# EDGAR Filing Document

**Accession Number:** 0001506001
**File Stem:** 0000898432-25-000490
**Filing Date:** 2025-7
**Character Count:** 43727
**Document Hash:** 717349dcd2fee2f696d93cb9edcede04
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000898432-25-000490.hdr.sgml**: 20250717

**ACCESSION NUMBER**: 0000898432-25-000490

**CONFORMED SUBMISSION TYPE**: 485BPOS

**PUBLIC DOCUMENT COUNT**: 3

**FILED AS OF DATE**: 20250717

**DATE AS OF CHANGE**: 20250717

**EFFECTIVENESS DATE**: 20250717

**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:** 485BPOS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-23761
- **FILM NUMBER:** 251131161

**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
**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:** 485BPOS
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 333-272835
- **FILM NUMBER:** 251131160

**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 Berman China Equity ETF (Series ID: S000081048)

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

### Neuberger Berman Global Real Estate ETF (Series ID: S000081049)

| Class ID   | Class Name                              | Ticker Symbol   |
|:---|:---|:---|
| C000243704 | Neuberger Berman Global Real Estate ETF | NBGR            |

As filed with the Securities and Exchange Commission on July 17, 2025

1933 Act Registration No. 333-272835

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-14

REGISTRATION STATEMENT UNDER

THE SECURITIES ACT OF 1933

Pre-Effective Amendment No. ☐ &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Post-Effective Amendment No. <u>1</u>

(Check appropriate box or boxes)

#### 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)

Registrant's Telephone Number, including Area Code: (212) 476-8800

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

(Name and Address of Agent for Service)

With copies to:

Stacy L. Fuller, Esq.

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 of Process)

For the new shares of Neuberger Berman China Equity ETF and Neuberger Berman Global Real Estate ETF, each a series of Neuberger Berman ETF Trust, the date of the public offering for each was October 13, 2023. The public offering with respect to Neuberger Berman China Equity ETF is ongoing. The Neuberger Berman Global Real Estate ETF ceased operations on January 16, 2025.<br>

Title of Securities being registered: Shares of beneficial interest, no par value per share, of Neuberger Berman China Equity ETF and Neuberger Berman Global Real Estate ETF.

No filing fee is due because of Registrant's reliance on Section 24(f) of the Investment Company Act of 1940, as amended.

It is proposed that this filing will become effective immediately upon filing pursuant to Rule 485(b).

------

NEUBERGER BERMAN ETF TRUST<br> FORM N-14

CONTENTS OF REGISTRATION STATEMENT ON FORM N-14

&nbsp;&nbsp;&nbsp;&nbsp; This Registration Statement consists of the following papers and documents:

Cover Sheet

Contents of Registration Statement on Form N-14

Part C – Other Information

Signature Page

Exhibits<br>The sole purpose of this filing is to file as an exhibit the opinion and consent of counsel supporting the tax matters and consequences to shareholders of the reorganization described in Registrant's Registration Statement on Form N-14, filed June 22, 2023, as required by Item 16(12) of Form N-14. Parts A and B of this Registration Statement are incorporated by reference to the Combined Prospectus and Information Statement, dated August 9, 2023, filed with the Securities and Exchange Commission under Rule 497 on August 3, 2023, File No. 333-272835.

------

<u>PART C</u>

<u>OTHER INFORMATION</u>

<u>Item 15.</u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Indemnification.</u>

A Delaware statutory trust may provide in its governing instrument for indemnification of its officers and trustees from and against any and all claims and demands whatsoever. Article IX, Section 2 of the Trust Instrument provides that the Registrant shall indemnify any present or former trustee, officer, employee or agent of the Registrant ("Covered Person") to the fullest extent permitted by law against liability and all expenses reasonably incurred or paid by him or her in connection with any claim, action, suit or proceeding ("Action") in which he or she becomes involved as a party or otherwise by virtue of his or her being or having been a Covered Person and against amounts paid or incurred by him or her in settlement thereof. Indemnification will not be provided to a person adjudged by a court or other body to be liable to the Registrant or its shareholders by reason of "willful misfeasance, bad faith, gross negligence or reckless disregard of the duties involved in the conduct of his office" ("Disabling Conduct"), or not to have acted in good faith in the reasonable belief that his or her action was in the best interest of the Registrant. In the event of a settlement, no indemnification may be provided unless there has been a determination that the officer or trustee did not engage in Disabling Conduct (i) by the court or other body approving the settlement; (ii) by at least a majority of those trustees who are neither interested persons, as that term is defined in the Investment Company Act of 1940, as amended ("1940 Act"), of the Registrant ("Independent Trustees"), nor parties to the matter based upon a review of readily available facts; or (iii) by written opinion of independent legal counsel based upon a review of readily available facts.

