48

503,616

TOTAL MONTANA

503,616

NEVADA - 0.8%

230,000

Henderson, Nevada, Local Improvement Bonds, Local

Improvement District T-21 Black Mountain Ranch, Series 2022

3.500 09/01/45

175,190

500,000

(a) Reno, Nevada, Special Assessment Bonds, 2024 Quilici Ranch

Local Improvement District 1, Series 2025

5.250 06/01/54

483,452

TOTAL NEVADA

658,642

NEW HAMPSHIRE - 0.5%

498,000

National Finance Authority, New Hampshire, Municipal

Certificates Series 2025-1 Class A-2

4.168 01/20/41

454,649

TOTAL NEW HAMPSHIRE

454,649

NEW JERSEY - 1.6%

375,000

Passaic County Improvement Authority, New Jersey, Charter

School Revenue Bonds, Paterson Charter School for Science and

Technology, Inc. Project, Series 2025

5.000 07/01/44

374,989

1,000,000

Tobacco Settlement Financing Corporation, New Jersey, Tobacco

Settlement Asset-Backed Bonds, Series 2018A

5.250 06/01/46

1,001,697

TOTAL NEW JERSEY

1,376,686

NEW YORK - 8.1%

500,000

Dormitory Authority of the State of New York, General Revenue

Bonds, Yeshiva University, Series 2022A

5.000 07/15/50

482,112

500,000

Metropolitan Transportation Authority, New York, Transportation

Revenue Bonds, Green Refunding Series 2025A

5.250 11/15/45

529,632

500,000

New York City Transitional Finance Authority, New York, Future

Tax Secured Bonds, Subordinate Fiscal Series 2025H-1

5.250 11/01/48

533,152

1,500,000

(a) New York Liberty Development Corporation, New York, Liberty

Revenue Bonds, 3 World Trade Center Project, Class 1 Series

2014

5.000 11/15/44

1,500,005

225,000

New York Transportation Development Corporation, New York,

Facility Revenue Bonds, Thruway Service Areas Project, Series

2021, (AMT)

2.500 10/31/31

199,613

750,000

New York Transportation Development Corporation, New

York, Special Facilities Bonds, LaGuardia Airport Terminal B

Redevelopment Project, Series 2016A, (AMT)

5.000 07/01/41

749,962

1,000,000

New York Transportation Development Corporation, New

York, Special Facilities Bonds, LaGuardia Airport Terminal B

Redevelopment Project, Series 2016A, (AMT)

5.000 07/01/46

991,394

1,000,000

New York Transportation Development Corporation, New

York, Special Facilities Bonds, LaGuardia Airport Terminal B

Redevelopment Project, Series 2016A, (AMT)

5.250 01/01/50

999,955

250,000

New York Transportation Development Corporation, New York,

Special Facilities Revenue Bonds, Terminal 6 John F Kennedy

International Airport Redevelopment Project, Senior Green Series

2024A, (AMT)

5.500 12/31/60

255,369

435,000

New York Transportation Development Corporation, New York,

Special Facility Revenue Bonds, John F Kennedy International

Airport Terminal One Project, Green Series 2025, (AMT)

5.500 06/30/59

450,120

500,000

Westchester County Local Development Corporation, New York,

Revenue Bonds, Westchester Medical Center Obligated Group

Project, Refunding Series 2016

5.000 11/01/46

449,599

TOTAL NEW YORK

7,140,913

See Notes to Financial Statements

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

NORTH CAROLINA - 1.7%

$

1,000,000

North Carolina Department of Transportation, Private Activity

Revenue Bonds, I-77 Hot Lanes Project, Series 2015, (AMT)

5.000 %

06/30/54

$

1,000,036

500,000

North Carolina Medical Care Commission, Retirement Facilities

First Mortgage Revenue Bonds, Twin Lakes Community, Series

2025A

5.250 01/01/55

495,115

TOTAL NORTH CAROLINA

1,495,151

OHIO - 5.2%

1,000,000

Buckeye Tobacco Settlement Financing Authority, Ohio, Tobacco

Settlement Asset-Backed Revenue Bonds, Refunding Senior Lien

Series 2020B-2 Class 2

5.000 06/01/55

854,767

530,000

Butler County, Ohio, Hospital Facilities Revenue Bonds, UC

Health, Series 2016

4.000 11/15/40

472,714

250,000

Chillicothe, Ohio, Hospital Facilities Revenue Bonds, Adena

Health System Obligated Group Project, Refunding &

Improvement Series 2017

5.000 12/01/47

250,988

500,000

Cuyahoga County, Ohio, Hospital Revenue Bonds, MetroHealth

System, Series 2017

5.250 02/15/47

490,639

325,000

Hamilton County, Ohio, Hospital Facilities Revenue Bonds, UC

Health, Series 2025A

5.500 08/01/51

328,403

400,000

Miami County, Ohio, Hospital Facilities Revenue Bonds,

Kettering Health Network Obligated Group Project, Refunding

Improvement Series 2019

5.000 08/01/49

401,601

275,000

Norwood, Ohio, Special Obligation Revenue Bonds, Rookwood

Exchange Project, Refunding Series 2025

5.000 12/01/41

275,488

500,000

(a) Ohio Air Quality Development Authority, Ohio, Exempt Facilities

Revenue Bonds, AMG Vanadium Project, Series 2019, (AMT)

5.000 07/01/49

458,202

500,000

(a) Ohio Air Quality Development Authority, Ohio, Revenue Bonds,

Pratt Paper Ohio, LLC Project, Series 2017, (AMT)

4.500 01/15/48

458,055

500,000

Port of Greater Cincinnati Development Authority, Ohio, Duke

Energy Convention Center Project, TOT First Subordinate

Development Revenue Bonds, Refunding Series 2024B

5.000 12/01/63

504,755

TOTAL OHIO

4,495,612

OKLAHOMA - 1.9%

240,000

Oklahoma Development Finance Authority, Health System

Revenue Bonds, OU Medicine Project, Series 2018B

5.250 08/15/48

240,084

250,000

Oklahoma State Turnpike Authority, Turnpike System Revenue

Bonds, Second Senior Series 2025A

5.500 01/01/54

272,220

1,000,000

Tulsa Municipal Airport Trust, Oklahoma, Revenue Bonds,

American Airlines Inc., Series 2025, (AMT)

6.250 12/01/35

1,144,599

TOTAL OKLAHOMA

1,656,903

PENNSYLVANIA - 2.7%

250,000

(a) Allentown Neighborhood Improvement Zone Development

Authority, Pennsylvania, Tax Revenue Bonds, City Center Project,

Series 2024

5.000 05/01/42

251,535

250,000

Berks County Municipal Authority, Pennsylvania, Revenue Bonds,

Tower Health Project, Series 2024A-3

5.000 06/30/39

226,361

250,000

Lehigh County General Purpose Authority, Pennsylvania, Hospital

Revenue Bonds, Lehigh Valley Health Network, Series 2019A

5.000 07/01/44

252,139

500,000

Montgomery County Industrial Development Authority,

Pennsylvania, Revenue Bonds, ACTS Retirement-Life

Communities, Inc. Obligated Group, Series 2025A

5.000 11/15/49

488,158

550,000

(a) Pennsylvania Economic Development Financing Authority, Solid

Waste Disposal Revenue Bonds, Core Natural Resources Inc.,

Project, Series 2025, (AMT), (Mandatory Put 3/27/35)

5.450 01/01/51

573,617

500,000

Philadelphia Authority for Industrial Development Senior Living

Facilities, Philadelphia, Pennsylvania, Revenue Bonds, Wesley

Enhanced Living Obligated Group, Series 2017A

5.000 07/01/49

443,867

TOTAL PENNSYLVANIA

2,235,677

#### Portfolio of Investments September 30, 2025
(continued)

#### NHYM

See Notes to Financial Statements

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

PUERTO RICO - 2.1%

$

449,000

Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue

Bonds, Restructured 2018A-1

0.000 %

07/01/46

$

153,326

750,000

Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue

Bonds, Restructured 2018A-1

5.000 07/01/58

724,945

750,000

Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue

Bonds, Taxable Restructured Cofina Project Series 2019A-2

4.784 07/01/58

697,414

386,000

Puerto Rico, General Obligation Bonds, Restructured Series

2022A-1

0.000 07/01/33

276,154

TOTAL PUERTO RICO

1,851,839

SOUTH CAROLINA - 1.2%

500,000

South Carolina Public Service Authority Santee Cooper Revenue

Obligations, Refunding Series 2016B

5.000 12/01/41

503,223

250,000

South Carolina Public Service Authority, Santee Cooper Revenue

Obligations, Improvement Series 2025A

5.000 12/01/55

255,109

305,000

South Carolina Public Service Authority, Santee Cooper Revenue

Obligations, Series 2015E

5.250 12/01/55

305,162

TOTAL SOUTH CAROLINA

1,063,494

TENNESSEE - 0.3%

300,000

Metropolitan Nashville Airport Authority, Tennessee, Airport

Revenue Bonds, Subordinate Series 2019B, (AMT)

5.000 07/01/49

303,152

TOTAL TENNESSEE

303,152

TEXAS - 9.9%

500,000

(a) Aubrey, Denton County, Texas, Special Assessment Revenue

Bonds, Duck Point Public Improvement District, Series 2025

5.625 12/31/55

488,706

105,000

(a) Austin, Travis, Williamson and Hays Counties, Texas, Special

Assessment Revenue Bonds, Whisper Valley Public Improvement

District Improvement Area 2, Series 2022

5.500 11/01/51

105,596

250,000

(a) Celina, Texas, Special Assessment Revenue Bonds, The Parks

at Wilson Creek Public Improvement District Initial Major

Improvement Project, Series 2021

4.250 09/01/41

220,542

250,000

(a) City of Midlothian, Texas, Westside Preserve Public Improvement

District Improvement Area #1 Project Special Assessment

Revenue Bonds Series 2022

5.375 09/15/52

241,821

200,000

Crandall, Kaufman County, Texas, Special Assessment Revenue

Bonds, River Ridge Public Improvement District Improvement

Area 2 Project, Series 2025

5.250 09/15/45

194,869

500,000

(a) Denton County, Texas, Special Assessment Revenue Bonds,

Green Meadows Public Improvement District, Improvement Area

1 Project, Series 2025

5.375 12/31/45

510,925

100,000

Fort Bend County Industrial Development Corporation, Texas,

Revenue Bonds, NRG Energy Inc. Project, Series 2012A. RMKT

4.750 05/01/38

100,006

1,000,000

Houston, Texas, Airport System Special Facilities Revenue Bonds,

United Airlines, Inc. Terminal Improvements Project, Series

2024B, (AMT)

