Neuberger Berman Growth ETF

Neuberger Berman Growth ETF (NBGX) is an actively managed fund whose managers pick about 55 large growth companies, led by NVIDIA, Alphabet and Microsoft, instead of tracking an index. A fee waiver brings its annual cost to 0.44%, a bit below the 0.48% average of funds with similar holdings. It is also small and concentrated, with $14.9 million in net assets and 52% in its top 10 holdings as of August 31, 2026.

• Over the year to Oct 27, 2026, NBGX returned +4.4%, 3rd of 9 among similar funds.
• Its worst full calendar year was 2025 (+16.4%); its best was 2025 (+16.4%).
• The deepest fall in its price history was 21.6% (Feb 14, 2025 to Apr 8, 2025), recovered by Jun 24, 2025.

As of Aug 31, 2026, the fund held 55 securities; the ten largest made up 52.46% of assets. It also reported 4.34% in a money-market fund, most likely cash collateral from lending out shares rather than uninvested money.

By sector

• Over the three months to Aug 31, 2026, investors added a net $0.00 (creations minus redemptions, per the N-PORT report).
• Monthly total returns reported for that quarter: -1.37%, -2.19%, +3.04%.

NBGX does not track an index. Its managers pick mostly large companies, meaning those whose market value falls within the range of the Russell 1000 Growth Index at the time of purchase. They look for faster-growing or “quality growth” businesses with traits such as strong sales growth, predictable earnings and high returns on shareholders' equity versus rivals. They also weigh balance sheets, profit margins, market share, cash flow and valuation. ESG (environmental, social and governance) factors count where the managers think they matter financially, but this is not a sustainable or impact fund.

Because the fund is “non-diversified,” it can put more money into fewer companies. As of August 31, 2026, it held 55 stocks, with 52% in the top 10, led by NVIDIA at 10.5%. About 88% was in US companies; foreign holdings included ASML and Taiwan Semiconductor. Managers may exit a stock when it hits a target price, when its business disappoints or when better ideas appear. Turnover, the share of the portfolio replaced in a year, was 29%.

The prospectus also permits put and call options on individual stocks to try to boost returns. If the fund writes call options, it must own the underlying shares (a “covered call”): it collects a fee but gives up gains above a set price. The August 31, 2026, holdings report showed no options positions.

• NBGX charges 0.44% a year, versus an average of 0.48% for the similar funds below (4th of 9, cheapest first).
• Of that, 0.56% is the management fee; the rest covers other fund expenses.
• The fee includes a 2.39% waiver from the adviser, which may end.
• Using the prospectus's standard example, $10,000 invested would cost about $45 in the first year and $2,607 over 10 years (assuming a 5% annual return).

With 52% in its top 10 stocks as of August 31, 2026, a heavy technology tilt and a record starting in December 2024, NBGX fits better as a smaller add-on than as a portfolio's foundation.

NBGX could add manager-picked growth stocks next to a broad index fund. It launched in December 2024, after the 2008, 2020 and 2022 downturns. Its only full calendar year, 2025, returned 16.4%. Its deepest drop, 21.6%, ran from February 14 to April 8, 2025; it regained its high by June 24, about 2.5 months after the low. Cashing out near such a low would lock in losses. Its beta of 1.17 over the year to October 27, 2026, means it swung more than the market.

It offers little income: a 0.37% yield, paid once a year. Its 0.44% expense ratio depends on a 2.39% fee waiver. The SEC's standard cost example on $10,000 rises from $45 after one year to $2,607 after 10, a sign costs could jump if the waiver ends. Past results don't predict future returns, and any plan needs to weigh the whole portfolio, not one fund.

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