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Nuveen High Yield Municipal Income ETF
Nuveen High Yield Municipal Income ETF
NHYM
This annual shareholder report contains important information about the Nuveen High Yield Municipal Income ETF for the period of April 1, 2025 to<span style="font-weight: bold;"> </span>March 31, 2026.
annual shareholder report
You can find additional information at <span style="font-family: arial; font-size: 9pt; color: #0071ce;">https://www.nuveen.com/en‑us/exchange‑traded‑funds/prospectuses</span><span style="font-family: arial;">. You can also request this information by contacting us at (800) 257‑8787.</span>
https://www.nuveen.com/en‑us/exchange‑traded‑funds/prospectuses
(800) 257‑8787
<div style="font-size: 9pt; font-family: arial; font-weight: bold; margin: 6pt 2% 0pt 2%;">This report describes changes to the Fund that occurred during the reporting period.</div>
<div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 2%; font-size: 11pt; font-family: arial;"><span style="color: #0071ce;"><span style="font-weight: bold;">What were the Fund costs for the last year? </span></span><span style="font-family: arial;">(based on a hypothetical $10,000 investment)</span><span style="font-family: arial; color: #0071ce;"><span style="font-weight: bold;"> </span></span></div>
<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 8pt; width: 96%; border-spacing: 0px; margin: 0 auto;">
<tr>
<td style="width: 33%;"></td>
<td style="vertical-align: bottom;"></td>
<td style="width: 33%;"></td>
<td style="vertical-align: bottom;"></td>
<td style="width: 32%;"></td> </tr>
<tr style="font-size: 1pt;">
<td style="height: 3pt;"></td>
<td colspan="2" style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; height: 3pt;"> </td>
<td colspan="2" style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; border-right: 0.75pt solid #7fb8e6; height: 3pt;"> </td> </tr>
<tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt;">
<td style="vertical-align: bottom;"> </td>
<td style="border-left: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td>
<td style="padding-bottom: 3pt; vertical-align: bottom; text-align: right;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt; font-family: arial; font-weight: bold; text-align: right;">Cost of a </div> <div style="margin-top: 0pt; margin-bottom: 1pt; font-size: 8pt; font-family: arial; font-weight: bold; text-align: right;">$10,000 investment </div> </td>
<td style="border-left: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td>
<td style="padding-bottom: 3pt; border-right: 0.75pt solid #7fb8e6; padding-right: 2pt; vertical-align: bottom; text-align: right;"><span style="font-weight: bold;">Costs paid as a percentage of<br/>$10,000 investment*</span></td> </tr>
<tr style="font-size: 1pt;">
<td style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; padding-left: 8pt; height: 3pt;"> </td>
<td colspan="2" style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; height: 3pt;"> </td>
<td colspan="2" style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; border-right: 0.75pt solid #7fb8e6; height: 3pt;"> </td> </tr>
<tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt;">
<td style="padding-bottom: 3pt; border-left: 0.75pt solid #7fb8e6; border-bottom: 0.75pt solid #7fb8e6; padding-left: 8pt; vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.00em; text-indent: -1.00em; font-size: 8pt; font-family: arial;">Nuveen High Yield Municipal Income ETF</div> </td>
<td style="border-left: 0.75pt solid #7fb8e6; border-bottom: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td>
<td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #7fb8e6; vertical-align: bottom; white-space: nowrap; text-align: right;">$36 </td>
<td style="border-left: 0.75pt solid #7fb8e6; border-bottom: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td>
<td style="padding-bottom: 3pt; border-right: 0.75pt solid #7fb8e6; border-bottom: 0.75pt solid #7fb8e6; padding-right: 2pt; vertical-align: bottom; white-space: nowrap; text-align: right;">0.35%</td> </tr> </table> <div style="font-size: 8pt; font-family: arial; text-align: justify; margin: 6pt 2% 0pt 2%;">* Annualized for period less than one year.</div>
36
0.0035
<div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 2%; font-size: 11pt; font-family: arial;"><span style="color: #0071ce;"><span style="font-weight: bold;">How did the Fund perform last year? What affected the Fund’s performance? </span></span></div>
<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 8.5pt; width: 96%; border-spacing: 0px; margin: 0 auto;">
<tr>
<td style="width: 100%;"></td> </tr>
<tr style="font-size: 1pt;">
<td style="height: 3pt;"></td> </tr>
