ETF Research Center

The NuShares ESG Large-Cap Growth ETF tracks an index composed of large-cap U.S. companies with growth characteristics that also meet certain environmental, social, and governance criteria.

FUND BASICS
Category	US Equities
Fund Sponsor	Nuveen
Website	www.nuveen.com
Inception date	Dec 13, 2016
Assets (mns)	$122
Currency	USD
Expense ratio	35 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	108
Wgt avg mkt cap (mns)	$268,331
Large cap (>$10bn)	98.0%
Mid cap ($2-10bn)	2.0%
Small cap (<$2bn)	0.0%
Developed mkts	98.5%
Emerging mkts	1.5%

TOP TEN HOLDINGS
Total	35.3 %
MICROSOFT CORP	9.4 %
ALPHABET INC. CLASS A	4.2 %
VISA INC-CLASS A SHARES	3.7 %
MASTERCARD INC-CLASS A	3.3 %
ALPHABET INC. CLASS C	3.1 %
ADOBE SYSTEMS INC	2.5 %
HOME DEPOT INC	2.4 %
NVIDIA CORP	2.3 %
SALESFORCE.COM INC	2.3 %
THERMO FISHER SCIENTIFIC INC	2.2 %

TOP COUNTRY EXPOSURE
	UNITED STATES	93.3 %
	IRELAND	3.0 %
	BRITAIN	2.0 %
	ARGENTINA	1.6 %

HISTORICAL PERFORMANCE info

	Custom date range	Compare to
	thru

Standardized Annual Returns (thru December 31)
Year-to-date	1 year	5 years	10 years	Since Incep.
39.2%	39.2%	--	--	20.2%

Market Correlations
versus...	Beta	R-squared
S&P500	1.00	88%
MSCI EAFE	0.90	58%
MSCI Emg. Mkts.	0.56	39%

Technical Indicators
Recent close	$43.72
30d moving avg.	$41.72
Annualized volatility	12.9%
Short interest (ETF)	0.0%
Relative strength (RSI)	78

Liquidity measures
Avg. volume (thou.)	23
Turnover	0.8%
Bid/Ask (% of price)	0.08%
ADV underlying (mns)	$36,800

Distributions

FINDING ALTERNATIVE FUNDS

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

Benchmark ticker:

NULG

Expense:

35 bp

ALTAR Score™:

3.8%

ALTERNATIVE ETFs BASED ON OVERLAP WITH NULG
Ticker	Fund Name	Overlap¹ vs NULG (%)	Expense ratio (bp)	Savings vs NULG (bp)	ALTAR Score™ (%)	ALTAR vs NULG (%)
NULC	Nuveen ESG Large-Cap ETF	49.7	20	15	5.0	+1.2
JKE	iShares Morningstar Large Cap Growth	47.0	25	10	3.4	-0.4
MGK	Vanguard Mega Cap 300 Growth	44.0	7	28	4.6	+0.8
IWY	iShares Russell Top 200 Growth	41.6	20	15	4.6	+0.8
VUG	Vanguard Growth ETF	41.2	4	31	4.5	+0.7
USSG	Xtrackers MSCI USA ESG Leaders Equity	40.0	10	25	5.3	+1.6
SUSL	iShares ESG MSCI USA Leaders	39.9	10	25	5.3	+1.6
DSI	iShares MSCI KLD 400 Social	38.6	25	10	5.2	+1.4
VONG	Vanguard Russell 1000 Growth	37.0	12	23	4.7	+0.9
SPYG	SPDR Portfolio S&P 500 Growth	36.8	4	31	4.7	+0.9
IWF	iShares Russell 1000 Growth	36.8	19	16	4.6	+0.8
IVW	iShares S&P 500 Growth	36.8	18	17	4.5	+0.8
SCHG	Schwab U.S. Large-Cap Growth	36.5	4	31	4.5	+0.7
PWB	Invesco Dynamic Large Cap Growth	36.0	55	-20	3.7	-0.1
TMFC	Motley Fool 100 Index	35.7	50	-15	4.0	+0.2
IUSG	iShares Core U.S. Growth	34.8	4	31	4.7	+0.9
VOOG	Vanguard S&P 500 Growth	34.7	15	20	4.6	+0.8
IGM	iShares S&P N. American Technology	34.7	46	-11	4.1	+0.3
IETC	iShares Evolved U.S. Technology	34.4	18	17	4.3	+0.5
LRGE	ClearBridge Large Cap Growth ESG	33.9	60	-25	3.9	+0.1

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 Large-Cap Growth
Relative to:	S&P500	MSCI EAFE	MSCI Emg. Mkts.	Other ETF:

UNDERWEIGHT

Below average appreciation potential. A rating of UNDERWEIGHT is assigned to ETFs with ALTAR Scores in the 2nd quintile (ranking higher than only 20%-40%) of their category. Typically, funds in this category consist of stocks trading at relatively expensive valuations and/or having below-average fundamentals.

ALTAR Score™

Calculation of ALTAR Score™
Avg. Return on Equity	26.1	%
Divided by: Fwd. P/BV	6.3	x
Less: Expense ratio	35	bp
Equals: ALTAR Score	3.8	%

More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS

COMPOSITE RATING	1.41	CATEGORY AVERAGE	1.55

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.