# EDGAR Filing Document

**Accession Number:** 0001506001
**File Stem:** 0000898432-26-000304
**Filing Date:** 2026-5
**Character Count:** 329117
**Document Hash:** ddf1f2bd91568a838fdd766b50eb4a3b
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000898432-26-000304.hdr.sgml**: 20260501

**ACCESSION NUMBER**: 0000898432-26-000304

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 26

**CONFORMED PERIOD OF REPORT**: 20260228

**FILED AS OF DATE**: 20260501

**DATE AS OF CHANGE**: 20260501

**EFFECTIVENESS DATE**: 20260501

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Neuberger Berman ETF Trust
- **CENTRAL INDEX KEY:** 0001506001

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 0831

**FILING VALUES:**
- **FORM TYPE:** N-CSRS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-23761
- **FILM NUMBER:** 26931923

**BUSINESS ADDRESS:**
- **STREET 1:** 1290 AVENUE OF THE AMERICAS
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10104
- **BUSINESS PHONE:** 212-476-8800

**MAIL ADDRESS:**
- **STREET 1:** 1290 AVENUE OF THE AMERICAS
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10104

## Series and Classes Contracts Data

### Neuberger Disrupters ETF (Series ID: S000075396)

| Class ID   | Class Name               | Ticker Symbol   |
|:---|:---|:---|
| C000234392 | Neuberger Disrupters ETF | NBDS            |

### Neuberger Commodity Strategy ETF (Series ID: S000077468)

| Class ID   | Class Name                       | Ticker Symbol   |
|:---|:---|:---|
| C000237927 | Neuberger Commodity Strategy ETF | NBCM            |

### Neuberger China Equity ETF (Series ID: S000081048)

| Class ID   | Class Name                 | Ticker Symbol   |
|:---|:---|:---|
| C000243703 | Neuberger China Equity ETF | NBCE            |

### Neuberger Option Strategy ETF (Series ID: S000082346)

| Class ID   | Class Name                    | Ticker Symbol   |
|:---|:---|:---|
| C000245650 | Neuberger Option Strategy ETF | NBOS            |

### Neuberger Small-Mid Cap ETF (Series ID: S000084236)

| Class ID   | Class Name                  | Ticker Symbol   |
|:---|:---|:---|
| C000248517 | Neuberger Small-Mid Cap ETF | NBSM            |

### Neuberger Core Equity ETF (Series ID: S000085748)

| Class ID   | Class Name                | Ticker Symbol   |
|:---|:---|:---|
| C000251139 | Neuberger Core Equity ETF | NBCR            |

### Neuberger Japan Equity ETF (Series ID: S000086746)

| Class ID   | Class Name                 | Ticker Symbol   |
|:---|:---|:---|
| C000252374 | Neuberger Japan Equity ETF | NBJP            |

### Neuberger Growth ETF (Series ID: S000089172)

| Class ID   | Class Name           | Ticker Symbol   |
|:---|:---|:---|
| C000255686 | Neuberger Growth ETF | NBGX            |

?xml version='1.0' encoding='ASCII'? Consolidated ssr-output-EDGAR XBRL File

As filed with the Securities and Exchange Commission on May 1, 2026

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

#### FORM N-CSR

#### CERTIFIED SHAREHOLDER REPORT OF

#### REGISTERED MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number: 811-23761

#### NEUBERGER BERMAN ETF TRUST
(Exact Name of Registrant as specified in charter)

c/o Neuberger Berman Investment Advisers LLC

1290 Avenue of the Americas

New York, New York 10104-0002

(Address of Principal Executive Offices – Zip Code)

Joseph V. Amato

Chief Executive Officer and President

Neuberger Berman ETF Trust

c/o Neuberger Berman Investment Advisers LLC

1290 Avenue of the Americas

New York, New York 10104-0002

Lori L. Schneider, Esq.

K&L Gates LLP

1601 K Street, N.W.

Washington, D.C. 20006-1600

(Names and Addresses of agents for service)

Registrant's telephone number, including area code: (212) 476-8800

Date of fiscal year end: August 31

Date of reporting period: February 28, 2026

Form N-CSR is to be used by management investment companies to file reports with the Commission not later than 10 days after the transmission to stockholders of any report that is required to be transmitted to stockholders under Rule 30e-1 under the Investment Company Act of 1940 (17 CFR 270.30e-1). The Commission may use the information provided on Form N-CSR in its regulatory, disclosure review, inspection, and policymaking roles.

A registrant is required to disclose the information specified by Form N-CSR, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-CSR unless the Form displays a currently valid Office of Management and Budget ("OMB") control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to Secretary, Securities and Exchange Commission, 100 F Street, NE, Washington, DC 20549-1090. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. § 3507.

------

#### Item 1. Reports to Shareholders.
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Following are copies of the semi-annual report transmitted to shareholders pursuant to Rule 30e-1 under the Act.

# Neuberger

# China Equity ETF
![Image](if0e2614988f7a45cdda7666d.jpg)

Semi-Annual Shareholder Report

February 28, 2026

# NBCE \| NYSE Arca, Inc.
This semi-annual shareholder report contains important information about the Fund for the period of September 1, 2025 to February 28, 2026. You can find additional information about the Fund at nb.com/NBCE-documents. You can also request this information by contacting your financial intermediary or investment provider or at 800.877.9700 or fundinfo@nb.com.

## What were the Fund's costs for the past six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment<sup>Footnote Reference\*</sup>** |
| China Equity ETF | $40 | 0.74% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;Annualized. |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Net Assets | $16092605 |
| Number of Portfolio Holdings | 69 |
| Portfolio Turnover Rate | 52% |

---

## What did the Fund invest in?

### Top Ten Securities

### (as a % of Total Investments<sup>**Footnote Reference \***</sup>)

---

| | |
|:---|:---|
| Contemporary Amperex Technology Co. Ltd. Class A | 3.5% |
| China Merchants Bank Co. Ltd. Class A | 3.3% |
| Montage Technology Co. Ltd. Class A | 3.1% |
| Sieyuan Electric Co. Ltd. Class A | 2.8% |
| Kweichow Moutai Co. Ltd. Class A | 2.8% |
| Weichai Power Co. Ltd. Class A | 2.6% |
| State Street Institutional U.S. Government Money Market Fund Premier Class | 2.5% |
| Zhongji Innolight Co. Ltd. Class A | 2.3% |
| Ping An Insurance Group Co. of China Ltd. Class A | 2.3% |
| Jiangsu Zhongtian Technology Co. Ltd. Class A | 2.3% |

---

### Sector Allocation

### (as a % of Total Investments<sup>**Footnote Reference \***</sup>)

---

| | |
|:---|:---|
| Information Technology | 26.5% |
| Industrials | 17.3% |
| Financials | 16.9% |
| Materials | 14.8% |
| Consumer Staples | 5.8% |
| Health Care | 5.0% |
| Consumer Discretionary | 4.8% |
| Energy | 3.6% |
| Utilities | 1.5% |
| Real Estate | 0.6% |
| Communication Services | 0.6% |
| Short-Term Investments | 2.6% |
| Total | 100.0% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;&nbsp;Derivatives (other than options purchased), if any, are excluded from this calculation. |

---

### Country Allocation

### (as a % of Total Investments<sup>**Footnote Reference \***</sup>)
![Group By Country Chart](i5dcd8c119baf848bf7b5e4e7.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| China | 94.0% |
| United States | 3.8% |
| Hong Kong | 2.2% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;&nbsp;Derivatives (other than options purchased), if any, are excluded from this calculation. |

---

#### Additional Information
If you wish to view additional information about the Fund, including but not limited to the Fund's prospectus, financial information, holdings, and proxy voting information, please visit nb.com/NBCE-documents.

## Householding
You may have consented to receive one shareholder report at your address if you and one or more individuals in your home have an account with the Fund (householding). If you wish to receive individual copies of your shareholder report, please contact your financial intermediary or investment provider (e.g., an insurance company, broker-dealer or bank).

The "Neuberger Berman" and "Neuberger" names and logo and "Neuberger Berman Investment Advisers LLC" name are registered service marks of Neuberger Berman Group LLC. The individual Fund name in this piece is either a service mark or registered service mark of Neuberger Berman Investment Advisers LLC, an affiliate of Neuberger Berman BD LLC, distributor, member FINRA.<sup>©</sup>2026 Neuberger Berman BD LLC, distributor. All rights reserved.

## Z0328 04/26

# Neuberger

# Commodity Strategy ETF
![Image](id03f928d6d534e632126edd6.jpg)

Semi-Annual Shareholder Report

February 28, 2026

# NBCM \| NYSE Arca, Inc.
This semi-annual shareholder report contains important information about the Fund for the period of September 1, 2025 to February 28, 2026. You can find additional information about the Fund at nb.com/nbcm-documents. You can also request this information by contacting your financial intermediary or investment provider or at 800.877.9700 or fundinfo@nb.com.

## What were the Fund's costs for the past six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment<sup>Footnote Reference\*</sup>** |
| Commodity Strategy ETF | $35 | 0.64% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;Annualized. |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Net Assets | $351879258 |
| Number of Portfolio Holdings | 189 |
| Portfolio Turnover Rate | 25% |

---

## What did the Fund invest in?

### Top Commodity Holdings - Long

### (as a % of Total Notional Value)

---

| | |
|:---|:---|
| Gold 100 Oz | 17.6% |
| Copper | 10.1% |
| Primary Aluminum | 8.2% |
| Brent Crude | 7.8% |
| Natural Gas | 7.5% |
| Zinc | 5.9% |
| WTI Crude | 5.4% |
| Soybean Oil | 4.7% |
| Soybean | 4.4% |
| Silver | 4.0% |

---

### Top Commodity Holdings - Short

### (as % of Total Notional Value)

---

| | |
|:---|:---|
| Primary Aluminum | (4.0)% |
| Copper | (3.6)% |
| Zinc | (3.1)% |
| Lead | (2.4)% |
| Nickel | (1.1)% |
| Tin | (1.1)% |
| Wheat | (0.3)% |

---

#### Additional Information
If you wish to view additional information about the Fund, including but not limited to the Fund's prospectus, financial information, holdings, and proxy voting information, please visit nb.com/nbcm-documents.

## Householding
You may have consented to receive one shareholder report at your address if you and one or more individuals in your home have an account with the Fund (householding). If you wish to receive individual copies of your shareholder report, please contact your financial intermediary or investment provider (e.g., an insurance company, broker-dealer or bank).

The "Neuberger Berman" and "Neuberger" names and logo and "Neuberger Berman Investment Advisers LLC" name are registered service marks of Neuberger Berman Group LLC. The individual Fund name in this piece is either a service mark or registered service mark of Neuberger Berman Investment Advisers LLC, an affiliate of Neuberger Berman BD LLC, distributor, member FINRA.<sup>©</sup>2026 Neuberger Berman BD LLC, distributor. All rights reserved.

## Z0329 04/26

# Neuberger

# Core Equity ETF
![Image](iefe79feb4a9884571398aa86.jpg)

Semi-Annual Shareholder Report

February 28, 2026

# NBCR \| NYSE Arca, Inc.
This semi-annual shareholder report contains important information about the Fund for the period of September 1, 2025 to February 28, 2026. You can find additional information about the Fund at nb.com/nbcr-documents. You can also request this information by contacting your financial intermediary or investment provider or at 800.877.9700 or fundinfo@nb.com.

## What were the Fund's costs for the past six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment<sup>Footnote Reference\*</sup>** |
| Core Equity ETF | $15 | 0.29% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;Annualized. |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Net Assets | $880857016 |
| Number of Portfolio Holdings | 207 |
| Portfolio Turnover Rate | 28% |

---

## What did the Fund invest in?

### Top Ten Securities

### (as a % of Total Investments<sup>**Footnote Reference \***</sup>)

---

| | |
|:---|:---|
| NVIDIA Corp. | 7.1% |
| Apple, Inc. | 6.4% |
| Microsoft Corp. | 4.9% |
| Alphabet, Inc. Class A | 4.0% |
| Amazon.com, Inc. | 3.3% |
| Alphabet, Inc. Class C | 2.5% |
| Meta Platforms, Inc. Class A | 2.4% |
| Broadcom, Inc. | 2.3% |
| Aon PLC Class A | 1.7% |
| Tesla, Inc. | 1.7% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;Derivatives (other than options purchased), if any, are excluded from this calculation. |

---

### Sector Allocation

### (as a % of Total Investments<sup>**Footnote Reference \***</sup>)

---

| | |
|:---|:---|
| Information Technology | 28.4% |
| Financials | 13.4% |
| Communication Services | 12.2% |
| Consumer Discretionary | 10.7% |
| Industrials | 9.9% |
| Health Care | 9.7% |
| Consumer Staples | 4.7% |
| Energy | 3.6% |
| Materials | 2.9% |
| Utilities | 2.3% |
| Real Estate | 1.4% |
| Exchange-Traded Funds | 0.5% |
| Short-Term Investments | 0.3% |
| Total | 100.0% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;Derivatives (other than options purchased), if any, are excluded from this calculation. |

---

#### Additional Information
If you wish to view additional information about the Fund, including but not limited to the Fund's prospectus, financial information, holdings, and proxy voting information, please visit nb.com/nbcr-documents.

## Householding
You may have consented to receive one shareholder report at your address if you and one or more individuals in your home have an account with the Fund (householding). If you wish to receive individual copies of your shareholder report, please contact your financial intermediary or investment provider (e.g., an insurance company, broker-dealer or bank).

The "Neuberger Berman" and "Neuberger" names and logo and "Neuberger Berman Investment Advisers LLC" name are registered service marks of Neuberger Berman Group LLC. The individual Fund name in this piece is either a service mark or registered service mark of Neuberger Berman Investment Advisers LLC, an affiliate of Neuberger Berman BD LLC, distributor, member FINRA.<sup>©</sup>2026 Neuberger Berman BD LLC, distributor. All rights reserved.

## Z0594 04/26

# Neuberger

# Disrupters ETF
![Image](iefe79feb4a9884571398aa86.jpg)

Semi-Annual Shareholder Report

February 28, 2026

# NBDS \| NYSE Arca, Inc.
This semi-annual shareholder report contains important information about the Fund for the period of September 1, 2025 to February 28, 2026. You can find additional information about the Fund at nb.com/NBDS-documents. You can also request this information by contacting your financial intermediary or investment provider or at 800.877.9700 or fundinfo@nb.com.

## What were the Fund's costs for the past six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment<sup>Footnote Reference\*</sup>** |
| Disrupters ETF | $26 | 0.55% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;Annualized. |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Net Assets | $27375475 |
| Number of Portfolio Holdings | 32 |
| Portfolio Turnover Rate | 20% |

---

## What did the Fund invest in?

### Top Ten Securities

### (as a % of Total Investments<sup>**Footnote Reference \***</sup>)

---

| | |
|:---|:---|
| NVIDIA Corp. | 8.0% |
| Nova Ltd. | 6.2% |
| Intuitive Surgical, Inc. | 5.0% |
| Advanced Micro Devices, Inc. | 4.4% |
| ASML Holding NV | 4.4% |
| Monolithic Power Systems, Inc. | 4.1% |
| ARM Holdings PLC ADR | 4.0% |
| Constellation Energy Corp. | 3.7% |
| Amazon.com, Inc. | 3.7% |
| Snowflake, Inc. | 3.5% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;Derivatives (other than options purchased), if any, are excluded from this calculation. |

---

### Sector Allocation

### (as a % of Total Investments<sup>**Footnote Reference \***</sup>)

---

| | |
|:---|:---|
| Information Technology | 58.2% |
| Health Care | 8.4% |
| Industrials | 7.8% |
| Consumer Discretionary | 7.1% |
| Financials | 6.5% |
| Communication Services | 5.1% |
| Utilities | 3.7% |
| Short-Term Investments | 3.2% |
| Total | 100.0% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;Derivatives (other than options purchased), if any, are excluded from this calculation. |

---

#### Additional Information
If you wish to view additional information about the Fund, including but not limited to the Fund's prospectus, financial information, holdings, and proxy voting information, please visit nb.com/NBDS-documents.

## Householding
You may have consented to receive one shareholder report at your address if you and one or more individuals in your home have an account with the Fund (householding). If you wish to receive individual copies of your shareholder report, please contact your financial intermediary or investment provider (e.g., an insurance company, broker-dealer or bank).

The "Neuberger Berman" and "Neuberger" names and logo and "Neuberger Berman Investment Advisers LLC" name are registered service marks of Neuberger Berman Group LLC. The individual Fund name in this piece is either a service mark or registered service mark of Neuberger Berman Investment Advisers LLC, an affiliate of Neuberger Berman BD LLC, distributor, member FINRA.<sup>©</sup>2026 Neuberger Berman BD LLC, distributor. All rights reserved.

## Z0224 04/26

# Neuberger

# Growth ETF
![Image](iefe79feb4a9884571398aa86.jpg)

Semi-Annual Shareholder Report

February 28, 2026

# NBGX \| NYSE Arca, Inc.
This semi-annual shareholder report contains important information about the Fund for the period of September 1, 2025 to February 28, 2026. You can find additional information about the Fund at nb.com/NBGX-documents. You can also request this information by contacting your financial intermediary or investment provider or at 800.877.9700 or fundinfo@nb.com.

## What were the Fund's costs for the past six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment<sup>Footnote Reference\*</sup>** |
| Growth ETF | $21 | 0.43% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;Annualized. |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Net Assets | $13391995 |
| Number of Portfolio Holdings | 50 |
| Portfolio Turnover Rate | 16% |

---

## What did the Fund invest in?

### Top Ten Securities

### (as a % of Total Investments<sup>**Footnote Reference \***</sup>)

---

| | |
|:---|:---|
| NVIDIA Corp. | 10.2% |
| Alphabet, Inc. Class A | 8.0% |
| Microsoft Corp. | 7.5% |
| Apple, Inc. | 6.9% |
| Amazon.com, Inc. | 6.3% |
| Meta Platforms, Inc. Class A | 4.6% |
| Broadcom, Inc. | 3.9% |
| Netflix, Inc. | 3.1% |
| Eli Lilly & Co. | 3.0% |
| Visa, Inc. Class A | 2.9% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;Derivatives (other than options purchased), if any, are excluded from this calculation. |

---

### Sector Allocation

### (as a % of Total Investments<sup>**Footnote Reference \***</sup>)

---

| | |
|:---|:---|
| Information Technology | 38.1% |
| Communication Services | 16.3% |
| Consumer Discretionary | 13.1% |
| Industrials | 9.3% |
| Financials | 8.2% |
| Health Care | 6.5% |
| Utilities | 2.8% |
| Consumer Staples | 2.7% |
| Energy | 0.7% |
| Short-Term Investments | 2.3% |
| Total | 100.0% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;Derivatives (other than options purchased), if any, are excluded from this calculation. |

---

#### Additional Information
If you wish to view additional information about the Fund, including but not limited to the Fund's prospectus, financial information, holdings, and proxy voting information, please visit nb.com/NBGX-documents.

## Householding
You may have consented to receive one shareholder report at your address if you and one or more individuals in your home have an account with the Fund (householding). If you wish to receive individual copies of your shareholder report, please contact your financial intermediary or investment provider (e.g., an insurance company, broker-dealer or bank).

The "Neuberger Berman" and "Neuberger" names and logo and "Neuberger Berman Investment Advisers LLC" name are registered service marks of Neuberger Berman Group LLC. The individual Fund name in this piece is either a service mark or registered service mark of Neuberger Berman Investment Advisers LLC, an affiliate of Neuberger Berman BD LLC, distributor, member FINRA.<sup>©</sup>2026 Neuberger Berman BD LLC, distributor. All rights reserved.

## AA0057 04/26

# Neuberger

# Japan Equity ETF
![Image](if0e2614988f7a45cdda7666d.jpg)

Semi-Annual Shareholder Report

February 28, 2026

# NBJP \| NYSE Arca, Inc.
This semi-annual shareholder report contains important information about the Fund for the period of September 1, 2025 to February 28, 2026. You can find additional information about the Fund at nb.com/nbjp-documents. You can also request this information by contacting your financial intermediary or investment provider or at 800.877.9700 or fundinfo@nb.com.

## What were the Fund's costs for the past six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment<sup>Footnote Reference\*</sup>** |
| Japan Equity ETF | $28 | 0.49% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;Annualized. |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Net Assets | $125392256 |
| Number of Portfolio Holdings | 61 |
| Portfolio Turnover Rate | 32% |

---

## What did the Fund invest in?

### Top Ten Securities

### (as a % of Total Investments<sup>**Footnote Reference \***</sup>)

---

| | |
|:---|:---|
| Mizuho Financial Group, Inc. | 4.0% |
| Sumitomo Realty & Development Co. Ltd. | 3.8% |
| Sumitomo Electric Industries Ltd. | 3.8% |
| Tokio Marine Holdings, Inc. | 3.2% |
| Taisei Corp. | 3.1% |
| Kinden Corp. | 3.1% |
| Toyota Motor Corp. | 3.0% |
| Tokyo Electron Ltd. | 2.9% |
| Niterra Co. Ltd. | 2.9% |
| Ebara Corp. | 2.8% |

---

### Sector Allocation

### (as a % of Total Investments<sup>**Footnote Reference \***</sup>)

---

| | |
|:---|:---|
| Industrials | 34.4% |
| Consumer Discretionary | 18.9% |
| Financials | 13.4% |
| Information Technology | 11.6% |
| Real Estate | 8.6% |
| Materials | 4.9% |
| Health Care | 4.7% |
| Communication Services | 1.1% |
| Short-Term Investments | 2.4% |
| Total | 100.0% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;&nbsp;Derivatives (other than options purchased), if any, are excluded from this calculation. |

---

### Country Allocation

### (as a % of Total Investments<sup>**Footnote Reference \***</sup>)
![Group By Country Chart](iaad0fab284780f272e9537af.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Japan | 97.6% |
| United States | 2.4% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;&nbsp;Derivatives (other than options purchased), if any, are excluded from this calculation. |

---

#### Additional Information
If you wish to view additional information about the Fund, including but not limited to the Fund's prospectus, financial information, holdings, and proxy voting information, please visit nb.com/nbjp-documents.

## Householding
You may have consented to receive one shareholder report at your address if you and one or more individuals in your home have an account with the Fund (householding). If you wish to receive individual copies of your shareholder report, please contact your financial intermediary or investment provider (e.g., an insurance company, broker-dealer or bank).

The "Neuberger Berman" and "Neuberger" names and logo and "Neuberger Berman Investment Advisers LLC" name are registered service marks of Neuberger Berman Group LLC. The individual Fund name in this piece is either a service mark or registered service mark of Neuberger Berman Investment Advisers LLC, an affiliate of Neuberger Berman BD LLC, distributor, member FINRA.<sup>©</sup>2026 Neuberger Berman BD LLC, distributor. All rights reserved.

## AA0059 04/26

# Neuberger

# Option Strategy ETF
![Image](iec33680878e0bb122938b814.jpg)

Semi-Annual Shareholder Report

February 28, 2026

# NBOS \| NYSE Arca, Inc.
This semi-annual shareholder report contains important information about the Fund for the period of September 1, 2025 to February 28, 2026. You can find additional information about the Fund at nb.com/NBOS-documents. You can also request this information by contacting your financial intermediary or investment provider or at 800.877.9700 or fundinfo@nb.com.

## What were the Fund's costs for the past six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment<sup>Footnote Reference\*</sup>** |
| Option Strategy ETF | $28 | 0.55% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;Annualized. |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Net Assets | $442417470 |
| Number of Portfolio Holdings | 23 |
| Portfolio Turnover Rate | 66% |

---

## What did the Fund invest in?

### Top Ten Options Exposure

### (as a % of Total Notional Value of Put Options Written)

---

| | |
|:---|:---|
| SPDR S&P 500 ETF Trust $685, due 03/20/26 | 24.2% |
| SPDR S&P 500 ETF Trust $682, due 03/27/26 | 24.1% |
| SPDR S&P 500 ETF Trust $684, due 03/13/26 | 18.9% |
| SPDR S&P 500 ETF Trust $689, due 03/06/26 | 13.1% |
| SPDR S&P 500 ETF Trust $678, due 03/06/26 | 11.8% |
| SPDR S&P 500 ETF Trust $683, due 03/13/26 | 5.4% |
| SPDR S&P 500 ETF Trust $682, due 03/20/26 | 0.6% |
| SPDR S&P 500 ETF Trust $683, due 03/27/26 | 0.4% |
| SPDR S&P 500 ETF Trust $681, due 03/27/26 | 0.4% |
| SPDR S&P 500 ETF Trust $695, due 03/13/26 | 0.3% |

---

### Collateral Securities

### (as a % of Total Investments<sup>**Footnote Reference \***</sup>)

---

| | |
|:---|:---|
| U.S. Treasury Obligations | Value |
| Less than 1 year | 54.2% |
| 1 to 3 years | 42.7% |
| Short-Term Investments | 3.1% |
| Total | 100.0% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;Derivatives (other than options purchased), if any, are excluded from this calculation. |

---

#### Additional Information
If you wish to view additional information about the Fund, including but not limited to the Fund's prospectus, financial information, holdings, and proxy voting information, please visit nb.com/NBOS-documents.

## Householding
You may have consented to receive one shareholder report at your address if you and one or more individuals in your home have an account with the Fund (householding). If you wish to receive individual copies of your shareholder report, please contact your financial intermediary or investment provider (e.g., an insurance company, broker-dealer or bank).

The "Neuberger Berman" and "Neuberger" names and logo and "Neuberger Berman Investment Advisers LLC" name are registered service marks of Neuberger Berman Group LLC. The individual Fund name in this piece is either a service mark or registered service mark of Neuberger Berman Investment Advisers LLC, an affiliate of Neuberger Berman BD LLC, distributor, member FINRA.<sup>©</sup>2026 Neuberger Berman BD LLC, distributor. All rights reserved.

## Z0324 04/26

# Neuberger

# Small-Mid Cap ETF
![Image](iefe79feb4a9884571398aa86.jpg)

Semi-Annual Shareholder Report

February 28, 2026

# NBSM \| NYSE Arca, Inc.
This semi-annual shareholder report contains important information about the Fund for the period of September 1, 2025 to February 28, 2026. You can find additional information about the Fund at nb.com/nbsm-documents. You can also request this information by contacting your financial intermediary or investment provider or at 800.877.9700 or fundinfo@nb.com.

## What were the Fund's costs for the past six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment<sup>Footnote Reference\*</sup>** |
| Small-Mid Cap ETF | $32 | 0.64% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;Annualized. |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Net Assets | $226217718 |
| Number of Portfolio Holdings | 64 |
| Portfolio Turnover Rate | 25% |

---

## What did the Fund invest in?

### Top Ten Securities

### (as a % of Total Investments<sup>**Footnote Reference \***</sup>)

---

| | |
|:---|:---|
| State Street Institutional Treasury Money Market Fund Premier Class | 6.0% |
| Tidewater, Inc. | 2.6% |
| Valmont Industries, Inc. | 2.6% |
| Brady Corp. Class A | 2.3% |
| Gates Industrial Corp. PLC | 2.3% |
| Kirby Corp. | 2.3% |
| White Mountains Insurance Group Ltd. | 2.2% |
| Littelfuse, Inc. | 2.2% |
| RBC Bearings, Inc. | 2.2% |
| CNX Resources Corp. | 2.1% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;Derivatives (other than options purchased), if any, are excluded from this calculation. |

---

### Sector Allocation

### (as a % of Total Investments<sup>**Footnote Reference \***</sup>)

---

| | |
|:---|:---|
| Industrials | 33.9% |
| Financials | 16.8% |
| Information Technology | 14.4% |
| Energy | 6.0% |
| Utilities | 5.7% |
| Health Care | 5.0% |
| Real Estate | 2.9% |
| Consumer Discretionary | 2.9% |
| Communication Services | 2.6% |
| Materials | 2.1% |
| Consumer Staples | 1.7% |
| Short-Term Investments | 6.0% |
| Total | 100.0% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;Derivatives (other than options purchased), if any, are excluded from this calculation. |

---

#### Additional Information
If you wish to view additional information about the Fund, including but not limited to the Fund's prospectus, financial information, holdings, and proxy voting information, please visit nb.com/nbsm-documents.

## Householding
You may have consented to receive one shareholder report at your address if you and one or more individuals in your home have an account with the Fund (householding). If you wish to receive individual copies of your shareholder report, please contact your financial intermediary or investment provider (e.g., an insurance company, broker-dealer or bank).

The "Neuberger Berman" and "Neuberger" names and logo and "Neuberger Berman Investment Advisers LLC" name are registered service marks of Neuberger Berman Group LLC. The individual Fund name in this piece is either a service mark or registered service mark of Neuberger Berman Investment Advisers LLC, an affiliate of Neuberger Berman BD LLC, distributor, member FINRA.<sup>©</sup>2026 Neuberger Berman BD LLC, distributor. All rights reserved.

## Z0332 04/26
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Not applicable to the Registrant.

Item 2. Code of Ethics.

The Board of Trustees ("Board") of Neuberger Berman ETF Trust ("Registrant") has adopted a code of ethics that applies to the Registrant's principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions ("Code of Ethics"). During the period covered by this Form N-CSR, there were no substantive amendments to the Code of Ethics and there were no waivers from the Code of Ethics granted to the Registrant's principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions.

A copy of the [Code of Ethics is incorporated by reference to Neuberger High Yield Strategies Fund Inc.'s Form N-CSR, Investment Company Act file number 811-22396 (filed December 30, 2025)](https://www.sec.gov/Archives/edgar/data/1487610/000089843225001054/exh99.htm). The Code of Ethics is also available, without charge, by calling 1-800-877-9700 (toll-free).

Item 3. Audit Committee Financial Expert.

Not applicable to semi-annual reports on Form N-CSR.

Item 4. Principal Accountant Fees and Services.

Not applicable to semi-annual reports on Form N-CSR.

Item 5. Audit Committee of Listed Registrants.

(a) Not applicable to semi-annual reports on Form N-CSR.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Not applicable to the Registrant.

Item 6. Investments.

(a) The complete schedule of investments for each series is disclosed in the Registrant's financial statements, which is included in Item 7 of this Form N-CSR.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Not applicable to the Registrant.

#### Item 7. Financial Statements and Financial Highlights for Open-End Management Investment Companies.
![](img924ff7811.jpg)

![](imgf674bab62.jpg)

Neuberger Berman

ETF Trust

---

| |
|:---|
| China Equity ETF  |
| Commodity Strategy ETF  |
| Core Equity ETF  |
| Disrupters ETF  |

---

---

| |
|:---|
| Growth ETF  |
| Japan Equity ETF  |
| Option Strategy ETF  |
| Small-Mid Cap ETF  |

---

Semi-Annual Financial Statements and Other Information

February 28, 2026

------

![](imgf40a2a133.gif)

**Table of Contents**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **[LEGEND (Form N-CSR Item 7)](#xx_2cfdca73-97a6-43b6-8234-5d3238bf7c35_LEG-TOC-Legend-20_1)** | 2 |
| **[SCHEDULE OF INVESTMENTS (Form N-CSR Item 7)](#xx_2cfdca73-97a6-43b6-8234-5d3238bf7c35_SOI-TOC-SOI-20_1)** | 3 |
| [China Equity ETF](#xx_2cfdca73-97a6-43b6-8234-5d3238bf7c35_SOI-TOC-SOI-20_1) | 3 |
| [Positions by Country](#xx_2cfdca73-97a6-43b6-8234-5d3238bf7c35_SOI-TOC-SOI-20_3) | 5 |
| [Commodity Strategy ETF](#xx_2cfdca73-97a6-43b6-8234-5d3238bf7c35_SOI-TOC-SOI-20_4) | 6 |
| [Core Equity ETF](#xx_2cfdca73-97a6-43b6-8234-5d3238bf7c35_SOI-TOC-SOI-20_13) | 15 |
| [Disrupters ETF](#xx_2cfdca73-97a6-43b6-8234-5d3238bf7c35_SOI-TOC-SOI-20_18) | 20 |
| [Positions by Country](#xx_2cfdca73-97a6-43b6-8234-5d3238bf7c35_SOI-TOC-SOI-20_19) | 21 |
| [Growth ETF](#xx_2cfdca73-97a6-43b6-8234-5d3238bf7c35_SOI-TOC-SOI-20_20) | 22 |
| [Japan Equity ETF](#xx_2cfdca73-97a6-43b6-8234-5d3238bf7c35_SOI-TOC-SOI-20_22) | 24 |
| [Positions by Country](#xx_2cfdca73-97a6-43b6-8234-5d3238bf7c35_SOI-TOC-SOI-20_24) | 26 |
| [Option Strategy ETF](#xx_2cfdca73-97a6-43b6-8234-5d3238bf7c35_SOI-TOC-SOI-20_25) | 27 |
| [Small-Mid Cap ETF](#xx_2cfdca73-97a6-43b6-8234-5d3238bf7c35_SOI-TOC-SOI-20_27) | 29 |
| **[FINANCIAL STATEMENTS (Form N-CSR Item 7)](#xx_2cfdca73-97a6-43b6-8234-5d3238bf7c35_FS-StatementofAssetsandLiabilities-Intro-20_2)** | 32 |
| **[Remuneration paid to directors, officers, and others (Form N-CSR Item 10)](#xx_2cfdca73-97a6-43b6-8234-5d3238bf7c35_SOPI-StatementofOperations-Intro-20_1)** | 34 |
| [China Equity ETF](#xx_2cfdca73-97a6-43b6-8234-5d3238bf7c35_SOPI-StatementofOperations-Intro-20_1) | 34 |
| [Commodity Strategy ETF](#xx_2cfdca73-97a6-43b6-8234-5d3238bf7c35_SOPI-StatementofOperations-Intro-20_1) | 34 |
| [Core Equity ETF](#xx_2cfdca73-97a6-43b6-8234-5d3238bf7c35_SOPI-StatementofOperations-Intro-20_1) | 34 |
| [Disrupters ETF](#xx_2cfdca73-97a6-43b6-8234-5d3238bf7c35_SOPI-StatementofOperations-Intro-20_2) | 35 |
| [Growth ETF](#xx_2cfdca73-97a6-43b6-8234-5d3238bf7c35_SOPI-StatementofOperations-Intro-20_2) | 35 |
| [Japan Equity ETF](#xx_2cfdca73-97a6-43b6-8234-5d3238bf7c35_SOPI-StatementofOperations-Intro-20_2) | 35 |
| [Option Strategy ETF](#xx_2cfdca73-97a6-43b6-8234-5d3238bf7c35_SOPI-StatementofOperations-Intro-20_2) | 35 |
| [Small-Mid Cap ETF](#xx_2cfdca73-97a6-43b6-8234-5d3238bf7c35_SOPI-StatementofOperations-Intro-20_2) | 35 |
| **[NOTES TO FINANCIAL STATEMENTS (Form N-CSR Item 7)](#xx_2cfdca73-97a6-43b6-8234-5d3238bf7c35_NTF-TOC-NTFS_1)** | 39 |
| **[FINANCIAL HIGHLIGHTS (Form N-CSR Item 7)](#xx_2cfdca73-97a6-43b6-8234-5d3238bf7c35_FIHIPIV-TOC-PivotedFinancialHighlights-Name-20_1)** | 58 |
| [China Equity ETF](#xx_2cfdca73-97a6-43b6-8234-5d3238bf7c35_FIHIPIV-TOC-PivotedFinancialHighlights-Name-20_1) | 58 |
| [Commodity Strategy ETF](#xx_2cfdca73-97a6-43b6-8234-5d3238bf7c35_FIHIPIV-TOC-PivotedFinancialHighlights-Name-20_1) | 58 |
| [Core Equity ETF](#xx_2cfdca73-97a6-43b6-8234-5d3238bf7c35_FIHIPIV-TOC-PivotedFinancialHighlights-Name-20_1) | 58 |
| [Disrupters ETF](#xx_2cfdca73-97a6-43b6-8234-5d3238bf7c35_FIHIPIV-TOC-PivotedFinancialHighlights-Name-20_1) | 58 |
| [Growth ETF](#xx_2cfdca73-97a6-43b6-8234-5d3238bf7c35_FIHIPIV-TOC-PivotedFinancialHighlights-Name-20_1) | 58 |
| [Japan Equity ETF](#xx_2cfdca73-97a6-43b6-8234-5d3238bf7c35_FIHIPIV-TOC-PivotedFinancialHighlights-Name-20_3) | 60 |
| [Option Strategy ETF](#xx_2cfdca73-97a6-43b6-8234-5d3238bf7c35_FIHIPIV-TOC-PivotedFinancialHighlights-Name-20_3) | 60 |
| [Small-Mid Cap ETF](#xx_2cfdca73-97a6-43b6-8234-5d3238bf7c35_FIHIPIV-TOC-PivotedFinancialHighlights-Name-20_3) | 60 |
| **[Directory (Form N-CSR Item 7)](#xx_2cfdca73-97a6-43b6-8234-5d3238bf7c35_DIRECT-Directory_1)** | 64 |
| **[Changes in and disagreements with accountants (Form N-CSR Item 8)](#xx_2cfdca73-97a6-43b6-8234-5d3238bf7c35_DISCLOSE-ProxyVotingPoliciesandProcedures_1)** | 65 |
| **[Proxy Disclosures (Form N-CSR Item 9)](#xx_2cfdca73-97a6-43b6-8234-5d3238bf7c35_DISCLOSE-ProxyVotingPoliciesandProcedures_1)** | 65 |
| **[Board Consideration of the Management Agreements (Form N-CSR Item 11)](#xx_2cfdca73-97a6-43b6-8234-5d3238bf7c35_DISCLOSE-ProxyVotingPoliciesandProcedures_1)** | 65 |

---

The "Neuberger Berman" and "Neuberger" names and logos and "Neuberger Berman Investment Advisers LLC" name are registered service marks of Neuberger Berman Group LLC. The individual Fund names in this piece are either service marks or registered service marks of Neuberger Berman Group LLC or Neuberger Berman Investment Advisers LLC, an affiliate of Neuberger Berman BD LLC, distributor, member FINRA. <sup>©</sup>2026 Neuberger Berman BD LLC, distributor. All rights reserved.