5.250 07/15/34

1,071,629

250,000

(a) Hutto, Williams County Texas, Special Assessment Revenue

Bonds, Cottonwood Creek Public Improvement Area 2 Project

Series 2025

5.125 09/01/45

241,644

400,000

(a) Hutto, Williams County Texas, Special Assessment Revenue

Bonds, Prairie Winds, Public Improvement Area 1, Series 2025

5.125 09/01/45

387,580

250,000

(a) Kyle, Texas, Special Assessment Revenue Bonds, 6 Creeks Public

Improvement District Improvement Area 3B Project, Series 2025

5.125 09/01/46

241,657

250,000

(a) Kyle, Texas, Special Assessment Revenue Bonds, 6 Creeks Public

Improvement District Improvement Area 5 Project, Series 2025

5.375 09/01/50

241,279

250,000

Lower Colorado River Authority, Texas, Transmission Contract

Revenue Bonds, LCRA Transmission Services Corporation Project,

Refunding Series 2025

5.000 05/15/55

257,159

250,000

(a) New Hope Cultural Education Facilities Finance Corporation,

Texas, Education Revenue Bonds, Beta Academy, Series 2019A

5.000 08/15/49

224,438

500,000

New Hope Cultural Education Facilities Finance Corporation,

Texas, Retirement Facility Revenue Bonds, Bella Vida Forefront

Living Project, Series 2025A

6.250 10/01/45

514,434

See Notes to Financial Statements

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

TEXAS

(continued)

$

500,000

New Hope Cultural Education Facilities Finance Corporation,

Texas, Retirement Facility Revenue Bonds, Westminster Project,

Series 2025

5.000 %

11/01/55

$

470,164

250,000

North East Regional Mobility Authority, Texas, Revenue Bonds,

Senior Lien Series 2016A

5.000 01/01/46

249,982

275,000

(a) Port Beaumont Industrial Development Authority, Texas, Facility

Revenue Bonds, Jefferson Gulf Coast Energy Project, Series

2021B

4.100 01/01/28

246,881

500,000

(a) Port Beaumont Navigation District, Jefferson County, Texas, Dock

and Wharf Facility Revenue Bonds, Jefferson Gulf Coast Energy

Project, Series 2024A, (AMT)

5.000 01/01/39

494,343

500,000

(a) Port Beaumont Navigation District, Jefferson County, Texas, Dock

and Wharf Facility Revenue Bonds, Jefferson Gulf Coast Energy

Project, Series 2024A, (AMT)

5.125 01/01/44

482,623

250,000

(a) Princeton, Texas, Special Assessment Revenue Bonds, Eastridge

Public Improvement District Improvement Area 4 Project, Series

2025

5.375 09/01/45

250,058

300,000

(a) Princeton, Texas, Special Assessment Revenue Bonds, Westridge

Public Improvement District Improvement Area 1 Project, Series

2025

5.375 09/01/45

296,891

275,000

(a) Providence Village, Denton County, Texas, Special Assessment

Revenue Bonds, Foree Ranch Public Improvement District

Improvement Area 2 Project Series 2025

5.350 09/01/45

270,339

135,000

(a) Sachse, Texas, Special Assessment Bonds, Sachse Public

Improvement District 1 Improvement Areas 2-3 Project, Series

2022

7.000 09/15/52

146,150

500,000

Texas Private Activity Bond Surface Transporation Corporation,

Senior Lien Revenue Bonds, NTE Mobility Partners Segments 3

LLC Segments 3C Project, Series 2019, (AMT)

5.000 06/30/58

491,785

TOTAL TEXAS

8,441,501

UTAH - 2.4%

500,000

(a) Black Desert Public Infrastructure District, Washington County,

Utah, Special Assessment Bonds, Black Desert Assessment Area

1, Series 2024

5.625 12/01/53

501,344

500,000

(a) Downtown East Streetcar Sewer Public Infrastructure District,

South Salt Lake, Salt Lake County, Utah, Limited Tax General

Obligation Bonds, Series 2022A

6.000 03/01/53

495,385

500,000

(a) MIDA Mountain Village Public Infrastructure District, Utah,

Subordinate Tax Allocation Revenue Bonds, Series 2024-1

5.125 06/15/54

482,122

500,000

(a) Wakara Ridge Public Infrastructure District, Utah, Special

Assessment Bonds, Wakara Ridge Assessment Area, Series 2025

5.625 12/01/54

506,795

TOTAL UTAH

1,985,646

VIRGINIA - 1.9%

100,000

(a) Cherry Hill Community Development Authority, Virginia, Special

Assesment Bonds, Potomac Shores Project, Series 2015

5.150 03/01/35

100,124

100,000

Norfolk Redevelopment and Housing Authority, Virginia, Revenue

Bonds, Fort Norfolk Retirement Community, Inc. - Harbor's Edge

Project, Refunding Series 2014

5.375 01/01/46

96,844

500,000

Virginia Housing Development Authority, Rental Housing Bonds,

Series 2025A

4.600 09/01/50

495,755

1,000,000

Virginia Small Business Financing Authority, Private Activity

Revenue Bonds, Transform 66 P3 Project, Senior Lien Series 2017,

(AMT)

5.000 12/31/52

976,349

TOTAL VIRGINIA

1,669,072

WASHINGTON - 0.6%

500,000

Washington State Convention Center Public Facilities District,

Lodging Tax Revenue Bonds, Series 2018

5.000 07/01/48

497,418

TOTAL WASHINGTON

497,418

#### Portfolio of Investments September 30, 2025
(continued)

#### NHYM

See Notes to Financial Statements

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

WEST VIRGINIA - 0.9%

$

595,000

West Virginia Hospital Finance Authority, Hospital Revenue

Bonds, Cabell Huntington Hospital, Inc. Project, Refunding &

Improvement Series 2018A

5.000 %

01/01/43

$

548,638

250,000

West Virginia Hospital Finance Authority, Revenue Bonds, West

Virginia University Health System Obligated Group, Improvement

Series 2017A

5.000 06/01/47

250,400

TOTAL WEST VIRGINIA

799,038

WISCONSIN - 4.2%

100,000

(a) Public Finance Authority of Wisconsin, Charter School Revenue

Bonds, Envision Science Academy Project, Series 2016A

5.250 05/01/46

90,267

500,000

Public Finance Authority of Wisconsin, Hotel Revenue Bonds,

Grand Hyatt San Antonio Hotel Acquisition Project, Senior Lien

Series 2022A

5.000 02/01/62

487,435

250,000

(a) Public Finance Authority of Wisconsin, Hotel Revenue Bonds,

Grand Hyatt San Antonio Hotel Acquisition Project, Subordinate

Lien Series 2022B

5.750 02/01/52

255,501

250,000

(a) Public Finance Authority of Wisconsin, Limited Obligation PILOT

Revenue Bonds, American Dream Meadowlands Project, Series

2017

6.500 12/01/37

200,000

250,000

(a) Public Finance Authority of Wisconsin, Retirement Facility

Revenue Bonds, Penick Village, Series 2019

5.000 09/01/54

222,034

425,000

(a) Public Finance Authority of Wisconsin, Revenue Anticipation

Bonds, Texas Infrastructure Authority Program, Astro Texas Land

Projects, Refunding & Improvement Series 2025

5.000 12/15/36

425,094

370,000

Public Finance Authority of Wisconsin, Student Housing Revenue

Bonds, Campus Real Estate Holding Corporation, LLC Project,

Series 2025A

5.250 06/01/45

371,654

500,000

Public Finance Authority of Wisconsin, Student Housing Revenue

Bonds, KSU Bixby Real Estate Foundation, LLC Project, Senior

Series 2025A

5.250 06/15/55

508,201

1,000,000

Public Finance Authority, Wisconsin, Toll Revenue Bonds, Georgia

SR 400 Express Lanes Project, Senior Lien Series 2025

5.750 12/31/65

1,028,966

TOTAL WISCONSIN

3,589,152

TOTAL MUNICIPAL BONDS

(cost $85,150,439)

84,422,334

TOTAL LONG-TERM INVESTMENTS

(cost $85,328,881)

84,600,776

OTHER ASSETS & LIABILITIES, NET - 2.5%

2,131,433

NET ASSETS - 100%

$

86,732,209

AMT

Alternative Minimum Tax

(a) Security is exempt from registration under Rule 144A of the Securities Act of 1933, as amended. These securities are deemed

liquid and may be resold in transactions exempt from registration, which are normally those transactions with qualified

institutional buyers. As of the end of the reporting period, the aggregate value of these securities is $25,545,875 or 30.2% of

Total Investments.

#### Portfolio of Investments September 30, 2025

#### NUMI
See Notes to Financial Statements

(Unaudited)

SHARES

DESCRIPTION

VALUE

LONG-TERM INVESTMENTS - 99.4%

INVESTMENT COMPANIES - 0.4%

252,925

State Street Institutional US Government Money Market Fund

$

252,925

TOTAL INVESTMENT COMPANIES

(cost $252,925)

$

252,925

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

MUNICIPAL BONDS - 99.0%

ALABAMA - 1.6%

$

340,000

Black Belt Energy Gas District, Alabama, Gas Project Revenue

Bonds, Series 2024B, (Mandatory Put 9/01/32)

5.000 %

10/01/55

367,793

110,000

Jefferson County, Alabama, Sewer Revenue Warrants, Series

2024

5.250 10/01/42

116,797

210,000

Southeast Energy Authority, Alabama, Revenue Bonds, A

Cooperative District Energy Supply Series 2025D

5.000 09/01/35

231,296

250,000

Southeast Energy Authority, Alabama, Revenue Bonds,

Cooperative District Energy Supply Series 2025B, (Mandatory Put

1/01/33)

5.250 03/01/55

267,403

TOTAL ALABAMA

983,289

ARIZONA - 0.4%

110,000

Mesa, Arizona, Utility System Revenue Bonds, Series 2018

5.000 07/01/42

112,582

100,000

Phoenix, Arizona, General Obligation Bonds, Various Purpose

Series 2024A

5.000 07/01/39

111,551

TOTAL ARIZONA

224,133

CALIFORNIA - 14.0%

340,000

California Community Choice Financing Authority, Clean Energy

Project Revenue Bonds, Green Series 2024A, (Mandatory Put

4/01/32)