<tr style="page-break-inside: avoid; font-family: arial; font-size: 8.5pt;">
<td style="vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt; font-family: arial; font-weight: bold;">Performance Highlights</div> <div style="font-size: 6pt; margin-top: 0pt; margin-bottom: 0pt;"> </div> <div style="margin-top: 0pt; margin-bottom: 0pt; display: table-row;"> <div style="display: table-cell;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: arial;">•</div> </div> <div style="display: table-cell;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.147059em; font-family: arial;">The Nuveen High Yield Municipal Income ETF returned 3.54% for Common Shares at net asset value (NAV) for the 12 months ended March 31, 2026. The Fund performed in line with the S&P Municipal Yield Index, which returned 3.63%.</div> </div> </div> <div style="font-size: 6pt; margin-top: 0pt; margin-bottom: 0pt;"> </div> <div style="margin-top: 0pt; margin-bottom: 0pt; display: table-row;"> <div style="display: table-cell;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: arial;">•</div> </div> <div style="display: table-cell;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.147059em; font-family: arial;">Top contributors to relative performance</div> </div> </div> <div style="font-size: 6pt; margin-top: 0pt; margin-bottom: 0pt;"> </div> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-right: 0.59em; display: table-row;"> <div style="display: table-cell;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.500000em; font-family: arial;">•</div> </div> <div style="display: table-cell;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.147059em; font-family: arial;">Underweight to bonds with durations less than six years.</div> </div> </div> <div style="font-size: 6pt; margin-top: 0pt; margin-bottom: 0pt;"> </div> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-right: 0.59em; display: table-row;"> <div style="display: table-cell;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.500000em; font-family: arial;">•</div> </div> <div style="display: table-cell;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.147059em; font-family: arial;">Overweight to bonds rated AAA, A and BBB, as well as an underweight to bonds rated BB and B.</div> </div> </div> <div style="font-size: 6pt; margin-top: 0pt; margin-bottom: 0pt;"> </div> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-right: 0.59em; display: table-row;"> <div style="display: table-cell;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.500000em; font-family: arial;">•</div> </div> <div style="display: table-cell;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.147059em; font-family: arial;">Overweight to incremental tax bonds.</div> </div> </div> <div style="font-size: 6pt; margin-top: 0pt; margin-bottom: 0pt;"> </div> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-right: 0.59em; display: table-row;"> <div style="display: table-cell;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.500000em; font-family: arial;">•</div> </div> <div style="display: table-cell;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.147059em; font-family: arial;">Security selection.</div> </div> </div> <div style="font-size: 6pt; margin-top: 0pt; margin-bottom: 0pt;"> </div> <div style="margin-top: 0pt; margin-bottom: 0pt; display: table-row;"> <div style="display: table-cell;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: arial;">•</div> </div> <div style="display: table-cell;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.147059em; font-family: arial;">Top detractors from relative performance</div> </div> </div> <div style="font-size: 6pt; margin-top: 0pt; margin-bottom: 0pt;"> </div> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-right: 0.59em; display: table-row;"> <div style="display: table-cell;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.500000em; font-family: arial;">•</div> </div> <div style="display: table-cell;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.147059em; font-family: arial;">Underweight to the health care sector.</div> </div> </div> <div style="font-size: 6pt; margin-top: 0pt; margin-bottom: 0pt;"> </div> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-right: 0.59em; display: table-row;"> <div style="display: table-cell;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.500000em; font-family: arial;">•</div> </div> <div style="display: table-cell;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.147059em; font-family: arial;">Underweight to the housing sector.</div> </div> </div> </td> </tr> </table>
Performance data shown represents past performance and does not predict or guarantee future results.
The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund Shares.
