At a glance
NBCE charges 0.75% a year, above the 0.56% average of the 5 funds most like it (the most expensive of 6). It has $18.3M in assets, the 6th largest of that group; it paid 1.31% of its price in distributions over the past 12 months, annual. Over the past year it returned +0.7% with distributions reinvested (S&P 500: +11.5%), the best of those 6 funds; over three years it returned +13.3% a year. Its ten largest positions make up 28.9% of the fund, out of 70 in all.
The short version
Neuberger Berman China Equity ETF (NBCE) is an actively managed fund holding about 70 Chinese stocks. A manager picks them through company research and environmental, social and governance (ESG) screens instead of following an index. Its 0.75% expense ratio is above the 0.56% average of five similar China funds, and its $18.3 million in net assets as of August 31, 2026 make it the smallest of the group. It had the group's highest one- and three-year returns as of October 27, 2026.
Price history
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NBCE +0.7% over the year to Oct 27, 2026, total return with distributions reinvested.
How it has behaved
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | Since start | |
|---|---|---|---|---|---|---|
| NBCE official prospectus, to Dec 31, 2024 | — | +3.60% | — | -6.21% | +1.94% | — |
| NBCE price data to Oct 27, 2026 | -0.1% | +0.7% | +13.3% | — | — | +11.9% |
- Over the year to Oct 27, 2026, NBCE returned +0.7%, 1st of 6 among similar funds.
- Its worst full calendar year was 2024 (+3.4%); its best was 2025 (+39.0%).
- The deepest fall in its price history was 28.4% (Oct 7, 2024 to Apr 7, 2025), recovered by Sep 17, 2025.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | -0.1% | — |
| 2025 | +39.0% | — |
| 2024 | +3.4% | +3.60% |
| 2023 | — | -20.95% |
| 2022 | — | -21.65% |
| 2021 | — | -5.88% |
| 2020 | — | +20.14% |
| 2019 | — | +33.00% |
| 2018 | — | -21.77% |
| 2017 | — | +66.00% |
| 2016 | — | -3.83% |
| 2015 | — | +0.57% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Before this security existed |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Before this security existed |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Before this security existed |
Dividends and income
Show as a table
| Year | Per share | Change |
|---|---|---|
| 2025 | $0.4400 | +51.7% |
| 2024 | $0.2900 |
What's inside
As of Aug 31, 2026, the fund held 70 securities; the ten largest made up 28.85% of assets, and 3.36% sat in cash and money-market holdings.
| Holding | Weight | |
|---|---|---|
| Contemporary Amperex Technology Co Ltd | 4.34% | |
| Montage Technology Co Ltd | 3.51% | |
| Luxshare Precision Industry Co Ltd | 3.28% | |
| Cambricon Technologies Corp Ltd | 3.14% | |
| Kweichow Moutai Co Ltd | 2.79% | |
| China Merchants Bank Co Ltd | 2.69% | |
| Zhongji Innolight Co Ltd | 2.42% | |
| Ping An Insurance Group Co of China Ltd | 2.39% | |
| Chaozhou Three-Circle Group Co Ltd | 2.17% | |
| Industrial & Commercial Bank of China Ltd | 2.13% | |
| Lenovo Group Ltd | 2.01% | |
| NAURA Technology Group Co Ltd | 1.97% | |
| Weichai Power Co Ltd | 1.96% | |
| Midea Group Co Ltd | 1.93% | |
| China Yangtze Power Co Ltd | 1.92% |
By country
China 84.23%Cayman Islands 7.61%Hong Kong 4.09%Switzerland 1.06%By asset type
Stocks 96.98%What changed recently
- Over the three months to Aug 31, 2026, investors added a net $1.0M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +8.30%, -15.15%, +2.99%.
How it works
NBCE does not track an index. Neuberger Berman's portfolio manager picks stocks through company research. At least 80% of net assets normally go to stocks tied economically to China, meaning the company is based there or has at least half its assets, revenue or profits there. Most holdings are China A-shares (mainland stocks priced in renminbi, bought through the Stock Connect link with Hong Kong), Hong Kong-listed Chinese stocks and US-traded American Depositary Receipts. Companies generally need a market value of at least $500 million at purchase.
The manager favors well-positioned companies with healthy balance sheets, good potential returns on equity and above-average, lasting earnings growth. Each must show at least one environmental, social or governance (ESG) practice, such as clear environmental policies. The fund drops the bottom 20% of its universe on an internal ESG rating, screens out severe human-rights and labor controversies, and applies a written exclusion policy.
There is no set rebalancing schedule; the manager sells a stock when it looks overvalued or disappoints. Turnover is high (130%, per the prospectus filed December 12, 2025), which can raise costs and taxable gains. The fund is non-diversified, meaning it can hold bigger stakes in fewer companies. As of August 31, 2026, it held 70 stocks and no derivatives, with the top 10 at about 29% of assets.
What it really costs
- NBCE charges 0.75% a year, versus an average of 0.56% for the similar funds below (6th of 6, cheapest first).
- Of that, 0.69% is the management fee; the rest covers other fund expenses.
- The fee includes a 4.26% waiver from the adviser, which may end.
