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Option Strategy ETF

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NBOS | Option Strategy ETF
An option-based strategy that seeks risk-efficient returns and aims to provide a diversifying source of yield for investors through collateral and option premium income
NET ASSET VALUE
$26.42
As of 07/12/24
1 DAY NAV CHANGE
$0.06(0.22%)
As of 07/12/24
YTD RETURN
8.48%
As of 07/12/24
NET EXPENSE RATIO1
0.56%
GROSS EXPENSE RATIO1
0.59%
Why NBOS?
NBOS can potentially mitigate and monetize common portfolio challenges in a single trade
Market Stagnation/Decline
Seeks to outperform the underlying index in down and flat markets with participation in up markets
“Higher for Longer” Interest Rates
Potential for interest income from short duration collateral portfolio
Sustained Volatility
Potential for larger premium collection
Too Much Cash?
Potential to take cash off the sidelines and supplement with active premium capture
Fund Details
As of 07/12/24
Total Net Assets
As of 07/12/24
$436.51 million
Ticker
NBOS
CUSIP
64135A705
ISIN
US64135A7054
Exchange
NYSE ARCA
ETF Listing Date
01/29/24
Predecessor Fund Inception Date
09/16/16
Asset Class
Liquid Alternatives
Reference Benchmark
50% Cboe S&P 500 1-Wk PutWrite Index / 50% Cboe S&P 500 PutWrite Index
Distribution Frequency
Monthly
Creation Basket Size (In Shares)
25,000
Shares Outstanding
As of 07/12/24
16,523,476
Number of Holdings
As of 07/12/24
25
30-Day SEC Yield
As of 05/31/24
4.64%
30-Day SEC Yield Unsubsidized
As of 05/31/24
4.43%
Distribution Rate
As of 05/31/24
8.65%

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 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.

NOTICE:

NBOS began as the Neuberger Berman U.S. Equity Index PutWrite Strategy Fund (Predecessor Fund), an open-end mutual fund which operated since September 16, 2016. As of the close of business on January 26, 2024, NBOS acquired the Predecessor Fund's assets and liabilities, and assumed its performance, financial and other historical information.

Portfolio Manager Rory Ewing provides an overview of NBOS and how it can potentially address modern portfolio challenges.

Performance & Distributions
Price & Trading Characteristics
NAV
$26.42
Closing Price (4PM)
$26.42
Premium/Discount ($)
$0.01
Premium/Discount (%)
0.03%
Daily Volume
2,501
30-Day Average Volume
80,919
30-Day Median Bid/Ask Spread
0.38%

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
0.50%
Other Expenses
0.09%
Gross Expense Ratio
0.59%
Net Expense Ratio
0.56%

Net expense ratio represents the total annual operating expenses that shareholders pay (after the effect of fee waivers and/or expense reimbursement). The investment manager has contractually undertaken to waive and/or reimburse certain fees and expenses 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 0.55% of average net assets through 8/31/2027. Absent such arrangements, which cannot be changed without Board approval, the returns may have been lower. Information as of most recent prospectus dated 1/12/2024, as amended and supplemented. Please see the Fund’s prospectus for additional details.

Net expense ratio represents the total annual operating expenses that shareholders pay (after the effect of fee waivers and/or expense reimbursement). The investment manager has contractually undertaken to waive and/or reimburse certain fees and expenses 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 0.55% of average net assets through 8/31/2027. Absent such arrangements, which cannot be changed without Board approval, the returns may have been lower. Information as of most recent prospectus dated 1/12/2024, as amended and supplemented. Please see the Fund’s prospectus for additional details.

Team
Derek Devens, CFA
Senior Portfolio Manager
New York
Rory Ewing
Portfolio Manager
New York
Eric Zhou
Portfolio Manager
New York
Derek Devens, CFA, Senior Portfolio Manager
Derek Devens, CFA, joined the firm in 2016. Derek is a Managing Director and Senior Portfolio Manager of the Option Group. Prior to Neuberger Berman, Derek was responsible for both Research and Portfolio Management at Horizon Kinetics. Derek was a member of the Investment Committee and responsible for co-managing the Kinetics Alternative Income Fund and various separate account strategies. Prior to Horizon Kinetics, Derek was a Vice President with Goldman Sachs’ Global Manager Strategies Group where he was responsible for conducting investment manager research. Previously, Derek was a fixed income portfolio manager at both Fischer Francis Trees & Watts as well as Bond Logistix. He received a BS in Civil Engineering from Princeton University and an MBA from New York University. He has been awarded the Chartered Financial Analyst designation.
Rory Ewing, Portfolio Manager
Rory Ewing, Managing Director, joined the firm in 2016. Rory is a Portfolio Manager for the Option Group at the firm. In his current capacity, Rory’s primary responsibility is to assist in the implementation of the firm’s investment strategy in client accounts and to ensure proper adherence to account guidelines and client-specific restrictions. Before joining Neuberger Berman, Rory was a Research Analyst at Horizon Kinetics. Before that, Rory led the trading team at Tempus Quo, an investment firm focused on international, commodity-related sectors. He also spent two years as a trader at Pequot Capital and two years as a capital markets consultant at Thomson Financial. Rory received a BA from Colgate University and an MBA from New York University.
Eric Zhou, Portfolio Manager
Eric Zhou, Senior Vice President, joined the firm in 2016. Eric is a Portfolio Manager for the Option Group at the firm, where he is focused on the implementation of investment strategy, quantitative research, and derivative strategy modeling related to the firm’s option and volatility-based strategies. Before joining Neuberger Berman, Eric was a research analyst at Horizon Kinetics, where he worked primarily on derivatives- related research, and also supported the firm’s broader research efforts. Previously, Eric worked for UBS Wealth Management. Eric received a BS from the Carroll School of Management at Boston College and an MA in the Mathematics of Finance from Columbia University.
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