------

![](img9d39500a4.gif)

Legend February 28, 2026 (Unaudited)

**Neuberger Berman ETF Trust** 

---

| | |
|:---|:---|
| **Counterparties:** | **Counterparties:** |
| SSB | = State Street Bank and Trust Company |
| **Other Abbreviations:** | **Other Abbreviations:** |
| ADR | = American Depositary Receipt |
| Management or NBIA | = Neuberger Berman Investment Advisers LLC |
| **Reference Rate Benchmarks:** | **Reference Rate Benchmarks:** |
| SOFR | = Secured Overnight Financing Rate |
| **Currency Abbreviations:** | **Currency Abbreviations:** |
| USD | = United States Dollar |

---

------

![](img9d39500a4.gif)

Schedule of Investments China Equity ETF^ (Unaudited) February 28, 2026

---

| | | |
|:---|:---|:---|
| Number of Shares | Number of Shares | Value |
| **Common Stocks 97.8%** | **Common Stocks 97.8%** | **Common Stocks 97.8%** |
| **Automobile Components 1.2%** | **Automobile Components 1.2%** | **Automobile Components 1.2%** |
| 34000 | Minth Group Ltd. | &nbsp;&nbsp; **$190700** |
| **Automobiles 0.8%** | **Automobiles 0.8%** | **Automobiles 0.8%** |
| 9800 | BYD Co. Ltd. Class A | &nbsp;&nbsp; **127584** |
| **Banks 7.4%** | **Banks 7.4%** | **Banks 7.4%** |
| 72700 | Bank of Hangzhou Co. Ltd. Class A | &nbsp;&nbsp; 172191 |
| 149000 | Bank of Jiangsu Co. Ltd. Class A | &nbsp;&nbsp; 224775 |
| 94200 | &nbsp;&nbsp; China Merchants Bank Co. Ltd. <br> Class A<br>| &nbsp;&nbsp; 532040 |
| 256100 | &nbsp;&nbsp; Industrial & Commercial Bank of <br> China Ltd. Class A<br>| &nbsp;&nbsp; 258308 |
|  |  | &nbsp;&nbsp; **1187314** |
| **Beverages 3.9%** | **Beverages 3.9%** | **Beverages 3.9%** |
| 5200 | &nbsp;&nbsp; Eastroc Beverage Group Co. Ltd. <br> Class A<br>| &nbsp;&nbsp; 183084 |
| 2098 | Kweichow Moutai Co. Ltd. Class A | &nbsp;&nbsp; 444935 |
|  |  | &nbsp;&nbsp; **628019** |
| **Biotechnology 3.0%** | **Biotechnology 3.0%** | **Biotechnology 3.0%** |
| 5391 | BeOne Medicines Ltd. Class A<sup>\*</sup> | &nbsp;&nbsp; 202491 |
| 3750 | Duality Biotherapeutics, Inc.<sup>\*</sup> | &nbsp;&nbsp; 150989 |
| 12000 | Innovent Biologics, Inc.<sup>\*(a)</sup> | &nbsp;&nbsp; 130532 |
|  |  | &nbsp;&nbsp; **484012** |
| **Capital Markets 5.3%** | **Capital Markets 5.3%** | **Capital Markets 5.3%** |
| 57600 | &nbsp;&nbsp; China Galaxy Securities Co. Ltd. <br> Class A<br>| &nbsp;&nbsp; 122658 |
| 80000 | &nbsp;&nbsp; China International Capital Corp. <br> Ltd. Class H<sup>(a)</sup><br>| &nbsp;&nbsp; 207173 |
| 51900 | &nbsp;&nbsp; East Money Information Co. Ltd. <br> Class A<br>| &nbsp;&nbsp; 170356 |
| 35900 | GF Securities Co. Ltd. Class A | &nbsp;&nbsp; 109047 |
| 75500 | Huatai Securities Co. Ltd. Class A | &nbsp;&nbsp; 235276 |
|  |  | &nbsp;&nbsp; **844510** |
| **Chemicals 7.8%** | **Chemicals 7.8%** | **Chemicals 7.8%** |
| 18100 | &nbsp;&nbsp; Jiangsu Yangnong Chemical Co. <br> Ltd. Class A<br>| &nbsp;&nbsp; 212372 |
| 28800 | &nbsp;&nbsp; Shandong Sinocera Functional <br> Material Co. Ltd. Class A<br>| &nbsp;&nbsp; 160605 |
| 28100 | Skshu Paint Co. Ltd. Class A | &nbsp;&nbsp; 214287 |
| 13600 | &nbsp;&nbsp; Sunresin New Materials Co. Ltd. <br> Class A<br>| &nbsp;&nbsp; 148095 |
| 30800 | Tianqi Lithium Corp. Class A<sup>\*</sup> | &nbsp;&nbsp; 254091 |
| 42300 | Zhejiang Juhua Co. Ltd. Class A | &nbsp;&nbsp; 256481 |
|  |  | &nbsp;&nbsp; **1245931** |

---

---

| | | |
|:---|:---|:---|
| Number of Shares | Number of Shares | Value |
| **Communications Equipment 4.5%** | **Communications Equipment 4.5%** | **Communications Equipment 4.5%** |
| 2700 | &nbsp;&nbsp; Suzhou TFC Optical <br> Communication Co. Ltd. Class A<br>| &nbsp;&nbsp; $145097 |
| 11000 | &nbsp;&nbsp; Yangtze Optical Fibre & Cable Joint <br> Stock Co. Ltd. Class H<sup>(a)</sup><br>| &nbsp;&nbsp; 209219 |
| 4800 | Zhongji Innolight Co. Ltd. Class A | &nbsp;&nbsp; 373598 |
|  |  | &nbsp;&nbsp; **727914** |
| **Electrical Equipment 9.4%** | **Electrical Equipment 9.4%** | **Electrical Equipment 9.4%** |
| 11420 | &nbsp;&nbsp; Contemporary Amperex <br> Technology Co. Ltd. Class A<br>| &nbsp;&nbsp; 569281 |
| 86600 | &nbsp;&nbsp; Jiangsu Zhongtian Technology Co. <br> Ltd. Class A<br>| &nbsp;&nbsp; 367815 |
| 14300 | Sieyuan Electric Co. Ltd. Class A | &nbsp;&nbsp; 446934 |
| 5700 | &nbsp;&nbsp; Sungrow Power Supply Co. Ltd. <br> Class A<br>| &nbsp;&nbsp; 120051 |
|  |  | &nbsp;&nbsp; **1504081** |
| **Electronic Equipment, Instruments & Components 5.9%** | **Electronic Equipment, Instruments & Components 5.9%** | **Electronic Equipment, Instruments & Components 5.9%** |
| 38300 | &nbsp;&nbsp; Chaozhou Three-Circle Group Co. <br> Ltd. Class A<br>| &nbsp;&nbsp; 352249 |
| 116000 | Kingboard Laminates Holdings Ltd. | &nbsp;&nbsp; 350518 |
| 34300 | &nbsp;&nbsp; Luxshare Precision Industry Co. Ltd. <br> Class A<br>| &nbsp;&nbsp; 251069 |
|  |  | &nbsp;&nbsp; **953836** |
| **Energy Equipment & Services 1.7%** | **Energy Equipment & Services 1.7%** | **Energy Equipment & Services 1.7%** |
| 15900 | &nbsp;&nbsp; Yantai Jereh Oilfield Services Group <br> Co. Ltd. Class A<br>| &nbsp;&nbsp; **271773** |
| **Entertainment 0.6%** | **Entertainment 0.6%** | **Entertainment 0.6%** |
| 25200 | &nbsp;&nbsp; 37 Interactive Entertainment <br> Network Technology Group Co. <br> Ltd. Class A<br>| &nbsp;&nbsp; **89989** |
| **Food Products 1.9%** | **Food Products 1.9%** | **Food Products 1.9%** |
| 20100 | &nbsp;&nbsp; Anjoy Foods Group Co. Ltd. <br> Class H<br>| &nbsp;&nbsp; 207464 |
| 15200 | Muyuan Foods Co. Ltd. Class A | &nbsp;&nbsp; 103906 |
|  |  | &nbsp;&nbsp; **311370** |
| **Hotels, Restaurants & Leisure 1.0%** | **Hotels, Restaurants & Leisure 1.0%** | **Hotels, Restaurants & Leisure 1.0%** |
| 44400 | Guming Holdings Ltd. | &nbsp;&nbsp; **161632** |
| **Household Durables 1.8%** | **Household Durables 1.8%** | **Household Durables 1.8%** |
| 25500 | Midea Group Co. Ltd. Class A | &nbsp;&nbsp; **292284** |
| **Independent Power and Renewable Electricity** <br> **Producers 1.5%** | **Independent Power and Renewable Electricity** <br> **Producers 1.5%** | **Independent Power and Renewable Electricity** <br> **Producers 1.5%** |
| 65000 | &nbsp;&nbsp; China Yangtze Power Co. Ltd. <br> Class A<br>| &nbsp;&nbsp; **246704** |
| **Insurance 4.3%** | **Insurance 4.3%** | **Insurance 4.3%** |
| 54700 | &nbsp;&nbsp; China Pacific Insurance Group Co. <br> Ltd. Class A<br>| &nbsp;&nbsp; 325369 |

---

See Notes to Financial Statements

------

![](img9d39500a4.gif)

Schedule of Investments China Equity ETF^ (Unaudited) (cont'd)

---

| | | |
|:---|:---|:---|
| Number of Shares | Number of Shares | Value |
| **Insurance – cont'd** | **Insurance – cont'd** | **Insurance – cont'd** |
| 40500 | &nbsp;&nbsp; Ping An Insurance Group Co. of <br> China Ltd. Class A<br>| &nbsp;&nbsp; $372424 |
|  |  | &nbsp;&nbsp; **697793** |
| **IT Services 0.9%** | **IT Services 0.9%** | **IT Services 0.9%** |
| 166000 | Kingsoft Cloud Holdings Ltd.<sup>\*</sup> | &nbsp;&nbsp; **151499** |
| **Life Sciences Tools & Services 0.8%** | **Life Sciences Tools & Services 0.8%** | **Life Sciences Tools & Services 0.8%** |
| 15300 | &nbsp;&nbsp; Hangzhou Tigermed Consulting <br> Co. Ltd. Class A<br>| &nbsp;&nbsp; **133000** |
| **Machinery 7.2%** | **Machinery 7.2%** | **Machinery 7.2%** |
| 42600 | &nbsp;&nbsp; Neway Valve Suzhou Co. Ltd. <br> Class A<br>| &nbsp;&nbsp; 347712 |
| 101700 | Weichai Power Co. Ltd. Class A | &nbsp;&nbsp; 412976 |
| 109500 | &nbsp;&nbsp; XCMG Construction Machinery <br> Co. Ltd. Class A<br>| &nbsp;&nbsp; 195671 |
| 47600 | &nbsp;&nbsp; Zhejiang Sanhua Intelligent <br> Controls Co. Ltd. Class H<br>| &nbsp;&nbsp; 205893 |
|  |  | &nbsp;&nbsp; **1162252** |
| **Metals & Mining 7.1%** | **Metals & Mining 7.1%** | **Metals & Mining 7.1%** |
| 41700 | &nbsp;&nbsp; Chifeng Jilong Gold Mining Co. <br> Ltd. Class A<br>| &nbsp;&nbsp; 242632 |
| 33500 | China Hongqiao Group Ltd. | &nbsp;&nbsp; 151841 |
| 10800 | &nbsp;&nbsp; China Rare Earth Resources & <br> Technology Co. Ltd. Class A<sup>\*</sup><br>| &nbsp;&nbsp; 102288 |
| 39500 | &nbsp;&nbsp; Chuangxin Industries Holdings <br> Ltd.<sup>\*</sup><br>| &nbsp;&nbsp; 119660 |
| 95900 | CMOC Group Ltd. Class A | &nbsp;&nbsp; 335329 |
| 19300 | Xiamen Tungsten Co. Ltd. Class A | &nbsp;&nbsp; 197337 |
|  |  | &nbsp;&nbsp; **1149087** |
| **Oil, Gas & Consumable Fuels 2.0%** | **Oil, Gas & Consumable Fuels 2.0%** | **Oil, Gas & Consumable Fuels 2.0%** |
| 105000 | &nbsp;&nbsp; COSCO SHIPPING Energy <br> Transportation Co. Ltd. Class A<br>| &nbsp;&nbsp; **314961** |
| **Passenger Airlines 0.8%** | **Passenger Airlines 0.8%** | **Passenger Airlines 0.8%** |
| 188000 | &nbsp;&nbsp; China Eastern Airlines Corp. Ltd. <br> Class H<sup>\*</sup><br>| &nbsp;&nbsp; **133369** |
| **Pharmaceuticals 1.2%** | **Pharmaceuticals 1.2%** | **Pharmaceuticals 1.2%** |
| 23500 | &nbsp;&nbsp; Jiangsu Hengrui Pharmaceuticals <br> Co. Ltd. Class A<br>| &nbsp;&nbsp; **193731** |
| **Real Estate Management & Development 0.6%** | **Real Estate Management & Development 0.6%** | **Real Estate Management & Development 0.6%** |
| 23000 | China Resources Land Ltd. | &nbsp;&nbsp; **93430** |

---

---

| | | |
|:---|:---|:---|
| Number of Shares | Number of Shares | Value |
| **Semiconductors & Semiconductor Equipment 12.8%** | **Semiconductors & Semiconductor Equipment 12.8%** | **Semiconductors & Semiconductor Equipment 12.8%** |
| 1953 | &nbsp;&nbsp; Cambricon Technologies Corp. Ltd. <br> Class A<sup>\*</sup><br>| &nbsp;&nbsp; $335328 |
| 15000 | &nbsp;&nbsp; Hua Hong Semiconductor Ltd. <br> Class H<sup>\*(a)</sup><br>| &nbsp;&nbsp; 185501 |
| 20833 | &nbsp;&nbsp; Montage Technology Co. Ltd. <br> Class A<br>| &nbsp;&nbsp; 496620 |
| 4465 | &nbsp;&nbsp; NAURA Technology Group Co. Ltd. <br> Class A<br>| &nbsp;&nbsp; 307097 |
| 78917 | &nbsp;&nbsp; Qingdao Gaoce Technology Co. <br> Ltd. Class A<br>| &nbsp;&nbsp; 200259 |
| 17600 | SICC Co. Ltd. Class H<sup>\*</sup> | &nbsp;&nbsp; 145328 |
| 13492 | &nbsp;&nbsp; Smartsens Technology Shanghai <br> Co. Ltd. Class A<br>| &nbsp;&nbsp; 191559 |
| 32257 | &nbsp;&nbsp; Southchip Semiconductor <br> Technology Shanghai Co. Ltd. <br> Class A<br>| &nbsp;&nbsp; 200993 |
|  |  | &nbsp;&nbsp; **2062685** |
| **Software 1.5%** | **Software 1.5%** | **Software 1.5%** |
| 2442 | &nbsp;&nbsp; Beijing Kingsoft Office Software, <br> Inc. Class A<br>| &nbsp;&nbsp; 107192 |
| 123600 | Horizon Robotics<sup>\*</sup> | &nbsp;&nbsp; 129708 |
|  |  | &nbsp;&nbsp; **236900** |
| **Technology Hardware, Storage & Peripherals 0.9%** | **Technology Hardware, Storage & Peripherals 0.9%** | **Technology Hardware, Storage & Peripherals 0.9%** |
| 14800 | Ugreen Group Ltd. Class A | &nbsp;&nbsp; **146925** |
| **Total Common Stocks (Cost $12,977,108)** | **Total Common Stocks (Cost $12,977,108)** | &nbsp;&nbsp; **15743285** |
| **Short-Term Investments 2.6%** | **Short-Term Investments 2.6%** | **Short-Term Investments 2.6%** |
| **Investment Companies 2.6%** | **Investment Companies 2.6%** | **Investment Companies 2.6%** |
| 411211 | &nbsp;&nbsp; State Street Institutional <br> U.S. Government Money Market <br> Fund Premier Class, 3.63%<sup>(b)</sup> <br>**(Cost $411,211)**<br>| &nbsp;&nbsp; **411211** |
| **Total Investments 100.4%** <br> **(Cost $13,388,319)** | **Total Investments 100.4%** <br> **(Cost $13,388,319)** | &nbsp;&nbsp; **16154496** |
| Liabilities Less Other Assets (0.4)% | Liabilities Less Other Assets (0.4)% | &nbsp;&nbsp; (61891)<br>|
| **Net Assets 100.0%** | **Net Assets 100.0%** | &nbsp;&nbsp; **$16092605** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* Non-income producing security.

See Notes to Financial Statements

------

![](img9d39500a4.gif)

Schedule of Investments China Equity ETF^ (Unaudited) (cont'd)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(a) Security exempt from registration pursuant to Regulation S under the Securities Act
 of 1933, as amended. Regulation S applies to securities offerings that are made outside of the United States
 and do not involve directed selling efforts in the United States and as such may have restrictions on
 resale. Total value of all such securities at February 28, 2026 amounted to $732,425, which represents 4.6% of
 net assets of the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Represents 7-day effective yield as of February 28, 2026.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **POSITIONS BY COUNTRY** | **POSITIONS BY COUNTRY** | **POSITIONS BY COUNTRY** |
| **Country** | **Investments at** <br>**Value**<br>| **Percentage of** <br>**Net Assets**<br>|
| China | &nbsp;&nbsp; $15190276 | 94.4<br> %<br>|
| Hong Kong | &nbsp;&nbsp; 350518 | 2.2<br> %<br>|
| United States | &nbsp;&nbsp; 202491 | 1.2<br> %<br>|
| Short-Term Investments and Other Liabilities—Net | &nbsp;&nbsp; 349320 | 2.2<br> %<br>|
|  | &nbsp;&nbsp; **$16092605** | **100.0%**<br>|

---

The following is a summary, categorized by Level (see Note A of the Notes to Financial Statements), of inputs used to value the Fund's investments as of February 28, 2026:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Asset Valuation Inputs** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Investments: |  |  |  |  |
| Common Stocks<sup>#</sup> <br>| $15743285 | $— | $— | $15743285 |
| Short-Term Investments |  | 411211 |  | 411211 |
| **Total Investments** | **$15743285** | **$411211** | **$—** | **$16154496** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

# The Schedule of Investments provides information on the industry or sector categorization as well as a Positions by Country summary.

^ A balance indicated with a "—", reflects either a zero balance or an amount that rounds to less than 1.

See Notes to Financial Statements

------

![](img9d39500a4.gif)

Consolidated Schedule of Investments Commodity Strategy ETF^ (Unaudited) February 28, 2026

---

| | | |
|:---|:---|:---|
| Principal Amount | Principal Amount | Value |
| **U.S. Treasury Obligations 9.1%** | **U.S. Treasury Obligations 9.1%** | **U.S. Treasury Obligations 9.1%** |
|  | U.S. Treasury Bills |  |
| $27000000 | 3.62%, due 3/3/2026 | &nbsp;&nbsp; $26997295<br> <sup>(a)</sup><br>|
| 5000000 | 3.61%, due 3/24/2026 | &nbsp;&nbsp; 4988947<br> <sup>(a)</sup><br>|
| **Total U.S. Treasury Obligations (Cost $31,983,030)** | **Total U.S. Treasury Obligations (Cost $31,983,030)** | &nbsp;&nbsp; **31986242** |
| **Asset-Backed Securities 14.2%** | **Asset-Backed Securities 14.2%** | **Asset-Backed Securities 14.2%** |
| **Automobiles 11.8%** | **Automobiles 11.8%** |  |
| 1853000 | Ally Auto Receivables Trust, Series 2025-1, Class A2, 4.03%, due 7/17/2028 | &nbsp;&nbsp; 1854099 |
|  | BMW Vehicle Lease Trust |  |
| 133913 | Series 2024-2, Class A2A, 4.29%, due 1/25/2027 | &nbsp;&nbsp; 133971 |
| 493242 | Series 2025-1, Class A2A, 4.43%, due 9/27/2027 | &nbsp;&nbsp; 494774 |
| 242147 | Capital One Prime Auto Receivables Trust, Series 2024-1, Class A2A, 4.61%, due 10/15/2027 | &nbsp;&nbsp; 242362 |
|  | CarMax Auto Owner Trust |  |
| 165290 | Series 2024-4, Class A2A, 4.67%, due 12/15/2027 | &nbsp;&nbsp; 165507 |
| 601614 | Series 2025-3, Class A2A, 4.42%, due 8/15/2028 | &nbsp;&nbsp; 602873 |
|  | Ford Credit Auto Lease Trust |  |
| 611475 | Series 2025-A, Class A2A, 4.57%, due 8/15/2027 | &nbsp;&nbsp; 612575 |
| 283000 | Series 2026-A, Class A2A, 3.83%, due 8/15/2028 | &nbsp;&nbsp; 283278 |
|  | Ford Credit Auto Owner Trust |  |
| 1081419 | Series 2025-A, Class A2A, 4.47%, due 12/15/2027 | &nbsp;&nbsp; 1084007 |
| 1742000 | Series 2025-B, Class A2A, 3.88%, due 6/15/2028 | &nbsp;&nbsp; 1742487 |
| 2689000 | GM Financial Automobile Leasing Trust, Series 2026-1, Class A2, 3.77%, due 4/20/2028 | &nbsp;&nbsp; 2689882 |
| 759366 | &nbsp;&nbsp; GM Financial Consumer Automobile Receivables Trust, Series 2025-3, Class A2A, 4.32%, due <br> 6/16/2028<br>| &nbsp;&nbsp; 761008 |
|  | Honda Auto Receivables Owner Trust |  |
| 94521 | Series 2024-4, Class A2, 4.56%, due 3/15/2027 | &nbsp;&nbsp; 94574 |
| 2081000 | Series 2025-3, Class A2A, 4.19%, due 3/21/2028 | &nbsp;&nbsp; 2085623 |
|  | Hyundai Auto Lease Securitization Trust |  |
| 722377 | Series 2025-C, Class A2A, 4.37%, due 1/18/2028 | &nbsp;&nbsp; 724786<br> <sup>(b)</sup><br>|
| 2382000 | Series 2026-A, Class A2A, 3.85%, due 5/15/2028 | &nbsp;&nbsp; 2383293<br> <sup>(b)</sup><br>|
|  | Hyundai Auto Receivables Trust |  |
| 37021 | Series 2024-B, Class A2A, 5.15%, due 6/15/2027 | &nbsp;&nbsp; 37050 |
| 144281 | Series 2024-C, Class A2A, 4.53%, due 9/15/2027 | &nbsp;&nbsp; 144453 |
| 503852 | Series 2025-A, Class A2A, 4.33%, due 12/15/2027 | &nbsp;&nbsp; 504588 |
| 1705000 | Series 2025-D, Class A2A, 4.03%, due 11/15/2028 | &nbsp;&nbsp; 1709540 |
|  | Mercedes-Benz Auto Lease Trust |  |
| 1943000 | Series 2025-B, Class A2A, 3.86%, due 3/15/2028 | &nbsp;&nbsp; 1943420 |
| 1143000 | Series 2026-A, Class A2A, 3.83%, due 7/17/2028 | &nbsp;&nbsp; 1142802 |
| 477000 | Nissan Auto Lease Trust, Series 2026-A, Class A2A, 3.90%, due 5/15/2028 | &nbsp;&nbsp; 477425 |
|  | Nissan Auto Receivables Owner Trust |  |
| 186993 | Series 2024-B, Class A2A, 4.51%, due 6/15/2027 | &nbsp;&nbsp; 187127 |
| 1279940 | Series 2025-A, Class A2A, 4.50%, due 2/15/2028 | &nbsp;&nbsp; 1283556 |
| 512000 | PenFed Auto Receivables Owner Trust, Series 2025-A, Class A2, 4.12%, due 9/15/2028 | &nbsp;&nbsp; 512606<br> <sup>(b)</sup><br>|
| 115009 | SBNA Auto Lease Trust, Series 2025-A, Class A2, 4.68%, due 4/20/2027 | &nbsp;&nbsp; 115068<br> <sup>(b)</sup><br>|
|  | SFS Auto Receivables Securitization Trust |  |
| 332009 | Series 2025-2A, Class A2, 4.52%, due 11/20/2028 | &nbsp;&nbsp; 332786<br> <sup>(b)</sup><br>|
| 2040914 | Series 2025-3A, Class A2, 4.11%, due 3/20/2029 | &nbsp;&nbsp; 2043363<br> <sup>(b)</sup><br>|

---

See Notes to Consolidated Financial Statements

------

![](img9d39500a4.gif)

Consolidated Schedule of Investments Commodity Strategy ETF^ (Unaudited) (cont'd)

---

| | | |
|:---|:---|:---|
| Principal Amount | Principal Amount | Value |
| **Asset-Backed Securities – cont'd** | **Asset-Backed Securities – cont'd** | **Asset-Backed Securities – cont'd** |
| **Automobiles – cont'd** | **Automobiles – cont'd** |  |
| $665000 | Series 2026-1A, Class A2A, 3.91%, due 8/20/2029 | &nbsp;&nbsp; $665414<br> <sup>(b)</sup><br>|
|  | Stellantis Financial Underwritten Enhanced Lease Trust |  |
| 291000 | Series 2025-BA, Class A2, 4.31%, due 5/22/2028 | &nbsp;&nbsp; 291940<br> <sup>(b)</sup><br>|
| 1945000 | Series 2025-CA, Class A2, 4.06%, due 6/20/2028 | &nbsp;&nbsp; 1949521<br> <sup>(b)</sup><br>|
|  | Toyota Auto Receivables Owner Trust |  |
| 169200 | Series 2024-D, Class A2A, 4.55%, due 8/16/2027 | &nbsp;&nbsp; 169355 |
| 632446 | Series 2025-A, Class A2A, 4.48%, due 11/15/2027 | &nbsp;&nbsp; 633291 |
| 1773794 | Series 2025-C, Class A2A, 4.29%, due 6/15/2028 | &nbsp;&nbsp; 1777803 |
| 1189000 | Series 2026-A, Class A2A, 3.80%, due 12/15/2028 | &nbsp;&nbsp; 1189471 |
|  | Toyota Lease Owner Trust |  |
| 406256 | Series 2025-A, Class A2A, 4.58%, due 7/20/2027 | &nbsp;&nbsp; 407068<br> <sup>(b)</sup><br>|
| 1444342 | Series 2025-B, Class A2A, 3.91%, due 5/22/2028 | &nbsp;&nbsp; 1446029<br> <sup>(b)</sup><br>|
| 1509000 | USAA Auto Owner Trust, Series 2025-A, Class A2, 3.98%, due 3/15/2028 | &nbsp;&nbsp; 1509861<br> <sup>(b)</sup><br>|
| 596209 | USB Auto Owner Trust, Series 2025-1A, Class A2, 4.51%, due 6/15/2028 | &nbsp;&nbsp; 597441<br> <sup>(b)</sup><br>|
| 1277000 | Volkswagen Auto Lease Trust, Series 2025-B, Class A2A, 3.97%, due 4/20/2028 | &nbsp;&nbsp; 1278074 |
|  | Volkswagen Auto Loan Enhanced Trust |  |
| 615728 | Series 2024-1, Class A2A, 4.65%, due 11/22/2027 | &nbsp;&nbsp; 617194 |
| 936233 | Series 2025-1, Class A2A, 4.51%, due 1/20/2028 | &nbsp;&nbsp; 938225 |
|  | World Omni Auto Receivables Trust |  |
| 318479 | Series 2025-A, Class A2A, 4.49%, due 4/17/2028 | &nbsp;&nbsp; 318855 |
| 1310000 | Series 2026-A, Class A2A, 3.71%, due 4/16/2029 | &nbsp;&nbsp; 1309496 |
| 190921 | &nbsp;&nbsp; World Omni Automobile Lease Securitization Trust, Series 2025-A, Class A2A, 4.35%, due <br> 12/15/2027<br>| &nbsp;&nbsp; 191264 |
|  |  | &nbsp;&nbsp; **41679185** |
| **Other 2.2%** | **Other 2.2%** |  |
| 40688 | Amur Equipment Finance Receivables XI LLC, Series 2022-2A, Class A2, 5.30%, due 6/21/2028 | &nbsp;&nbsp; 40741<br> <sup>(b)</sup><br>|
| 128072 | Amur Equipment Finance Receivables XIII LLC, Series 2024-1A, Class A2, 5.38%, due 1/21/2031 | &nbsp;&nbsp; 129265<br> <sup>(b)</sup><br>|
| 8051 | Auxilior Term Funding LLC, Series 2024-1A, Class A2, 5.84%, due 3/15/2027 | &nbsp;&nbsp; 8057<br> <sup>(b)</sup><br>|
| 136960 | CCG Receivables Trust, Series 2023-1, Class A2, 5.82%, due 9/16/2030 | &nbsp;&nbsp; 137402<br> <sup>(b)</sup><br>|
|  | CNH Equipment Trust |  |
| 533272 | Series 2025-A, Class A2A, 4.30%, due 8/15/2028 | &nbsp;&nbsp; 534418 |
| 1687000 | Series 2026-A, Class A2A, 3.82%, due 6/15/2029 | &nbsp;&nbsp; 1688476 |
| 175719 | DLLAA LLC, Series 2025-1A, Class A2, 4.70%, due 10/20/2027 | &nbsp;&nbsp; 176310<br> <sup>(b)</sup><br>|
| 196734 | Dllad LLC, Series 2024-1A, Class A2, 5.50%, due 8/20/2027 | &nbsp;&nbsp; 197441<br> <sup>(b)</sup><br>|
| 478000 | DLLAD LLC, Series 2025-1A, Class A2, 4.46%, due 11/20/2028 | &nbsp;&nbsp; 480408<br> <sup>(b)</sup><br>|
| 380000 | HPEFS Equipment Trust, Series 2025-1A, Class A2, 4.49%, due 9/20/2032 | &nbsp;&nbsp; 381078<br> <sup>(b)</sup><br>|
| 909000 | John Deere Owner Trust, Series 2025-B, Class A2A, 4.28%, due 7/17/2028 | &nbsp;&nbsp; 911280 |
|  | Kubota Credit Owner Trust |  |
| 768000 | Series 2025-2A, Class A2, 4.48%, due 4/17/2028 | &nbsp;&nbsp; 771652<br> <sup>(b)</sup><br>|
| 683000 | Series 2026-1A, Class A2, 3.84%, due 1/16/2029 | &nbsp;&nbsp; 683581<br> <sup>(b)</sup><br>|
| 1113000 | &nbsp;&nbsp; Verizon Master Trust, Series 2024-3, Class A1B, (30 day USD SOFR Average + 0.58%), 4.24%, due <br> 4/22/2030<br>| &nbsp;&nbsp; 1114918<br> <sup>(c)</sup><br>|
| 602000 | Volvo Financial Equipment LLC, Series 2025-2A, Class A2, 3.96%, due 6/15/2028 | &nbsp;&nbsp; 602309<br> <sup>(b)</sup><br>|
|  |  | &nbsp;&nbsp; **7857336** |

---

See Notes to Consolidated Financial Statements

------

![](img9d39500a4.gif)

Consolidated Schedule of Investments Commodity Strategy ETF^ (Unaudited) (cont'd)

---

| | | |
|:---|:---|:---|
| Principal Amount | Principal Amount | Value |
| **Asset-Backed Securities – cont'd** | **Asset-Backed Securities – cont'd** | **Asset-Backed Securities – cont'd** |
| **Total Credit Card 0.2%** | **Total Credit Card 0.2%** |  |
| $553000 | &nbsp;&nbsp; Evergreen Credit Card Trust, Series 2025-1A, Class A, (Secured Overnight Financing Rate + 0.59%), <br> 4.26%, due 10/15/2029<br>| &nbsp;&nbsp; **$555115**<br> <sup>(b)(c)</sup><br>|
| **Total Asset-Backed Securities (Cost $50,015,231)** | **Total Asset-Backed Securities (Cost $50,015,231)** | &nbsp;&nbsp; **50091636** |
| **Corporate Bonds 53.0%** | **Corporate Bonds 53.0%** | **Corporate Bonds 53.0%** |
| **Aerospace & Defense 1.1%** | **Aerospace & Defense 1.1%** | **Aerospace & Defense 1.1%** |
| 3784000 | General Electric Co., (3 mo. USD Term SOFR + 0.64%), 4.30%, due 5/5/2026 | &nbsp;&nbsp; **3786509**<br> <sup>(c)</sup><br>|
| **Agriculture 0.8%** | **Agriculture 0.8%** | **Agriculture 0.8%** |
| 2795000 | Philip Morris International, Inc., (Secured Overnight Financing Rate + 0.83%), 4.51%, due 4/28/2028 | &nbsp;&nbsp; **2811175**<br> <sup>(c)</sup><br>|
| **Auto Manufacturers 1.1%** | **Auto Manufacturers 1.1%** | **Auto Manufacturers 1.1%** |
| 2185000 | General Motors Financial Co., Inc., 5.40%, due 4/6/2026 | &nbsp;&nbsp; 2187354 |
| 1700000 | &nbsp;&nbsp; Toyota Motor Credit Corp., (Secured Overnight Financing Rate Index + 0.45%), 4.13%, due <br> 4/10/2026<br>| &nbsp;&nbsp; 1700474<br> <sup>(c)</sup><br>|
|  |  | &nbsp;&nbsp; **3887828** |
| **Banks 20.3%** | **Banks 20.3%** | **Banks 20.3%** |
|  | Bank of America Corp. |  |
| 5475000 | (Secured Overnight Financing Rate + 1.35%), 5.04%, due 9/15/2027 | &nbsp;&nbsp; 5502625<br> <sup>(c)</sup><br>|
| 1190000 | (Secured Overnight Financing Rate + 1.05%), 4.73%, due 2/4/2028 | &nbsp;&nbsp; 1196433<br> <sup>(c)</sup><br>|
| 960000 | &nbsp;&nbsp; Bank of New York Mellon, (Secured Overnight Financing Rate Index + 0.71%), 4.39%, due <br> 4/20/2027<br>| &nbsp;&nbsp; 960570<br> <sup>(c)</sup><br>|
| 5815000 | &nbsp;&nbsp; Bank of New York Mellon Corp., (Secured Overnight Financing Rate Index + 0.68%), 4.39%, due <br> 6/9/2028<br>| &nbsp;&nbsp; 5832751<br> <sup>(c)</sup><br>|
| 3110000 | Citibank NA, (Secured Overnight Financing Rate + 0.71%), 4.40%, due 11/19/2027 | &nbsp;&nbsp; 3117811<br> <sup>(c)</sup><br>|
| 4100000 | Citigroup, Inc., (Secured Overnight Financing Rate + 1.14%), 4.83%, due 5/7/2028 | &nbsp;&nbsp; 4123532<br> <sup>(c)</sup><br>|
| 2120000 | Fifth Third Bank NA, (Secured Overnight Financing Rate + 0.81%), 4.49%, due 1/28/2028 | &nbsp;&nbsp; 2122710<br> <sup>(c)</sup><br>|
|  | Goldman Sachs Group, Inc. |  |
| 4005000 | (Secured Overnight Financing Rate + 1.85%), 5.54%, due 3/15/2028 | &nbsp;&nbsp; 4059058<br> <sup>(c)</sup><br>|
| 3320000 | (Secured Overnight Financing Rate + 1.29%), 4.97%, due 4/23/2028 | &nbsp;&nbsp; 3345146<br> <sup>(c)</sup><br>|
|  | JPMorgan Chase & Co. |  |
| 3450000 | (Secured Overnight Financing Rate + 1.20%), 4.88%, due 1/23/2028 | &nbsp;&nbsp; 3472290<br> <sup>(c)</sup><br>|
| 2935000 | (Secured Overnight Financing Rate + 0.92%), 4.60%, due 4/22/2028 | &nbsp;&nbsp; 2950543<br> <sup>(c)</sup><br>|
|  | Morgan Stanley Bank NA |  |
| 1200000 | (Secured Overnight Financing Rate + 0.69%), 4.37%, due 10/15/2027 | &nbsp;&nbsp; 1202424<br> <sup>(c)</sup><br>|
| 5940000 | (Secured Overnight Financing Rate + 0.87%), 4.55%, due 5/26/2028 | &nbsp;&nbsp; 5962181<br> <sup>(c)</sup><br>|
| 1835000 | Nordea Bank Abp, (Secured Overnight Financing Rate + 0.74%), 4.43%, due 3/19/2027 | &nbsp;&nbsp; 1844166<br> <sup>(b)(c)</sup><br>|
| 3775000 | PNC Bank NA, (Secured Overnight Financing Rate + 0.73%), 4.41%, due 7/21/2028 | &nbsp;&nbsp; 3781908<br> <sup>(c)</sup><br>|
| 945000 | &nbsp;&nbsp; PNC Financial Services Group, Inc., (Secured Overnight Financing Rate + 0.62%), 4.30%, due <br> 1/26/2029<br>| &nbsp;&nbsp; 944660<br> <sup>(c)</sup><br>|
|  | State Street Corp. |  |
| 700000 | (Secured Overnight Financing Rate + 0.85%), 4.53%, due 8/3/2026 | &nbsp;&nbsp; 701177<br> <sup>(c)</sup><br>|
| 2795000 | (Secured Overnight Financing Rate + 0.64%), 4.32%, due 10/22/2027 | &nbsp;&nbsp; 2806398<br> <sup>(c)</sup><br>|
| 4865000 | Truist Bank, (Secured Overnight Financing Rate + 0.77%), 4.45%, due 7/24/2028 | &nbsp;&nbsp; 4874341<br> <sup>(c)</sup><br>|
| 5675000 | U.S. Bank NA, (Secured Overnight Financing Rate + 0.69%), 4.37%, due 10/22/2027 | &nbsp;&nbsp; 5683739<br> <sup>(c)</sup><br>|

---

See Notes to Consolidated Financial Statements

------

![](img9d39500a4.gif)

Consolidated Schedule of Investments Commodity Strategy ETF^ (Unaudited) (cont'd)

---

| | | |
|:---|:---|:---|
| Principal Amount | Principal Amount | Value |
| **Banks – cont'd** | **Banks – cont'd** | **Banks – cont'd** |
| $7025000 | Wells Fargo & Co., (Secured Overnight Financing Rate + 0.78%), 4.46%, due 1/24/2028 | &nbsp;&nbsp; $7043124<br> <sup>(c)</sup><br>|
|  |  | &nbsp;&nbsp; **71527587** |
| **Beverages 0.8%** | **Beverages 0.8%** | **Beverages 0.8%** |
| 2775000 | &nbsp;&nbsp; Pepsico Singapore Financing I Pte. Ltd., (Secured Overnight Financing Rate Index + 0.56%), 4.25%, <br> due 2/16/2027<br>| &nbsp;&nbsp; **2784788**<br> <sup>(c)</sup><br>|
| **Commercial Services 0.5%** | **Commercial Services 0.5%** | **Commercial Services 0.5%** |
| 1875000 | PayPal Holdings, Inc., (Secured Overnight Financing Rate + 0.67%), 4.38%, due 3/6/2028 | &nbsp;&nbsp; **1879545**<br> <sup>(c)</sup><br>|
| **Diversified Financial Services 1.3%** | **Diversified Financial Services 1.3%** | **Diversified Financial Services 1.3%** |
| 3830000 | American Express Co., (Secured Overnight Financing Rate Index + 1.00%), 4.69%, due 2/16/2028 | &nbsp;&nbsp; 3851076<br> <sup>(c)</sup><br>|
| 755000 | Mastercard, Inc., (Secured Overnight Financing Rate Index + 0.44%), 4.13%, due 3/15/2028 | &nbsp;&nbsp; 759034<br> <sup>(c)</sup><br>|
|  |  | &nbsp;&nbsp; **4610110** |
| **Electric 3.9%** | **Electric 3.9%** | **Electric 3.9%** |
| 2440000 | &nbsp;&nbsp; Consolidated Edison Co. of New York, Inc., (Secured Overnight Financing Rate Index + 0.52%), <br> 4.21%, due 11/18/2027<br>| &nbsp;&nbsp; 2443606<br> <sup>(c)</sup><br>|
| 735000 | &nbsp;&nbsp; Constellation Energy Generation LLC, (Secured Overnight Financing Rate + 0.60%), 4.28%, due <br> 1/8/2028<br>| &nbsp;&nbsp; 736318<br> <sup>(c)</sup><br>|
| 3520000 | Duke Energy Florida LLC, 3.20%, due 1/15/2027 | &nbsp;&nbsp; 3503137 |
| 2235000 | Georgia Power Co., (Secured Overnight Financing Rate Index + 0.28%), 3.97%, due 9/15/2026 | &nbsp;&nbsp; 2235357<br> <sup>(c)</sup><br>|
| 770000 | &nbsp;&nbsp; NextEra Energy Capital Holdings, Inc., (Secured Overnight Financing Rate Index + 0.80%), 4.48%, <br> due 2/4/2028<br>| &nbsp;&nbsp; 774812<br> <sup>(c)</sup><br>|
| 4105000 | Virginia Electric & Power Co., 3.50%, due 3/15/2027 | &nbsp;&nbsp; 4090087 |
|  |  | &nbsp;&nbsp; **13783317** |
| **Electronics 0.6%** | **Electronics 0.6%** | **Electronics 0.6%** |
| 2000000 | Amphenol Corp., (Secured Overnight Financing Rate + 0.53%), 4.22%, due 11/15/2027 | &nbsp;&nbsp; **2003609**<br> <sup>(c)</sup><br>|
| **Healthcare - Products 1.5%** | **Healthcare - Products 1.5%** | **Healthcare - Products 1.5%** |
| 5110000 | Abbott Laboratories, (Secured Overnight Financing Rate Index + 0.50%), 4.19%, due 3/9/2029 | &nbsp;&nbsp; **5110204**<br> <sup>(c)</sup><br>|
| **Healthcare - Services 0.9%** | **Healthcare - Services 0.9%** | **Healthcare - Services 0.9%** |
| 3281000 | UnitedHealth Group, Inc., (Secured Overnight Financing Rate + 0.50%), 4.18%, due 7/15/2026 | &nbsp;&nbsp; **3284786**<br> <sup>(c)</sup><br>|
| **Insurance 3.4%** | **Insurance 3.4%** | **Insurance 3.4%** |
|  | Athene Global Funding |  |
| 1540000 | (Secured Overnight Financing Rate Index + 0.83%), 4.51%, due 1/7/2027 | &nbsp;&nbsp; 1542136<br> <sup>(b)(c)</sup><br>|
| 1535000 | (Secured Overnight Financing Rate Index + 1.00%), 4.69%, due 9/18/2028 | &nbsp;&nbsp; 1530855<br> <sup>(b)(c)</sup><br>|
| 2190000 | Corebridge Global Funding, (Secured Overnight Financing Rate + 1.30%), 4.99%, due 9/25/2026 | &nbsp;&nbsp; 2200795<br> <sup>(b)(c)</sup><br>|
| 730000 | &nbsp;&nbsp; Marsh & McLennan Cos., Inc., (Secured Overnight Financing Rate Index + 0.70%), 4.38%, due <br> 11/8/2027<br>| &nbsp;&nbsp; 732542<br> <sup>(c)</sup><br>|
|  | New York Life Global Funding |  |
| 2480000 | (Secured Overnight Financing Rate + 0.58%), 4.27%, due 8/28/2026 | &nbsp;&nbsp; 2484565<br> <sup>(b)(c)</sup><br>|
| 1605000 | (Secured Overnight Financing Rate + 0.41%), 4.09%, due 2/5/2027 | &nbsp;&nbsp; 1607398<br> <sup>(b)(c)</sup><br>|
| 1815000 | Principal Life Global Funding II, (Secured Overnight Financing Rate + 0.81%), 4.50%, due 8/18/2028 | &nbsp;&nbsp; 1815901<br> <sup>(b)(c)</sup><br>|
|  |  | &nbsp;&nbsp; **11914192** |
| **Internet 0.8%** | **Internet 0.8%** | **Internet 0.8%** |
| 2810000 | Alphabet, Inc., (Secured Overnight Financing Rate + 0.52%), 4.21%, due 11/15/2028 | &nbsp;&nbsp; **2828206**<br> <sup>(c)</sup><br>|

---

See Notes to Consolidated Financial Statements

------

![](img9d39500a4.gif)

Consolidated Schedule of Investments Commodity Strategy ETF^ (Unaudited) (cont'd)

---

| | | |
|:---|:---|:---|
| Principal Amount | Principal Amount | Value |
| **Machinery - Construction & Mining 1.7%** | **Machinery - Construction & Mining 1.7%** | **Machinery - Construction & Mining 1.7%** |
|  | Caterpillar Financial Services Corp. |  |
| $2915000 | (Secured Overnight Financing Rate + 0.52%), 4.21%, due 5/14/2027 | &nbsp;&nbsp; $2926268<br> <sup>(c)</sup><br>|
| 2845000 | (Secured Overnight Financing Rate + 0.58%), 4.27%, due 11/14/2028 | &nbsp;&nbsp; 2858273<br> <sup>(c)</sup><br>|
|  |  | &nbsp;&nbsp; **5784541** |
| **Machinery - Diversified 1.6%** | **Machinery - Diversified 1.6%** | **Machinery - Diversified 1.6%** |
|  | John Deere Capital Corp. |  |
| 3035000 | (Secured Overnight Financing Rate + 0.44%), 4.16%, due 3/6/2026 | &nbsp;&nbsp; 3035105<br> <sup>(c)</sup><br>|
| 1620000 | (Secured Overnight Financing Rate + 0.40%), 4.09%, due 1/5/2027 | &nbsp;&nbsp; 1621364<br> <sup>(c)</sup><br>|
| 845000 | (Secured Overnight Financing Rate + 0.60%), 4.31%, due 6/11/2027 | &nbsp;&nbsp; 848914<br> <sup>(c)</sup><br>|
|  |  | &nbsp;&nbsp; **5505383** |
| **Miscellaneous Manufacturer 0.6%** | **Miscellaneous Manufacturer 0.6%** | **Miscellaneous Manufacturer 0.6%** |
| 2205000 | Siemens Funding BV, (Secured Overnight Financing Rate + 0.64%), 4.33%, due 5/26/2028 | &nbsp;&nbsp; **2215582**<br> <sup>(b)(c)</sup><br>|
| **Oil & Gas 2.1%** | **Oil & Gas 2.1%** | **Oil & Gas 2.1%** |
| 2850000 | BP Capital Markets America, Inc., 3.02%, due 1/16/2027 | &nbsp;&nbsp; 2830775 |
|  | Chevron USA, Inc. |  |
| 2350000 | (Secured Overnight Financing Rate Index + 0.36%), 4.05%, due 2/26/2027 | &nbsp;&nbsp; 2355196<br> <sup>(c)</sup><br>|
| 2325000 | (Secured Overnight Financing Rate + 0.57%), 4.26%, due 8/13/2028 | &nbsp;&nbsp; 2341473<br> <sup>(c)</sup><br>|
|  |  | &nbsp;&nbsp; **7527444** |
| **Pharmaceuticals 4.0%** | **Pharmaceuticals 4.0%** | **Pharmaceuticals 4.0%** |
| 1785000 | AbbVie, Inc., (Secured Overnight Financing Rate Index + 0.48%), 4.17%, due 3/3/2028 | &nbsp;&nbsp; 1788641<br> <sup>(c)</sup><br>|
| 1395000 | Eli Lilly & Co., (Secured Overnight Financing Rate + 0.53%), 4.21%, due 10/15/2028 | &nbsp;&nbsp; 1403345<br> <sup>(c)</sup><br>|
| 2830000 | GlaxoSmithKline Capital PLC, (Secured Overnight Financing Rate + 0.50%), 4.19%, due 3/12/2027 | &nbsp;&nbsp; 2838631<br> <sup>(c)</sup><br>|
| 2630000 | Novartis Capital Corp., (Secured Overnight Financing Rate + 0.52%), 4.20%, due 11/5/2028 | &nbsp;&nbsp; 2648778<br> <sup>(c)</sup><br>|
| 2285000 | Pfizer, Inc., (Secured Overnight Financing Rate + 0.50%), 4.19%, due 11/15/2027 | &nbsp;&nbsp; 2293043<br> <sup>(c)</sup><br>|
| 3110000 | Sanofi SA, (Secured Overnight Financing Rate + 0.46%), 4.14%, due 11/3/2027 | &nbsp;&nbsp; 3123203<br> <sup>(c)</sup><br>|
|  |  | &nbsp;&nbsp; **14095641** |
| **Pipelines 1.8%** | **Pipelines 1.8%** | **Pipelines 1.8%** |
| 2635000 | Enbridge, Inc., 5.90%, due 11/15/2026 | &nbsp;&nbsp; 2666966 |
| 3445000 | Enterprise Products Operating LLC, 4.60%, due 1/11/2027 | &nbsp;&nbsp; 3467416 |
|  |  | &nbsp;&nbsp; **6134382** |
| **Real Estate Investment Trusts 0.7%** | **Real Estate Investment Trusts 0.7%** | **Real Estate Investment Trusts 0.7%** |
| 2505000 | Simon Property Group LP, 1.38%, due 1/15/2027 | &nbsp;&nbsp; **2453903** |
| **Software 1.3%** | **Software 1.3%** | **Software 1.3%** |
|  | Oracle Corp. |  |
| 3485000 | 1.65%, due 3/25/2026 | &nbsp;&nbsp; 3478902 |
| 1070000 | (Secured Overnight Financing Rate + 0.76%), 4.44%, due 8/3/2028 | &nbsp;&nbsp; 1058673<br> <sup>(c)</sup><br>|
|  |  | &nbsp;&nbsp; **4537575** |
| **Telecommunications 2.2%** | **Telecommunications 2.2%** | **Telecommunications 2.2%** |
| 6340000 | AT&T, Inc., 1.70%, due 3/25/2026 | &nbsp;&nbsp; 6330657 |
| 150000 | T-Mobile USA, Inc., 2.63%, due 4/15/2026 | &nbsp;&nbsp; 149726 |

---

See Notes to Consolidated Financial Statements

------

![](img9d39500a4.gif)

Consolidated Schedule of Investments Commodity Strategy ETF^ (Unaudited) (cont'd)

---

| | | |
|:---|:---|:---|
| Principal Amount | Principal Amount | Value |
| **Telecommunications – cont'd** | **Telecommunications – cont'd** | **Telecommunications – cont'd** |
| $1320000 | Verizon Communications, Inc., 4.13%, due 3/16/2027 | &nbsp;&nbsp; $1324707 |
|  |  | &nbsp;&nbsp; **7805090** |
| **Total Corporate Bonds (Cost $186,039,274)** | **Total Corporate Bonds (Cost $186,039,274)** | &nbsp;&nbsp; **186271397** |
| Number of Shares | Number of Shares |  |
| **Short-Term Investments 14.0%** | **Short-Term Investments 14.0%** | **Short-Term Investments 14.0%** |
| **Investment Companies 14.0%** | **Investment Companies 14.0%** | **Investment Companies 14.0%** |
| 49468005 | &nbsp;&nbsp; State Street Institutional U.S. Government Money Market Fund Premier Class, <br> 3.63%<sup>(d)</sup> **(Cost $49,468,005)**<br>| &nbsp;&nbsp; **49468005** |
| **Total Investments 90.3% (Cost $317,505,540)** | **Total Investments 90.3% (Cost $317,505,540)** | &nbsp;&nbsp; **317817280** |
| Other Assets Less Liabilities 9.7% | Other Assets Less Liabilities 9.7% | &nbsp;&nbsp; 34061978<br> <sup>(e)</sup><br>|
| **Net Assets 100.0%** | **Net Assets 100.0%** | &nbsp;&nbsp; **$351879258** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(a) Rate shown was the discount rate at the date of purchase.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Securities were purchased under Rule 144A of the Securities Act of 1933, as amended,
 or are otherwise restricted and, unless registered under the Securities Act of 1933 or exempted from
 registration, may only be sold to qualified institutional investors or may have other restrictions on resale.
 At February 28, 2026, these securities amounted to $32,383,933, which represents 9.2% of net assets of the
 Fund.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Variable or floating rate security. The interest rate shown was the current rate as
 of February 28, 2026 and changes periodically.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Represents 7-day effective yield as of February 28, 2026.

