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NBCM

GradeCNew York Stock Exchange Arca

Neuberger Berman Commodity Strategy ETF

Commodities · Neuberger Berman · Inception 2022-10-24

$31.52+0.07 (+0.21%)

As of Sep 23, 2026, 3:09 PM EDT

History starts Oct 24, 2022.
Intraday session: up, 62 prints from 31.45 to 31.52. Range 31.34 to 31.54. Use the arrow keys to read each point.$31.35$31.40$31.45$31.5510 AM12 PM2 PM4 PM
Expense ratio
0.76%
Fund size
$535M
1Y return
+47.0%
Yield · Last 12 months
6.08%
Volume · 30D
0.1M sh
NAV per share
$31.41
52W range
low $22.13high $32.52

The ETF.net NBCM Grade

C

48/ 100

Rank 14 of 23 in Broad Commodity Futures⁠

Confidence Medium

Six-pillar profile for NBCM. Scores out of 100: Cost 36, Risk 62, Mission not scored, Tradability 39, Holdings 81, Durability 44. Strongest: Holdings (81). Weakest: Cost (36). Based on 5 of 6 pillars.
F< 25
D≥ 25
C≥ 40
B≥ 55
A≥ 70

Score 48 of 100 sits in the C band. Bands: A ≥ 70, B ≥ 55, C ≥ 40, D ≥ 25, F < 25; the scale skips E.

  • Cost

    What you pay to own it — the expense ratio plus trading frictions, ranked within its category.
    DScore 36
    Category rank16/23 · mid-pack

  • Mission

    How faithfully it does the job it claims — tracking its mandate or index with minimal slippage.
    Not scored
    —

  • Risk

    How violently it can move — volatility, drawdown depth, and downside capture versus its category.
    BScore 62
    Category rank10/23 · top 43%

  • Tradability

    How cheaply and easily you can get in and out — liquidity, spread, and premium/discount stability.
    DScore 39
    Category rank18/23 · bottom quartile

  • Holdings

    What it actually owns — the quality, breadth, and concentration of the underlying portfolio.
    AScore 81
    Category rank2/15 · top 13%

  • Durability

    Whether it will still be here — the fund’s assets, age, flows, and issuer staying power.
    CScore 44
    Category rank16/23 · mid-pack

Graded as of Sep 22, 2026 · Based on 5 of 6 pillars

Our read on NBCM

ETF.net Research

CMost broad commodity funds just track an index and rebalance on schedule. NBCM runs quantitative models to shift weights across commodity sectors, backed by a fixed-income collateral sleeve. Active management in a mostly passive aisle.

Stated mandate

The Fund seeks commodity exposure through commodity-linked derivatives and fixed-income instruments. It uses quantitative models to identify opportunities and set portfolio weights across multiple commodity sectors.

Why people hold it

  1. 01Actively managed, not index-tethered: quantitative models set the weights across commodity sectors instead of locking in a benchmark's fixed recipe.
  2. 02Two working parts: commodity-linked derivatives for the exposure, fixed-income instruments backing them, so the collateral behind the futures isn't sitting idle.
  3. 03Spread across multiple commodity sectors, energy to metals to ags, rather than riding one barrel or one bar of gold.
  4. 04Sits in the upper half of the broad commodity futures group on our review, with portfolio construction the strongest part of the build.

Worth knowing

  1. 01At 0.76% a year, it costs more than the index workhorses it competes with: BCI runs 0.26%, CMDY 0.29%. That gap is what the quant model has to cover.
  2. 02Structured as a commodity pool, so the tax paperwork and regulatory treatment differ from a plain stock ETF. Worth a look before it hits your return.
  3. 03Launched in 2022 and only moderately traded, so the live record is short and spreads can run wider than at the category's giants. Limit orders help.

NBCM Holdings

As of Sep 21, 2026, 5:20 PM
Asset class
Other
Holdings
—
Top-10 weight
45%
Largest holding
NB CAYMAN COMMODITY FUND I LTD MUTUAL FUND9.3%

