Nushares ETF Trust (Form: N-CSR, Received: 01/07/2026 16:52:10)

Date: January 7, 2026

/s/ Briton Ryan

Briton Ryan

Chief Administrative Officer

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number 811‑23161

Nushares ETF Trust

(Exact name of registrant as specified in charter)

Nuveen Investments

333 West Wacker Drive

Chicago, Illinois 60606

(Address of principal executive offices) (Zip code)

Diana R. Gonzalez

Vice President and Secretary

8500 Andrew Carnegie Boulevard

Charlotte, North Carolina 28262

(Name and address of agent for service)

Registrant’s telephone number, including area code: (312) 917‑7700

Date of fiscal year end: October 31

Date of reporting period: October 31, 2025

Item 1.

Reports to Stockholders.


		Annual Shareholder Report October 31, 2025

Nuveen ESG Dividend ETF

NUDV/Cboe BZX Exchange, Inc.

Annual Shareholder Report

This annual shareholder report contains important information about the Nuveen ESG Dividend ETF for the period of November 1, 2024 to October 31, 2025. You can find additional information at https://www.nuveen.com/en‑us/exchange‑traded‑funds/prospectuses. You can also request this information by contacting us at (800) 257‑8787.

This report describes changes to the Fund that occurred during the reporting period.

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



	Cost of a $10,000 investment	Costs paid as a percentage of $10,000 investment*

Nuveen ESG Dividend ETF	$27	0.26%

* Annualized for period less than one year.

How did the Fund perform last year? What affected the Fund’s performance?

Performance Highlights

•

The Nuveen ESG Dividend ETF (NUDV)’s total return at net asset value (NAV) was 4.75% for the 12 months ended October 31, 2025. The Fund’s custom index, the Nuveen ESG USA High Dividend Yield Index, returned 5.02%.

•

During the reporting period, the Fund’s custom index significantly underperformed the Fund’s base index, the MSCI USA Index, which returned 21.89%.

•

Performance drivers between the Fund’s custom index and base index during the reporting period:

•

Top contributors to the custom index’s relative performance

•

An overweight to Citigroup Inc.

•

An overweight to Caterpillar Inc.

•

An overweight to Goldman Sachs Group, Inc.

•

Top detractors from the custom index’s relative performance

•

An underweight and security selection in the information technology sector, including a lack of exposure to Broadcom Inc. and NVIDIA Corporation.

•

An overweight and security selection in the consumer staples sector, including overweights to Proctor & Gamble Company, Target Corporation, and Kenvue, Inc.

•

An overweight and security selection in the real estate sector, including overweights to American Tower Corporation, Equinix, Inc., and Iron Mountain, Inc.


		1		continued>>

How did the Fund perform over the period since inception?

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.

Fund Performance (September 27, 2021 through October 31, 2025) Initial Investment of $10,000

Average Annual Total Returns



	1-Year	Since Inception (9/27/21)

NAV	4.75%	7.26%

MSCI USA Index	21.89%	12.30%

Nuveen ESG USA High Dividend Yield Index	5.02%	7.54%

Investment return and principal value will fluctuate, and you may have a gain or loss when you sell your shares. Current performance may differ from figures shown. For most recent month‑end performance, go to https://www.nuveen.com/en‑us/exchange‑traded‑funds/prospectuses or call (800) 257‑8787.

Fund Statistics (as of October 31, 2025)



Fund net assets			$34,742,794

Total number of portfolio holdings			86

Portfolio turnover (%)			66%

Total management fees paid for the year			$ 61,086


		2		continued>>

What did the Fund invest in? (as of October 31, 2025)

How has the Fund changed?

For more complete information, you may review the Fund’s next prospectus, which is expected to be available by February 27, 2026 at https://www.nuveen.com/en‑us/exchange‑traded‑funds/prospectuses or upon request at (800) 257‑8787.

Changes in independent registered public accounting firm

On October 24, 2024, the Fund’s Board of Trustees engaged PricewaterhouseCoopers LLP (“PwC”) as the independent registered public accounting firm for the Fund and dismissed KPMG LLP (“KPMG”) as the independent registered public accounting firm for the Fund subject to the completion of the October 31, 2024 fiscal year end audit. During the Fund’s fiscal years ended October 31, 2024 and October 31, 2023, and the subsequent interim period through December 26, 2024, there have been no disagreements with KPMG on any matter of accounting principles or practices, financial statement disclosure or auditing scope or procedures.

Availability of additional information about the Fund

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

•

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

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


67092P813_AR_1025 4967301


		3


		Annual Shareholder Report October 31, 2025

Nuveen ESG Emerging Markets Equity ETF

NUEM/Cboe BZX Exchange, Inc.

Annual Shareholder Report

This annual shareholder report contains important information about the Nuveen ESG Emerging Markets Equity ETF for the period of November 1, 2024 to October 31, 2025. You can find additional information at https://www.nuveen.com/en‑us/exchange‑traded‑funds/prospectuses. You can also request this information by contacting us at (800) 257‑8787.

This report describes changes to the Fund that occurred during the reporting period.

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



	Cost of a $10,000 investment	Costs paid as a percentage of $10,000 investment*

Nuveen ESG Emerging Markets Equity ETF	$40	0.36%

* Annualized for period less than one year.

How did the Fund perform last year? What affected the Fund’s performance?

Performance Highlights

•

The Nuveen ESG Emerging Markets Equity ETF (NUEM)’s total return at net asset value (NAV) was 24.42% for the 12 months ended October 31, 2025. The Fund’s custom index, the Nuveen ESG Emerging Markets Equity Index, returned 24.94%.

•

A non‑U.S. Equity Fund’s return may sometimes diverge from the return of its benchmark index more than would be expected. This may be the result of a fair-value pricing adjustment. Many foreign exchanges close before the Fund’s daily net asset value (NAV) is calculated (generally 4 p.m. ET). In the intervening hours, the value of foreign securities can change, and these changes are not reflected immediately in the Fund’s benchmark index. They may, however, be reflected in the calculation of the Fund’s NAV for that day.

•

During the reporting period, the Fund’s custom index underperformed the Fund’s base index, the MSCI Emerging Markets Index (Net), which returned 27.91%.

•

Performance drivers between the Fund’s custom index and base index during the reporting period:

•

Top contributors to the custom index’s relative performance

•

Security selection in the industrials sector, led by overweights to SK Square, Ltd., Bharat Electronics Limited, and LS Electric Co., Ltd.

•

Security selection in the financials sector, led by overweights to Agricultural Bank of China Limited and Industrial and Commercial Bank of China Limited.

•

Top detractors from the custom index’s relative performance

•

Security selection in the consumer discretionary sector, including a lack of exposure to Alibaba Group Holding Limited and overweights to Meituan and Trent Limited.

•

Security selection in the materials sector, including overweights to LG Chem Ltd., Pidilite Industries Limited, and Asian Paints Ltd.

•

An underweight and security selection in the information technology sector, including a lack of exposure to SK Hynix Inc. and Samsung Electronics Co., Ltd.


		1		continued>>

How did the Fund perform over the period since inception?

Fund Performance (June 6, 2017 through October 31, 2025) Initial Investment of $10,000

Average Annual Total Returns



	1‑Year	5‑Year	Since Inception (6/6/17)

NAV	24.42%	6.94%	6.62%

MSCI Emerging Markets Index (Net)	27.91%	7.46%	6.47%

Nuveen ESG Emerging Markets Equity Index	24.94%	7.88%	7.50%

Fund Statistics (as of October 31, 2025)



Fund net assets			$328,927,561

Total number of portfolio holdings			187

Portfolio turnover (%)			69%

Total management fees paid for the year			$ 1,069,067


		2		continued>>

What did the Fund invest in? (as of October 31, 2025)

How has the Fund changed?

Changes in independent registered public accounting firm


		3		continued>>

Availability of additional information about the Fund

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

•

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

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


67092P888_AR_1025 4966915


		4


		Annual Shareholder Report October 31, 2025

Nuveen ESG International Developed Markets Equity ETF

NUDM/Cboe BZX Exchange, Inc.

Annual Shareholder Report

This annual shareholder report contains important information about the Nuveen ESG International Developed Markets Equity ETF for the period of November 1, 2024 to October 31, 2025. You can find additional information at https://www.nuveen.com/en‑us/exchange‑traded‑funds/prospectuses. You can also request this information by contacting us at (800) 257‑8787.

This report describes changes to the Fund that occurred during the reporting period.

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



	Cost of a $10,000 investment	Costs paid as a percentage of $10,000 investment*

Nuveen ESG International Developed Markets Equity ETF	$32	0.29%

* Annualized for period less than one year.

How did the Fund perform last year? What affected the Fund’s performance?

Performance Highlights

•

The Nuveen ESG International Developed Markets Equity ETF (NUDM)’s total return at net asset value (NAV) was 23.63% for the 12 months ended October 31, 2025. The Fund’s custom index, the Nuveen ESG International Developed Markets Equity Index, returned 24.05%.

•

During the reporting period, the Fund’s custom index outperformed the Fund’s base index, the MSCI EAFE Index (Net), which returned 23.03%.

•

Performance drivers between the Fund’s custom index and base index during the reporting period:

•

Top contributors to the custom index’s relative performance

•

Security selection in the communication services sector, led by overweights to SoftBank Group Corp. and Vodafone Group Public Limited.

•

Security selection in the financials sector, led by an underweight to Sony Financial Group Inc. and overweights to Lloyds Banking Group plc and Intesa Sanpaolo S.p.A.

•

Security selection in the consumer staples sector, led by a lack of exposure to Nestle S.A. and Diageo plc, and an overweight to Ajinomoto Co., Inc.

•

Top detractors from the custom index’s relative performance

•

Security selection in the health care sector, including overweights to Novo Nordisk A/S, CSL Limited, and Chugai Pharmaceutical Co., Ltd.

•

Security selection in the industrials sector, including an overweight to Bunzl plc and a lack of exposure to Rolls-Royce Holdings plc and Rheinmetall AG.


		1		continued>>

How did the Fund perform over the period since inception?

Fund Performance (June 6, 2017 through October 31, 2025) Initial Investment of $10,000

Average Annual Total Returns



	1‑Year	5‑Year	Since Inception (6/6/17)

NAV	23.63%	12.51%	7.78%

MSCI EAFE^® Index (Net)	23.03%	12.33%	7.42%

Nuveen ESG International Developed Markets Equity Index	24.05%	12.82%	8.08%

Fund Statistics (as of October 31, 2025)



Fund net assets			$621,252,646

Total number of portfolio holdings			150

Portfolio turnover (%)			68%

Total management fees paid for the year			$ 1,509,482


		2		continued>>

What did the Fund invest in? (as of October 31, 2025)

How has the Fund changed?

Changes in independent registered public accounting firm


		3		continued>>

Availability of additional information about the Fund

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

•

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

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


67092P805_AR_1025 4966941


		4


		Annual Shareholder Report October 31, 2025

Nuveen ESG Large‑Cap ETF

NULC/Cboe BZX Exchange, Inc.

Annual Shareholder Report

This annual shareholder report contains important information about the Nuveen ESG Large‑Cap ETF for the period of November 1, 2024 to October 31, 2025. You can find additional information at https://www.nuveen.com/en‑us/exchange‑traded‑funds/prospectuses. You can also request this information by contacting us at (800) 257‑8787.

This report describes changes to the Fund that occurred during the reporting period.

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



	Cost of a $10,000 investment	Costs paid as a percentage of $10,000 investment*

Nuveen ESG Large‑Cap ETF	$23	0.21%

* Annualized for period less than one year.

How did the Fund perform last year? What affected the Fund’s performance?

Performance Highlights

•

The Nuveen ESG Large‑Cap ETF (NULC)’s total return at net asset value (NAV) was 17.72% for the 12 months ended October 31, 2025. The Fund’s custom index, the Nuveen ESG USA Large‑Cap Index, returned 17.98%.

•

During the reporting period, the Fund’s custom index significantly underperformed the Fund’s base index, the MSCI USA Index, which returned 21.89%.

•

Performance drivers between the Fund’s custom index and base index during the reporting period:

•

Top contributors to the custom index’s relative performance

•

Security selection in the health care sector, led by a lack of exposure to UnitedHealth Group Incorporated and an overweight to McKesson Corporation.

•

Security selection in the real estate sector, led by an overweight to Welltower Inc.

•

Top detractors from the custom index’s relative performance

•

Security selection in the communication services sector, including underweights to Alphabet Inc. and Netflix, Inc.

•

Security selection in the information technology sector, including a lack of exposure to Palantir Technologies Inc. and an underweight to Broadcom Inc.

•

Security selection in the consumer discretionary sector, including an underweight to Tesla, Inc. and a lack of exposure to Amazon.com, Inc.


		1		continued>>

How did the Fund perform over the period since inception?

Fund Performance (June 3, 2019 through October 31, 2025) Initial Investment of $10,000

Average Annual Total Returns



	1‑Year			5‑Year			Since Inception (6/3/19)

NAV		17.72	%		14.78	%		15.35	%

MSCI USA Index		21.89	%		17.32	%		17.18	%

Nuveen ESG USA Large‑Cap Index		17.98	%		15.04	%		15.60	%


		2		continued>>

Fund Statistics (as of October 31, 2025)



Fund net assets			$52,918,783

Total number of portfolio holdings			165

Portfolio turnover (%)			72%

Total management fees paid for the year			$ 86,817

What did the Fund invest in? (as of October 31, 2025)

How has the Fund changed?

Investment policy change: Effective February 28, 2025, the Fund eliminated its non‑fundamental investment policy adopted pursuant to Rule 35d‑1 under the Investment Company Act of 1940 (“Name Policy”) to invest, under normal market conditions, at least 80% of its net assets and the amount of any borrowings for investment purposes in the securities of large-capitalization companies. The Fund retained its Name Policy to invest, under normal market conditions, at least 80% of the sum of its net assets and the amount of any borrowings for investment purposes in component securities of the Nuveen ESG USA Large‑Cap Index.

Changes in independent registered public accounting firm


		3		continued>>

Availability of additional information about the Fund

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

•

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

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


67092P862_AR_1025 4966988


		4


		Annual Shareholder Report October 31, 2025

Nuveen ESG Large‑Cap Growth ETF

NULG/Cboe BZX Exchange, Inc.

Annual Shareholder Report

This annual shareholder report contains important information about the Nuveen ESG Large‑Cap Growth ETF for the period of November 1, 2024 to October 31, 2025. You can find additional information at https://www.nuveen.com/en‑us/exchange‑traded‑funds/prospectuses. You can also request this information by contacting us at (800) 257‑8787.

This report describes changes to the Fund that occurred during the reporting period.

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



	Cost of a $10,000 investment	Costs paid as a percentage of $10,000 investment*

Nuveen ESG Large‑Cap Growth ETF	$29	0.26%

* Annualized for period less than one year.

How did the Fund perform last year? What affected the Fund’s performance?

Performance Highlights

•

The Nuveen ESG Large‑Cap Growth ETF (NULG)’s total return at net asset value (NAV) was 23.51% for the 12 months ended October 31, 2025. The Fund’s custom index, the Nuveen ESG USA Large‑Cap Growth Index, returned 23.96%.

•

During the reporting period, the Fund’s custom index significantly underperformed the Fund’s base index, the MSCI USA Growth Index, which returned 34.61%.

•

Performance drivers between the Fund’s custom index and base index during the reporting period:

•

Top contributors to the custom index’s relative performance

•

Security selection in the health care sector, led by a lack of exposure to Intuitive Surgical, Inc. and an underweight to McKesson Corp.

•

Top detractors from the custom index’s relative performance

•

Security selection in the information technology sector, including a lack of exposure to Palantir Technologies Inc. and an overweight to Gartner, Inc.

•

Security selection in the communication services sector, including underweights to Alphabet Inc. and Netflix, Inc.

•

Security selection in the consumer discretionary sector, including overweights to Deckers Outdoor Corporation and Chipotle Mexican Grill, Inc.


		1		continued>>

How did the Fund perform over the period since inception?

Fund Performance (December 13, 2016 through October 31, 2025) Initial Investment of $10,000

Average Annual Total Returns



	1‑Year	5‑Year	Since Inception (12/13/16)

NAV	23.51%	17.52%	18.91%

MSCI USA Index	21.89%	17.32%	15.19%

MSCI USA Growth Index	34.61%	19.69%	20.35%

Nuveen ESG USA Large‑Cap Growth Index	23.96%	17.89%	19.32%


		2		continued>>

Fund Statistics (as of October 31, 2025)



Fund net assets			$1,986,003,591

Total number of portfolio holdings			84

Portfolio turnover (%)			62%

Total management fees paid for the year			$ 4,024,614

What did the Fund invest in? (as of October 31, 2025)

How has the Fund changed?

Changes in independent registered public accounting firm


		3		continued>>

Availability of additional information about the Fund

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

•

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

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


67092P201_AR_1025 4966998


		4


		Annual Shareholder Report October 31, 2025

Nuveen ESG Large‑Cap Value ETF

NULV/Cboe BZX Exchange, Inc.

Annual Shareholder Report

This annual shareholder report contains important information about the Nuveen ESG Large‑Cap Value ETF for the period of November 1, 2024 to October 31, 2025. You can find additional information at https://www.nuveen.com/en‑us/exchange‑traded‑funds/prospectuses. You can also request this information by contacting us at (800) 257‑8787.

This report describes changes to the Fund that occurred during the reporting period.

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



	Cost of a $10,000 investment	Costs paid as a percentage of $10,000 investment*

Nuveen ESG Large‑Cap Value ETF	$27	0.26%

* Annualized for period less than one year.

How did the Fund perform last year? What affected the Fund’s performance?

Performance Highlights

•

The Nuveen ESG Large‑Cap Value ETF (NULV)’s total return at net asset value (NAV) was 11.02% for the 12 months ended October 31, 2025. The Fund’s custom index, the Nuveen ESG USA Large‑Cap Value Index, returned 11.35%.

•

During the reporting period, the Fund’s custom index outperformed the Fund’s base index, the MSCI USA Value Index, which returned 8.79%.

•

Performance drivers between the Fund’s custom index and base index during the reporting period:

•

Top contributors to the custom index’s relative performance

•

Security selection in the health care sector, led by a lack of exposure to UnitedHealth Group Incorporated and an overweight to Cardinal Health, Inc.

•

Security selection in the communications services sector, led by a lack of exposure to Meta Platforms Inc and an overweight to Electronic Arts Inc.

•

An overweight to Intel Corporation.

•

Top detractors from the custom index’s relative performance

•

Security selection in the consumer staples sector, including overweights to Kenvue, Inc. and Target Corporation.

•

Security selection in the financials sector, including a lack of exposure to JPMorgan Chase & Co. and an overweight to Fidelity National Information Services.


		1		continued>>

How did the Fund perform over the period since inception?

Fund Performance (December 13, 2016 through October 31, 2025) Initial Investment of $10,000

Average Annual Total Returns



	1-Year	5-Year	Since Inception (12/13/16)

NAV	11.02%	11.92%	8.91%

MSCI USA Index	21.89%	17.32%	15.19%

MSCI USA Value Index	8.79%	14.02%	9.39%

Nuveen ESG USA Large‑Cap Value Index	11.35%	12.26%	9.27%


		2		continued>>

Fund Statistics (as of October 31, 2025)



Fund net assets			$1,855,787,463

Total number of portfolio holdings			104

Portfolio turnover (%)			58%

Total management fees paid for the year			$ 4,309,255

What did the Fund invest in? (as of October 31, 2025)

How has the Fund changed?

Changes in independent registered public accounting firm


		3		continued>>

Availability of additional information about the Fund

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

•

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

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


67092P300_AR_1025 4967211


		4


		Annual Shareholder Report October 31, 2025

Nuveen ESG Mid‑Cap Growth ETF

NUMG/Cboe BZX Exchange, Inc.

Annual Shareholder Report

This annual shareholder report contains important information about the Nuveen ESG Mid‑Cap Growth ETF for the period of November 1, 2024 to October 31, 2025. You can find additional information at https://www.nuveen.com/en‑us/exchange‑traded‑funds/prospectuses. You can also request this information by contacting us at (800) 257‑8787.

This report describes changes to the Fund that occurred during the reporting period.

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



	Cost of a $10,000 investment	Costs paid as a percentage of $10,000 investment*

Nuveen ESG Mid-Cap Growth ETF	$32	0.31%

* Annualized for period less than one year.

How did the Fund perform last year? What affected the Fund’s performance?

Performance Highlights

•

The Nuveen ESG Mid‑Cap Growth ETF (NUMG)’s total return at net asset value (NAV) was 8.51% for the 12 months ended October 31, 2025. The Fund’s custom index, the Nuveen ESG USA Mid‑Cap Growth Index, returned 8.88%.

•

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.

•

During the reporting period, the Fund’s custom index significantly underperformed the Fund’s base index, the MSCI USA Mid‑Growth Index, which returned 20.09%.

•

Performance drivers between the Fund’s custom index and base index during the reporting period:

•

Top contributors to the custom index’s relative performance

•

Security selection in the health care sector, including a lack of exposure to Illumina, Inc. and Dexcom, Inc.

•

Top detractors from the custom index’s relative performance

•

Security selection in the information technology sector, including a lack of exposure to Cloudflare Inc and AppLovin Corp.

•

Security selection in the industrials sector, including a lack of exposure to Howmet Aerospace Inc. and Vertiv Holdings Co.

•

Security selection in the financials sector, including an underweight to Robinhood Markets, Inc. and a lack of exposure to SoFi Technologies Inc.


		1		continued>>

How did the Fund perform over the period since inception?

Fund Performance (December 13, 2016 through October 31, 2025) Initial Investment of $10,000

Average Annual Total Returns



	1‑Year	5‑Year	Since Inception (12/13/16)

NAV	8.51%	5.95%	10.48%

MSCI USA Index	21.89%	17.32%	15.19%

MSCI USA Mid‑Cap Growth Index	20.09%	12.20%	13.54%

Nuveen ESG USA Mid‑Cap Growth Index	8.88%	6.28%	10.88%


		2		continued>>

Fund Statistics (as of October 31, 2025)



Fund net assets			$407,771,828

Total number of portfolio holdings			47

Portfolio turnover (%)			95%

Total management fees paid for the year			$ 1,251,533

What did the Fund invest in? (as of October 31, 2025)

How has the Fund changed?

Investment policy change: Effective February 28, 2025, the Fund eliminated its non‑fundamental investment policy adopted pursuant to Rule 35d‑1 under the Investment Company Act of 1940 (“Name Policy”) to invest, under normal market conditions, at least 80% of its net assets and the amount of any borrowings for investment purposes in the securities of mid‑capitalization companies. The Fund retained its Name Policy to invest, under normal market conditions, at least 80% of the sum of its net assets and the amount of any borrowings for investment purposes in component securities of the Nuveen ESG USA Mid‑Cap Growth Index.

Changes in independent registered public accounting firm


		3		continued>>

Availability of additional information about the Fund

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

•

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

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


67092P409_AR_1025 4967235


		4


		Annual Shareholder Report October 31, 2025

Nuveen ESG Mid‑Cap Value ETF

NUMV/Cboe BZX Exchange, Inc.

Annual Shareholder Report

This annual shareholder report contains important information about the Nuveen ESG Mid‑Cap Value ETF for the period of November 1, 2024 to October 31, 2025. You can find additional information at https://www.nuveen.com/en‑us/exchange‑traded‑funds/prospectuses. You can also request this information by contacting us at (800) 257‑8787.

This report describes changes to the Fund that occurred during the reporting period.

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



	Cost of a $10,000 investment	Costs paid as a percentage of $10,000 investment*

Nuveen ESG Mid‑Cap Value ETF	$33	0.31%

* Annualized for period less than one year.

How did the Fund perform last year? What affected the Fund’s performance?

Performance Highlights

•

The Nuveen ESG Mid‑Cap Value ETF (NUMV)’s total return at net asset value (NAV) was 9.70% for the 12 months ended October 31, 2025. The Fund’s custom index, the Nuveen ESG USA Mid‑Cap Value Index, returned 10.08%.

•

During the reporting period, the Fund’s custom index significantly outperformed the Fund’s base index, the MSCI USA Mid‑Cap Value Index, which returned 5.20%.

•

Performance drivers between the Fund’s custom index and base index during the reporting period:

•

Top contributors to the custom index’s relative performance

•

Security selection in the health care sector, led by an overweight to Cardinal Health, Inc. and an underweight to Molina Healthcare, Inc.

•

Security selection in the information technology sector, led by overweights to Western Digital Corporation and First Solar, Inc.

•

Security selection in the financials sector, led by an out‑of‑benchmark position in Robinhood Markets, Inc. and an overweight to Huntington Bancshares Incorporated.

•

Top detractors from the custom index’s relative performance

•

An overweight and security selection in the real estate sector, including an overweight to Iron Mountain, Inc.

•

An overweight to Owens Corning.


		1		continued>>

How did the Fund perform over the period since inception?

Fund Performance (December 13, 2016 through October 31, 2025) Initial Investment of $10,000

Average Annual Total Returns



	1-Year	5-Year	Since Inception (12/13/16)

NAV	9.70%	12.36%	7.93%

MSCI USA Index	21.89%	17.32%	15.19%

MSCI USA Mid‑Cap Value Index	5.20%	12.45%	7.88%

Nuveen ESG USA Mid‑Cap Value Index	10.08%	12.73%	8.33%


		2		continued>>

Fund Statistics (as of October 31, 2025)



Fund net assets			$404,916,490

Total number of portfolio holdings			93

Portfolio turnover (%)			63%

Total management fees paid for the year			$ 1,128,770

What did the Fund invest in? (as of October 31, 2025)

How has the Fund changed?

Investment policy change: Effective February 28, 2025, the Fund eliminated its non‑fundamental investment policy adopted pursuant to Rule 35d‑1 under the Investment Company Act of 1940 (“Name Policy”) to invest, under normal market conditions, at least 80% of its net assets and the amount of any borrowings for investment purposes in the securities of mid‑capitalization companies. The Fund retained its Name Policy to invest, under normal market conditions, at least 80% of the sum of its net assets and the amount of any borrowings for investment purposes in component securities of the Nuveen ESG USA Mid‑Cap Value Index.

Changes in independent registered public accounting firm


		3		continued>>

Availability of additional information about the Fund

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

•

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

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


67092P508_AR_1025 4967266


		4


		Annual Shareholder Report October 31, 2025

Nuveen ESG Small‑Cap ETF

NUSC/Cboe BZX Exchange, Inc.

Annual Shareholder Report

This annual shareholder report contains important information about the Nuveen ESG Small‑Cap ETF for the period of November 1, 2024 to October 31, 2025. You can find additional information at https://www.nuveen.com/en‑us/exchange‑traded‑funds/prospectuses. You can also request this information by contacting us at (800) 257‑8787.

This report describes changes to the Fund that occurred during the reporting period.

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



	Cost of a $10,000 investment	Costs paid as a percentage of $10,000 investment*

Nuveen ESG Small-Cap ETF	$32	0.31%

* Annualized for period less than one year.

How did the Fund perform last year? What affected the Fund’s performance?

Performance Highlights

•

The Nuveen ESG Small‑Cap ETF (NUSC)’s total return at net asset value (NAV) was 6.32% for the 12 months ended October 31, 2025. The Fund’s custom index, the Nuveen ESG USA Small‑Cap Index, returned 6.62%.

•

During the reporting period, the Fund’s custom index significantly underperformed the Fund’s base index, the MSCI USA Small‑Cap Index, which returned 12.01%.

•

Performance drivers between the Fund’s custom index and base index during the reporting period:

•

Top contributors to the custom index’s relative performance

•

Security selection in the industrials sector, led by overweights to Comfort Systems USA, Inc. and Kratos Defense & Security Solutions, Inc.

•

Security selection in the energy sector, led by overweights to TechnipFMC plc and Delek US Holdings Inc.

•

Top detractors from the custom index’s relative performance

•

Security selection in the healthcare sector, including a lack of exposure to Insmed Incorporated and overweights to Vaxcyte, Inc. and PROCEPT BioRobotics Corp.

•

Security selection in the information technology sector, including a lack of exposure to Credo Technology Group Holding Ltd., Sandisk Corporation, and Rigetti Computing, Inc.

•

Security selection in financials, including a lack of exposure to SoFi Technologies and overweights to Morningstar, Inc. and Kinsale Capital Group, Inc.


		1		continued>>

How did the Fund perform over the period since inception?

Fund Performance (December 13, 2016 through October 31, 2025) Initial Investment of $10,000

Average Annual Total Returns



	1‑Year	5‑Year	Since Inception (12/13/16)

NAV	6.32%	10.06%	8.70%

MSCI USA Index	21.89%	17.32%	15.19%

MSCI USA Small‑Cap Index	12.01%	12.74%	9.76%

Nuveen ESG USA Small‑Cap Index	6.62%	10.37%	9.07%


		2		continued>>

Fund Statistics (as of October 31, 2025)



Fund net assets			$1,235,452,683

Total number of portfolio holdings			442

Portfolio turnover (%)			56%

Total management fees paid for the year			$ 3,585,248

What did the Fund invest in? (as of October 31, 2025)

How has the Fund changed?

Investment policy change: Effective February 28, 2025, the Fund eliminated its non‑fundamental investment policy adopted pursuant to Rule 35d‑1 under the Investment Company Act of 1940 (“Name Policy”) to invest, under normal market conditions, at least 80% of its net assets and the amount of any borrowings for investment purposes in the securities of small-capitalization companies. The Fund retained its Name Policy to invest, under normal market conditions, at least 80% of the sum of its net assets and the amount of any borrowings for investment purposes in component securities of the Nuveen ESG USA Small‑Cap Index.

