At a glance
NBCM charges 0.65% a year, above the 0.64% average of the 2 funds most like it (the 2nd cheapest of 3). It has $509.8M in assets, the 3rd largest of that group; it paid 6.06% of its price in distributions over the past 12 months, annual. Over the past year it returned +42.9% with distributions reinvested, the best of those 3 funds; over three years it returned +18.3% a year. Its ten largest positions make up 13.8% of the fund, out of 150 in all.
The short version
Neuberger Berman Commodity Strategy ETF (NBCM) is an actively managed fund that invests in oil, metals, crops and other commodities through futures contracts, held mainly in a Cayman Islands subsidiary. Short-term bonds and cash back those contracts. Its managers use quantitative models and can bet against commodities as well as on them. Its 0.65% expense ratio falls between BCI (0.26%), which is built around a Bloomberg commodity index, and FTGC (1.02%).
Price history
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NBCM +42.9% 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 | |
|---|---|---|---|---|---|---|
| NBCM official prospectus, to Dec 31, 2024 | — | +6.47% | — | +8.37% | +2.92% | — |
| NBCM price data to Oct 27, 2026 | +39.3% | +42.9% | +18.3% | — | — | +14.4% |
- Over the year to Oct 27, 2026, NBCM returned +42.9%, 1st of 3 among similar funds.
- Its worst full calendar year was 2023 (-6.5%); its best was 2025 (+17.4%).
- The deepest fall in its price history was 14.8% (May 12, 2026 to Jun 24, 2026), recovered by Aug 31, 2026.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | +39.3% | — |
| 2025 | +17.4% | — |
| 2024 | +6.6% | +6.47% |
| 2023 | -6.5% | -6.11% |
| 2022 | — | +17.03% |
| 2021 | — | +29.80% |
| 2020 | — | -1.58% |
| 2019 | — | +12.16% |
| 2018 | — | -10.48% |
| 2017 | — | +6.51% |
| 2016 | — | +10.83% |
| 2015 | — | -24.73% |
| 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 | $1.9100 | +75.2% |
| 2024 | $1.0900 | +21.1% |
| 2023 | $0.9000 |
What's inside
As of Aug 31, 2026, the fund held 150 securities; the ten largest made up 13.81% of assets, and 26.37% sat in cash and money-market holdings.
| Holding | Weight | |
|---|---|---|
| WELLS FARGO & COMPANY Bonds and notes | 1.69% | |
| US BANK NA CINCINNATI Bonds and notes | 1.60% | |
| JPMORGAN CHASE & CO Bonds and notes | 1.44% | |
| MORGAN STANLEY BANK NA Bonds and notes | 1.40% | |
| ABBOTT LABORATORIES Bonds and notes | 1.34% | |
| BANK OF AMERICA CORP Bonds and notes | 1.34% | |
| MERCK & CO INC Bonds and notes | 1.33% | |
| CITIGROUP INC Bonds and notes | 1.26% | |
| VERIZON COMMUNICATIONS Bonds and notes | 1.21% | |
| ALPHABET INC Bonds and notes | 1.20% | |
| STATE STREET CORP Bonds and notes | 1.20% | |
| TRUIST BANK Bonds and notes | 1.19% | |
| CATERPILLAR FINL SERVICE Bonds and notes | 1.15% | |
| BANK OF NY MELLON CORP Bonds and notes | 1.14% | |
| ENTERPRISE PRODUCTS OPER Bonds and notes | 1.02% |
By country
United States 61.83%Canada 0.63%France 0.61%United Kingdom 0.56%Singapore 0.55%By issuer
Companies 63.66%Other 1.3%The bonds mature in 1.6 years on average (weighted by size), with an average coupon of 4.24%.
Source: N-PORT holdings report as of Aug 31, 2026. Cash, money-market funds and derivatives are shown separately from the securities list.What changed recently
- Over the three months to Aug 31, 2026, investors added a net $54.7M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: -8.57%, +7.83%, +7.62%.
How it works
NBCM seeks total return and does not track an index. Its managers combine quantitative models with fundamental research to decide how much to put in each commodity sector. The sectors are energy, industrial and precious metals (including uranium), agriculture, livestock, and softs such as sugar, cotton, cocoa and coffee. The models balance the risk each commodity adds to the portfolio, judge big-picture economic trends across sectors and size up individual commodities. The fund can also take short positions, which profit when prices fall or hedge other positions. It trades often: portfolio turnover was 102%.
Most commodity exposure comes through futures, which are contracts to buy or sell a commodity at a set price on a later date. The fund holds them mainly through a wholly owned Cayman Islands subsidiary. That subsidiary is capped at 25% of total assets at each quarter-end of the fund's tax year. Futures need only a fraction of their value up front, so the rest of the money sits in investment-grade bonds and cash. Total exposure can exceed 100% of assets, which is leverage. The prospectus says the fund is treated as a commodity pool, so both the SEC and the CFTC regulate its manager.