5.000 05/01/54

367,705

200,000

California Community Choice Financing Authority, Clean Energy

Project Revenue Bonds, Green Series 2025B

5.000 11/01/32

217,161

250,000

California Community Choice Financing Authority, Clean Energy

Project Revenue Bonds, Green Series 2025D, (Mandatory Put

7/01/34)

5.000 10/01/55

269,059

100,000

California Educational Facilities Authority, Revenue Bonds,

Chapman University, Refunding Series 2025A

5.000 04/01/42

108,291

150,000

California Health Facilities Financing Authority, California,

Revenue Bonds, Sutter Health, Series 2018A

4.000 11/15/42

142,719

100,000

California Health Facilities Financing Authority, Revenue Bonds,

Providence Saint Joseph Health, Refunding Series 2016A

4.000 10/01/47

89,351

100,000

California Infrastructure and Economic Development Bank,

Revenue Bonds, Academy of Motion Picture Arts and Sciences

Obligated Group, Series 2015A

4.000 11/01/45

95,545

250,000

California Infrastructure and Economic Development Bank,

Revenue Bonds, UCSF Clinical and Life Sciences Building, Series

2025

5.000 05/15/40

278,268

150,000

California Municipal Finance Authority, Revenue Bonds, Linxs

APM Project, Senior Lien Series 2018A, (AMT)

5.000 12/31/34

152,768

125,000

California Municipal Finance Authority, Revenue Bonds, NorthBay

Healthcare Group, Series 2017A

5.250 11/01/41

125,213

750,000

California State University, Systemwide Revenue Bonds, Series

2025A

5.000 11/01/39

856,225

615,000

California State, General Obligation Bonds, Refunding Various

Purpose Series 2024

5.000 09/01/43

665,161

560,000

California State, General Obligation Bonds, Various Purpose

Refunding Series 2025

5.000 03/01/37

642,245

500,000

(a) California Statewide Communities Development Authority,

California, Revenue Bonds, Loma Linda University Medical

Center, Series 2016A

5.250 12/01/56

482,630

750,000

Eastern Municipal Water District Community Facilities District

2018-80 Willow Springs, California, Special Tax Bonds Series

2025

5.000 09/01/50

758,069

#### Portfolio of Investments September 30, 2025
(continued)

#### NUMI

See Notes to Financial Statements

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

CALIFORNIA

(continued)

$

500,000

Foothill-De Anza Community College District, Santa Clara

County, California, General Obligation Bonds, Refunding Series

2016

4.000 %

08/01/40

$

500,141

250,000

Peralta Community College District, Alameda County, California,

General Obligation, Refunding Series 2025

5.000 08/01/38

287,112

165,000

Sacramento County, California, Airport System Revenue Bonds,

Refunding Senior Series 2018C, (AMT)

5.000 07/01/34

171,061

250,000

San Diego Public Facilities Financing Authority, California, Lease

Revenue Bonds, Capital Improvement Projects, Series 2015A

5.000 10/15/44

250,151

320,000

San Francisco Airport Commission, California, Revenue Bonds,

San Francisco International Airport, Governmental Purpose

Second Series 2016C

5.000 05/01/46

321,491

270,000

San Francisco Airports Commission, California, Revenue Bonds,

San Francisco International Airport, Second Series 2019E, (AMT)

5.000 05/01/37

279,246

500,000

San Francisco City and County Public Utilities Commission,

California, Water Revenue Bonds, Refunding Green Sub Series

2025A

5.000 11/01/47

532,160

200,000

San Joaquin Hills Transportation Corridor Agency, Orange

County, California, Toll Road Revenue Bonds, Refunding Junior

Lien Series 2014B

5.250 01/15/49

200,064

800,000

University of California, General Revenue Bonds, Limited Project

Series 2016K

4.000 05/15/46

761,379

500,000

University of California, General Revenue Bonds, Series 2025CC

5.000 05/15/42

552,297

TOTAL CALIFORNIA

9,105,512

COLORADO - 5.9%

310,000

Adams and Arapahoe Counties Joint School District 28J, Aurora,

Colorado, General Obligation Bonds, Series 2025

5.500 12/01/37

368,991

300,000

Adams and Arapahoe Counties Joint School District 28J, Aurora,

Colorado, General Obligation Bonds, Series 2025

5.500 12/01/38

353,290

190,000

Adams and Arapahoe Counties Joint School District 28J, Aurora,

Colorado, General Obligation Bonds, Series 2025

5.500 12/01/39

221,843

990,000

Adams County School District 14, Colorado, General Obligation

Bonds, Series 2025

5.500 12/01/44

1,084,713

500,000

CCP Metropolitan District 3, Colorado, General Obligation

Bonds, Limited Tax Refunding Series 2024

5.000 12/01/53

485,650

280,000

Cherry Creek School District 5, Arapahoe County, Colorado,

General Obligation Bonds, Series 2024

5.250 12/15/41

312,156

100,000

Denver City and County, Colorado, Airport System Revenue

Bonds, Subordinate Lien Series 2018B

5.000 12/01/48

1,265

500,000

Denver School District 1, Colorado, General Obligation Bonds,

Series 2025C

5.500 12/01/46

553,135

180,000

Regional Transportation District, Colorado, Private Activity Bonds,

Denver Transit Partners Eagle P3 Project, Series 2020A

4.000 07/15/35

181,321

TOTAL COLORADO

3,662,364

DELAWARE - 0.3%

200,000

Delaware Transportation Authority, Revenue Bonds, US 301

Project, Series 2015

5.000 06/01/45

199,999

TOTAL DELAWARE

199,999

DISTRICT OF COLUMBIA - 1.9%

300,000

District of Columbia Water and Sewer Authority, Public Utility

Revenue Bonds, Subordinate Lien Green Series 2022B

5.000 10/01/47

310,625

200,000

District of Columbia, General Obligation Bonds, Series 2016A

5.000 06/01/41

200,589

250,000

District of Columbia, General Obligation Bonds, Series 2024A

5.000 08/01/37

281,592

110,000

District of Columbia, Income Tax Secured Revenue Bonds, Series

2022A

5.500 07/01/47

117,453

305,000

Metropolitan Washington Airports Authority, Virginia, Dulles Toll

Road Revenue Bonds, Dulles Metrorail Capital Appreciation,

Second Senior Lien Series 2010B

6.500 10/01/44

324,941

TOTAL DISTRICT OF COLUMBIA

1,235,200

See Notes to Financial Statements

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

FLORIDA - 5.5%

$

245,000

City of Miami Beach, Florida, Stormwater Revenue Bonds, Series

2015

4.000 %

09/01/45

$

233,263

150,000

Fort Lauderdale, Florida, Water and Sewer Revenue Bonds,

Prospect Lake Water Treatment Plant Project Series 2023B

5.000 09/01/39

164,721

500,000

(a) Grand Bay at Doral Community Development District, Miami-

Dade County, Florida, Special Assessment Bonds, Assessment

Area Two Phase 1 Project, Series 2025A-1

5.000 05/01/45

495,321

365,000

Miami-Dade County Industrial Development Authority, Florida,

Solid Waste Disposal Revenue Bonds, Waste Management Inc

Project, Series 2018B, (AMT), (Mandatory Put 7/01/26)

4.000 11/01/48

364,992

250,000

Miami-Dade County, Florida, Aviation Revenue Bonds, Refunding

Series 2017B, (AMT)

5.000 10/01/40

252,514

250,000

Miami-Dade County, Florida, Aviation Revenue Bonds, Series

2025A, (AMT)

5.500 10/01/55

264,291

150,000

Miami-Dade County, Florida, Transit System Sales Surtax Revenue

Bonds, Series 2018

5.000 07/01/43

153,885

505,000

(a) Miromar Lakes Community Development District, Lee County,

Florida, Capital Improvement Revenue Bonds, Refunding Series

2025

5.00 0

05/01/35

544,739

400,000

Orlando Utilities Commission, Florida, Utility System Revenue

Bonds, Series 2025A

5.000 10/01/45

420,281

440,000

Osceola County, Florida, Transportation Revenue Bonds, Osceola

Parkway, Refunding & Improvement Series 2019A-1

5.000 10/01/35

456,547

120,000

Putnam County Development Authority, Florida, Pollution Control

Revenue Bonds, Seminole Electric Cooperatice, Inc. Project,

Refunding Series 2018B

5.000 03/15/42

121,707

TOTAL FLORIDA

3,472,261

GEORGIA - 2.2%

350,000

Atlanta, Georgia, Airport General Revenue Bonds, Green Series

2025B-1, (AMT)

5.000 07/01/33

391,865

100,000

Burke County Development Authority, Georgia, Pollution Control

Revenue Bonds, Oglethorpe Power Corporation Vogtle Project,

Series 2017D

.125

11/01/45

90,059

155,000

Carroll City-County Hospital Authority, Georgia, Revenue

Anticipation Certificates, Tanner Medical Center, Inc. Project,

Series 2015

4.000 07/01/45

149,084

300,000

Fulton County Development Authority, Georgia, Hospital

Revenue Bonds, Wellstar Health System, Inc Project, Series 2017A

5.000 04/01/47

301,213

100,000

Municipal Electric Authority of Georgia, Plant Vogtle Units 3 & 4

Project J Bonds, Series 2015A

5.500 07/01/60

100,027

100,000

Municipal Electric Authority of Georgia, Plant Vogtle Units 3 & 4

Project J Bonds, Series 2019A - BAM Insured

5.000 01/01/49

100,225

250,000

Richmond County Board of Education, Georgia, General

Obligation Bonds, Sales Tax Series 2025

5.000 10/01/32

287,745

TOTAL GEORGIA

1,420,218

GUAM - 0.4%

265,000

Guam Power Authority, Revenue Bonds, Refunding Series 2022A

5.000 10/01/42

273,716

TOTAL GUAM

273,716

HAWAII - 0.6%

100,000

Honolulu City and County, Hawaii, Wastewater System Revenue

Bonds, First Bond Resolution, Senior Series 2019A

5.000 07/01/44

102,861

250,000

Maui County, Hawaii, General Obligation Bonds, Series 2025

5.000 09/01/39

278,396

TOTAL HAWAII

381,257

IDAHO - 0.7%

480,000

Idaho Housing & Finance Association, Idaho, Sales Tax Revenue

Bonds, Transportation Expansion & Congestion Mitigation Fund,

Series 2025A

4.000 08/15/50

443,902

TOTAL IDAHO

443,902

#### Portfolio of Investments September 30, 2025
(continued)

#### NUMI

See Notes to Financial Statements

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

ILLINOIS - 5.6%

$

100,000

Chicago Board of Education, Illinois, Dedicated Capital

Improvement Tax Revenue Bonds, Series 2016

6.000 %

04/01/46

$

101,326

185,000

Chicago Board of Education, Illinois, Dedicated Capital

Improvement Tax Revenue Bonds, Series 2023

5.000 04/01/38

192,574

100,000

Chicago, Illinois, General Airport Revenue Bonds, O'Hare

International Airport, Refunding Senior Lien Series 2017B

5.000 01/01/39

101,329

275,000

Chicago, Illinois, General Obligation Bonds, Series 2019A

5.500 01/01/35

285,432

105,000

Chicago, Illinois, Water Revenue Bonds, Second Lien Refunding

Series 2024A

5.000 11/01/35

117,447

250,000

Illinois Finance Authority, Water Facilities Revenue Bonds,

American Water Capital Corporation Project, Refunding Series

2019, (Mandatory Put 10/01/29)

