At a glance
NULC charges 0.21% a year, above the 0.2% average of the 8 funds most like it (the 6th cheapest of 9). It has $70.5M in assets, the 9th largest of that group; it paid 8.74% of its price in distributions over the past 12 months, annual. Over the past year it returned +15.4% with distributions reinvested (S&P 500: +11.5%), 2nd of those 9 funds; over three years it returned +23.3% a year. At its worst it fell 27.2% 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 30.1% of the fund, out of 137 in all.
The short version
Nuveen ESG Large-Cap ETF (NULC) is an index fund that tracks the Nuveen ESG USA Large-Cap Index. This MSCI index holds about 140 large US companies chosen by their environmental, social and governance (ESG) scores. It keeps sector weights close to the broad market's and drops tobacco, gambling and weapons makers. Its 0.21% expense ratio is above close rivals such as SUSL (0.10%), and it held just $70 million as of July 31, 2026.
Price history
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NULC +15.4% 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 | |
|---|---|---|---|---|---|---|
| NULC official prospectus, to Dec 31, 2025 | — | +15.93% | — | +11.17% | — | +14.87% |
| MSCIUSA Index index, same period | — | +17.75% | — | +13.87% | — | +16.72% |
| NULC price data to Oct 27, 2026 | +16.4% | +15.4% | +23.3% | +10.0% | — | +15.3% |
- Over the year to Oct 27, 2026, NULC returned +15.4%, 2nd of 9 among similar funds.
- Its 5-year annualized return was +10.0%.
- Its worst full calendar year was 2022 (-20.1%); its best was 2021 (+25.8%).
- The deepest fall in its price history was 27.9% (Nov 8, 2021 to Oct 14, 2022), recovered by Feb 2, 2024.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | +16.4% | — |
| 2025 | +16.2% | +15.93% |
| 2024 | +18.8% | +19.06% |
| 2023 | +22.6% | +22.29% |
| 2022 | -20.1% | -20.03% |
| 2021 | +25.8% | +25.80% |
| 2020 | — | +22.32% |
| 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 27.2% over that stretch · deepest drop along the way 27.2%, back to its old high 15.6 months after the low |
Dividends and income
Show as a table
| Year | Per share | Change |
|---|---|---|
| 2025 | $4.8700 | +472.9% |
| 2024 | $0.8500 | +63.5% |
| 2023 | $0.5200 | -31.6% |
| 2022 | $0.7600 | -70.0% |
| 2021 | $2.5300 |
What's inside
As of Jul 31, 2026, the fund held 137 securities; the ten largest made up 30.15% of assets.
| Holding | Weight | |
|---|---|---|
| NVIDIA Corp | 8.10% | |
| Broadcom Inc | 3.78% | |
| Microsoft Corp | 3.63% | |
| Meta Platforms Inc | 2.95% | |
| Advanced Micro Devices Inc | 2.55% | |
| Visa Inc | 1.94% | |
| Cisco Systems Inc | 1.89% | |
| Mastercard Inc | 1.83% | |
| Coca-Cola Co | 1.79% | |
| Western Digital Corp | 1.71% | |
| Morgan Stanley | 1.70% | |
| Costco Wholesale Corp | 1.68% | |
| Seagate Technology Holdings PLC | 1.68% | |
| GE Vernova Inc | 1.57% | |
| Procter & Gamble Co | 1.55% |
By country
United States 99.8%By asset type
Stocks 99.8%By sector
Sectors of the companies held, for the 85.8% 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 added a net $10.6M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +4.14%, +0.45%, +0.14%.
How it works
NULC is passively managed. MSCI builds and controls the Nuveen ESG USA Large-Cap Index and is not affiliated with Nuveen. The fund's managers cannot pick stocks or change the rules. The index starts with the MSCI USA Index, which covers large and mid-size US companies. It removes companies with significant activity in alcohol, tobacco, nuclear power, gambling, and weapons and firearms. It also removes companies above certain carbon ownership and emissions limits.
MSCI ESG Research scores each remaining company against its industry peers. The scores cover issues such as climate, waste, treatment of workers and suppliers, product safety and business ethics. Within each sector, the index adds the highest scorers until they make up half of that sector's market value in the MSCI USA Index. Stocks are weighted by market value (company size). The weights are then adjusted so that sector weights roughly match the broad index. As of December 31, 2025, the index held 141 stocks.
The index is rebalanced every quarter, in February, May, August and November. The fund holds substantially all of the index's stocks in about the same proportions. Portfolio turnover was 72%, which is high for an index fund and can add trading costs. The fund uses no leverage, options or derivatives. Even so, technology makes up about a third of the sector breakdown, and NVIDIA alone was 8.1% of assets as of July 31, 2026.
What it really costs
- NULC charges 0.21% a year, versus an average of 0.2% for the similar funds below (6th of 9, cheapest first).
- Of that, 0.2% is the management fee; the rest covers other fund expenses.
