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Flexible Credit Income ETF

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NBFC | Flexible Credit Income ETF
A flexible, relative value multi-sector credit portfolio
NET ASSET VALUE
$50.50
As of 07/22/24
1 DAY NAV CHANGE
$0.02(0.04%)
As of 07/22/24
NET EXPENSE RATIO1
0.40%
GROSS EXPENSE RATIO1
0.86%
Why NBFC?
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 Details
As of 07/22/24
Total Net Assets
As of 07/22/24
$51.76 million
Ticker
NBFC
CUSIP
64135A879
ISIN
US64135A8797
Exchange
NYSE ARCA
INCEPTION DATE
06/24/24
Asset Class
Fixed Income
Reference Benchmark
Bloomberg U.S. Aggregate Bond Index
Distribution Frequency
Monthly
Creation Basket Size (In Shares)
25,000
Shares Outstanding
As of 07/22/24
1,025,001
Number of Holdings
As of 07/22/24
246
WEIGHTED AVERAGE DURATION (YEARS)
As of 06/30/24
3.70
WEIGHTED AVERAGE MATURITY (YEARS)
As of 06/30/24
4.10

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.

Performance & Distributions
Price & Trading Characteristics
As of 07/22/24
NAV
$50.50
Closing Price (4PM)
$50.67
Premium/Discount ($)
$0.17
Premium/Discount (%)
0.33%
Daily Volume
12
30-Day Average Volume
52,765
30-Day Median Bid/Ask Spread
0.10%

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
Portfolio Holdings
  • Top 10 Holdings
  • Sector Allocation
  • Geographic Breakdown
  • as of
Fees
Management Fee
0.49%
Other Expenses
0.37%
Gross Expense Ratio
0.86%
Net Expense Ratio
0.40%

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.

Team
Ashok Bhatia, CFA
Co-Chief Investment Officer—Fixed Income
David M. Brown, CFA
Senior Portfolio Manager and Global Co-Head of Investment Grade
Joseph P. Lynch
Senior Portfolio Manager and Global Head of Non-Investment Grade Credit
Christopher Miller
Senior Portfolio Manager
Ashok Bhatia, CFA, Co-Chief Investment Officer—Fixed Income

Ashok Bhatia, CFA, Managing Director, joined the firm in 2017. Ashok is Co-Chief Investment Officer for Fixed Income, co-Head of Multi-Sector Fixed Income, and a member of Neuberger Berman's Partnership and Asset Allocation Committees and Fixed Income's Investment Strategy Committee. Previously, Ashok has 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. Ashok has had investment responsibilities across global fixed income and currency markets. Ashok began his career in 1993 as an investment analyst at Morgan Stanley. Ashok received a BA with high honors in Economics from the University of Michigan, Ann Arbor, and an MBA with high honors from the University of Chicago. He has been awarded the Chartered Financial Analyst designation.

As previously announced, Brad Tank will transition from Co-CIO of Fixed Income to a Senior Advisor role at the end of 2024, at which time Ashok Bhatia will assume the role of sole CIO of Fixed Income.

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.
Joseph P. Lynch, Senior Portfolio Manager and Global Head of Non-Investment Grade Credit

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.

Christopher Miller, Senior Portfolio Manager
Christopher Miller, Managing Director, joined Neuberger Berman in 2017. He is a Senior Portfolio Manager for Multi-Sector Credit and a member of the Credit Committees for Non-Investment Grade Credit and Special Situations. Previously, Christopher held several research-related roles at JPMorgan, his most recent position being a managing director and co-leader of the high yield desk analysts within their North American Credit Trading effort. Christopher earned a BS from Santa Clara University and an MBA from Washington University in St. Louis
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