2.450 10/01/39

243,173

250,000

Illinois State, General Obligation Bonds, May Series 2018A

.000

05/01/43

252,700

110,000

Illinois State, General Obligation Bonds, November Series 2017D

5.000 11/01/28

114,977

720,000

Illinois State, Sales Tax Revenue Bonds, Build Illinois, Refunding

Junior Obligation March Series 2025B

5.000 06/15/40

774,060

50,000

Illinois Toll Highway Authority, Toll Highway Revenue Bonds,

Senior Lien Series 2021A

5.000 01/01/46

51,263

330,000

Metropolitan Pier and Exposition Authority, Illinois, McCormick

Place Expansion Project Bonds, Series 2017A

5.000 06/15/57

322,115

500,000

Northern Illinois Municipal Power Agency, Power Project Revenue

Bonds, Prairie State Project, Refunding Series 2016A

4.000 12/01/33

502,755

100,000

Schaumburg, Illinois, General Obligation Bonds, Refunding

Series 2013A

4.000 12/01/41

99,234

300,000

Southwestern Illinois Development Authority, Illinois, Local

Government Revenue Bonds, Triad Community Unit School

District 2 Project, Series 2025B - BAM Insured

5.500 04/01/48

318,900

TOTAL ILLINOIS

3,477,285

INDIANA - 1.5%

250,000

Indiana Finance Authority, State Revolving Fund Program Bonds,

Green Series 2025C

5.000 02/01/40

273,401

170,000

Indianapolis Local Public Improvement Bond Bank, Indiana,

Revenue Bonds, Ad Valorem Property Tax Funded Project Series

2023D

6.000 02/01/43

190,892

500,000

Whiting, Indiana, Environmental Facilities Revenue Bonds, BP

Products North America Inc. Project, Series 2008, (Mandatory Put

6/21/35)

4.200 06/01/44

523,396

TOTAL INDIANA

987,689

KENTUCKY - 1.4%

150,000

Kentucky Economic Development Finance Authority, Louisville

Arena Project Revenue Bonds, Louisville Arena Authority, Inc.,

Series 2017A - AGM Insured

4.000 12/01/41

144,456

275,000

Kentucky Economic Development Finance Authority, Revenue

Bonds, Next Generation Kentucky Information Highway Project,

Senior Series 2015A

5.000 01/01/45

275,035

500,000

Kentucky State Property and Buildings Commission, Revenue

Bonds, Project 132, Series 2025A

5.000 04/01/41

539,538

TOTAL KENTUCKY

959,029

LOUISIANA - 0.8%

290,000

Louisiana Local Government Environmental Facilities and

Community Development Authority, Revenue Bonds, Westlake

Chemical Corporation Projects, Refunding Series 2017

3.500 11/01/32

283,464

100,000

(b) Louisiana Public Facilities Authority, Revenue Bonds, Ochsner

Clinic Foundation Project, Series 2015, (Pre-refunded 10/31/25)

4.250 05/15/40

97,341

120,000

Louisiana Public Facilities Authority, Revenue Bonds, Ochsner

Clinic Foundation Project, Series 2015

5.000 05/15/47

120,013

TOTAL LOUISIANA

500,818

See Notes to Financial Statements

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

MARYLAND - 0.4%

$

205,000

Maryland Health and HIgher Educational Facilities

Authority, Revenue Bonds, University of Maryland Medical

Systems, Series 2025A

5.250 %

07/01/52

$

213,857

90,000

Maryland Health and Higher Educational Facilities Authority,

Revenue Bonds, University of Maryland Medical System Issue,

Series 2017B

4.000 07/01/39

88,401

TOTAL MARYLAND

302,258

MASSACHUSETTS - 4.1%

250,000

Boston, Massachusetts, General Obligation Bonds, Series 2025A

5.000 02/01/37

284,639

250,000

Massachusetts Development Finance Agency, Revenue Bonds,

Amherst College, Series 2025A, (Mandatory Put 11/01/35)

5.000 11/01/55

290,926

155,000

Massachusetts Development Finance Agency, Revenue Bonds,

Berklee College of Music, Series 2016

5.000 10/01/46

155,529

250,000

Massachusetts Development Finance Agency, Revenue Bonds,

Smith College, Series 2025

4.000 07/01/45

240,538

125,000

Massachusetts Development Finance Agency, Revenue Bonds,

UMass Memorial Issue Series 2025N-1

5.250 07/01/50

126,422

445,000

Massachusetts School Building Authority, Senior Dedicated Sales

Tax Revenue Bonds, Subordinated Refunding Social Series 2025B

5.000 02/15/33

514,810

500,000

Massachusetts State, General Obligation Bonds, Consolidated

Loan, Series 2016E

4.000 04/01/46

460,025

300,000

Massachusetts State, General Obligation Bonds, Consolidated

Loan, Series 2016J

4.000 12/01/39

299,546

125,000

Massachusetts State, General Obligation Bonds, Consolidated

Loan, Series 2024A

5.000 01/01/54

129,844

160,000

Massachusetts State, Transportation Fund Revenue Bonds, Rail

Enhancement Program, Series 2015A

5.000 06/01/45

160,041

TOTAL MASSACHUSETTS

2,662,320

MICHIGAN - 4.7%

250,000

Howell Public Schools, Livingston County, Michigan, General

Obligation Bonds, School Building and Site Series 2025II

5.000 05/01/40

269,963

245,000

Michigan Finance Authority, Hospital Revenue Bonds, Henry Ford

Health System, Refunding Series 2016

5.000 11/15/41

246,640

250,000

Michigan Finance Authority, Tobacco Settlement Asset- Backed

Bonds, 2006 Sold Tobacco Receipts Senior Current Interest

Series 2020A-2

5.000 06/01/40

253,618

500,000

Michigan Housing Development Authority, Rental Housing

Revenue Bonds, Series 2025A-1

3.550 10/01/31

500,921

330,000

Michigan State Building Authority, Revenue Bonds, Facilities

Program, Refunding Series 2016-I

5.000 04/15/41

334,189

750,000

(c) Michigan State Building Authority, Revenue Bonds, Facilities

Program, Series 2023I, (Mandatory Put 10/07/25)

2.990 04/15/58

750,000

450,000

Michigan Strategic Fund, Limited Obligation Revenue Bonds, I-75

Improvement Project, Series 2018, (AMT)

5.000 12/31/43

450,693

200,000

Oakland University, Michigan, General Revenue Bonds, Series

2016

5.000 03/01/47

199,772

TOTAL MICHIGAN

3,005,796

MINNESOTA - 0.9%

500,000

Rochester, Minnesota, Health Care Facilities Revenue Bonds,

Mayo Clinic, Series 2025B, (Mandatory Put 5/15/32)

5.000 11/15/55

560,685

TOTAL MINNESOTA

560,685

MISSOURI - 1.7%

100,000

Missouri Health and Educational Facilities Authority, Health

Facilities Revenue Bonds, Mercy Health, Series 2014F

5.000 11/15/45

100,023

780,000

Missouri Health and Educational Facilities Authority, Health

Facilities Revenue Bonds, Saint Anthony's Medical Center, Series

2015B

4.000 02/01/40

757,608

200,000

North Kansas City School District 74, Missouri, General

Obligation Bonds, Improvement Series 2025

5.000 03/01/44

213,466

TOTAL MISSOURI

1,071,097

#### Portfolio of Investments September 30, 2025
(continued)

#### NUMI

See Notes to Financial Statements

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

NEBRASKA - 0.8%

$

500,000

Central Plains Energy Project, Nebraska, Gas Supply Revenue

Bonds, Refunding Series 2025A Subseries 2025A-1, (Mandatory

Put 8/01/31)

5.000 %

08/01/55

$

540,831

TOTAL NEBRASKA

540,831

NEVADA - 1.0%

100,000

(a),(c)

Director of the State of Nevada Department of Business and

Industry, Solid Waste Disposal Revenue Bonds, Republic Services

Inc., Variable Rate Demand Series 2001, (AMT), (Mandatory Put

12/01/25)

3.950 12/01/26

99,987

100,000

Las Vegas Redevelopment Agency, Nevada, Tax Increment

Revenue Bonds, Refunding Series 2016

5.000 06/15/40

100,186

250,000

Las Vegas Valley Water District, Nevada, General Obligation

Bonds, Limited Tax Water Improvement Series 2025A

5.000 06/01/41

272,343

140,000

Las Vegas Valley Water District, Nevada, General Obligation

Bonds, Limited Tax Water Refunding Series 2024A

5.000 06/01/39

155,031

TOTAL NEVADA

627,547

NEW JERSEY - 2.6%

150,000

New Jersey Economic Development Authority, Revenue Bonds,

Motor Vehicle Surcharge, Refunding Subordinate Series 2017A

4.000 07/01/34

150,612

250,000

New Jersey Economic Development Authority, Special Facility

Revenue Bonds, Port Newark Container Terminal LLC Project,

Refunding Series 2017, (AMT)

