# EDGAR Filing Document

**Accession Number:** 0001635073
**File Stem:** 0001193125-23-065660
**Filing Date:** 2023-3
**Character Count:** 189880
**Document Hash:** 62bf707a4a8e8ddace74ed97ac2f5648
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-23-065660.hdr.sgml**: 20230309

**ACCESSION NUMBER**: 0001193125-23-065660

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 3

**CONFORMED PERIOD OF REPORT**: 20221231

**FILED AS OF DATE**: 20230309

**DATE AS OF CHANGE**: 20230309

**EFFECTIVENESS DATE**: 20230309

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Nushares ETF Trust
- **CENTRAL INDEX KEY:** 0001635073
- **IRS NUMBER:** 000000000

**FILING VALUES:**
- **FORM TYPE:** N-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-23161
- **FILM NUMBER:** 23718690

**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 Short-Term REIT ETF (Series ID: S000055646)

| Class ID   | Class Name                 | Ticker Symbol   |
|:---|:---|:---|
| C000175155 | Nuveen Short-Term REIT ETF | NURE            |

**UNITED STATES** 

**SECURITIES AND EXCHANGE COMMISSION** 

**Washington, D.C. 20549** 

**FORM N-CSR** 

**CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT** 

**INVESTMENT COMPANIES** 

Investment Company Act file number 811-23161

**Nushares ETF Trust** 

(Exact name of registrant as specified in charter)

**Nuveen Investments** 

**333 West Wacker Drive, Chicago, IL 60606** 

(Address of principal executive offices) (Zip code)

**Diana R. Gonzalez** 

**Nuveen Investments** 

**333 West Wacker Drive** 

**Chicago, IL 60606** 

(Name and address of agent for service)

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

Date of fiscal year end: December 31

Date of reporting period: December 31, 2022

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

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

------

---

| | |
|:---|:---|
| **ITEM 1.** | **REPORTS TO STOCKHOLDERS.**  |

---

------

Funds

Exchange-Traded

Funds

Nuveen

Exchange-Traded

December

31,

2022

#### Annual

#### Report

#### Fund

#### Name
Listing

Exchange

Ticker

Symbol

Nuveen

Short-Term

REIT

ETF

Cboe

BZX

Exchange,

Inc.

NURE

#### Life

#### is

#### Complex.
Nuveen

makes

things

e-simple.

It

only

takes

a

minute

to

sign

up

for

e-Reports.

Once

enrolled,

you'll

receive

an

e-mail

as

soon

as

your

Nuveen

Fund

information

is

ready.

No

more

waiting

for

delivery

by

regular

mail.

Just

click

on

the

link

within

the

e-mail

to

see

the

report

and

save

it

on

your

computer

if

you

wish.

#### Free

#### e-Reports

#### right

#### to

#### your

#### email!
www.investordelivery.com

If

you

receive

your

Nuveen

Fund

distributions

and

statements

from

your

financial

advisor

or

brokerage

account.

#### or
www.nuveen.com/client-access

If

you

receive

your

Nuveen

Fund

distributions

and

statements

directly

from

Nuveen.

Must

be

preceded

by

or

accompanied

by

a

prospectus.

NOT

FDIC

INSURED

MAY

LOSE

VALUE

NO

BANK

GUARANTEE

#### Table

#### of

#### Contents

Chair's

Letter

to

Shareholders

Portfolio

Managers'

Comments

Risk

Considerations

and

Dividend

Information

Fund

Performance,

Expense

Ratios

and

Holdings

Summaries

Expense

Examples

Report

of

Independent

Registered

Public

Accounting

Firm

Portfolio

of

Investments

Statement

of

Assets

and

Liabilities

Statement

of

Operations

Statement

of

Changes

in

Net

Assets

Financial

Highlights

Notes

to

Financial

Statements

Important

Tax

Information

Additional

Fund

Information

Glossary

of

Terms

Used

in

this

Report

Annual

Investment

Management

Agreement

Approval

Process

Liquidity

Risk

Management

Program

Trustees

and

Officers

#### Chair's

#### Letter

#### to

#### Shareholders
Dear

Shareholders,

With

more

economic

indicators

pointing

to

a

broadening

contraction

across

the

world's

economies,

the

conversation

has

shifted

from

debating

whether

a

global

recession

would

happen

to

considering

how

long

and

severe

a

recession

would

be.

Higher

than

expected

inflation

has

made

the

outcome

more

unpredictable,

as

it

has

dampened

consumer

sentiment,

pushed

central

banks

into

raising

interest

rates

more

aggressively

and

contributed

to

considerable

turbulence

in

the

markets

over

the

past

year.

Inflation

has

surged

partially

due

to

pandemic-related

supply

chain

bottlenecks,

exacerbated

by

Russia's

war

in

Ukraine

and

China's

recurring

lockdowns

throughout

the

year

until

China's

zero-COVID

policy

effectively

ended

in

December

2022. This

necessitated

forceful

responses

from

the

U.S.

Federal

Reserve

(Fed)

and

other

central

banks,

who

signaled

their

intentions

to

slow

inflation

even

if

it

meant

tolerating

materially

slower

economic

growth

and

some

softening

in

the

labor

market.

In

March

2022,

the

Fed

began

the

fastest

interest

rate

hiking

cycle

in

its

history,

raising

the

target

fed

funds

rate

by

4.50%

over

a

ten-month

span

to

a

range

of

4.50%

to

4.75%

by

January

2023. While

inflation

began

to

ease

over

the

second

half

of

2022,

it

remains

far

higher

than

the

Fed's

inflation

target.

Fed

officials

are

closely

monitoring

inflation

data

and

other

economic

measures

to

modify

their

rate

setting

policy

based

upon

these

factors

and

has

more

recently

slowed

the

pace

of

monetary

tightening.

But

additional

rate

hikes

are

expected

until

the

Fed

sees

sustainable

progress

toward

its

inflation

goals.

Despite

contracting

in

the

first

half

of

2022,

U.S.

gross

domestic

product

grew

2.1%

in

the

year

overall

compared

to

2021. Consumer

spending

remained

relatively

resilient

in

2022,

supported

by

a

surprisingly

strong

labor

market

that

suggested

not

all

areas

of

the

economy

were

weakening

in

unison.

While

markets

will

likely

continue

fluctuating

with

the

daily

headlines,

we

encourage

investors

to

keep

a

long-term

perspective.

To

learn

more

about

how

well

your

portfolio

is

aligned

to

your

time

horizon,

risk

tolerance

and

investment

goals,

consider

reviewing

it

with

your

financial

professional.

On

behalf

of

the

other

members

of

the

Nuveen

Fund

Board,

we

look

forward

to

continuing

to

earn

your

trust

in

the

months

and

years

ahead.

Terence

J. Toth

Chair

of

the

Board

February

23,

2023

#### Portfolio

#### Managers'

#### Comments

Nuveen

Short-Term

REIT

ETF

(NURE)

*This* 

*Fund* 

*features* 

*portfolio* 

*management* 

*by* 

*Teachers* 

*Advisors,* 

*LLC,* 

*an* 

*affiliate* 

*of* 

*Nuveen* 

*Fund* 

*Advisors,* 

LLC. *Here,* 

*portfolio* 

*managers* 

*Philip* 

*James* 

(Jim)

*Campagna,* 

*CFA,* 

*and* 

*Lei* 

*Liao,* 

*CFA,* 

*discuss* 

*U.S.* 

*economic* 

*and* 

*market* 

*conditions,* 

*key* 

*investment* 

*strategies* 

*and* 

*the* 

*Fund's* 

*performance* 

*for* 

*the* 

*twelve-month* 

*reporting* 

*period* 

*ended* 

*December* 

*31,* 

2022. *For* 

*more* 

*information* 

*on* 

*the* 

*Fund's* 

*investment* 

*objectives* 

*and* 

*policies,* 

*please* 

*refer* 

*to* 

*the* 

*prospectus.*

What

factors

affected

the

U.S.

economy

and

the

real

estate

investment

trust

(REIT)

market

during

the

twelve-month

reporting

period

ended

December

31,

2022?

In

2022,

the

U.S.

economy

grew

at

a

pace

of

2.1%,

normalizing

from

its

rapid

post-pandemic

recovery

in

2021

when

it

expanded

5.9%,

according

to

the

U.S.

Bureau

of

Economic

Analysis.

Although

a

moderation

was

largely

expected,

gross

domestic

product

(GDP)

unexpectedly

contracted

in

the

first

half

of

the

year.

China's

Zero-COVID

restrictions

(later

lifted

in

December

2022)

and

the

Russia-Ukraine

war

worsened

existing

pandemic-related

supply

chain

disruptions

and

drove

food

and

energy

prices

higher.

Inflation

rose

more

than

expected

over

much

of

2022,

which

pressured

global

central

banks

to

respond

with

more

aggressive

measures

and

increased

recession

risks.

Beginning

in

March

2022,

the

U.S.

Federal

Reserve

(Fed)

raised

its

target

fed

funds

rate

seven

times

during

the

reporting

period,

bringing

it

from

near

zero

at

the

start

of

the

year

to

a

range

of

4.25%

to

4.50%.

In

early

2023,

after

the

close

of

the

reporting

period,

the

Fed

raised

its

rate

by

0.25%

to

a

range

of

4.50%

to

4.75%.

The

Fed's

activity

led

to

significant

volatility

in

bond

and

stock

markets

in

2022. In

addition,

it

contributed

to

a

surge

in

the

U.S.

dollar's

value

relative

to

major

world

currencies,

which

acts

as

a

headwind

to

the

profits

of

international

companies

and

U.S.

domestic

companies

with

overseas

earnings.

Global

currency

and

bond

markets

were

further

roiled

in

September

2022

by

an

unpopular

fiscal

spending

proposal

in

the

U.K.

but

recovered

after

the

plans

were

abandoned.

Inflation

and

higher

borrowing

costs

weighed

on

consumer

confidence

and

spending

and

notably

cooled

the

housing

market

in

2022. However,

the

labor

market,

another

key

gauge

of

the

economy's

health,

remained

resilient.

By

July

2022,

the

economy

had

recovered

the

million

jobs

lost

since

the

beginning

of

the

pandemic.

As

of

December

2022,

the

unemployment

rate

remained

near

its

pre-pandemic

low

of

3.5%,

although

monthly

job

growth

appeared

to

be

slowing.

The

strong

labor

market

and

wage

gains

helped

U.S.

GDP

return

to

expansion

in

the

third

and

fourth

quarters

of

2022,

growing

at

an

annualized

rate

of

3.2%

and

2.9%,

respectively.

The

U.S.

REIT

market

declined

during

the

reporting

period,

underperforming

the

broad

stock

market,

amid

headwinds

from

high

inflation,

rising

interest

rates

and

weakening

economic

growth.

Demand

for

real

estate

moderated

while

credit

conditions

tightened,

dampening

the

outlook

for

the

sector

and

weakening

investor

sentiment

for

REITs.

No

REIT

subsector

was

spared

from

the

sell-off;

among

the

short-term

REIT

subsectors

in

which

the

Fund

invests,

hotels

declined

the

least

while

residential

and

self-storage

posted

the

biggest

losses.

What

key

strategies

were

used

to

manage

the

Fund

during

the

twelve-month

reporting

period

ended

December

31,

2022?

The

Fund

seeks

to

track

the

investment

results,

before

fees

and

expenses,

of

the

Dow

Jones

U.S.

Select

Short-Term

REIT

Index

(the

"NURE

Custom

Index").

The

NURE

Custom

Index

is

comprised

of

U.S.

exchange-traded

equity

REITs

that

concentrate

their

holdings

in

apartment

buildings,

hotels,

self-storage

facilities

and

manufactured

home

properties,

which

typically

have

shorter

lease

terms

than

REITs

that

invest

in

other

sectors.

The

NURE

Custom

Index

selects

from

securities

included

in

the

Dow

Jones

U.S.

Select

REIT

Index

(the

"NURE

Base

Index"),

which

is

comprised

of

U.S.

exchange-traded

equity

REITs.

The

Fund

attempts

to

replicate

the

NURE

Custom

Index

by

investing

all,

or

substantially

all,

of

its

assets

in

the

REITs

that

make

up

the

NURE

Custom

Index,

holding

each

REIT

in

approximately

the

same

proportion

as

its

weighting

in

the

Index.

The

Fund

rebalances

its

holdings

quarterly

in

response

to

the

quarterly

rebalance

of

the

NURE

Custom

Index.

How

did

the

Fund

perform

during

the

twelve-month

reporting

period

ended

December

31,

2022?

The

table

in

the

Fund's

Performance

Overview

and

Expense

Ratios

section

of

this

report

provides

the

Fund's

total

return

performance

at

net

asset

value

(NAV)

for

the

reporting

period.

The

Fund's

total

returns

at

NAV

are

compared

with

the

performance

of

the

NURE

Custom

Index.

#### Portfolio

#### Managers'

#### Comments
(continued)

As

equity

REITs

depreciated

during

the

trailing

twelve-month

period,

the

Fund

generated

a

total

return

at

NAV

of

-28.37%

while

the

NURE

Custom

Index

returned

-28.15%.

The

Fund's

performance

at

NAV

reflects

management

fees

and

other

expenses

incurred

by

the

Fund

during

the

reporting

period,

while

the

NURE

Custom

Index

is

unmanaged

and

therefore

returns

do

not

reflect

any

such

fees

and

expenses.

Gross

of

management

fees

and

other

expenses,

the

Fund

performed

in

line

with

its

Custom

Index

over

the

reporting

period.

The

NURE

Custom

Index

underperformed

its

Base

Index

over

the

reporting

period.

The

relative

underperformance

was

mainly

driven

by

the

Custom

Index's

overweight

exposure

to

shorter-term

lease

apartments.

The

Custom

Index's

positioning

and

security

selection

is

consistent

with

its

shorter-term

selection

methodology.

This

material

is

not

intended

to

be

a

recommendation

or

investment

advice,

does

not

constitute

a

solicitation

to

buy,

sell

or

hold

a

security

or

an

investment

strategy,

and

is

not

provided

in

a

fiduciary

capacity.

The

information

provided

does

not

take

into

account

the

specific

objectives

or

circumstances

of

any

particular

investor,

or

suggest

any

specific

course

of

action.

Investment

decisions

should

be

made

based

on

an

investor's

objectives

and

circumstances

and

in

consultation

with

his

or

her

advisors.

Certain

statements

in

this

report

are

forward-looking

statements.

Discussions

of

specific

investments

are

for

illustration

only

and

are

not

intended

as

recommendations

of

individual

investments.

The

forward-looking

statements

and

other

views

expressed

herein

are

those

of

the

portfolio

managers

as

of

the

date

of

this

report.

Actual

future

results

or

occurrences

may

differ

significantly

from

those

anticipated

in

any

forward-looking

statements

and

the

views

expressed

herein

are

subject

to

change

at

any

time,

due

to

numerous

market

and

other

factors.

The

Funds

disclaim

any

obligation

to

update

publicly

or

revise

any

forward-looking

statements

or

views

expressed

herein.

Refer

to

the

Glossary

of

Terms

Used

in

this

Report

for

further

definition

of

the

terms

used

within

this

section.

#### Risk

#### Considerations

#### and

#### Dividend

#### Information

Nuveen

Short-Term

REIT

ETF

(NURE)

Investing

involves

risk;

principal

loss

is

possible.

There

is

no

guarantee

the

Fund's

investment

objectives

will

be

achieved.

This

ETF

seeks

to

generally

track

the

investment

results

of

an

index;

however

the

Fund

may

underperform,

outperform

or

be

more

volatile

than

the

referenced

index.

This

Fund

invests

in

equity

REITs

,

which

invest

the

majority

of

their

assets

directly

in

real

property

and

derive

their

income

primarily

from

rents

and

capital

gains

from

the

sale

of

appreciated

properties.

Equity

REITs

can

be

greatly

affected

by

economic

downturns,

by

changes

in

real

estate

values,

rents,

property

taxes,

and

interest

rates,

and

by

revisions

to

tax

rules

or

other

regulations

applicable

to

REITs.

The

value

of

equity

securities

may

decline

significantly

over

short

or

extended

periods

of

time.

The

Fund's

assets

will

generally

be

concentrated

in

the

securities

of

issuers

in

the

real

estate

industry,

and,

accordingly,

the

Fund

may

be

adversely

affected

by

the

performance

of

those

securities,

may

be

subject

to

increased

price

volatility

and

may

be

more

susceptible

to

adverse

economic,

market,

political

or

regulatory

occurrences

affecting

that

industry.

These

and

other

risk

considerations,

such

as

interest

rate,

non-diversification,

and

smaller

company

risks,

are

described

in

detail

in

the

Fund's

prospectus.

Dividend

Information

Regular

dividends

are

declared

and

distributed

quarterly

for

NURE.

The

Fund

intends

to

pay

out

substantially

all

of

the

distributions

it

receives

from

investments

in

real

estate

investment

trust

(REIT)

securities,

less

expenses,

each

quarter.

To

permit

the

Fund

to

maintain

a

more

stable

dividend,

the

Fund

may

pay

dividends

at

a

rate

that

may

be

more

or

less

than

the

amount

of

net

investment

income

it

actually

earned

during

the

period.

If

the

Fund

has

cumulatively

earned

more

than

it

has

paid

in

dividends,

it

will

hold

the

excess

in

reserve

as

undistributed

net

investment

income

(UNII)

as

part

of

the

Fund's

NAV.

Conversely,

if

the

Fund

has

cumulatively

paid

out

dividends

more

than

it

has

earned,

the

excess

will

constitute

negative

UNII

that

will

likewise

be

reflected

in

the

Fund's

NAV.

The

Fund

will,

over

time,

pay

all

of

its

net

investment

income

as

dividends

to

shareholders.

In

certain

instances,

a

portion

of

the

Fund's

distributions

may

be

paid

from

sources

or

comprised

of

elements

other

than

ordinary

income,

including

capital

gains

and/or

a

return

of

capital.

This

is

generally

due

to

the

fact

that

the

tax

character

of

Fund

distributions

for

a

fiscal

year

is

dependent

upon

the

amount

and

tax

character

or

distributions

received

from

securities

held

in

the

Fund's

portfolio.

Distributions

received

from

certain

securities

in

which

the

Fund

invests,

most

notably

REIT

securities,

may

be

characterized

for

tax

purposes

as

ordinary

income,

long-term

capital

gain

and/or

a

return

of

capital.

The

issuer

of

a

REIT

security

typically

reports

the

tax

character

of

its

distributions

only

once

per

year,

generally

during

the

first

two

months

of

the

following

calendar

year.

The

full

amount

of

the

distributions

received

from

such

securities

is

included

in

the

Fund's

ordinary

income

during

the

course

of

the

year

until

such

time

the

Fund

is

notified

by

the

issuer

of

the

actual

tax

character.

To

the

extent

that

at

the

time

of

a

particular

distribution

the

Fund

estimates

that

a

portion

of

that

distribution

is

attributable

to

a

source

or

sources

other

than

ordinary

income,

the

Fund

would

send

shareholders

a

notice

to

that

effect.

The

final

determination

of

the

sources

and

tax

character

of

all

distributions

for

the

fiscal

year

is

made

after

the

end

of

the

fiscal

year.

The

Fund

seeks

to

pay

regular

dividends

at

a

rate

that

reflects

the

cash

flow

received

from

the

Fund's

investments

in

portfolio

securities.

Fund

distributions

are

not

intended

to

include

expected

portfolio

appreciation;

however,

the

Fund

invests

in

securities

that

make

payments

which

ultimately

may

be

fully

or

partially

characterized

for

tax

purposes

by

the

securities'

issuers

as

gains

or

return

of

capital.

While

the

reported

sources

of

distributions

may

include

capital

gains

and/or

return

of

capital

for

tax

purposes,

the

Fund

intends

to

distribute

only

the

net

cash

flow

received

as

opposed

to

a

distribution

rate

based

on

long-term

total

return.

This

tax

treatment

will

generally

"flow

through"

to

the

Fund's

distributions

but

the

specific

tax

treatment

is

often

not

known

with

certainty

until

after

the

end

of

the

Fund's

tax

year.

As

a

result,

certain

portions

of

the

regular

distributions

by

the

Fund

throughout

the

year

were

later

recharacterized

for

tax

purposes

as

either

long-term

gains

(both

realized

and

unrealized),

or

as

a

non-taxable

return

of

capital,

as

set

forth

in

the

table

below.

Data

as

of

December

31,

2022

The

amounts

and

sources

of

distributions

reported

in

this

notice

are

for

financial

reporting

purposes

and

are

not

being

provided

for

tax

reporting

purposes.

The

actual

amounts

and

character

of

the

distributions

for

tax

reporting

purposes

will

be

reported

to

shareholders

on

Form

1099-DIV

which

will

be

sent

to

shareholders

shortly

after

calendar

year-end.

More

details

about

each

Fund's

distributions

and

the

basis

for

these

estimates

are

available

on

www.nuveen.com.

