ETF Evaluator:
Neuberger Option Strategy ETF ()
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(as of Aug 26)
Best Performing in Equity Hedged Over the Last Year
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ETF Details
Neuberger Option Strategy ETF Overview
Neuberger Option Strategy ETF (NBOS) is an actively managed Nontraditional Equity Equity Hedged exchange-traded fund (ETF). Neuberger Berman launched the ETF in 2016.
The investment seeks long-term growth of capital and income generation.
The fund seeks to achieve its goal primarily through a strategy of writing collateralized put options on U.S. indices, including the S&P 500® Index and other indices in the S&P 500® suite of indices, and ETFs. At the time of writing (selling) a put option, the aggregate investment exposure, as measured on a notional basis (i.e., the value of the underlying instrument at its strike price), of the options written by the fund will generally be equal to 100% of the fund’s total assets.
About Neuberger Option Strategy ETF (NBOS)
There are 3 members of the management team with an average tenure of 8.06 years: Derek Devens (2016), Rory Ewing (2016) and Eric Zhou (2022). Management tenure is more important for actively managed ETFs than passive index ETFs.
The ETF has 3 primary benchmarks: S&P 500 (TR) (1970) index with a weighting of 100%, CBOE S&P 500 One-Week PutWrite PR USD index with a weighting of 50% and CBOE S&P 500 Putwrite PR USD index with a weighting of 50%. Neuberger Option Strategy ETF has 36 securities in its portfolio. The top 10 holdings constitute 92.0% 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 Option Strategy ETF is part of the Equity global asset class and is within the Nontraditional Equity ETF group. Neuberger Option Strategy ETF has 0.0% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 5.7% 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 72.3% (72.3% domestic bond, 0.0% foreign bond and 0.0% convertible bond). Neuberger Option Strategy ETF has 22.0% of the portfolio in cash.
Assets Under Management
The fund has $488 million in total assets, which is above the $294 million average for the Equity Hedged 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.
NBOS 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 Option Strategy ETF expense ratio is average compared to funds in the Equity Hedged category. Neuberger Option Strategy ETF has an expense ratio of 0.57%, which is 25% lower than its category average, making the fund expense ratio grade a B. 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 Option Strategy ETF has a portfolio turnover rate of 112%, which indicates that it holds its assets around / 0.0 years. By way of comparison, the average portfolio turnover is 97% for the Equity Hedged category.
Recently, in the month of July 2026, Neuberger Option Strategy ETF returned 1.4%, which earned it a grade of A, as the Equity Hedged category had an average return of -1.4%. 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 Option Strategy ETF has a trailing yield of 7.61%, which is above the 3.45% category average.
The fund normally distributes its income monthly 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 Option Strategy ETF Grades
Year to date, the ETF has returned 8.5%, 1.3 percentage points better than the category, which translates into a grade of B. The fund has returned 16.9% over the past year (grade of A), 11.8% over the past three years (grade of C) and 8.1% per year over the past five years (grade of B).
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NBOS 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 |
|
| NBOS Return (NAV) | 1.4% | 4.2% | 16.9% | 11.8% | 8.1% | na |
| NBOS Return (Price) | 1.3% | 4.2% | 17.1% | 11.8% | 8.1% | na |
| NAV +/- Price Return | 0.052% | -0.087% | -0.141% | -0.012% | -0.007% | na |
| Equity Hedged Avg | -1.4% | 1.7% | 13.6% | 12.0% | 6.6% | 7.6% |
| NBOS Grade (NAV) | A | A | A | C | B | na |
| +/- Category (NAV) | 2.8% | 2.5% | 3.4% | -0.2% | 1.5% | na |
| NBOS Tax-Cost Ratio | na | na | 3.2% | 2.8% | 3.3% | na |
NBOS Annual NAV Total ReturnsData as of 7/31/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| NBOS Return (NAV) | 8.5% | 12.2% | 12.8% | 15.4% | -11.1% | 18.2% | 8.4% | 16.1% | -5.9% | 11.3% | na |
| NBOS Return (Price) | 8.5% | 12.2% | 12.8% | 15.4% | -11.1% | 18.2% | 8.4% | 16.1% | -5.9% | 11.3% | na |
| NAV +/- Price Ret | 0.007% | -0.002% | -0.000% | 0.000% | 0.000% | 0.000% | 0.000% | 0.0% | 0.0% | 0.0% | na |
| Equity Hedged Avg | 7.1% | 12.6% | 14.6% | 14.8% | -12.9% | 15.6% | 10.2% | 9.9% | -6.3% | 12.2% | 3.0% |
| NBOS Grade (NAV) | B | C | D | C | C | C | D | B | B | D | na |
| +/- Category | 1.3% | -0.4% | -1.8% | 0.6% | 1.7% | 2.6% | -1.7% | 6.3% | 0.5% | -0.8% | na |
| Risk Measures | |
| Beta: | 0.42 |
| R-Squared: | 86% |
| Standard Deviation: | 5.9% |
| Category Risk Index: | 0.55 |
| Category Risk Rating: | Low |
| Total Risk Index: | 0.48 |
| Total Risk Rating: | Low |
| Portfolio Characteristics | |
| Yield: | 7.6% |
| Total Assets: | $ 489 Mil |
| Share Class Assets: | $ 489 Mil |
| Turnover: | 112.0% |
| Expense Ratio: | 0.57% |
| Index Fund: | No |
| Index Tracked: | S&P 500 (TR) (1970) |
| Index Weighting: | 100% |
| Leveraged: | No |
| Socially Responsible Fund: | No |
| Capital Gains Distribution Frequency: | Annually |
| Income Distribution Frequency: | Monthly |
Management Team
| Number of Managers: 3 | |||
| Longest Tenure: 9.9 years | |||
| Average Tenure: 8.1 years | |||
| Managers (Year): Devens Derek (2016), Ewing Rory (2016), Zhou Eric (2022) | |||
Portfolio Composition (as of 7/31/26)
| # of Holdings: | 36 |
| % in Top 10 Holdings: | 92.0% |
| Fund is Non-Diversified: | No |
| % in Foreign Issues: | 0.0% |
Portfolio Allocation |
|
| Domestic Stock: | 5.7% |
| Foreign Stock: | 0.0% |
| Preferred Stock: | 0.0% |
| Domestic Bond: | 72.3% |
| Foreign Bond: | 0.0% |
| Convertible Bond: | 0.0% |
| Other: | 0.0% |
| Cash: | 22.0% |
Purchase Information
| Legal Structure: | Open Ended Investment Company |
| Fund Family: | Neuberger Berman |
| Phone Number: | 877-628-2583 |
| Website: | |
| Inception Date: | September 16, 2016 |
Expenses and Fees
| Expense Ratio (%): | 0.57% (Rating: Avg) |
| Category Average Expense Ratio (%): | 0.76% |