5.000 10/01/37

253,178

375,000

New Jersey Health Care Facilities Financing Authority, Revenue

Bonds, Inspira Health Obligated Group Issue, Refunding Series

2016A

4.000 07/01/41

363,301

250,000

New Jersey Institute of Technology, New Jersey, General

Obligation Bonds, Series 2025A - BAM Insured

5.000 07/01/39

279,956

150,000

New Jersey Transportation Trust Fund Authority, Transportation

System Bonds, Series 2015AA

5.250 06/15/41

150,100

500,000

New Jersey Turnpike Authority, Revenue Bonds, Refunding Series

2016A

5.000 01/01/34

502,856

TOTAL NEW JERSEY

1,700,003

NEW YORK - 9.9%

150,000

Dormitory Authority of the State of New York, Revenue Bonds,

Montefiore Obligated Group, Series 2018A

5.000 08/01/32

154,320

410,000

Dormitory Authority of the State of New York, Revenue Bonds,

Montefiore Obligated Group, Series 2018A

5.000 08/01/33

420,391

250,000

Dormitory Authority of the State of New York, State Personal

Income Tax Revenue Bonds, General Purpose, Series 2018A

5.000 03/15/35

253,780

500,000

Hudson Yards Infrastructure Corporation, New York, Revenue

Bonds, Second Indenture Fiscal 2017 Series A

5.000 02/15/42

506,871

200,000

Long Island Power Authority, New York, Electric System General

Revenue Bonds, Series 2017

5.000 09/01/47

201,794

500,000

Metropolitan Transportation Authority, New York, Transportation

Revenue Bonds, Green Climate Bond Certified Series 2019A-2

5.000 11/15/45

504,799

485,000

New York City Industrial Development Agency, New York, PILOT

Payment in Lieu of Taxes Revenue Bonds, Queens Baseball

Stadium Project, Refunding Series 2021A - AGM Insured

3.000 01/01/33

472,031

125,000

New York City Municipal Water Finance Authority, New York,

Water and Sewer System Second General Resolution Revenue

Bonds, Fiscal 2013 Series BB

4.000 06/15/47

115,912

225,000

New York City Municipal Water Finance Authority, New York,

Water and Sewer System Second General Resolution Revenue

Bonds, Fiscal 2019 Series DD-1

5.000 06/15/49

228,442

250,000

New York City Municipal Water Finance Authority, New York,

Water and Sewer System Second General Resolution Revenue

Bonds, Fiscal 2025 Series AA-2

5.000 06/15/49

262,036

250,000

New York City Transitional Finance Authority, New York, Future

Tax Secured Bonds, Subordinate Fiscal Series 2025F-1

5.000 11/01/37

280,492

500,000

New York City Transitional Finance Authority, New York, Future

Tax Secured Bonds, Subordinate Fiscal Series 2025H-1

5.000 11/01/42

539,555

130,000

New York City, New York, General Obligation Bonds, Fiscal 2017

Series A-1

4.000 08/01/39

128,268

See Notes to Financial Statements

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

NEW YORK

(continued)

$

300,000

New York City, New York, General Obligation Bonds, Fiscal 2018

Series F-1

5.000 %

04/01/43

$

306,458

500,000

(a) New York Liberty Development Corporation, New York, Liberty

Revenue Bonds, 3 World Trade Center Project, Class 1 Series

2014

5.000 11/15/44

500,002

140,000

New York Liberty Development Corporation, New York, Liberty

Revenue Bonds, 7 World Trade Center Project, Refunding Green

Series 2022A-CL2

3.125 09/15/50

104,411

400,000

New York State Housing Finance Agency, Affordable Housing

Revenue Bonds, Sustainability Green Series 2025B-2, (Mandatory

Put 5/01/29)

3.600 11/01/64

404,333

200,000

New York Transportation Development Corporation, New York,

Facility Revenue Bonds, Thruway Service Areas Project, Series

2021, (AMT)

2.500 10/31/31

177,433

250,000

New York Transportation Development Corporation, New York,

Special Facility Revenue Bonds, New Terminal 1 John F Kennedy

International Airport Project, Green Series 2023 - AGM Insured,

(AMT)

5.500 06/30/43

258,863

130,000

New York Transportation Development Corporation, New York,

Special Facility Revenue Bonds, Terminal 4 John F Kennedy

International Airport Project, Series 2020C

5.000 12/01/38

136,959

265,000

New York Transportation Development Corporation, Special

Facility Revenue Bonds, Delta Air Lines, Inc. - LaGuardia Airport

Terminals C&D Redevelopment Project, Series 2020, (AMT)

4.000 10/01/30

268,841

100,000

Triborough Bridge and Tunnel Authority, New York, Payroll

Mobility Tax Bonds, Senior Lien Green Bonds, Series 2022D-2

5.500 05/15/52

106,672

20,000

Triborough Bridge and Tunnel Authority, New York, Real Estate

Transfer Tax Revenue Bonds, MTA Bridges and Tunnels, TBTA

Capital Lockbox Fund, Series 2025A

5.250 12/01/54

21,092

TOTAL NEW YORK

6,353,755

OHIO - 2.8%

100,000

American Municipal Power Inc., Ohio, Combined Hydroelectric

Projects Revenue Bonds, Green Series 2016A

5.000 02/15/46

99,993

200,000

American Municipal Power, Inc., Ohio, Greenup Hydroelectric

Project Revenue Bonds, Refunding Series 2016A

5.000 02/15/41

200,215

250,000

Columbus Regional Airport Authority, Ohio, Revenue Bonds,

John Glenn Columbus International Airport, Series 2025A, (AMT)

5.000 01/01/40

261,305

250,000

Columbus Regional Airport Authority, Ohio, Revenue Bonds,

John Glenn Columbus International Airport, Series 2025A, (AMT)

5.500 01/01/55

262,104

250,000

Norwood, Ohio, Special Obligation Revenue Bonds, Rookwood

Exchange Project, Refunding Series 2025

5.000 12/01/35

259,764

185,000

Ohio State, Hospital Revenue Bonds, University Hospitals Health

System, Inc., Refunding Series 2014A

4.000 01/15/44

168,192

500,000

Toledo Lucas County Public Library, Ohio, General Obligation

Bonds, Library Improvement Series 2025A

5.000 12/01/47

526,277

TOTAL OHIO

1,777,850

OKLAHOMA - 1.7%

500,000

Oklahoma County, Oklahoma, Finance Authority, Educational

Facilities Lease Revenue Bonds, Choctaw-Nicoma Park Public

Schools Project, Series 2023

5.000 09/01/41

525,612

250,000

Oklahoma Housing Finance Agency, Single Family Mortgage

Revenue Bonds, Homeownership Loan Program, Series 2025B

4.875 09/01/45

253,632

500,000

Tulsa, Oklahoma, General Obligation Bonds, Series 2024C

0.050 10/01/37

313,607

TOTAL OKLAHOMA

1,092,851

OREGON - 0.2%

250,000

Beaverton School District 48J, Washington and Multnomah

Counties, Oregon, General Obligation Bonds, Series 2025A

0.000 06/15/37

157,703

TOTAL OREGON

157,703

#### Portfolio of Investments September 30, 2025
(continued)

#### NUMI

See Notes to Financial Statements

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

PENNSYLVANIA - 5.0%

$

120,000

Commonwealth Financing Authority, Pennsylvania, State

Appropriation Lease Bonds, Master Settlement, Series 2018 -

AGM Insured

4.000 %

06/01/39

$

117,894

160,000

Delaware County Authority, Pennsylvania, Revenue Bonds,

Villanova University, Series 2015

4.000 08/01/40

159,999

250,000

Montgomery County Higher Education and Health Authority,

Pennsylvania, Revenue Bonds, Thomas Jefferson University,

Series 2018A

5.000 09/01/43

253,115

500,000

Montgomery County Industrial Development Authority,

Pennsylvania, Revenue Bonds, ACTS Retirement-Life

Communities, Inc. Obligated Group, Series 2025A

5.000 11/15/42

506,176

150,000

Northampton County General Purpose Authority, Pennsylvania,

Hospital Revenue Bonds, Saint Luke's University Health Network

Project, Series 2016A

5.000 08/15/46

150,233

125,000

Pennsylvania Economic Development Financing Authority,

Pennsylvania, Private Activity Revenue Bonds, The PennDOT

Major Bridges Package One Project, Series 2022, (AMT)

5.500 06/30/37

134,840

280,000

Pennsylvania Economic Development Financing Authority,

Pennsylvania, Private Activity Revenue Bonds, The PennDOT

Major Bridges Package One Project, Series 2022, (AMT)

5.500 06/30/38

298,663

200,000

(a) Pennsylvania Economic Development Financing Authority, Solid

Waste Disposal Revenue Bonds, Core Natural Resources Inc.,

Project, Series 2025, (AMT), (Mandatory Put 3/27/35)

5.450 01/01/51

208,588

310,000

Pennsylvania Higher Educational Facilities Authority, Revenue

Bonds, University of Pennsylvania Health System, Series 2015

4.000 08/15/45

284,748

400,000

Pennsylvania Turnpike Commission, Turnpike Revenue Bonds,

Series 2016A-1

5.000 12/01/46

401,504

175,000

Philadelphia Gas Works, Pennsylvania, Revenue Bonds, 1998

General Ordinance, Seventeenth Series 2024A

5.000 08/01/44

182,795

545,000

(d) Wilson School District, Berks County, Pennsylvania, General

Obligation Bonds, Notes Series 2025D

5.000 05/15/39

592,031

TOTAL PENNSYLVANIA

3,290,586

PUERTO RICO - 0.3%

650,000

Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue

Bonds, Restructured 2018A-1

0.000 07/01/46

221,964

TOTAL PUERTO RICO

221,964

SOUTH CAROLINA - 0.9%

250,000

South Carolina Jobs-Economic Development Authority, Hospital

Revenue Bonds, Bon Secours Mercy Health, Inc, Series 2025B-2,

(Mandatory Put 11/01/32)

5.000 11/01/49

278,070

85,000

South Carolina Public Service Authority, Santee Cooper Revenue

Obligations, Refunding & Improvement Series 2015A

5.000 12/01/50

85,009

105,000

South Carolina Public Service Authority, Santee Cooper Revenue

Obligations, Refunding Series 2016A

.000

12/01/38

105,715

100,000

South Carolina State Ports Authority, Revenue Bonds, Series

2018, (AMT)