Pursuant to Article IX, Section 3 of the Trust Instrument, if any present or former shareholder of any series ("Series") of the Registrant shall be held personally liable solely by reason of his or her being or having been a shareholder and not because of his or her acts or omissions or for some other reason, the present or former shareholder (or his or her heirs, executors, administrators or other legal representatives or in the case of any entity, its general successor) shall be entitled out of the assets belonging to the applicable Series to be held harmless from and indemnified against all loss and expense arising from such liability. The Registrant, on behalf of the affected Series, shall, upon request by such shareholder, assume the defense of any claim made against such shareholder for any act or obligation of the Series and satisfy any judgment thereon from the assets of the Series.

The Management Agreement between NBIA and the Registrant will provide that neither NBIA nor any director, officer or employee of NBIA performing services for the series of the Registrant at the direction or request of NBIA in connection with NBIA's discharge of its obligations under the Agreement shall be liable for any error of judgment or mistake of law or for any loss suffered by a series in connection with any matter to which the Agreement relates; provided, that nothing in the Agreement shall be construed (i) to protect NBIA against any liability to the Registrant or any series thereof or their interest holders to which NBIA would otherwise be subject by reason of willful misfeasance, bad faith, or gross negligence in the performance of its duties, or by reason of NBIA's reckless disregard of its obligations and duties under the Agreement, or (ii) to protect any director, officer or employee of NBIA who is or was a trustee or officer of the Registrant against any liability to the Registrant or any series thereof or its interest holders to which such person would otherwise be subject by reason of willful misfeasance, bad faith, gross negligence or reckless disregard of the duties involved in the conduct of such person's office with Registrant.

The Administration Agreement between the Registrant and NBIA on behalf of each series of the Registrant will provide that the Registrant will indemnify NBIA and hold it harmless from and against any and all losses, damages and expenses, including reasonable attorneys' fees and expenses, incurred by NBIA that result from: (i) any claim, action, suit or proceeding in connection with NBIA's entry into or performance of this Agreement with respect to such series; or (ii) any action taken or omission to act committed by NBIA in the performance of its obligations under the Agreement with respect to such series; or (iii) any action of NBIA upon instructions believed in good faith by it to have been executed by a duly authorized officer or representative of the Registrant with respect to such series; *provided*, that NBIA shall not be entitled to such indemnification in respect of actions or omissions constituting negligence or misconduct on the part of NBIA or that of its employees, agents or contractors. Before confessing any claim against it which may be subject to indemnification by a series under the Agreement, NBIA shall give such series reasonable opportunity to defend against such claim in its own name or in the name of NBIA. The Administration Agreement will also provide that NBIA will indemnify the Registrant and hold it harmless from and against any and all losses, damages and expenses, including reasonable attorneys' fees and expenses, incurred by the Registrant that result from: (i) NBIA's failure to comply with the terms of the Agreement; or (ii) NBIA's lack of good faith in performing its obligations under the Agreement; or (iii) the negligence or misconduct of NBIA, or its employees, agents or contractors in connection with the Agreement. The Registrant shall not be entitled to such indemnification in respect of actions or omissions constituting negligence or misconduct on the part of the Registrant or its employees, agents or contractors other than NBIA, unless such negligence or misconduct results from or is accompanied by negligence or misconduct on the part of NBIA, any affiliated person of NBIA, or any affiliated person of an affiliated person of NBIA.

------

The Distribution Agreement between the Registrant and NBBD will provide that NBBD shall look only to the assets of a Series for the Registrant's performance of the Agreement by the Registrant on behalf of such Series, and neither the Trustees nor any of the Registrant's officers, employees or agents, whether past, present or future, shall be personally liable therefor.

Insofar as indemnification for liabilities arising under the Securities Act of 1933, as amended ("1933 Act") may be permitted to trustees, officers and controlling persons of the Registrant pursuant to the foregoing provisions, or otherwise, the Registrant has been advised that in the opinion of the Securities and Exchange Commission, such indemnification is against public policy as expressed in the 1933 Act and is, therefore, unenforceable. In the event that a claim for indemnification against such liabilities (other than the payment by the Registrant of expenses incurred or paid by a trustee, officer or controlling person of the Registrant in the successful defense of any action, suit or proceeding) is asserted by such trustee, officer or controlling person, the Registrant will, unless in the opinion of its counsel the matter has been settled by controlling precedent, submit to a court of appropriate jurisdiction the question whether such indemnification by it is against public policy as expressed in the 1933 Act and will be governed by the final adjudication of such issue. The Registrant also maintains Directors and Officers Insurance.