&nbsp;&nbsp;&nbsp;&nbsp;(e) Includes the impact of the Fund's open positions in derivatives at February 28, 2026.

See Notes to Consolidated Financial Statements

------

![](img9d39500a4.gif)

Consolidated Schedule of Investments Commodity Strategy ETF^ (Unaudited) (cont'd)

Derivative Instruments

**Futures contracts ("futures")**

At February 28, 2026, open positions in futures for the Fund were as follows:

**Long Futures:**<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Expiration** <br>**Date**<br>| **Number of** <br>**Contracts**<br>| **Open Contracts** | **Notional** <br>**Amount**<br>| **Value and** <br>**Unrealized** <br>**Appreciation/** <br>**(Depreciation)**<br>|
| 3/2026 | &nbsp;&nbsp; 424 | Brent Crude | &nbsp;&nbsp; $30896880 | &nbsp;&nbsp; $4354196 |
| 3/2026 | &nbsp;&nbsp; 42 | Copper | &nbsp;&nbsp; 13965903 | &nbsp;&nbsp; 2484872 |
| 3/2026 | &nbsp;&nbsp; 95 | Lead | &nbsp;&nbsp; 4578691 | &nbsp;&nbsp; (255045) |
| 3/2026 | &nbsp;&nbsp; 128 | New York Harbor ULSD | &nbsp;&nbsp; 13956096 | &nbsp;&nbsp; 1332283 |
| 3/2026 | &nbsp;&nbsp; 41 | Nickel | &nbsp;&nbsp; 4349966 | &nbsp;&nbsp; 609562 |
| 3/2026 | &nbsp;&nbsp; 197 | Primary Aluminum | &nbsp;&nbsp; 15461299 | &nbsp;&nbsp; 1176503 |
| 3/2026 | &nbsp;&nbsp; 19 | Tin | &nbsp;&nbsp; 5483590 | &nbsp;&nbsp; 1785786 |
| 3/2026 | &nbsp;&nbsp; 320 | WTI Crude | &nbsp;&nbsp; 21446400 | &nbsp;&nbsp; 934537 |
| 3/2026 | &nbsp;&nbsp; 140 | Zinc | &nbsp;&nbsp; 11583810 | &nbsp;&nbsp; 781965 |
| 4/2026 | &nbsp;&nbsp; 29 | Cattle Feeder | &nbsp;&nbsp; 5092400 | &nbsp;&nbsp; (182336) |
| 4/2026 | &nbsp;&nbsp; 7 | Copper | &nbsp;&nbsp; 2331991 | &nbsp;&nbsp; 28638 |
| 4/2026 | &nbsp;&nbsp; 132 | Gold 100 Oz | &nbsp;&nbsp; 69272280 | &nbsp;&nbsp; 9399372 |
| 4/2026 | &nbsp;&nbsp; 152 | Lean Hogs | &nbsp;&nbsp; 5820080 | &nbsp;&nbsp; 234448 |
| 4/2026 | &nbsp;&nbsp; 116 | Live Cattle | &nbsp;&nbsp; 10775240 | &nbsp;&nbsp; (207847) |
| 4/2026 | &nbsp;&nbsp; 212 | Low Sulphur Gasoil | &nbsp;&nbsp; 15751600 | &nbsp;&nbsp; 1347887 |
| 4/2026 | &nbsp;&nbsp; 9 | Platinum | &nbsp;&nbsp; 1068075 | &nbsp;&nbsp; 292736 |
| 4/2026 | &nbsp;&nbsp; 39 | Rapeseed | &nbsp;&nbsp; 1122107 | &nbsp;&nbsp; 31329 |
| 4/2026 | &nbsp;&nbsp; 307 | Sugar 11 | &nbsp;&nbsp; 4775938 | &nbsp;&nbsp; 12596 |
| 4/2026 | &nbsp;&nbsp; 61 | White Sugar | &nbsp;&nbsp; 1243485 | &nbsp;&nbsp; (45550) |
| 5/2026 | &nbsp;&nbsp; 165 | Canola | &nbsp;&nbsp; 1663729 | &nbsp;&nbsp; 29056 |
| 5/2026 | &nbsp;&nbsp; 43 | Cocoa | &nbsp;&nbsp; 1241840 | &nbsp;&nbsp; (554118) |
| 5/2026 | &nbsp;&nbsp; 41 | Cocoa | &nbsp;&nbsp; 1136568 | &nbsp;&nbsp; (475501) |
| 5/2026 | &nbsp;&nbsp; 29 | Coffee Robusta 10tn | &nbsp;&nbsp; 1050960 | &nbsp;&nbsp; (46428) |
| 5/2026 | &nbsp;&nbsp; 50 | Coffee'c' | &nbsp;&nbsp; 5264062 | &nbsp;&nbsp; (610017) |
| 5/2026 | &nbsp;&nbsp; 152 | Iron Ore | &nbsp;&nbsp; 1488688 | &nbsp;&nbsp; (25901) |
| 5/2026 | &nbsp;&nbsp; 75 | Lead | &nbsp;&nbsp; 3672506 | &nbsp;&nbsp; (165643) |
| 5/2026 | &nbsp;&nbsp; 74 | Nickel | &nbsp;&nbsp; 7918309 | &nbsp;&nbsp; 63780 |
| 5/2026 | &nbsp;&nbsp; 214 | Primary Aluminum | &nbsp;&nbsp; 16813498 | &nbsp;&nbsp; 200856 |
| 5/2026 | &nbsp;&nbsp; 45 | Red Wheat | &nbsp;&nbsp; 1378688 | &nbsp;&nbsp; 73394 |
| 5/2026 | &nbsp;&nbsp; 34 | Silver | &nbsp;&nbsp; 15859470 | &nbsp;&nbsp; 2311517 |
| 5/2026 | &nbsp;&nbsp; 453 | Soybean Meal | &nbsp;&nbsp; 14518650 | &nbsp;&nbsp; 917536 |
| 5/2026 | &nbsp;&nbsp; 142 | Zinc | &nbsp;&nbsp; 11784047 | &nbsp;&nbsp; 327594 |
| 6/2026 | &nbsp;&nbsp; 814 | Natural Gas | &nbsp;&nbsp; 27163180 | &nbsp;&nbsp; (3363269) |
| 6/2026 | &nbsp;&nbsp; 7 | Palladium | &nbsp;&nbsp; 1279950 | &nbsp;&nbsp; 36773 |
| 6/2026 | &nbsp;&nbsp; 165 | RBOB Gasoline | &nbsp;&nbsp; 15665958 | &nbsp;&nbsp; 1693922 |
| 7/2026 | &nbsp;&nbsp; 154 | Copper | &nbsp;&nbsp; 23554300 | &nbsp;&nbsp; 267805 |

---

See Notes to Consolidated Financial Statements

------

![](img9d39500a4.gif)

Consolidated Schedule of Investments Commodity Strategy ETF^ (Unaudited) (cont'd)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Expiration**<br> **Date**<br>| **Number of**<br> **Contracts**<br>| **Open Contracts** | **Notional**<br> **Amount**<br>| **Value and**<br> **Unrealized**<br> **Appreciation/**<br> **(Depreciation)**<br>|
| 7/2026 | &nbsp;&nbsp; 294 | Soybean | &nbsp;&nbsp; $17386425 | &nbsp;&nbsp; $1312026 |
| 7/2026 | &nbsp;&nbsp; 503 | Soybean Oil | &nbsp;&nbsp; 18678402 | &nbsp;&nbsp; 3053791 |
| 7/2026 | &nbsp;&nbsp; 142 | Wheat | &nbsp;&nbsp; 4251125 | &nbsp;&nbsp; 300560 |
| 7/2026 | &nbsp;&nbsp; 260 | Wheat | &nbsp;&nbsp; 7715500 | &nbsp;&nbsp; 330641 |
| 9/2026 | &nbsp;&nbsp; 421 | Corn | &nbsp;&nbsp; 9593537 | &nbsp;&nbsp; 283763 |
| 11/2026 | &nbsp;&nbsp; 85 | Natural Gas | &nbsp;&nbsp; 2375862 | &nbsp;&nbsp; 237792 |
| 12/2026 | &nbsp;&nbsp; 68 | Cotton No.2 | &nbsp;&nbsp; 2369800 | &nbsp;&nbsp; 31576 |
| 12/2026 | &nbsp;&nbsp; 22 | ECX Emission | &nbsp;&nbsp; 1827203 | &nbsp;&nbsp; (301662) |
| 12/2026 | &nbsp;&nbsp; 1 | Phelix DE Base | &nbsp;&nbsp; 825064 | &nbsp;&nbsp; (43396) |
| **Total Long Positions** | **Total Long Positions** | **Total Long Positions** | &nbsp;&nbsp; **$455453152** | &nbsp;&nbsp; **$30002379** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**Short Futures:**<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Expiration** <br>**Date**<br>| **Number of** <br>**Contracts**<br>| **Open Contracts** | **Notional** <br>**Amount**<br>| **Value and** <br>**Unrealized** <br>**Appreciation/** <br>**(Depreciation)**<br>|
| 3/2026 | &nbsp;&nbsp; 42 | Copper | &nbsp;&nbsp; $(13965903) | &nbsp;&nbsp; $(1245894) |
| 3/2026 | &nbsp;&nbsp; 95 | Lead | &nbsp;&nbsp; (4578691) | &nbsp;&nbsp; 192735 |
| 3/2026 | &nbsp;&nbsp; 41 | Nickel | &nbsp;&nbsp; (4349966) | &nbsp;&nbsp; (223127) |
| 3/2026 | &nbsp;&nbsp; 197 | Primary Aluminum | &nbsp;&nbsp; (15461299) | &nbsp;&nbsp; (345907) |
| 3/2026 | &nbsp;&nbsp; 15 | Tin | &nbsp;&nbsp; (4329150) | &nbsp;&nbsp; (480135) |
| 3/2026 | &nbsp;&nbsp; 140 | Zinc | &nbsp;&nbsp; (11583810) | &nbsp;&nbsp; (391892) |
| 5/2026 | &nbsp;&nbsp; 100 | Lead | &nbsp;&nbsp; (4896675) | &nbsp;&nbsp; 153469 |
| 5/2026 | &nbsp;&nbsp; 4 | Primary Aluminum | &nbsp;&nbsp; (314271) | &nbsp;&nbsp; 2371 |
| 5/2026 | &nbsp;&nbsp; 107 | Wheat | &nbsp;&nbsp; (1273794) | &nbsp;&nbsp; (76112) |
| 5/2026 | &nbsp;&nbsp; 9 | Zinc | &nbsp;&nbsp; (746876) | &nbsp;&nbsp; 18541 |
| **Total Short Positions** | **Total Short Positions** | **Total Short Positions** | &nbsp;&nbsp; **$(61500435)** | &nbsp;&nbsp; **$(2395951)** |
| **Total Futures** | **Total Futures** | **Total Futures** |  | &nbsp;&nbsp; **$27606428** |

---

At February 28, 2026, the Fund had $7,012,891 deposited in a segregated account to cover margin requirements on open futures.

For the six months ended February 28, 2026, the average notional value for the months where the Fund had futures outstanding was $391,770,364 for long positions and $(63,537,919) for short positions.

See Notes to Consolidated Financial Statements

------

![](img9d39500a4.gif)

Consolidated Schedule of Investments Commodity Strategy ETF^ (Unaudited) (cont'd)

The following is a summary, categorized by Level (see Note A of the Notes to Consolidated Financial Statements), of inputs used to value the Fund's investments as of February 28, 2026:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Asset Valuation Inputs** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Investments: |  |  |  |  |
| U.S. Treasury Obligations | $— | $31986242 | $— | $31986242 |
| Asset-Backed Securities<sup>#</sup> <br>|  | 50091636 |  | 50091636 |
| Corporate Bonds<sup>#</sup> <br>|  | 186271397 |  | 186271397 |
| Short-Term Investments |  | 49468005 |  | 49468005 |
| **Total Investments** | **$—** | **$317817280** | **$—** | **$317817280** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

# The Consolidated Schedule of Investments provides information on the industry or sector categorization.

The following is a summary, categorized by Level (see Note A of the Notes to Consolidated Financial Statements), of inputs used to value the Fund's derivatives as of February 28, 2026:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Other Financial Instruments** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Futures<sup>@</sup> |  |  |  |  |
| Assets | $36646208 | $— | $— | $36646208 |
| Liabilities | (9039780)<br>|  |  | (9039780)<br>|
| **Total** | **$27606428** | **$—** | **$—** | **$27606428** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

@ Futures are reported at the cumulative unrealized appreciation/(depreciation) of the instrument.

^ A balance indicated with a "—", reflects either a zero balance or an amount that rounds to less than 1.

See Notes to Consolidated Financial Statements

------

![](img9d39500a4.gif)

Schedule of Investments Core Equity ETF^ (Unaudited) February 28, 2026

---

| | | |
|:---|:---|:---|
| Number of Shares | Number of Shares | Value |
| **Common Stocks 99.1%** | **Common Stocks 99.1%** | **Common Stocks 99.1%** |
| **Aerospace & Defense 3.4%** | **Aerospace & Defense 3.4%** | **Aerospace & Defense 3.4%** |
| 22311 | Boeing Co.<sup>\*</sup> | &nbsp;&nbsp; $5076422 |
| 21186 | General Electric Co. | &nbsp;&nbsp; 7251120 |
| 19891 | Howmet Aerospace, Inc. | &nbsp;&nbsp; 5221984 |
| 6821 | Lockheed Martin Corp. | &nbsp;&nbsp; 4488764 |
| 37308 | RTX Corp. | &nbsp;&nbsp; 7559347 |
|  |  | &nbsp;&nbsp; **29597637** |
| **Automobile Components 0.1%** | **Automobile Components 0.1%** | **Automobile Components 0.1%** |
| 11440 | Aptiv PLC<sup>\*</sup> | &nbsp;&nbsp; 841298 |
| 14170 | Mobileye Global, Inc. Class A<sup>\*</sup> | &nbsp;&nbsp; 119878 |
|  |  | &nbsp;&nbsp; **961176** |
| **Automobiles 1.9%** | **Automobiles 1.9%** | **Automobiles 1.9%** |
| 26092 | General Motors Co. | &nbsp;&nbsp; 2053701 |
| 36139 | Tesla, Inc.<sup>\*</sup> | &nbsp;&nbsp; 14546309 |
|  |  | &nbsp;&nbsp; **16600010** |
| **Banks 3.8%** | **Banks 3.8%** | **Banks 3.8%** |
| 92046 | Bank of America Corp. | &nbsp;&nbsp; 4586652 |
| 38982 | Citigroup, Inc. | &nbsp;&nbsp; 4295427 |
| 22434 | Citizens Financial Group, Inc. | &nbsp;&nbsp; 1350302 |
| 44937 | Fifth Third Bancorp | &nbsp;&nbsp; 2223033 |
| 75106 | Huntington Bancshares, Inc. | &nbsp;&nbsp; 1261781 |
| 46109 | JPMorgan Chase & Co. | &nbsp;&nbsp; 13846533 |
| 32440 | KeyCorp | &nbsp;&nbsp; 672806 |
| 12894 | &nbsp;&nbsp; PNC Financial Services Group, <br> Inc.<br>| &nbsp;&nbsp; 2738041 |
| 24956 | Truist Financial Corp. | &nbsp;&nbsp; 1230580 |
| 23719 | U.S. Bancorp | &nbsp;&nbsp; 1296481 |
|  |  | &nbsp;&nbsp; **33501636** |
| **Beverages 1.5%** | **Beverages 1.5%** | **Beverages 1.5%** |
| 73712 | Coca-Cola Co. | &nbsp;&nbsp; 6011951 |
| 40070 | PepsiCo, Inc. | &nbsp;&nbsp; 6801482 |
|  |  | &nbsp;&nbsp; **12813433** |
| **Biotechnology 0.9%** | **Biotechnology 0.9%** | **Biotechnology 0.9%** |
| 4390 | BioMarin Pharmaceutical, Inc.<sup>\*</sup> | &nbsp;&nbsp; 270995 |
| 15805 | Cytokinetics, Inc.<sup>\*</sup> | &nbsp;&nbsp; 983387 |
| 17781 | Ionis Pharmaceuticals, Inc.<sup>\*</sup> | &nbsp;&nbsp; 1442928 |
| 2593 | &nbsp;&nbsp; Regeneron Pharmaceuticals, <br> Inc.<br>| &nbsp;&nbsp; 2026870 |
| 5887 | Vertex Pharmaceuticals, Inc.<sup>\*</sup> | &nbsp;&nbsp; 2924838 |
|  |  | &nbsp;&nbsp; **7649018** |
| **Broadline Retail 3.3%** | **Broadline Retail 3.3%** | **Broadline Retail 3.3%** |
| 139655 | Amazon.com, Inc.<sup>\*</sup> | &nbsp;&nbsp; **29327550** |

---

---

| | | |
|:---|:---|:---|
| Number of Shares | Number of Shares | Value |
| **Building Products 0.1%** | **Building Products 0.1%** | **Building Products 0.1%** |
| 5191 | Builders FirstSource, Inc.<sup>\*</sup> | &nbsp;&nbsp; **$541369** |
| **Capital Markets 3.6%** | **Capital Markets 3.6%** | **Capital Markets 3.6%** |
| 15737 | Bank of New York Mellon Corp. | &nbsp;&nbsp; 1874277 |
| 3748 | Blackrock, Inc. | &nbsp;&nbsp; 3984986 |
| 32681 | Intercontinental Exchange, Inc. | &nbsp;&nbsp; 5363933 |
| 3538 | Moody's Corp. | &nbsp;&nbsp; 1689713 |
| 45457 | Morgan Stanley | &nbsp;&nbsp; 7569045 |
| 4100 | MSCI, Inc. | &nbsp;&nbsp; 2344503 |
| 26544 | Nasdaq, Inc. | &nbsp;&nbsp; 2324724 |
| 10349 | S&P Global, Inc. | &nbsp;&nbsp; 4573016 |
| 16939 | StepStone Group, Inc. Class A | &nbsp;&nbsp; 730748 |
| 13209 | Tradeweb Markets, Inc. Class A | &nbsp;&nbsp; 1628075 |
|  |  | &nbsp;&nbsp; **32083020** |
| **Chemicals 0.9%** | **Chemicals 0.9%** | **Chemicals 0.9%** |
| 5530 | Ecolab, Inc. | &nbsp;&nbsp; 1705176 |
| 29359 | Element Solutions, Inc. | &nbsp;&nbsp; 1030207 |
| 10911 | Linde PLC | &nbsp;&nbsp; 5543661 |
|  |  | &nbsp;&nbsp; **8279044** |
| **Commercial Services & Supplies 0.4%** | **Commercial Services & Supplies 0.4%** | **Commercial Services & Supplies 0.4%** |
| 7902 | Republic Services, Inc. | &nbsp;&nbsp; 1809558 |
| 12582 | Waste Connections, Inc. | &nbsp;&nbsp; 2165740 |
|  |  | &nbsp;&nbsp; **3975298** |
| **Communications Equipment 0.2%** | **Communications Equipment 0.2%** | **Communications Equipment 0.2%** |
| 3085 | Motorola Solutions, Inc. | &nbsp;&nbsp; **1487772** |
| **Construction Materials 0.3%** | **Construction Materials 0.3%** | **Construction Materials 0.3%** |
| 4100 | Martin Marietta Materials, Inc. | &nbsp;&nbsp; **2773937** |
| **Consumer Staples Distribution & Retail 1.4%** | **Consumer Staples Distribution & Retail 1.4%** | **Consumer Staples Distribution & Retail 1.4%** |
| 10142 | Costco Wholesale Corp. | &nbsp;&nbsp; 10251432 |
| 17987 | Dollar Tree, Inc.<sup>\*</sup> | &nbsp;&nbsp; 2274996 |
|  |  | &nbsp;&nbsp; **12526428** |
| **Containers & Packaging 0.4%** | **Containers & Packaging 0.4%** | **Containers & Packaging 0.4%** |
| 10110 | Avery Dennison Corp. | &nbsp;&nbsp; 1985098 |
| 15799 | Ball Corp. | &nbsp;&nbsp; 1060587 |
| 36361 | Graphic Packaging Holding Co. | &nbsp;&nbsp; 444695 |
|  |  | &nbsp;&nbsp; **3490380** |
| **Diversified Telecommunication Services 0.4%** | **Diversified Telecommunication Services 0.4%** | **Diversified Telecommunication Services 0.4%** |
| 111237 | AT&T, Inc. | &nbsp;&nbsp; **3115748** |
| **Electric Utilities 1.4%** | **Electric Utilities 1.4%** | **Electric Utilities 1.4%** |
| 7990 | Alliant Energy Corp. | &nbsp;&nbsp; 577997 |
| 16231 | &nbsp;&nbsp; American Electric Power Co., <br> Inc.<br>| &nbsp;&nbsp; 2172032 |
| 7135 | Constellation Energy Corp. | &nbsp;&nbsp; 2353694 |
| 14749 | Entergy Corp. | &nbsp;&nbsp; 1579765 |

---

See Notes to Financial Statements

------

![](img9d39500a4.gif)

Schedule of Investments Core Equity ETF^ (Unaudited) (cont'd)

---

| | | |
|:---|:---|:---|
| Number of Shares | Number of Shares | Value |
| **Electric Utilities – cont'd** | **Electric Utilities – cont'd** | **Electric Utilities – cont'd** |
| 20434 | FirstEnergy Corp. | &nbsp;&nbsp; $1045403 |
| 39032 | NextEra Energy, Inc. | &nbsp;&nbsp; 3660031 |
| 59151 | PG&E Corp. | &nbsp;&nbsp; 1123869 |
|  |  | &nbsp;&nbsp; **12512791** |
| **Electrical Equipment 1.0%** | **Electrical Equipment 1.0%** | **Electrical Equipment 1.0%** |
| 9994 | Eaton Corp. PLC | &nbsp;&nbsp; 3756944 |
| 39247 | nVent Electric PLC | &nbsp;&nbsp; 4645275 |
|  |  | &nbsp;&nbsp; **8402219** |
| **Electronic Equipment, Instruments & Components 0.8%** | **Electronic Equipment, Instruments & Components 0.8%** | **Electronic Equipment, Instruments & Components 0.8%** |
| 44595 | Amphenol Corp. Class A | &nbsp;&nbsp; 6513546 |
| 4629 | CDW Corp. | &nbsp;&nbsp; 567700 |
|  |  | &nbsp;&nbsp; **7081246** |
| **Energy Equipment & Services 0.3%** | **Energy Equipment & Services 0.3%** | **Energy Equipment & Services 0.3%** |
| 34353 | Baker Hughes Co. | &nbsp;&nbsp; **2241877** |
| **Entertainment 2.6%** | **Entertainment 2.6%** | **Entertainment 2.6%** |
| 9100 | Electronic Arts, Inc. | &nbsp;&nbsp; 1825187 |
| 100571 | Netflix, Inc.<sup>\*</sup> | &nbsp;&nbsp; 9678953 |
| 10032 | &nbsp;&nbsp; Take-Two Interactive Software, <br> Inc.<sup>\*</sup><br>| &nbsp;&nbsp; 2121568 |
| 7067 | TKO Group Holdings, Inc. | &nbsp;&nbsp; 1582089 |
| 26075 | Walt Disney Co. | &nbsp;&nbsp; 2764993 |
| 177660 | Warner Bros Discovery, Inc.<sup>\*</sup> | &nbsp;&nbsp; 5004682 |
|  |  | &nbsp;&nbsp; **22977472** |
| **Financial Services 2.6%** | **Financial Services 2.6%** | **Financial Services 2.6%** |
| 7284 | &nbsp;&nbsp; Apollo Global Management, <br> Inc.<br>| &nbsp;&nbsp; 761906 |
| 19386 | MasterCard, Inc. Class A | &nbsp;&nbsp; 10026633 |
| 38020 | Visa, Inc. Class A | &nbsp;&nbsp; 12171723 |
|  |  | &nbsp;&nbsp; **22960262** |
| **Food Products 0.2%** | **Food Products 0.2%** | **Food Products 0.2%** |
| 33572 | &nbsp;&nbsp; Mondelez International, Inc. <br> Class A<br>| &nbsp;&nbsp; **2067364** |
| **Gas Utilities 0.1%** | **Gas Utilities 0.1%** | **Gas Utilities 0.1%** |
| 13911 | UGI Corp. | &nbsp;&nbsp; **520411** |
| **Ground Transportation 1.3%** | **Ground Transportation 1.3%** | **Ground Transportation 1.3%** |
| 8663 | &nbsp;&nbsp; Canadian Pacific Kansas City <br> Ltd.<br>| &nbsp;&nbsp; 758792 |
| 38169 | CSX Corp. | &nbsp;&nbsp; 1629435 |
| 10022 | Old Dominion Freight Line, Inc. | &nbsp;&nbsp; 2034967 |
| 46793 | Uber Technologies, Inc.<sup>\*</sup> | &nbsp;&nbsp; 3529128 |
| 12397 | Union Pacific Corp. | &nbsp;&nbsp; 3284957 |
|  |  | &nbsp;&nbsp; **11237279** |

---

---

| | | |
|:---|:---|:---|
| Number of Shares | Number of Shares | Value |
| **Health Care Equipment & Supplies 2.0%** | **Health Care Equipment & Supplies 2.0%** | **Health Care Equipment & Supplies 2.0%** |
| 39911 | Abbott Laboratories | &nbsp;&nbsp; $4643645 |
| 1045 | Align Technology, Inc.<sup>\*</sup> | &nbsp;&nbsp; 198655 |
| 36990 | Boston Scientific Corp.<sup>\*</sup> | &nbsp;&nbsp; 2842682 |
| 24798 | Cooper Cos., Inc.<sup>\*</sup> | &nbsp;&nbsp; 2074849 |
| 17987 | Dexcom, Inc.<sup>\*</sup> | &nbsp;&nbsp; 1320785 |
| 32579 | Edwards Lifesciences Corp.<sup>\*</sup> | &nbsp;&nbsp; 2817106 |
| 40828 | Medtronic PLC | &nbsp;&nbsp; 3987262 |
|  |  | &nbsp;&nbsp; **17884984** |
| **Health Care Providers & Services 1.4%** | **Health Care Providers & Services 1.4%** | **Health Care Providers & Services 1.4%** |
| 5455 | Cigna Group | &nbsp;&nbsp; 1580968 |
| 26178 | CVS Health Corp. | &nbsp;&nbsp; 2091622 |
| 5722 | Encompass Health Corp. | &nbsp;&nbsp; 617289 |
| 2447 | McKesson Corp. | &nbsp;&nbsp; 2416094 |
| 4265 | Quest Diagnostics, Inc. | &nbsp;&nbsp; 903796 |
| 5455 | RadNet, Inc.<sup>\*</sup> | &nbsp;&nbsp; 380814 |
| 3551 | Tenet Healthcare Corp.<sup>\*</sup> | &nbsp;&nbsp; 850074 |
| 11351 | UnitedHealth Group, Inc. | &nbsp;&nbsp; 3328908 |
|  |  | &nbsp;&nbsp; **12169565** |
| **Health Care REITs 0.5%** | **Health Care REITs 0.5%** | **Health Care REITs 0.5%** |
| 25645 | Ventas, Inc. | &nbsp;&nbsp; 2209573 |
| 11144 | Welltower, Inc. | &nbsp;&nbsp; 2308146 |
|  |  | &nbsp;&nbsp; **4517719** |
| **Health Care Technology 0.0%**<sup>‡</sup> | **Health Care Technology 0.0%**<sup>‡</sup> | **Health Care Technology 0.0%**<sup>‡</sup> |
| 4339 | Doximity, Inc. Class A<sup>\*</sup> | &nbsp;&nbsp; 106436 |
| 12531 | Waystar Holding Corp.<sup>\*</sup> | &nbsp;&nbsp; 321420 |
|  |  | &nbsp;&nbsp; **427856** |
| **Hotels, Restaurants & Leisure 2.2%** | **Hotels, Restaurants & Leisure 2.2%** | **Hotels, Restaurants & Leisure 2.2%** |
| 835 | Booking Holdings, Inc. | &nbsp;&nbsp; 3539857 |
| 3592 | Brinker International, Inc.<sup>\*</sup> | &nbsp;&nbsp; 532334 |
| 46921 | Carnival Corp. | &nbsp;&nbsp; 1480358 |
| 5421 | DoorDash, Inc. Class A<sup>\*</sup> | &nbsp;&nbsp; 956644 |
| 140459 | DraftKings, Inc. Class A<sup>\*</sup> | &nbsp;&nbsp; 3348543 |
| 5328 | &nbsp;&nbsp; Marriott International, Inc. <br> Class A<br>| &nbsp;&nbsp; 1820737 |
| 10181 | McDonald's Corp. | &nbsp;&nbsp; 3472332 |
| 22148 | Wynn Resorts Ltd. | &nbsp;&nbsp; 2396192 |
| 9177 | Yum! Brands, Inc. | &nbsp;&nbsp; 1543204 |
|  |  | &nbsp;&nbsp; **19090201** |
| **Household Durables 0.2%** | **Household Durables 0.2%** | **Household Durables 0.2%** |
| 5985 | Lennar Corp. Class A | &nbsp;&nbsp; 684445 |
| 7638 | Toll Brothers, Inc. | &nbsp;&nbsp; 1200999 |
|  |  | &nbsp;&nbsp; **1885444** |
| **Household Products 1.4%** | **Household Products 1.4%** | **Household Products 1.4%** |
| 49615 | Colgate-Palmolive Co. | &nbsp;&nbsp; 4918831 |

---

See Notes to Financial Statements

------

![](img9d39500a4.gif)

Schedule of Investments Core Equity ETF^ (Unaudited) (cont'd)

---

| | | |
|:---|:---|:---|
| Number of Shares | Number of Shares | Value |
| **Household Products – cont'd** | **Household Products – cont'd** | **Household Products – cont'd** |
| 43849 | Procter & Gamble Co. | &nbsp;&nbsp; $7331553 |
|  |  | &nbsp;&nbsp; **12250384** |
| **Independent Power and Renewable**<br> **Electricity Producers 0.2%** | **Independent Power and Renewable**<br> **Electricity Producers 0.2%** | **Independent Power and Renewable**<br> **Electricity Producers 0.2%** |
| 39138 | AES Corp. | &nbsp;&nbsp; 676304 |
| 6947 | Vistra Corp. | &nbsp;&nbsp; 1208014 |
|  |  | &nbsp;&nbsp; **1884318** |
| **Industrial Conglomerates 0.3%** | **Industrial Conglomerates 0.3%** | **Industrial Conglomerates 0.3%** |
| 17014 | 3M Co. | &nbsp;&nbsp; **2812754** |
| **Industrial REITs 0.3%** | **Industrial REITs 0.3%** | **Industrial REITs 0.3%** |
| 21260 | Prologis, Inc. | &nbsp;&nbsp; **3031038** |
| **Insurance 3.3%** | **Insurance 3.3%** | **Insurance 3.3%** |
| 43658 | Aon PLC Class A | &nbsp;&nbsp; 14645949 |
| 19616 | Brown & Brown, Inc. | &nbsp;&nbsp; 1408821 |
| 12156 | Marsh & McLennan Cos., Inc. | &nbsp;&nbsp; 2270012 |
| 10641 | MetLife, Inc. | &nbsp;&nbsp; 766897 |
| 183009 | Ryan Specialty Holdings, Inc. | &nbsp;&nbsp; 7201404 |
| 43148 | Unum Group | &nbsp;&nbsp; 3095006 |
|  |  | &nbsp;&nbsp; **29388089** |
| **Interactive Media & Services 8.9%** | **Interactive Media & Services 8.9%** | **Interactive Media & Services 8.9%** |
| 69501 | Alphabet, Inc. Class C | &nbsp;&nbsp; 21644697 |
| 113532 | Alphabet, Inc. Class A | &nbsp;&nbsp; 35394736 |
| 32684 | Meta Platforms, Inc. Class A | &nbsp;&nbsp; 21185115 |
|  |  | &nbsp;&nbsp; **78224548** |
| **IT Services 0.3%** | **IT Services 0.3%** | **IT Services 0.3%** |
| 12321 | Snowflake, Inc.<sup>\*</sup> | &nbsp;&nbsp; 2074980 |
| 3538 | Wix.com Ltd.<sup>\*</sup> | &nbsp;&nbsp; 249287 |
|  |  | &nbsp;&nbsp; **2324267** |
| **Life Sciences Tools & Services 1.0%** | **Life Sciences Tools & Services 1.0%** | **Life Sciences Tools & Services 1.0%** |
| 13485 | Danaher Corp. | &nbsp;&nbsp; 2840480 |
| 3759 | IQVIA Holdings, Inc.<sup>\*</sup> | &nbsp;&nbsp; 672147 |
| 7717 | Thermo Fisher Scientific, Inc. | &nbsp;&nbsp; 4021406 |
| 4181 | Waters Corp.<sup>\*</sup> | &nbsp;&nbsp; 1335328 |
|  |  | &nbsp;&nbsp; **8869361** |
| **Machinery 2.2%** | **Machinery 2.2%** | **Machinery 2.2%** |
| 7866 | Caterpillar, Inc. | &nbsp;&nbsp; 5843101 |
| 5492 | Deere & Co. | &nbsp;&nbsp; 3458367 |
| 18216 | ITT, Inc. | &nbsp;&nbsp; 3687101 |
| 6602 | Parker-Hannifin Corp. | &nbsp;&nbsp; 6662606 |
|  |  | &nbsp;&nbsp; **19651175** |
| **Materials 0.3%** | **Materials 0.3%** | **Materials 0.3%** |
| 7902 | Sherwin-Williams Co. | &nbsp;&nbsp; **2865186** |

---

---

| | | |
|:---|:---|:---|
| Number of Shares | Number of Shares | Value |
| **Metals & Mining 0.9%** | **Metals & Mining 0.9%** | **Metals & Mining 0.9%** |
| 6169 | Agnico Eagle Mines Ltd. | &nbsp;&nbsp; $1552120 |
| 8729 | Nucor Corp. | &nbsp;&nbsp; 1543986 |
| 4751 | Royal Gold, Inc. | &nbsp;&nbsp; 1424302 |
| 7978 | Southern Copper Corp. | &nbsp;&nbsp; 1741729 |
| 8993 | Steel Dynamics, Inc. | &nbsp;&nbsp; 1736818 |
|  |  | &nbsp;&nbsp; **7998955** |
| **Multi-Utilities 0.6%** | **Multi-Utilities 0.6%** | **Multi-Utilities 0.6%** |
| 20524 | CenterPoint Energy, Inc. | &nbsp;&nbsp; 892794 |
| 17605 | CMS Energy Corp. | &nbsp;&nbsp; 1374422 |
| 21426 | NiSource, Inc. | &nbsp;&nbsp; 1013450 |
| 14852 | Sempra | &nbsp;&nbsp; 1429802 |
| 6287 | WEC Energy Group, Inc. | &nbsp;&nbsp; 735328 |
|  |  | &nbsp;&nbsp; **5445796** |
| **Oil, Gas & Consumable Fuels 3.3%** | **Oil, Gas & Consumable Fuels 3.3%** | **Oil, Gas & Consumable Fuels 3.3%** |
| 4516 | Cheniere Energy, Inc. | &nbsp;&nbsp; 1064557 |
| 28986 | ConocoPhillips | &nbsp;&nbsp; 3288752 |
| 43989 | Coterra Energy, Inc. | &nbsp;&nbsp; 1345623 |
| 9122 | Diamondback Energy, Inc. | &nbsp;&nbsp; 1587958 |
| 7814 | DT Midstream, Inc. | &nbsp;&nbsp; 1084896 |
| 11717 | EOG Resources, Inc. | &nbsp;&nbsp; 1453845 |
| 26561 | EQT Corp. | &nbsp;&nbsp; 1631377 |
| 69301 | Exxon Mobil Corp. | &nbsp;&nbsp; 10568402 |
| 15527 | Phillips 66 | &nbsp;&nbsp; 2396282 |
| 15004 | Shell PLC ADR | &nbsp;&nbsp; 1252984 |
| 6210 | Targa Resources Corp. | &nbsp;&nbsp; 1464318 |
| 28928 | Williams Cos., Inc. | &nbsp;&nbsp; 2161500 |
|  |  | &nbsp;&nbsp; **29300494** |
| **Passenger Airlines 0.1%** | **Passenger Airlines 0.1%** | **Passenger Airlines 0.1%** |
| 18153 | Delta Air Lines, Inc. | &nbsp;&nbsp; **1192652** |
| **Pharmaceuticals 4.4%** | **Pharmaceuticals 4.4%** | **Pharmaceuticals 4.4%** |
| 6862 | AstraZeneca PLC ADR | &nbsp;&nbsp; 1430384 |
| 41673 | Bristol-Myers Squibb Co. | &nbsp;&nbsp; 2599145 |
| 12733 | Eli Lilly & Co. | &nbsp;&nbsp; 13394989 |
| 42256 | Johnson & Johnson | &nbsp;&nbsp; 10497658 |
| 52661 | Merck & Co., Inc. | &nbsp;&nbsp; 6520485 |
| 126271 | Pfizer, Inc. | &nbsp;&nbsp; 3491393 |
| 8245 | Roche Holding AG ADR | &nbsp;&nbsp; 490990 |
|  |  | &nbsp;&nbsp; **38425044** |
| **Professional Services 0.8%** | **Professional Services 0.8%** | **Professional Services 0.8%** |
| 4100 | &nbsp;&nbsp; CACI International, Inc. <br> Class A<sup>\*</sup><br>| &nbsp;&nbsp; 2501697 |
| 12002 | Jacobs Solutions, Inc. | &nbsp;&nbsp; 1654596 |
| 24798 | TransUnion | &nbsp;&nbsp; 1947883 |
| 6583 | Verisk Analytics, Inc. | &nbsp;&nbsp; 1366433 |
|  |  | &nbsp;&nbsp; **7470609** |

---

See Notes to Financial Statements

------

![](img9d39500a4.gif)

Schedule of Investments Core Equity ETF^ (Unaudited) (cont'd)

---

| | | |
|:---|:---|:---|
| Number of Shares | Number of Shares | Value |
| **Residential REITs 0.1%** | **Residential REITs 0.1%** | **Residential REITs 0.1%** |
| 8237 | Sun Communities, Inc. | &nbsp;&nbsp; **$1124021** |
| **Retail REITs 0.2%** | **Retail REITs 0.2%** | **Retail REITs 0.2%** |
| 12232 | Realty Income Corp. | &nbsp;&nbsp; 819544 |
| 12267 | Regency Centers Corp. | &nbsp;&nbsp; 969093 |
|  |  | &nbsp;&nbsp; **1788637** |
| **Semiconductors & Semiconductor Equipment 13.2%** | **Semiconductors & Semiconductor Equipment 13.2%** | **Semiconductors & Semiconductor Equipment 13.2%** |
| 21253 | Advanced Micro Devices, Inc.<sup>\*</sup> | &nbsp;&nbsp; 4255063 |
| 16828 | Analog Devices, Inc. | &nbsp;&nbsp; 5987234 |
| 14964 | Applied Materials, Inc. | &nbsp;&nbsp; 5571097 |
| 715 | ASML Holding NV | &nbsp;&nbsp; 1037151 |
| 64320 | Broadcom, Inc. | &nbsp;&nbsp; 20553456 |
| 45669 | Intel Corp.<sup>\*</sup> | &nbsp;&nbsp; 2082963 |
| 31770 | Lam Research Corp. | &nbsp;&nbsp; 7430685 |
| 352839 | NVIDIA Corp. | &nbsp;&nbsp; 62519543 |
| 18737 | QUALCOMM, Inc. | &nbsp;&nbsp; 2667399 |
| 17700 | Texas Instruments, Inc. | &nbsp;&nbsp; 3754347 |
|  |  | &nbsp;&nbsp; **115858938** |
| **Software 7.7%** | **Software 7.7%** | **Software 7.7%** |
| 7562 | Autodesk, Inc.<sup>\*</sup> | &nbsp;&nbsp; 1859269 |
| 10935 | &nbsp;&nbsp; Check Point Software <br> Technologies Ltd.<sup>\*</sup><br>| &nbsp;&nbsp; 1662885 |
| 6525 | &nbsp;&nbsp; Crowdstrike Holdings, Inc. <br> Class A<sup>\*</sup><br>| &nbsp;&nbsp; 2427170 |
| 1917 | Fair Isaac Corp.<sup>\*</sup> | &nbsp;&nbsp; 2701743 |
| 5793 | Intuit, Inc. | &nbsp;&nbsp; 2369511 |
| 110329 | Microsoft Corp. | &nbsp;&nbsp; 43330611 |
| 40552 | Oracle Corp. | &nbsp;&nbsp; 5896261 |
| 17783 | Salesforce, Inc. | &nbsp;&nbsp; 3463951 |
| 26743 | ServiceNow, Inc.<sup>\*</sup> | &nbsp;&nbsp; 2888511 |
| 15698 | Trimble, Inc.<sup>\*</sup> | &nbsp;&nbsp; 1049725 |
|  |  | &nbsp;&nbsp; **67649637** |
| **Specialized REITs 0.2%** | **Specialized REITs 0.2%** | **Specialized REITs 0.2%** |
| 4866 | Public Storage | &nbsp;&nbsp; 1494154 |
| 24798 | Weyerhaeuser Co. | &nbsp;&nbsp; 608295 |
|  |  | &nbsp;&nbsp; **2102449** |
| **Specialty Retail 2.7%** | **Specialty Retail 2.7%** | **Specialty Retail 2.7%** |
| 25063 | Home Depot, Inc. | &nbsp;&nbsp; 9541985 |

---

---

| | | |
|:---|:---|:---|
| Number of Shares | Number of Shares | Value |
| **Specialty Retail – cont'd** | **Specialty Retail – cont'd** | **Specialty Retail – cont'd** |
| 43011 | O'Reilly Automotive, Inc.<sup>\*</sup> | &nbsp;&nbsp; $4037873 |
| 30226 | TJX Cos., Inc. | &nbsp;&nbsp; 4886335 |
| 3068 | Ulta Beauty, Inc.<sup>\*</sup> | &nbsp;&nbsp; 2100936 |
| 45139 | Valvoline, Inc.<sup>\*</sup> | &nbsp;&nbsp; 1706254 |
| 43347 | Warby Parker, Inc. Class A<sup>\*</sup> | &nbsp;&nbsp; 1084109 |
|  |  | &nbsp;&nbsp; **23357492** |
| **Technology Hardware, Storage & Peripherals 6.4%** | **Technology Hardware, Storage & Peripherals 6.4%** | **Technology Hardware, Storage & Peripherals 6.4%** |
| 211919 | Apple, Inc. | &nbsp;&nbsp; **55984761** |
| **Textiles, Apparel & Luxury Goods 0.3%** | **Textiles, Apparel & Luxury Goods 0.3%** | **Textiles, Apparel & Luxury Goods 0.3%** |
| 47540 | NIKE, Inc. Class B | &nbsp;&nbsp; **2956037** |
| **Tobacco 0.2%** | **Tobacco 0.2%** | **Tobacco 0.2%** |
| 22025 | &nbsp;&nbsp; British American Tobacco PLC <br> ADR<br>| &nbsp;&nbsp; **1379866** |
| **Trading Companies & Distributors 0.3%** | **Trading Companies & Distributors 0.3%** | **Trading Companies & Distributors 0.3%** |
| 2736 | United Rentals, Inc. | &nbsp;&nbsp; **2298240** |
| **Wireless Telecommunication Services 0.3%** | **Wireless Telecommunication Services 0.3%** | **Wireless Telecommunication Services 0.3%** |
| 12973 | T-Mobile U.S., Inc. | &nbsp;&nbsp; **2816309** |
| **Total Common Stocks (Cost $786,022,014)** | **Total Common Stocks (Cost $786,022,014)** | &nbsp;&nbsp; **873151203** |
| **Exchange-Traded Funds 0.6%** | **Exchange-Traded Funds 0.6%** | **Exchange-Traded Funds 0.6%** |
| 12882 | &nbsp;&nbsp; iShares Russell 1000 ETF <br>**(Cost $4,399,413)**<br>| &nbsp;&nbsp; **4846981** |
| **Short-Term Investments 0.3%** | **Short-Term Investments 0.3%** | **Short-Term Investments 0.3%** |
| **Investment Companies 0.3%** | **Investment Companies 0.3%** | **Investment Companies 0.3%** |
| 3031244 | &nbsp;&nbsp; State Street Institutional <br> U.S. Government Money <br> Market Fund Premier Class, <br> 3.63%<sup>(a)</sup> <br>**(Cost $3,031,244)**<br>| &nbsp;&nbsp; **3031244** |
| **Total Investments 100.0%** <br> **(Cost $793,452,671)** | **Total Investments 100.0%** <br> **(Cost $793,452,671)** | &nbsp;&nbsp; **881029428** |
| Liabilities Less Other Assets (0.0)%<sup>‡</sup>  | Liabilities Less Other Assets (0.0)%<sup>‡</sup>  | &nbsp;&nbsp; (172412)<br>|
| **Net Assets 100.0%** | **Net Assets 100.0%** | &nbsp;&nbsp; **$880857016** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;‡ Represents less than 0.05% of net assets of the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* Non-income producing security. <br> (a) Represents 7-day effective yield as of February 28, 2026.

