# EDGAR Filing Document

**Accession Number:** 0001506001
**File Stem:** 0000898432-25-000853
**Filing Date:** 2025-10
**Character Count:** 344811
**Document Hash:** 3f9e13dc6ca8de0deac4b981148c50bc
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000898432-25-000853.hdr.sgml**: 20251030

**ACCESSION NUMBER**: 0000898432-25-000853

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 48

**CONFORMED PERIOD OF REPORT**: 20250831

**FILED AS OF DATE**: 20251030

**DATE AS OF CHANGE**: 20251029

**EFFECTIVENESS DATE**: 20251030

**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-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-23761
- **FILM NUMBER:** 251431259

**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 Disrupters ETF (Series ID: S000075396)

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

As filed with the Securities and Exchange Commission on October 29, 2025

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: August 31, 2025

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 annual reports transmitted to shareholders pursuant to Rule 30e-1 under the Act.

# Neuberger Berman

# China Equity ETF
![Image](i4ee6b1f0349c5dba96d04ce8.jpg)

Annual Shareholder Report

August 31, 2025

# NBCE \| NYSE Arca, Inc.
This annual shareholder report contains important information about the Fund for the period of September 1, 2024 to August 31, 2025. 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 year?
(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** |
| China Equity ETF | $89 | 0.74% |

---

## How did the Fund perform last year?
During the year, the Fund generated a positive return, with communications and consumer names the primary contributors to performance. Chinese equities delivered strong returns, supported by resilient export activity in the first half and improving fundamentals beginning in September 2024. China policy pivots, technological advancements, and easing U.S.-China tensions lifted sentiment, while attractive Chinese equity valuations, amid declining Chinese bond yields, spurred capital rotation into Chinese equities, all of which provided a favorable backdrop for the Fund's positive return.

### Performance Attribution

# Top Contributors

# Top Detractors
* ![Thin up arrow](i1ebf12c4f97f9a2ce64b6859.jpg)Stock selection in Communication Services, Consumer Staples, Consumer Discretionary and Energy sectors drove performance.

* ![Thin down arrow](i1106a99fe29d734613ca350c.jpg)Stock selection in IT and Industrials, as well as slight under-allocation to the IT sector versus the MSCI China A Onshore Index (Net).

* ![Thin down arrow](i1106a99fe29d734613ca350c.jpg)Holding undeployed cash during the strong market rally resulted in a performance drag. 

## How did the Fund perform over the past 10 years?

### Total Return Based on a $10,000 Investment
![Growth of 10K Chart](ib5707afd7dfd1e6080209a9a.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **China Equity ETF (at NAV) $16,779** | **MSCI China All Shares Index (Net) $15,244** | **MSCI China A Onshore Index (Net) $12,470** |
| **8/31/15** | $10000 | $10000 | $10000 |
| **8/31/16** | $11209 | $10108 | $9346 |
| **8/31/17** | $15520 | $12760 | $10428 |
| **8/31/18** | $16199 | $11722 | $7919 |
| **8/31/19** | $16031 | $11753 | $8820 |
| **8/31/20** | $20045 | $16217 | $12267 |
| **8/31/21** | $22740 | $16305 | $13800 |
| **8/31/22** | $16212 | $12338 | $11082 |
| **8/31/23** | $13602 | $11135 | $9648 |
| **8/31/24** | $11992 | $10611 | $8765 |
| **8/31/25** | $16779 | $15244 | $12470 |

---

## Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| **Name** | **1 Year** | **5 Years** | **10 Years** |
| **China Equity ETF (at NAV)** | 39.92% | (3.48)% | 5.31% |
| **MSCI China All Shares Index (Net)** | 43.67% | (1.23)% | 4.31% |
| **MSCI China A Onshore Index (Net)** | 42.28% | 0.33% | 2.23% |

---

The graph shows how a hypothetical investment in the Fund changed in value over the period and for the amount indicated above, and compares it with a broad-based market index and, if applicable, an additional index. The graph and table do not reflect the effect of taxes a shareholder would pay on Fund distributions or on the sale of Fund shares. The Fund commenced operations after the assets of another investment company, Neuberger Berman Greater China Equity Fund (the predecessor fund), were transferred to the Fund in a tax-free reorganization as of the close of business on October 13, 2023. The Fund has adopted the performance history of its predecessor fund. The information shown above prior to October 13, 2023 is for the predecessor fund's Institutional Class. The predecessor fund had different principal investment strategies, which included the use of a sub-adviser, prior to August 21, 2023. **Results represent the Fund's past performance, which is not a good predictor of how the Fund will perform in the future.** For current performance, please visit https://www.nb.com/en/us/products/etfs/china-equity-etf?view-all-funds=equities&section=performance.

## Key Fund Statistics

---

| | |
|:---|:---|
| Net Assets | $7348833 |
| Number of Portfolio Holdings | 71 |
| Portfolio Turnover Rate | 130% |
| Total Investment Advisory Fees Paid | $0 |

---

## 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% |
| Montage Technology Co. Ltd. Class A | 3.2% |
| China Merchants Bank Co. Ltd. Class A | 3.0% |
| State Street Institutional U.S. Government Money Market Fund Premier Class | 2.9% |
| China Yangtze Power Co. Ltd. Class A | 2.6% |
| Zhongji Innolight Co. Ltd. Class A | 2.5% |
| Kweichow Moutai Co. Ltd. Class A | 2.4% |
| China Pacific Insurance Group Co. Ltd. Class A | 2.2% |
| Cambricon Technologies Corp. Ltd. Class A | 2.1% |
| Sieyuan Electric Co. Ltd. Class A | 2.0% |

---

### Sector Allocation

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

---

| | |
|:---|:---|
| Information Technology | 23.0% |
| Financials | 20.8% |
| Industrials | 14.0% |
| Materials | 9.6% |
| Consumer Staples | 8.7% |
| Health Care | 7.6% |
| Consumer Discretionary | 6.0% |
| Utilities | 2.6% |
| Communication Services | 2.3% |
| Energy | 2.1% |
| Real Estate | 0.4% |
| Short-Term Investments | 2.9% |
| Total | 100.0% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &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](ic9dd6f1cdbd650c84f3038a7.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| China | 95.5% |
| United States | 2.9% |
| Hong Kong | 1.6% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &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).

![Image](i4ee6b1f0349c5dba96d04ce8.jpg)

# Z0327 10/25
The "Neuberger Berman" name 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>2025 Neuberger Berman BD LLC, distributor. All rights reserved.

Annual Shareholder Report

August 31, 2025

NBCE \| NYSE Arca, Inc.

# Neuberger Berman

# Commodity Strategy ETF
![Image](i4ee6b1f0349c5dba96d04ce8.jpg)

Annual Shareholder Report

August 31, 2025

# NBCM \| NYSE Arca, Inc.
This annual shareholder report contains important information about the Fund for the period of September 1, 2024 to August 31, 2025. 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 year?
(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** |
| Commodity Strategy ETF | $69 | 0.64% |

---

## How did the Fund perform last year?
Commodity market performance rose amid elevated inflation and geopolitical uncertainty. An overweight in live cattle versus the Bloomberg Commodity Index (the Index) and a position in feeder cattle boosted returns for the Fund. Positive contributions from positioning in corn offset losses from an underweight in soybeans. In energy, overweight positions in oil detracted (Brent & WTI). In precious metals, exposure to platinum (not in the Index) contributed. In soft commodities, an overweight in coffee offset losses from a position in white sugar. In power, an underweight position in U.S. natural gas offset losses from a position in Title Transfer Facility (TTF) natural gas.

### Performance Attribution

#### Top Contributors

#### Top Detractors
* ![Thin up arrow](i681a3bf47dc5413a628a8d83.jpg)An overweight in Livestock and an underweight in Agriculture versus the Index

* ![Thin down arrow](i5ff0532c684e61b385f1049c.jpg)An overweight in Energy and an underweight in Precious Metals versus the Index

## How did the Fund perform over the past 10 years?

### Total Return Based on a $10,000 Investment
![Growth of 10K Chart](i256b2f5ad1dd0ca7c6530e7b.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Commodity Strategy ETF (at NAV) $16,830** | **MSCI All Country World Index (Net) $28,656** | **Bloomberg Commodity Index $13,948** |
| **8/31/15** | $10000 | $10000 | $10000 |
| **8/31/16** | $9125 | $10724 | $9124 |
| **8/31/17** | $9609 | $12560 | $9396 |
| **8/31/18** | $10186 | $13993 | $9444 |
| **8/31/19** | $9631 | $13954 | $8888 |
| **8/31/20** | $8835 | $16260 | $8541 |
| **8/31/21** | $12451 | $20916 | $11190 |
| **8/31/22** | $15123 | $17594 | $14291 |
| **8/31/23** | $15160 | $20048 | $13052 |
| **8/31/24** | $14724 | $24748 | $12479 |
| **8/31/25** | $16830 | $28656 | $13948 |

---

## Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| **Name** | **1 Year** | **5 Years** | **10 Years** |
| **Commodity Strategy ETF (at NAV)** | 14.31% | 13.76% | 5.34% |
| **MSCI All Country World Index (Net)** | 15.79% | 12.00% | 11.10% |
| **Bloomberg Commodity Index** | 11.77% | 10.30% | 3.38% |

---

The graph shows how a hypothetical investment in the Fund changed in value over the period and for the amount indicated above, and compares it with a broad-based market index and, if applicable, an additional index. The graph and table do not reflect the effect of taxes a shareholder would pay on Fund distributions or on the sale of Fund shares. The Fund commenced operations after the assets of another investment company, Neuberger Berman Commodity Strategy Fund (the predecessor fund), were transferred to the Fund in a tax-free reorganization as of the close of business on October 21, 2022. The Fund has adopted the performance history of its predecessor fund. The information shown above prior to October 21, 2022 is for the predecessor fund's Institutional Class. **Results represent the Fund's past performance, which is not a good predictor of how the Fund will perform in the future.** For current performance, please visit https://www.nb.com/en/us/products/etfs/commodity-strategy-etf?section=performance.

On December 12, 2024, the Fund began comparing its performance to the MSCI All Country World Index (Net) in order to satisfy a change in regulatory requirements. The Bloomberg Commodity Index will be maintained as a secondary index as it shows how the Fund's performance compares to indices with characteristics that are more representative of the Fund's investment strategy than the MSCI All Country World Index (Net).

## Key Fund Statistics

---

| | |
|:---|:---|
| Net Assets | $253531057 |
| Number of Portfolio Holdings | 191 |
| Portfolio Turnover Rate | 102% |
| Total Investment Advisory Fees Paid | $850862 |

---

## What did the Fund invest in?

### Top Commodity Holdings - Long

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

---

| | |
|:---|:---|
| Gold 100 Oz | 16.7% |
| Copper | 16.0% |
| Primary Aluminum | 13.6% |
| Brent Crude | 6.5% |
| Natural Gas | 6.2% |
| WTI Crude | 5.1% |
| Nickel | 4.6% |
| Soybean | 4.6% |
| Corn | 4.5% |
| Live Cattle | 4.4% |

---

### Top Commodity Holdings - Short

### (as % of Total Notional Value)

---

| | |
|:---|:---|
| Copper | (10.1)% |
| Primary Aluminum | (9.6)% |
| Nickel | (3.1)% |
| Lead | (2.9)% |
| Zinc | (2.9)% |
| Tin | (0.8)% |
| Palladium | (0.4)% |
| Wheat | (0.0)% |

---

## 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).

![Image](i4ee6b1f0349c5dba96d04ce8.jpg)

The "Neuberger Berman" name 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>2025 Neuberger Berman BD LLC, distributor. All rights reserved.

# Z0330 10/25
Annual Shareholder Report

August 31, 2025

NBCM \| NYSE Arca, Inc.

# Neuberger Berman

# Core Equity ETF
![Image](i4ee6b1f0349c5dba96d04ce8.jpg)

Annual Shareholder Report

August 31, 2025

# NBCR \| NYSE Arca, Inc.
This annual shareholder report contains important information about the Fund for the period of September 1, 2024 to August 31, 2025. 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 year?
(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** |
| Core Equity ETF | $31 | 0.29% |

---

## How did the Fund perform last year?
For the year, while the Fund generated a positive total return, it underperformed its benchmark, the Russell 1000<sup><sup>®</sup></sup> Index (the Index) for the same period. Key contributors to relative performance included owning Carnival and not holding certain names in the IT and Financials sectors. Detractors from relative performance were not owning or limited exposure to certain outperforming names in the Index.

### Performance Attribution

#### Top Contributors

#### Top Detractors
* ![Thin up arrow](i991db1382a83ce7d60f46599.jpg)Consumer Discretionary sector

* ![Thin up arrow](i991db1382a83ce7d60f46599.jpg)Industrials sector

* ![Thin down arrow](i9ac60cbdbc89d93502510398.jpg)IT sector

* ![Thin down arrow](i9ac60cbdbc89d93502510398.jpg)Health Care sector

## How did the Fund perform since inception?

### Total Return Based on a $10,000 Investment
![Growth of 10K Chart](i5b3c11e3731fadd2f78b8481.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Core Equity ETF (at NAV) $11,810** | **S&P 500<sup>®</sup> Index $11,869** | **Russell 1000<sup>®</sup> Index $11,899** |
| **7/31/2024** | $10000 | $10000 | $10000 |
| **8/31/2024** | $10218 | $10243 | $10237 |
| **11/30/2024** | $10874 | $10975 | $11051 |
| **2/28/2025** | $10772 | $10868 | $10891 |
| **5/31/2025** | $10781 | $10827 | $10851 |
| **8/31/2025** | $11810 | $11869 | $11899 |

---

## Average Annual Total Returns

---

| | | |
|:---|:---|:---|
| **Name** | **1 Year** | **Since Inception 7/31/24** |
| **Core Equity ETF (at NAV)** | 15.57% | 16.57% |
| **S&P 500<sup>®</sup> Index** | 15.88% | 17.11% |
| **Russell 1000<sup>®</sup> Index** | 16.24% | 17.38% |

---

The graph shows how a hypothetical investment in the Fund changed in value over the period and for the amount indicated above, and compares it with a broad-based market index and, if applicable, an additional index. The graph and table do not reflect the effect of taxes a shareholder would pay on Fund distributions or on the sale of Fund shares. **Results represent the Fund's past performance, which is not a good predictor of how the Fund will perform in the future.** For current performance, please visit https://www.nb.com/en/us/products/etfs/core-equity-etf?section=performance.