<u>Item 16.</u> <u>Exhibits</u>

Exhibit Number Description

---

| | |
|:---|:---|
| (1)<br>(a) | [Certificate of Trust. Incorporated by Reference to the Registrant's Registration Statement on Form N-1A, File Nos. 333-261613 and 811-23761 (Filed December 9, 2021).](https://www.sec.gov/Archives/edgar/data/1506001/000089843221000766/ex99-a1.htm) |
| (b) | [Trust Instrument. Incorporated by Reference to the Registrant's Registration Statement on Form N-1A, File Nos. 333-261613 and 811-23761 (Filed December 9, 2021).](https://www.sec.gov/Archives/edgar/data/1506001/000089843221000766/ex99-a2.htm) |
| (c) | [Amended Trust Instrument Schedule A - Listing the Current Series of Neuberger Berman ETF Trust. Incorporated by reference to Post-Effective Amendment No. 32 to the Registrant's Registration Statement on Form N-1A, File Nos. 333-261613 and 811-23761 (Filed April 17, 2025).](https://www.sec.gov/Archives/edgar/data/1506001/000089843225000280/exh99-a3.htm) |
| (2) | [By-Laws. Incorporated by Reference to the Registrant's Registration Statement on Form N-1A, File Nos. 333-261613 and 811-23761 (Filed December 9, 2021).](https://www.sec.gov/Archives/edgar/data/1506001/000089843221000766/ex99-b.htm) |
| (3) | Voting Trust Agreement. Not Applicable. |
| (4) | [Plan of Reorganization and Termination. Incorporated by Reference to Registrant's Registration Statement on Form N-14, File No. 333-272835. (Filed June 22, 2023).](https://www.sec.gov/Archives/edgar/data/1506001/000089843223000399/formn-14.htm) |
| (5)<br> (a) | [Amended and Restated Trust Instrument, Articles IV, V, and VI. Incorporated by Reference](https://www.sec.gov/Archives/edgar/data/1506001/000089843221000766/ex99-a2.htm) to Item (1)(b) above. |
| (b) | [By-Laws, Amended and Restated, Articles V, VI, and VIII. Incorporated by Reference](https://www.sec.gov/Archives/edgar/data/1506001/000089843221000766/ex99-b.htm) to Item (2) above. |
| (6)<br> (a)<br> (i) | [Management Agreement Between Registrant and Neuberger Berman Investment Advisers LLC ("NBIA"). Incorporated by Reference to Post-Effective Amendment No. 4 to the Registrant's Registration Statement on Form N-1A, File Nos. 333-261613 and 811-23761 (Filed December 14, 2022).](https://www.sec.gov/Archives/edgar/data/1506001/000120677422002804/nb413557_exd1.htm) |
| (ii) | [Management Agreement schedules listing the current series of the Registrant subject to the Management Agreement included in Item (6)(a)(i) above. Incorporated by Reference to Post-Effective Amendment No. 25 to the Registrant's Registration Statement on Form N-1A, File Nos. 333-261613 and 811-23761 (Filed December 4, 2024).](https://www.sec.gov/Archives/edgar/data/1506001/000089843224000967/exh99-d2.htm) |

