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The NuShares ESG International Developed Markets Equity ETF tracks an index of large- and midcap developed market stocks that score highly on environmental, social, and governance criteria. The index is optimized for marketlike risk and return characteris

FUND BASICS
Category	International Equities
Fund Sponsor	Nuveen
Website	www.nuveen.com
Inception date	Jun 07, 2017
Assets (mns)	$67
Currency	USD
Expense ratio	40 bp
Distributions	Annually

FUND STRUCTURE
Regulation	Open-Ended Fund
Custodian
Weighting	Multi-Factor
Index replication
Uses derivatives	No
Options available	No

SECTOR BREAKDOWN

CONSTITUENT BREAKDOWN
No. of constituents	334
Wgt avg mkt cap (mns)	$56,756
Large cap (>$10bn)	84.7%
Mid cap ($2-10bn)	13.5%
Small cap (<$2bn)	0.6%
Developed mkts	99.8%
Emerging mkts	0.2%

TOP TEN HOLDINGS
Total	19.8 %
NESTLE SA-REG	3.2 %
ROCHE HOLDING AG-GENUSSCHEIN	2.6 %
ASTRAZENECA PLC	2.0 %
SIEMENS AG-REG	2.0 %
SONY CORP	1.7 %
L'OREAL	1.7 %
SCHNEIDER ELECTRIC SA	1.7 %
HONDA MOTOR CO LTD	1.7 %
WESTPAC BANKING CORP	1.6 %
NTT DOCOMO, INC.	1.5 %

TOP COUNTRY EXPOSURE
	JAPAN	24.5 %
	BRITAIN	17.1 %
	FRANCE	9.8 %
	SWITZERLAND	9.2 %
	GERMANY	9.2 %
	AUSTRALIA	6.5 %
	NETHERLANDS	3.8 %
	HONG KONG	3.5 %
	SPAIN	2.8 %
	SWEDEN	2.6 %

HISTORICAL PERFORMANCE info

	Custom date range	Compare to
	thru

Standardized Annual Returns (thru October 31)
Year-to-date	1 year	5 years	10 years	Since Incep.
20.0%	14.1%	--	--	4.0%

Market Correlations
versus...	Beta	R-squared
S&P500	0.86	81%
MSCI EAFE	1.05	97%
MSCI Emg. Mkts.	0.73	76%

Technical Indicators
Recent close	$26.92
30d moving avg.	$26.47
Annualized volatility	12.6%
Short interest (ETF)	0.0%
Relative strength (RSI)	79

Liquidity measures
Avg. volume (thou.)	8
Turnover	0.3%
Bid/Ask (% of price)	0.50%
ADV underlying (mns)	$18,816

Distributions

FINDING ALTERNATIVE FUNDS

Below is a list of 20 potential alternatives to the NuShares ESG Int'l Developed Markets Equity ETF based on the alternatives' overlap in portfolio holdings with NUDM. Consider funds with lower expense ratios and/or higher ALTAR Score™ ratings as possible alternatives.

Benchmark ticker:

NUDM

Expense:

40 bp

ALTAR Score™:

6.9%

ALTERNATIVE ETFs BASED ON OVERLAP WITH NUDM
Ticker	Fund Name	Overlap¹ vs NUDM (%)	Expense ratio (bp)	Savings vs NUDM (bp)	ALTAR Score™ (%)	ALTAR vs NUDM (%)
EASG	Xtrackers MSCI EAFE ESG Leaders Equity	37.7	14	26	6.7	-0.2
ESGD	iShares MSCI EAFE ESG Optimized	35.4	20	20	6.9	+0.0
EFG	iShares MSCI EAFE Growth	30.8	40	0	5.1	-1.8
EFAX	SPDR MSCI EAFE Fossil Fuel Free	29.2	20	20	7.2	+0.3
QEFA	SPDR MSCI EAFE Quality Mix	28.5	30	10	6.6	-0.3
DBEU	Xtrackers Europe Hedged	27.9	45	-5	6.5	-0.4
IEV	iShares S&P Europe 350	27.8	59	-19	6.4	-0.5
EFA	iShares MSCI EAFE	27.5	31	9	7.0	+0.1
FLEE	Franklin FTSE Europe	27.4	9	31	6.9	+0.0
HFXE	IQ 50 PERCENT HEDGED FTSE EUROPE	27.4	30	10	6.7	-0.2
FLEH	Franklin FTSE Europe Hedged	27.2	9	31	6.9	-0.0
ACSG	Xtrackers MSCI ACWI ex USA ESG Leaders Equity	27.0	16	24	7.1	+0.3
DBEF	Xtrackers MSCI EAFE Hedged	26.8	35	5	6.9	-0.0
BBEU	JPMorgan BetaBuilders Europe	26.4	9	31	6.9	+0.0
GSEU	Goldman Sachs ActiveBeta Europe Equity	26.1	25	15	6.5	-0.4
IEUR	iShares Core MSCI Europe	25.6	9	31	6.9	+0.0
DOL	WisdomTree Int'l Large Cap Dividend	25.5	48	-8	7.7	+0.8
HFXI	IQ 50 Percent Hedged FTSE Int'l	25.4	20	20	7.3	+0.4
VGK	Vanguard FTSE Europe	25.0	9	31	7.0	+0.1
FEU	SPDR DJ Stoxx 50	25.0	9	31	6.9	-0.0

¹Overlap is the percentage of holdings by weight that are identical. For example, if Fund A has a 2% position in Apple, Inc. (AAPL) and Fund B has a 5% position, their overlapping position in AAPL is 2%.

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RESULTS & ESTIMATES

	2014	2015	2016	2017	2018	2019E	2020E
Sales per share	**	**	**	**	**	**	**
Earnings per share	**	**	**	**	**	**	**
Dividends per share	**	**	**	**	**	**	**
Book value per share	**	**	**	**	**	**	**

Sales per share growth		**%	**%	**%	**%	**%	**%
EPS growth		**%	**%	**%	**%	**%	**%

Sales per share growth		**%	**%	**%	**%	**%	**%
EPS growth		**%	**%	**%	**%	**%	**%

OTHER FUNDAMENTAL METRICS

Long term EPS growth est.	**%		Debt-to-equity	**x
Asset turnover	**%		Assets-to-equity	**x

Return on equity

Revision activity*

*Six months ago = 100

Net margins

Compound annual growth rates

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VALUATION METRICS

	2018	2019E	2020E
Price-to-sales	**	**	**
Price-to-earnings	**	**	**
Price-to-cash flow	**	**	**
Price-to-growth	**	**	**
Price-to-book value	**	**	**
Yield	**	**	**

Historical valuation trends

Forward multiple:	NuShares ESG Int'l Developed Markets Equity
Relative to:	S&P500	MSCI EAFE	MSCI Emg. Mkts.	Other ETF:

NEUTRAL

Average appreciation potential. A rating of NEUTRAL is assigned to ETFs with ALTAR Scores in the middle quintile (ranking between 40%-60%) of their category. This indicates that valuations adequately reflect the fundamentals of stocks in these funds.

ALTAR Score™

Calculation of ALTAR Score™
Avg. Return on Equity	11.1	%
Divided by: Fwd. P/BV	1.5	x
Less: Expense ratio	40	bp
Equals: ALTAR Score	6.9	%

More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS

COMPOSITE RATING	1.65	CATEGORY AVERAGE	1.63

The composite rating is a weighted average of analysts' consensus recommendations for individual ETF constituents, based on the following scale: BUY = 1; OVERWEIGHT = 1.5, HOLD = 2; UNDERWEIGHT = 2.5; and SELL = 3. Readers are cautioned that because analyst ratings tend to be inflated, the composite score may be more useful as a relative measure of sentiment between funds rather than as a stand-alone recommendation.