<div style="margin-top: 0pt; margin-bottom: 0pt; text-align: center;">
<img alt="LOGO" src="g37747g1g00g02.jpg" style="width: 7.12111in; height: 3.91944in;"/> </div>
<div style="font-size: 9pt; font-family: arial; font-weight: bold; margin: 12pt 2% 0pt 2%;">Average Annual Total Returns</div>
<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 8pt; width: 96%; border-spacing: 0px; margin: 0 auto;">
<tr>
<td style="width: 76%;"></td>
<td style="vertical-align: bottom; width: 3%;"></td>
<td></td>
<td style="vertical-align: bottom; width: 3%;"></td>
<td></td> </tr>
<tr style="font-size: 1pt;">
<td style="height: 3pt;"></td>
<td colspan="2" style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; border-right: 0.75pt solid #7fb8e6; height: 3pt;"> </td>
<td colspan="2" style="border-top: 0.75pt solid #7fb8e6; border-right: 0.75pt solid #7fb8e6; height: 3pt;"> </td> </tr>
<tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt;">
<td style="vertical-align: top;"> </td>
<td style="border-left: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td>
<td style="padding-bottom: 3pt; border-right: 0.75pt solid #7fb8e6; vertical-align: bottom; white-space: nowrap; text-align: center;"><span style="font-weight: bold;">1‑Year</span></td>
<td style="vertical-align: bottom;"> </td>
<td style="padding-bottom: 3pt; border-right: 0.75pt solid #7fb8e6; padding-right: 2pt; vertical-align: bottom; white-space: nowrap; text-align: center;"><span style="font-weight: bold;">Since Inception<br/>(1/22/25)</span></td> </tr>
<tr style="font-size: 1pt;">
<td style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; padding-left: 8pt; height: 3pt;"> </td>
<td colspan="2" style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; border-right: 0.75pt solid #7fb8e6; height: 3pt;"> </td>
<td colspan="2" style="border-top: 0.75pt solid #7fb8e6; border-right: 0.75pt solid #7fb8e6; height: 3pt;"> </td> </tr>
<tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt;">
<td style="padding-bottom: 3pt; border-left: 0.75pt solid #7fb8e6; padding-left: 8pt; vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.00em; text-indent: -1.00em; font-size: 8pt; font-family: arial;">NAV</div> </td>
<td style="border-left: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td>
<td style="padding-bottom: 3pt; border-right: 0.75pt solid #7fb8e6; vertical-align: bottom; white-space: nowrap; text-align: center;">3.54%</td>
<td style="vertical-align: bottom;"> </td>
<td style="padding-bottom: 3pt; border-right: 0.75pt solid #7fb8e6; vertical-align: bottom; white-space: nowrap; text-align: center;">2.97%</td> </tr>
<tr style="font-size: 1pt;">
<td style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; padding-left: 8pt; height: 3pt;"> </td>
<td colspan="2" style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; border-right: 0.75pt solid #7fb8e6; height: 3pt;"> </td>
<td colspan="2" style="border-top: 0.75pt solid #7fb8e6; border-right: 0.75pt solid #7fb8e6; height: 3pt;"> </td> </tr>
<tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt;">
<td style="padding-bottom: 3pt; border-left: 0.75pt solid #7fb8e6; padding-left: 8pt; vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.00em; text-indent: -1.00em; font-size: 8pt; font-family: arial;">S&P Municipal Bond Index</div> </td>
<td style="border-left: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td>
<td style="padding-bottom: 3pt; border-right: 0.75pt solid #7fb8e6; vertical-align: bottom; white-space: nowrap; text-align: center;">4.32%</td>
<td style="vertical-align: bottom;"> </td>
<td style="padding-bottom: 3pt; border-right: 0.75pt solid #7fb8e6; vertical-align: bottom; white-space: nowrap; text-align: center;">3.44%</td> </tr>
<tr style="font-size: 1pt;">
<td style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; padding-left: 8pt; height: 3pt;"> </td>
<td colspan="2" style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; border-right: 0.75pt solid #7fb8e6; height: 3pt;"> </td>
<td colspan="2" style="border-top: 0.75pt solid #7fb8e6; border-right: 0.75pt solid #7fb8e6; height: 3pt;"> </td> </tr>
<tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt;">
<td style="padding-bottom: 3pt; border-left: 0.75pt solid #7fb8e6; border-bottom: 0.75pt solid #7fb8e6; padding-left: 8pt; vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.00em; text-indent: -1.00em; font-size: 8pt; font-family: arial;">S&P Municipal Yield Index</div> </td>
<td style="border-left: 0.75pt solid #7fb8e6; border-bottom: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td>
<td style="padding-bottom: 3pt; border-right: 0.75pt solid #7fb8e6; border-bottom: 0.75pt solid #7fb8e6; vertical-align: bottom; white-space: nowrap; text-align: center;">3.63%</td>
<td style="border-bottom: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td>
<td style="padding-bottom: 3pt; border-right: 0.75pt solid #7fb8e6; border-bottom: 0.75pt solid #7fb8e6; vertical-align: bottom; white-space: nowrap; text-align: center;">3.06%</td> </tr> </table>
2025-01-22
NAV
0.0354
0.0297
S&P Municipal Bond Index
0.0432
0.0344
S&P Municipal Yield Index
0.0363
0.0306
For most recent month‑end performance, go to https://www.nuveen.com/en‑us/exchange‑traded‑funds/prospectuses or call (800) 257‑8787.
