At a glance
NUGO charges 0.56% a year, above the 0.38% average of the 8 funds most like it (the 6th cheapest of 9). It has $2.44B in assets, the 4th largest of that group. Over the past year it returned +4.6% with distributions reinvested (S&P 500: +11.5%), 4th of those 9 funds; over three years it returned +25.6% a year. At its worst it fell 36.3% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 15 months after the low. Its ten largest positions make up 62.4% of the fund, out of 44 in all.
The short version
Nuveen Growth Opportunities ETF (NUGO) is an actively managed fund. Its managers pick 40 to 65 US growth stocks, and it held 44 as of July 31, 2026. It is heavily tilted to technology, with NVIDIA at 14.3% and Alphabet at 11.8% of assets. It may suit investors who want a manager's picks rather than an index, but its 0.56% expense ratio is far above index growth funds such as Vanguard Russell 1000 Growth ETF (VONG) at 0.07%.
Price history
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NUGO +4.6% 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 | |
|---|---|---|---|---|---|---|
| NUGO official prospectus, to Dec 31, 2025 | — | +14.53% | — | — | — | +11.61% |
| Russell1000Index index, same period | — | +17.37% | — | — | — | +11.52% |
| Russell1000Growth Index index, same period | — | +18.56% | — | — | — | +13.57% |
| NUGO price data to Oct 27, 2026 | +7.8% | +4.6% | +25.6% | +10.9% | — | +12.1% |
- Over the year to Oct 27, 2026, NUGO returned +4.6%, 4th of 9 among similar funds.
- Its 5-year annualized return was +10.9%.
- Its worst full calendar year was 2022 (-32.7%); its best was 2023 (+45.3%).
- The deepest fall in its price history was 38% (Nov 19, 2021 to Oct 14, 2022), recovered by Jan 24, 2024.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | +7.8% | — |
| 2025 | +14.9% | +14.53% |
| 2024 | +36.0% | +36.07% |
| 2023 | +45.3% | +45.87% |
| 2022 | -32.7% | -33.06% |
| 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 | Before this security existed |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 36.3% over that stretch · deepest drop along the way 36.3%, back to its old high 15.2 months after the low |
Dividends and income
Show as a table
| Year | Per share | Change |
|---|---|---|
| 2023 | $0.0400 | -20.0% |
| 2022 | $0.0500 |
What's inside
As of Jul 31, 2026, the fund held 44 securities; the ten largest made up 62.38% of assets.
| Holding | Weight | |
|---|---|---|
| NVIDIA Corp | 14.34% | |
| Alphabet Inc | 11.81% | |
| Apple Inc | 7.74% | |
| Broadcom Inc | 6.98% | |
| Microsoft Corp | 6.68% | |
| Eli Lilly & Co | 3.95% | |
| Mastercard Inc | 3.28% | |
| Applied Materials Inc | 2.82% | |
| Advanced Micro Devices Inc | 2.44% | |
| Western Digital Corp | 2.36% | |
| Amazon.com Inc | 2.31% | |
| General Electric Co | 2.00% | |
| Tesla Inc | 2.00% | |
| Arista Networks Inc | 1.85% | |
| Micron Technology Inc | 1.80% |
By country
United States 99.91%By asset type
Stocks 99.91%By sector
Sectors of the companies held, for the 92.5% of the fund in companies that have a stock page here; other holdings and cash aren't classified. Source: N-PORT holdings report as of Jul 31, 2026. Cash, money-market funds and derivatives are shown separately from the securities list.What changed recently
- Over the three months to Jul 31, 2026, investors withdrew a net $456.5M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +6.43%, -1.51%, -2.70%.
How it works
The fund aims for long-term growth in value. It doesn't track an index. Under normal conditions, at least 80% of its money goes into growth companies. The prospectus defines these as members of at least one of three growth indexes: the Russell 3000 Growth Index, the S&P 1500 Growth Index or the MSCI World IMI Growth Index. It mainly buys US companies worth at least $1 billion on the stock market. It may put up to 20% into foreign stocks, including emerging markets, or into American Depositary Receipts (ADRs), which are US-traded shares of foreign companies.
The portfolio managers pick 40 to 65 stocks and decide how much to hold of each. They look for a mix of earnings growth, sound business fundamentals and a reasonable price compared with the market and similar companies. Signs they look for include strong cash flow, spending on research, products competitors can't easily copy, solid balance sheets and trustworthy management. Turnover was 46%. That means the managers replaced roughly half the portfolio over a year.
The fund is "non-diversified," so it can put a lot of money into a few companies or sectors. As of July 31, 2026, the 10 largest holdings made up 62.4% of assets and technology made up 52.7%. The fund held no derivatives and almost no cash.
What it really costs
- NUGO charges 0.56% a year, versus an average of 0.38% for the similar funds below (6th of 9, cheapest first).
- Of that, 0.55% is the management fee; the rest covers other fund expenses.