## Key Fund Statistics

---

| | |
|:---|:---|
| Net Assets | $388066614 |
| Number of Portfolio Holdings | 198 |
| Portfolio Turnover Rate | 44% |
| Total Investment Advisory Fees Paid | $197052 |

---

## What did the Fund invest in?

### Top Ten Securities

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

---

| | |
|:---|:---|
| NVIDIA Corp. | 7.0% |
| Microsoft Corp. | 6.6% |
| Apple, Inc. | 6.1% |
| Amazon.com, Inc. | 3.8% |
| Alphabet, Inc. Class A | 3.1% |
| Meta Platforms, Inc. Class A | 2.7% |
| Broadcom, Inc. | 2.4% |
| JPMorgan Chase & Co. | 1.9% |
| Alphabet, Inc. Class C | 1.8% |
| Tesla, Inc. | 1.6% |

---

---

| | |
|:---|:---|
| 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 | 29.8% |
| Financials | 15.1% |
| Consumer Discretionary | 11.6% |
| Communication Services | 11.4% |
| Industrials | 9.0% |
| Health Care | 8.8% |
| Consumer Staples | 4.4% |
| Energy | 2.9% |
| Materials | 2.6% |
| Utilities | 2.3% |
| Real Estate | 1.4% |
| Exchange-Traded Funds | 0.7% |
| Short-Term Investments | 0.0% |
| 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/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).

![Image](i4ee6b1f0349c5dba96d04ce8.jpg)

# Z0593 10/25
The "Neuberger Berman" name 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>2025 Neuberger Berman BD LLC, distributor. All rights reserved.

Annual Shareholder Report

August 31, 2025

NBCR \| NYSE Arca, Inc.

# Neuberger Berman

# Disrupters ETF
![Image](i4ee6b1f0349c5dba96d04ce8.jpg)

Annual Shareholder Report

August 31, 2025

# NBDS \| NYSE Arca, Inc.
This annual shareholder report contains important information about the Fund for the period of September 1, 2024 to August 31, 2025. 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 year?
(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** |
| Disrupters ETF | $60 | 0.55% |

---

## How did the Fund perform last year?
The Fund performed well on an absolute basis due to its relatively high exposure to AI enablers and beneficiaries. It benefitted from increased consumer preference for streaming digital entertainment and social networking. Uncertainty on the duration of the powerful upcycle in semiconductor and semiconductor capital equipment put some relative pressure on the Fund while infrastructure and power demands catalyzed by AI helped to drive growth in key portfolio holdings. Disruptive technologies in online trading of financial products was a tailwind.

### Performance Attribution

#### Top Contributors

#### Top Detractors
* ![Thin up arrow](i39c2fd5f71baac6a65af1576.jpg)Financial Services industry group within the Financials sector

* ![Thin up arrow](i39c2fd5f71baac6a65af1576.jpg)Communication Services and Utilities sectors

* ![Thin down arrow](ie6a34e410b21f80df7d9f386.jpg)IT, Health Care and Industrials sectors

## How did the Fund perform since inception?

### Total Return Based on a $10,000 Investment
![Growth of 10K Chart](ibd22e98b39a1332e14da5324.jpg)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Disrupters ETF (at NAV) $14,361** | **Russell 3000<sup>®</sup> Index $14,901** | **Russell 1000<sup>®</sup> Growth Index $16,854** | **Russell Midcap<sup>®</sup> Growth Index $14,928** | **Russell 2000<sup>®</sup> Growth Index $12,679** |
| **4/6/22** | $10000 | $10000 | $10000 | $10000 | $10000 |
| **5/31/22** | $8157 | $9209 | $8771 | $8737 | $8839 |
| **8/31/22** | $8090 | $8886 | $8624 | $8776 | $9134 |
| **11/30/22** | $8052 | $9178 | $8616 | $9134 | $9249 |
| **2/28/23** | $8232 | $9020 | $8517 | $9243 | $9413 |
| **5/31/23** | $9110 | $9396 | $9608 | $9240 | $9076 |
| **8/31/23** | $9689 | $10197 | $10516 | $9917 | $9753 |
| **11/30/23** | $9855 | $10336 | $10871 | $10045 | $9172 |
| **2/29/24** | $11841 | $11600 | $12429 | $11556 | $10749 |
| **5/31/24** | $11804 | $11988 | $12837 | $11264 | $10744 |
| **8/31/24** | $12331 | $12863 | $13750 | $11808 | $11476 |
| **11/30/24** | $12873 | $13900 | $15007 | $14070 | $12881 |
| **2/28/25** | $12541 | $13634 | $14884 | $13237 | $11375 |
| **5/31/25** | $12884 | $13561 | $15099 | $13882 | $11115 |
| **8/31/25** | $14361 | $14901 | $16854 | $14928 | $12679 |

---

## Average Annual Total Returns

---

| | | |
|:---|:---|:---|
| **Name** | **1 Year** | **Since Inception 4/6/22** |
| **Disrupters ETF (at NAV)** | 16.47% | 11.21% |
| **Russell 3000<sup>®</sup> Index** | 15.84% | 12.42% |
| **Russell 1000<sup>®</sup> Growth Index** | 22.58% | 16.57% |
| **Russell Midcap<sup>®</sup> Growth Index** | 26.42% | 12.49% |
| **Russell 2000<sup>®</sup> Growth Index** | 10.48% | 7.22% |

---

The graph shows how a hypothetical investment in the Fund changed in value over the period and for the amount indicated above, and compares it with a broad-based market index and, if applicable, additional indices. The graph and table do not reflect the effect of taxes a shareholder would pay on Fund distributions or on the sale of Fund shares. **Results represent the Fund's past performance, which is not a good predictor of how the Fund will perform in the future.** For current performance, please visit https://www.nb.com/en/us/products/etfs/disrupters-etf?section=performance.

## Key Fund Statistics

---

| | |
|:---|:---|
| Net Assets | $26868456 |
| Number of Portfolio Holdings | 30 |
| Portfolio Turnover Rate | 34% |
| Total Investment Advisory Fees Paid | $122240 |

---

## What did the Fund invest in?

### Top Ten Securities

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

---

| | |
|:---|:---|
| NVIDIA Corp. | 9.4% |
| Spotify Technology SA | 5.6% |
| Robinhood Markets, Inc. Class A | 5.0% |
| Amazon.com, Inc. | 4.7% |
| Intuitive Surgical, Inc. | 4.3% |
| Snowflake, Inc. | 4.2% |
| Nova Ltd. | 4.0% |
| Tradeweb Markets, Inc. Class A | 3.9% |
| Shopify, Inc. Class A | 3.6% |
| ARM Holdings PLC ADR | 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 | 52.3% |
| Financials | 11.2% |
| Consumer Discretionary | 9.8% |
| Communication Services | 8.9% |
| Industrials | 8.1% |
| Health Care | 4.3% |
| Utilities | 3.4% |
| Short-Term Investments | 2.0% |
| 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/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).

![Image](i4ee6b1f0349c5dba96d04ce8.jpg)

# Z0220 10/25
The "Neuberger Berman" name 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>2025 Neuberger Berman BD LLC, distributor. All rights reserved.

Annual Shareholder Report

August 31, 2025

NBDS \| NYSE Arca, Inc.

# Neuberger Berman

# Growth ETF
![Image](i4ee6b1f0349c5dba96d04ce8.jpg)

Annual Shareholder Report

August 31, 2025

# NBGX \| NYSE Arca, Inc.
This annual shareholder report contains important information about the Fund for the period of December 18, 2024 to August 31, 2025. 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 period?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000 investment<sup>Footnote Reference\*</sup>** | **Costs paid as a percentage of a $10,000 investment<sup>Footnote Reference\*\*</sup>** |
| Growth ETF | $32 | 0.43% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Expenses for a full reporting period would be higher. |
| &nbsp;&nbsp;Footnote<sup>\*\*</sup> | &nbsp;&nbsp;Annualized. |

---

## How did the Fund perform over the period?
The Fund outperformed the Russell 1000<sup><sup>®</sup></sup> Growth Index (the Index) primarily driven by stock selection decisions. Positioning in the Consumer Discretionary sector positively impacted relative performance as a result of defensive positioning within the sector by the Fund. In addition, while holdings in the Industrials sector positively impacted relative performance, holdings in the Capital Goods industry group within that sector were the largest tailwind.

### Performance Attribution

#### Top Contributors

#### Top Detractors
* ![Thin up arrow](ib3b31dc0b873c60788b059a8.jpg)Investments in the Consumer Discretionary and Industrials sectors

* ![Thin up arrow](ib3b31dc0b873c60788b059a8.jpg)An overweight in the Communication Services and Utilities sectors and an underweight in the Health Care sector versus the Index

* ![Thin down arrow](i5916e4f44827ce46639192b3.jpg)Stock selection in the IT sector and, to a lesser extent, in the Utilities sector

* ![Thin down arrow](i5916e4f44827ce46639192b3.jpg)An underweight in the IT sector versus the Index and cash effect detracted relatively due to strong overall performance in the category

## How did the Fund perform since inception?

### Total Return Based on a $10,000 Investment
![Growth of 10K Chart](i079a87aff04380dda15d49c8.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Growth ETF (at NAV) $11,211** | **S&P 500<sup>®</sup> Index $11,101** | **Russell 1000<sup>®</sup> Growth Index $11,096** |
| **12/18/24** | $10000 | $10000 | $10000 |
| **2/28/25** | $9987 | $10165 | $9799 |
| **5/31/25** | $10184 | $10126 | $9940 |
| **8/31/25** | $11211 | $11101 | $11096 |

---

## Cumulative Total Returns

---

| | |
|:---|:---|
| **Name** | **Since Inception 12/18/24** |
| **Growth ETF (at NAV)** | 12.11% |
| **S&P 500<sup>®</sup> Index** | 11.01% |
| **Russell 1000<sup>®</sup> Growth Index** | 10.96% |

---

The graph shows how a hypothetical investment in the Fund changed in value over the period and for the amount indicated above, and compares it with a broad-based market index and, if applicable, an additional index. The graph and table do not reflect the effect of taxes a shareholder would pay on Fund distributions or on the sale of Fund shares. **Results represent the Fund's past performance, which is not a good predictor of how the Fund will perform in the future.** For current performance, please visit https://www.nb.com/en/us/products/etfs/growth-etf?section=performance.

## Key Fund Statistics

---

| | |
|:---|:---|
| Net Assets | $12224610 |
| Number of Portfolio Holdings | 55 |
| Portfolio Turnover Rate | 29% |
| Total Investment Advisory Fees Paid | $0 |

---

## What did the Fund invest in?

### Top Ten Securities

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

---

| | |
|:---|:---|
| Microsoft Corp. | 11.9% |
| NVIDIA Corp. | 9.1% |
| Amazon.com, Inc. | 7.8% |
| Meta Platforms, Inc. Class A | 6.1% |
| Broadcom, Inc. | 5.4% |
| Alphabet, Inc. Class A | 5.3% |
| Apple, Inc. | 4.9% |
| Mastercard, Inc. Class A | 2.9% |
| Netflix, Inc. | 2.5% |
| Visa, Inc. Class A | 2.3% |

---

---

| | |
|:---|:---|
| 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 | 41.7% |
| Communication Services | 16.1% |
| Consumer Discretionary | 13.7% |
| Financials | 9.3% |
| Industrials | 7.8% |
| Health Care | 5.6% |
| Consumer Staples | 3.2% |
| Utilities | 1.5% |
| Energy | 0.5% |
| Short-Term Investments | 0.6% |
| 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).

![Image](i4ee6b1f0349c5dba96d04ce8.jpg)

# AA0058 10/25
The "Neuberger Berman" name 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>2025 Neuberger Berman BD LLC, distributor. All rights reserved.

Annual Shareholder Report

August 31, 2025

NBGX \| NYSE Arca, Inc.

# Neuberger Berman

# Japan Equity ETF
![Image](i4ee6b1f0349c5dba96d04ce8.jpg)

Annual Shareholder Report

August 31, 2025

# NBJP \| NYSE Arca, Inc.
This annual shareholder report contains important information about the Fund for the period of September 11, 2024 to August 31, 2025. 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 period?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000 investment<sup>Footnote Reference\*</sup>** | **Costs paid as a percentage of a $10,000 investment<sup>Footnote Reference\*\*</sup>** |
| Japan Equity ETF | $52 | 0.49% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Expenses for a full reporting period would be higher. |
| &nbsp;&nbsp;Footnote<sup>\*\*</sup> | &nbsp;&nbsp;Annualized. |

---

## How did the Fund perform over the period?
Despite volatile global macroeconomic conditions, Japanese equities continued to exhibit resilient performance on the back of investor optimism towards signs of the Japanese economy exiting deflation, normalizing monetary policy and ongoing corporate governance reforms. During the period, the Fund underperformed the MSCI Japan Index (Net) (the Index), despite positive stock selection. The Fund continued to invest in Japanese companies with strong fundamentals and a growth profile priced at what it believed to be reasonable valuations with a tilt towards businesses that generate more revenues from the Japanese economy.

### Performance Attribution

# Top Contributors

# Top Detractors
* ![Thin up arrow](i1efa28bc0c719c3e18430849.jpg)Stock selection in the Consumer Discretionary, Materials, Industrials and IT sectors

* ![Thin up arrow](i1efa28bc0c719c3e18430849.jpg)Relative to the Index, an underweight to the Consumer Staples and Health Care sectors

* ![Thin up arrow](i1efa28bc0c719c3e18430849.jpg)An overweight, relative to the Index, to the Industrials sector

* ![Thin down arrow](iac4e00506bc2fd8a6a83138e.jpg)Stock selection in the Communication Services and Financials sectors

* ![Thin down arrow](iac4e00506bc2fd8a6a83138e.jpg)Relative to the Index, an underweight to the Communication Services sector

## How did the Fund perform since inception?

### Total Return Based on a $10,000 Investment
![Growth of 10K Chart](ia86c106de579c2bc1f313537.jpg)

---

| | | |
|:---|:---|:---|
| | **Japan Equity ETF (at NAV) $11,853** | **MSCI Japan Index (Net) $11,854** |
| **9/11/24** | $10000 | $10000 |
| **11/30/24** | $9965 | $10095 |
| **2/28/25** | $9817 | $10079 |
| **5/31/25** | $11177 | $11052 |
| **8/31/25** | $11853 | $11854 |

---

## Cumulative Total Returns

---

| | |
|:---|:---|
| **Name** | **Since Inception 9/11/24** |
| **Japan Equity ETF (at NAV)** | 18.53% |
| **MSCI Japan Index (Net)** | 18.54% |

---

The graph shows how a hypothetical investment in the Fund changed in value over the period and for the amount indicated above, and compares it with a broad-based market index and, if applicable, an additional index. The graph and table do not reflect the effect of taxes a shareholder would pay on Fund distributions or on the sale of Fund shares. **Results represent the Fund's past performance, which is not a good predictor of how the Fund will perform in the future.** For current performance, please visit https://www.nb.com/en/us/products/etfs/japan-equity-etf?section=performance.