Changes in independent registered public accounting firm


		3		continued>>

Availability of additional information about the Fund

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

•

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

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


67092P607_AR_1025 4967276


		4


		Annual Shareholder Report October 31, 2025

Nuveen Dividend Growth ETF

NDVG/NYSE Arca

Annual Shareholder Report

This annual shareholder report contains important information about the Nuveen Dividend Growth ETF for the period of November 1, 2024 to October 31, 2025. You can find additional information at https://www.nuveen.com/en‑us/exchange‑traded‑funds/prospectuses. You can also request this information by contacting us at (800) 257‑8787.

This report describes changes to the Fund that occurred during the reporting period.

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



	Cost of a $10,000 investment	Costs paid as a percentage of $10,000 investment*

Nuveen Dividend Growth ETF	$68	0.65%

* Annualized for period less than one year.

How did the Fund perform last year? What affected the Fund’s performance?

Performance Highlights

•

The Nuveen Dividend Growth ETF returned 10.49% for Common Shares at net asset value (NAV) for the 12 months ended October 31, 2025. The Fund significantly underperformed the S&P 500 Index, which returned 21.45%.

•

Top contributors to relative performance

•

Overweights to Broadcom Inc. and Amphenol Corporation.

•

Out‑of‑benchmark position in Taiwan Semiconductor Manufacturing Co., Ltd.

•

Top detractors from relative performance

•

Security selection and an underweight to the communication services sector, including lack of exposure to Alphabet Inc. and an overweight to Comcast Corporation.

•

Security selection and an overweight to the health care sector, including overweights to UnitedHealth Group Incorporated and Zoetis, Inc., as well as an out‑of‑benchmark position in Novo Nordisk A/S.

•

Lack of exposure to NVIDIA Corporation.


		1		continued>>

How did the Fund perform over the period since inception?

Fund Performance (August 4, 2021 through October 31, 2025) Initial Investment of $10,000

Average Annual Total Returns



	1‑Year	Since Inception (8/4/21)

NAV	10.49%	9.94%

S&P 500^® Index	21.45%	12.61%


		2		continued>>

Fund Statistics (as of October 31, 2025)



Fund net assets			$13,099,177

Total number of portfolio holdings			43

Portfolio turnover (%)			10%

Total management fees paid for the year			$ 80,567

What did the Fund invest in? (as of October 31, 2025)

How has the Fund changed?

Changes in independent registered public accounting firm

Availability of additional information about the Fund

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

•

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

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


67092P821_AR_1025 4967301


		3


		Annual Shareholder Report October 31, 2025

Nuveen Growth Opportunities ETF

NUGO/NYSE Arca

Annual Shareholder Report

This annual shareholder report contains important information about the Nuveen Growth Opportunities ETF for the period of November 1, 2024 to October 31, 2025. You can find additional information at https://www.nuveen.com/en‑us/exchange‑traded‑funds/prospectuses. You can also request this information by contacting us at (800) 257‑8787.

This report describes changes to the Fund that occurred during the reporting period.

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



	Cost of a $10,000 investment	Costs paid as a percentage of $10,000 investment*

Nuveen Growth Opportunities ETF	$63	0.56%

* Annualized for period less than one year.

How did the Fund perform last year? What affected the Fund’s performance?

Performance Highlights

•

The Nuveen Growth Opportunities ETF returned 26.72% for Common Shares at net asset value (NAV) for the 12 months ended October 31, 2025. The Fund underperformed the Russell 1000 Growth Index, which returned 30.52%.

•

Top contributors to relative performance

•

Overweight to Broadcom Inc.

•

Security selection in the industrials sector, including overweights to Howmet Aerospace Inc., Vertiv Holdings Co. and GE Aerospace.

•

Top detractors from relative performance

•

Security selection in the health care sector, including an out‑of‑benchmark position in Novo Nordisk A/S as well as overweights to UnitedHealth Group Incorporated and Eli Lilly and Company.

•

Security selection in the consumer discretionary sector, including an underweight to Tesla, Inc. and overweights to AutoZone, Inc. and Chipotle Mexican Grill, Inc.


		1		continued>>

How did the Fund perform over the period since inception?

Fund Performance (September 27, 2021 through October 31, 2025) Initial Investment of $10,000

Average Annual Total Returns



	1‑Year	Since Inception (9/27/21)

NAV	26.72%	13.11%

Russell 1000^® Index	21.14%	11.95%

Russell 1000^® Growth Index	30.52%	14.85%


		2		continued>>

Fund Statistics (as of October 31, 2025)



Fund net assets			$2,919,761,777

Total number of portfolio holdings			41

Portfolio turnover (%)			46%

Total management fees paid for the year			$ 15,179,759

What did the Fund invest in? (as of October 31, 2025)

How has the Fund changed?

Investment policy change: Effective February 28, 2025, the Fund adopted the following non‑fundamental investment policy pursuant to Rule 35d‑1 under the Investment Company Act of 1940:

Under normal circumstances, the Fund invests at least 80% of the sum of its net assets and the amount of any borrowings for investment purposes in equity securities of growth companies.

Changes in independent registered public accounting firm


		3		continued>>

Availability of additional information about the Fund

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

•

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

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


67092P797_AR_1025 4967313


		4


		Annual Shareholder Report October 31, 2025

Nuveen Winslow Large‑Cap Growth ESG ETF

NWLG/NYSE Arca

Annual Shareholder Report

This annual shareholder report contains important information about the Nuveen Winslow Large‑Cap Growth ESG ETF for the period of November 1, 2024 to October 31, 2025. You can find additional information at

https://www.nuveen.com/en‑us/exchange‑traded‑funds/prospectuses. You can also request this information by contacting us at (800) 257‑8787.

This report describes changes to the Fund that occurred during the reporting period.

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



	Cost of a $10,000 investment	Costs paid as a percentage of $10,000 investment*

Nuveen Winslow Large‑Cap Growth ESG ETF	$73	0.65%

* Annualized for period less than one year.

How did the Fund perform last year? What affected the Fund’s performance?

Performance Highlights

•

The Nuveen Winslow Large‑Cap Growth ESG ETF returned 23.57% for Common Shares at net asset value (NAV) for the 12 months ended October 31, 2025. The Fund significantly underperformed the Russell 1000 Growth Index, which returned 30.52%.

•

Top contributors to relative performance

•

Security selection in the industrials sector, including overweights to Vertiv Holdings Co. and Howmet Aerospace Inc.

•

A lack of exposure to the consumer staples sector.

•

An overweight to Shopify Inc.

•

Top detractors from relative performance

•

Security selection in the information technology sector, including a lack of exposure to Palantir Technologies Inc. and an underweight to AppLovin Corp.

•

An overweight and stock selection in the financials sector, including an underweight to Visa Inc. and an overweight to Ares Management Corporation.

•

Security selection in the consumer discretionary sector, including an underweight to Tesla Inc. and an overweight to Chipotle Mexican Grill, Inc.


		1		continued>>

How did the Fund perform over the period since inception?

Fund Performance (August 4, 2021 through October 31, 2025) Initial Investment of $10,000

Average Annual Total Returns



	1‑Year	Since Inception (8/4/21)

NAV	23.57%	11.31%

Russell 1000^® Index	21.14%	11.80%

Russell 1000^® Growth Index	30.52%	14.55%


		2		continued>>

Fund Statistics (as of October 31, 2025)



Fund net assets			$12,207,391

Total number of portfolio holdings			37

Portfolio turnover (%)			104%

Total management fees paid for the year			$ 64,651

What did the Fund invest in? (as of October 31, 2025)

How has the Fund changed?

Changes in independent registered public accounting firm

Availability of additional information about the Fund

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

•

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

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


67092P847_AR_1025 4967326


		3

Item 2.

Code of Ethics.

As of the end of the period covered by this report, the registrant has adopted a code of ethics that applies to the registrant’s principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions. There were no amendments to or waivers from the code during the period covered by this report. Upon request, a copy of the registrant’s code of ethics is available without charge by calling 800-257-8787.

Item 3.

Audit Committee Financial Expert.

As of the end of the period covered by this report, the registrant’s Board of Directors or Trustees (“Board”) had determined that the registrant has at least one “audit committee financial expert” (as defined in Item 3 of Form N-CSR) serving on its Audit Committee. The members of the registrant’s audit committee that have been designated as audit committee financial experts are Joseph A. Boateng, John K. Nelson, Loren M. Starr and Robert L. Young, who are “independent” for purposes of Item 3 of Form N-CSR.

Mr. Boateng has served as the Chief Investment Officer for Casey Family Programs since 2007. He was previously Director of U.S. Pension Plans for Johnson & Johnson from 2002-2006. Mr. Boateng is a board member of the Lumina Foundation and Waterside School, an emeritus board member of Year Up Puget Sound, member of the Investment Advisory Committee and former Chair for the Seattle City Employees’ Retirement System, and an Investment Committee Member for The Seattle Foundation. Mr. Boateng previously served on the Board of Trustees for the College Retirement Equities Fund (2018-2023) and on the Management Committee for TIAA Separate Account VA-1 (2019-2023).

Mr. Nelson formerly served on the Board of Directors of Core12, LLC from 2008 to 2023, a private firm which develops branding, marketing, and communications strategies for clients. Mr. Nelson has extensive experience in global banking and markets, having served in several senior executive positions with ABN AMRO Holdings N.V. and its affiliated entities and predecessors, including LaSalle Bank Corporation from 1996 to 2008, ultimately serving as Chief Executive Officer of ABN AMRO N.V. North America. During his tenure at the bank, he also served as Global Head of its Financial Markets Division, which encompassed the bank’s Currency, Commodity, Fixed Income, Emerging Markets, and Derivatives businesses. He was a member of the Foreign Exchange Committee of the Federal Reserve Bank of the United States and during his tenure with ABN AMRO served as the bank’s representative on various committees of The Bank of Canada, European Central Bank, and The Bank of England. Mr. Nelson previously served as a senior, external advisor to the financial services practice of Deloitte Consulting LLP. (2012-2014).

Mr. Starr was Vice Chair, Senior Managing Director from 2020 to 2021, and Chief Financial Officer, Senior Managing Director from 2005 to 2020, for Invesco Ltd. Mr. Starr is also a Director and Chair of the Audit Committee for AMG. He is former Chair and member of the Board of Directors, Georgia Leadership Institute for School Improvement (GLISI); former Chair and member of the Board of Trustees, Georgia Council on Economic Education (GCEE). Mr. Starr previously served on the Board of Trustees for the College Retirement Equities Fund and on the Management Committee for TIAA Separate Account VA-1 (2022-2023).

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

Item 4.

Principal Accountant Fees and Services.

Nushares ETF Trust

The following tables show the amount of fees that PricewaterhouseCoopers LLP (“PwC”), the Registrant’s current independent registered public accounting firm, billed to the Registrant during the Registrant’s fiscal year ended October 31, 2025, and the amount of fees that KPMG LLP (“KPMG”), the Registrant’s former independent registered public accounting firm, billed to the Registrant during the Registrant’s fiscal year ended October 31, 2024. The Audit Committee approved in advance all audit services and non-audit services that PwC and KPMG provided to the Registrant, except for those non-audit services that were subject to the pre-approval exception under Rule 2-01 of Regulation S-X (the “pre-approval exception”). The pre-approval exception for services provided directly to the Registrant waives the pre-approval requirement for services other than audit, review or attest services if: (A) the aggregate amount of all such services provided constitutes no more than 5% of the total amount of revenues paid by the Registrant during the fiscal year in which the services are provided; (B) the Registrant did not recognize the services as non-audit services at the time of the engagement; and (C) the services are promptly brought to the Audit Committee’s attention, and the Committee (or its delegate) approves the services before the audit is completed.

The Audit Committee has delegated certain pre-approval responsibilities to its Chair.

SERVICES THAT THE REGISTRANT’S INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM BILLED TO THE REGISTRANT


Fiscal Year Ended⁵	Audit Fees Billed to Registrant¹	Audit-Related Fees Billed to Registrant²	Tax Fees Billed to Registrant³	All Other Fees Billed to Registrant⁴
October 31, 2025 (PwC)	$219,681	$0	$0	$0

Percentage approved pursuant to pre-approval exception	0%	0%	0%	0%

October 31, 2024 (KPMG)	$236,600	$0	$0	$0

Percentage approved pursuant to pre-approval exception	0%	0%	0%	0%

1	“Audit Fees” are the aggregate fees billed for professional services for the audit of the Registrant’s annual financial statements and services provided in connection with statutory and regulatory filings.

2	“Audit-Related Fees” are the aggregate fees billed for assurance and related services reasonably related to the performance of the audit or review of financial statements that are not reported under “Audit Fees”.

3	“Tax Fees” are the aggregate fees billed for professional services for tax compliance, tax advice, and tax planning.

4	“All Other Fees” are the aggregate fees billed for products and services other than “Audit Fees”, “Audit-Related Fees” and “Tax Fees”.

5	The Registrant changed audit firm from KPMG to PwC on October 24, 2024.

SERVICES THAT THE REGISTRANT’S INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM BILLED TO THE ADVISER AND AFFILIATED REGISTRANT SERVICE PROVIDERS

The following tables show the amount of fees billed by PwC to Nuveen Fund Advisors, LLC (the “Adviser”), and any entity controlling, controlled by or under common control with the Adviser that provides ongoing services to the Registrant (“Affiliated Fund Service Provider”), for engagements directly related to the Registrant’s operations and financial reporting, during the Registrant’s fiscal year ended October 31, 2025, and the amount of fees billed by KPMG to the Adviser and any Affiliated Fund Service Provider, for engagements directly related to the Registrant’s operations and financial reporting, during the Registrant’s fiscal year ended October 31, 2024.

The tables also show the percentage of fees subject to the pre-approval exception. The pre-approval exception for services provided to the Adviser and any Affiliated Fund Service Provider (other than audit, review or attest services) waives the pre-approval requirement if: (A) the aggregate amount of all such services provided constitutes no more than 5% of the total amount of revenues paid by the Registrant, the Adviser and Affiliated Fund Service Providers during the fiscal year in which the services are provided that would have to be pre-approved by the Audit Committee; (B) the Registrant did not recognize the services as non-audit services at the time of the engagement; and (C) the services are promptly brought to the Audit Committee’s attention, and the Committee (or its delegate) approves the services before the Registrant’s audit is completed.


Fiscal Year Ended	Audit-Related Fees Billed to Adviser and Affiliated Fund Service Providers	Tax Fees Billed to Adviser and Affiliated Fund Service Providers	All Other Fees Billed to Adviser and Affiliated Fund Service Providers
October 31, 2025 (PwC)	$0	$0	$0

Percentage approved pursuant to pre-approval exception	0%	0%	0%

October 31, 2024 (KPMG)	$0	$0	$0

Percentage approved pursuant to pre-approval exception	0%	0%	0%

NON-AUDIT SERVICES

The following table shows the amount of fees that PwC billed during the Registrant’s fiscal year ended October 31, 2025 for non-audit services, and the amount of fees that KPMG billed during the Registrant’s fiscal year ended October 31, 2024 for non-audit services. The Audit Committee is required to pre-approve non-audit services that the Registrant’s independent registered public accounting firm provides to the Adviser and any Affiliated Fund Service Provider, if the engagement related directly to the Registrant’s operations and financial reporting (except for those subject to the pre-approval exception described above). The Audit Committee requested and received information from PwC and KPMG about any non-audit services rendered during the Registrant’s last fiscal year to the Adviser and any Affiliated Fund Service Provider. The Committee considered this information in evaluating PwC’s and KPMG’s independence.


Fiscal Year Ended	Total Non-Audit Fees Billed to Registrant	Total Non-Audit Fees Billed to Adviser and Affiliated Fund Service Providers (engagements related directly to the operations and financial reporting of the Registrant)	Total Non-Audit Fees Billed to Adviser and Affiliated Fund Service Providers (all other engagements)	Total
October 31, 2025 (PwC)	$0	$0	$11,376,794	$11,376,794
October 31, 2024 (KPMG)	$0	$0	$0	$0

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

Less than 50 percent of the hours expended on the independent registered public accounting firm’s engagement to audit the Registrant’s financial statements for the most recent fiscal year were attributed to work performed by persons other than the independent registered public accounting firm’s full-time, permanent employees.

Audit Committee Pre-Approval Policies and Procedures. Generally, the Audit Committee must approve (i) all non-audit services to be performed for the Registrant by the Registrant’s independent registered public accounting firm and (ii) all audit and non-audit services to be performed by the Registrant’s independent registered public accounting firm for the Affiliated Fund Service Providers with respect to the operations and financial reporting of the Registrant.

Item 4(i) and Item 4(j) are not applicable to the Registrant.

Item 5.

Audit Committee of Listed Registrants.

The registrant is an issuer as defined in Rule 10A-3 under the Securities Exchange Act of 1934 (the “Exchange Act”). The registrant’s Board has a separately designated Audit Committee established in accordance with Section 3(a)(58)(A) of the Securities Exchange Act of 1934, as amended (15 U.S.C. 78c(a)(58)(A)). The members of the audit committee are Joseph A. Boateng, Amy B. R. Lancellotta, John K. Nelson, Chair, Loren M. Starr, Matthew Thornton III, Margaret L. Wolff and Robert L. Young.

Item 6.

Investments.

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

(b)	Not applicable.

Item 7.

Financial Statements and Financial Highlights for Open-End Management Investment Companies.

Report of Independent Registered

Public Accounting Firm

To the Board of Trustees of Nushares ETF Trust and Shareholders of Nuveen ESG Dividend ETF, Nuveen ESG Emerging

Markets Equity ETF, Nuveen ESG International Developed Markets Equity ETF, Nuveen ESG Large-Cap ETF, Nuveen

ESG Large-Cap Growth ETF, Nuveen ESG Large-Cap Value ETF, Nuveen ESG Mid-Cap Growth ETF, Nuveen ESG Mid-

Cap Value ETF, Nuveen ESG Small-Cap ETF, Nuveen Dividend Growth ETF, Nuveen Growth Opportunities ETF and

Nuveen Winslow Large-Cap Growth ESG ETF

Opinions on the Financial Statements

We have audited the accompanying statements of assets and liabilities, including the portfolios of investments, of

Nuveen ESG Dividend ETF, Nuveen ESG Emerging Markets Equity ETF, Nuveen ESG International Developed Markets

Equity ETF, Nuveen ESG Large-Cap ETF, Nuveen ESG Large-Cap Growth ETF, Nuveen ESG Large-Cap Value ETF,

Nuveen ESG Mid-Cap Growth ETF, Nuveen ESG Mid-Cap Value ETF, Nuveen ESG Small-Cap ETF, Nuveen Dividend

Growth ETF, Nuveen Growth Opportunities ETF and Nuveen Winslow Large-Cap Growth ESG ETF (twelve of the

funds constituting Nushares ETF Trust, hereafter collectively referred to as the "Funds") as of October 31, 2025, the

related statements of operations and changes in net assets, including the related notes, and the financial highlights for

the year ended October 31, 2025 (collectively referred to as the “financial statements”). In our opinion, the financial

statements present fairly, in all material respects, the financial position of each of the Funds as of October 31, 2025,

and the results of each of their operations, the changes in each of their net assets and each of the financial highlights

for the year ended October 31, 2025 in conformity with accounting principles generally accepted in the United States

of America.

The financial statements of the Funds as of and for the year ended October 31, 2024 and the financial highlights for

each of the periods ended on or prior to October 31, 2024 (not presented herein, other than the statement of changes

in net assets and the financial highlights) were audited by other auditors whose report dated December 26, 2024

expressed an unqualified opinion on those financial statements and financial highlights.

Basis for Opinions

These financial statements are the responsibility of the Funds’ management. Our responsibility is to express an opinion

on the Funds’ financial statements based on our audits. We are a public accounting firm registered with the Public

Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to

the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities

and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those

standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial

statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements,

whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included

examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits

also included evaluating the accounting principles used and significant estimates made by management, as well as

evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities

owned as of October 31, 2025 by correspondence with the custodian and broker; when replies were not received

from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our

opinions.

/s/ PricewaterhouseCoopers LLP

Chicago, Illinois

December 26, 2025

We have served as the auditor of one or more investment companies in Nuveen Funds since 2002.

Portfolio of Investments October 31, 2025

NUDV

See Notes to Financial Statements

DESCRIPTION

VALUE

LONG-TERM INVESTMENTS - 99.7%

COMMON STOCKS - 99.7%

COMMUNICATION SERVICES - 3.1%

14,440

Comcast Corp, Class A

401,938

17,164

Verizon Communications Inc

682,097

TOTAL COMMUNICATION SERVICES

1,084,035

CONSUMER DISCRETIONARY - 4.0%

5,154

eBay Inc

419,072

1,743

Home Depot Inc/The

661,625

1,268

Lowe's Cos Inc

301,949

TOTAL CONSUMER DISCRETIONARY

1,382,646

CONSUMER STAPLES - 11.5%

8,062

Archer-Daniels-Midland Co

487,993

1,046

Bunge Global SA

98,952

13,249

Coca-Cola Co/The

912,856

1,314

General Mills Inc

61,245

696

J M Smucker Co/The

72,071

3,716

Kellanova

308,651

12,602

Kenvue Inc

181,091

1,376

Kimberly-Clark Corp

164,721

12,794

Kraft Heinz Co/The

316,396

1,653

McCormick & Co Inc/MD

106,056

6,850

Procter & Gamble Co/The

1,030,034

3,008

Target Corp

278,902

TOTAL CONSUMER STAPLES

4,018,968

ENERGY - 4.1%

11,610

Baker Hughes Co

562,040

14,935

Halliburton Co

400,855

6,802

ONEOK Inc

455,734

TOTAL ENERGY

1,418,629

FINANCIALS - 23.3%

3,455

Aflac Inc

370,341

1,202

Allstate Corp/The

230,207

5,055

Annaly Capital Management Inc

107,014

21,383

Bank of America Corp

1,142,921

5,379

Bank of New York Mellon Corp/The

580,556

1,025

Chubb Ltd

283,864

7,682

Citigroup Inc

777,649

1,037

Equitable Holdings Inc

51,228

6,904

Fidelity National Information Services Inc

431,638

870

Goldman Sachs Group Inc/The

686,752

2,566

Huntington Bancshares Inc/OH

39,619

1,265

Jack Henry & Associates Inc

188,409

2,237

Marsh & McLennan Cos Inc

398,522

4,711

Morgan Stanley

772,604

5,209

Nasdaq Inc

445,317

2,735

PNC Financial Services Group Inc/The

499,274

1,273

Raymond James Financial Inc

201,987

State Street Corp

8,212

1,486

Travelers Cos Inc/The

399,169

10,229

US Bancorp

477,490

TOTAL FINANCIALS

8,092,773

HEALTH CARE - 13.2%

3,330

AbbVie Inc

726,073

9,700

Bristol-Myers Squibb Co

446,879

3,262

Cardinal Health Inc

622,292

999

Cigna Group/The

244,166

1,305

Elevance Health Inc

413,946

5,009

Gilead Sciences Inc

600,028

7,221

Merck & Co Inc

620,862

1,614

Quest Diagnostics Inc

283,983

See Notes to Financial Statements

DESCRIPTION

VALUE

HEALTH CARE

(continued)

5,122

Royalty Pharma PLC

192,280

2,959

Zoetis Inc

426,362

TOTAL HEALTH CARE

4,576,871

INDUSTRIALS - 16.0%

3,671

3M Co

611,221

2,089

Automatic Data Processing Inc

543,767

769

Broadridge Financial Solutions Inc

169,488

1,560

Caterpillar Inc

900,526

CH Robinson Worldwide Inc

7,699

2,789

CSX Corp

100,460

901

Cummins Inc

394,350

1,327

Deere & Co

612,583

1,768

Ferguson Enterprises Inc

439,348

104

Hubbell Inc

48,880

4,048

Johnson Controls International plc

463,051

3,238

Otis Worldwide Corp

300,357

2,118

Paychex Inc

247,869

214

Rockwell Automation Inc

78,829

2,971

Union Pacific Corp

654,719

TOTAL INDUSTRIALS

5,573,147

INFORMATION TECHNOLOGY - 8.9%

2,424

Accenture PLC, Class A

606,243

1,817

Analog Devices Inc

425,414

8,297

Hewlett Packard Enterprise Co

202,613

3,418

International Business Machines Corp

1,050,727

936

NXP Semiconductors NV

195,736

3,788

Texas Instruments Inc

611,611

TOTAL INFORMATION TECHNOLOGY

3,092,344

MATERIALS - 3.4%

4,355

International Flavors & Fragrances Inc

274,234

2,905

International Paper Co

112,249

3,249

Newmont Corp

263,072

1,517

PPG Industries Inc

148,287

2,443

Steel Dynamics Inc

383,062

TOTAL MATERIALS

1,180,904

REAL ESTATE - 5.2%

2,910

American Tower Corp

520,832

537

Equinix Inc

454,307

1,393

Iron Mountain Inc

143,409

3,775

Welltower Inc

683,426

TOTAL REAL ESTATE

1,801,974

UTILITIES - 7.0%

2,318

American Water Works Co Inc

297,701

2,757

Atmos Energy Corp

473,432

4,574

Essential Utilities Inc

178,523

4,958

Eversource Energy

365,950

11,353

Exelon Corp

523,600

6,355

Sempra

584,279

TOTAL UTILITIES

2,423,485

TOTAL COMMON STOCKS

(Cost $32,804,778)

34,645,776

TOTAL LONG-TERM INVESTMENTS

(Cost $32,804,778)

34,645,776

OTHER ASSETS & LIABILITIES, NET - 0.3%

97,018

NET ASSETS - 100%

34,742,794

Portfolio of Investments October 31, 2025

NUEM

See Notes to Financial Statements

DESCRIPTION

VALUE

LONG-TERM INVESTMENTS - 100.1%

COMMON STOCKS - 100.1%

COMMUNICATION SERVICES - 9.9%

563,709

(a)

America Movil SAB de CV

643,883

21,661

Autohome Inc, ADR

545,857

77,870

(a)

Bilibili Inc

2,328,425

118,961

(a)

Info Edge India Ltd

1,847,039

33,618

International Games System Co Ltd

787,384

1,082

(a),(b)

Krafton Inc

209,603

490,612

(a),(b)

Kuaishou Technology

4,567,018

1,078,763

(a),(b)

Meitu Inc

1,196,436

652,356

Mobile Telecommunications Co KSCP

1,128,526

28,457

(a)

NAVER Corp

5,342,865

201,493

NetEase Inc

5,625,689

268,229

Ooredoo QPSC

998,216

3,728

(a)

PLDT Inc

70,949

189,690

Saudi Telecom Co

2,285,294

270,221

(a)

Telefonica Brasil SA

1,607,733

4,782,030

Telkom Indonesia Persero Tbk PT

923,050

86,935

Tencent Music Entertainment Group, ADR

1,940,389

5,738,247

(a)

Vodafone Idea Ltd

564,314

TOTAL COMMUNICATION SERVICES

32,612,670

CONSUMER DISCRETIONARY - 13.1%

49,377

(a),(b)

Allegro.eu SA

461,655

99,460

(a)

ANTA Sports Products Ltd

1,036,548

388,250

BYD Co Ltd

5,025,340

10,641

BYD Co Ltd, Class A

150,585

37,954

China Tourism Group Duty Free Corp Ltd, Class A

405,372

15,440

(a)

Coway Co Ltd

966,659

43,323

Eicher Motors Ltd

3,419,624

130,567

Empresas Copec SA

933,903

460

(a),(c)

FF Group

53,327

Haier Smart Home Co Ltd

173,178

16,773

Hero MotoCorp Ltd

1,047,518

288,817

JD.com Inc, Class A

4,741,650

35,641

LG Electronics Inc

2,191,368

LPP SA

97,182

131,192

Mahindra & Mahindra Ltd

5,153,614

304,372

(a),(b)

Meituan, Class B

3,994,486

43,712

(a)

Midea Group Co Ltd

472,428

59,980

(a)

Naspers Ltd

4,221,976

30,807

(a),(b)

Pop Mart International Group Ltd

878,365

32,141

(a)

Seres Group Co Ltd, Class A

700,335

42,037

Trent Ltd

2,222,953

21,386

(a)

Trip.com Group Ltd

1,495,496

56,254

(a)

TVS Motor Co Ltd

2,223,450

239,421

Ultrapar Participacoes SA

951,878

TOTAL CONSUMER DISCRETIONARY

42,965,568

CONSUMER STAPLES - 3.8%

1,071,884

(a)

Alibaba Health Information Technology Ltd

799,893

122,580

Cencosud SA

380,296

204,300

(a)

CP ALL PCL

290,639

99,714

Hindustan Unilever Ltd

2,769,420

12,981

(a),(b)

JD Health International Inc

101,380

284,526

(b)

Nongfu Spring Co Ltd

1,888,981

58,832

Raia Drogasil SA

218,497

42,901

Tata Consumer Products Ltd

563,016

384,913

(a)

Varun Beverages Ltd

2,036,407

1,102,552

Wal-Mart de Mexico SAB de CV

3,650,311

TOTAL CONSUMER STAPLES

12,698,840

See Notes to Financial Statements

DESCRIPTION

VALUE

ENERGY - 2.0%

2,054,432

(a)

Adnoc Gas PLC

1,952,100

494,822

(a)

China Oilfield Services Ltd

481,949

65,367

COSCO SHIPPING Energy Transportation Co Ltd, Class A

123,809

10,149

(a)

HD Hyundai Co Ltd

1,460,288

53,400

(a)

Petronas Dagangan Bhd

289,186

199,242

Qatar Fuel QSC

820,827

281,855

Turkiye Petrol Rafinerileri AS

1,324,555

TOTAL ENERGY

6,452,714

FINANCIALS - 21.7%

6,344,114

Agricultural Bank of China Ltd

4,832,242

168,063

Agricultural Bank of China Ltd, Class A

187,831

49,573

(a)