<div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 2%; font-size: 11pt; font-family: arial;"><span style="color: #0071ce;"><span style="font-weight: bold;">Fund Statistics</span></span><span style="font-family: arial;"> (as of March 31, 2026)</span><span style="font-family: arial; color: #0071ce;"><span style="font-weight: bold;"> </span></span></div>
<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 8pt; width: 96%; border-spacing: 0px; margin: 0 auto;">
<tr>
<td style="width: 87%;"></td>
<td style="vertical-align: bottom; width: 1%;"></td>
<td></td>
<td></td>
<td style="vertical-align: bottom; width: 2%;"></td> </tr>
<tr style="font-size: 1pt;">
<td style="height: 3pt;"></td>
<td colspan="4" style="height: 3pt;"></td> </tr>
<tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt;">
<td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #7fb8e6; vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.00em; text-indent: -1.00em; font-size: 8pt; font-family: arial;">Fund net assets</div> </td>
<td style="border-bottom: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td>
<td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;"> </td>
<td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom; text-align: right;">$117,209,461</td>
<td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;"> </td> </tr>
<tr style="font-size: 1pt;">
<td style="height: 3pt;"></td>
<td colspan="4" style="height: 3pt;"></td> </tr>
<tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt;">
<td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #7fb8e6; vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.00em; text-indent: -1.00em; font-size: 8pt; font-family: arial;">Total number of portfolio holdings</div> </td>
<td style="border-bottom: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td>
<td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;"> </td>
<td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom; text-align: right;">235</td>
<td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;"> </td> </tr>
<tr style="font-size: 1pt;">
<td style="height: 3pt;"></td>
<td colspan="4" style="height: 3pt;"></td> </tr>
<tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt;">
<td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #7fb8e6; vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.00em; text-indent: -1.00em; font-size: 8pt; font-family: arial;">Portfolio turnover (%)</div> </td>
<td style="border-bottom: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td>
<td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;"> </td>
<td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom; text-align: right;">48%</td>
<td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;"> </td> </tr>
<tr style="font-size: 1pt;">
<td style="height: 3pt;"></td>
<td colspan="4" style="height: 3pt;"></td> </tr>
<tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt;">
<td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #7fb8e6; vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.00em; text-indent: -1.00em; font-size: 8pt; font-family: arial;">Total management fees paid for the year</div> </td>
<td style="border-bottom: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td>
<td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;"> </td>
<td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom; text-align: right;">$ 319,658</td>
<td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;"> </td> </tr> </table>
117209461
235
0.48
319658
<div style="position: relative; float: left; width: 48%; padding-right: 0%; padding-bottom: 8pt; overflow: visible; padding-top: 3pt;"> <div style="margin: 0pt 10pt 0pt 10pt;">
<img alt="LOGO" src="g37747g1g03k01.jpg"/> </div> </div> <div style="position: relative; float: left; margin-left: 3%; width: 49%; padding-right: 0%; padding-bottom: 8pt; overflow: visible; padding-top: 3pt;"> <div style="margin: 0pt 10pt 0pt 10pt;">
<img alt="LOGO" src="g37747g1g03k02.jpg"/> </div> </div>
<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 8pt; border-spacing: 0px; width: 100%;">
<tr style="page-break-inside: avoid;">
<td style="width: 2%;"> </td>
<td style="width: 3%; vertical-align: top; text-align: left;">(1)</td>
<td style="vertical-align: top; text-align: left;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt; font-family: arial; text-align: left;">The ratings disclosed are the lowest rating given by one of the following national rating agencies: Standard & Poor’s (S&P), Moody’s Investors Service, Inc. (Moody’s) or Fitch, Inc (Fitch). This treatment of split-rated securities may differ from that used for other purposes, such as for Fund investment policies. Credit ratings are subject to change. AAA, AA, A, and BBB are investment grade ratings; BB, B, CCC, CC, C and D are below-investment grade ratings. Holdings designated N/R are not rated by these national ratings agencies.</div> </td> </tr> </table>
The ratings disclosed are the lowest rating given by one of the following national rating agencies: Standard & Poor’s (S&P), Moody’s Investors Service, Inc. (Moody’s) or Fitch, Inc (Fitch). This treatment of split-rated securities may differ from that used for other purposes, such as for Fund investment policies. Credit ratings are subject to change. AAA, AA, A, and BBB are investment grade ratings; BB, B, CCC, CC, C and D are below-investment grade ratings. Holdings designated N/R are not rated by these national ratings agencies.
<div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 2%; font-size: 11pt; font-family: arial;"><span style="color: #0071ce;"><span style="font-weight: bold;">How has the Fund changed? </span></span></div> <div style="font-size: 8pt; font-family: arial; font-weight: bold; text-align: justify; margin: 4pt 2% 0pt 2%;">For more complete information, you may review the Fund’s next prospectus, which is expected to be available by July 31, 2026 at <span style="font-family: arial; color: #0071ce;">https://www.nuveen.com/en‑us/exchange‑traded‑funds/prospectuses</span> or upon request at (800) 257‑8787.</div>
<div style="font-size: 8pt; font-family: arial; font-weight: bold; text-align: justify; margin: 4pt 2% 0pt 2%;">For more complete information, you may review the Fund’s next prospectus, which is expected to be available by July 31, 2026 at <span style="font-family: arial; color: #0071ce;">https://www.nuveen.com/en‑us/exchange‑traded‑funds/prospectuses</span> or upon request at (800) 257‑8787.</div>
https://www.nuveen.com/en‑us/exchange‑traded‑funds/prospectuses
(800) 257‑8787
Nuveen Municipal Income ETF
Nuveen Municipal Income ETF
NUMI
This annual shareholder report contains important information about the Nuveen Municipal Income ETF for the period of April 1, 2025 to<span style="font-weight: bold;"> </span>March 31, 2026.