## Key Fund Statistics

---

| | |
|:---|:---|
| Net Assets | $35289942 |
| Number of Portfolio Holdings | 59 |
| Portfolio Turnover Rate | 59% |
| Total Investment Advisory Fees Paid | $0 |

---

## What did the Fund invest in?

### Top Ten Securities

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

---

| | |
|:---|:---|
| Tokio Marine Holdings, Inc. | 4.8% |
| Toyota Motor Corp. | 3.5% |
| Kinden Corp. | 3.3% |
| Sony Group Corp. | 3.3% |
| Niterra Co. Ltd. | 3.1% |
| Resona Holdings, Inc. | 3.1% |
| SCSK Corp. | 3.0% |
| Mitsubishi Logistics Corp. | 3.0% |
| USS Co. Ltd. | 2.8% |
| East Japan Railway Co. | 2.8% |

---

### Sector Allocation

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

---

| | |
|:---|:---|
| Industrials | 33.1% |
| Consumer Discretionary | 22.5% |
| Financials | 15.0% |
| Information Technology | 8.9% |
| Materials | 6.2% |
| Real Estate | 5.6% |
| Health Care | 4.2% |
| Communication Services | 3.9% |
| Consumer Staples | 0.6% |
| Total | 100.0% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &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](ie7e63033adf8d843a6d094ba.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Japan | 100.0% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &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).

![Image](i4ee6b1f0349c5dba96d04ce8.jpg)

# AA0060 10/25
The "Neuberger Berman" name 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>2025 Neuberger Berman BD LLC, distributor. All rights reserved.

Annual Shareholder Report

August 31, 2025

NBJP \| NYSE Arca, Inc.

# Neuberger Berman

# Option Strategy ETF
![Image](i4ee6b1f0349c5dba96d04ce8.jpg)

Annual Shareholder Report

August 31, 2025

# NBOS \| NYSE Arca, Inc.
This annual shareholder report contains important information about the Fund for the period of September 1, 2024 to August 31, 2025. 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 year?
(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** |
| Option Strategy ETF | $58 | 0.55% |

---

## How did the Fund perform last year?
Fund performance was supported by positive S&P 500<sup><sup>®</sup></sup> Index trends, overcoming a brief April drawdown driven by new tariff policies. Healthy levels of volatility favored option strategies, with an April spike followed by normalization near historical averages. Both the Fund's option strategy and collateral portfolio sleeves contributed positively: market uncertainty supported option premiums, while normal interest rates boosted collateral returns.

### Performance Attribution

#### Top Contributors

#### Top Detractors
* ![Thin up arrow](i108279c6e3969c3dda68ae06.jpg)S&P 500 Index Options

* ![Thin up arrow](i108279c6e3969c3dda68ae06.jpg)Collateral portfolio

None

## How did the Fund perform since inception?

### Total Return Based on a $10,000 Investment
![Growth of 10K Chart](ide98dd6b20dc69c93adae84e.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Option Strategy ETF (at NAV) $19,851** | **S&P 500<sup>®</sup> Index $35,066** | **50% Cboe S&P 500 1-Wk PutWrite Index / 50% Cboe S&P 500 PutWrite Index $15,770** |
| **9/16/16** | $10000 | $10000 | $10000 |
| **8/31/17** | $11231 | $11740 | $11083 |
| **8/31/18** | $11918 | $14048 | $11724 |
| **8/31/19** | $11923 | $14459 | $11158 |
| **8/31/20** | $12848 | $17631 | $10970 |
| **8/31/21** | $15747 | $23125 | $13053 |
| **8/31/22** | $14408 | $20529 | $12251 |
| **8/31/23** | $16234 | $23802 | $13277 |
| **8/31/24** | $17992 | $30261 | $14949 |
| **8/31/25** | $19851 | $35066 | $15770 |

---

## Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| **Name** | **1 Year** | **5 Years** | **Since Inception 9/16/16** |
| **Option Strategy ETF (at NAV)** | 10.30% | 9.09% | 7.95% |
| **S&P 500<sup>®</sup> Index** | 15.88% | 14.74% | 15.02% |
| **50% Cboe S&P 500 1-Wk PutWrite Index / 50% Cboe S&P 500 PutWrite Index** | 5.49% | 7.53% | 5.21% |

---

The graph shows how a hypothetical investment in the Fund changed in value over the period and for the amount indicated above, and compares it with a broad-based market index and, if applicable, an additional index. The graph and table do not reflect the effect of taxes a shareholder would pay on Fund distributions or on the sale of Fund shares. The Fund commenced operations after the assets of another investment company, Neuberger Berman U.S. Equity Index PutWrite Strategy Fund (the predecessor fund), were transferred to the Fund in a tax-free reorganization as of the close of business on January 26, 2024. The Fund has adopted the performance history of its predecessor fund. The information shown above prior to January 26, 2024 is for the predecessor fund's Institutional Class. **Results represent the Fund's past performance, which is not a good predictor of how the Fund will perform in the future.** For current performance, please visit https://www.nb.com/en/us/products/etfs/option-strategy-etf?section=performance.

## Key Fund Statistics

---

| | |
|:---|:---|
| Net Assets | $436560622 |
| Number of Portfolio Holdings | 25 |
| Portfolio Turnover Rate | 112% |
| Total Investment Advisory Fees Paid | $1749574 |

---

## 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 $644, due 09/19/25 | 22.4% |
| SPDR S&P 500 ETF Trust $637, due 09/05/25 | 20.7% |
| SPDR S&P 500 ETF Trust $642.5, due 09/26/25 | 11.9% |
| SPDR S&P 500 ETF Trust $641, due 09/12/25 | 11.0% |
| SPDR S&P 500 ETF Trust $643, due 09/12/25 | 7.2% |
| SPDR S&P 500 ETF Trust $644, due 09/12/25 | 6.9% |
| SPDR S&P 500 ETF Trust $642, due 09/26/25 | 6.1% |
| SPDR S&P 500 ETF Trust $645, due 09/26/25 | 3.4% |
| SPDR S&P 500 ETF Trust $632, due 09/05/25 | 2.3% |
| SPDR S&P 500 ETF Trust $647, due 09/05/25 | 2.3% |

---

### Collateral Securities

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

---

| | |
|:---|:---|
| U.S. Treasury Obligations | Value |
| Less than 1 year | 52.2% |
| 1 to 3 years | 41.3% |
| Short-Term Investments | 6.5% |
| 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).

![Image](i4ee6b1f0349c5dba96d04ce8.jpg)

# Z0323 10/25
The "Neuberger Berman" name 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>2025 Neuberger Berman BD LLC, distributor. All rights reserved.

Annual Shareholder Report

August 31, 2025

NBOS \| NYSE Arca, Inc.

# Neuberger Berman

# Small-Mid Cap ETF
![Image](i4ee6b1f0349c5dba96d04ce8.jpg)

Annual Shareholder Report

August 31, 2025

# NBSM \| NYSE Arca, Inc.
This annual shareholder report contains important information about the Fund for the period of September 1, 2024 to August 31, 2025. 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. **This report describes changes to the Fund that occurred during the reporting period.** 

## What were the Fund's costs for the year?
(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** |
| Small-Mid Cap ETF | $70 | 0.70% |

---

## How did the Fund perform last year?
Over the past twelve months, the small-mid cap market has been quite volatile, with investors reacting strongly to a series of policy announcements and macroeconomic data points. For much of the period, highly speculative companies, many of which we believe are lower quality, materially outperformed and the stocks in our high-quality focused Fund, were generally out of favor. Consequently, during the period, the Fund posted a negative return and lagged the Russell 2500<sup>TM</sup> Index (the Index).

### Performance Attribution

#### Top Contributors

#### Top Detractors
* ![Thin up arrow](i01f625dacd3694e3887147f0.jpg)Our lack of exposure to biotechnology firms, which are present in the Index and down sharply, added value

* ![Thin up arrow](i01f625dacd3694e3887147f0.jpg)Overweight positions in the Industrials and IT sectors versus the Index

* ![Thin down arrow](i5f1adfc1dbc8cf1c9c1a2146.jpg)A number of the Fund's holdings declined for company specific reasons (primarily IT and Industrials names)

## How did the Fund perform since inception?

### Total Return Based on a $10,000 Investment
![Growth of 10K Chart](if9b5b8f85f1ebc4e002db16e.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Small-Mid Cap ETF (at NAV) $10,331** | **Russell 3000<sup>®</sup> Index $12,537** | **Russell 2500™ Index $11,539** |
| **3/20/2024** | $10000 | $10000 | $10000 |
| **5/31/2024** | $10039 | $10087 | $9935 |
| **8/31/2024** | $10395 | $10823 | $10486 |
| **11/30/2024** | $11090 | $11695 | $11581 |
| **2/28/2025** | $9981 | $11471 | $10567 |
| **5/31/2025** | $9656 | $11410 | $10281 |
| **8/31/2025** | $10331 | $12537 | $11539 |

---

## Average Annual Total Returns

---

| | | |
|:---|:---|:---|
| **Name** | **1 Year** | **Since Inception 3/20/24** |
| **Small-Mid Cap ETF (at NAV)** | (0.62)% | 2.27% |
| **Russell 3000<sup>®</sup> Index** | 15.84% | 16.88% |
| **Russell 2500™ Index** | 10.04% | 10.38% |

---

The graph shows how a hypothetical investment in the Fund changed in value over the period and for the amount indicated above, and compares it with a broad-based market index and, if applicable, an additional index. The graph and table do not reflect the effect of taxes a shareholder would pay on Fund distributions or on the sale of Fund shares. **Results represent the Fund's past performance, which is not a good predictor of how the Fund will perform in the future.** For current performance, please visit https://www.nb.com/en/us/products/etfs/small-mid-cap-etf?section=performance.

## Key Fund Statistics

---

| | |
|:---|:---|
| Net Assets | $181904203 |
| Number of Portfolio Holdings | 61 |
| Portfolio Turnover Rate | 39% |
| Total Investment Advisory Fees Paid | $889568 |

---

## What did the Fund invest in?

### Top Ten Securities

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

---

| | |
|:---|:---|
| Colliers International Group, Inc. | 2.5% |
| RBC Bearings, Inc. | 2.5% |
| Gates Industrial Corp. PLC | 2.4% |
| Valmont Industries, Inc. | 2.4% |
| Fair Isaac Corp. | 2.2% |
| ITT, Inc. | 2.2% |
| Tidewater, Inc. | 2.2% |
| Toro Co. | 2.2% |
| Lincoln Electric Holdings, Inc. | 2.1% |
| Littelfuse, Inc. | 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 | 37.0% |
| Information Technology | 17.2% |
| Financials | 13.6% |
| Consumer Discretionary | 7.1% |
| Energy | 5.1% |
| Health Care | 4.6% |
| Real Estate | 4.5% |
| Communication Services | 2.9% |
| Utilities | 2.9% |
| Materials | 2.1% |
| Consumer Staples | 1.4% |
| Short-Term Investments | 1.6% |
| Total | 100.0% |

---

---

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

---

## Material Fund Changes
This is a summary of certain changes to the Fund since September 1, 2024. For more complete information, you may review the Fund's prospectus, which is available at nb.com/nbsm-documents or upon request at 800.877.9700 or fundinfo@nb.com.

Effective April 1, 2025, the Fund's management fee of 0.60% of average daily net assets was reduced to 0.51% of average daily net assets, and the Fund's contractual expense limitation was correspondingly reduced by 0.09%.

## 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).

![Image](i4ee6b1f0349c5dba96d04ce8.jpg)

# Z0331 10/25
The "Neuberger Berman" name 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>2025 Neuberger Berman BD LLC, distributor. All rights reserved.

Annual Shareholder Report

August 31, 2025

NBSM \| NYSE Arca, Inc.

&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 Berman Alternative Funds' Form N-CSR, Investment Company Act file number 811-21715 (filed January 6, 2025)](https://www.sec.gov/Archives/edgar/data/1317474/000198115825000004/codeofethics.htm). The Code of Ethics is also available, without charge, by calling 1-800-877-9700 (toll-free).

Item 3. Audit Committee Financial Expert.

The Board has determined that the Registrant has three audit committee financial experts serving on its audit committee. The Registrant's audit committee financial experts are Michael J. Cosgrove, Martha C. Goss and Deborah C. McLean. Mr. Cosgrove, Ms. Goss and Ms. McLean are independent trustees as defined by Form N-CSR.

Item 4. Principal Accountant Fees and Services.

Ernst & Young, LLP ("E&Y") serves as independent registered public accounting firm to each series of the Registrant.

(a) <u>Audit Fees</u>

The aggregate fees billed for professional services rendered by E&Y for the audit of the annual financial statements or services that are normally provided by E&Y in connection with statutory and regulatory filings or engagements were $234,225 and $220,700 for the fiscal years ended 2024 and 2025, respectively.

(b) <u>Audit-Related Fees</u>

The aggregate fees billed to the Registrant for assurance and related services by E&Y that are reasonably related to the performance of the audit of the Registrant's financial statements and are not reported above in Audit Fees were $0 and $0 for the fiscal years ended 2024 and 2025, respectively. The Audit Committee approved 0% and 0% of these services provided by E&Y for the fiscal years ended 2024 and 2025, respectively, pursuant to the waiver provisions of Rule 2-01(c)(7)(i)(C) of Regulation S-X.

