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N-CSR
Nushares ETF Trust
2026-07-31
Nuveen AA‑BBB CLO ETF
Nuveen AA‑BBB CLO ETF
NCLO
This annual shareholder report contains important information about the Nuveen AA‑BBB CLO ETF for the period of August 1, 2025 to July 31, 2026.
annual shareholder report
You can find additional information at https://www.nuveen.com/en‑us/exchange‑traded‑funds/prospectuses. You can also request this information by contacting us at (800) 257‑8787.
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: 18pt 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>
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<td style="padding-bottom: 3pt; vertical-align: middle; text-align: right;"><span style="font-weight: bold;">Cost of a $10,000 investment </span></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;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt; font-family: arial; font-weight: bold; text-align: right;">Costs paid as a percentage of </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> </tr>
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<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>
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<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 AA‑BBB CLO 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;">$27 </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;">0.26% </td> </tr> </table>
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<td style="width: 3%;"> </td>
<td style="width: 1%; vertical-align: top; text-align: right;">*</td>
<td style="width: 1%; vertical-align: top;"> </td>
<td style="vertical-align: top; text-align: left;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: arial; font-size: 8pt; text-align: justify;">Annualized for period less than one year.</div> </td>
<td style="width: 2%;"> </td> </tr> </table>
27
0.0026
<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>
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<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="font-size: 9pt; font-family: arial; margin: 0pt 1.11em 0pt 1.11em;">The Nuveen AA‑BBB CLO ETF returned 5.61% for Common Shares at net asset value (NAV) for the 12 months ended July 31, 2026. The Fund performed in line with the JP Morgan CLO A Index, which returned 5.72%.</div> <div style="font-size: 6pt; margin-top: 0pt; margin-bottom: 0pt;"> </div> <div style="font-size: 9pt; font-family: arial; margin: 0pt 1.11em 0pt 1.11em;">Top contributors to relative performance</div> <div style="font-size: 6pt; margin-top: 0pt; margin-bottom: 0pt;"> </div> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-right: 1.67em; display: table-row;"> <div style="display: table-cell;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 2.222222em; font-family: arial;">•</div> </div> <div style="display: table-cell;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.538889em; font-family: arial;">Security selection within A‑rated and BBB‑rated collateralized loan obligation (CLO) tranches.</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: 1.67em; display: table-row;"> <div style="display: table-cell;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 2.222222em; font-family: arial;">•</div> </div> <div style="display: table-cell;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.538889em; font-family: arial;">Active management and tactical rotation, including an emphasis on more liquid CLO debt.</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: 1.67em; display: table-row;"> <div style="display: table-cell;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 2.222222em; font-family: arial;">•</div> </div> <div style="display: table-cell;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.538889em; font-family: arial;">Manager selection within top‑tier CLO managers, with an emphasis on higher-quality underlying loan portfolios.</div> </div> </div> <div style="font-size: 6pt; margin-top: 0pt; margin-bottom: 0pt;"> </div> <div style="font-size: 9pt; font-family: arial; margin: 0pt 1.11em 0pt 1.11em;">Top detractors from relative performance</div> <div style="font-size: 6pt; margin-top: 0pt; margin-bottom: 0pt;"> </div> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-right: 1.67em; display: table-row;"> <div style="display: table-cell;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 2.222222em; font-family: arial;">•</div> </div> <div style="display: table-cell;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.538889em; font-family: arial;">Exposure to AA‑rated CLO tranches.</div> </div> </div> <div style="font-size: 6pt; margin-top: 0pt; margin-bottom: 1pt;"> </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.
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<img alt="LOGO" src="g242346g1g00k02.jpg"/> </div>
<div style="font-size: 9pt; font-family: arial; font-weight: bold; margin: 0pt 2% 0pt 2%;">Average Annual Total Returns</div>
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<td colspan="4" style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; border-right: 0.75pt solid #7fb8e6; height: 3pt;"> </td>
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<td colspan="2" style="padding-bottom: 3pt; vertical-align: bottom; white-space: nowrap; text-align: center;"><span style="font-weight: bold;">1-Year</span></td>
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<td style="vertical-align: bottom;"> </td>
<td colspan="2" style="padding-bottom: 3pt; vertical-align: bottom; white-space: nowrap; text-align: center;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt; font-family: arial; font-weight: bold; text-align: center;">Since</div> <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt; font-family: arial; font-weight: bold; text-align: center;">Inception</div> <div style="margin-top: 0pt; margin-bottom: 1pt; font-size: 8pt; font-family: arial; font-weight: bold; text-align: center;">(12/10/24)</div> </td>
<td style="border-right: 0.75pt solid #7fb8e6; padding-right: 2pt; vertical-align: bottom;"> </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="4" style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; border-right: 0.75pt solid #7fb8e6; height: 3pt;"> </td>
<td colspan="4" 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; white-space: nowrap; vertical-align: bottom;"> </td>
<td style="padding-bottom: 3pt; white-space: nowrap; vertical-align: bottom; text-align: right;">5.61</td>
<td style="padding-bottom: 3pt; border-right: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;">% </td>
<td style="vertical-align: bottom;"> </td>
<td style="padding-bottom: 3pt; white-space: nowrap; vertical-align: bottom;"> </td>
<td style="padding-bottom: 3pt; white-space: nowrap; vertical-align: bottom; text-align: right;">5.85</td>
<td style="padding-bottom: 3pt; border-right: 0.75pt solid #7fb8e6; padding-right: 2pt; white-space: nowrap; vertical-align: bottom;">% </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="4" style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; border-right: 0.75pt solid #7fb8e6; height: 3pt;"> </td>
<td colspan="4" 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;">Bloomberg U.S. Aggregate Bond Index</div> </td>
<td style="border-left: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td>
<td style="padding-bottom: 3pt; white-space: nowrap; vertical-align: bottom;"> </td>
<td style="padding-bottom: 3pt; white-space: nowrap; vertical-align: bottom; text-align: right;">2.71</td>
<td style="padding-bottom: 3pt; border-right: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;">% </td>
<td style="vertical-align: bottom;"> </td>
<td style="padding-bottom: 3pt; white-space: nowrap; vertical-align: bottom;"> </td>
<td style="padding-bottom: 3pt; white-space: nowrap; vertical-align: bottom; text-align: right;">2.86</td>
<td style="padding-bottom: 3pt; border-right: 0.75pt solid #7fb8e6; padding-right: 2pt; white-space: nowrap; vertical-align: bottom;">% </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="4" style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; border-right: 0.75pt solid #7fb8e6; height: 3pt;"> </td>
<td colspan="4" 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;">JP Morgan CLO A Index</div> </td>
<td style="border-left: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td>
<td style="padding-bottom: 3pt; white-space: nowrap; vertical-align: bottom;"> </td>
<td style="padding-bottom: 3pt; white-space: nowrap; vertical-align: bottom; text-align: right;">5.72</td>
<td style="padding-bottom: 3pt; border-right: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;">% </td>
<td style="vertical-align: bottom;"> </td>
<td style="padding-bottom: 3pt; white-space: nowrap; vertical-align: bottom;"> </td>
<td style="padding-bottom: 3pt; white-space: nowrap; vertical-align: bottom; text-align: right;">6.05</td>
<td style="padding-bottom: 3pt; border-right: 0.75pt solid #7fb8e6; padding-right: 2pt; white-space: nowrap; vertical-align: bottom;">% </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="4" style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; border-right: 0.75pt solid #7fb8e6; height: 3pt;"> </td>
<td colspan="4" 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 UBS Leveraged Loan 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-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;">4.27</td>
<td style="padding-bottom: 3pt; border-right: 0.75pt solid #7fb8e6; border-bottom: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;">% </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;">5.12</td>
<td style="padding-bottom: 3pt; border-right: 0.75pt solid #7fb8e6; border-bottom: 0.75pt solid #7fb8e6; padding-right: 2pt; white-space: nowrap; vertical-align: bottom;">% </td> </tr> </table>
2024-12-10
NAV
0.0561
0.0585
Bloomberg U.S. Aggregate Bond Index
0.0271
0.0286
JP Morgan CLO A Index
0.0572
0.0605
S&P UBS Leveraged Loan Index
0.0427
0.0512
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 (as of July 31, 2026) </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: 2%;"></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;">152,169,995</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;">106</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;">94%</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;">331,226</td>
<td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;"> </td> </tr> </table>
152169995
106
0.94
331226
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<td style="vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.11em;">
<img alt="LOGO" src="g242346g1g00b03.jpg"/> </div> </td>
<td style="vertical-align: bottom;"> </td>
<td style="vertical-align: top;">
<img alt="LOGO" src="g242346g1g00b04.jpg"/> </td> </tr> </table>
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<td style="width: 4%; 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 Fund uses credit quality ratings for its portfolio securities provided by Moody’s, S&P and Fitch. If all three of Moody’s, S&P, and Fitch provide a rating for a security, the middle is used; if two of the three agencies rate a security, the lower rating is used; and if only one rating agency rates a security, that rating is used. AAA, AA, A, and BBB are investment grade ratings; BB, B, CCC/CC/C and D are below-investment grade ratings. Credit ratings are subject to change. Holdings designated N/R are not rated by Moody’s, S&P or Fitch.</div> </td> </tr> </table>
The Fund uses credit quality ratings for its portfolio securities provided by Moody’s, S&P and Fitch. If all three of Moody’s, S&P, and Fitch provide a rating for a security, the middle is used; if two of the three agencies rate a security, the lower rating is used; and if only one rating agency rates a security, that rating is used. AAA, AA, A, and BBB are investment grade ratings; BB, B, CCC/CC/C and D are below-investment grade ratings. Credit ratings are subject to change. Holdings designated N/R are not rated by Moody’s, S&P or Fitch.
<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="margin-top: 6pt; margin-bottom: 0pt; margin-left: 2%; font-size: 9pt; font-family: arial; font-weight: bold;">For more complete information, you may review the Fund’s next prospectus, which is expected to be available by November 30, 2026 at https://www.nuveen.com/en‑us/exchange‑traded‑funds/prospectuses or upon request at (800) 257‑8787.</div>
<div style="margin-top: 6pt; margin-bottom: 0pt; margin-left: 2%; font-size: 9pt; font-family: arial; font-weight: bold;">For more complete information, you may review the Fund’s next prospectus, which is expected to be available by November 30, 2026 at https://www.nuveen.com/en‑us/exchange‑traded‑funds/prospectuses or upon request at (800) 257‑8787.</div>
https://www.nuveen.com/en‑us/exchange‑traded‑funds/prospectuses
(800) 257‑8787
Nuveen Core Plus Bond ETF
Nuveen Core Plus Bond ETF
NCPB
This annual shareholder report contains important information about the Nuveen Core Plus Bond ETF for the period of August 1, 2025 to July 31, 2026.
annual shareholder report
You can find additional information at https://www.nuveen.com/en‑us/exchange‑traded‑funds/prospectuses. You can also request this information by contacting us at (800) 257‑8787.