Percentages

of

Distributions

Per

Share

Amounts

Fund

Net

Investment

Income

Realized

Gains

Return

of

Capital

Distributions

Net

Investment

Income

Realized

Gains

Return

of

Capital

NURE

73.1%

0.0%

26.9%

$

0.7970 $

0.5825 $

0.0000 $

0.2145 1

Return

of

capital

may

represent

unrealized

gains,

return

of

shareholder's

principal,

or

both.

In

certain

circumstances,

all

or

a

portion

of

the

return

of

capital

may

be

characterized

as

ordinary

income

under

federal

tax

law.

The

actual

tax

characterization

is

provided

to

shareholders

on

Form

1099-DIV

shortly

after

calendar

year-end.

#### Fund

#### Performance,

#### Expense

#### Ratios

#### and

#### Holdings

#### Summaries
The

Fund

Performance,

Expense

Ratios

and

Holdings

Summaries

for

the

Fund

are

shown

within

this

section

of

the

report.

Fund

Performance

Performance

data

shown

represents

past

performance

and

does

not

predict

or

guarantee

future

results

.

Investment

returns

and

principal

value

will

fluctuate

so

that

when

shares

are

sold,

they

may

be

worth

more

or

less

than

their

original

cost.

Current

performance

may

be

higher

or

lower

than

the

performance

shown.

Returns

quoted

for

the

Fund

reflect

management

fees

and

other

expenses

such

as

transaction

costs

incurred

by

the

Fund

during

the

reporting

period

while

the

Indexes

are

unmanaged

and

therefore

returns

do

not

reflect

any

such

fees

and

expenses.

Total

returns

for

a

period

of

less

than

one

year

are

not annualized

(i.e.

cumulative

returns).

Returns

assume

reinvestment

of

dividends

and

capital

gains.

Market

price

returns

are

based

on

the

closing

market

price

as

of

the

end

of

the

reporting

period.

For

performance

current

to

the

most

recent

month-end

visit

nuveen.com

or

call

(800) 257-8787.

Returns

do

not

reflect

the

deduction

of

taxes

that

a

shareholder

would

pay

on

Fund

distributions

or

the

sale

of

Fund

shares.

Expense

Ratios

The

expense

ratios

shown

are

as

of the

Fund's

most

recent

prospectus.

The

expense

ratios

shown

reflect

total

operating

expenses including

management

fees

and

other

fees

and

expenses,

but

do

not

reflect

expected

transaction

costs.

Refer

to

the

Financial

Highlights

later

in

this

report

for the

Fund's

expense

ratios

as

of

the

end

of

the

reporting

period.

Holdings

Summaries

The

Holdings

Summaries

data

relates

to

the

securities

held

in

the

Fund's

portfolio

of

investments

as

of

the

end

of

this

reporting

period.

It

should

not

be

construed

as

a

measure

of

performance

for

the

Fund

itself.

Holdings

are

subject

to

change.

Refer

to

the

Fund's

Portfolio

of

Investments

for

individual

security

information.

#### Nuveen

#### Short-Term

#### REIT

#### ETF
(NURE)

(continued)

#### Fund

#### Performance,

#### Expense

#### Ratios

#### and

#### Holding

#### Summaries

#### December

#### 31,

#### 2022

Refer

to

the

first

page

of

this

Fund

Performance,

Expense

Ratios

and

Holdings

Summaries section

for

further

expla-

nation

of the

information

included

within

this

section.

Refer

to

the

Glossary

of

Terms

Used

in

this

Report

for

further

definition

of

terms

used

in

this

section.

Fund

Performance

and

Expense

Ratios\*

\*

For

purposes

of

Fund

performance,

relative

results

are

measured

against

the

Dow

Jones

U.S.

Select

Short-Term

REIT

Index.

Growth

of

an

Assumed

$10,000

Investment

as

of December

31,

2022

The

graphs

do

not

reflect

the

deduction

of

taxes

that

a

shareholder

may

pay

on

Fund

distributions

or

the

redemption

of

Fund

Shares.

Total

Returns

as

of

December

31,

2022

Average

Annual

Expense

Ratios

Inception

Date

1-Year

5-Year

Since

Inception

NURE

at

NAV

12/19/16

(28.37)%

4.72%

5.43%

0.35%

NURE

at

Market

Price

12/19/16

(28.49)%

4.99%

5.42%

—

Dow

Jones

U.S.

Select

REIT

Index

—

(25.96)%

2.50%

2.81%

—

Dow

Jones

U.S.

Select

Short-Term

REIT

Index

—

(28.15)%

5.07%

5.79%

—

#### Fund

#### Performance,

#### Expense

#### Ratios

#### and

#### Holdings

#### Summaries

#### December

#### 31,

#### 2022
(continued)

Holdings

Summaries

as

of

December

31,

2022

Fund

Allocation

(%

of

net

assets)

Real

Estate

Investment

Trust

Common

Stocks

99.4%

Other

Assets

Less

Liabilities

0.6%

Net

Assets

100%

Portfolio

Composition

-

REITs

(%

of

net

assets)

Apartments

47.4%

Diversified

1.5%

Hotels

18.4%

Manufactured

Homes

10.5%

Self-Storage

21.6%

Other

Assets

Less

Liabilities

0.6%

Net

Assets

100%

Top

Five

REIT

Holdings

(%

of

net

assets)

Equity

LifeStyle

Properties

Inc

5.3%

Sun

Communities

Inc

5.3%

Essex

Property

Trust

Inc

5.2%

Mid-America

Apartment

Communities

Inc

5.1%

UDR

Inc

5.1%

#### Expense

#### Examples

As

a

shareholder

of

the

Fund,

you

incur

two

types

of

costs:

(1) transaction

costs, including

brokerage

commissions

on

purchase

and

sales

of

Fund

shares,

and

(2) ongoing

costs,

including

management

fees

and

other

applicable Fund

expenses.

The

Examples

below

are

intended

to

help

you

understand

your

ongoing

costs

(in

dollars)

of

investing

in

the

Fund

and

to

compare

these

costs

with

the

ongoing

costs

of investing

in

other

funds.

The

Examples

below

are

based

on

an

investment

of

$1,000

invested

at

the

beginning

of

the

period

and

held

through

the

period

ended

December

31,

2022. The

beginning

of

the

period

is

July

1,

2022. The

information

under

"Actual

Performance,"

together

with

the

amount

you

invested,

allows

you

to

estimate

actual

expenses

incurred

over

the

reporting

period.

Simply

divide

your

account

value

by

$1,000

(for

example,

an

$8,600

account

value

divided

by

$1,000

=

8.60)

and

multiply

the

result

by

the

cost

shown

for

your Fund in

the

row

entitled

"Expenses

Incurred

During

Period"

to

estimate

the

expenses

incurred

on

your

account

during

this

period.

The

information

under

"Hypothetical

Performance,"

provides

information

about

hypothetical

account

values

and

hypothetical

expenses

based

on

the

Fund's

actual

expense

ratio

and

an

assumed

rate

of

return

of

5%

per

year

before

expenses,

which

is

not

the

Fund's

actual

return.

The

hypothetical

account

values

and

expenses

may

not

be

used

to

estimate

the

actual

ending

account

balance

or

expense

you

incurred

for

the

period.

You

may

use

this

information

to

compare

the

ongoing

costs

of

investing

in

the

Fund

and

other

funds.

To

do

so,

compare

this

5%

hypothetical

example

with

the

5%

hypothetical

examples

that

appear

in

the

shareholder

reports

of

the

other

funds.

Please

note

that

the

expenses

shown

in

the

tables

are

meant

to

highlight

your

ongoing

costs

only

and

do

not

reflect

any

transaction

costs.

Therefore,

the

hypothetical

information

is

useful

in

comparing

ongoing

costs

only,

and

will

not

help

you

determine

the

relative

total

costs

of

owning

different

funds

or

share

classes.

In

addition,

if

these

transaction

costs

were

included,

your

costs

would

have

been

higher.

#### Nuveen

#### Short-Term

#### REIT

#### ETF
(NURE)

Actual

Performance

Beginning

Account

Value

$

1,000.00

Ending

Account

Value

$

893.89 Expenses

Incurred

During

the

Period

$

1.69 Hypothetical

Performance

(5%

annualized

return

before

expenses)

Beginning

Account

Value

$

1,000.00

Ending

Account

Value

$

1,023.70

Expenses

Incurred

During

the

Period

$

1.80 *Expenses* 

*are* 

*equal* 

*to* 

*the* 

*Fund's* 

*annualized* 

*net* 

*expense* 

*ratio* 

*of* 

*0.35%* 

*multiplied* 

*by* 

*the* 

*average* 

*account* 

*value* 

*over* 

*the* 

*period,* 

*multiplied* 

*by* 

*184/365* 

*(to* 

*reflect* 

*the* 

*one-half* 

*year* 

*period).*

#### Report

#### of

#### Independent

#### Registered

#### Public

#### Accounting

#### Firm
To

the

Shareholders

and

Board

of

Trustees

Nushares

ETF

Trust:

Opinion

on

the

*Financial* 

*Statements*

We

have

audited

the

accompanying

statement

of

assets

and

liabilities

of

Nuveen

Short-Term

REIT

ETF

(one

of

the

funds

comprising

Nushares

ETF

Trust)

(the

Fund),

including

the

portfolio

of

investments,

as

of

December 31, 2022,

the

related

statement

of

operations

for

the

year

then

ended,

the

statements

of

changes

in

net

assets

for

each

of

the

years

in

the

two-year

period

then

ended,

and

the

related

notes

(collectively,

the

financial

statements)

and

the

financial

highlights

for

each

of

the

years

in

the

five-year

period

then

ended.

In

our

opinion,

the

financial

statements

and

financial

highlights

present

fairly,

in

all

material

respects,

the

financial

position

of

the

Fund

as

of

December 31, 2022,

the

results

of

its

operations

for

the

year

then

ended,

the

changes

in

its

net

assets

for

each

of

the

years

in

the

two-year

period

then

ended,

and

the

financial

highlights

for

each

of

the

years

in

the

five-year

period

then

ended,

in

conformity

with

U.S. generally

accepted

accounting

principles.

Basis

for

Opinion

These

financial

statements

and

financial

highlights

are

the

responsibility

of

the

Fund's

management.

Our

responsibility

is

to

express

an

opinion

on

these

financial

statements

and

financial

highlights

based

on

our

audits.

We

are

a

public

accounting

firm

registered

with

the

Public

Company

Accounting

Oversight

Board

(United

States)

(PCAOB)

and

are

required

to

be

independent

with

respect

to

the

Fund

in

accordance

with

the

U.S.

federal

securities

laws

and

the

applicable

rules

and

regulations

of

the

Securities

and

Exchange

Commission

and

the

PCAOB.

We

conducted

our

audits

in

accordance

with

the

standards

of

the

PCAOB.

Those

standards

require

that

we

plan

and

perform

the

audit

to

obtain

reasonable

assurance

about

whether

the

financial

statements

and

financial

highlights

are

free

of

material

misstatement,

whether

due

to

error

or

fraud.

Our

audits

included

performing

procedures

to

assess

the

risks

of

material

misstatement

of

the

financial

statements

and

financial

highlights,

whether

due

to

error

or

fraud,

and

performing

procedures

that

respond

to

those

risks.

Such

procedures

included

examining,

on

a

test

basis,

evidence

regarding

the

amounts

and

disclosures

in

the

financial

statements

and

financial

highlights.

Such

procedures

also

included

confirmation

of

securities

owned

as

of

December 31, 2022,

by

correspondence

with

custodians

and

brokers;

when

replies

were

not

received

from

brokers,

we

performed

other

auditing

procedures.

Our

audits

also

included

evaluating

the

accounting

principles

used

and

significant

estimates

made

by

management,

as

well

as

evaluating

the

overall

presentation

of

the

financial

statements

and

financial

highlights.

We

believe

that

our

audits

provide

a

reasonable

basis

for

our

opinion.

/s/

KPMG

LLP

We

have

served

as

the

auditor

of

one

or

more

Nuveen

investment

companies

since

2014. Chicago,

Illinois

February

27,

2023

#### Nuveen

#### Short-Term

#### REIT

#### ETF
(NURE)

#### Portfolio

#### of

#### Investments

#### December

#### 31,

#### 2022
Shares

Description

(1) Value

LONG-TERM

INVESTMENTS

-

99.4%

REAL

ESTATE

INVESTMENT

TRUST

COMMON

STOCKS

-

99.4%

Apartments

-

47.4%

106,171

American

Homes

Rent,

Class

A

$

3,199,994

61,805

Apartment

Income

REIT

Corp

2,120,530

62,592

Apartment

Investment

and

Management

Co,

Class

A

445,655

20,702

AvalonBay

Communities

Inc

3,343,787

30,427

Camden

Property

Trust

3,404,173

6,226

Centerspace

365,279

56,123

Equity

Residential

3,311,257

16,332

Essex

Property

Trust

Inc

3,461,076

92,246

Independence

Realty

Trust

Inc

1,555,268

108,048

Invitation

Homes

Inc

3,202,543

21,839

Mid-America

Apartment

Communities

Inc

3,428,505

9,346

NexPoint

Residential

Trust

Inc

406,738

88,228

UDR

Inc

3,417,070

Total

Apartments

31,661,875

Diversified

-

1.5%

36,078

Elme

Communities

642,189

21,301

UMH

Properties

Inc

342,946

Total

Diversified

985,135

Hotels

-

18.4%

87,704

Apple

Hospitality

REIT

Inc

1,383,969

14,552

Ashford

Hospitality

Trust

Inc

(2) 65,048

20,058

Chatham

Lodging

Trust

246,112

86,269

DiamondRock

Hospitality

Co

706,543

13,527

Hersha

Hospitality

Trust,

Class

A

115,250

197,784

Host

Hotels

&

Resorts

Inc

3,174,433

92,722

Park

Hotels

&

Resorts

Inc

1,093,193

54,183

Pebblebrook

Hotel

Trust

725,510

66,792

RLJ

Lodging

Trust

707,327

22,736

Ryman

Hospitality

Properties

Inc

1,859,350

68,252

Service

Properties

Trust

497,557

44,193

Summit

Hotel

Properties

Inc

319,074

86,684

Sunstone

Hotel

Investors

Inc

837,367

46,913

Xenia

Hotels

&

Resorts

Inc

618,313

Total

Hotels

12,349,046

Manufactured

Homes

-

10.5%

54,392

Equity

LifeStyle

Properties

Inc

3,513,723

24,510

Sun

Communities

Inc

3,504,930

Total

Manufactured

Homes

7,018,653

Self-Storage

-

21.6%

82,607

CubeSmart

3,324,932

22,123

Extra

Space

Storage

Inc

3,256,063

33,124

Life

Storage

Inc

3,262,714

34,818

National

Storage

Affiliates

Trust

1,257,626

11,715

Public

Storage

3,282,426

Total

Self-Storage

14,383,761

Total

Long-Term

Investments

(cost

$90,819,325)

66,398,470

Other

Assets

Less

Liabilities

-

0.6%

411,154

Net

Assets

-

100%

$

66,809,624

#### Nuveen

#### Short-Term

#### REIT

#### ETF
(NURE)

(continued)

#### Portfolio

#### of

#### Investments

#### December

#### 31,

#### 2022

For

Fund

portfolio

compliance

purposes,

the

Fund's

industry

classifications

refer

to

any

one

or

more

of

the

industry

sub-classifications

used

by

one

or

more

widely

recognized

market

indexes

or

ratings

group

indexes,

and/or

as

defined

by

Fund

management.

This

definition

may

not

apply

for

purposes

of

this

report,

which

may

combine

industry

sub-classifications

into

sectors

for

reporting

ease.

(1) All

percentages

shown

in

the

Portfolio

of

Investments

are

based

on

net

assets.

(2) Non-income

producing;

issuer

has

not

declared

an

ex-dividend

date

within

the

past

twelve

months.

REIT

Real

Estate

Investment

Trust

#### Statement

#### of

#### Assets

#### and

#### Liabilities

#### December

#### 31,

#### 2022
*See* 

*accompanying* 

*notes* 

*to* 

*financial* 

*statements.*

NURE

Assets

Long-term

investments,

at

value

†

$

66,398,470

Cash

60,886

Receivable

for

dividends

375,738

Other

assets

813

Total

assets

66,835,907

Liabilities

Accrued

expenses:

Management

fees

23,740

Trustees

fees

928

Other

1,615

Total

liabilities

26,283

Net

assets

$

66,809,624

Shares

outstanding

2,350,000

Net

asset

value

("NAV")

per

share

$

.43

Net

assets

consist

of:

Capital

paid-in

98,860,196

Total

distributable

earnings

(loss)

(32,050,572)

Net

assets

$

66,809,624

Authorized

shares

Unlimited

Par

value

per

share

$

.01

†

Long-term

investments,

cost

$

90,819,325

#### Statement

#### of

#### Operations

#### December

#### 31,

#### 2022
*See* 

*accompanying* 

*notes* 

*to* 

*financial* 

*statements.*

NURE

Investment

Income

Dividends

$

2,190,204

Total

investment

income

2,190,204

Expenses

Management

fees

401,125

Professional

fees

2,446

Trustees

fees

3,994

Total

expenses

407,565

Net

investment

income

(loss)

1,782,639

Realized

and

Unrealized

Gain

(Loss)

Net

realized

gain

(loss)

from

investments

(3,136,253)

Net

realized

gain

(loss)

from

in-kind

redemptions

918,270

Change

in

net

unrealized

appreciation

(depreciation)

of

investments

(39,588,782)

Net

realized

and

unrealized

gain

(loss)

(41,806,765)

Net

increase

(decrease)

in

net

assets

from

operations

$

(40,024,126)

#### Statement

#### of

#### Changes

#### in

#### Net

#### Assets
*See* 

*accompanying* 

*notes* 

*to* 

*financial* 

*statements.*

NURE

Year

Ended

12/31/22

Year

Ended

12/31/21

Operations

Net

investment

income

(loss)

$

1,782,639

$

758,703

Net

realized

gain

(loss)

from

investments

(3,136,253)

(119,183)

Net

realized

gain

(loss)

from

in-kind

redemptions

918,270

5,262,001

Change

in

unrealized

appreciation

(depreciation)

of

investments

(39,588,782)

16,755,031

Net

increase

(decrease)

in

net

assets

from

operations

(40,024,126)

22,656,552

Distributions

to

Shareholders

Dividends

(1,782,639)

(758,703)

Return

of

capital

(714,896)

(255,532)

Decrease

in

net

assets

from

distributions

to

shareholders

(2,497,535)

(1,014,235)

Fund

Share

Transactions

Proceeds

from

sale

of

shares

72,764,735

91,378,235

Cost

of

shares

redeemed

(81,411,880)

(19,324,895)

Net

increase

(decrease)

in

net

assets

from

Fund

share

transactions

(8,647,145)

72,053,340

Net

increase

(decrease)

in

net

assets

(51,168,806)

93,695,657

Net

assets

at

the

beginning

of

period

117,978,430

24,282,773

Net

assets

at

the

end

of

period

$

66,809,624

$

117,978,430

#### Financial

#### Highlights

The

Fund's

fiscal

year

end

is

December

31st.

The

following

data

is

for

a

share

outstanding

for

each

fiscal

year

end

unless

otherwise

noted:

Investment

Operations

Less

Distributions

Beginning

NAV

Net

Investment

Income

(NII)

(Loss)(a)

Net

Realized

/Unrealized

Gain

(Loss)

Total

From

NII

From

Accumulated

Net

Realized

Gains

Return

of

Capital

Total

Ending

NAV

Ending

Market

Price

NURE

2022

$

40.68 $

0.54 $

(11.99)

$

(11.45)

$

(0.59)

$

—

$

(0.21)

$

(0.80)

$

28.43 $

28.42 2021

26.98 0.46 13.79 14.25 (0.39)

—

(0.16)

(0.55)

40.68 40.74 2020

30.24 0.48 (2.82)

(2.34)

(0.59)

(0.04)

(0.29)

(0.92)

26.98 26.98 2019

25.05 0.75 5.50 6.25 (0.73)

(0.33)

—

(1.06)

30.24 30.23 2018

26.35 0.82 (1.10)

(0.28)

(0.95)

(0.07)

—

(1.02)

25.05 24.99 (a) Per

share

Net

Investment

Income

(Loss)

is

calculated

using

the

average

daily

shares

method.

(b) Total

Return

Based

on

NAV

reflects

the

change

in

NAV

over

the

period,

including

the

assumed

reinvestment

of

distributions,

if

any,

at

NAV

on

each

ex-dividend

payment

date

during

the

period.

Total

Return

Based

on

Market

Price

reflects

the

change

in

the

market

price

per

share

over

the

period,

including

the

assumed

reinvestment

of

distributions,

if

any,

at

the

ending

market

price

per

share

on

each

ex-dividend

payment

date

during

the

period.

Total

returns

are

not

annualized.

(c) Portfolio

Turnover

Rate

is

calculated

based

on

the

lesser

of

long-term

purchases

or

sales

(as

disclosed

in

Note

-

Portfolio

Securities

and

Investments

in

Derivatives)

divided

by

the

average

long-term

market

value

during

the

period.

