ETF Research Center

The NuShares ESG Small-Cap ETF tracks a multi-factor-weighted index of small-cap companies listed on US exchanges. Holdings are screened for environmental, social, and governance criteria.

FUND BASICS
Category	US Equities
Fund Sponsor	Nuveen
Website	www.nuveen.com
Inception date	Dec 13, 2016
Assets (mns)	$169
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	633
Wgt avg mkt cap (mns)	$3,983
Large cap (>$10bn)	3.8%
Mid cap ($2-10bn)	69.0%
Small cap (<$2bn)	27.3%
Developed mkts	100.0%
Emerging mkts	0.0%

TOP TEN HOLDINGS
Total	8.4 %
BROWN & BROWN INC	1.0 %
BOOZ ALLEN HAMILTON HOLDINGS	1.0 %
FIRST AMERICAN FINANCIAL	1.0 %
VICI PROPERTIES INC	0.9 %
STARWOOD PROPERTY TRUST INC	0.9 %
SERVICE CORP INTERNATIONAL	0.9 %
BRIGHT HORIZONS FAMILY SOLUT	0.7 %
GENERAC HOLDINGS INC	0.7 %
ENTEGRIS INC	0.7 %
WEX INC	0.7 %

TOP COUNTRY EXPOSURE
	UNITED STATES	97.7 %
	BERMUDA	0.6 %
	NETHERLANDS	0.4 %
	CAYMAN ISLANDS	0.3 %
	PUERTO RICO	0.3 %
	BRITAIN	0.2 %
	IRELAND	0.2 %

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.
20.1%	9.2%	--	--	8.6%

Market Correlations
versus...	Beta	R-squared
S&P500	1.15	83%
MSCI EAFE	1.01	52%
MSCI Emg. Mkts.	0.67	37%

Technical Indicators
Recent close	$29.91
30d moving avg.	$29.53
Annualized volatility	15.7%
Short interest (ETF)	0.0%
Relative strength (RSI)	67

Liquidity measures
Avg. volume (thou.)	27
Turnover	0.5%
Bid/Ask (% of price)	0.21%
ADV underlying (mns)	$13,869

Distributions

FINDING ALTERNATIVE FUNDS

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

Benchmark ticker:

NUSC

Expense:

40 bp

ALTAR Score™:

5.2%

ALTERNATIVE ETFs BASED ON OVERLAP WITH NUSC
Ticker	Fund Name	Overlap¹ vs NUSC (%)	Expense ratio (bp)	Savings vs NUSC (bp)	ALTAR Score™ (%)	ALTAR vs NUSC (%)
ESML	iShares MSCI USA Small-Cap ESG Optimized	53.7	17	23	4.9	-0.3
PBSM	Invesco PureBeta MSCI USA Small Cap	38.6	6	34	5.3	+0.1
SCHA	Schwab U.S. Small-Cap	33.1	4	36	5.1	-0.0
VB	Vanguard Smallcap ETF	32.8	5	35	5.7	+0.5
SPMD	SPDR Portfolio Mid Cap	32.3	5	35	6.3	+1.2
SPSM	SPDR Portfolio Small Cap	31.3	5	35	4.6	-0.5
IWM	iShares Russell 2000	29.8	19	21	3.8	-1.3
IJH	iShares Core S&P MidCap	29.1	7	33	6.4	+1.3
EWMC	Invesco S&P Mid Cap 400 Equal Weight	29.1	40	0	6.8	+1.6
MDY	S&P MidCap 400 SPDR	29.1	24	16	6.2	+1.1
VTWO	Vanguard Russell 2000	28.9	15	25	3.8	-1.3
VBK	Vanguard Small-Cap Growth ETF	28.8	7	33	2.9	-2.2
VBR	Vanguard Small-Cap Value ETF	28.7	7	33	7.8	+2.7
IVOO	Vanguard S&P Mid-Cap 400	28.5	15	25	6.3	+1.2
EZM	WisdomTree Midcap Earnings	27.0	38	2	7.8	+2.7
ISMD	Inspire Small/Mid Cap Impact	26.8	61	-21	4.8	-0.4
VXF	Vanguard Extended Market	26.8	7	33	3.5	-1.7
FSMD	Fidelity Small-Mid Factor ETF	26.7	29	11	6.6	+1.4
GSSC	Goldman Sachs Activebeta U.S. Small Cap Equity	26.7	20	20	5.9	+0.7
IUSS	Invesco Strategic US Small Company	26.2	23	17	6.4	+1.2

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 Small-Cap
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	10.4	%
Divided by: Fwd. P/BV	1.9	x
Less: Expense ratio	40	bp
Equals: ALTAR Score	5.2	%

More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS

COMPOSITE RATING	1.52	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.