At a glance
NUDM charges 0.27% a year, above the 0.16% average of the 8 funds most like it (the 7th cheapest of 9). It has $707.9M in assets, the 8th largest of that group; it paid 6.87% of its price in distributions over the past 12 months, annual. Over the past year it returned +9.1% with distributions reinvested (S&P 500: +11.5%), the weakest of those 9 funds; over three years it returned +20.3% a year. At its worst it fell 29.2% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 16 months after the low. Its ten largest positions make up 22.5% of the fund, out of 152 in all.
The short version
Nuveen ESG International Developed Markets Equity ETF (NUDM) is an index fund. It tracks an MSCI index of about 150 large and mid-size companies in developed markets outside the US and Canada, chosen for strong environmental, social and governance (ESG) scores. It may suit investors who want international stocks with an ESG screen. The trade-off is cost: its 0.27% expense ratio is above the 0.16% average for similar funds.
Price history
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NUDM +9.1% over the year to Oct 27, 2026, total return with distributions reinvested.
How it has behaved
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | Since start | |
|---|---|---|---|---|---|---|
| NUDM official prospectus, to Dec 31, 2025 | — | +29.35% | — | +8.54% | — | +7.90% |
| NUDM price data to Oct 27, 2026 | +8.5% | +9.1% | +20.3% | +8.1% | — | +11.6% |
- Over the year to Oct 27, 2026, NUDM returned +9.1%, 9th of 9 among similar funds.
- Its 5-year annualized return was +8.1%.
- Its worst full calendar year was 2022 (-15.1%); its best was 2025 (+29.5%).
- The deepest fall in its price history was 30.1% (Nov 8, 2021 to Oct 12, 2022), recovered by Mar 1, 2024.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | +8.5% | — |
| 2025 | +29.5% | +29.35% |
| 2024 | +5.5% | +5.55% |
| 2023 | +17.7% | +17.89% |
| 2022 | -15.1% | -15.08% |
| 2021 | +10.6% | +10.21% |
| 2020 | — | +10.74% |
| 2019 | — | +24.28% |
| 2018 | — | -14.63% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Before this security existed |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Not in the price data, which starts Jun 2, 2020 |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 28.8% over that stretch · deepest drop along the way 29.2%, back to its old high 16.4 months after the low |
Dividends and income
Show as a table
| Year | Per share | Change |
|---|---|---|
| 2025 | $2.7000 | +170.0% |
| 2024 | $1.0000 | +8.7% |
| 2023 | $0.9200 | +80.4% |
| 2022 | $0.5100 | -61.7% |
| 2021 | $1.3300 |
What's inside
As of Jul 31, 2026, the fund held 152 securities; the ten largest made up 22.54% of assets.
| Holding | Weight | |
|---|---|---|
| ASML Holding NV | 4.21% | |
| Novartis AG | 2.47% | |
| Siemens AG | 2.36% | |
| Commonwealth Bank of Australia | 2.10% | |
| Allianz SE | 2.07% | |
| Sumitomo Mitsui Financial Group Inc | 2.04% | |
| Mizuho Financial Group Inc | 1.93% | |
| ABB Ltd | 1.80% | |
| Intesa Sanpaolo SpA | 1.80% | |
| Panasonic Holdings Corp | 1.78% | |
| Tokyo Electron Ltd | 1.76% | |
| National Australia Bank Ltd | 1.70% | |
| Bayer AG | 1.70% | |
| 3i Group PLC | 1.68% | |
| Iberdrola SA | 1.66% |
By country
Japan 23.58%United Kingdom 13.34%Switzerland 9.51%France 9.05%Germany 8.54%By asset type
Stocks 99.61%What changed recently
- Over the three months to Jul 31, 2026, investors added a net $0.00 (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +2.92%, +1.74%, +1.38%.
How it works
NUDM tracks the Nuveen ESG International Developed Markets Equity Index, which MSCI owns and calculates. The index starts from the MSCI EAFE Index, a market-value-weighted list of large and mid-size companies in 21 developed countries, including Japan, the UK, France, Germany, Switzerland and Australia. MSCI ESG Research scores each company against its industry peers on issues such as climate change, waste, treatment of employees and suppliers, product safety and business ethics. Companies with significant business in alcohol, tobacco, nuclear power, gambling, or weapons and firearms are excluded. So are companies above certain carbon emissions and ownership thresholds.
The remaining companies are ranked within each sector. The highest scorers are added until they make up 50% of that sector's market value in the base index. They are then weighted by market value within their sector, and weights are adjusted so the sector mix roughly matches the EAFE Index. As of December 31, 2025, the index held 152 securities.
The fund aims to hold all the index's stocks in about the same proportions, and it does not take defensive positions when markets fall. The index rebalances quarterly, in February, May, August and November. Portfolio turnover was 68%, which shows that holdings change a fair amount at each rebalance.
What it really costs
- NUDM charges 0.27% a year, versus an average of 0.16% for the similar funds below (7th of 9, cheapest first).