5.000 07/01/37

103,003

TOTAL SOUTH CAROLINA

571,797

SOUTH DAKOTA - 0.2%

150,000

South Dakota Conservancy District, Revenue Bonds, State

Revolving Fund Program, Series 2020

5.000 08/01/42

157,284

TOTAL SOUTH DAKOTA

157,284

TENNESSEE - 1.5%

250,000

Chattanooga Health, Educational and Housing Facility Board,

Tennessee, Revenue Bonds, CommonSpirit Health, Series

2019A-1

4.000 08/01/44

223,358

250,000

Shelby County, Tennessee, General Obligation Bonds, Public

Improvement & School Series 2025A

5.000 04/01/39

276,558

250,000

Tennessee Housing Development Agency, Residential Finance

Program Bonds, Social Series 2025-1A

4.900 07/01/45

256,949

250,000

The Tennessee Energy Acquisition Corporation, Gas Revenue

Bonds, Series 2006B

5.625 09/01/26

254,013

TOTAL TENNESSEE

1,010,878

See Notes to Financial Statements

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

TEXAS - 10.4%

$

105,000

Austin, Texas, Water and Wastewater System Revenue Bonds,

Refunding Forward Delivery Series 2023

5.000 %

11/15/43

$

110,948

750,000

Collin County, Texas, General Obligation Bonds, Refunding

Limited Tax Permanent Improvement, Tax Notes Series 2025

.000

02/15/40

821,073

100,000

Crowley Independent School District, Tarrant and Johnson

Counties, Texas, General Obligation Bonds, School Building

Series 2023

5.000 02/01/43

105,404

210,000

Cypress-Fairbanks Independent School District, Harris County,

Texas, General Obligation Bonds, Refunding School Building

Series 2016

4.000 02/15/39

210,140

250,000

Dallas Independent School District, Dallas County, Texas, General

Obligation Bonds, Refunding & School Building Series 2025B

5.000 02/15/43

265,958

160,000

Denton, Texas, Certificates of Obligation, Series 2024

5.000 02/15/40

172,489

250,000

Houston, Texas, Airport System Special Facilities Revenue Bonds,

United Airlines, Inc. Terminal Improvements Project, Series

2024B, (AMT)

5.500 07/15/35

274,763

500,000

Leander Independent School District, Williamson and Travis

Counties, Texas, General Obligation Bonds, Refunding & School

Building Series 2025A

5.000 08/15/39

555,020

135,000

Lower Colorado River Authority, Texas, Transmission Contract

Revenue Bonds, LCRA Transmission Services Corporation Project,

Refunding Series 2023A - AGM Insured

5.250 05/15/53

141,528

240,000

Lower Colorado River Authority, Texas, Transmission Contract

Revenue Bonds, LCRA Transmission Services Corporation Project,

Refunding Series 2024 - AGM Insured

5.000 05/15/41

254,625

250,000

Lower Colorado River Authority, Texas, Transmission Contract

Revenue Bonds, LCRA Transmission Services Corporation Project,

Refunding Series 2025

5.000 05/15/43

261,833

200,000

New Hope Cultural Education Facilities Finance Corporation,

Texas, Retirement Facility Revenue Bonds, Westminster Project,

Series 2025

5.000 11/01/40

205,059

500,000

North East Regional Mobility Authority, Texas, Revenue Bonds,

Senior Lien Series 2016A

5.000 01/01/46

499,964

305,000

Round Rock Independent School District, Williamson and Travis

Counties, Texas, General Obligation Bonds, School Building

Series 2025B

5.000 08/01/41

330,053

190,000

Spring Branch Independent School District, Harris County, Texas,

General Obligation Bonds, Schoolhouse Series 2022

5.000 02/01/42

199,724

500,000

Tarrant County Cultural Education Facilities Finance Corporation,

Texas, Hospital Revenue Bonds, Scott & White Healthcare Project,

Series 2016A

4.000 11/15/36

500,511

35,000

Texas A&M University, Financing System Revenue Bonds, Series

2022

5.000 05/15/28

37,334

145,000

Texas Private Activity Bond Surface Transpiration Corporation,

Senior Lien Revenue Bonds, NTE Mobility Partners Segments 3

LLC Refunding Series 2023, (AMT)

5.500 06/30/43

149,626

150,000

Texas Private Activity Bond Surface Transportation Corporation,

Senior Lien Revenue Bonds, LBJ Infrastructure Group LLC IH-635

Managed Lanes Project, Refunding Series 2020A

4.000 12/31/34

151,349

195,000

Texas Private Activity Bond Surface Transportation Corporation,

Senior Lien Revenue Bonds, LBJ Infrastructure Group LLC IH-635

Managed Lanes Project, Refunding Series 2020A

4.000 12/31/36

192,549

295,000

Texas Private Activity Bond Surface Transportation Corporation,

Senior Lien Revenue Bonds, LBJ Infrastructure Group LLC IH-635

Managed Lanes Project, Refunding Series 2020A

4.000 12/31/39

279,497

250,000

Texas State University System, Financing Revenue Bonds,

Refunding Series 2024

5.000 03/15/43

263,959

115,000

Texas State, General Obligation Bonds, Refunding Water

Financial Assistance Bonds, Series 2022B

5.000 08/01/39

115,000

400,000

Texas State, General Obligation Bonds, Refunding Water

Financial Assistance Series 2021B

4.000 08/01/31

400,279

190,000

Trinity River Authority, Texas, Regional Wastewater System

Revenue Bonds, Refunding & Improvement Series 2024

5.000 08/01/39

208,954

TOTAL TEXAS

6,707,639

#### Portfolio of Investments September 30, 2025
(continued)

#### NUMI

See Notes to Financial Statements

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

UTAH - 0.2%

$

100,000

Salt Lake City, Utah, Airport Revenue Bonds, International Airport

Series 2017A, (AMT)

5.000 %

07/01/42

$

100,345

TOTAL UTAH

100,345

VERMONT - 0.8%

500,000

Vermont Municipal Bond Bank, Local Investment Bonds, Series

2025-1

5.000 12/01/50

518,922

TOTAL VERMONT

518,922

VIRGINIA - 1.6%

250,000

Hampton Roads Sanitation District, Virginia, Wastewater Revenue

Bonds, Series 2024B

5.000 07/01/45

266,565

170,000

Virginia Housing Development Authority, Commonwealth

Mortgage Bonds, Series 2023E-5

4.625 07/01/50

169,998

165,000

Virginia Small Business Financing Authority, Revenue Bonds, 95

Express Lanes LLC Project, Refunding Senior Lien Series 2022,

(AMT)

5.000 07/01/37

171,752

105,000

Virginia Small Business Financing Authority, Revenue Bonds, 95

Express Lanes LLC Project, Refunding Senior Lien Series 2022,

(AMT)

4.000 07/01/40

99,393

250,000

Virginia Transportation Board, Transportation Revenue Bonds,

Capital Projects, Refunding Series 2024

5.000 05/15/38

279,340

TOTAL VIRGINIA

987,048

WASHINGTON - 3.3%

275,000

Grant County Public Hospital District 1, Washington, General

Obligation Bonds, Samaritan Healthcare, Series 2023

5.500 12/01/37

298,437

105,000

Highline School District No. 401, King County, Washington,

General Obligation Bonds, Series 2023

5.00 0

12/01/39

113,631

310,000

Highline School District No. 401, King County, Washington,

General Obligation Bonds, Series 2025

5.000 12/01/37

350,755

120,000

Washington Health Care Facilities Authority, Revenue Bonds,

MultiCare Health System, Series 2015B

4.000 08/15/39

114,675

250,000

Washington Health Care Facilities Authority, Revenue Bonds,

Seattle Cancer Center Alliance, Series 2020

5.000 09/01/45

253,698

125,000

Washington Health Care Facilities Authority, Revenue Bonds,

Virginia Mason Medical Center, Series 2017

5.000 08/15/37

125,718

100,000

Washington State Convention Center Public Facilities District,

Lodging Tax Revenue Bonds, Series 2018

5.000 07/01/35

103,017

250,000

Washington State Convention Center Public Facilities District,

Lodging Tax Revenue Bonds, Series 2018

5.000 07/01/48

248,709

410,000

Washington State, General Obligation Bonds, Various Purpose,

Group 3 Series 2025C

5.000 02/01/44

438,051

TOTAL WASHINGTON

2,046,691

WEST VIRGINIA - 0.3%

215,000

West Virginia Water Development Authority, Infrastructure

Refunding Revenue Bonds, West Virginia Infrastructure and Jobs

Development Council Program, Series 2016A

4.000 10/01/41

207,065

TOTAL WEST VIRGINIA

207,065

WISCONSIN - 0.9%

300,000

Public Finance Authority of Wisconsin, Hotel Revenue Bonds,

Grand Hyatt San Antonio Hotel Acquisition Project, Senior Lien

Series 2022A

5.000 02/01/62

292,461

250,000

Public Finance Authority of Wisconsin, Revenue Bonds, Triad

Educational Services, Inc. Math & Science Academy, Series 2025

5.500 06/15/55

250,607

TOTAL WISCONSIN

543,068

TOTAL MUNICIPAL BONDS

(cost $63,427,340)

63,542,655

TOTAL LONG-TERM INVESTMENTS

(cost $63,680,265)

63,795,580

OTHER ASSETS & LIABILITIES, NET - 0.6%

360,706

NET ASSETS - 100%

$

64,156,286

See Notes to Financial Statements

AMT

Alternative Minimum Tax

(a) Security is exempt from registration under Rule 144A of the Securities Act of 1933, as amended. These securities are deemed

liquid and may be resold in transactions exempt from registration, which are normally those transactions with qualified

institutional buyers. As of the end of the reporting period, the aggregate value of these securities is $2,331,267 or 3.7% of

Total Investments.

(b) Backed by an escrow or trust containing sufficient U.S. Government or U.S. Government agency securities, which ensure the

timely payment of principal and interest.

(c) Floating or variable rate security includes the reference rate and spread, unless the variable rate is based on the underlying

asset of the security. Coupon rate reflects the rate at period end.

(d) When-issued or delayed delivery security.