See Notes to Financial Statements

------

![](img9d39500a4.gif)

Schedule of Investments Core Equity ETF^ (Unaudited) (cont'd)

The following is a summary, categorized by Level (see Note A of the Notes to Financial Statements), of inputs used to value the Fund's investments as of February 28, 2026:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Asset Valuation Inputs** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Investments: |  |  |  |  |
| Common Stocks<sup>#</sup> <br>| $873151203 | $— | $— | $873151203 |
| Exchange-Traded Funds | 4846981 |  |  | 4846981 |
| Short-Term Investments |  | 3031244 |  | 3031244 |
| **Total Investments** | **$877998184** | **$3031244** | **$—** | **$881029428** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

# The Schedule of Investments provides information on the industry or sector categorization.

^ A balance indicated with a "—", reflects either a zero balance or an amount that rounds to less than 1.

See Notes to Financial Statements

------

![](img9d39500a4.gif)

Schedule of Investments Disrupters ETF^ (Unaudited) February 28, 2026

---

| | | |
|:---|:---|:---|
| Number of Shares | Number of Shares | Value |
| **Common Stocks 97.0%** | **Common Stocks 97.0%** | **Common Stocks 97.0%** |
| **Aerospace & Defense 6.0%** | **Aerospace & Defense 6.0%** | **Aerospace & Defense 6.0%** |
| 2984 | HEICO Corp. | &nbsp;&nbsp; $953269 |
| 10070 | Rocket Lab Corp.<sup>\*</sup> | &nbsp;&nbsp; 695837 |
|  |  | &nbsp;&nbsp; **1649106** |
| **Automobiles 2.2%** | **Automobiles 2.2%** | **Automobiles 2.2%** |
| 1470 | Tesla, Inc.<sup>\*</sup> | &nbsp;&nbsp; **591690** |
| **Broadline Retail 3.7%** | **Broadline Retail 3.7%** | **Broadline Retail 3.7%** |
| 4773 | Amazon.com, Inc.<sup>\*</sup> | &nbsp;&nbsp; **1002330** |
| **Capital Markets 6.5%** | **Capital Markets 6.5%** | **Capital Markets 6.5%** |
| 11901 | Robinhood Markets, Inc. Class A<sup>\*</sup> | &nbsp;&nbsp; 902691 |
| 7037 | Tradeweb Markets, Inc. Class A | &nbsp;&nbsp; 867345 |
|  |  | &nbsp;&nbsp; **1770036** |
| **Communications Equipment 2.6%** | **Communications Equipment 2.6%** | **Communications Equipment 2.6%** |
| 998 | Lumentum Holdings, Inc.<sup>\*</sup> | &nbsp;&nbsp; **699508** |
| **Electric Utilities 3.7%** | **Electric Utilities 3.7%** | **Electric Utilities 3.7%** |
| 3110 | Constellation Energy Corp. | &nbsp;&nbsp; **1025927** |
| **Entertainment 2.8%** | **Entertainment 2.8%** | **Entertainment 2.8%** |
| 1494 | Spotify Technology SA<sup>\*</sup> | &nbsp;&nbsp; **769320** |
| **Ground Transportation 1.8%** | **Ground Transportation 1.8%** | **Ground Transportation 1.8%** |
| 6533 | Uber Technologies, Inc.<sup>\*</sup> | &nbsp;&nbsp; **492719** |
| **Health Care Equipment & Supplies 8.4%** | **Health Care Equipment & Supplies 8.4%** | **Health Care Equipment & Supplies 8.4%** |
| 7929 | Glaukos Corp.<sup>\*</sup> | &nbsp;&nbsp; 954652 |
| 2699 | Intuitive Surgical, Inc.<sup>\*</sup> | &nbsp;&nbsp; 1358973 |
|  |  | &nbsp;&nbsp; **2313625** |
| **Interactive Media & Services 2.3%** | **Interactive Media & Services 2.3%** | **Interactive Media & Services 2.3%** |
| 4333 | Reddit, Inc. Class A<sup>\*</sup> | &nbsp;&nbsp; **631795** |
| **IT Services 6.9%** | **IT Services 6.9%** | **IT Services 6.9%** |
| 7589 | Shopify, Inc. Class A<sup>\*</sup> | &nbsp;&nbsp; 916220 |
| 5734 | Snowflake, Inc.<sup>\*</sup> | &nbsp;&nbsp; 965663 |
|  |  | &nbsp;&nbsp; **1881883** |
| **Semiconductors & Semiconductor Equipment 34.2%** | **Semiconductors & Semiconductor Equipment 34.2%** | **Semiconductors & Semiconductor Equipment 34.2%** |
| 6059 | Advanced Micro Devices, Inc.<sup>\*</sup> | &nbsp;&nbsp; 1213072 |

---

---

| | | |
|:---|:---|:---|
| Number of Shares | Number of Shares | Value |
| **Semiconductors & Semiconductor Equipment – cont'd** | **Semiconductors & Semiconductor Equipment – cont'd** | **Semiconductors & Semiconductor Equipment – cont'd** |
| 8631 | ARM Holdings PLC ADR<sup>\*</sup> | &nbsp;&nbsp; $1100021 |
| 830 | ASML Holding NV | &nbsp;&nbsp; 1203965 |
| 2649 | Broadcom, Inc. | &nbsp;&nbsp; 846488 |
| 986 | Monolithic Power Systems, Inc. | &nbsp;&nbsp; 1126742 |
| 3849 | Nova Ltd.<sup>\*</sup> | &nbsp;&nbsp; 1689172 |
| 12371 | NVIDIA Corp. | &nbsp;&nbsp; 2192018 |
|  |  | &nbsp;&nbsp; **9371478** |
| **Software 14.6%** | **Software 14.6%** | **Software 14.6%** |
| 971 | HubSpot, Inc.<sup>\*</sup> | &nbsp;&nbsp; 256839 |
| 618 | Intuit, Inc. | &nbsp;&nbsp; 252781 |
| 1833 | Microsoft Corp. | &nbsp;&nbsp; 719892 |
| 1674 | Palantir Technologies, Inc. Class A<sup>\*</sup> | &nbsp;&nbsp; 229656 |
| 4069 | Palo Alto Networks, Inc.<sup>\*</sup> | &nbsp;&nbsp; 605955 |
| 11338 | Procore Technologies, Inc.<sup>\*</sup> | &nbsp;&nbsp; 624044 |
| 4043 | ServiceNow, Inc.<sup>\*</sup> | &nbsp;&nbsp; 436684 |
| 12132 | ServiceTitan, Inc. Class A<sup>\*</sup> | &nbsp;&nbsp; 878236 |
|  |  | &nbsp;&nbsp; **4004087** |
| **Specialty Retail 1.3%** | **Specialty Retail 1.3%** | **Specialty Retail 1.3%** |
| 1052 | Carvana Co.<sup>\*</sup> | &nbsp;&nbsp; **351536** |
| **Total Common Stocks (Cost $22,599,467)** | **Total Common Stocks (Cost $22,599,467)** | &nbsp;&nbsp; **26555040** |
| **Short-Term Investments 3.2%** | **Short-Term Investments 3.2%** | **Short-Term Investments 3.2%** |
| **Investment Companies 3.2%** | **Investment Companies 3.2%** | **Investment Companies 3.2%** |
| 863491 | &nbsp;&nbsp; State Street Institutional <br> U.S. Government Money Market <br> Fund Premier Class, 3.63%<sup>(a)</sup> <br>**(Cost $863,491)**<br>| &nbsp;&nbsp; **863491** |
| **Total Investments 100.2%** <br> **(Cost $23,462,958)** | **Total Investments 100.2%** <br> **(Cost $23,462,958)** | &nbsp;&nbsp; **27418531** |
| Liabilities Less Other Assets (0.2)% | Liabilities Less Other Assets (0.2)% | &nbsp;&nbsp; (43056)<br>|
| **Net Assets 100.0%** | **Net Assets 100.0%** | &nbsp;&nbsp; **$27375475** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* Non-income producing security. <br> (a) Represents 7-day effective yield as of February 28, 2026.

See Notes to Financial Statements

------

![](img9d39500a4.gif)

Schedule of Investments Disrupters ETF^ (Unaudited) (cont'd)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **POSITIONS BY COUNTRY** | **POSITIONS BY COUNTRY** | **POSITIONS BY COUNTRY** |
| **Country** | **Investments at** <br>**Value**<br>| **Percentage of** <br>**Net Assets**<br>|
| United States | &nbsp;&nbsp; $22745683 | 83.1<br> %<br>|
| Israel | &nbsp;&nbsp; 1689172 | 6.2<br> %<br>|
| Netherlands | &nbsp;&nbsp; 1203965 | 4.4<br> %<br>|
| Canada | &nbsp;&nbsp; 916220 | 3.3<br> %<br>|
| Short-Term Investments and Other Liabilities—Net | &nbsp;&nbsp; 820435 | 3.0<br> %<br>|
|  | &nbsp;&nbsp; **$27375475** | **100.0%**<br>|

---

The following is a summary, categorized by Level (see Note A of the Notes to Financial Statements), of inputs used to value the Fund's investments as of February 28, 2026:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Asset Valuation Inputs** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Investments: |  |  |  |  |
| Common Stocks<sup>#</sup> <br>| $26555040 | $— | $— | $26555040 |
| Short-Term Investments |  | 863491 |  | 863491 |
| **Total Investments** | **$26555040** | **$863491** | **$—** | **$27418531** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

# The Schedule of Investments provides information on the industry or sector categorization as well as a Positions by Country summary.

^ A balance indicated with a "—", reflects either a zero balance or an amount that rounds to less than 1.

See Notes to Financial Statements

------

![](img9d39500a4.gif)

Schedule of Investments Growth ETF^ (Unaudited) February 28, 2026

---

| | | |
|:---|:---|:---|
| Number of Shares | Number of Shares | Value |
| **Common Stocks 98.1%** | **Common Stocks 98.1%** | **Common Stocks 98.1%** |
| **Aerospace & Defense 3.1%** | **Aerospace & Defense 3.1%** | **Aerospace & Defense 3.1%** |
| 214 | Boeing Co.<sup>\*</sup> | &nbsp;&nbsp; $48691 |
| 1072 | General Electric Co. | &nbsp;&nbsp; 366903 |
|  |  | &nbsp;&nbsp; **415594** |
| **Automobiles 1.0%** | **Automobiles 1.0%** | **Automobiles 1.0%** |
| 323 | Tesla, Inc.<sup>\*</sup> | &nbsp;&nbsp; **130011** |
| **Biotechnology 1.2%** | **Biotechnology 1.2%** | **Biotechnology 1.2%** |
| 669 | AbbVie, Inc. | &nbsp;&nbsp; **155262** |
| **Broadline Retail 6.3%** | **Broadline Retail 6.3%** | **Broadline Retail 6.3%** |
| 4041 | Amazon.com, Inc.<sup>\*</sup> | &nbsp;&nbsp; **848610** |
| **Capital Markets 2.9%** | **Capital Markets 2.9%** | **Capital Markets 2.9%** |
| 2986 | &nbsp;&nbsp; Brookfield Asset Management Ltd. <br> Class A<sup>(a)</sup><br>| &nbsp;&nbsp; 139596 |
| 1346 | KKR & Co., Inc. | &nbsp;&nbsp; 118017 |
| 306 | S&P Global, Inc. | &nbsp;&nbsp; 135215 |
|  |  | &nbsp;&nbsp; **392828** |
| **Commercial Services & Supplies 0.7%** | **Commercial Services & Supplies 0.7%** | **Commercial Services & Supplies 0.7%** |
| 404 | Waste Management, Inc. | &nbsp;&nbsp; **97299** |
| **Consumer Staples Distribution & Retail 2.7%** | **Consumer Staples Distribution & Retail 2.7%** | **Consumer Staples Distribution & Retail 2.7%** |
| 215 | Costco Wholesale Corp. | &nbsp;&nbsp; 217320 |
| 1100 | Walmart, Inc. | &nbsp;&nbsp; 140745 |
|  |  | &nbsp;&nbsp; **358065** |
| **Electric Utilities 1.0%** | **Electric Utilities 1.0%** | **Electric Utilities 1.0%** |
| 1416 | NextEra Energy, Inc. | &nbsp;&nbsp; **132778** |
| **Electrical Equipment 1.6%** | **Electrical Equipment 1.6%** | **Electrical Equipment 1.6%** |
| 1836 | nVent Electric PLC | &nbsp;&nbsp; **217309** |
| **Electronic Equipment, Instruments & Components 2.0%** | **Electronic Equipment, Instruments & Components 2.0%** | **Electronic Equipment, Instruments & Components 2.0%** |
| 1798 | Amphenol Corp. Class A | &nbsp;&nbsp; **262616** |
| **Entertainment 3.7%** | **Entertainment 3.7%** | **Entertainment 3.7%** |
| 302 | Live Nation Entertainment, Inc.<sup>\*</sup> | &nbsp;&nbsp; 48966 |
| 4282 | Netflix, Inc.<sup>\*</sup> | &nbsp;&nbsp; 412100 |
| 313 | Walt Disney Co. | &nbsp;&nbsp; 33191 |
|  |  | &nbsp;&nbsp; **494257** |
| **Financial Services 5.3%** | **Financial Services 5.3%** | **Financial Services 5.3%** |
| 624 | MasterCard, Inc. Class A | &nbsp;&nbsp; 322739 |
| 1214 | Visa, Inc. Class A | &nbsp;&nbsp; 388650 |
|  |  | &nbsp;&nbsp; **711389** |
| **Ground Transportation 0.6%** | **Ground Transportation 0.6%** | **Ground Transportation 0.6%** |
| 326 | Union Pacific Corp. | &nbsp;&nbsp; **86383** |

---

---

| | | |
|:---|:---|:---|
| Number of Shares | Number of Shares | Value |
| **Health Care Equipment & Supplies 1.1%** | **Health Care Equipment & Supplies 1.1%** | **Health Care Equipment & Supplies 1.1%** |
| 1844 | Boston Scientific Corp.<sup>\*</sup> | &nbsp;&nbsp; **$141711** |
| **Health Care Technology 0.6%** | **Health Care Technology 0.6%** | **Health Care Technology 0.6%** |
| 3056 | Waystar Holding Corp.<sup>\*</sup> | &nbsp;&nbsp; **78386** |
| **Hotels, Restaurants & Leisure 0.8%** | **Hotels, Restaurants & Leisure 0.8%** | **Hotels, Restaurants & Leisure 0.8%** |
| 321 | McDonald's Corp. | &nbsp;&nbsp; **109480** |
| **Interactive Media & Services 12.7%** | **Interactive Media & Services 12.7%** | **Interactive Media & Services 12.7%** |
| 3463 | Alphabet, Inc. Class A | &nbsp;&nbsp; 1079625 |
| 957 | Meta Platforms, Inc. Class A | &nbsp;&nbsp; 620308 |
|  |  | &nbsp;&nbsp; **1699933** |
| **IT Services 0.9%** | **IT Services 0.9%** | **IT Services 0.9%** |
| 429 | Cloudflare, Inc. Class A<sup>\*</sup> | &nbsp;&nbsp; 73870 |
| 348 | Shopify, Inc. Class A<sup>\*</sup> | &nbsp;&nbsp; 42014 |
|  |  | &nbsp;&nbsp; **115884** |
| **Life Sciences Tools & Services 0.7%** | **Life Sciences Tools & Services 0.7%** | **Life Sciences Tools & Services 0.7%** |
| 175 | Thermo Fisher Scientific, Inc. | &nbsp;&nbsp; **91194** |
| **Machinery 3.3%** | **Machinery 3.3%** | **Machinery 3.3%** |
| 366 | Caterpillar, Inc. | &nbsp;&nbsp; 271876 |
| 145 | Deere & Co. | &nbsp;&nbsp; 91308 |
| 381 | ITT, Inc. | &nbsp;&nbsp; 77118 |
|  |  | &nbsp;&nbsp; **440302** |
| **Multi-Utilities 1.8%**  | **Multi-Utilities 1.8%**  | **Multi-Utilities 1.8%**  |
| 5580 | CenterPoint Energy, Inc. | &nbsp;&nbsp; **242730** |
| **Oil, Gas & Consumable Fuels 0.7%** | **Oil, Gas & Consumable Fuels 0.7%** | **Oil, Gas & Consumable Fuels 0.7%** |
| 1296 | Williams Cos., Inc. | &nbsp;&nbsp; **96837** |
| **Pharmaceuticals 3.0%** | **Pharmaceuticals 3.0%** | **Pharmaceuticals 3.0%** |
| 382 | Eli Lilly & Co. | &nbsp;&nbsp; **401860** |
| **Semiconductors & Semiconductor Equipment 17.2%** | **Semiconductors & Semiconductor Equipment 17.2%** | **Semiconductors & Semiconductor Equipment 17.2%** |
| 591 | Advanced Micro Devices, Inc.<sup>\*</sup> | &nbsp;&nbsp; 118324 |
| 197 | ASML Holding NV | &nbsp;&nbsp; 285760 |
| 1652 | Broadcom, Inc. | &nbsp;&nbsp; 527897 |
| 7725 | NVIDIA Corp. | &nbsp;&nbsp; 1368793 |
|  |  | &nbsp;&nbsp; **2300774** |
| **Software 11.3%** | **Software 11.3%** | **Software 11.3%** |
| 494 | Crowdstrike Holdings, Inc. Class A<sup>\*</sup> | &nbsp;&nbsp; 183758 |
| 2582 | Microsoft Corp. | &nbsp;&nbsp; 1014055 |
| 109 | Salesforce, Inc. | &nbsp;&nbsp; 21232 |
| 1065 | ServiceNow, Inc.<sup>\*</sup> | &nbsp;&nbsp; 115031 |
| 434 | Synopsys, Inc.<sup>\*</sup> | &nbsp;&nbsp; 179676 |
|  |  | &nbsp;&nbsp; **1513752** |
| **Specialty Retail 4.7%** | **Specialty Retail 4.7%** | **Specialty Retail 4.7%** |
| 1964 | Chewy, Inc. Class A<sup>\*</sup> | &nbsp;&nbsp; 53853 |

---

See Notes to Financial Statements

------

![](img9d39500a4.gif)

Schedule of Investments Growth ETF^ (Unaudited) (cont'd)

---

| | | |
|:---|:---|:---|
| Number of Shares | Number of Shares | Value |
| **Specialty Retail – cont'd** | **Specialty Retail – cont'd** | **Specialty Retail – cont'd** |
| 781 | Home Depot, Inc. | &nbsp;&nbsp; $297342 |
| 502 | O'Reilly Automotive, Inc.<sup>\*</sup> | &nbsp;&nbsp; 47128 |
| 1429 | TJX Cos., Inc. | &nbsp;&nbsp; 231012 |
|  |  | &nbsp;&nbsp; **629335** |
| **Technology Hardware, Storage & Peripherals 6.9%** | **Technology Hardware, Storage & Peripherals 6.9%** | **Technology Hardware, Storage & Peripherals 6.9%** |
| 3517 | Apple, Inc. | &nbsp;&nbsp; **929121** |
| **Textiles, Apparel & Luxury Goods 0.3%** | **Textiles, Apparel & Luxury Goods 0.3%** | **Textiles, Apparel & Luxury Goods 0.3%** |
| 644 | NIKE, Inc. Class B | &nbsp;&nbsp; **40044** |
| **Total Common Stocks (Cost $11,792,508)** | **Total Common Stocks (Cost $11,792,508)** | &nbsp;&nbsp; **13133744** |
| **Short-Term Investments 2.3%** | **Short-Term Investments 2.3%** | **Short-Term Investments 2.3%** |
| **Investment Companies 2.3%** | **Investment Companies 2.3%** | **Investment Companies 2.3%** |
| 311338 | &nbsp;&nbsp; State Street Institutional <br> U.S. Government Money Market <br> Fund Premier Class, 3.63%<sup>(b)</sup> <br>**(Cost $311,338)**<br>| &nbsp;&nbsp; **311338** |
| **Total Investments 100.4%** <br> **(Cost $12,103,846)** | **Total Investments 100.4%** <br> **(Cost $12,103,846)** | &nbsp;&nbsp; **13445082** |
| Liabilities Less Other Assets (0.4)% | Liabilities Less Other Assets (0.4)% | &nbsp;&nbsp; (53087)<br>|
| **Net Assets 100.0%** | **Net Assets 100.0%** | &nbsp;&nbsp; **$13391995** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* Non-income producing security.

(a) All or a portion of this security is on loan at February 28, 2026. Total value of all such securities at February 28, 2026 amounted to $145,459, collateralized by non-cash (U.S. Treasury Securities) collateral of $148,495 for the Fund (see Note A of the Notes to Financial Statements). 

(b) Represents 7-day effective yield as of February 28, 2026.

The following is a summary, categorized by Level (see Note A of the Notes to Financial Statements), of inputs used to value the Fund's investments as of February 28, 2026:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Asset Valuation Inputs** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Investments: |  |  |  |  |
| Common Stocks<sup>#</sup> <br>| $13133744 | $— | $— | $13133744 |
| Short-Term Investments |  | 311338 |  | 311338 |
| **Total Investments** | **$13133744** | **$311338** | **$—** | **$13445082** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

# The Schedule of Investments provides information on the industry or sector categorization.

^ A balance indicated with a "—", reflects either a zero balance or an amount that rounds to less than 1.

See Notes to Financial Statements

------

![](img9d39500a4.gif)

Schedule of Investments Japan Equity ETF^ (Unaudited) February 28, 2026

---

| | | |
|:---|:---|:---|
| Number of Shares | Number of Shares | Value |
| **Common Stocks 96.8%** | **Common Stocks 96.8%** | **Common Stocks 96.8%** |
| **Automobile Components 6.6%** | **Automobile Components 6.6%** | **Automobile Components 6.6%** |
| 70800 | Niterra Co. Ltd. | &nbsp;&nbsp; $3582957 |
| 71000 | &nbsp;&nbsp; Sumitomo Electric Industries <br> Ltd.<br>| &nbsp;&nbsp; 4716966 |
|  |  | &nbsp;&nbsp; **8299923** |
| **Automobiles 2.9%** | **Automobiles 2.9%** | **Automobiles 2.9%** |
| 149800 | Toyota Motor Corp. | &nbsp;&nbsp; **3669100** |
| **Banks 7.0%** | **Banks 7.0%** | **Banks 7.0%** |
| 109700 | Mizuho Financial Group, Inc. | &nbsp;&nbsp; 5023307 |
| 250400 | Resona Holdings, Inc. | &nbsp;&nbsp; 3063357 |
| 12600 | Shiga Bank Ltd. | &nbsp;&nbsp; 729382 |
|  |  | &nbsp;&nbsp; **8816046** |
| **Broadline Retail 1.2%** | **Broadline Retail 1.2%** | **Broadline Retail 1.2%** |
| 233600 | &nbsp;&nbsp; Pan Pacific International <br> Holdings Corp.<br>| &nbsp;&nbsp; **1555688** |
| **Building Products 1.9%** | **Building Products 1.9%** | **Building Products 1.9%** |
| 55300 | Sanwa Holdings Corp. | &nbsp;&nbsp; 1463902 |
| 26400 | &nbsp;&nbsp; Takasago Thermal Engineering <br> Co. Ltd.<br>| &nbsp;&nbsp; 885832 |
|  |  | &nbsp;&nbsp; **2349734** |
| **Capital Markets 1.6%** | **Capital Markets 1.6%** | **Capital Markets 1.6%** |
| 208400 | Nomura Holdings, Inc. | &nbsp;&nbsp; **1938341** |
| **Chemicals 3.0%** | **Chemicals 3.0%** | **Chemicals 3.0%** |
| 55900 | &nbsp;&nbsp; Mitsubishi Gas Chemical Co., <br> Inc.<br>| &nbsp;&nbsp; 1562114 |
| 219000 | Nippon Paint Holdings Co. Ltd. | &nbsp;&nbsp; 1622534 |
| 41000 | Osaka Soda Co. Ltd. | &nbsp;&nbsp; 618026 |
|  |  | &nbsp;&nbsp; **3802674** |
| **Commercial Services & Supplies 2.2%** | **Commercial Services & Supplies 2.2%** | **Commercial Services & Supplies 2.2%** |
| 109200 | Daiei Kankyo Co. Ltd. | &nbsp;&nbsp; **2699145** |
| **Construction & Engineering 6.2%** | **Construction & Engineering 6.2%** | **Construction & Engineering 6.2%** |
| 70400 | Kinden Corp. | &nbsp;&nbsp; 3826435 |
| 29800 | Taisei Corp. | &nbsp;&nbsp; 3881356 |
|  |  | &nbsp;&nbsp; **7707791** |
| **Electrical Equipment 1.2%** | **Electrical Equipment 1.2%** | **Electrical Equipment 1.2%** |
| 16600 | Fuji Electric Co. Ltd. | &nbsp;&nbsp; **1478603** |
| **Electronic Equipment, Instruments & Components 4.4%** | **Electronic Equipment, Instruments & Components 4.4%** | **Electronic Equipment, Instruments & Components 4.4%** |
| 27400 | Ibiden Co. Ltd. | &nbsp;&nbsp; 1673319 |
| 1000 | Keyence Corp. | &nbsp;&nbsp; 423014 |
| 110600 | TDK Corp. | &nbsp;&nbsp; 1717092 |
| 42100 | Yokogawa Electric Corp. | &nbsp;&nbsp; 1683569 |
|  |  | &nbsp;&nbsp; **5496994** |

---

---

| | | |
|:---|:---|:---|
| Number of Shares | Number of Shares | Value |
| **Financial Services 1.5%** | **Financial Services 1.5%** | **Financial Services 1.5%** |
| 35400 | ORIX Corp. | &nbsp;&nbsp; $1256506 |
| 45000 | Tokyo Century Corp. | &nbsp;&nbsp; 657862 |
|  |  | &nbsp;&nbsp; **1914368** |
| **Ground Transportation 1.3%** | **Ground Transportation 1.3%** | **Ground Transportation 1.3%** |
| 68000 | East Japan Railway Co. | &nbsp;&nbsp; **1680786** |
| **Health Care Equipment & Supplies 2.3%** | **Health Care Equipment & Supplies 2.3%** | **Health Care Equipment & Supplies 2.3%** |
| 12600 | Hoya Corp. | &nbsp;&nbsp; 2280530 |
| 41400 | Terumo Corp. | &nbsp;&nbsp; 559370 |
|  |  | &nbsp;&nbsp; **2839900** |
| **Hotels, Restaurants & Leisure 0.8%** | **Hotels, Restaurants & Leisure 0.8%** | **Hotels, Restaurants & Leisure 0.8%** |
| 83400 | Resorttrust, Inc. | &nbsp;&nbsp; **1033388** |
| **Household Durables 2.9%** | **Household Durables 2.9%** | **Household Durables 2.9%** |
| 15800 | Open House Group Co. Ltd. | &nbsp;&nbsp; 1170595 |
| 107400 | Sony Group Corp. | &nbsp;&nbsp; 2505416 |
|  |  | &nbsp;&nbsp; **3676011** |
| **Industrial Conglomerates 2.2%** | **Industrial Conglomerates 2.2%** | **Industrial Conglomerates 2.2%** |
| 80400 | Hitachi Ltd. | &nbsp;&nbsp; **2690554** |
| **Insurance 3.2%** | **Insurance 3.2%** | **Insurance 3.2%** |
| 96600 | Tokio Marine Holdings, Inc. | &nbsp;&nbsp; **4037449** |
| **IT Services 2.6%** | **IT Services 2.6%** | **IT Services 2.6%** |
| 70400 | NEC Corp. | &nbsp;&nbsp; 1953790 |
| 46000 | Nomura Research Institute Ltd. | &nbsp;&nbsp; 1286344 |
|  |  | &nbsp;&nbsp; **3240134** |
| **Machinery 12.3%** | **Machinery 12.3%** | **Machinery 12.3%** |
| 190200 | Amada Co. Ltd. | &nbsp;&nbsp; 3169696 |
| 29100 | Daifuku Co. Ltd. | &nbsp;&nbsp; 1206001 |
| 97700 | Ebara Corp. | &nbsp;&nbsp; 3467188 |
| 69000 | FANUC Corp. | &nbsp;&nbsp; 3142810 |
| 96100 | Mitsubishi Heavy Industries Ltd. | &nbsp;&nbsp; 3085489 |
| 2000 | Organo Corp. | &nbsp;&nbsp; 222201 |
| 11500 | Union Tool Co. | &nbsp;&nbsp; 1159831 |
|  |  | &nbsp;&nbsp; **15453216** |
| **Metals & Mining 1.8%** | **Metals & Mining 1.8%** | **Metals & Mining 1.8%** |
| 130200 | UACJ Corp. | &nbsp;&nbsp; **2305273** |
| **Pharmaceuticals 2.4%** | **Pharmaceuticals 2.4%** | **Pharmaceuticals 2.4%** |
| 13800 | Chugai Pharmaceutical Co. Ltd. | &nbsp;&nbsp; 923888 |
| 43000 | Shionogi & Co. Ltd. | &nbsp;&nbsp; 1008882 |
| 65000 | Sumitomo Pharma Co. Ltd.<sup>\*</sup> | &nbsp;&nbsp; 1050555 |
|  |  | &nbsp;&nbsp; **2983325** |
| **Professional Services 1.0%** | **Professional Services 1.0%** | **Professional Services 1.0%** |
| 27600 | Recruit Holdings Co. Ltd. | &nbsp;&nbsp; **1213470** |

---

See Notes to Financial Statements

------

![](img9d39500a4.gif)

Schedule of Investments Japan Equity ETF^ (Unaudited) (cont'd)

---

| | | |
|:---|:---|:---|
| Number of Shares | Number of Shares | Value |
| **Real Estate Management & Development 8.5%** | **Real Estate Management & Development 8.5%** | **Real Estate Management & Development 8.5%** |
| 22300 | Mitsubishi Estate Co. Ltd. | &nbsp;&nbsp; $753686 |
| 138000 | Mitsui Fudosan Co. Ltd. | &nbsp;&nbsp; 1861474 |
| 140000 | &nbsp;&nbsp; Sumitomo Realty & <br> Development Co. Ltd.<br>| &nbsp;&nbsp; 4740627 |
| 330000 | Tokyu Fudosan Holdings Corp. | &nbsp;&nbsp; 3318701 |
|  |  | &nbsp;&nbsp; **10674488** |
| **Semiconductors & Semiconductor Equipment 4.5%** | **Semiconductors & Semiconductor Equipment 4.5%** | **Semiconductors & Semiconductor Equipment 4.5%** |
| 1600 | Disco Corp. | &nbsp;&nbsp; 773541 |
| 4200 | Kioxia Holdings Corp.<sup>\*</sup> | &nbsp;&nbsp; 570435 |
| 36600 | Rohm Co. Ltd. | &nbsp;&nbsp; 674041 |
| 12900 | Tokyo Electron Ltd. | &nbsp;&nbsp; 3635443 |
|  |  | &nbsp;&nbsp; **5653460** |
| **Specialty Retail 2.2%** | **Specialty Retail 2.2%** | **Specialty Retail 2.2%** |
| 220800 | USS Co. Ltd. | &nbsp;&nbsp; **2689924** |
| **Textiles, Apparel & Luxury Goods 2.1%** | **Textiles, Apparel & Luxury Goods 2.1%** | **Textiles, Apparel & Luxury Goods 2.1%** |
| 69700 | Asics Corp. | &nbsp;&nbsp; 2139672 |
| 5600 | Seiko Group Corp. | &nbsp;&nbsp; 475138 |
|  |  | &nbsp;&nbsp; **2614810** |
| **Trading Companies & Distributors 5.9%** | **Trading Companies & Distributors 5.9%** | **Trading Companies & Distributors 5.9%** |
| 151300 | ITOCHU Corp. | &nbsp;&nbsp; 2199283 |

---

---

| | | |
|:---|:---|:---|
| Number of Shares | Number of Shares | Value |
| **Trading Companies & Distributors – cont'd** | **Trading Companies & Distributors – cont'd** | **Trading Companies & Distributors – cont'd** |
| 68800 | Mitsui & Co. Ltd. | &nbsp;&nbsp; $2586966 |
| 59600 | Toyota Tsusho Corp. | &nbsp;&nbsp; 2666954 |
|  |  | &nbsp;&nbsp; **7453203** |
| **Wireless Telecommunication Services 1.1%** | **Wireless Telecommunication Services 1.1%** | **Wireless Telecommunication Services 1.1%** |
| 82800 | KDDI Corp. | &nbsp;&nbsp; **1416187** |
| **Total Common Stocks (Cost $100,781,285)** | **Total Common Stocks (Cost $100,781,285)** | &nbsp;&nbsp; **121383985** |
| **Short-Term Investments 2.4%** | **Short-Term Investments 2.4%** | **Short-Term Investments 2.4%** |
| **Investment Companies 2.4%** | **Investment Companies 2.4%** | **Investment Companies 2.4%** |
| 2973485 | &nbsp;&nbsp; State Street Institutional <br> U.S. Government Money <br> Market Fund Premier Class, <br> 3.63%<sup>(a)</sup> <br>**(Cost $2,973,485)**<br>| &nbsp;&nbsp; **2973485** |
| **Total Investments 99.2%** <br> **(Cost $103,754,770)** | **Total Investments 99.2%** <br> **(Cost $103,754,770)** | &nbsp;&nbsp; **124357470** |
| Other Assets Less Liabilities 0.8% | Other Assets Less Liabilities 0.8% | &nbsp;&nbsp; 1034786 |
| **Net Assets 100.0%** | **Net Assets 100.0%** | &nbsp;&nbsp; **$125392256** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* Non-income producing security. <br> (a) Represents 7-day effective yield as of February 28, 2026.

See Notes to Financial Statements

------

![](img9d39500a4.gif)

Schedule of Investments Japan Equity ETF^ (Unaudited) (cont'd)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **POSITIONS BY COUNTRY** | **POSITIONS BY COUNTRY** | **POSITIONS BY COUNTRY** |
| **Country** | **Investments at** <br>**Value**<br>| **Percentage of** <br>**Net Assets**<br>|
| Japan | &nbsp;&nbsp; $121383985 | 96.8<br> %<br>|
| Short-Term Investments and Other Assets—Net | &nbsp;&nbsp; 4008271 | 3.2<br> %<br>|
|  | &nbsp;&nbsp; **$125392256** | **100.0%**<br>|

---

The following is a summary, categorized by Level (see Note A of the Notes to Financial Statements), of inputs used to value the Fund's investments as of February 28, 2026:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Asset Valuation Inputs** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Investments: |  |  |  |  |
| Common Stocks<sup>#</sup> <br>| $121383985 | $— | $— | $121383985 |
| Short-Term Investments |  | 2973485 |  | 2973485 |
| **Total Investments** | **$121383985** | **$2973485** | **$—** | **$124357470** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

# The Schedule of Investments provides information on the industry or sector categorization as well as a Positions by Country summary.

^ A balance indicated with a "—", reflects either a zero balance or an amount that rounds to less than 1.

See Notes to Financial Statements

------

![](img9d39500a4.gif)

Schedule of Investments Option Strategy ETF^ (Unaudited) February 28, 2026

---

| | | |
|:---|:---|:---|
| Principal Amount | Principal Amount | Value |
| **U.S. Treasury Obligations 96.6%** | **U.S. Treasury Obligations 96.6%** | **U.S. Treasury Obligations 96.6%** |
|  | U.S. Treasury Notes |  |
| $170400000 | 4.63%, due 3/15/2026 - 6/15/2027 | &nbsp;&nbsp; $171466237<br> <sup>(a)</sup><br>|
| 58500000 | 4.13%, due 6/15/2026 | &nbsp;&nbsp; 58577810 |
| 60300000 | 4.38%, due 12/15/2026 | &nbsp;&nbsp; 60677346 |
| 55200000 | 4.25%, due 3/15/2027 | &nbsp;&nbsp; 55612208<br> <sup>(a)</sup><br>|
| 53400000 | 3.38%, due 9/15/2027 | &nbsp;&nbsp; 53349938 |
| 27200000 | 4.00%, due 12/15/2027 | &nbsp;&nbsp; 27477312 |
| **Total U.S. Treasury Obligations (Cost $426,355,757)** | **Total U.S. Treasury Obligations (Cost $426,355,757)** | &nbsp;&nbsp; **427160851** |
| Number of Shares | Number of Shares |  |
| **Short-Term Investments 3.0%** | **Short-Term Investments 3.0%** | **Short-Term Investments 3.0%** |
| **Investment Companies 3.0%** | **Investment Companies 3.0%** | **Investment Companies 3.0%** |
| 13479842 | &nbsp;&nbsp; State Street Institutional U.S. Government Money Market Fund Premier Class, 3.63%<sup>(b)</sup> <br>**(Cost $13,479,842)**<br>| &nbsp;&nbsp; **13479842** |
| **Total Investments 99.6% (Cost $439,835,599)** | **Total Investments 99.6% (Cost $439,835,599)** | &nbsp;&nbsp; **440640693** |
| Other Assets Less Liabilities 0.4% | Other Assets Less Liabilities 0.4% | &nbsp;&nbsp; 1776777<br> <sup>(c)</sup><br>|
| **Net Assets 100.0%** | **Net Assets 100.0%** | &nbsp;&nbsp; **$442417470** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(a) All or a portion of this security is pledged as collateral for options written.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Represents 7-day effective yield as of February 28, 2026.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Includes the impact of the Fund's open positions in derivatives at February 28, 2026.