Portfolio

Turnover

Rate

excludes

securities

received

or

delivered

as

a

result

of

processing

in-kind

creations

or

redemptions

of

Fund

shares

(as

disclosed

in

Note

-

Fund

Shares).

*See* 

*accompanying* 

*notes* 

*to* 

*financial* 

*statements.*

Ratios/Supplemental

Data

Total

Return

Ratios

to

Average

Net

Assets

Based

on

NAV(b)

Based

on

Market

Price(b)

Ending

Net

Assets

(000) Expenses

NII

(Loss)

Portfolio

Turnover

Rate(c)

(28

.37)

%

(28

.49)

%

$

66,810

.35

%

.56

%

%

.19

.42

117,978

.35

.31

(7

.29)

(7

.27)

24,283

.35

.95

.10

.38

57,451

.35

.57

(1

.05)

.01

31,316

.35

.05

#### Notes

#### to

#### Financial

#### Statements
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

Short-Term

REIT

ETF

(NURE)

(the

"Fund"),

as

a

non-diversified

fund,

among

others.

The

Trust

was

organized

as

a

Massachusetts

business

trust

on

February

20,

2015. Shares

of

the

Fund

are

listed

and

traded

on

the

Cboe

BZX

Exchange,

Inc.

(the

"Exchange").

Current

Fiscal

Period

The

end

of

the

reporting

period

for

the

Fund

is

December

31,

2022,

and

the

period

covered

by

these

Notes

to

Financial

Statements

is

the

fiscal

year

ended

December

31,

2022

(the

"current

fiscal

period").

Investment

Adviser

and

Sub-Adviser

The

Fund's

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

Fund,

oversees

the

management

of

the

Fund's

portfolio,

manages

the

Fund's

business

affairs

and

provides

certain

clerical,

bookkeeping

and

other

administrative

services.

The

Adviser

has

entered

into

a

sub-advisory

agreement

with

Teachers

Advisors,

LLC

(the

"Sub-Adviser"),

an

affiliate

of

the

Adviser,

under

which

the

Sub-Adviser

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

Fund

is

an

investment

company

and

follows

accounting

guidance

in

the

Financial

Accounting

Standards

Board

("FASB")

Accounting

Standards

Codification

946,

Financial

Services

—

Investment

Companies.

The

Net

Asset

Value

("NAV")

for

financial

reporting

purposes

may

differ

from

the

NAV

for

processing

security

and

creation

unit

transactions.

The

NAV

for

financial

reporting

purposes

includes

security

and

creation

unit

transactions

through

the

date

of

the

report.

Total

return

is

computed

based

on

the

NAV

used

for

processing

security

and creation

unit transactions.

The

following

is

a

summary

of

the

significant

accounting

policies

consistently

followed

by

the

Fund.

Compensation

The Trust

pays

no compensation

directly

to

those

of

its

trustees

or

to

its

officers,

all

of

whom

receive

remuneration

for

their

services

to the

Trust

from

the

Adviser

or

its

affiliates.

The

Fund's

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.

The

tax

character

of

Fund

distributions

for

a

fiscal

year

is

dependent

upon

the

amount

and

tax

character

of

distributions

received

from

securities

held

in

the

Fund's

portfolio.

Distributions

received

from

certain

securities

in

which

the

Fund

invests,

most

notably

real

estate

investment

trust

(REIT)

securities,

may

be

characterized

for

tax

purposes

as

ordinary

income,

long-term

capital

gain

and/or

a

return

of

capital.

The

issuer

of

a

security

reports

the

tax

character

of

its

distributions

only

once

per

year,

generally

during

the

first

two

months

of

the

calendar

year.

The

distribution

is

included

in

the

Fund's

ordinary

income

until

such

time

the

Fund

is

notified

by

the

issuer

of

the

actual

tax

character.

Dividend

income,

net

realized

gains,

(loss)

and

unrealized

appreciation

(depreciation)

recognized

on

the

Statement

of

Operations

reflect

the

amounts

of

income,

capital

gain,

and/or

return

of

capital

as

reported

by

the

issuers

of

such

securities

for

distributions

during

the

current

fiscal

period.

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

end

of

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.

Securities

lending

income

is

comprised

of

fees

earned

from

borrowers

and

income

earned

on

cash

collateral

investments.

New

Accounting

Pronouncements

and

Rule

Issuances

Reference

Rate

Reform

In

March

2020,

FASB

issued

Accounting

Standards

Update

("ASU")

2020-04,

Reference

Rate

Reform:

Facilitation

of

the

Effects

of

Reference

Rate

Reform

on

Financial

Reporting.

The

main

objective

of

the

new

guidance

is

to

provide

relief

to

companies

that

will

be

impacted

by

the

expected

change

in

benchmark

interest

rates,

when

participating

banks

will

no

longer

be

required

to

submit

London

Interbank

Offered

Rate

(LIBOR)

quotes

by

the

UK

Financial

Conduct

Authority

(FCA).

The

new

guidance

allows

companies

to,

provided

the

only

change

to

existing

contracts

are

a

change

to

an

approved

benchmark

interest

rate,

account

for

modifications

as

a

continuance

of

the

existing

contract

without

additional

analysis.

For

new

and

existing

contracts,

the

Fund

may

elect

to

apply

the

amendments

as

of

March

12,

2020

through

December

31,

2022. In

December

2022,

FASB

deferred

ASU

2022-04

and

issued

ASU

2022-06,

Reference

Rate

Reform:

Deferral

of

the

Sunset

Date

of

Topic

848,

which

extends

the

application

of

the

amendments

through

December

31,

2024. Management

has

not

yet

elected

to

apply

the

amendments,

is

continuously

evaluating

the

potential

effect

a

discontinuation

of

LIBOR

could

have

on

the

Fund's

investments

and

has

currently

determined

that

it

is

unlikely

the

ASU's

adoption

will

have

a

significant

impact

on

the

Fund's

financial

statements

and

various

filings.

FASB

issues

ASU

2022-03-Fair

Value

Measurement

(Topic

820),

Fair

Value

Measurement

of

Equity

Securities

Subject

to

Contractual

Sale

Restrictions

("ASU

2022-03")

In

June

2022,

the

FASB

issued

ASU

2022-03

to

clarify

the

guidance

in

Topic

820,

Fair

Value

Measurement

("Topic

820").

The

amendments

in

ASU

2022-03

affect

all

entities

that

have

investments

in

equity

securities

measured

at

fair

value

that

are

subject

to

a

contractual

sale

restriction.

ASU

2022-

(1) clarifies

the

guidance

in

Topic

820,

when

measuring

the

fair

value

of

an

equity

security

subject

to

contractual

restrictions

that

prohibit

the

sale

of

equity

security,

(2) amends

a

related

illustrative

example,

and

(3) introduces

new

disclosure

requirements

for

equity

securities

subject

to

contractual

sale

restrictions

that

are

measured

at

fair

value

in

accordance

with

Topic

820. For

public

business

entities,

the

amendments

in

ASU

2022-03

are

effective

for

fiscal

years

beginning

after

December

15,

2023,

and

interim

periods

within

those

fiscal

years.

For

all

other

entities,

the

amendments

are

effective

for

fiscal

years

beginning

after

December

15,

2024,

and

interim

periods

within

those

fiscal

years.

Early

adoption

is

permitted

for

both

interim

and

annual

financial

statements

that

have

not

yet

been

issued

or

made

available

for

issuance.

Management

is

currently

assessing

the

impact

of

these

provisions

on

the

Fund's

financial

statements.

New

Rules

to

Modernize

Fund

Valuation

Framework

Take

Effect

A

new

rule

adopted

by

the

Securities

and

Exchange

Commission

(the

"SEC")

governing

fund

valuation

practices,

Rule

2a-5

under

the

1940

Act,

has

established

requirements

for

determining

fair

value

in

good

faith

for

purposes

of

the

1940

Act.

Rule

2a-5

permits

fund

boards

to

designate

certain

parties

to

perform

fair

value

determinations,

subject

to

board

oversight

and

certain

other

conditions.

Rule

2a-5

also

defines

when

market

quotations

are

"readily

available"

for

purposes

of

Section

2(a)(41)

of

the

1940

Act,

which

requires

a

fund

to

fair

value

a

security

when

market

quotations

are

not

readily

available.

Separately,

new

SEC

Rule

31a-4

under

the

1940

Act

sets

forth

the

recordkeeping

requirements

associated

with

fair

value

determinations.

The

Fund

adopted

a

valuation

policy

conforming

to

the

new

rules,

effective

September

1,

2022,

and

there

was

no

material

impact

to

the

Fund.

3. Investment

Valuation

and

Fair

Value

Measurements

The

Fund's

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

–

Inputs

are

unadjusted

and

prices

are

determined

using

quoted

prices

in

active

markets

for

identical

securities.

Level

–

Prices

are

determined

using

other

significant

observable

inputs

(including

quoted

prices

for

similar

securities,

interest

rates,

credit

spreads,

etc.).

Level

–

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

Fund's

major

classifications

of

assets

and

liabilities

measured

at

fair

value

follows:

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.

For

events affecting

the value

of

foreign

securities

between

the

time

when

the

exchange

on

which

they

are

traded

closes

and

the

time

when

the

Fund's

net

assets

are

calculated,

such

securities

will

be

valued

at

fair

value

in

accordance

with

procedures

adoped

by

the

Adviser,

subject

to

the

oversight

of

the

Board. 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. 22

#### Notes

#### to

#### Financial

#### Statements
(continued)

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

Fund's

investments

as

of

the

end

of

the

reporting

period,

based

on

the

inputs

used

to

value

them:

4. Portfolio

Securities

and

Investments

in

Derivatives

Portfolio

Securities

Securities

Lending

The

Fund

may

lend

securities

representing

up

to

one-third

of

the

value

of

its

total

assets

to

broker-dealers,

banks,

and

other

institutions

in

order

to

generate

additional

income.

When

loaning

securities,

the

Fund

retains

the

benefits

of

owning

the

securities,

including

the

economic

equivalent

of

dividends

or

interest

generated

by

the

security.

The

loans

are

continuous,

can

be

recalled

at

any

time,

and

have

no

set

maturity.

State

Street

Bank

and

Trust

Company,

serves

as

the

securities

lending

agent

(the

"Agent").

When

a

Fund

loans

its

portfolio

securities,

it

will

receive,

at

the

inception

of

each

loan,

cash

collateral

equal

to

an

amount

not

less

than

100%

of

the

market

value

of

the

loaned

securities.

The

actual

percentage

of

the

cash

collateral

will

vary

depending

upon

the

asset

type

of

the

loaned

securities.

Collateral

for

the

loaned

securities

is

invested

in

a

government

money

market

vehicle

maintained

by

the

Agent,

which

is

subject

to

the

requirements

of

Rule

2a-7

under

the

1940

Act.

The

value

of

the

loaned

securities

and

the

liability

to

return

the

cash

collateral

received

are

recognized

on

the

Statement

of

Assets

and

Liabilities.

If

the

market

value

of

the

loaned

securities

increases,

the

borrower

must

furnish

additional

collateral

to

the

Fund,

which

is

also

recognized

on

the

Statement

of

Assets

and

Liabilities.

Securities

out

on

loan

are

subject

to

termination

at

any

time

at

the

option

of

the

borrower

or

the

Fund.

Upon

termination,

the

borrower

is

required

to

return

to

the

Fund

securities

identical

to

the

securities

loaned.

During

the

term

of

the

loan,

the

Fund

bears

the

market

risk

with

respect

to

the

investment

of

collateral

and

the

risk

that

the

Agent

may

default

on

its

contractual

obligations

to

the

Fund.

The

Agent

bears

the

risk

that

the

borrower

may

default

on

its

obligation

to

return

the

loaned

securities

as

the

Agent

is

contractually

obligated

to

indemnify

the

Fund

if

at

the

time

of

a

default

by

a

borrower

some

or

all

of

the

loan

securities

have

not

been

returned.

Securities

lending

income

recognized

by

a

Fund

consists

of

earnings

on

invested

collateral

and

lending

fees,

net

of

any

rebates

to

the

borrower

and

compensation

to

the

Agent.

Such

income

is

recognized

on

the

Statement

of

Operations.

As

of

the

end

of

the

reporting

period,

the

Fund

did

not

have

any

securities

out

on

loan.

Investment

Transactions

Long-term

purchases

and

sales

(excluding in-kind

transactions)

during

the

current fiscal

period

were

as

follows:

In-kind

transactions

during

the

current

fiscal

period

were

as

follows:

The

Fund

may

purchase

securities

on

a

when-issued

or

delayed-delivery

basis.

Securities

purchased

on

a

when-issued

or

delayed-delivery

basis

may

have

extended

settlement

periods;

interest

income

is

not

accrued

until

settlement

date.

Any

securities

so

purchased

are

subject

to

market

fluctuation

during

this

period.

The

Fund

has

earmarked

securities

in its

portfolio

with

a

current

value

at

least

equal

to

the

amount

of

the

when-issued/delayed

delivery

purchase

commitments.

If the

Fund

has

outstanding

when-issued/delayed-delivery

purchases

commitments

as

of

the

end

of

the

reporting

period,

such

amounts

are

recognized

on

the

Statement

of

Assets

and

Liabilities.

NURE

Level

Level

Level

Total

Long-Term

Investments\*:

Real

Estate

Investment

Trust

Common

Stocks

$

66,398,470

$

–

$

–

$

66,398,470

Total

$

66,398,470

$

–

$

–

$

66,398,470

\*

Refer

to

the

Fund's

Portfolio

of

Investments

for

industry

classifications,

where

applicable.

Fund

Purchases

Sales

NURE

$

21,185,249

$

20,793,866

Fund

In-Kind

Purchases

In-Kind

Sales

NURE

$

72,620,244

$

81,335,728

Investments

in

Derivatives

The Fund

is

authorized

to

invest

in

certain

derivative

instruments.

The

Fund

records

derivative

instruments

at

fair

value,

with

changes

in

fair

value

recognized

on

the

Statement

of

Operations,

when

applicable.

Even

though

the

Fund's

investments

in

derivatives

may

represent

economic

hedges,

they

are

not

considered

to

be

hedge

transactions

for

financial

reporting

purposes.

Although

the

Fund is

authorized

to

invest

in

derivative

instruments,

and

may

do

so

in

the

future, it

did

not

make

any

such

investments

during

the

current

fiscal

period.

Market

and

Counterparty

Credit

Risk

In

the

normal

course

of

business

the

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 the

Fund

to

counterparty

credit

risk,

consist

principally

of

cash

due

from

counterparties

on

forward,

option

and

swap

transactions,

when

applicable.

The

extent

of

the

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.

The 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 the

Fund

with

a

value

approximately

equal

to

the

amount

of

any

unrealized

gain

above

a

pre-determined

threshold.

Reciprocally,

when the

Fund

has

an

unrealized

loss,

the

Fund

has

instructed

the

custodian

to

pledge

assets

of

the

Fund

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

predetermined

threshold

amount.

5. Fund

Shares

The

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

Fund's

distributor,

may

purchase

and

redeem

Creation

Units.

Once

created,

shares

of

the

Fund

trade

on

the

Exchange

at

market

prices

and

are

only

available

to

individual

investors

through

their

brokers.

Creation

Units

are

purchased

and

redeemed

in-kind

for

a

designated

portfolio

of

securities

included

in

the

Fund's

Index

and/or

a

specified

amount

of

cash.

Authorized

Participants

are

charged

fixed

transaction

fees

in

connection

with

purchasing

and

redeeming

Creation

Units.

Authorized

Participants

transacting

in

Creation

Units

for

cash

may

also

pay

an

additional

variable

charge

to

compensate

the

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:

6. Income

Tax

Information

The

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.

The

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 the

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.

Differences

between

amounts

for

financial

statement

and

federal

income

tax

purposes

are

primarily

due

to

timing

differences

in

recognizing

gains

and

losses

on

investment

transactions.

Temporary

differences

do

not

require

reclassification.

As

of

year

end,

permanent

differences

that

resulted

in

reclassifications

among

the

components

of

net

assets

relate

primarily

to

redemptions

in-kind.

Temporary

and

permanent

differences

have

no

impact

on

a

Fund's

net

assets.

NURE

Year

Ended

12/31/22

Year

Ended

12/31/21

Shares

Amount

Shares

Amount

Shares

sold

1,950,000

$72,764,735

2,550,000

$91,378,235

Shares

redeemed

(2,500,000)

(81,411,880)

(550,000)

(19,324,895)

Net

increase

(decrease)

(550,000)

$(8,647,145)

2,000,000

$72,053,340

#### Notes

#### to

#### Financial

#### Statements
(continued)

As

of

year

end,

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

year

end,

the

components

of

accumulated

earnings

on

a

tax

basis

were

as

follows:

Edit

extended

The

tax

character

of

distributions

paid

was

as

follows:

As

of

year

end,

the

Fund

had

capital

loss

carryforwards,

which

will

not

expire:

7. Management

Fees

and

Other

Transactions

with

Affiliates

Management

Fees

The

annual

management

fee,

payable

monthly,

is

0.35%

of

the

average

daily

net

assets

of

the

Fund.

The

Fund's

management

fee

compensates

the

Adviser

for

its

investment

advisory

services

to

the

Fund.

The

Sub-Adviser

is

compensated

for

its

services

to

the

Fund

from

the

management

fees

paid

to

the

Adviser.

The

Adviser

is

responsible

for

substantially

all

other

expenses

of

the

Fund,

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

Fund's

chief

compliance

officer,

litigation

expenses

and

extraordinary

expenses.

Other

Transactions

with

Affiliates

The

Fund

is

permitted

to

purchase

or

sell

securities

from

or

to

certain

other

funds

or

accounts

managed

by

the

Sub-Adviser

("Affiliated

Entity")

under

specified

conditions

outlined

in

procedures

adopted

by

the

Board

("cross-trade").

These

procedures

have

been

designed

to

ensure

that

any

cross-trade

of

securities

by

the

Fund

from

or

to

an

Affiliated

Entity

by

virtue

of

having

a

common

investment

adviser

(or

affiliated

investment

adviser),

common

officer

and/or

common

trustee

complies

with

Rule

17a-7

under

the

1940

Act.

These

transactions

are

effected

at

the

current

market

price

(as

provided

by

an

independent

pricing

service)

without

incurring

broker

commissions.

During

the

current

fiscal

period,

the

Fund

engaged

in

cross-trades

pursuant

to

these

procedures

as

follows:

Fund

Tax

Cost

Gross

Unrealized

Appreciation

Gross

Unrealized

(Depreciation)

Net

Unrealized

Appreciation

(Depreciation)

NURE

$

91,336,329

$

—

$

(24,937,859)

$

(24,937,859)

Fund

Undistributed

Ordinary

Income

Undistributed

Long-Term

Capital

Gains

Unrealized

Appreciation

(Depreciation)

Capital

Loss

Carryforwards

Late-Year

Loss

Deferrals

Other

Book-to-Tax

Differences

Total

NURE

$

—

$

—

$

(24,937,859)

$

(7,112,713)

$

—

$

—

$

(32,050,572)

12/31/22

12/31/21

Fund

Ordinary

Income

Long-Term

Capital

Gains

Return

of

Capital

Ordinary

Income

Long-Term

Capital

Gains

Return

of

Capital

Short-Term

REIT

$

1,782,639

$

—

$

714,896

$

758,703

$

—

$

255,532

Fund

Short-Term

Long-Term

Total

NURE

$

3,728,461

$

3,384,252

$

7,112,713

Fund

Purchases

Sales

Realized

Gain

(Loss)

NURE

$

1,507,471

$

373,569

$

(154,573)

#### Important

#### Tax

#### Information
(Unaudited)

As

required

by

the

Internal

Revenue

Code

and

Treasury

Regulations,

certain

tax

information,

as

detailed

below,

must

be

provided

to

shareholders.

Shareholders

are

advised

to

consult

their

tax

advisor

with

respect

to

the

tax

implications

of

their

investment.

The

amounts

listed

below

may

differ

from

the

actual

amounts

reported

on

Form

1099-DIV,

which

will

be

sent

to

shareholders

shortly

after

calendar

year

end.

Long-Term

Capital

Gains

As

of

year

end, the

Fund

designates

the

following

distribution

amounts,

or

maximum

amount

allowable,

as

being

from

net

long-term

capital

gains

pursuant

to

Section

852(b)(3)

of

the

Internal

Revenue

Code:

Dividends

Received

Deduction

(DRD)

Each

Fund

listed

below

had

the

following

percentage,

or

maximum

amount

allowable,

of

ordinary

income

distributions

eligible

for

the

dividends

received

deduction

for

corporate

shareholders:

Qualified

Dividend

Income

(QDI)

Each

Fund

listed

below

had

the

following

percentage,

or

maximum

amount

allowable,

of

ordinary

income

distributions

treated

as

qualified

dividend

income

for

individuals

pursuant

to

Section

1(h)(11)

of

the

Internal

Revenue

Code:

Qualified Business

Income

(QBI)

Each

Fund

listed

below

had

the

following

percentage,

or

maximum

amount

allowable,

of

ordinary

income

distributions

treated

as

qualified

business

income

for

individuals

pursuant

to

Section

199A

of

the

Internal

Revenue

Code:

Fund

Net

Long-Term

Capital

Gains

NURE

$

—

Fund

Percentage

NURE

.7

%

Fund

Percentage

NURE

.7

%

Fund

Percentage

NURE

.2%

#### Additional

#### Fund

#### Information
(Unaudited)

The

tables

below

show

the

number

and

percentage

of

days

during

the

current

fiscal

period

that

each

Fund's

market

price

was

greater

than

its

NAV

per

share

(i.e.,

at

premium)

and

less

than

its

NAV

per

share

(i.e.,

at

a

discount).

