ETF Research Center

The NuShares ESG Mid-Cap Value ETF tracks an index of US midcap value stocks that score highly on environmental, social, and governance criteria. The fund is optimized to keep risk and return characteristics in line with the midcap value market.

FUND BASICS
Category	US Equities
Fund Sponsor	Nuveen
Website	www.nuveen.com
Inception date	Dec 13, 2016
Assets (mns)	$57
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	84
Wgt avg mkt cap (mns)	$12,291
Large cap (>$10bn)	57.6%
Mid cap ($2-10bn)	42.4%
Small cap (<$2bn)	0.0%
Developed mkts	100.0%
Emerging mkts	0.0%

TOP TEN HOLDINGS
Total	21.1 %
EVERSOURCE ENERGY	2.5 %
MARVELL TECHNOLOGY GROUP LTD	2.1 %
GENUINE PARTS CO	2.1 %
MID-AMERICA APARTMENT COMM	2.1 %
INTL FLAVORS & FRAGRANCES	2.1 %
GARMIN LTD	2.1 %
ARTHUR J GALLAGHER & CO	2.1 %
WESTERN UNION CO	2.0 %
ARCH CAPITAL GROUP LTD	2.0 %
CMS ENERGY CORP	2.0 %

TOP COUNTRY EXPOSURE
	UNITED STATES	90.9 %
	BERMUDA	4.2 %
	SWITZERLAND	2.1 %
	BRITAIN	1.7 %
	IRELAND	1.0 %

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.
24.0%	13.5%	--	--	8.2%

Market Correlations
versus...	Beta	R-squared
S&P500	0.98	80%
MSCI EAFE	0.96	63%
MSCI Emg. Mkts.	0.65	47%

Technical Indicators
Recent close	$30.23
30d moving avg.	$29.45
Annualized volatility	13.6%
Short interest (ETF)	0.0%
Relative strength (RSI)	69

Liquidity measures
Avg. volume (thou.)	7
Turnover	0.4%
Bid/Ask (% of price)	0.17%
ADV underlying (mns)	$8,903

Distributions

FINDING ALTERNATIVE FUNDS

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

Benchmark ticker:

NUMV

Expense:

40 bp

ALTAR Score™:

7.4%

ALTERNATIVE ETFs BASED ON OVERLAP WITH NUMV
Ticker	Fund Name	Overlap¹ vs NUMV (%)	Expense ratio (bp)	Savings vs NUMV (bp)	ALTAR Score™ (%)	ALTAR vs NUMV (%)
VOE	Vanguard Mid-Cap Value	27.1	7	33	7.6	+0.2
JKI	iShares Morningstar Mid Cap Value	22.8	30	10	8.6	+1.2
MIDF	iShares Edge MSCI Multifactor USA Mid-Cap ETF	18.9	25	15	7.6	+0.2
SPYD	SPDR Portfolio S&P 500 High Dividend	18.8	7	33	9.1	+1.7
RVRS	Reverse Cap Weighted US Large Cap	18.6	29	11	7.9	+0.5
TPHD	Timothy Plan High Dividend Stock	18.2	52	-12	6.7	-0.7
ESGS	Columbia Sustainable U.S. Equity Income	17.0	35	5	8.3	+0.9
DON	WisdomTree Midcap Dividend	17.0	38	2	7.0	-0.4
VO	Vanguard Mid-Cap ETF	16.5	4	36	5.8	-1.6
ONEY	SPDR Russell 1000 Yield Focus	16.4	20	20	8.3	+0.9
IWS	iShares Russell Midcap Value	15.8	24	16	7.0	-0.4
RPV	Invesco S&P 500 Pure Value ETF	15.6	35	5	9.7	+2.3
OMFL	Oppenheimer Russell 1000 Dynamic Multifactor	15.2	29	11	9.5	+2.1
QDIV	Global X S&P 500 Quality Dividend	15.1	20	20	7.0	-0.4
JKG	iShares Morningstar MidCap Core	14.9	25	15	6.1	-1.3
SPDV	AAM S&P 500 High Dividend Value	14.2	29	11	10.7	+3.2
RCD	Invesco S&P Equal Weight Consumer Discretionary	14.1	40	0	8.4	+1.0
CZA	Invesco Mid-Cap Core	13.8	76	-36	6.1	-1.3
JHMM	John Hancock Multifactor Mid Cap	13.7	44	-4	5.9	-1.5
JPME	JPMorgan Diversified Return U.S. Mid Cap Equity	13.6	24	16	6.1	-1.3

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%.

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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 Mid-Cap Value
Relative to:	S&P500	MSCI EAFE	MSCI Emg. Mkts.	Other ETF:

OVERWEIGHT

Above average appreciation potential. A rating of OVERWEIGHT is assigned to ETFs with ALTAR Scores in the 4th quintile (ranking higher than 60%-80%) of their category. Typically, funds in this category consist of stocks trading at attractive valuations and/or having above-average fundamentals.

ALTAR Score™

Calculation of ALTAR Score™
Avg. Return on Equity	13.0	%
Divided by: Fwd. P/BV	1.7	x
Less: Expense ratio	40	bp
Equals: ALTAR Score	7.4	%

More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS

COMPOSITE RATING	1.63	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.