ETF Research Center

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

FUND BASICS
Category	Emerging Market Equities
Fund Sponsor	Nuveen
Website	www.nuveen.com
Inception date	Jun 07, 2017
Assets (mns)	$57
Currency	USD
Expense ratio	45 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	412
Wgt avg mkt cap (mns)	$80,740
Large cap (>$10bn)	69.1%
Mid cap ($2-10bn)	29.7%
Small cap (<$2bn)	1.3%
Developed mkts	9.3%
Emerging mkts	88.1%

TOP TEN HOLDINGS
Total	28.8 %
TAIWAN SEMICONDUCTOR MANUFAC	5.9 %
ALIBABA GROUP HOLDING LTD. SPONSOR	5.7 %
TENCENT HOLDINGS LTD	5.5 %
ITAU UNIBANCO HOLDING SA	1.9 %
NASPERS LTD-N SHS	1.7 %
CHINA MERCHANTS BANK - H	1.7 %
TATA CONSULTANCY SVS LTD	1.6 %
AXIS BANK LIMITED	1.6 %
HINDUSTAN UNILEVER LIMITED	1.6 %
BANCO BRADESCO SA-PREF	1.6 %

TOP COUNTRY EXPOSURE
	CHINA	27.2 %
	TAIWAN	13.4 %
	SOUTH KOREA	10.5 %
	INDIA	8.9 %
	BRAZIL	7.6 %
	HONG KONG	6.0 %
	SOUTH AFRICA	4.5 %
	MEXICO	2.8 %
	THAILAND	2.8 %
	SAUDI ARABIA	2.5 %

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.
7.7%	9.7%	--	--	2.0%

Market Correlations
versus...	Beta	R-squared
S&P500	0.92	60%
MSCI EAFE	1.12	71%
MSCI Emg. Mkts.	1.03	97%

Technical Indicators
Recent close	$25.87
30d moving avg.	$25.67
Annualized volatility	15.7%
Short interest (ETF)	0.0%
Relative strength (RSI)	63

Liquidity measures
Avg. volume (thou.)	4
Turnover	0.2%
Bid/Ask (% of price)	0.68%
ADV underlying (mns)	$11,261

Distributions

FINDING ALTERNATIVE FUNDS

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

Benchmark ticker:

NUEM

Expense:

45 bp

ALTAR Score™:

8.6%

ALTERNATIVE ETFs BASED ON OVERLAP WITH NUEM
Ticker	Fund Name	Overlap¹ vs NUEM (%)	Expense ratio (bp)	Savings vs NUEM (bp)	ALTAR Score™ (%)	ALTAR vs NUEM (%)
EMSG	Xtrackers MSCI Emerging Markets ESG Leaders Equity	45.0	20	25	8.3	-0.2
ESGE	iShares MSCI EM ESG Optimized	42.8	25	20	9.4	+0.9
EEMX	SPDR MSCI Emerging Markets Fossil Fuel Free	37.2	30	15	8.7	+0.1
EEM	iShares MSCI Emerging Markets	33.0	67	-22	8.7	+0.1
DBEM	Xtrackers MSCI Emg. Mkts. Hedged	31.9	65	-20	8.6	0.0
SCHE	Schwab Emerging Markets Equity	31.9	13	32	8.8	+0.2
EEMA	iShares MSCI Emg Mkts Asia	31.8	50	-5	8.8	+0.2
XSOE	WisdomTree Emg Mkt ex-SOE	31.4	32	13	7.0	-1.5
PBEE	Invesco PureBeta FTSE Emerging Markets	29.8	14	31	9.4	+0.8
IEMG	iShares Core MSCI Emerging Markets	29.8	14	31	8.7	+0.1
GEM	Goldman Sachs ActiveBeta Emg Mkts Equity	29.4	45	0	9.3	+0.7
AAXJ	iShares MSCI Asia ex-Japan	28.8	67	-22	8.3	-0.2
BKF	iShares MSCI BRIC	27.9	67	-22	8.9	+0.3
FLAX	Franklin FTSE Asia Ex Japan	27.8	19	26	8.8	+0.2
JHEM	John Hancock Multifactor Emerging Markets	27.5	55	-10	8.9	+0.3
VWO	Vanguard Emerging Markets	27.4	12	33	8.8	+0.2
SPEM	SPDR Portfolio Emerging Markets	26.4	11	34	8.6	0.0
KEMX	KraneShares MSCI Emerging Markets EX China Index	25.9	49	-4	8.8	+0.2
GMF	SPDR S&P Emerging Asia Pacific	24.0	49	-4	8.2	-0.3
RFEM	First Trust Riverfront Dynamic Emerging Markets	23.7	95	-50	10.8	+2.3

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%.

Content on this tab for subscribers only**

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

Content on this tab for subscribers only

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 Emerging 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	13.0	%
Divided by: Fwd. P/BV	1.4	x
Less: Expense ratio	45	bp
Equals: ALTAR Score	8.6	%

More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS

COMPOSITE RATING	1.50	CATEGORY AVERAGE	1.49

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.