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: 18pt 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>
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<td style="width: 33%;"></td>
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<td style="width: 33%;"></td>
<td style="vertical-align: bottom;"></td>
<td style="width: 32%;"></td> </tr>
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<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>
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<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: middle; text-align: right;"><span style="font-weight: bold;">Cost of a $10,000 investment </span></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;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt; font-family: arial; font-weight: bold; text-align: right;">Costs paid as a percentage of </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> </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 Core Plus Bond 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;">$32 </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;">0.31% </td> </tr> </table>
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<td style="width: 3%;"> </td>
<td style="width: 1%; vertical-align: top; text-align: right;">*</td>
<td style="width: 1%; vertical-align: top;"> </td>
<td style="vertical-align: top; text-align: left;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: arial; font-size: 8pt; text-align: justify;">Annualized for period less than one year.</div> </td>
<td style="width: 2%;"> </td> </tr> </table>
32
0.0031
<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>
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<td style="width: 100%;"></td> </tr>
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<td style="height: 3pt;"></td> </tr>
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<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="font-size: 9pt; font-family: arial; margin: 0pt 1.11em 0pt 1.11em;">The Nuveen Core Plus Bond ETF returned 3.70% for Common Shares at net asset value (NAV) for the 12 months ended July 31, 2026. The Fund outperformed the Bloomberg U.S. Aggregate Bond Index, which returned 2.71%.</div> <div style="font-size: 6pt; margin-top: 0pt; margin-bottom: 0pt;"> </div> <div style="font-size: 9pt; font-family: arial; margin: 0pt 1.11em 0pt 1.11em;">Top contributors to relative performance</div> <div style="font-size: 6pt; margin-top: 0pt; margin-bottom: 0pt;"> </div> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-right: 1.67em; display: table-row;"> <div style="display: table-cell;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 2.222222em; font-family: arial;">•</div> </div> <div style="display: table-cell;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.538889em; font-family: arial;">Overweight allocation and security selection in the corporate bond sector, led by out‑of‑index exposure to high-yield bonds, preferred securities, leveraged loans and emerging markets (EM) corporate 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: 1.67em; display: table-row;"> <div style="display: table-cell;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 2.222222em; font-family: arial;">•</div> </div> <div style="display: table-cell;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.538889em; font-family: arial;">Overweight allocations and security selection in securitized sectors, including mortgage-backed securities (MBS), commercial mortgage-backed securities (CMBS) and asset-backed securities (ABS).</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: 1.67em; display: table-row;"> <div style="display: table-cell;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 2.222222em; font-family: arial;">•</div> </div> <div style="display: table-cell;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.538889em; font-family: arial;">Underweight allocation to U.S. Treasury bonds.</div> </div> </div> <div style="font-size: 6pt; margin-top: 0pt; margin-bottom: 0pt;"> </div> <div style="font-size: 9pt; font-family: arial; margin: 0pt 1.11em 0pt 1.11em;">Top detractors from relative performance</div> <div style="font-size: 6pt; margin-top: 0pt; margin-bottom: 0pt;"> </div> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-right: 1.67em; display: table-row;"> <div style="display: table-cell;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 2.222222em; font-family: arial;">•</div> </div> <div style="display: table-cell;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.538889em; font-family: arial;">Small cash allocation.</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: 1.67em; display: table-row;"> <div style="display: table-cell;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 2.222222em; font-family: arial;">•</div> </div> <div style="display: table-cell;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.538889em; font-family: arial;">Security selection in EM sovereign 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; margin-left: 1%;">
<img alt="LOGO" src="g242346g1g00k05.jpg"/> </div>
<div style="font-size: 9pt; font-family: arial; font-weight: bold; margin: 0pt 2% 0pt 2%;">Average Annual Total Returns</div>
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<tr>
<td style="width: 74%;"></td>
<td style="vertical-align: bottom; width: 7%;"></td>
<td></td>
<td></td>
<td style="vertical-align: bottom; width: 3%;"></td>
<td style="vertical-align: bottom; width: 7%;"></td>
<td></td>
<td></td>
<td style="vertical-align: bottom; width: 3%;"></td> </tr>
<tr style="font-size: 1pt;">
<td style="height: 3pt;"></td>
<td colspan="4" style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; border-right: 0.75pt solid #7fb8e6; height: 3pt;"> </td>
<td colspan="4" 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: top;"> </td>
<td style="border-left: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td>
<td colspan="2" style="padding-bottom: 3pt; vertical-align: bottom; white-space: nowrap; text-align: center;"><span style="font-weight: bold;">1-Year</span></td>
<td style="border-right: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td>
<td style="border-left: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td>
<td colspan="2" style="padding-bottom: 3pt; vertical-align: bottom; white-space: nowrap; text-align: center;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt; font-family: arial; font-weight: bold; text-align: center;">Since</div> <div style="margin-top: 0pt; margin-bottom: 1pt; font-size: 8pt; font-family: arial; font-weight: bold; text-align: center;">Inception<br/>(3/5/24)</div> </td>
<td style="border-right: 0.75pt solid #7fb8e6; padding-right: 2pt; vertical-align: bottom;"> </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="4" style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; border-right: 0.75pt solid #7fb8e6; height: 3pt;"> </td>
<td colspan="4" 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; 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; white-space: nowrap; vertical-align: bottom;"> </td>
<td style="padding-bottom: 3pt; white-space: nowrap; vertical-align: bottom; text-align: right;">3.70</td>
<td style="padding-bottom: 3pt; border-right: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;">% </td>
<td style="border-left: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td>
<td style="padding-bottom: 3pt; white-space: nowrap; vertical-align: bottom;"> </td>
<td style="padding-bottom: 3pt; white-space: nowrap; vertical-align: bottom; text-align: right;">4.41</td>
<td style="padding-bottom: 3pt; border-right: 0.75pt solid #7fb8e6; padding-right: 2pt; white-space: nowrap; vertical-align: bottom;">% </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="4" style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; border-right: 0.75pt solid #7fb8e6; height: 3pt;"> </td>
<td colspan="4" 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;">Bloomberg U.S. Aggregate 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-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;">2.71</td>
<td style="padding-bottom: 3pt; border-right: 0.75pt solid #7fb8e6; border-bottom: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;">% </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; 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;">3.63</td>
<td style="padding-bottom: 3pt; border-right: 0.75pt solid #7fb8e6; border-bottom: 0.75pt solid #7fb8e6; padding-right: 2pt; white-space: nowrap; vertical-align: bottom;">% </td> </tr> </table>
2024-03-05
NAV
0.0370
0.0441
Bloomberg U.S. Aggregate Bond Index
0.0271
0.0363
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 (as of July 31, 2026) </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: 2%;"></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;">55,288,704</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;">475</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;">66%</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;">171,067</td>
<td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;"> </td> </tr> </table>
55288704
475
0.66
171067
<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 10pt; width: 100%; border-spacing: 0px; margin: 0 auto;">
<tr>
<td style="width: 50%;"></td>
<td style="vertical-align: bottom; width: 1%;"></td>
<td style="width: 49%;"></td> </tr>
<tr style="page-break-inside: avoid; font-family: arial; font-size: 10pt;">
<td style="vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.00em;">
<img alt="LOGO" src="g242346g1g06e01.jpg"/> </div> </td>
<td style="vertical-align: bottom;"> </td>
<td style="vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.00em;">
<img alt="LOGO" src="g242346g1g06e02.jpg"/> </div> </td> </tr> </table>
<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: 1%;"> </td>
<td style="width: 4%; 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 Fund uses credit quality ratings for its portfolio securities provided by Moody’s, S&P and Fitch. If all three of Moody’s, S&P, and Fitch provide a rating for a security, the middle is used; if two of the three agencies rate a security, the lower rating is used; and if only one rating agency rates a security, that rating is used. AAA, AA, A, and BBB are investment grade ratings; BB, B, CCC/CC/C and D are below-investment grade ratings. Credit ratings are subject to change. Holdings designated N/R are not rated by Moody’s, S&P or Fitch.</div> </td> </tr> </table>
The Fund uses credit quality ratings for its portfolio securities provided by Moody’s, S&P and Fitch. If all three of Moody’s, S&P, and Fitch provide a rating for a security, the middle is used; if two of the three agencies rate a security, the lower rating is used; and if only one rating agency rates a security, that rating is used. AAA, AA, A, and BBB are investment grade ratings; BB, B, CCC/CC/C and D are below-investment grade ratings. Credit ratings are subject to change. Holdings designated N/R are not rated by Moody’s, S&P or Fitch.
<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="margin-top: 6pt; margin-bottom: 0pt; margin-left: 2%; font-size: 9pt; font-family: arial; font-weight: bold;">For more complete information, you may review the Fund’s next prospectus, which is expected to be available by November 30, 2026 at https://www.nuveen.com/en‑us/exchange‑traded‑funds/prospectuses or upon request at (800) 257‑8787.</div>
<div style="margin-top: 6pt; margin-bottom: 0pt; margin-left: 2%; font-size: 9pt; font-family: arial; font-weight: bold;">For more complete information, you may review the Fund’s next prospectus, which is expected to be available by November 30, 2026 at https://www.nuveen.com/en‑us/exchange‑traded‑funds/prospectuses or upon request at (800) 257‑8787.</div>
https://www.nuveen.com/en‑us/exchange‑traded‑funds/prospectuses
(800) 257‑8787
Nuveen Enhanced Yield U.S. Aggregate Bond ETF
Nuveen Enhanced Yield U.S. Aggregate Bond ETF
NUAG
This annual shareholder report contains important information about the Nuveen Enhanced Yield U.S. Aggregate Bond ETF for the period of August 1, 2025 to July 31, 2026.
annual shareholder report
You can find additional information at https://www.nuveen.com/en‑us/exchange‑traded‑funds/ prospectuses. You can also request this information by contacting us at (800) 257‑8787.
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: 18pt 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: middle; text-align: right;"><span style="font-weight: bold;">Cost of a $10,000 investment </span></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;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt; font-family: arial; font-weight: bold; text-align: right;">Costs paid as a percentage of </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> </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 Enhanced Yield U.S. Aggregate Bond 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;">$18 </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;">0.18% </td> </tr> </table>
<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: 3%;"> </td>
<td style="width: 1%; vertical-align: top; text-align: right;">*</td>
<td style="width: 1%; vertical-align: top;"> </td>
<td style="vertical-align: top; text-align: left;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: arial; font-size: 8pt; text-align: justify;">Annualized for period less than one year.</div> </td>
<td style="width: 2%;"> </td> </tr> </table>
18
0.0018
<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: 9pt; 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: 9pt;">
<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="font-size: 9pt; font-family: arial; margin: 0pt 1.11em 0pt 1.11em;">The Nuveen Enhanced Yield U.S. Aggregate Bond ETF (NUAG)’s total return at net asset value (NAV) was 2.98% for the 12 months ended July 31, 2026. The Fund’s custom index, the ICE BofA Enhanced Yield U.S. Broad Bond Index, returned 3.17%. The difference between the Fund’s total return at NAV and that of the custom index is attributable to management fees and other expenses incurred by the Fund that are not incurred by the custom index, along with the representative sampling process. The representative sampling process utilizes a subset of index securities in an effort to provide exposure similar to that of the custom index.</div> <div style="font-size: 6pt; margin-top: 0pt; margin-bottom: 0pt;"> </div> <div style="font-size: 9pt; font-family: arial; margin: 0pt 1.11em 0pt 1.11em;">During the reporting period, the Fund’s custom index outperformed the Fund’s base index, the ICE BofA U.S. Broad Market Index, which returned 2.72%.</div> <div style="font-size: 6pt; margin-top: 0pt; margin-bottom: 0pt;"> </div> <div style="font-size: 9pt; font-family: arial; margin: 0pt 1.11em 0pt 1.11em;">The top contributors to the custom index’s relative performance were an overweight to corporates and an underweight to U.S. treasury bonds.</div> <div style="font-size: 6pt; margin-top: 0pt; margin-bottom: 0pt;"> </div> <div style="font-size: 9pt; font-family: arial; margin: 0pt 1.11em 0pt 1.11em;">There were no material detractors from the custom index’s relative performance during the reporting period.</div> <div style="font-size: 6pt; margin-top: 0pt; margin-bottom: 1pt;"> </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: 0pt 2% 0pt 1%;">
<img alt="LOGO" src="g242346g1g00k08.jpg"/> </div>
<div style="font-size: 9pt; font-family: arial; font-weight: bold; margin: 0pt 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: 64%;"></td>
<td style="vertical-align: bottom; width: 6%;"></td>
<td></td>
<td></td>
<td style="vertical-align: bottom; width: 3%;"></td>
<td style="vertical-align: bottom; width: 6%;"></td>
<td></td>
<td></td>
<td style="vertical-align: bottom; width: 3%;"></td>
<td style="vertical-align: bottom; width: 6%;"></td>
<td></td>
<td></td>
<td style="vertical-align: bottom; width: 3%;"></td> </tr>
<tr style="font-size: 1pt;">
<td style="height: 3pt;"></td>
<td colspan="4" style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; border-right: 0.75pt solid #7fb8e6; height: 3pt;"> </td>
<td colspan="4" style="border-top: 0.75pt solid #7fb8e6; height: 3pt;"> </td>
<td colspan="4" 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: top;"> </td>
<td style="border-left: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td>
<td colspan="2" style="padding-bottom: 3pt; vertical-align: bottom; white-space: nowrap; text-align: center;"><span style="font-weight: bold;">1-Year</span></td>
<td style="border-right: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td>
<td style="vertical-align: bottom;"> </td>
<td colspan="2" style="padding-bottom: 3pt; vertical-align: bottom; white-space: nowrap; text-align: center;"><span style="font-weight: bold;">5-Year</span></td>
<td style="vertical-align: bottom;"> </td>
<td style="border-left: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td>
<td colspan="2" style="padding-bottom: 3pt; vertical-align: bottom; white-space: nowrap; text-align: center;"><span style="font-weight: bold;">Since<br/>Inception<br/>(9/14/16)</span></td>
<td style="border-right: 0.75pt solid #7fb8e6; padding-right: 2pt; vertical-align: bottom;"> </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="4" style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; border-right: 0.75pt solid #7fb8e6; height: 3pt;"> </td>
<td colspan="4" style="border-top: 0.75pt solid #7fb8e6; height: 3pt;"> </td>
<td colspan="4" 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; 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; white-space: nowrap; vertical-align: bottom;"> </td>
<td style="padding-bottom: 3pt; white-space: nowrap; vertical-align: bottom; text-align: right;">2.98</td>
<td style="padding-bottom: 3pt; border-right: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;">% </td>
<td style="vertical-align: bottom;"> </td>
<td style="padding-bottom: 3pt; white-space: nowrap; vertical-align: bottom;"> </td>
<td style="padding-bottom: 3pt; white-space: nowrap; vertical-align: bottom; text-align: right;">(0.10</td>
<td style="padding-bottom: 3pt; white-space: nowrap; vertical-align: bottom;">)% </td>
<td style="border-left: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td>
<td style="padding-bottom: 3pt; white-space: nowrap; vertical-align: bottom;"> </td>
<td style="padding-bottom: 3pt; white-space: nowrap; vertical-align: bottom; text-align: right;">1.61</td>
<td style="padding-bottom: 3pt; border-right: 0.75pt solid #7fb8e6; padding-right: 2pt; white-space: nowrap; vertical-align: bottom;">% </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="4" style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; border-right: 0.75pt solid #7fb8e6; height: 3pt;"> </td>
<td colspan="4" style="border-top: 0.75pt solid #7fb8e6; height: 3pt;"> </td>
<td colspan="4" 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; 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;">ICE BofA U.S. Broad Market Index</div> </td>
<td style="border-left: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td>
<td style="padding-bottom: 3pt; white-space: nowrap; vertical-align: bottom;"> </td>
<td style="padding-bottom: 3pt; white-space: nowrap; vertical-align: bottom; text-align: right;">2.72</td>
<td style="padding-bottom: 3pt; border-right: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;">% </td>
<td style="vertical-align: bottom;"> </td>
<td style="padding-bottom: 3pt; white-space: nowrap; vertical-align: bottom;"> </td>
<td style="padding-bottom: 3pt; white-space: nowrap; vertical-align: bottom; text-align: right;">(0.40</td>
<td style="padding-bottom: 3pt; white-space: nowrap; vertical-align: bottom;">)% </td>
<td style="border-left: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td>
<td style="padding-bottom: 3pt; white-space: nowrap; vertical-align: bottom;"> </td>
<td style="padding-bottom: 3pt; white-space: nowrap; vertical-align: bottom; text-align: right;">1.45</td>
<td style="padding-bottom: 3pt; border-right: 0.75pt solid #7fb8e6; padding-right: 2pt; white-space: nowrap; vertical-align: bottom;">% </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="4" style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; border-right: 0.75pt solid #7fb8e6; height: 3pt;"> </td>
<td colspan="4" style="border-top: 0.75pt solid #7fb8e6; height: 3pt;"> </td>
<td colspan="4" 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;">ICE BofA Enhanced Yield U.S. Broad 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-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;">3.17</td>
<td style="padding-bottom: 3pt; border-right: 0.75pt solid #7fb8e6; border-bottom: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;">% </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;">0.18</td>
<td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;">% </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; 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;">1.94</td>
<td style="padding-bottom: 3pt; border-right: 0.75pt solid #7fb8e6; border-bottom: 0.75pt solid #7fb8e6; padding-right: 2pt; white-space: nowrap; vertical-align: bottom;">% </td> </tr> </table>
2016-09-14
NAV
0.0298
-0.0010
0.0161
ICE BofA U.S. Broad Market Index
0.0272
-0.0040
0.0145
ICE BofA Enhanced Yield U.S. Broad Bond Index
0.0317
0.0018
0.0194
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 (as of July 31, 2026) </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: 2%;"></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;">96,407,847</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;">1,303</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;">60%</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;">126,955</td>
<td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;"> </td> </tr> </table>
96407847
1303
0.60
126955
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<tr>
<td style="width: 50%;"></td>
<td style="vertical-align: bottom; width: 1%;"></td>
<td style="width: 49%;"></td> </tr>
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<td style="vertical-align: top;"> <div style="margin: 0pt 1.11em 0pt 1.11em;">
<img alt="LOGO" src="g242346g1g09e01.jpg"/> </div> </td>
<td style="vertical-align: bottom;"> </td>
<td style="vertical-align: top;"> <div style="margin: 0pt 1.11em 0pt 1.11em;">
<img alt="LOGO" src="g242346g1g09e02.jpg"/> </div> </td> </tr> </table>
<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: 1%;"> </td>
<td style="width: 4%; 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 Fund uses credit quality ratings for its portfolio securities provided by Moody’s, S&P and Fitch. If all three of Moody’s, S&P, and Fitch provide a rating for a security, an average of the ratings is used; if two of the three agencies rate a security, an average of the two is used; and if only one rating agency rates a security, that rating is used. AAA, AA, A, and BBB are investment grade ratings; BB, B, CCC/CC/C and D are below‑investment grade ratings. Credit ratings are subject to change. Holdings designated N/R are not rated by Moody’s, S&P or Fitch.</div> </td> </tr> </table>
The Fund uses credit quality ratings for its portfolio securities provided by Moody’s, S&P and Fitch. If all three of Moody’s, S&P, and Fitch provide a rating for a security, an average of the ratings is used; if two of the three agencies rate a security, an average of the two is used; and if only one rating agency rates a security, that rating is used. AAA, AA, A, and BBB are investment grade ratings; BB, B, CCC/CC/C and D are below‑investment grade ratings. Credit ratings are subject to change. Holdings designated N/R are not rated by Moody’s, S&P or Fitch.