The fees billed to other entities in the investment company complex for assurance and related services by E&Y that are reasonably related to the performance of the audit that the Audit Committee was required to approve because the engagement related directly to the operations and financial reporting of the Registrant were $0 and $0 for the fiscal years ended 2024 and 2025, respectively. The Audit Committee approved 0% and 0% of these services provided by E&Y for the fiscal years ended 2024 and 2025, respectively, pursuant to the waiver provisions of Rule 2-01(c)(7)(i)(C) of Regulation S-X.

(c) <u>Tax Fees</u>

The aggregate fees billed to the Registrant for professional services rendered by E&Y for tax compliance, tax advice, and tax planning were $159,870 and $175,600 for the fiscal years ended 2024 and 2025, respectively. The nature of the services provided includes preparation of the Federal and State tax extensions and tax returns, review of annual excise tax calculations, and preparation of form 8613, in addition to assistance with the identification of Passive Foreign Investment Companies, assistance with determination of various foreign withholding taxes, and assistance with Internal Revenue Code and tax regulation requirements for fund investments. The Audit Committee approved 0% and 0% of these services provided by E&Y for the fiscal years ended 2024 and 2025, respectively, pursuant to the waiver provisions of Rule 2-01(c)(7)(i)(C) of Regulation S-X.

The fees billed to other entities in the investment company complex for professional services rendered by E&Y for tax compliance, tax advice, and tax planning that the Audit Committee was required to approve because the engagement related directly to the operations and financial reporting of the Registrant were $0 and $0 for the fiscal years ended 2024 and 2025, respectively. The Audit Committee approved 0% and 0% of these services provided by E&Y for the fiscal years ended 2024 and 2025, respectively, pursuant to the waiver provisions of Rule 2-01(c)(7)(i)(C) of Regulation S-X.

------

(d) <u>All Other Fees</u>

The aggregate fees billed to the Registrant for products and services provided by E&Y, other than services reported in <u>Audit Fees</u>, <u>Audit-Related Fees</u>, and <u>Tax Fees</u> were $0 and $0 for the fiscal years ended 2024 and 2025, respectively. The Audit Committee approved 0% and 0% of these services provided by E&Y for the fiscal years ended 2024 and 2025, respectively, pursuant to the waiver provisions of Rule 2-01(c)(7)(i)(C) of Regulation S-X.

The fees billed to other entities in the investment company complex for products and services provided by E&Y, other than services reported in <u>Audit Fees</u>, <u>Audit-Related Fees</u>, and <u>Tax Fees</u> that the Audit Committee was required to approve because the engagement related directly to the operations and financial reporting of the Registrant were $0 and $0 for the fiscal years ended 2024 and 2025, respectively. The Audit Committee approved 0% and 0% of these services provided by E&Y for the fiscal years ended 2024 and 2025, respectively, pursuant to the waiver provisions of Rule 2-01(c)(7)(i)(C) of Regulation S-X.

(e) <u>Audit Committee's Pre-Approval Policies and Procedures</u>

(1) The Audit Committee's pre-approval policies and procedures for the Registrant to engage an accountant to render audit and non-audit services delegate to each member of the Committee the power to pre-approve services between meetings of the Committee.

(2) None of the services described in paragraphs (b) through (d) above were approved by the Audit Committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.

(f) <u>Hours Attributed to Other Persons</u>

Not applicable.

(g) <u>Non-Audit Fees</u>

Non-audit fees billed by E&Y for services rendered to the Registrant were $159,870 and $175,600 for the fiscal years ended 2024 and 2025, respectively.

Non-audit fees billed by E&Y for services rendered to the Registrant's investment adviser and any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the Registrant were $0 and $0 for the fiscal years ended 2024 and 2025, respectively.

(h) The Audit Committee of the Board considered whether the provision of non-audit services rendered to the Registrant's investment adviser and any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the Registrant that were not pre-approved by the Audit Committee because the engagement did not relate directly to the operations and financial reporting of the Registrant is compatible with maintaining E&Y's independence.

(i) Not applicable.

(j) Not applicable.

Item 5. Audit Committee of Listed Registrants.

(a) The Board has established a separately-designated standing audit committee established in accordance with Section 3(a)(58)(A) of the Securities Exchange Act of 1934, as amended ("Exchange Act"). Its members are Michael J. Cosgrove (Chair), Martha C. Goss (Vice Chair), Deborah C. McLean, and Paul M. Nakasone.

(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.

(b) Not applicable to the Registrant.

Item 7. Financial Statements and Financial Highlights for Open-End Management Investment Companies.

![](img0f2431841.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  |

---

![](img250900d82.jpg)

Annual Financial Statements and Other Information

August 31, 2025

------

![](img02472fbe3.gif)

Contents

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

---

| | |
|:---|:---|
| [LEGEND (Form N-CSR Item 7)](#xx_58f936f3-f27f-49d9-b6db-b40bcf328379_LEG-TOC-Legend-20_1) | 2 |
| [SCHEDULE OF INVESTMENTS (Form N-CSR Item 7)](#xx_58f936f3-f27f-49d9-b6db-b40bcf328379_SOI-TOC-SOI-20_1) | 3 |
| [China Equity ETF](#xx_58f936f3-f27f-49d9-b6db-b40bcf328379_SOI-TOC-SOI-20_1) | 3 |
| [Positions by Country](#xx_58f936f3-f27f-49d9-b6db-b40bcf328379_SOI-TOC-SOI-20_3) | 5 |
| [Commodity Strategy ETF](#xx_58f936f3-f27f-49d9-b6db-b40bcf328379_SOI-TOC-SOI-20_4) | 6 |
| [Core Equity ETF](#xx_58f936f3-f27f-49d9-b6db-b40bcf328379_SOI-TOC-SOI-20_12) | 14 |
| [Disrupters ETF](#xx_58f936f3-f27f-49d9-b6db-b40bcf328379_SOI-TOC-SOI-20_16) | 18 |
| [Positions by Country](#xx_58f936f3-f27f-49d9-b6db-b40bcf328379_SOI-TOC-SOI-20_17) | 19 |
| [Growth ETF](#xx_58f936f3-f27f-49d9-b6db-b40bcf328379_SOI-TOC-SOI-20_18) | 20 |
| [Japan Equity ETF](#xx_58f936f3-f27f-49d9-b6db-b40bcf328379_SOI-TOC-SOI-20_20) | 22 |
| [Positions by Country](#xx_58f936f3-f27f-49d9-b6db-b40bcf328379_SOI-TOC-SOI-20_21) | 23 |
| [Option Strategy ETF](#xx_58f936f3-f27f-49d9-b6db-b40bcf328379_SOI-TOC-SOI-20_22) | 24 |
| [Small-Mid Cap ETF](#xx_58f936f3-f27f-49d9-b6db-b40bcf328379_SOI-TOC-SOI-20_24) | 26 |
| [FINANCIAL STATEMENTS (Form N-CSR Item 7)](#xx_58f936f3-f27f-49d9-b6db-b40bcf328379_FS-StatementofAssetsandLiabilities-Intro-20_2) | 29 |
| [Remuneration paid to directors, officers, and others (Form N-CSR](#xx_58f936f3-f27f-49d9-b6db-b40bcf328379_SOPI-StatementofOperations-Intro-20_1)<br> [Item 10)](#xx_58f936f3-f27f-49d9-b6db-b40bcf328379_SOPI-StatementofOperations-Intro-20_1)<br>| 31 |
| [China Equity ETF](#xx_58f936f3-f27f-49d9-b6db-b40bcf328379_SOPI-StatementofOperations-Intro-20_1) | 31 |
| [Commodity Strategy ETF](#xx_58f936f3-f27f-49d9-b6db-b40bcf328379_SOPI-StatementofOperations-Intro-20_1) | 31 |
| [Core Equity ETF](#xx_58f936f3-f27f-49d9-b6db-b40bcf328379_SOPI-StatementofOperations-Intro-20_1) | 31 |
| [Disrupters ETF](#xx_58f936f3-f27f-49d9-b6db-b40bcf328379_SOPI-StatementofOperations-Intro-20_2) | 32 |
| [Growth ETF](#xx_58f936f3-f27f-49d9-b6db-b40bcf328379_SOPI-StatementofOperations-Intro-20_2) | 32 |
| [Japan Equity ETF](#xx_58f936f3-f27f-49d9-b6db-b40bcf328379_SOPI-StatementofOperations-Intro-20_2) | 32 |
| [Option Strategy ETF](#xx_58f936f3-f27f-49d9-b6db-b40bcf328379_SOPI-StatementofOperations-Intro-20_2) | 32 |
| [Small-Mid Cap ETF](#xx_58f936f3-f27f-49d9-b6db-b40bcf328379_SOPI-StatementofOperations-Intro-20_2) | 32 |
| [NOTES TO FINANCIAL STATEMENTS (Form N-CSR](#xx_58f936f3-f27f-49d9-b6db-b40bcf328379_NTF-TOC-NTFS_1)<br> [Item 7)](#xx_58f936f3-f27f-49d9-b6db-b40bcf328379_NTF-TOC-NTFS_1)<br>| 36 |
| [FINANCIAL HIGHLIGHTS (Form N-CSR Item 7)](#xx_58f936f3-f27f-49d9-b6db-b40bcf328379_FIHIPIV-TOC-PivotedFinancialHighlights-Name-20_1) | 57 |
| [China Equity ETF](#xx_58f936f3-f27f-49d9-b6db-b40bcf328379_FIHIPIV-TOC-PivotedFinancialHighlights-Name-20_1) | 57 |
| [Commodity Strategy ETF](#xx_58f936f3-f27f-49d9-b6db-b40bcf328379_FIHIPIV-TOC-PivotedFinancialHighlights-Name-20_1) | 57 |
| [Core Equity ETF](#xx_58f936f3-f27f-49d9-b6db-b40bcf328379_FIHIPIV-TOC-PivotedFinancialHighlights-Name-20_1) | 57 |
| [Disrupters ETF](#xx_58f936f3-f27f-49d9-b6db-b40bcf328379_FIHIPIV-TOC-PivotedFinancialHighlights-Name-20_1) | 57 |
| [Growth ETF](#xx_58f936f3-f27f-49d9-b6db-b40bcf328379_FIHIPIV-TOC-PivotedFinancialHighlights-Name-20_1) | 57 |
| [Japan Equity ETF](#xx_58f936f3-f27f-49d9-b6db-b40bcf328379_FIHIPIV-TOC-PivotedFinancialHighlights-Name-20_1) | 57 |
| [Option Strategy ETF](#xx_58f936f3-f27f-49d9-b6db-b40bcf328379_FIHIPIV-TOC-PivotedFinancialHighlights-Name-20_3) | 59 |
| [Small-Mid Cap ETF](#xx_58f936f3-f27f-49d9-b6db-b40bcf328379_FIHIPIV-TOC-PivotedFinancialHighlights-Name-20_3) | 59 |

---

------

![](img02472fbe3.gif)

Contents

---

| | |
|:---|:---|
| [Report of Independent Registered Public Accounting Firm (Form](#xx_58f936f3-f27f-49d9-b6db-b40bcf328379_AUD-TOC-AuditorsReport-20_1)<br> [N-CSR Item 7)](#xx_58f936f3-f27f-49d9-b6db-b40bcf328379_AUD-TOC-AuditorsReport-20_1)<br>| 63 |
| [Directory (Form N-CSR Item 7)](#xx_58f936f3-f27f-49d9-b6db-b40bcf328379_DIRECT-Directory_1) | 66 |
| [Changes in and disagreements with accountants (Form N-CSR Item 8)](#xx_58f936f3-f27f-49d9-b6db-b40bcf328379_DISCLOSE-ProxyVotingPoliciesandProcedures_1) | N/A |
| [Proxy Disclosures (Form N-CSR Item 9)](#xx_58f936f3-f27f-49d9-b6db-b40bcf328379_DISCLOSE-ProxyVotingPoliciesandProcedures_1) | N/A |
| [Board Consideration of the Management Agreements (Form N-CSR](#xx_58f936f3-f27f-49d9-b6db-b40bcf328379_DISCLOSE-ProxyVotingPoliciesandProcedures_1)<br> [Item 11)](#xx_58f936f3-f27f-49d9-b6db-b40bcf328379_DISCLOSE-ProxyVotingPoliciesandProcedures_1)<br>| N/A |
| [Notice to Shareholders](#xx_58f936f3-f27f-49d9-b6db-b40bcf328379_DISCLOSE-ProxyVotingPoliciesandProcedures_1) | 67 |

---

The "Neuberger Berman" name and logo 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>2025 Neuberger Berman BD LLC, distributor. All rights reserved.

