NBFC Fees and Costs — Neuberger Berman Flexible Credit Income ETF
Data updated: 2026-09-28
The net expense ratio is 0.40%: a 0.49% management fee plus 0.59% other expenses, less a 0.68% fee waiver. There are no sales loads or redemption fees. In fiscal 2025 the fund paid $771 in broker commissions, 0.0014% of average net assets, and portfolio turnover was 74%.
NBFC Fees and Expenses
Annual operating expenses and sales charges of NBFC. Prospectus, as of October 31, 2025.
| Annual operating expenses | |
|---|---|
| Management fee | 0.49% |
| 12b-1 fee | — |
| Other expenses | 0.59% |
| Gross expense ratio | 1.08% |
| Fee waiver | −0.68% |
| Net expense ratio | 0.40% |
| 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 |
NBFC Costs Over Time
On $10,000 invested in NBFC, assuming 5% a year before costs, total costs come to $254 over 5 years, cutting the return by 0.42% 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 0.40%) | $42 | $132 | $230 |
| Trading costs (broker commissions) | $0 | $0 | $1 |
| Lost growth on money paid in costs | $0 | $7 | $23 |
| Total costs | $42 | $139 | $254 |
| Value after costs | $10,458 | $11,437 | $12,509 |
| Impact on return, per year | 0.42% | 0.42% | 0.42% |
NBFC Trading Costs
Brokerage costs reported on SEC Form N-CEN for the fiscal year ending October 31, 2025.
- Explicit cost rate (commissions ÷ average net assets): 0.0014%
- Total broker commissions: $771
- Bought from dealers (principal trades, not a cost): $131.4M
- Portfolio turnover (prospectus): 74%
- Securities lending: none during the year
NBFC Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| Morgan Stanley & Co. LLC | $771 | 100.00% |
NBFC Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| State Street Bank and Trust Company | $52.0M | 45.03% |
| Barclays Capital Inc. | $11.5M | 9.95% |
| Goldman Sachs & Co. LLC | $11.4M | 9.90% |
| J.P. Morgan Securities LLC | $9.0M | 7.75% |
| BofA Securities, Inc. | $8.2M | 7.09% |
| Morgan Stanley & Co. LLC | $6.8M | 5.85% |
| Citigroup Global Markets Inc. | $5.6M | 4.86% |
| Jefferies LLC | $4.3M | 3.72% |
| Wells Fargo Securities, LLC | $4.0M | 3.43% |
| BNY Capital Markets, LLC | $2.8M | 2.42% |
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.