annual shareholder report
You can find additional information at <span style="font-family: arial; font-size: 9pt; color: #0071ce;">https://www.nuveen.com/en‑us/exchange‑traded‑funds/prospectuses</span><span style="font-family: arial;">. You can also request this information by contacting us at (800) 257‑8787.</span>
https://www.nuveen.com/en‑us/exchange‑traded‑funds/prospectuses
(800) 257‑8787
<div style="font-size: 9pt; font-family: arial; margin: 6pt 2% 0pt 2%;"><span style="font-weight: bold;">This report describes changes to the Fund that occurred during the reporting period.</span></div>
<div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 2%; font-size: 11pt; font-family: arial;"><span style="color: #0071ce;"><span style="font-weight: bold;">What were the Fund costs for the last year? </span></span><span style="font-family: arial;">(based on a hypothetical $10,000 investment)</span><span style="font-family: arial; color: #0071ce;"><span style="font-weight: bold;"> </span></span></div>
<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 8pt; width: 96%; border-spacing: 0px; margin: 0 auto;">
<tr>
<td style="width: 33%;"></td>
<td style="vertical-align: bottom;"></td>
<td style="width: 33%;"></td>
<td style="vertical-align: bottom;"></td>
<td style="width: 32%;"></td> </tr>
<tr style="font-size: 1pt;">
<td style="height: 3pt;"></td>
<td colspan="2" style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; height: 3pt;"> </td>
<td colspan="2" style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; border-right: 0.75pt solid #7fb8e6; height: 3pt;"> </td> </tr>
<tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt;">
<td style="vertical-align: bottom;"> </td>
<td style="border-left: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td>
<td style="padding-bottom: 3pt; vertical-align: bottom; text-align: right;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt; font-family: arial; font-weight: bold; text-align: right;">Cost of a </div> <div style="margin-top: 0pt; margin-bottom: 1pt; font-size: 8pt; font-family: arial; font-weight: bold; text-align: right;">$10,000 investment </div> </td>
<td style="border-left: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td>
<td style="padding-bottom: 3pt; border-right: 0.75pt solid #7fb8e6; padding-right: 2pt; vertical-align: bottom; text-align: right;"><span style="font-weight: bold;">Costs paid as a percentage of<br/>$10,000 investment*</span></td> </tr>
<tr style="font-size: 1pt;">
<td style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; padding-left: 8pt; height: 3pt;"> </td>
<td colspan="2" style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; height: 3pt;"> </td>
<td colspan="2" style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; border-right: 0.75pt solid #7fb8e6; height: 3pt;"> </td> </tr>
<tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt;">
<td style="padding-bottom: 3pt; border-left: 0.75pt solid #7fb8e6; border-bottom: 0.75pt solid #7fb8e6; padding-left: 8pt; vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.00em; text-indent: -1.00em; font-size: 8pt; font-family: arial;">Nuveen Municipal Income ETF</div> </td>
<td style="border-left: 0.75pt solid #7fb8e6; border-bottom: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td>
<td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #7fb8e6; vertical-align: bottom; white-space: nowrap; text-align: right;">$31 </td>
<td style="border-left: 0.75pt solid #7fb8e6; border-bottom: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td>
<td style="padding-bottom: 3pt; border-right: 0.75pt solid #7fb8e6; border-bottom: 0.75pt solid #7fb8e6; padding-right: 2pt; vertical-align: bottom; white-space: nowrap; text-align: right;">0.30%</td> </tr> </table> <div style="font-size: 8pt; font-family: arial; text-align: justify; margin: 6pt 2% 0pt 2%;">* Annualized for period less than one year.</div>
31
0.0030
<div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 2%; font-size: 11pt; font-family: arial;"><span style="color: #0071ce;"><span style="font-weight: bold;">How did the Fund perform last year? What affected the Fund’s performance? </span></span></div>
<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 8.5pt; width: 96%; border-spacing: 0px; margin: 0 auto;">
<tr>
<td style="width: 100%;"></td> </tr>
<tr style="font-size: 1pt;">
<td style="height: 3pt;"></td> </tr>
<tr style="page-break-inside: avoid; font-family: arial; font-size: 8.5pt;">
