At a glance
NULG charges 0.26% a year, below the 0.33% average of the 8 funds most like it (the 5th cheapest of 9). It has $2.67B in assets, the 4th largest of that group; it paid 0.1% of its price in distributions over the past 12 months, annual. Over the past year it returned +8.9% with distributions reinvested (S&P 500: +11.5%), 2nd of those 9 funds; over three years it returned +25.0% a year. At its worst it fell 33.8% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 14 months after the low. Its ten largest positions make up 44.0% of the fund, out of 69 in all.
The short version
Nuveen ESG Large-Cap Growth ETF (NULG) is an index fund. It tracks the Nuveen ESG USA Large-Cap Growth Index, a group of large US growth stocks that pass environmental, social and governance (ESG) screens. It holds about 69 stocks and leans heavily on technology. NVIDIA alone made up about 15% of assets as of July 31, 2026. Its 0.26% expense ratio is below the 0.33% average of similar funds.
Price history
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NULG +8.9% 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 | |
|---|---|---|---|---|---|---|
| NULG official prospectus, to Dec 31, 2025 | — | +14.12% | — | +13.07% | — | +18.02% |
| MSCIUSA Index index, same period | — | +17.75% | — | +13.87% | — | +14.89% |
| NULG price data to Oct 27, 2026 | +13.8% | +8.9% | +25.0% | +10.9% | — | +16.9% |
- Over the year to Oct 27, 2026, NULG returned +8.9%, 2nd of 9 among similar funds.
- Its 5-year annualized return was +10.9%.
- Its worst full calendar year was 2022 (-28.4%); its best was 2023 (+42.7%).
- The deepest fall in its price history was 36.1% (Nov 5, 2021 to Oct 14, 2022), recovered by Jan 19, 2024.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | +13.8% | — |
| 2025 | +14.1% | +14.12% |
| 2024 | +23.8% | +23.85% |
| 2023 | +42.7% | +42.55% |
| 2022 | -28.4% | -28.40% |
| 2021 | +28.2% | +28.12% |
| 2020 | — | +39.67% |
| 2019 | — | +39.27% |
| 2018 | — | +0.63% |
| 2017 | — | +25.27% |
| 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 33.8% over that stretch · deepest drop along the way 33.8%, back to its old high 14 months after the low |
Dividends and income
Show as a table
| Year | Per share | Change |
|---|---|---|
| 2025 | $0.1100 | -21.4% |
| 2024 | $0.1400 | -51.7% |
| 2023 | $0.2900 | +45.0% |
| 2022 | $0.2000 | -94.3% |
| 2021 | $3.4800 |
What's inside
As of Jul 31, 2026, the fund held 69 securities; the ten largest made up 44.02% of assets.
| Holding | Weight | |
|---|---|---|
| NVIDIA Corp | 14.91% | |
| Broadcom Inc | 6.36% | |
| Eli Lilly & Co | 4.10% | |
| Advanced Micro Devices Inc | 3.69% | |
| Visa Inc | 3.17% | |
| Applied Materials Inc | 2.69% | |
| Palo Alto Networks Inc | 2.46% | |
| Lam Research Corp | 2.38% | |
| Caterpillar Inc | 2.27% | |
| Western Digital Corp | 2.00% | |
| GE Vernova Inc | 1.97% | |
| Seagate Technology Holdings PLC | 1.96% | |
| Booking Holdings Inc | 1.95% | |
| Netflix Inc | 1.86% | |
| Fortinet Inc | 1.83% |
By country
United States 99.83%By asset type
Stocks 99.83%By sector
Sectors of the companies held, for the 80.4% 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 $135.5M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +7.64%, +4.14%, -4.30%.
How it works
NULG is passively managed. It tries to match an index that MSCI builds and controls, and neither Nuveen nor its sub-adviser picks the stocks. The starting pool is the MSCI USA Growth Index. That index covers US large and mid-size companies that rate as "growth" stocks on five measures of past and expected earnings and sales growth.
MSCI then applies ESG screens. It drops companies with significant business in alcohol, tobacco, nuclear power, gambling, or weapons and firearms, plus those above certain carbon limits. The remaining companies are ranked against sector peers on ESG scores. The top scorers in each sector go in until they add up to half of that sector's market value in the starting index. Stocks are weighted by company size within each sector. The weights are then adjusted so sector weights roughly match the starting index.
The index rebalances every quarter, in February, May, August and November. The fund buys nearly all the index stocks in about the same proportions and keeps at least 80% of assets in them. Turnover, the share of the portfolio replaced in a year, was 62% according to the prospectus. If a few big companies grow large enough, the fund can become "non-diversified" under federal fund rules without a shareholder vote.
What it really costs
- NULG charges 0.26% a year, versus an average of 0.33% for the similar funds below (5th of 9, cheapest first).
- Of that, 0.25% is the management fee; the rest covers other fund expenses.
