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NBSM

GradeCNew York Stock Exchange Arca

Neuberger Berman Small-Mid Cap ETF

Active Equity · Neuberger Berman · Inception 2024-03-20

$27.89−0.12 (−0.43%)

As of Sep 23, 2026, 2:25 PM EDT

History starts Mar 21, 2024.
Intraday session: down, 60 prints from 28.01 to 27.89. Range 27.82 to 27.98. Use the arrow keys to read each point.$27.85$27.9510 AM12 PM2 PM4 PM
Expense ratio
0.75%
Fund size
$109M
1Y return
+10.3%
Yield · Last 12 months
0.36%
Holdings
70
Volume · 30D
0.1M sh
NAV per share
$27.84
52W range
low $24.31high $29.61

The ETF.net NBSM Grade

C

45/ 100

Rank 28 of 48 in US Active Small/Mid-Cap⁠

Confidence Medium

Six-pillar profile for NBSM. Scores out of 100: Cost 26, Risk 38, Mission 91, Tradability 86, Holdings 54, Durability 52. Strongest: Mission (91). Weakest: Cost (26). Leans toward Mission and Tradability.
F< 25
D≥ 25
C≥ 40
B≥ 55
A≥ 70

Score 45 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 26
    Category rank35/48 · mid-pack

  • Mission

    How faithfully it does the job it claims — tracking its mandate or index with minimal slippage.
    AScore 91
    Category rank3/11 · top 27%

  • Risk

    How violently it can move — volatility, drawdown depth, and downside capture versus its category.
    DScore 38
    Category rank29/44 · mid-pack

  • Tradability

    How cheaply and easily you can get in and out — liquidity, spread, and premium/discount stability.
    AScore 86
    Category rank5/48 · top 10%

  • Holdings

    What it actually owns — the quality, breadth, and concentration of the underlying portfolio.
    CScore 54
    Category rank28/48 · mid-pack

  • Durability

    Whether it will still be here — the fund’s assets, age, flows, and issuer staying power.
    CScore 52
    Category rank23/48 · top 48%

Graded as of Sep 22, 2026

Our read on NBSM

ETF.net Research

COld-school stock picking in small- and mid-cap land: about 80 names chosen by bottom-up fundamental research hunting undervalued companies, measured against the Russell 2500 rather than copying it.

Stated mandate

To pursue its goal, the Fund normally invests 80% of net assets in small- and mid-capitalization securities. Managers use bottom-up fundamental analysis to identify undervalued companies and manage risk through broad issuer and industry diversification.

Why people hold it

  1. 01Real conviction, not index cloning. Roughly 80 holdings against a benchmark that spans thousands, so each pick has to earn its seat.
  2. 02The mandate is specific and the portfolio honors it: normally 80% of net assets in small- and mid-cap stocks, primarily US, with up to 10% allowed abroad.
  3. 03Concentration with guardrails. Managers spread risk across issuers and industries instead of betting the fund on one corner of the market.
  4. 04A value tilt where it still has room to work: undervalued smaller companies get less analyst coverage than mega caps, which is the case for paying an active manager.

Worth knowing

  1. 01Active pricing. The 0.75% expense ratio sits above the typical active US equity ETF, and above FFSM (0.43%) and CGMM (0.51%), which measure against the same Russell 2500 benchmark.
  2. 02Launched in 2024, so the record is short. There is not yet a long history across different market regimes to judge the process by.
  3. 03Small and mid caps move harder in both directions than large caps, and this fund trades moderately rather than heavily, so limit orders are your friend.

NBSM Holdings

As of Sep 21, 2026, 5:19 PM
Asset class
Stocks
Holdings
70
Top-10 weight
23%
Largest holding
STATE STR INSTL INVT TR TREAS MMKT FD INST3.5%

Sectors

  • Industrials25.0%
  • Financials17.0%
  • Technology15.7%
  • Health Care12.5%
  • Consumer Discr.8.8%
  • Energy5.8%
  • Utilities5.2%
  • Materials3.8%
  • Real Estate2.7%
  • Communication2.7%
  • Cons. Staples0.9%

Geography

  • United States93.02%
  • Bermuda2.80%
  • Canada2.60%
  • Italy1.58%
The fund’s holdings, weight-ordered — page 1 of 5.
#TickerCompanyWeight %SharesMarket valueIn ETFs
001—STATE STR INSTL INVT TR TREAS MMKT FD INST3.48%3,802,603$4M2
002WTMWHITE MOUNTAINS INSURANCE GP COMMON STOCK2.70%1,430$3M108
003PKIREVVITY INC COMMON STOCK2.46%18,711$3M107
004HAEHAEMONETICS CORP/MASS COMMON STOCK2.28%23,001$2M141
005KEXKIRBY CORP COMMON STOCK2.24%17,663$2M146
006TDWTIDEWATER INC COMMON STOCK2.09%26,298$2M139
007HGTYHAGERTY INC A COMMON STOCK2.08%162,637$2M30
008GTESGATES INDUSTRIAL CORP LTD COMMON STOCK2.06%87,683$2M137
009MKSIMKS INC COMMON STOCK2.01%8,709$2M196
010UGIUGI CORP COMMON STOCK1.97%57,230$2M160
011UMBFUMB FINANCIAL CORP COMMON STOCK1.95%15,836$2M164
012CBUCOMMUNITY FINANCIAL SYSTEM I COMMON STOCK1.95%34,276$2M114
013TYLTYLER TECHNOLOGIES INC COMMON STOCK1.87%6,041$2M222
014JKHYJACK HENRY + ASSOCIATES INC COMMON STOCK1.85%13,043$2M237
015ATRAPTARGROUP INC COMMON STOCK1.80%15,792$2M167

Showing 1–15 of 72 holdings

NBSM Performance

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

NBSM$11,026
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. NBSM $11,026. SPY $11,723. Use the arrow keys to read each point.$9,353$10,646$11,940Sep 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 NBSM. Periods over one year show the average yearly return.
PeriodNBSM
Year to date+11.0%
1 month−4.8%
3 months+1.9%
1 year+10.3%
3 yearsFund is under 3 years old—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 NBSM
YearReturn barNBSM
2026 YTD+11.0%
2025−0.0%
2024−0.4%

History from Mar 21, 2024

NBSM in the news

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

NBSM 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.
0.36%Last 12 months
Payout per share
$0.10Last 12 months
Last payment
$0.10 per share
Paid on
Shares bought on or after this date do not qualify for this distribution.
Frequency
Irregular

Distribution history

2024–2026

One bar per payment. 2 payments from 2024 to 2026 YTD. Dec 18, 2024 $0.06; Dec 19, 2025 $0.10. Use the arrow keys to read each point.202420252026YTD
Ex-datePay dateAmount per share
Dec 19, 2025Dec 24, 2025$0.10
Dec 18, 2024Dec 23, 2024$0.06

NBSM Risk

How much the fund’s monthly returns vary, scaled to a year.
14.8%
Annualised · 29 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.
0.14
vs 3-month T-bills · 29 months 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.
−25.2%
30 months · trough Apr 2025
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.
0.77
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.

NBSM Cost

Expense ratio0.75%
  • The middle half of US Active Small/Mid-Cap funds
  • Median 0.55%

32 of the 47 US Active Small/Mid-Cap funds charge less.

NBSM costs $75.00 a year on $10,000. The median US Active Small/Mid-Cap fund costs $55.00.