The

market

price

is

determined

using

the

midpoint

between

the

highest

bid

and

the

lowest

offer

on

the

applicable

Fund's

listing

exchange,

as

of

the

time

that

the

Fund's

NAV

is

calculated

(normally

4:00

p.m.

Eastern

Time).

Investment

Adviser

Nuveen

Fund

Advisors,

LLC

West

Wacker

Drive

Chicago,

IL

60606

Sub-Adviser

Teachers

Advisors,

LLC

730

Third

Avenue

New

York,

NY

10017-3206

Independent

Registered

Public

Accounting

Firm

KPMG

LLP

East

Randolph

Street

Chicago,

IL

60601

Administrator,

Custodian

and

Transfer

Agent

Brown

Brothers

Harriman

Post

Office

Square

Boston,

MA

02110

Legal

Counsel

Chapman

and

Cutler

LLP

Chicago,

IL

60603

Morgan

Lewis

&

Bockius

LLP

Pennsylvania

Avenue,

NW

Washington,

D.C.

20004

Year

Ended

December

31,

2022

Number

of

Days

%

of

Total

Days

Premium/Discount

Raange:

0.00%

to

0.25%

38.6%

(0.01)%

to

(0.25)%

61.4%

100.0%

Portfolio

of

Investments

Information

The

Fund

is

required

to

file

its

complete

schedule

of

portfolio

holdings

with

the

Securities

and

Exchange

Commission

(SEC)

for

the

first

and

third

quarters

of

each

fiscal

year

as

an

exhibit

to

its

report

on

Form

N-PORT.

You

may

obtain

this

information

on

the

SEC's

website

at

http://www.sec.gov.

Nuveen

Funds'

Proxy

Voting

Information

You

may

obtain

(i) information

regarding

how

each

fund

voted

proxies

relating

to

portfolio

securities

held

during

the

most

recent

twelve-month

period

ended

June

30,

without

charge,

upon

request,

by

calling

Nuveen

toll-free

at

(800) 257-8787

or

on

Nuveen's

website

at

www.nuveen.com

and

(ii) a

description

of

the

policies

and

procedures

that

each

fund

used

to

determine

how

to

vote

proxies

relating

to

portfolio

securities

without

charge,

upon

request,

by

calling

Nuveen

toll-free

at

(800) 257-8787.

You

may

also

obtain

this

information

directly

from

the

SEC.

Visit

the

SEC

on-line

at

http://www.sec.gov.

FINRA

BrokerCheck:

The

Financial

Industry

Regulatory

Authority

(FINRA)

provides

information

regarding

the

disciplinary

history

of

FINRA

member

firms

and

associated

investment

professionals.

This

information

as

well

as

an

investor

brochure

describing

FINRA

BrokerCheck

is

available

to

the

public

by

calling

the

FINRA

BrokerCheck

Hotline

number

at

(800) 289-9999

or

by

visiting

www.FINRA.org.

#### Glossary

#### of

#### Terms

#### Used

#### in

#### this

#### Report
(Unaudited)

Average

Annual

Total

Return:

This

is

a

commonly

used

method

to

express

an

investment's

performance

over

a

particular,

usually

multi-year

time

period.

It

expresses

the

return

that

would

have

been

necessary

each

year

to

equal

the

investment's

actual

cumulative

performance

(including

change

in

NAV

or

offer

price

and

reinvested

dividends

and

capital

gains

distributions,

if

any)

over

the

time

period

being

considered.

Dow

Jones

U.S.

Select

REIT

Index

:

An

index

designed

to

measure

the

performance

of

U.S.

exchange-traded

equity

REITs.

The

index

is

a

subset

of

the

Dow

Jones

U.S.

Select

Real

Estate

Securities

Index

(RESI),

which

represents

equity

REITs

and

real

estate

operating

companies

(REOCs)

traded

in

the

U.S.

Index

returns

assume

reinvestment

of

distributions,

but

do

not

reflect

any

applicable

sales

charges

or

management

fees.

Dow

Jones

U.S.

Select

Short-Term

REIT

Index:

An

index

composed

of

U.S.

exchange-traded

equity

REITs

that

concentrate

their

holdings

in

apartment

buildings,

hotels,

self-storage

facilities

and

manufactured

home

properties,

which

typically

have

shorter

lease

durations

than

REITs

that

invest

in

other

sectors.

Index

returns

assume

reinvestment

of

distributions,

but

do

not

reflect

any

applicable

sales

charges

or

management

fees.

Gross

Domestic

Product

(GDP):

The

total

market

value

of

all

final

goods

and

services

produced

in

a

country/region

in

a

given

year,

equal

to

total

consumer,

investment

and

government

spending,

plus

the

value

of

exports,

minus

the

value

of

imports.

Mortgage

Dollar

Roll:

A

transaction

into

which

a

Fund

sells

mortgage

securities

for

delivery

in

the

current

month,

realizing

a

gain

(loss),

and

simultaneously

contracts

to

repurchase

similar

securities

on

a

specified

future

date.

During

the

roll

period,

a

Fund

forgoes

principal

and

interest

paid

on

the

securities.

The

Fund

is

compensated

by

the

interest

earned

on

the

cash

proceeds

of

the

initial

sale

and

by

the

lower

repurchase

price

at

the

future

date.

The

difference

between

the

sales

proceeds

and

the

repurchase

price

is

recorded

as

a

realized

gain

or

loss.

Net

Assets

Value

(NAV)

Per

Share:

A

fund's

Net

Assets

is

equal

to

its

total

assets

(securities,

cash

and

accrued

earnings)

less

its

total

liabilities.

NAV

per

share

is

equal

to

the

fund's

Net

Assets

divided

by

its

number

of

shares

outstanding.

Real

Estate

Investment

Trust

(REIT):

A

REIT

is

a

corporation

or

trust

that

invests

in

residential

or

commercial

real

estate.

19(a)

Notice:

Section

19(a)

of

the

Investment

Company

Act

of

1940

requires

that

the

payment

of

any

distribution

which

is

made

from

a

source

other

than

the

fund's

net

income

be

accompanied

by

a

written

notice

that discloses

the

estimated

sources

of

such

payment.

#### Annual

#### Investment

#### Management

#### Agreement

#### Approval

#### Process
(Unaudited)

At

a

meeting

held

on

May

23-25,

2022

(the

"May

Meeting"),

the

Board

of

Trustees

(the

"Board"

and

each

Trustee,

a

"Board

Member")

of

Nushares

ETF

Trust,

which

is

comprised

entirely

of

Board

Members

who

are

not

"interested

persons"

(as

defined

under

the

Investment

Company

Act

of

1940

(the

"1940

Act"))

(the

"Independent

Board

Members"),

approved

the

renewal

of

the

management

agreement

(the

"Investment

Management

Agreement")

with

Nuveen

Fund

Advisors,

LLC

(the

"Adviser")

pursuant

to

which

the

Adviser

serves

as

investment

adviser

to

the

Fund

and

the

sub-

advisory

agreement

(the

"Sub-Advisory

Agreement")

with

Teachers

Advisors,

LLC

(the

"Sub-Adviser")

pursuant

to

which

the

Sub-Adviser

serves

as

the

sub-adviser

to

the

Fund

for

an

additional

one-year

term.

As

the

Board

is

comprised

of

all

Independent

Board

Members,

the

references

to

the

Board

and

the

Independent

Board

Members

are

interchangeable.

Following

up

to

an

initial

two-year

period,

the

Board

considers

the

renewal

of

the

Investment

Management

Agreement

and

Sub-Advisory

Agreement

on

behalf

of

the

Fund

on

an

annual

basis.

The

Investment

Management

Agreement

and

Sub-Advisory

Agreement

are

collectively

referred

to

as

the

"Advisory

Agreements,"

and

the

Adviser

and

the

Sub-Adviser

are

collectively,

the

"Fund

Advisers"

and

each,

a

"Fund

Adviser."

The

Board

has

established

various

standing

committees

composed

of

various

Independent

Board

Members

that

are

assigned

specific

responsibilities

to

enhance

the

effectiveness

of

the

Board's

oversight

and

decision

making.

Throughout

the

year,

the

Board

and

its

committees

meet

regularly

and,

at

these

meetings,

receive

regular

and/or

special

reports

that

cover

an

extensive

array

of

topics

and

information

that

are

relevant

to

the

Board's

annual

consideration

of

the

renewal

of

the

advisory

agreements

for

the

Nuveen

funds.

Such

information

may

address,

among

other

things,

fund

performance

and

risk

information;

the

Adviser's

strategic

plans;

product

initiatives

for

various

funds;

the

review

of

the

funds

and

investment

teams;

compliance,

regulatory

and

risk

management

matters;

the

trading

practices

of

the

various

sub-advisers

to

the

Nuveen

funds;

management

of

distributions;

valuation

of

securities;

fund

expenses;

securities

lending;

liquidity

management;

and

overall

market

and

regulatory

developments.

The

Board

also

seeks

to

meet

periodically

with

the

Nuveen

funds'

sub-advisers

and/or

portfolio

teams,

when

feasible.

The

Board

further

meets,

among

other

things,

to

specifically

consider

the

annual

renewal

of

the

advisory

agreements

for

the

Nuveen

funds.

In

connection

with

its

annual

consideration

of

the

advisory

agreements

for

the

Nuveen

funds,

the

Board,

through

its

independent

legal

counsel,

requested

and

received

extensive

materials

and

information

prepared

specifically

for

its

review

of

such

advisory

agreements

by

the

Adviser

and

by

Broadridge

Financial

Solutions,

Inc.

("Broadridge"),

an

independent

provider

of

investment

company

data.

The

materials

cover

a

wide

range

of

topics

including,

but

not

limited

to,

a

description

of

the

nature,

extent

and

quality

of

services

provided

by

the

Fund

Advisers;

a

review

of

product

actions

taken

during

2021

(such

as

mergers,

liquidations,

fund

launches,

changes

to

investment

teams,

and

changes

to

investment

policies);

a

review

of

each

sub-adviser

to

the

Nuveen

funds

and/or

the

applicable

investment

teams;

an

analysis

of

fund

performance

in

absolute

terms

and

as

compared

to

the

performance

of

certain

peer

funds

and

benchmarks

with

a

focus

on

any

performance

outliers;

an

analysis

of

the

fees

and

expense

ratios

of

the

Nuveen

funds

in

absolute

terms

and

as

compared

to

those

of

certain

peer

funds

with

a

focus

on

any

expense

outliers;

a

review

of

management

fee

schedules;

a

description

of

portfolio

manager

compensation;

a

review

of

the

performance

of

various

service

providers;

a

description

of

various

initiatives

Nuveen

had

undertaken

or

continued

in

2021

and

2022

for

the

benefit

of

particular

fund(s)

and/or

the

complex;

a

description

of

the

profitability

or

financial

data

of

Nuveen

and

the

sub-advisers

to

the

Nuveen

funds;

and

a

description

of

indirect

benefits

received

by

the

Adviser

and

the

sub-advisers

as

a

result

of

their

relationships

with

the

Nuveen

funds.

The

information

prepared

specifically

for

the

annual

review

supplemented

the

information

provided

to

the

Board

and

its

committees

and

the

evaluations

of

the

Nuveen

funds

by

the

Board

and

its

committees

during

the

year.

The

Board's

review

of

the

advisory

agreements

for

the

Nuveen

funds

is

based

on

all

the

information

provided

to

the

Board

and

its

committees

throughout

the

year

as

well

as

the

information

prepared

specifically

with

respect

to

the

annual

review

of

such

advisory

agreements.

In

continuing

its

practice,

the

Board

met

prior

to

the

May

Meeting

to

begin

its

considerations

of

the

renewal

of

the

Advisory

Agreements.

Accordingly,

on

April

13-14,

2022

(the

"April

Meeting"),

the

Board

met

to

review

and

discuss,

in

part,

the

performance

of

the

Nuveen

funds

and

the

Adviser's

evaluation

of

each

sub-adviser

to

the

Nuveen

funds

and/or

its

investment

teams.

At

the

April

Meeting,

the

Board

Members

asked

questions

and

requested

additional

information

that

was

provided

for

the

May

Meeting.

The

Independent

Board

Members

considered

the

review

of

the

advisory

agreements

for

the

Nuveen

funds

to

be

an

ongoing

process

and

employed

the

accumulated

information,

knowledge

and

experience

the

Board

Members

had

gained

during

their

tenure

on

the

boards

governing

the

Nuveen

funds

and

working

with

the

Adviser

and

sub-advisers

in

their

review

of

the

advisory

agreements.

The

contractual

arrangements

are

a

result

of

multiple

years

of

review,

negotiation

and

information

provided

in

connection

with

the

boards'

annual

review

of

the

Nuveen

funds'

advisory

arrangements

and

oversight

of

the

Nuveen

funds.

The

Independent

Board

Members

were

advised

by

independent

legal

counsel

during

the

annual

review

process

as

well

as

throughout

the

year,

including

meeting

in

executive

sessions

with

such

counsel

at

which

no

representatives

from

the

Adviser

or

the

Sub-Adviser

were

present.

In

connection

with

their

annual

review,

the

Independent

Board

Members

also

received

a

memorandum

from

independent

legal

counsel

outlining

their

fiduciary

duties

and

legal

standards

in

reviewing

the

Advisory

Agreements,

including

guidance

from

court

cases

evaluating

advisory

fees.

The

Board's

decision

to

renew

the

Advisory

Agreements

was

not

based

on

a

single

identified

factor,

but

rather

the

decision

reflected

the

comprehensive

consideration

of

all

the

information

provided

to

the

Board

and

its

committees

throughout

the

year

as

well

as

the

materials

prepared

specifically

in

connection

with

the

renewal

process.

Each

Board

Member

may

have

attributed

different

levels

of

importance

to

the

various

factors

and

information

considered

in

connection

with

the

approval

process

and

may

place

different

emphasis

on

the

relevant

information

year

to

year

in

light

of,

among

other

things,

changing

market

and

economic

conditions.

A

summary

of

the

principal

factors

and

information,

but

not

all

the

factors,

the

Board

considered

in

deciding

to

renew

the

Advisory

Agreements

is

set

forth

below.

A. Nature,

Extent

and

Quality

of

Services

In

evaluating

the

renewal

of

the

Advisory

Agreements,

the

Independent

Board

Members

received

and

considered

information

regarding

the

nature,

extent

and

quality

of

the

applicable

Fund

Adviser's

services

provided

to

the

Fund

with

particular

focus

on

the

services

and

enhancements

to

such

services

provided

during

the

last

year.

The

Independent

Board

Members

considered

the

Investment

Management

Agreement

and

the

Sub-Advisory

Agreement

separately

in

the

course

of

their

review.

With

this

approach,

they

considered

the

respective

roles

of

the

Adviser

and

the

Sub-Adviser

in

providing

services

to

the

Fund.

The

Board

recognized

that

the

Nuveen

funds

operate

in

a

highly

regulated

industry

and,

therefore,

the

Adviser

has

provided

a

wide

array

of

management,

oversight

and

administrative

services

to

manage

and

operate

the

funds,

and

the

scope

and

complexity

of

these

services

have

expanded

over

time

as

a

result

of,

among

other

things,

regulatory,

market

and

other

developments.

The

Board

accordingly

considered

the

Adviser's

dedication

of

extensive

resources,

time,

people

and

capital

employed

to

support

and

manage

the

Nuveen

funds

as

well

as

the

Adviser's

continued

program

of

developing

improvements

and

innovations

for

the

benefit

of

the

funds

and

shareholders

and

to

meet

the

ever

increasing

regulatory

requirements

applicable

to

the

funds.

In

this

regard,

the

Board

received

and

reviewed

information

regarding,

among

other

things,

the

Adviser's

investment

oversight

responsibilities,

regulatory

and

compliance

services,

administrative

duties

and

other

services.

The

Board

considered

the

Adviser's

investment

oversight

team's

extensive

services

in

overseeing

the

various

sub-advisers

to

the

Nuveen

funds;

evaluating

fund

performance;

and

preparing

reports

to

the

Board

addressing,

among

other

things,

fund

performance,

market

conditions,

investment

team

matters,

product

developments

and

management

proposals.

The

Board

further

recognized

the

range

of

services

the

various

teams

of

the

Adviser

provided

including,

but

not

limited

to,

overseeing

operational

and

risk

management;

managing

liquidity;

overseeing

the

daily

valuation

process

and

managing

distributions

in

seeking

to

deliver

long-term

fund

earnings

to

shareholders

consistent

with

the

respective

Nuveen

fund's

product

design

and

positioning.

The

Board

also

considered

the

structure

of

investment

personnel

compensation

of

each

Fund

Adviser

and

whether

the

structure

provides

appropriate

incentives

to

attract

and

maintain

qualified

personnel

and

to

act

in

the

best

interests

of

the

respective

Nuveen

fund.

The

Board

further

recognized

that

the

Adviser's

compliance

and

regulatory

functions

were

integral

to

the

investment

management

of

the

Nuveen

funds.

The

Board

recognized

such

services

included,

but

were

not

limited

to,

managing

compliance

policies;

monitoring

compliance

with

applicable

policies,

law

and

regulations;

devising

internal

compliance

programs

and

a

framework

to

review

and

assess

compliance

programs;

overseeing

sub-adviser

compliance

testing;

preparing

compliance

training

materials;

and

responding

to

regulatory

requests.

The

Board

further

considered

information

regarding

the

Adviser's

business

continuity

and

disaster

recovery

plans

as

well

as

information

regarding

its

information

security

program,

including

presentations

of

such

program

provided

at

a

site

visit

in

2022,

to

help

identify

and

manage

information

security

risks.

In

addition

to

the

above

functions,

the

Board

considered

that

the

Adviser

also

provides,

among

other

things,

fund

administration

services

(such

as

preparing

fund

tax

returns

and

other

tax

compliance

services;

preparing

regulatory

filings;

interacting

with

the

Nuveen

funds'

independent

public

accountants

and

overseeing

other

service

providers;

and

managing

fund

budgets

and

expenses);

product

management

services

(such

as

evaluating

and

enhancing

products

and

strategies);

legal

services

(such

as

helping

to

prepare

and

file

registration

statements

and

proxy

statements;

overseeing

fund

activities

and

providing

legal

interpretations

regarding

such

activities;

maintaining

regulatory

registrations

and

negotiating

agreements

with

other

fund

service

providers;

and

monitoring

changes

in

regulatory

requirements

and

commenting

on

rule

proposals

impacting

investment

companies);

and

oversight

of

shareholder

services

and

transfer

agency

functions

(such

as

overseeing

transfer

agent

service

providers

which

include

registered

shareholder

customer

service

and

transaction

processing;

overseeing

proxy

solicitation

and

tabulation

services;

and

overseeing

the

production

and

distribution

of

financial

reports

by

service

providers).

The

Board

also

considered

the

quality

of

support

services

and

communications

the

Adviser

provided

the

Board,

including,

in

part,

organizing

and

administrating

Board

meetings

and

supporting

Board

committees;

preparing

regular

and

ad

hoc

reports

on

fund

performance,

market

conditions

and

investment

team

matters;

providing

due

diligence

reports

addressing

product

development

and

management

proposals;

and

coordinating

site

visits

of

the

Board

and

presentations

by

investment

teams

and

senior

management.

In

addition

to

the

services

provided,

the

Board

considered

the

financial

resources

of

the

Adviser

and

its

affiliates

and

their

willingness

to

make

investments

in

the

technology,

personnel

and

infrastructure

to

support

the

Nuveen

funds,

including

maintaining

a

seed

capital

budget

to

support

new

or

existing

funds

and/or

facilitate

changes

for

a

respective

fund.

Further,

the

Board

noted

the

benefits

to

shareholders

of

investing

in

a

fund

that

is

a

part

of

a

large

fund

complex

with

a

variety

of

investment

disciplines,

capabilities,

expertise

and

resources

available

to

navigate

and

support

the

Nuveen

funds

including

during

stressed

times.

The

Board

recognized

the

overall

reputation

and

capabilities

of

the

Adviser

and

its

affiliates,

the

Adviser's

continuing

commitment

to

provide

high

quality

services,

its

willingness

to

implement

operational

or

organizational

changes

in

seeking,

among

other

things,

to

enhance

efficiencies

and

services

to

the

Nuveen

funds

and

its

responsiveness

to

the

Board's

questions

and/or

concerns

raised

throughout

the

year

and

during

the

annual

review

of

advisory

agreements.