Akbank TAS

71,681

19,108

Al Rajhi Bank

538,569

1,392,760

B3 SA - Brasil Bolsa Balcao

3,274,253

1,837,875

(a)

Bank Mandiri Persero Tbk PT

521,634

9,004,747

Bank of China Ltd

5,097,770

9,441

Capitec Bank Holdings Ltd

2,087,598

582,370

Cathay Financial Holding Co Ltd

1,212,442

6,961,584

China Construction Bank Corp

6,896,914

74,458

China Construction Bank Corp, Class A

95,448

728,719

China Merchants Bank Co Ltd

4,560,471

42,167

China Merchants Bank Co Ltd, Class A

242,088

189,725

CITIC Securities Co Ltd

722,069

244,565

CITIC Securities Co Ltd, Class A

1,008,855

248,126

Commercial International Bank - Egypt (CIB)

554,081

4,253

Credicorp Ltd

1,110,033

3,041,909

CTBC Financial Holding Co Ltd

4,141,176

1,608,724

Fubon Financial Holding Co Ltd

4,772,636

45,504

(a)

Grupo Cibest SA

663,595

198,140

(a)

Guotai Haitong Securities Co Ltd

539,149

13,409

(a)

Hana Financial Group Inc

804,681

608,592

HDFC Bank Ltd

6,768,665

413,196

Industrial Bank Co Ltd, Class A

1,173,640

7,910

(a)

KakaoBank Corp

128,525

98,700

(a)

Kasikornbank PCL

569,276

40,559

KB Financial Group Inc

3,319,305

3,946

(a)

Komercni Banka AS

202,297

4,939

(a)

mBank SA

1,313,319

2,885,557

(a)

People's Insurance Co Group of China Ltd/The

2,591,440

172,968

(a)

People's Insurance Co Group of China Ltd/The, Class A

204,970

743,888

(a)

Ping An Insurance Group Co of China Ltd

5,374,194

21,400

Ping An Insurance Group Co of China Ltd, Class A

173,760

95,981

(a)

Piraeus Financial Holdings SA

750,212

75,956

(b)

Postal Savings Bank of China Co Ltd

53,555

514,737

Postal Savings Bank of China Co Ltd, Class A

415,562

705,276

Public Bank Bhd

710,665

4,879

(a)

Santander Bank Polska SA

644,187

25,074

Shinhan Financial Group Co Ltd

1,289,998

492,707

Union Bank of India Ltd

825,163

728,885

Yuanta Financial Holding Co Ltd

818,013

TOTAL FINANCIALS

71,261,962

HEALTH CARE - 3.4%

57,300

Bangkok Dusit Medical Services PCL

33,492

30,453

(a)

Celltrion Inc

3,753,308

26,100

Chongqing Zhifei Biological Products Co Ltd, Class A

75,454

72,119

Cipla Ltd/India

1,219,677

9,244

Dr Sulaiman Al Habib Medical Services Group Co

670,965

126,996

Jiangsu Hengrui Pharmaceuticals Co Ltd, Class A

1,143,851

668,069

(a)

Kalbe Farma Tbk PT

51,220

33,687

Richter Gedeon Nyrt

1,039,648

24,425

Shenzhen Mindray Bio-Medical Electronics Co Ltd, Class A

737,457

5,194

(b)

WuXi AppTec Co Ltd

72,575

Portfolio of Investments October 31, 2025

(continued)

NUEM

See Notes to Financial Statements

DESCRIPTION

VALUE

HEALTH CARE

(continued)

18,200

WuXi AppTec Co Ltd, Class A

254,004

231,536

(a),(b)

Wuxi Biologics Cayman Inc

1,078,408

14,043

(a)

Yuhan Corp

1,163,063

3,501

Zhangzhou Pientzehuang Pharmaceutical Co Ltd, Class A

87,561

TOTAL HEALTH CARE

11,380,683

INDUSTRIALS - 10.8%

10,139

ABB India Ltd

596,202

1,416,248

Airports of Thailand PCL

1,806,718

108,307

Bidvest Group Ltd

1,405,851

23,480

(a)

Contemporary Amperex Technology Co Ltd

1,687,242

57,435

Contemporary Amperex Technology Co Ltd, Class A

3,135,105

179

(a)

Doosan Co Ltd

119,229

14,947

(a)

Doosan Enerbility Co Ltd

930,548

82,588

(a)

Embraer SA

1,334,100

46,462

(a)

Evergreen Marine Corp Taiwan Ltd

292,456

738,411

(a)

GMR Airports Ltd

781,655

18,694

(a)

Grupo Aeroportuario del Pacifico SAB de CV, Class B

390,245

4,917

Havells India Ltd

82,746

2,395

HD Hyundai Electric Co Ltd

1,462,467

5,476

(a),(b)

InterGlobe Aviation Ltd

346,987

71,994

(a)

Kanzhun Ltd, ADR

1,595,387

42,434

Kuang-Chi Technologies Co Ltd, Class A

271,444

1,902,209

(a)

Latam Airlines Group SA

43,368

28,966

(a)

LG Corp

1,632,546

13,687

(a)

LG Energy Solution Ltd

4,543,921

5,030

(a)

LS Electric Co Ltd

1,535,743

22,423

(a)

Metlen Energy & Metals PLC

1,138,749

445

POSCO Future M Co Ltd

67,621

237,185

Rumo SA

701,185

95,387

SF Holding Co Ltd, Class A

540,132

31,119

(a)

SK Square Co Ltd

5,678,849

64,175

SM Investments Corp

794,963

1,048,279

(a)

Suzlon Energy Ltd

700,260

64,000

(a)

Turk Hava Yollari AO

443,686

77,553

(a)

Voltas Ltd

1,208,751

9,886

Voltronic Power Technology Corp

389,124

TOTAL INDUSTRIALS

35,657,280

INFORMATION TECHNOLOGY - 23.2%

970,948

Acer Inc

949,123

237,390

(a)

Delta Electronics Inc

7,683,649

257,380

HCL Technologies Ltd

4,469,367

208,954

Infosys Ltd

3,489,108

19,783

(a)

King Slide Works Co Ltd

2,644,941

2,284,467

Lenovo Group Ltd

3,339,022

238,827

Sunny Optical Technology Group Co Ltd

2,310,773

924,564

Taiwan Semiconductor Manufacturing Co Ltd

45,113,887

168,085

TOTVS SA

1,384,907

3,198,194

United Microelectronics Corp

4,827,305

TOTAL INFORMATION TECHNOLOGY

76,212,082

MATERIALS - 7.7%

2,146,141

(a)

Amman Mineral Internasional PT

916,272

22,146

(a)

Anglogold Ashanti Plc

1,534,600

18,269

APL Apollo Tubes Ltd

368,688

13,650

Asian Paints Ltd

386,076

1,651,300

Cemex SAB de CV

1,680,540

1,345,071

(a)

Chandra Asri Pacific Tbk PT

562,131

438,981

Gerdau SA

1,543,931

42,919

Gold Fields Ltd

1,678,923

21,271

(a)

Jindal Stainless Ltd

180,598

59,210

Klabin SA

198,351

938

Korea Zinc Co Ltd

680,087

See Notes to Financial Statements

DESCRIPTION

VALUE

MATERIALS

(continued)

5,238

(a)

LG Chem Ltd

1,461,383

3,396

PI Industries Ltd

136,856

101,084

Pidilite Industries Ltd

1,644,969

1,165,910

Press Metal Aluminium Holdings Bhd

1,762,228

11,511

SABIC Agri-Nutrients Co

376,318

289,361

(a)

Saudi Arabian Mining Co

4,957,520

206,501

Saudi Basic Industries Corp

3,361,702

2,453

Sociedad Quimica y Minera de Chile SA, Class B

118,252

16,453

Supreme Industries Ltd

706,614

17,273

Valterra Platinum Ltd

1,070,313

22,251

(a)

Zangge Mining Co Ltd, Class A

183,888

TOTAL MATERIALS

25,510,240

REAL ESTATE - 1.7%

866,327

(a)

Emaar Properties PJSC

3,349,309

99,060

(b)

Lodha Developers Ltd

1,336,739

41,856

(a)

Oberoi Realty Ltd

838,475

TOTAL REAL ESTATE

5,524,523

UTILITIES - 2.8%

491,182

China Yangtze Power Co Ltd, Class A

1,937,901

33,917

Engie Brasil Energia SA

251,930

236,898

ENN Energy Holdings Ltd

2,061,984

79,881

Manila Electric Co

794,059

264,931

(a)

Petronas Gas Bhd

1,170,302

721,912

Power Grid Corp of India Ltd

2,343,314

164,376

Tenaga Nasional Bhd

521,230

TOTAL UTILITIES

9,080,720

TOTAL COMMON STOCKS

(Cost $236,675,549)

329,357,282

DESCRIPTION

RATE

VALUE

PREFERRED STOCK - 0.0%

CONSUMER DISCRETIONARY - 0.0%

230,000

(c)

TVS Motor Co Ltd

6.000

TOTAL CONSUMER DISCRETIONARY

TOTAL PREFERRED STOCK

(Cost $0)

TOTAL LONG-TERM INVESTMENTS

(Cost $236,675,549)

329,357,308

OTHER ASSETS & LIABILITIES, NET - (0.1)%

(429,747)

NET ASSETS - 100%

328,927,561

ADR

American Depositary Receipt

(a)

Non-income producing; issuer has not declared an ex-dividend date within the past twelve months.

(b)

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

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

As of the end of the reporting period, the aggregate value of these securities is $16,186,188 or 4.9% of Total Investments.

(c)

For fair value measurement disclosure purposes, investment classified as Level 3.

Portfolio of Investments October 31, 2025

NUDM

See Notes to Financial Statements

DESCRIPTION

VALUE

LONG-TERM INVESTMENTS - 99.5%

COMMON STOCK RIGHTS - 0.0%

INDUSTRIALS - 0.0%

2,618

(a)

Ferrovial SE

1,441

TOTAL INDUSTRIALS

1,441

TOTAL COMMON STOCK RIGHTS

(Cost $1,452)

1,441

DESCRIPTION

VALUE

COMMON STOCKS - 99.5%

COMMUNICATION SERVICES - 5.9%

23,110

CAR Group Ltd

540,105

192,941

(b)

Informa PLC

2,453,336

39,126

Publicis Groupe SA

3,919,826

6,908

(b)

REA Group Ltd

963,664

100,405

SoftBank Group Corp

17,639,553

189,753

Telenor ASA

2,824,646

13,790

Universal Music Group NV

370,375

5,593,486

Vodafone Group PLC

6,771,387

334,613

WPP PLC

1,263,943

TOTAL COMMUNICATION SERVICES

36,746,835

CONSUMER DISCRETIONARY - 10.7%

61,237

Amadeus IT Group SA

4,687,486

30,300

Asics Corp

775,521

4,200

(b)

Bandai Namco Holdings Inc

130,917

173,614

Bridgestone Corp

7,622,765

199,345

Cie Generale des Etablissements Michelin SCA

6,371,033

34,388

Compass Group PLC

1,139,008

6,671

D'ieteren Group

1,220,399

665

Hermes International SCA

1,649,452

8,378

Industria de Diseno Textil SA

463,188

125,700

(b)

Isuzu Motors Ltd

1,546,211

3,336

Kering SA

1,181,307

279,212

Oriental Land Co Ltd/Japan

5,654,743

723,147

Panasonic Holdings Corp

8,442,309

80,058

Prosus NV

5,537,715

246,400

(b)

Rakuten Group Inc

1,614,623

55,400

(b)

Sanrio Co Ltd

2,573,742

29,400

Sekisui House Ltd

631,874

460,622

Sony Group Corp

12,952,611

285,100

Yamaha Motor Co Ltd

2,063,461

TOTAL CONSUMER DISCRETIONARY

66,258,365

CONSUMER STAPLES - 8.5%

247,588

Ajinomoto Co Inc

7,028,024

1,100

Barry Callebaut AG

1,433,323

(b)

Chocoladefabriken Lindt & Spruengli AG

5,218,063

22,359

(b)

Coca-Cola Europacific Partners PLC

1,986,150

57,833

Coca-Cola HBC AG

2,624,490

95,275

Danone SA

8,432,233

31,681

(b)

Henkel AG & Co KGaA

2,367,665

89,973

Mowi ASA

1,979,647

89,087

Orkla ASA

904,347

39,774

Reckitt Benckiser Group PLC

3,039,279

735,835

Tesco PLC

4,441,384

188,073

Unilever PLC

11,339,434

588,824

Wilmar International Ltd

1,416,127

24,832

Woolworths Group Ltd

461,842

TOTAL CONSUMER STAPLES

52,672,008

See Notes to Financial Statements

DESCRIPTION

VALUE

ENERGY - 0.4%

131,214

Neste Oyj

2,719,237

TOTAL ENERGY

2,719,237

FINANCIALS - 25.6%

165,223

3i Group PLC

9,551,466

25,322

Ageas SA/NV

1,677,612

181,031

AIB Group PLC

1,668,436

28,938

Allianz SE

11,629,976

200,931

AXA SA

8,726,955

1,095,978

Banco Santander SA

11,164,707

20,641

Commonwealth Bank of Australia

2,319,314

260,847

Deutsche Bank AG

9,312,093

274,945

DNB Bank ASA

7,019,734

7,781

Erste Group Bank AG

806,030

213,426

Generali

8,215,324

17,491

(b)

Gjensidige Forsikring ASA

471,293

135,218

(b)

Hong Kong Exchanges & Clearing Ltd

7,369,644

434,602

(b)

Insurance Australia Group Ltd

2,236,271

1,600,662

Intesa Sanpaolo SpA

10,301,583

5,333,675

Lloyds Banking Group PLC

6,242,429

8,443

(b)

London Stock Exchange Group PLC

1,052,269

7,859

Macquarie Group Ltd

1,124,471

45,398

(b)

Mizrahi Tefahot Bank Ltd

2,960,315

289,863

Mizuho Financial Group Inc

9,688,128

227,714

(b)

NatWest Group PLC

1,747,227

57,316

Societe Generale SA

3,629,220

168,150

Sompo Holdings Inc

5,138,750

459,522

(b)

Sony Financial Group Inc

463,534

384,300

Sumitomo Mitsui Financial Group Inc

10,384,868

147,344

(b)

Suncorp Group Ltd

1,892,525

452,132

Svenska Handelsbanken AB

5,939,517

236,523

Swedbank AB

7,200,964

61,743

Tokio Marine Holdings Inc

2,317,341

9,416

Zurich Insurance Group AG

6,556,891

TOTAL FINANCIALS

158,808,887

HEALTH CARE - 10.4%

1,240

(b)

Argenx SE

1,009,862

291,923

Astellas Pharma Inc

3,057,465

124,700

(b)

Chugai Pharmaceutical Co Ltd

5,705,821

35,615

CSL Ltd

4,161,802

151,453

Daiichi Sankyo Co Ltd

3,607,030

30,721

EssilorLuxottica SA

11,250,893

1,508

(b)

Eurofins Scientific SE

106,416

386,327

GSK PLC

9,037,408

462

Lonza Group AG

318,954

32,597

Merck KGaA

4,268,386

3,701

(a),(b)

NMC Health PLC

–

119,981

Novartis AG

14,837,140

1,420,526

(b)

Sigma Healthcare Ltd

2,892,143

17,666

UCB SA

4,536,802

TOTAL HEALTH CARE

64,790,122

INDUSTRIALS - 20.2%

159,732

ABB Ltd

11,871,207

36,993

ACS Actividades de Construccion y Servicios SA

3,040,031

107,245

Alstom SA

2,679,887

59,108

Bouygues SA

2,669,548

424,565

Brambles Ltd

6,909,642

101,814

Bunzl PLC

3,092,731

161,037

Computershare Ltd

3,855,324

32,930

Dai Nippon Printing Co Ltd

551,381

30,178

DCC PLC

1,986,438

9,635

DSV A/S

2,047,766

Portfolio of Investments October 31, 2025

(continued)

NUDM

See Notes to Financial Statements

DESCRIPTION

VALUE

INDUSTRIALS

(continued)

21,020

Eiffage SA

2,588,682

2,618

Ferrovial SE

160,754

735,426

(b)

Grab Holdings Ltd

4,419,910

450,551

Keppel Ltd

3,527,692

250,111

Komatsu Ltd

8,387,092

7,900

(b)

Kubota Corp

102,586

12,573

(b)

Kuehne + Nagel International AG

2,412,011

360,324

Mitsubishi Electric Corp

10,097,165

482,627

MTR Corp Ltd

1,769,752

60,100

Recruit Holdings Co Ltd

3,007,048

111,619

RELX PLC

4,923,074

25,962

Schneider Electric SE

7,374,479

41,127

SGS SA

4,642,702

50,959

Siemens AG

14,442,500

102,852

Smiths Group PLC

3,402,635

109,269

Swire Pacific Ltd

902,585

440,521

Transurban Group

4,175,855

8,339

(c)

VAT Group AG

3,638,931

313,750

(b)

Vestas Wind Systems A/S

6,399,102

21,418

(b)

Wartsila OYJ Abp

701,326

TOTAL INDUSTRIALS

125,779,836

INFORMATION TECHNOLOGY - 7.5%

22,159

ASML Holding NV

23,481,277

25,003

Logitech International SA

3,011,261

17,896

(b)

Nice Ltd

2,428,515

301,603

(b)

Nokia Oyj

2,041,321

59,083

SAP SE

15,306,070

TOTAL INFORMATION TECHNOLOGY

46,268,444

MATERIALS - 5.2%

122,267

Antofagasta PLC

4,481,881

16,451

Arkema SA

977,870

87,363

Boliden AB

3,948,246

1,098

(b)

Covestro AG

76,799

19,407

(b)

Evonik Industries AG

325,466

336,628

Fortescue Ltd

4,691,764

1,502

Givaudan SA

6,170,783

4,708

(b)

James Hardie Industries PLC

99,274

79,700

(b)

Nitto Denko Corp

1,993,858

119,266

(b)

Northern Star Resources Ltd

1,921,492

10,453

(b)

Novonesis (Novozymes) B

625,608

119,900

(b)

Shin-Etsu Chemical Co Ltd

3,622,956

82,763

SIG Group AG

925,317

76,671

Sumitomo Metal Mining Co Ltd

2,526,751

TOTAL MATERIALS

32,388,065

REAL ESTATE - 2.4%

934,600

CapitaLand Ascendas REIT

2,025,104

711,400

CapitaLand Investment Ltd/Singapore

1,443,080

94,600

(b)

Daiwa House Industry Co Ltd

3,213,409

1,609,028

Scentre Group

4,287,146

1,135,786

Sino Land Co Ltd

1,410,197

21,389

Unibail-Rodamco-Westfield

2,212,962

10,109

Vonovia SE

303,947

TOTAL REAL ESTATE

14,895,845

UTILITIES - 2.7%

396,877

EDP SA

1,974,308

154,704

Iberdrola SA

3,136,390

411,159

(b)

Meridian Energy Ltd

1,393,863

532,951

National Grid PLC

7,982,501

51,923

(b)

Orsted AS

929,382

See Notes to Financial Statements

DESCRIPTION

VALUE

UTILITIES

(continued)

20,128

Verbund AG

1,555,367

TOTAL UTILITIES

16,971,811

TOTAL COMMON STOCKS

(Cost $486,331,405)

618,299,455

TOTAL LONG-TERM INVESTMENTS

(Cost $486,332,857)

618,300,896

OTHER ASSETS & LIABILITIES, NET - 0.5%

2,951,750

NET ASSETS - 100%

621,252,646

REIT

Real Estate Investment Trust

(a)

For fair value measurement disclosure purposes, investment classified as Level 3.

(b)

Non-income producing; issuer has not declared an ex-dividend date within the past twelve months.

(c)

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

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

As of the end of the reporting period, the aggregate value of these securities is $3,638,931 or 0.6% of Total Investments.

Portfolio of Investments October 31, 2025

NULC

See Notes to Financial Statements

DESCRIPTION

VALUE

LONG-TERM INVESTMENTS - 99.8%

COMMON STOCKS - 99.8%

COMMUNICATION SERVICES - 5.6%

10,951

AT&T Inc

271,037

5,139

Comcast Corp, Class A

143,044

930

Electronic Arts Inc

186,056

1,883

(a)

Liberty Media Corp-Liberty Formula One, Class C

188,018

621

(a)

Netflix Inc

694,812

5,371

(a)

Pinterest Inc, Class A

177,780

936

(a)

Reddit Inc, Class A

195,577

1,983

(a)

ROBLOX Corp, Class A

225,507

320

(a)

Take-Two Interactive Software Inc

82,039

7,965

Verizon Communications Inc

316,529

4,236

Walt Disney Co/The

477,058

TOTAL COMMUNICATION SERVICES

2,957,457

CONSUMER DISCRETIONARY - 8.3%

1,951

(a)

Aptiv PLC

158,226

(a)

AutoZone Inc

22,047

Booking Holdings Inc

492,541

331

(a)

Carvana Co

101,465

2,035

(a)

Chipotle Mexican Grill Inc

64,489

886

(a)

Deckers Outdoor Corp

72,209

1,591

(a)

DoorDash Inc, Class A

404,703

2,887

eBay Inc

234,742

1,466

(a)

Garmin Ltd

313,636

1,530

Home Depot Inc/The

580,773

593

Lowe's Cos Inc

141,211

1,033

McDonald's Corp

308,278

190

(a)

MercadoLibre Inc

442,179

(a)

O'Reilly Automotive Inc

4,722

6,954

(a)

Rivian Automotive Inc, Class A

94,366

639

Royal Caribbean Cruises Ltd

183,284

5,101

TJX Cos Inc/The

714,854

377

Williams-Sonoma Inc

73,266

TOTAL CONSUMER DISCRETIONARY

4,406,991

CONSUMER STAPLES - 6.2%

1,321

Archer-Daniels-Midland Co

79,960

12,314

Coca-Cola Co/The

848,435

1,227

Colgate-Palmolive Co

94,540

117

(a)

Dollar General Corp

11,543

663

(a)

Dollar Tree Inc

65,717

2,111

Kroger Co/The

134,323

3,695

PepsiCo Inc

539,802

6,219

Procter & Gamble Co/The

935,151

4,238

Sysco Corp

314,799

2,473

Target Corp

229,296

TOTAL CONSUMER STAPLES

3,253,566

ENERGY - 2.3%

7,738

Baker Hughes Co

374,597

1,989

Cheniere Energy Inc

421,668

1,261

Halliburton Co

33,845

5,610

ONEOK Inc

375,870

TOTAL ENERGY

1,205,980

FINANCIALS - 14.9%

3,917

Aflac Inc

419,863

690

American Express Co

248,904

17,600

Bank of America Corp

940,720

1,000

Bank of New York Mellon Corp/The

107,930

933

Cboe Global Markets Inc

229,182

1,668

Fidelity National Information Services Inc

104,283

1,649

(a)

Fiserv Inc

109,972

See Notes to Financial Statements

DESCRIPTION

VALUE

FINANCIALS

(continued)

253

Goldman Sachs Group Inc/The

199,711

2,452

Intercontinental Exchange Inc

358,703

2,810

Marsh & McLennan Cos Inc

500,601

1,787

Mastercard Inc, Class A

986,406

879

Moody's Corp

422,184

3,936

Morgan Stanley

645,504

1,377

PNC Financial Services Group Inc/The

251,371

100

Prudential Financial Inc

10,400

1,403

S&P Global Inc

683,556

898

Travelers Cos Inc/The

241,221

7,482

US Bancorp

349,260

3,195

Visa Inc, Class A

1,088,664

Willis Towers Watson PLC

10,645

TOTAL FINANCIALS

7,909,080

HEALTH CARE - 9.7%

2,409

AbbVie Inc

525,258

145

Agilent Technologies Inc

21,222

358

Amgen Inc

106,838

689

(a)

Cooper Cos Inc/The

48,168

3,104

Danaher Corp

668,540

5,266

(a)

Edwards Lifesciences Corp

434,182

586

Elevance Health Inc

185,879

1,349

Eli Lilly & Co

1,163,998

1,167

Gilead Sciences Inc

139,795

692

HCA Healthcare Inc

318,099

375

(a)

IDEXX Laboratories Inc

236,066

(a)

Insulet Corp

24,728

115

McKesson Corp

93,304

208

(a)

Regeneron Pharmaceuticals Inc

135,574

525

STERIS PLC

123,743

1,032

(a)

Veeva Systems Inc, Class A

300,518

716

(a)

Vertex Pharmaceuticals Inc

304,708

168

West Pharmaceutical Services Inc

47,388

624

Zimmer Biomet Holdings Inc

62,749

1,322

Zoetis Inc

190,487

TOTAL HEALTH CARE

5,131,244

INDUSTRIALS - 9.0%

1,858

3M Co

309,357

1,092

Automatic Data Processing Inc

284,248

468

(a)

Axon Enterprise Inc

342,684

1,632

Carrier Global Corp

97,088

725

Caterpillar Inc

418,514

665

Cintas Corp

121,875

5,325

(a)

Copart Inc

229,028

982

Cummins Inc

429,802

118

Deere & Co

54,472

476

FedEx Corp

120,818

1,319

Ferguson Enterprises Inc

327,771

828

GE Vernova Inc

484,496

2,216

Ingersoll Rand Inc

169,147

777

Johnson Controls International plc

88,881

504

Parker-Hannifin Corp

389,506

436

(a)

Rocket Lab Corp

27,459

166

Trane Technologies PLC

74,476

2,156

Union Pacific Corp

475,118

158

United Rentals Inc

137,646

1,147

Xylem Inc/NY

173,025

TOTAL INDUSTRIALS

4,755,411

Portfolio of Investments October 31, 2025

(continued)

NULC

See Notes to Financial Statements

DESCRIPTION

VALUE

INFORMATION TECHNOLOGY - 38.5%

2,425

Accenture PLC, Class A

606,492

1,792

(a)

Adobe Inc

609,836

2,075

(a)

Advanced Micro Devices Inc

531,449

1,310

(a)

Akamai Technologies Inc

98,381

723

Analog Devices Inc

169,276

2,057

Applied Materials Inc

479,487

4,000

(a)

Arista Networks Inc

630,760

940

(a)

Atlassian Corp, Class A

159,255

464

(a)

Autodesk Inc

139,822

5,071

Broadcom Inc

1,874,394

1,234

(a)

Cadence Design Systems Inc

417,943

1,111

Cisco Systems Inc

81,225

966

(a)

Datadog Inc, Class A

157,274

616

(a)

Docusign Inc

45,054

2,312

(a)

Dynatrace Inc

116,918

(a)

Fair Isaac Corp

97,912

364

(a)

First Solar Inc

97,166

1,277

(a)

GoDaddy Inc, Class A

170,007

11,801

Hewlett Packard Enterprise Co

288,180

8,452

HP Inc

233,867

318

(a)

HubSpot Inc

156,431

8,516

Intel Corp

340,555

2,998

International Business Machines Corp

921,615

723

Intuit Inc

482,639

1,542

(a)

Keysight Technologies Inc

282,124

2,809

Lam Research Corp

442,305

684

Marvell Technology Inc

64,118

736

(a)

MongoDB Inc

264,828

641

Motorola Solutions Inc

260,701

1,795

NetApp Inc

211,415

1,076

(a)

Nutanix Inc, Class A

76,654

24,446

NVIDIA Corp

4,950,071

1,497

(a)

Okta Inc

137,020

2,658

(a)

Palo Alto Networks Inc

585,398

640

(a)

PTC Inc

127,066

3,568

Salesforce Inc

929,143

2,413

(a)

Samsara Inc, Class A

96,930

1,907

Seagate Technology Holdings PLC

487,963

792

(a)

ServiceNow Inc

728,070

1,064

(a)

Synopsys Inc

482,864

745

Texas Instruments Inc

120,288

1,318

(a)

Trade Desk Inc/The, Class A

66,269

2,169

(a)

Trimble Inc

172,978

1,368

(a)

Twilio Inc, Class A

184,516

(a)

Tyler Technologies Inc

39,530

3,143

(a)

Western Digital Corp

472,110

692

(a)

Workday Inc, Class A

166,025

339

(a)

Zscaler Inc

112,256

TOTAL INFORMATION TECHNOLOGY

20,366,580

MATERIALS - 2.0%

2,290

Ecolab Inc

587,156

2,518

International Paper Co

97,296

1,280

Newmont Corp

103,642

214

PPG Industries Inc

20,918

744

Steel Dynamics Inc

116,659

383

Vulcan Materials Co

110,878

TOTAL MATERIALS

1,036,549

REAL ESTATE - 1.7%

259

(a)

CBRE Group Inc, Class A

39,480

126

Equinix Inc

106,597

767

Prologis Inc

95,177

See Notes to Financial Statements

DESCRIPTION

VALUE

REAL ESTATE

(continued)

3,748

Welltower Inc

678,538

TOTAL REAL ESTATE

919,792

UTILITIES - 1.6%

377

American Water Works Co Inc

48,418

2,354

Consolidated Edison Inc

229,303

894

Exelon Corp

41,231

5,856

Sempra

538,401

TOTAL UTILITIES

857,353

TOTAL COMMON STOCKS

(Cost $41,636,120)

52,800,003

TOTAL LONG-TERM INVESTMENTS

(Cost $41,636,120)

52,800,003

OTHER ASSETS & LIABILITIES, NET - 0.2%

118,780

NET ASSETS - 100%

52,918,783

S&P

Standard & Poor's

(a)

Non-income producing; issuer has not declared an ex-dividend date within the past twelve months.

