NBFC | Flexible Credit Income ETF
ETF | Fixed Income
NBFC | Flexible Credit Income ETF
NET ASSET VALUE
$50.91
1 DAY NAV CHANGE
$0.13
(0.25%)YTD RETURN
1.01%
Why Invest
Seeks Efficiency of Return
Seeks attractive total return and consistent high income stream with less volatility than the high yield market
Dynamic & Unbiased Sector Allocation
Invests across credit markets in search of the best income and total return opportunities
High Conviction Security Selection
Excellence in research is a foundational aspect of the Neuberger Berman Multi-Sector Fixed Income platform
Fund Facts
Ticker: NBFC
CUSIP: 64135A879
Gross Expense Ratio1: 0.86%
Net Expense Ratio1: 0.40%
Inception Date: 06/24/2024
Returns & Distributions
- Daily
- Month End
- Quarter End
- Calendar Year
Performance data shown represents past performance and is no guarantee of future results. Past performance, particularly for brief periods of time, are not indicative of future returns. Performance will vary over time and over various market conditions. Current performance may be higher or lower than the performance shown. The investment return and principal value of an investment will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Return information shown for less than one year is cumulative, not annualized. The Fund is new with no operating history to evaluate. Past performance, particularly for brief periods of time, are not indicative of future returns.
The market price is the official closing price as of the closing time of the NYSE Arca (typically 4 p.m., Eastern time). The net asset value (NAV) is determined as of the closing time of the NYSE (typically 4 p.m., Eastern time).
Indices do not take into account any fees or expenses of investing in the individual securities that they track. Individuals cannot invest directly in any index.
Top 10 Holdings
30-day SEC yield is similar to a yield to maturity for the entire portfolio. The formula is designated by the Securities and Exchange Commission (SEC). Past performance is no guarantee of future results. Absent any expense cap arrangement noted above, the SEC yields may have been lower. A negative 30-Day SEC yield results when a Fund’s accrued expenses exceed its income for the relevant period. Please note, in such instances the 30-day SEC yield may not equal the Fund’s actual rate of income earned and distributed by the fund and therefore, a per-share distribution may still be paid to shareholders.
*Distribution Rate (annualized) is calculated by taking the most recent distribution and multiplying it by 12 to get an annualized total and then dividing the total by the net asset value on the last business day of the most recently completed month prior to the distribution. There is no assurance that the ETF will always be able to pay distributions of a particular size and past distributions are not indicative of future distributions. Distributions are historical, will fluctuate, including in response to tax requirements, and are not guaranteed. This data is provided for informational purposes only. The Distribution Rate represents a single distribution from the ETF and does not represent its total return.
Weighted Average Duration can be a useful tool in measuring the price sensitivity of the portfolio to changes in interest rates and measures the % change in price for a 100 bps of shift in interest rates. Unlike other measures of duration, average effective duration takes into account any optionalities (e.g. whether the instrument is callable at a certain price) embedded within each security in the portfolio. Generally, the larger the duration, the more sensitive the portfolio will be to a change in interest rates. Instruments with higher effective durations often carry more risk and have higher price volatility than those with lower durations.
Weighted Average Maturity is the expected average life to worst or in other words the par-weighted average time (in years) to principal repayment for securitized assets or the time (in years) to probable call/put for non-securitized assets.
Net Asset Value is determined at the close of each business day, and represents the dollar value of one share of the Fund; it is calculated by taking the total assets of the fund, subtracting total liabilities, and dividing by the total number of shares outstanding. The NAV is not necessarily the same as the ETF 's intraday trading value. ETF investors should not expect to buy or sell shares at NAV.
Premium/Discount: The amount the Fund’s closing price is trading above or below the reported NAV, expressed as a percentage of the NAV. When the Fund’s closing price is greater than the Fund’s NAV, it is said to be trading at a “premium” and the percentage is expressed as a positive number. When the Fund’s closing price is less than the Fund’s NAV, it is said to be trading at a “discount” and the percentage is expressed as a negative number.
30 Day Bid/Ask Spread: The median bid-ask spread (expressed as a percentage rounded to the nearest hundredth) is calculated by identifying the national best bid and national best offer ("NBBO") for each Fund as of the end of each 10 second interval during each trading day of the last 30 calendar days and dividing the difference between each such bid and offer by the midpoint of the NBBO. The median of those values is identified.