<td style="vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt; font-family: arial; font-weight: bold;">Performance Highlights</div> <div style="font-size: 6pt; margin-top: 0pt; margin-bottom: 0pt;"> </div> <div style="margin-top: 0pt; margin-bottom: 0pt; display: table-row;"> <div style="display: table-cell;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: arial;">•</div> </div> <div style="display: table-cell;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.147059em; font-family: arial;">The Nuveen Municipal Income ETF returned 4.38% for Common Shares at net asset value (NAV) for the 12 months ended March 31, 2026. The Fund performed in line with the S&P Municipal Bond Index, which returned 4.32%.</div> </div> </div> <div style="font-size: 6pt; margin-top: 0pt; margin-bottom: 0pt;"> </div> <div style="margin-top: 0pt; margin-bottom: 0pt; display: table-row;"> <div style="display: table-cell;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: arial;">•</div> </div> <div style="display: table-cell;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.147059em; font-family: arial;">Top contributors to relative performance</div> </div> </div> <div style="font-size: 6pt; margin-top: 0pt; margin-bottom: 0pt;"> </div> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-right: 0.59em; display: table-row;"> <div style="display: table-cell;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.500000em; font-family: arial;">•</div> </div> <div style="display: table-cell;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.147059em; font-family: arial;">Underweight to bonds with durations less than two years and overweight in bonds with durations greater than eight years.</div> </div> </div> <div style="font-size: 6pt; margin-top: 0pt; margin-bottom: 0pt;"> </div> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-right: 0.59em; display: table-row;"> <div style="display: table-cell;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.500000em; font-family: arial;">•</div> </div> <div style="display: table-cell;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.147059em; font-family: arial;">Underweight to tobacco settlement bonds.</div> </div> </div> <div style="font-size: 6pt; margin-top: 0pt; margin-bottom: 0pt;"> </div> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-right: 0.59em; display: table-row;"> <div style="display: table-cell;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.500000em; font-family: arial;">•</div> </div> <div style="display: table-cell;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.147059em; font-family: arial;">Security selection.</div> </div> </div> <div style="font-size: 6pt; margin-top: 0pt; margin-bottom: 0pt;"> </div> <div style="margin-top: 0pt; margin-bottom: 0pt; display: table-row;"> <div style="display: table-cell;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: arial;">•</div> </div> <div style="display: table-cell;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.147059em; font-family: arial;">Top detractors from relative performance</div> </div> </div> <div style="font-size: 6pt; margin-top: 0pt; margin-bottom: 0pt;"> </div> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-right: 0.59em; display: table-row;"> <div style="display: table-cell;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.500000em; font-family: arial;">•</div> </div> <div style="display: table-cell;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.147059em; font-family: arial;">Sector allocations in housing, industrial development revenue, transportation and health care.</div> </div> </div> <div style="font-size: 6pt; margin-top: 0pt; margin-bottom: 0pt;"> </div> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-right: 0.59em; display: table-row;"> <div style="display: table-cell;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.500000em; font-family: arial;">•</div> </div> <div style="display: table-cell;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.147059em; font-family: arial;">Overweight to non‑rated bonds and an underweight to AAA‑rated and AA‑rated bonds.</div> </div> </div> </td> </tr> </table>
Performance data shown represents past performance and does not predict or guarantee future results.
The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund Shares.
<div style="margin-top: 0pt; margin-bottom: 0pt; text-align: center;">
<img alt="LOGO" src="g37747g1g06g06.jpg" style="width: 7.12111in; height: 3.91944in;"/> </div>
<div style="font-size: 9pt; font-family: arial; font-weight: bold; margin: 12pt 2% 0pt 2%;">Average Annual Total Returns</div>
<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 8pt; width: 96%; border-spacing: 0px; margin: 0 auto;">
<tr>
<td style="width: 76%;"></td>
<td style="vertical-align: bottom; width: 3%;"></td>
<td></td>
<td style="vertical-align: bottom; width: 3%;"></td>
<td></td> </tr>
<tr style="font-size: 1pt;">
<td style="height: 3pt;"></td>
<td colspan="2" style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; border-right: 0.75pt solid #7fb8e6; height: 3pt;"> </td>
<td colspan="2" style="border-top: 0.75pt solid #7fb8e6; border-right: 0.75pt solid #7fb8e6; height: 3pt;"> </td> </tr>
<tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt;">
<td style="vertical-align: top;"> </td>
<td style="border-left: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td>
<td style="padding-bottom: 3pt; border-right: 0.75pt solid #7fb8e6; vertical-align: bottom; white-space: nowrap; text-align: center;"><span style="font-weight: bold;">1‑Year</span></td>
<td style="vertical-align: bottom;"> </td>
<td style="padding-bottom: 3pt; border-right: 0.75pt solid #7fb8e6; padding-right: 2pt; vertical-align: bottom; white-space: nowrap; text-align: center;"><span style="font-weight: bold;">Since Inception<br/>(1/22/25)</span></td> </tr>