Portfolio of Investments October 31, 2025

NULG

See Notes to Financial Statements

DESCRIPTION

VALUE

LONG-TERM INVESTMENTS - 99.6%

COMMON STOCKS - 99.6%

COMMUNICATION SERVICES - 4.6%

132,707

(a)

Liberty Media Corp-Liberty Formula One, Class C

13,250,794

80,061

(a)

Live Nation Entertainment Inc

11,971,522

35,324

(a)

Netflix Inc

39,522,611

372,203

(a)

Pinterest Inc, Class A

12,319,919

65,074

(a)

Reddit Inc, Class A

13,597,212

TOTAL COMMUNICATION SERVICES

90,662,058

CONSUMER DISCRETIONARY - 11.2%

3,409

(a)

AutoZone Inc

12,526,132

6,189

Booking Holdings Inc

31,426,133

15,248

(a)

Burlington Stores Inc

4,171,700

60,827

(a)

Carvana Co

18,645,908

284,214

(a)

Chipotle Mexican Grill Inc

9,006,742

91,906

(a)

Deckers Outdoor Corp

7,490,339

64,807

(a)

DoorDash Inc, Class A

16,484,957

51,767

Expedia Group Inc

11,388,740

25,589

(b)

Hyatt Hotels Corp

3,516,184

31,481

(a)

Lululemon Athletica Inc

5,368,770

10,897

(a)

MercadoLibre Inc

25,360,152

137,756

(a)

O'Reilly Automotive Inc

13,009,677

169,412

(a)

Rivian Automotive Inc, Class A

2,298,921

92,138

Royal Caribbean Cruises Ltd

26,427,942

248,314

TJX Cos Inc/The

34,798,724

TOTAL CONSUMER DISCRETIONARY

221,921,021

CONSUMER STAPLES - 2.0%

168,756

Colgate-Palmolive Co

13,002,650

415,503

(a)

Monster Beverage Corp

27,768,065

TOTAL CONSUMER STAPLES

40,770,715

ENERGY - 0.6%

52,369

Cheniere Energy Inc

11,102,228

TOTAL ENERGY

11,102,228

FINANCIALS - 8.2%

94,205

Mastercard Inc, Class A

52,000,218

55,669

Moody's Corp

26,737,821

48,965

S&P Global Inc

23,856,237

175,658

Visa Inc, Class A

59,853,707

TOTAL FINANCIALS

162,447,983

HEALTH CARE - 7.8%

141,353

(a)

Edwards Lifesciences Corp

11,654,555

69,499

Eli Lilly & Co

59,967,907

70,607

Gilead Sciences Inc

8,458,013

34,048

(a)

IDEXX Laboratories Inc

21,433,556

6,113

(a)

Mettler-Toledo International Inc

8,657,781

11,026

(a)

Veeva Systems Inc, Class A

3,210,771

39,724

(a)

Vertex Pharmaceuticals Inc

16,905,343

15,677

West Pharmaceutical Services Inc

4,422,011

139,209

Zoetis Inc

20,058,625

TOTAL HEALTH CARE

154,768,562

INDUSTRIALS - 9.4%

29,752

(a)

Axon Enterprise Inc

21,785,307

59,359

Cintas Corp

10,878,724

554,562

(a)

Copart Inc

23,851,712

36,344

GE Vernova Inc

21,266,328

86,160

Otis Worldwide Corp

7,992,201

71,713

Quanta Services Inc

32,208,460

35,341

Trane Technologies PLC

15,855,740

201,851

(a)

Uber Technologies Inc

19,478,621

77,291

Veralto Corp

7,627,076

See Notes to Financial Statements

DESCRIPTION

VALUE

INDUSTRIALS

(continued)

27,220

WW Grainger Inc

26,648,380

TOTAL INDUSTRIALS

187,592,549

INFORMATION TECHNOLOGY - 53.3%

94,636

(a)

Adobe Inc

32,205,577

232,547

(a)

Advanced Micro Devices Inc

59,559,938

240,679

(a)

Arista Networks Inc

37,952,672

104,148

(a)

Atlassian Corp, Class A

17,644,754

86,884

(a)

Autodesk Inc

26,181,625

100,124

(a)

Bentley Systems Inc, Class B

5,089,303

355,603

Broadcom Inc

131,441,537

85,102

(a)

Cadence Design Systems Inc

28,823,196

136,027

(a)

Dynatrace Inc

6,878,885

12,533

(a)

F5 Inc

3,171,476

31,759

(a)

First Solar Inc

8,477,747

48,248

(a)

Gartner Inc

11,981,908

88,875

(a)

GoDaddy Inc, Class A

11,831,929

12,593

(a)

HubSpot Inc

6,194,749

50,833

Intuit Inc

33,933,569

29,912

KLA Corp

36,155,831

236,292

Marvell Technology Inc

22,150,012

33,309

(a)

MongoDB Inc

11,985,244

61,876

Motorola Solutions Inc

25,165,588

154,202

(a)

Nutanix Inc, Class A

10,985,351

1,640,472

(c)

NVIDIA Corp

332,179,175

104,252

(a)

Okta Inc

9,542,186

83,706

(a)

Palo Alto Networks Inc

18,435,409

74,818

(a)

PTC Inc

14,854,366

193,670

(a)

Pure Storage Inc, Class A

19,115,229

40,858

(a)

ServiceNow Inc

37,559,942

50,093

(a)

Synopsys Inc

22,733,205

167,336

(a)

Trade Desk Inc/The, Class A

8,413,654

26,993

(a)

Tyler Technologies Inc

12,855,686

34,266

(a)

VeriSign Inc

8,216,987

120,483

(a)

Workday Inc, Class A

28,906,281

53,359

(a)

Zscaler Inc

17,669,299

TOTAL INFORMATION TECHNOLOGY

1,058,292,310

MATERIALS - 1.7%

95,162

Ecolab Inc

24,399,537

27,838

Sherwin-Williams Co/The

9,602,440

TOTAL MATERIALS

34,001,977

REAL ESTATE - 0.8%

46,917

(a)

CBRE Group Inc, Class A

7,151,558

11,235

Equinix Inc

9,504,923

TOTAL REAL ESTATE

16,656,481

TOTAL COMMON STOCKS

(Cost $1,643,911,643)

1,978,215,884

TOTAL LONG-TERM INVESTMENTS

(Cost $1,643,911,643)

1,978,215,884

DESCRIPTION

RATE

VALUE

INVESTMENTS PURCHASED WITH COLLATERAL FROM SECURITIES LENDING - 0.1%

2,748,427

(d)

State Street Navigator Securities Lending Government Money

Market Portfolio

4.060%(e)

2,748,427

TOTAL INVESTMENTS PURCHASED WITH COLLATERAL FROM SECURITIES LENDING

(Cost $2,748,427)

2,748,427

TOTAL INVESTMENTS - 99.7%

(Cost $1,646,660,070)

1,980,964,311

OTHER ASSETS & LIABILITIES, NET - 0.3%

5,039,280

NET ASSETS - 100%

1,986,003,591

Portfolio of Investments October 31, 2025

(continued)

NULG

See Notes to Financial Statements

Investments in Derivatives

S&P

Standard & Poor's

(a)

Non-income producing; issuer has not declared an ex-dividend date within the past twelve months.

(b)

Investment, or a portion of investment, is out on loan for securities lending. The total value of the securities out on loan as of the end

of the reporting period was $2,630,302.

(c)

Investment, or portion of investment, has been pledged to collateralize the net payment obligations for investments in derivatives.

(d)

The Fund may loan securities representing up to one third of the value of its total assets (which includes collateral for securities on

loan) to broker dealers, banks, and other institutions. The collateral maintained by the Fund shall have a value, at the inception of

each loan, equal to not less than 100% of the value of the loaned securities. The cash collateral received by the Fund is invested in

this money market fund.

(e)

The rate shown is the one-day yield as of the end of the reporting period.

Futures Contracts - Long

Description

Number of

Contracts

Expiration

Date

Notional

Amount

Value

Unrealized

Appreciation

(Depreciation)

E-mini Nasdaq-100

12/25

5,845,245

6,240,960

395,715

Total

$5,845,245

$6,240,960

$395,715

Portfolio of Investments October 31, 2025

NULV

See Notes to Financial Statements

DESCRIPTION

VALUE

LONG-TERM INVESTMENTS - 99.7%

COMMON STOCKS - 99.7%

COMMUNICATION SERVICES - 8.2%

760,467

AT&T Inc

18,821,558

410,940

Comcast Corp, Class A

11,438,515

141,592

Electronic Arts Inc

28,326,896

136,622

(a)

ROBLOX Corp, Class A

15,536,654

44,139

(a)

Take-Two Interactive Software Inc

11,315,915

793,120

Verizon Communications Inc

31,518,589

316,225

Walt Disney Co/The

35,613,259

TOTAL COMMUNICATION SERVICES

152,571,386

CONSUMER DISCRETIONARY - 4.1%

259,339

eBay Inc

21,086,854

56,395

Home Depot Inc/The

21,406,978

45,222

Lowe's Cos Inc

10,768,715

65,582

PulteGroup Inc

7,861,314

189,641

(a)

Rivian Automotive Inc, Class A

2,573,429

59,650

Williams-Sonoma Inc

11,592,381

TOTAL CONSUMER DISCRETIONARY

75,289,671

CONSUMER STAPLES - 9.1%

330,599

Archer-Daniels-Midland Co

20,011,158

94,935

Bunge Global SA

8,980,851

602,972

Coca-Cola Co/The

41,544,771

122,881

Hormel Foods Corp

2,653,001

986,258

Kenvue Inc

14,172,527

371,169

Keurig Dr Pepper Inc

10,080,950

149,245

Kraft Heinz Co/The

3,690,829

293,800

Procter & Gamble Co/The

44,178,706

245,727

Target Corp

22,783,807

TOTAL CONSUMER STAPLES

168,096,600

ENERGY - 3.5%

586,183

Baker Hughes Co

28,377,119

522,355

Halliburton Co

14,020,008

341,816

ONEOK Inc

22,901,672

TOTAL ENERGY

65,298,799

FINANCIALS - 20.7%

72,381

Aflac Inc

7,758,519

111,321

American Express Co

40,156,824

907,849

Bank of America Corp

48,524,529

265,559

Bank of New York Mellon Corp/The

28,661,783

22,851

Capital One Financial Corp

5,026,991

72,095

Cboe Global Markets Inc

17,709,416

10,756

Chubb Ltd

2,978,767

361,206

Citigroup Inc

36,564,883

309,573

Fidelity National Information Services Inc

19,354,504

30,598

Goldman Sachs Group Inc/The

24,153,143

57,697

Intercontinental Exchange Inc

8,440,494

31,819

Jack Henry & Associates Inc

4,739,122

117,366

Marsh & McLennan Cos Inc

20,908,753

206,975

Morgan Stanley

33,943,900

135,752

PNC Financial Services Group Inc/The

24,781,528

10,453

Regions Financial Corp

252,963

53,761

S&P Global Inc

26,192,897

95,854

Travelers Cos Inc/The

25,748,301

129,310

US Bancorp

6,036,191

4,459

Willis Towers Watson PLC

1,396,113

TOTAL FINANCIALS

383,329,621

HEALTH CARE - 14.7%

168,471

AbbVie Inc

36,733,417

35,281

Agilent Technologies Inc

5,163,727

607,277

Bristol-Myers Squibb Co

27,977,252

Portfolio of Investments October 31, 2025

(continued)

NULV

See Notes to Financial Statements

DESCRIPTION

VALUE

HEALTH CARE

(continued)

113,103

Cardinal Health Inc

21,576,659

57,146

Cencora Inc

19,304,490

57,448

Cigna Group/The

14,040,866

150,849

Danaher Corp

32,489,858

201,958

(a)

Edwards Lifesciences Corp

16,651,437

126,480

Gilead Sciences Inc

15,151,039

59,927

HCA Healthcare Inc

27,547,243

8,425

(a)

Regeneron Pharmaceuticals Inc

5,491,415

103,039

(a)

Solventum Corp

7,113,813

38,646

STERIS PLC

9,108,862

69,377

Stryker Corp

24,714,863

32,259

West Pharmaceutical Services Inc

9,099,296

1,871

Zoetis Inc

269,592

TOTAL HEALTH CARE

272,433,829

INDUSTRIALS - 13.3%

180,041

3M Co

29,976,826

80,720

Automatic Data Processing Inc

21,011,416

40,304

Broadridge Financial Solutions Inc

8,883,001

42,085

Caterpillar Inc

24,293,987

59,836

Deere & Co

27,622,092

9,142

Expeditors International of Washington Inc

1,114,410

16,174

FedEx Corp

4,105,285

111,828

Ferguson Enterprises Inc

27,789,258

73,812

Jacobs Solutions Inc

11,500,648

131,395

Johnson Controls International plc

15,030,274

38,789

Parker-Hannifin Corp

29,977,303

54,327

Rockwell Automation Inc

20,011,894

102,383

Union Pacific Corp

22,562,142

3,349

United Rentals Inc

2,917,582

TOTAL INDUSTRIALS

246,796,118

INFORMATION TECHNOLOGY - 17.5%

133,811

Accenture PLC, Class A

33,466,131

101,093

(a)

Akamai Technologies Inc

7,592,084

28,009

Analog Devices Inc

6,557,747

156,036

Applied Materials Inc

36,371,992

25,804

(a)

F5 Inc

6,529,702

35,210

(a)

First Solar Inc

9,398,957

814,263

Hewlett Packard Enterprise Co

19,884,303

1,122,791

Intel Corp

44,900,412

158,292

International Business Machines Corp

48,660,544

19,798

(a)

MongoDB Inc

7,123,716

24,188

NXP Semiconductors NV

5,058,195

161,636

Salesforce Inc

42,091,631

170,403

Texas Instruments Inc

27,513,268

105,306

(a)

Twilio Inc, Class A

14,203,673

106,436

(a)

Western Digital Corp

15,987,752

TOTAL INFORMATION TECHNOLOGY

325,340,107

MATERIALS - 1.9%

28,163

Ball Corp

1,323,661

61,494

Ecolab Inc

15,767,062

88,434

Newmont Corp

7,160,501

73,406

Steel Dynamics Inc

11,510,061

TOTAL MATERIALS

35,761,285

REAL ESTATE - 3.4%

35,645

American Tower Corp

6,379,742

41,921

(a)

CBRE Group Inc, Class A

6,390,018

12,184

Equinix Inc

10,307,786

4,320

Iron Mountain Inc

444,744

59,546

Prologis Inc

7,389,063

183,321

Welltower Inc

33,188,434

TOTAL REAL ESTATE

64,099,787

See Notes to Financial Statements

DESCRIPTION

VALUE

UTILITIES - 3.3%

35,775

American Water Works Co Inc

4,594,583

109,324

Atmos Energy Corp

18,773,117

232,959

Consolidated Edison Inc

22,692,536

342,136

Exelon Corp

15,779,313

TOTAL UTILITIES

61,839,549

TOTAL COMMON STOCKS

(Cost $1,672,268,803)

1,850,856,752

TOTAL LONG-TERM INVESTMENTS

(Cost $1,672,268,803)

1,850,856,752

OTHER ASSETS & LIABILITIES, NET - 0.3%

4,930,711

NET ASSETS - 100%

1,855,787,463

S&P

Standard & Poor's

(a)

Non-income producing; issuer has not declared an ex-dividend date within the past twelve months.

Portfolio of Investments October 31, 2025

NUMG

See Notes to Financial Statements

DESCRIPTION

VALUE

LONG-TERM INVESTMENTS - 100.0%

COMMON STOCKS - 100.0%

COMMUNICATION SERVICES - 7.1%

89,716

(a)

Liberty Media Corp-Liberty Formula One, Class C

8,958,142

60,785

(a)

Live Nation Entertainment Inc

9,089,181

43,318

(a)

Take-Two Interactive Software Inc

11,105,436

TOTAL COMMUNICATION SERVICES

29,152,759

CONSUMER DISCRETIONARY - 12.6%

29,347

(a)

Burlington Stores Inc

8,029,046

37,026

(a)

Carvana Co

11,349,950

75,647

(a)

Deckers Outdoor Corp

6,165,231

36,340

(a)

Lululemon Athletica Inc

6,197,424

463,483

(a)

Rivian Automotive Inc, Class A

6,289,464

77,053

Tapestry Inc

8,461,960

9,250

(a)

Ulta Beauty Inc

4,808,890

TOTAL CONSUMER DISCRETIONARY

51,301,965

ENERGY - 2.7%

70,246

Targa Resources Corp

10,820,694

TOTAL ENERGY

10,820,694

FINANCIALS - 8.1%

66,008

(a)

Ares Management Corp, Class A

9,816,050

127,560

Equitable Holdings Inc

6,301,464

678

FactSet Research Systems Inc

180,890

28,803

LPL Financial Holdings Inc

10,867,660

2,959

(a)

Markel Group Inc

5,842,634

TOTAL FINANCIALS

33,008,698

HEALTH CARE - 14.1%

22,500

(a)

IDEXX Laboratories Inc

14,163,975

68,518

(a)

Incyte Corp

6,405,063

6,285

(a)

Mettler-Toledo International Inc

8,901,383

46,842

(a)

Veeva Systems Inc, Class A

13,640,390

21,365

(a)

Waters Corp

7,469,204

24,898

West Pharmaceutical Services Inc

7,022,979

TOTAL HEALTH CARE

57,602,994

INDUSTRIALS - 19.7%

20,330

(a)

Axon Enterprise Inc

14,886,236

94,923

Delta Air Lines Inc

5,446,682

16,454

EMCOR Group Inc

11,119,284

14,208

Lennox International Inc

7,175,040

32,651

(a)

Paycom Software Inc

6,108,675

40,620

Quanta Services Inc

18,243,661

44,722

Veralto Corp

4,413,167

13,308

WW Grainger Inc

13,028,532

TOTAL INDUSTRIALS

80,421,277

INFORMATION TECHNOLOGY - 29.7%

126,085

(a)

Bentley Systems Inc, Class B

6,408,900

160,696

(a)

Dynatrace Inc

8,126,397

19,334

(a)

F5 Inc

4,892,469

8,284

(a)

Fair Isaac Corp

13,747,546

37,100

(a)

First Solar Inc

9,903,474

24,928

(a)

Gartner Inc

6,190,619

20,864

(a)

HubSpot Inc

10,263,419

34,199

(a)

MongoDB Inc

12,305,484

119,757

(a)

Nutanix Inc, Class A

8,531,489

87,181

(a)

Okta Inc

7,979,677

46,096

(a)

PTC Inc

9,151,900

180,837

(a)

Trade Desk Inc/The, Class A

9,092,484

4,556

(a)

Tyler Technologies Inc

2,169,841

37,113

(a)

Zscaler Inc

12,289,599

TOTAL INFORMATION TECHNOLOGY

121,053,298

See Notes to Financial Statements

DESCRIPTION

VALUE

MATERIALS - 1.8%

25,167

Vulcan Materials Co

7,285,846

TOTAL MATERIALS

7,285,846

REAL ESTATE - 4.2%

50,669

(a)

CBRE Group Inc, Class A

7,723,476

134,715

(a)

CoStar Group Inc

9,269,739

TOTAL REAL ESTATE

16,993,215

TOTAL COMMON STOCKS

(Cost $396,878,855)

407,640,746

TOTAL LONG-TERM INVESTMENTS

(Cost $396,878,855)

407,640,746

OTHER ASSETS & LIABILITIES, NET - 0.0%

131,082

NET ASSETS - 100%

407,771,828

(a)

Non-income producing; issuer has not declared an ex-dividend date within the past twelve months.

Portfolio of Investments October 31, 2025

NUMV

See Notes to Financial Statements

DESCRIPTION

VALUE

LONG-TERM INVESTMENTS - 99.9%

COMMON STOCKS - 99.9%

COMMUNICATION SERVICES - 3.0%

77,217

Omnicom Group Inc

5,792,819

25,031

(a)

Take-Two Interactive Software Inc

6,417,198

TOTAL COMMUNICATION SERVICES

12,210,017

CONSUMER DISCRETIONARY - 6.2%

14,009

Best Buy Co Inc

1,150,699

47,147

Genuine Parts Co

6,002,285

7,196

Pool Corp

1,921,764

54,785

PulteGroup Inc

6,567,078

222,558

(a)

Rivian Automotive Inc, Class A

3,020,112

12,021

Tapestry Inc

1,320,146

91,807

Tractor Supply Co

4,967,677

644

Williams-Sonoma Inc

125,155

TOTAL CONSUMER DISCRETIONARY

25,074,916

CONSUMER STAPLES - 9.7%

122,471

Archer-Daniels-Midland Co

7,413,170

70,369

Bunge Global SA

6,656,907

63,681

Church & Dwight Co Inc

5,584,187

5,141

Clorox Co/The

578,157

38,513

(a)

Dollar Tree Inc

3,817,409

111,460

General Mills Inc

5,195,151

54,337

Kellanova

4,513,231

49,232

Kraft Heinz Co/The

1,217,507

69,009

McCormick & Co Inc/MD

4,427,617

TOTAL CONSUMER STAPLES

39,403,336

ENERGY - 2.3%

195,239

Baker Hughes Co

9,451,520

TOTAL ENERGY

9,451,520

FINANCIALS - 14.7%

6,978

Arch Capital Group Ltd

602,271

28,821

Cboe Global Markets Inc

7,079,591

84,721

Equitable Holdings Inc

4,185,217

34,984

Fifth Third Bancorp

1,456,034

48,791

Hartford Insurance Group Inc/The

6,058,866

426

(a)

Markel Group Inc

841,150

43,534

Nasdaq Inc

3,721,722

75,116

Prudential Financial Inc

7,812,064

18,881

Raymond James Financial Inc

2,995,848

256,285

Regions Financial Corp

6,202,097

28,905

State Street Corp

3,343,152

34,168

Synchrony Financial

2,541,416

51,463

T Rowe Price Group Inc

5,276,501

23,058

Willis Towers Watson PLC

7,219,460

TOTAL FINANCIALS

59,335,389

HEALTH CARE - 10.6%

10,219

Agilent Technologies Inc

1,495,653

23,342

(a)

Biogen Inc

3,600,970

50,362

Cardinal Health Inc

9,607,559

7,529

(a)

Centene Corp

266,301

17,754

Humana Inc

4,938,985

25,309

(a)

IQVIA Holdings Inc

5,478,386

22,029

Labcorp Holdings Inc

5,594,485

1,904

(a)

Mettler-Toledo International Inc

2,696,616

10,319

Quest Diagnostics Inc

1,815,628

6,622

Revvity Inc

619,753

28,103

STERIS PLC

6,623,877

TOTAL HEALTH CARE

42,738,213

See Notes to Financial Statements

DESCRIPTION

VALUE

INDUSTRIALS - 17.9%

26,057

Allegion plc

4,319,469

23,829

Broadridge Financial Solutions Inc

5,251,912

5,632

CH Robinson Worldwide Inc

867,272

302,420

CNH Industrial NV

3,172,386

26,603

Expeditors International of Washington Inc

3,242,906

37,743

Ferguson Enterprises Inc

9,379,135

109,665

Fortive Corp

5,520,536

15,649

Jacobs Solutions Inc

2,438,271

23,857

JB Hunt Transport Services Inc

4,028,493

33,389

Owens Corning

4,250,753

19,291

Pentair PLC

2,051,598

68,357

TransUnion

5,549,221

10,673

United Rentals Inc

9,298,104

49,333

Veralto Corp

4,868,180

54,674

Xylem Inc/NY

8,247,573

TOTAL INDUSTRIALS

72,485,809

INFORMATION TECHNOLOGY - 11.9%

12,452

(a)

Akamai Technologies Inc

935,145

12,136

(a)

F5 Inc

3,071,015

31,594

(a)

First Solar Inc

8,433,702

338,661

Hewlett Packard Enterprise Co

8,270,102

42,681

HP Inc

1,180,983

25,932

(a)

Keysight Technologies Inc

4,744,519

2,956

(a)

MongoDB Inc

1,063,628

1,813

NetApp Inc

213,535

546

Seagate Technology Holdings PLC

139,711

78,453

(a)

Trimble Inc

6,256,627

19,823

(a)

Twilio Inc, Class A

2,673,726

75,963

(a)

Western Digital Corp

11,410,402

TOTAL INFORMATION TECHNOLOGY

48,393,095

MATERIALS - 6.6%

296

Avery Dennison Corp

51,767

105,172

Ball Corp

4,943,084

28,082

Crown Holdings Inc

2,729,009

86,507

International Paper Co

3,342,630

4,036

Martin Marietta Materials Inc

2,474,472

62,605

PPG Industries Inc

6,119,639

45,080

Steel Dynamics Inc

7,068,544

TOTAL MATERIALS

26,729,145

REAL ESTATE - 10.1%

28,825

AvalonBay Communities Inc

5,013,244

88,050

BXP Inc

6,268,279

37,134

(a)

CBRE Group Inc, Class A

5,660,336

86,988

Equity Residential

5,170,567

346,868

Healthpeak Properties Inc

6,226,280

71,117

Iron Mountain Inc

7,321,495

86,197

Kimco Realty Corp

1,780,830

745

Regency Centers Corp

51,368

23,578

Ventas Inc

1,739,821

22,313

WP Carey Inc

1,472,658

TOTAL REAL ESTATE

40,704,878

UTILITIES - 6.9%

42,698

Atmos Energy Corp

7,332,100

181,799

CenterPoint Energy Inc

6,951,994

149,384

Essential Utilities Inc

5,830,457

Portfolio of Investments October 31, 2025

(continued)

NUMV

See Notes to Financial Statements

DESCRIPTION

VALUE

UTILITIES

(continued)

105,481

Eversource Energy

7,785,553

TOTAL UTILITIES

27,900,104

TOTAL COMMON STOCKS

(Cost $371,660,688)

404,426,422

TOTAL LONG-TERM INVESTMENTS

(Cost $371,660,688)

404,426,422

OTHER ASSETS & LIABILITIES, NET - 0.1%

490,068

NET ASSETS - 100%

404,916,490

(a)

Non-income producing; issuer has not declared an ex-dividend date within the past twelve months.