<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="margin-top: 6pt; margin-bottom: 0pt; margin-left: 2%; font-size: 9pt; font-family: arial;"><span style="font-weight: bold;">Portfolio manager update(s): </span>Effective January 23, 2026, Joseph Spinelli was added as a portfolio manager of the Fund and Vivian Liu was removed as a portfolio manager of the Fund. <span style="font-weight: bold;"> </span></div> <div style="margin-top: 6pt; margin-bottom: 0pt; margin-left: 2%; font-size: 9pt; font-family: arial;"><span style="font-weight: bold;">Management fees: </span>Effective May 1, 2026, the Fund’s contractual management fee was reduced to 0.15% from 0.18%.<span style="font-weight: bold;"> </span></div> <div style="margin-top: 6pt; margin-bottom: 0pt; margin-left: 2%; font-size: 9pt; font-family: arial;"><span style="font-weight: bold;">Sub‑Adviser merger: </span>At the close of business on July 31, 2026, Teachers Advisors, LLC merged into Nuveen Asset Management, LLC (“Nuveen Asset Management”). In connection with this merger, effective August 1, 2026 Nuveen Asset Management became the sub‑adviser to the Funds. Nuveen Fund Advisors and Nuveen Asset Management are each wholly owned subsidiaries of Nuveen, LLC and, ultimately, Teachers Insurance and Annuity Association of America.</div> <div style="margin-top: 6pt; margin-bottom: 0pt; margin-left: 2%; font-size: 9pt; font-family: arial; font-weight: bold;">For more complete information, you may review the Fund’s next prospectus, which is expected to be available by November 30, 2026 at https://www.nuveen.com/en‑us/exchange‑traded‑funds/prospectuses or upon request at (800) 257‑8787.</div>
<div style="margin-top: 6pt; margin-bottom: 0pt; margin-left: 2%; font-size: 9pt; font-family: arial;"><span style="font-weight: bold;">Management fees: </span>Effective May 1, 2026, the Fund’s contractual management fee was reduced to 0.15% from 0.18%.<span style="font-weight: bold;"> </span></div>
<div style="margin-top: 6pt; margin-bottom: 0pt; margin-left: 2%; font-size: 9pt; font-family: arial; font-weight: bold;">For more complete information, you may review the Fund’s next prospectus, which is expected to be available by November 30, 2026 at https://www.nuveen.com/en‑us/exchange‑traded‑funds/prospectuses or upon request at (800) 257‑8787.</div>
https://www.nuveen.com/en‑us/exchange‑traded‑funds/prospectuses
(800) 257‑8787
Nuveen ESG 1‑5 Year U.S. Aggregate Bond ETF
Nuveen ESG 1‑5 Year U.S. Aggregate Bond ETF
NUSA
This annual shareholder report contains important information about the Nuveen ESG 1‑5 Year U.S. Aggregate Bond ETF for the period of August 1, 2025 to July 31, 2026.
annual shareholder report
You can find additional information at https://www.nuveen.com/en‑us/exchange‑traded‑funds/prospectuses. You can also request this information by contacting us at (800) 257‑8787.
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: 18pt 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: middle; text-align: right;"><span style="font-weight: bold;">Cost of a $10,000 investment </span></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;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt; font-family: arial; font-weight: bold; text-align: right;">Costs paid as a percentage of </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> </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 ESG 1‑5 Year U.S. Aggregate Bond 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;">$15 </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;">0.15% </td> </tr> </table>
<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: 3%;"> </td>
<td style="width: 1%; vertical-align: top; text-align: right;">*</td>
<td style="width: 1%; vertical-align: top;"> </td>
<td style="vertical-align: top; text-align: left;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: arial; font-size: 8pt; text-align: justify;">Annualized for period less than one year.</div> </td>
<td style="width: 2%;"> </td> </tr> </table>
15
0.0015
<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: 9pt; 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: 9pt;">
<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="font-size: 9pt; font-family: arial; margin: 0pt 1.11em 0pt 1.11em;">The Nuveen ESG 1‑5 Year U.S. Aggregate Bond ETF (NUSA)‘s total return at net asset value (NAV) was 2.87% for the 12 months ended July 31, 2026. The Fund’s custom index, the Bloomberg MSCI 1‑5 Year U.S. Aggregate ESG Select Index, returned 3.04%. The difference between the Fund’s total return at NAV and that of the custom index is attributable to management fees and other expenses incurred by the Fund that are not incurred by the custom index, along with the representative sampling process. The representative sampling process utilizes a subset of index securities in an effort to provide exposure similar to that of the custom index.</div> <div style="font-size: 6pt; margin-top: 0pt; margin-bottom: 0pt;"> </div> <div style="font-size: 9pt; font-family: arial; margin: 0pt 1.11em 0pt 1.11em;">During the reporting period, the Fund’s custom index performed in line with the Fund’s base index, the Bloomberg 1‑5 Year U.S. Aggregate Bond Index, which returned 3.17%.</div> <div style="font-size: 6pt; margin-top: 0pt; margin-bottom: 0pt;"> </div> <div style="font-size: 9pt; font-family: arial; margin: 0pt 1.11em 0pt 1.11em;">Performance drivers between the Fund’s custom index and base index during the reporting period:</div> <div style="font-size: 6pt; margin-top: 0pt; margin-bottom: 0pt;"> </div> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-right: 1.67em; display: table-row;"> <div style="display: table-cell;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 2.222222em; font-family: arial;">•</div> </div> <div style="display: table-cell;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.538889em; font-family: arial;">The top contributor to the custom index’s relative performance was security selection within corporates.</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: 1.67em; display: table-row;"> <div style="display: table-cell;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 2.222222em; font-family: arial;">•</div> </div> <div style="display: table-cell;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.538889em; font-family: arial;">The top detractor to the custom index’s relative performance was security selection within MBS.</div> </div> </div> <div style="font-size: 6pt; margin-top: 0pt; margin-bottom: 0pt;"> </div> <div style="font-size: 6pt; margin-top: 0pt; margin-bottom: 1pt;"> </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: 0pt 2% 0pt 1%;">
<img alt="LOGO" src="g242346g1g01a11.jpg"/> </div>
<div style="font-size: 9pt; font-family: arial; font-weight: bold; margin: 0pt 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: 64%;"></td>
<td style="vertical-align: bottom; width: 6%;"></td>
<td></td>
<td></td>
<td style="vertical-align: bottom; width: 3%;"></td>
<td style="vertical-align: bottom; width: 6%;"></td>
<td></td>
<td></td>
<td style="vertical-align: bottom; width: 3%;"></td>
<td style="vertical-align: bottom; width: 6%;"></td>
<td></td>
<td></td>
<td style="vertical-align: bottom; width: 3%;"></td> </tr>
<tr style="font-size: 1pt;">
<td style="height: 3pt;"></td>
<td colspan="4" style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; border-right: 0.75pt solid #7fb8e6; height: 3pt;"> </td>
<td colspan="4" style="border-top: 0.75pt solid #7fb8e6; height: 3pt;"> </td>
<td colspan="4" 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: top;"> </td>
<td style="border-left: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td>
<td colspan="2" style="padding-bottom: 3pt; vertical-align: bottom; white-space: nowrap; text-align: center;"><span style="font-weight: bold;">1-Year</span></td>
<td style="border-right: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td>
<td style="vertical-align: bottom;"> </td>
<td colspan="2" style="padding-bottom: 3pt; vertical-align: bottom; white-space: nowrap; text-align: center;"><span style="font-weight: bold;">5-Year</span></td>
<td style="vertical-align: bottom;"> </td>
<td style="border-left: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td>
<td colspan="2" style="padding-bottom: 3pt; vertical-align: bottom; white-space: nowrap; text-align: center;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt; font-family: arial; font-weight: bold; text-align: center;">Since</div> <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt; font-family: arial; font-weight: bold; text-align: center;">Inception</div> <div style="margin-top: 0pt; margin-bottom: 1pt; font-size: 8pt; font-family: arial; font-weight: bold; text-align: center;">(3/31/17)</div> </td>
<td style="border-right: 0.75pt solid #7fb8e6; padding-right: 2pt; vertical-align: bottom;"> </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="4" style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; border-right: 0.75pt solid #7fb8e6; height: 3pt;"> </td>
<td colspan="4" style="border-top: 0.75pt solid #7fb8e6; height: 3pt;"> </td>
<td colspan="4" 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; 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; white-space: nowrap; vertical-align: bottom;"> </td>
<td style="padding-bottom: 3pt; white-space: nowrap; vertical-align: bottom; text-align: right;">2.87</td>
<td style="padding-bottom: 3pt; border-right: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;">% </td>
<td style="vertical-align: bottom;"> </td>
<td style="padding-bottom: 3pt; white-space: nowrap; vertical-align: bottom;"> </td>
<td style="padding-bottom: 3pt; white-space: nowrap; vertical-align: bottom; text-align: right;">1.48</td>
<td style="padding-bottom: 3pt; white-space: nowrap; vertical-align: bottom;">% </td>
<td style="border-left: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td>
<td style="padding-bottom: 3pt; white-space: nowrap; vertical-align: bottom;"> </td>
<td style="padding-bottom: 3pt; white-space: nowrap; vertical-align: bottom; text-align: right;">2.18</td>
<td style="padding-bottom: 3pt; border-right: 0.75pt solid #7fb8e6; padding-right: 2pt; white-space: nowrap; vertical-align: bottom;">% </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="4" style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; border-right: 0.75pt solid #7fb8e6; height: 3pt;"> </td>
<td colspan="4" style="border-top: 0.75pt solid #7fb8e6; height: 3pt;"> </td>
<td colspan="4" 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; 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;">Bloomberg U.S. Aggregate Bond Index</div> </td>
<td style="border-left: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td>
<td style="padding-bottom: 3pt; white-space: nowrap; vertical-align: bottom;"> </td>
<td style="padding-bottom: 3pt; white-space: nowrap; vertical-align: bottom; text-align: right;">2.71</td>
<td style="padding-bottom: 3pt; border-right: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;">% </td>
<td style="vertical-align: bottom;"> </td>
<td style="padding-bottom: 3pt; white-space: nowrap; vertical-align: bottom;"> </td>
<td style="padding-bottom: 3pt; white-space: nowrap; vertical-align: bottom; text-align: right;">(0.40</td>
<td style="padding-bottom: 3pt; white-space: nowrap; vertical-align: bottom;">)% </td>
<td style="border-left: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td>
<td style="padding-bottom: 3pt; white-space: nowrap; vertical-align: bottom;"> </td>
<td style="padding-bottom: 3pt; white-space: nowrap; vertical-align: bottom; text-align: right;">1.70</td>
<td style="padding-bottom: 3pt; border-right: 0.75pt solid #7fb8e6; padding-right: 2pt; white-space: nowrap; vertical-align: bottom;">% </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="4" style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; border-right: 0.75pt solid #7fb8e6; height: 3pt;"> </td>
<td colspan="4" style="border-top: 0.75pt solid #7fb8e6; height: 3pt;"> </td>
<td colspan="4" 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; 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;">Bloomberg 1‑5 Year U.S. Aggregate Bond Index</div> </td>
<td style="border-left: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td>
<td style="padding-bottom: 3pt; white-space: nowrap; vertical-align: bottom;"> </td>
<td style="padding-bottom: 3pt; white-space: nowrap; vertical-align: bottom; text-align: right;">3.17</td>
<td style="padding-bottom: 3pt; border-right: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;">% </td>
<td style="vertical-align: bottom;"> </td>
<td style="padding-bottom: 3pt; white-space: nowrap; vertical-align: bottom;"> </td>
<td style="padding-bottom: 3pt; white-space: nowrap; vertical-align: bottom; text-align: right;">1.66</td>
<td style="padding-bottom: 3pt; white-space: nowrap; vertical-align: bottom;">% </td>
<td style="border-left: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td>
<td style="padding-bottom: 3pt; white-space: nowrap; vertical-align: bottom;"> </td>
<td style="padding-bottom: 3pt; white-space: nowrap; vertical-align: bottom; text-align: right;">2.10</td>
<td style="padding-bottom: 3pt; border-right: 0.75pt solid #7fb8e6; padding-right: 2pt; white-space: nowrap; vertical-align: bottom;">% </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="4" style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; border-right: 0.75pt solid #7fb8e6; height: 3pt;"> </td>
<td colspan="4" style="border-top: 0.75pt solid #7fb8e6; height: 3pt;"> </td>
<td colspan="4" 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;">NUSA Custom 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-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;">3.04</td>
<td style="padding-bottom: 3pt; border-right: 0.75pt solid #7fb8e6; border-bottom: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;">% </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;">1.62</td>
<td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;">% </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; 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;">2.38</td>
<td style="padding-bottom: 3pt; border-right: 0.75pt solid #7fb8e6; border-bottom: 0.75pt solid #7fb8e6; padding-right: 2pt; white-space: nowrap; vertical-align: bottom;">% </td> </tr> </table>
<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: 5%; vertical-align: top; text-align: left;">*</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 NUSA Custom Index is defined as the linked returns between the Bloomberg MSCI 1‑5 Year U.S. Aggregate ESG Select index (effective July 1, 2023) and the ICE BofA Enhanced Yield 1‑5 Year U.S. Broad Bond Index (through market close on June 30, 2023).</div> </td> </tr> </table>
2017-03-31
NAV
0.0287
0.0148
0.0218
Bloomberg U.S. Aggregate Bond Index
0.0271
-0.0040
0.0170
Bloomberg 1‑5 Year U.S. Aggregate Bond Index
0.0317
0.0166
0.0210
NUSA Custom Index
0.0304
0.0162
0.0238
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 (as of July 31, 2026) </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: 2%;"></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;">34,552,030</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;">330</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;">44%</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;">50,427</td>
<td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;"> </td> </tr> </table>
34552030
330
0.44
50427
<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 9pt; width: 100%; border-spacing: 0px; margin: 0 auto;">
<tr>
<td style="width: 50%;"></td>
<td style="vertical-align: bottom; width: 1%;"></td>
<td style="width: 49%;"></td> </tr>
<tr style="page-break-inside: avoid; font-family: arial; font-size: 9pt;">
<td style="vertical-align: top;"> <div style="margin: 0pt 1.11em 0pt 1.11em;">
<img alt="LOGO" src="g242346g1g12g01.jpg"/> </div> </td>
<td style="vertical-align: bottom;"> </td>
<td style="vertical-align: top;"> <div style="margin: 0pt 1.11em 0pt 1.11em;">
<img alt="LOGO" src="g242346g1g12g02.jpg"/> </div> </td> </tr> </table>
<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: 1%;"> </td>
<td style="width: 4%; 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 Fund uses credit quality ratings for its portfolio securities provided by Moody’s, S&P and Fitch. If all three of Moody’s, S&P, and Fitch provide a rating for a security, the middle is used; if two of the three agencies rate a security, the lower rating is used; and if only one rating agency rates a security, that rating is used. AAA, AA, A, and BBB are investment grade ratings; BB, B, CCC/CC/C and D are below-investment grade ratings. Credit ratings are subject to change. Holdings designated N/R are not rated by Moody’s, S&P or Fitch.</div> </td> </tr> </table>
The Fund uses credit quality ratings for its portfolio securities provided by Moody’s, S&P and Fitch. If all three of Moody’s, S&P, and Fitch provide a rating for a security, the middle is used; if two of the three agencies rate a security, the lower rating is used; and if only one rating agency rates a security, that rating is used. AAA, AA, A, and BBB are investment grade ratings; BB, B, CCC/CC/C and D are below-investment grade ratings. Credit ratings are subject to change. Holdings designated N/R are not rated by Moody’s, S&P or Fitch.