The

Board

also

considered

the

significant

risks

borne

by

the

Adviser

and

its

affiliates

in

connection

with

their

services

to

the

Nuveen

funds,

including

entrepreneurial

risks

in

sponsoring

new

funds

and

ongoing

risks

with

managing

the

funds

such

as

investment,

operational,

reputational,

regulatory,

compliance

and

litigation

risks.

In

evaluating

services,

the

Board

reviewed

various

highlights

of

the

initiatives

the

Adviser

and

its

affiliates

have

undertaken

or

continued

in

2021

and

2022

to

benefit

the

Nuveen

complex

and/or

particular

Nuveen

funds

and

meet

the

requirements

of

an

increasingly

complex

regulatory

environment

including,

but

not

limited

to:

Centralization

of

Functions

–

ongoing

initiatives

to

centralize

investment

leadership

and

create

a

more

cohesive

market

approach

and

centralized

shared

support

model

(including

through

the

consolidation

of

certain

affiliated

sub-advisers)

in

seeking

to

operate

more

effectively

and

enhance

the

research

capabilities

and

services

to

the

Nuveen

funds;

#### Annual

#### Investment

#### Management

#### Agreement

#### Approval

#### Process
(Unaudited)

(continued)

Fund

Improvements

and

Product

Management

Initiatives

–

continuing

to

proactively

manage

the

Nuveen

fund

complex

as

a

whole

and

at

the

individual

fund

level

with

an

aim

to

continually

improve

product

platforms

and

investment

strategies

to

better

serve

shareholders

through,

among

other

things,

rationalizing

the

product

line

and

gaining

efficiencies

through

mergers,

repositionings

and

liquidations;

launching

new

funds;

reviewing

and

updating

investment

policies

and

benchmarks;

soft

closing

certain

funds;

modifying

the

conversion

periods

on

certain

share

classes;

and

evaluating

and

adjusting

portfolio

management

teams

as

appropriate

for

various

funds;

Capital

Initiatives

–

continuing

to

invest

capital

to

support

new

Nuveen

funds

with

initial

capital

as

well

as

to

support

existing

funds;

Liquidity

Management

–

continuing

to

operate

the

liquidity

management

program

of

the

applicable

Nuveen

funds

including

monitoring

daily

their

liquidity

profile

and

assessing

annually

the

overall

liquidity

risk

of

such

funds;

Compliance

Program

Initiatives

–

continuing

efforts

to

mitigate

compliance

risk

with

a

focus

on

environmental,

social

and

governance

("ESG")

controls

and

processes,

increase

operating

efficiencies,

implement

enhancements

to

strengthen

ongoing

execution

of

key

compliance

program

elements,

support

international

business

growth

and

facilitate

integration

of

Nuveen's

operating

model;

Investment

Oversight

–

preparing

reports

to

the

Board

addressing,

among

other

things,

fund

performance;

market

conditions;

investment

team

matters;

product

developments;

changes

to

mandates,

policies

and

benchmarks;

and

other

management

proposals

as

well

as

preparing

and

coordinating

investment

presentations

to

the

Board;

Risk

Management

and

Valuation

Services

–

continuing

to

oversee

and

manage

risk

including,

among

other

things,

conducting

ongoing

calculations

and

monitoring

of

risk

measures

across

the

Nuveen

funds,

instituting

investment

risk

controls,

providing

risk

reporting

throughout

Nuveen,

participating

in

internal

oversight

committees,

dedicating

the

resources

and

time

to

develop

the

processes

necessary

to

help

address

fund

compliance

with

the

new

derivatives

rule

and

continuing

to

implement

an

operational

risk

framework

that

seeks

to

provide

greater

transparency

of

operational

risk

matters

across

the

complex

as

well

as

provide

multiple

other

risk

programs

that

seek

to

provide

a

more

disciplined

and

consistent

approach

to

identifying

and

mitigating

Nuveen's

operational

risks.

Further,

the

securities

valuation

team

continues,

among

other

things,

to

oversee

the

daily

valuation

process

of

the

portfolio

securities

of

the

funds,

maintain

the

valuation

policies

and

procedures,

facilitate

valuation

committee

meetings,

manage

relationships

with

pricing

vendors,

prepare

relevant

valuation

reports

and

design

methods

to

simplify

and

enhance

valuation

workflow

within

the

organization

and

implement

processes

and

procedures

to

help

address

compliance

with

the

new

valuation

rule

applicable

to

the

funds;

Regulatory

Matters

–

continuing

efforts

to

monitor

regulatory

trends

and

advocate

on

behalf

of

Nuveen

and/or

the

Nuveen

funds,

to

implement

and

comply

with

new

or

revised

rules

and

mandates

and

to

respond

to

regulatory

inquiries

and

exams;

Government

Relations

–

continuing

efforts

of

various

Nuveen

teams

and

Nuveen's

affiliates

to

develop

policy

positions

on

a

broad

range

of

issues

that

may

impact

the

Nuveen

funds,

advocate

and

communicate

these

positions

to

lawmakers

and

other

regulatory

authorities

and

work

with

trade

associations

to

ensure

these

positions

are

represented;

Business

Continuity,

Disaster

Recovery

and

Information

Security

–

continuing

efforts

of

Nuveen

to

periodically

test

and

update

business

continuity

and

disaster

recovery

plans

and,

together

with

its

affiliates,

to

maintain

an

information

security

program

that

seeks

to

identify

and

manage

information

security

risks,

and

provide

reports

to

the

Board,

at

least

annually,

addressing,

among

other

things,

management's

security

risk

assessment,

cyber

risk

profile,

potential

impact

of

new

or

revised

laws

and

regulations,

incident

tracking

and

other

relevant

information

technology

risk-related

reports;

and

Distribution

Management

Services

–

continuing

to

manage

the

distributions

among

the

varying

types

of

Nuveen

funds

within

the

Nuveen

complex

to

be

consistent

with

the

respective

fund's

product

design

and

positioning

in

striving

to

deliver

those

earnings

to

shareholders

in

a

relatively

consistent

manner

over

time

as

well

as

assisting

in

the

development

of

new

products

or

the

restructuring

of

existing

funds.

The

Board

further

considered

the

division

of

responsibilities

between

the

Adviser

and

the

Sub-Adviser

and

recognized

that

the

Sub-Adviser

and

its

investment

personnel

generally

are

responsible

for

the

management

of

the

Fund's

portfolio

under

the

oversight

of

the

Adviser

and

the

Board.

The

Board

considered

an

analysis

of

the

Sub-Adviser

provided

by

the

Adviser

which

included,

among

other

things,

information

relating

to

the

assets

under

management

of

the

applicable

investment

team

and

changes

thereto,

a

summary

of

the

applicable

investment

team

and

changes

thereto,

the

investment

process

and

philosophy

of

the

applicable

investment

team,

the

performance

of

the

Nuveen

funds

sub-advised

by

the

Sub-Adviser

over

various

periods

of

time

and

a

summary

of

any

significant

policy

and/or

other

changes

to

the

Nuveen

funds

sub-advised

by

the

Sub-Adviser

and/or

managed

by

the

applicable

investment

team.

The

Board

further

considered

at

the

May

Meeting

or

prior

meetings

evaluations

of

the

Sub-Adviser's

compliance

programs

and

trade

execution.

The

Board

noted

that

the

Adviser

recommended

the

renewal

of

the

Sub-Advisory

Agreement.

Based

on

its

review,

the

Board

determined,

in

the

exercise

of

its

reasonable

business

judgment,

that

it

was

satisfied

with

the

nature,

extent

and

quality

of

services

provided

to

the

Fund

under

each

Advisory

Agreement.

B. The

Investment

Performance

of

the

Fund

and

Fund

Advisers

In

evaluating

the

quality

of

the

services

provided

by

the

Fund

Advisers,

the

Board

also

received

and

considered

a

variety

of

investment

performance

data

of

the

Nuveen

funds

they

advise.

In

evaluating

performance,

the

Board

recognized

that

performance

data

may

differ

significantly

depending

on

the

ending

date

selected,

particularly

during

periods

of

market

volatility,

and

therefore

considered

the

broader

perspective

of

performance

over

a

variety

of

time

periods

that

may

include

full

market

cycles.

In

this

regard,

the

Board

reviewed,

among

other

things,

fund

performance

over

various

periods.

The

performance

data

prepared

for

the

annual

review

of

the

advisory

agreements

for

the

Nuveen

funds

supplemented

the

fund

performance

data

that

the

Board

received

throughout

the

year

at

its

meetings

representing

differing

time

periods.

In

its

review,

the

Board

took

into

account

the

discussions

with

representatives

of

the

Adviser;

the

Adviser's

analysis

regarding

fund

performance

that

occurred

at

these

Board

meetings

with

particular

focus

on

funds

that

were

considered

performance

outliers

(both

overperformance

and

underperformance);

the

factors

contributing

to

the

performance;

and

any

recommendations

or

steps

taken

to

address

performance

concerns.

Regardless

of

the

time

period

reviewed

by

the

Board,

the

Board

recognized

that

shareholders

may

evaluate

performance

based

on

their

own

holding

periods

which

may

differ

from

the

periods

reviewed

by

the

Board

and

lead

to

differing

results.

For

Nuveen

funds

that

had

changes

in

portfolio

managers

or

other

significant

changes

to

their

investment

strategies

or

policies

since

March

2019,

the

Board

reviewed

certain

tracking

performance

data

comparing

the

performance

of

such

funds

before

and

after

such

changes.

In

considering

performance

data,

the

Board

is

aware

of

certain

inherent

limitations

with

such

data,

including

that

differences

between

the

objective(s),

strategies

and

other

characteristics

of

the

Nuveen

funds

compared

to

certain

peer

groups

and/or

benchmark(s);

differences

in

the

composition

of

the

peer

group

over

time;

and

differences

in

the

types

and/or

levels

of

any

leverage

and

related

costs

with

that

of

the

peer

group

would

all

necessarily

contribute

to

differences

in

performance

results

and

limit

the

value

of

the

comparative

information.

The

Board

also

evaluated

performance

in

light

of

various

relevant

factors

which

may

include,

among

other

things,

general

market

conditions,

issuer-

specific

information,

asset

class

information,

leverage

and

fund

cash

flows.

In

relation

to

general

market

conditions,

the

Board

had

recognized

the

recent

periods

in

2022

of

general

market

volatility

and

underperformance.

In

their

review

from

year

to

year,

the

Board

Members

consider

and

may

place

different

emphasis

on

the

relevant

information

in

light

of

changing

circumstances

in

market

and

economic

conditions.

Further,

the

Board

recognized

that

the

market

and

economic

conditions

may

significantly

impact

a

fund's

performance,

particularly

over

shorter

periods,

and

such

performance

may

be

more

reflective

of

such

economic

or

market

events

and

not

necessarily

reflective

of

management

skill.

Accordingly,

depending

on

the

facts

and

circumstances

including

any

differences

between

the

respective

Nuveen

fund

and

its

benchmark

and/or

peer

group,

the

Board

may

be

satisfied

with

a

fund's

performance

notwithstanding

that

its

performance

may

be

below

that

of

its

benchmark

or

peer

group

for

certain

periods.

However,

with

respect

to

any

Nuveen

funds

for

which

the

Board

has

identified

performance

issues,

the

Board

monitors

such

funds

closely

until

performance

improves,

discusses

with

the

Adviser

the

reasons

for

such

results,

considers

whether

any

steps

are

necessary

or

appropriate

to

address

such

issues,

and

reviews

the

results

of

any

steps

undertaken.

The

Board

noted

that

the

Fund,

a

Nuveen

exchange-traded

fund

("ETF"),

is

designed

to

track

the

performance

of

a

specified

index

(the

"Underlying

Index").

In

its

review,

the

Board

received

and

reviewed

performance

information

including,

among

other

things,

the

net

asset

value

performance

of

the

Fund

over

the

quarter-,

one-,

three-

and

five-year

periods

ended

December

31,

2021

and

March

31,

2022. The

Board

also

considered,

among

other

things,

the

Fund's

performance

in

comparison

to

the

performance

of

its

Underlying

Index

and

a

broad-based

index

from

which

the

Underlying

Index

is

generally

derived,

underlying

factors

that

attributed

to

the

Fund's

performance,

and

the

Fund's

tracking

error

and

relative

return

compared

to

its

Underlying

Index

and

certain

peer

rankings

(the

peer

funds

upon

which

such

peer

rankings

are

based

are

referred

to

collectively

as

the

"Performance

Peer

Group").

However,

given

the

Fund's

investment

objective

of

seeking

investment

results

that

correspond

generally

to

the

performance

of

its

Underlying

Index,

the

Board

recognized

that

the

extent

to

which

the

Fund

tracked

its

benchmark

was

of

greater

relevance

in

assessing

the

performance

for

the

Fund

and

therefore

placed

more

emphasis

on

the

tracking

error

and

correlation

data

provided.

The

Board's

determinations

with

respect

to

the

Fund

are

summarized

below.

The

Board

considered,

among

other

things,

the

performance

of

the

Fund

and

its

Underlying

Index

for

the

one-,

three-

and

five-year

periods

ended

December 31,

2021

and

March 31,

2022

as

well

as

its

tracking

error

compared

to

its

Underlying

Index

as

of

such

dates.

The

Board

noted

that

the

Fund

ranked

in

the

first

quartile

of

its

Performance

Peer

Group

for

the

one-,

three-

and

five-year

periods

ended

December 31,

2021

and

March 31,

2022. Given

the

Fund's

investment

objective,

however,

the

Board

placed

more

emphasis

on

its

review

of

the

tracking

error

and

correlation

data.

Based

on

its

review,

the

Board

was

generally

satisfied

with

the

Fund's

overall

performance.

C. Fees,

Expenses

and

Profitability

1. Fees

and

Expenses

As

part

of

its

annual

review,

the

Board

generally

considered

the

contractual

management

fee

and

net

management

fee

(the

management

fee

after

taking

into

consideration

fee

waivers

and/or

expense

reimbursements,

if

any)

paid

by

a

Nuveen

fund

to

the

Adviser

in

light

of

the

nature,

extent

and

quality

of

the

services

provided.

The

Board

also

generally

considered

the

total

operating

expense

ratio

of

a

Nuveen

fund

before

and

after

any

fee

waivers

and/or

expense

reimbursements.

With

respect

to

the

Nuveen

ETFs,

such

as

the

Fund,

however,

the

Board

recognized

that

a

Nuveen

ETF

pays

a

unitary

fee

and

therefore,

the

Board

reviewed

the

unitary

fee

compared

to

the

gross

and

net

management

fees

and

net

total

expense

ratios

of

a

group

of

comparable

funds

(the

"Peer

Group")

established

by

Broadridge.

The

Independent

Board

Members

reviewed

the

methodology

Broadridge

employed

to

establish

its

Peer

Group

and

recognized

that

differences

between

the

applicable

fund

and

its

respective

Peer

Group

as

well

as

changes

to

the

composition

of

the

Peer

Group

from

year

to

year

may

limit

some

of

the

value

of

the

comparative

data.

The

Independent

Board

Members

take

these

limitations

and

differences

into

account

when

reviewing

comparative

peer

data.

The

Independent

Board

Members

also

considered

a

fund's

operating

expense

ratio

as

it

more

directly

reflected

the

shareholder's

costs

in

investing

in

the

respective

fund.

In

their

review,

the

Independent

Board

Members

considered,

in

particular,

each

fund

with

a

net

expense

ratio

of

six

basis

points

or

higher

compared

to

that

of

its

peer

average

(each,

an

"Expense

Outlier

Fund")

and

an

analysis

as

to

the

factors

contributing

to

each

such

fund's

higher

relative

net

expense

ratio.

Accordingly,

in

reviewing

the

comparative

data

between

a

fund

and

its

peers,

the

Board

generally

considered

the

fund's

net

expense

ratio

and

fees

to

be

higher

if

they

were

over

basis

points

higher,

slightly

higher

if

they

were

to

basis

points

higher,

in

line

if

they

were

within

approximately

basis

points

higher

than

the

peer

average

and

below

if

they

were

below

the

peer

average

of

the

Peer

Group.

The

Independent

Board

Members

also

considered,

in

relevant

part,

a

fund's

net

management

fee

and

net

total

expense

ratio

in

light

of

its

performance

history.

#### Annual

#### Investment

#### Management

#### Agreement

#### Approval

#### Process
(Unaudited)

(continued)

As

noted

above,

the

Board

recognized

that

the

Nuveen

ETFs

pay

the

Adviser

a

single,

all-inclusive

(or

unified)

management

fee

for

providing

all

services

necessary

for

the

management

and

operation

of

the

Nuveen

ETFs,

subject

to

certain

exceptions.

Unlike

the

typical

fee

arrangements

of

the

other

Nuveen

funds

in

which

the

funds

pay

a

variety

of

fees

and

expenses

such

as

investment

advisory

fees,

transfer

agency

fees,

audit

fees,

custodian

fees,

administration

fees,

compliance

expenses,

recordkeeping

expenses,

marketing

and

shareholder

service

fees,

distribution

charges

and

other

expenses,

Nuveen

ETFs

pay

the

Adviser

a

unified

fee,

and

the

Adviser

is

responsible

for

providing

such

services

or

arranging

and

supervising

third

parties

to

provide

such

services

(subject

to

the

certain

exceptions).

Under

the

unified

fee

structure,

the

Board

recognized

that

the

Adviser

generally

bears

the

risks

of

the

operating

costs

rising

(and

benefits

if

such

expenses

decrease)

and

therefore

has

an

incentive

to

be

administratively

efficient.

As

part

of

the

Board's

analysis

of

the

fee

level

of

the

Fund,

the

Independent

Board

Members

reviewed,

among

other

things,

the

unified

fee

compared

to

the

gross

and

net

management

fees

and

net

total

expense

ratios

of

its

Peer

Group.

With

respect

to

the

Sub-Adviser,

the

Board

also

considered,

among

other

things,

the

sub-advisory

fee

schedule

paid

to

the

Sub-Adviser

in

light

of

the

sub-advisory

services

provided

to

the

Fund

and

comparative

data

of

the

fees

the

Sub-Adviser

charges

to

other

clients,

if

any.

In

its

review,

the

Board

recognized

that

the

compensation

paid

to

the

Sub-Adviser

is

the

responsibility

of

the

Adviser,

not

the

Fund.

The

Independent

Board

Members

noted

that

the

Fund

had

a

net

management

fee

and

a

net

expense

ratio

that

were

below

the

respective

peer

average.

Based

on

its

review

of

the

information

provided,

the

Board

determined

that

the

Fund's

management

fees

(as

applicable)

to

a

Fund

Adviser

were

reasonable

in

light

of

the

nature,

extent

and

quality

of

services

provided

to

the

Fund.

2. Comparisons

with

the

Fees

of

Other

Clients

In

determining

the

appropriateness

of

fees,

the

Board

also

considered

information

regarding

the

fee

rates

the

respective

Fund

Advisers

charged

to

certain

other

types

of

clients

and

the

type

of

services

provided

to

these

other

clients.

With

respect

to

the

Adviser

and/or

the

Sub-Adviser,

such

other

clients

may

include:

foreign

investment

companies

offered

by

Nuveen

and

sub-advised

by

the

Sub-Adviser;

and

certain

funds

advised

by

the

Sub-Adviser.

The

Board

further

noted

that

the

Adviser

also

advised,

and

the

Sub-Adviser

sub-advised,

certain

additional

ETFs

sponsored

by

Nuveen.

In

this

regard,

the

Board

reviewed,

among

other

things,

the

range

of

fees

assessed

for

foreign

investment

companies

and

ETFs

offered

by

Nuveen.

In

addition,

the

Board

reviewed

the

management

fees

and

expense

ratios

of

certain

funds

advised

by

the

Sub-Adviser

in

the

TIAA-CREF

family

of

funds.

In

considering

the

fee

data

of

other

clients,

the

Board

recognized,

among

other

things,

that

differences

in

the

amount,

type

and

level

of

services

provided

to

the

Nuveen

funds

relative

to

other

types

of

clients

as

well

as

any

differences

in

portfolio

investment

policies,

the

types

of

assets

managed

and

related

complexities

in

managing

such

assets,

the

entrepreneurial

and

other

risks

associated

with

a

particular

strategy

and

regulatory

requirements

will

contribute

to

the

variations

in

the

fee

schedules.

The

Board

recognized

the

breadth

of

services

the

Adviser

had

provided

to

the

Nuveen

funds

compared

to

other

types

of

clients

as

the

funds

operate

in

a

highly

regulated

industry

with

increasing

regulatory

requirements

as

well

as

the

increased

entrepreneurial,

legal

and

regulatory

risks

that

the

Adviser

incurs

in

sponsoring

and

managing

the

funds.

With

respect

to

foreign

funds,

the

Board

recognized

that

the

differences

in

the

client

base,

governing

bodies,

distribution

jurisdiction

and

operational

complexities

would

also

contribute

to

variations

in

management

fees

of

the

Nuveen

funds

compared

to

those

of

the

foreign

funds.