Portfolio of Investments October 31, 2025

NUSC

See Notes to Financial Statements

ris

DESCRIPTION

VALUE

LONG-TERM INVESTMENTS - 99.7%

COMMON STOCK RIGHTS - 0.0%

FINANCIALS - 0.0%

109,166

(a)

Sycamore Partners LLC

57,858

TOTAL FINANCIALS

57,858

HEALTH CARE - 0.0%

26,689

(a)

Bristol-Myers Squibb Co

18,682

23,934

(a)

CinCor Pharma Inc

73,238

117,949

(a)

Roche Holding AG

40,103

44,361

(a)

Zimmer Biomet Holdings Inc

3,993

TOTAL HEALTH CARE

136,016

TOTAL COMMON STOCK RIGHTS

(Cost $0)

193,874

DESCRIPTION

VALUE

COMMON STOCKS - 99.7%

COMMUNICATION SERVICES - 4.0%

456,882

(b)

AMC Entertainment Holdings Inc, Class A

1,183,324

7,566

(b),(c)

Atlanta Braves Holdings Inc, Class A

326,397

48,676

(b)

Atlanta Braves Holdings Inc, Class C

1,982,087

62,941

(b)

Cars.com Inc

675,986

110,641

(b)

Cinemark Holdings Inc

2,988,414

234,808

(b)

Clear Channel Outdoor Holdings Inc

425,003

49,309

Cogent Communications Holdings Inc

2,033,996

112,424

(b)

DoubleVerify Holdings Inc

1,279,385

49,343

(b)

Frontier Communications Parent Inc

1,863,192

370,054

(b),(c)

fuboTV Inc, Class A

1,398,804

147,662

(b)

Gannett Co Inc

782,609

54,487

(b),(c)

Globalstar Inc

2,964,638

77,043

(b)

Gogo Inc

701,091

15,099

(b),(c)

Ibotta Inc, Class A

487,094

48,173

(b),(c)

IMAX Corp

1,565,141

15,832

Interpublic Group of Cos Inc/The

406,249

12,304

Iridium Communications Inc

235,622

1,039,532

(b)

Lumen Technologies Inc

10,686,389

150,441

(b)

Magnite Inc

2,689,885

24,306

Marcus Corp/The

350,006

91,381

New York Times Co/The, Class A

5,207,803

28,580

(b)

Paramount Skydance Corp

439,851

57,024

(b)

QuinStreet Inc

843,385

157,204

Sirius XM Holdings Inc

3,409,755

16,060

TEGNA Inc

315,900

156,029

Uniti Group Inc

898,725

155,403

(b)

Vimeo Inc

1,212,143

44,339

(b)

Ziff Davis Inc

1,503,092

51,010

(b)

ZoomInfo Technologies Inc

572,332

TOTAL COMMUNICATION SERVICES

49,428,298

CONSUMER DISCRETIONARY - 11.8%

38,385

(b)

Abercrombie & Fitch Co, Class A

2,784,832

367,038

ADT Inc

3,244,616

63,345

(c)

Advance Auto Parts Inc

2,985,450

214,757

Aramark

8,134,995

53,925

(c)

Arko Corp

237,540

61,133

(b)

Bright Horizons Family Solutions Inc

6,677,558

47,452

(b)

Brinker International Inc

5,156,134

126,227

(b)

Capri Holdings Ltd

2,619,210

11,735

Carter's Inc

368,479

148,350

(b)

Coursera Inc

1,249,107

51,437

(b)

Crocs Inc

4,201,888

29,161

(b)

Dave & Buster's Entertainment Inc

428,375

Portfolio of Investments October 31, 2025

(continued)

NUSC

See Notes to Financial Statements

DESCRIPTION

VALUE

CONSUMER DISCRETIONARY

(continued)

38,273

(b)

Five Below Inc

6,019,195

78,750

(b)

Frontdoor Inc

5,231,362

44,674

Gap Inc/The

1,020,801

100,918

(b),(c)

Global Business Travel Group I

793,215

165,443

(b)

Goodyear Tire & Rubber Co/The

1,139,902

6,680

Group 1 Automotive Inc

2,655,567

334,024

(b)

Hanesbrands Inc

2,207,899

100,261

Harley-Davidson Inc

2,705,042

80,506

Hasbro Inc

6,143,413

24,185

(b)

Helen of Troy Ltd

450,567

63,719

(b)

Hilton Grand Vacations Inc

2,641,152

4,673

KB Home

291,689

33,673

(b),(c)

KinderCare Learning Cos Inc

198,671

23,986

Kohl's Corp

390,252

18,751

Kontoor Brands Inc

1,517,331

26,629

LCI Industries

2,755,835

58,406

Leggett & Platt Inc

545,512

103,962

Levi Strauss & Co, Class A

2,108,349

21,848

Lithia Motors Inc

6,862,020

130,550

(b),(c)

Lucid Group Inc

2,317,264

52,481

Macy's Inc

1,022,855

20,355

(b)

MarineMax Inc

504,193

4,200

Marriott Vacations Worldwide Corp

277,116

3,388

Meritage Homes Corp

228,893

167,330

(b)

Mobileye Global Inc, Class A

2,200,389

53,093

(b)

Modine Manufacturing Co

8,134,378

11,401

Murphy USA Inc

4,083,838

80,597

(b)

National Vision Holdings Inc

2,075,373

448,081

Newell Brands Inc

1,523,475

1,785

(b)

Ollie's Bargain Outlet Holdings Inc

215,646

14,355

(b)

Oxford Industries Inc

528,982

101,448

(b)

Petco Health & Wellness Co Inc

322,605

51,483

(b)

Planet Fitness Inc

4,668,993

21,689

(b)

Pursuit Attractions and Hospitality Inc

769,526

20,611

PVH Corp

1,614,460

96,355

(b)

RealReal Inc/The

1,176,495

222,118

(b)

Sabre Corp

454,231

39,949

(b),(c)

Savers Value Village Inc

367,930

76,025

Service Corp International/US

6,348,848

116,175

(b)

Sonos Inc

1,994,725

20,240

Standard Motor Products Inc

751,511

46,422

(b)

Stride Inc

3,158,553

100,353

(b)

ThredUp Inc, Class A

882,103

13,417

(b)

TopBuild Corp

5,668,414

145,385

(b)

Topgolf Callaway Brands Corp

1,368,073

4,525

(b)

Tri Pointe Homes Inc

144,121

234,879

VF Corp

3,297,701

77,035

(b)

Victoria's Secret & Co

2,715,484

34,545

(b)

Warby Parker Inc, Class A

676,737

17,829

Whirlpool Corp

1,277,091

29,552

Winnebago Industries Inc

1,114,406

8,667

(b)

XPEL Inc

295,545

TOTAL CONSUMER DISCRETIONARY

145,945,912

CONSUMER STAPLES - 3.6%

36,056

Andersons Inc/The

1,669,753

20,950

Casey's General Stores Inc

10,751,331

129,003

Conagra Brands Inc

2,217,562

169,234

(b)

Darling Ingredients Inc

5,423,950

10,150

(b)

Edgewell Personal Care Co

196,808

52,140

(b)

Freshpet Inc

2,565,809

16,047

Ingredion Inc

1,851,984

142,722

Lamb Weston Holdings Inc

8,810,229

See Notes to Financial Statements

DESCRIPTION

VALUE

CONSUMER STAPLES

(continued)

26,449

(b)

Sprouts Farmers Market Inc

2,088,413

64,758

(b)

United Natural Foods Inc

2,438,139

63,589

(b)

US Foods Holding Corp

4,617,833

38,521

(b)

Vital Farms Inc

1,265,415

1,964

WD-40 Co

381,566

TOTAL CONSUMER STAPLES

44,278,792

ENERGY - 2.7%

49,446

(b)

Core Laboratories Inc

788,169

65,206

(b)

Delek US Holdings Inc

2,462,179

25,310

Excelerate Energy Inc, Class A

655,782

106,405

(b)

Expro Group Holdings NV

1,444,980

41,888

(b)

Innovex International Inc

840,692

399,328

NOV Inc

5,830,189

339,349

TechnipFMC PLC

14,032,081

77,150

Weatherford International PLC

5,685,183

59,756

World Kinect Corp

1,544,693

TOTAL ENERGY

33,283,948

FINANCIALS - 16.2%

14,679

Affiliated Managers Group Inc

3,493,015

1,087,335

AGNC Investment Corp

10,873,350

25,044

Ally Financial Inc

975,965

21,941

Amalgamated Financial Corp

598,112

74,448

(b),(c)

Baldwin Insurance Group Inc/The

1,645,301

134,316

Banc of California Inc

2,279,343

47,308

(b)

Bancorp Inc/The

3,092,524

2,421

Banner Corp

146,204

6,760

Bar Harbor Bankshares

198,271

33,099

Beacon Financial Corp

805,630

28,598

Bread Financial Holdings Inc

1,791,665

31,532

(b)

Burford Capital Ltd

313,743

94,626

Cadence Bank

3,571,185

12,666

Cass Information Systems Inc

500,687

9,606

Central Pacific Financial Corp

273,867

70,710

(b)

Compass Diversified Holdings

451,130

17,463

Crawford & Co, Class A

189,124

20,866

(b)

CVB Financial Corp

383,308

27,697

(b)

Donnelley Financial Solutions Inc

1,272,677

115,290

East West Bancorp Inc

11,713,464

24,406

(b)

Encore Capital Group Inc

1,014,801

12,778

Essent Group Ltd

773,963

109,780

First American Financial Corp

6,862,348

172,146

First BanCorp/Puerto Rico

3,355,126

93,690

First Interstate BancSystem Inc, Class A

2,927,813

116,495

(b)

Flywire Corp

1,551,713

237,876

Franklin Resources Inc

5,378,376

125,304

Glacier Bancorp Inc

5,118,668

13,020

(b)

Globe Life Inc

1,712,260

128,912

HA Sustainable Infrastructure Capital Inc

3,572,152

33,422

Hanmi Financial Corp

882,341

23,029

Independent Bank Corp/MI

695,936

174,341

Invesco Ltd

4,131,882

28,154

(b)

Invesco Mortgage Capital Inc

212,000

76,159

Jackson Financial Inc, Class A

7,677,589

23,584

Kinsale Capital Group Inc

9,421,100

60,731

KKR Real Estate Finance Trust Inc

494,350

8,233

Lazard Inc

401,770

115,131

Lincoln National Corp

4,835,502

16,047

MarketAxess Holdings Inc

2,568,483

53,727

MGIC Investment Corp

1,473,194

24,145

Morningstar Inc

5,125,984

4,279

(b)

NMI Holdings Inc

155,884

263,782

Old National Bancorp/IN

5,389,066

Portfolio of Investments October 31, 2025

(continued)

NUSC

See Notes to Financial Statements

DESCRIPTION

VALUE

FINANCIALS

(continued)

28,550

(b)

Palomar Holdings Inc

3,254,986

25,654

Pathward Financial Inc

1,746,011

29,429

PennyMac Financial Services Inc

3,702,462

38,041

Peoples Bancorp Inc/OH

1,087,973

24,270

PJT Partners Inc, Class A

3,910,140

39,600

(b)

PRA Group Inc

542,916

11,995

Primerica Inc

3,117,141

131,852

(b)

Provident Financial Services Inc

2,411,573

11,404

Reinsurance Group of America Inc

2,080,774

5,681

Renasant Corp

191,052

10,515

Selective Insurance Group Inc

792,200

138,519

SLM Corp

3,719,235

53,724

(b)

SOUTHSTATE BANK CORP

4,762,633

309,686

Starwood Property Trust Inc

5,630,091

13,006

Stewart Information Services Corp

887,920

102,469

Synovus Financial Corp

4,574,216

43,524

Unum Group

3,195,532

465,757

Valley National Bancorp

5,062,779

46,660

Victory Capital Holdings Inc, Class A

2,905,518

62,921

Voya Financial Inc

4,685,098

36,308

Walker & Dunlop Inc

2,901,735

112,071

Western Alliance Bancorp

8,668,692

31,298

(b)

Western Union Co/The

292,010

34,788

(b)

WEX Inc

5,074,873

131,840

WisdomTree Inc

1,576,806

63,520

Zions Bancorp NA

3,310,027

TOTAL FINANCIALS

200,385,259

HEALTH CARE - 12.1%

85,205

(b)

AdaptHealth Corp

765,993

180,479

(b)

agilon health Inc

143,752

114,676

(b)

Alignment Healthcare Inc

1,933,437

166,615

(b)

Alkermes PLC

5,115,081

17,714

(b)

AMN Healthcare Services Inc

348,789

94,430

(b)

Avadel Pharmaceuticals PLC

1,783,783

43,444

(b)

Azenta Inc

1,312,009

93,719

(b)

Biohaven Ltd

1,611,967

72,465

(b)

BrightSpring Health Services Inc

2,394,968

114,072

(b)

Brookdale Senior Living Inc

1,057,448

28,480

Bruker Corp

1,109,011

55,769

(b)

CareDx Inc

836,535

30,423

(b)

Castle Biosciences Inc

775,787

124,030

(b)

Catalyst Pharmaceuticals Inc

2,638,118

63,047

(b)

Celldex Therapeutics Inc

1,685,246

27,375

(b)

Charles River Laboratories International Inc

4,929,416

6,698

Chemed Corp

2,888,847

92,697

(b)

Crinetics Pharmaceuticals Inc

4,032,320

106,507

(b)

Cytokinetics Inc

6,772,780

95,676

(b)

Dynavax Technologies Corp

981,636

217,655

(b)

Elanco Animal Health Inc

4,821,058

12,998

Embecta Corp

173,393

34,337

(b)

Enliven Therapeutics Inc

804,173

29,838

(b)

Enovis Corp

932,139

10,502

Ensign Group Inc/The

1,891,410

19,081

(b),(c)

Establishment Labs Holdings Inc

914,934

136,636

(b)

Exact Sciences Corp

8,838,983

503,823

(b)

Geron Corp

634,817

42,109

(b)

Glaukos Corp

3,708,540

6,548

(b)

Guardant Health Inc

609,095

23,795

(b)

Haemonetics Corp

1,189,988

37,960

(b)

Halozyme Therapeutics Inc

2,474,612

37,535

(b)

HealthEquity Inc

3,550,060

182,306

(b),(c)

Hims & Hers Health Inc

8,287,631

See Notes to Financial Statements

DESCRIPTION

VALUE

HEALTH CARE

(continued)

16,693

(b)

ICU Medical Inc

2,004,662

1,984

(b)

Integer Holdings Corp

128,107

34,088

(b)

Integra LifeSciences Holdings Corp

409,397

161,117

(b)

Ionis Pharmaceuticals Inc

11,970,993

21,867

(b)

iRhythm Technologies Inc

4,095,689

16,981

(b)

Jazz Pharmaceuticals PLC

2,337,265

63,731

(b),(c)

Mind Medicine MindMed Inc

904,980

371,336

(b)

Moderna Inc

10,085,486

23,441

(b)

MoonLake Immunotherapeutics

236,754

96,746

(b)

Myriad Genetics Inc

777,838

139,238

(b)

NeoGenomics Inc

1,360,355

114,302

(b)

Novocure Ltd

1,464,209

48,674

(b)

Omnicell Inc

1,633,986

122,731

Organon & Co

828,434

73,559

(b)

Owens & Minor Inc

292,029

15,138

(b)

Pediatrix Medical Group Inc

256,892

17,818

(b)

Pennant Group Inc/The

440,639

5,699

(b)

Penumbra Inc

1,295,782

90,837

(b)

Perrigo Co PLC

1,883,959

21,470

Phibro Animal Health Corp, Class A

903,028

59,343

(b)

PROCEPT BioRobotics Corp

2,019,442

54,177

(b)

QuidelOrtho Corp

1,462,237

7,474

(b)

RadNet Inc

567,949

29,546

(b)

Repligen Corp

4,404,127

12,720

(b)

SI-BONE Inc

188,638

118,257

(b)

Sotera Health Co

1,963,066

16,536

(b)

STAAR Surgical Co

427,786

69,258

(b),(c)

Tempus AI Inc

6,222,831

7,726

(b)

UFP Technologies Inc

1,488,337

83,689

(b)

Veracyte Inc

3,019,499

69,703

(b)

Xenon Pharmaceuticals Inc

2,921,950

TOTAL HEALTH CARE

149,944,102

INDUSTRIALS - 20.3%

54,328

(c)

AAON Inc

5,345,332

3,741

Acuity Inc

1,365,652

40,241

(b)

Aebi Schmidt Holding AG

448,687

2,109

AGCO Corp

217,564

113,204

Air Lease Corp

7,229,207

11,685

Allison Transmission Holdings Inc

964,597

16,274

Applied Industrial Technologies Inc

4,183,883

1,792

Arcosa Inc

182,784

91,176

(b)

ATI Inc

9,023,689

13,175

AZZ Inc

1,315,524

5,253

(b)

CACI International Inc, Class A

2,953,499

43,175

Carpenter Technology Corp

13,638,982

334,616

(b)

Clarivate PLC

1,137,694

20,399

Comfort Systems USA Inc

19,696,866

178,440

(b)

Core & Main Inc, Class A

9,310,999

32,978

Crane Co

6,265,820

30,564

CSG Systems International Inc

2,392,244

3,120

(b)

Dayforce Inc

214,469

113,464

(b)

DNOW Inc

1,667,921

11,438

Douglas Dynamics Inc

345,771

57,439

(b)

Energy Recovery Inc

982,781

57,760

Enerpac Tool Group Corp

2,370,470

1,086

Enpro Inc

251,963

51,359

(b)

Everus Construction Group Inc

4,668,020

173,497

(b)

ExlService Holdings Inc

6,783,733

72,036

(b)

First Advantage Corp

909,815

34,169

(b)

FTI Consulting Inc

5,638,227

1,352

(b)

GATX Corp

212,061

28,918

(b)

Generac Holdings Inc

4,858,802

Portfolio of Investments October 31, 2025

(continued)

NUSC

See Notes to Financial Statements

DESCRIPTION

VALUE

INDUSTRIALS

(continued)

59,896

(b)

Great Lakes Dredge & Dock Corp

679,820

33,380

Greenbrier Cos Inc/The

1,394,283

29,761

Herc Holdings Inc

4,227,550

51,543

Hexcel Corp

3,680,170

75,506

Hillenbrand Inc

2,385,990

49,105

HNI Corp

2,009,377

18,198

(b)

Huron Consulting Group Inc

2,992,479

61,810

Interface Inc

1,539,069

22,568

JBT Marel Corp

2,845,825

73,983

KBR Inc

3,169,432

147,412

(b)

Kratos Defense & Security Solutions Inc

13,355,527

6,395

Lindsay Corp

711,380

11,486

McGrath RentCorp

1,234,056

54,089

(b)

Mercury Systems Inc

4,187,029

71,452

(b)

MillerKnoll Inc

1,116,080

89,706

(b)

MRC Global Inc

1,251,399

29,764

Mueller Water Products Inc, Class A

763,744

3,132

(b)

MYR Group Inc

681,836

157,449

(b)

NEXTracker Inc, Class A

15,936,988

66,522

nVent Electric PLC

7,606,791

104,833

(b)

OPENLANE Inc

2,769,688

184,877

Pitney Bowes Inc

1,826,585

44,563

Primoris Services Corp

6,306,556

10,070

(b)

Resideo Technologies Inc

430,996

19,481

Robert Half Inc

510,207

7,871

Rush Enterprises Inc

412,991

65,089

Rush Enterprises Inc, Class A

3,216,047

100,102

(b)

RXO Inc

1,774,808

27,149

Ryder System Inc

4,594,425

14,454

(b)

Saia Inc

4,227,795

180,520

(b)

Shoals Technologies Group Inc, Class A

1,897,265

15,393

(b)

SiteOne Landscape Supply Inc

1,997,550

38,059

(b)

SPX Technologies Inc

8,521,030

231,268

(b)

Sunrun Inc

4,801,124

18,039

TriNet Group Inc

1,082,340

19,833

Trinity Industries Inc

542,829

133,899

(b)

Upwork Inc

2,134,350

18,717

(b)

V2X Inc

1,068,554

20,441

Valmont Industries Inc

8,450,923

12,367

WESCO International Inc

3,209,607

52,875

(b)

WillScot Holdings Corp

1,150,031

26,331

(b)

XPO Inc

3,788,241

TOTAL INDUSTRIALS

251,059,823

INFORMATION TECHNOLOGY - 15.5%

112,162

(b)

ACI Worldwide Inc

5,342,276

116,654

Adeia Inc

1,987,784

17,730

(b)

Advanced Energy Industries Inc

3,594,403

22,658

(b)

Agilysys Inc

2,842,673

7,491

(b)

Appfolio Inc, Class A

1,905,935

111,100

(b)

Arlo Technologies Inc

2,148,674

80,874

(b)

Asana Inc

1,136,280

31,492

Badger Meter Inc

5,682,731

31,231

Belden Inc

3,805,497

38,072

Benchmark Electronics Inc

1,668,315

28,173

(b)

BILL Holdings Inc

1,399,071

39,692

(b)

Blackbaud Inc

2,541,876

42,523

(b)

Calix Inc

2,909,424

30,841

(b)

Ciena Corp

5,857,323

54,758

(b)

Cirrus Logic Inc

7,263,649

219,347

(b)

CommScope Holding Co Inc

3,794,703

38,810

(b)

Commvault Systems Inc

5,403,128

76,795

(b)

Confluent Inc, Class A

1,794,699

See Notes to Financial Statements

DESCRIPTION

VALUE

INFORMATION TECHNOLOGY

(continued)

13,731

(b)

Diebold Nixdorf Inc

812,189

33,722

Dolby Laboratories Inc, Class A

2,236,443

313,599

(b),(c)

D-Wave Quantum Inc

11,621,979

11,172

(b)

DXC Technology Co

158,642

16,359

(b)

Elastic NV

1,459,550

140,193

(b)

Enphase Energy Inc

4,277,289

28,495

(b)

ePlus Inc

2,084,694

33,952

(b)

Gitlab Inc, Class A

1,655,160

38,655

(b)

Guidewire Software Inc

9,031,354

119,166

(b)

Harmonic Inc

1,275,076

23,839

(b)

Insight Enterprises Inc

2,383,900

59,765

(b)

Intapp Inc

2,293,781

27,696

InterDigital Inc

10,024,844

46,957

(b)

Itron Inc

4,711,196

44,035

(b)

Knowles Corp

1,039,666

131,673

(b)

Lattice Semiconductor Corp

9,606,862

7,755

(b)

Lumentum Holdings Inc

1,563,098

227,560

(b)

Mirion Technologies Inc

6,683,437

79,678

(b)

N-able Inc/US

623,879

138,023

(b)

NCR Voyix Corp

1,574,842

28,783

(b)

NETGEAR Inc

999,346

79,641

(b),(c)

NextNav Inc

1,063,207

27,723

(b)

Novanta Inc

3,521,098

33,762

(b)

Onto Innovation Inc

4,556,520

42,735

(b),(c)

PAR Technology Corp

1,510,255

17,492

Pegasystems Inc

1,113,366

28,838

(b)

Plexus Corp

4,034,436

119,094

(b)

Procore Technologies Inc

8,791,519

17,505

(b)

Q2 Holdings Inc

1,081,109

120,319

(b)

Ralliant Corp

5,284,411

85,205

(b)

Rambus Inc

8,762,482

98,838

(b)

Ribbon Communications Inc

332,096

17,361

(b)

Rogers Corp

1,519,782

34,652

(b)

Silicon Laboratories Inc

4,542,184

63,371

(b),(c)

SolarEdge Technologies Inc

2,223,688

27,849

(b)

SPS Commerce Inc

2,290,302

1,476

TD SYNNEX Corp

230,979

12,942

(b),(c)

UiPath Inc, Class A

205,260

76,222

(b)

Unity Software Inc

2,888,814

125,904

Xerox Holdings Corp

418,001

TOTAL INFORMATION TECHNOLOGY

191,565,177

MATERIALS - 4.3%

4,501

AptarGroup Inc

522,161

97,770

Avient Corp

3,135,484

233,165

(b)

Axalta Coating Systems Ltd

6,638,207

33,102

(b)

Balchem Corp

5,077,516

21,257

Commercial Metals Co

1,261,815

39,326

Compass Minerals International Inc

681,913

138,142

(b)

Constellium SE

2,172,974

132,810

FMC Corp

2,014,728

48,225

Graphic Packaging Holding Co

771,118

18,330

(b)

Hawkins Inc

2,600,110

57,572

HB Fuller Co

3,302,906

469,707

Hecla Mining Co

6,045,129

17,041

(b)

Kaiser Aluminum Corp

1,542,722

14,002

(b)

Knife River Corp

846,561

21,074

Koppers Holdings Inc

594,708

56,551

Louisiana-Pacific Corp

4,926,157

33,732

(b)

Magnera Corp

306,622

22,253

Materion Corp

2,550,861

4,293

Minerals Technologies Inc

243,628

18,758

Royal Gold Inc

3,278,711

Portfolio of Investments October 31, 2025

(continued)

NUSC

See Notes to Financial Statements

DESCRIPTION

VALUE

MATERIALS

(continued)

21,978

(b)

Ryerson Holding Corp

484,835

38,482

Sensient Technologies Corp

3,628,468

22,619

Stepan Co

980,534

TOTAL MATERIALS

53,607,868

REAL ESTATE - 5.8%

64,869

Armada Hoffler Properties Inc

424,243

182,298

Brandywine Realty Trust

625,282

234,587

CareTrust REIT Inc

8,128,439

14,945

CBL & Associates Properties Inc

441,924

29,624

Community Healthcare Trust Inc

434,288

76,300

CubeSmart

2,874,221

30,240

EastGroup Properties Inc

5,277,787

103,835

Empire State Realty Trust Inc, Class A

767,341

109,981

Essential Properties Realty Trust Inc

3,286,232

87,004

eXp World Holdings Inc

890,921

693,529

Host Hotels & Resorts Inc

11,110,335

12,769

(b)

Jones Lang LaSalle Inc

3,895,694

108,791

Kennedy-Wilson Holdings Inc

822,460

45,673

Kilroy Realty Corp

1,929,684

136,332

Macerich Co/The

2,338,094

18,827

(b)

Outfront Media Inc

333,050

214,275

Park Hotels & Resorts Inc

2,204,890

125,152

Pebblebrook Hotel Trust

1,309,090

22,876

Piedmont Realty Trust Inc

184,381

251,661

Rexford Industrial Realty Inc

10,398,632

62,954

Ryman Hospitality Properties Inc

5,471,332

104,798

Sabra Health Care REIT Inc

1,867,500

13,620

SL Green Realty Corp

699,387

39,929

St Joe Co/The

2,267,169

199,282

Sunstone Hotel Investors Inc

1,763,646

104,091

Xenia Hotels & Resorts Inc

1,280,319

TOTAL REAL ESTATE

71,026,341

UTILITIES - 3.4%

24,913

Chesapeake Utilities Corp

3,170,927

206,788

MDU Resources Group Inc

3,966,194

107,502

New Jersey Resources Corp

4,762,338

66,279

ONE Gas Inc

5,314,913

60,999

Ormat Technologies Inc

6,488,464

61,149

Southwest Gas Holdings Inc

4,861,345

62,717

Spire Inc

5,418,749

228,544

UGI Corp

7,640,226

TOTAL UTILITIES

41,623,156

TOTAL COMMON STOCKS

(Cost $1,142,159,262)

1,232,148,676

TOTAL LONG-TERM INVESTMENTS

(Cost $1,142,159,262)

1,232,342,550

DESCRIPTION

RATE

VALUE

INVESTMENTS PURCHASED WITH COLLATERAL FROM SECURITIES LENDING - 1.7%

20,743,845

(d)

State Street Navigator Securities Lending Government Money

Market Portfolio

4.060%(e)

20,743,845

TOTAL INVESTMENTS PURCHASED WITH COLLATERAL FROM SECURITIES LENDING

(Cost $20,743,845)

20,743,845

TOTAL INVESTMENTS - 101.4%

(Cost $1,162,903,107)

1,253,086,395

OTHER ASSETS & LIABILITIES, NET - (1.4)%

(17,633,712)

NET ASSETS - 100%

1,235,452,683

See Notes to Financial Statements

REIT

Real Estate Investment Trust

(a)

For fair value measurement disclosure purposes, investment classified as Level 3.

(b)

Non-income producing; issuer has not declared an ex-dividend date within the past twelve months.

(c)

Investment, or a portion of investment, is out on loan for securities lending. The total value of the securities out on loan as of the end

of the reporting period was $19,956,176.

(d)

The Fund may loan securities representing up to one third of the value of its total assets (which includes collateral for securities on

loan) to broker dealers, banks, and other institutions. The collateral maintained by the Fund shall have a value, at the inception of

each loan, equal to not less than 100% of the value of the loaned securities. The cash collateral received by the Fund is invested in

this money market fund.

(e)

The rate shown is the one-day yield as of the end of the reporting period.

Portfolio of Investments October 31, 2025

NDVG

See Notes to Financial Statements

DESCRIPTION

VALUE

LONG-TERM INVESTMENTS - 98.0%

COMMON STOCKS - 98.0%

COMMUNICATION SERVICES - 2.7%

5,510

Comcast Corp, Class A

153,371

309

Meta Platforms Inc

200,340

TOTAL COMMUNICATION SERVICES

353,711

CONSUMER DISCRETIONARY - 7.3%

955

Lowe's Cos Inc

227,414

984

McDonald's Corp

293,655

1,761

Starbucks Corp

142,412

2,091

TJX Cos Inc/The

293,033

TOTAL CONSUMER DISCRETIONARY

956,514

CONSUMER STAPLES - 7.0%

2,498

Mondelez International Inc, Class A

143,535

989

PepsiCo Inc

144,483

1,877

Philip Morris International Inc

270,907

3,493

Walmart Inc

353,422

TOTAL CONSUMER STAPLES

912,347

ENERGY - 3.7%

1,471

Chevron Corp

232,006

2,174

Exxon Mobil Corp

248,619

TOTAL ENERGY

480,625

FINANCIALS - 15.3%

1,219

American Express Co

439,730

1,327

Ares Management Corp, Class A

197,338

1,793

JPMorgan Chase & Co

557,838

1,169

Marsh & McLennan Cos Inc

208,257

663

Mastercard Inc, Class A

365,970

482

S&P Global Inc

234,835

TOTAL FINANCIALS

2,003,968

HEALTH CARE - 9.4%

2,240

Abbott Laboratories

276,909

1,493

AbbVie Inc

325,534

1,141

Danaher Corp

245,748

590

Elevance Health Inc

187,148

1,364

Zoetis Inc

196,539

TOTAL HEALTH CARE

1,231,878

INDUSTRIALS - 9.1%

788

Eaton Corp PLC

300,669

1,067

Honeywell International Inc

214,819

369

Northrop Grumman Corp

215,293

618

Trane Technologies PLC

277,266

821

Union Pacific Corp

180,924

TOTAL INDUSTRIALS

1,188,971

INFORMATION TECHNOLOGY - 32.3%

928

Accenture PLC, Class A

232,093

3,384

Amphenol Corp, Class A

471,527

3,182

Apple Inc

860,317

1,923

Broadcom Inc

710,798

2,126

Microsoft Corp

1,100,864

782

Motorola Solutions Inc

318,047

1,502

Taiwan Semiconductor Manufacturing Co Ltd, Sponsored ADR

451,246

547

Texas Instruments Inc

88,319

TOTAL INFORMATION TECHNOLOGY

4,233,211

MATERIALS - 3.0%

554

Linde PLC

231,738

4,566

Smurfit WestRock PLC

168,577

(a)

Solstice Advanced Materials Inc

TOTAL MATERIALS

400,349

See Notes to Financial Statements

DESCRIPTION

VALUE

REAL ESTATE - 3.7%

1,206

American Tower Corp

215,850

2,191

Prologis Inc

271,881

TOTAL REAL ESTATE

487,731

UTILITIES - 4.5%

4,117

NextEra Energy Inc

335,124

2,253

WEC Energy Group Inc

251,727

TOTAL UTILITIES

586,851

TOTAL COMMON STOCKS

(Cost $11,531,497)

12,836,156

TOTAL LONG-TERM INVESTMENTS

(Cost $11,531,497)

12,836,156

OTHER ASSETS & LIABILITIES, NET - 2.0%

263,021

NET ASSETS - 100%

13,099,177

S&P

Standard & Poor's

(a)

Non-income producing; issuer has not declared an ex-dividend date within the past twelve months.