<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="margin-top: 6pt; margin-bottom: 0pt; margin-left: 2%; font-size: 9pt; font-family: arial;"><span style="font-weight: bold;">Portfolio manager update(s): </span>Effective January 23, 2026, Joseph Spinelli was added as a portfolio manager of the Fund and Vivian Liu was removed as a portfolio manager of the Fund.<span style="font-weight: bold;"> </span></div> <div style="margin-top: 6pt; margin-bottom: 0pt; margin-left: 2%; font-size: 9pt; font-family: arial;"><span style="font-weight: bold;">Management fees: </span>Effective May 1, 2026, the Fund’s contractual management fee was reduced to 0.14% from 0.15%.<span style="font-weight: bold;"> </span></div> <div style="margin-top: 6pt; margin-bottom: 0pt; margin-left: 2%; font-size: 9pt; font-family: arial;"><span style="font-weight: bold;">Sub‑Adviser merger: </span>At the close of business on July 31, 2026, Teachers Advisors, LLC merged into Nuveen Asset Management, LLC (“Nuveen Asset Management”). In connection with this merger, effective August 1, 2026 Nuveen Asset Management became the sub‑adviser to the Funds. Nuveen Fund Advisors and Nuveen Asset Management are each wholly owned subsidiaries of Nuveen, LLC and, ultimately, Teachers Insurance and Annuity Association of America.<span style="font-weight: bold;"> </span></div> <div style="margin-top: 6pt; margin-bottom: 0pt; margin-left: 2%; font-size: 9pt; font-family: arial; font-weight: bold;">For more complete information, you may review the Fund’s next prospectus, which is expected to be available by November 30, 2026 at https://www.nuveen.com/en‑us/exchange‑traded‑funds/prospectuses or upon request at (800) 257‑8787.</div>
<div style="margin-top: 6pt; margin-bottom: 0pt; margin-left: 2%; font-size: 9pt; font-family: arial;"><span style="font-weight: bold;">Management fees: </span>Effective May 1, 2026, the Fund’s contractual management fee was reduced to 0.14% from 0.15%.<span style="font-weight: bold;"> </span></div>
<div style="margin-top: 6pt; margin-bottom: 0pt; margin-left: 2%; font-size: 9pt; font-family: arial; font-weight: bold;">For more complete information, you may review the Fund’s next prospectus, which is expected to be available by November 30, 2026 at https://www.nuveen.com/en‑us/exchange‑traded‑funds/prospectuses or upon request at (800) 257‑8787.</div>
https://www.nuveen.com/en‑us/exchange‑traded‑funds/prospectuses
(800) 257‑8787
Nuveen ESG High Yield Corporate Bond ETF
Nuveen ESG High Yield Corporate Bond ETF
NUHY
This annual shareholder report contains important information about the Nuveen ESG High Yield Corporate Bond ETF for the period of August 1, 2025 to July 31, 2026.
annual shareholder report
You can find additional information at https://www.nuveen.com/en‑us/exchange‑traded‑funds/prospectuses. You can also request this information by contacting us at (800) 257‑8787.
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: 18pt 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: middle; text-align: right;"><span style="font-weight: bold;">Cost of a $10,000 investment </span></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;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt; font-family: arial; font-weight: bold; text-align: right;">Costs paid as a percentage of </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> </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 ESG High Yield Corporate Bond 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;">$32 </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;">0.31% </td> </tr> </table>
<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: 3%;"> </td>
<td style="width: 1%; vertical-align: top; text-align: right;">*</td>
<td style="width: 1%; vertical-align: top;"> </td>
<td style="vertical-align: top; text-align: left;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: arial; font-size: 8pt; text-align: justify;">Annualized for period less than one year.</div> </td>
<td style="width: 2%;"> </td> </tr> </table>
32
0.0031
<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: 9pt; 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: 9pt;">
<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="font-size: 9pt; font-family: arial; margin: 0pt 1.11em 0pt 1.11em;">The Nuveen ESG High Yield Corporate Bond ETF (NUHY)‘s total return at net asset value (NAV) was 5.04% for the 12 months ended July 31, 2026. The Fund’s custom index, the Bloomberg MSCI U.S. High Yield Very Liquid ESG Select Index, returned 5.53%.</div> <div style="font-size: 6pt; margin-top: 0pt; margin-bottom: 0pt;"> </div> <div style="font-size: 9pt; font-family: arial; margin: 0pt 1.11em 0pt 1.11em;">The difference between the Fund’s total return at NAV and that of the custom index is attributable to management fees and other expenses incurred by the Fund that are not incurred by the custom index, along with the representative sampling process. The representative sampling process utilizes a subset of index securities in an effort to provide exposure similar to that of the custom index.</div> <div style="font-size: 6pt; margin-top: 0pt; margin-bottom: 0pt;"> </div> <div style="font-size: 9pt; font-family: arial; margin: 0pt 1.11em 0pt 1.11em;">During the reporting period, the Fund’s custom index performed in line with the Fund’s base index, the Bloomberg U.S. High Yield Very Liquid Index, which returned 5.41%.</div> <div style="font-size: 6pt; margin-top: 0pt; margin-bottom: 0pt;"> </div> <div style="font-size: 9pt; font-family: arial; margin: 0pt 1.11em 0pt 1.11em;">Performance drivers between the Fund’s custom index and base index during the reporting period:</div> <div style="font-size: 6pt; margin-top: 0pt; margin-bottom: 0pt;"> </div> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-right: 1.67em; display: table-row;"> <div style="display: table-cell;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 2.222222em; font-family: arial;">•</div> </div> <div style="display: table-cell;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.538889em; font-family: arial;">The top contributor to the custom index’s relative performance was security selection within the industrial 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: 1.67em; display: table-row;"> <div style="display: table-cell;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 2.222222em; font-family: arial;">•</div> </div> <div style="display: table-cell;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.538889em; font-family: arial;">The top detractor to the custom index’s relative performance was security selection within the financial institutions 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: 0pt 2% 0pt 1%;">
<img alt="LOGO" src="g242346g1g00p14.jpg"/> </div>
<div style="font-size: 9pt; font-family: arial; font-weight: bold; margin: 0pt 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: 64%;"></td>
<td style="vertical-align: bottom; width: 6%;"></td>
<td></td>
<td></td>
<td style="vertical-align: bottom; width: 3%;"></td>
<td style="vertical-align: bottom; width: 6%;"></td>
<td></td>
<td></td>
<td style="vertical-align: bottom; width: 3%;"></td>
<td style="vertical-align: bottom; width: 6%;"></td>
<td></td>
<td></td>
<td style="vertical-align: bottom; width: 3%;"></td> </tr>
<tr style="font-size: 1pt;">
<td style="height: 3pt;"></td>
<td colspan="4" style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; border-right: 0.75pt solid #7fb8e6; height: 3pt;"> </td>
<td colspan="4" style="border-top: 0.75pt solid #7fb8e6; height: 3pt;"> </td>
<td colspan="4" 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: top;"> </td>
<td style="border-left: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td>
<td colspan="2" style="padding-bottom: 3pt; vertical-align: bottom; white-space: nowrap; text-align: center;"><span style="font-weight: bold;">1-Year</span></td>
<td style="border-right: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td>
<td style="vertical-align: bottom;"> </td>
<td colspan="2" style="padding-bottom: 3pt; vertical-align: bottom; white-space: nowrap; text-align: center;"><span style="font-weight: bold;">5-Year</span></td>
<td style="vertical-align: bottom;"> </td>
<td style="border-left: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td>
<td colspan="2" style="padding-bottom: 3pt; vertical-align: bottom; white-space: nowrap; text-align: center;"><span style="font-weight: bold;">Since<br/>Inception<br/>(9/25/19)</span></td>
<td style="border-right: 0.75pt solid #7fb8e6; padding-right: 2pt; vertical-align: bottom;"> </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="4" style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; border-right: 0.75pt solid #7fb8e6; height: 3pt;"> </td>
<td colspan="4" style="border-top: 0.75pt solid #7fb8e6; height: 3pt;"> </td>
<td colspan="4" 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; 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; white-space: nowrap; vertical-align: bottom;"> </td>
<td style="padding-bottom: 3pt; white-space: nowrap; vertical-align: bottom; text-align: right;">5.04</td>
<td style="padding-bottom: 3pt; border-right: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;">% </td>
<td style="vertical-align: bottom;"> </td>
<td style="padding-bottom: 3pt; white-space: nowrap; vertical-align: bottom;"> </td>
<td style="padding-bottom: 3pt; white-space: nowrap; vertical-align: bottom; text-align: right;">3.35</td>
<td style="padding-bottom: 3pt; white-space: nowrap; vertical-align: bottom;">% </td>
<td style="border-left: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td>
<td style="padding-bottom: 3pt; white-space: nowrap; vertical-align: bottom;"> </td>
<td style="padding-bottom: 3pt; white-space: nowrap; vertical-align: bottom; text-align: right;">3.62</td>
<td style="padding-bottom: 3pt; border-right: 0.75pt solid #7fb8e6; padding-right: 2pt; white-space: nowrap; vertical-align: bottom;">% </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="4" style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; border-right: 0.75pt solid #7fb8e6; height: 3pt;"> </td>
<td colspan="4" style="border-top: 0.75pt solid #7fb8e6; height: 3pt;"> </td>
<td colspan="4" 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; 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;">Bloomberg U.S. Aggregate Bond Index</div> </td>
<td style="border-left: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td>
<td style="padding-bottom: 3pt; white-space: nowrap; vertical-align: bottom;"> </td>
<td style="padding-bottom: 3pt; white-space: nowrap; vertical-align: bottom; text-align: right;">2.71</td>
<td style="padding-bottom: 3pt; border-right: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;">% </td>
<td style="vertical-align: bottom;"> </td>
<td style="padding-bottom: 3pt; white-space: nowrap; vertical-align: bottom;"> </td>
<td style="padding-bottom: 3pt; white-space: nowrap; vertical-align: bottom; text-align: right;">(0.40</td>
<td style="padding-bottom: 3pt; white-space: nowrap; vertical-align: bottom;">)% </td>
<td style="border-left: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td>
<td style="padding-bottom: 3pt; white-space: nowrap; vertical-align: bottom;"> </td>
<td style="padding-bottom: 3pt; white-space: nowrap; vertical-align: bottom; text-align: right;">0.77</td>
<td style="padding-bottom: 3pt; border-right: 0.75pt solid #7fb8e6; padding-right: 2pt; white-space: nowrap; vertical-align: bottom;">% </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="4" style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; border-right: 0.75pt solid #7fb8e6; height: 3pt;"> </td>
<td colspan="4" style="border-top: 0.75pt solid #7fb8e6; height: 3pt;"> </td>
<td colspan="4" 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; 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;">Bloomberg U.S. High Yield Very Liquid Index</div> </td>
<td style="border-left: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td>
<td style="padding-bottom: 3pt; white-space: nowrap; vertical-align: bottom;"> </td>
<td style="padding-bottom: 3pt; white-space: nowrap; vertical-align: bottom; text-align: right;">5.41</td>
<td style="padding-bottom: 3pt; border-right: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;">% </td>
<td style="vertical-align: bottom;"> </td>
<td style="padding-bottom: 3pt; white-space: nowrap; vertical-align: bottom;"> </td>
<td style="padding-bottom: 3pt; white-space: nowrap; vertical-align: bottom; text-align: right;">3.87</td>
<td style="padding-bottom: 3pt; white-space: nowrap; vertical-align: bottom;">% </td>
<td style="border-left: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td>
<td style="padding-bottom: 3pt; white-space: nowrap; vertical-align: bottom;"> </td>
<td style="padding-bottom: 3pt; white-space: nowrap; vertical-align: bottom; text-align: right;">4.54</td>
<td style="padding-bottom: 3pt; border-right: 0.75pt solid #7fb8e6; padding-right: 2pt; white-space: nowrap; vertical-align: bottom;">% </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="4" style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; border-right: 0.75pt solid #7fb8e6; height: 3pt;"> </td>
<td colspan="4" style="border-top: 0.75pt solid #7fb8e6; height: 3pt;"> </td>
<td colspan="4" 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;">Bloomberg MSCI U.S. High Yield Very Liquid ESG Select 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-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;">5.53</td>
<td style="padding-bottom: 3pt; border-right: 0.75pt solid #7fb8e6; border-bottom: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;">% </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;">3.71</td>
<td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;">% </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; 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;">3.99</td>
<td style="padding-bottom: 3pt; border-right: 0.75pt solid #7fb8e6; border-bottom: 0.75pt solid #7fb8e6; padding-right: 2pt; white-space: nowrap; vertical-align: bottom;">% </td> </tr> </table>
2019-09-25
NAV
0.0504
0.0335
0.0362
Bloomberg U.S. Aggregate Bond Index
0.0271
-0.0040
0.0077
Bloomberg U.S. High Yield Very Liquid Index
0.0541
0.0387
0.0454
Bloomberg MSCI U.S. High Yield Very Liquid ESG Select Index
0.0553
0.0371
0.0399
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 (as of July 31, 2026) </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: 2%;"></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;">110,701,288</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;">382</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;">322,035</td>
<td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;"> </td> </tr> </table>
110701288
382
0.81
322035
<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 10pt; width: 100%; border-spacing: 0px; margin: 0 auto;">
<tr>
<td style="width: 50%;"></td>
<td style="vertical-align: bottom; width: 1%;"></td>
<td style="width: 49%;"></td> </tr>
<tr style="page-break-inside: avoid; font-family: arial; font-size: 10pt;">
<td style="vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.00em;">
<img alt="LOGO" src="g242346g1g15g01.jpg"/> </div> </td>
<td style="vertical-align: bottom;"> </td>
<td style="vertical-align: top;">
<img alt="LOGO" src="g242346g1g15g02.jpg"/> </td> </tr> </table>
<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: 1%;"> </td>
<td style="width: 4%; 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 Fund uses credit quality ratings for its portfolio securities provided by Moody’s, S&P and Fitch. If all three of Moody’s, S&P, and Fitch provide a rating for a security, the middle is used; if two of the three agencies rate a security, the lower rating is used; and if only one rating agency rates a security, that rating is used. AAA, AA, A, and BBB are investment grade ratings; BB, B, CCC/CC/C and D are below-investment grade ratings. Credit ratings are subject to change. Holdings designated N/R are not rated by Moody’s, S&P or Fitch.</div> </td> </tr> </table>
The Fund uses credit quality ratings for its portfolio securities provided by Moody’s, S&P and Fitch. If all three of Moody’s, S&P, and Fitch provide a rating for a security, the middle is used; if two of the three agencies rate a security, the lower rating is used; and if only one rating agency rates a security, that rating is used. AAA, AA, A, and BBB are investment grade ratings; BB, B, CCC/CC/C and D are below-investment grade ratings. Credit ratings are subject to change. Holdings designated N/R are not rated by Moody’s, S&P or Fitch.