Statement of Assets and Liabilities

See Notes to Financial Statements

September 30, 2025 (Unaudited)

NHYM

NUMI

ASSETS

Long-term investments, at value

†

$

84,600,776

$

63,795,580

Cash

306,138

10,344

Receivables:

Interest

1,350,480

856,303

Investments sold

500,356

99,031

Other

Total assets

86,757,915

64,761,382

LIABILITIES

Payables:

Management fees

24,671

15,137

Investments purchased - when-issued/delayed-delivery settlement

—

589,210

Accrued expenses:

Professional fees

Trustees fees

733

524

Other

Total liabilities

25,706

605,096

Net assets

$

86,732,209

$

64,156,286

Shares outstanding

3,500,000

2,575,000

Net asset value ("NAV") per share

$

24.78 $

24.92 NET ASSETS CONSIST OF:

Paid-in capital

87,321,675

64,266,026

Total distributable earnings (loss)

(589,466)

(109,740)

Net assets

$

86,732,209

$

64,156,286

Authorized shares

Unlimited

Unlimited

Par value per share

$

0.01 $

0.01 †

&nbsp;&nbsp;&nbsp;&nbsp;Long-term investments, cost

$

85,328,881

$

63,680,265

Statement of Operations

See Notes to Financial Statements

Six Months Ended September 30, 2025 (Unaudited)

NHYM

NUMI

INVESTMENT INCOME

Interest

2,118,890

1,229,134

Total investment income

2,118,890

1,229,134

EXPENSES

Management fees

143,535

86,797

Professional fees

Trustees fees

1,899

1,335

Total expenses

145,718

88,332

Net investment income (loss)

1,973,172

1,140,802

REALIZED AND UNREALIZED GAIN (LOSS)

Realized gain (loss) from:

Investments

(221,765)

(185,849)

Net realized gain (loss)

(221,765)

(185,849)

Change in unrealized appreciation (depreciation) on:

Investments

(14,133)

757,429

Net change in unrealized appreciation (depreciation)

(14,133)

757,429

Net realized and unrealized gain (loss)

(235,898)

571,580

Net increase (decrease) in net assets from operations

$

1,737,274

$

1,712,382

Statement of Changes in Net Assets

See Notes to Financial Statements

NHYM

NUMI

Unaudited

Six Months

Ended

9/30/25

For the period

1/22/25

(commencement

of operations)

through 3/31/25

Unaudited

Six Months

Ended

9/30/25

For the period

1/22/25

(commencement

of operations)

through 3/31/25

OPERATIONS

Net investment income (loss)

$

1,973,172

$

305,936

$

1,140,802

$

232,774

Net realized gain (loss)

(221,765)

2,069

(185,849)

(142,497)

Net change in unrealized appreciation (depreciation)

(14,133)

(713,972)

757,429

(642,114)

Net increase (decrease) in net assets from operations

1,737,274

(405,967)

1,712,382

(551,837)

DISTRIBUTIONS TO SHAREHOLDERS

Dividends

(1,822,433)

(98,340)

(1,179,505)

(90,780)

Total distributions

(1,822,433)

(98,340)

(1,179,505)

(90,780)

FUND SHARE TRANSACTIONS

Subscriptions

17,610,730

69,710,945

10,364,369

53,901,657

Net increase (decrease) from Fund share transactions

17,610,730

69,710,945

10,364,369

53,901,657

Net increase (decrease) in net assets

17,525,571

69,206,638

10,897,246

53,259,040

Net assets at the beginning of period

69,206,638

–

53,259,040

–

Net assets at the end of period

$

86,732,209

$

69,206,638

$

64,156,286

$

53,259,040

Financial Highlights

The following data is for a share outstanding for each fiscal year end unless otherwise noted:

Investment Operations

Less Distributions

Net Asset

Value,

Beginning

of Period

Net

Investment

Income

(Loss)

(a) Net Realized

/Unrealized

Gain (Loss)

Total

From

Net

Investment

Income

From

Net Realized

Gains

Return

of

Capital

Total

Net Asset

Value,

End of

Period

Market

Price,

End of

Period

NHYM

9/30/25

(d) $

24.94 $

0.58 $

(0.20)

$

0.38 $

(0.54)

$

—

$

—

$

(0.54)

$

24.78 $

24.69 3/31/25

(f) 25.00 0.18 (0.18)

—

(0.06)

—

—

(0.06)

24.94 25.08 NUMI

9/30/25

(d) 24.77 0.47 0.17 0.64 (0.49)

—

—

(0.49)

24.92 24.93 3/31/25

(f) 25.00 0.16 (0.34)

(0.18)

(0.05)

—

—

(0.05)

24.77 24.82 (a) Based on average shares outstanding.

(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 closing market price per

share over the period, including the assumed reinvestment of distributions, if any, at the closing market price per share on each ex-dividend

payment date during the period. Since shares of the Fund did not trade in the secondary market until after the Fund's commencement of

operations, for the period from the commencement of operations to the first day of market trading, the NAV is used as a proxy for the market

price to calculate market price returns. Total returns are not annualized.

(c) Does not include in-kind transactions.

(d) Unaudited

(e) Annualized.

(f) For the period January 22, 2025 (commencement of operations) through March 31, 2025.

See Notes to Financial Statements

Ratios and Supplemental Data

Total Return

Ratios to Average Net Assets

Based

on

Net Asset

Value

(b) Based

on

Market

Price

(b) Net Assets,

End of Period

(000) Expenses

Net Investment

Income (Loss)

Portfolio

Turnover

Rate

(c) 1.61 %

0.67 %

$

86,732

0.36 %

(e) 4.81 %

(e) 7

%

(0.01)

0.56 69,207

0.35 (e) 4.14 (e) 52

2.60 2.46 64,156

0.30 (e) 3.81 (e) 42

(0.70)

(0.51)

53,259

0.29 (e) 3.48 (e) 69

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 High Yield Municipal Income ETF (NHYM) and Nuveen

Municipal Income ETF (NUMI) (each a "Fund" and collectively, the "Funds"), among others. The Trust was organized as a Massachusetts business

trust on February 20, 2015. Shares of NHYM and NUMI are listed and traded on the NYSE Arca, Inc. (the

"Exchange").

Current Fiscal Period

: The end of the reporting period for the Funds is September 30, 2025, and the period covered by these Notes to Financial

Statements is the six months ended September 30, 2025 (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. For NHYM and NUMI, the Adviser has entered into a sub-advisory agreement with

Nuveen Asset Management

, LLC ("NAM"), an affiliate of the Adviser, under which NAM manages the investment portfolio of the Fund.

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. The Funds are investment companies and follow 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 officers, all of whom receive remuneration for their services to the Trust from

the Adviser or its affiliates. The Funds' Board of Trustees (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, character 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. Dividend income

is recorded on the ex-dividend date.

Non-cash dividends received in the form of stock, if any, are recognized on the ex-dividend date and recorded at fair value.

Interest income, which is

recorded on an accrual basis and includes accretion of discounts and amortization of premiums for financial reporting purposes. Interest 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.

Netting Agreements:

In the ordinary course of business, the Funds may enter into transactions subject to enforceable master repurchase

agreements, International Swaps and Derivatives Association, Inc. (ISDA) master agreements or other similar arrangements ("netting agreements").

Generally, the right to offset in netting agreements allows each Fund to offset certain securities and derivatives with a specific counterparty, when

applicable, as well as any collateral received or delivered to that counterparty based on the terms of the agreements. Generally, each Fund manages

its cash collateral and securities collateral on a counterparty basis. With respect to certain counterparties, in accordance with the terms of the netting

agreements, collateral posted to the Funds is held in a segregated account by the Funds' custodian and/or with respect to those amounts which can

be sold or repledged, are presented in the Funds' Portfolio of Investments or Statement of Assets and Liabilities.

The Funds' investments subject to netting agreements as of the end of the current fiscal period, if any, are further described later in these Notes to

Financial Statements.

Segment Reporting:

Each Fund represents a single operating segment. The officers of the Funds act as the chief operating decision maker

("CODM"). The CODM monitors the operating results of each Fund as a whole and is responsible for each Fund's long-term strategic asset allocation

in accordance with the terms of its prospectus, based on a defined investment strategy which is executed by the Fund's portfolio managers as a

team. The financial information in the form of the Fund's portfolio composition, total returns, expense ratios and changes in net assets (i.e., changes

#### Notes to Financial Statements
(continued)

in net assets resulting from operations, subscriptions and redemptions), which are used by the CODM to assess the segment's performance versus

the Fund's comparative benchmarks and to make resource allocation decisions for the Fund's single segment, is consistent with that presented within

the Fund's financial statements. Segment assets are reflected on the Statement of Assets and Liabilities as "total assets" and significant segment

revenues and expenses are listed on the Statement of Operations.

New Accounting Pronouncement

: In December 2023, the FASB issued Accounting Standard Update ("ASU") No. 2023-09, Income Taxes (Topic

740) Improvements to Income tax disclosures ("ASU 2023-09"). The primary purpose of the amendments within ASU 2023-09 is to enhance the

transparency and decision usefulness of income tax disclosures primarily related to the rate reconciliation table and income taxes paid information.

The amendments in ASU 2023-09 are effective for annual periods beginning after December 15, 2024. Management is currently evaluating the

implications of these changes on the financial statements.

3. Investment Valuation and Fair Value Measurements

The Funds' investments in securities are recorded at their estimated fair value utilizing valuation methods approved by the Adviser, subject to

oversight of the Board. 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. U.S. GAAP establishes the three-tier hierarchy

which 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 management's

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).

A description of the valuation techniques applied to the Funds' major classifications of assets and liabilities measured at fair value follows:

Prices of fixed-income securities are generally provided by pricing services approved by the Adviser, which is subject to review by the Adviser and

oversight of the Board. Pricing services establish 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. In pricing certain securities, particularly less liquid and lower quality securities, pricing services may consider

information about a security, its issuer or market activity provided by the Adviser. These securities are generally classified as Level 2.

Equity securities and exchange-traded funds listed or traded on a national market or exchange are valued based on their last reported sales price or

official closing price of such market or exchange on the valuation date. Foreign equity securities and registered investment companies that trade on

a foreign exchange are valued at the last reported sales price or official closing price on the principal exchange where traded, and converted to U.S.

dollars at the prevailing rates of exchange on the valuation date. To the extent these securities are actively traded and no valuation adjustments are

applied, they are generally classified as Level 1. When valuation adjustments are applied to the most recent last sales price or official closing price,

these securities are generally classified as Level 2.

For any portfolio security or derivative for which market quotations are not readily available or for which the Adviser deems the valuations derived

using the valuation procedures described above not to reflect fair value, the Adviser will determine a fair value in good faith using alternative

procedures approved by the Adviser, subject to the oversight of the Board. As a general principle, the fair value of a security is 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. To the extent the inputs are observable and

timely, the values would be classified as Level 2; otherwise they would be classified as Level 3.