Portfolio of Investments October 31, 2025

NUGO

See Notes to Financial Statements

DESCRIPTION

VALUE

LONG-TERM INVESTMENTS - 98.5%

COMMON STOCKS - 97.4%

COMMUNICATION SERVICES - 11.7%

681,087

Alphabet Inc, Class A

191,514,853

145,052

Meta Platforms Inc

94,044,464

48,888

(a)

Netflix Inc

54,698,828

TOTAL COMMUNICATION SERVICES

340,258,145

CONSUMER DISCRETIONARY - 13.1%

863,134

(a)

Amazon.com Inc

210,794,585

6,252

(a)

AutoZone Inc

22,972,536

8,571

Booking Holdings Inc

43,521,310

141,221

(a)

Chipotle Mexican Grill Inc

4,475,294

54,915

(a)

DoorDash Inc, Class A

13,968,729

301,035

(a)

O'Reilly Automotive Inc

28,429,745

131,156

(a)

Tesla Inc

59,880,583

TOTAL CONSUMER DISCRETIONARY

384,042,782

CONSUMER STAPLES - 0.8%

25,841

Costco Wholesale Corp

23,552,780

TOTAL CONSUMER STAPLES

23,552,780

FINANCIALS - 4.2%

129,124

KKR & Co Inc

15,279,243

194,186

Mastercard Inc, Class A

107,188,730

TOTAL FINANCIALS

122,467,973

HEALTH CARE - 4.7%

138,181

(a)

Dexcom Inc

8,044,898

101,896

Eli Lilly & Co

87,921,982

79,156

(a)

Intuitive Surgical Inc

42,291,468

TOTAL HEALTH CARE

138,258,348

INDUSTRIALS - 7.1%

60,200

Eaton Corp PLC

22,969,912

51,806

GE Vernova Inc

30,313,763

130,739

General Electric Co

40,391,814

55,752

HEICO Corp

17,716,313

166,213

Howmet Aerospace Inc

34,231,567

367,928

(a)

Uber Technologies Inc

35,505,052

135,242

Vertiv Holdings Co, Class A

26,082,772

TOTAL INDUSTRIALS

207,211,193

INFORMATION TECHNOLOGY - 55.0%

519,640

Apple Inc

140,495,067

165,163

Applied Materials Inc

38,499,495

478,647

(a)

Arista Networks Inc

75,477,845

698,030

Broadcom Inc

258,012,829

15,642

(a)

Crowdstrike Holdings Inc, Class A

8,493,762

281,968

Microchip Technology Inc

17,600,442

696,830

Microsoft Corp

360,825,542

2,099,302

NVIDIA Corp

425,087,662

146,198

Oracle Corp

38,393,057

192,395

(a)

Palantir Technologies Inc, Class A

38,569,426

161,566

(a)

Palo Alto Networks Inc

35,583,296

52,638

(a)

ServiceNow Inc

48,389,061

311,527

(a)

Shopify Inc, Class A

54,162,084

141,316

(a)

Snowflake Inc

38,844,942

117,017

(a)

Western Digital Corp

17,577,124

27,785

(a)

Zscaler Inc

9,200,725

TOTAL INFORMATION TECHNOLOGY

1,605,212,359

UTILITIES - 0.8%

117,862

Vistra Corp

22,193,415

TOTAL UTILITIES

22,193,415

TOTAL COMMON STOCKS

(Cost $1,611,463,685)

2,843,196,995

See Notes to Financial Statements

PRINCIPAL

DESCRIPTION

VALUE

INVESTMENT COMPANIES - 1.1%

32,917,466

State Street Institutional US Government Money Market Fund

32,917,466

TOTAL INVESTMENT COMPANIES

(Cost $32,917,466)

32,917,466

TOTAL LONG-TERM INVESTMENTS

(Cost $1,644,381,151)

2,876,114,461

OTHER ASSETS & LIABILITIES, NET - 1.5%

43,647,316

NET ASSETS - 100%

2,919,761,777

(a)

Non-income producing; issuer has not declared an ex-dividend date within the past twelve months.

Portfolio of Investments October 31, 2025

NWLG

See Notes to Financial Statements

DESCRIPTION

VALUE

LONG-TERM INVESTMENTS - 99.4%

COMMON STOCKS - 99.4%

COMMUNICATION SERVICES - 12.6%

2,297

Alphabet Inc, Class C

647,341

727

Meta Platforms Inc

471,351

154

(a)

Netflix Inc

172,304

373

(a)

Spotify Technology SA

244,434

TOTAL COMMUNICATION SERVICES

1,535,430

CONSUMER DISCRETIONARY - 11.0%

2,657

(a)

Amazon.com Inc

648,893

696

(a)

DoorDash Inc, Class A

177,041

523

Hilton Worldwide Holdings Inc

134,390

(a)

MercadoLibre Inc

107,054

607

(a)

Tesla Inc

277,132

TOTAL CONSUMER DISCRETIONARY

1,344,510

FINANCIALS - 8.3%

897

(a)

Ares Management Corp, Class A

133,393

527

Mastercard Inc, Class A

290,899

329

Moody's Corp

158,019

1,350

Nasdaq Inc

115,411

937

Visa Inc, Class A

319,273

TOTAL FINANCIALS

1,016,995

HEALTH CARE - 6.2%

294

Eli Lilly & Co

253,681

475

(a)

Intuitive Surgical Inc

253,783

339

Stryker Corp

120,765

317

(a)

Vertex Pharmaceuticals Inc

134,906

TOTAL HEALTH CARE

763,135

INDUSTRIALS - 5.1%

189

(a)

Axon Enterprise Inc

138,392

730

Cintas Corp

133,787

380

General Electric Co

117,401

632

Howmet Aerospace Inc

130,160

218

Trane Technologies PLC

97,806

TOTAL INDUSTRIALS

617,546

INFORMATION TECHNOLOGY - 55.1%

645

(a)

Advanced Micro Devices Inc

165,197

523

Analog Devices Inc

122,450

3,728

Apple Inc

1,007,939

1,220

(a)

Arista Networks Inc

192,382

1,509

Broadcom Inc

557,772

473

(a)

Cadence Design Systems Inc

160,200

393

Intuit Inc

262,347

2,723

Microsoft Corp

1,409,997

8,980

NVIDIA Corp

1,818,360

619

Oracle Corp

162,556

330

(a)

ServiceNow Inc

303,362

1,315

(a)

Shopify Inc, Class A

228,626

1,205

(a)

Snowflake Inc

331,231

TOTAL INFORMATION TECHNOLOGY

6,722,419

MATERIALS - 1.1%

529

Ecolab Inc

135,635

TOTAL MATERIALS

135,635

TOTAL COMMON STOCKS

(Cost $8,473,225)

12,135,670

TOTAL LONG-TERM INVESTMENTS

(Cost $8,473,225)

12,135,670

OTHER ASSETS & LIABILITIES, NET - 0.6%

71,721

NET ASSETS - 100%

12,207,391

See Notes to Financial Statements

(a)

Non-income producing; issuer has not declared an ex-dividend date within the past twelve months.

Statement of Assets and Liabilities

See Notes to Financial Statements

October 31, 2025

NUDV

NUEM

NUDM

NULC

NULG

ASSETS

Long-term investments, at value

†‡

34,645,776‌

329,357,308‌

618,300,896‌

52,800,003‌

1,978,215,884‌

Investments purchased with collateral from securities lending, at value

(cost approximates value)

—‌

2,748,427‌

Cash

43,267‌

755,205‌

625,902‌

88,321‌

7,973,604‌

Cash denominated in foreign currencies

—‌

37,042‌

—‌

Receivables:

Dividends

61,548‌

138,019‌

1,334,073‌

40,543‌

231,876‌

Reclaims

118‌

23,230‌

1,147,359‌

—‌

Securities lending income

—‌

1,048‌

37‌

—‌

74‌

Variation margin on futures contracts

—‌

29,100‌

Other

207‌

4,185‌

12,155‌

523‌

23,251‌

Total assets

34,750,916‌

330,316,037‌

621,420,422‌

52,929,390‌

1,989,222,216‌

LIABILITIES

Cash overdraft denominated in foreign currencies

—‌

1,777‌

—‌

Payables:

Management fees

7,529‌

103,209‌

151,993‌

9,457‌

425,191‌

Capital gains tax

—‌

1,277,244‌

—‌

Collateral from securities lending

—‌

2,748,427‌

Accrued expenses:

Professional fees

19‌

184‌

355‌

31‌

1,075‌

Trustees fees

367‌

3,653‌

6,980‌

596‌

20,681‌

Other

207‌

4,186‌

6,671‌

523‌

23,251‌

Total liabilities

8,122‌

1,388,476‌

167,776‌

10,607‌

3,218,625‌

Net assets

34,742,794‌

328,927,561‌

621,252,646‌

52,918,783‌

1,986,003,591‌

Shares outstanding

1,200,000‌

8,900,000‌

16,300,000‌

1,000,000‌

19,500,000‌

Net asset value ("NAV") per share

28.95‌

36.96‌

38.11‌

52.92‌

101.85‌

NET ASSETS CONSIST OF:

Paid-in capital

32,914,830‌

261,149,692‌

469,783,824‌

37,091,142‌

1,686,357,350‌

Total distributable earnings (loss)

1,827,964‌

67,777,869‌

151,468,822‌

15,827,641‌

299,646,241‌

Net assets

34,742,794‌

328,927,561‌

621,252,646‌

52,918,783‌

1,986,003,591‌

Authorized shares

Unlimited

Par value per share

0.01‌

†

Long-term investments, cost

32,804,778‌

236,675,549‌

486,332,857‌

41,636,120‌

1,643,911,643‌

‡ Includes securities loaned of

—‌

2,630,302‌

^ Cash denominated in foreign currencies, cost

—‌

37,207‌

—‌

* Cash overdraft denominated in foreign currencies, cost

—‌

1,791‌

—‌

Statement of Assets and Liabilities

(continued)

See Notes to Financial Statements

October 31, 2025

NULV

NUMG

NUMV

NUSC

NDVG

ASSETS

Long-term investments, at value

†‡

1,850,856,752‌

407,640,746‌

404,426,422‌

1,232,342,550‌

12,836,156‌

Investments purchased with collateral from securities lending, at value

(cost approximates value)

—‌

20,743,845‌

—‌

Cash

2,006,512‌

158,567‌

462,407‌

1,322,399‌

263,721‌

Receivables:

Dividends

3,334,015‌

88,044‌

131,610‌

402,608‌

6,991‌

Investments sold

—‌

1,710,260‌

—‌

Reclaims

27,495‌

—‌

9,669‌

198‌

117‌

Securities lending income

—‌

21,803‌

—‌

Other

32,380‌

7,749‌

6,329‌

23,977‌

169‌

Total assets

1,856,257,154‌

407,895,106‌

405,036,437‌

1,256,567,640‌

13,107,154‌

LIABILITIES

Payables:

Management fees

415,403‌

110,533‌

108,814‌

333,962‌

7,649‌

Collateral from securities lending

—‌

20,743,845‌

—‌

Accrued expenses:

Professional fees

1,093‌

250‌

241‌

719‌

8‌

Trustees fees

20,813‌

4,746‌

4,564‌

13,848‌

151‌

Other

32,382‌

7,749‌

6,328‌

22,583‌

169‌

Total liabilities

469,691‌

123,278‌

119,947‌

21,114,957‌

7,977‌

Net assets

1,855,787,463‌

407,771,828‌

404,916,490‌

1,235,452,683‌

13,099,177‌

Shares outstanding

41,900,000‌

8,400,000‌

10,500,000‌

27,850,000‌

370,000‌

Net asset value ("NAV") per share

44.29‌

48.54‌

38.56‌

44.36‌

35.40‌

NET ASSETS CONSIST OF:

Paid-in capital

1,913,756,359‌

512,378,648‌

439,356,731‌

1,465,786,041‌

12,281,325‌

Total distributable earnings (loss)

(57,968,896‌)

(104,606,820‌)

(34,440,241‌)

(230,333,358‌)

817,852‌

Net assets

1,855,787,463‌

407,771,828‌

404,916,490‌

1,235,452,683‌

13,099,177‌

Authorized shares

Unlimited

Par value per share

0.01‌

†

Long-term investments, cost

1,672,268,803‌

396,878,855‌

371,660,688‌

1,142,159,262‌

11,531,497‌

‡ Includes securities loaned of

—‌

19,956,176‌

—‌

Statement of Assets and Liabilities

(continued)

See Notes to Financial Statements

October 31, 2025

NUGO

NWLG

ASSETS

Long-term investments, at value

†

2,876,114,461‌

12,135,670‌

Cash

—‌

72,342‌

Receivables:

Dividends

202,709‌

417‌

Interest

8,762‌

—‌

Investments sold

44,838,741‌

103,826‌

Reclaims

83,536‌

—‌

Securities lending income

86,296‌

16‌

Other

49,226‌

119‌

Total assets

2,921,383,731‌

12,312,390‌

LIABILITIES

Cash overdraft

129,264‌

—‌

Payables:

Management fees

1,408,803‌

6,835‌

Investments purchased - regular settlement

—‌

97,908‌

Accrued expenses:

Professional fees

1,647‌

7‌

Trustees fees

33,014‌

131‌

Other

49,226‌

118‌

Total liabilities

1,621,954‌

104,999‌

Net assets

2,919,761,777‌

12,207,391‌

Shares outstanding

70,840,000‌

310,000‌

Net asset value ("NAV") per share

41.22‌

39.38‌

NET ASSETS CONSIST OF:

Paid-in capital

2,323,181,990‌

8,825,880‌

Total distributable earnings (loss)

596,579,787‌

3,381,511‌

Net assets

2,919,761,777‌

12,207,391‌

Authorized shares

Unlimited

Par value per share

0.01‌

†

Long-term investments, cost

1,644,381,151‌

8,473,225‌

Statement of Operations

See Notes to Financial Statements

Year Ended October 31, 2025

NUDV

NUEM

NUDM

NULC

NULG

INVESTMENT INCOME

Dividends

671,708‌

7,987,547‌

17,123,220‌

568,333‌

6,099,967‌

Interest

—‌

16,376‌

26‌

—‌

Securities lending income, net

—‌

17,542‌

106‌

48‌

463‌

Tax withheld on income

(559‌)

(1,021,328‌)

(1,890,448‌)

(118‌)

—‌

Total investment income

671,149‌

6,983,761‌

15,249,254‌

568,289‌

6,100,430‌

EXPENSES

Management fees

61,086‌

1,069,067‌

1,509,482‌

86,817‌

4,024,614‌

Professional fees

144‌

1,750‌

2,992‌

247‌

9,097‌

Trustees fees

934‌

11,380‌

19,833‌

1,615‌

59,052‌

Other

759‌

—‌

Total expenses

62,923‌

1,082,197‌

1,532,307‌

88,679‌

4,092,763‌

Net investment income (loss)

608,226‌

5,901,564‌

13,716,947‌

479,610‌

2,007,667‌

REALIZED AND UNREALIZED GAIN (LOSS)

Realized gain (loss) from:

Investments*

(73,644‌)

11,393,467‌

25,728,501‌

4,352,019‌

67,492,545‌

In-kind redemptions

—‌

1,030,782‌

1,740,406‌

661,283‌

200,357,322‌

Futures contracts

—‌

1,718,684‌

Foreign currency transactions

—‌

(763,604‌)

(775,740‌)

—‌

Net realized gain (loss)

(73,644‌)

11,660,645‌

26,693,167‌

5,013,302‌

269,568,551‌

Change in unrealized appreciation (depreciation) on:

Investments**

1,140,893‌

49,204,511‌

75,165,212‌

2,943,942‌

80,316,241‌

Futures contracts

—‌

395,715‌

Foreign currency translations

—‌

10,394‌

85,531‌

—‌

Net change in unrealized appreciation (depreciation)

1,140,893‌

49,214,905‌

75,250,743‌

2,943,942‌

80,711,956‌

Net realized and unrealized gain (loss)

1,067,249‌

60,875,550‌

101,943,910‌

7,957,244‌

350,280,507‌

Net increase (decrease) in net assets from

operations

1,675,475‌

66,777,114‌

115,660,857‌

8,436,854‌

352,288,174‌

Net of foreign capital gains tax

—‌

(1,100,872‌)

—‌

Net of change in foreign capital gains tax

—‌

1,034,455‌

—‌

Statement of Operations

(continued)

See Notes to Financial Statements

Year Ended October 31, 2025

NULV

NUMG

NUMV

NUSC

NDVG

INVESTMENT INCOME

Dividends

36,436,231‌

1,362,959‌

7,570,654‌

15,392,294‌

219,460‌

Interest

—‌

1,765‌

—‌

Securities lending income, net

1,176‌

667‌

1,227‌

193,553‌

—‌

Tax withheld on income

(61,806‌)

—‌

(12,994‌)

(23,010‌)

(654‌)

Total investment income

36,375,601‌

1,363,626‌

7,558,887‌

15,564,602‌

218,806‌

EXPENSES

Management fees

4,309,255‌

1,251,533‌

1,128,770‌

3,585,248‌

80,567‌

Professional fees

9,561‌

2,313‌

2,118‌

6,600‌

67‌

Trustees fees

62,995‌

15,205‌

13,720‌

43,335‌

457‌

Other

—‌

273‌

—‌

Total expenses

4,381,811‌

1,269,324‌

1,144,608‌

3,635,183‌

81,091‌

Net investment income (loss)

31,993,790‌

94,302‌

6,414,279‌

11,929,419‌

137,715‌

REALIZED AND UNREALIZED GAIN (LOSS)

Realized gain (loss) from:

Investments

(62,558,363‌)

(16,368,235‌)

(10,822,696‌)

(99,997,347‌)

(169,033‌)

In-kind redemptions

200,253,392‌

82,201,679‌

51,391,503‌

172,767,447‌

1,439,883‌

Net realized gain (loss)

137,695,029‌

65,833,444‌

40,568,807‌

72,770,100‌

1,270,850‌

Change in unrealized appreciation (depreciation) on:

Investments

17,442,660‌

(28,340,732‌)

(9,588,375‌)

(11,814,209‌)

(76,716‌)

Net change in unrealized appreciation (depreciation)

17,442,660‌

(28,340,732‌)

(9,588,375‌)

(11,814,209‌)

(76,716‌)

Net realized and unrealized gain (loss)

155,137,689‌

37,492,712‌

30,980,432‌

60,955,891‌

1,194,134‌

Net increase (decrease) in net assets from

operations

187,131,479‌

37,587,014‌

37,394,711‌

72,885,310‌

1,331,849‌

Statement of Operations

(continued)

See Notes to Financial Statements

Year Ended October 31, 2025

NUGO

NWLG

INVESTMENT INCOME

Affiliated income

617‌

1,107‌

Dividends

10,904,514‌

44,055‌

Interest

213,898‌

—‌

Securities lending income, net

—‌

80‌

Tax withheld on income

(23,833‌)

—‌

Total investment income

11,095,196‌

45,242‌

EXPENSES

Management fees

15,179,759‌

64,651‌

Professional fees

15,358‌

58‌

Trustees fees

101,994‌

374‌

Total expenses

15,297,111‌

65,083‌

Net investment income (loss)

(4,201,915‌)

(19,841‌)

REALIZED AND UNREALIZED GAIN (LOSS)

Realized gain (loss) from:

Investments

75,821,474‌

604,641‌

In-kind redemptions

304,920,345‌

529,985‌

Net realized gain (loss)

380,741,819‌

1,134,626‌

Change in unrealized appreciation (depreciation) on:

Investments

299,530,609‌

1,101,772‌

Net change in unrealized appreciation (depreciation)

299,530,609‌

1,101,772‌

Net realized and unrealized gain (loss)

680,272,428‌

2,236,398‌

Net increase (decrease) in net assets from operations

676,070,513‌

2,216,557‌

Statement of Changes in Net Assets

See Notes to Financial Statements

NUDV

NUEM

Year Ended

10/31/25

Year Ended

10/31/24

Year Ended

10/31/25

Year Ended

10/31/24

OPERATIONS

Net investment income (loss)

608,226‌

267,585‌

5,901,564‌

5,409,829‌

Net realized gain (loss)

(

73,644‌

)

1,022,155‌

11,660,645‌

(

4,036,287‌

)

Net change in unrealized appreciation (depreciation)

1,140,893‌

1,786,753‌

49,214,905‌

51,264,572‌

Net increase (decrease) in net assets from operations

1,675,475‌

3,076,493‌

66,777,114‌

52,638,114‌

DISTRIBUTIONS TO SHAREHOLDERS

Dividends

(

1,036,310‌

)

(

272,150‌

)

(

5,496,020‌

)

(

5,500,560‌

)

Total distributions

(

1,036,310‌

)

(

272,150‌

)

(

5,496,020‌

)

(

5,500,560‌

)

FUND SHARE TRANSACTIONS

Subscriptions

22,401,701‌

2,985,679‌

26,664,010‌

28,573,072‌

Redemptions

–‌

(

5,303,640‌

)

(

49,642,078‌

)

–‌

Net increase (decrease) from Fund share transactions

22,401,701‌

(

2,317,961‌

)

(

22,978,068‌

)

28,573,072‌

Net increase (decrease) in net assets

23,040,866‌

486,382‌

38,303,026‌

75,710,626‌

Net assets at the beginning of period

11,701,928‌

11,215,546‌

290,624,535‌

214,913,909‌

Net assets at the end of period

34,742,794‌

11,701,928‌

328,927,561‌

290,624,535‌

Statement of Changes in Net Assets

(continued)

See Notes to Financial Statements

NUDM

NULC

Year Ended

10/31/25

Year Ended

10/31/24

Year Ended

10/31/25

Year Ended

10/31/24

OPERATIONS

Net investment income (loss)

13,716,947‌

10,693,089‌

479,610‌

354,747‌

Net realized gain (loss)

26,693,167‌

15,073,500‌

5,013,302‌

660,894‌

Net change in unrealized appreciation (depreciation)

75,250,743‌

65,074,951‌

2,943,942‌

6,989,499‌

Net increase (decrease) in net assets from operations

115,660,857‌

90,841,540‌

8,436,854‌

8,005,140‌

DISTRIBUTIONS TO SHAREHOLDERS

Dividends

(

14,705,880‌

)

(

12,192,840‌

)

(

677,040‌

)

(

334,750‌

)

Total distributions

(

14,705,880‌

)

(

12,192,840‌

)

(

677,040‌

)

(

334,750‌

)

FUND SHARE TRANSACTIONS

Subscriptions

61,952,471‌

44,047,979‌

13,041,412‌

4,170,767‌

Redemptions

(

6,385,164‌

)

(

11,489,566‌

)

(

2,227,249‌

)

–‌

Net increase (decrease) from Fund share transactions

55,567,307‌

32,558,413‌

10,814,163‌

4,170,767‌

Net increase (decrease) in net assets

156,522,284‌

111,207,113‌

18,573,977‌

11,841,157‌

Net assets at the beginning of period

464,730,362‌

353,523,249‌

34,344,806‌

22,503,649‌

Net assets at the end of period

621,252,646‌

464,730,362‌

52,918,783‌

34,344,806‌

Statement of Changes in Net Assets

(continued)

See Notes to Financial Statements

NULG

NULV

Year Ended

10/31/25

Year Ended

10/31/24

Year Ended

10/31/25

Year Ended

10/31/24

OPERATIONS

Net investment income (loss)

2,007,667‌

3,589,542‌

31,993,790‌

33,335,886‌

Net realized gain (loss)

269,568,551‌

195,915,115‌

137,695,029‌

71,031,344‌

Net change in unrealized appreciation (depreciation)

80,711,956‌

232,916,309‌

17,442,660‌

277,350,070‌

Net increase (decrease) in net assets from operations

352,288,174‌

432,420,966‌

187,131,479‌

381,717,300‌

DISTRIBUTIONS TO SHAREHOLDERS

Dividends

(

2,412,225‌

)

(

5,151,450‌

)

(

33,944,625‌

)

(

37,705,745‌

)

Total distributions

(

2,412,225‌

)

(

5,151,450‌

)

(

33,944,625‌

)

(

37,705,745‌

)

FUND SHARE TRANSACTIONS

Subscriptions

838,858,964‌

802,955,683‌

797,125,028‌

657,608,987‌

Redemptions

(

701,740,260‌

)

(

768,715,035‌

)

(

789,019,924‌

)

(

690,761,184‌

)

Net increase (decrease) from Fund share transactions

137,118,704‌

34,240,648‌

8,105,104‌

(

33,152,197‌

)

Net increase (decrease) in net assets

486,994,653‌

461,510,164‌

161,291,958‌

310,859,358‌

Net assets at the beginning of period

1,499,008,938‌

1,037,498,774‌

1,694,495,505‌

1,383,636,147‌

Net assets at the end of period

1,986,003,591‌

1,499,008,938‌

1,855,787,463‌

1,694,495,505‌

Statement of Changes in Net Assets

(continued)

See Notes to Financial Statements

NUMG

NUMV

Year Ended

10/31/25

Year Ended

10/31/24

Year Ended

10/31/25

Year Ended

10/31/24

OPERATIONS

Net investment income (loss)

94,302‌

377,581‌

6,414,279‌

6,482,431‌

Net realized gain (loss)

65,833,444‌

29,034,912‌

40,568,807‌

24,094,313‌

Net change in unrealized appreciation (depreciation)

(

28,340,732‌

)

68,340,429‌

(

9,588,375‌

)

73,454,661‌

Net increase (decrease) in net assets from operations

37,587,014‌

97,752,922‌

37,394,711‌

104,031,405‌

DISTRIBUTIONS TO SHAREHOLDERS

Dividends

(

243,440‌

)

(

696,525‌

)

(

6,410,700‌

)

(

7,463,725‌

)

Total distributions

(

243,440‌

)

(

696,525‌

)

(

6,410,700‌

)

(

7,463,725‌

)

FUND SHARE TRANSACTIONS

Subscriptions

292,556,007‌

225,747,538‌

195,445,488‌

140,045,348‌

Redemptions

(

322,735,972‌

)

(

246,257,929‌

)

(

186,593,542‌

)

(

168,349,723‌

)

Net increase (decrease) from Fund share transactions

(

30,179,965‌

)

(

20,510,391‌

)

8,851,946‌

(

28,304,375‌

)

Net increase (decrease) in net assets

7,163,609‌

76,546,006‌

39,835,957‌

68,263,305‌

Net assets at the beginning of period

400,608,219‌

324,062,213‌

365,080,533‌

296,817,228‌

Net assets at the end of period

407,771,828‌

400,608,219‌

404,916,490‌

365,080,533‌

Statement of Changes in Net Assets

(continued)

See Notes to Financial Statements

NUSC

NDVG

Year Ended

10/31/25

Year Ended

10/31/24

Year Ended

10/31/25

Year Ended

10/31/24

OPERATIONS

Net investment income (loss)

11,929,419‌

11,233,576‌

137,715‌

137,169‌

Net realized gain (loss)

72,770,100‌

34,434,848‌

1,270,850‌

1,511,153‌

Net change in unrealized appreciation (depreciation)

(

11,814,209‌

)

239,944,443‌

(

76,716‌

)

1,314,288‌

Net increase (decrease) in net assets from operations

72,885,310‌

285,612,867‌

1,331,849‌

2,962,610‌

DISTRIBUTIONS TO SHAREHOLDERS

Dividends

(

13,976,730‌

)

(

11,720,700‌

)

(

137,705‌

)

(

138,827‌

)

Total distributions

(

13,976,730‌

)

(

11,720,700‌

)

(

137,705‌

)

(

138,827‌

)

FUND SHARE TRANSACTIONS

Subscriptions

524,606,562‌

495,291,080‌

7,527,266‌

8,141,413‌

Redemptions

(

557,196,795‌

)

(

449,650,302‌

)

(

6,963,942‌

)

(

7,837,567‌

)

Net increase (decrease) from Fund share transactions

(

32,590,233‌

)

45,640,778‌

563,324‌

303,846‌

Net increase (decrease) in net assets

26,318,347‌

319,532,945‌

1,757,468‌

3,127,629‌

Net assets at the beginning of period

1,209,134,336‌

889,601,391‌

11,341,709‌

8,214,080‌

Net assets at the end of period

1,235,452,683‌

1,209,134,336‌

13,099,177‌

11,341,709‌

Statement of Changes in Net Assets

(continued)

See Notes to Financial Statements

NUGO

NWLG

Year Ended

10/31/25

Year Ended

10/31/24

Year Ended

10/31/25

Year Ended

10/31/24

OPERATIONS

Net investment income (loss)

(

4,201,915‌

)

(

712,597‌

)

(

19,841‌

)

(

10,694‌

)

Net realized gain (loss)

380,741,819‌

337,446,430‌

1,134,626‌

575,418‌

Net change in unrealized appreciation (depreciation)

299,530,609‌

760,424,659‌

1,101,772‌

2,009,562‌

Net increase (decrease) in net assets from operations

676,070,513‌

1,097,158,492‌

2,216,557‌

2,574,286‌

DISTRIBUTIONS TO SHAREHOLDERS

Dividends

–‌

(

5,148,114‌

)

(

252‌

)

(

1,000‌

)

Total distributions

–‌

(

5,148,114‌

)

(

252‌

)

(

1,000‌

)

FUND SHARE TRANSACTIONS

Subscriptions

151,619,255‌

71,062,856‌

2,125,648‌

1,522,085‌

Redemptions

(

658,754,784‌

)

(

889,242,154‌

)

(

1,376,477‌

)

(

297,956‌

)

Net increase (decrease) from Fund share transactions

(

507,135,529‌

)

(

818,179,298‌

)

749,171‌

1,224,129‌

Net increase (decrease) in net assets

168,934,984‌

273,831,080‌

2,965,476‌

3,797,415‌

Net assets at the beginning of period

2,750,826,793‌

2,476,995,713‌

9,241,915‌

5,444,500‌

Net assets at the end of period

2,919,761,777‌

2,750,826,793‌

12,207,391‌

9,241,915‌

Financial Highlights

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

Investment Operations

Less Distributions

Net Asset

Value,

Beginning

of Period

Net

Investment

Income

(Loss)

(a)

Net Realized

/Unrealized

Gain (Loss)

Total

From

Net

Investment

Income

From

Net Realized

Gains

Return

Capital

Total

Net Asset

Value,

End of

Period

Market

Price,

End of

Period

NUDV

10/31/25

29.25

0.71

0.58

1.29

(0.57)

(1.02)

—

(1.59)

28.95

28.97

10/31/24

22.43

0.71

6.87

7.58

(0.76)

—

(0.76)

29.25

29.27

10/31/23

23.52

0.65

(0.99)

(0.34)

(0.61)

(0.14)

—

(0.75)

22.43

22.41

10/31/22

25.69

0.62

(2.21)

(1.59)

(0.58)

—

(0.58)

23.52

10/31/21

(d)

25.00

0.05

0.64

0.69

—

25.69

25.71

NUEM

10/31/25

30.27

0.61

6.65

7.26

(0.57)

—

(0.57)

36.96

36.86

10/31/24

24.99

0.59

5.33

5.92

(0.64)

—

(0.64)

30.27

30.44

10/31/23

22.77

0.60

2.10

2.70

(0.48)

—

(0.48)

24.99

24.95

10/31/22

34.14

0.69

(11.27)

(10.58)

(0.38)

(0.41)

—

(0.79)

22.77

22.71

10/31/21

29.18

0.52

4.86

5.38

(0.42)

—

(0.42)

34.14

34.15

NUDM

10/31/25

31.83

0.88

6.40

7.28

(1.00)

—

(1.00)

38.11

38.13

10/31/24

25.99

0.78

5.98

6.76

(0.92)

—

(0.92)

31.83

31.85

10/31/23

23.49

0.81

2.20

3.01

(0.51)

—

(0.51)

25.99

26.15

10/31/22

32.30

0.78

(8.26)

(7.48)

(0.88)

(0.45)

—

(1.33)

23.49

23.51

10/31/21

24.33

0.98

7.42

8.40

(0.43)

—

(0.43)

32.30

32.53

NULC

10/31/25

45.79

0.53

7.44

7.97

(0.47)

(0.37)

—

(0.84)

52.92

52.94

10/31/24

34.62

0.51

11.18

11.69

(0.52)

—

(0.52)

45.79

45.89

10/31/23

32.79

0.51

2.08

2.59

(0.44)

(0.32)

—

(0.76)

34.62

10/31/22

43.34

0.51

(8.52)

(8.01)

(0.43)

(2.11)

—

(2.54)

32.79

32.82

10/31/21

31.05

0.46

13.25

13.71

(0.48)

(0.94)

—

(1.42)

43.34

43.39

NULG

10/31/25

82.59

0.11

19.29

19.40

(0.14)

—

(0.14)

101.85

101.90

10/31/24

58.62

0.20

24.07

24.27

(0.30)

—

(0.30)

82.59

82.53

10/31/23

49.30

0.24

9.28

9.52

(0.20)

—

(0.20)

58.62

58.58

10/31/22

71.98

0.25

(19.45)

(19.20)

(0.14)

(3.34)

—

(3.48)

49.30

10/31/21

49.60

0.07

23.82

23.89

(0.11)

(1.40)

—

(1.51)

71.98

72.01

(a)

Based on average shares outstanding.