<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="margin-top: 6pt; margin-bottom: 0pt; margin-left: 2%; font-size: 9pt; font-family: arial;"><span style="font-weight: bold;">Portfolio manager update(s): </span>Effective January 23, 2026, Joseph Spinelli was added as a portfolio manager of the Fund and Vivian Liu was removed as a portfolio manager of the Fund. <span style="font-weight: bold;"> </span></div> <div style="margin-top: 6pt; margin-bottom: 0pt; margin-left: 2%; font-size: 9pt; font-family: arial;"><span style="font-weight: bold;">Sub‑Adviser merger: </span>At the close of business on July 31, 2026, Teachers Advisors, LLC merged into Nuveen Asset Management, LLC (“Nuveen Asset Management”). In connection with this merger, effective August 1, 2026 Nuveen Asset Management became the sub‑adviser to the Funds. Nuveen Fund Advisors and Nuveen Asset Management are each wholly owned subsidiaries of Nuveen, LLC and, ultimately, Teachers Insurance and Annuity Association of America.<span style="font-weight: bold;"> </span></div> <div style="margin-top: 6pt; margin-bottom: 0pt; margin-left: 2%; font-size: 9pt; font-family: arial; font-weight: bold;">For more complete information, you may review the Fund’s next prospectus, which is expected to be available by November 30, 2026 at https://www.nuveen.com/en‑us/exchange‑traded‑funds/prospectuses or upon request at (800) 257‑8787.</div>
<div style="margin-top: 6pt; margin-bottom: 0pt; margin-left: 2%; font-size: 9pt; font-family: arial; font-weight: bold;">For more complete information, you may review the Fund’s next prospectus, which is expected to be available by November 30, 2026 at https://www.nuveen.com/en‑us/exchange‑traded‑funds/prospectuses or upon request at (800) 257‑8787.</div>
https://www.nuveen.com/en‑us/exchange‑traded‑funds/prospectuses
(800) 257‑8787
Nuveen ESG U.S. Aggregate Bond ETF
Nuveen ESG U.S. Aggregate Bond ETF
NUBD
This annual shareholder report contains important information about the Nuveen ESG U.S. Aggregate Bond ETF for the period of August 1, 2025 to July 31, 2026.
annual shareholder report
You can find additional information at https://www.nuveen.com/en‑us/exchange‑traded‑funds/prospectuses. You can also request this information by contacting us at (800) 257‑8787.
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: 18pt 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: middle; text-align: right;"><span style="font-weight: bold;">Cost of a $10,000 investment </span></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;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt; font-family: arial; font-weight: bold; text-align: right;">Costs paid as a percentage of </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> </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 ESG U.S. Aggregate Bond 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;">$15 </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;">0.15% </td> </tr> </table>
<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: 3%;"> </td>
<td style="width: 1%; vertical-align: top; text-align: right;">*</td>
<td style="width: 1%; vertical-align: top;"> </td>
<td style="vertical-align: top; text-align: left;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: arial; font-size: 8pt; text-align: justify;">Annualized for period less than one year.</div> </td>
<td style="width: 2%;"> </td> </tr> </table>
15
0.0015
<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: 9pt; 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: 9pt;">
<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="font-size: 9pt; font-family: arial; margin: 0pt 1.11em 0pt 1.11em;">The Nuveen ESG U.S. Aggregate Bond ETF (NUBD)‘s total return at net asset value (NAV) was 2.53% for the 12 months ended July 31, 2026. The Fund’s custom index, the Bloomberg MSCI U.S. Aggregate ESG Select Index, returned 2.70%.</div> <div style="font-size: 6pt; margin-top: 0pt; margin-bottom: 0pt;"> </div> <div style="font-size: 9pt; font-family: arial; margin: 0pt 1.11em 0pt 1.11em;">The difference between the Fund’s total return at NAV and that of the custom index is attributable to management fees and other expenses incurred by the Fund that are not incurred by the custom index, along with the representative sampling process. The representative sampling process utilizes a subset of index securities in an effort to provide exposure similar to that of the custom index.</div> <div style="font-size: 6pt; margin-top: 0pt; margin-bottom: 0pt;"> </div> <div style="font-size: 9pt; font-family: arial; margin: 0pt 1.11em 0pt 1.11em;">During the reporting period, the Fund’s custom index performed in line with the Fund’s base index, the Bloomberg U.S. Aggregate Bond Index, which returned 2.71%.</div> <div style="font-size: 6pt; margin-top: 0pt; margin-bottom: 0pt;"> </div> <div style="font-size: 9pt; font-family: arial; margin: 0pt 1.11em 0pt 1.11em;">Sector allocations and performance were consistent in both the custom index and base index, and there were no material contributors or detractors between the custom index and base index over the reporting period.</div> <div style="font-size: 6pt; margin-top: 0pt; margin-bottom: 1pt;"> </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: 0pt 2% 0pt 1%;">
<img alt="LOGO" src="g242346g1g17x17.jpg"/> </div>
<div style="font-size: 9pt; font-family: arial; font-weight: bold; margin: 0pt 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: 61%;"></td>
<td style="vertical-align: bottom; width: 7%;"></td>
<td></td>
<td></td>
<td style="vertical-align: bottom; width: 3%;"></td>
<td style="vertical-align: bottom; width: 7%;"></td>
<td></td>
<td></td>
<td style="vertical-align: bottom; width: 3%;"></td>
<td style="vertical-align: bottom; width: 7%;"></td>
<td></td>
<td></td>
<td style="vertical-align: bottom; width: 3%;"></td> </tr>
<tr style="font-size: 1pt;">
<td style="height: 3pt;"></td>
<td colspan="4" style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; border-right: 0.75pt solid #7fb8e6; height: 3pt;"> </td>
<td colspan="4" style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; border-right: 0.75pt solid #7fb8e6; height: 3pt;"> </td>
<td colspan="4" 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 colspan="2" style="padding-bottom: 3pt; vertical-align: bottom; white-space: nowrap; text-align: center;"><span style="font-weight: bold;">1-Year</span></td>
<td style="border-right: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td>
<td style="border-left: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td>
<td colspan="2" style="padding-bottom: 3pt; vertical-align: bottom; white-space: nowrap; text-align: center;"><span style="font-weight: bold;">5-Year</span></td>
<td style="border-right: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td>
<td style="vertical-align: bottom;"> </td>
<td colspan="2" style="padding-bottom: 3pt; vertical-align: bottom; white-space: nowrap; text-align: center;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt; font-family: arial; font-weight: bold; text-align: center;">Since</div> <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt; font-family: arial; font-weight: bold; text-align: center;">Inception</div> <div style="margin-top: 0pt; margin-bottom: 1pt; font-size: 8pt; font-family: arial; font-weight: bold; text-align: center;">(9/29/17)</div> </td>
<td style="border-right: 0.75pt solid #7fb8e6; padding-right: 2pt; vertical-align: bottom;"> </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="4" style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; border-right: 0.75pt solid #7fb8e6; height: 3pt;"> </td>
<td colspan="4" style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; border-right: 0.75pt solid #7fb8e6; height: 3pt;"> </td>
<td colspan="4" 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; white-space: nowrap; vertical-align: bottom;"> </td>
<td style="padding-bottom: 3pt; white-space: nowrap; vertical-align: bottom; text-align: right;">2.53</td>
<td style="padding-bottom: 3pt; border-right: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;">% </td>
<td style="border-left: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td>
<td style="padding-bottom: 3pt; white-space: nowrap; vertical-align: bottom;"> </td>
<td style="padding-bottom: 3pt; white-space: nowrap; vertical-align: bottom; text-align: right;">(0.53</td>
<td style="padding-bottom: 3pt; border-right: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;">)% </td>
<td style="vertical-align: bottom;"> </td>
<td style="padding-bottom: 3pt; white-space: nowrap; vertical-align: bottom;"> </td>
<td style="padding-bottom: 3pt; white-space: nowrap; vertical-align: bottom; text-align: right;">1.33</td>
<td style="padding-bottom: 3pt; border-right: 0.75pt solid #7fb8e6; padding-right: 2pt; white-space: nowrap; vertical-align: bottom;">% </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="4" style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; border-right: 0.75pt solid #7fb8e6; height: 3pt;"> </td>
<td colspan="4" style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; border-right: 0.75pt solid #7fb8e6; height: 3pt;"> </td>
<td colspan="4" 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;">Bloomberg U.S. Aggregate Bond Index</div> </td>
<td style="border-left: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td>
<td style="padding-bottom: 3pt; white-space: nowrap; vertical-align: bottom;"> </td>
<td style="padding-bottom: 3pt; white-space: nowrap; vertical-align: bottom; text-align: right;">2.71</td>
<td style="padding-bottom: 3pt; border-right: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;">% </td>
<td style="border-left: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td>
<td style="padding-bottom: 3pt; white-space: nowrap; vertical-align: bottom;"> </td>
<td style="padding-bottom: 3pt; white-space: nowrap; vertical-align: bottom; text-align: right;">(0.40</td>
<td style="padding-bottom: 3pt; border-right: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;">)% </td>
<td style="vertical-align: bottom;"> </td>
<td style="padding-bottom: 3pt; white-space: nowrap; vertical-align: bottom;"> </td>
<td style="padding-bottom: 3pt; white-space: nowrap; vertical-align: bottom; text-align: right;">1.54</td>
<td style="padding-bottom: 3pt; border-right: 0.75pt solid #7fb8e6; padding-right: 2pt; white-space: nowrap; vertical-align: bottom;">% </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="4" style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; border-right: 0.75pt solid #7fb8e6; height: 3pt;"> </td>
<td colspan="4" style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; border-right: 0.75pt solid #7fb8e6; height: 3pt;"> </td>
<td colspan="4" 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;">Bloomberg MSCI U.S. Aggregate ESG Select 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-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;">2.70</td>
<td style="padding-bottom: 3pt; border-right: 0.75pt solid #7fb8e6; border-bottom: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;">% </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; 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;">(0.37</td>
<td style="padding-bottom: 3pt; border-right: 0.75pt solid #7fb8e6; border-bottom: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;">)% </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;">1.54</td>
<td style="padding-bottom: 3pt; border-right: 0.75pt solid #7fb8e6; border-bottom: 0.75pt solid #7fb8e6; padding-right: 2pt; white-space: nowrap; vertical-align: bottom;">% </td> </tr> </table>
2017-09-29
NAV
0.0253
-0.0053
0.0133
Bloomberg U.S. Aggregate Bond Index
0.0271
-0.0040
0.0154
Bloomberg MSCI U.S. Aggregate ESG Select Index
0.0270
-0.0037
0.0154
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 (as of July 31, 2026) </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: 2%;"></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;">463,183,920</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;">2,384</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;">15%</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;">644,632</td>
<td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;"> </td> </tr> </table>
463183920
2384
0.15
644632
<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 9pt; width: 100%; border-spacing: 0px; margin: 0 auto;">
<tr>
<td style="width: 50%;"></td>
<td style="vertical-align: bottom; width: 1%;"></td>
<td style="width: 49%;"></td> </tr>
<tr style="page-break-inside: avoid; font-family: arial; font-size: 9pt;">
<td style="vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.11em;">
<img alt="LOGO" src="g242346g1g01a18.jpg"/> </div> </td>
<td style="vertical-align: bottom;"> </td>
<td style="vertical-align: top;"> <div style="margin: 0pt 1.11em 0pt 1.11em;">
<img alt="LOGO" src="g242346g1g01b18.jpg"/> </div> </td> </tr> </table>
<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: 1%;"> </td>
<td style="width: 4%; 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 Fund uses credit quality ratings for its portfolio securities provided by Moody’s, S&P and Fitch. If all three of Moody’s, S&P, and Fitch provide a rating for a security, the middle is used; if two of the three agencies rate a security, the lower rating is used; and if only one rating agency rates a security, that rating is used. AAA, AA, A, and BBB are investment grade ratings; BB, B, CCC/CC/C and D are below-investment grade ratings. Credit ratings are subject to change. Holdings designated N/R are not rated by Moody’s, S&P or Fitch.</div> </td> </tr> </table>
The Fund uses credit quality ratings for its portfolio securities provided by Moody’s, S&P and Fitch. If all three of Moody’s, S&P, and Fitch provide a rating for a security, the middle is used; if two of the three agencies rate a security, the lower rating is used; and if only one rating agency rates a security, that rating is used. AAA, AA, A, and BBB are investment grade ratings; BB, B, CCC/CC/C and D are below-investment grade ratings. Credit ratings are subject to change. Holdings designated N/R are not rated by Moody’s, S&P or Fitch.