The following table summarizes the market value of the Funds' investments as of the end of the current fiscal period, based on the inputs used to

value them:

NHYM

Level 1

Level 2

Level 3

Total

Long-Term Investments:

Municipal Bonds

$

–

$

84,422,334

$

–

$

84,422,334

Investment Companies

178,442

–

–

178,442

Total

$

178,442

$

84,422,334

$

–

$

84,600,776

a

4. Portfolio Securities

Purchases and Sales:

Long-term purchases and sales (excluding in-kind transactions) during the current fiscal period were as follows:

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. If a Fund has outstanding when-issued/delayed-delivery purchases commitments as of the end of the current fiscal period, such

amounts are recognized on the Statement of Assets and Liabilities.

5. Derivative Investments

Each Fund is authorized to invest in certain derivative instruments. As defined by U.S. GAAP, a derivative is a financial instrument whose value is

derived from an underlying security price, foreign exchange rate, interest rate, index of prices or rates, or other variables. Investments in derivatives

as of the end of and/or during the current fiscal period, if any, are included within the Statement of Assets and Liabilities and the Statement of

Operations, respectively.

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.

6. 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 and/or a specified amount of cash, as determined by

each Fund's investment approach. Creation Units may be delivered in advance of receipt by a Fund of all or a portion of the designated portfolio

securities. In these instances the Authorized Participants must deposit cash collateral in an amount equal to the sum of the (i) cash component, (ii)

all applicable fees and (iii) an amount of cash equal to a percentage of the market value of the undelivered securities, as defined in the participation

agreement. 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.

Transactions in Fund shares during the current and prior period were as follows:

NUMI

Level 1

Level 2

Level 3

Total

Long-Term Investments:

Municipal Bonds

$

–

$

63,542,655

$

–

$

63,542,655

Investment Companies

252,925

–

–

252,925

Total

$

252,925

$

63,542,655

$

–

$

63,795,580

a

Purchases

Sales

Fund

Non-U.S.

Government

Purchases

Non-U.S.

Government

Sales

NHYM

$

22,087,601

$

5,428,988

NUMI

36,899,732

24,734,447

(continued)

7. 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 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.

Each Fund intends to satisfy conditions that will enable interest from municipal securities, which is exempt from regular federal income tax, to retain

such tax-exempt status when distributed to shareholders of the Funds. Net realized capital gains and ordinary income distributions paid by the Funds

are subject to federal taxation.

Each Fund files income tax returns in U.S. federal and applicable state and local jurisdictions. A Fund's federal income tax returns are generally

subject to examination for a period of three fiscal years after being filed. State and local tax returns may be subject to examination for an additional

period of time depending on the jurisdiction. Management has analyzed each Fund's tax positions taken for all open tax years and has concluded

that no provision for income tax is required in the Fund's financial statements.

As of the end of the reporting period, the aggregate cost and the net unrealized appreciation/(depreciation) of all investments for federal income tax

purposes were as follows:

For purposes of this disclosure, tax cost generally includes the cost of portfolio investments as well as up-front fees or premiums exchanged on

derivatives and any amounts unrealized for income statement reporting but realized income and/or capital gains for tax reporting, if applicable.

As of prior fiscal period end, the components of accumulated earnings on a tax basis were as follows:

NHYM

Six Months Ended

9/30/25

For the period

1/22/25

(commencement of

operations)

through 3/31/25

Shares

Value

Shares

Value

Subscriptions

725,000

$17,610,730

2,775,000

$69,710,945

Redemptions

–

–

–

–

Net increase (decrease)

725,000

$17,610,730

2,775,000

$69,710,945

NUMI

Six Months Ended

9/30/25

For the period

1/22/25

(commencement of

operations)

through 3/31/25

Shares

Value

Shares

Value

Subscriptions

425,000

$10,364,369

2,150,000

$53,901,657

Redemptions

–

–

–

–

Net increase (decrease)

425,000

$10,364,369

2,150,000

$53,901,657

Fund

Tax Cost

Gross Unrealized

Appreciation

Gross Unrealized

(Depreciation)

Net

Unrealized

Appreciation

(Depreciation)

NHYM

$

85,324,328

$

701,403

$

(1,424,955)

$

(723,552)

NUMI

63,679,423

619,742

(503,585)

116,157

Fund

Undistributed

Tax-Exempt

Income

Undistributed

Ordinary

Income

Undistributed

Long-Term

Capital Gains

Unrealized

Appreciation

(Depreciation)

Capital Loss

Carryforwards

Late-Year Loss

Deferrals

Other

Book-to-Tax

Differences

Total

NHYM

$

201,228

$

3,884

$

—

$

(709,419)

$

—

$

—

$

—

$

(504,307)

NUMI

141,112

—

—

(641,272)

(142,457)

—

—

(642,617)

As of prior fiscal period end, the Funds had capital loss carryforwards, which will not expire:

8. 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:

As of the end of the current fiscal period, the percentage of Fund shares owned by affiliates was as follows:

Fund

Short-Term

Long-Term

Total

NHYM

$

—

$

—

$

—

NUMI

142,457

—

142,457

Fund

Management Fee

NHYM

0.35%

NUMI

0.29 Underlying Fund

Nuveen Municipal

Funds

Total

NHYM

%

%

NUMI

------

**Item 8.** **Changes in and Disagreements with Accountants for Open-End Management Investment Companies.** <br>

Not applicable.

------

**Item 9.** **Proxy Disclosures for Open-End Management Investment Companies.** <br>

Not applicable.

------

**Item 10.** **Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies.** <br>

The aggregate remuneration paid to the trustees (all of whom are independent) by each Fund is reported as "Trustees fees" on the Statement of Operations under Item 7 of this Form N-CSR.

The Funds do not pay any remuneration to their officers. The aggregate remuneration paid to Nuveen Fund Advisors, LLC, the Funds' investment adviser and an affiliate of the Funds' officers, is reported as "Management fees" on the Statement of Operations under Item 7 of this Form N-CSR.

------

**Item 11.** **Statement Regarding Basis for Approval of Investment Advisory Contract.** <br>

Not applicable.

------

**Item 12.** **Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.** <br>

Not applicable to open-end investment companies.

------

**Item 13.** **Portfolio Managers of Closed-End Management Investment Companies.** <br>

Not applicable to open-end investment companies.

------

**Item 14.** **Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.** <br>

Not applicable to open-end investment companies.

------

**Item 15.** **Submission of Matters to a Vote of Security Holders.** <br>

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

------

**Item 16.** **Controls and Procedures.** <br>

(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 17.** **Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.** <br>

(a) Not applicable to open-end investment companies.

(b) Not applicable to open-end investment companies.

------

**Item 18.** **Recovery of Erroneously Awarded Compensation.** <br>

(a) Not applicable.

(b) Not applicable.

------

**Item 19.** **Exhibits.** <br>

(a)(1) Not applicable to this filing.

(a)(2) Not applicable to this filing.

---

| | |
|:---|:---|
| (a)(3) | [Certifications pursuant to Rule 30a-2(a) under the Investment Company Act of 1940 and Section 302 of the Sarbanes-Oxley Act of 2002 are attached hereto.](d77301dex99cert.htm)  |

---

(a)(4) Not applicable.

(a)(5) Not applicable.

(b) [Certification pursuant to Rule 30a-2(b) under the Investment Company Act of 1940 and Section 906 of the Sarbanes-Oxley Act of 2002 is attached hereto.](d77301dex99906cert.htm)

------

#### 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.

<u>Nushares ETF Trust</u>

---

| | | |
|:---|:---|:---|
| Date: December 4, 2025 | By: | <u>/s/ Briton Ryan</u> |
|  |  | Briton Ryan |
|  |  | Chief Administrative Officer |

---

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.

---

| | | |
|:---|:---|:---|
| Date: December 4, 2025 | By: | <u>/s/ Briton Ryan</u> |
|  |  | Briton Ryan |
|  |  | Chief Administrative Officer |
|  |  | (principal executive officer) |
| Date: December 4, 2025 | By: | <u>/s/ Marc Cardella</u> |
|  |  | Marc Cardella |
|  |  | Vice President and Controller |
|  |  | (principal financial officer) |

---

## Ex-99.Cert

**Exhibit 19(a)(3)** 

**<u>CERTIFICATION</u>**

I, Briton Ryan, certify that:

1. I have reviewed this report on Form N-CSR of Nushares ETF Trust;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a
material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report,
fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the
periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining
disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be
designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is
being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed such internal control over financial reporting, or caused such internal control over financial
reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting
principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this
report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any change in the registrant's internal control over financial reporting 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; and

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and
the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All significant deficiencies and material weaknesses in the design or operation of internal control over
financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in
the registrant's internal control over financial reporting.

------

---

| | | |
|:---|:---|:---|
| Date: December 4, 2025 | By: | <u>/s/ Briton Ryan</u> |
|  |  | Briton Ryan |
|  |  | Chief Administrative Officer |
|  |  | (principal executive officer) |

---

------

**<u>CERTIFICATION</u>**

I, Marc Cardella, certify that:

1. I have reviewed this report on Form N-CSR of Nushares ETF Trust;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a
material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report,
fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the
periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining
disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be
designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is
being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed such internal control over financial reporting, or caused such internal control over financial
reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting
principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this
report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any change in the registrant's internal control over financial reporting 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; and

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and
the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All significant deficiencies and material weaknesses in the design or operation of internal control over
financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in
the registrant's internal control over financial reporting.

------

---

| | | |
|:---|:---|:---|
| Date: December 4, 2025 | By: | <u>/s/ Marc Cardella</u> |
|  |  | Marc Cardella |
|  |  | Vice President and Controller |
|  |  | (principal financial officer) |

---

## Exhibit 99.906

**Exhibit 19(b)** 

**<u>CERTIFICATION</u>**

**Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002** 

**(Subsections (a) and (b) of Section 1350, Chapter 63 of Title 18, United States Code)** 

In connection with the semi-annual report of Nushares ETF Trust (the "Registrant") on Form N-CSR for the period ended September 30, 2025, as filed with the Securities and Exchange Commission (the "Report"), the undersigned officers of the Registrant certify that, to the best of each such officer's knowledge:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act
of 1934; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The information contained in the Report fairly presents, in all material respects, the financial condition and
results of operations of the Registrant.

---

| | | |
|:---|:---|:---|
| Date: December 4, 2025 | By: | <u>/s/ Briton Ryan</u> |
|  |  | Briton Ryan |
|  |  | Chief Administrative Officer |
|  |  | (principal executive officer) |
| Date: December 4, 2025 | By: | <u>/s/ Marc Cardella</u> |
|  |  | Marc Cardella |
|  |  | Vice President and Controller |
|  |  | (principal financial officer) |

---