---

------

---

| | |
|:---|:---|
| (b)<br>(i) | [Management Agreement Between Registrant and NBIA. Incorporated by Reference to Post-Effective Amendment No. 4 to the Registrant's Registration Statement on Form N-1A, File Nos. 333-261613 and 811-23761 (Filed December 14, 2022).](https://www.sec.gov/Archives/edgar/data/1506001/000120677422002804/nb413557_exd2.htm) |
| (ii) | [Amended Management Agreement Schedules listing the current series of the Registrant subject to the Management Agreement included in Item (6)(b)(i) above. Incorporated by Reference to Post-Effective Amendment No. 36 to the Registrant's Registration Statement on Form N-1A, File Nos. 333-261613 and 811-23761 (Filed June 18, 2025).](https://www.sec.gov/Archives/edgar/data/1506001/000089843225000451/exh99-d4.htm) |
| (c) | [Management Agreement Between NBIA and the wholly owned subsidiary of Neuberger Berman Commodity Strategy ETF. Incorporated by Reference to Post-Effective Amendment No. 4 to the Registrant's Registration Statement on Form N-1A, File Nos. 333-261613 and 811-23761 (Filed December 14, 2022).](https://www.sec.gov/Archives/edgar/data/1506001/000120677422002804/nb413557_exd2.htm) |
| (d) | [Sub-Advisory Agreement Between NBIA and Neuberger Berman Europe Limited ("NBEL") with respect to Neuberger Berman Emerging Marekts Debt Hard Currency ETF. Incorporated by Reference to Post-Effective Amendment No. 36 to the Registrant's Registration Statement on Form N-1A, File Nos. 333-261613 and 811-23761 (Filed June 18, 2025).](https://www.sec.gov/Archives/edgar/data/1506001/000089843225000451/exh99-d6.htm) |
| (7)<br> (a) | [Distribution Agreement Between Registrant and Neuberger Berman BD LLC ("NBBD"). Incorporated by Reference to Post-Effective Amendment No. 4 to the Registrant's Registration Statement on Form N-1A, File Nos. 333-261613 and 811-23761 (Filed December 14, 2022).](https://www.sec.gov/Archives/edgar/data/1506001/000120677422002804/nb413557_exe1.htm) |
| (b) | [Schedule A to the Distribution Agreement. Incorporated by Reference to Post-Effective Amendment No. 36 to the Registrant's Registration Statement on Form N-1A, File Nos. 333-261613 and 811-23761 (Filed June 18, 2025).](https://www.sec.gov/Archives/edgar/data/1506001/000089843225000451/exh99-e2.htm) |
| (8) | Bonus or Profit Sharing Contracts. None. |
| (9) | [Custodian Contract Between Registrant and State Street Bank and Trust Company. Incorporated by Reference to Pre-Effective Amendment No. 1 to the Registrant's Registration Statement on Form N-1A, File Nos. 333-261613 and 811-23761 (Filed March 30, 2022).](https://www.sec.gov/Archives/edgar/data/1506001/000089843222000231/ex99-g.htm) |
| (10)<br> (i) | [Plan Pursuant to Rule 12b-1. Incorporated by Reference to Post-Effective Amendment No. 4 to the Registrant's Registration Statement on Form N-1A, File Nos. 333-261613 and 811-23761 (Filed December 14, 2022).](https://www.sec.gov/Archives/edgar/data/1506001/000120677422002804/nb413557_exm.htm) |
| (ii) | [Schedule A to the Plan Pursuant to Rule 12b-1. Incorporated by Reference to Post-Effective Amendment No. 33 to the Registrant's Registration Statement on Form N-1A, File Nos. 333-261613 and 811-23761 (Filed April 30, 2025).](https://www.sec.gov/Archives/edgar/data/1506001/000089843225000292/exh99-m2.htm) |
| (11) | [Opinion and Consent of Counsel. Incorporated by Reference to Registrant's Registration Statement on Form N-14, File No. 333-272835. (Filed June 22, 2023).](https://www.sec.gov/Archives/edgar/data/1506001/000089843223000399/exh99-11.htm) |
| (12) | [Opinion of Counsel Supporting Tax Matters.](exh99-12.htm#EXHIBIT12) (Filed herewith). |
| (13)<br> (a) | [Transfer Agency and Service Agreement between Registrant and State Street Bank and Trust Company. Incorporated by Reference to Post-Effective Amendment No. 4 to the Registrant's Registration Statement on Form N-1A, File Nos. 333-261613 and 811-23761 (Filed December 14, 2022).](https://www.sec.gov/Archives/edgar/data/1506001/000120677422002804/nb413557_exh1.htm) |
| (b)<br> (i) | [Management Fee Waiver Agreement with respect to Neuberger Berman Disrupters ETF and Neuberger Berman Next Generation Connected Consumer ETF. Incorporated by Reference to Post-Effective Amendment No. 26 to the Registrant's Registration Statement on Form N-1A, File Nos. 333-261613 and 811-23761 (Filed December 13, 2024).](https://www.sec.gov/Archives/edgar/data/1506001/000120677424001111/nb438040_exh2i.htm) |
| (ii) | [Management Fee Waiver Agreement with respect to Neuberger Berman Flexible Credit Income ETF. Incorporated by Reference to Post-Effective Amendment No. 29 to the Registrant's Registration Statement on Form N-1A, File Nos. 333-261613 and 811-23761 (Filed February 26, 2025).](https://www.sec.gov/Archives/edgar/data/1506001/000101376225000186/ea0230425-01_ex99h2ii.htm) |

---

------

(iii) [Management Fee Waiver Agreement with respect to Neuberger Berman Core Equity ETF. Incorporated by Reference to Post-Effective Amendment No. 26 to the Registrant's Registration Statement on Form N-1A, File Nos. 333-261613 and 811-23761 (Filed December 13, 2024).](https://www.sec.gov/Archives/edgar/data/1506001/000120677424001111/nb438040_exh2iii.htm)

(iv) [Management Fee Waiver Agreement with respect to Neuberger Berman Japan Equity ETF. Incorporated by Reference to Post-Effective Amendment No. 26 to the Registrant's Registration Statement on Form N-1A, File Nos. 333-261613 and 811-23761 (Filed December 13, 2024).](https://www.sec.gov/Archives/edgar/data/1506001/000120677424001111/nb438040_exh2iv.htm)

(v) [Management Fee Waiver Agreement with respect to Neuberger Berman Growth ETF. Incorporated by Reference to Post-Effective Amendment No. 25 to the Registrant's Registration Statement on Form N-1A, File Nos. 333-261613 and 811-23761 (Filed December 4, 2024).](https://www.sec.gov/Archives/edgar/data/1506001/000089843224000967/exh99-h2v.htm)

(vi) [Management Fee Waiver Agreement with respect to Neuberger Berman Small Value ETF. Incorporated by Reference to Post-Effective Amendment No. 33 to the Registrant's Registration Statement on Form N-1A, File Nos. 333-261613 and 811-23761 (Filed April 30, 2025).](https://www.sec.gov/Archives/edgar/data/1506001/000089843225000292/exh99-h2vi.htm)

(vii) [Management Fee Waiver Agreement with respect to Neuberger Berman Quality Select ETF. Incorporated by Reference to Post-Effective Amendment No. 33 to the Registrant's Registration Statement on Form N-1A, File Nos. 333-261613 and 811-23761 (Filed April 30, 2025).](https://www.sec.gov/Archives/edgar/data/1506001/000089843225000292/exh99-h2vii.htm)

(c) (i) [Expense Limitation Agreement with respect to Neuberger Berman Commodity Strategy ETF. Incorporated by Reference to Post-Effective Amendment No. 26 to the Registrant's Registration Statement on Form N-1A, File Nos. 333-261613 and 811-23761 (Filed December 13, 2024).](https://www.sec.gov/Archives/edgar/data/1506001/000120677424001111/nb438040_exh3i.htm)