------

Legend August 31, 2025 (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 |

---

------

Schedule of Investments China Equity ETF^ August 31, 2025

---

| | | |
|:---|:---|:---|
| Number of Shares | Number of Shares | Value |
| **Common Stocks 98.7%** | **Common Stocks 98.7%** | **Common Stocks 98.7%** |
| **Air Freight & Logistics 0.7%** | **Air Freight & Logistics 0.7%** | **Air Freight & Logistics 0.7%** |
| 21200 | Jiangsu Azure Corp. Class A | &nbsp;&nbsp; **$53564** |
| **Automobile Components 3.1%** | **Automobile Components 3.1%** | **Automobile Components 3.1%** |
| 28000 | Minth Group Ltd. | &nbsp;&nbsp; 118953 |
| 20900 | &nbsp;&nbsp; Zhejiang Shuanghuan Driveline Co. <br> Ltd. Class A<br>| &nbsp;&nbsp; 109223 |
|  |  | &nbsp;&nbsp; **228176** |
| **Automobiles 0.5%** | **Automobiles 0.5%** | **Automobiles 0.5%** |
| 2100 | BYD Co. Ltd. Class A | &nbsp;&nbsp; **33597** |
| **Banks 9.8%** | **Banks 9.8%** | **Banks 9.8%** |
| 54400 | Bank of Hangzhou Co. Ltd. Class A | &nbsp;&nbsp; 121259 |
| 80600 | Bank of Jiangsu Co. Ltd. Class A | &nbsp;&nbsp; 122610 |
| 37300 | &nbsp;&nbsp; China Merchants Bank Co. Ltd. <br> Class A<br>| &nbsp;&nbsp; 224776 |
| 120000 | &nbsp;&nbsp; Chongqing Rural Commercial Bank <br> Co. Ltd. Class A<br>| &nbsp;&nbsp; 106014 |
| 138500 | &nbsp;&nbsp; Industrial & Commercial Bank of <br> China Ltd. Class A<br>| &nbsp;&nbsp; 144556 |
|  |  | &nbsp;&nbsp; **719215** |
| **Beverages 5.8%** | **Beverages 5.8%** | **Beverages 5.8%** |
| 2800 | &nbsp;&nbsp; Eastroc Beverage Group Co. Ltd. <br> Class A<br>| &nbsp;&nbsp; 121442 |
| 848 | Kweichow Moutai Co. Ltd. Class A | &nbsp;&nbsp; 176401 |
| 4458 | &nbsp;&nbsp; Shanxi Xinghuacun Fen Wine <br> Factory Co. Ltd. Class A<br>| &nbsp;&nbsp; 126608 |
|  |  | &nbsp;&nbsp; **424451** |
| **Biotechnology 4.3%** | **Biotechnology 4.3%** | **Biotechnology 4.3%** |
| 4000 | Akeso, Inc.<sup>\*(a)</sup> | &nbsp;&nbsp; 80566 |
| 3869 | BeOne Medicines Ltd. Class A<sup>\*</sup> | &nbsp;&nbsp; 151260 |
| 6500 | Innovent Biologics, Inc.<sup>\*(a)</sup> | &nbsp;&nbsp; 81237 |
|  |  | &nbsp;&nbsp; **313063** |
| **Capital Markets 7.6%** | **Capital Markets 7.6%** | **Capital Markets 7.6%** |
| 47600 | &nbsp;&nbsp; China Galaxy Securities Co. Ltd. <br> Class A<br>| &nbsp;&nbsp; 123731 |
| 43200 | &nbsp;&nbsp; China International Capital Corp. <br> Ltd. Class H<sup>(a)</sup><br>| &nbsp;&nbsp; 118505 |
| 26000 | &nbsp;&nbsp; East Money Information Co. Ltd. <br> Class A<br>| &nbsp;&nbsp; 105542 |
| 1500 | &nbsp;&nbsp; Hong Kong Exchanges & Clearing <br> Ltd.<br>| &nbsp;&nbsp; 87882 |
| 40800 | Huatai Securities Co. Ltd. Class A | &nbsp;&nbsp; 124241 |
|  |  | &nbsp;&nbsp; **559901** |
| **Chemicals 3.9%** | **Chemicals 3.9%** | **Chemicals 3.9%** |
| 36300 | &nbsp;&nbsp; Guangzhou Tinci Materials <br> Technology Co. Ltd. Class A<br>| &nbsp;&nbsp; 109699 |
| 9100 | &nbsp;&nbsp; Xinxiang Richful Lube Additive Co. <br> Ltd. Class A<br>| &nbsp;&nbsp; 78787 |

---

---

| | | |
|:---|:---|:---|
| Number of Shares | Number of Shares | Value |
| **Chemicals – cont'd** | **Chemicals – cont'd** | **Chemicals – cont'd** |
| 17600 | Zhejiang Juhua Co. Ltd. Class A | &nbsp;&nbsp; $95575 |
|  |  | &nbsp;&nbsp; **284061** |
| **Communications Equipment 2.6%** | **Communications Equipment 2.6%** | **Communications Equipment 2.6%** |
| 3800 | Zhongji Innolight Co. Ltd. Class A | &nbsp;&nbsp; **188677** |
| **Electrical Equipment 6.4%** | **Electrical Equipment 6.4%** | **Electrical Equipment 6.4%** |
| 6000 | &nbsp;&nbsp; Contemporary Amperex Technology <br> Co. Ltd. Class A<br>| &nbsp;&nbsp; 257799 |
| 12400 | Sieyuan Electric Co. Ltd. Class A | &nbsp;&nbsp; 152440 |
| 4200 | &nbsp;&nbsp; Sungrow Power Supply Co. Ltd. <br> Class A<br>| &nbsp;&nbsp; 58893 |
|  |  | &nbsp;&nbsp; **469132** |
| **Electronic Equipment, Instruments & Components 6.3%** | **Electronic Equipment, Instruments & Components 6.3%** | **Electronic Equipment, Instruments & Components 6.3%** |
| 9900 | &nbsp;&nbsp; Foxconn Industrial Internet Co. Ltd. <br> Class A<br>| &nbsp;&nbsp; 74715 |
| 21500 | &nbsp;&nbsp; Luxshare Precision Industry Co. Ltd. <br> Class A<br>| &nbsp;&nbsp; 138650 |
| 15500 | &nbsp;&nbsp; Shenzhen Sunlord Electronics Co. <br> Ltd. Class A<br>| &nbsp;&nbsp; 70880 |
| 10800 | &nbsp;&nbsp; Sunny Optical Technology Group <br> Co. Ltd.<br>| &nbsp;&nbsp; 116324 |
| 12900 | &nbsp;&nbsp; Wuhan Raycus Fiber Laser <br> Technologies Co. Ltd. Class A<br>| &nbsp;&nbsp; 58850 |
|  |  | &nbsp;&nbsp; **459419** |
| **Energy Equipment & Services 1.3%** | **Energy Equipment & Services 1.3%** | **Energy Equipment & Services 1.3%** |
| 14800 | &nbsp;&nbsp; Yantai Jereh Oilfield Services Group <br> Co. Ltd. Class A<br>| &nbsp;&nbsp; **98595** |
| **Entertainment 1.1%** | **Entertainment 1.1%** | **Entertainment 1.1%** |
| 220000 | Damai Entertainment Holdings Ltd.<sup>\*</sup> | &nbsp;&nbsp; 32971 |
| 20900 | Perfect World Co. Ltd. Class A | &nbsp;&nbsp; 48902 |
|  |  | &nbsp;&nbsp; **81873** |
| **Food Products 0.7%** | **Food Products 0.7%** | **Food Products 0.7%** |
| 6600 | &nbsp;&nbsp; Yantai China Pet Foods Co. Ltd. <br> Class A<br>| &nbsp;&nbsp; **55068** |
| **Health Care Equipment & Supplies 0.9%** | **Health Care Equipment & Supplies 0.9%** | **Health Care Equipment & Supplies 0.9%** |
| 1900 | &nbsp;&nbsp; Shenzhen Mindray Bio-Medical <br> Electronics Co. Ltd. Class A<br>| &nbsp;&nbsp; **64809** |
| **Hotels, Restaurants & Leisure 0.8%** | **Hotels, Restaurants & Leisure 0.8%** | **Hotels, Restaurants & Leisure 0.8%** |
| 1350 | Yum China Holdings, Inc. | &nbsp;&nbsp; **60833** |
| **Household Durables 1.7%** | **Household Durables 1.7%** | **Household Durables 1.7%** |
| 12400 | Midea Group Co. Ltd. Class A | &nbsp;&nbsp; **128330** |
| **Independent Power and Renewable Electricity** <br> **Producers 2.6%** | **Independent Power and Renewable Electricity** <br> **Producers 2.6%** | **Independent Power and Renewable Electricity** <br> **Producers 2.6%** |
| 48900 | &nbsp;&nbsp; China Yangtze Power Co. Ltd. <br> Class A<br>| &nbsp;&nbsp; **192923** |
| **Insurance 3.7%** | **Insurance 3.7%** | **Insurance 3.7%** |
| 29600 | &nbsp;&nbsp; China Pacific Insurance Group Co. <br> Ltd. Class A<br>| &nbsp;&nbsp; 167609 |

---

See Notes to Financial Statements

------

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

---

| | | |
|:---|:---|:---|
| Number of Shares | Number of Shares | Value |
| **Insurance – cont'd** | **Insurance – cont'd** | **Insurance – cont'd** |
| 12200 | &nbsp;&nbsp; Ping An Insurance Group Co. of <br> China Ltd. Class A<br>| &nbsp;&nbsp; $102653 |
|  |  | &nbsp;&nbsp; **270262** |
| **Interactive Media & Services 1.2%** | **Interactive Media & Services 1.2%** | **Interactive Media & Services 1.2%** |
| 59500 | Meitu, Inc.<sup>\*(a)</sup> | &nbsp;&nbsp; **90659** |
| **Life Sciences Tools & Services 1.0%** | **Life Sciences Tools & Services 1.0%** | **Life Sciences Tools & Services 1.0%** |
| 8300 | &nbsp;&nbsp; Hangzhou Tigermed Consulting Co. <br> Ltd. Class A<br>| &nbsp;&nbsp; **73976** |
| **Machinery 7.1%** | **Machinery 7.1%** | **Machinery 7.1%** |
| 23940 | Hangcha Group Co. Ltd. Class A | &nbsp;&nbsp; 78082 |
| 3300 | &nbsp;&nbsp; Leader Harmonious Drive Systems <br> Co. Ltd. Class A<br>| &nbsp;&nbsp; 69781 |
| 21400 | &nbsp;&nbsp; Neway Valve Suzhou Co. Ltd. <br> Class A<br>| &nbsp;&nbsp; 99796 |
| 24400 | Sany Heavy Industry Co. Ltd. Class A | &nbsp;&nbsp; 72035 |
| 8100 | &nbsp;&nbsp; Shenzhen Inovance Technology Co. <br> Ltd. Class A<br>| &nbsp;&nbsp; 85371 |
| 55000 | Weichai Power Co. Ltd. Class A | &nbsp;&nbsp; 116964 |
|  |  | &nbsp;&nbsp; **522029** |
| **Metals & Mining 5.9%** | **Metals & Mining 5.9%** | **Metals & Mining 5.9%** |
| 49900 | &nbsp;&nbsp; Baoshan Iron & Steel Co. Ltd. <br> Class A<br>| &nbsp;&nbsp; 48565 |
| 39300 | &nbsp;&nbsp; Chifeng Jilong Gold Mining Co. Ltd. <br> Class A<br>| &nbsp;&nbsp; 145161 |
| 28000 | China Hongqiao Group Ltd. | &nbsp;&nbsp; 92164 |
| 5400 | &nbsp;&nbsp; China Rare Earth Resources & <br> Technology Co. Ltd. Class A<sup>\*</sup><br>| &nbsp;&nbsp; 44229 |
| 58300 | CMOC Group Ltd. Class A | &nbsp;&nbsp; 101291 |
|  |  | &nbsp;&nbsp; **431410** |
| **Oil, Gas & Consumable Fuels 0.8%** | **Oil, Gas & Consumable Fuels 0.8%** | **Oil, Gas & Consumable Fuels 0.8%** |
| 39300 | &nbsp;&nbsp; COSCO SHIPPING Energy <br> Transportation Co. Ltd. Class A<br>| &nbsp;&nbsp; **57131** |
| **Personal Care Products 2.3%** | **Personal Care Products 2.3%** | **Personal Care Products 2.3%** |
| 12200 | Giant Biogene Holding Co. Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 84974 |
| 7300 | &nbsp;&nbsp; Shanghai Chicmax Cosmetic Co. <br> Ltd. Class H<br>| &nbsp;&nbsp; 85160 |
|  |  | &nbsp;&nbsp; **170134** |
| **Pharmaceuticals 1.6%** | **Pharmaceuticals 1.6%** | **Pharmaceuticals 1.6%** |
| 12700 | &nbsp;&nbsp; Jiangsu Hengrui Pharmaceuticals <br> Co. Ltd. Class A<br>| &nbsp;&nbsp; **118034** |

---

---

| | | |
|:---|:---|:---|
| Number of Shares | Number of Shares | Value |
| **Real Estate Management & Development 0.4%** | **Real Estate Management & Development 0.4%** | **Real Estate Management & Development 0.4%** |
| 27600 | &nbsp;&nbsp; Poly Developments & Holdings <br> Group Co. Ltd. Class A<br>| &nbsp;&nbsp; **$30862** |
| **Semiconductors & Semiconductor Equipment 10.9%** | **Semiconductors & Semiconductor Equipment 10.9%** | **Semiconductors & Semiconductor Equipment 10.9%** |
| 750 | &nbsp;&nbsp; Cambricon Technologies Corp. Ltd. <br> Class A<sup>\*</sup><br>| &nbsp;&nbsp; 157068 |
| 27400 | Flat Glass Group Co. Ltd. Class A | &nbsp;&nbsp; 68303 |
| 9000 | &nbsp;&nbsp; Hua Hong Semiconductor Ltd. <br> Class H<sup>\*(a)</sup><br>| &nbsp;&nbsp; 62312 |
| 13956 | &nbsp;&nbsp; Montage Technology Co. Ltd. <br> Class A<br>| &nbsp;&nbsp; 240755 |
| 1465 | &nbsp;&nbsp; NAURA Technology Group Co. Ltd. <br> Class A<br>| &nbsp;&nbsp; 76565 |
| 4900 | &nbsp;&nbsp; Smartsens Technology Shanghai Co. <br> Ltd. Class A<br>| &nbsp;&nbsp; 75761 |
| 12300 | &nbsp;&nbsp; Yangzhou Yangjie Electronic <br> Technology Co. Ltd. Class A<br>| &nbsp;&nbsp; 117624 |
|  |  | &nbsp;&nbsp; **798388** |
| **Technology Hardware, Storage & Peripherals 3.7%** | **Technology Hardware, Storage & Peripherals 3.7%** | **Technology Hardware, Storage & Peripherals 3.7%** |
| 6500 | Huaqin Technology Co. Ltd. Class A | &nbsp;&nbsp; 89693 |
| 8000 | Ugreen Group Ltd. Class A | &nbsp;&nbsp; 75765 |
| 15600 | Xiaomi Corp. Class B<sup>\*(a)</sup> | &nbsp;&nbsp; 106468 |
|  |  | &nbsp;&nbsp; **271926** |
| **Total Common Stocks (Cost $5,780,292)** | **Total Common Stocks (Cost $5,780,292)** | &nbsp;&nbsp; **7250498** |
| **Short-Term Investments 2.9%** | **Short-Term Investments 2.9%** | **Short-Term Investments 2.9%** |
| **Investment Companies 2.9%** | **Investment Companies 2.9%** | **Investment Companies 2.9%** |
| 214364 | &nbsp;&nbsp; State Street Institutional <br> U.S. Government Money Market <br> Fund Premier Class, 4.23%<sup>(b)</sup> <br>**(Cost $214,364)**<br>| &nbsp;&nbsp; **214364** |
| **Total Investments 101.6% (Cost $5,994,656)** | **Total Investments 101.6% (Cost $5,994,656)** | &nbsp;&nbsp; **7464862** |
| Liabilities Less Other Assets (1.6)% | Liabilities Less Other Assets (1.6)% | &nbsp;&nbsp; (116029)<br>|
| **Net Assets 100.0%** | **Net Assets 100.0%** | &nbsp;&nbsp; **$7348833** |

---

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

\* Non-income producing security.