<tr style="font-size: 1pt;">
<td style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; padding-left: 8pt; height: 3pt;"> </td>
<td colspan="2" style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; border-right: 0.75pt solid #7fb8e6; height: 3pt;"> </td>
<td colspan="2" style="border-top: 0.75pt solid #7fb8e6; border-right: 0.75pt solid #7fb8e6; height: 3pt;"> </td> </tr>
<tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt;">
<td style="padding-bottom: 3pt; border-left: 0.75pt solid #7fb8e6; padding-left: 8pt; vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.00em; text-indent: -1.00em; font-size: 8pt; font-family: arial;">NAV</div> </td>
<td style="border-left: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td>
<td style="padding-bottom: 3pt; border-right: 0.75pt solid #7fb8e6; vertical-align: bottom; white-space: nowrap; text-align: center;">4.38%</td>
<td style="vertical-align: bottom;"> </td>
<td style="padding-bottom: 3pt; border-right: 0.75pt solid #7fb8e6; vertical-align: bottom; white-space: nowrap; text-align: center;">3.06%</td> </tr>
<tr style="font-size: 1pt;">
<td style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; padding-left: 8pt; height: 3pt;"> </td>
<td colspan="2" style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; border-right: 0.75pt solid #7fb8e6; height: 3pt;"> </td>
<td colspan="2" style="border-top: 0.75pt solid #7fb8e6; border-right: 0.75pt solid #7fb8e6; height: 3pt;"> </td> </tr>
<tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt;">
<td style="padding-bottom: 3pt; border-left: 0.75pt solid #7fb8e6; border-bottom: 0.75pt solid #7fb8e6; padding-left: 8pt; vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.00em; text-indent: -1.00em; font-size: 8pt; font-family: arial;">S&P Municipal Bond Index</div> </td>
<td style="border-left: 0.75pt solid #7fb8e6; border-bottom: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td>
<td style="padding-bottom: 3pt; border-right: 0.75pt solid #7fb8e6; border-bottom: 0.75pt solid #7fb8e6; vertical-align: bottom; white-space: nowrap; text-align: center;">4.32%</td>
<td style="border-bottom: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td>
<td style="padding-bottom: 3pt; border-right: 0.75pt solid #7fb8e6; border-bottom: 0.75pt solid #7fb8e6; vertical-align: bottom; white-space: nowrap; text-align: center;">3.44%</td> </tr> </table>
2025-01-22
NAV
0.0438
0.0306
S&P Municipal Bond Index
0.0432
0.0344
For most recent month‑end performance, go to https://www.nuveen.com/en‑us/exchange‑traded‑funds/prospectuses or call (800) 257‑8787.
<div style="margin-top: 10pt; margin-bottom: 0pt; margin-left: 2%; font-size: 11pt; font-family: arial;"><span style="color: #0071ce;"><span style="font-weight: bold;">Fund Statistics </span></span><span style="font-family: arial;">(as of March 31, 2026)</span><span style="font-family: arial; color: #0071ce;"><span style="font-weight: bold;"> </span></span></div>
<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 8pt; width: 96%; border-spacing: 0px; margin: 0 auto;">
<tr>
<td style="width: 88%;"></td>
<td style="vertical-align: bottom; width: 1%;"></td>
<td></td>
<td></td>
<td style="vertical-align: bottom; width: 2%;"></td> </tr>
<tr style="font-size: 1pt;">
<td style="height: 3pt;"></td>
<td colspan="4" style="height: 3pt;"></td> </tr>
<tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt;">
<td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #7fb8e6; vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.00em; text-indent: -1.00em; font-size: 8pt; font-family: arial;">Fund net assets</div> </td>
<td style="border-bottom: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td>
<td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;"> </td>
<td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom; text-align: right;">$76,544,211</td>
<td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;"> </td> </tr>
<tr style="font-size: 1pt;">
<td style="height: 3pt;"></td>
<td colspan="4" style="height: 3pt;"></td> </tr>
<tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt;">
<td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #7fb8e6; vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.00em; text-indent: -1.00em; font-size: 8pt; font-family: arial;">Total number of portfolio holdings</div> </td>
<td style="border-bottom: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td>
<td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;"> </td>
<td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom; text-align: right;">260</td>
<td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;"> </td> </tr>
<tr style="font-size: 1pt;">
<td style="height: 3pt;"></td>
<td colspan="4" style="height: 3pt;"></td> </tr>
<tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt;">
<td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #7fb8e6; vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.00em; text-indent: -1.00em; font-size: 8pt; font-family: arial;">Portfolio turnover (%)</div> </td>