Further,

with

respect

to

ETFs,

the

Board

considered

that

certain

Nuveen

ETFs

(such

as

the

Fund)

were

passively

managed

compared

to

the

active

management

of

other

Nuveen

funds

which

also

contributed

to

the

differences

in

fee

levels

between

such

Nuveen

ETFs

and

the

actively-managed

funds.

In

general,

higher

fee

levels

reflect

higher

levels

of

service

provided

by

the

Adviser,

increased

investment

management

complexity,

greater

product

management

requirements,

and

higher

levels

of

business

risk

or

some

combination

of

these

factors.

The

Board

further

considered

that

the

Sub-Adviser's

fee

is

essentially

for

portfolio

management

services.

The

Board

concluded

the

varying

levels

of

fees

were

justified

given,

among

other

things,

the

inherent

differences

in

the

products

and

the

level

of

services

provided

to

the

Nuveen

funds

versus

other

clients,

the

differing

regulatory

requirements

and

legal

liabilities

and

the

entrepreneurial,

legal

and

regulatory

risks

incurred

in

sponsoring

and

advising

a

registered

investment

company.

3. Profitability

of

Fund

Advisers

In

their

review,

the

Independent

Board

Members

considered

information

regarding

Nuveen's

level

of

profitability

for

its

advisory

services

to

the

Nuveen

funds

for

the

calendar

years

2021

and

2020. The

Board

reviewed,

among

other

things,

the

net

margins

(pre-tax)

for

Nuveen

Investments,

Inc.

("Nuveen

Investments"),

the

gross

and

net

revenue

margins

(pre-

and

post-tax

and

excluding

distribution)

and

the

revenues,

expenses

and

net

income

(pre-

and

post-tax

and

before

distribution

expenses)

of

Nuveen

Investments

from

the

Nuveen

funds

only;

and

comparative

profitability

data

comparing

the

operating

margins

of

Nuveen

Investments

compared

to

the

adjusted

operating

margins

of

certain

peers

that

had

publicly

available

data

and

with

the

most

comparable

assets

under

management

(based

on

asset

size

and

asset

composition)

for

each

of

the

last

two

calendar

years.

The

Board

also

reviewed

the

revenues,

expenses

and

operating

margin

(pre-

and

post-tax)

the

Adviser

derived

from

its

ETF

product

line

for

the

2021

and

2020

calendar

years.

In

reviewing

the

profitability

data,

the

Independent

Board

Members

recognized

the

subjective

nature

of

calculating

profitability

as

the

information

is

not

audited

and

is

dependent

on

cost

allocation

methodologies

to

allocate

corporate-wide

overhead/shared

service

expenses,

TIAA

(defined

below)

corporate-wide

overhead

expenses

and

partially

fund

related

expenses

to

the

Nuveen

complex

and

its

affiliates

and

to

further

allocate

such

expenses

between

the

Nuveen

fund

and

non-fund

businesses.

The

Independent

Board

Members

reviewed

a

description

of

the

cost

allocation

methodologies

employed

to

develop

the

financial

information,

a

summary

of

the

history

of

changes

to

the

methodology

over

the

years

from

2010

to

2021,

and

the

net

revenue

margins

derived

from

the

Nuveen

funds

(pre-tax

and

including

and

excluding

distribution)

and

total

company

margins

from

Nuveen

Investments

compared

to

the

firm-wide

adjusted

operating

margins

of

the

peers

for

each

calendar

year

from

2012

to

2021. The

Board

had

also

appointed

four

Independent

Board

Members

to

serve

as

the

Board's

liaisons,

with

the

assistance

of

independent

counsel,

to

review

the

development

of

the

profitability

data

and

to

report

to

the

full

Board.

In

its

evaluation,

the

Board,

however,

recognized

that

other

reasonable

and

valid

allocation

methodologies

could

be

employed

and

could

lead

to

significantly

different

results.

The

Independent

Board

Members

also

reviewed

a

summary

of

the

key

drivers

that

affected

Nuveen's

revenues

and

expenses

impacting

profitability

in

2021

versus

2020. In

reviewing

the

comparative

peer

data

noted

above,

the

Board

considered

that

the

operating

margins

of

Nuveen

Investments

compared

favorably

to

the

peer

group

range

of

operating

margins;

however,

the

Independent

Board

Members

also

recognized

the

limitations

of

the

comparative

data

given

that

peer

data

is

not

generally

public

and

the

calculation

of

profitability

is

subjective

and

affected

by

numerous

factors

(such

as

types

of

funds

a

peer

manages,

its

business

mix,

its

cost

of

capital,

the

numerous

assumptions

underlying

the

methodology

used

to

allocate

expenses

and

other

factors)

that

can

have

a

significant

impact

on

the

results.

Aside

from

Nuveen's

profitability,

the

Board

recognized

that

the

Adviser

is

a

subsidiary

of

Nuveen,

LLC,

the

investment

management

arm

of

Teachers

Insurance

and

Annuity

Association

of

America

("TIAA").

Accordingly,

the

Board

also

reviewed

a

balance

sheet

for

TIAA

reflecting

its

assets,

liabilities

and

capital

and

contingency

reserves

for

the

2021

and

2020

calendar

years

to

consider

the

financial

strength

of

TIAA.

The

Board

recognized

the

benefit

of

an

investment

adviser

and

its

parent

with

significant

resources,

particularly

during

periods

of

market

volatility.

The

Board

also

noted

the

reinvestments

Nuveen,

its

parent

and/or

other

affiliates

made

into

its

business

through,

among

other

things,

the

investment

of

seed

capital

in

certain

Nuveen

funds

and

continued

investments

in

enhancements

to

technological

capabilities.

In

addition

to

Nuveen,

the

Independent

Board

Members

considered

the

profitability

of

the

Sub-Adviser

from

its

relationships

with

the

Nuveen

funds.

In

this

regard,

the

Independent

Board

Members

reviewed,

among

other

things,

the

Sub-Adviser's

revenues,

expenses

and

net

operating

income

for

its

advisory

services

to

the

Nuveen

ETFs

and

Nuveen

closed-end

funds

it

sub-advises

for

2021

and

2020. In

evaluating

the

reasonableness

of

the

compensation,

the

Independent

Board

Members

also

considered

any

other

ancillary

benefits

derived

by

the

respective

Fund

Adviser

from

its

relationship

with

the

Nuveen

funds

as

discussed

in

further

detail

below.

Based

on

a

consideration

of

all

the

information

provided,

the

Board

noted

that

Nuveen's

and

the

Sub-Adviser's

level

of

profitability

was

acceptable

and

not

unreasonable

in

light

of

the

services

provided.

D. Economies

of

Scale

and

Whether

Fee

Levels

Reflect

These

Economies

of

Scale

The

Board

considered

whether

there

have

been

economies

of

scale

with

respect

to

the

management

of

the

Nuveen

funds

and

whether

these

economies

of

scale

have

been

appropriately

shared

with

the

funds.

The

Board

recognized

that

although

economies

of

scale

are

difficult

to

measure

and

certain

expenses

may

not

decline

with

a

rise

in

assets,

there

are

several

methods

to

help

share

the

benefits

of

economies

of

scale,

including

breakpoints

in

the

management

fee

schedule,

fee

waivers

and/or

expense

limitations,

the

pricing

of

Nuveen

funds

at

scale

at

inception

and

investments

in

Nuveen's

business

which

can

enhance

the

services

provided

to

the

funds

for

the

fees

paid.

The

Board

noted

that

Nuveen

generally

has

employed

these

various

methods,

and

the

Board

considered

the

extent

to

which

the

Nuveen

funds

will

benefit

from

economies

of

scale

as

their

assets

grow.

In

this

regard,

the

Board

recognized

that,

with

respect

to

the

Nuveen

funds

generally,

although

the

management

fee

of

the

Adviser

is

typically

comprised

of

a

fund-level

component

and

a

complex-level

component

each

with

its

own

breakpoint

schedule,

the

Nuveen

ETFs

do

not

have

breakpoint

schedules.

The

Board

recognized

that

the

Nuveen

ETFs

(including

the

Fund)

pay

a

unified

fee

and

as

a

result,

any

reduction

in

fixed

costs

associated

with

the

management

of

these

funds

would

benefit

the

Adviser.

However,

the

Independent

Board

Members

noted

that

the

unified

fee

schedule

provides

shareholders

with

a

level

of

certainty

of

the

expenses

of

the

Nuveen

ETFs.

The

Independent

Board

Members

considered

that

the

unified

fees

generally

provide

inherent

economies

of

scale

because

the

Nuveen

ETF

would

maintain

a

competitive

fixed

fee

over

the

annual

contract

period

even

if

the

particular

fund's

assets

declined

and/or

operating

costs

rose.

As

the

Nuveen

ETFs

do

not

have

breakpoints,

they

do

not

participate

in

the

complex-level

fee

programs.

As

noted

above,

the

Independent

Board

Members

also

recognized

the

continued

reinvestment

in

Nuveen's

business.

Based

on

its

review,

the

Board

concluded

that

the

current

fee

arrangements

together

with

the

reinvestment

in

Nuveen's

business

appropriately

shared

any

economies

of

scale

with

shareholders.

The

Board

further

concluded

that

the

absence

of

a

fund-level

and/or

complex-level

breakpoint

schedule

or

arrangement

(as

applicable)

was

acceptable.

E. Indirect

Benefits

The

Independent

Board

Members

received

and

considered

information

regarding

other

benefits

the

respective

Fund

Adviser

or

its

affiliates

may

receive

as

a

result

of

their

relationship

with

the

Nuveen

funds.

In

addition,

the

Independent

Board

Members

also

noted

that

various

sub-advisers

may

engage

in

soft

dollar

transactions

pursuant

to

which

they

may

receive

the

benefit

of

research

products

and

other

services

provided

by

broker-

dealers

executing

portfolio

transactions

on

behalf

of

the

applicable

Nuveen

funds.

However,

the

Board

noted

that

the

Sub-Adviser

does

not

participate

in

soft

dollar

arrangements

with

respect

to

Nuveen

fund

portfolio

transactions.

#### Annual

#### Investment

#### Management

#### Agreement

#### Approval

#### Process
(Unaudited)

(continued)

Based

on

its

review,

the

Board

concluded

that

any

indirect

benefits

received

by

a

Fund

Adviser

as

a

result

of

its

relationship

with

the

Fund

were

reasonable

and

within

acceptable

parameters.

F. Other

Considerations

The

Board

Members

did

not

identify

any

single

factor

discussed

previously

as

all-important

or

controlling.

The

Board

Members,

including

the

Independent

Board

Members,

concluded

that

the

terms

of

each

Advisory

Agreement

were

reasonable,

that

the

respective

Fund

Adviser's

fees

were

reasonable

in

light

of

the

services

provided

to

the

Fund

and

that

the

Advisory

Agreements

be

renewed.

#### Liquidity

#### Risk

#### Management

#### Program
(Unaudited)

Discussion

of

the

operation

and

effectiveness

of

the

Funds'

liquidity

risk

management

program

In

compliance

with

Rule

22e-4

under

the

Investment

Company

Act

of

1940,

as

amended

(the

"Liquidity

Rule"),

each

Fund

covered

in

this

Report

(the

"Funds")

has

adopted

and

implemented

a

liquidity

risk

management

program

(the

"Program"),

which

is

designed

to

manage

the

Fund's

liquidity

risk.

The

Program

consists

of

various

protocols

for

assessing

and

managing

each

Fund's

liquidity

risk.

The

Funds'

Board

of

Trustees (the

"Board") previously

designated

Nuveen

Fund

Advisors,

LLC,

the

Funds'

investment

adviser,

as

the

Administrator

of

the

Program.

The

adviser's

Liquidity

Monitoring

and

Analysis

Team

("LMAT")

carries

out

day-to-day

Program

management

with

oversight

by

the

adviser's

Liquidity

Oversight

Sub-Committee

(the

LOSC").

The

LOSC

is

composed

of

personnel

from

the

adviser

and

Teachers

Advisors,

LLC,

an

affiliate

of

the

adviser.

At

a

May

23-25,

2022

meeting

of

the

Board,

the

Administrator

provided

the

Board

with

a

written

report

addressing

the

Program's

operation,

adequacy

and

effectiveness

of

implementation

for

calendar

year

2021

(the

"Review

Period"),

as

required

under

the

Liquidity

Rule.

The

report

noted

that

the

Program

has

been

and

continues

to

be

adequately

and

effectively

implemented

to

monitor

and

(as

applicable)

respond

to

each

Fund's

liquidity

developments.

In

accordance

with

the

Program,

the

LMAT

assesses

each

Fund's

liquidity

risk

no

less

frequently

than

annually

based

on

various

factors,

such

as

(1) the

Fund's

investment

strategy

and

the

liquidity

of

portfolio

investments,

(ii) cash

flow

projections,

and

(ii) holdings

of

cash

and

cash

equivalents,

borrowing

arrangements,

and

other

funding

sources.

Certain

factors

are

considered

under

both

normal

and

reasonably

foreseeable

stressed

conditions.

Each

Fund

portfolio

investment

is

classified

into

one

of

four

liquidity

categories

(including

the

most

liquid,

"Highly

Liquid",

and

the

least

liquid,

"Illiquid",

discussed

below),

The

classification

is

based

on

a

determination

of

how

long

it

is

reasonably

expected

to

take

to

convert

the

investment

into

cash,

or

sell

or

dispose

of

the

investment,

in

current

market

conditions

without

significantly

changing

the

market

value

of

the

investment

Liquidity

classification

determinations

take

into

account

various

market,

trading,

and

investment-specific

considerations,

as

well

as

market

depth,

and

use

third-

party

vendor

data.

Any

Fund

that

does

not

primarily

hold

highly

liquid

investments

must,

among

other

things,

determine

a

minimum

percentage

of

Fund

assets

that

must

be

invested

in

highly

liquid

investments

(a

"Highly

Liquid

Investment

Minimum").

During

the

Review

Period,

each

Fund

primarily

held

Highly

Liquid

investments

and

therefore

was

exempt

from

the

requirement

to

adopt

a

Highly

Liquid

Investment

Minimum

and

to

comply

with

the

related

requirements

under

the

Liquidity

Rule.

The

Liquidity

Rule

also

limits

a

Fund's

investments

in

Illiquid

investments.

Specifically,

the

Liquidity

Rule

prohibits

a

Fund

from

acquiring

Illiquid

investments

if

doing

so

would

result

in

the

Fund

holding

more

than

15%

of

its

net

assets

in

illiquid

investments,

and

requires

certain

reporting

to

the

Fund

Board

and

the

Securities

and

Exchange

Commission

any

time

a

Fund's

holdings

of

Illiquid

investments

exceeds

15%

of

net

assets.

During

the

Review

Period,

no

Fund

exceeded

the

15%

limit

on

Illiquid

investments.

#### Trustees

#### and

#### Officers
(Unaudited)

The

management

of

the

Funds,

including

general

supervision

of

the

duties

performed

for

the

Funds

by

the

Adviser,

is

the

responsibility

of

the

Board

of Trustees

of

the

Funds.

The

number

of

Trustees of

the

Funds

is

currently

set

at

ten.

None

of

the Trustees

who

are

not

"interested"

persons

of

the

Funds

(referred

to

herein

as

"Independent

Trustees")

has

ever

been

a Trustee

or

employee

of,

or

consultant

to,

Nuveen

or

its

affiliates.

The

names

and

business

addresses

of

the Trustees

and

officers

of

the

Funds,

their

principal

occupations

and

other

affiliations

during

the

past

five

years,

the

number

of

portfolios

each

oversees

and

other

directorships

they

hold

are

set

forth

below.

The

Funds'

Statement

of

Additional

Information

("SAI")

includes

more

information

about

the

Trustees.

To

request

a

free

copy,

call

Nuveen

Investments

at

(800) 257-8787

or

visit

the

Funds'

website

at

www.nuveen.com.

Name,

Year

of

Birth

&

Address

Position(s)

Held

with

the

Funds

Year

First

Elected

or

Appointed

(1) Principal

Occupation(s)

Including

other

Directorships

During

Past

Years

Number

of

Portfolios

in

Fund

Complex

Overseen

By

Trustee

Independent

Trustees:

Terence

J. Toth

1959

W. Wacker

Drive

Chicago,

IL

60606

Chair

and

Trustee

2008

Formerly,

a

Co-Founding

Partner,

Promus

Capital

(investment

advisory

firm)

(2008-2017);

formerly,

Director,

Quality

Control

Corporation

(manufacturing)

(2012-2021);

Chair

of

the

Board

of

the

Kehrein

Center

for

the

Arts

(philanthropy)

(since

2021);

member:

Catalyst

Schools

of

Chicago

Board

(since

2008)

and

Mather

Foundation

Board

(philanthropy)

(since

2012),

and

chair

of

its

investment

committee;

formerly,

Member,

Chicago

Fellowship

Board

(philanthropy)

2005-2016);

formerly,

Director,

Fulcrum

IT

Services

LLC

(information

technology

services

firm

to

government

entities)

(2010-2019);

formerly,

Director,

LogicMark

LLC

(health

services)

(2012-2016);

formerly,

Director,

Legal

&

General

Investment

Management

America,

Inc.

(asset

management)

(2008-

2013);

formerly,

CEO

and

President,

Northern

Trust

Global

Investments

(financial

services)

(2004-2007);

Executive

Vice

President,

Quantitative

Management

&

Securities

Lending

(2000-2004);

prior

thereto,

various

positions

with

Northern

Trust

Company

(financial

services)

(since

1994);

formerly,

Member,

Northern

Trust

Mutual

Funds

Board

(2005-2007),

Northern

Trust

Global

Investments

Board

(2004-2007),

Northern

Trust

Japan

Board

(2004-2007),

Northern

Trust

Securities

Inc.

Board

(2003-2007)

and

Northern

Trust

Hong

Kong

Board

(1997-2004).

Jack

B. Evans

1948

W. Wacker

Drive

Chicago,

IL

60606

Trustee

1999

Chairman

(since

2019),

formerly,

President

(1996-2019),

The

Hall-Perrine

Foundation,

(private

philanthropic

corporation);

Life

Trustee

of

Coe

College;

formerly,

Member

and

President

Pro-Tem

of

the

Board

of

Regents

for

the

State

of

Iowa

University

System

(2007-

2013);

Director

and

Chairman

(2009-2021),

United

Fire

Group,

a

publicly

held

company;

Director,

Public

Member,

American

Board

of

Orthopaedic

Surgery

(2015-2020);

Director

(2000-2004),

Alliant

Energy;

Director

(1996-2015),

The

Gazette

Company

(media

and

publishing);

Director

(1997-

2003),

Federal

Reserve

Bank

of

Chicago;

President

and

Chief

Operating

Officer

(1972-1995),

SCI

Financial

Group,

Inc.,

(regional

financial

services

firm).

William

C. Hunter

1948

W. Wacker

Drive

Chicago,

IL

60606

Trustee

2003

Dean

Emeritus,

formerly,

Dean,

Tippie

College

of

Business,

University

of

Iowa

(2006-2012);

Director

of

Wellmark,

Inc.

(since

2009);

past

Director

(2005-2015),

and

past

President

(2010-

2014)

Beta

Gamma

Sigma,

Inc.,

The

International

Business

Honor

Society;

formerly,

Director

(2004-2018)

of

Xerox

Corporation;

formerly,

Dean

and

Distinguished

Professor

of

Finance,

School

of

Business

at

the

University

of

Connecticut

(2003-2006);

previously,

Senior

Vice

President

and

Director

of

Research

at

the

Federal

Reserve

Bank

of

Chicago

(1995-2003);

formerly,

Director

(1997-2007),

Credit

Research

Center

at

Georgetown

University.

Name,

Year

of

Birth

&

Address

Position(s)

Held

with

the

Funds

Year

First

Elected

or

Appointed

(1) Principal

Occupation(s)

Including

other

Directorships

During

Past

Years

Number

of

Portfolios

in

Fund

Complex

Overseen

By

Trustee

Amy

B. R. Lancellotta

1959

W. Wacker

Drive

Chicago,

IL

60606

Trustee

2021

Formerly,

Managing

Director,

Independent

Directors

Council

(IDC) (supports

the

fund

independent

director

community

and

is

part

of

the

Investment

Company

Institute

(ICI),

which

represents

regulated

investment

companies)

(2006-2019);

formerly,

various

positions

with

ICI

(1989-2006);

Member

of

the

Board

of

Directors,

Jewish

Coalition

Against

Domestic

Abuse

(JCADA)

(since

2020).

Joanne

T. Medero

1954

W. Wacker

Drive

Chicago,

IL

60606

Trustee

2021

Formerly,

Managing

Director,

Government

Relations

and

Public

Policy

(2009-2020)

and

Senior

Advisor

to

the

Vice

Chairman

(2018-2020),

BlackRock,

Inc.