(ii) [Expense Limitation Agreement with respect to Neuberger Berman China Equity ETF, Neuberger Berman Option Strategy ETF, and Neuberger Berman Small-Mid-Cap ETF. Incorporated by Reference to Post-Effective Amendment No. 26 to the Registrant's Registration Statement on Form N-1A, File Nos. 333-261613 and 811-23761 (Filed December 13, 2024).](https://www.sec.gov/Archives/edgar/data/1506001/000120677424001111/nb438040_exh3ii.htm)

(iii) [Expense Limitation Agreement with respect to Neuberger Berman Energy Transition & Infrastructure ETF, Neuberger Berman Short Duration Income ETF, and Neuberger Berman Total Return Bond ETF. Incorporated by Reference to Post-Effective Amendment No. 29 to the Registrant's Registration Statement on Form N-1A, File Nos. 333-261613 and 811-23761 (Filed February 26, 2025).](https://www.sec.gov/Archives/edgar/data/1506001/000101376225000186/ea0230425-01_ex99h3iii.htm)

(iv) [Expense Limitation Agreement with respect to Neuberger Berman Flexible Credit Income ETF. Incorporated by Reference to Post-Effective Amendment No. 29 to the Registrant's Registration Statement on Form N-1A, File Nos. 333-261613 and 811-23761 (Filed February 26, 2025).](https://www.sec.gov/Archives/edgar/data/1506001/000101376225000186/ea0230425-01_ex99h3iv.htm)

(v) [Expense Limitation Agreement with respect to Neuberger Berman Core Equity ETF. Incorporated by Reference to Post-Effective Amendment No. 26 to the Registrant's Registration Statement on Form N-1A, File Nos. 333-261613 and 811-23761 (Filed December 13, 2024).](https://www.sec.gov/Archives/edgar/data/1506001/000120677424001111/nb438040_exh3v.htm)

(vi) [Expense Limitation Agreement with respect to Neuberger Berman Japan Equity ETF. Incorporated by Reference to Post-Effective Amendment No. 26 to the Registrant's Registration Statement on Form N-1A, File Nos. 333-261613 and 811-23761 (Filed December 13, 2024).](https://www.sec.gov/Archives/edgar/data/1506001/000120677424001111/nb438040_exh3vi.htm)

(vii) [Expense Limitation Agreement with respect to Neuberger Berman Growth ETF. Incorporated by Reference to Post-Effective Amendment No. 25 to the Registrant's Registration Statement on Form N-1A, File Nos. 333-261613 and 811-23761 (Filed December 4, 2024).](https://www.sec.gov/Archives/edgar/data/1506001/000089843224000967/exh99-h3x.htm)

(viii) [Expense Limitation Agreement with respect to Neuberger Berman Small Value ETF. Incorporated by Reference to Post-Effective Amendment No. 33 to the Registrant's Registration Statement on Form N-1A, File Nos. 333-261613 and 811-23761 (Filed April 30, 2025).](https://www.sec.gov/Archives/edgar/data/1506001/000089843225000292/exh99-h3viii.htm)

(ix) [Expense Limitation Agreement with respect to Neuberger Berman Quality Select ETF. Incorporated by Reference to Post-Effective Amendment No. 33 to the Registrant's Registration Statement on Form N-1A, File Nos. 333-261613 and 811-23761 (Filed April 30, 2025).](https://www.sec.gov/Archives/edgar/data/1506001/000089843225000292/exh99-h3ix.htm)