<td style="border-bottom: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td>
<td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;"> </td>
<td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom; text-align: right;">81%</td>
<td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;"> </td> </tr>
<tr style="font-size: 1pt;">
<td style="height: 3pt;"></td>
<td colspan="4" style="height: 3pt;"></td> </tr>
<tr style="page-break-inside: avoid; font-family: arial; font-size: 8pt;">
<td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #7fb8e6; vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.00em; text-indent: -1.00em; font-size: 8pt; font-family: arial;">Total management fees paid for the year</div> </td>
<td style="border-bottom: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td>
<td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;"> </td>
<td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom; text-align: right;">$ 188,956</td>
<td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;"> </td> </tr> </table>
76544211
260
0.81
188956
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<img alt="LOGO" src="g37747g1g07k01.jpg" style="width: 2.41181in; height: 0.863194in;"/> </div> </div> <div style="position: relative; float: left; margin-left: 3%; width: 49%; padding-right: 0%; padding-bottom: 8pt; overflow: visible; padding-top: 3pt;"> <div style="margin: 0pt 10pt 0pt 10pt;">
<img alt="LOGO" src="g37747g1g07k02.jpg" style="width: 2.41181in; height: 2.33611in;"/> </div> </div>
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<td style="width: 3%; vertical-align: top; text-align: left;">(1)</td>
<td style="vertical-align: top; text-align: left;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt; font-family: arial; text-align: left;">The ratings disclosed are the lowest rating given by one of the following national rating agencies: Standard & Poor’s (S&P), Moody’s Investors Service, Inc. (Moody’s) or Fitch, Inc (Fitch). This treatment of split-rated securities may differ from that used for other purposes, such as for Fund investment policies. Credit ratings are subject to change. AAA, AA, A, and BBB are investment grade ratings; BB, B, CCC, CC, C and D are below-investment grade ratings. Holdings designated N/R are not rated by these national ratings agencies.</div> </td> </tr> </table>
The ratings disclosed are the lowest rating given by one of the following national rating agencies: Standard & Poor’s (S&P), Moody’s Investors Service, Inc. (Moody’s) or Fitch, Inc (Fitch). This treatment of split-rated securities may differ from that used for other purposes, such as for Fund investment policies. Credit ratings are subject to change. AAA, AA, A, and BBB are investment grade ratings; BB, B, CCC, CC, C and D are below-investment grade ratings. Holdings designated N/R are not rated by these national ratings agencies.
<div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 2%; font-size: 11pt; font-family: arial;"><span style="color: #0071ce;"><span style="font-weight: bold;">How has the Fund changed? </span></span></div> <div style="font-size: 8pt; font-family: arial; font-weight: bold; text-align: justify; margin: 4pt 2% 0pt 2%;">For more complete information, you may review the Fund’s next prospectus, which is expected to be available by July 31, 2026 at <span style="font-family: arial; color: #0071ce;">https://www.nuveen.com/en‑us/exchange‑traded‑funds/prospectuses</span> or upon request at (800) 257‑8787.</div>
<div style="font-size: 8pt; font-family: arial; font-weight: bold; text-align: justify; margin: 4pt 2% 0pt 2%;">For more complete information, you may review the Fund’s next prospectus, which is expected to be available by July 31, 2026 at <span style="font-family: arial; color: #0071ce;">https://www.nuveen.com/en‑us/exchange‑traded‑funds/prospectuses</span> or upon request at (800) 257‑8787.</div>
https://www.nuveen.com/en‑us/exchange‑traded‑funds/prospectuses
(800) 257‑8787
The ratings disclosed are the lowest rating given by one of the following national rating agencies: Standard & Poor’s (S&P), Moody’s Investors Service, Inc. (Moody’s) or Fitch, Inc (Fitch). This treatment of split-rated securities may differ from that used for other purposes, such as for Fund investment policies. Credit ratings are subject to change. AAA, AA, A, and BBB are investment grade ratings; BB, B, CCC, CC, C and D are below-investment grade ratings. Holdings designated N/R are not rated by these national ratings agencies.
The ratings disclosed are the lowest rating given by one of the following national rating agencies: Standard & Poor’s (S&P), Moody’s Investors Service, Inc. (Moody’s) or Fitch, Inc (Fitch). This treatment of split-rated securities may differ from that used for other purposes, such as for Fund investment policies. Credit ratings are subject to change. AAA, AA, A, and BBB are investment grade ratings; BB, B, CCC, CC, C and D are below-investment grade ratings. Holdings designated N/R are not rated by these national ratings agencies.
Annualized for period less than one year.
Annualized for period less than one year.