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Neuberger Berman Flexible Credit Income ETF

ETF
NBFC
Payout Change
Pending
Price as of:
$50.4494 +0.11 +0.21%
primary theme
N/A
NBFC (ETF)

Neuberger Berman Flexible Credit Income ETF

Payout Change
Pending
Price as of:
$50.4494 +0.11 +0.21%
primary theme
N/A
NBFC (ETF)

Neuberger Berman Flexible Credit Income ETF

Payout Change
Pending
Price as of:
$50.4494 +0.11 +0.21%
primary theme
N/A

Name

As of 12/20/2024

Price

Aum/Mkt Cap

YIELD

Annualized forward dividend yield. Multiplies the most recent dividend payout amount by its frequency and divides by the previous close price.

Exp Ratio

Expense ratio is the fund’s total annual operating expenses, including management fees, distribution fees, and other expenses, expressed as a percentage of average net assets.

Watchlist

Neuberger Berman Flexible Credit Income ETF

NBFC | ETF

$50.45

$52.5 M

10.43%

$5.26

0.86%

Vitals

YTD Return

N/A

1 yr return

N/A

3 Yr Avg Return

N/A

5 Yr Avg Return

N/A

Net Assets

$52.5 M

Holdings in Top 10

35.7%

52 WEEK LOW AND HIGH

$50.3
$49.96
$51.78

Expenses

OPERATING FEES

Expense Ratio 0.86%

SALES FEES

Front Load N/A

Deferred Load N/A

TRADING FEES

Turnover N/A

Redemption Fee N/A

Min Investment

Standard (Taxable)

N/A

IRA

N/A

Fund Classification

Fund Type

Exchange Traded Fund

Name

As of 12/20/2024

Price

Aum/Mkt Cap

YIELD

Annualized forward dividend yield. Multiplies the most recent dividend payout amount by its frequency and divides by the previous close price.

Exp Ratio

Expense ratio is the fund’s total annual operating expenses, including management fees, distribution fees, and other expenses, expressed as a percentage of average net assets.

Watchlist

Neuberger Berman Flexible Credit Income ETF

NBFC | ETF

$50.45

$52.5 M

10.43%

$5.26

0.86%

NBFC - Profile

Distributions

  • YTD Total Return N/A
  • 3 Yr Annualized Total Return N/A
  • 5 Yr Annualized Total Return N/A
  • Capital Gain Distribution Frequency N/A
  • Net Income Ratio N/A
DIVIDENDS
  • Dividend Yield 10.4%
  • Dividend Distribution Frequency Monthly

Fund Details

  • Legal Name
    Neuberger Berman Flexible Credit Income ETF
  • Fund Family Name
    Neuberger Berman
  • Inception Date
    Jun 25, 2024
  • Shares Outstanding
    N/A
  • Share Class
    N/A
  • Currency
    USD
  • Domiciled Country
    US