(b)

Total Return Based on NAV reflects the change in NAV over the period, including the assumed reinvestment of distributions, if any, at NAV

on each ex-dividend payment date during the period. Total Return Based on Market Price reflects the change in the closing market price per

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

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

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

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

(c)

Does not include in-kind transactions.

(d)

For the period September 27, 2021 (commencement of operations) through October 31, 2021.

(e)

Annualized.

See Notes to Financial Statements

Ratios and Supplemental Data

Total Return

Ratios to Average Net Assets

Based

Net Asset

Value

(b)

Based

Market

Price

(b)

Net Assets,

End of Period

(000)

Expenses

Net Investment

Income (Loss)

Portfolio

Turnover

Rate

(c)

4.75

4.76

34,743

0.26‌

2.51‌

34.14

34.35

11,702

0.26‌

2.68‌

(1.59)

(1.69)

11,216

0.26‌

2.74‌

(6.22)

(6.31)

8,232

0.26‌

2.52‌

2.74

2.85

5,137

0.25‌

(e)

2.04‌

(e)

24.42

23.46

328,928

0.36‌

1.94‌

24.12

24.98

290,625

0.36‌

2.13‌

11.80

12.00

214,914

0.36‌

2.28‌

(31.62)

(31.88)

177,614

0.36‌

2.45‌

18.45

17.77

122,896

0.44‌

1.49‌

23.63

23.67

621,253

0.29‌

2.59‌

26.37

25.71

464,730

0.31‌

2.55‌

12.84

13.40

353,523

0.31‌

2.94‌

(24.17)

(24.57)

267,756

0.31‌

2.93‌

34.83

34.73

161,503

0.39‌

3.16‌

17.72

17.51

52,919

0.21‌

1.11‌

34.04

34.32

34,345

0.21‌

1.20‌

8.06

7.96

22,504

0.21‌

1.48‌

(19.57)

(19.59)

24,589

0.21‌

1.39‌

45.28

45.91

30,335

0.20‌

1.20‌

23.51

23.66

1,986,004

0.26‌

0.13‌

41.51

41.50

1,499,009

0.26‌

0.27‌

19.36

19.29

1,037,499

0.26‌

0.42‌

(27.90)

(27.94)

793,754

0.26‌

0.44‌

49.04

49.29

942,876

0.34‌

0.11‌

Financial Highlights

(continued)

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

Investment Operations

Less Distributions

Net Asset

Value,

Beginning

of Period

Net

Investment

Income

(Loss)

(a)

Net Realized

/Unrealized

Gain (Loss)

Total

From

Net

Investment

Income

From

Net Realized

Gains

Return

Capital

Total

Net Asset

Value,

End of

Period

Market

Price,

End of

Period

NULV

10/31/25

40.73

0.77

3.61

4.38

(0.82)

—

(0.82)

44.29

44.27

10/31/24

32.63

0.80

8.22

9.02

(0.92)

—

(0.92)

40.73

40.74

10/31/23

34.26

0.87

(1.77)

(0.90)

(0.73)

—

(0.73)

32.63

32.59

10/31/22

39.42

0.77

(4.17)

(3.40)

(0.63)

(1.13)

—

(1.76)

34.26

34.30

10/31/21

28.62

0.77

10.50

11.27

(0.47)

—

(0.47)

39.42

39.44

NUMG

10/31/25

44.76

0.01

3.80

3.81

(0.03)

—

(0.03)

48.54

48.61

10/31/24

34.47

0.04

10.33

10.37

(0.08)

—

(0.08)

44.76

44.84

10/31/23

34.39

0.08

0.06

0.14

(0.06)

—

(0.06)

34.47

34.45

10/31/22

57.68

0.05

(17.07)

(17.02)

(0.01)

(6.26)

—

(6.27)

34.39

34.42

10/31/21

42.94

(0.03)

16.66

16.63

(0.02)

(1.87)

—

(1.89)

57.68

57.71

NUMV

10/31/25

35.79

0.62

2.78

3.40

(0.63)

—

(0.63)

38.56

10/31/24

26.86

0.63

8.99

9.62

(0.69)

—

(0.69)

35.79

35.82

10/31/23

31.07

0.68

(3.17)

(2.49)

(0.64)

(1.08)

—

(1.72)

26.86

26.84

10/31/22

38.44

0.68

(5.61)

(4.93)

(0.48)

(1.96)

—

(2.44)

31.07

31.10

10/31/21

25.64

0.54

12.68

13.22

(0.42)

—

(0.42)

38.44

38.50

NUSC

10/31/25

42.20

0.42

2.22

2.64

(0.48)

—

(0.48)

44.36

10/31/24

32.41

0.40

9.82

10.22

(0.43)

—

(0.43)

42.20

42.22

10/31/23

35.54

0.43

(3.16)

(2.73)

(0.40)

—

(0.40)

32.41

32.40

10/31/22

45.25

0.37

(7.12)

(6.75)

(0.32)

(2.64)

—

(2.96)

35.54

35.58

10/31/21

30.68

0.36

14.41

14.77

(0.20)

—

(0.20)

45.25

45.27

(a)

Based on average shares outstanding.

(b)

Total Return Based on NAV reflects the change in NAV over the period, including the assumed reinvestment of distributions, if any, at NAV

on each ex-dividend payment date during the period. Total Return Based on Market Price reflects the change in the closing market price per

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

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

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

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

(c)

Does not include in-kind transactions.

See Notes to Financial Statements

Ratios and Supplemental Data

Total Return

Ratios to Average Net Assets

Based

Net Asset

Value

(b)

Based

Market

Price

(b)

Net Assets,

End of Period

(000)

Expenses

Net Investment

Income (Loss)

Portfolio

Turnover

Rate

(c)

11.02

10.95

1,855,787

0.26‌

1.87‌

28.04

28.23

1,694,496

0.26‌

2.10‌

(2.73)

(2.98)

1,383,636

0.26‌

2.52‌

(9.09)

(9.03)

1,531,314

0.26‌

2.15‌

39.68

39.63

1,176,613

0.34‌

2.13‌

8.51

8.47

407,772

0.31‌

0.02‌

30.07

30.39

400,608

0.31‌

0.10‌

0.43

0.27

324,062

0.31‌

0.21‌

100

(32.50)

(32.48)

312,943

0.31‌

0.13‌

39.51

39.92

400,877

0.39‌

(0.06‌)

9.70

9.60

404,916

0.31‌

1.71‌

36.20

36.41

365,081

0.31‌

1.90‌

(8.58)

(8.76)

296,817

0.31‌

2.30‌

(13.71)

(13.76)

310,664

0.31‌

2.02‌

51.97

52.06

276,751

0.39‌

1.57‌

6.32

6.27

1,235,453

0.31‌

1.00‌

31.69

31.77

1,209,134

0.31‌

1.01‌

(7.77)

(7.89)

889,601

0.31‌

1.19‌

(15.68)

(15.63)

909,828

0.31‌

0.99‌

48.28

48.03

1,106,366

0.39‌

0.85‌

Financial Highlights

(continued)

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

Investment Operations

Less Distributions

Net Asset

Value,

Beginning

of Period

Net

Investment

Income

(Loss)

(a)

Net Realized

/Unrealized

Gain (Loss)

Total

From

Net

Investment

Income

From

Net Realized

Gains

Return

Capital

Total

Net Asset

Value,

End of

Period

Market

Price,

End of

Period

NDVG

10/31/25

32.40

0.37

3.01

3.38

(0.38)

—

(0.38)

35.40

35.43

10/31/24

24.89

0.35

7.53

7.88

(0.37)

—

(0.37)

32.40

32.45

10/31/23

24.26

0.37

0.62

0.99

(0.36)

—

(0.36)

24.89

24.90

10/31/22

26.13

0.34

(1.87)

(1.53)

(0.33)

(0.01)

—

(0.34)

24.26

24.27

10/31/21

(d)

25.00

0.09

1.10

1.19

(0.06)

—

(0.06)

26.13

26.14

NUGO

10/31/25

32.52

(0.05)

8.75

8.70

—

41.22

41.18

10/31/24

22.10

(0.01)

10.48

10.47

(0.05)

—

(0.05)

32.52

32.51

10/31/23

17.97

0.05

4.13

4.18

(0.05)

—

(0.05)

22.10

22.08

10/31/22

26.04

0.02

(8.09)

(8.07)

—

17.97

17.93

10/31/21

(f)

25.00

0.01

1.03

1.04

—

26.04

26.05

NWLG

10/31/25

31.87

(0.07)

7.58

7.51

—

(g)

—

(g)

39.38

39.42

10/31/24

21.78

(0.04)

10.13

10.09

—

(g)

—

(g)

31.87

31.84

10/31/23

18.00

—

3.78

—

21.78

10/31/22

26.39

(0.02)

(8.37)

(8.39)

—

18.00

10/31/21

(d)

25.00

(0.02)

1.41

1.39

—

26.39

26.37

(a)

Based on average shares outstanding.

(b)

Total Return Based on NAV reflects the change in NAV over the period, including the assumed reinvestment of distributions, if any, at NAV

on each ex-dividend payment date during the period. Total Return Based on Market Price reflects the change in the closing market price per

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

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

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

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

(c)

Does not include in-kind transactions.

(d)

For the period August 4, 2021 (commencement of operations) through October 31, 2021.

(e)

Annualized.

(f)

For the period September 27, 2021 (commencement of operations) through October 31, 2021.

(g)

Value rounded to zero.

See Notes to Financial Statements.

Ratios and Supplemental Data

Total Return

Ratios to Average Net Assets

Based

Net Asset

Value

(b)

Based

Market

Price

(b)

Net Assets,

End of Period

(000)

Expenses

Net Investment

Income (Loss)

Portfolio

Turnover

Rate

(c)

10.49

10.42

13,099

0.65‌

1.10‌

31.80

31.95

11,342

0.65‌

1.19‌

4.08

8,214

0.65‌

1.45‌

(5.89)

(5.91)

7,763

0.64‌

1.34‌

4.76

4.82

6,009

0.64‌

(e)

1.52‌

(e)

26.72

26.67

2,919,762

0.56‌

(0.15‌)

47.47

47.51

2,750,827

0.56‌

(0.03‌)

23.30

23.46

2,476,996

0.56‌

0.24‌

(31.01)

(31.16)

2,332,827

0.55‌

0.09‌

4.18

1,687,423

0.55‌

(e)

0.39‌

(e)

23.57

23.81

12,207

0.65‌

(0.20‌)

104

46.37

46.19

9,242

0.65‌

(0.14‌)

20.95

21.00

5,445

0.65‌

0.01‌

(31.77)

(31.74)

4,501

0.64‌

(0.08‌)

5.56

5.50

6,069

0.64‌

(e)

(0.24‌)

(e)

Notes to Financial Statements

1. General Information

Trust and Fund Information:

Nushares ETF Trust (the “Trust”) is an open-end management investment company registered under the Investment

Company Act of 1940, as amended (the “1940 Act”). The Trust is comprised of Nuveen ESG Dividend ETF (NUDV), Nuveen ESG Emerging

Markets Equity ETF (NUEM), Nuveen ESG International Developed Markets Equity ETF (NUDM), Nuveen ESG Large-Cap ETF (NULC), Nuveen ESG

Large-Cap Growth ETF (NULG), Nuveen ESG Large-Cap Value ETF (NULV), Nuveen ESG Mid-Cap Growth ETF (NUMG), Nuveen ESG Mid-Cap

Value ETF (NUMV), Nuveen ESG Small-Cap ETF (NUSC), Nuveen Dividend Growth ETF (NDVG), Nuveen Growth Opportunities ETF (NUGO) and

Nuveen Winslow Large-Cap Growth ESG ETF (NWLG) (each a “Fund” and collectively, the “Funds”), among others. The Trust was organized as

a Massachusetts business trust on February 20, 2015. Shares of NUDV, NUEM, NUDM, NULC, NULG, NULV, NUMG, NUMV and NUSC are listed

and traded on the Cboe BZX Exchange, Inc., while shares of NDVG, NUGO and NWLG are listed and traded on the NYSE Arca. The Cboe BZX

Exchange, Inc. and NYSE Arca are each an “Exchange”.

Current Fiscal Period

: The end of the reporting period for the Funds is October 31, 2025, and the period covered by these Notes to Financial

Statements is the fiscal year ended October 31, 2025 (the "current fiscal period").

Investment Adviser and Sub-Adviser:

The Funds’ investment adviser is Nuveen Fund Advisors, LLC (the “Adviser”), a subsidiary of Nuveen,

LLC (“Nuveen”). Nuveen is the investment management arm of Teachers Insurance and Annuity Association of America (“TIAA”). The Adviser has

overall responsibility for management of the Funds, oversees the management of the Funds’ portfolios, manages the Funds’ business affairs and

provides certain clerical, bookkeeping and other administrative services. The Adviser has entered into sub-advisory agreements with Nuveen Asset

Management (“NAM”) and Teachers Advisors, LLC (“TAL”), each an affiliate of the Adviser, and Winslow Capital Management, LLC (“Winslow

Capital”), (each a “Sub-Adviser” and collectively, the “Sub-Advisers”). NAM is responsible for managing the investment portfolio of NDVG and

NUGO. TAL is responsible for managing the investment portfolio of NUDV, NUEM, NUDM, NULC, NULG, NULV, NUMG, NUMV and NUSC. Winslow

Capital is responsible for managing the investment portfolio of NWLG.

2. Significant Accounting Policies

The accompanying financial statements were prepared in accordance with accounting principles generally accepted in the United States of America

(“U.S. GAAP”), which may require the use of estimates made by management and the evaluation of subsequent events. Actual results may differ

from those estimates. The Funds are investment companies and follow accounting guidance in the Financial Accounting Standards Board (“FASB”)

Accounting Standards Codification 946, Financial Services — Investment Companies. The net asset value (“NAV”) for financial reporting purposes

may differ from the NAV for processing security and common share transactions. The NAV for financial reporting purposes includes security and

common share transactions through the date of the report. Total return is computed based on the NAV used for processing security and common

share transactions. The following is a summary of the significant accounting policies consistently followed by the Funds.

Compensation:

The Trust pays no compensation directly to those of its officers, all of whom receive remuneration for their services to the Trust from

the Adviser or its affiliates. The Funds' Board of Trustees (the "Board") has adopted a deferred compensation plan for independent trustees that

enables trustees to elect to defer receipt of all or a portion of the annual compensation they are entitled to receive from certain Nuveen-advised

funds. Under the plan, deferred amounts are treated as though equal dollar amounts had been invested in shares of select Nuveen-advised funds.

Distributions to Shareholders:

Distributions to shareholders are recorded on the ex-dividend date. The amount, character and timing of

distributions are determined in accordance with federal income tax regulations, which may differ from U.S. GAAP.

Foreign Currency Transactions and Translation:

The books and records of the Funds are maintained in U.S. dollars. Assets, including investments,

and liabilities denominated in foreign currencies are translated into U.S. dollars at the end of each day. Purchases and sales of securities, income and

expenses are translated into U.S. dollars at the prevailing exchange rate on the respective dates of the transactions.

Some markets in which the Funds invest impose capital controls, repatriation limits and/or transaction fees, for example, on the amount of foreign

currency that may be converted to U.S. dollars. These restrictions, in some markets where foreign exchange restrictions are imposed, may be

reflected in non-deliverable forward rates (NDF), or prevailing “offshore” rates that apply to non-local investors. Accordingly, the Fund may apply

NDF rates, or another alternative exchange rate believed by the Adviser to be more reflective of the rates at which the Funds may transact, where

applicable, to convert the value of non-U.S. dollar denominated securities to U.S. dollars. The U.S. dollar market value of such securities held in

markets where NDF rates exist may be lower than the U.S. dollar market value of securities using prevailing local or “onshore” foreign currency

exchange rates.

Net realized foreign currency gains and losses resulting from changes in exchange rates associated with (i) foreign currency, (ii) investments and (iii)

derivatives include foreign currency gains and losses between trade date and settlement date of the transactions, foreign currency transactions, and

the difference between the amounts of interest and dividends recorded on the books of the Funds and the amounts actually received are recognized

as a component of “Net realized gain (loss) from foreign currency transactions” on the Statement of Operations, when applicable.

The unrealized gains and losses resulting from changes in foreign currency exchange rates and changes in foreign exchange rates associated with

(i) investments and (ii) other assets and liabilities are recognized as a component of “Change in unrealized appreciation (depreciation) on foreign

currency translations” on the Statement of Operations, when applicable. The unrealized gains and losses resulting from changes in foreign exchange

rates associated with investments in derivatives are recognized as a component of the respective derivative’s related “Change in unrealized

appreciation (depreciation)” on the Statement of Operations, when applicable.

As of the end of the reporting period, the following Fund's investments in non-U.S. securities were as follows:

Foreign Taxes:

The Funds may be subject to foreign taxes on income, gains on investments or foreign currency repatriation, a portion of which may

be recoverable. The Funds will accrue such taxes and recoveries as applicable, based upon the current interpretation of tax rules and regulations that

exist in the markets in which the Funds invest.

Indemnifications:

Under the Trust’s organizational documents, its officers and trustees are indemnified against certain liabilities arising out of

the performance of their duties to the Trust. In addition, in the normal course of business, the Trust enters into contracts that provide general

indemnifications to other parties. The Trust’s maximum exposure under these arrangements is unknown as this would involve future claims that may

be made against the Trust that have not yet occurred. However, the Trust has not had prior claims or losses pursuant to these contracts and expects

the risk of loss to be remote.

Investments and Investment Income:

Securities transactions are accounted for as of the end of trade date for financial reporting purposes.

Dividend income is recorded on the ex-dividend date. Foreign dividend income is recorded on the ex-dividend date or as soon as possible after the

Funds determine the existence of a dividend declaration. Non-cash dividends received in the form of stock, if any, are recognized on the ex-dividend

date and recorded at fair value. Interest income is recorded on an accrual basis. Distributions received on securities that represent a return of capital

or capital gains are recorded as a reduction of cost of investments and/or as a realized gain. The Funds estimate the components of distributions

received that may be considered return of capital distributions or capital gain distributions. Securities lending income is comprised of fees earned

from borrowers and income earned on cash collateral investments.

Segment Reporting:

In November 2023, the FASB issued Accounting Standard Update (“ASU”) No. 2023-07, Segment Reporting (Topic 280)

Improvements to Reportable Segment Disclosures (“ASU 2023-07”). The amendments in ASU 2023-07 improve reportable segment disclosure

requirements, primarily through enhanced disclosures about significant segment expenses. ASU 2023-07 also requires a public entity that has a

single reportable segment to provide all the disclosures required by the amendments in ASU 2023-07 and all existing segment disclosures in Topic

280. The amendments in ASU 2023-07 are effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years

beginning after December 15, 2024. The Funds adopted ASU 2023-07 during the current fiscal period. Adoption of the new standard impacted

financial statement disclosures only and did not affect the Funds’ financial positions or the results of their operations.

Each Fund represents a single operating segment. The officers of the Funds act as the chief operating decision maker (“CODM”). The CODM

monitors the operating results of each Fund as a whole and is responsible for each Fund’s long-term strategic asset allocation in accordance with

the terms of its prospectus, based on a defined investment strategy which is executed by the Fund’s portfolio managers as a team. The financial

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

resulting from operations, subscriptions and redemptions), which are used by the CODM to assess the segment’s performance versus the Fund’s

NUEM

Value

% of

Net Assets

Country:

China

93,355,757

28.4

Taiwan

73,632,136

22.4

India

50,278,293

15.3

South Korea

38,742,057

11.8

Saudi Arabia

12,190,367

3.7

Brazil

11,466,763

3.5

South Africa

10,464,661

3.2

Mexico

6,364,979

1.9

United Arab Emirates

5,301,409

1.6

Malaysia

4,453,611

1.4

Other

23,107,275

6.9

Total non-U.S. Securities

$329,357,308

100.1%

NUDM

Value

% of

Net Assets

Country:

Japan

142,541,541

23.0

United Kingdom

72,414,691

11.7

Germany

58,032,903

9.3

France

56,289,866

9.1

Switzerland

46,199,442

7.4

Australia

38,271,559

6.2

Netherlands

24,861,513

4.0

Spain

22,491,802

3.6

Italy

21,141,397

3.4

Sweden

17,088,726

2.8

Other

83,295,157

13.3

Total non-U.S. Securities

$582,628,597

93.8%

Notes to Financial Statements

(continued)

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

financial statements. Segment assets are reflected on the Statement of Assets and Liabilities as “total assets” and significant segment revenues and

expenses are listed on the Statement of Operations.

New Accounting Pronouncement

: In December 2023, the FASB issued ASU No. 2023-09, Income Taxes (Topic 740) Improvements to Income tax

disclosures (“ASU 2023-09”). The primary purpose of the amendments within ASU 2023-09 is to enhance the transparency and decision usefulness

of income tax disclosures primarily related to the rate reconciliation table and income taxes paid information. The amendments in ASU 2023-09

are effective for annual periods beginning after December 15, 2024. Management is currently evaluating the implications of these changes on the

financial statements.

3. Investment Valuation and Fair Value Measurements

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

oversight of the Board. Fair value is defined as the price that would be received upon selling an investment or transferring a liability in an orderly

transaction to an independent buyer in the principal or most advantageous market for the investment. U.S. GAAP establishes the three-tier hierarchy

which is used to maximize the use of observable market data and minimize the use of unobservable inputs and to establish classification of fair value

measurements for disclosure purposes. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability.

Observable inputs are based on market data obtained from sources independent of the reporting entity. Unobservable inputs reflect management’s

assumptions about the assumptions market participants would use in pricing the asset or liability. Unobservable inputs are based on the best

information available in the circumstances. The following is a summary of the three-tiered hierarchy of valuation input levels.

Level 1 – Inputs are unadjusted and prices are determined using quoted prices in active markets for identical securities.

Level 2 – Prices are determined using other significant observable inputs (including quoted prices for similar securities, interest rates, credit

spreads, etc.).

Level 3 – Prices are determined using significant unobservable inputs (including management’s assumptions in determining the fair value of

investments).

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

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

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

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

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

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

these securities are generally classified as Level 2.

Investments in investment companies are valued at their respective NAVs or share price on the valuation date and are generally classified as Level 1.

Prices of certain American Depositary Receipts (“ADR”) held by the Funds that trade in the United States are valued based on the last traded price,

official closing price, or an evaluated price provided by the pricing services and are generally classified as Level 1 or 2.

Futures contracts are valued using the closing settlement price or, in the absence of such a price, the last traded price and are generally classified as

Level 1.

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

oversight of the Board. Pricing services establish a security’s fair value using methods that may include consideration of the following: yields or

prices of investments of comparable quality, type of issue, coupon, maturity and rating, market quotes or indications of value from security dealers,

evaluations of anticipated cash flows or collateral, general market conditions and other information and analysis, including the obligor’s credit

characteristics considered relevant. In pricing certain securities, particularly less liquid and lower quality securities, pricing services may consider

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

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

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

procedures approved by the Adviser, subject to the oversight of the Board. As a general principle, the fair value of a security is the amount that

the owner might reasonably expect to receive for it in a current sale. A variety of factors may be considered in determining the fair value of such

securities, which may include consideration of the following: yields or prices of investments of comparable quality, type of issue, coupon, maturity

and rating, market quotes or indications of value from security dealers, evaluations of anticipated cash flows or collateral, general market conditions

and other information and analysis, including the obligor’s credit characteristics considered relevant. To the extent the inputs are observable and

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

The following table summarizes the market value of the Funds’ investments as of the end of the reporting period, based on the inputs used to value

them:

NUDV

Level 1

Level 2

Level 3

Total

Long-Term Investments:

Common Stocks

34,645,776

–

34,645,776

Total

34,645,776

–

34,645,776

NUEM

Level 1

Level 2

Level 3

Total

Long-Term Investments:

Common Stocks

326,657,152

2,700,125

329,357,282

Preferred Stock

–

Total

326,657,152

2,700,125

329,357,308

NUDM

Level 1

Level 2

Level 3

Total

Long-Term Investments:

Common Stock Rights

–

1,441

Common Stocks

618,299,455

–

–*

618,299,455

Total

618,299,455

–

1,441

618,300,896

NULC

Level 1

Level 2

Level 3

Total

Long-Term Investments:

Common Stocks

52,800,003

–

52,800,003

Total

52,800,003

–

52,800,003

NULG

Level 1

Level 2

Level 3

Total

Long-Term Investments:

Common Stocks

1,978,215,884

–

1,978,215,884

Investments Purchased with Collateral from Securities

Lending

2,748,427

–

2,748,427

Investments in Derivatives:

Futures Contracts**

395,715

–

395,715

Total

1,981,360,026

–

1,981,360,026

NULV

Level 1

Level 2

Level 3

Total

Long-Term Investments:

Common Stocks

1,850,856,752

–

1,850,856,752

Total

1,850,856,752

–

1,850,856,752

NUMG

Level 1

Level 2

Level 3

Total

Long-Term Investments:

Common Stocks

407,640,746

–

407,640,746

Total

407,640,746

–

407,640,746

NUMV

Level 1

Level 2

Level 3

Total

Long-Term Investments:

Common Stocks

404,426,422

–

404,426,422

Total

404,426,422

–

404,426,422

Notes to Financial Statements

(continued)

4. Portfolio Securities

Securities Lending:

Each Fund may lend securities representing up to one-third of the value of its total assets to broker-dealers, banks, and other

institutions in order to generate additional income. When loaning securities, a Fund retains the benefits of owning the securities, including the

economic equivalent of dividends or interest generated by the security. The loans are continuous, can be recalled at any time, and have no set

maturity. State Street Bank and Trust Company serves as the securities lending agent (the “Agent”).

When a Fund loans its portfolio securities, it will receive, at the inception of each loan, cash collateral equal to an amount not less than 100% of the

market value of the loaned securities. The actual percentage of the cash collateral will vary depending upon the asset type of the loaned securities.

Collateral for the loaned securities is invested in a government money market vehicle maintained by the Agent, which is subject to the requirements

of Rule 2a-7 under the 1940 Act. The value of the loaned securities and the liability to return the cash collateral received are recognized on the

Statement of Assets and Liabilities. If the market value of the loaned securities increases, the borrower must furnish additional collateral to the Fund,

which is also recognized on the Statement of Assets and Liabilities. The market value of securities loaned is determined at the close of business of

the Funds and any additional required collateral is delivered to the Funds on the next business day. Securities out on loan are subject to termination

at any time at the option of the borrower or the Fund. Upon termination, the borrower is required to return to the Fund securities identical to the

securities loaned. During the term of the loan, the Fund bears the market risk with respect to the investment of collateral and the risk that the Agent

may default on its contractual obligations to the Fund. The Agent bears the risk that the borrower may default on its obligation to return the loaned

securities as the Agent is contractually obligated to indemnify the Fund if at the time of a default by a borrower some or all of the loan securities

have not been returned.