(global

investment

management

firm);

formerly,

Managing

Director,

Global

Head

of

Government

Relations

and

Public

Policy,

Barclays

Group

(IBIM)

(investment

banking,

investment

management

and

wealth

management

businesses)(2006-2009);

formerly,

Managing

Director,

Global

General

Counsel

and

Corporate

Secretary,

Barclays

Global

Investors

(global

investment

management

firm)

(1996-2006);

formerly,

Partner,

Orrick,

Herrington

&

Sutcliffe

LLP

(law

firm)

(1993-1995);

formerly,

General

Counsel,

Commodity

Futures

Trading

Commission

(government

agency

overseeing

U.S.

derivatives

markets)

(1989-1993);

formerly,

Deputy

Associate

Director/Associate

Director

for

Legal

and

Financial

Affairs,

Office

of

Presidential

Personnel,

The

White

House

(1986-1989);

Member

of

the

Board

of

Directors,

Baltic-American

Freedom

Foundation

(seeks

to

provide

opportunities

for

citizens

of

the

Baltic

states

to

gain

education

and

professional

development

through

exchanges

in

the

U.S.)

(since

2019).

Albin

F. Moschner

1952

W. Wacker

Drive

Chicago,

IL

60606

Trustee

2016

Founder

and

Chief

Executive

Officer,

Northcroft

Partners,

LLC,

(management

consulting)

(since

2012);

formerly,

Chairman

(2019),

and

Director

(2012-2019),

USA

Technologies,

Inc.,

(provider

of

solutions

and

services

to

facilitate

electronic

payment

transactions);

formerly,

Director,

Wintrust

Financial

Corporation

(1996-2016);

previously,

held

positions

at

Leap

Wireless

International,

Inc.

(consumer

wireless

services),

including

Consultant

(2011-2012),

Chief

Operating

Officer

(2008-2011),

and

Chief

Marketing

Officer

(2004-2008);

formerly,

President,

Verizon

Card

Services

division

of

Verizon

Communications,

Inc.

(2000-2003);

formerly,

President,

One

Point

Services

at

One

Point

Communications

(telecommunication

services)

(1999-2000);

formerly,

Vice

Chairman

of

the

Board,

Diba,

Incorporated

(internet

technology

provider)

(1996-1997);

formerly,

various

executive

positions

(1991-1996)

including

Chief

Executive

Officer

(1995-1996)

of

Zenith

Electronics

Corporation

(consumer

electronics).

John

K. Nelson

1962

W. Wacker

Drive

Chicago,

IL

60606

Trustee

2013

Member

of

Board

of

Directors

of

Core12

LLC. (private

firm

which

develops

branding,

marketing

and

communications

strategies

for

clients)

(since

2008);

served

The

President's

Council

of

Fordham

University

(2010-2019)

and

previously

a

Director

of

the

Curran

Center

for

Catholic

American

Studies

(2009-2018);

formerly,

senior

external

advisor

to

the

Financial

Services

practice

of

Deloitte

Consulting

LLP.

(2012-2014);

former

Chair

of

the

Board

of

Trustees

of

Marian

University

(2010-2014

as

trustee,

2011-2014

as

Chair);

formerly

Chief

Executive

Officer

of

ABN

AMRO

Bank

N.V.,

North

America,

and

Global

Head

of

the

Financial

Markets

Division

(2007-2008),

with

various

executive

leadership

roles

in

ABN

AMRO

Bank

N.V.

between

1996

and

2007. 142

#### Trustees

#### and

#### Officers
(Unaudited)

(continued)

Name,

Year

of

Birth

&

Address

Position(s)

Held

with

the

Funds

Year

First

Elected

or

Appointed

(1) Principal

Occupation(s)

Including

other

Directorships

During

Past

Years

Number

of

Portfolios

in

Fund

Complex

Overseen

By

Trustee

Matthew

Thornton

III

1958

W. Wacker

Drive

Chicago,

IL

60606

Trustee

2020

Formerly,

Executive

Vice

President

and

Chief

Operating

Officer

(2018-2019),

FedEx

Freight

Corporation,

a

subsidiary

of

FedEx

Corporation

(FedEx)

(provider

of

transportation,

e-commerce

and

business

services

through

its

portfolio

of

companies);

formerly,

Senior

Vice

President,

U.S.

Operations

(2006-2018),

Federal

Express

Corporation,

a

subsidiary

of

FedEx;

formerly

Member

of

the

Board

of

Directors

(2012-2018),

Safe

Kids

Worldwide®

(a

non-profit

organization

dedicated

to

preventing

childhood

injuries).

Member

of

the

Board

of

Directors

(since

2014),

The

Sherwin-Williams

Company

(develops,

manufactures,

distributes

and

sells

paints,

coatings

and

related

products);

Director

(since

2020),

Crown

Castle

International

(provider

of

communications

infrastructure).

Margaret

L. Wolff

1955

W. Wacker

Drive

Chicago,

IL

60606

Trustee

2016

Formerly,

member

of

the

Board

of

Directors

(2013-2017)

of

Travelers

Insurance

Company

of

Canada

and

The

Dominion

of

Canada

General

Insurance

Company

(each,

a

part

of

Travelers

Canada,

the

Canadian

operation

of

The

Travelers

Companies,

Inc.);

formerly,

Of

Counsel,

Skadden,

Arps,

Slate,

Meagher

&

Flom

LLP

(Mergers

&

Acquisitions

Group)

(legal

services)

(2005-2014);

Member

of

the

Board

of

Trustees

of

New

York-Presbyterian

Hospital

(since

2005);

Member

(since

2004),

formerly,

Chair

(2015-2022)

of

the

Board

of

Trustees

of

The

John

A. Hartford

Foundation

(a

philanthropy

dedicated

to

improving

the

care

of

older

adults);

formerly,

Member

(2005-2015)

and

Vice

Chair

(2011-2015)

of

the

Board

of

Trustees

of

Mt.

Holyoke

College.

Robert

L. Young

1963

W. Wacker

Drive

Chicago,

IL

60606

Trustee

2017

Formerly,

Chief

Operating

Officer

and

Director,

J.P.

Morgan

Investment

Management

Inc.

(financial

services)

(2010-2016);

formerly,

President

and

Principal

Executive

Officer

(2013-2016),

and

Senior

Vice

President

and

Chief

Operating

Officer

(2005-2010),

of

J.P.

Morgan

Funds;

formerly,

Director

and

various

officer

positions

for

J.P.

Morgan

Investment

Management

Inc.

(formerly,

JPMorgan

Funds

Management,

Inc.

and

formerly,

One

Group

Administrative

Services)

and

JPMorgan

Distribution

Services,

Inc.

(financial

services)

(formerly,

One

Group

Dealer

Services,

Inc.)

(1999-2017).

Name,

Year

of

Birth

&

Address

Position(s)

Held

with

the

Funds

Year

First

Elected

or

Appointed

(2) Principal

Occupation(s)

Including

other

Directorships

During

Past

Years

Officers

of

the

Funds:

Jordan

M. Farris

1980

W. Wacker

Drive

Chicago,

IL

60606

Chief

Administrative

Officer

2019

Managing

Director

(since

2017),

formerly

Vice

President

(2016-2017),

Head

of

Product

Management

and

Development,

ETFs,

Nuveen

Securities,

LLC;

Director,

Guggenheim

Funds

Distributors

(2013-2016).

Brett

E. Black

1972

West

Wacker

Drive

Chicago,

IL

60606

Vice

President

and

Chief

Compliance

Officer

2022

Enterprise

Senior

Compliance

Officer

of

Nuveen

(since

2022);

formerly,

Vice

President

(2014-2022),

Chief

Compliance

Officer

(2017-2022);

Deputy

Chief

Compliance

Officer

(2014-2017)

of

BMO

Funds,

Inc.

Mark

J. Czarniecki

1979

901

Marquette

Avenue

Minneapolis,

MN

55402

Vice

President

and

Secretary

2013

Vice

President

and

Assistant

Secretary

of

Nuveen

Securities,

LLC

(since

2016);

Managing

Director

(since

2022),

formerly,

Vice

President

(2017-2022)

and

Assistant

Secretary

(since

2017)

of

Nuveen

Fund

Advisors,

LLC;

Managing

Director

and

Associate

General

Counsel

(since

January

2022),

formerly,

Vice

President

and

Associate

General

Counsel

of

Nuveen

(2013-2021);

Managing

Director

(since

2022),

formerly,

Vice

President

(2018-2022),

Assistant

Secretary

and

Associate

General

Counsel

(since

2018)

of

Nuveen

Asset

Management,

LLC. 39

Name,

Year

of

Birth

&

Address

Position(s)

Held

with

the

Funds

Year

First

Elected

or

Appointed

(2) Principal

Occupation(s)

Including

other

Directorships

During

Past

Years

Diana

R. Gonzalez

1978

8500

Andrew

Carnegie

Blvd.

Charlotte,

NC

28262

Vice

President

and

Assistant

Secretary

2017

Vice

President

and

Assistant

Secretary

of

Nuveen

Fund

Advisors,

LLC

(since

2017);

Vice

President,

Associate

General

Counsel

and

Assistant

Secretary

of

Nuveen

Asset

Management,

LLC

(since

2022);

Vice

President

and

Associate

General

Counsel

of

Nuveen

(since

2017);

Associate

General

Counsel

of

Jackson

National

Asset

Management,

LLC

(2012-2017).

Nathaniel

T. Jones

1979

W. Wacker

Drive

Chicago,

IL

60606

Vice

President

and

Treasurer

2016

Senior

Managing

Director

(since

2021),

formerly,

Managing

Director

(2017-2021),

Senior

Vice

President

(2016-2017)

of

Nuveen;

Managing

Director

(since

2015)

of

Nuveen

Fund

Advisors,

LLC;

Chartered

Financial

Analyst.

Tina

M. Lazar

1961

W. Wacker

Drive

Chicago,

IL

60606

Vice

President

2002

Managing

Director

(since

2017),

formerly,

Senior

Vice

President

(2014-2017)

of

Nuveen

Securities,

LLC. Brian

J. Lockhart

1974

W. Wacker

Drive

Chicago,

IL

60606

Vice

President

2019

Managing

Director

(since

2019)

of

Nuveen

Fund

Advisors,

LLC;

Senior

Managing

Director

(since

2021),

formerly,

Managing

Director

(2017-2021),

Vice

President

(2010-2017)

of

Nuveen;

Head

of

Investment

Oversight

(since

2017),

formerly,

Team

Leader

of

Manager

Oversight

(2015-2017);

Chartered

Financial

Analyst

and

Certified

Financial

Risk

Manager.

John

M. McCann

1975

8500

Andrew

Carnegie

Blvd.

Charlotte,

NC

28262

Vice

President

and

Assistant

Secretary

2022

Managing

Director

and

Assistant

Secretary

of

Nuveen

Fund

Advisors,

LLC

(since

2021);

Managing

Director,

Associate

General

Counsel

and

Assistant

Secretary

of

Nuveen

Asset

Management,

LLC

(since

2021);

Managing

Director

(since

2021)

and

Assistant

Secretary

(since

2016)

of

TIAA

SMA

Strategies

LLC;

Managing

Director

(since

2019,

formerly,

Vice

President

and

Director),

Associate

General

Counsel

and

Assistant

Secretary

of

College

Retirement

Equities

Fund,

TIAA

Separate

Account

VA-1,

TIAA-CREF

Funds

and

TIAA-CREF

Life

Funds;

Managing

Director

(since

2018),

formerly,

Vice

President

and

Director,

Associate

General

Counsel

and

Assistant

Secretary

of

Teachers

Insurance

and

Annuity

Association

of

America,

Teacher

Advisors

LLC

and

TIAA-CREF

Investment

Management,

LLC;

Vice

President

(since

2017),

Associate

General

Counsel

and

Assistant

Secretary

(since

2011)

of

Nuveen

Alternative

Advisors

LLC;

General

Counsel

and

Assistant

Secretary

of

Covariance

Capital

Management,

Inc.

(2014-2017).

Kevin

J. McCarthy

1966

W. Wacker

Drive

Chicago,

IL

60606

Vice

President

and

Assistant

Secretary

2007

Senior

Managing

Director

(since

2017)

and

Secretary

and

General

Counsel

(since

2016)

of

Nuveen

Investments,

Inc.,

formerly,

Executive

Vice

President

(2016-2017);

Senior

Managing

Director

(since

2017)

and

Assistant

Secretary

(since

2008)

of

Nuveen

Securities,

LLC,

formerly,

Executive

Vice

President

(2016-2017);

Senior

Managing

Director

(since

2017)

and

Secretary

(since

2016)

of

Nuveen

Fund

Advisors,

LLC,

formerly,

Co-General

Counsel

(2011-2020),

Executive

Vice

President

(2016-2017);

Senior

Managing

Director

(since

2017)

and

Secretary

(since

2016)

of

Nuveen

Asset

Management,

LLC,

formerly,

Associate

General

Counsel

(2011-2020),

Executive

Vice

President

(2016-2017);

formerly,

Vice

President

(2007-2021)

and

Secretary

(2016-2021)

of

NWQ

Investment

Management

Company,

LLC

and

Santa

Barbara

Asset

Management,

LLC;

Vice

President

and

Secretary

of

Winslow

Capital

Management,

LLC

(since

2010);

Senior

Managing

Director

(since

2017)

and

Secretary

(since

2016)

of

Nuveen

Alternative

Investments,

LLC. Jon

Scott

Meissner

1973

8500

Andrew

Carnegie

Blvd.

Charlotte,

NC

28262

Vice

President

and

Assistant

Secretary

2019

Managing

Director

of

Mutual

Fund

Tax

and

Financial

Reporting

groups

at

Nuveen

(since

2017);

Managing

Director

of

Nuveen

Fund

Advisors,

LLC

(since

2019);

Senior

Director

of

Teachers

Advisors,

LLC

and

TIAA-CREF

Investment

Management,

LLC

(since

2016);

Senior

Director

(since

2015)

Mutual

Fund

Taxation

to

the

TIAA-CREF

Funds,

the

TIAA-CREF

Life

Funds,

the

TIAA

Separate

Account

and

the

CREF

Accounts;

has

held

various

positions

with

TIAA

since

2004. Deann

D. Morgan

1969

730

Third

Avenue

New

York,

NY

10017

Vice

President

2020

President,

Nuveen

Fund

Advisors,

LLC

(since

2020);

Executive

Vice

President,

Global

Head

of

Product

at

Nuveen

(since

2019);

Co-Chief

Executive

Officer

of

Nuveen

Securities,

LLC

(since

2020);

Managing

Member

of

MDR

Collaboratory

LLC

(since

2018);

Managing

Director,

Head

of

Wealth

Management

Product

Structuring

&

COO

Multi

Asset

Investing.

The

Blackstone

Group

(2013-2017).

William

A. Siffermann

1975

W. Wacker

Drive

Chicago,

IL

60606

Vice

President

2017

Managing

Director

(since

2017),

formerly

Senior

Vice

President

(2016-2017)

of

Nuveen.

#### Trustees

#### and

#### Officers
(Unaudited)

(continued)

Name,

Year

of

Birth

&

Address

Position(s)

Held

with

the

Funds

Year

First

Elected

or

Appointed

(2) Principal

Occupation(s)

Including

other

Directorships

During

Past

Years

Trey

S. Stenersen

1965

8500

Andrew

Carnegie

Blvd.

Charlotte,

NC

28262

Vice

President

2022

Senior

Managing

Director

of

Teacher

Advisors

LLC

and

TIAA-CREF

Investment

Management,

LLC

(since

2018);

Senior

Managing

Director

(since

2019)

and

Chief

Risk

Officer

(since

2022),

formerly

Head

of

Investment

Risk

Management

(2017-

2022)

of

Nuveen;

Senior

Managing

Director

(since

2018)

of

Nuveen

Alternative

Advisors

LLC. E. Scott

Wickerham

1973

730

Third

Avenue

New

York,

NY

10017

Vice

President

and

Controller

2019

Senior

Managing

Director,

Head

of

Public

Investment

Finance

of

Nuveen

(since

2019),

formerly,

Managing

Director;

Senior

Managing

Director

(since

2019)

of

Nuveen

Fund

Advisors,

LLC;

Principal

Financial

Officer,

Principal

Accounting

Officer

and

Treasurer

(since

2017)

of

the

TIAA-CREF

Funds,

the

TIAA-CREF

Life

Funds,

the

TIAA

Separate

Account

and

the

Principal

Financial

Officer,

Principal

Accounting

Officer

(since

2020)

and

Treasurer

(since

2017)

to

the

CREF

Accounts;

has

held

various

positions

with

TIAA

since

2006. Mark

L. Winget

1968

W. Wacker

Drive

Chicago,

IL

60606

Vice

President

and

Assistant

Secretary

2008

Vice

President

and

Assistant

Secretary

of

Nuveen

Securities,

LLC

(since

2008);

Vice

President

and

Assistant

Secretary

of

Nuveen

Fund

Advisors,

LLC

(since

2019);

Vice

President,

Associate

General

Counsel

and

Assistant

Secretary

of

Nuveen

Asset

Management,

LLC

(since

2020);

Vice

President

(since

2010)

and

Associate

General

Counsel

(since

2019)

of

Nuveen.

Gifford

R. Zimmerman

1956

W. Wacker

Drive

Chicago,

IL

60606

Vice

President

and

Assistant

Secretary

1988

Managing

Director

and

Assistant

Secretary

of

Nuveen

Securities,

LLC

(since

2022);

Managing

Director,

Assistant

Secretary

and

General

Counsel

(since

2022),

formerly,

Co-General

Counsel

(2011-2020)

of

Nuveen

Fund

Advisors,

LLC;

formerly,

Managing

Director

(2004-2020)

and

Assistant

Secretary

(1994-2020)

of

Nuveen

Investments,

Inc.;

Managing

Director,

Assistant

Secretary

and

Associate

General

Counsel

(since

2022)

of

Nuveen

Asset

Management,

LLC;

Vice

President

and

Assistant

Secretary

(since

2022)

of

Winslow

Capital

Management,

LLC;

formerly,

Vice

President

and

Assistant

Secretary

of

NWQ

Investment

Management

Company,

LLC

(2002-2020)

and

Santa

Barbara

Asset

Management,

LLC

(2006-

2020)

Chartered

Financial

Analyst.

Rachael

Zufall

1973

8500

Andrew

Carnegie

Blvd.

Charlotte,

NC

28262

Vice

President

and

Assistant

Secretary

2022

Managing

Director

(since

2017),

Associate

General

Counsel

and

Assistant

Secretary

(since

2014)

of

the

CREF

Accounts,

TIAA

Separate

Account

VA-1,

TIAA-

CREF

Funds

and

TIAA-CREF

Life

Funds;

Managing

Director

(since

2017),

Associate

General

Counsel

and

Assistant

Secretary

(since

2011)

of

Teacher

Advisors,

LLC

and

TIAA-CREF

Investment

Management,

LLC;

Managing

Director

of

Nuveen,

LLC

and

of

TIAA

(since

2017).

(1) Trustees

serve

an

indefinite

term

until

his/her

successor

is

elected

or

appointed.

The

year

first

elected

or

appointed

represents

the

year

in

which

the

director

was

first

elected

or

appointed

to

any

fund

in

the

Nuveen

Fund

Complex.

(2) Officers

serve

one

year

terms

through

August

of

each

year.

The

year

first

elected

or

appointed

represents

the

year

in

which

the

officer

was

first

elected

or

appointed

to

any

fund

in

the

Nuveen

Fund

Complex.

Nuveen

Securities,

LLC,

member

FINRA

and

SIPC

West

Wacker

Drive

Chicago,

IL

60606

www.nuveen.com

NAN-NURE-1222P

2703016-INV-Y-02/24

Nuveen:

Serving

Investors

for

Generations

Since

1898,

financial

advisors

and

their

clients

have

relied

on

Nuveen

to

provide

dependable

investment

solutions

through

continued

adherence

to

proven,

long-term

investing

principles.

Today,

we

offer

a

range

of

high

quality

solutions

designed

to

be

integral

components

of

a

well-diversified

core

portfolio.

Focused

on

meeting

investor

needs.

Nuveen

is

the

investment

manager

of

TIAA.

We

have

grown

into

one

of

the

world's

premier

global

asset

managers,

with

specialist

knowledge

across

all

major

asset

classes

and

particular

strength

in

solutions

that

provide

income

for

investors

and

that

draw

on

our

expertise

in

alternatives

and

responsible

investing.

Nuveen

is

driven

not

only

by

the

independent

investment

processes

across

the

firm,

but

also

the

insights,

risk

management,

analytics

and

other

tools

and

resources

that

a

truly

world-class

platform

provides.

As

a

global

asset

manager,

our

mission

is

to

work

in

partnership

with

our

clients

to

create

solutions

which

help

them

secure

their

financial

future.

Find

out

how

we

can

help

you.

To

learn

more

about

how

the

products

and

services

of

Nuveen

may

be

able

to

help

you

meet

your

financial

goals,

talk

to

your

financial

advisor,

or

call

us

at

(800) 257-8787.

Please

read

the

information

provided

carefully

before

you

invest.

Investors

should

consider

the

investment

objective

and

policies,

risk

considerations,

charges

and

expenses

of

any

investment

carefully.

Where

applicable,

be

sure

to

obtain

a

prospectus,

which

contains

this

and

other

relevant

information.

To

obtain

a

prospectus,

please

contact

your

securities

representative

or

Nuveen,

W. Wacker

Dr.,

Chicago,

IL

60606. Please

read

the

prospectus

carefully

before

you

invest

or

send

money.

