ETF Evaluator:
Neuberger Commodity Stgy ETF ()
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(as of Aug 26)
Best Performing in Commodities Broad Basket Over the Last Year
| 54.6% | VanEck Commodity Strategy ETF (PIT) |
| 44.8% | DB Commodity Long ETN (DPU) |
| 40.4% | iShares S&P GSCI Commodity-Indexed Trust (GSG) |
| 40.1% | iPath® Bloomberg Cmdty TR ETN (DJP) |
| 39.9% | Harbor Commodity All-Weather StrategyETF (HGER) |
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ETF Details
Neuberger Commodity Stgy ETF Overview
Neuberger Commodity Stgy ETF (NBCM) is an actively managed Commodities Commodities Broad Basket exchange-traded fund (ETF). Neuberger Berman launched the ETF in 2012.
The investment seeks total return.
The fund seeks to achieve its goal by investing under normal circumstances in commodity-linked derivative instruments and fixed income instruments. Commodities are assets such as oil, natural gas, agricultural products or metals. The fund’s fixed income investments will be primarily in investment grade fixed income securities and are intended to provide liquidity and preserve capital and may serve as collateral for the fund’s derivative instruments.
About Neuberger Commodity Stgy ETF (NBCM)
There are 3 members of the management team with an average tenure of 9.85 years: Michael Foster (2021), Hakan Kaya (2012) and David Wan (2016). Management tenure is more important for actively managed ETFs than passive index ETFs.
The ETF has 2 primary benchmarks: MSCI ACWI NR USD index with a weighting of 100% and Bloomberg Commodity TR USD index with a weighting of 100%. Neuberger Commodity Stgy ETF has 153 securities in its portfolio. The top 10 holdings constitute 39.6% of the ETF’s assets. The ETF meets the SEC requirement of being classified as a diversified fund. The ETF is not considered to have an ESG focus with its investment selection and management.
Neuberger Commodity Stgy ETF is part of the Real Assets global asset class and is within the Commodities ETF group. Neuberger Commodity Stgy ETF has 4.1% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 0.0% There is 0.0% allocated to foreign stock, and 0.0% is allocated to preferred stocks. The bond allocation as a percentage of total assets is 65.2% (61.1% domestic bond, 4.1% foreign bond and 0.0% convertible bond). Neuberger Commodity Stgy ETF has 17.5% of the portfolio in cash.
Assets Under Management
The fund has $458 million in total assets, which is below the $831 million average for the Commodities Broad Basket category. Normally, lower assets under management translates to higher average expense ratios, and greater total assets are desired. However, for some investment categories, such as small-cap investing, it may be difficult for the manager to fully employ the desired active strategy if assets grow too large or too quickly.
NBCM Performance and Fees
The expense ratio measures how much of a fund’s assets are used for administrative expenses and operating expenses, including adviser fees and fees for the transfer agent and custodial services. The Neuberger Commodity Stgy ETF expense ratio is above average compared to funds in the Commodities Broad Basket category. Neuberger Commodity Stgy ETF has an expense ratio of 0.65%, which is 2% lower than its category average, making the fund expense ratio grade a C. While it is difficult to predict returns, it is known that high annual expense ratios reduce your rate of return, and excessive fees are difficult to overcome. Active management normally comes with higher expense ratios than passive index management. Certain investment categories such as small company and foreign also normally have higher expense ratios. It is best to compare fund expense ratios against the category averages for meaningful assessments.
High portfolio turnover can translate to higher expenses and lower aftertax returns. Neuberger Commodity Stgy ETF has a portfolio turnover rate of 102%, which indicates that it holds its assets around / 0.0 years. By way of comparison, the average portfolio turnover is 26% for the Commodities Broad Basket category.
Recently, in the month of July 2026, Neuberger Commodity Stgy ETF returned 7.8%, which earned it a grade of B, as the Commodities Broad Basket category had an average return of 6.9%. The letter grades of A, B, C, D and F are based upon relative rankings within the investment category. A grade of A, for example, would indicate that the return is in the highest 20% for that time period compared to all ETFs in that category.
Neuberger Commodity Stgy ETF has a trailing yield of 6.70%, which is above the 5.12% category average.
The fund normally distributes its income annually and its capital gains annually.
It’s natural to seek the best-performing investments, but you must consider the relationship between risk and return and the impact of costs and taxes on your realized returns.