------

---

| | | | |
|:---|:---|:---|:---|
|  |  | (x) | [Expense Limitation Agreement with respect to Neuberger Berman Emerging Markets Debt Hard Currency ETF. Incorporated by Reference to Post-Effective Amendment No. 36 to the Registrant's Registration Statement on Form N-1A, File Nos. 333-261613 and 811-23761 (Filed June 18, 2025).](https://www.sec.gov/Archives/edgar/data/1506001/000089843225000451/exh99-h3x.htm) |
|  | (d) | [Form of Authorized Participant Agreement. Incorporated by Reference to Pre-Effective Amendment No. 1 to the Registrant's Registration Statement on Form N-1A, File Nos. 333-261613 and 811-23761 (Filed March 30, 2022).](https://www.sec.gov/Archives/edgar/data/1506001/000089843222000231/ex99-h3.htm) | [Form of Authorized Participant Agreement. Incorporated by Reference to Pre-Effective Amendment No. 1 to the Registrant's Registration Statement on Form N-1A, File Nos. 333-261613 and 811-23761 (Filed March 30, 2022).](https://www.sec.gov/Archives/edgar/data/1506001/000089843222000231/ex99-h3.htm) |
|  | (e) | (i) <br>| [Administration Agreement Between Registrant and NBIA. Incorporated by Reference to Post-Effective Amendment No. 4 to the Registrant's Registration Statement on Form N-1A, File Nos. 333-261613 and 811-23761 (Filed December 14, 2022).](https://www.sec.gov/Archives/edgar/data/1506001/000120677422002804/nb413557_exh5i.htm) |
|  |  | (ii) <br>| [Administration Agreement Schedules listing the current series of the Registrant Subject to the Administration Agreement included in Item (13)(e)(i) above. Incorporated by Reference to Post-Effective Amendment No. 36 to the Registrant's Registration Statement on Form N-1A, File Nos. 333-261613 and 811-23761 (Filed June 18, 2025).](https://www.sec.gov/Archives/edgar/data/1506001/000089843225000451/exh99-h5ii.htm) |
|  |  | (iii) <br>| [Administration Agreement Between NBIA and the wholly owned subsidiary of Neuberger Berman Commodity Strategy ETF. Incorporated by Reference to Post-Effective Amendment No. 4 to the Registrant's Registration Statement on Form N-1A, File Nos. 333-261613 and 811-23761 (Filed December 14, 2022).](https://www.sec.gov/Archives/edgar/data/1506001/000120677422002804/nb413557_exh5ii.htm) |
| (14) |  | [Consent of Ernst & Young LLP, Independent Registered Public Accounting Firm. Incorporated by Reference to Registrant's Registration Statement on Form N-14, File No. 333-272835. (Filed June 22, 2023).](https://www.sec.gov/Archives/edgar/data/1506001/000089843223000399/exh99-14.htm) | [Consent of Ernst & Young LLP, Independent Registered Public Accounting Firm. Incorporated by Reference to Registrant's Registration Statement on Form N-14, File No. 333-272835. (Filed June 22, 2023).](https://www.sec.gov/Archives/edgar/data/1506001/000089843223000399/exh99-14.htm) |
| (15) |  | Financial Statements Omitted from Prospectus. None. | Financial Statements Omitted from Prospectus. None. |
| (16) |  | [Power of Attorney. Incorporated by Reference to Registrant's Registration Statement on Form N-14, File No. 333-272835. (Filed June 22, 2023).](https://www.sec.gov/Archives/edgar/data/1506001/000089843223000399/exh99-16.htm) | [Power of Attorney. Incorporated by Reference to Registrant's Registration Statement on Form N-14, File No. 333-272835. (Filed June 22, 2023).](https://www.sec.gov/Archives/edgar/data/1506001/000089843223000399/exh99-16.htm) |

---

<u>Item 17</u><u>.</u> <u>Undertakings</u><u>.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) The undersigned Registrant agrees that prior to any public reoffering of the securities registered through the use of a prospectus which is a part of this registration statement by any person or party who is deemed to be an underwriter within the meaning of Rule 145(c) of the Securities Act [17 CFR 230.145c], the reoffering prospectus will contain the information called for by the applicable registration form for reofferings by persons who may be deemed underwriters, in addition to the information called for by the other items of the applicable form.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) The undersigned Registrant agrees that every prospectus that is filed under paragraph (1) above will be filed as a part of an amendment to the registration statement and will not be used until the amendment is effective, and that, in determining any liability under the 1933 Act, each post-effective amendment shall be deemed to be a new registration statement for the securities offered therein, and the offering of the securities at that time shall be deemed to be the initial bona fide offering of them.

------

#### SIGNATURES

#### <br>
Pursuant to the requirements of the Securities Act of 1933, as amended ("1933 Act"), the Registrant, Neuberger Berman ETF Trust, has duly caused this Post-Effective Amendment No. 1 to its Registration Statement on Form N-14 to be signed by the undersigned, thereto duly authorized, in the City and State of New York on the 17th day of July 2025.

---

| | |
|:---|:---|
| NEUBERGER BERMAN ETF TRUST | NEUBERGER BERMAN ETF TRUST |
| By: | <u>/s/ Joseph V. Amato</u> |
| Name: | Joseph V. Amato |
| Title: | President and Chief Executive Officer |

---

Pursuant to the requirements of the 1933 Act, this Registration Statement on Form N-14 has been signed below by the following persons in the capacities and on the dates indicated.

---

| | | |
|:---|:---|:---|
| <u>Signature</u> | <u>Title</u> | <u>Date</u> |
| /s/<u> </u>Joseph V. Amato | President, Chief Executive Officer<br> and Trustee | July 17 2025 |
| Joseph V. Amato |  |  |
| /s/John M. McGovern | Treasurer and Principal Financial and<br> Accounting Officer | July 17 2025 |
| John M. McGovern |  |  |
| <br> /s/ Michael J. Cosgrove | Trustee | July 17 2025 |
| Michael J. Cosgrove\* |  |  |
| <br> /s/ Marc Gary | Trustee | July 17 2025 |
| Marc Gary\* |  |  |
| <br> /s/ Martha C. Goss | Trustee | July 17 2025 |
| Martha C. Goss\* |  |  |
|  | Trustee |  |
| Ami Kaplan |  |  |
| <br> /s/ Michael M. Knetter | Trustee | July 17 2025 |
| Michael M. Knetter\* |  |  |
| <br> /s/ Deborah C. McLean | Trustee | July 17 2025 |
| Deborah C. McLean\* |  |  |
|  | Trustee |  |
| Paul M. Nakasone |  |  |
| <br> /s/ Tom D. Seip | Chairman of the Board and Trustee | July 17 2025 |
| Tom D. Seip |  |  |
|  | Trustee |  |
| Franklyn E. Smith |  |  |

---

\*Signatures affixed by Franklin H. Na on July 17 2025, pursuant to a power of attorney filed to Registrant's Registration Statement on Form N-14 on June 22, 2023 (File No. 333-272835).