See Notes to Financial Statements

------

![](img9d39500a4.gif)

Schedule of Investments Option Strategy ETF^ (Unaudited) (cont'd)

Derivative Instruments

**Written option contracts ("options written")**

At February 28, 2026, the Fund had outstanding options written as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description** | **Number of** <br>**Contracts**<br>| **Notional** <br>**Amount**<br>| **Exercise** <br>**Price**<br>| &nbsp;&nbsp; **Expiration** <br>**Date**<br>| **Value** |
| **Puts** | **Puts** | **Puts** | **Puts** | **Puts** | **Puts** |
| **Index** | **Index** | **Index** | **Index** | **Index** | **Index** |
| SPDR S&P 500 ETF Trust | &nbsp;&nbsp; 772 | &nbsp;&nbsp; $(52958428) | &nbsp;&nbsp; $678 | 3/6/2026 | &nbsp;&nbsp; $(289500) |
| SPDR S&P 500 ETF Trust | &nbsp;&nbsp; 854 | &nbsp;&nbsp; (58583546) | &nbsp;&nbsp; 689 | 3/6/2026 | &nbsp;&nbsp; (618723) |
| SPDR S&P 500 ETF Trust | &nbsp;&nbsp; 352 | &nbsp;&nbsp; (24146848) | &nbsp;&nbsp; 683 | 3/13/2026 | &nbsp;&nbsp; (257488) |
| SPDR S&P 500 ETF Trust | &nbsp;&nbsp; 1236 | &nbsp;&nbsp; (84788364) | &nbsp;&nbsp; 684 | 3/13/2026 | &nbsp;&nbsp; (942450) |
| SPDR S&P 500 ETF Trust | &nbsp;&nbsp; 11 | &nbsp;&nbsp; (754589) | &nbsp;&nbsp; 689 | 3/13/2026 | &nbsp;&nbsp; (10362) |
| SPDR S&P 500 ETF Trust | &nbsp;&nbsp; 10 | &nbsp;&nbsp; (685990) | &nbsp;&nbsp; 693 | 3/13/2026 | &nbsp;&nbsp; (11100) |
| SPDR S&P 500 ETF Trust | &nbsp;&nbsp; 19 | &nbsp;&nbsp; (1303381) | &nbsp;&nbsp; 695 | 3/13/2026 | &nbsp;&nbsp; (23152) |
| SPDR S&P 500 ETF Trust | &nbsp;&nbsp; 11 | &nbsp;&nbsp; (754589) | &nbsp;&nbsp; 681 | 3/20/2026 | &nbsp;&nbsp; (9950) |
| SPDR S&P 500 ETF Trust | &nbsp;&nbsp; 41 | &nbsp;&nbsp; (2812559) | &nbsp;&nbsp; 682 | 3/20/2026 | &nbsp;&nbsp; (38294) |
| SPDR S&P 500 ETF Trust | &nbsp;&nbsp; 1579 | &nbsp;&nbsp; (108317821) | &nbsp;&nbsp; 685 | 3/20/2026 | &nbsp;&nbsp; (1628738) |
| SPDR S&P 500 ETF Trust | &nbsp;&nbsp; 25 | &nbsp;&nbsp; (1714975) | &nbsp;&nbsp; 681 | 3/27/2026 | &nbsp;&nbsp; (26075) |
| SPDR S&P 500 ETF Trust | &nbsp;&nbsp; 1570 | &nbsp;&nbsp; (107700430) | &nbsp;&nbsp; 682 | 3/27/2026 | &nbsp;&nbsp; (1685395) |
| SPDR S&P 500 ETF Trust | &nbsp;&nbsp; 29 | &nbsp;&nbsp; (1989371) | &nbsp;&nbsp; 683 | 3/27/2026 | &nbsp;&nbsp; (32045) |
| SPDR S&P 500 ETF Trust | &nbsp;&nbsp; 16 | &nbsp;&nbsp; (1097584) | &nbsp;&nbsp; 685 | 3/27/2026 | &nbsp;&nbsp; (18736) |
| **Total options written (premium received $7,252,001)** | **Total options written (premium received $7,252,001)** | **Total options written (premium received $7,252,001)** | **Total options written (premium received $7,252,001)** | **Total options written (premium received $7,252,001)** | &nbsp;&nbsp; **$(5592008)** |

---

For the six months ended February 28, 2026, the average market value for the months where the Fund had options written outstanding was $(3,856,623). At February 28, 2026, the Fund had securities pledged in the amount of $101,092,127 to cover collateral requirements for options written.

The following is a summary, categorized by Level (see Note A of the Notes to Financial Statements), of inputs used to value the Fund's investments as of February 28, 2026:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Asset Valuation Inputs** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Investments: |  |  |  |  |
| U.S. Treasury Obligations | $— | $427160851 | $— | $427160851 |
| Short-Term Investments |  | 13479842 |  | 13479842 |
| **Total Investments** | **$—** | **$440640693** | **$—** | **$440640693** |

---

The following is a summary, categorized by Level (see Note A of the Notes to Financial Statements), of inputs used to value the Fund's derivatives as of February 28, 2026:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Other Financial Instruments** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Options Written |  |  |  |  |
| Liabilities | $(5592008)<br>| $— | $— | $(5592008)<br>|
| **Total** | **$(5592008)**<br>| **$—** | **$—** | **$(5592008)**<br>|

---

^ A balance indicated with a "—", reflects either a zero balance or an amount that rounds to less than 1.

See Notes to Financial Statements

------

![](img9d39500a4.gif)

Schedule of Investments Small-Mid Cap ETF^ (Unaudited) February 28, 2026

---

| | | |
|:---|:---|:---|
| Number of Shares | Number of Shares | Value |
| **Common Stocks 93.8%** | **Common Stocks 93.8%** | **Common Stocks 93.8%** |
| **Aerospace & Defense 0.8%** | **Aerospace & Defense 0.8%** | **Aerospace & Defense 0.8%** |
| 7956 | VSE Corp. | &nbsp;&nbsp; **$1806569** |
| **Banks 6.5%** | **Banks 6.5%** | **Banks 6.5%** |
| 73298 | &nbsp;&nbsp; Community Financial System, <br> Inc.<br>| &nbsp;&nbsp; 4438194 |
| 48325 | Glacier Bancorp, Inc. | &nbsp;&nbsp; 2198304 |
| 57536 | Prosperity Bancshares, Inc. | &nbsp;&nbsp; 4048809 |
| 33915 | UMB Financial Corp. | &nbsp;&nbsp; 3930070 |
|  |  | &nbsp;&nbsp; **14615377** |
| **Building Products 3.2%** | **Building Products 3.2%** | **Building Products 3.2%** |
| 22834 | &nbsp;&nbsp; Armstrong World Industries, <br> Inc.<br>| &nbsp;&nbsp; 3961699 |
| 17066 | &nbsp;&nbsp; Simpson Manufacturing Co., <br> Inc.<br>| &nbsp;&nbsp; 3303466 |
|  |  | &nbsp;&nbsp; **7265165** |
| **Capital Markets 1.5%** | **Capital Markets 1.5%** | **Capital Markets 1.5%** |
| 18099 | MarketAxess Holdings, Inc. | &nbsp;&nbsp; **3475008** |
| **Commercial Services & Supplies 3.3%** | **Commercial Services & Supplies 3.3%** | **Commercial Services & Supplies 3.3%** |
| 57061 | Brady Corp. Class A | &nbsp;&nbsp; 5269013 |
| 24748 | &nbsp;&nbsp; Casella Waste Systems, Inc. <br> Class A<sup>\*</sup><br>| &nbsp;&nbsp; 2305523 |
|  |  | &nbsp;&nbsp; **7574536** |
| **Construction & Engineering 4.4%** | **Construction & Engineering 4.4%** | **Construction & Engineering 4.4%** |
| 38639 | Arcosa, Inc. | &nbsp;&nbsp; 4152920 |
| 12660 | Valmont Industries, Inc. | &nbsp;&nbsp; 5822714 |
|  |  | &nbsp;&nbsp; **9975634** |
| **Consumer Staples Distribution & Retail 1.7%** | **Consumer Staples Distribution & Retail 1.7%** | **Consumer Staples Distribution & Retail 1.7%** |
| 5449 | Casey's General Stores, Inc. | &nbsp;&nbsp; **3735780** |
| **Containers & Packaging 2.1%** | **Containers & Packaging 2.1%** | **Containers & Packaging 2.1%** |
| 32814 | AptarGroup, Inc. | &nbsp;&nbsp; **4715700** |
| **Diversified Consumer Services 1.0%** | **Diversified Consumer Services 1.0%** | **Diversified Consumer Services 1.0%** |
| 31318 | &nbsp;&nbsp; Bright Horizons Family <br> Solutions, Inc.<sup>\*</sup><br>| &nbsp;&nbsp; **2333817** |
| **Electric Utilities 2.1%** | **Electric Utilities 2.1%** | **Electric Utilities 2.1%** |
| 50964 | Alliant Energy Corp. | &nbsp;&nbsp; 3686736 |
| 7962 | IDACORP, Inc. | &nbsp;&nbsp; 1146289 |
|  |  | &nbsp;&nbsp; **4833025** |
| **Electronic Equipment, Instruments & Components 2.7%** | **Electronic Equipment, Instruments & Components 2.7%** | **Electronic Equipment, Instruments & Components 2.7%** |
| 7598 | Badger Meter, Inc. | &nbsp;&nbsp; 1158163 |
| 14123 | Littelfuse, Inc. | &nbsp;&nbsp; 4977793 |
|  |  | &nbsp;&nbsp; **6135956** |

---

---

| | | |
|:---|:---|:---|
| Number of Shares | Number of Shares | Value |
| **Energy Equipment & Services 2.6%** | **Energy Equipment & Services 2.6%** | **Energy Equipment & Services 2.6%** |
| 73969 | Tidewater, Inc.<sup>\*</sup> | &nbsp;&nbsp; **$5874618** |
| **Financial Services 1.7%** | **Financial Services 1.7%** | **Financial Services 1.7%** |
| 23544 | Jack Henry & Associates, Inc. | &nbsp;&nbsp; **3824958** |
| **Gas Utilities 2.0%** | **Gas Utilities 2.0%** | **Gas Utilities 2.0%** |
| 122461 | UGI Corp. | &nbsp;&nbsp; **4581266** |
| **Ground Transportation 1.2%** | **Ground Transportation 1.2%** | **Ground Transportation 1.2%** |
| 6417 | Saia, Inc.<sup>\*</sup> | &nbsp;&nbsp; **2601388** |
| **Health Care Equipment & Supplies 1.3%** | **Health Care Equipment & Supplies 1.3%** | **Health Care Equipment & Supplies 1.3%** |
| 47114 | Haemonetics Corp.<sup>\*</sup> | &nbsp;&nbsp; **2983258** |
| **Health Care Providers & Services 0.0%**<sup>‡</sup> | **Health Care Providers & Services 0.0%**<sup>‡</sup> | **Health Care Providers & Services 0.0%**<sup>‡</sup> |
| 42 | Chemed Corp. | &nbsp;&nbsp; **17220** |
| **Hotels, Restaurants & Leisure 1.2%** | **Hotels, Restaurants & Leisure 1.2%** | **Hotels, Restaurants & Leisure 1.2%** |
| 14382 | Texas Roadhouse, Inc. | &nbsp;&nbsp; **2630036** |
| **Insurance 7.1%** | **Insurance 7.1%** | **Insurance 7.1%** |
| 263739 | Hagerty, Inc. Class A<sup>\*</sup> | &nbsp;&nbsp; 3096296 |
| 84297 | Ryan Specialty Holdings, Inc. | &nbsp;&nbsp; 3317087 |
| 64052 | &nbsp;&nbsp; Stewart Information Services <br> Corp.<br>| &nbsp;&nbsp; 4547051 |
| 2258 | &nbsp;&nbsp; White Mountains Insurance <br> Group Ltd.<br>| &nbsp;&nbsp; 5013912 |
|  |  | &nbsp;&nbsp; **15974346** |
| **Life Sciences Tools & Services 3.7%** | **Life Sciences Tools & Services 3.7%** | **Life Sciences Tools & Services 3.7%** |
| 60483 | Bio-Techne Corp. | &nbsp;&nbsp; 3568497 |
| 29907 | Revvity, Inc. | &nbsp;&nbsp; 2940157 |
| 121891 | Stevanato Group SpA | &nbsp;&nbsp; 1891748 |
|  |  | &nbsp;&nbsp; **8400402** |
| **Machinery 16.3%** | **Machinery 16.3%** | **Machinery 16.3%** |
| 19508 | Crane Co. | &nbsp;&nbsp; 3911939 |
| 96833 | Enerpac Tool Group Corp. | &nbsp;&nbsp; 3950786 |
| 23980 | Esab Corp. | &nbsp;&nbsp; 3025557 |
| 187713 | Gates Industrial Corp. PLC<sup>\*</sup> | &nbsp;&nbsp; 5175247 |
| 21701 | ITT, Inc. | &nbsp;&nbsp; 4392499 |
| 11629 | Lincoln Electric Holdings, Inc. | &nbsp;&nbsp; 3338105 |
| 8641 | RBC Bearings, Inc.<sup>\*</sup> | &nbsp;&nbsp; 4976525 |
| 4500 | Standex International Corp. | &nbsp;&nbsp; 1179000 |
| 44646 | Toro Co. | &nbsp;&nbsp; 4413704 |
| 7856 | &nbsp;&nbsp; Watts Water Technologies, <br> Inc. Class A<br>| &nbsp;&nbsp; 2582581 |
|  |  | &nbsp;&nbsp; **36945943** |
| **Marine Transportation 2.3%** | **Marine Transportation 2.3%** | **Marine Transportation 2.3%** |
| 39349 | Kirby Corp.<sup>\*</sup> | &nbsp;&nbsp; **5107500** |

---

See Notes to Financial Statements

------

![](img9d39500a4.gif)

Schedule of Investments Small-Mid Cap ETF^ (Unaudited) (cont'd)

---

| | | |
|:---|:---|:---|
| Number of Shares | Number of Shares | Value |
| **Media 2.5%** | **Media 2.5%** | **Media 2.5%** |
| 70140 | &nbsp;&nbsp; John Wiley & Sons, Inc. <br> Class A<br>| &nbsp;&nbsp; $2175743 |
| 14294 | &nbsp;&nbsp; Nexstar Media Group, Inc. <br> Class A<br>| &nbsp;&nbsp; 3588080 |
|  |  | &nbsp;&nbsp; **5763823** |
| **Oil, Gas & Consumable Fuels 3.4%** | **Oil, Gas & Consumable Fuels 3.4%** | **Oil, Gas & Consumable Fuels 3.4%** |
| 115097 | CNX Resources Corp.<sup>\*</sup> | &nbsp;&nbsp; 4808753 |
| 63927 | Viper Energy, Inc. Class A | &nbsp;&nbsp; 2975162 |
|  |  | &nbsp;&nbsp; **7783915** |
| **Professional Services 1.0%** | **Professional Services 1.0%** | **Professional Services 1.0%** |
| 28246 | UL Solutions, Inc. Class A | &nbsp;&nbsp; **2371817** |
| **Real Estate Management & Development 2.9%** | **Real Estate Management & Development 2.9%** | **Real Estate Management & Development 2.9%** |
| 25664 | &nbsp;&nbsp; Colliers International Group, <br> Inc.<br>| &nbsp;&nbsp; 3047087 |
| 22769 | FirstService Corp. | &nbsp;&nbsp; 3587711 |
|  |  | &nbsp;&nbsp; **6634798** |
| **Semiconductors & Semiconductor Equipment 6.7%** | **Semiconductors & Semiconductor Equipment 6.7%** | **Semiconductors & Semiconductor Equipment 6.7%** |
| 28397 | Entegris, Inc. | &nbsp;&nbsp; 3761183 |
| 38355 | Lattice Semiconductor Corp.<sup>\*</sup> | &nbsp;&nbsp; 3667505 |
| 17667 | MKS, Inc. | &nbsp;&nbsp; 4318875 |
| 71947 | Power Integrations, Inc. | &nbsp;&nbsp; 3447700 |
|  |  | &nbsp;&nbsp; **15195263** |
| **Software 5.0%** | **Software 5.0%** | **Software 5.0%** |
| 209607 | &nbsp;&nbsp; CCC Intelligent Solutions <br> Holdings, Inc.<sup>\*</sup><br>| &nbsp;&nbsp; 1222009 |
| 1456 | Fair Isaac Corp.<sup>\*</sup> | &nbsp;&nbsp; 2052028 |

---

---

| | | |
|:---|:---|:---|
| Number of Shares | Number of Shares | Value |
| **Software – cont'd** | **Software – cont'd** | **Software – cont'd** |
| 21957 | Manhattan Associates, Inc.<sup>\*</sup> | &nbsp;&nbsp; $2973637 |
| 31214 | SPS Commerce, Inc.<sup>\*</sup> | &nbsp;&nbsp; 1763903 |
| 9021 | Tyler Technologies, Inc.<sup>\*</sup> | &nbsp;&nbsp; 3199658 |
|  |  | &nbsp;&nbsp; **11211235** |
| **Specialty Retail 0.7%** | **Specialty Retail 0.7%** | **Specialty Retail 0.7%** |
| 3816 | Murphy USA, Inc. | &nbsp;&nbsp; **1491064** |
| **Trading Companies & Distributors 1.3%** | **Trading Companies & Distributors 1.3%** | **Trading Companies & Distributors 1.3%** |
| 53545 | Core & Main, Inc. Class A<sup>\*</sup> | &nbsp;&nbsp; **2899997** |
| **Water Utilities 1.6%** | **Water Utilities 1.6%** | **Water Utilities 1.6%** |
| 47715 | American States Water Co. | &nbsp;&nbsp; **3556199** |
| **Total Common Stocks (Cost $197,640,705)** | **Total Common Stocks (Cost $197,640,705)** | &nbsp;&nbsp; **212315613** |
| **Short-Term Investments 6.0%** | **Short-Term Investments 6.0%** | **Short-Term Investments 6.0%** |
| **Investment Companies 6.0%** | **Investment Companies 6.0%** | **Investment Companies 6.0%** |
| 13495255 | &nbsp;&nbsp; State Street Institutional <br> Treasury Money Market Fund <br> Premier Class, 3.61%<sup>(a)</sup> <br>**(Cost $13,495,255)**<br>| &nbsp;&nbsp; **13495255** |
| **Total Investments 99.8%** <br> **(Cost $211,135,960)** | **Total Investments 99.8%** <br> **(Cost $211,135,960)** | &nbsp;&nbsp; **225810868** |
| Other Assets Less Liabilities 0.2% | Other Assets Less Liabilities 0.2% | &nbsp;&nbsp; 406850 |
| **Net Assets 100.0%** | **Net Assets 100.0%** | &nbsp;&nbsp; **$226217718** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;‡ Represents less than 0.05% of net assets of the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* Non-income producing security. <br> (a) Represents 7-day effective yield as of February 28, 2026.

The following is a summary, categorized by Level (see Note A of the Notes to Financial Statements), of inputs used to value the Fund's investments as of February 28, 2026:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Asset Valuation Inputs** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Investments: |  |  |  |  |
| Common Stocks<sup>#</sup> <br>| $212315613 | $— | $— | $212315613 |
| Short-Term Investments |  | 13495255 |  | 13495255 |
| **Total Investments** | **$212315613** | **$13495255** | **$—** | **$225810868** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

# The Schedule of Investments provides information on the industry or sector categorization.

^ A balance indicated with a "—", reflects either a zero balance or an amount that rounds to less than 1.

See Notes to Financial Statements

------

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------

![](img9d39500a4.gif)

Statements of Assets and Liabilities (Unaudited)

**Neuberger Berman ETF Trust**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
|  | **China** <br>**Equity ETF**<br>| **Commodity** <br>**Strategy ETF**<sup>\*\*</sup><br>| **Core** <br>**Equity ETF**<br>|
|  | **February 28, 2026** | **February 28, 2026** | **February 28, 2026** |
| **Assets** |  |  |  |
| Investments in securities, at value<sup>\*†</sup> (Note A)— <br>see Schedule of Investments:<br>|  |  |  |
| Unaffiliated issuers<sup>(a)</sup> | &nbsp;&nbsp; $16154496 | &nbsp;&nbsp; $317817280 | &nbsp;&nbsp; $881029428 |
| Cash | &nbsp;&nbsp; — | &nbsp;&nbsp; 582254 | &nbsp;&nbsp; — |
| Foreign currency<sup>(b)</sup> | &nbsp;&nbsp; 3813 | &nbsp;&nbsp; — | &nbsp;&nbsp; 346 |
| Cash collateral segregated for futures contracts (Note A) | &nbsp;&nbsp; — | &nbsp;&nbsp; 7012891 | &nbsp;&nbsp; — |
| Dividends and interest receivable | &nbsp;&nbsp; 1398 | &nbsp;&nbsp; 1256058 | &nbsp;&nbsp; 794863 |
| Receivable for securities sold | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 9158003 |
| Receivable for accumulated variation margin on futures contracts <br> (Note A)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; 27606428 | &nbsp;&nbsp; — |
| Receivable from Management—net (Note B) | &nbsp;&nbsp; 17060 | &nbsp;&nbsp; 34848 | &nbsp;&nbsp; — |
| Receivable for Fund shares sold | &nbsp;&nbsp; — | &nbsp;&nbsp; 6289025 | &nbsp;&nbsp; — |
| Receivable for securities lending income (Note A) | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Prepaid expenses and other assets | &nbsp;&nbsp; 38 | &nbsp;&nbsp; 1089 | &nbsp;&nbsp; 2523 |
| Total Assets | &nbsp;&nbsp; 16176805 | &nbsp;&nbsp; 360599873 | &nbsp;&nbsp; 890985163 |
| **Liabilities** |  |  |  |
| Payable to investment manager—net (Note B) | &nbsp;&nbsp; 7047 | &nbsp;&nbsp; 124629 | &nbsp;&nbsp; 136132 |
| Option contracts written, at value<sup>(c)</sup> (Note A) | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Payable for securities purchased | &nbsp;&nbsp; — | &nbsp;&nbsp; 8484248 | &nbsp;&nbsp; 9909412 |
| Payable to administrator—net (Note B) | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 24434 |
| Payable to trustees | &nbsp;&nbsp; 7925 | &nbsp;&nbsp; 10397 | &nbsp;&nbsp; 10342 |
| Payable for audit fees | &nbsp;&nbsp; 16052 | &nbsp;&nbsp; 37318 | &nbsp;&nbsp; 20210 |
| Payable for custodian and accounting fees | &nbsp;&nbsp; 8888 | &nbsp;&nbsp; 7638 | &nbsp;&nbsp; 4908 |
| Payable for shareholder reports | &nbsp;&nbsp; 7261 | &nbsp;&nbsp; 11820 | &nbsp;&nbsp; 2045 |
| Payable for legal fees | &nbsp;&nbsp; 33147 | &nbsp;&nbsp; 23769 | &nbsp;&nbsp; 14094 |
| Payable for organization costs | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Other accrued expenses and payables | &nbsp;&nbsp; 3880 | &nbsp;&nbsp; 20796 | &nbsp;&nbsp; 6570 |
| Total Liabilities | &nbsp;&nbsp; 84200 | &nbsp;&nbsp; 8720615 | &nbsp;&nbsp; 10128147 |
| Net Assets  | &nbsp;&nbsp; $16092605 | &nbsp;&nbsp; $351879258 | &nbsp;&nbsp; $880857016 |
| **Net Assets consist of:** |  |  |  |
| Paid-in capital | &nbsp;&nbsp; $30651906 | &nbsp;&nbsp; $412914812 | &nbsp;&nbsp; $760162229 |
| Total distributable earnings/(losses) | &nbsp;&nbsp; (14559301)<br>| &nbsp;&nbsp; (61035554)<br>| &nbsp;&nbsp; 120694787 |
| Net Assets  | &nbsp;&nbsp; $16092605 | &nbsp;&nbsp; $351879258 | &nbsp;&nbsp; $880857016 |
| **Shares Outstanding ($0.001 par value; unlimited shares** <br> **authorized)**<br>| &nbsp;&nbsp; 436994 | &nbsp;&nbsp; 13988076 | &nbsp;&nbsp; 28013210 |
| **Net Asset Value, offering and redemption price per share** | &nbsp;&nbsp; $36.83 | &nbsp;&nbsp; $25.16 | &nbsp;&nbsp; $31.44 |
| **†Securities on loan, at value:** |  |  |  |
| Unaffiliated issuers | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— |
| **\*Cost of Investments:** |  |  |  |
| (a) Unaffiliated issuers | &nbsp;&nbsp; $13388319 | &nbsp;&nbsp; $317505540 | &nbsp;&nbsp; $793452671 |
| (b) Total cost of foreign currency | &nbsp;&nbsp; $8010 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $344 |
| (c) Premium received from option contracts written | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<br> \*\* Consolidated financial statement, see Note A of the Notes to Financial Statements for additional information.

See Notes to Financial Statements

------

![](img9d39500a4.gif)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Disrupters ETF** | **Growth ETF** | **Japan** <br>**Equity ETF**<br>| **Option Strategy ETF** | **Small-Mid Cap ETF** |
| **February 28, 2026** | **February 28, 2026** | **February 28, 2026** | **February 28, 2026** | **February 28, 2026** |
| $27418531 | &nbsp;&nbsp;&nbsp;&nbsp; $13445082 | &nbsp;&nbsp;&nbsp;&nbsp; $124357470 | &nbsp;&nbsp;&nbsp;&nbsp; $440640693 | &nbsp;&nbsp;&nbsp;&nbsp; $225810868 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 22507 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| 4162 | &nbsp;&nbsp;&nbsp;&nbsp; 9597 | &nbsp;&nbsp;&nbsp;&nbsp; 51321 | &nbsp;&nbsp;&nbsp;&nbsp; 6264034 | &nbsp;&nbsp;&nbsp;&nbsp; 127855 |
| 388977 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2387588 | &nbsp;&nbsp;&nbsp;&nbsp; 2323688 | &nbsp;&nbsp;&nbsp;&nbsp; 1834243 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; 14509 | &nbsp;&nbsp;&nbsp;&nbsp; 22469 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2006 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; 35 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — |
|  | &nbsp;&nbsp;&nbsp;&nbsp; 49 | &nbsp;&nbsp;&nbsp;&nbsp; 124 | &nbsp;&nbsp;&nbsp;&nbsp; 2286 | &nbsp;&nbsp;&nbsp;&nbsp; 747 |
| 27811670 | &nbsp;&nbsp;&nbsp;&nbsp; 13469272 | &nbsp;&nbsp;&nbsp;&nbsp; 126818972 | &nbsp;&nbsp;&nbsp;&nbsp; 449253208 | &nbsp;&nbsp;&nbsp;&nbsp; 227775719 |
| 11528 | &nbsp;&nbsp;&nbsp;&nbsp; 3508 | &nbsp;&nbsp;&nbsp;&nbsp; 30778 | &nbsp;&nbsp;&nbsp;&nbsp; 138394 | &nbsp;&nbsp;&nbsp;&nbsp; 85216 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 5592008 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| 424609 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1335059 | &nbsp;&nbsp;&nbsp;&nbsp; 981914 | &nbsp;&nbsp;&nbsp;&nbsp; 1381504 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 18576 | &nbsp;&nbsp;&nbsp;&nbsp; — |
|  | &nbsp;&nbsp;&nbsp;&nbsp; 10336 | &nbsp;&nbsp;&nbsp;&nbsp; 7893 | &nbsp;&nbsp;&nbsp;&nbsp; 10432 | &nbsp;&nbsp;&nbsp;&nbsp; 10376 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; 15655 | &nbsp;&nbsp;&nbsp;&nbsp; 16300 | &nbsp;&nbsp;&nbsp;&nbsp; 22956 | &nbsp;&nbsp;&nbsp;&nbsp; 15878 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; 9005 | &nbsp;&nbsp;&nbsp;&nbsp; 6799 | &nbsp;&nbsp;&nbsp;&nbsp; 11481 | &nbsp;&nbsp;&nbsp;&nbsp; 9688 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; 3980 | &nbsp;&nbsp;&nbsp;&nbsp; 4065 | &nbsp;&nbsp;&nbsp;&nbsp; 6667 | &nbsp;&nbsp;&nbsp;&nbsp; 3716 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; 25264 | &nbsp;&nbsp;&nbsp;&nbsp; 19700 | &nbsp;&nbsp;&nbsp;&nbsp; 36079 | &nbsp;&nbsp;&nbsp;&nbsp; 16040 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 25031 |
| 58 | &nbsp;&nbsp;&nbsp;&nbsp; 9529 | &nbsp;&nbsp;&nbsp;&nbsp; 6122 | &nbsp;&nbsp;&nbsp;&nbsp; 17231 | &nbsp;&nbsp;&nbsp;&nbsp; 10552 |
| 436195 | &nbsp;&nbsp;&nbsp;&nbsp; 77277 | &nbsp;&nbsp;&nbsp;&nbsp; 1426716 | &nbsp;&nbsp;&nbsp;&nbsp; 6835738 | &nbsp;&nbsp;&nbsp;&nbsp; 1558001 |
| $27375475 | &nbsp;&nbsp;&nbsp;&nbsp; $13391995 | &nbsp;&nbsp;&nbsp;&nbsp; $125392256 | &nbsp;&nbsp;&nbsp;&nbsp; $442417470 | &nbsp;&nbsp;&nbsp;&nbsp; $226217718 |
| $23994805 | &nbsp;&nbsp;&nbsp;&nbsp; $12325083 | &nbsp;&nbsp;&nbsp;&nbsp; $104790923 | &nbsp;&nbsp;&nbsp;&nbsp; $427022936 | &nbsp;&nbsp;&nbsp;&nbsp; $220792021 |
| 3380670 | &nbsp;&nbsp;&nbsp;&nbsp; 1066912 | &nbsp;&nbsp;&nbsp;&nbsp; 20601333 | &nbsp;&nbsp;&nbsp;&nbsp; 15394534 | &nbsp;&nbsp;&nbsp;&nbsp; 5425697 |
| $27375475 | &nbsp;&nbsp;&nbsp;&nbsp; $13391995 | &nbsp;&nbsp;&nbsp;&nbsp; $125392256 | &nbsp;&nbsp;&nbsp;&nbsp; $442417470 | &nbsp;&nbsp;&nbsp;&nbsp; $226217718 |
| 854000 | &nbsp;&nbsp;&nbsp;&nbsp; 500001 | &nbsp;&nbsp;&nbsp;&nbsp; 3450001 | &nbsp;&nbsp;&nbsp;&nbsp; 16073476 | &nbsp;&nbsp;&nbsp;&nbsp; 8400001 |
| $32.06 | &nbsp;&nbsp;&nbsp;&nbsp; $26.78 | &nbsp;&nbsp;&nbsp;&nbsp; $36.35 | &nbsp;&nbsp;&nbsp;&nbsp; $27.52 | &nbsp;&nbsp;&nbsp;&nbsp; $26.93 |
| $— | &nbsp;&nbsp;&nbsp;&nbsp; $145459 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— |
| $23462958 | &nbsp;&nbsp;&nbsp;&nbsp; $12103846 | &nbsp;&nbsp;&nbsp;&nbsp; $103754770 | &nbsp;&nbsp;&nbsp;&nbsp; $439835599 | &nbsp;&nbsp;&nbsp;&nbsp; $211135960 |
| $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— |
| $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $7252001 | &nbsp;&nbsp;&nbsp;&nbsp; $— |

---

------

![](img9d39500a4.gif)

Statements of Operations (Unaudited)

**Neuberger Berman ETF Trust** 

---

| | | | |
|:---|:---|:---|:---|
|  | **China** <br>**Equity ETF**<br>| **Commodity** <br>**Strategy ETF**<sup>\*\*</sup><br>| **Core** <br>**Equity ETF**<br>|
|  | **For the Six** <br>**Months Ended** <br>**February 28,** <br>**2026**<br>| **For the Six** <br>**Months Ended** <br>**February 28,** <br>**2026**<br>| **For the Six** <br>**Months Ended** <br>**February 28,** <br>**2026**<br>|
| **Investment Income:** |  |  |  |
| Income (Note A): |  |  |  |
| Dividend income—unaffiliated issuers | &nbsp;&nbsp; $49271 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $3453061 |
| Interest income—unaffiliated issuers | &nbsp;&nbsp; 5032 | &nbsp;&nbsp; 5945933 | &nbsp;&nbsp; 26726 |
| Income from securities loaned—net | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Foreign taxes withheld | &nbsp;&nbsp; (4379)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (4124)<br>|
| Total income  | &nbsp;&nbsp; $49924 | &nbsp;&nbsp; $5945933 | &nbsp;&nbsp; $3475663 |
| **Expenses:** |  |  |  |
| Investment management fees (Note B) | &nbsp;&nbsp; 28922 | &nbsp;&nbsp; 721064 | &nbsp;&nbsp; 967424 |
| Administration fees (Note B) | &nbsp;&nbsp; 4338 | &nbsp;&nbsp; 130750 | &nbsp;&nbsp; 290227 |
| Transfer agent fees | &nbsp;&nbsp; 5951 | &nbsp;&nbsp; 5951 | &nbsp;&nbsp; 5951 |
| Audit fees | &nbsp;&nbsp; 14272 | &nbsp;&nbsp; 26208 | &nbsp;&nbsp; 10807 |
| Subsidiary administration fees | &nbsp;&nbsp; — | &nbsp;&nbsp; 20663 | &nbsp;&nbsp; — |
| Custodian and accounting fees | &nbsp;&nbsp; 19666 | &nbsp;&nbsp; 44684 | &nbsp;&nbsp; 34568 |
| Insurance | &nbsp;&nbsp; 96 | &nbsp;&nbsp; 3227 | &nbsp;&nbsp; 4506 |
| Legal fees | &nbsp;&nbsp; 54663 | &nbsp;&nbsp; 52376 | &nbsp;&nbsp; 34378 |
| Registration and filing fees | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 13932 |
| Shareholder reports | &nbsp;&nbsp; 391 | &nbsp;&nbsp; 8697 | &nbsp;&nbsp; 859 |
| Stock exchange listing fees | &nbsp;&nbsp; 3091 | &nbsp;&nbsp; 3091 | &nbsp;&nbsp; 3016 |
| Trustees' fees and expenses | &nbsp;&nbsp; 26524 | &nbsp;&nbsp; 29398 | &nbsp;&nbsp; 29107 |
| Miscellaneous and other fees (Note A) | &nbsp;&nbsp; 3531 | &nbsp;&nbsp; 11487 | &nbsp;&nbsp; 8890 |
| Total expenses | &nbsp;&nbsp; 161445 | &nbsp;&nbsp; 1057596 | &nbsp;&nbsp; 1403665 |
| Expenses reimbursed by Management (Note B) | &nbsp;&nbsp; (125637)<br>| &nbsp;&nbsp; (125037)<br>| &nbsp;&nbsp; (140320)<br>|
| Investment management fees waived (Note B) | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (322474)<br>|
| Total net expenses | &nbsp;&nbsp; 35808 | &nbsp;&nbsp; 932559 | &nbsp;&nbsp; 940871 |
| Net investment income/(loss) | &nbsp;&nbsp; $14116 | &nbsp;&nbsp; $5013374 | &nbsp;&nbsp; $2534792 |
| **Realized and Unrealized Gain/(Loss) on Investments (Note A):** |  |  |  |
| **Net realized gain/(loss) on:** |  |  |  |
| Transactions in investment securities of unaffiliated issuers | &nbsp;&nbsp; 509006 | &nbsp;&nbsp; 119750 | &nbsp;&nbsp; (2382671)<br>|
| Redemption in-kind | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 35838693 |
| Settlement of foreign currency transactions | &nbsp;&nbsp; (2281)<br>| &nbsp;&nbsp; 14 | &nbsp;&nbsp; (8)<br>|
| Expiration or closing of futures contracts | &nbsp;&nbsp; — | &nbsp;&nbsp; 23311306 | &nbsp;&nbsp; — |
| Expiration or closing of option contracts written | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| **Change in net unrealized appreciation/(depreciation) in value of:** |  |  |  |
| Investment securities of unaffiliated issuers | &nbsp;&nbsp; 1295971 | &nbsp;&nbsp; 2711 | &nbsp;&nbsp; (12073118)<br>|
| Foreign currency translations | &nbsp;&nbsp; (6138)<br>| &nbsp;&nbsp; 824 | &nbsp;&nbsp; 9285 |
| Futures contracts | &nbsp;&nbsp; — | &nbsp;&nbsp; 23629954 | &nbsp;&nbsp; — |
| Option contracts written | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Net gain/(loss) on investments | &nbsp;&nbsp; 1796558 | &nbsp;&nbsp; 47064559 | &nbsp;&nbsp; 21392181 |
| Net increase/(decrease) in net assets resulting from operations | &nbsp;&nbsp; $1810674 | &nbsp;&nbsp; $52077933 | &nbsp;&nbsp; $23926973 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<br> \*\* Consolidated financial statement, see Note A of the Notes to Financial Statements for additional information.

See Notes to Financial Statements

------

![](img9d39500a4.gif)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Disrupters ETF** | **Growth ETF** | **Japan** <br>**Equity ETF**<br>| **Option Strategy ETF** | **Small-Mid Cap ETF** |
| **For the Six** <br>**Months Ended** <br>**February 28,** <br>**2026**<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **For the Six** <br>**Months Ended** <br>**February 28,** <br>**2026**<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **For the Six** <br>**Months Ended** <br>**February 28,** <br>**2026**<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **For the Six** <br>**Months Ended** <br>**February 28,** <br>**2026**<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **For the Six** <br>**Months Ended** <br>**February 28,** <br>**2026**<br>|
| $55248 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $40989 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $451429 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $897879 |
| 13659 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2061 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16189 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8987747 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 83290 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 82 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| (449)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (324)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (40393)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1950)<br>|
| $68458 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $42808 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $427225 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $8987747 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $979219 |
| 92431 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 167782 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 908955 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 496135 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5764 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25167 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 199527 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 87553 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5951 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5951 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5951 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5951 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14665 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14520 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 21175 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14887 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 18130 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 24916 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 39200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 18331 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 147 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 371 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6782 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2217 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 17439 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 37334 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 45398 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 34191 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1247 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3494 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 913 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 763 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10480 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2675 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3092 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3092 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3093 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6574 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 28940 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 26530 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 29770 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 29280 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3370 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2997 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12327 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6047 |
| 92431 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 129758 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 312917 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1282658 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 703841 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (93704)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (119517)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (57166)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (79266)<br>|
| (14220)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (8325)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (55927)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| 78211 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 27729 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 137473 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1225492 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 624575 |
| $(9753)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $15079 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $289752 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $7762255 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $354644 |
| 80733 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (190166)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1148498 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (796719)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (5233064)<br>|
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1214628 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (19352)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 29387891 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| (2177271)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (9337)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15712159 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (96858)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12378756 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1198 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 114942 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| (2096538)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (199503)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16842503 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 28609256 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8360320 |
| $(2106291)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $(184424)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $17132255 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $36371511 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $8714964 |

---

------

![](img9d39500a4.gif)

Statements of Changes in Net Assets

**Neuberger Berman ETF Trust**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **China** <br>**Equity ETF** | **China** <br>**Equity ETF** | **Commodity** <br>**Strategy ETF**<sup>\*</sup> | **Commodity** <br>**Strategy ETF**<sup>\*</sup> |
|  | **Six Months** <br>**Ended**<br>| **Fiscal Year** <br>**Ended**<br>| **Six Months** <br>**Ended**<br>| **Fiscal Year** <br>**Ended**<br>|
|  | **February 28,** <br>**2026** <br>**(Unaudited)**<br>| **August 31,** <br>**2025**<br>| **February 28,** <br>**2026** <br>**(Unaudited)**<br>| **August 31,** <br>**2025**<br>|
| **Increase/(Decrease) in Net Assets:** |  |  |  |  |
| **From Operations (Note A):** |  |  |  |  |
| Net investment income/(loss) | &nbsp;&nbsp; $14116 | &nbsp;&nbsp; $100648 | &nbsp;&nbsp; $5013374 | &nbsp;&nbsp; $9016482 |
| Net realized gain/(loss) on investments | &nbsp;&nbsp; 506725 | &nbsp;&nbsp; 570676 | &nbsp;&nbsp; 23431070 | &nbsp;&nbsp; 15197281 |
| Net increase from payments by affiliates (Note B) | &nbsp;&nbsp; — | &nbsp;&nbsp; 3342 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Change in net unrealized appreciation/(depreciation) of investments | &nbsp;&nbsp; 1289833 | &nbsp;&nbsp; 1428437 | &nbsp;&nbsp; 23633489 | &nbsp;&nbsp; 4560071 |
| Net increase/(decrease) in net assets resulting from operations | &nbsp;&nbsp; 1810674 | &nbsp;&nbsp; 2103103 | &nbsp;&nbsp; 52077933 | &nbsp;&nbsp; 28773834 |
| **Distributions to Shareholders From (Note A):** |  |  |  |  |
| Distributable earnings | &nbsp;&nbsp; (127224)<br>| &nbsp;&nbsp; (69534)<br>| &nbsp;&nbsp; (23603973)<br>| &nbsp;&nbsp; (9842279)<br>|
| **From Fund Share Transactions (Note D):** |  |  |  |  |
| Proceeds from shares sold | &nbsp;&nbsp; 7060322 | &nbsp;&nbsp; — | &nbsp;&nbsp; 72919679 | &nbsp;&nbsp; 76831478 |
| Proceeds from shares issued in connection with tax-free <br> reorganization<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Payments for shares redeemed | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (3045438)<br>| &nbsp;&nbsp; (69970143)<br>|
| Net increase/(decrease) from Fund share transactions | &nbsp;&nbsp; 7060322 | &nbsp;&nbsp; — | &nbsp;&nbsp; 69874241 | &nbsp;&nbsp; 6861335 |
| **Net Increase/(Decrease) in Net Assets** | &nbsp;&nbsp; 8743772 | &nbsp;&nbsp; 2033569 | &nbsp;&nbsp; 98348201 | &nbsp;&nbsp; 25792890 |
| **Net Assets:** |  |  |  |  |
| Beginning of period  | &nbsp;&nbsp; 7348833 | &nbsp;&nbsp; 5315264 | &nbsp;&nbsp; 253531057 | &nbsp;&nbsp; 227738167 |
| End of period | &nbsp;&nbsp; $16092605 | &nbsp;&nbsp; $7348833 | &nbsp;&nbsp; $351879258 | &nbsp;&nbsp; $253531057 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<br> \* Consolidated financial statement, see Note A of the Notes to Financial Statements for additional information.

