Neuberger Berman Disrupters ETF

Neuberger Berman Disrupters ETF (NBDS) is an actively managed fund with no index to follow. It holds about 32 stocks that its managers see as disrupting existing markets or creating new ones, from NVIDIA and AMD to smaller drug developers. Its 0.55% expense ratio, after a fee waiver, is below the 0.65% average of similar growth funds. Over the year to October 27, 2026, it moved nearly twice as much as the market.

• Over the year to Oct 27, 2026, NBDS returned +2.9%, 6th of 9 among similar funds.
• Its worst full calendar year was 2024 (+18.0%); its best was 2023 (+38.5%).
• The deepest fall in its price history was 28.8% (Apr 8, 2022 to Oct 14, 2022), recovered by Jul 13, 2023.

As of Aug 31, 2026, the fund held 32 securities; the ten largest made up 45.77% of assets, and 2.65% sat in cash and money-market holdings.

By sector

• Over the three months to Aug 31, 2026, investors added a net $150.4M (creations minus redemptions, per the N-PORT report).
• Monthly total returns reported for that quarter: +3.26%, -8.56%, +4.73%.

NBDS does not track an index. Neuberger Berman's portfolio managers pick the stocks. They put at least 80% of assets into a concentrated portfolio of "disrupters": US and foreign companies, including some in emerging markets, that they believe are upending existing markets or creating new ones. Examples in the prospectus include cloud computing, artificial intelligence, robotics, autonomous driving, financial technology and blood-based cancer tests. Companies are typically worth more than $500 million when the fund buys them.

The managers study each company's growth potential, earnings estimates and management. They also look at how the stock price compares with long-term cash flow growth, and at free cash flow (cash left after running and investing in the business). They weigh industry leadership and side businesses that could add value. Environmental, social and governance factors count where they matter financially, but this is not a sustainable fund.

The prospectus sets no weighting formula or rebalancing schedule. Position sizes reflect the managers' judgment. They may sell when a stock hits a target price, when the business disappoints or when better ideas appear. The prospectus reports portfolio turnover of 34%, meaning roughly a third of the portfolio changes over a year. The fund is non-diversified, so it can hold fewer, larger positions, and it concentrates in technology and communication services. As of August 31, 2026, it held 32 stocks and no derivatives.

• NBDS charges 0.55% a year, versus an average of 0.65% for the similar funds below (2nd of 9, cheapest first).
• Of that, 0.65% is the management fee; the rest covers other fund expenses.
• The fee includes a 0.1% waiver from the adviser, which may end.
• Using the prospectus's standard example, $10,000 invested would cost about $56 in the first year and $801 over 10 years (assuming a 5% annual return).

A concentrated, actively managed growth fund that has moved nearly twice as much as the market fits as a small add-on to a diversified core.

NBDS could add concentrated growth exposure alongside broad, diversified funds. It launched on April 6, 2022, so it has no record from the 2008 or 2020 crashes. Its deepest drop, 28.8%, ran from April 8 to October 14, 2022. It recovered by July 13, 2023, about nine months after the low. Every full calendar year since has been a gain. Still, it fell 24% at one point in the year to October 27, 2026, and its one-year beta of 1.93 means it moved nearly twice as much as the market. Selling in a slump could lock in steep losses. The 0.33% yield, paid once a year, offers little income. In the SEC's standard example, costs come to $56 for the first year on $10,000. Past results don't predict the future, and a plan should look at the whole portfolio, not one fund.

Matched by holdings overlap from the latest N-PORT reports.