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Short Duration Income ETF

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NBSD | Short Duration Income ETF

ETF | Fixed Income

NBSD | Short Duration Income ETF

NET ASSET VALUE

$50.88

As of 01/24/2025

1 DAY NAV CHANGE

$0.05

(0.11%)

YTD RETURN

0.57%

NBSD began as the Neuberger Berman Short Duration Bond Fund (Predecessor Fund), an open-end mutual fund which had operated since June 9, 1986. As of the close of business on June 21, 2024, NBSD acquired the Predecessor Fund's assets and liabilities, and assumed its performance, financial and other historical information.

Overview
Multi-sector fixed income portfolio focused on the front-end of the curve

Why Invest

Income Focus

Seeks to deliver a consistent and efficient income stream with a short duration investment grade risk profile

Dynamic & Unbiased Sector Allocation

Invests across rates and credit markets in search of the best income opportunities

High Conviction Security Selection

Excellence in research is a foundational aspect of the Neuberger Berman Multi-Sector Fixed Income platform

Fund Facts

Ticker: NBSD

CUSIP: 64135A887

Gross Expense Ratio1: 0.46%

Net Expense Ratio1: 0.35%

ETF Listing Date: 06/24/2024

Predecessor Fund Inception Date: 06/09/1986

Performance

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 inception date for the Institutional Class of the Predecessor Fund is 6/21/10 and the for the Investor Class of the Predecessor Fund is 6/9/86. Performance prior to the inception date of the Institutional Class of the Predecessor Fund is that of the Investor Class of the Predecessor Fund. The inception date used to calculate benchmark performance is 6/9/86.

Prior to close of business on 6/21/2024, the ETF operated as an open-end mutual fund. The NAV returns include returns of the Institutional Class Shares of the Predecessor Fund prior to the ETF's commencement of operations. Market price returns are calculated using the official closing price of the Fund on the listing exchange.

Prior to the ETF's listing on 6/24/2024, the NAV performance of the ETF and the Institutional Class Shares of the Predecessor Fund are used as proxy market price returns.

The quoted performance of the ETF includes performance of the Institutional Class shares of the Predecessor Fund prior to the ETF's commencement of operations. The ETF has the same investment objective, strategy, restrictions and portfolio managers as the Predecessor Fund. Please refer to the current prospectus for additional information.

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.

GROWTH OF $10K
HISTORICAL DISTRIBUTIONS
Portfolio Holdings

Top 10 Holdings

as of
Fund Details
Total Net Assets
As of 01/24/25
$166.72 million
Ticker
NBSD
CUSIP
64135A887
ISIN
US64135A8870
Exchange
NYSE ARCA
ETF Listing Date
06/24/24
Predecessor Fund Inception Date
06/09/86
Asset Class
Fixed Income
Reference Benchmark
Bloomberg 1-3 Year U.S. Government/Credit Bond Index
Distribution Frequency
Monthly
Creation Basket Size (In Shares)
25,000
Shares Outstanding
As of 01/24/25
3,276,382
Number of Holdings
As of 01/24/25
389
30-Day SEC Yield
As of 12/31/24
5.63%
30-Day SEC Yield Unsubsidized
As of 12/31/24
5.51%
Distribution Rate*
As of 12/03/24
5.07%
WEIGHTED AVERAGE DURATION (YEARS)
As of 12/31/24
1.88
WEIGHTED AVERAGE MATURITY (YEARS)
As of 12/31/24
3.08

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.

Price & Trading Characteristics
As of 01/24/25
NAV
$50.88
Closing Price (4PM)
$50.97
Premium/Discount ($)
$0.09
Premium/Discount (%)
0.17%
Daily Volume
10,228
30-Day Average Volume
12,892
30-Day Median Bid/Ask Spread
0.08%

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.

HISTORICAL PREMIUM/DISCOUNT
Fees
Management Fee
0.26%
Other Expenses
0.20%
Gross Expense Ratio
0.46%
Net Expense Ratio
0.35%

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 0.34% of average net assets. It is projected that there will be 0.01% of expenses outside of the expense cap for an expected total net expense ratio of 0.35%. This undertakings lasts until 10/31/2027. Absent such arrangements, which cannot be changed without Board approval, the returns may have been lower. Information as of most recent prospectus dated March 24, 2024 as amended and supplemented.

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 0.34% of average net assets. It is projected that there will be 0.01% of expenses outside of the expense cap for an expected total net expense ratio of 0.35%. This undertakings lasts until 10/31/2027. Absent such arrangements, which cannot be changed without Board approval, the returns may have been lower. Information as of most recent prospectus dated March 24, 2024 as amended and supplemented.

Portfolio Management Team
Ashok Bhatia, CFA
Chief Investment Officer—Fixed Income
Chicago
David M. Brown, CFA
Senior Portfolio Manager and Global Co-Head of Investment Grade
Chicago
Michael Foster
Senior Portfolio Manager
New York
Matthew McGinnis
Portfolio Manager
New York
Ashok Bhatia, CFA, Chief Investment Officer—Fixed Income

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.

David M. Brown, CFA, Senior Portfolio Manager and Global Co-Head of Investment Grade
David Brown, CFA, Managing Director, rejoined the firm in 2003. Dave is Global Co-Head of Investment Grade, Co-Head of Multi-Sector Fixed Income, a member of the Fixed Income Investment Strategy Committee, and acts as Senior Portfolio Manager on both Global Investment Grade and Multi-Sector Fixed Income strategies. Dave also leads the Investment Grade Credit team in determining credit exposures across both Global Investment Grade and Multi-Sector Fixed Income strategies. He initially joined the firm in 1991 after graduating from the University of Notre Dame with a BA in Government and subsequently received his MBA in Finance from Northwestern University. Prior to his return, he was a senior credit analyst at Zurich Scudder Investments and later a credit analyst and portfolio manager at Deerfield Capital. Dave has been awarded the Chartered Financial Analyst designation.
Michael Foster, Senior Portfolio Manager

Michael J. Foster, Managing Director, joined the firm in 1999. Mike is a Senior Portfolio Manager on multiple fixed income strategies, including Enhanced Cash and Short Duration, as well as high quality strategies across the yield curve. Prior to joining the firm, Mike worked in the Fixed Income division of Bear Stearns (1994-1997). Mike earned a BA from Lehigh University and a MBA from the University of Rochester, Simon Business School.

Matthew McGinnis, Portfolio Manager

Matthew McGinnis, Vice President, joined the firm in 2008. Matt is a Portfolio Manager on the Enhanced Cash and Short Duration portfolio management teams. Prior to joining the team, Matt attended New York University’s Stern Undergraduate Business school where he received a BS in Finance and Economics.

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