- Using the prospectus's standard example, $10,000 invested would cost about $28 in the first year and $343 over 10 years (assuming a 5% annual return).
| Cost of $10,000 (SEC example) | 1 yr | 3 yrs | 5 yrs | 10 yrs |
|---|---|---|---|---|
| NUDM | $28 | $87 | $152 | $343 |
In a retirement portfolio
It adds about 150 non-US developed-market stocks, led by Japan and the UK, to portfolios that are often heavy in US companies.
NUDM adds companies such as ASML, Novartis and Siemens, and 23.6% of the fund was in Japan as of July 31, 2026. It launched in 2017, so it has no record from 2008. Its worst quarter was a 21.73% drop in early 2020. It fell 29.2% in the 2022 bear market. Its deepest drop, 30.1% from November 2021 to October 2022, took about 17 months to recover, until March 2024. Its worst calendar year was 2022, at −15.08%. Anyone drawing money in a slump like that may have to sell at low prices. The trailing yield was 6.87% as of October 27, 2026. The fund pays once a year, so income comes in one lump and can vary. In the SEC's $10,000 example, costs total $343 over 10 years. Past results don't predict the future, and a plan should look at the whole portfolio, not one fund.
Who it may suit — and who should look elsewhere
May suit
- Investors who want non-US developed-market stocks with screens that exclude tobacco, alcohol, gambling, weapons, nuclear power and high-carbon companies.
- Those comfortable with a portfolio led by Japan (23.6%) and the UK (13.3%), with large weights in financial and industrial companies.
- Buy-and-hold investors who are fine with one payout a year; the trailing yield was 6.87% as of October 27, 2026.
Look elsewhere if
- Cost-focused investors: NUDM's 0.27% expense ratio compares with 0.07% for IEFA, 0.04% for IDEV and 0.12% for DMXF.
- Retirees who need regular monthly or quarterly income, because NUDM pays a distribution only once a year.
- Investors who want emerging markets, or the full MSCI EAFE Index without ESG exclusions, as EFA and IEFA offer.
Close alternatives
Matched by holdings overlap from the latest N-PORT reports.
| Fund | Overlap | Cost | Net assets | 1 yr | 3 yr |
|---|---|---|---|---|---|
| NUDM this fund | — | 0.27% | $707.9M | +9.1% | +20.3% |
| ESGD iShares ESG Aware MSCI EAFE ETF | 42% | 0.21% | $12.21B | +11.7% | +19.8% |
| DMXF iShares ESG Advanced MSCI EAFE ETF | 38% | 0.12% | $959.7M | +12.3% | +19.4% |
| FEDM FlexShares ESG & Climate Developed Markets … | 32% | 0.12% | $79.1M | +13.8% | +19.3% |
| EFA iShares MSCI EAFE ETF | 31% | 0.32% | $77.98B | +13.5% | +18.2% |
| EFV iShares MSCI EAFE Value ETF | 29% | 0.33% | $29.11B | +21.9% | +23.3% |
| IEFA iShares Core MSCI EAFE ETF | 27% | 0.07% | $190.11B | +13.7% | +18.5% |
| IDEV iShares Core MSCI International Developed M… | 24% | 0.04% | $31.64B | +14.6% | +19.2% |
Questions investors ask
What does NUDM invest in?
NUDM holds stocks of large and mid-size companies in developed countries outside the US and Canada that pass MSCI's ESG screens. As of July 31, 2026, it owned 152 stocks, and the 10 largest made up 22.5% of the fund. The biggest were ASML (4.2%), Novartis (2.5%), Siemens (2.4%), Commonwealth Bank of Australia (2.1%) and Allianz (2.1%). Japan was the largest country at 23.6%, followed by the UK at 13.3%.
What is the NUDM expense ratio?
NUDM's expense ratio is 0.27% a year, according to its prospectus filed February 26, 2026. That ranks 7th cheapest of 9 among similar funds, whose average is 0.16%. In the SEC's standard example, which assumes $10,000 invested and a 5% yearly return, you would pay about $28 in costs after one year, $152 after five years and $343 after ten years.
NUDM vs ESGD: what's the difference?
Both apply ESG criteria to MSCI EAFE stocks, and about 42% of their holdings overlap. iShares ESG Aware MSCI EAFE ETF (ESGD) costs less, at 0.21% against NUDM's 0.27%. It is also much larger, with about $12.2 billion in net assets as of August 31, 2026, compared with about $708 million for NUDM as of July 31, 2026. As of October 27, 2026, ESGD returned 11.7% over one year against NUDM's 9.1%. Over three years, NUDM did slightly better: 20.3% a year against 19.8%.
Does NUDM pay dividends?
Yes, but only once a year. Over the 12 months to October 27, 2026, NUDM paid about $2.70 per share, a trailing yield of 6.87%. Because the yield comes from a single annual payment, the amount can change a lot from year to year, and past payouts may not repeat. Currency moves also matter: a stronger US dollar shrinks the dollar value of dividends paid by foreign companies.
How has NUDM performed over the long term?
NUDM returned 8.54% a year over the five years to December 31, 2025, and 7.9% a year since its 2017 launch, according to its prospectus. Results have swung widely, from 29.35% in 2025 to −15.08% in 2022 and −14.63% in 2018. Over the year to October 27, 2026, its 9.1% return ranked last among nine similar funds. Over three years, it ranked 4th of 9.