NULC ETF: What Is It? A Complete Guide to Returns, Expense Ratio, Holdings and Alternative ETFs
The Nuveen ESG Large-Cap ETF (NULC) is a passive product that holds large-cap US stocks screened with ESG criteria. The key to choosing it is weighing its fee burden, dividend and outlook against similar ESG large-cap products such as ESGU and ESGV.
SubscribeWhat Is the Nuveen ESG Large-Cap ETF?
It is a US large-cap ETF that tracks the TIAA ESG USA Large-Cap Index. From the constituents of the MSCI USA Index, it selects, on a rules-based basis, the stocks that pass ESG ratings, controversial business exclusions and low-carbon criteria.
It suits long-term investors who want broad exposure to US large caps while also reflecting sustainability standards.
It is an ETF managed passively (index tracking) by Nuveen.
How Does the Nuveen ESG Large-Cap ETF Invest?
| Item | Details |
|---|---|
| Tracked index | TIAA ESG USA Large-Cap Index |
| Management style | Passive (index tracking) |
| Rebalancing frequency | Regular rebalancing under index rules |
| Dividend/distribution frequency | One distribution per year |
| Total expense ratio | 0.21% |
| Issuer | Nuveen |
Starting from the US large- and mid-cap stocks in the MSCI USA Index, the fund filters holdings by ESG rating score, involvement in controversial businesses and carbon emission criteria, then allocates weights according to the index rules. Inclusion and exclusion are decided by predetermined criteria, not by a portfolio manager's discretion.
- Applies controversial business exclusions and low-carbon conditions on top of ESG ratings
- Keeps exposure similar to a large-cap benchmark, with only the screening criteria layered on top
- Directly reflects Nuveen's ESG index framework, which is rooted in pension management
Nuveen ESG Large-Cap ETF Size and Costs (AUM and Management Fee)
Assets under management (AUM) stand at $81.3M, and the total expense ratio is 0.21% per year.
Even within the same ESG large-cap category, screening criteria and index providers differ, so the holdings diverge. It is also wise to compare differences in fees and trading liquidity.
Nuveen ESG Large-Cap ETF Performance and Trends
1-Year Price Performance
Dividend & Yield
52-Week Price RangeIt has traced a path broadly similar to US large-cap indexes. However, because its weighting in energy-related stocks is low, it lags the general large-cap index when that sector is strong and pulls ahead in the opposite phase.
ESG thematic flows are sensitive to changes in regulation and public opinion, so inflows and outflows have alternated. Money tends to concentrate in the larger ESG products, so smaller products can sometimes see wider bid-ask spreads.
Nuveen ESG Large-Cap ETF Pros and Cons
Its strength is a structure that adds ESG screening to large-cap exposure, while its weakness is that assets under management and trading volume fall short of larger competing products.
💪 Key Strengths
⚠️ Points to Watch
Nuveen ESG Large-Cap ETF Alternative ETFs and Related Products
The four products in the table, ESGU, ESGV, DSI and SUSA, all apply ESG criteria to US large caps, and they differ in index provider, screening method, fees and assets under management. Products with a narrower focus on climate response, such as USCA, also appear in the table. In addition, the same issuer's growth version NULG, its value version NULV, and EFIV, which applies ESG criteria within the S&P 500, are also worth comparing.
Peer Comparison ETFs| Ticker | Name | Price | Change | AUM | Total Expense Ratio | Dividend Yield | 1Y |
|---|---|---|---|---|---|---|---|
 ESGU | iShares Trust iShares ESG Aware MSCI USA ETF | $165.22 | -1.9% | $18.2B | 0.15% | 0.94% | +10.9% |
 ESGV | Vanguard ESG U.S. Stock ETF | $132.73 | -2.1% | $13.3B | 0.09% | 0.9% | +9.8% |
 DSI | iShares ESG MSCI KLD 400 ETF | $142.93 | -2.1% | $5.5B | 0.25% | 0.89% | +10.2% |
 SUSA | iShares ESG Optimized MSCI USA ETF | $155.03 | -1.9% | $4.1B | 0.25% | 0.84% | +11.5% |
 USCA | Xtrackers MSCI USA Climate Action Equity ETF | $44.81 | -1.8% | $3.5B | 0.07% | 1.06% | +6.8% |
Top Holdings| Ticker | Name | Weight | Price | Change | Market Cap | P/E | Dividend Yield |
|---|---|---|---|---|---|---|---|
| NVDA | NVIDIA Corp | 0.17% | $204.64 | -4.2% | $4.93T | 25.9 | 0.38% |
| GOOGL | Alphabet Inc | 0.08% | $279.84 | -1.4% | $3.41T | 14.6 | 0.31% |
| AVGO | Broadcom Inc | 0.08% | $326.08 | -5.5% | $1.56T | 41.6 | 0.8% |
| MSFT | Microsoft Corp | 0.04% | $521.91 | -1.6% | $3.88T | 27.3 | 0.74% |
| META | Meta Platforms Inc | 0.03% | $614.99 | -1.5% | $1.57T | 21.0 | 0.3% |
| AMD | Advanced Micro Devices Inc | 0.03% | $504.80 | -10.9% | $824.1B | 129.6 | - |
| STX | Seagate Technology Holdings Plc | 0.02% | $644.58 | -8.0% | $146.6B | 33.9 | 0.48% |
Nuveen ESG Large-Cap ETF Investor Checkpoints
Here are the points to verify before investing. Because this is a large-cap product that filters stocks by ESG criteria, you should look at the screening method, costs, trading conditions and the exchange rate together.
| Checkpoint | What to check | Current status |
|---|---|---|
| 💵 Expense ratio | Check the costs that accumulate over a long holding period | Mid-range versus peers |
| 💧 Liquidity | Review daily trading value and bid-ask spread | Needs verification |
| 🌱 Screening criteria | Check the index rules to see which sectors are excluded | Low-carbon criteria applied |
| 💱 Exchange rate | Impact on returns converted into Korean won | No currency hedge |
Because some sectors are excluded under ESG criteria, there are periods when performance diverges from the large-cap index. Since money tends to gather in the products with larger assets, trading conditions should also be examined in advance.
It is a fitting option for investors who want to hold US large caps while also reflecting sustainability standards. If costs and trading conditions take priority, we recommend comparing it side by side with larger ESG large-cap products.
SubscribeDisclaimer: This content is for informational purposes only and does not constitute investment advice. All investment responsibility lies with the investor.
This article reflects information as of September 12, 2026.
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