See Notes to Financial Statements

------

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

&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 August 31, 2025 amounted to $624,721, which represents 8.5% of
 net assets of the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Represents 7-day effective yield as of August 31, 2025.

&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; $7129645 | 97.0<br> %<br>|
| Hong Kong | &nbsp;&nbsp; 120853 | 1.7<br> %<br>|
| Short-Term Investments and Other Liabilities—Net | &nbsp;&nbsp; 98335 | 1.3<br> %<br>|
|  | &nbsp;&nbsp; **$7348833** | **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 August 31, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Asset Valuation Inputs** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Investments: |  |  |  |  |
| Common Stocks<sup>#</sup> <br>| $— | $7250498 | $— | $7250498 |
| Short-Term Investments |  | 214364 |  | 214364 |
| **Total Investments** | **$—** | **$7464862** | **$—** | **$7464862** |

---

&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

------

Consolidated Schedule of Investments Commodity Strategy ETF^ August 31, 2025

---

| | | |
|:---|:---|:---|
| Principal Amount | Principal Amount | Value |
| **U.S. Treasury Obligations 4.3%** | **U.S. Treasury Obligations 4.3%** | **U.S. Treasury Obligations 4.3%** |
|  | U.S. Treasury Bills |  |
| $1000000 | 4.20%, due 10/2/2025 | &nbsp;&nbsp; $996483<br> <sup>(a)</sup><br>|
| 10000000 | 4.19%, due 10/7/2025 | &nbsp;&nbsp; 9959167<br> <sup>(a)</sup><br>|
| **Total U.S. Treasury Obligations (Cost $10,954,460)** | **Total U.S. Treasury Obligations (Cost $10,954,460)** | &nbsp;&nbsp; **10955650** |
| **Asset-Backed Securities 14.0%** | **Asset-Backed Securities 14.0%** | **Asset-Backed Securities 14.0%** |
| **Automobiles 11.0%** | **Automobiles 11.0%** |  |
|  | BMW Vehicle Lease Trust |  |
| 668925 | Series 2024-2, Class A2A, 4.29%, due 1/25/2027 | &nbsp;&nbsp; 669110 |
| 670000 | Series 2025-1, Class A2A, 4.43%, due 9/27/2027 | &nbsp;&nbsp; 671701 |
| 245293 | BofA Auto Trust, Series 2024-1A, Class A2, 5.57%, due 12/15/2026 | &nbsp;&nbsp; 245514<br> <sup>(b)</sup><br>|
| 793511 | Capital One Prime Auto Receivables Trust, Series 2024-1, Class A2A, 4.61%, due 10/15/2027 | &nbsp;&nbsp; 794294 |
|  | CarMax Auto Owner Trust |  |
| 47651 | Series 2024-1, Class A2A, 5.30%, due 3/15/2027 | &nbsp;&nbsp; 47686 |
| 445320 | Series 2024-4, Class A2A, 4.67%, due 12/15/2027 | &nbsp;&nbsp; 446104 |
| 674000 | Series 2025-3, Class A2A, 4.42%, due 8/15/2028 | &nbsp;&nbsp; 675691 |
| 290252 | Citizens Auto Receivables Trust, Series 2024-2, Class A2A, 5.54%, due 11/16/2026 | &nbsp;&nbsp; 290502<br> <sup>(b)</sup><br>|
| 1071662 | Ford Credit Auto Lease Trust, Series 2025-A, Class A2A, 4.57%, due 8/15/2027 | &nbsp;&nbsp; 1073620 |
|  | Ford Credit Auto Owner Trust |  |
| 408160 | Series 2024-A, Class A2A, 5.32%, due 1/15/2027 | &nbsp;&nbsp; 408542 |
| 1733000 | Series 2025-A, Class A2A, 4.47%, due 12/15/2027 | &nbsp;&nbsp; 1736425 |
|  | GM Financial Consumer Automobile Receivables Trust |  |
| 439366 | Series 2024-3, Class A2A, 5.35%, due 6/16/2027 | &nbsp;&nbsp; 440259 |
| 907000 | Series 2025-3, Class A2A, 4.32%, due 6/16/2028 | &nbsp;&nbsp; 909049 |
|  | Honda Auto Receivables Owner Trust |  |
| 455518 | Series 2024-4, Class A2, 4.56%, due 3/15/2027 | &nbsp;&nbsp; 455888 |
| 2081000 | Series 2025-3, Class A2A, 4.19%, due 3/21/2028 | &nbsp;&nbsp; 2082379 |
| 57975 | Huntington Auto Trust, Series 2024-1A, Class A2, 5.50%, due 3/15/2027 | &nbsp;&nbsp; 58007<br> <sup>(b)</sup><br>|
|  | Hyundai Auto Lease Securitization Trust |  |
| 22955 | Series 2024-A, Class A2A, 5.15%, due 6/15/2026 | &nbsp;&nbsp; 22963<br> <sup>(b)</sup><br>|
| 766000 | Series 2025-C, Class A2A, 4.37%, due 1/18/2028 | &nbsp;&nbsp; 768464<br> <sup>(b)</sup><br>|
|  | Hyundai Auto Receivables Trust |  |
| 44831 | Series 2023-C, Class A2A, 5.80%, due 1/15/2027 | &nbsp;&nbsp; 44857 |
| 152817 | Series 2024-A, Class A2A, 5.29%, due 4/15/2027 | &nbsp;&nbsp; 153057 |
| 221084 | Series 2024-B, Class A2A, 5.15%, due 6/15/2027 | &nbsp;&nbsp; 221573 |
| 356832 | Series 2024-C, Class A2A, 4.53%, due 9/15/2027 | &nbsp;&nbsp; 357208 |
| 841000 | Series 2025-A, Class A2A, 4.33%, due 12/15/2027 | &nbsp;&nbsp; 841803 |
|  | Nissan Auto Receivables Owner Trust |  |
| 643395 | Series 2024-B, Class A2A, 4.51%, due 6/15/2027 | &nbsp;&nbsp; 643822 |
| 1489000 | Series 2025-A, Class A2A, 4.50%, due 2/15/2028 | &nbsp;&nbsp; 1494396 |
| 683273 | Porsche Innovative Lease Owner Trust, Series 2024-2A, Class A2A, 4.47%, due 12/21/2026 | &nbsp;&nbsp; 683332<br> <sup>(b)</sup><br>|
| 521929 | SBNA Auto Lease Trust, Series 2025-A, Class A2, 4.68%, due 4/20/2027 | &nbsp;&nbsp; 522346<br> <sup>(b)</sup><br>|
|  | SFS Auto Receivables Securitization Trust |  |
| 604436 | Series 2024-2A, Class A2, 5.71%, due 10/20/2027 | &nbsp;&nbsp; 605342<br> <sup>(b)</sup><br>|
| 519000 | Series 2025-2A, Class A2, 4.52%, due 11/20/2028 | &nbsp;&nbsp; 520289<br> <sup>(b)</sup><br>|
| 291000 | &nbsp;&nbsp; Stellantis Financial Underwritten Enhanced Lease Trust, Series 2025-BA, Class A2, 4.31%, due <br> 5/22/2028<br>| &nbsp;&nbsp; 291551<br> <sup>(b)</sup><br>|
| 197566 | Tesla Auto Lease Trust, Series 2024-B, Class A2A, 4.79%, due 1/20/2027 | &nbsp;&nbsp; 197719<br> <sup>(b)</sup><br>|
|  | Toyota Auto Receivables Owner Trust |  |
| 503744 | Series 2024-D, Class A2A, 4.55%, due 8/16/2027 | &nbsp;&nbsp; 504173 |

---

See Notes to Consolidated Financial Statements

------

Consolidated Schedule of Investments Commodity Strategy ETF^ (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** |  |
| $1369151 | Series 2025-A, Class A2A, 4.48%, due 11/15/2027 | &nbsp;&nbsp; $1370442 |
| 1900000 | Series 2025-C, Class A2A, 4.29%, due 6/15/2028 | &nbsp;&nbsp; 1904394 |
| 883255 | Toyota Lease Owner Trust, Series 2025-A, Class A2A, 4.58%, due 7/20/2027 | &nbsp;&nbsp; 885663<br> <sup>(b)</sup><br>|
| 874000 | USB Auto Owner Trust, Series 2025-1A, Class A2, 4.51%, due 6/15/2028 | &nbsp;&nbsp; 876675<br> <sup>(b)</sup><br>|
| 162226 | Volkswagen Auto Lease Trust, Series 2024-A, Class A2A, 5.40%, due 12/21/2026 | &nbsp;&nbsp; 162662 |
|  | Volkswagen Auto Loan Enhanced Trust |  |
| 1245507 | Series 2024-1, Class A2A, 4.65%, due 11/22/2027 | &nbsp;&nbsp; 1247906 |
| 1615000 | Series 2025-1, Class A2A, 4.51%, due 1/20/2028 | &nbsp;&nbsp; 1617496 |
| 703784 | World Omni Auto Receivables Trust, Series 2025-A, Class A2A, 4.49%, due 4/17/2028 | &nbsp;&nbsp; 704476 |
| 317424 | &nbsp;&nbsp; World Omni Automobile Lease Securitization Trust, Series 2025-A, Class A2A, 4.35%, due <br> 12/15/2027<br>| &nbsp;&nbsp; 317530 |
|  |  | &nbsp;&nbsp; **27964910** |
| **Other 3.0%** | **Other 3.0%** |  |
| 138640 | Amur Equipment Finance Receivables XI LLC, Series 2022-2A, Class A2, 5.30%, due 6/21/2028 | &nbsp;&nbsp; 138960<br> <sup>(b)</sup><br>|
| 183661 | Amur Equipment Finance Receivables XIII LLC, Series 2024-1A, Class A2, 5.38%, due 1/21/2031 | &nbsp;&nbsp; 185499<br> <sup>(b)</sup><br>|
| 143136 | Auxilior Term Funding LLC, Series 2024-1A, Class A2, 5.84%, due 3/15/2027 | &nbsp;&nbsp; 143821<br> <sup>(b)</sup><br>|
| 354626 | CCG Receivables Trust, Series 2023-1, Class A2, 5.82%, due 9/16/2030 | &nbsp;&nbsp; 356505<br> <sup>(b)</sup><br>|
|  | CNH Equipment Trust |  |
| 38225 | Series 2024-A, Class A2, 5.19%, due 7/15/2027 | &nbsp;&nbsp; 38246 |
| 271334 | Series 2024-B, Class A2B, (30 day USD SOFR Average + 0.40%), 4.74%, due 10/15/2027 | &nbsp;&nbsp; 271473<br> <sup>(c)</sup><br>|
| 1098000 | Series 2025-A, Class A2A, 4.30%, due 8/15/2028 | &nbsp;&nbsp; 1099516 |
| 31948 | Daimler Trucks Retail Trust, Series 2024-1, Class A2, 5.60%, due 4/15/2026 | &nbsp;&nbsp; 31963 |
| 214410 | Dell Equipment Finance Trust, Series 2024-1, Class A2, 5.58%, due 3/22/2030 | &nbsp;&nbsp; 214700<br> <sup>(b)</sup><br>|
|  | DLLAA LLC |  |
| 118 | Series 2023-1A, Class A2, 5.93%, due 7/20/2026 | &nbsp;&nbsp; 118<br> <sup>(b)</sup><br>|
| 292000 | Series 2025-1A, Class A2, 4.70%, due 10/20/2027 | &nbsp;&nbsp; 292791<br> <sup>(b)</sup><br>|
| 429083 | Dllad LLC, Series 2024-1A, Class A2, 5.50%, due 8/20/2027 | &nbsp;&nbsp; 431270<br> <sup>(b)</sup><br>|
| 478000 | DLLAD LLC, Series 2025-1A, Class A2, 4.46%, due 11/20/2028 | &nbsp;&nbsp; 479477<br> <sup>(b)</sup><br>|
| 5197 | DLLST LLC, Series 2024-1A, Class A2, 5.33%, due 1/20/2026 | &nbsp;&nbsp; 5198<br> <sup>(b)</sup><br>|
| 380000 | HPEFS Equipment Trust, Series 2025-1A, Class A2, 4.49%, due 9/20/2032 | &nbsp;&nbsp; 380969<br> <sup>(b)</sup><br>|
|  | John Deere Owner Trust |  |
| 217261 | Series 2024-A, Class A2A, 5.19%, due 2/16/2027 | &nbsp;&nbsp; 217460 |
| 909000 | Series 2025-B, Class A2A, 4.28%, due 7/17/2028 | &nbsp;&nbsp; 911414 |
| 768000 | Kubota Credit Owner Trust, Series 2025-2A, Class A2, 4.48%, due 4/17/2028 | &nbsp;&nbsp; 771182<br> <sup>(b)</sup><br>|
|  | Verizon Master Trust |  |
| 474000 | Series 2023-5, Class A1B, (30 day USD SOFR Average + 0.68%), 5.03%, due 9/8/2028 | &nbsp;&nbsp; 474241<br> <sup>(c)</sup><br>|
| 1113000 | Series 2024-3, Class A1B, (30 day USD SOFR Average + 0.58%), 4.92%, due 4/22/2030 | &nbsp;&nbsp; 1115709<br> <sup>(c)</sup><br>|
|  |  | &nbsp;&nbsp; **7560512** |
| **Total Asset-Backed Securities (Cost $35,457,657)** | **Total Asset-Backed Securities (Cost $35,457,657)** | &nbsp;&nbsp; **35525422** |
| **Corporate Bonds 58.1%** | **Corporate Bonds 58.1%** | **Corporate Bonds 58.1%** |
| **Aerospace & Defense 1.1%** | **Aerospace & Defense 1.1%** | **Aerospace & Defense 1.1%** |
| 2649000 | General Electric Co., (3 mo. USD Term SOFR + 0.64%), 4.96%, due 5/5/2026 | &nbsp;&nbsp; **2654840**<br> <sup>(c)</sup><br>|
| **Agriculture 1.0%** | **Agriculture 1.0%** | **Agriculture 1.0%** |
| 2520000 | Philip Morris International, Inc., (Secured Overnight Financing Rate + 0.83%), 5.20%, due 4/28/2028 | &nbsp;&nbsp; **2537281**<br> <sup>(c)</sup><br>|

