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Small-Mid Cap ETF

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NBSM | Small-Mid Cap ETF
Seeks to invest in high quality small- and mid-cap businesses with above average, sustainable growth prospects
NET ASSET VALUE
$23.92
As of 04/18/24
1 DAY NAV CHANGE
$-0.03(-0.13%)
As of 04/18/24
NET EXPENSE RATIO1
0.74%
GROSS EXPENSE RATIO1
0.87%
Why NBSM?
An opportunity to access high quality SMID-cap companies in one trade with an actively managed ETF that provides potential tax efficiency, daily portfolio transparency and intra-day tradability
Actively Managed
The relative lack of analyst coverage in the SMID-cap universe can result in companies that are underappreciated and mispriced versus their potential, creating opportunity for active managers to add value
Large, Experienced Team
Seasoned investment professionals averaging 20+ years of experience with a proven strategy track record, well-resourced to exploit market inefficiencies in the SMID-cap universe
Focus on High-Quality
Focus on companies with consistent free cash flow generation, above-average profitability, conservative balance sheets and differentiated business models with durable barriers to entry
Unique Risk/Return Profile
High-quality investment philosophy seeks to mitigate the risks inherent in the SMID-cap asset class, providing less volatility and potential downside mitigation
Fund Details
Total Net Assets
As of 04/18/24
$159.67 million
Ticker
NBSM
CUSIP
64135A804
ISIN
US64135A8045
Exchange
NYSE ARCA
INCEPTION DATE
03/20/24
Asset Class
Equity
Reference Benchmark
Russell 2500 Index
Distribution Frequency
Annually
Creation Basket Size (In Shares)
25,000
Shares Outstanding
As of 04/18/24
6,675,001
Number of Holdings
As of 04/18/24
47
Performance & Distributions
Price & Trading Characteristics
NAV
$23.92
Closing Price (4PM)
$23.92
Premium/Discount ($)
$0.00
Premium/Discount (%)
-0.02%
Daily Volume
53,529
30-Day Average Volume
49,605
30-Day Median Bid/Ask Spread
0.12%

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
0.69%
Other Expenses
0.18%
Gross Expense Ratio
0.87%
Net Expense Ratio
0.74%

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 0.73% 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 03/05/2024, as amended and supplemented. Please see the Fund’s prospectus for additional details.

Team
Robert W. D'Alelio
Co-Portfolio Manager
New York
Brett Reiner
Portfolio Manager
New York
Gregory G. Spiegel
Portfolio Manager
New York
Robert W. D'Alelio, Co-Portfolio Manager
Robert W. D’Alelio, Managing Director, joined the firm in 1996. Bob is a Portfolio Manager on the Small Cap team. Previously, he spent 15 years at Putnam Investments as an equity analyst and later, as a senior vice president and portfolio manager. Bob began his investment career in 1979 as an analyst at the Bank of New England. He earned a BA from the University of Massachusetts and an MBA from Babson College.
Brett Reiner, Portfolio Manager
Brett Reiner, Managing Director, joined the firm in 2000. Brett is a Portfolio Manager on the Small Cap Team, where he has been a member since 2003. Brett joined the firm as an Analyst in the Research department covering the Consumer Non-Durables sector. Prior to joining the firm, he spent 11 years as a project manager at Mars & Co. Consulting. Brett received a BSE from the University of Pennsylvania’s Wharton School of Business and graduated summa cum laude.
Gregory G. Spiegel, Portfolio Manager
Gregory G. Spiegel, Managing Director, joined the team and the firm in 2012. Greg is a Portfolio Manager on the Small Cap Team. Previously, he was Director of Research at Tourmalet Advisors, where he covered global equities and oversaw that firm’s research analysts. His investment career has included a number of analyst and portfolio management positions with Pequot Capital Management, Inc., Pilot Advisors, L.P., Bear Stearns & Co., Inc., Glickenhaus & Co., and Herzog, Heine & Geduld. Greg earned an MBA from Columbia Business School and a BS from Boston University.
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