<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: 9pt; font-family: arial; margin: 6pt 2% 0pt 2%;"><span style="font-weight: bold;">Portfolio manager update(s):</span> Effective January 23, 2026, Joseph Spinelli was added as a portfolio manager of the Fund and Vivian Liu was removed as a portfolio manager of the Fund.</div> <div style="font-size: 9pt; font-family: arial; margin: 6pt 2% 0pt 2%;"><span style="font-weight: bold;">Management fees: </span>Effective May 1, 2026, the Fund’s contractual management fee was reduced to 0.12% from 0.15%.</div> <div style="font-size: 9pt; font-family: arial; margin: 6pt 2% 0pt 2%;"><span style="font-weight: bold;">Sub‑Adviser merger: </span>At the close of business on July 31, 2026, Teachers Advisors, LLC merged into Nuveen Asset Management, LLC (“Nuveen Asset Management”). In connection with this merger, effective August 1, 2026 Nuveen Asset Management became the sub‑adviser to the Funds. Nuveen Fund Advisors and Nuveen Asset Management are each wholly owned subsidiaries of Nuveen, LLC and, ultimately, Teachers Insurance and Annuity Association of America.</div> <div style="font-size: 9pt; font-family: arial; font-weight: bold; margin: 6pt 2% 0pt 2%;">For more complete information, you may review the Fund’s next prospectus, which is expected to be available by November 30, 2026 at https://www.nuveen.com/en‑us/exchange‑traded‑funds/prospectuses or upon request at (800) 257‑8787.</div>
<div style="font-size: 9pt; font-family: arial; margin: 6pt 2% 0pt 2%;"><span style="font-weight: bold;">Management fees: </span>Effective May 1, 2026, the Fund’s contractual management fee was reduced to 0.12% from 0.15%.</div>
<div style="font-size: 9pt; font-family: arial; font-weight: bold; margin: 6pt 2% 0pt 2%;">For more complete information, you may review the Fund’s next prospectus, which is expected to be available by November 30, 2026 at https://www.nuveen.com/en‑us/exchange‑traded‑funds/prospectuses or upon request at (800) 257‑8787.</div>
https://www.nuveen.com/en‑us/exchange‑traded‑funds/prospectuses
(800) 257‑8787
Nuveen High Yield Corporate Bond ETF
Nuveen High Yield Corporate Bond ETF
NHYB
This annual shareholder report contains important information about the Nuveen High Yield Corporate Bond ETF for the period of September 23, 2025 to July 31, 2026.
annual shareholder report
You can find additional information at https://www.nuveen.com/en‑us/exchange‑traded‑funds/prospectuses. You can also request this information by contacting us at (800) 257‑8787.
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: 18pt 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 period since inception? </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>
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<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: middle; text-align: right;"><span style="font-weight: bold;">Cost of a $10,000 investment </span></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;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt; font-family: arial; font-weight: bold; text-align: right;">Costs paid as a percentage of </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> </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 Corporate Bond 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;">$9 </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;">0.09% </td> </tr> </table>
<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: 3%;"> </td>
<td style="width: 1%; vertical-align: top; text-align: right;">*</td>
<td style="width: 1%; vertical-align: top;"> </td>
<td style="vertical-align: top; text-align: left;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: arial; font-size: 8pt; text-align: justify;">Annualized for period less than one year.</div> </td>
<td style="width: 2%;"> </td> </tr> </table>
9
0.0009
<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 since inception? What affected the Fund’s performance? </span></span></div>
<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 9pt; 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: 9pt;">
<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="font-size: 9pt; font-family: arial; margin: 0pt 1.11em 0pt 1.11em;">The Nuveen High Yield Corporate Bond ETF’s total return at net asset value (NAV) was 3.03% for the abbreviated annual reporting period from the Fund’s inception on September 23, 2025, through July 31, 2026. The Fund’s index, the ICE BofA BB‑B U.S. Cash Pay High Yield Constrained Index, returned 3.17%.</div> <div style="font-size: 6pt; margin-top: 0pt; margin-bottom: 0pt;"> </div> <div style="font-size: 9pt; font-family: arial; margin: 0pt 1.11em 0pt 1.11em;">The difference between the Fund’s total return at NAV and that of the index is attributable to management fees and other expenses incurred by the Fund that are not incurred by the index.</div> <div style="font-size: 6pt; margin-top: 0pt; margin-bottom: 0pt;"> </div> <div style="font-size: 9pt; font-family: arial; margin: 0pt 1.11em 0pt 1.11em;">The Fund had a risk profile similar to that of its benchmark. As such, there were no material contributors or detractors relative to the Fund’s benchmark during the period.</div> <div style="font-size: 6pt; margin-top: 0pt; margin-bottom: 0pt;"> </div> <div style="font-size: 6pt; margin-top: 0pt; margin-bottom: 1pt;"> </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: 0pt 2% 0pt 1%;">
<img alt="LOGO" src="g242346g1g20x20.jpg"/> </div>
<div style="font-size: 9pt; font-family: arial; font-weight: bold; margin: 0pt 2% 0pt 2%;">Cumulative 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: 86%;"></td>
<td style="vertical-align: bottom; width: 7%;"></td>
<td></td>
<td></td>
<td style="vertical-align: bottom; width: 4%;"></td> </tr>
<tr style="font-size: 1pt;">
<td style="height: 3pt;"></td>
<td colspan="4" 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: top;"> </td>
<td style="border-left: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td>
<td colspan="2" style="padding-bottom: 3pt; vertical-align: bottom; white-space: nowrap; text-align: center;"><span style="font-weight: bold;">Since<br/>Inception<br/>(9/23/25)</span></td>
<td style="border-right: 0.75pt solid #7fb8e6; padding-right: 2pt; vertical-align: bottom;"> </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="4" 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; 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; white-space: nowrap; vertical-align: bottom;"> </td>
<td style="padding-bottom: 3pt; white-space: nowrap; vertical-align: bottom; text-align: right;">3.03</td>
<td style="padding-bottom: 3pt; border-right: 0.75pt solid #7fb8e6; padding-right: 2pt; white-space: nowrap; vertical-align: bottom;">% </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="4" 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; 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;">Bloomberg U.S. Aggregate Bond Index</div> </td>
<td style="border-left: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td>
<td style="padding-bottom: 3pt; white-space: nowrap; vertical-align: bottom;"> </td>
<td style="padding-bottom: 3pt; white-space: nowrap; vertical-align: bottom; text-align: right;">0.28</td>
<td style="padding-bottom: 3pt; border-right: 0.75pt solid #7fb8e6; padding-right: 2pt; white-space: nowrap; vertical-align: bottom;">% </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="4" 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;">ICE BofA BB‑B U.S. Cash Pay High Yield Constrained 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-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;">3.17</td>
<td style="padding-bottom: 3pt; border-right: 0.75pt solid #7fb8e6; border-bottom: 0.75pt solid #7fb8e6; padding-right: 2pt; white-space: nowrap; vertical-align: bottom;">% </td> </tr> </table>
2025-09-23
NAV
0.0303
Bloomberg U.S. Aggregate Bond Index
0.0028
ICE BofA BB‑B U.S. Cash Pay High Yield Constrained Index
0.0317
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 (as of July 31, 2026) </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: 86%;"></td>
<td style="vertical-align: bottom; width: 2%;"></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;">1,721,948,412</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;">1,677</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;">33%</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;">951,743</td>
<td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;"> </td> </tr> </table>
1721948412
1677
0.33
951743
<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 10pt; width: 100%; border-spacing: 0px; margin: 0 auto;">
<tr>
<td style="width: 50%;"></td>
<td style="vertical-align: bottom; width: 1%;"></td>
<td style="width: 49%;"></td> </tr>
<tr style="page-break-inside: avoid; font-family: arial; font-size: 10pt;">
<td style="vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.00em;">
<img alt="LOGO" src="g242346g1g00x21.jpg"/> </div> </td>
<td style="vertical-align: bottom;"> </td>
<td style="vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.00em;">
<img alt="LOGO" src="g242346g1g02x21.jpg"/> </div> </td> </tr> </table>
<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 9pt; border-spacing: 0px; width: 100%;">
<tr style="page-break-inside: avoid;">
<td style="width: 4%; 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: 9pt; font-family: arial; text-align: left;">The Fund uses credit quality ratings for its portfolio securities provided by Moody’s, S&P and Fitch. If all three of Moody’s, S&P, and Fitch provide a rating for a security, the middle is used; if two of the three agencies rate a security, the lower rating is used; and if only one rating agency rates a security, that rating is used. AAA, AA, A, and BBB are investment grade ratings; BB, B, CCC/CC/C and D are below-investment grade ratings. Credit ratings are subject to change. Holdings designated N/R are not rated by Moody’s, S&P or Fitch.</div> </td> </tr> </table>
The Fund uses credit quality ratings for its portfolio securities provided by Moody’s, S&P and Fitch. If all three of Moody’s, S&P, and Fitch provide a rating for a security, the middle is used; if two of the three agencies rate a security, the lower rating is used; and if only one rating agency rates a security, that rating is used. AAA, AA, A, and BBB are investment grade ratings; BB, B, CCC/CC/C and D are below-investment grade ratings. Credit ratings are subject to change. Holdings designated N/R are not rated by Moody’s, S&P or Fitch.
<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="margin-top: 6pt; margin-bottom: 0pt; margin-left: 2%; font-size: 9pt; font-family: arial;"><span style="font-weight: bold;">Portfolio manager update(s): </span>Effective January 23, 2026, Rui (Vivian) Liu, CFA was removed as a portfolio manager of the Fund. <span style="font-weight: bold;"> </span></div> <div style="margin-top: 6pt; margin-bottom: 0pt; margin-left: 2%; font-size: 9pt; font-family: arial; font-weight: bold;">For more complete information, you may review the Fund’s next prospectus, which is expected to be available by November 30, 2026 at https://www.nuveen.com/en‑us/exchange‑traded‑funds/prospectuses or upon request at (800) 257‑8787.</div>
<div style="margin-top: 6pt; margin-bottom: 0pt; margin-left: 2%; font-size: 9pt; font-family: arial; font-weight: bold;">For more complete information, you may review the Fund’s next prospectus, which is expected to be available by November 30, 2026 at https://www.nuveen.com/en‑us/exchange‑traded‑funds/prospectuses or upon request at (800) 257‑8787.</div>
https://www.nuveen.com/en‑us/exchange‑traded‑funds/prospectuses
(800) 257‑8787
Nuveen Preferred and Income ETF
Nuveen Preferred and Income ETF
NPFI
This annual shareholder report contains important information about the Nuveen Preferred and Income ETF for the period of August 1, 2025 to July 31, 2026.
annual shareholder report
You can find additional information at https://www.nuveen.com/en‑us/exchange‑traded‑funds/prospectuses. You can also request this information by contacting us at (800) 257‑8787.