See Notes to Financial Statements

------

![](img9d39500a4.gif)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Core** <br>**Equity ETF** | **Core** <br>**Equity ETF** | **Disrupters ETF** | **Disrupters ETF** | **Growth ETF** | **Growth ETF** | **Japan** <br>**Equity ETF** | **Japan** <br>**Equity ETF** |
| **Six Months** <br>**Ended**<br>| **Fiscal Year** <br>**Ended**<br>| **Six Months** <br>**Ended**<br>| **Fiscal Year** <br>**Ended**<br>| **Six Months** <br>**Ended**<br>| **Period from** <br>**December 18, 2024** <br>**(Commencement** <br>**of Operations) to**<br>| **Six Months** <br>**Ended**<br>| **Period from** <br>**September 11, 2024** <br>**(Commencement** <br>**of Operations) to**<br>|
| **February 28,** <br>**2026** <br>**(Unaudited)**<br>| **August 31,** <br>**2025**<br>| **February 28,** <br>**2026** <br>**(Unaudited)**<br>| **August 31,** <br>**2025**<br>| **February 28,** <br>**2026** <br>**(Unaudited)**<br>| **August 31,** <br>**2025**<br>| **February 28,** <br>**2026** <br>**(Unaudited)**<br>| **August 31,** <br>**2025**<br>|
| $2534792 | $2555393 | $(9753)<br>| $(18064)<br>| $15079 | $21380 | $289752 | $273187 |
| 33456014 | (355866)<br>| 80733 | 885920 | (190166)<br>| (69044)<br>| 1129146 | (328038)<br>|
| (12063833)<br>| 39104179 | (2177271)<br>| 2191378 | (9337)<br>| 1350573 | 15713357 | 4889323 |
| 23926973 | 41303706 | (2106291)<br>| 3059234 | (184424)<br>| 1302909 | 17132255 | 4834472 |
| (3146513)<br>| (1207938)<br>| (111749)<br>|  | (51615)<br>|  | (1233226)<br>| (132168)<br>|
| 433378494 | 130321115 | 2725059 | 7133044 | 1403424 | 10921701 | 74203285 | 30587638 |
| 114142373 |  |  |  |  |  |  |  |
| (75510925)<br>| (8343090)<br>|  | (2691827)<br>|  |  |  |  |
| 472009942 | 121978025 | 2725059 | 4441217 | 1403424 | 10921701 | 74203285 | 30587638 |
| 492790402 | 162073793 | 507019 | 7500451 | 1167385 | 12224610 | 90102314 | 35289942 |
| 388066614 | 225992821 | 26868456 | 19368005 | 12224610 |  | 35289942 |  |
| $880857016 | $388066614 | $27375475 | $26868456 | $13391995 | $12224610 | $125392256 | $35289942 |

---

------

![](img9d39500a4.gif)

Statements of Changes in Net Assets (cont'd)

**Neuberger Berman ETF Trust**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Option Strategy ETF** | **Option Strategy ETF** | **Small-Mid Cap ETF** | **Small-Mid Cap ETF** |
|  | **Six Months** <br>**Ended**<br>| **Fiscal Year** <br>**Ended**<br>| **Six Months** <br>**Ended**<br>| **Fiscal Year** <br>**Ended**<br>|
|  | **February 28,** <br>**2026** <br>**(Unaudited)**<br>| **August 31,** <br>**2025**<br>| **February 28,** <br>**2026** <br>**(Unaudited)**<br>| **August 31,** <br>**2025**<br>|
| **Increase/(Decrease) in Net Assets:** |  |  |  |  |
| **From Operations (Note A):** |  |  |  |  |
| Net investment income/(loss) | &nbsp;&nbsp; $7762255 | &nbsp;&nbsp; $17765888 | &nbsp;&nbsp; $354644 | &nbsp;&nbsp; $742279 |
| Net realized gain/(loss) on investments | &nbsp;&nbsp; 28591172 | &nbsp;&nbsp; 27607222 | &nbsp;&nbsp; (4018436)<br>| &nbsp;&nbsp; (4161514)<br>|
| Change in net unrealized appreciation/(depreciation) of <br> investments<br>| &nbsp;&nbsp; 18084 | &nbsp;&nbsp; (2042107)<br>| &nbsp;&nbsp; 12378756 | &nbsp;&nbsp; (4229579)<br>|
| Net increase/(decrease) in net assets resulting from operations | &nbsp;&nbsp; 36371511 | &nbsp;&nbsp; 43331003 | &nbsp;&nbsp; 8714964 | &nbsp;&nbsp; (7648814)<br>|
| **Distributions to Shareholders From (Note A):** |  |  |  |  |
| Distributable earnings | &nbsp;&nbsp; (18856979)<br>| &nbsp;&nbsp; (30924624)<br>| &nbsp;&nbsp; (791890)<br>| &nbsp;&nbsp; (466665)<br>|
| Tax return of capital | &nbsp;&nbsp; — | &nbsp;&nbsp; (8105012)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Total distributions to shareholders | &nbsp;&nbsp; (18856979)<br>| &nbsp;&nbsp; (39029636)<br>| &nbsp;&nbsp; (791890)<br>| &nbsp;&nbsp; (466665)<br>|
| **From Fund Share Transactions (Note D):** |  |  |  |  |
| Proceeds from shares sold | &nbsp;&nbsp; 29214816 | &nbsp;&nbsp; 98720094 | &nbsp;&nbsp; 43529011 | &nbsp;&nbsp; 64338050 |
| Payments for shares redeemed | &nbsp;&nbsp; (40872500)<br>| &nbsp;&nbsp; (108436635)<br>| &nbsp;&nbsp; (7138570)<br>| &nbsp;&nbsp; (72846235)<br>|
| Net increase/(decrease) from Fund share transactions | &nbsp;&nbsp; (11657684)<br>| &nbsp;&nbsp; (9716541)<br>| &nbsp;&nbsp; 36390441 | &nbsp;&nbsp; (8508185)<br>|
| **Net Increase/(Decrease) in Net Assets** | &nbsp;&nbsp; 5856848 | &nbsp;&nbsp; (5415174)<br>| &nbsp;&nbsp; 44313515 | &nbsp;&nbsp; (16623664)<br>|
| **Net Assets:** |  |  |  |  |
| Beginning of period  | &nbsp;&nbsp; 436560622 | &nbsp;&nbsp; 441975796 | &nbsp;&nbsp; 181904203 | &nbsp;&nbsp; 198527867 |
| End of period | &nbsp;&nbsp; $442417470 | &nbsp;&nbsp; $436560622 | &nbsp;&nbsp; $226217718 | &nbsp;&nbsp; $181904203 |

---

See Notes to Financial Statements

------

![](img9d39500a4.gif)

Notes to Financial Statements ETF Trust<sup>ß</sup> (Unaudited)

Note A—Summary of Significant Accounting Policies:

General: Neuberger Berman ETF Trust (the "Trust") is a Delaware statutory trust organized pursuant to an Amended and Restated Trust Instrument dated December 8, 2021. The Trust is registered as an open-end management investment company under the Investment Company Act of 1940, as amended (the "1940 Act"), and its shares are registered under the Securities Act of 1933, as amended. Neuberger China Equity ETF ("China Equity ETF"), Neuberger Commodity Strategy ETF ("Commodity Strategy ETF"), Neuberger Core Equity ETF ("Core Equity ETF"), Neuberger Disrupters ETF ("Disrupters ETF"), Neuberger Growth ETF ("Growth ETF"), Neuberger Japan Equity ETF ("Japan Equity ETF"), Neuberger Option Strategy ETF ("Option Strategy ETF") and Neuberger Small-Mid Cap ETF ("Small-Mid Cap ETF") (each individually a "Fund," and collectively, the "Funds") are separate operating series of the Trust, each of which (except China Equity ETF, Core Equity ETF, Disrupters ETF and Growth ETF) is diversified. Each Fund offers and issues shares of beneficial interest ("Shares"). Shares of a Fund represent an equal proportionate interest in the Fund. Each of Core Equity ETF, Growth ETF, Japan Equity ETF and Small-Mid Cap ETF had no operations until July 31, 2024, December 18, 2024, September 11, 2024 and March 20, 2024, respectively, other than matters relating to each Fund's organization and its registration of shares under the 1933 Act. Each of Commodity Strategy ETF, China Equity ETF and Option Strategy ETF commenced operations as an ETF following its respective reorganization from a mutual fund (each, the respective Fund's "Predecessor Fund"). Prior to December 18, 2025, each Fund included "Neuberger Berman" in place of "Neuberger" in its name.

A balance indicated with a "—", reflects either a zero balance or a balance that rounds to less than 1.

The assets of each Fund belong only to that Fund, and the liabilities of each Fund are borne solely by that Fund and no other series of the Trust.

Each Fund is an investment company and accordingly follows the investment company accounting and reporting guidance of the Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC") Topic 946 "Financial Services—Investment Companies."

The preparation of financial statements in accordance with U.S. generally accepted accounting principles ("GAAP") requires Management to make estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates.

Commodity Strategy ETF invests in commodity-related instruments through Neuberger Berman Cayman Commodity Fund I Ltd. (the "CS Subsidiary"), which is organized under the laws of the Cayman Islands. Commodity Strategy ETF is and expects to remain the sole shareholder of the CS Subsidiary. The CS Subsidiary is governed by its own Board of Directors.

As of February 28, 2026, the value of Commodity Strategy's ETF investment in the CS Subsidiary was as follows:

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp; **Investment in** <br>**CS Subsidiary**<br>| &nbsp;&nbsp;&nbsp; **Percentage of** <br>**Net Assets**<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; $76670788 | &nbsp;&nbsp;&nbsp;&nbsp; 21.8<br> %<br>|

---

Consolidation: The accompanying financial statements of Commodity Strategy ETF present the consolidated accounts of Commodity Strategy ETF and the CS Subsidiary. All intercompany accounts and transactions have been eliminated in consolidation.

Portfolio valuation: In accordance with ASC 820 "Fair Value Measurement" ("ASC 820"), all investments held by each of the Funds are carried at the value that Management believes a Fund would receive upon selling an investment in an orderly transaction to an independent buyer in the principal or most

ß

Notes to Consolidated Financial Statements for Commodity Strategy ETF

------

![](img9d39500a4.gif)

advantageous market for the investment under current market conditions. Various inputs, including the volume and level of activity for the asset or liability in the market, are considered in valuing the Funds' investments, some of which are discussed below. At times, Management may need to apply significant judgment to value investments in accordance with ASC 820.

ASC 820 established a three-tier hierarchy of inputs to create a classification of value measurements for disclosure purposes. The three-tier hierarchy of inputs is summarized in the three broad Levels listed below.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Level 1 – unadjusted quoted prices in active markets for identical investments

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Level 2 – other observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, amortized cost, etc.)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Level 3 – unobservable inputs (including a Fund's own assumptions in determining the fair value of investments)

The inputs or methodology used for valuing an investment are not necessarily an indication of the risk associated with investing in those securities.

The value of the Funds' investments in equity securities, exchange-traded funds and exchange-traded options written, for which market quotations are readily available, is generally determined by Management by obtaining valuations from independent pricing services based on the latest sale price quoted on a principal exchange or market for that security (Level 1 inputs). Securities traded primarily on the NASDAQ Stock Market are normally valued at the NASDAQ Official Closing Price ("NOCP") provided by NASDAQ each business day. The NOCP is the most recently reported price as of 4:00:02 p.m., Eastern Time, unless that price is outside the range of the "inside" bid and asked prices (i.e., the bid and asked prices that dealers quote to each other when trading for their own accounts); in that case, NASDAQ will adjust the price to equal the inside bid or asked price, whichever is closer. Because of delays in reporting trades, the NOCP may not be based on the price of the last trade to occur before the market closes. If there is no sale of a security on a particular day, the independent pricing services may value the security based on market quotations.

The value of the Funds' investments in debt securities is determined by Management primarily by obtaining valuations from independent pricing services based on bid quotations, or if quotations are not available, by methods that include various considerations based on security type (generally Level 2 inputs). In addition to the consideration of yields or prices of securities of comparable quality, coupon, maturity and type, indications as to values from dealers, and general market conditions, the following is a description of other Level 2 inputs and related valuation techniques used by independent pricing services to value certain types of debt securities held by the Fund:

*Corporate Bonds.* Inputs used to value corporate debt securities generally include relevant credit information, observed market movements, sector news, U.S. Treasury yield curve or relevant benchmark curve, and other market information, which may include benchmark yield curves, reported trades, broker-dealer quotes, issuer spreads, comparable securities, and reference data, such as market research publications, when available ("Other Market Information").

*U.S. Treasury Obligations.* Inputs used to value U.S. Treasury securities generally include quotes from several inter-dealer brokers and Other Market Information.

*Asset-Backed Securities*. Inputs used to value asset-backed securities generally include models that consider several factors, which may include the following: prepayment speeds, cash flows, spread adjustments and Other Market Information.

The value of futures contracts is determined by Management by obtaining valuations from independent pricing services at the settlement price at the market close (Level 1 inputs).

------

![](img9d39500a4.gif)

Management has developed a process to periodically review information provided by independent pricing services for all types of securities.

Investments in non-exchange traded investment companies are valued using the respective fund's daily calculated net asset value ("NAV") per share (Level 2 inputs), when available.

If a valuation is not available from an independent pricing service, or if Management has reason to believe that the valuation received does not represent the amount a Fund might reasonably expect to receive on a current sale in an orderly transaction, Management seeks to obtain quotations from brokers or dealers (generally considered Level 2 or Level 3 inputs depending on the number of quotes available). If such quotations are not available, the security is valued using methods Management has approved in the good-faith belief that the resulting valuation will reflect the fair value of the security. Pursuant to Rule 2a-5 under the 1940 Act, the Trust's Board of Trustees (the "Board") designated Management as the Funds' valuation designee. As the Funds' valuation designee, Management is responsible for determining fair value in good faith for all Fund investments. Inputs and assumptions considered in determining fair value of a security based on Level 2 or Level 3 inputs may include, but are not limited to, the type of security; the initial cost of the security; the existence of any contractual restrictions on the security's disposition; the price and extent of public trading in similar securities of the issuer or of comparable companies; quotations or evaluated prices from broker-dealers or pricing services; information obtained from the issuer and analysts; an analysis of the company's or issuer's financial statements; an evaluation of the inputs that influence the issuer and the market(s) in which the security is purchased and sold.

The value of the Funds' investments in foreign securities is generally determined using the same valuation methods and inputs as other Fund investments, as discussed above. Foreign security prices expressed in local currency values are normally translated from the local currency into U.S. dollars using the exchange rates as of 4:00 p.m., Eastern Time, on days the New York Stock Exchange ("NYSE") is open for business. Management has approved the use of ICE Data Services ("ICE") to assist in determining the fair value of foreign equity securities when changes in the value of a certain index suggest that the closing prices on the foreign exchanges may no longer represent the amount that a Fund could expect to receive for those securities or when foreign markets are closed and U.S. markets are open. In each of these events, ICE will provide adjusted prices for certain foreign equity securities using a statistical analysis of historical correlations of multiple factors (Level 2 inputs). Management has also approved the use of ICE to evaluate the prices of foreign debt securities as of the time at which a Fund's share price is calculated. ICE utilizes benchmark spread and yield curves and evaluates available market activity from the local close to the time as of which a Fund's share price is calculated (Level 2 inputs) to assist in determining prices for certain foreign debt securities. In the case of both foreign equity and foreign debt securities, in the absence of precise information about the market values of these foreign securities as of the time at which a Fund's share price is calculated, Management has determined on the basis of available data that prices adjusted or evaluated in this way are likely to be closer to the prices a Fund could realize on a current sale than the prices of those securities established at the close of the foreign markets in which the securities primarily trade.

Fair value prices are necessarily estimates, and there is no assurance that such a price will be at or close to the price at which the security is next quoted or traded.

Foreign currency translations: The accounting records of the Funds and the CS Subsidiary are maintained in U.S. dollars. Foreign currency amounts are normally translated into U.S. dollars using the exchange rate as of 4:00 p.m. Eastern Time, on days the NYSE is open for business, to determine the value of investments, other assets and liabilities. Purchase and sale prices of securities, and income and expenses, are translated into U.S. dollars at the prevailing rate of exchange on the respective dates of such transactions. Net unrealized foreign currency gain/(loss), if any, arises from changes in the value of assets and liabilities, other than investments in securities, as a result of changes in exchange rates and is stated separately in the Statements of Operations.

------

![](img9d39500a4.gif)

Securities transactions and investment income: Securities transactions are recorded on trade date for financial reporting purposes. Dividend income is recorded on the ex-dividend date or, for certain foreign dividends, as soon as a Fund becomes aware of the dividends. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Interest income, including accretion of discount (adjusted for original issue discount, where applicable), and amortization of premium, where applicable, is recorded on the accrual basis. Realized gains and losses from securities transactions and foreign currency transactions, if any, are recorded on the basis of identified cost and stated separately in the Statements of Operations. Included in net realized gain/(loss) on investments are proceeds from the settlement of class action litigation(s) in which certain of the Funds participated as a class member. The amounts of such proceeds for the six months ended February 28, 2026 were $543 for Core Equity ETF.

Income tax information: Each Fund is treated as a separate entity for U.S. federal income tax purposes. It is the policy of each Fund to qualify or to continue to qualify for, treatment as a regulated investment company ("RIC") by complying with the requirements of the U.S. Internal Revenue Code applicable to RICs and to distribute substantially all of its net investment income and net realized capital gains to its shareholders. To the extent a Fund distributes substantially all of its net investment income and net realized capital gains to shareholders, no federal income or excise tax provision is required.

ASC 740 "Income Taxes" sets forth a minimum threshold for financial statement recognition of a tax position taken, or expected to be taken, in a tax return. The Funds recognize interest and penalties, if any, related to unrecognized tax positions as an income tax expense in the Statements of Operations. The Funds are subject to examination by U.S. federal and state tax authorities for returns filed for the tax years for which the applicable statutes of limitations have not yet expired. Management has analyzed each Fund's tax positions taken or expected to be taken on federal and state income tax returns for all open tax years (the current and the prior three tax years) and has concluded that no provision for income tax is required in the Funds' financial statements.

The CS Subsidiary is a controlled foreign corporation under the U.S. Internal Revenue Code. As a U.S. shareholder of a controlled foreign corporation, Commodity Strategy ETF will include in its taxable income its share of the CS Subsidiary's current earnings and profits (including net realized gains). Any deficit generated by the CS Subsidiary will be disregarded for purposes of computing Commodity Strategy ETF's taxable income in the current period and also disregarded for all future periods.

For federal income tax purposes, the estimated cost and unrealized appreciation/(depreciation) in value of investments held at February 28, 2026 were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Cost**  | **Gross** <br>**Unrealized** <br>**Appreciation** <br>| **Gross** <br>**Unrealized** <br>**Depreciation** <br>| **Net Unrealized** <br>**Appreciation/** <br>**(Depreciation)** <br>|
| **China Equity ETF** | $13435870 | &nbsp;&nbsp; $2879100 | &nbsp;&nbsp; $162417 | &nbsp;&nbsp; $2716683 |
| **Commodity Strategy ETF** | 429465752 | &nbsp;&nbsp; 37009914 | &nbsp;&nbsp; 121030442 | &nbsp;&nbsp; (84020528)<br>|
| **Core Equity ETF** | 794069799 | &nbsp;&nbsp; 110237433 | &nbsp;&nbsp; 23277804 | &nbsp;&nbsp; 86959629 |
| **Disrupters ETF** | 23452079 | &nbsp;&nbsp; 5546574 | &nbsp;&nbsp; 1580122 | &nbsp;&nbsp; 3966452 |
| **Growth ETF** | 12134350 | &nbsp;&nbsp; 1875364 | &nbsp;&nbsp; 564632 | &nbsp;&nbsp; 1310732 |
| **Japan Equity ETF** | 104499278 | &nbsp;&nbsp; 21097125 | &nbsp;&nbsp; 1238861 | &nbsp;&nbsp; 19858264 |
| **Option Strategy ETF** | 444400570 | &nbsp;&nbsp; 797576 | &nbsp;&nbsp; 2897460 | &nbsp;&nbsp; (2099884)<br>|
| **Small-Mid Cap ETF** | 211117828 | &nbsp;&nbsp; 27659397 | &nbsp;&nbsp; 12966357 | &nbsp;&nbsp; 14693040 |

---

Income distributions and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP. These differences are primarily due to differing treatments of income and gains on various investment securities held by each Fund, timing differences and differing characterization of distributions made by each Fund. The Funds may also utilize earnings and profits distributed to shareholders on redemption of their shares as a part of the dividends-paid deduction for income tax purposes.

------

![](img9d39500a4.gif)

Any permanent differences resulting from different book and tax treatment are reclassified at year-end and have no impact on net income, NAV or NAV per share of the Funds. For the year ended August 31, 2025, the Funds recorded permanent reclassifications related to one or more of the following: net operating losses written off, wholly owned subsidiary income & gain (loss), deemed distributions on shareholder redemptions, non-deductible excise tax, prior year true up adjustments, and gains (losses) & tax adjustments on securities redeemed in kind. For the year ended August 31, 2025, the Funds recorded the following permanent reclassifications:

---

| | | |
|:---|:---|:---|
|  | **Paid-in Capital**  | **Total Distributable** <br>**Earnings/(Losses)** <br>|
| **China Equity ETF** | $— | &nbsp;&nbsp; $— |
| **Commodity Strategy ETF** | 18615498 | &nbsp;&nbsp; (18615498)<br>|
| **Core Equity ETF** | 727003 | &nbsp;&nbsp; (727003)<br>|
| **Disrupters ETF** | 757380 | &nbsp;&nbsp; (757380)<br>|
| **Growth ETF** | (42)<br>| &nbsp;&nbsp; 42 |
| **Japan Equity ETF** |  | &nbsp;&nbsp; — |
| **Option Strategy ETF** |  | &nbsp;&nbsp; — |
| **Small-Mid Cap ETF** | (225692)<br>| &nbsp;&nbsp; 225692 |

---

------

![](img9d39500a4.gif)

The tax character of distributions paid during the years ended August 31, 2025, and August 31, 2024, was as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Distributions Paid From:** | **Distributions Paid From:** | **Distributions Paid From:** | **Distributions Paid From:** | **Distributions Paid From:** | **Distributions Paid From:** | **Distributions Paid From:** | **Distributions Paid From:** |
|  | **Ordinary** <br>**Income** | **Ordinary** <br>**Income** | &nbsp;&nbsp;&nbsp;&nbsp; **Long-Term** <br>**Capital Gain** | &nbsp;&nbsp;&nbsp;&nbsp; **Long-Term** <br>**Capital Gain** | &nbsp;&nbsp;&nbsp;&nbsp; **Return of** <br>**Capital** | &nbsp;&nbsp;&nbsp;&nbsp; **Return of** <br>**Capital** | **Total** | **Total** |
|  | **2025** | **2024** | **2025** | **2024** | **2025** | **2024** | **2025** | **2024** |
| **China Equity** <br> **ETF**<br>| $69534 | $— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $— | $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | $— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $69534 | $— |
| **Commodity** <br> **Strategy ETF**<br>| 9842279 | 10388667 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |  | &nbsp;&nbsp;&nbsp;&nbsp; — |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9842279 | 10388667 |
| **Core Equity** <br> **ETF**<br>| 1207938 | —<br> <sup>(a)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | —<br> <sup>(a)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; — | —<br> <sup>(a)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1207938 | —<br> <sup>(a)</sup><br>|
| **Disrupters ETF** |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |  | &nbsp;&nbsp;&nbsp;&nbsp; — |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |  |
| **Growth ETF** | —<br> <sup>(b)</sup><br>|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br> <sup>(b)</sup><br>|  | &nbsp;&nbsp;&nbsp;&nbsp; —<br> <sup>(b)</sup><br>|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br> <sup>(b)</sup><br>|  |
| **Japan Equity** <br> **ETF**<br>| 132168<br> <sup>(c)</sup><br>|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br> <sup>(c)</sup><br>|  | &nbsp;&nbsp;&nbsp;&nbsp; —<br> <sup>(c)</sup><br>|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 132168<br> <sup>(c)</sup><br>|  |
| **Option** <br> **Strategy ETF**<br>| 30924624 | 16777992<br> <sup>(d)(e)(f)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | —<br> <sup>(d)(e)(f)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 8105012 | 4514912<br> <sup>(d)(e)(f)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 39029636 | 21292904<br> <sup>(d)(e)(f)</sup><br>|
| **Small-Mid** <br> **Cap ETF**<br>| 466665 | —<br> <sup>(g)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | —<br> <sup>(g)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; — | —<br> <sup>(g)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 466665 | —<br> <sup>(g)</sup><br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Period from July 31, 2024 (Commencement of Operations) to August 31, 2024.

<sup>(b)</sup> Period from December 18, 2024 (Commencement of Operations) to August 31, 2025.

<sup>(c)</sup> Period from September 11, 2024 (Commencement of Operations) to August 31, 2025.

<sup>(d)</sup> On June 29, 2023, the Neuberger Berman Alternative Funds' Board of Trustees approved a change in fiscal year end from October 31 to August 31 for the Option Strategy ETF's Predecessor Fund. This change was effective beginning with the fiscal period, November 1, 2023. 

<sup>(e)</sup> Period from November 1, 2023 to August 31, 2024.

<sup>(f)</sup> Amounts disclosed are inclusive of the Option Strategy ETF's Predecessor Fund.

<sup>(g)</sup> Period from March 20, 2024 (Commencement of Operations) to August 31, 2024.

As of August 31, 2025, the components of distributable earnings (accumulated losses) on a U.S. federal income tax basis were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Undistributed** <br>**Ordinary** <br>**Income** <br>| **Undistributed** <br>**Long-Term** <br>**Capital Gain** <br>| **Unrealized** <br>**Appreciation/** <br>**(Depreciation)** <br>| **Loss** <br>**Carryforwards** <br>**and Deferrals** <br>| **Other** <br>**Temporary** <br>**Differences** <br>| **Total**  |
| **China Equity ETF** | $127205 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $1424598 | &nbsp;&nbsp; $(17788819)<br>| &nbsp;&nbsp; $(5735)<br>| &nbsp;&nbsp; $(16242751)<br>|
| **Commodity Strategy ETF** | 20655976 | &nbsp;&nbsp; — | &nbsp;&nbsp; (107696225)<br>| &nbsp;&nbsp; (2469160)<br>| &nbsp;&nbsp; (105)<br>| &nbsp;&nbsp; (89509514)<br>|
| **Core Equity ETF** | 1481659 | &nbsp;&nbsp; — | &nbsp;&nbsp; 48318708 | &nbsp;&nbsp; (591721)<br>| &nbsp;&nbsp; (8358)<br>| &nbsp;&nbsp; 49200288 |
| **Disrupters ETF** |  | &nbsp;&nbsp; — | &nbsp;&nbsp; 6143723 | &nbsp;&nbsp; (545013)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; 5598710 |
| **Growth ETF**<sup>(a)</sup> | 25058 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1320069 | &nbsp;&nbsp; (38254)<br>| &nbsp;&nbsp; (3922)<br>| &nbsp;&nbsp; 1302951 |
| **Japan Equity ETF**<sup>(b)</sup> | 951513 | &nbsp;&nbsp; — | &nbsp;&nbsp; 4144815 | &nbsp;&nbsp; (379187)<br>| &nbsp;&nbsp; (14837)<br>| &nbsp;&nbsp; 4702304 |
| **Option Strategy ETF** |  | &nbsp;&nbsp; — | &nbsp;&nbsp; (2117968)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (2030)<br>| &nbsp;&nbsp; (2119998)<br>|
| **Small-Mid Cap ETF** | 469631 | &nbsp;&nbsp; — | &nbsp;&nbsp; 2314283 | &nbsp;&nbsp; (5225855)<br>| &nbsp;&nbsp; (55436)<br>| &nbsp;&nbsp; (2497377)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Period from December 18, 2024 (Commencement of Operations) to August 31, 2025. <br> <sup>(b)</sup> Period from September 11, 2024 (Commencement of Operations) to August 31, 2025.

------

![](img9d39500a4.gif)

The temporary differences between book basis and tax basis distributable earnings are primarily related to one or more of the following: losses disallowed and/or recognized on wash sales, amortization of organizational expenses, amortization of bond premium, mark-to-market adjustments on passive foreign investment companies ("PFICs"), wholly owned subsidiary inclusions, and tax adjustments related to other investments.

To the extent each Fund's net realized capital gains, if any, can be offset by capital loss carryforwards, it is the policy of each Fund not to distribute such gains. Capital loss carryforward rules allow for RICs to carry forward capital losses indefinitely and to retain the character of capital loss carryforwards as short-term or long-term. As determined at August 31, 2025, the following Funds had unused capital loss carryforwards available for federal income tax purposes to offset future net realized capital gains, if any, as follows:

---

| | | |
|:---|:---|:---|
|  | **Capital Loss Carryforwards** | **Capital Loss Carryforwards** |
|  | **Long-Term** | **Short-Term** |
| **China Equity ETF** | $11504118 | &nbsp;&nbsp; $6284701 |
| **Commodity Strategy ETF** | 71411 | &nbsp;&nbsp; 2397749 |
| **Core Equity ETF** |  | &nbsp;&nbsp; 591721 |
| **Disrupters ETF** |  | &nbsp;&nbsp; 501284<br> <sup>\*</sup><br>|
| **Growth ETF** |  | &nbsp;&nbsp; 38254 |
| **Japan Equity ETF** |  | &nbsp;&nbsp; 379187 |
| **Small-Mid Cap ETF** | 3219480 | &nbsp;&nbsp; 2006375 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>\*</sup> Future utilization of losses may be limited under current tax regulations.

During the year ended August 31, 2025, China Equity, Commodity Strategy, Disrupters and Option Strategy utilized capital loss carryforwards of $514,203, $166,292, $120,083 and $16,618,179, respectively.

Option Strategy determines the amount of its monthly distribution to pay based on a combination of expected premiums and gains (collectively referred to as "premiums") from writing put options, the portion of such premiums to be included in such distribution and interest from the Fund's fixed income investments, net of expenses, during that period. As a result of such distribution strategy, the Fund's distributions are expected to exceed its earnings and profits in some or all tax years, and consequently, all or a portion of the distributions made for a taxable year may be characterized as a return of capital to shareholders.

Under current tax regulations, capital losses realized on investment transactions after October 31 may be deferred and treated as occurring on the first day of the following fiscal year. Under the current tax rules, the Funds may also defer any realized late-year ordinary losses as occurring on the first day of the following fiscal year. Late-year ordinary losses represent ordinary losses realized on investment transactions after December 31 and specified losses (ordinary losses from the sale, exchange, or other disposition of property, net foreign currency losses and net PFICs mark to market losses) realized on investment transactions after October 31. For the year ended August 31, 2025, the Funds elected to defer the following late-year ordinary losses and post October capital losses:

---

| | | |
|:---|:---|:---|
|  | **Late-Year** <br>**Ordinary Loss** <br>**Deferral** <br>| **Post October** <br>**Capital Loss** <br>**Deferral** <br>|
| **Disrupters ETF** | $43729 | &nbsp;&nbsp; $— |

---

Foreign taxes: Foreign taxes withheld, if any, represent amounts withheld by foreign tax authorities, net of refunds recoverable.

Distributions to shareholders: Each Fund may earn income, net of expenses, daily on its investments. Except for Option Strategy ETF, as noted below, distributions from net investment income and net realized capital gains, if any, are generally distributed once a year (usually in December) and are recorded on the ex-date.

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![](img9d39500a4.gif)

Option Strategy ETF generally distributes net investment income, including short-term capital gains, if any, monthly and net realized capital gains, if any, annually.

Investments in foreign securities: Investing in foreign securities may involve sovereign and other risks, in addition to the credit and market risks normally associated with domestic securities. These additional risks include the possibility of adverse political and economic developments (including political instability, nationalization, expropriation, or confiscatory taxation) and the potentially adverse effects of unavailability of public information regarding issuers, less governmental supervision and regulation of financial markets, reduced liquidity of certain financial markets, and the lack of uniform accounting, auditing, and financial reporting standards or the application of standards that are different or less stringent than those applied in the United States. Foreign securities also may experience greater price volatility, higher rates of inflation, and delays in settlement.

The Chinese economy, industries, and securities and currency markets may be adversely affected by slow economic activity worldwide, protectionist trade policies, dependence on exports and international trade, currency devaluations and other currency exchange rate fluctuations, restrictions on monetary repatriation.

Investing in companies controlled by various Chinese governmental authorities involves risks that political changes, social instability, regulatory uncertainty, adverse diplomatic developments, asset expropriation or nationalization, or confiscatory taxation could adversely affect the performance of such companies.

The changing economic, political and social conditions in Japan could significantly impact the value of the Japanese securities held by the Fund. The Japanese market can experience significant volatility due to regional and global economic, social, and political conditions and events in the U.S. and elsewhere, and global economic disruptions such as supply chain disruptions and geopolitical instability and other hostilities, and natural disasters or epidemics. The Japanese economy has only recently emerged from a prolonged economic downturn. Since the year 2000, Japan's economic growth rate has remained relatively low. The Japanese economy is characterized by government intervention and protectionism, reliance on oil imports, a highly regulated labor market, an aging demographic, declining population, and large government debt. Japan is heavily dependent on oil and other commodity imports, and higher commodity prices could therefore have a negative impact on the Japanese economy. International trade, particularly with the U.S., also impacts the growth of the Japanese economy, and trade policies taken by the U.S. and other trade partners or adverse economic conditions in the U.S. or other trade partners may affect Japan.

Currency exchange rates may fluctuate significantly over short periods of time and can be affected unpredictably by various factors, including investor perception and changes in interest rates; intervention, or failure to intervene, by U.S. or foreign governments, central banks, or supranational entities; or by currency controls or political developments in the U.S. or abroad.

Additional risks include exposure to less developed or less efficient trading markets; social, political, diplomatic, or economic instability; trade barriers and other protectionist trade policies (including those of the U.S.); imposition of economic sanctions against a particular country or countries, organizations, companies, entities and/or individuals; significant government involvement in an economy and/or market structure; fluctuations in foreign currencies or currency redenomination; potential for default on sovereign debt; nationalization or expropriation of assets; settlement, custodial or other operational risks; higher transaction costs; confiscatory withholding or other taxes; and less stringent auditing and accounting, corporate disclosure, governance, and legal standards. The governments of emerging market countries may be more unstable and more likely to impose capital controls, nationalize a company or industry, place restrictions on foreign ownership and on withdrawing sale proceeds of securities from the country, intervene in the financial markets, and/or impose burdensome taxes that could adversely affect security prices. To the extent a foreign security is denominated in U.S. dollars, there is also the risk that a foreign government will not let U.S. dollar-denominated assets leave the country.

Investment company securities and other exchange-traded funds: The Funds may invest in shares of other registered investment companies, including other exchange-traded funds ("ETFs"), within the limitations

------

![](img9d39500a4.gif)

prescribed by the 1940 Act, in reliance on rules adopted by the Securities and Exchange Commission ("SEC"), particularly Rule 12d1-4, or any other applicable exemptive relief. Rule 12d1-4 permits investments in other registered investment companies in excess of the limitations of the 1940 Act if a Fund complies with the conditions of the Rule. Shareholders of a Fund will indirectly bear their proportionate share of any management fees and other expenses paid by such other investment companies, in addition to the management fees and expenses of the Fund.

When-issued/delayed delivery securities: Commodity Strategy ETF and Option Strategy ETF may purchase securities with delivery or payment to occur at a later date beyond the normal settlement period. At the time a Fund enters into a commitment to purchase a security, the transaction is recorded and the value of the security is reflected in the NAV. The price of such security and the date when the security will be delivered and paid for are fixed at the time the transaction is negotiated. The value of the security may vary with market fluctuations. No interest accrues to a Fund until payment takes place. When-issued and delayed delivery transactions can have a leverage-like effect on a Fund, which can increase fluctuations in the Fund's NAV. Certain risks may arise upon entering into when-issued or delayed delivery securities transactions from the potential inability of counterparties to meet the terms of their contracts or if the issuer does not issue the securities due to political, economic, or other factors. Additionally, losses may arise due to changes in the value of the underlying securities.

Commodity Strategy ETF may also enter into a TBA agreement and "roll over" such agreement prior to the settlement date by selling the obligation to purchase the pools set forth in the agreement and entering into a new TBA agreement for future delivery of pools of mortgage-backed securities. TBA mortgage-backed securities may increase prepayment risks because the underlying mortgages may be less favorable than anticipated by a Fund. Certain transactions will require a Fund or counterparty to post cash and/or securities as collateral for the net mark-to-market exposure to the other party.

Derivative instruments: Certain Funds' use of derivatives during the six months ended February 28, 2026, is described below. Please see the Schedule of Investments for each Fund's open positions in derivatives, if any, at February 28, 2026. The disclosure requirements of ASC 815 "Derivatives and Hedging" ("ASC 815") distinguish between derivatives that qualify for hedge accounting and those that do not. Because investment companies value their derivatives at fair value and recognize changes in fair value through the Statements of Operations, they do not qualify for hedge accounting. Accordingly, even though a Fund's investments in derivatives may represent economic hedges, they are considered non-hedge transactions for purposes of this disclosure.

Rule 18f-4 under the 1940 Act regulates the use of derivatives for certain funds registered under the 1940 Act ("Rule 18f-4"). Unless a Fund qualifies as a "limited derivatives user" as defined in Rule 18f-4, the Fund is subject to a comprehensive derivatives risk management program, is required to comply with certain value-at-risk based leverage limits and is required to provide additional disclosure both publicly and to the SEC regarding its derivatives positions. If a Fund qualifies as a limited derivatives user, Rule 18f-4 requires the Fund to have policies and procedures to manage its aggregate derivatives risk.

Futures contracts: During the six months ended February 28, 2026, Commodity Strategy ETF used commodity futures contracts (through investments in the CS Subsidiary) to provide investment exposure to individual commodities, as well as to manage and/or adjust the risk profile of the Fund.

At the time a Fund or CS Subsidiary enters into a futures contract, it is required to deposit with the futures commission merchant a specified amount of cash or liquid securities, known as "initial margin," which is a percentage of the value of the futures contract being traded that is set by the exchange upon which the futures contract is traded. Each day, the futures contract is valued at the official settlement price of the board of trade or U.S. commodity exchange on which such futures contract is traded. Subsequent payments, known as "variation margin," to and from the broker are made on a daily basis, or as needed, as the market price of the futures contract fluctuates. Daily variation margin adjustments, arising from this "mark to market," are recorded by the Fund or CS Subsidiary as unrealized gains or losses.

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![](img9d39500a4.gif)

Although some futures by their terms call for actual delivery or acquisition of the underlying securities or currency, in most cases the contracts are closed out prior to delivery by offsetting purchases or sales of matching futures. When the contracts are closed or expire, a Fund or CS Subsidiary recognizes a gain or loss. Risks of entering into futures contracts include the possibility there may be an illiquid market, possibly at a time of rapidly declining prices, and/or a change in the value of the contract may not correlate with changes in the value of the underlying securities. Futures executed on regulated futures exchanges have minimal counterparty risk to a Fund or CS Subsidiary because the exchange's clearinghouse assumes the position of the counterparty in each transaction. Thus, a Fund or CS Subsidiary is exposed to risk only in connection with the clearinghouse and not in connection with the original counterparty to the transaction.

For U.S. federal income tax purposes, the futures transactions undertaken by a Fund or CS Subsidiary may cause the Fund or CS Subsidiary to recognize gains or losses from marking contracts to market even though its positions have not been sold or terminated, may affect the character of the gains or losses recognized as long-term or short-term, and may affect the timing of some capital gains and losses realized by the Fund or CS Subsidiary. Also, a Fund's or CS Subsidiary's losses on transactions involving futures contracts may be deferred rather than being taken into account currently in calculating such Fund's or CS Subsidiary's taxable income.

Options: During the six months ended February 28, 2026, Option Strategy ETF used options written primarily to gain exposure to securities, markets, sectors or geographical areas and also to enhance total return and gain exposure more efficiently than through a direct purchase of the underlying security.

Premiums received by a Fund upon writing a call option or a put option are recorded in the liability section of the Fund's Statement of Assets and Liabilities and are subsequently adjusted to the current market value. When an option is exercised, closed, or expired, a Fund realizes a gain or loss and the liability is eliminated.

When a fund writes a call option on an underlying asset it does not own, its exposure on such an option is theoretically unlimited. When writing a covered call option, a Fund, in return for the premium, gives up the opportunity for profit from a price increase in the underlying security above the exercise price, but conversely retains the risk of loss should the price of the security decline. When writing a put option, a Fund, in return for the premium, takes the risk that it must purchase the underlying security at a price that may be higher than the current market price of the security. If a call or put option that a Fund has written expires unexercised, a Fund will realize a gain for the amount of the premium. All securities covering outstanding written options are held in escrow by the custodian bank.

At February 28, 2026, the Funds listed below had the following derivatives (which did not qualify as hedging instruments under ASC 815), grouped by primary risk exposure:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Asset Derivatives** | **Asset Derivatives** | **Liability Derivatives** | **Liability Derivatives** |
| **Fund** | **Statements of** <br>**Assets and Liabilities** <br>**Location** <br>| **Value** | &nbsp;&nbsp; **Statements of** <br>**Assets and Liabilities** <br>**Location** <br>| **Value** |
| **Commodity Strategy ETF** |  |  |  |  |
| Futures |  |  |  |  |
| Commodity risk | Receivable/Payable for <br> accumulated variation margin on <br> futures contracts<br>| $36646208 | &nbsp;&nbsp; Receivable/Payable for <br> accumulated variation margin on <br> futures contracts<br>| $(9039780)<br>|
| **Option Strategy ETF** |  |  |  |  |
| Options written |  |  |  |  |
| Equity risk |  |  | &nbsp;&nbsp; Option contracts written, at <br> value<br>| (5592008)<br>|

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![](img9d39500a4.gif)

The impact of the use of these derivative instruments on the Statements of Operations during the six months ended February 28, 2026, was as follows:

---

| | | |
|:---|:---|:---|
| **Fund** | **Net Realized Gain/** <br>**(Loss) on Derivatives**<sup>(a)</sup> <br>| **Change in Net Unrealized** <br>**Appreciation/** <br>**(Depreciation) on** <br>**Derivatives**<sup>(b)</sup> <br>|
| **Commodity Strategy ETF** |  |  |
| Futures |  |  |
| Commodity risk | &nbsp;&nbsp; $23311306 | &nbsp;&nbsp; $23629954 |
| **Option Strategy ETF** |  |  |
| Options written |  |  |
| Equity risk | &nbsp;&nbsp; 29387891 | &nbsp;&nbsp; 114942 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(a) Net realized gain/(loss) on derivatives is located in the Statements of Operations
 each under the caption, "Net realized gain/(loss) on:"

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Futures Expiration or closing of futures contracts <br> Options written Expiration or closing of option contracts written

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(b) Change in net unrealized appreciation/(depreciation) is located in the Statements
 of Operations each under the caption, "Change in net unrealized appreciation/(depreciation) in value of:"

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Futures Futures contracts <br> Options written Option contracts written

While the Funds may receive rights and warrants in connection with their investments in securities, these rights and warrants are not considered "derivative instruments" under ASC 815.

Management has concluded that China Equity ETF, Core Equity ETF, Disrupters ETF, Growth ETF, Japan Equity ETF, and Small-Mid Cap ETF did not hold any derivative instruments during the six months ended February 28, 2026 that require additional disclosures pursuant to ASC 815.

Securities lending: Each Fund, using State Street Bank and Trust Company ("State Street") as its lending agent, may loan securities to qualified brokers and dealers in exchange for negotiated lender's fees. These fees, if any, would be disclosed within the Statement of Operations under the caption "Income from securities loaned-net" and are net of expenses retained by State Street as compensation for its services as lending agent.

The initial collateral received by a Fund at the beginning of each transaction shall have a value equal to at least 102% of the prior day's market value of the loaned securities (105% in the case of international securities). Collateral in the form of cash and/or securities issued or guaranteed by the U.S. government or its agencies, equivalent to at least 100% of the market value of securities, is maintained at all times. Thereafter, the value of the collateral is monitored on a daily basis, and collateral is moved daily between a counterparty and a Fund until the close of the transaction. Cash collateral is generally invested in a money market fund registered under the 1940 Act that is managed by an affiliate of State Street and is included on the Statement of Assets and Liabilities under the caption "Investments in securities at value—Unaffiliated issuers". The total value of securities received as collateral for securities on loan is included in a footnote following the applicable Schedule of Investments, but is not included within the Statement of Assets and Liabilities because the receiving Fund does not have the right to sell or repledge the securities received as collateral. The risks associated with lending portfolio securities include, but are not limited to, possible delays in receiving additional collateral or in the recovery of the loaned securities. Any increase or decrease in the fair value of the securities loaned and any interest earned or dividends paid or owed on those securities during the term of the loan would accrue to that Fund.

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As of February 28, 2026, the Fund listed below had outstanding loans of securities to certain approved brokers each with a value as follows:

---

| | |
|:---|:---|
|  | &nbsp;&nbsp;&nbsp; **Value of Securities** <br>**Loaned**<br>|
| **Growth ETF** | &nbsp;&nbsp;&nbsp;&nbsp; $145459 |

---

As of February 28, 2026, the Fund listed below had outstanding loans of securities to certain approved brokers for which it received collateral as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Remaining Contractual Maturity of the Agreements** | **Remaining Contractual Maturity of the Agreements** | **Remaining Contractual Maturity of the Agreements** | **Remaining Contractual Maturity of the Agreements** | **Remaining Contractual Maturity of the Agreements** |
|  | **Overnight and** <br>**Continuous**<br>| **Less Than** <br>**30 Days**<br>| **Between** <br>**30 & 90 days**<br>| **Greater Than** <br>**90 Days**<br>| **Total** |
| **Securities Lending Transactions**<sup>(a)</sup> |  |  |  |  |  |
| **Common Stocks** |  |  |  |  |  |
| **Growth ETF** | $148495 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $148495 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Amounts represent the payable for collateral received for loaned securities. 

Offsetting assets and liabilities: The Funds are required to disclose both gross and net information for assets and liabilities related to over-the-counter derivatives, and securities lending and securities borrowing transactions that are eligible for offset or subject to an enforceable master netting or similar agreement. Growth ETF held one or more of these investments at February 28, 2026. The Fund's securities lending assets at fair value are reported gross in the Statements of Assets and Liabilities. The following tables present securities lending assets by counterparty and net of the related collateral received by a Fund as of February 28, 2026.