Fund Description

To pursue its goal, the Fund invests at least 80% of its net assets in credit instruments, including derivative instruments and other investment companies that provide investment exposure to credit instruments. The Fund defines credit instruments to include a broad array of debt securities including the following: corporate and sovereign bonds; securitized instruments including mortgage-backed and other asset-backed securities and credit risk transfer assets (unsecured general obligations of government sponsored enterprises); municipal securities; collateralized debt obligations (“CDOs”), including collateralized loan obligations (“CLOs”); loans; tender option bonds (which are municipal bonds deposited into a trust or special purpose vehicles that issues two classes of certificates - floating rate certificates and residual income certificates (or inverse floaters)), convertible securities, contingent convertible securities, restricted securities and hybrid and preferred securities. Securities in which the Fund may invest may be issued by domestic and foreign issuers, including emerging markets issuers, domestic and
foreign governments, including securities issued or guaranteed as to principal or interest by the U.S. government or any of its agencies or instrumentalities, supranational entities (e.g.World Bank, IMF), corporate entities and trusts and may be structured as fixed rate debt; floating rate debt; and debt that may not pay interest from the time of issuance. The Fund may also hold cash and other short-term securities. The Fund may invest in other investment companies, including exchange-traded funds (“ETFs”).
The Fund may invest in securities across the credit spectrum, including investment grade securities, below investment grade securities and unrated securities, and may invest without limit in below investment grade securities (commonly known as “junk bonds”). The Fund considers securities to be below investment grade if, at the time of investment, they are rated below the four highest categories by at least one independent credit rating agency or, if unrated, are determined by the Portfolio Managers to be of comparable quality. The Fund does not typically invest in distressed securities, including those that are in default, as part of its principal investment strategy but may do so from time to time.  In addition, if a security becomes distressed or goes into default, the Fund may continue to hold that security.
The Fund may also invest in derivative instruments as a means of hedging risk and/or for investment or efficient portfolio management purposes, which may include altering the Fund’s exposure to currencies, interest rates, inflation, sectors and individual issuers. These derivative instruments may include futures, forwards, including forward foreign currency contracts, and swaps, such as total return swaps, credit default swaps and interest rate swaps, options on futures and options on interest rate swaps, otherwise known as swaptions.
While the Fund may invest without limit in foreign securities, including emerging market securities, which may be denominated in any currency including the local currency of the issuer, the Fund will typically not invest more than 40% of its total assets at the time of investment in foreign securities, although the Fund may do so depending on market conditions.
The Fund may invest in credit instruments of any maturity and while the Fund does not have a target average duration, under normal market conditions, the Portfolio Managers anticipate that the Fund’s average duration will be between two and eight years. In an effort to achieve its goal, the Fund may engage in active and frequent trading.
Investment Philosophy and Process
The Portfolio Managers’ investment philosophy is rooted in the belief that positive results can be achieved through a consistently applied, risk-managed approach to portfolio management that leverages the strengths of its fundamental research capabilities, decision-making frameworks, and quantitative risk management tools. The Portfolio Managers employ an integrated investment process in managing the Fund.
■
Portfolio Strategy: The Portfolio Managers establish an asset allocation framework for the Fund which determines the specific sector allocations (e.g., high yield, investment grade, securitized assets, government, emerging markets debt, bank loans) for the Fund with the objective of capturing the best relative value among different sectors. The inputs to the asset allocation framework include both quantitative and qualitative factors, including the macroeconomic views of the Portfolio Managers, current market conditions, the Portfolio Managers’ assessment of sector valuations, credit analysis, duration/yield curve positioning, current exposures to sectors, countries and currencies, and the Portfolio Managers’ assessment of macro-opportunities. The Portfolio Managers’ asset allocation framework is dynamic and allocation adjustments are made by the Portfolio Managers’ based on an assessment of the changes in the quantitative and qualitative factors.
■
Strategy Implementation: Once the Portfolio Managers establish an asset allocation framework for the Fund, the Portfolio Managers select securities within each sector allocation by employing bottom-up security analysis utilizing the research generated by the internal credit research teams that are specialists in particular sectors based on, among other things, an analysis of cash flows, ability to pay principal and interest, balance sheet composition, and market positioning.
The investment process utilizes both third-party data as well as internally generated data, including those produced by internal credit research teams that are specialists in particular sectors. Research generated by the internal credit research teams is derived from a variety of sources (e.g., financial and economic data, company disclosed data, market data, discussions with company management). As part of their fundamental investment analysis the Portfolio Managers consider Environmental, Social and Governance (ESG) factors they believe are financially material to individual investments, where applicable. While this analysis is inherently subjective and may be informed by internally generated and third-party metrics, data and other information, the Portfolio Managers believe that the consideration of financially material ESG factors, alongside traditional financial metrics, may improve credit analysis, security selection, relative value analysis and enhance the Fund’s overall investment process. The specific ESG factors considered and scope and application of integration may vary depending on the specific investment and/or investment type. The consideration of ESG factors does not apply to certain instruments, such as certain derivative instruments, other registered investment companies, cash and cash equivalents. The consideration of ESG factors as part of the investment process does not mean that the Fund pursues a specific “impact” or “sustainable” investment strategy.
The Fund may sell securities if the Portfolio Managers find an opportunity they believe is more compelling or if the Portfolio Managers’ outlook on the investment or the market changes (e.g. where the outlook suggests a security is overvalued by the market).
The Fund will not change its strategy of normally investing at least 80% of its net assets in credit instruments, including derivative instruments that provide investment exposure to credit instruments, and other investment companies that provide investment exposure to such credit instruments, without providing shareholders at least 60 days’ notice. This test is applied at the time the Fund invests; later percentage changes caused by a change in Fund assets, market values or company circumstances will not require the Fund to dispose of a holding.
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NBFC - Performance

Return Ranking - Trailing

Period NBFC Return Category Return Low Category Return High Rank in Category (%)
YTD N/A N/A N/A N/A
1 Yr N/A N/A N/A N/A
3 Yr N/A* N/A N/A N/A
5 Yr N/A* N/A N/A N/A
10 Yr N/A* N/A N/A N/A