As of August 31, 2026, cash was 26.37% of assets. Bonds and notes were 50.25%, with an average maturity of 1.6 years. The largest holdings were bonds from Wells Fargo, U.S. Bank and JPMorgan Chase. The largest futures positions were December 2026 gold, low-sulphur gasoil and corn.
What it really costs
- NBCM charges 0.65% a year, versus an average of 0.64% for the similar funds below (2nd of 3, cheapest first).
- Of that, 0.59% is the management fee; the rest covers other fund expenses.
- The fee includes a 0.11% waiver from the adviser, which may end.
- Using the prospectus's standard example, $10,000 invested would cost about $66 in the first year and $910 over 10 years (assuming a 5% annual return).
| Cost of $10,000 (SEC example) | 1 yr | 3 yrs | 5 yrs | 10 yrs |
|---|---|---|---|---|
| NBCM | $66 | $208 | $388 | $910 |
Structure and tax notes
- Bond prices move opposite to interest rates; the longer the maturities it holds, the more its price reacts to rate changes.
In a retirement portfolio
The managers aim for returns that do not move closely with stocks and bonds, and the fund's one-year beta (a measure of how much it moves with the stock market) was -0.09 as of October 27, 2026.
In the 2022 bear market, the prospectus shows NBCM gaining 17.03%. The 2020 COVID crash was harder: its worst quarter was a 28.26% drop in the first quarter of 2020, though the full year ended down only 1.58%. Its worst calendar year was 2015, a 24.73% loss, and its reported record starts after the 2008 crisis. Since the ETF launched, its deepest drop was 14.8%, from May 12 to June 24, 2026, and it recovered in about two months. Someone who had to sell after a quarter like early 2020 would have locked in a steep loss.
The trailing yield was 6.06% as of October 27, 2026, but the fund pays once a year, so the income is lumpy. Costs come to 0.65% a year, or $66 in the first year on $10,000 under the SEC's standard example. Past results don't predict future ones, and a plan should look at the whole portfolio, not one fund.
Who it may suit — and who should look elsewhere
May suit
- Investors who want commodity exposure from managers who can shift between sectors and bet on falling prices, rather than tracking a fixed index.
- Those looking for something that has moved apart from stocks: one-year beta was -0.09 as of October 27, 2026, and 2022 returned 17.03%.
- Investors comparing actively managed commodity funds on cost: NBCM's 0.65% expense ratio is well below FTGC's 1.02%.
Look elsewhere if
- Cost-focused investors who want broad commodity exposure: BCI charges 0.26%, less than half of NBCM's 0.65% expense ratio.
- Those who need steady income: the 6.06% trailing yield came from one annual payment, and commodity fund payouts can vary widely from year to year.
- Investors uncomfortable with sharp swings: the prospectus shows a 24.73% loss in 2015 and a 28.26% drop in the first quarter of 2020.
Close alternatives
Matched by bond funds with the closest average maturity and issuer mix (N-PORT).
Net assets from each fund's latest N-PORT or annual report where available. Returns through Oct 27, 2026.Questions investors ask
Does NBCM pay dividends?
Yes, but only once a year. Its trailing 12-month yield was 6.06% as of October 27, 2026, from $1.91 per share in distributions. Unlike a stock fund, NBCM's payouts come from interest on its short-term bonds and gains on its commodity trading. Payouts from this kind of fund can change a lot from one year to the next. That makes NBCM a poor fit for anyone who needs predictable monthly or quarterly income.
What's the difference between NBCM and FTGC?
Both are actively managed commodity funds, and First Trust's FTGC is NBCM's closest match by bond holdings. NBCM costs less: 0.65% a year versus 1.02%. As of October 27, 2026, NBCM returned 42.9% over one year and 18.3% a year over three years. FTGC returned 37.4% and 16.9%. FTGC is larger, with about $2.7 billion in net assets as of June 30, 2026. NBCM's bonds have a longer average maturity: 1.6 years versus 0.1 years.
Is NBCM a leveraged ETF?
It isn't a daily-reset leveraged ETF, but it can use leverage. NBCM holds commodity futures, which need only a small deposit compared with their full value. That lets its total exposure exceed 100% of assets at times. The prospectus warns that this leverage amplifies commodity risk. The fund can also take short positions, and the prospectus says it is treated as a commodity pool, so both the SEC and the CFTC regulate its manager.
What does NBCM actually hold?
Mostly short-term bonds and cash, plus commodity futures. As of August 31, 2026, cash was 26.37% of assets and bonds and notes were 50.25%. The largest holdings were bonds from Wells Fargo (1.69%), U.S. Bank (1.60%) and JPMorgan Chase (1.44%). It held 71 derivative contracts. The largest were December 2026 gold, low-sulphur gasoil, corn, soybean and New York Harbor diesel futures. The bonds serve as backing for the futures.
How has NBCM performed over the long term?
Its record is mixed. The prospectus reports average annual returns of 6.47% over one year, 8.37% over five years and 2.92% over ten years, as of December 31, 2024. That record goes back further than the ETF's October 24, 2022 launch. Calendar years ranged from a 24.73% loss in 2015 to a 29.8% gain in 2021. Based on price, NBCM returned 42.9% over the year to October 27, 2026.