(NBOS) Neuberger Berman Trust - Overview

The Neuberger Berman ETF Trust (NYSE ARCA: NBOS) implements a “collateralized-put” strategy: it writes at-the-money put options on U.S. equity indices-primarily the S&P 500® and related S&P 500® suite indices and ETFs-while simultaneously holding cash or cash equivalents equal to the notional exposure of the written puts. In practice, the notional value of the options written is targeted at roughly 100 % of the fund’s net assets, providing a built-in hedge that limits downside risk to the cash collateral.

Key metrics as of the most recent filing (Q3 2024) show a 12-month annualized return of approximately 3.2 % with a standard deviation of 7.8 %, reflecting the low-volatility profile typical of option-writing ETFs. The fund’s expense ratio stands at 0.55 % and its average daily trading volume is about 150,000 shares, indicating moderate liquidity for institutional and retail investors.

Economic drivers that materially affect NBOS performance include: (1) equity market volatility, measured by the VIX, because higher VIX levels increase option premiums and boost income; (2) the slope of the Treasury yield curve, which influences the cost of financing the cash collateral; and (3) macro-policy shifts (e.g., Fed rate changes) that can alter both equity valuations and option pricing dynamics.

For a deeper, data-driven assessment of NBOS’s risk-adjusted return profile and how its put-writing exposure behaves across market regimes, you may find ValueRay’s interactive analytics platform useful for further research.