Securities lending income recognized by a Fund consists of earnings on invested collateral and lending fees, net of any rebates to the borrower and

compensation to the Agent. Such income is recognized on the Statement of Operations.

As of the end of the current fiscal period, the total value of the loaned securities and the total value of collateral received were as follows:

NUSC

Level 1

Level 2

Level 3

Total

Long-Term Investments:

Common Stock Rights

–

193,874

Common Stocks

1,232,148,676

–

1,232,148,676

Investments Purchased with Collateral from Securities

Lending

20,743,845

–

20,743,845

Total

1,252,892,521

–

193,874

1,253,086,395

NDVG

Level 1

Level 2

Level 3

Total

Long-Term Investments:

Common Stocks

12,836,156

–

12,836,156

Total

12,836,156

–

12,836,156

NUGO

Level 1

Level 2

Level 3

Total

Long-Term Investments:

Common Stocks

2,843,196,995

–

2,843,196,995

Investment Companies

32,917,466

–

32,917,466

Total

2,876,114,461

–

2,876,114,461

NWLG

Level 1

Level 2

Level 3

Total

Long-Term Investments:

Common Stocks

12,135,670

–

12,135,670

Total

12,135,670

–

12,135,670

Value equals zero as of the end of the reporting period.

Represents net unrealized appreciation (depreciation).

Purchases and Sales:

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

In-kind transactions during the current fiscal period were as follows:

The Funds may purchase securities on a when-issued or delayed-delivery basis. Securities purchased on a when-issued or delayed-delivery basis may

have extended settlement periods; interest income is not accrued until settlement date. Any securities so purchased are subject to market fluctuation

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

amounts are recognized on the Statement of Assets and Liabilities.

Aggregate Value of

Securities on Loan

Fund

Equity

Securities

Cash Collateral

Received*

Total Collateral

Received

NULG

$2,630,302

$2,748,427

NUSC

19,956,176

20,743,845

*May include cash and investment of cash collateral.

Purchases

Sales

Fund

Non-U.S.

Government

Purchases

Non-U.S.

Government

Sales

NUDV

16,080,229

16,304,958

NUEM

208,415,771

232,082,093

NUDM

356,611,136

354,595,251

NULC

30,805,266

31,034,685

NULG

979,591,171

996,730,658

NULV

1,022,630,304

1,002,976,679

NUMG

390,475,168

392,505,224

NUMV

240,368,355

236,831,659

NUSC

687,786,709

653,057,312

NDVG

1,271,951

1,408,170

NUGO

1,265,169,961

1,264,627,318

NWLG

10,424,949

10,440,756

Fund

In-Kind

Purchases

In-Kind

Sales

NUDV

22,345,189

—

NUEM

2,941,618

5,185,980

NUDM

58,993,403

6,121,774

NULC

13,009,533

2,221,891

NULG

814,391,942

663,449,675

NULV

785,507,478

785,230,131

NUMG

291,249,031

319,228,363

NUMV

195,009,603

184,325,711

NUSC

522,300,586

552,770,777

NDVG

7,515,704

6,957,692

NUGO

148,947,181

653,729,655

NWLG

2,082,457

1,355,262

Notes to Financial Statements

(continued)

5. Derivative Investments

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

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

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

Operations, respectively.

Futures Contracts:

During the current fiscal period NULG used equity index futures to equitize cash in the portfolio.

A futures contract is an agreement between two parties to buy and sell a financial instrument for a set price on a future date. Upon execution of a

futures contract, the Fund is obligated to deposit cash or eligible securities, also known as “initial margin,” into an account at its clearing broker

equal to a specified percentage of the contract amount. Securities deposited for initial margin, if any, are identified in the Portfolio of Investments

and cash deposited for initial margin, if any, is reflected on the Statement of Assets and Liabilities.

During the period the futures contract is open, changes in the market value of the contract are recognized as an unrealized gain or loss by “marking-

to-market” on a daily basis. The Fund and the clearing broker are obligated to settle monies on a daily basis representing the changes in the value

of the contracts. These daily cash settlements are known as “variation margin” and is recognized on the Statement of Assets and Liabilities as a

receivable or payable for variation margin on futures contracts. When the contract is closed or expired, the Fund records a realized gain or loss

equal to the difference between the value of the contract on the closing date and value of the contract when originally entered into. The net realized

gain or loss and the change in unrealized appreciation (depreciation) on futures contracts held during the period is included on the Statement of

Operations.

Risks of investments in futures contracts include the possible adverse movement in the price of the securities or indices underlying the contracts, the

possibility that there may not be a liquid secondary market for the contracts and/or that a change in the value of the contract may not correlate with

a change in the value of the underlying securities or indices.

The average notional amount of futures contracts outstanding during the current fiscal period was as follows:

As of the end of the current fiscal period, the following Funds have invested in derivative contracts which are reflected in the Statement of Assets

and Liabilities as follows:

During the current fiscal period, the effect of derivative contracts on the Funds' Statement of Operations was as follows:

Market and Counterparty Credit Risk:

In the normal course of business each Fund may invest in financial instruments and enter into financial

transactions where risk of potential loss exists due to changes in the market (market risk) or failure of the other party to the transaction to perform

(counterparty credit risk). The potential loss could exceed the value of the financial assets recorded on the financial statements. Financial assets,

which potentially expose each Fund to counterparty credit risk, consist principally of cash due from counterparties on forward, option and swap

transactions, when applicable. The extent of each Fund’s exposure to counterparty credit risk in respect to these financial assets approximates their

carrying value as recorded on the Statement of Assets and Liabilities.

Fund

Average Notional

Amount of Futures

Contracts

Outstanding*

NULG

13,966,462

The average notional amount is calculated based on the absolute aggregate notional amount of contracts outstanding at the beginning of the current fiscal period

and at the end of each fiscal quarter within the current fiscal period.

Asset Derivatives

Liability Derivatives

Derivative Instrument

Risk Exposure

Location

Value

Location

Value

NULG

Futures Contracts

Equity

Unrealized appreciation on

futures contracts

395,715

–

The fair value presented includes cumulative gain (loss) on open futures contracts; however, the value reflected in the accompanying Statement of Assets and

Liabilities is only the receivable or payable for variation margin on open futures contracts.

Derivative Instrument

Risk Exposure

Net Realized Gain

(Loss)

Change in

Unrealized

Appreciation

(Depreciation)

NULG

Futures contracts

Equity

1,718,684

395,715

Each Fund helps manage counterparty credit risk by entering into agreements only with counterparties the Adviser believes have the financial

resources to honor their obligations and by having the Adviser monitor the financial stability of the counterparties. Additionally, counterparties may

be required to pledge collateral daily (based on the daily valuation of the financial asset) on behalf of each Fund with a value approximately equal

to the amount of any unrealized gain above a pre-determined threshold. Reciprocally, when each Fund has an unrealized loss, the Funds have

instructed the custodian to pledge assets of the Funds as collateral with a value approximately equal to the amount of the unrealized loss above a

pre-determined threshold. Collateral pledges are monitored and subsequently adjusted if and when the valuations fluctuate, either up or down, by

at least the pre-determined threshold amount.

6. Fund Shares

Each Fund issues and redeems its shares on a continuous basis at NAV only in aggregations of a specified number of shares or multiples thereof

(“Creation Units”). Only certain institutional investors (referred to as “Authorized Participants”) who have entered into agreements with Nuveen

Securities, LLC, the Funds' distributor, may purchase and redeem Creation Units. Once created, shares of the Funds trade on the Exchange at market

prices and are only available to individual investors through their brokers.

Creation Units are purchased and redeemed in-kind for a designated portfolio of securities and/or a specified amount of cash, as determined by

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

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

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

agreement. Authorized Participants are charged fixed transaction fees in connection with purchasing and redeeming Creation Units.

Authorized Participants transacting in Creation Units for cash may also pay an additional variable charge to compensate the relevant Fund for certain

transaction costs (i.e., taxes on currency or other financial transactions, and brokerage costs) and market impact expenses it incurs in purchasing or

selling portfolio securities. Such variable charges, if any, are included in “Proceeds from shares sold” on the Statements of Changes in Net Assets.

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

NUDV

NUEM

Year Ended

10/31/25

Year Ended

10/31/24

Year Ended

10/31/25

Year Ended

10/31/24

Value

Subscriptions

800,000

$22,401,701

100,000

$2,985,679

900,000

$26,664,010

1,000,000

$28,573,072

Redemptions

–

(200,000)

(5,303,640)

(1,600,000)

(49,642,078)

–

Net increase (decrease)

800,000

$22,401,701

(100,000)

$(2,317,961)

(700,000)

$(22,978,068)

1,000,000

$28,573,072

NUDM

NULC

Year Ended

10/31/25

Year Ended

10/31/24

Year Ended

10/31/25

Year Ended

10/31/24

Value

Subscriptions

1,900,000

$61,952,471

1,400,000

$44,047,979

300,000

$13,041,412

100,000

$4,170,767

Redemptions

(200,000)

(6,385,164)

(400,000)

(11,489,566)

(50,000)

(2,227,249)

–

Net increase (decrease)

1,700,000

$55,567,307

1,000,000

$32,558,413

250,000

$10,814,163

100,000

$4,170,767

NULG

NULV

Year Ended

10/31/25

Year Ended

10/31/24

Year Ended

10/31/25

Year Ended

10/31/24

Value

Subscriptions

9,000,000

$838,858,964

11,300,000

$802,955,683

19,200,000

$797,125,028

17,750,000

$657,608,987

Redemptions

(7,650,000)

(701,740,260)

(10,850,000)

(768,715,035)

(18,900,000)

(789,019,924)

(18,550,000)

(690,761,184)

Net increase (decrease)

1,350,000

$137,118,704

450,000

$34,240,648

300,000

$8,105,104

(800,000)

$(33,152,197)

NUMG

NUMV

Year Ended

10/31/25

Year Ended

10/31/24

Year Ended

10/31/25

Year Ended

10/31/24

Value

Subscriptions

6,100,000

$292,556,007

5,450,000

$225,747,538

5,400,000

$195,445,488

4,350,000

$140,045,348

Redemptions

(6,650,000)

(322,735,972)

(5,900,000)

(246,257,929)

(5,100,000)

(186,593,542)

(5,200,000)

(168,349,723)

Net increase (decrease)

(550,000)

$(30,179,965)

(450,000)

$(20,510,391)

300,000

$8,851,946

(850,000)

$(28,304,375)

NUSC

NDVG

Year Ended

10/31/25

Year Ended

10/31/24

Year Ended

10/31/25

Year Ended

10/31/24

Value

Subscriptions

12,300,000

$524,606,562

12,700,000

$495,291,080

230,000

$7,527,266

290,000

$8,141,413

Redemptions

(13,100,000)

(557,196,795)

(11,500,000)

(449,650,302)

(210,000)

(6,963,942)

(270,000)

(7,837,567)

Net increase (decrease)

(800,000)

$(32,590,233)

1,200,000

$45,640,778

20,000

$563,324

20,000

$303,846

Notes to Financial Statements

(continued)

7. Income Tax Information

Each Fund is a separate taxpayer for federal income tax purposes. Each Fund intends to distribute substantially all of its net investment income and

net capital gains to shareholders and otherwise comply with the requirements of Subchapter M of the Internal Revenue Code applicable to regulated

investment companies. Therefore, no federal income tax provision is required.

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

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

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

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

Differences between amounts for financial statement and federal income tax purposes are primarily due to timing differences in recognizing gains

and losses on investment transactions. Temporary differences do not require reclassification. As of year end, permanent differences that resulted

in reclassifications among the components of net assets relate primarily to deemed dividend due to corporate actions, distribution reallocations,

foreign currency transactions, foreign taxes paid, investments in passive foreign investment companies, net operating losses, redemptions in-kind,

return of capital and long-term capital gain distributions received from portfolio investments, tax basis earnings and profits adjustments, and taxes

paid. Temporary and permanent differences have no impact on a Fund's net assets.

As of year end, the aggregate cost and the net unrealized appreciation/(depreciation) of all investments for federal income tax purposes were as

follows:

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

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

NUGO

NWLG

Year Ended

10/31/25

Year Ended

10/31/24

Year Ended

10/31/25

Year Ended

10/31/24

Value

Subscriptions

4,760,000

$151,619,255

2,320,000

$71,062,856

60,000

$2,125,648

50,000

$1,522,085

Redemptions

(18,500,000)

(658,754,784)

(29,840,000)

(889,242,154)

(40,000)

(1,376,477)

(10,000)

(297,956)

Net increase (decrease)

(13,740,000)

$(507,135,529)

(27,520,000)

$(818,179,298)

20,000

$749,171

40,000

$1,224,129

Fund

Tax Cost

Gross Unrealized

Appreciation

Gross Unrealized

(Depreciation)

Net

Unrealized

Appreciation

(Depreciation)

NUDV

33,001,160

3,845,917

(2,201,301)

1,644,616

NUEM

246,698,345

97,356,877

(14,697,914)

82,658,963

NUDM

510,171,005

148,884,389

(40,754,498)

108,129,891

NULC

41,744,665

12,816,312

(1,760,974)

11,055,338

NULG

1,663,384,371

399,365,743

(81,390,088)

317,975,655

NULV

1,699,035,711

258,901,856

(107,080,815)

151,821,041

NUMG

403,805,521

40,448,652

(36,613,427)

3,835,225

NUMV

376,088,670

47,493,980

(19,156,228)

28,337,752

NUSC

1,200,576,328

183,129,923

(130,619,856)

52,510,067

NDVG

11,545,846

1,984,307

(693,997)

1,290,310

NUGO

1,651,758,417

1,250,175,536

(25,819,492)

1,224,356,044

NWLG

8,533,695

3,739,662

(137,687)

3,601,975

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

The tax character of distributions paid was as follows:

As of year end, the Funds had capital loss carryforwards, which will not expire:

Fund

Undistributed

Ordinary

Income

Undistributed

Long-Term

Capital Gains

Unrealized

Appreciation

(Depreciation)

Capital Loss

Carryforwards

Late-Year Loss

Deferrals

Other

Book-to-Tax

Differences

Total

NUDV

121,107

62,241

1,644,616

—

1,827,964

NUEM

10,268,474

—

81,383,294

(23,873,899)

—

67,777,869

NUDM

32,453,529

10,837,528

108,177,765

—

151,468,822

NULC

1,977,975

2,794,328

11,055,338

—

15,827,641

NULG

1,320,768

—

317,975,655

(19,650,182)

—

299,646,241

NULV

25,649,670

—

151,821,041

(235,439,607)

—

(57,968,896)

NUMG

—

3,835,225

(108,438,700)

(3,345)

—

(104,606,820)

NUMV

4,585,679

—

28,337,752

(67,363,672)

—

(34,440,241)

NUSC

9,601,262

—

52,510,067

(292,444,687)

—

(230,333,358)

NDVG

6,760

—

1,290,310

(479,218)

—

817,852

NUGO

—

1,224,356,044

(623,649,872)

(4,126,385)

—

596,579,787

NWLG

—

3,601,975

(201,693)

(18,771)

—

3,381,511

10/31/25

10/31/24

Fund

Ordinary

Income

Long-Term

Capital Gains

Ordinary

Income

Long-Term

Capital Gains

NUDV

1,036,310

—

272,150

—

NUEM

5,496,020

—

5,500,560

—

NUDM

14,705,880

—

12,192,840

—

NULC

677,040

—

334,750

—

NULG

2,412,225

—

5,151,450

—

NULV

33,944,625

—

37,705,745

—

NUMG

243,440

—

696,525

—

NUMV

6,410,700

—

7,463,725

—

NUSC

13,976,730

—

11,720,700

—

NDVG

137,705

—

138,827

—

NUGO

—

5,148,114

—

NWLG

252

—

1,000

—

Fund

Short-Term

Long-Term

Total

NUDV

—

NUEM

16,326,852

7,547,047

23,873,899

NUDM

—

NULC

—

NULG

—

19,650,182

NULV

134,689,648

100,749,959

235,439,607

NUMG

73,999,206

34,439,494

108,438,700

NUMV

37,278,530

30,085,142

67,363,672

NUSC

124,864,829

167,579,858

292,444,687

NDVG

149,592

329,626

479,218

NUGO

601,802,428

21,847,444

623,649,872

NWLG

201,693

—

201,693

A portion of NUEM's capital loss carryforwards is subject to limitation under the Internal Revenue Code and related regulations.

Notes to Financial Statements

(continued)

As of year end, the Funds utilized the following capital loss carryforwards:

8. Management Fees and Other Transactions with Affiliates

Management Fees:

Each Fund’s management fee compensates the Adviser for its investment advisory services to the Funds. The Sub-Adviser

is compensated for its services to the Funds from the management fees paid to the Adviser. The Adviser is responsible for substantially all other

expenses of the Funds, except any future distribution and/or service fees, interest expenses, taxes, acquired fund fees and expenses, fees incurred

in acquiring and disposing of portfolio securities, fees and expenses of the independent trustees (including any trustees’ counsel fees), certain

compensation expenses of the Funds’ chief compliance officer, litigation expenses and extraordinary expenses.

The annual management fee, payable monthly, for each Fund is based on a percentage of average daily net assets according to the following rates:

Other Transactions with Affiliates:

The Funds receive voluntary compensation from the Adviser in amounts that approximate the cost of research

services obtained from broker-dealers and research providers if the Adviser had purchased the research services directly. This income received by the

Funds is recognized in "Affiliated income" on the Statement of Operations and any amounts due to the Funds at the end of the current fiscal period

is recognized in "Reimbursement from Adviser" on the Statement of Assets and Liabilities. During the current fiscal period, the values of voluntary

compensation were as follows:

Each Fund is permitted to purchase or sell securities from or to certain other funds or accounts managed by the Sub-Adviser or by an affiliate of

the Adviser (each an, “Affiliated Entity”) under specified conditions outlined in procedures adopted by the Board ("cross-trade"). These procedures

have been designed to ensure that any cross-trade of securities by the Fund from or to an Affiliated Entity by virtue of having a common investment

adviser (or affiliated investment adviser), common officer and/or common trustee complies with Rule 17a-7 under the 1940 Act. These transactions

are effected at the current market price (as provided by an independent pricing service) without incurring broker commissions.

Fund

Utilized

NUDV

—

NUEM

11,197,453

NUDM

12,060,742

NULC

—

NULG

83,553,085

NULV

—

NUMG

—

NUMV

—

NUSC

—

NDVG

—

NUGO

82,468,216

NWLG

630,646

Fund

Management Fee

NUDV

0.25%

NUEM

0.35

NUDM

0.27*

NULC

0.20

NULG

0.25

NULV

0.25

NUMG

0.30

NUMV

0.30

NUSC

0.30

NDVG

0.64

NUGO

0.55

NWLG

0.64

* Effective May 1, 2025. Prior to May 1. 2025 the rate was 0.30%.

Fund

Value

NUGO

617

NWLG

1,107

During the current fiscal period, the Funds did not engage in cross-trades pursuant to these procedures.

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

9. Emerging Markets Risks

The Emerging Markets Equity Fund holds a large portion of its assets in emerging market securities. Emerging market securities are often subject to

greater price volatility, less liquidity and higher rates of inflation and deflation than U.S. securities. In addition, emerging markets may be subject to

greater political, economic and social uncertainty, and differing regulatory environments that may potentially impact the Fund’s ability to buy or sell

certain securities or repatriate proceeds to U.S. dollars.

Underlying Fund

TIAA

Nuveen Equity

Funds

Nuveen

Lifecycle

Funds

Nuveen

Lifestyle

Funds

Nuveen

Managed

Allocation

Fund

Total

NUDV

–

NUEM

–

NUDM

–

NULC

–

NULG

–

NULV

–

NUMG

–

NUMV

–

NUSC

–

NDVG

–

NUGO

–

NWLG

–

Important Tax Information

naudited)

As required by the Internal Revenue Code and Treasury Regulations, certain tax information, as detailed below, must

be provided to shareholders. Shareholders are advised to consult their tax advisor with respect to the tax implications

of their investment. The amounts listed below may differ from the actual amounts reported on Form 1099-DIV, which

will be sent to shareholders shortly after calendar year end.

Long-Term Capital Gains

As of year end, each Fund designates the following distribution amounts, or maximum amount allowable, as being

from net long-term capital gains pursuant to Section 852(b)(3) of the Internal Revenue Code:

Dividends Received Deduction (DRD)

Each Fund listed below had the following percentage, or maximum amount allowable, of ordinary income distributions

eligible for the dividends received deduction for corporate shareholders:

Fund

Net Long-Term

Capital Gains

NUDV

—

NUEM

—

NUDM

—

NULC

—

NULG

—

NULV

—

NUMG

—

NUMV

—

NUSC

—

NDVG

—

NUGO

—

NWLG

—

Fund

Percentage

NUDV

NUEM

NUDM

–

NULC

NULG

100

NULV

100

NUMG

100

NUMV

NUSC

NDVG

100

NUGO

–

NWLG

100

Qualified Dividend Income (QDI)

Each Fund listed below had the following percentage, or maximum amount allowable, of ordinary income distributions

treated as qualified dividend income for individuals pursuant to Section 1(h)(11) of the Internal Revenue Code:

Foreign Source Income and Foreign Tax Credit Pass Through

Each Fund listed below has made an election under Section 853 of the Internal Revenue Code to pass through foreign

taxes paid:

Fund

Percentage

NUDV

NUEM

NUDM

NULC

NULG

100

NULV

100

NUMG

100

NUMV

NUSC

NDVG

100

NUGO

–

NWLG

100

Fund

Foreign Source

Income

Foreign Source

Income Per Share

Qualifying

Foreign

Taxes Paid

Qualifying

Foreign

Taxes Paid Per

NUDV

—

NUEM

7,335,596

0.82422

2,068,257

0.23239

NUDM

15,861,361

0.97309

1,326,844

0.08140

NULC

—

NULG

—

NULV

—

NUMG

—

NUMV

—

NUSC

—

NDVG

—

NUGO

—

NWLG

—

Item 8.

Changes in and Disagreements with Accountants for Open-End Management Investment Companies.

Changes in Independent Registered Public Accounting Firm

(a) Previous independent registered public accounting firm: On October 24, 2024, the Funds’ Board of Trustees (the “Board”), upon recommendation from the Audit Committee, notified KPMG LLP (“KPMG”) that it would be dismissed as the independent registered public accounting firm for the Funds effective upon (i) completion of KPMG’s audit of the Funds’ financial statements to be included in the Funds’ Annual Report on Form N-CSR (the “2024 Annual Report”) for the fiscal year ended October 31, 2024 and (ii) the issuance of KPMG’s report on the same. KPMG’s dismissal as the Funds’ independent registered public accounting firm was effective on December 26, 2024, which is the date on which KPMG issued their report on their audit of the Funds’ financial statements to be included in the 2024 Annual Report. KPMG’s audit reports on the Funds’ financial statements as of and for the fiscal years ended October 31, 2024 and October 31, 2023 contained no adverse opinion or disclaimer of opinion nor were they qualified or modified as to uncertainty, audit scope or accounting principles. During the Funds’ fiscal years ended October 31, 2024 and October 31, 2023, and for the subsequent interim period through December 26, 2024, there were no disagreements with KPMG on any matter of accounting principles or practices, financial statement disclosure or auditing scope or procedures, which disagreements if not resolved to the satisfaction of KPMG would have caused them to make reference in connection with their reports opinion to the subject matter of the disagreement. During the Funds’ fiscal years ended October 31, 2024 and October 31, 2023 and for the subsequent interim period through December 26, 2024, there were no reportable events (as defined in Regulation S-K Item 304(a)(1)(v)).

The Funds provided KPMG with a copy of the foregoing disclosures and requested that KPMG furnish the Funds with a letter addressed to the U.S. Securities and Exchange Commission stating whether KPMG agrees with the above statements.

(b) New independent registered public accounting firm: On October 24, 2024, the Board, upon recommendation from the Audit Committee, appointed PricewaterhouseCoopers LLP (“PwC”) as the new independent registered public accounting firm for the Funds for the fiscal year ended October 31, 2025 audit. During the Funds’ fiscal years ended October 31, 2024 and October 31, 2023 and for the subsequent interim period through December 26, 2024, the Funds have not consulted with PwC regarding any of the matters described in Regulation S-K Item 304 (“S-K 304”), S-K 304(a)(2)(i) or S-K 304(a)(2)(ii) disclosure.

Item 9.

Proxy Disclosures for Open-End Management Investment Companies.

Not applicable.

Item 10.

Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies.

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

The Funds do not pay any remuneration to their officers, but the Funds do reimburse Nuveen Fund Advisors, LLC, the Funds’ investment adviser and an affiliate of the Funds’ officers, for an allocable portion of Nuveen Fund Advisors, LLC’s cost of the compensation for the Funds’ Chief Compliance Officer. The aggregate remuneration paid to the trustees (all of whom are independent) and to Nuveen Fund Advisors, LLC, the Fund’s investment adviser and an affiliate of the Fund’s officers, by each Fund is reported as “Trustees fees” and “Management fees” on the Statement of Operations under Item 7 of this Form N-CSR.

Item 11.

Statement Regarding Basis for Approval of Investment Advisory Contract.

Not applicable.

Item 12.

Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Not applicable to open-end investment companies.

Item 13.

Portfolio Managers of Closed-End Management Investment Companies.

Not applicable to open-end investment companies.

Item 14.

Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

Not applicable to open-end investment companies.

Item 15.

Submission of Matters to a Vote of Security Holders.

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

Item 16.

Controls and Procedures.

(a)

The registrant’s principal executive and principal financial officers, or persons performing similar functions, have concluded that the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the “1940 Act”) (17 CFR 270.30a-3(c))) are effective, as of a date within 90 days of the filing date of this report that includes the disclosure required by this paragraph, based on their evaluation of the controls and procedures required by Rule 30a-3(b) under the 1940 Act (17 CFR 270.30a-3(b)) and Rules 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934, as amended (the “Exchange Act”) (17 CFR 240.13a-15(b) or 240.15d-15(b)).

(b)

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

Item 17.

Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.

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

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

Item 18.

Recovery of Erroneously Awarded Compensation.

(a)	Not applicable.

(b)	Not applicable.

Item 19.

Exhibits.


(a)(1)		Not applicable because the code of ethics is available, upon request and without charge, by calling 800-257-8787 and there were no amendments during the period covered by this report.

(a)(2)		Not applicable.

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

(a)(4)		Not applicable.

(a)(5)		Change in the registrant’s independent public accountant. Filed herewith.

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

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Nushares ETF Trust

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


Date: January 7, 2026	By:	/s/ Briton Ryan
		Briton Ryan
		Chief Administrative Officer
		(principal executive officer)

Date: January 7, 2026	By:	/s/ Marc Cardella
		Marc Cardella
		Vice President and Controller
		(principal financial officer)

Exhibit 19(a)(3)

CERTIFICATION

I, Briton Ryan, certify that:

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

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

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

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

(a)

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

(b)

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

(c)

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

(d)

Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

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

(a)

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

(b)

Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

CERTIFICATION

I, Marc Cardella, certify that:

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

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

(a)

(b)

(c)

(d)

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

(a)

(b)

Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

LOGO

KPMG LLP

Aon Center

Suite 5500

200 E. Randolph Street

Chicago, IL 60601-6436

January 7, 2026

Securities and Exchange Commission

Washington, D.C. 20549

Ladies and Gentlemen:

We were previously principal accountants for the Funds listed in Appendix I (the Funds) and, under the date of December 26, 2024, we reported on the financial statements of the Funds as of and for the years ended October 31, 2024 and 2023. On October 24, 2024, we were notified that the Funds appointed PricewaterhouseCoopers LLP as its principal accountant for the year ending October 31, 2025 and that the auditor-client relationship with KPMG LLP will cease upon completion of the audits of the Funds’ financial statements as of and for the year ended October 31, 2024, and the issuance of our reports thereon. On December 26, 2024, we completed our audits and the auditor-client relationship ceased.

We have read the statements made by the Funds included under Item 8 of Form N-CSR dated January 7, 2026, and we agree with such statements, except we are not in a position to agree or disagree with the Funds’ statements in section (b) of Item 8 of Form N-CSR.

Very truly yours,

Attachment

KPMG LLP, a Delaware limited liability partnership, and its subsidiaries are part of

the KPMG global organization of independent member firms affiliated with KPMG

International Limited, a private English company limited by guarantee.

Appendix I

NuShares ETF Trust

Nuveen ESG Dividend ETF (NUDV)

Nuveen ESG Emerging Markets Equity ETF (NUEM)

Nuveen ESG International Developed Markets Equity ETF (NUDM)

Nuveen ESG Large-Cap ETF (NULC)

Nuveen ESG Large-Cap Growth ETF (NULG)

Nuveen ESG Large-Cap Value ETF (NULV)

Nuveen ESG Mid-Cap Growth ETF (NUMG)

Nuveen ESG Mid-Cap Value ETF (NUMV)

Nuveen ESG Small-Cap ETF (NUSC)

Nuveen Dividend Growth ETF (NDVG)

Nuveen Growth Opportunities ETF (NUGO)

Nuveen Small Cap Select ETF (NSCS)

Nuveen Winslow Large-Cap Growth ESG ETF (NWLG)

Exhibit 19(b)

CERTIFICATION

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

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

In connection with the annual report of Nushares ETF Trust (the “Registrant”) on Form N-CSR for the period ended October 31, 2025, as filed with the Securities and Exchange Commission (the “Report”), the undersigned officers of the Registrant certify that, to the best of each such officer’s knowledge:

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

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


Date: January 7, 2026	By:	/s/ Briton Ryan
		Briton Ryan
		Chief Administrative Officer
		(principal executive officer)

Date: January 7, 2026	By:	/s/ Marc Cardella
		Marc Cardella
		Vice President and Controller
		(principal financial officer)