------

<u>Exhibit List</u>

---

| | |
|:---|:---|
| <u>Item</u> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Exhibit</u> |
| (12) | [Opinion and Consent of Counsel Supporting Tax Matters.](exh99-12.htm#EXHIBIT12) |

---

## Exhibit 99.12

**EXHIBIT (12)**<br>

![](image00001.jpg)

October 13, 2023

Neuberger Berman ETF Trust

Neuberger Berman Equity Funds

1290 Avenue of the Americas

New York, New York 10104-0002

Re:&nbsp;&nbsp;&nbsp;&nbsp; <u>Reorganization</u><u>s</u> <u>t</u><u>o C</u><u>ombin</u><u>e</u> <u>Seri</u><u>es</u> <u>o</u><u>f</u> <u>Del</u><u>a</u><u>w</u><u>a</u><u>r</u><u>e Statutory Trusts</u> Ladies and Gentlemen:

Neuberger Berman ETF Trust (the "ETF Trust"), a Delaware statutory trust, on behalf of its series, Neuberger Berman China Equity ETF and Neuberger Berman Global Real Estate ETF (each an "Acquiring ETF," collectively the "Acquiring ETFs"), and Neuberger Berman Equity Funds (the "Target Trust"), a Delaware statutory trust, on behalf of its series, Neuberger Berman Greater China Equity Fund and Neuberger Berman Global Real Estate Fund (each a "Target Fund," collectively the "Target Funds"), has requested our opinion as to certain federal income tax consequences of transactions (each a "Reorganization," collectively the "Reorganizations'') in which (1) Neuberger Berman China Equity ETF will acquire substantially all of the assets of Neuberger Berman Greater China Equity Fund and (2) Neuberger Berman Global Real Estate ETF will acquire substantially all of the assets of Neuberger Berman Global Real Estate Fund, in exchange solely for shares of beneficial interest in the respective Acquiring ETF ("Acquiring ETF Shares") (and cash in lieu of fractional Acquiring ETF Shares, if any), and the assumption by that Acquiring ETF of liabilities of such Target Fund, pursuant to an Agreement and Plan of Reorganization ("Agreement") entered into by ETF Trust, on behalf of the Acquiring ETFs, and Target Trust, on behalf of the Target Funds, on October 13, 2023.<sup>1</sup> Specifically, the Funds have requested our opinion that the consummation of each Reorganization will qualify as a "reorganization" (as defined in section 368(a)).<sup>2</sup>

____________________<br>

<sup>1</sup> Each of the Target Funds and Acquiring ETFs is sometimes referred to herein as a **"Fund,"** and each of ETF Trust and Target Trust is sometimes referred to herein as an **"Investment Company."**

*<sup>2</sup>* All "section" references are to the Internal Revenue Code of 1986, as amended **("Code "),** unless otherwise noted, and all "Treas. Reg. §" references are to the regulations under the Code **("Regulations").**

K&L GATES LLP

ONE CONGRESS STREET BOSTON MA 02114

T +1 617 261 3100 F +1 617 261 3175 klgates.com

------

October 13, 2023<br>

Page 2<br>

*In*rendering this opinion, we have examined (1) the Agreement, (2) the Combined Information Statement/Prospectus dated August 9, 2023, regarding the Reorganizations ("Information Statement"), and (3) other documents we have deemed necessary or appropriate for the purposes hereof (collectively, "Documents"). We have assumed, for purposes hereof, the accuracy and completeness of the information contained in all the Documents. As to various matters of fact material to this opinion, we have relied, exclusively and without independent verification (with your permission), on the representations and warranties set forth in the Agreement and on the statements and representations of officers and other representatives of the Acquiring ETFs and the Target Funds (collectively, "Representations"). We have assumed that any Representation made "to the knowledge and belief" (or similar qualification) of any person or party is, and at the Closing Date (as defined in the Agreement) will be, correct without such qualification. We have also assumed that as to all matters for which a person or entity has represented that such person or entity is not a party to, does not have, or is not aware of any plan, intention, understanding, or agreement, there is no such plan, intention, understanding, or agreement. Finally, we have assumed that the Documents and the Representations present all the material and relevant facts relating to the Reorganizations.