Neuberger Commodity Stgy ETF Grades
Year to date, the ETF has returned 26.2%, 4.1 percentage points better than the category, which translates into a grade of B. The fund has returned 38.5% over the past year (grade of B), 14.3% over the past three years (grade of B) and 12.5% per year over the past five years (grade of B) and 9.4% per year over the past 10 years (grade of B).
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NBCM Trailing NAV Total Returns Data as of 7/31/26
| Last Month |
Last Quarter |
Ann'l. 1Yr |
Ann'l. 3Yr |
Ann'l. 5Yr |
Ann'l. 10Yr |
|
| NBCM Return (NAV) | 7.8% | -3.8% | 38.5% | 14.3% | 12.5% | 9.4% |
| NBCM Return (Price) | 7.8% | -3.7% | 38.7% | 14.3% | 12.6% | 9.4% |
| NAV +/- Price Return | -0.006% | -0.128% | -0.238% | -0.076% | -0.045% | -0.022% |
| Commodities Broad Basket Avg | 6.9% | -4.5% | 31.7% | 13.2% | 11.6% | 8.6% |
| NBCM Grade (NAV) | B | C | B | B | B | B |
| +/- Category (NAV) | 1.0% | 0.7% | 6.8% | 1.1% | 0.9% | 0.8% |
| NBCM Tax-Cost Ratio | na | na | 3.2% | 2.3% | 5.3% | 3.1% |
NBCM Annual NAV Total ReturnsData as of 7/31/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| NBCM Return (NAV) | 26.2% | 17.6% | 6.5% | -6.1% | 17.0% | 29.8% | -1.6% | 12.2% | -10.5% | 6.5% | 10.8% |
| NBCM Return (Price) | 26.5% | 17.4% | 6.6% | -6.4% | 17.6% | 29.8% | -1.6% | 12.2% | -10.5% | 6.5% | 10.8% |
| NAV +/- Price Ret | 0.009% | -0.014% | 0.024% | 0.053% | 0.030% | 0.000% | 0.000% | 0.0% | 0.0% | 0.0% | 0.0% |
| Commodities Broad Basket Avg | 22.1% | 15.5% | 7.4% | -4.2% | 15.9% | 31.9% | -4.8% | 7.3% | -10.7% | 5.9% | 11.7% |
| NBCM Grade (NAV) | B | B | C | D | D | C | B | A | B | B | C |
| +/- Category | 4.1% | 2.1% | -0.9% | -2.0% | 1.1% | -2.1% | 3.2% | 4.8% | 0.2% | 0.6% | -0.8% |
| Risk Measures | |
| Beta: | 0.93 |
| R-Squared: | 95% |
| Standard Deviation: | 12.9% |
| Category Risk Index: | 0.90 |
| Category Risk Rating: | Average |
| Total Risk Index: | 1.05 |
| Total Risk Rating: | Average |
| Portfolio Characteristics | |
| Yield: | 6.7% |
| Total Assets: | $ 458 Mil |
| Share Class Assets: | $ 458 Mil |
| Turnover: | 102.0% |
| Expense Ratio: | 0.65% |
| Index Fund: | No |
| Index Tracked: | MSCI ACWI NR USD |
| Index Weighting: | 100% |
| Leveraged: | No |
| Socially Responsible Fund: | No |
| Capital Gains Distribution Frequency: | Annually |
| Income Distribution Frequency: | Annually |
Management Team
| Number of Managers: 3 | |||
| Longest Tenure: 13.9 years | |||
| Average Tenure: 9.9 years | |||
| Managers (Year): Kaya Hakan (2012), Wan David (2016), Foster Michael (2021) | |||
Portfolio Composition (as of 7/31/26)
| # of Holdings: | 153 |
| % in Top 10 Holdings: | 39.6% |
| Fund is Non-Diversified: | No |
| % in Foreign Issues: | 4.1% |
Portfolio Allocation |
|
| Domestic Stock: | 0.0% |
| Foreign Stock: | 0.0% |
| Preferred Stock: | 0.0% |
| Domestic Bond: | 61.1% |
| Foreign Bond: | 4.1% |
| Convertible Bond: | 0.0% |
| Other: | 17.3% |
| Cash: | 17.5% |
Purchase Information
| Legal Structure: | Open Ended Investment Company |
| Fund Family: | Neuberger Berman |
| Phone Number: | 877-628-2583 |
| Website: | |
| Inception Date: | August 27, 2012 |
Expenses and Fees
| Expense Ratio (%): | 0.65% (Rating: Above Avg) |
| Category Average Expense Ratio (%): | 0.66% |