Learn

more

about

Nuveen

Funds

at:

#### www.nuveen.com/exchange-traded-funds

------

---

| | |
|:---|:---|
| **ITEM 2.** | **CODE OF ETHICS.**  |

---

As of the end of the period covered by this report, the registrant has adopted a code of ethics that applies to the registrant's principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions. There were no amendments to or waivers from the code during the period covered by this report. The registrant has posted the code of ethics on its website at www.nuveen.com/fund-governance. (To view the code, click on Code of Conduct.)

---

| | |
|:---|:---|
| **ITEM 3.** | **AUDIT COMMITTEE FINANCIAL EXPERT.**  |

---

As of the end of the period covered by this report, the registrant's Board of Directors or Trustees ("Board") determined that the registrant has at least one "audit committee financial expert" (as defined in Item 3 of Form N-CSR) serving on its Audit Committee. The registrant's audit committee financial experts are Carole E. Stone, Jack B. Evans, Albin F. Moschner, John K. Nelson and Robert L. Young, who are "independent" for purposes of Item 3 of Form N-CSR.

Ms. Stone served for five years as Director of the New York State Division of the Budget. As part of her role as Director, Ms. Stone was actively involved in overseeing the development of the State's operating, local assistance and capital budgets, its financial plan and related documents; overseeing the development of the State's bond-related disclosure documents and certifying that they fairly presented the State's financial position; reviewing audits of various State and local agencies and programs; and coordinating the State's system of internal audit and control. Prior to serving as Director, Ms. Stone worked as a budget analyst/examiner with increasing levels of responsibility over a 30 year period, including approximately five years as Deputy Budget Director. Ms. Stone has also served as Chair of the New York State Racing Association Oversight Board, as Chair of the Public Authorities Control Board, as a Commissioner on the New York State Commission on Public Authority Reform and as a member of the Boards of Directors of several New York State public authorities. These positions have involved overseeing operations and finances of certain entities and assessing the adequacy of project/entity financing and financial reporting. Ms. Stone formerly served on the Board of Directors of CBOE Global Markets, Inc. (formerly, CBOE Holdings, Inc.), the Chicago Board Options Exchange, and the C2 Options Exchange. Ms. Stone's position on the boards of these entities and as a member of both CBOE Holdings' Audit Committee and its Finance Committee involved, among other things, the oversight of audits, audit plans and preparation of financial statements.

Mr. Evans was formerly President and Chief Operating Officer of SCI Financial Group, Inc., a full service registered broker-dealer and registered investment adviser ("SCI"). As part of his role as President and Chief Operating Officer, Mr. Evans actively supervised the Chief Financial Officer (the "CFO") and actively supervised the CFO's preparation of financial statements and other filings with various regulatory authorities. In such capacity, Mr. Evans was actively involved in the preparation of SCI's financial statements and the resolution of issues raised in connection therewith. Mr. Evans has also served on the audit committee of various reporting companies. At such companies, Mr. Evans was involved in the oversight of audits, audit plans, and the preparation of financial statements. Mr. Evans also formerly chaired the audit committee of the Federal Reserve Bank of Chicago.

Mr. Moschner is a consultant in the wireless industry and, in July 2012, founded Northcroft Partners, LLC, a management consulting firm that provides operational, management and governance solutions. Prior to founding Northcroft Partners, LLC, Mr. Moschner held various positions at Leap Wireless International, Inc., a provider of wireless services, where he was as a consultant from February 2011 to July 2012, Chief Operating Officer from July 2008 to February 2011, and Chief Marketing Officer from August 2004 to June 2008. Before he joined Leap Wireless International, Inc., Mr. Moschner was President of the Verizon Card Services division of Verizon Communications, Inc. from 2000 to 2003, and President of One Point Services at One Point Communications from 1999 to 2000. Mr. Moschner also served at Zenith Electronics Corporation as Director, President and Chief Executive Officer from 1995 to 1996, and as Director, President and Chief Operating Officer from 1994 to 1995.

Mr. Nelson is on the Board of Directors of Core12, LLC. (since 2008), a private firm which develops branding, marketing, and communications strategies for clients. Mr. Nelson has extensive experience in global banking and markets, having served in several senior executive positions with ABN AMRO Holdings N.V. and its affiliated entities and predecessors, including LaSalle Bank Corporation from 1996 to 2008, ultimately serving as Chief Executive Officer of ABN AMRO N.V. North America. During his tenure at the bank, he also served as Global Head of its Financial Markets Division, which encompassed the bank's Currency, Commodity, Fixed Income, Emerging Markets, and Derivatives businesses. He was a member of the Foreign Exchange Committee of the Federal Reserve Bank of the United States and during his tenure with ABN AMRO served as the bank's representative on various committees of The Bank of Canada, European Central Bank, and The Bank of England. Mr. Nelson previously served as a senior, external advisor to the financial services practice of Deloitte Consulting LLP. (2012-2014).

Mr. Young has more than 30 years of experience in the investment management industry. From 1997 to 2017, he held various positions with J.P. Morgan Investment Management Inc. ("J.P. Morgan Investment") and its affiliates (collectively, "J.P. Morgan"). Most recently, he served as Chief Operating Officer and Director of J.P. Morgan Investment (from 2010 to 2016) and as President and Principal Executive Officer of the J.P. Morgan Funds (from 2013 to 2016). As Chief Operating Officer of J.P. Morgan Investment, Mr. Young led service, administration and business platform support activities for J.P. Morgan's domestic retail mutual fund and institutional commingled and separate account businesses, and co-led these activities for J.P. Morgan's global retail and institutional investment management businesses. As President of the J.P. Morgan Funds, Mr. Young interacted with various service providers to these funds, facilitated the relationship between such funds and their boards, and was directly involved in establishing board agendas, addressing regulatory matters, and establishing policies and procedures. Before joining J.P. Morgan, Mr. Young, a former Certified Public Accountant (CPA), was a Senior Manager (Audit) with Deloitte & Touche LLP (formerly, Touche Ross LLP), where he was employed from 1985 to 1996. During his tenure there, he actively participated in creating, and ultimately led, the firm's midwestern mutual fund practice.

---

| | |
|:---|:---|
| **ITEM 4.** | **PRINCIPAL ACCOUNTANT FEES AND SERVICES.**  |

---

The following tables show the amount of fees that KPMG LLP, the Funds' auditor, billed to the Funds' during the Funds' last two full fiscal years. The Audit Committee approved in advance all audit services and non-audit services that KPMG LLP provided to the Funds, except for those non-audit services that were subject to the pre-approval exception under Rule 2-01 of Regulation S-X (the "pre-approval exception"). The preapproval exception for services provided directly to the Funds waives the pre-approval requirement for services other than audit, review or attest services if: (A) the aggregate amount of all such services provided constitutes no more than 5% of the total amount of revenues paid by the Funds during the fiscal year in which the services are provided; (B) the Funds did not recognize the services as non-audit services at the time of the engagement; and (C) the services are promptly brought to the Audit Committee's attention, and the Committee (or its delegate) approves the services before the audit is completed.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fiscal Year Ended December 31, 2022** | **Audit Fees Billed<br>to Funds <sup>1</sup>** | **Audit-Related Fees<br>Billed to Funds <sup>2</sup>** | **Tax Fees<br>Billed to Funds <sup>3</sup>** | **All Other Fees<br>Billed to Funds <sup>4</sup>** |
|  <u>Fund Name</u> |  |  |  |  |
|  Nuveen Short-Term REIT ETF | 19420 | 0 | 0 | 0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total | $19420 | $0 | $0 | $0 |

---

<sup>1</sup> "Audit Fees" are the aggregate fees billed for professional services for the audit of the Fund's annual financial statements and services provided in connection with statutory and regulatory filings or engagements.

<sup>2</sup> "Audit-Related Fees" are the aggregate fees billed for assurance and related services reasonably related to the performance of the audit or review of financial statements that are not reported under "Audit Fees". These fees include offerings related to the Fund's common shares and leverage.

<sup>3</sup> "Tax Fees" are the aggregate fees billed for professional services for tax advice, tax compliance, and tax planning. These fees include: all global withholding tax services; excise and state tax reviews; capital gain, tax equalization and taxable basis calculations performed by the principal accountant.

<sup>4</sup> "All Other Fees" are the aggregate fees billed for products and services other than "Audit Fees", "Audit-Related Fees" and "Tax Fees". These fees represent all "Agreed-Upon Procedures" engagements pertaining to the Fund's use of leverage.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Percentage Approved Pursuant to Pre-approval Exception** | **Percentage Approved Pursuant to Pre-approval Exception** | **Percentage Approved Pursuant to Pre-approval Exception** | **Percentage Approved Pursuant to Pre-approval Exception** |
|  | **Audit Fees Billed<br>to Funds** | **Audit-Related Fees<br>Billed to Funds** | **Tax Fees<br>Billed to Funds** | **All Other Fees<br>Billed to Funds** |
|  <u>Fund Name</u> |  |  |  |  |
|  Nuveen Short-Term REIT ETF | 0% | 0% | 0% | 0% |
| **December 31, 2021** | **Audit Fees Billed<br>to Funds <sup>1</sup>** | **Audit-Related Fees<br>Billed to Funds <sup>2</sup>** | **Tax Fees<br>Billed to Funds <sup>3</sup>** | **All Other Fees<br>Billed to Funds <sup>4</sup>** |
|  <u>Fund Name</u> |  |  |  |  |
|  Nuveen Short-Term REIT ETF | 18690 | 0 | 0 | 0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total | $18690 | $0 | $0 | $0 |

---

<sup>1</sup> "Audit Fees" are the aggregate fees billed for professional services for the audit of the Fund's annual financial statements and services provided in connection with statutory and regulatory filings or engagements.

<sup>2</sup> "Audit-Related Fees" are the aggregate fees billed for assurance and related services reasonably related to the performance of the audit or review of financial statements that are not reported under "Audit Fees". These fees include offerings related to the Fund's common shares and leverage.

<sup>3</sup> "Tax Fees" are the aggregate fees billed for professional services for tax advice, tax compliance, and tax planning. These fees include: all global withholding tax services; excise and state tax reviews; capital gain, tax equalization and taxable basis calculations performed by the principal accountant.

<sup>4</sup> "All Other Fees" are the aggregate fees billed for products and services other than "Audit Fees", "Audit-Related Fees" and "Tax Fees". These fees represent all "Agreed-Upon Procedures" engagements pertaining to the Fund's use of leverage.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Percentage Approved Pursuant to Pre-approval Exception** | **Percentage Approved Pursuant to Pre-approval Exception** | **Percentage Approved Pursuant to Pre-approval Exception** | **Percentage Approved Pursuant to Pre-approval Exception** |
|  | **Audit Fees Billed<br>to Funds** | **Audit-Related Fees<br>Billed to Funds** | **Tax Fees<br>Billed to Funds** | **All Other Fees<br>Billed to Funds** |
|  <u>Fund Name</u> |  |  |  |  |
|  Nuveen Short-Term REIT ETF | 0% | 0% | 0% | 0% |

---

---

| | | | |
|:---|:---|:---|:---|
| **Fiscal Year Ended December 31, 2022** | **Audit-Related Fees<br>Billed to Adviser and<br>Affiliated Fund<br>Service Providers** | **Tax Fees Billed to<br>Adviser and<br>Affiliated Fund<br>Service Providers** | **All Other Fees<br>Billed to Adviser<br>and Affiliated Fund<br>Service Providers** |
|  NuShares ETF Trust | $0 | $0 | $0 |
|  | **Percentage Approved Pursuant to Pre-approval Exception** | **Percentage Approved Pursuant to Pre-approval Exception** | **Percentage Approved Pursuant to Pre-approval Exception** |
|  | **Audit-Related Fees<br>Billed to Adviser and<br>Affiliated Fund<br>Service Providers** | **Tax Fees Billed to<br>Adviser and<br>Affiliated Fund<br>Service Providers** | **All Other Fees<br>Billed to Adviser<br>and Affiliated Fund<br>Service Providers** |
|  | 0% | 0% | 0% |
| **Fiscal Year Ended December 31, 2021** | **Audit-Related Fees<br>Billed to Adviser and<br>Affiliated Fund<br>Service Providers** | **Tax Fees Billed to<br>Adviser and<br>Affiliated Fund<br>Service Providers** | **All Other Fees<br>Billed to Adviser<br>and Affiliated Fund<br>Service Providers** |
|  NuShares ETF Trust | $0 | $0 | $0 |
|  | **Percentage Approved Pursuant to Pre-approval Exception** | **Percentage Approved Pursuant to Pre-approval Exception** | **Percentage Approved Pursuant to Pre-approval Exception** |
|  | **Audit-Related Fees<br>Billed to Adviser and<br>Affiliated Fund<br>Service Providers** | **Tax Fees Billed to<br>Adviser and<br>Affiliated Fund<br>Service Providers** | **All Other Fees<br>Billed to Adviser<br>and Affiliated Fund<br>Service Providers** |
|  | 0% | 0% | 0% |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fiscal Year Ended December 31, 2022** | **Total Non-Audit Fees<br>Billed to Trust** | **Total Non-Audit Fees<br>billed to Adviser and<br>Affiliated Fund Service<br>Providers (engagements<br>related directly to the<br>operations and financial<br>reporting of the Trust)** | **Total Non-Audit Fees<br>billed to Adviser and<br>Affiliated Fund Service<br>Providers (all other<br>engagements)** | **Total** |
|  <u>Fund Name</u> |  |  |  |  |
|  Nuveen Short-Term REIT ETF | 0 | 0 | 0 | 0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total | $0 | $0 | $0 | $0 |

---

"Non-Audit Fees billed to Fund" for both fiscal year ends represent "Tax Fees" and "All Other Fees" billed to Fund in their respective amounts from the previous table.

Less than 50 percent of the hours expended on the principal accountant's engagement to audit the registrant's financial statements for the most recent fiscal year were attributed to work performed by persons other than the principal accountant's full-time, permanent employees.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fiscal Year Ended December 31, 2021** | **Total Non-Audit Fees<br>Billed to Trust** | **Total Non-Audit Fees<br>billed to Adviser and<br>Affiliated Fund Service<br>Providers (engagements<br>related directly to the<br>operations and financial<br>reporting of the Trust)** | **Total Non-Audit Fees<br>billed to Adviser and<br>Affiliated Fund Service<br>Providers (all other<br>engagements)** | **Total** |
|  <u>Fund Name</u> |  |  |  |  |
|  Nuveen Short-Term REIT ETF | 0 | 0 | 0 | 0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total | $0 | $0 | $0 | $0 |

---

"Non-Audit Fees billed to Fund" for both fiscal year ends represent "Tax Fees" and "All Other Fees" billed to Fund in their respective amounts from the previous table.

*Audit Committee Pre-Approval Policies and Procedures*. Generally, the Audit Committee must approve (i) all non-audit services to be performed for the Funds by the Funds' independent accountant and (ii) all audit and non-audit services to be performed by the Funds' independent accountant for the Affiliated Fund Service Providers with respect to the operations and financial reporting of the Funds. Regarding tax and research projects conducted by the independent accountant for the Funds and Affiliated Fund Service Providers (with respect to operations and financial reports of the Trust), such engagements will be (i) pre-approved by the Audit Committee if they are expected to be for amounts greater than $10,000; (ii) reported to the Audit Committee Chair for her verbal approval prior to engagement if they are expected to be for amounts under $10,000 but greater than $5,000; and (iii) reported to the Audit Committee at the next Audit Committee meeting if they are expected to be for an amount under $5,000.

---

| | |
|:---|:---|
| **ITEM 5.** | **AUDIT COMMITTEE OF LISTED REGISTRANTS.**  |

---

The registrant is an issuer as defined in Rule 10A-3 under the Securities Exchange Act of 1934 (the "Exchange Act"). The registrant's Board has a separately designated Audit Committee established in accordance with Section 3(a)(58)(A) of the Securities Exchange Act of 1934, as amended (15 U.S.C. 78c(a)(58)(A)). As of the end of the period covered by this report, the members of the audit committee are Jack B. Evans, William C. Hunter, John K. Nelson, Judith M. Stockdale, Albin F. Moschner and Carole E. Stone, Chair.

---

| | |
|:---|:---|
| **ITEM 6.** | **SCHEDULE OF INVESTMENTS.**  |

---

a) See Portfolio of Investments in Item 1.

b) Not applicable.

---

| | |
|:---|:---|
| **ITEM 7.** | **DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.**  |

---

Not applicable to this registrant.

---

| | |
|:---|:---|
| **ITEM 8.** | **PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES.**  |

---

Not applicable to this registrant.

---

| | |
|:---|:---|
| **ITEM 9.** | **PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS.**  |

---

Not applicable to this registrant.

---

| | |
|:---|:---|
| **ITEM 10.** | **SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.**  |

---

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

---

| | |
|:---|:---|
| **ITEM 11.** | **CONTROLS AND PROCEDURES.**  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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)).

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

---

| | |
|:---|:---|
| **ITEM 12.** | **DISCLOSURE OF SECURITIES LENDING ACTIVITIES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.**  |

---

Not applicable.

---

| | |
|:---|:---|
| **ITEM 13.** | **EXHIBITS.**  |

---

File the exhibits listed below as part of this Form.

---

| | |
|:---|:---|
| (a | Any code of ethics, or amendment thereto, that is the subject of the disclosure required by Item 2, to the extent that the registrant intends to satisfy the Item 2 requirements through filing of an exhibit: Not applicable because the code is posted on registrant's website at www.nuveen.com/fund-governance and there were no amendments during the period covered by this report. (To view the code, click on Code of Conduct.) |
| (a | [A separate certification for each principal executive officer and principal financial officer of the registrant as required by Rule 30a-2(a) under the 1940 Act (17 CFR 270.30a-2(a)) in the exact form set forth below: See EX-99.CERT attached hereto.](d450362dex99cert.htm) |
| (a | Any written solicitation to purchase securities under Rule 23c-1 under the 1940 Act (17 CFR 270.23c-1) sent or given during the period covered by the report by or on behalf of the registrant to 10 or more persons: Not applicable to this registrant. |
| (a | Change in the registrant's independent public accountant. Not applicable. |
| (b | [If the report is filed under Section 13(a) or 15(d) of the Exchange Act, provide the certifications required by Rule 30a-2(b) under the 1940 Act (17 CFR 270.30a-2(b)), Rule 13a-14(b) or Rule 15d-14(b) under the Exchange Act (17 CFR 240.13a-14(b) or 240.15d-14(b)), and Section 1350 of Chapter 63 of Title 18 of the United States Code (18 U.S.C. 1350) as an Exhibit. A certification furnished pursuant to this paragraph will not be deemed "filed" for purposes of Section 18 of the Exchange Act (15 U.S.C. 78r), or otherwise subject to the liability of that section. Such certification will not be deemed to be incorporated by reference into any filing under the Securities Act of 1933 or the Exchange Act, except to the extent that the registration specifically incorporates it by reference: See EX-99.906 CERT attached hereto.](d450362dex99906cert.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.

(Registrant) Nushares ETF Trust

---

| | |
|:---|:---|
| By (Signature and Title) | /s/ Diana R. Gonzalez |
|  | Diana R. Gonzalez |
|  | Vice President and Secretary |

---

Date: March 9, 2023

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

---

| | |
|:---|:---|
| By (Signature and Title) | /s/ Jordan M. Farris |
|  | Jordan M. Farris |
|  | Chief Administrative Officer |
|  | (principal executive officer) |

---

Date: March 9, 2023

---

| | |
|:---|:---|
| By (Signature and Title) | /s/ E. Scott Wickerham |
|  | E. Scott Wickerham |
|  | Vice President and Controller |
|  | (principal financial officer) |

---

Date: March 9, 2023

## Ex-99.Cert

**EX-99.CERT** 

**CERTIFICATIONS** 

I, Jordan M. Farris, 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 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 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: March 9, 2023

---

| |
|:---|
| /s/ Jordan M. Farris |
| Jordan M. Farris |
| Chief Administrative Officer |
| (principal executive officer) |

---

------

I, E. Scott Wickerham, 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 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 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: March 9, 2023

---

| |
|:---|
| /s/ E. Scott Wickerham |
| E. Scott Wickerham |
| Vice President and Controller |
| (principal financial officer) |

---

## Exhibit 99.906

**EX-99.906CERT** 

Certification Pursuant to 18 U.S.C. 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002; provided by the Chief Executive Officer and Chief Financial Officer, based on each such officer's knowledge and belief.

The undersigned officers of Nushares ETF Trust (the "Registrant") certify that, to the best of each such officer's knowledge and belief:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The Form N-CSR of the Registrant for the period ended December 31, 2022 (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;2. The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Registrant.

Date: March 9, 2023

---

| |
|:---|
| /s/ Jordan M. Farris |
| Jordan M. Farris |
| Chief Administrative Officer |
| (principal executive officer) |
| /s/ E. Scott Wickerham |
| E. Scott Wickerham |
| Vice President and Controller |
| (principal financial officer) |

---