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| | | |
|:---|:---|:---|
| **Description** | **Gross Amounts of Assets** <br>**Presented in the** <br>**Statements** <br>**of Assets and Liabilities**<br>| **Gross Amounts of Liabilities** <br>**Presented in the** <br>**Statements** <br>**of Assets and Liabilities**<br>|
| **Growth ETF** | **Growth ETF** | **Growth ETF** |
| Securities lending | &nbsp;&nbsp; $145459 | &nbsp;&nbsp; $— |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Gross Amounts Not Offset in the Statements of Assets and Liabilities:** | **Gross Amounts Not Offset in the Statements of Assets and Liabilities:** | **Gross Amounts Not Offset in the Statements of Assets and Liabilities:** | **Gross Amounts Not Offset in the Statements of Assets and Liabilities:** | **Gross Amounts Not Offset in the Statements of Assets and Liabilities:** | **Gross Amounts Not Offset in the Statements of Assets and Liabilities:** | **Gross Amounts Not Offset in the Statements of Assets and Liabilities:** | **Gross Amounts Not Offset in the Statements of Assets and Liabilities:** | **Gross Amounts Not Offset in the Statements of Assets and Liabilities:** |
|  | **Assets** | **Assets** | **Assets** | **Assets** | **Liabilities** | **Liabilities** | **Liabilities** | **Liabilities** |
| **Counterparty** | **Gross Amounts** <br>**Presented in the** <br>**Statements** <br>**of Assets and** <br>**Liabilities**<br>| **Liabilities** <br>**Available** <br>**for Offset**<br>| **Collateral** <br>**Received**<sup>(a)</sup><br>| **Net** <br>**Amount**<sup>(b)</sup><br>| **Gross Amounts** <br>**Presented in the** <br>**Statements** <br>**of Assets and** <br>**Liabilities**<br>| **Assets** <br>**Available** <br>**for Offset**<br>| **Collateral** <br>**Pledged**<sup>(a)</sup><br>| **Net** <br>**Amount**<sup>(b)</sup><br>|
| **Growth ETF** | **Growth ETF** |  |  |  |  |  |  |  |
| SSB | $145459 | $— | $(145459)<br>| $— | $— | $— | $— | $— |
| **Total** | **$145459** | **$—** | **$(145459)**<br>| **$—** | **$—** | **$—** | **$—** | **$—** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(a) Collateral received (or pledged) is limited to an amount not to exceed 100% of the
 net amount of assets (or liabilities) in the tables presented above, for each respective counterparty.

&nbsp;&nbsp;&nbsp;&nbsp;(b) A Net Amount greater than zero represents amounts subject to loss as of February 28,
 2026, in the event of a counterparty failure. A Net Amount less than zero represents amounts under-collateralized
 to each counterparty as of February 28, 2026.

Indemnifications: Like many other companies, the Trust's organizational documents provide that its officers ("Officers") and trustees ("Trustees") are indemnified against certain liabilities arising out of the

------

![](img9d39500a4.gif)

performance of their duties to the Trust. In addition, both in some of its principal service contracts and in the normal course of its business, the Trust enters into contracts that provide indemnifications to other parties for certain types of losses or liabilities. The Trust's maximum exposure under these arrangements is unknown as this could involve future claims against the Trust or a Fund.

Segment reporting: In this reporting period, each Fund adopted FASB Accounting Standards Update No. 2023-07, "Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures" ("ASU 2023-07"). Adoption of the new standard impacted financial statement disclosures only and did not affect each Fund's financial position or the results of its operations. An operating segment is a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the entity's chief operating decision maker ("CODM") in making resource allocation decisions and assessing segment performance, and for which discrete financial information is available. Each Fund's investment manager acts as the Funds' CODM. The CODM has determined that each Fund has a single operating segment because the CODM monitors the operating results of each Fund as a whole and evaluates performance in accordance with each Fund's principal investment strategies as disclosed in its prospectus. The CODM uses these measures to assess Fund performance and allocate resources effectively. Each Fund's total returns, expense ratios, and changes in net assets which among others are used by the CODM to assess Fund performance and to make resource allocation decisions for each Fund's single segment are consistent with that presented within each Fund's financial statements.

Note B—Investment Management Fees, Administration Fees, Distribution Arrangements, and Other Transactions with Affiliates:

Disrupters ETF:

The Fund retains NBIA as investment manager under a Management Agreement. Under the Management Agreement, Management is responsible for choosing the Fund's investments and handling its day-to-day business. In addition, Management provides to the Fund certain Fund services and administrative services as specified in the Management Agreement.

**China Equity ETF, Commodity Strategy ETF, Core Equity ETF, Growth ETF, Japan Equity ETF, Option Strategy ETF and Small-Mid Cap ETF:**

Each Fund retains NBIA as investment manager under a Management Agreement. Under the Management Agreement, Management is responsible for choosing a Fund's investments and handling its day-to-day business and certain Fund services.

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For such investment management services, each Fund pays NBIA monthly, an investment management fee <br> at an annual rate as a percentage of average daily net assets according to the following table: | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For such investment management services, each Fund pays NBIA monthly, an investment management fee <br> at an annual rate as a percentage of average daily net assets according to the following table: | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For such investment management services, each Fund pays NBIA monthly, an investment management fee <br> at an annual rate as a percentage of average daily net assets according to the following table: | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For such investment management services, each Fund pays NBIA monthly, an investment management fee <br> at an annual rate as a percentage of average daily net assets according to the following table: | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For such investment management services, each Fund pays NBIA monthly, an investment management fee <br> at an annual rate as a percentage of average daily net assets according to the following table: | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For such investment management services, each Fund pays NBIA monthly, an investment management fee <br> at an annual rate as a percentage of average daily net assets according to the following table: | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For such investment management services, each Fund pays NBIA monthly, an investment management fee <br> at an annual rate as a percentage of average daily net assets according to the following table: | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For such investment management services, each Fund pays NBIA monthly, an investment management fee <br> at an annual rate as a percentage of average daily net assets according to the following table: |
|  | **First** <br>**$250** <br>**million**<br>| **Next** <br>**$250** <br>**million**<br>| **Next** <br>**$250** <br>**million**<br>| **Next** <br>**$250** <br>**million**<br>| **Next** <br>**$500** <br>**million**<br>| **Next** <br>**$2.5** <br>**billion**<br>| **Thereafter** |
| **China Equity ETF**  | 0.60<br> %<br>| 0.60<br> %<br>| 0.60<br> %<br>| 0.60<br> %<br>| 0.60<br> %<br>| 0.60<br> %<br>| 0.60<br> %<br>|
| **Commodity Strategy ETF and CS Subsidiary**<sup>(a)</sup> <br>| 0.50<br> %<br>| 0.475<br> %<br>| 0.45<br> %<br>| 0.425<br> %<br>| 0.40<br> %<br>| 0.375<br> %<br>| 0.35<br> %<br>|
| **Core Equity ETF** <sup>(b)</sup> <br>| 0.30<br> %<br>| 0.30<br> %<br>| 0.30<br> %<br>| 0.30<br> %<br>| 0.30<br> %<br>| 0.30<br> %<br>| 0.30<br> %<br>|
| **Disrupters ETF** <sup>(b)</sup> <br>| 0.65<br> %<br>| 0.65<br> %<br>| 0.65<br> %<br>| 0.65<br> %<br>| 0.65<br> %<br>| 0.65<br> %<br>| 0.65<br> %<br>|
| **Growth ETF** <sup>(b)</sup> <br>| 0.47<br> %<br>| 0.47<br> %<br>| 0.47<br> %<br>| 0.47<br> %<br>| 0.47<br> %<br>| 0.47<br> %<br>| 0.47<br> %<br>|
| **Japan Equity ETF** <sup>(b)</sup> <br>| 0.60<br> %<br>| 0.60<br> %<br>| 0.60<br> %<br>| 0.60<br> %<br>| 0.60<br> %<br>| 0.60<br> %<br>| 0.60<br> %<br>|
| **Option Strategy ETF**  | 0.41<br> %<br>| 0.41<br> %<br>| 0.41<br> %<br>| 0.41<br> %<br>| 0.41<br> %<br>| 0.41<br> %<br>| 0.41<br> %<br>|

---

------

![](img9d39500a4.gif)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **First**<br> **$250**<br> **million**<br>| **Next**<br> **$250**<br> **million**<br>| **Next**<br> **$500**<br> **million**<br>| **Next**<br> **$2.5**<br> **billion**<br>| **Thereafter** |
| **Small-Mid Cap ETF** <sup>(c)</sup> <br>| 0.51<br> %<br>| 0.51<br> %<br>| 0.51<br> %<br>| 0.51<br> %<br>| 0.51<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Less the net assets of the CS Subsidiary for Commodity Strategy ETF.

<sup>(b)</sup> NBIA has contractually agreed to waive its management fee by 0.10% of Core Equity ETF's and Disrupters ETF's average net assets. NBIA has contractually agreed to waive its management fee by 0.13% and 0.20% of Growth ETF's and Japan Equity ETF's average net assets, respectively. These undertakings last until August 31, 2027 (except for Disrupters ETF, which lasts until April 8, 2027) and may not be terminated during their term without the consent of the Board. The fee waiver for each of Core Equity ETF, Growth ETF and Japan Equity ETF will not reduce expenses below the contractual expense limitation agreement described below. Management fees contractually waived are not subject to recovery by NBIA. 

<sup>(c)</sup> Prior to April 1, 2025, the management fee was 0.60%.

Management fees waived for the six months ended February 28, 2026 were as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Fund**  | **Percentage of** <br>**Average Daily** <br>**Net Assets**<br>| **Effective Date(s)**  | **Management Fees** <br>**Waived for the** <br>**Six Months Ended** <br>**February 28, 2026**<br>|
| **Core Equity ETF** | 0.10<br> %<br>| &nbsp;&nbsp; 7/31/2024 | &nbsp;&nbsp; $322474 |
| **Disrupters ETF** | 0.10<br> %<br>| &nbsp;&nbsp; 4/6/2022 | &nbsp;&nbsp; $14220 |
| **Growth ETF** | 0.13<br> %<br>| &nbsp;&nbsp; 12/18/2024 | &nbsp;&nbsp; $8325 |
| **Japan Equity ETF** | 0.20<br> %<br>| &nbsp;&nbsp; 9/11/2024 | &nbsp;&nbsp; $55927 |

---

Accordingly, for the six months ended February 28, 2026, the investment management fee pursuant to the Management Agreement was equivalent to an annual effective rate of the Fund's average daily net assets, as follows:

---

| | |
|:---|:---|
|  | **Effective Rate**  |
| **Commodity Strategy ETF and CS Subsidiary**<sup>(a)</sup> | 0.50<br> %<br>|
| **Core Equity ETF** | 0.20<br> %<br>|
| **Disrupters ETF** | 0.55<br> %<br>|
| **Growth ETF** | 0.34<br> %<br>|
| **Japan Equity ETF** | 0.40<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(a) Less the net assets of the CS Subsidiary.

Disrupters ETF:

NBIA has contractually agreed to pay all operating expenses of the Fund, except (i) interest and taxes (including, but not limited to, income, excise, transaction, transfer and withholding taxes); (ii) brokerage expenses, including commissions, and other transaction costs; (iii) acquired fund fees and expenses; (iv) dividend and interest expenses relating to short sales; (v) expenses incurred in connection with any distribution plan adopted by the Trust in compliance with Rule 12b-1 under the 1940 Act, including distribution fees; (vi) the compensation payable to NBIA under this Agreement; (vii) securities lending expenses; (viii) litigation expenses and tax reclaim expenses; (ix) indemnification expenses; and (x) any expenses determined to be extraordinary expenses by the Board. With the Fund's consent, Management may subcontract to third parties some of its responsibilities to the Fund under the Management Agreement and may compensate each such third party that provides such services. Certain expenses that are outside of the investment management fee, as described above, may be applicable to multiple funds within the complex of related investment companies and such

------

![](img9d39500a4.gif)

allocations are handled as follows: Expenses directly attributable to the Fund are charged to the Fund. Expenses borne by the complex of related investment companies, which includes open-end and closed-end investment companies for which NBIA serves as investment manager, that are not directly attributable to a particular investment company (e.g., the Fund) are allocated among the Fund and the other investment companies or series thereof in the complex on the basis of relative net assets, except where a more appropriate allocation of expenses to each of the investment companies or series thereof in the complex can otherwise be made fairly.

**China Equity ETF, Commodity Strategy ETF, Core Equity ETF, Growth ETF, Japan Equity ETF, Option Strategy ETF and Small-Mid Cap ETF:**

NBIA has contractually agreed to waive fees and/or reimburse certain expenses of each Fund so that the total annual operating expenses do not exceed the expense limitations as detailed in the following table. These undertakings exclude interest, brokerage commissions, acquired fund fees and expenses, taxes including any expenses relating to tax reclaims, extraordinary expenses, and dividend and interest expenses relating to short sales, if any (commitment fees relating to borrowings are treated as interest for purposes of this exclusion) ("annual operating expenses"); consequently, net expenses may exceed the contractual expense limitations. The expenses of the CS Subsidiary are included in the total expenses used to calculate the reimbursement, which Commodity Strategy ETF has agreed to share with the CS Subsidiary. For the six months ended February 28, 2026, the expenses of the CS Subsidiary amounted to $188,363.

China Equity ETF, Commodity Strategy ETF, Core Equity ETF, Growth ETF, Japan Equity ETF, Option Strategy ETF and Small-Mid Cap ETF have agreed that they will repay NBIA for fees and expenses waived or reimbursed provided that repayment does not cause the respective Fund's annual operating expenses to exceed its contractual expense limitation in place at the time the fees and expenses were waived or reimbursed, or the expense limitation in place at the time the respective Fund repays NBIA, whichever is lower. Any such repayment must be made within three years after the year in which NBIA incurred the expense.

During the six months ended February 28, 2026, there was no repayment to NBIA under these agreements.

At February 28, 2026, the Funds' contingent liabilities to NBIA under the agreements were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  |  |  | **Expenses Reimbursed in** <br>**Year Ended August 31,**  | **Expenses Reimbursed in** <br>**Year Ended August 31,**  | **Expenses Reimbursed in** <br>**Year Ended August 31,**  | **Expenses Reimbursed in** <br>**Year Ended August 31,**  |
|  |  |  | **2023** | **2024** | **2025** | **2026** |
|  |  |  | **Subject to Repayment until** <br>**August 31,**  | **Subject to Repayment until** <br>**August 31,**  | **Subject to Repayment until** <br>**August 31,**  | **Subject to Repayment until** <br>**August 31,**  |
| **Fund** | **Contractual** <br>**Expense** <br>**Limitation**<sup>(a)</sup><br>| **Expiration**  | **2026** | **2027** | **2028** | **2029** |
| **China Equity ETF** | 0.74<br> %<sup>(b)</sup><br>| &nbsp;&nbsp; 8/31/29 | &nbsp;&nbsp; $226862 | &nbsp;&nbsp; $285356 | &nbsp;&nbsp; $261431 | &nbsp;&nbsp; $125637 |
| **Commodity Strategy ETF** | 0.64<br> %<sup>(c)</sup><br>| &nbsp;&nbsp; 8/31/29 | &nbsp;&nbsp; 269368 | &nbsp;&nbsp; 290488 | &nbsp;&nbsp; 251427 | &nbsp;&nbsp; 125037 |
| **Core Equity ETF** | 0.29<br> %<sup>(d)</sup><br>| &nbsp;&nbsp; 8/31/27 | &nbsp;&nbsp; — | &nbsp;&nbsp; 155888 <br><sup>(e)</sup><br>| &nbsp;&nbsp; 349629 | &nbsp;&nbsp; 140320 |
| **Growth ETF** | 0.43<br> %<sup>(f)</sup><br>| &nbsp;&nbsp; 8/31/27 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 251636 <br><sup>(g)</sup><br>| &nbsp;&nbsp; 93704 |
| **Japan Equity ETF** | 0.49<br> %<sup>(h)</sup><br>| &nbsp;&nbsp; 8/31/27 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 358269 <br><sup>(i)</sup><br>| &nbsp;&nbsp; 119517 |
| **Option Strategy ETF** | 0.55<br> %<sup>(j)</sup><br>| &nbsp;&nbsp; 8/31/29 | &nbsp;&nbsp; 152800<br> <sup>(k)</sup><br>| &nbsp;&nbsp; 183251 <br><sup>(l)</sup><br>| &nbsp;&nbsp; 107820 | &nbsp;&nbsp; 57166 |
| **Small-Mid Cap ETF** | 0.64<br> %<sup>(m)</sup><br>| &nbsp;&nbsp; 8/31/29 | &nbsp;&nbsp; — | &nbsp;&nbsp; 178213 <br><sup>(n)</sup><br>| &nbsp;&nbsp; 202389 | &nbsp;&nbsp; 79266 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(a) Expense limitation per annum of the Fund's average daily net assets.

------

![](img9d39500a4.gif)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(b) Expenses waived or reimbursed prior to the close of business on October 13, 2023,
 are of the Neuberger Berman Greater China Equity Fund (the "China Equity ETF Predecessor Fund"), which
 had a contractual expense limitation of 1.50% for its Institutional Class.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Expenses waived or reimbursed prior to the close of business on October 21, 2022,
 are of the Neuberger Berman Commodity Strategy Fund (the "Commodity Strategy ETF Predecessor Fund"), which
 had a contractual expense limitation of 0.73% for its Institutional Class.

&nbsp;&nbsp;&nbsp;&nbsp;(d) 0.29% per annum of the Fund's average net assets until 8/31/27 after taking into account
 the contractual management fee waiver discussed above, 0.39% per annum of the Fund's average net assets
 from 9/1/27 to 8/31/29.

&nbsp;&nbsp;&nbsp;&nbsp;(e) Period from July 31, 2024 (Commencement of Operations) to August 31, 2024.

&nbsp;&nbsp;&nbsp;&nbsp;(f) 0.43% per annum of the Fund's average net assets until 8/31/27 after taking into account
 the contractual management fee waiver discussed above, 0.56% per annum of the Fund's average net assets
 from 9/1/27 to 8/31/29.

&nbsp;&nbsp;&nbsp;&nbsp;(g) Period from December 18, 2024 (Commencement of Operations) to August 31, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;(h) 0.49% per annum of the Fund's average net assets until 8/31/27 after taking into account
 the contractual management fee waiver discussed above, 0.69% per annum of the Fund's average net assets
 from 9/1/27 to 8/31/29.

&nbsp;&nbsp;&nbsp;&nbsp;(i) Period from September 11, 2024 (Commencement of Operations) to August 31, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;(j) Expenses waived or reimbursed prior to the close of business on January 26, 2024,
 are of the Neuberger Berman U.S. Equity Index PutWrite Strategy Fund (the "Option Strategy ETF Predecessor
 Fund"), which had a contractual expense limitation of 0.65% until January 11, 2024. Effective January
 12, 2024, the contractual expense limitation changed to 0.55% for its Institutional Class.

&nbsp;&nbsp;&nbsp;&nbsp;(k) Year ended October 31.

&nbsp;&nbsp;&nbsp;&nbsp;(l) Period from November 1, 2023 to August 31, 2024.

&nbsp;&nbsp;&nbsp;&nbsp;(m) Prior to April 1, 2025, the contractual expense limitation was 0.73%.

&nbsp;&nbsp;&nbsp;&nbsp;(n) Period from March 20, 2024 (Commencement of Operations) to August 31, 2024.

NBIA retains State Street as its sub-administrator under a Sub-Administration Agreement. NBIA pays State Street a fee for all services received under the Sub-Administration Agreement.

Each of China Equity ETF, Commodity Strategy ETF, Core Equity ETF, Growth ETF, Japan Equity ETF, Option Strategy ETF and Small-Mid Cap ETF retains NBIA as its administrator under an Administration Agreement. Each Fund pays NBIA monthly a fee at the annual rate of 0.09% of the respective Fund's average daily net assets. Under the Administration Agreement, the CS Subsidiary does not pay an annual administration fee.

Neuberger Berman BD LLC (the "Distributor") serves as the distributor in connection with the continuous offering of each Fund's shares. Each Fund (except China Equity ETF, Commodity Strategy ETF, and Option Strategy ETF) also has a distribution agreement that allows the Fund to pay distribution fees to the Distributor and other firms that provide distribution services ("Service Providers"). Under their distribution plans (each a Plan, collectively, the "Plans") if a Service Provider provides distribution services, a Fund would pay distribution fees to the Distributor at an annual rate not to exceed 0.25% of average daily net assets, pursuant to Rule 12b-1 under the 1940 Act. The Distributor would, in turn, pay the Service Provider out of its fees. The Board currently has determined not to implement any 12b-1 fees pursuant to the Plans. 12b-1 fees may only be imposed after approval by the Board.

------

![](img9d39500a4.gif)

Note C—Securities Transactions:

During the six months ended February 28, 2026, there were purchase and sale transactions of long-term securities (excluding futures and option written, if any) and in-kind capital share transactions as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Transactions of Long-Term Securities** | **Transactions of Long-Term Securities** | **In-kind Capital Share Transactions** | **In-kind Capital Share Transactions** |
|  | **Purchases**  | **Sales**  | **Purchases** | **Sales** |
| **China Equity ETF** | $11980886 | &nbsp;&nbsp; $5293075 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— |
| **Commodity Strategy ETF** | 99197401 | &nbsp;&nbsp; 46128738 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| **Core Equity ETF** | 357555866 | &nbsp;&nbsp; 183707084 | &nbsp;&nbsp; 259683150 | &nbsp;&nbsp; 74084799 |
| **Disrupters ETF** | 5508670 | &nbsp;&nbsp; 5847490 | &nbsp;&nbsp; 2664485 | &nbsp;&nbsp; — |
| **Growth ETF** | 2100409 | &nbsp;&nbsp; 2426145 | &nbsp;&nbsp; 1401875 | &nbsp;&nbsp; — |
| **Japan Equity ETF** | 19531479 | &nbsp;&nbsp; 21117820 | &nbsp;&nbsp; 71333675 | &nbsp;&nbsp; — |
| **Option Strategy ETF**<sup>(a)</sup> <br>| 303488901 | &nbsp;&nbsp; 277880328 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| **Small-Mid Cap ETF** | 48265740 | &nbsp;&nbsp; 59166378 | &nbsp;&nbsp; 42600811 | &nbsp;&nbsp; 7023296 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(a) Includes purchases and sales of U.S. Government and Agency Obligations of $132,898,207
 and $110,300,000, respectively.

During the six months ended February 28, 2026, no brokerage commissions on securities transactions were paid to affiliated brokers.

Note D—Fund Share Transactions:

The Funds issue or redeem capital shares in aggregation of a specified number of shares (each, a "Creation Unit") to certain institutional investors (typically market makers or other broker-dealers) on a continuous basis through the Distributor. Currently, the number of shares that constitutes a Creation Unit is 25,000 shares. Creation Unit transactions are typically conducted in exchange for the deposit or delivery of a designated portfolio of in-kind securities, cash or a combination thereof, consistent with a Fund's investment objective, policies and disclosure.

Share activity for the six months ended February 28, 2026, was as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Fund** | **Shares** <br>**Sold** <br>| **Shares** <br>**Issued on** <br>**Reinvestment** <br>**of Dividends** <br>**and** <br>**Distributions** <br>| **Shares** <br>**Issued In** <br>**Connection** <br>**with** <br>**Tax-Free** <br>**Reorganization** <br>**(see** <br>**Note F)**<br>| **Shares** <br>**Redeemed** <br>| **Total**  |
| **China Equity ETF** | &nbsp;&nbsp; 200000 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 200000 |
| **Commodity Strategy ETF** | &nbsp;&nbsp; 3050000 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (125000)<br>| &nbsp;&nbsp; 2925000 |
| **Core Equity ETF** | &nbsp;&nbsp; 13775000 | &nbsp;&nbsp; — | &nbsp;&nbsp; 3713209 | &nbsp;&nbsp; (2425000)<br>| &nbsp;&nbsp; 15063209 |
| **Disrupters ETF** | &nbsp;&nbsp; 75000 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 75000 |
| **Growth ETF** | &nbsp;&nbsp; 50000 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 50000 |
| **Japan Equity ETF** | &nbsp;&nbsp; 2250000 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 2250000 |
| **Option Strategy ETF** | &nbsp;&nbsp; 1075000 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (1500000)<br>| &nbsp;&nbsp; (425000)<br>|
| **Small-Mid Cap ETF** | &nbsp;&nbsp; 1675000 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (275000)<br>| &nbsp;&nbsp; 1400000 |

---

------

![](img9d39500a4.gif)

Share activity for the year ended August 31, 2025, was as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fund** | **Shares** <br>**Sold**<br>| **Shares** <br>**Issued on** <br>**Reinvestment** <br>**of Dividends** <br>**and** <br>**Distributions**<br>| **Shares** <br>**Redeemed**<br>| **Total** |
| **China Equity ETF** | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| **Commodity Strategy ETF** | &nbsp;&nbsp; 3475000 | &nbsp;&nbsp; — | &nbsp;&nbsp; (3200000)<br>| &nbsp;&nbsp; 275000 |
| **Core Equity ETF** | &nbsp;&nbsp; 4600000 | &nbsp;&nbsp; — | &nbsp;&nbsp; (325000)<br>| &nbsp;&nbsp; 4275000 |
| **Disrupters ETF** | &nbsp;&nbsp; 225000 | &nbsp;&nbsp; — | &nbsp;&nbsp; (100000)<br>| &nbsp;&nbsp; 125000 |
| **Growth ETF**<sup>(a)</sup> | &nbsp;&nbsp; 450001 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 450001 |
| **Japan Equity ETF**<sup>(b)</sup> | &nbsp;&nbsp; 1200001 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 1200001 |
| **Option Strategy ETF** | &nbsp;&nbsp; 3775000 | &nbsp;&nbsp; — | &nbsp;&nbsp; (4175000)<br>| &nbsp;&nbsp; (400000)<br>|
| **Small-Mid Cap ETF** | &nbsp;&nbsp; 2550000 | &nbsp;&nbsp; — | &nbsp;&nbsp; (3125000)<br>| &nbsp;&nbsp; (575000)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(a) Period from December 18, 2024 (Commencement of Operations) to August 31, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Period from September 11, 2024 (Commencement of Operations) to August 31, 2025.

A standard creation or redemption transaction fee is imposed to offset transfer and other costs associated with the issuance and redemption of Creation Units and is charged to the Authorized Participant and paid directly to State Street Bank and Trust Company, which serves as the transfer agent. The Authorized Participant may also be required to pay a variable transaction fee to cover certain brokerage, tax, foreign exchange, execution, market impact and other costs and expenses with respect to transactions in Creation Units for cash, which are treated as increases in capital. The Manager may adjust and/or waive all or some of the transaction fees from time to time. These variable fees, if any, are reflected in "Proceeds from shares sold" in the Statements of Changes in Net Assets.

Note E—Line of Credit:

At February 28, 2026, each Fund was a participant in a syndicated committed, unsecured $700,000,000 line of credit (the "Credit Facility"), to be used only for temporary or emergency purposes. Series of other investment companies managed by NBIA also participate in this line of credit on substantially the same terms. Interest is charged on borrowings under this Credit Facility at the highest of (a) a federal funds effective rate plus 1.00% per annum, (b) a daily simple SOFR plus 1.00% per annum, or (c) an overnight bank funding rate plus 1.00% per annum. The Credit Facility has an annual commitment fee of 0.15% per annum of the available line of credit, which is paid quarterly. Each Fund has agreed to pay its pro rata share of the annual commitment fee, based on the ratio of its individual net assets to the net assets of all participants at the time the fee is due, and interest charged on any borrowing made by such Fund and other costs incurred by such Fund (for Disrupters ETF, the pro rata share of the commitment fee and any other Credit Facility cost shared by the participants are covered under the investment management fee described further in Note B). Because several funds participate in the Credit Facility, there is no assurance that an individual fund will have access to all or any part of the $700,000,000 at any particular time. There were no loans outstanding for any Fund under the Credit Facility at February 28, 2026. During the six months ended February 28, 2026, none of the Funds utilized the Credit Facility.

Note F—Reorganizations:

On July 23, 2025, the shareholders of Neuberger Berman Dividend Growth Fund (the "Merging Fund"), a series of the Neuberger Berman Equity Funds, approved the proposed reorganization of the Merging Fund into Core Equity ETF (the "Acquiring ETF") (the "Merger"). The Merger was completed as of the close of

------

![](img9d39500a4.gif)

business on October 17, 2025 (the "Closing Date"), and the Merging Fund shareholders became shareholders of the Acquiring ETF. The Merger qualified as a tax-free reorganization for federal income tax purposes. The Merger was accomplished by a tax-free exchange of 4,549,048 shares of the Institutional Class of the Merging Fund for 3,713,209 shares of the Acquiring ETF. The Merging Fund's aggregate net assets on the Closing Date were $114,142,190, including investments with $47,919,459 of net unrealized appreciation, and were combined with those of the Acquiring ETF, which were $411,909,795. The combined net assets of the Acquiring ETF immediately after the Merger were $526,051,985. For financial reporting purposes, assets received and shares issued by the Acquiring ETF were recorded at fair value; however, the cost basis of the investments received from the Merging Fund was carried forward to align ongoing reporting of the Acquiring ETF's realized and unrealized gains and losses with amounts distributable to shareholders for tax purposes.

Assuming the Merger had been completed on September 1, 2025, the beginning of the reporting period of the Acquiring ETF, the Acquiring ETF's pro forma results of operations for the six months ended February 28, 2026, would have been as follows:

---

| | |
|:---|:---|
| **Net Investment Income/(Loss)** | $2775706<br>|
| **Net Realized and Unrealized Gains/(Losses) on** <br> **Investments**<br>| 25525502<br>|
| **Net Increase/(Decrease) in Net Assets resulting from** <br> **operations**<br>| $28301208<br>|

---

Because the combined investment portfolios have been managed as a single integrated portfolio since the Merger completed, it is not practicable to separate the amounts of revenue and earnings of the Merging Fund that have been included in the Acquiring ETF's Statement of Operations as of February 28, 2026.

Note G—Unaudited Financial Information:

The financial information included in this interim report is taken from the records of each Fund without audit by an independent registered public accounting firm. Annual reports contain audited financial statements.

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![](img9d39500a4.gif)

Financial Highlights

The following tables include selected data for a share outstanding throughout each fiscal period and other performance information derived from the financial statements. Amounts that do not round to $0.01 or $(0.01) per share are presented as $0.00 or $(0.00), respectively. Ratios that do not round to 0.01% or (0.01)% are presented as 0.00% or (0.00)%, respectively. A "—" indicates that the line item was not applicable in the corresponding fiscal period.

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Net Asset** <br>**Value,** <br>**Beginning** <br>**of Period**<br>| **Net** <br>**Investment** <br>**Income/** <br>**(Loss)**<sup>a</sup> <br>| **Net Gains** <br>**or** <br>**Losses on** <br>**Securities** <br>**(both** <br>**realized** <br>**and** <br>**unrealized)**<br>| **Total Income** <br>**(Loss) From** <br>**Investment** <br>**Operations**<br>| **Dividends** <br>**from Net** <br>**Investment** <br>**Income**<br>| **Distributions** <br>**from Net** <br>**Realized** <br>**Capital Gains**<br>| **Tax Return** <br>**of Capital**<br>|
| **China Equity ETF**<sup>e</sup>  | **China Equity ETF**<sup>e</sup>  | **China Equity ETF**<sup>e</sup>  | **China Equity ETF**<sup>e</sup>  | **China Equity ETF**<sup>e</sup>  | **China Equity ETF**<sup>e</sup>  | **China Equity ETF**<sup>e</sup>  | **China Equity ETF**<sup>e</sup>  |
| 2/28/2026 (Unaudited) | $31.01 | $0.05 | $6.21 | $6.26 | $(0.44)<br>| $— | $— |
| 8/31/2025 | $22.43 | $0.42 | $8.44 | $8.86 | $(0.29)<br>| $— | $— |
| 8/31/2024 | $25.44 | $0.54 | $(3.55)<br>| $(3.01)<br>| $— | $— | $— |
| 8/31/2023<sup>i</sup> | $30.58 | $(0.11)<br>| $(4.78)<br>| $(4.89)<br>| $(0.25)<br>| $— | $(0.00)<br>|
| 8/31/2022<sup>i</sup> | $45.64 | $0.21 | $(12.73)<br>| $(12.52)<br>| $(0.32)<br>| $(2.22)<br>| $— |
| 8/31/2021<sup>i</sup> | $40.43 | $0.32 | $5.14 | $5.46 | $(0.25)<br>| $— | $— |
| **Commodity Strategy ETF**<sup>k,l</sup>  | **Commodity Strategy ETF**<sup>k,l</sup>  | **Commodity Strategy ETF**<sup>k,l</sup>  | **Commodity Strategy ETF**<sup>k,l</sup>  | **Commodity Strategy ETF**<sup>k,l</sup>  | **Commodity Strategy ETF**<sup>k,l</sup>  | **Commodity Strategy ETF**<sup>k,l</sup>  | **Commodity Strategy ETF**<sup>k,l</sup>  |
| 2/28/2026 (Unaudited) | $22.92 | $0.41 | $3.74 | $4.15 | $(1.91)<br>| $— | $— |
| 8/31/2025 | $21.11 | $0.90 | $2.00 | $2.90 | $(1.09)<br>| $— | $— |
| 8/31/2024 | $22.68 | $1.06 | $(1.73)<br>| $(0.67)<br>| $(0.90)<br>| $— | $— |
| 8/31/2023 | $25.91 | $0.86 | $(1.02)<br>| $(0.16)<br>| $(3.07)<br>| $— | $— |
| Period from <br>11/1/2021 to <br>8/31/2022<sup>m,n</sup><br>| $34.57 | $0.04 | $2.65 | $2.69 | $(11.35)<br>| $— | $— |
| 10/31/2021 | $22.52 | $(0.09)<br>| $12.27 | $12.18 | $(0.13)<br>| $— | $— |
| 10/31/2020 | $26.60 | $0.18 | $(3.82)<br>| $(3.64)<br>| $(0.44)<br>| $— | $— |
| **Core Equity ETF** | **Core Equity ETF** | **Core Equity ETF** | **Core Equity ETF** | **Core Equity ETF** | **Core Equity ETF** | **Core Equity ETF** | **Core Equity ETF** |
| 2/28/2026 (Unaudited) | $29.97 | $0.12 | $1.49 | $1.61 | $(0.14)<br>| $— | $— |
| 8/31/2025 | $26.05 | $0.25 | $3.80 | $4.05 | $(0.13)<br>| $— | $— |
| Period from <br>7/31/2024<sup>q</sup> to <br>8/31/2024<br>| $25.49 | $0.03 | $0.53 | $0.56 | $— | $— | $— |
| **Disrupters ETF** | **Disrupters ETF** | **Disrupters ETF** | **Disrupters ETF** | **Disrupters ETF** | **Disrupters ETF** | **Disrupters ETF** | **Disrupters ETF** |
| 2/28/2026 (Unaudited) | $34.49 | $(0.01)<br>| $(2.29)<br>| $(2.30)<br>| $— | $(0.13)<br>| $— |
| 8/31/2025 | $29.61 | $(0.02)<br>| $4.90 | $4.88 | $— | $— | $— |
| 8/31/2024 | $23.27 | $(0.04)<br>| $6.38 | $6.34 | $— | $— | $— |
| 8/31/2023 | $19.43 | $(0.05)<br>| $3.89 | $3.84 | $— | $— | $— |
| Period from <br>4/6/2022<sup>q</sup> to <br>8/31/2022<br>| $24.02 | $(0.01)<br>| $(4.58)<br>| $(4.59)<br>| $— | $— | $— |
| **Growth ETF** | **Growth ETF** | **Growth ETF** | **Growth ETF** | **Growth ETF** | **Growth ETF** | **Growth ETF** | **Growth ETF** |
| 2/28/2026 (Unaudited) | $27.17 | $0.03 | $(0.31)<br>| $(0.28)<br>| $(0.07)<br>| $(0.04)<br>| $— |
| Period from <br>12/18/2024<sup>q</sup> to <br>8/31/2025<br>| $24.23 | $0.05 | $2.89 | $2.94 | $— | $— | $— |

---

See Notes to Financial Highlights

------

![](img9d39500a4.gif)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Total** <br>**Distributions**<br>| **Voluntary** <br>**Contribution** <br>**from** <br>**Management**<br>| **Net Asset** <br>**Value,** <br>**End of Period**<br>| **Total** <br>**Return**<sup>b,c</sup> <br>| **Net Assets,** <br>**End of** <br>**Year** <br>**(in millions)**<br>| **Ratio** <br>**of Gross** <br>**Expenses to** <br>**Average Net** <br>**Assets**<sup>d</sup> <br>| **Ratio** <br>**of Net** <br>**Expenses to** <br>**Average** <br>**Net Assets**<br>| **Ratio** <br>**of Net** <br>**Investment** <br>**Income/** <br>**(Loss) to** <br>**Average** <br>**Net Assets**<br>| **Portfolio** <br>**Turnover** <br>**Rate**<br>|
| $(0.44)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $36.83 | 20.37 %<sup>f</sup><br>| &nbsp;&nbsp; $16.1 | 3.35 %<sup>g</sup><br>| 0.74 %<sup>g</sup><br>| 0.29 %<sup>g</sup><br>| &nbsp;&nbsp; 52 %<sup>f</sup><br>|
| $(0.29)<br>| &nbsp;&nbsp; $0.01 | &nbsp;&nbsp; $31.01 | 39.92 %<sup>h</sup><br>| &nbsp;&nbsp; $7.3 | 5.00<br> % <br>| 0.74<br> % <br>| 1.64<br> % <br>| &nbsp;&nbsp; 130<br> % <br>|
| $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $22.43 | &nbsp;&nbsp; (11.84)%<br>| &nbsp;&nbsp; $5.3 | 7.20<br> % <br>| 0.77<br> % <br>| 2.30<br> % <br>| &nbsp;&nbsp; 231<br> % <br>|
| $(0.25)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $25.44 | &nbsp;&nbsp; (16.10)%<br>| &nbsp;&nbsp; $1.7 | 2.79<br> % <br>| 1.51 %<sup>j</sup><br>| &nbsp;&nbsp; (0.38)% <br>| &nbsp;&nbsp; 45<br> % <br>|
| $(2.54)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $30.58 | &nbsp;&nbsp; (28.71)%<br>| &nbsp;&nbsp; $32.4 | 1.91<br> % <br>| 1.51<br> % <br>| 0.55<br> % <br>| &nbsp;&nbsp; 53<br> % <br>|
| $(0.25)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $45.64 | 13.54<br> %<br>| &nbsp;&nbsp; $61.3 | 1.80<br> % <br>| 1.51<br> % <br>| 0.66<br> % <br>| &nbsp;&nbsp; 81<br> % <br>|
| $(1.91)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $25.16 | 19.13 %<sup>f</sup><br>| &nbsp;&nbsp; $351.9 | 0.73 %<sup>g</sup><br>| 0.64 %<sup>g</sup><br>| 3.45 %<sup>g</sup><br>| &nbsp;&nbsp; 25 %<sup>f</sup><br>|
| $(1.09)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $22.92 | 14.31<br> %<br>| &nbsp;&nbsp; $253.5 | 0.76<br> % <br>| 0.64<br> % <br>| 4.09<br> % <br>| &nbsp;&nbsp; 102<br> % <br>|
| $(0.90)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $21.11 | &nbsp;&nbsp; (2.88)%<br>| &nbsp;&nbsp; $227.7 | 0.76<br> % <br>| 0.65<br> % <br>| 4.87<br> % <br>| &nbsp;&nbsp; 83<br> % <br>|
| $(3.07)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $22.68 | 0.25<br> %<br>| &nbsp;&nbsp; $274.7 | 0.77<br> % <br>| 0.66<br> % <br>| 3.84<br> % <br>| &nbsp;&nbsp; 61<br> % <br>|
| $(11.35)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $25.91 | 13.67 %<sup>f</sup><br>| &nbsp;&nbsp; $209.5 | 0.92 %<sup>g</sup><br>| 0.73 %<sup>g</sup><br>| 0.22 %<sup>g</sup><br>| &nbsp;&nbsp; 57 %<sup>f</sup><br>|
| $(0.13)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $34.57 | 54.44<br> %<br>| &nbsp;&nbsp; $147.4 | 0.99<br> % <br>| 0.74<br> % <br>| &nbsp;&nbsp; (0.36)% <br>| &nbsp;&nbsp; 56<br> % <br>|
| $(0.44)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $22.52 | &nbsp;&nbsp; (13.98)%<br>| &nbsp;&nbsp; $89.4 | 0.99<br> % <br>| 0.74<br> % <br>| 0.74<br> % <br>| &nbsp;&nbsp; 109<br> % <br>|
| $(0.14)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $31.44 | 5.41 %<sup>f</sup><br>| &nbsp;&nbsp; $880.9 | 0.44 %<sup>g</sup><br>| 0.29 %<sup>g</sup><br>| 0.79 %<sup>g</sup><br>| &nbsp;&nbsp; 28 %<sup>f,o</sup><br>|
| $(0.13)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $29.97 | 15.57<br> %<br>| &nbsp;&nbsp; $388.1 | 0.52 %<sup>p</sup><br>| 0.29<br> % <br>| 0.93<br> % <br>| &nbsp;&nbsp; 44 %<sup>o</sup><br>|
| $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $26.05 | 2.18 %<sup>f</sup><br>| &nbsp;&nbsp; $226.0 | 0.83 %<sup>g,p</sup><br>| 0.29 %<sup>g</sup><br>| 1.36 %<sup>g</sup><br>| &nbsp;&nbsp; 5 %<sup>f,o</sup><br>|
| $(0.13)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $32.06 | &nbsp;&nbsp; (6.71 )%<sup>f</sup><br>| &nbsp;&nbsp; $27.4 | 0.65 %<sup>g</sup><br>| 0.55 %<sup>g</sup><br>| &nbsp;&nbsp; (0.07 )%<sup>g</sup><br>| &nbsp;&nbsp; 20 %<sup>f,o</sup><br>|
| $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $34.49 | 16.47<br> %<br>| &nbsp;&nbsp; $26.9 | 0.65<br> % <br>| 0.55<br> % <br>| &nbsp;&nbsp; (0.08)% <br>| &nbsp;&nbsp; 34 %<sup>o</sup><br>|
| $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $29.61 | 27.26<br> %<br>| &nbsp;&nbsp; $19.4 | 0.65<br> % <br>| 0.55<br> % <br>| &nbsp;&nbsp; (0.13)% <br>| &nbsp;&nbsp; 49 %<sup>o</sup><br>|
| $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $23.27 | 19.77<br> %<br>| &nbsp;&nbsp; $11.1 | 0.65<br> % <br>| 0.55<br> % <br>| &nbsp;&nbsp; (0.23)% <br>| &nbsp;&nbsp; 31 %<sup>o</sup><br>|
| $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $19.43 | &nbsp;&nbsp; (19.10 )%<sup>f</sup><br>| &nbsp;&nbsp; $5.4 | 0.65 %<sup>g</sup><br>| 0.55 %<sup>g</sup><br>| &nbsp;&nbsp; (0.17 )%<sup>g</sup><br>| &nbsp;&nbsp; 9 %<sup>f,o</sup><br>|
| $(0.11)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $26.78 | &nbsp;&nbsp; (1.00 )%<sup>f</sup><br>| &nbsp;&nbsp; $13.4 | 2.03 %<sup>g</sup><br>| 0.43 %<sup>g</sup><br>| 0.24 %<sup>g</sup><br>| &nbsp;&nbsp; 16 %<sup>f,o</sup><br>|
| $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $27.17 | 12.11 %<sup>f</sup><br>| &nbsp;&nbsp; $12.2 | 3.61 %<sup>g,p</sup><br>| 0.43 %<sup>g</sup><br>| 0.29 %<sup>g</sup><br>| &nbsp;&nbsp; 29 %<sup>f,o</sup><br>|