---

See Notes to Consolidated Financial Statements

------

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

---

| | | |
|:---|:---|:---|
| Principal Amount | Principal Amount | Value |
| **Auto Manufacturers 1.0%** | **Auto Manufacturers 1.0%** | **Auto Manufacturers 1.0%** |
| $905000 | General Motors Financial Co., Inc., 5.40%, due 4/6/2026 | &nbsp;&nbsp; $909254 |
| 1700000 | &nbsp;&nbsp; Toyota Motor Credit Corp., (Secured Overnight Financing Rate Index + 0.45%), 4.81%, due <br> 4/10/2026<br>| &nbsp;&nbsp; 1702468<br> <sup>(c)</sup><br>|
|  |  | &nbsp;&nbsp; **2611722** |
| **Banks 21.3%** | **Banks 21.3%** | **Banks 21.3%** |
|  | Bank of America Corp. |  |
| 1755000 | 1.20%, due 10/24/2026 | &nbsp;&nbsp; 1746788<br> <sup>(d)</sup><br>|
| 2395000 | (Secured Overnight Financing Rate + 1.35%), 5.71%, due 9/15/2027 | &nbsp;&nbsp; 2417559<br> <sup>(c)</sup><br>|
| 1190000 | (Secured Overnight Financing Rate + 1.05%), 5.42%, due 2/4/2028 | &nbsp;&nbsp; 1200800<br> <sup>(c)</sup><br>|
| 2750000 | &nbsp;&nbsp; Bank of New York Mellon Corp., (Secured Overnight Financing Rate Index + 0.68%), 5.04%, due <br> 6/9/2028<br>| &nbsp;&nbsp; 2757858<br> <sup>(c)</sup><br>|
| 5265000 | Citibank NA, (Secured Overnight Financing Rate + 0.71%), 5.08%, due 11/19/2027 | &nbsp;&nbsp; 5274306<br> <sup>(c)</sup><br>|
| 2120000 | Fifth Third Bank NA, (Secured Overnight Financing Rate + 0.81%), 5.18%, due 1/28/2028 | &nbsp;&nbsp; 2119180<br> <sup>(c)</sup><br>|
|  | Goldman Sachs Group, Inc. |  |
| 1045000 | (Secured Overnight Financing Rate + 0.82%), 5.18%, due 9/10/2027 | &nbsp;&nbsp; 1046902<br> <sup>(c)</sup><br>|
| 4005000 | (Secured Overnight Financing Rate + 1.85%), 6.21%, due 3/15/2028 | &nbsp;&nbsp; 4082405<br> <sup>(c)</sup><br>|
|  | JPMorgan Chase & Co. |  |
| 3095000 | (Secured Overnight Financing Rate + 0.77%), 5.13%, due 9/22/2027 | &nbsp;&nbsp; 3102682<br> <sup>(c)</sup><br>|
| 2530000 | (Secured Overnight Financing Rate + 1.20%), 5.56%, due 1/23/2028 | &nbsp;&nbsp; 2554100<br> <sup>(c)</sup><br>|
| 4090000 | Morgan Stanley Bank NA, (Secured Overnight Financing Rate + 0.69%), 5.05%, due 10/15/2027 | &nbsp;&nbsp; 4101443<br> <sup>(c)</sup><br>|
| 1835000 | Nordea Bank Abp, (Secured Overnight Financing Rate + 0.74%), 5.10%, due 3/19/2027 | &nbsp;&nbsp; 1844379<br> <sup>(b)(c)</sup><br>|
| 3775000 | PNC Bank NA, (Secured Overnight Financing Rate + 0.73%), 5.09%, due 7/21/2028 | &nbsp;&nbsp; 3780594<br> <sup>(c)</sup><br>|
|  | State Street Corp. |  |
| 700000 | (Secured Overnight Financing Rate + 0.85%), 5.21%, due 8/3/2026 | &nbsp;&nbsp; 702850<br> <sup>(c)</sup><br>|
| 2795000 | (Secured Overnight Financing Rate + 0.64%), 5.00%, due 10/22/2027 | &nbsp;&nbsp; 2799225<br> <sup>(c)</sup><br>|
| 4865000 | Truist Bank, (Secured Overnight Financing Rate + 0.77%), 5.14%, due 7/24/2028 | &nbsp;&nbsp; 4865924<br> <sup>(c)</sup><br>|
| 3705000 | U.S. Bank NA, (Secured Overnight Financing Rate + 0.69%), 5.05%, due 10/22/2027 | &nbsp;&nbsp; 3714261<br> <sup>(c)</sup><br>|
| 1420000 | UBS Group AG, 1.31%, due 2/2/2027 | &nbsp;&nbsp; 1401674<br> <sup>(b)(d)</sup><br>|
| 4345000 | Wells Fargo & Co., (Secured Overnight Financing Rate + 0.78%), 5.13%, due 1/24/2028 | &nbsp;&nbsp; 4359428<br> <sup>(c)</sup><br>|
|  |  | &nbsp;&nbsp; **53872358** |
| **Beverages 2.0%** | **Beverages 2.0%** | **Beverages 2.0%** |
| 2345000 | Keurig Dr. Pepper, Inc., (Secured Overnight Financing Rate + 0.58%), 4.95%, due 11/15/2026 | &nbsp;&nbsp; 2345305<br> <sup>(c)</sup><br>|
| 2775000 | &nbsp;&nbsp; Pepsico Singapore Financing I Pte. Ltd., (Secured Overnight Financing Rate Index + 0.56%), 4.93%, <br> due 2/16/2027<br>| &nbsp;&nbsp; 2783255<br> <sup>(c)</sup><br>|
|  |  | &nbsp;&nbsp; **5128560** |
| **Biotechnology 0.7%** | **Biotechnology 0.7%** | **Biotechnology 0.7%** |
| 1835000 | Amgen, Inc., 5.51%, due 3/2/2026 | &nbsp;&nbsp; **1835189** |
| **Commercial Services 0.7%** | **Commercial Services 0.7%** | **Commercial Services 0.7%** |
| 1875000 | PayPal Holdings, Inc., (Secured Overnight Financing Rate + 0.67%), 5.03%, due 3/6/2028 | &nbsp;&nbsp; **1881545**<br> <sup>(c)</sup><br>|
| **Diversified Financial Services 3.1%** | **Diversified Financial Services 3.1%** | **Diversified Financial Services 3.1%** |
| 3830000 | American Express Co., (Secured Overnight Financing Rate Index + 1.00%), 5.37%, due 2/16/2028 | &nbsp;&nbsp; 3854875<br> <sup>(c)</sup><br>|
| 3025000 | Capital One Financial Corp., 7.15%, due 10/29/2027 | &nbsp;&nbsp; 3116990<br> <sup>(d)</sup><br>|
| 755000 | Mastercard, Inc., (Secured Overnight Financing Rate Index + 0.44%), 4.80%, due 3/15/2028 | &nbsp;&nbsp; 754999<br> <sup>(c)</sup><br>|
|  |  | &nbsp;&nbsp; **7726864** |
| **Electric 2.6%** | **Electric 2.6%** | **Electric 2.6%** |
| 1735000 | &nbsp;&nbsp; Consolidated Edison Co. of New York, Inc., (Secured Overnight Financing Rate Index + 0.52%), <br> 4.89%, due 11/18/2027<br>| &nbsp;&nbsp; 1741302<br> <sup>(c)</sup><br>|
| 1800000 | Georgia Power Co., (Secured Overnight Financing Rate Index + 0.28%), 4.64%, due 9/15/2026 | &nbsp;&nbsp; 1797246<br> <sup>(c)</sup><br>|

---

See Notes to Consolidated Financial Statements

------

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

---

| | | |
|:---|:---|:---|
| Principal Amount | Principal Amount | Value |
| **Electric – cont'd** | **Electric – cont'd** | **Electric – cont'd** |
| $3105000 | &nbsp;&nbsp; NextEra Energy Capital Holdings, Inc., (Secured Overnight Financing Rate Index + 0.76%), 5.13%, <br> due 1/29/2026<br>| &nbsp;&nbsp; $3111041<br> <sup>(c)</sup><br>|
|  |  | &nbsp;&nbsp; **6649589** |
| **Healthcare - Services 1.3%** | **Healthcare - Services 1.3%** | **Healthcare - Services 1.3%** |
| 3281000 | UnitedHealth Group, Inc., (Secured Overnight Financing Rate + 0.50%), 4.86%, due 7/15/2026 | &nbsp;&nbsp; **3284226**<br> <sup>(c)</sup><br>|
| **Insurance 4.7%** | **Insurance 4.7%** | **Insurance 4.7%** |
| 3055000 | Athene Global Funding, (Secured Overnight Financing Rate Index + 0.83%), 5.19%, due 1/7/2027 | &nbsp;&nbsp; 3062211<br> <sup>(b)(c)</sup><br>|
| 2190000 | Corebridge Global Funding, (Secured Overnight Financing Rate + 1.30%), 5.67%, due 9/25/2026 | &nbsp;&nbsp; 2206464<br> <sup>(b)(c)</sup><br>|
| 730000 | &nbsp;&nbsp; Marsh & McLennan Cos., Inc., (Secured Overnight Financing Rate Index + 0.70%), 5.07%, due <br> 11/8/2027<br>| &nbsp;&nbsp; 733040<br> <sup>(c)</sup><br>|
|  | New York Life Global Funding |  |
| 2480000 | (Secured Overnight Financing Rate + 0.58%), 4.94%, due 8/28/2026 | &nbsp;&nbsp; 2487407<br> <sup>(b)(c)</sup><br>|
| 1605000 | (Secured Overnight Financing Rate + 0.41%), 4.78%, due 2/5/2027 | &nbsp;&nbsp; 1606095<br> <sup>(b)(c)</sup><br>|
| 1815000 | Principal Life Global Funding II, (Secured Overnight Financing Rate + 0.81%), 5.18%, due 8/18/2028 | &nbsp;&nbsp; 1819781<br> <sup>(b)(c)</sup><br>|
|  |  | &nbsp;&nbsp; **11914998** |
| **Machinery - Construction & Mining 1.5%** | **Machinery - Construction & Mining 1.5%** | **Machinery - Construction & Mining 1.5%** |
| 3845000 | &nbsp;&nbsp; Caterpillar Financial Services Corp., (Secured Overnight Financing Rate + 0.52%), 4.89%, due <br> 5/14/2027<br>| &nbsp;&nbsp; **3852344**<br> <sup>(c)</sup><br>|
| **Machinery - Diversified 1.5%** | **Machinery - Diversified 1.5%** | **Machinery - Diversified 1.5%** |
|  | John Deere Capital Corp. |  |
| 3035000 | (Secured Overnight Financing Rate + 0.44%), 4.80%, due 3/6/2026 | &nbsp;&nbsp; 3039068<br> <sup>(c)</sup><br>|
| 845000 | (Secured Overnight Financing Rate + 0.60%), 4.96%, due 6/11/2027 | &nbsp;&nbsp; 847761<br> <sup>(c)</sup><br>|
|  |  | &nbsp;&nbsp; **3886829** |
| **Media 0.7%** | **Media 0.7%** | **Media 0.7%** |
| 1625000 | TCI Communications, Inc., 7.88%, due 2/15/2026 | &nbsp;&nbsp; **1648140** |
| **Miscellaneous Manufacturer 0.9%** | **Miscellaneous Manufacturer 0.9%** | **Miscellaneous Manufacturer 0.9%** |
| 2205000 | Siemens Funding BV, (Secured Overnight Financing Rate + 0.64%), 5.01%, due 5/26/2028 | &nbsp;&nbsp; **2209181**<br> <sup>(b)(c)</sup><br>|
| **Oil & Gas 1.6%** | **Oil & Gas 1.6%** | **Oil & Gas 1.6%** |
|  | Chevron USA, Inc. |  |
| 2350000 | (Secured Overnight Financing Rate Index + 0.36%), 4.73%, due 2/26/2027 | &nbsp;&nbsp; 2352499<br> <sup>(c)</sup><br>|
| 1725000 | (Secured Overnight Financing Rate + 0.57%), 4.94%, due 8/13/2028 | &nbsp;&nbsp; 1729830<br> <sup>(c)</sup><br>|
|  |  | &nbsp;&nbsp; **4082329** |
| **Pharmaceuticals 2.2%** | **Pharmaceuticals 2.2%** | **Pharmaceuticals 2.2%** |
| 2090000 | Bristol-Myers Squibb Co., (Secured Overnight Financing Rate + 0.49%), 4.85%, due 2/20/2026 | &nbsp;&nbsp; 2093108<br> <sup>(c)</sup><br>|
| 940000 | CVS Health Corp., 5.00%, due 2/20/2026 | &nbsp;&nbsp; 942194 |
| 2505000 | GlaxoSmithKline Capital PLC, (Secured Overnight Financing Rate + 0.50%), 4.86%, due 3/12/2027 | &nbsp;&nbsp; 2513496<br> <sup>(c)</sup><br>|
|  |  | &nbsp;&nbsp; **5548798** |
| **Pipelines 1.9%** | **Pipelines 1.9%** | **Pipelines 1.9%** |
| 2635000 | Enbridge, Inc., 5.90%, due 11/15/2026 | &nbsp;&nbsp; 2681098 |
| 2180000 | Enterprise Products Operating LLC, 3.70%, due 2/15/2026 | &nbsp;&nbsp; 2172747 |
|  |  | &nbsp;&nbsp; **4853845** |
| **Real Estate Investment Trusts 1.7%** | **Real Estate Investment Trusts 1.7%** | **Real Estate Investment Trusts 1.7%** |
| 4324000 | Simon Property Group LP, 3.50%, due 9/1/2025 | &nbsp;&nbsp; **4324000** |
| **Retail 0.8%** | **Retail 0.8%** | **Retail 0.8%** |
| 2070000 | Walmart, Inc., (Secured Overnight Financing Rate Index + 0.43%), 4.80%, due 4/28/2027 | &nbsp;&nbsp; **2075966**<br> <sup>(c)</sup><br>|

