NBCM Fees and Costs — Neuberger Berman Commodity Strategy ETF
Data updated: 2026-07-27
The net expense ratio is 0.65%: a 0.59% management fee plus 0.17% other expenses, less a 0.11% fee waiver. There are no sales loads or redemption fees. In fiscal 2025 the fund paid $41K in broker commissions, 0.0183% of average net assets, and portfolio turnover was 102%.
NBCM Fees and Expenses
Annual operating expenses and sales charges of NBCM. Prospectus, as of August 31, 2025.
| Annual operating expenses | |
|---|---|
| Management fee | 0.59% |
| 12b-1 fee | — |
| Other expenses | 0.17% |
| Gross expense ratio | 0.76% |
| Fee waiver | −0.11% |
| Net expense ratio | 0.65% |
| Sales charges | |
|---|---|
| Max front load | — |
| Max deferred load | — |
| Redemption fee | — |
| Expense limitation in place (N-CEN) | Yes |
| Fees waived or reduced during the year | Yes |
| Waived fees subject to recoupment | Yes |
NBCM Costs Over Time
On $10,000 invested in NBCM, assuming 5% a year before costs, total costs come to $421 over 5 years, cutting the return by 0.70% a year. Illustration, not a forecast: it assumes today's net expense ratio throughout (a fee waiver may end).
| $10,000 invested | Sell after 1 year | Sell after 3 years | Sell after 5 years |
|---|---|---|---|
| Value before costs | $10,500 | $11,576 | $12,763 |
| Fund expenses (net expense ratio 0.65%) | $68 | $214 | $372 |
| Trading costs (broker commissions) | $2 | $6 | $10 |
| Lost growth on money paid in costs | $0 | $11 | $38 |
| Total costs | $70 | $231 | $421 |
| Value after costs | $10,430 | $11,346 | $12,342 |
| Impact on return, per year | 0.70% | 0.70% | 0.70% |
NBCM Trading Costs
Brokerage costs reported on SEC Form N-CEN for the fiscal year ending August 31, 2025.
- Explicit cost rate (commissions ÷ average net assets): 0.0183%
- Total broker commissions: $41K
- Bought from dealers (principal trades, not a cost): $1.2B
- Portfolio turnover (prospectus): 102%
- Securities lending: none during the year
NBCM Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| Morgan Stanley & Co. LLC | $41K | 100.00% |
NBCM Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| State Street Bank and Trust Company | $907.9M | 76.21% |
| Mizuho Securities USA LLC | $93.6M | 7.86% |
| J.P. Morgan Securities LLC | $44.0M | 3.70% |
| Wells Fargo Securities, LLC | $30.6M | 2.57% |
| Goldman Sachs & Co. LLC | $30.0M | 2.52% |
| BofA Securities, Inc. | $21.2M | 1.78% |
| Citigroup Global Markets Inc. | $20.0M | 1.68% |
| BNY Capital Markets, LLC | $16.5M | 1.38% |
| Barclays Capital Inc. | $15.4M | 1.29% |
| RBC Capital Markets, LLC | $12.2M | 1.02% |
For information only. Not investment advice: figures are as reported in SEC filings and may contain errors or be out of date. Past performance does not guarantee future results.