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: 18pt 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: middle; text-align: right;"><span style="font-weight: bold;">Cost of a $10,000 investment </span></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;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt; font-family: arial; font-weight: bold; text-align: right;">Costs paid as a percentage of </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> </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 Preferred and 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;">$58 </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;">0.56% </td> </tr> </table>
<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: 3%;"> </td>
<td style="width: 1%; vertical-align: top; text-align: right;">*</td>
<td style="width: 1%; vertical-align: top;"> </td>
<td style="vertical-align: top; text-align: left;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: arial; font-size: 8pt; text-align: justify;">Annualized for period less than one year.</div> </td>
<td style="width: 2%;"> </td> </tr> </table>
58
0.0056
<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: 9pt; 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: 9pt;">
<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="font-size: 9pt; font-family: arial; margin: 0pt 1.11em 0pt 1.11em;">The Nuveen Preferred and Income ETF returned 5.61% for Common Shares at net asset value (NAV) for the 12 months ended July 31, 2026. The Fund performed in line with the NPFI Blended Benchmark, which returned 5.84%. The NPFI Blended Benchmark consists of: 1) 60% ICE U.S. Institutional Capital Securities Index (IIPS), 2) 40% ICE USD Contingent Capital Index (CDLR).</div> <div style="font-size: 6pt; margin-top: 0pt; margin-bottom: 0pt;"> </div> <div style="font-size: 9pt; font-family: arial; margin: 0pt 1.11em 0pt 1.11em;">Top contributors to relative performance</div> <div style="font-size: 6pt; margin-top: 0pt; margin-bottom: 0pt;"> </div> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-right: 1.67em; display: table-row;"> <div style="display: table-cell;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 2.222222em; font-family: arial;">•</div> </div> <div style="display: table-cell;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.538889em; font-family: arial;">Security selection in the banking and energy industries.</div> </div> </div> <div style="font-size: 6pt; margin-top: 0pt; margin-bottom: 0pt;"> </div> <div style="font-size: 9pt; font-family: arial; margin: 0pt 1.11em 0pt 1.11em;">Top detractors from relative performance</div> <div style="font-size: 6pt; margin-top: 0pt; margin-bottom: 0pt;"> </div> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-right: 1.67em; display: table-row;"> <div style="display: table-cell;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 2.222222em; font-family: arial;">•</div> </div> <div style="display: table-cell;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.538889em; font-family: arial;">Underweight to the contingent capital securities (CoCos) segment.</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; margin-left: 1%;">
<img alt="LOGO" src="g242346g1g01c23.jpg"/> </div>
<div style="font-size: 9pt; font-family: arial; font-weight: bold; margin: 0pt 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: 74%;"></td>
<td style="vertical-align: bottom; width: 7%;"></td>
<td></td>
<td></td>
<td style="vertical-align: bottom; width: 3%;"></td>
<td style="vertical-align: bottom; width: 7%;"></td>
<td></td>
<td></td>
<td style="vertical-align: bottom; width: 3%;"></td> </tr>
<tr style="font-size: 1pt;">
<td style="height: 3pt;"></td>
<td colspan="4" style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; border-right: 0.75pt solid #7fb8e6; height: 3pt;"> </td>
<td colspan="4" 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: top;"> </td>
<td style="border-left: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td>
<td colspan="2" style="padding-bottom: 3pt; vertical-align: bottom; white-space: nowrap; text-align: center;"><span style="font-weight: bold;">1-Year</span></td>
<td style="border-right: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td>
<td style="border-left: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td>
<td colspan="2" style="padding-bottom: 3pt; vertical-align: bottom; white-space: nowrap; text-align: center;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt; font-family: arial; font-weight: bold; text-align: center;">Since</div> <div style="margin-top: 0pt; margin-bottom: 1pt; font-size: 8pt; font-family: arial; font-weight: bold; text-align: center;">Inception<br/>(3/5/24)</div> </td>
<td style="border-right: 0.75pt solid #7fb8e6; padding-right: 2pt; vertical-align: bottom;"> </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="4" style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; border-right: 0.75pt solid #7fb8e6; height: 3pt;"> </td>
<td colspan="4" 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; 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; white-space: nowrap; vertical-align: bottom;"> </td>
<td style="padding-bottom: 3pt; white-space: nowrap; vertical-align: bottom; text-align: right;">5.61</td>
<td style="padding-bottom: 3pt; border-right: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;">% </td>
<td style="border-left: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td>
<td style="padding-bottom: 3pt; white-space: nowrap; vertical-align: bottom;"> </td>
<td style="padding-bottom: 3pt; white-space: nowrap; vertical-align: bottom; text-align: right;">7.57</td>
<td style="padding-bottom: 3pt; border-right: 0.75pt solid #7fb8e6; padding-right: 2pt; white-space: nowrap; vertical-align: bottom;">% </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="4" style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; border-right: 0.75pt solid #7fb8e6; height: 3pt;"> </td>
<td colspan="4" 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; 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;">Bloomberg U.S. Aggregate Bond Index</div> </td>
<td style="border-left: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td>
<td style="padding-bottom: 3pt; white-space: nowrap; vertical-align: bottom;"> </td>
<td style="padding-bottom: 3pt; white-space: nowrap; vertical-align: bottom; text-align: right;">2.71</td>
<td style="padding-bottom: 3pt; border-right: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;">% </td>
<td style="border-left: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td>
<td style="padding-bottom: 3pt; white-space: nowrap; vertical-align: bottom;"> </td>
<td style="padding-bottom: 3pt; white-space: nowrap; vertical-align: bottom; text-align: right;">3.63</td>
<td style="padding-bottom: 3pt; border-right: 0.75pt solid #7fb8e6; padding-right: 2pt; white-space: nowrap; vertical-align: bottom;">% </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="4" style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; border-right: 0.75pt solid #7fb8e6; height: 3pt;"> </td>
<td colspan="4" 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; 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;">ICE US Institutional Capital Securities Index</div> </td>
<td style="border-left: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td>
<td style="padding-bottom: 3pt; white-space: nowrap; vertical-align: bottom;"> </td>
<td style="padding-bottom: 3pt; white-space: nowrap; vertical-align: bottom; text-align: right;">5.44</td>
<td style="padding-bottom: 3pt; border-right: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;">% </td>
<td style="border-left: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td>
<td style="padding-bottom: 3pt; white-space: nowrap; vertical-align: bottom;"> </td>
<td style="padding-bottom: 3pt; white-space: nowrap; vertical-align: bottom; text-align: right;">7.52</td>
<td style="padding-bottom: 3pt; border-right: 0.75pt solid #7fb8e6; padding-right: 2pt; white-space: nowrap; vertical-align: bottom;">% </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="4" style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; border-right: 0.75pt solid #7fb8e6; height: 3pt;"> </td>
<td colspan="4" 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;">NPFI Blended Benchmark</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; 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;">5.84</td>
<td style="padding-bottom: 3pt; border-right: 0.75pt solid #7fb8e6; border-bottom: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;">% </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; 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;">8.23</td>
<td style="padding-bottom: 3pt; border-right: 0.75pt solid #7fb8e6; border-bottom: 0.75pt solid #7fb8e6; padding-right: 2pt; white-space: nowrap; vertical-align: bottom;">% </td> </tr> </table>
2024-03-05
NAV
0.0561
0.0757
Bloomberg U.S. Aggregate Bond Index
0.0271
0.0363
ICE US Institutional Capital Securities Index
0.0544
0.0752
NPFI Blended Benchmark
0.0584
0.0823
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 (as of July 31, 2026) </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: 2%;"></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;">174,031,005</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;">163</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;">13%</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;">647,263</td>
<td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;"> </td> </tr> </table>
174031005
163
0.13
647263
<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 10pt; width: 100%; border-spacing: 0px; margin: 0 auto;">
<tr>
<td style="width: 33%;"></td>
<td style="vertical-align: bottom; width: 1%;"></td>
<td style="width: 33%;"></td>
<td style="vertical-align: bottom; width: 1%;"></td>
<td style="width: 32%;"></td> </tr>
<tr style="page-break-inside: avoid; font-family: arial; font-size: 10pt;">
<td style="vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.00em;">
<img alt="LOGO" src="g242346g1g24a01.jpg"/> </div> </td>
<td style="vertical-align: bottom;"> </td>
<td style="vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.00em;">
<img alt="LOGO" src="g242346g1g24a02.jpg"/> </div> </td>
<td style="vertical-align: bottom;"> </td>
<td style="vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.00em;">
<img alt="LOGO" src="g242346g1g24a03.jpg"/> </div> </td> </tr> </table>
<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: 1%;"> </td>
<td style="width: 4%; 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 highest 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 highest 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="margin-top: 6pt; margin-bottom: 0pt; margin-left: 2%; font-size: 9pt; font-family: arial; font-weight: bold;">For more complete information, you may review the Fund’s next prospectus, which is expected to be available by November 30, 2026 at https://www.nuveen.com/en‑us/exchange‑traded‑funds/prospectuses or upon request at (800) 257‑8787.</div>
<div style="margin-top: 6pt; margin-bottom: 0pt; margin-left: 2%; font-size: 9pt; font-family: arial; font-weight: bold;">For more complete information, you may review the Fund’s next prospectus, which is expected to be available by November 30, 2026 at https://www.nuveen.com/en‑us/exchange‑traded‑funds/prospectuses or upon request at (800) 257‑8787.</div>
https://www.nuveen.com/en‑us/exchange‑traded‑funds/prospectuses
(800) 257‑8787
Nuveen Securitized Income ETF
Nuveen Securitized Income ETF
NSCI
This annual shareholder report contains important information about the Nuveen Securitized Income ETF for the period of September 23, 2025 to July 31, 2026.
annual shareholder report
You can find additional information at https://www.nuveen.com/en‑us/exchange‑traded‑funds/prospectuses. You can also request this information by contacting us at (800) 257‑8787.
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: 18pt 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 period since inception? </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: middle; text-align: right;"><span style="font-weight: bold;">Cost of a $10,000 investment </span></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;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt; font-family: arial; font-weight: bold; text-align: right;">Costs paid as a percentage of </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> </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 Securitized 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;">$40 </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;">0.39% </td> </tr> </table>
<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: 3%;"> </td>
<td style="width: 1%; vertical-align: top; text-align: right;">*</td>
<td style="width: 1%; vertical-align: top;"> </td>
<td style="vertical-align: top; text-align: left;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: arial; font-size: 8pt; text-align: justify;">Annualized for period less than one year.</div> </td>
<td style="width: 2%;"> </td> </tr> </table>
40
0.0039
<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 since inception? What affected the Fund’s performance? </span></span></div>
<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 9pt; 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: 9pt;">
<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="font-size: 9pt; font-family: arial; margin: 0pt 1.11em 0pt 1.11em;">The Nuveen Securitized Income ETF returned 4.32% for Common Shares at net asset value (NAV) for the abbreviated annual reporting period from the Fund’s inception on September 23, 2025, through July 31, 2026. The Fund outperformed the Bloomberg U.S. Securitized Index, which returned 1.14%.</div> <div style="font-size: 6pt; margin-top: 0pt; margin-bottom: 0pt;"> </div> <div style="font-size: 9pt; font-family: arial; margin: 0pt 1.11em 0pt 1.11em;">Top contributors to relative performance</div> <div style="font-size: 6pt; margin-top: 0pt; margin-bottom: 0pt;"> </div> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-right: 1.67em; display: table-row;"> <div style="display: table-cell;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 2.222222em; font-family: arial;">•</div> </div> <div style="display: table-cell;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.538889em; font-family: arial;">Security selection and an overweight to commercial mortgage-backed securities and asset-backed securities.</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: 1.67em; display: table-row;"> <div style="display: table-cell;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 2.222222em; font-family: arial;">•</div> </div> <div style="display: table-cell;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.538889em; font-family: arial;">Yield curve positioning.</div> </div> </div> <div style="font-size: 6pt; margin-top: 0pt; margin-bottom: 0pt;"> </div> <div style="font-size: 9pt; font-family: arial; margin: 0pt 1.11em 0pt 1.11em;">Top detractors from relative performance</div> <div style="font-size: 6pt; margin-top: 0pt; margin-bottom: 0pt;"> </div> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-right: 1.67em; display: table-row;"> <div style="display: table-cell;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 2.222222em; font-family: arial;">•</div> </div> <div style="display: table-cell;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.538889em; font-family: arial;">Transaction costs as the ETF scaled following launch.</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: 0pt 2% 0pt 1%;">
<img alt="LOGO" src="g242346g1g01n26.jpg"/> </div>
<div style="font-size: 9pt; font-family: arial; font-weight: bold; margin: 0pt 2% 0pt 2%;">Cumulative 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: 86%;"></td>
<td style="vertical-align: bottom; width: 7%;"></td>
<td></td>
<td></td>
<td style="vertical-align: bottom; width: 4%;"></td> </tr>
<tr style="font-size: 1pt;">
<td style="height: 3pt;"></td>
<td colspan="4" 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: top;"> </td>
<td style="border-left: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td>
<td colspan="2" style="padding-bottom: 3pt; vertical-align: bottom; white-space: nowrap; text-align: center;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt; font-family: arial; font-weight: bold; text-align: center;">Since</div> <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt; font-family: arial; font-weight: bold; text-align: center;">Inception</div> <div style="margin-top: 0pt; margin-bottom: 1pt; font-size: 8pt; font-family: arial; font-weight: bold; text-align: center;">(9/23/25)</div> </td>
<td style="border-right: 0.75pt solid #7fb8e6; padding-right: 2pt; vertical-align: bottom;"> </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="4" 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; 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; white-space: nowrap; vertical-align: bottom;"> </td>
<td style="padding-bottom: 3pt; white-space: nowrap; vertical-align: bottom; text-align: right;">4.32</td>
<td style="padding-bottom: 3pt; border-right: 0.75pt solid #7fb8e6; padding-right: 2pt; white-space: nowrap; vertical-align: bottom;">% </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="4" 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; 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;">Bloomberg U.S. Aggregate Bond Index</div> </td>
<td style="border-left: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td>
<td style="padding-bottom: 3pt; white-space: nowrap; vertical-align: bottom;"> </td>
<td style="padding-bottom: 3pt; white-space: nowrap; vertical-align: bottom; text-align: right;">0.28</td>
<td style="padding-bottom: 3pt; border-right: 0.75pt solid #7fb8e6; padding-right: 2pt; white-space: nowrap; vertical-align: bottom;">% </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="4" 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;">Bloomberg U.S. Securitized 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-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;">1.14</td>
<td style="padding-bottom: 3pt; border-right: 0.75pt solid #7fb8e6; border-bottom: 0.75pt solid #7fb8e6; padding-right: 2pt; white-space: nowrap; vertical-align: bottom;">% </td> </tr> </table>
2025-09-23
NAV
0.0432
Bloomberg U.S. Aggregate Bond Index
0.0028
Bloomberg U.S. Securitized Bond Index
0.0114
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 (as of July 31, 2026) </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: 2%;"></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;">207,239,714</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;">222</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;">73%</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;">389,973</td>
<td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;"> </td> </tr> </table>
207239714
222
0.73
389973
<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: arial; font-size: 9pt; width: 100%; border-spacing: 0px; margin: 0 auto;">
<tr>
<td style="width: 50%;"></td>
<td style="vertical-align: bottom; width: 1%;"></td>
<td style="width: 49%;"></td> </tr>
<tr style="page-break-inside: avoid; font-family: arial; font-size: 9pt;">
<td style="vertical-align: top;"> <div style="margin: 0pt 1.11em 0pt 1.11em;">
<img alt="LOGO" src="g242346g1g01m27.jpg"/> </div> </td>
<td style="vertical-align: bottom;"> </td>
<td style="vertical-align: top;"> <div style="margin: 0pt 1.11em 0pt 1.11em;">
<img alt="LOGO" src="g242346g1g02m27.jpg"/> </div> </td> </tr> </table>
<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: 1%;"> </td>
<td style="width: 4%; 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 Fund uses credit quality ratings for its portfolio securities provided by Moody’s, S&P, Fitch. DBRS or KBRA. Ratings provided by S&P, Moody’s and Fitch are used where available, while DBRS and KBRA are used to supplement if no other ratings are available. If all three of Moody’s, S&P, and Fitch provide a rating for a security, the middle is used; if two of the three agencies rate a security, the lower rating is used; and if only one rating agency rates a security, that rating is used. If ratings are provided only by DBRS and KBRA, the lower of the two ratings is used AAA, AA, A, and BBB are investment grade ratings; BB, B, CCC/CC/C and D are below-investment grade ratings. Credit ratings are subject to change. Holdings designated N/R are not rated by these rating agencies and, where applicable, include net derivative positions.</div> </td> </tr> </table>
The Fund uses credit quality ratings for its portfolio securities provided by Moody’s, S&P, Fitch. DBRS or KBRA. Ratings provided by S&P, Moody’s and Fitch are used where available, while DBRS and KBRA are used to supplement if no other ratings are available. If all three of Moody’s, S&P, and Fitch provide a rating for a security, the middle is used; if two of the three agencies rate a security, the lower rating is used; and if only one rating agency rates a security, that rating is used. If ratings are provided only by DBRS and KBRA, the lower of the two ratings is used AAA, AA, A, and BBB are investment grade ratings; BB, B, CCC/CC/C and D are below-investment grade ratings. Credit ratings are subject to change. Holdings designated N/R are not rated by these rating agencies and, where applicable, include net derivative positions.
<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="margin-top: 6pt; margin-bottom: 0pt; margin-left: 2%; font-size: 9pt; font-family: arial; font-weight: bold;">For more complete information, you may review the Fund’s next prospectus, which is expected to be available by November 30, 2026 at https://www.nuveen.com/en‑us/exchange‑traded‑funds/prospectuses or upon request at (800) 257‑8787.</div>
<div style="margin-top: 6pt; margin-bottom: 0pt; margin-left: 2%; font-size: 9pt; font-family: arial; font-weight: bold;">For more complete information, you may review the Fund’s next prospectus, which is expected to be available by November 30, 2026 at https://www.nuveen.com/en‑us/exchange‑traded‑funds/prospectuses or upon request at (800) 257‑8787.</div>
https://www.nuveen.com/en‑us/exchange‑traded‑funds/prospectuses
(800) 257‑8787
Nuveen Ultra Short Income ETF
Nuveen Ultra Short Income ETF
NUSB
This annual shareholder report contains important information about the Nuveen Ultra Short Income ETF for the period of August 1, 2025 to July 31, 2026.
annual shareholder report
You can find additional information at https://www.nuveen.com/en‑us/exchange‑traded‑funds/prospectuses. You can also request this information by contacting us at (800) 257‑8787.
