NBSM Fees and Costs — Neuberger Berman Small-Mid Cap ETF
Data updated: 2026-07-27
The net expense ratio is 0.65%: a 0.60% management fee plus 0.15% other expenses, less a 0.10% fee waiver. There are no sales loads or redemption fees. In fiscal 2025 the fund paid $22K in broker commissions, 0.0114% of average net assets, and portfolio turnover was 39%.
NBSM Fees and Expenses
Annual operating expenses and sales charges of NBSM. Prospectus, as of August 31, 2025.
| Annual operating expenses | |
|---|---|
| Management fee | 0.60% |
| 12b-1 fee | — |
| Other expenses | 0.15% |
| Gross expense ratio | 0.75% |
| Fee waiver | −0.10% |
| 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 |
NBSM Costs Over Time
On $10,000 invested in NBSM, assuming 5% a year before costs, total costs come to $417 over 5 years, cutting the return by 0.69% 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) | $1 | $4 | $7 |
| Lost growth on money paid in costs | $0 | $11 | $38 |
| Total costs | $69 | $228 | $417 |
| Value after costs | $10,431 | $11,348 | $12,346 |
| Impact on return, per year | 0.69% | 0.69% | 0.69% |
NBSM 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): 0.0114%
- Total broker commissions: $22K
- Bought from dealers (principal trades, not a cost): $193.8M
- Portfolio turnover (prospectus): 39%
- Securities lending: none during the year
NBSM Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| BNY Capital Markets, LLC | $5K | 23.10% |
| Goldman Sachs & Co. LLC | $3K | 14.75% |
| National Financial Services LLC | $3K | 13.03% |
| Nomura Securities International, Inc. | $2K | 10.75% |
| Deutsche Bank Securities Inc. | $2K | 8.72% |
| William Blair & Company, L.L.C. | $2K | 7.95% |
| Oppenheimer & Co. Inc. | $1K | 6.02% |
| Wells Fargo Securities, LLC | $1K | 5.65% |
| Raymond James & Associates, Inc. | $1K | 5.49% |
| Jefferies LLC | $932 | 4.54% |
NBSM Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| National Securities Clearing Corporation | $133.9M | 69.13% |
| State Street Bank and Trust Company | $59.8M | 30.87% |
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.