- Using the prospectus's standard example, $10,000 invested would cost about $77 in the first year and $4,212 over 10 years (assuming a 5% annual return).
| Cost of $10,000 (SEC example) | 1 yr | 3 yrs | 5 yrs | 10 yrs |
|---|---|---|---|---|
| NBCE | $77 | $240 | $1,375 | $4,212 |
In a retirement portfolio
NBCE is a non-diversified fund of stocks from one emerging market, and its prospectus record includes three calendar-year losses of more than 20% since 2015.
NBCE could add exposure to Chinese companies such as Contemporary Amperex Technology and Kweichow Moutai. The ETF began trading in October 2023, so its own price history misses the 2008, 2020 and 2022 sell-offs. Its prospectus record starts in 2015. That record shows a 20.14% gain in 2020 but losses of 21.77% in 2018 (its worst year), 21.65% in 2022 and 20.95% in 2023. As an ETF, its deepest drop was 28.4%, from October 7, 2024 to April 7, 2025. It recovered by September 17, 2025, about 5.4 months after the low. Selling shares for spending during a drop like that would lock in losses.
Income is small: the 12-month yield was 1.31% as of October 27, 2026, paid once a year. The 0.75% expense ratio already includes a fee waiver and is still above the 0.56% average of similar funds. Past results don't predict future returns, and a plan should look at the whole portfolio, not one fund.
Who it may suit — and who should look elsewhere
May suit
- Investors looking for an actively managed China fund that adds environmental, social and governance screens and exclusions to research-based stock picking.
- Investors keeping China to a small side holding who can accept calendar-year losses above 20%, like those in 2018, 2022 and 2023.
- Investors wanting mainland A-shares plus Hong Kong and US-listed Chinese stocks, with top holdings like Contemporary Amperex Technology, Montage Technology and Luxshare Precision.
Look elsewhere if
- Cost-focused investors: even after a fee waiver, the 0.75% expense ratio is above all five similar China funds compared, including CXSE at 0.32%.
- Investors who need regular income: the 12-month yield was 1.31% as of October 27, 2026, paid in one distribution a year.
- Investors wanting broad diversification or tax efficiency: NBCE is non-diversified, holds one country and reported 130% portfolio turnover, which can create capital gains.
Close alternatives
Matched by closest holdings overlap from the latest N-PORT reports (no similar fund shares 20% or more of its holdings).
| Fund | Overlap | Cost | Net assets | 1 yr | 3 yr |
|---|---|---|---|---|---|
| NBCE this fund | — | 0.75% | $18.3M | +0.7% | +13.3% |
| CXSE WisdomTree China ex-State-Owned Enterprises… | 26% | 0.32% | $498.9M | -25.4% | +5.6% |
| ASHR Xtrackers Harvest CSI 300 China A-Shares ETF | 13% | 0.65% | $1.57B | -6.2% | +9.8% |
| GXC SPDR S&P China ETF | 11% | 0.59% | $434.9M | -20.8% | +8.5% |
| MCHI iShares MSCI China ETF | 11% | 0.59% | $6.33B | -23.7% | +8.1% |
| CQQQ Invesco China Technology ETF | 9% | 0.65% | $3.05B | -30.4% | +5.7% |
Questions investors ask
How has NBCE performed over the long term?
Results have swung widely. The prospectus reports average annual returns of 3.6% over one year, -6.21% over five years and 1.94% over ten years as of December 31, 2024. That record goes back before the ETF's October 2023 launch. Calendar years ranged from a 66% gain in 2017 to a 21.77% loss in 2018. Based on market prices, it gained about 39% in 2025. It returned 13.3% a year over the three years to October 27, 2026, and was roughly flat for 2026 up to that date.
What stocks does NBCE hold?
NBCE held 70 stocks as of August 31, 2026. The largest were Contemporary Amperex Technology (4.3% of assets), Montage Technology (3.5%), Luxshare Precision Industry (3.3%), Cambricon Technologies (3.1%) and Kweichow Moutai (2.8%). China Merchants Bank, Zhongji Innolight, Ping An Insurance, Chaozhou Three-Circle and Industrial & Commercial Bank of China completed the top 10. Together the top 10 made up 28.85% of the fund. By country, 84% was in China, about 8% in the Cayman Islands and 4% in Hong Kong.
What's the difference between NBCE and CXSE?
The biggest differences are approach, cost and size. NBCE is actively managed, uses environmental, social and governance (ESG) screens and may own Chinese state-owned enterprises. The WisdomTree China ex-State-Owned Enterprises Fund (CXSE) excludes them, as its name says. CXSE charges 0.32% a year, compared with NBCE's 0.75%. CXSE had about $499 million in net assets as of June 30, 2026, against NBCE's $18.3 million as of August 31, 2026. Over one year to October 27, 2026, NBCE returned 0.7% and CXSE -25.4%.
Does NBCE pay dividends?
Yes, but only once a year and not much. NBCE paid $0.44 per share over the 12 months to October 27, 2026, a yield of 1.31%. The fund's stated goal is long-term growth of capital, not income. Its manager favors companies expected to grow earnings faster than average. Retirees who need regular cash would have to sell shares or rely on other holdings between the annual payments.
What is NBCE's expense ratio?
NBCE's expense ratio is 0.75%, according to the prospectus filed December 12, 2025. That figure includes a fee waiver of 4.26 percentage points. The SEC's standard example assumes $10,000 invested and a 5% annual return. In it, costs total $77 after one year and $240 after three. They then rise to $1,375 after five years and $4,212 after ten, which suggests the waiver ends and the fund's higher underlying costs apply. Five similar China funds average 0.56%.