Geography

  • United States100.00%
The fund’s holdings, weight-ordered — page 1 of 14.
#TickerCompanyWeight %SharesMarket valueIn ETFs
001—NB CAYMAN COMMODITY FUND I LTD MUTUAL FUND9.27%0$110M1
002—GOLD 100 OZ FUTR DEC26 XCEC 202612296.66%178$79M1
003—SSC GOVERNMENT MM GVMXX6.55%0$77M8
004—BRENT CRUDE FUTR JAN27 IFEU 202611304.43%546$52M1
005—LOW SU GASOIL G NOV26 IFEU 202611123.26%269$39M1
006—COPPER FUTURE MAR27 XCEC 202703293.22%224$38M1
007—SOYBEAN FUTURE JAN27 XCBT 202701143.15%565$37M1
008—WTI CRUDE FUTURE NOV26 XNYM 202610203.15%388$37M1
009—TREASURY BILL 11/26 0.000002.94%0$35M16
010—NATURAL GAS FUTR MAR27 XNYM 202702242.35%988$28M1
011—NY HARB ULSD FUT NOV26 XNYM 202610302.31%134$27M1
012—TREASURY BILL 10/26 0.000002.11%0$25M17
013—GASOLINE RBOB FUT JAN27 XNYM 202612312.03%200$24M1
014—LME PRI ALUM FUTR JAN27 XLME 202701181.75%252$21M1
015—CORN FUTURE MAR27 XCBT 202703121.63%713$19M1

Showing 1–15 of 200 holdings

NBCM Performance

Shows how $10,000 changes over the selected period, with cash distributions reinvested at the closing price on each ex-dividend date.

NBCM$14,705
SPY tracks large US stocks. It provides market context, rather than representing this fund’s strategy, asset class or investment benchmark.$11,723
Sep 22, 2025 to Sep 22, 2026. NBCM $14,705. SPY $11,723. Use the arrow keys to read each point.$9,097$12,244$15,391Sep 2025Mar 2026Sep 2026

Sep 22, 2025 – Sep 22, 2026

Returns run to the Sep 22, 2026 close, with cash distributions reinvested. Each period starts on the same date that many months or years earlier. Periods over one year show the average yearly return.

Trailing total return for NBCM. Periods over one year show the average yearly return.
PeriodNBCM
Year to date+39.0%
1 month+2.6%
3 months+16.0%
1 year+47.0%
3 years+18.0%per year
5 yearsFund is under 5 years old—per year
10 yearsFund is under 10 years old—per year

As of the close, with distributions reinvested.

Calendar-year total return with cash distributions hypothetically reinvested at the ex-dividend date’s closing price. The current year shows year to date.

Annual total returns for NBCM
YearReturn barNBCM
2026 YTD+39.0%
2025+17.3%
2024+6.6%
2023−6.4%
2022+5.2%

Since listing, Oct 24, 2022

NBCM in the news

ETF.net Research hasn’t filed on NBCM yet — coverage lands here as it’s written.

NBCM Dividends

Adds up every distribution paid per share over the last 12 months, divided by the last completed close. Distributions are counted by ex-date. Data through Sep 22, 2026.
6.08%Last 12 months
Payout per share
$1.91Last 12 months
Last payment
$1.91 per share
Paid on
Shares bought on or after this date do not qualify for this distribution.
Frequency
Annual

Distribution history

2022–2026

One bar per payment. 4 payments from 2022 to 2026 YTD. Dec 16, 2022 $0.18; Dec 19, 2023 $0.90; Dec 18, 2024 $1.09; Dec 19, 2025 $1.91. Use the arrow keys to read each point.20222023202420252026YTD
Ex-datePay dateAmount per share
Dec 19, 2025Dec 24, 2025$1.91
Dec 18, 2024Dec 23, 2024$1.09
Dec 19, 2023Dec 22, 2023$0.90
Dec 16, 2022Dec 20, 2022$0.18

NBCM Risk

How much the fund’s monthly returns vary, scaled to a year.
13.6%
Annualised · 36 months to Aug 2026
How it’s calculated: standard deviation

The sample standard deviation of monthly total returns, multiplied by the square root of 12.

Uses up to 36 complete months, with at least 12 required. Total returns include reinvested distributions.

Return above 3-month US Treasury bills per unit of volatility.
0.91
vs 3-month T-bills · to Aug 2026
How it’s calculated: Sharpe ratio

Subtract each month’s Treasury-bill return from the fund’s monthly total return.

Divide the average of those excess returns by their sample standard deviation, then multiply by the square root of 12.

Uses up to 36 complete months, with at least 12 required. Each month uses the Treasury yield quoted at the end of the previous month.

The largest fall from a peak to the low that followed.
−14.8%
46 months · trough Jun 2026
How it’s calculated: maximum drawdown

The largest percentage decline from an earlier peak, using total returns with reinvested distributions.

Uses up to five years through the last close, with at least 12 months required.

How strongly the fund’s returns move with its asset-class index.
0.93
vs its asset-class index
How it’s calculated: beta

The beta figure is supplied by FMP. The comparison index depends on the fund’s broad asset class.

NBCM Cost

Expense ratio0.76%
  • The middle half of Broad Commodity Futures funds
  • Median 0.72%

12 of the 21 Broad Commodity Futures funds charge less.

NBCM costs $76.00 a year on $10,000. The median Broad Commodity Futures fund costs $72.00.