- Using the prospectus's standard example, $10,000 invested would cost about $57 in the first year and $701 over 10 years (assuming a 5% annual return).
| Cost of $10,000 (SEC example) | 1 yr | 3 yrs | 5 yrs | 10 yrs |
|---|---|---|---|---|
| NUGO | $57 | $179 | $313 | $701 |
In a retirement portfolio
NUGO holds a concentrated, tech-heavy set of growth stocks, pays no income and has swung more than the broad market, so it fits better as a small add-on than as a foundation.
NUGO could add a concentrated position in large US growth companies alongside a broader core fund. Its history is short. It launched in September 2021, so it missed the 2008 and 2020 crashes. It fell 36.3% in the 2022 bear market, and it lost 33.06% in calendar year 2022. Its deepest drop was 38%, from November 2021 to October 2022. It didn't recover until January 2024, about 15 months after the low. Anyone who had to sell shares in that period would have locked in heavy losses.
It paid no distributions in the year to October 27, 2026, so it provides no income. It costs 0.56% a year. In the SEC's standard example, that comes to $57 in the first year on a $10,000 investment. 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 a manager hand-picking 40 to 65 growth stocks instead of tracking a growth index, and who accept costs of 0.56% a year.
- People comfortable with heavy technology exposure, which was 52.7% of assets as of July 31, 2026, with NVIDIA at 14.3% and Alphabet at 11.8%.
- Long-term holders who can sit through drops like its 38% fall in 2021–2022 and don't need income from this fund.
Look elsewhere if
- Cost-focused investors: index growth funds such as VONG (0.07%) and SPYG (0.04%) charge far less than NUGO's 0.56%.
- Anyone who needs dividend income: the fund paid no distributions in the year to October 27, 2026.
- Investors expecting active management to beat the market: it trailed the Russell 1000 Growth Index over one year and since launch, through December 31, 2025.
Close alternatives
Matched by holdings overlap from the latest N-PORT reports.
| Fund | Overlap | Cost | Net assets | 1 yr | 3 yr |
|---|---|---|---|---|---|
| NUGO this fund | — | 0.56% | $2.44B | +4.6% | +25.6% |
| TGRW T. Rowe Price Growth Stock ETF | 70% | 0.52% | $1.03B | -0.6% | +21.4% |
| WINN Harbor Long-Term Growers ETF | 67% | 0.57% | $1.13B | +5.5% | +25.4% |
| PGRO Putnam Focused Large Cap Growth ETF | 66% | 0.56% | $212.1M | +3.1% | +24.6% |
| PJFG PGIM Jennison Focused Growth ETF | 65% | 0.75% | $140.3M | +3.6% | +25.2% |
| TGRT T. Rowe Price Growth ETF | 65% | 0.38% | $1.48B | +1.0% | +23.5% |
| VONG Vanguard Russell 1000 Growth ETF | 64% | 0.07% | $54.28B | -2.3% | +22.4% |
| SPYG SPDR Portfolio S&P 500 Growth ETF | 63% | 0.04% | $52.99B | +7.2% | +25.3% |
Questions investors ask
Is NUGO good for retirement?
It may fit as a smaller, higher-risk part of a retirement portfolio, not as the core. It pays no income. It fell 36.3% in the 2022 bear market and took until January 2024 to recover. Its one-year beta was 1.5 as of October 27, 2026. Beta measures how much a fund moves compared with the market, and 1.5 means it tended to swing about 1.5 times as much. That matters for anyone who may need to sell shares in a down year.
What's the difference between NUGO and TGRW?
Both are actively managed large-company growth ETFs, and they hold many of the same stocks. Their holdings overlap by about 70%. T. Rowe Price Growth Stock ETF (TGRW) charges 0.52%, compared with NUGO's 0.56%. As of October 27, 2026, NUGO returned 4.6% over one year against -0.6% for TGRW. Over three years, NUGO returned 25.6% a year against 21.4% for TGRW. NUGO is also larger, with $2.44 billion in net assets as of July 31, 2026. Past returns don't predict future results.
Does NUGO pay dividends?
No. NUGO paid no distributions in the year to October 27, 2026, and its yield over the previous 12 months was 0%. That is common for growth-focused funds. Fast-growing companies often reinvest their profits rather than pay large dividends. Any return from this fund comes from changes in its share price. Investors who need regular income from their portfolio would need to get it elsewhere.
What are NUGO's top holdings?
As of July 31, 2026, the largest holdings were NVIDIA (14.3%), Alphabet (11.8%), Apple (7.7%), Broadcom (7.0%) and Microsoft (6.7%). Next came Eli Lilly, Mastercard, Applied Materials, AMD and Western Digital. The 10 largest made up 62.4% of the fund's 44 stocks. Technology made up 52.7% of assets, so the fund depends heavily on how a handful of tech giants perform.
Has NUGO beaten the Russell 1000 Growth Index?
Not over the periods in its prospectus. Through December 31, 2025, NUGO returned 14.53% over one year, while the Russell 1000 Growth Index returned 18.56%. Since its September 2021 launch, the fund averaged 11.61% a year, against 13.57% for the index. It slightly beat the broader Russell 1000 Index, which averaged 11.52% since launch. Low-cost index funds such as VONG track a version of this growth index.