- Using the prospectus's standard example, $10,000 invested would cost about $22 in the first year and $268 over 10 years (assuming a 5% annual return).
| Cost of $10,000 (SEC example) | 1 yr | 3 yrs | 5 yrs | 10 yrs |
|---|---|---|---|---|
| NULC | $22 | $68 | $118 | $268 |
In a retirement portfolio
It is a broad index of large US companies with sector weights near the overall market, filtered through an ESG screen.
NULC's price history starts in June 2020, so it has no record from 2008. For the COVID crash there is only prospectus data: the fund lost 19.82% in the first quarter of 2020. It fell 27.2% in the 2022 bear market. Its deepest drop was 27.9%, from November 2021 to October 2022, and it did not recover until February 2024. Its worst calendar year was 2022, when it lost 20.03%. Anyone selling shares for income in a year like that would be selling at low prices. The fund pays once a year. Its trailing yield was 8.74% as of October 27, 2026, and a single annual payment can make that figure unusually high. The cost is $22 in the first year on $10,000 in the SEC's standard example. 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 wanting a broad US large-cap core holding that skips tobacco, gambling, weapons, alcohol and nuclear power while keeping market-like sector weights.
- People comfortable with a technology tilt: NVIDIA, Broadcom and Microsoft made up about 15% of assets as of July 31, 2026.
- Long-term holders who can ride out drops like the 27.9% fall from November 2021 to October 2022, which took until February 2024 to recover.
Look elsewhere if
- Cost-focused ESG investors: SUSL charges 0.10% and USSG 0.09%, versus 0.21% for NULC, and both follow similar MSCI-based ESG approaches.
- Investors wanting regular income: NULC pays once a year, so one distribution can swing its trailing yield.
- Those wary of small funds: NULC held about $70 million as of July 31, 2026, the smallest of nine similar funds.
Close alternatives
Matched by holdings overlap from the latest N-PORT reports.
| Fund | Overlap | Cost | Net assets | 1 yr | 3 yr |
|---|---|---|---|---|---|
| NULC this fund | — | 0.21% | $70.5M | +15.4% | +23.3% |
| SUSL iShares ESG MSCI USA Leaders ETF | 46% | 0.1% | $1.22B | +14.8% | +25.3% |
| USSG Xtrackers MSCI USA Selection Equity ETF | 46% | 0.09% | $590.8M | +14.7% | +25.2% |
| DSI iShares ESG MSCI KLD 400 ETF | 45% | 0.25% | $5.32B | +14.5% | +25.0% |
| ESGU iShares ESG Aware MSCI USA ETF | 45% | 0.15% | $18.15B | +11.0% | +21.6% |
| NULG Nuveen ESG Large-Cap Growth ETF | 41% | 0.26% | $2.67B | +8.9% | +25.0% |
| IWL iShares Russell Top 200 ETF | 41% | 0.15% | $2.19B | +12.5% | +25.5% |
| OALC OneAscent Large Cap Core ETF | 41% | 0.49% | $263.9M | +16.9% | +24.8% |
Questions investors ask
Is NULC good for retirement?
It can serve as a core US stock holding, but it holds only stocks and carries full stock-market risk. NULC lost 20.03% in 2022. Its deepest drop, 27.9%, took until February 2024 to recover. It costs 0.21% a year, or $22 in the first year on $10,000 in the SEC's standard example. It pays one distribution a year, so it is not designed for steady income.
What's the difference between NULC and SUSL?
Both track MSCI-built ESG indexes of large US companies, and their holdings overlap by about 46% based on the latest N-PORT reports. SUSL, the iShares ESG MSCI USA Leaders ETF, charges 0.10% compared with 0.21% for NULC. SUSL had about $1.2 billion in net assets as of August 31, 2026, while NULC had $70 million as of July 31, 2026. As of October 27, 2026, NULC led over one year, 15.4% to 14.8%. It trailed over three years, at 23.3% a year against 25.3%.
Does NULC pay dividends?
Yes, once a year. In the 12 months to October 27, 2026, it paid $4.87 per share, a trailing yield of 8.74%. That is far above what large US stocks usually pay in dividends. With only one payment a year, a single large distribution can push the trailing yield up, so it may not repeat. Investors who rely on regular income may find the once-a-year schedule awkward.
What stocks does NULC exclude?
NULC's index drops companies with significant activities in alcohol production, tobacco production, nuclear power, gambling, and weapons and firearms production. It also removes companies above certain carbon ownership and emissions limits. It then keeps only the top ESG scorers in each sector, up to half of that sector's market value in the MSCI USA Index. As of July 31, 2026, that left 137 stocks, led by NVIDIA, Broadcom and Microsoft.
Has NULC kept up with the stock market?
Not quite. According to its prospectus, NULC returned 15.93% over one year and 11.17% a year over five years, as of December 31, 2025. The MSCI USA Index, a broad measure of large and mid-size US stocks, returned 17.75% and 13.87% over the same periods. Since its launch on June 3, 2019, the fund averaged 14.87% a year, against 16.72% for the index. Because of its ESG screen the fund will not match the broad index, and fees also reduce returns.