---

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![](img9d39500a4.gif)

Financial Highlights (cont'd)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Net Asset** <br>**Value,** <br>**Beginning** <br>**of Period**<br>| **Net** <br>**Investment** <br>**Income/** <br>**(Loss)**<sup>a</sup> <br>| **Net Gains** <br>**or** <br>**Losses on** <br>**Securities** <br>**(both** <br>**realized** <br>**and** <br>**unrealized)**<br>| **Total Income** <br>**(Loss) From** <br>**Investment** <br>**Operations**<br>| **Dividends** <br>**from Net** <br>**Investment** <br>**Income**<br>| **Distributions** <br>**from Net** <br>**Realized** <br>**Capital Gains**<br>| **Tax Return** <br>**of Capital**<br>|
| **Japan Equity ETF** | **Japan Equity ETF** | **Japan Equity ETF** | **Japan Equity ETF** | **Japan Equity ETF** | **Japan Equity ETF** | **Japan Equity ETF** | **Japan Equity ETF** |
| 2/28/2026 (Unaudited) | $29.41 | $0.16 | $7.48 | $7.64 | $(0.70)<br>| $— | $— |
| Period from <br>9/11/2024<sup>q</sup> to <br>8/31/2025<br>| $25.00 | $0.33 | $4.26 | $4.59 | $(0.18)<br>| $— | $— |
| **Option Strategy ETF** | **Option Strategy ETF** | **Option Strategy ETF** | **Option Strategy ETF** | **Option Strategy ETF** | **Option Strategy ETF** | **Option Strategy ETF** | **Option Strategy ETF** |
| 2/28/2026 (Unaudited) | $26.46 | $0.47 | $1.74 | $2.21 | $(1.09)<br>| $(0.06)<br>| $— |
| 8/31/2025 | $26.15 | $1.02 | $1.55 | $2.57 | $(1.03)<br>| $(0.76)<br>| $(0.47)<br>|
| Period from <br>11/1/2023 to <br>8/31/2024<sup>r</sup><br>| $24.04 | $1.01 | $2.31 | $3.32 | $(0.94)<br>| $— | $(0.27)<br>|
| 10/31/2023<sup>s</sup> | $22.91 | $1.33 | $1.27 | $2.60 | $(1.45)<br>| $— | $(0.02)<br>|
| 10/31/2022<sup>s</sup> | $31.77 | $0.73 | $(3.69)<br>| $(2.96)<br>| $(0.64)<br>| $(5.26)<br>| $— |
| 10/31/2021<sup>s</sup> | $25.09 | $0.02 | $6.71 | $6.73 | $(0.03)<br>| $(0.02)<br>| $— |
| 10/31/2020<sup>s</sup> | $25.90 | $0.32 | $0.23 | $0.55 | $(0.37)<br>| $(0.99)<br>| $— |
| **Small-Mid Cap ETF** | **Small-Mid Cap ETF** | **Small-Mid Cap ETF** | **Small-Mid Cap ETF** | **Small-Mid Cap ETF** | **Small-Mid Cap ETF** | **Small-Mid Cap ETF** | **Small-Mid Cap ETF** |
| 2/28/2026 (Unaudited) | $25.99 | $0.05 | $0.99 | $1.04 | $(0.10)<br>| $— | $— |
| 8/31/2025 | $26.21 | $0.10 | $(0.26)<br>| $(0.16)<br>| $(0.06)<br>| $— | $— |
| Period from <br>3/20/2024<sup>q</sup> to <br>8/31/2024<br>| $25.21 | $0.03 | $0.97 | $1.00 | $— | $— | $— |

---

See Notes to Financial Highlights

------

![](img9d39500a4.gif)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Total** <br>**Distributions**<br>| **Voluntary** <br>**Contribution** <br>**from** <br>**Management**<br>| **Net Asset** <br>**Value,** <br>**End of Period**<br>| **Total** <br>**Return**<sup>b,c</sup> <br>| **Net Assets,** <br>**End of** <br>**Year** <br>**(in millions)**<br>| **Ratio** <br>**of Gross** <br>**Expenses to** <br>**Average Net** <br>**Assets**<sup>d</sup> <br>| **Ratio** <br>**of Net** <br>**Expenses to** <br>**Average** <br>**Net Assets**<br>| **Ratio** <br>**of Net** <br>**Investment** <br>**Income/** <br>**(Loss) to** <br>**Average** <br>**Net Assets**<br>| **Portfolio** <br>**Turnover** <br>**Rate**<br>|
| $(0.70)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $36.35 | 26.42 %<sup>f</sup><br>| &nbsp;&nbsp; $125.4 | 1.12 %<sup>g</sup><br>| 0.49 %<sup>g</sup><br>| 1.04 %<sup>g</sup><br>| &nbsp;&nbsp; 32 %<sup>f,o</sup><br>|
| $(0.18)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $29.41 | 18.53 %<sup>f</sup><br>| &nbsp;&nbsp; $35.3 | 2.38 %<sup>g,p</sup><br>| 0.49 %<sup>g</sup><br>| 1.30 %<sup>g</sup><br>| &nbsp;&nbsp; 59 %<sup>f,o</sup><br>|
| $(1.15)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $27.52 | 8.49 %<sup>f</sup><br>| &nbsp;&nbsp; $442.4 | 0.58 %<sup>g</sup><br>| 0.55 %<sup>g</sup><br>| 3.50 %<sup>g</sup><br>| &nbsp;&nbsp; 66 %<sup>f</sup><br>|
| $(2.26)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $26.46 | 10.30<br> %<br>| &nbsp;&nbsp; $436.6 | 0.58<br> % <br>| 0.55<br> % <br>| 3.92<br> % <br>| &nbsp;&nbsp; 112<br> % <br>|
| $(1.21)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $26.15 | 14.02 %<sup>f</sup><br>| &nbsp;&nbsp; $442.0 | 0.62 %<sup>g</sup><br>| 0.57 %<sup>g</sup><br>| 4.38 %<sup>g</sup><br>| &nbsp;&nbsp; 39 %<sup>f</sup><br>|
| $(1.47)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $24.04 | 11.53<br> %<br>| &nbsp;&nbsp; $317.1 | 0.70<br> % <br>| 0.65<br> % <br>| 5.49<br> % <br>| &nbsp;&nbsp; 19<br> % <br>|
| $(5.90)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $22.91 | &nbsp;&nbsp; (11.22)%<br>| &nbsp;&nbsp; $293.4 | 0.70<br> % <br>| 0.65<br> % <br>| 2.87<br> % <br>| &nbsp;&nbsp; 43<br> % <br>|
| $(0.05)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $31.77 | 26.82<br> %<br>| &nbsp;&nbsp; $287.2 | 0.69<br> % <br>| 0.65<br> % <br>| 0.09<br> % <br>| &nbsp;&nbsp; 38<br> % <br>|
| $(1.36)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $25.09 | 2.22<br> %<br>| &nbsp;&nbsp; $235.6 | 0.74<br> % <br>| 0.65<br> % <br>| 1.31<br> % <br>| &nbsp;&nbsp; 41<br> % <br>|
| $(0.10)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $26.93 | 4.05 %<sup>f</sup><br>| &nbsp;&nbsp; $226.2 | 0.72 %<sup>g</sup><br>| 0.64 %<sup>g</sup><br>| 0.36 %<sup>g</sup><br>| &nbsp;&nbsp; 25 %<sup>f,o</sup><br>|
| $(0.06)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $25.99 | &nbsp;&nbsp; (0.62)%<br>| &nbsp;&nbsp; $181.9 | 0.80<br> % <br>| 0.70<br> % <br>| 0.39<br> % <br>| &nbsp;&nbsp; 39 %<sup>o</sup><br>|
| $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $26.21 | 3.95 %<sup>f</sup><br>| &nbsp;&nbsp; $198.5 | 0.92 %<sup>g,p</sup><br>| 0.73 %<sup>g</sup><br>| 0.26 %<sup>g</sup><br>| &nbsp;&nbsp; 12 %<sup>f,o</sup><br>|

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Notes to Financial Highlights (Unaudited)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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| | |
|:---|:---|
| a | Calculated based on the average number of shares outstanding during each fiscal period. |
| b | The class action proceeds listed in Note A of the Notes to Financial Statements, if any, had no impact on the <br> Funds' total returns for the six months ended February 28, 2026. The class action proceeds received in <br> 2024 and 2021 had no impact on the Funds' total returns for the year ended August 31, 2024 and for the <br> year ended October 31, 2021, respectively.<br>|
| c | Total return based on per share NAV reflects the effects of changes in NAV on the performance of each <br> Fund during the each fiscal period. Returns assume income dividends and other distributions, if any, were <br> reinvested. Results represent past performance and do not indicate future results. Current returns may be <br> lower or higher than the performance data quoted. Investment returns and principal will fluctuate and <br> shares, when redeemed, may be worth more or less than original cost. Each of Core Equity ETF, Disrupters <br> ETF, Growth ETF, Japan Equity ETF, and Small-Mid Cap ETF, has a limited performance history that should <br> not be relied on. Past performance, particularly for brief periods of time, are not indicative of future returns. <br> Total return would have been lower if Management had not reimbursed and/or waived certain expenses <br> and/or waived a portion of the investment management fee (for certain periods). Total return would have <br> been higher if Management had not recouped previously reimbursed and/or waived expenses.<br>|
| d | Represents the annualized ratios of net expenses to average daily net assets if Management had not <br> reimbursed certain expenses and/or waived a portion of the investment management fee. <br>|
| e | Financial highlights prior to the close of business on October 13, 2023 are of the China Equity ETF <br> Predecessor Fund.<br>|
| f | Not annualized. |
| g | Annualized. |
| h | Had China Equity ETF not received the voluntary contribution, the total return based on per share NAV for <br> the year ended August 31, 2025 would have been 39.86%<br>|
| i | After the close of business on October 6, 2023, the China Equity ETF Predecessor Fund's Institutional Class <br> underwent a reverse stock split pursuant to a stock split ratio of 1:0.2842 (old to new). The per share data <br> presented here has been retroactively adjusted to reflect this split.<br>|
| j | Represents the annualized ratio of net expenses to average daily net assets after utilization of the line of <br> credit by China Equity ETF (2023) and/or reimbursement of expenses and/or waiver of a portion of the <br> investment management fee by Management. Had China Equity ETF not utilized the line of credit, the <br> annualized ratios of net expenses to average daily net assets would have been:<br>|

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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| | |
|:---|:---|
|  | **Year Ended August 31,** |
|  | **2023** |
| **China Equity ETF** | 1.51% |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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| | |
|:---|:---|
| k | Financial highlights prior to the close of business on October 21, 2022 are of the Commodity Strategy <br> ETF Predecessor Fund.<br>|
| l | Consolidated financial highlights. See Note A in the Notes to Consolidated Financial Statements. |
| m | After the close of business on October 14, 2022, the Commodity Strategy ETF Predecessor Fund's <br> Institutional Class underwent a reverse stock split pursuant to a stock split ratio of 1:0.2256 (old to new). <br> The per share data presented here has been retroactively adjusted to reflect this split.<br>|
| n | The Commodity Strategy ETF Predecessor Fund changed its fiscal year end from October 31 to August 31. <br> This period represents the ten-month period from November 1, 2021 to August 31, 2022.<br>|

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Notes to Financial Highlights (Unaudited) (cont'd)

&nbsp;&nbsp;&nbsp;&nbsp;o Portfolio turnover rate excludes securities received or delivered in-kind. Had the
 Funds listed below included securities received or delivered in-kind the portfolio turnover rate would have been:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Six Months Ended February 28,** | **Year Ended August 31,** | **Year Ended August 31,** | **Year Ended August 31,** | **Year Ended August 31,** |
|  | **2026** | **2025** | **2024** | **2023** | **2022** |
| **Core Equity ETF** | 39% | &nbsp;&nbsp;&nbsp;&nbsp; 46% | &nbsp;&nbsp;&nbsp;&nbsp; 5%<br> <sup>(1)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — |
| **Disrupters ETF** | 21% | &nbsp;&nbsp;&nbsp;&nbsp; 46% | &nbsp;&nbsp;&nbsp;&nbsp; 64% | &nbsp;&nbsp;&nbsp;&nbsp; 132% | &nbsp;&nbsp;&nbsp;&nbsp; 9%<br> <sup>(2)</sup><br>|
| **Growth ETF** | 19% | &nbsp;&nbsp;&nbsp;&nbsp; 29%<br> <sup>(3)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — |
| **Japan Equity ETF** | 35% | &nbsp;&nbsp;&nbsp;&nbsp; 59%<br> <sup>(4)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — |
| **Small-Mid Cap ETF** | 35% | &nbsp;&nbsp;&nbsp;&nbsp; 72% | &nbsp;&nbsp;&nbsp;&nbsp; 12%<br> <sup>(5)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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| |
|:---|
| <sup>(1)</sup> Period from July 31, 2024 (Commencement of Operations) to August 31, 2024. |
| <sup>(2)</sup> Period from April 6, 2022 (Commencement of Operations) to August 31, 2022. |
| <sup>(3)</sup> Period from December 18, 2024 (Commencement of Operations) to August 31, 2025. |
| <sup>(4)</sup> Period from September 11, 2024 (Commencement of Operations) to August 31, 2025. |
| <sup>(5)</sup> Period from March 20, 2024 (Commencement of Operations) to August 31, 2024. |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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| | |
|:---|:---|
| p | Organization expense, which is a non-recurring expense, is included in these ratios on a non-annualized <br> basis.<br>|
| q | The date investment operations commenced. |
| r | The Option Strategy ETF Predecessor Fund changed its fiscal year end from October 31 to August 31. This <br> period represents the ten-month period from November 1, 2023 to August 31, 2024.<br>|
| s | After the close of business on January 19, 2024, the Option Strategy ETF Predecessor Fund's Institutional <br> Class underwent a reverse stock split pursuant to a stock split ratio of 1:0.4356 (old to new). The per share <br> data presented here has been retroactively adjusted to reflect this split.<br>|

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Directory

Investment Manager and Administrator

Neuberger Berman Investment Advisers LLC\*

1290 Avenue of the Americas

New York, NY 10104-0002

Distributor

Neuberger Berman BD LLC

1290 Avenue of the Americas

New York, NY 10104-0002

Custodian and Transfer Agent

State Street Bank and Trust Company

One Congress Street, Suite 1

Boston, MA 02114-2016

\* Administrator to all Funds, except Disrupters ETF.

For Shareholders, address correspondence to:

Neuberger Funds

John Adams Building

1776 Heritage Drive

North Quincy, MA 02171

Legal Counsel

K&L Gates LLP

1601 K Street, NW

Washington, DC 20006-1600

Independent Registered Public Accounting Firm

Ernst & Young LLP

200 Clarendon Street

Boston, MA 02116

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Changes in and Disagreements with Accountants for Open-end Management Investment Companies

No changes and/or disagreements occurred in the current reporting period.

Proxy Disclosures for Open-end Management Investment Companies

During the period covered by this report, there were no matters submitted to the Funds' shareholders through the solicitation of proxies or otherwise.

Board Consideration of the Management Agreements

On an annual basis, the Board of Trustees (the "Board" or "Trustees") of Neuberger Berman ETF Trust (the "Trust"), including the Trustees who are not "interested persons" of the Trust or of Neuberger Berman Investment Advisers LLC (with its affiliates, "Management"), as such term is defined under the Investment Company Act of 1940, as amended ("1940 Act"), ("Independent Fund Trustees"), considers whether to continue the management agreements with Management (the "Agreements" with respect to Neuberger Disrupters ETF ("Disrupters"), Neuberger China Equity ETF ("China Equity"), Neuberger Commodity Strategy ETF ("Commodity Strategy"), Neuberger Core Equity ETF ("Core ETF"), Neuberger Japan Equity ETF ("Japan Equity"), Neuberger Option Strategy ETF ("Option Strategy"), and Neuberger Small-Mid Cap ETF, ("SMID ETF," and together with China Equity, Commodity Strategy, Core Equity, Japan Equity and Option Strategy, the "Traditional Fee ETFs" and together with Disrupters, the "Funds"). Throughout the process, the Independent Fund Trustees are advised by counsel that is experienced in 1940 Act matters and that is independent of Management ("Independent Counsel"). At a meeting held on October 9, 2025, the Board, including the Independent Fund Trustees, approved the continuation of the Agreements for each Fund. In reaching its determination, the Board considered all factors it believed relevant, including (i) the nature, extent, and quality of the services provided to each Fund and its shareholders; (ii) a comparison of each Fund's performance, fees and expenses relative to its benchmark, various peers or similar accounts, as applicable; (iii) the costs of the services provided by, and the estimated profit or loss to Management from its relationships with each Fund; (iv) any apparent or anticipated economies of scale in relation to the services Management provides to each Fund and whether any such economies of scale are shared with Fund shareholders; and (v) any "fall-out" benefits likely to accrue to Management and its affiliates from their relationship with each Fund.

In evaluating the Agreements with respect to each Fund, the Board, including the Independent Fund Trustees, reviewed extensive materials provided by Management in response to questions submitted by the Independent Fund Trustees and Independent Counsel, which the Contract Review Committee annually considers and updates. It also met with senior representatives of Management regarding its personnel, operations, and profitability as they relate to the Funds. The annual contract review extends over at least two regular meetings of the Board to allow Management additional time to respond to any questions the Independent Fund Trustees may have on their initial review of the materials and for the Independent Fund Trustees to consider those responses.

In connection with its deliberations, the Board also considered the broad range of information relevant to the annual contract review that is provided to the Board (including its various standing committees) at meetings throughout the year. In addition, the Board established the Contract Review Committee, which is comprised solely of Independent Fund Trustees, to assist in its evaluation and analysis of materials for the annual contract review. Those standing committees provide reports to the full Board, including the members of the Contract Review Committee, which consider that information as part of the annual contract review process.

The Independent Fund Trustees received from Independent Counsel a memorandum discussing the legal standards for their consideration of the proposed continuation of the Agreements. During the course of the year

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and during their deliberations regarding the annual contract review, the Contract Review Committee and the Independent Fund Trustees met with Independent Counsel separately from representatives of Management.

Provided below is a description of the Board's contract approval process and material factors that the Board considered at its meetings regarding renewals of the Agreements and the compensation to be paid thereunder. In connection with its approval of the continuation of the Agreements, the Board evaluated the terms of the Agreements, the overall fairness of the Agreements to each Fund, and whether the Agreements were in the best interests of each respective Fund and its shareholders. The Board's determination to approve the continuation of the Agreements was based on a comprehensive consideration of all information provided to the Board throughout the year and in connection with the annual contract review. The Board considered each Fund's investment management agreement separately from those of the other Funds.

This description is not intended to include all of the factors considered by the Board. The Board members did not identify any particular information or factor that was all-important or controlling, and each Trustee may have attributed different weights to the various factors. Additionally, the information and factors considered, and weight placed on any particular information or factor may change over time. The Board focused on the costs and benefits of the Agreements to each Fund and, through the Fund, its shareholders.

Nature, Extent, and Quality of Services

With respect to the nature, extent, and quality of the services provided, the Board considered the investment philosophy and decision-making processes of, and the qualifications, experience, capabilities, and succession plans of, and the resources available to, the portfolio management personnel of Management who perform services for the Funds. The Board noted that Management also provides certain administrative services, including fund accounting, and compliance services. The Board also considered Management's policies and practices regarding brokerage, commissions, other trading costs, capital market support and analysis, and allocation of portfolio transactions, and reviewed the quality of the execution services that Management had provided. Moreover, the Board considered Management's approach to potential conflicts of interest both generally and between the Funds' investments and those of other funds or accounts managed by Management.

The Board recognized the extensive range of services that Management provides to the Funds beyond the investment management services. The Board noted that Management is also responsible for monitoring compliance with the Fund's investment objectives, policies, and restrictions, as well as compliance with applicable law, including implementing regulatory initiatives of the U.S. Securities and Exchange Commission and other regulators. The Board considered that Management assumes significant ongoing entrepreneurial and business risks as the investment adviser and sponsor to the Funds, for which it is entitled to reasonable compensation. The Trustees also considered that Management's responsibilities include continual management of investment, operational, cybersecurity, enterprise, valuation, liquidity, legal, regulatory, and compliance risks as they relate to the Funds, and the Board considers on a regular basis information regarding Management's processes for monitoring and managing risk. In this regard, the Board considered the business risks taken by Management to launch exchange-traded funds and to convert certain mutual funds to exchange-traded funds.

The Board also reviewed and evaluated Management's activities under its contractual obligation to oversee the Funds' various outside service providers, including its renegotiation of certain service providers' fees and its evaluation of service providers' infrastructure, cybersecurity programs, compliance programs, and business continuity programs, among other matters. The Board also considered Management's ongoing development of its own infrastructure and information technology to support the Funds through, among other things, cybersecurity, business continuity planning, and risk management. In addition, the Board noted the positive compliance history of Management, as no significant compliance problems were reported to the Board with respect to Management. The Board also considered the general structure of the portfolio managers' compensation and whether this

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structure provides appropriate incentives to act in the best interests of the Funds. The Board also considered the ability of Management to attract and retain qualified personnel to service the Funds and the ability to plan for succession.

Fund Performance

The Board requested a report from an outside consulting firm that specializes in the analysis of fund industry data that compared each Fund's performance, along with its fees and other expenses, to various peers, including a group of industry peers ("Expense Group") and a broader universe of funds pursuing generally similar strategies with the same investment classification and/or objective ("Performance Universe"). The Board considered each Fund's performance and fees in light of the limitations inherent in the consulting firm's methodology for constructing such comparative groups and determining which investment companies should be included in the comparative groups, noting differences as compared to certain fund industry ranking and rating systems. The Board also considered the impact and inherent limitation on the comparisons due to the number of funds included in certain of the Funds' Expense Groups and Performance Universes.

With respect to investment performance, the Board considered information regarding each Fund's short-, intermediate- and long-term performance, as applicable, net of the Fund's fees and expenses, on an absolute basis, relative to a benchmark index that does not deduct the fees or expenses of investing, and compared to the net performance of its Performance Universe. The Board also reviewed performance in relation to certain measures of the degree of investment risk undertaken by the portfolio managers.

In the case of underperformance for any of the periods reported, the Board considered the magnitude and duration of that underperformance relative to the Performance Universe and/or the benchmark (e.g., the amount by which a Fund underperformed, including, for example, whether the Fund slightly underperformed or significantly underperformed its benchmark). For those Funds that the Board identified as having underperformed their benchmark indices and/or Performance Universe to an extent, or over a period of time, that the Board felt warranted additional inquiry, the Board discussed with Management each such Fund's performance, potential reasons for the relative performance, and, if necessary, steps that Management had taken, or intended to take, to improve performance. The Board also considered Management's responsiveness with respect to the relative performance. The Board recognized that the performance data reflects a snapshot of a period as of a particular date and that selecting a different performance period could produce significantly different results. The Board further acknowledged that long-term performance could be impacted by even one period of significant outperformance or underperformance. In this regard, the Board noted that performance is only one of the factors that it deems relevant to its consideration of the Agreements and that, after considering all relevant factors, it can determine to approve the continuation of the Agreements after its review of a Fund's relative performance.

Fee Rates, Profitability, and Fall-out Benefits

With respect to the overall fairness of the Agreements, the Board considered the fee structure for each Fund under the Agreements as compared to the Expense Group provided by the consulting firm, as discussed above. The Board reviewed a comparison of each Fund's management fee to its Expense Group.

The Board considered Disrupters' unitary fee structure, under which the Fund pays for the advisory and supervisory and administrative services it requires for one set fee. In return for this unitary fee, Management provides or obtains certain of the services necessary for fund operations including, but not limited to, investment advisory, custody, audit, administrative, compliance and recordkeeping services.

For the Traditional Fee ETFs, the Board also reviewed a comparison of a Fund's total expense ratio against its Expense Group, noting that the comparative total expense ratio analysis includes, in a Fund's management fee,

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the separate administrative fees paid to Management. However, the Board noted the unitary fee structure of many of peer funds in each Fund's Expense Group under which those funds pay for the advisory, supervisory, and administrative services for one set fee and noted the traditional fee structure of each Fund, consisting of separate management and administrative fees. Accordingly, the Board considered a Fund's total expense ratio as compared with its peer group as a way of taking account of the differences in fee structure between the funds.

The Board compared each Fund's contractual and actual management fees to the contractual and actual management fees, respectively, of that Fund's Expense Group. (The actual management fees are the contractual management fees reduced by any fee waivers or other adjustments.) The Board also compared each Fund's total expenses to the total expenses of that Fund's Expense Group. Where a Fund's management fee or total expenses were relatively higher than the Expense Group, the Board considered whether specific portfolio management, administration or oversight needs contributed to the Fund's management fee or total expenses. The Board also noted that for each of the Funds, the overall expense ratio is maintained through a contractual or voluntary fee cap and/or expense reimbursements by Management.

In concluding that the benefits accruing to Management by virtue of its relationship with each Fund were reasonable in light of the costs of providing the investment advisory and other services and the benefits accruing to that Fund, the Board reviewed specific data as to Management's estimated profit or loss on each Fund for a recent period on a pre-tax basis without regard to distribution expenses. (The Board also reviewed data on Management's estimated profit or loss on each Fund after distribution expenses and taxes were factored in, as indicators of the health of the business and the extent to which Management is directing its profits into the growth of the business.) The Board considered the cost allocation methodology that Management used in developing its estimated profitability figures. In addition, the Board engaged an independent accounting firm in prior years to review the profitability methodology utilized by Management when preparing this information and, discussed with the accounting firm its conclusion that Management's process for calculating and reporting its estimated profit or loss aligned with the accounting firm's guiding principles and industry practices.

The Board further noted Management's representation that its estimate of profitability is derived using a methodology that is consistent with the methodology used to assess and/or report measures of profitability elsewhere at the firm. In addition, the Board recognized that Management's calculations regarding its costs may not reflect all risks, including regulatory, legal, operational, cybersecurity, reputational, and, where appropriate, entrepreneurial risks, associated with offering and managing a fund in the current regulatory and market environment. The Board also considered any fall-out (i.e., indirect) benefits likely to accrue to Management or its affiliates from their relationship with each Fund. The Board recognized that Management should be entitled to earn a reasonable level of profits for services it provides to each Fund and, based on its review, concluded that Management's reported level of estimated profitability, if any, on each Fund was reasonable.

Information Regarding Services to Other Clients

The Board also considered whether there were other funds or separate accounts that were advised or sub-advised by Management or its affiliates with investment objectives, policies, and strategies that were similar to those of any of the Funds. In the cases where such funds or separate accounts exist, the Board compared the fees charged to the respective Fund to the fees charged to such comparable funds and/or separate accounts. The Board considered the reasonableness of any differences between the fees charged to a Fund and such comparable funds and/or separate accounts, and determined that differences in fees and fee structures were consistent with the differences in the management and other services provided. The Board explored with Management its assertion that to the extent the rates of fees paid by some such accounts were lower than the fee rates paid by the corresponding Funds, the differences reflected Management's greater level of responsibilities and significantly broader scope of services to the Funds, the more extensive regulatory obligations and risks associated with

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managing the Funds, and other financial considerations with respect to the sponsorship and maintenance of the Funds.

Economies of Scale

The Board also evaluated apparent or anticipated economies of scale in relation to the services Management provides to each Fund. The Board considered whether each Fund's fee structure provides for a reduction of payments resulting from the use of breakpoints, the size of any breakpoints in each Fund's advisory fees, and whether any such breakpoints are set at appropriate asset levels. The Board also compared the breakpoint structure to that of the Expense Group. In addition, the Board considered the expense limitation and/or fee waiver arrangements that reduce each Funds' expenses at some or all asset levels, which can have an effect similar to breakpoints in sharing economies of scale with shareholders and provide protection from an increase in expenses if a Fund's assets decline.

The Board considered that the unitary fee provides benefits that are substantially similar to economies of scale because the Fund maintains the fixed unitary fee even if the Fund's assets decline and/or operating costs increase.

The Trustees took into account that certain Funds do not have breakpoints in their fees. For Funds that do not have breakpoints, the Board considered that setting competitive fee rates and pricing a Fund to scale before it has actually experienced an increase in assets are other means of sharing potential economies of scale with shareholders. The Board also considered that Management has provided, at no added cost to the Funds, certain additional services, including but not limited to, services required by new regulations or regulatory interpretations, services impelled by changes in the securities markets or the business landscape, and/or services requested by the Board. The Board considered that this is a way of sharing economies of scale with the Funds and their shareholders.

Fund-by-Fund Analysis

With regard to the investment performance of each Fund and the fees charged to each Fund, the Board considered the following information. The Performance Universes referenced in this section are those identified by the consulting firm, as discussed above, and the risk/return ratios referenced are the Sharpe ratios provided by the consulting firm. With respect to performance quintile rankings for a Fund compared to its Performance Universe, the first quintile represents the highest (best) performance, and the fifth quintile represents the lowest performance. With respect to the quintile rankings for fees and total expenses (net of waivers or other adjustments, if any) for a Fund compared to its Expense Group, the first quintile represents the lowest (best) fees and/or total expenses and the fifth quintile represents the highest fees and/or total expenses.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **China Equity ETF—** The Board considered that the Fund is the successor to the Neuberger Berman Greater China Equity Fund (the "Predecessor") following the conversion of the Predecessor, an open-end mutual fund, to the Fund as an exchange-traded fund. Performance information prior to October 13, 2023 is that of the Predecessor since the Fund had not commenced operations prior to that date. The Board considered that based on performance data for the periods ended March 31, 2025: (1) as compared to its benchmark, the Fund's performance was higher for the 1- and 10-year periods and lower for the 3- and 5-year periods; and (2) as compared to its Performance Universe, the Fund's performance was in the fourth quintile for the 1- and 3-year periods, the fifth quintile for the 5-year period, and the second quintile for the 10-year period. The Board also considered that for the 7-month period ending July 31, 2025, the Fund outperformed its benchmark. The Board also took into account the differences between the Fund and the Predecessor related to their different principal investment strategies, benchmark index, and portfolio management teams. The Board also considered that as of July 2024, management of the Fund is under a new portfolio manager. The Board considered that, as compared to its Expense Group, the Fund's

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contractual management fee and total expenses each ranked third out of five funds and actual management fee net of fees waived by Management ranked first out of five funds.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Commodity Strategy ETF—** The Board considered that the Fund is the successor to the Neuberger Berman Commodity Strategy Fund (the "Predecessor") following the conversion of the Predecessor, an open-end mutual fund, to the Fund as an exchange-traded fund. Performance information prior to October 21, 2022 is that of the Predecessor since the Fund had not commenced operations prior to that date. The Board considered that based on performance data for the periods ended March 31, 2025: (1) as compared to its benchmark, the Fund's performance was lower for the 1-year period and higher for the 3-, 5- and 10-year periods; and (2) as compared to its Performance Universe, the Fund's performance was in the third quintile for the 1-year period, the second quintile for the 3- and 5-year periods, and the first quintile for the 10-year period. The Board also considered that for the 7-month period ending July 31, 2025, the Fund outperformed its benchmark and ranked in the first quintile of both its Morningstar and Lipper peer categories. The Board also took into account that the Fund showed a risk/return ratio that was better than the median of its Performance Universe for the 3- and 5-year periods, meaning that per unit of risk taken versus a presumed risk-free investment, the Fund achieved a higher level of return than the median of its Performance Universe for that same period. The Board considered that, as compared to its Expense Group, the Fund's contractual management fee ranked in the second quintile, actual management fee net of fees waived by Management ranked in the first quintile, and total expenses ranked in the fourth quintile.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Core Equity ETF—** The Board considered that the Fund had limited performance history as it was launched in July 2024. The Board also considered that for the 7-month period ending July 31, 2025, the Fund outperformed its benchmark and ranked in the first quintile of both its Morningstar and Lipper peer categories. The Board considered that, as compared to its Expense Group, the Fund's contractual management fee, total expenses and the actual management fee net of fees waived by Management each ranked in the first quintile.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Disrupters ETF—** The Board considered that, based on performance data for the periods ended March 31, 2025: (1) as compared to its benchmark, the Fund's performance was lower for the 1-year period; and (2) as compared to its Performance Universe, the Fund's performance was in the fifth quintile for the 1-year period. The Board considered that the Fund had limited performance history as it was launched in March 2022 and also considered the market environment since inception. The Board also considered that for the 7-month period ending July 31, 2025, the Fund outperformed its benchmark and ranked in the first quintile of its Lipper peer category and the second quintile of its Morningstar peer category. The Board considered that, as compared to its Expense Group, the Fund's contractual management fee, total expenses, and the actual management fee net of fees waived by Management each ranked in the second quintile.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Japan Equity ETF—** The Board considered that the Fund had limited performance history as it was launched in September 2024. The Board also considered that for the 7-month period ending July 31, 2025, the Fund outperformed its benchmark and ranked in the second quintile of its Morningstar peer category and the third quintile of its Lipper peer category. The Board considered that, as compared to its Expense Group, the Fund's contractual management fee, actual management fee net of fees waived by Management and total expenses each ranked first out of three funds.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Option Strategy ETF—** The Board considered that the Fund is the successor to the Neuberger Berman U.S. Equity Index PutWrite Strategy Fund (the "Predecessor") following the conversion of the Predecessor, an open-end mutual fund, to the Fund as an exchange-traded fund. Performance information prior to January 26, 2024 is that of the Predecessor since the Fund had not commenced operations prior to that date. The Board considered that based on performance data for the periods ended March 31, 2025: (1) as compared to its benchmark, the Fund's performance was higher for the 1-, 3- and 5-year periods; and (2) as

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![](img9d39500a4.gif)

compared to its Performance Universe, the Fund's performance was in the second quintile for the 1- and 5-year periods and the third quintile for the 3-year period. The Predecessor Fund was launched in 2016 and therefore does not have 10-year performance for the period. In addition, the Board met with the portfolio management team in June 2025. The Board considered that, as compared to its Expense Group, the Fund's contractual management fee and actual management fee net of fees waived by Management each ranked in the first quintile and total expenses ranked in the third quintile.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Small-Mid Cap ETF—** The Board considered that, based on performance data for the periods ended March 31, 2025: (1) as compared to its benchmark, the Fund's performance was lower for the 1-year period; and (2) as compared to its Performance Universe, the Fund's performance was in the fourth quintile for the 1-year period. The Board considered that the Fund had limited performance history as it was launched in March 2024. The Board also considered that for the 7-month period ending July 31, 2025, the Fund ranked in the third quintile of its Lipper peer category. In addition, the Board met with the portfolio management team in October 2025. The Board considered that, as compared to its Expense Group, the Fund's contractual management fee and total expenses each ranked in the fourth quintile and the actual management fee net of fees waived by Management ranked in the first quintile. In addition, the Board discussed Management's determination to decrease its investment advisory fee, effective April 1, 2025, and to institute a contractual management fee waiver for the Fund and a corresponding reduction in the Fund's expense limitation, neither of which was captured in the data used for comparison purposes to the Fund's Expense Group.

Conclusions

In approving the continuation of the Agreements, the Board concluded that, in its business judgment, the terms of each Agreement are fair and reasonable to each Fund and that approval of the continuation of the Agreements is in the best interests of each Fund and its shareholders. In reaching this determination, the Board considered that Management could be expected to continue to provide a high level of service to each Fund; that the performance of each Fund was satisfactory over time, or, in the case of a Fund that underperformed relative to its Performance Universe, that the Board retained confidence in Management's capabilities to manage each Fund; that each Fund's fee structure appeared to the Board to be reasonable given the nature, extent, and quality of services provided; and that the benefits accruing to Management and its affiliates by virtue of their relationship with each Fund were reasonable in light of the costs of providing the investment advisory and other services and the benefits accruing to each Fund. The Board's conclusions are based in part on its consideration of materials prepared in connection with the approval or continuance of the Agreements in prior years and on the Board's ongoing regular review of Fund performance and operations throughout the year, in addition to material prepared specifically for the most recent annual review of the Agreements.

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*Statistics and projections in this report are derived from sources deemed to be reliable but cannot be regarded as a representation of future results of the Funds. This report is prepared for the general information of shareholders and is not an offer of shares of the Funds. Shares are sold only through the currently effective prospectus which you can obtain by calling 877.628.2583. An investor should consider carefully a Fund's investment objectives, risks and fees and expenses, which are described in its prospectus, before investing.*

Y0034 04/26

![](img9cfdb59d5.jpg)

**Neuberger Berman Investment Advisers LLC**

1290 Avenue of the Americas

New York, NY 10104-0002

877.628.2583 www.nb.com/ETF

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Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies.

The response to this item is included in the Registrant's financial statements, which is included in Item 7 of this Form N-CSR.

Item 9. Proxy Disclosures for Open-End Management Investment Companies.

The response to this item is included in the Registrant's financial statements, which is included in Item 7 of this Form N-CSR.

Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies.

The remuneration paid to trustees, officers, and others for each series is disclosed in the Registrant's financial statements, which is included in Item 7 of this Form N-CSR.

Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.

The statement regarding the basis for the approval of the investment advisory contracts is disclosed in the Registrant's financial statements, which is included in Item 7 of this Form N-CSR.

Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Not applicable to the Registrant.

Item 13. Portfolio Managers of Closed-End Management Investment Companies.

Not applicable to the Registrant.

Item 14. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

Not applicable to the Registrant.

Item 15. Submission of Matters to a Vote of Security Holders.

There were no changes to the procedures by which shareholders may recommend nominees to the Board.

Item 16. Controls and Procedures.

(a) Based on an evaluation of the disclosure controls and procedures (as defined in Rule 30a-3(c) under the Act) as of a date within 90 days of the filing date of this report, the Chief Executive Officer and President and the Treasurer and Principal Financial and Accounting Officer of the Registrant have concluded that such disclosure controls and procedures are effectively designed to ensure that information required to be disclosed by the Registrant on Form N-CSR is accumulated and communicated to the Registrant's management to allow timely decisions regarding required disclosure.

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(b) There were no significant changes in the Registrant's internal controls over financial reporting (as defined in Rule 30a-3(d) under the Act) that occurred during the period covered by this report that have materially affected, or are reasonably likely to materially affect, the Registrant's internal control over financial reporting.

**Item 17. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.**

Not applicable to the Registrant.

Item 18. Recovery of Erroneously Awarded Compensation.

Not applicable to the Registrant.

Item 19. Exhibits.

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| | |
|:---|:---|
| (a)(1) | A copy of the [Code of Ethics is incorporated by reference to](https://www.sec.gov/Archives/edgar/data/1487610/000089843225001054/exh99.htm)[Neuberger High Yield Strategies Fund Inc.'s Form N-CSR, Investment Company Act file number 811-22396 (filed December 30, 2025)](https://www.sec.gov/Archives/edgar/data/1487610/000089843225001054/exh99.htm). |

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| | |
|:---|:---|
| (a)(2) | Not applicable to the Registrant. |

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| | |
|:---|:---|
| (a)(3) | The [certifications required by Rule 30a-2(a) under the Act and Section 302 of the Sarbanes-Oxley Act of 2002 ("Sarbanes-Oxley Act")](exh99-cert.htm#EXHIBIT99-CERT) are filed herewith. |

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|:---|:---|
| (a)(4) | Not applicable to the Registrant. |

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|:---|:---|
| (a)(5) | Not applicable to the Registrant. |

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(b) The [certification required by Rule 30a-2(b) under the Act and Section 906 of the Sarbanes-Oxley Act](exh99-906cert.htm#EXHIBIT99.906-CERT) is furnished herewith.

The certification furnished pursuant to Rule 30a-2(b) under the Act and Section 906 of the Sarbanes-Oxley Act will not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended ("Exchange Act"), or otherwise subject to the liability of that section. Such certification will not be deemed to be incorporated by reference into any filing under the Securities Act of 1933, as amended, or the Exchange Act, except to the extent that the Registrant specifically incorporates it by reference.

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#### SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Neuberger Berman ETF Trust

By: <u>/s/ Joseph V. Amato</u>

Joseph V. Amato

Chief Executive Officer and President

Date: May 1, 2026

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the Registrant and in the capacities and on the dates indicated.

By: <u>/s/ Joseph V. Amato</u>

Joseph V. Amato

Chief Executive Officer and President

Date: May 1, 2026

By: <u>/s/ John M. McGovern</u>

John M. McGovern

Treasurer and Principal Financial and Accounting Officer

Date: May 1, 2026

## Ex-99.Cert

**EXHIBIT 99-CERT**

#### CERTIFICATIONS
I, Joseph V. Amato, certify that:

1. I have reviewed this report on Form N-CSR of Neuberger Berman ETF Trust ("Registrant");

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the Registrant as of, and for, the periods presented in this report;

4. The Registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the Registrant and have:

a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the Registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c) Evaluated the effectiveness of the Registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

d) Disclosed in this report any change in the Registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the Registrant's internal control over financial reporting; and

5. The Registrant's other certifying officer(s) and I have disclosed to the Registrant's auditors and the audit committee of the Registrant's board of trustees (or persons performing the equivalent functions):

a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the Registrant's ability to record, process, summarize, and report financial information; and

b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the Registrant's internal control over financial reporting.

Date: May 1, 2026

By: <u>/s/ Joseph V. Amato</u>

Joseph V. Amato

Chief Executive Officer and President

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I, John M. McGovern, certify that:

1. I have reviewed this report on Form N-CSR of Neuberger Berman ETF Trust ("Registrant");

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the Registrant as of, and for, the periods presented in this report;

4. The Registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the Registrant and have:

a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the Registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c) Evaluated the effectiveness of the Registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

d) Disclosed in this report any change in the Registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the Registrant's internal control over financial reporting; and

5. The Registrant's other certifying officer(s) and I have disclosed to the Registrant's auditors and the audit committee of the Registrant's board of trustees (or persons performing the equivalent functions):

a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the Registrant's ability to record, process, summarize, and report financial information; and

b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the Registrant's internal control over financial reporting.

Date: May 1, 2026

By: <u>/s/ John M. McGovern</u>

John M. McGovern

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Treasurer and Principal Financial and Accounting Officer

## Exhibit 99.906

**EXHIBIT 99.906-CERT**

#### Section 906 Certification

We, Joseph V. Amato, Chief Executive Officer and President, and John M. McGovern, Treasurer and Principal Financial and Accounting Officer, of Neuberger Berman ETF Trust ("Registrant"), certify, pursuant to 18 U.S.C. Section 1350 enacted under Section 906 of the Sarbanes-Oxley Act of 2002, that to our knowledge:

<br> 1. The Registrant's periodic report on Form N-CSR for the period ended February 28, 2026, fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934 (15 U.S.C. Section 78m(a) or 78o(d)); and

<br> 2. The information contained in such Form N-CSR fairly presents, in all material respects, the financial condition and results of operations of the Registrant.

Date: May 1, 2026

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| | |
|:---|:---|
| By: | <u>/s/ Joseph V. Amato</u><br> Joseph V. Amato<br> Chief Executive Officer and President |
| By: | <u>/s/ John M. McGovern</u><br> John M. McGovern<br> Treasurer and Principal Financial <br> and Accounting Officer  |

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A signed original of this written statement required by Section 906, or other document authenticating, acknowledging, or otherwise adopting the signature that appears in typed form within the electronic version of this written statement required by Section 906, has been provided to the Registrant and will be retained by the Registrant and furnished to the Securities and Exchange Commission or its staff upon request.

This certification is being furnished to the Commission solely pursuant to 18 U.S.C. Section 1350 and is not being filed as part of the Form N-CSR with the Commission.

<br>