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: 18pt 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: middle; text-align: right;"><span style="font-weight: bold;">Cost of a $10,000 investment </span></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;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt; font-family: arial; font-weight: bold; text-align: right;">Costs paid as a percentage of </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> </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 Ultra Short 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;">$18 </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;">0.18% </td> </tr> </table>
<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: 3%;"> </td>
<td style="width: 1%; vertical-align: top; text-align: right;">*</td>
<td style="width: 1%; vertical-align: top;"> </td>
<td style="vertical-align: top; text-align: left;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: arial; font-size: 8pt; text-align: justify;">Annualized for period less than one year.</div> </td>
<td style="width: 2%;"> </td> </tr> </table>
18
0.0018
<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: 9pt; 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: 9pt;">
<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="font-size: 9pt; font-family: arial; margin: 0pt 1.11em 0pt 1.11em;">The Nuveen Ultra Short Income ETF returned 4.18% for Common Shares at net asset value (NAV) for the 12 months ended July 31, 2026. The Fund outperformed the ICE BofA U.S. 3‑Month Treasury Bill Index, which returned 3.82%.</div> <div style="font-size: 6pt; margin-top: 0pt; margin-bottom: 0pt;"> </div> <div style="font-size: 9pt; font-family: arial; margin: 0pt 1.11em 0pt 1.11em;">Top contributors to relative performance</div> <div style="font-size: 6pt; margin-top: 0pt; margin-bottom: 0pt;"> </div> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-right: 1.67em; display: table-row;"> <div style="display: table-cell;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 2.222222em; font-family: arial;">•</div> </div> <div style="display: table-cell;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.538889em; font-family: arial;">Out‑of‑benchmark allocation to investment-grade corporate 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: 1.67em; display: table-row;"> <div style="display: table-cell;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 2.222222em; font-family: arial;">•</div> </div> <div style="display: table-cell;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.538889em; font-family: arial;">Out‑of‑benchmark allocations to securitized sectors, including commercial mortgage-backed securities (CMBS) and asset-backed securities (ABS).</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: 1.67em; display: table-row;"> <div style="display: table-cell;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 2.222222em; font-family: arial;">•</div> </div> <div style="display: table-cell;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.538889em; font-family: arial;">Out‑of‑benchmark allocation to commercial paper.</div> </div> </div> <div style="font-size: 6pt; margin-top: 0pt; margin-bottom: 0pt;"> </div> <div style="font-size: 9pt; font-family: arial; margin: 0pt 1.11em 0pt 1.11em;">Top detractors from relative performance</div> <div style="font-size: 6pt; margin-top: 0pt; margin-bottom: 0pt;"> </div> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-right: 1.67em; display: table-row;"> <div style="display: table-cell;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 2.222222em; font-family: arial;">•</div> </div> <div style="display: table-cell;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.538889em; font-family: arial;">Yield curve positioning, primarily an overweight to two‑year maturity bonds.</div> </div> </div> <div style="font-size: 6pt; margin-top: 0pt; margin-bottom: 1pt;"> </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: 0pt 2% 0pt 1%;">
<img alt="LOGO" src="g242346g1g01k29.jpg"/> </div>
<div style="font-size: 9pt; font-family: arial; font-weight: bold; margin: 0pt 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: 74%;"></td>
<td style="vertical-align: bottom; width: 7%;"></td>
<td></td>
<td></td>
<td style="vertical-align: bottom; width: 3%;"></td>
<td style="vertical-align: bottom; width: 7%;"></td>
<td></td>
<td></td>
<td style="vertical-align: bottom; width: 3%;"></td> </tr>
<tr style="font-size: 1pt;">
<td style="height: 3pt;"></td>
<td colspan="4" style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; border-right: 0.75pt solid #7fb8e6; height: 3pt;"> </td>
<td colspan="4" 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 colspan="2" style="padding-bottom: 3pt; vertical-align: bottom; white-space: nowrap; text-align: center;"><span style="font-weight: bold;">1‑Year</span></td>
<td style="border-right: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td>
<td style="vertical-align: bottom;"> </td>
<td colspan="2" style="padding-bottom: 3pt; vertical-align: bottom; white-space: nowrap; text-align: center;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt; font-family: arial; font-weight: bold; text-align: center;">Since</div> <div style="margin-top: 0pt; margin-bottom: 1pt; font-size: 8pt; font-family: arial; font-weight: bold; text-align: center;">Inception<br/>(3/5/24)</div> </td>
<td style="border-right: 0.75pt solid #7fb8e6; padding-right: 2pt; vertical-align: bottom;"> </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="4" style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; border-right: 0.75pt solid #7fb8e6; height: 3pt;"> </td>
<td colspan="4" 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; white-space: nowrap; vertical-align: bottom;"> </td>
<td style="padding-bottom: 3pt; white-space: nowrap; vertical-align: bottom; text-align: right;">4.18</td>
<td style="padding-bottom: 3pt; border-right: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;">% </td>
<td style="vertical-align: bottom;"> </td>
<td style="padding-bottom: 3pt; white-space: nowrap; vertical-align: bottom;"> </td>
<td style="padding-bottom: 3pt; white-space: nowrap; vertical-align: bottom; text-align: right;">4.73</td>
<td style="padding-bottom: 3pt; border-right: 0.75pt solid #7fb8e6; padding-right: 2pt; white-space: nowrap; vertical-align: bottom;">% </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="4" style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; border-right: 0.75pt solid #7fb8e6; height: 3pt;"> </td>
<td colspan="4" 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;">Bloomberg U.S. Aggregate Bond Index</div> </td>
<td style="border-left: 0.75pt solid #7fb8e6; vertical-align: bottom;"> </td>
<td style="padding-bottom: 3pt; white-space: nowrap; vertical-align: bottom;"> </td>
<td style="padding-bottom: 3pt; white-space: nowrap; vertical-align: bottom; text-align: right;">2.71</td>
<td style="padding-bottom: 3pt; border-right: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;">% </td>
<td style="vertical-align: bottom;"> </td>
<td style="padding-bottom: 3pt; white-space: nowrap; vertical-align: bottom;"> </td>
<td style="padding-bottom: 3pt; white-space: nowrap; vertical-align: bottom; text-align: right;">3.63</td>
<td style="padding-bottom: 3pt; border-right: 0.75pt solid #7fb8e6; padding-right: 2pt; white-space: nowrap; vertical-align: bottom;">% </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="4" style="border-left: 0.75pt solid #7fb8e6; border-top: 0.75pt solid #7fb8e6; border-right: 0.75pt solid #7fb8e6; height: 3pt;"> </td>
<td colspan="4" 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;">ICE BofA U.S. 3‑Month Treasury Bill 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-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;">3.82</td>
<td style="padding-bottom: 3pt; border-right: 0.75pt solid #7fb8e6; border-bottom: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom;">% </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;">4.40</td>
<td style="padding-bottom: 3pt; border-right: 0.75pt solid #7fb8e6; border-bottom: 0.75pt solid #7fb8e6; padding-right: 2pt; white-space: nowrap; vertical-align: bottom;">% </td> </tr> </table>
2024-03-05
NAV
0.0418
0.0473
Bloomberg U.S. Aggregate Bond Index
0.0271
0.0363
ICE BofA U.S. 3‑Month Treasury Bill Index
0.0382
0.0440
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 (as of July 31, 2026) </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: 2%;"></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;">156,610,096</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;">142</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>
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<td style="padding-bottom: 3pt; border-bottom: 0.75pt solid #7fb8e6; white-space: nowrap; vertical-align: bottom; text-align: right;">26%</td>
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<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>
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<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;">265,930</td>
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156610096
142
0.26
265930
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<td style="width: 4%; 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 Fund uses credit quality ratings for its portfolio securities provided by Moody’s, S&P and Fitch. If all three of Moody’s, S&P, and Fitch provide a rating for a security, the middle is used; if two of the three agencies rate a security, the lower rating is used; and if only one rating agency rates a security, that rating is used. AAA, AA, A, and BBB are investment grade ratings; BB, B, CCC/CC/C and D are below-investment grade ratings. Credit ratings are subject to change. Holdings designated N/R are not rated by Moody’s, S&P or Fitch.</div> </td> </tr> </table>
The Fund uses credit quality ratings for its portfolio securities provided by Moody’s, S&P and Fitch. If all three of Moody’s, S&P, and Fitch provide a rating for a security, the middle is used; if two of the three agencies rate a security, the lower rating is used; and if only one rating agency rates a security, that rating is used. AAA, AA, A, and BBB are investment grade ratings; BB, B, CCC/CC/C and D are below-investment grade ratings. Credit ratings are subject to change. Holdings designated N/R are not rated by Moody’s, S&P or Fitch.
<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="margin-top: 6pt; margin-bottom: 0pt; margin-left: 2%; font-size: 9pt; font-family: arial; font-weight: bold;">For more complete information, you may review the Fund’s next prospectus, which is expected to be available by November 30, 2026 at https://www.nuveen.com/en‑us/exchange‑traded‑funds/prospectuses or upon request at (800) 257‑8787.</div>
<div style="margin-top: 6pt; margin-bottom: 0pt; margin-left: 2%; font-size: 9pt; font-family: arial; font-weight: bold;">For more complete information, you may review the Fund’s next prospectus, which is expected to be available by November 30, 2026 at https://www.nuveen.com/en‑us/exchange‑traded‑funds/prospectuses 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 highest 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 Fund uses credit quality ratings for its portfolio securities provided by Moody’s, S&P and Fitch. If all three of Moody’s, S&P, and Fitch provide a rating for a security, the middle is used; if two of the three agencies rate a security, the lower rating is used; and if only one rating agency rates a security, that rating is used. AAA, AA, A, and BBB are investment grade ratings; BB, B, CCC/CC/C and D are below-investment grade ratings. Credit ratings are subject to change. Holdings designated N/R are not rated by Moody’s, S&P or Fitch.
The Fund uses credit quality ratings for its portfolio securities provided by Moody’s, S&P and Fitch. If all three of Moody’s, S&P, and Fitch provide a rating for a security, the middle is used; if two of the three agencies rate a security, the lower rating is used; and if only one rating agency rates a security, that rating is used. AAA, AA, A, and BBB are investment grade ratings; BB, B, CCC/CC/C and D are below-investment grade ratings. Credit ratings are subject to change. Holdings designated N/R are not rated by Moody’s, S&P or Fitch.
The Fund uses credit quality ratings for its portfolio securities provided by Moody’s, S&P and Fitch. If all three of Moody’s, S&P, and Fitch provide a rating for a security, the middle is used; if two of the three agencies rate a security, the lower rating is used; and if only one rating agency rates a security, that rating is used. AAA, AA, A, and BBB are investment grade ratings; BB, B, CCC/CC/C and D are below-investment grade ratings. Credit ratings are subject to change. Holdings designated N/R are not rated by Moody’s, S&P or Fitch.
Annualized for period less than one year.
The NUSA Custom Index is defined as the linked returns between the Bloomberg MSCI 1‑5 Year U.S. Aggregate ESG Select index (effective July 1, 2023) and the ICE BofA Enhanced Yield 1‑5 Year U.S. Broad Bond Index (through market close on June 30, 2023).
Annualized for period less than one year.
Annualized for period less than one year.
The Fund uses credit quality ratings for its portfolio securities provided by Moody’s, S&P and Fitch. If all three of Moody’s, S&P, and Fitch provide a rating for a security, an average of the ratings is used; if two of the three agencies rate a security, an average of the two is used; and if only one rating agency rates a security, that rating is used. AAA, AA, A, and BBB are investment grade ratings; BB, B, CCC/CC/C and D are below‑investment grade ratings. Credit ratings are subject to change. Holdings designated N/R are not rated by Moody’s, S&P or Fitch.
The Fund uses credit quality ratings for its portfolio securities provided by Moody’s, S&P, Fitch. DBRS or KBRA. Ratings provided by S&P, Moody’s and Fitch are used where available, while DBRS and KBRA are used to supplement if no other ratings are available. If all three of Moody’s, S&P, and Fitch provide a rating for a security, the middle is used; if two of the three agencies rate a security, the lower rating is used; and if only one rating agency rates a security, that rating is used. If ratings are provided only by DBRS and KBRA, the lower of the two ratings is used AAA, AA, A, and BBB are investment grade ratings; BB, B, CCC/CC/C and D are below-investment grade ratings. Credit ratings are subject to change. Holdings designated N/R are not rated by these rating agencies and, where applicable, include net derivative positions.
The Fund uses credit quality ratings for its portfolio securities provided by Moody’s, S&P and Fitch. If all three of Moody’s, S&P, and Fitch provide a rating for a security, the middle is used; if two of the three agencies rate a security, the lower rating is used; and if only one rating agency rates a security, that rating is used. AAA, AA, A, and BBB are investment grade ratings; BB, B, CCC/CC/C and D are below-investment grade ratings. Credit ratings are subject to change. Holdings designated N/R are not rated by Moody’s, S&P or Fitch.
The Fund uses credit quality ratings for its portfolio securities provided by Moody’s, S&P and Fitch. If all three of Moody’s, S&P, and Fitch provide a rating for a security, the middle is used; if two of the three agencies rate a security, the lower rating is used; and if only one rating agency rates a security, that rating is used. AAA, AA, A, and BBB are investment grade ratings; BB, B, CCC/CC/C and D are below-investment grade ratings. Credit ratings are subject to change. Holdings designated N/R are not rated by Moody’s, S&P or Fitch.
Annualized for period less than one year.
Annualized for period less than one year.
Annualized for period less than one year.
Annualized for period less than one year.
Annualized for period less than one year.
Annualized for period less than one year.
Annualized for period less than one year.
The Fund uses credit quality ratings for its portfolio securities provided by Moody’s, S&P and Fitch. If all three of Moody’s, S&P, and Fitch provide a rating for a security, the middle is used; if two of the three agencies rate a security, the lower rating is used; and if only one rating agency rates a security, that rating is used. AAA, AA, A, and BBB are investment grade ratings; BB, B, CCC/CC/C and D are below-investment grade ratings. Credit ratings are subject to change. Holdings designated N/R are not rated by Moody’s, S&P or Fitch.
The Fund uses credit quality ratings for its portfolio securities provided by Moody’s, S&P and Fitch. If all three of Moody’s, S&P, and Fitch provide a rating for a security, the middle is used; if two of the three agencies rate a security, the lower rating is used; and if only one rating agency rates a security, that rating is used. AAA, AA, A, and BBB are investment grade ratings; BB, B, CCC/CC/C and D are below-investment grade ratings. Credit ratings are subject to change. Holdings designated N/R are not rated by Moody’s, S&P or Fitch.