<u>OPINION</u>

Based solely on the facts and representations set forth in the reviewed documents and the representations of officers of the Investment Companies, and conditioned on (i) those representations' being true on the closing date of each Reorganization and (ii) each Reorganization's being consummated in accordance with the Agreement (without the waiver or modification of any terms or conditions thereof), our opinion with respect to the federal income tax consequences of each Reorganization is as follows.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The acquisition by the Acquiring ETF of all of the assets of the Target Fund, as provided for in the Agreement, in exchange for Acquiring ETF Shares (and cash in lieu of fractional Acquiring ETF Shares, if any), and the assumption by the Acquiring ETF of liabilities of the Target Fund, followed by the distribution by the Target Fund to its shareholders of Acquiring ETF Shares (and cash in lieu of fractional Acquiring Fund shares, if any) in complete liquidation of the Target Fund, will qualify as a reorganization within the meaning of Section 368(a)(1)(F) of the Code, and the Target Fund and Acquiring ETF each will be a "party to a reorganization" within the meaning of Section 368(b) of the Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. No gain or loss will be recognized by the Target Fund upon the transfer of all of its assets to, and the assumption of all of its liabilities by the Acquiring ETF in exchange solely for Acquiring ETF Shares pursuant to Section 361(a) and Section 357(a) of the Code, except for (A) gain or loss that may be recognized on the transfer of "section 1256 contracts" as

------

October 13, 2023<br>

Page 3<br>

defined in Section 1256(b) of the Code, (B) gain that may be recognized on the transfer of stock in a "passive foreign investment company" as defined in Section 1297(a) of the Code, and (C) any other gain or loss that may be required to be recognized (i) under an applicable mark-to-market rule or (ii) upon the transfer of an asset regardless of whether such transfer would otherwise be a non-recognition transaction under the Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. No gain or loss will be recognized by the Acquiring ETF upon the receipt by it of all of the assets of the Target Fund in exchange solely for the assumption of liabilities of the Target Fund and issuance of Acquiring ETF Shares pursuant to Section 1032(a) of the Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. No gain or loss will be recognized by the Target Fund upon the distribution of Acquiring ETF Shares by the Target Fund to shareholders of the Target Fund in complete liquidation (pursuant to the Agreement) of the Target Fund pursuant to Section 361(c)(1) of the Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. The tax basis of the assets of the Target Fund received by the Acquiring ETF will be the same as the tax basis of such assets in the hands of the Target Fund immediately prior to the transfer of such assets, increased by the amount of gain (or decreased by the amount of loss), if any, recognized by the Target Fund on the transfer pursuant to Section 362(b) of the Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. The holding periods of the assets of the Target Fund in the hands of the Acquiring ETF will include the periods during which such assets were held by the Target Fund pursuant to Section 1223(2) of the Code, other than assets with respect to which gain or loss is required to be recognized and except where investment activities of the Acquiring ETF have the effect of reducing or eliminating the holding period with respect to an asset.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. No gain or loss will be recognized by the shareholders of the Target Fund upon the exchange of all of their Target Fund Shares solely for Acquiring ETF Shares (except with respect to cash, if any, received in lieu of fractional shares) pursuant to Section 354(a) of the Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. The aggregate tax basis of Acquiring ETF Shares received by a shareholder of the Target Fund will be the same as the aggregate tax basis of the Target Fund Shares exchanged therefor pursuant to Section 358(a)(1) of the Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. The holding period of the Acquiring ETF Shares received by a shareholder of the Target Fund will include the holding period of the Target Fund Shares exchanged therefor, provided that the shareholder held such Target Fund Shares as a capital asset on the date of the exchange pursuant to Section 1223(1) of the Code.

------

October 13, 2023<br>

Page 4<br>

10. For purposes of section 381, the Acquiring ETF will be treated just as the Target Fund would have been treated if there had been no Reorganization. Accordingly, the Reorganization will not result in the termination of the Target Fund's taxable year, the Target Fund's tax attributes enumerated in section 381(c) will be taken into account by the Acquiring ETF as if there had been no Reorganization, and the part of the Target Fund's last taxable year that began before the Reorganization will be included in the Acquiring ETF's first taxable year that ends after the Reorganization.

Our opinion is based on, and is conditioned on the continued applicability of, the provisions of the Code and the Regulations, judicial decisions, and rulings and other pronouncements of the Internal Revenue Service ("Service") in existence on the date hereof. All the foregoing authorities are subject to change or modification that can be applied retroactively and thus also could affect the conclusions expressed herein; we assume no responsibility to update our opinion after the date hereof with respect to any such change or modification. Our opinion represents our best judgment regarding how a court would decide the issues addressed herein and is not binding on the Service or any court. Moreover, our opinion does not provide any assurance that a position taken in reliance thereon will not be challenged by the Service, and although we believe that our opinion would be sustained by a court if challenged, there can be no assurances to that effect.

Our opinion addresses only the specific federal income tax consequences of each Reorganization as set forth above and does not address any other federal, or any state, local, or foreign tax consequences of a Reorganization or any other action (including any taken in connection therewith). Our opinion also applies to a Reorganization only if each Fund that is a party to such Reorganization is solvent, and we express no opinion about the tax treatment of a Reorganization described herein if any Fund that is a party thereto is insolvent. Finally, our opinion is solely for the information and use of the addressees and their shareholders and may not be relied on for any purpose by any other person without our express written consent.

---

| |
|:---|
| Very truly yours, |
| /s/ K&L Gates LLP<br>|

---

<br>