Neuberger Berman Japan Equity ETF

Neuberger Berman Japan Equity ETF (NBJP) is an actively managed fund. Instead of tracking an index, its managers pick about 58 Japanese stocks, and its largest holdings include Mizuho Financial, Resona Holdings and Tokio Marine as of August 31, 2026. Its 0.50% expense ratio reflects a fee waiver and sits above the 0.26% average of three similar Japan ETFs. With about $127 million in net assets, it is much smaller than those funds.

• Over the year to Oct 27, 2026, NBJP returned +17.9%, 2nd of 4 among similar funds.
• Its worst full calendar year was 2025 (+30.4%); its best was 2025 (+30.4%).
• The deepest fall in its price history was 14.3% (Feb 12, 2026 to Mar 30, 2026), recovered by May 11, 2026.

As of Aug 31, 2026, the fund held 58 securities; the ten largest made up 36.69% of assets.

• Over the three months to Aug 31, 2026, investors withdrew a net $21.4M (creations minus redemptions, per the N-PORT report).
• Monthly total returns reported for that quarter: +1.35%, -4.88%, +1.83%.

NBJP does not follow an index. Its goal is long-term growth of capital. It normally puts at least 80% of its net assets into stocks of companies tied economically to Japan. That means companies organized or based in Japan, companies listed mainly on Japanese exchanges, or companies with at least half their assets or revenue in Japan. The fund can own companies of any size in any sector.

The managers use three steps. First, they screen for high return on equity and strong EBITDA margins (earnings before interest, taxes, depreciation and amortization, a rough gauge of operating profit). They also look for shares priced below their estimate of the company's true value. Second, they judge management, industry trends and brand strength. Third, they check valuation. Each stock on the resulting "Watch List" gets a combined score for business fundamentals, governance, environmental and social factors, engagement potential and valuation. The managers also talk with companies about governance and how they use their capital.

There is no fixed rebalancing schedule. The managers cut or exit a stock when it looks overvalued, when the business disappoints, or when better options appear. Portfolio turnover was 59%, a measure of how much of the portfolio was replaced over the year. As of August 31, 2026, the fund held 58 stocks, with 36.7% in its top 10, 1.6% in cash and no derivatives. Because the stocks are priced in yen, the fund's value in dollars also moves with the exchange rate.

• NBJP charges 0.5% a year, versus an average of 0.26% for the similar funds below (3rd of 4, cheapest first).
• Of that, 0.69% is the management fee; the rest covers other fund expenses.
• The fee includes a 1.42% waiver from the adviser, which may end.
• Using the prospectus's standard example, $10,000 invested would cost about $51 in the first year and $1,906 over 10 years (assuming a 5% annual return).

It is a small, actively managed fund that holds only Japanese stocks, has a short record and has been about as volatile as the broad market, so it fits better as a side position than as a core holding.

NBJP could add Japanese stocks to a portfolio built mostly on US companies, but its record is short. It launched on September 11, 2024, so it did not exist during the 2008, 2020 or 2022 downturns. Its only full calendar year, 2025, returned 30.4%. Its deepest drop was 14.3%, from February 12 to March 30, 2026, and it recovered by May 11, 2026, about 1.4 months later. A record this short says little about how the fund might hold up in a long slump, when a retiree may need to sell shares at low prices.

The trailing yield was 1.99% as of October 27, 2026, paid once a year, so it is not a steady income source. Its 0.50% expense ratio is about double the 0.26% average for similar Japan ETFs. 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.