Neuberger Berman Energy Transition & Infrastructure ETF

Neuberger Berman Energy Transition & Infrastructure ETF (NBET) is an actively managed fund holding about 30 energy infrastructure stocks. Most are US pipeline and midstream companies such as Targa Resources, Energy Transfer and Enterprise Products Partners. Despite the "energy transition" name, oil and gas companies dominate the portfolio. Its 0.65% expense ratio is below the 0.85% average of similar funds but above rivals such as Alerian Energy Infrastructure ETF (ENFR), at 0.35%.

• Over the year to Oct 27, 2026, NBET returned +35.7%, 1st of 9 among similar funds.
• Its worst full calendar year was 2025 (+5.9%); its best was 2025 (+5.9%).
• The deepest fall in its price history was 17.4% (Jan 21, 2025 to Apr 8, 2025), recovered by Jan 16, 2026.

As of Jul 31, 2026, the fund held 30 securities; the ten largest made up 58.87% of assets.

• Over the three months to Jul 31, 2026, investors added a net $4.0M (creations minus redemptions, per the N-PORT report).
• Monthly total returns reported for that quarter: -5.77%, +0.05%, +3.18%.

NBET does not track an index. Its portfolio managers pick stocks using their own research. Under normal conditions, the fund keeps at least 80% of its net assets in energy transition and infrastructure companies. In practice, that means "midstream" businesses: companies that gather, process, store and transport oil and natural gas, or export liquefied gas. It can also own utilities, renewable power producers and some oil and gas producers. The fund is required to concentrate in the oil, gas and consumable fuels industry. It is also non-diversified, so it can put more money into fewer companies.

The managers look for companies with a history of rising payouts, steady cash flows, strong finances, low sensitivity to commodity prices and multi-year contracts with inflation-adjusted fees. They sell when a company disappoints, looks overvalued or its outlook changes. Holdings are weighted by the managers' judgment, not by a formula, and the fund has no set rebalancing schedule. Portfolio turnover was 15% in the prospectus, which points to a low-trading style.

Up to 25% of assets can go directly into master limited partnerships (MLPs). These are publicly traded partnerships that are common in the pipeline business. As of July 31, 2026, 58.9% of assets sat in the top 10 holdings, led by Targa Resources (9.1%), Energy Transfer (7.8%) and Enterprise Products Partners (7.7%). The fund held no derivatives, and 95.4% of assets were in US companies.

• NBET charges 0.65% a year, versus an average of 0.85% for the similar funds below (4th of 8, cheapest first).
• Of that, 0.64% is the management fee; the rest covers other fund expenses.
• The fee includes a 1.45% 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 $2,057 over 10 years (assuming a 5% annual return).

NBET is a concentrated, non-diversified bet on one industry, energy infrastructure, so it fits as a small add-on rather than a foundation.

NBET could add energy infrastructure exposure and some income, but its track record is short. The fund launched in April 2022, after the 2022 bear market had begun, so it has no record through the 2008, 2020 or 2022 downturns. Its deepest drop in the available price history was 17.4%, from January 21 to April 8, 2025. It took about 9.3 months to recover, on January 16, 2026. Its worst quarter in the prospectus was a 10.43% loss in the quarter ending September 30, 2023. Anyone who had to sell during a slump like that would have locked in losses. The trailing yield was 2.39% as of October 27, 2026, paid quarterly. Energy payouts can shrink when the sector struggles. The expense ratio is 0.65%. Past results don't predict future ones, and a retirement plan should look at the whole portfolio, not one fund.

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