30-Day Average Volume (Shares): The average number of shares traded in a security across all U.S. exchanges over the last 30 calendar days. Because ETFs trade like stocks at current market prices, shareholders may pay more than a Fund’s NAV when purchasing fund shares and may receive less than a Fund’s NAV when selling Fund shares. The premium and discount information contained on this website represents past performance and cannot be used to predict future results.
Net expense ratio represents the total annual operating expenses that shareholders pay (after the effect of fee waivers). The Fund’s investment manager has contractually undertaken to waive and/or reimburse certain fees and expenses of the Fund so that the total annual operating expenses (excluding interest, brokerage commissions, acquired fund fees and expenses, taxes including any expenses relating to tax reclaims, dividend and interest expenses relating to short sales, and extraordinary expenses, if any) of the Fund are limited to 0.39% of average net assets until 10/31/2025 (after taking into account the Fee Waiver discussed in Footnote 2 below) and 0.49% of average net assets from 11/1/2025 to 10/31/2027 and may not be terminated during its term without the consent of the Board of Trustees. The Fund has agreed that it will repay the Manager for fees and expenses waived or reimbursed for the Fund provided that repayment does not cause annual Operating Expenses to exceed the expense limitation in place at the time the fees were waived and/or the expenses were reimbursed, or the expense limitation in place at the time the Fund repays the Manager, whichever is lower. Any such repayment must be made within three years after the year in which the Manager incurred the expense.
The Manager has contractually undertaken to waive its management fee by 0.10% of the Fund’s average daily net assets (“Fee Waiver”). The undertaking lasts until 10/31/2025 and may not be terminated during its term without the consent of the Board of Trustees. The Fee Waiver is not subject to repayment under the expense limitation arrangement described above and will not reduce expenses below the expense limitation arrangement described above.
Net expense ratio represents the total annual operating expenses that shareholders pay (after the effect of fee waivers). The Fund’s investment manager has contractually undertaken to waive and/or reimburse certain fees and expenses of the Fund so that the total annual operating expenses (excluding interest, brokerage commissions, acquired fund fees and expenses, taxes including any expenses relating to tax reclaims, dividend and interest expenses relating to short sales, and extraordinary expenses, if any) of the Fund are limited to 0.39% of average net assets until 10/31/2025 (after taking into account the Fee Waiver discussed in Footnote 2 below) and 0.49% of average net assets from 11/1/2025 to 10/31/2027 and may not be terminated during its term without the consent of the Board of Trustees. The Fund has agreed that it will repay the Manager for fees and expenses waived or reimbursed for the Fund provided that repayment does not cause annual Operating Expenses to exceed the expense limitation in place at the time the fees were waived and/or the expenses were reimbursed, or the expense limitation in place at the time the Fund repays the Manager, whichever is lower. Any such repayment must be made within three years after the year in which the Manager incurred the expense.
The Manager has contractually undertaken to waive its management fee by 0.10% of the Fund’s average daily net assets (“Fee Waiver”). The undertaking lasts until 10/31/2025 and may not be terminated during its term without the consent of the Board of Trustees. The Fee Waiver is not subject to repayment under the expense limitation arrangement described above and will not reduce expenses below the expense limitation arrangement described above.
Ashok K. Bhatia, CFA, Managing Director, joined the firm in 2017. Ashok is Chief Investment Officer and Global Head of Fixed Income, and a member of Neuberger Berman's Partnership and Asset Allocation Committees and Fixed Income's Investment Strategy Committee. Before joining the firm, Ashok held senior investment and leadership positions in several asset management firms and hedge funds, including Wells Fargo Asset Management, Balyasny Asset Management and Stark Investments, and had investment responsibilities across global fixed income and currency markets. Ashok began his career in 1993 as an investment analyst at Morgan Stanley. He received a BA with high honors in Economics from the University of Michigan, Ann Arbor, an MBA with high honors from the University of Chicago and has been awarded the Chartered Financial Analyst designation.
Joseph Lynch, Managing Director, joined the firm in 2002. Joe is the Global Head of Non-Investment Grade Credit and a Senior Portfolio Manager for Non-Investment Grade Credit focusing on loan portfolios. In addition, he sits on the Credit Committee for Non-Investment Grade Credit and serves on Neuberger Berman’s Partnership Committee. Joe was a founding partner of LightPoint Capital Management LLC, which was acquired by Neuberger Berman in 2007. Prior to joining LightPoint, he was employed at ABN AMRO where he was responsible for structuring highly leveraged transactions. Joe earned a BS from the University of Illinois and an MBA from DePaul University.