- Using the prospectus's standard example, $10,000 invested would cost about $27 in the first year and $331 over 10 years (assuming a 5% annual return).
| Cost of $10,000 (SEC example) | 1 yr | 3 yrs | 5 yrs | 10 yrs |
|---|---|---|---|---|
| NULG | $27 | $84 | $146 | $331 |
In a retirement portfolio
NULG is a concentrated, technology-heavy growth fund that has moved more sharply than the overall market, so it fits better as a smaller piece than as a foundation.
NULG could add ESG-screened exposure to large US growth companies, but it swings harder than the market. Its beta, a measure of how strongly it reacts to market moves, was 1.39 for the year to October 27, 2026. It fell 33.8% in the 2022 bear market and took about 14 months to get back to its peak. Its deepest drop was 36.1%, from November 2021 to October 2022, and recovery took about 15 months. Its worst calendar year was 2022, at -28.4%. Anyone selling shares for spending money during a stretch like that would lock in losses. The fund launched in 2016, so it has no record from 2008.
Income is small. The yield was 0.1% as of October 27, 2026, paid once a year. Costs run about $27 in the first year on $10,000 under 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 who want large US growth stocks screened for ESG, with tobacco, weapons, gambling, alcohol and nuclear power excluded, at a 0.26% expense ratio.
- Long-term holders comfortable with heavy chip and tech exposure: NVIDIA, Broadcom and Eli Lilly were about 25% of assets as of July 31, 2026.
- Investors adding a smaller growth piece to broader funds who can accept drops like its 36.1% fall, which took about 15 months to recover.
Look elsewhere if
- Retirees who need income from their holdings: the yield was 0.1% as of October 27, 2026, paid once a year.
- Investors focused on cost: Vanguard Mega Cap Growth ETF (MGK) charges 0.07% and iShares Russell 1000 Growth ETF (IWF) charges 0.19%.
- Investors who may need to sell in a downturn: its beta was 1.39, and it lost 28.4% in 2022.
Close alternatives
Matched by holdings overlap from the latest N-PORT reports.
| Fund | Overlap | Cost | Net assets | 1 yr | 3 yr |
|---|---|---|---|---|---|
| NULG this fund | — | 0.26% | $2.67B | +8.9% | +25.0% |
| EGUS iShares ESG Aware MSCI USA Growth ETF | 51% | 0.18% | $30.4M | +8.8% | +27.5% |
| PGRO Putnam Focused Large Cap Growth ETF | 44% | 0.56% | $212.1M | +3.1% | +24.6% |
| TCHP T. Rowe Price Blue Chip Growth ETF | 44% | 0.57% | $2.16B | -1.2% | +23.5% |
| IWY iShares Russell Top 200 Growth ETF | 42% | 0.2% | $16.96B | -3.4% | +20.7% |
| NUGO Nuveen Growth Opportunities ETF | 42% | 0.56% | $2.44B | +4.6% | +25.6% |
| IWF iShares Russell 1000 Growth ETF | 40% | 0.19% | $128.90B | -3.7% | +20.3% |
| QGRW WisdomTree U.S. Quality Growth Fund | 40% | 0.28% | $2.65B | +12.3% | +30.1% |
Questions investors ask
Is NULG good for retirement?
NULG fits better as a smaller growth piece of a retirement portfolio than as a core holding. It pays almost no income, with a 0.1% yield as of October 27, 2026. It is also more volatile than the market. It lost 28.4% in 2022, and its deepest drop of 36.1% took about 15 months to recover. On the other hand, it adds ESG-screened growth stocks at a moderate cost. Investors who may need to sell in a bad year would want to weigh those swings.
What is the NULG expense ratio?
NULG's expense ratio is 0.26% a year, according to its prospectus filed February 26, 2026. That includes a 0.25% management fee. The average for similar funds is 0.33%, which puts NULG 5th of 9 on cost. In the SEC's standard example, $10,000 earning 5% a year would cost about $27 after one year, $84 after three, $146 after five and $331 after ten.
Does NULG pay dividends?
Yes, but very little. NULG pays a distribution once a year. Over the 12 months to October 27, 2026, it paid about $0.11 per share, for a yield of 0.1%. That is typical for a growth fund. Its companies tend to reinvest their profits instead of paying large dividends, so most of the return has to come from rising share prices. Investors looking for regular income would need other holdings.
NULG vs EGUS: what's the difference?
Both are ESG-screened US growth funds, and their holdings overlap by about 51%. iShares ESG Aware MSCI USA Growth ETF (EGUS) is cheaper at 0.18%, compared with 0.26% for NULG. Returns have been close. As of October 27, 2026, NULG returned 8.9% over one year and EGUS 8.8%. Over three years, EGUS led with 27.5% a year to NULG's 25%. NULG is much larger, at about $2.67 billion in net assets, compared with about $30 million for EGUS.
How has NULG performed over 5 years?
As of December 31, 2025, NULG returned 13.07% a year over five years, according to its prospectus. The broad MSCI USA Index returned 13.87%. Since its 2016 launch, NULG returned 18.02% a year, compared with 14.89% for the index. One-year results lagged, at 14.12% compared with 17.75% for the index. Results have swung widely from year to year, from -28.4% in 2022 to 42.55% in 2023.