* Annualized

Return Ranking - Calendar

Period NBFC Return Category Return Low Category Return High Rank in Category (%)
2023 N/A N/A N/A N/A
2022 N/A N/A N/A N/A
2021 N/A N/A N/A N/A
2020 N/A N/A N/A N/A
2019 N/A N/A N/A N/A

Total Return Ranking - Trailing

Period NBFC Return Category Return Low Category Return High Rank in Category (%)
YTD N/A N/A N/A N/A
1 Yr N/A N/A N/A N/A
3 Yr N/A* N/A N/A N/A
5 Yr N/A* N/A N/A N/A
10 Yr N/A* N/A N/A N/A

* Annualized

Total Return Ranking - Calendar

Period NBFC Return Category Return Low Category Return High Rank in Category (%)
2023 N/A N/A N/A N/A
2022 N/A N/A N/A N/A
2021 N/A N/A N/A N/A
2020 N/A N/A N/A N/A
2019 N/A N/A N/A N/A

NBFC - Holdings

Concentration Analysis

NBFC Category Low Category High NBFC % Rank
Net Assets 52.5 M N/A N/A N/A
Number of Holdings 253 N/A N/A N/A
Net Assets in Top 10 18.6 M N/A N/A N/A
Weighting of Top 10 35.74% N/A N/A N/A

Top 10 Holdings

  1. U.S. Treasury Bills 15.21%
  2. U.S. Treasury Bills 6.41%
  3. AGL CLO 33 Ltd 2.40%
  4. Wellington Management Clo 3 Ltd 2.40%
  5. Symphony CLO 45 Ltd 2.40%
  6. Ballyrock CLO 27 Ltd 2.40%
  7. Motion Finco Sarl 2024 USD Term Loan B 1.25%
  8. Bausch Lomb Corporation Term Loan 1.22%
  9. State Street Institutional US Government Money Market Fund 1.07%
  10. Trident TPI Holdings Inc 2024 Term Loan B6 0.97%

Asset Allocation

Weighting Return Low Return High NBFC % Rank
Bonds 		90.20% N/A N/A N/A
Cash 		22.68% N/A N/A N/A
Other 		2.23% N/A N/A N/A
Stocks 		0.00% N/A N/A N/A
Preferred Stocks 		0.00% N/A N/A N/A
Convertible Bonds 		0.00% N/A N/A N/A

Bond Sector Breakdown

Weighting Return Low Return High NBFC % Rank
Cash & Equivalents 		22.68% N/A N/A N/A
Derivative 		0.59% N/A N/A N/A
Securitized 		0.00% N/A N/A N/A
Corporate 		0.00% N/A N/A N/A
Municipal 		0.00% N/A N/A N/A
Government 		0.00% N/A N/A N/A

Bond Geographic Breakdown

Weighting Return Low Return High NBFC % Rank
US 		89.82% N/A N/A N/A
Non US 		0.38% N/A N/A N/A

NBFC - Expenses

Operational Fees

NBFC Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Expense Ratio 0.86% N/A N/A N/A
Management Fee 0.49% N/A N/A N/A
12b-1 Fee N/A N/A N/A N/A
Administrative Fee N/A N/A N/A N/A

Sales Fees

NBFC Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Front Load N/A N/A N/A N/A
Deferred Load N/A N/A N/A N/A

Trading Fees

NBFC Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Max Redemption Fee N/A N/A N/A N/A

Related Fees

Turnover provides investors a proxy for the trading fees incurred by mutual fund managers who frequently adjust position allocations. Higher turnover means higher trading fees.

NBFC Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Turnover N/A N/A N/A N/A

NBFC - Distributions

Dividend Yield Analysis

NBFC Category Low Category High NBFC % Rank
Dividend Yield 10.43% N/A N/A N/A

Dividend Distribution Analysis

NBFC Category Low Category High Category Mod
Dividend Distribution Frequency Monthly

Net Income Ratio Analysis

NBFC Category Low Category High NBFC % Rank
Net Income Ratio N/A N/A N/A N/A

Capital Gain Distribution Analysis

NBFC Category Low Category High Capital Mode
Capital Gain Distribution Frequency

Distributions History

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NBFC - Fund Manager Analysis

Tenure Analysis

Category Low Category High Category Average Category Mode
N/A N/A N/A N/A

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