---

See Notes to Consolidated Financial Statements

------

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

---

| | | |
|:---|:---|:---|
| Principal Amount | Principal Amount | Value |
| **Semiconductors 1.9%** | **Semiconductors 1.9%** | **Semiconductors 1.9%** |
| $2125000 | Broadcom, Inc., 3.15%, due 11/15/2025 | &nbsp;&nbsp; $2119644 |
| 2710000 | Intel Corp., 4.88%, due 2/10/2026 | &nbsp;&nbsp; 2714198 |
|  |  | &nbsp;&nbsp; **4833842** |
| **Software 1.2%** | **Software 1.2%** | **Software 1.2%** |
| 3130000 | Oracle Corp., 1.65%, due 3/25/2026 | &nbsp;&nbsp; **3083053** |
| **Telecommunications 2.7%** | **Telecommunications 2.7%** | **Telecommunications 2.7%** |
| 4770000 | AT&T, Inc., 1.70%, due 3/25/2026 | &nbsp;&nbsp; 4700272 |
| 540000 | NTT Finance Corp., (Secured Overnight Financing Rate + 1.08%), 5.44%, due 7/16/2028 | &nbsp;&nbsp; 545819<br> <sup>(b)(c)</sup><br>|
|  | T-Mobile USA, Inc. |  |
| 330000 | 2.25%, due 2/15/2026 | &nbsp;&nbsp; 326336 |
| 150000 | 2.63%, due 4/15/2026 | &nbsp;&nbsp; 148294 |
| 1155000 | Verizon Communications, Inc., 1.45%, due 3/20/2026 | &nbsp;&nbsp; 1136933 |
|  |  | &nbsp;&nbsp; **6857654** |
| **Total Corporate Bonds (Cost $147,113,079)** | **Total Corporate Bonds (Cost $147,113,079)** | &nbsp;&nbsp; **147353153** |
| Number of Shares | Number of Shares |  |
| **Short-Term Investments 15.7%** | **Short-Term Investments 15.7%** | **Short-Term Investments 15.7%** |
| **Investment Companies 15.7%** | **Investment Companies 15.7%** | **Investment Companies 15.7%** |
| 39713632 | &nbsp;&nbsp; State Street Institutional U.S. Government Money Market Fund Premier Class, <br> 4.23%<sup>(e)</sup> **(Cost $39,713,632)**<br>| &nbsp;&nbsp; **39713632** |
| **Total Investments 92.1% (Cost $233,238,828)** | **Total Investments 92.1% (Cost $233,238,828)** | &nbsp;&nbsp; **233547857** |
| Other Assets Less Liabilities 7.9% | Other Assets Less Liabilities 7.9% | &nbsp;&nbsp; 19983200<br> <sup>(f)</sup><br>|
| **Net Assets 100.0%** | **Net Assets 100.0%** | &nbsp;&nbsp; **$253531057** |

---

&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 August 31, 2025, these securities amounted to $26,551,868, which represents 10.5% 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 August 31, 2025 and changes periodically.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Security issued at a fixed coupon rate, which converts to a variable rate at a future
 date. Rate shown is the rate in effect as of period end.

&nbsp;&nbsp;&nbsp;&nbsp;(e) Represents 7-day effective yield as of August 31, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;(f) Includes the impact of the Fund's open positions in derivatives at August 31, 2025.

See Notes to Consolidated Financial Statements

------

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

Derivative Instruments

**Futures contracts ("futures")**

At August 31, 2025, 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>|
| 9/2025 | &nbsp;&nbsp; 36 | Copper | &nbsp;&nbsp; $8860644 | &nbsp;&nbsp; $179822 |
| 9/2025 | &nbsp;&nbsp; 99 | Lead | &nbsp;&nbsp; 4855777 | &nbsp;&nbsp; (40932) |
| 9/2025 | &nbsp;&nbsp; 47 | Nickel | &nbsp;&nbsp; 4310816 | &nbsp;&nbsp; (78269) |
| 9/2025 | &nbsp;&nbsp; 226 | Primary Aluminum | &nbsp;&nbsp; 14789157 | &nbsp;&nbsp; 800182 |
| 9/2025 | &nbsp;&nbsp; 13 | Tin | &nbsp;&nbsp; 2281695 | &nbsp;&nbsp; 110637 |
| 9/2025 | &nbsp;&nbsp; 67 | Zinc | &nbsp;&nbsp; 4734706 | &nbsp;&nbsp; 257711 |
| 10/2025 | &nbsp;&nbsp; 76 | New York Harbor ULSD | &nbsp;&nbsp; 7218070 | &nbsp;&nbsp; (107537) |
| 10/2025 | &nbsp;&nbsp; 36 | Rapeseed | &nbsp;&nbsp; 973942 | &nbsp;&nbsp; (30367) |
| 10/2025 | &nbsp;&nbsp; 84 | RBOB Gasoline | &nbsp;&nbsp; 6750475 | &nbsp;&nbsp; 17121 |
| 10/2025 | &nbsp;&nbsp; 223 | WTI Crude | &nbsp;&nbsp; 14151580 | &nbsp;&nbsp; 724447 |
| 11/2025 | &nbsp;&nbsp; 271 | Brent Crude | &nbsp;&nbsp; 18021500 | &nbsp;&nbsp; 620 |
| 11/2025 | &nbsp;&nbsp; 83 | Canola | &nbsp;&nbsp; 757144 | &nbsp;&nbsp; (60829) |
| 11/2025 | &nbsp;&nbsp; 59 | Cattle Feeder | &nbsp;&nbsp; 10726200 | &nbsp;&nbsp; 46480 |
| 11/2025 | &nbsp;&nbsp; 29 | Coffee Robusta 10tn | &nbsp;&nbsp; 1396350 | &nbsp;&nbsp; 263885 |
| 11/2025 | &nbsp;&nbsp; 38 | Copper | &nbsp;&nbsp; 9404278 | &nbsp;&nbsp; 212661 |
| 11/2025 | &nbsp;&nbsp; 109 | Iron Ore | &nbsp;&nbsp; 1124880 | &nbsp;&nbsp; 11431 |
| 11/2025 | &nbsp;&nbsp; 64 | Lead | &nbsp;&nbsp; 3181200 | &nbsp;&nbsp; 19528 |
| 11/2025 | &nbsp;&nbsp; 150 | Low Sulphur Gasoil | &nbsp;&nbsp; 9945000 | &nbsp;&nbsp; (12680) |
| 11/2025 | &nbsp;&nbsp; 16 | Natural Gas | &nbsp;&nbsp; 457193 | &nbsp;&nbsp; (38962) |
| 11/2025 | &nbsp;&nbsp; 46 | Nickel | &nbsp;&nbsp; 4252660 | &nbsp;&nbsp; 87095 |
| 11/2025 | &nbsp;&nbsp; 181 | Primary Aluminum | &nbsp;&nbsp; 11838305 | &nbsp;&nbsp; 222857 |
| 11/2025 | &nbsp;&nbsp; 7 | Tin | &nbsp;&nbsp; 1227730 | (245) |
| 11/2025 | &nbsp;&nbsp; 45 | Zinc | &nbsp;&nbsp; 3176876 | &nbsp;&nbsp; 61877 |
| 12/2025 | &nbsp;&nbsp; 27 | Cocoa | &nbsp;&nbsp; 1934869 | &nbsp;&nbsp; (59401) |
| 12/2025 | &nbsp;&nbsp; 48 | Cocoa | &nbsp;&nbsp; 3700800 | &nbsp;&nbsp; (362508) |
| 12/2025 | &nbsp;&nbsp; 51 | Coffee'c' | &nbsp;&nbsp; 7384162 | &nbsp;&nbsp; 1859815 |
| 12/2025 | &nbsp;&nbsp; 39 | Copper | &nbsp;&nbsp; 9672234 | &nbsp;&nbsp; 150401 |
| 12/2025 | &nbsp;&nbsp; 49 | ECX Emission | &nbsp;&nbsp; 4184159 | &nbsp;&nbsp; 181614 |
| 12/2025 | &nbsp;&nbsp; 132 | Gold 100 Oz | &nbsp;&nbsp; 46412520 | &nbsp;&nbsp; 1420061 |
| 12/2025 | &nbsp;&nbsp; 339 | Lean Hogs | &nbsp;&nbsp; 11851440 | &nbsp;&nbsp; 2012 |
| 12/2025 | &nbsp;&nbsp; 127 | Live Cattle | &nbsp;&nbsp; 12231370 | &nbsp;&nbsp; 33829 |
| 12/2025 | &nbsp;&nbsp; 3 | Phelix DE Base | &nbsp;&nbsp; 2592108 | &nbsp;&nbsp; 20880 |
| 12/2025 | &nbsp;&nbsp; 42 | Red Wheat | &nbsp;&nbsp; 1218000 | &nbsp;&nbsp; (31559) |
| 12/2025 | &nbsp;&nbsp; 49 | Silver | &nbsp;&nbsp; 9977135 | &nbsp;&nbsp; 649823 |
| 12/2025 | &nbsp;&nbsp; 72 | Wheat | &nbsp;&nbsp; 817058 | &nbsp;&nbsp; (9601) |
| 1/2026 | &nbsp;&nbsp; 37 | Copper | &nbsp;&nbsp; 9192419 | &nbsp;&nbsp; (14232) |
| 1/2026 | &nbsp;&nbsp; 63 | Lead | &nbsp;&nbsp; 3164632 | &nbsp;&nbsp; (2112) |
| 1/2026 | &nbsp;&nbsp; 46 | Nickel | &nbsp;&nbsp; 4285891 | &nbsp;&nbsp; (4996) |

---

See Notes to Consolidated Financial Statements

------

Consolidated Schedule of Investments Commodity Strategy ETF^ (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>|
| 1/2026 | &nbsp;&nbsp; 61 | Platinum | &nbsp;&nbsp; $4219675 | &nbsp;&nbsp; $31592 |
| 1/2026 | &nbsp;&nbsp; 170 | Primary Aluminum | &nbsp;&nbsp; 11141375 | &nbsp;&nbsp; (17352) |
| 1/2026 | &nbsp;&nbsp; 44 | Zinc | &nbsp;&nbsp; 3104981 | &nbsp;&nbsp; (8752) |
| 2/2026 | &nbsp;&nbsp; 465 | Natural Gas | &nbsp;&nbsp; 16828350 | &nbsp;&nbsp; (2660193) |
| 2/2026 | &nbsp;&nbsp; 311 | Sugar 11 | &nbsp;&nbsp; 5924923 | &nbsp;&nbsp; 9324 |
| 2/2026 | &nbsp;&nbsp; 55 | White Sugar | &nbsp;&nbsp; 1296350 | &nbsp;&nbsp; (19802) |
| 3/2026 | &nbsp;&nbsp; 62 | Copper | &nbsp;&nbsp; 7196650 | &nbsp;&nbsp; 113195 |
| 3/2026 | &nbsp;&nbsp; 574 | Corn | &nbsp;&nbsp; 12563425 | &nbsp;&nbsp; 282529 |
| 3/2026 | &nbsp;&nbsp; 73 | Cotton No.2 | &nbsp;&nbsp; 2498060 | &nbsp;&nbsp; 5571 |
| 3/2026 | &nbsp;&nbsp; 235 | Soybean | &nbsp;&nbsp; 12772250 | &nbsp;&nbsp; 536077 |
| 3/2026 | &nbsp;&nbsp; 22 | Soybean Meal | &nbsp;&nbsp; 658240 | &nbsp;&nbsp; 4980 |
| 3/2026 | &nbsp;&nbsp; 261 | Soybean Oil | &nbsp;&nbsp; 8252820 | &nbsp;&nbsp; 29821 |
| 3/2026 | &nbsp;&nbsp; 3 | Wheat | &nbsp;&nbsp; 81113 | &nbsp;&nbsp; 477 |
| **Total Long Positions** | **Total Long Positions** | **Total Long Positions** | &nbsp;&nbsp; **$359593187** | &nbsp;&nbsp; **$4788026** |

---

&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>|
| 9/2025 | &nbsp;&nbsp; 36 | Copper | &nbsp;&nbsp; $(8860644) | &nbsp;&nbsp; $(182066) |
| 9/2025 | &nbsp;&nbsp; 99 | Lead | &nbsp;&nbsp; (4855777) | &nbsp;&nbsp; 82873 |
| 9/2025 | &nbsp;&nbsp; 47 | Nickel | &nbsp;&nbsp; (4310816) | &nbsp;&nbsp; (88010) |
| 9/2025 | &nbsp;&nbsp; 226 | Primary Aluminum | &nbsp;&nbsp; (14789158) | &nbsp;&nbsp; (313218) |
| 9/2025 | &nbsp;&nbsp; 13 | Tin | &nbsp;&nbsp; (2281695) | &nbsp;&nbsp; (69885) |
| 9/2025 | &nbsp;&nbsp; 67 | Zinc | &nbsp;&nbsp; (4734706) | &nbsp;&nbsp; (119890) |
| 11/2025 | &nbsp;&nbsp; 38 | Copper | &nbsp;&nbsp; (9404278) | &nbsp;&nbsp; (147607) |
| 11/2025 | &nbsp;&nbsp; 64 | Lead | &nbsp;&nbsp; (3181200) | &nbsp;&nbsp; (8610) |
| 11/2025 | &nbsp;&nbsp; 46 | Nickel | &nbsp;&nbsp; (4252660) | &nbsp;&nbsp; 308 |
| 11/2025 | &nbsp;&nbsp; 181 | Primary Aluminum | &nbsp;&nbsp; (11838305) | &nbsp;&nbsp; (1973) |
| 11/2025 | &nbsp;&nbsp; 45 | Zinc | &nbsp;&nbsp; (3176876) | (32) |
| 12/2025 | &nbsp;&nbsp; 39 | Copper | &nbsp;&nbsp; (9672234) | &nbsp;&nbsp; 3858 |
| 12/2025 | &nbsp;&nbsp; 9 | Palladium | &nbsp;&nbsp; (1011600) | &nbsp;&nbsp; 33282 |
| 3/2026 | &nbsp;&nbsp; 2 | Wheat | &nbsp;&nbsp; (55200) | (582) |
| **Total Short Positions** | **Total Short Positions** | **Total Short Positions** | &nbsp;&nbsp; **$(82425149)** | &nbsp;&nbsp; **$(811552)** |
| **Total Futures** | **Total Futures** | **Total Futures** |  | &nbsp;&nbsp; **$3976474** |

---

At August 31, 2025, the Fund had $15,031,531 deposited in a segregated account to cover margin requirements on open futures.

For the year ended August 31, 2025, the average notional value for the months where the Fund had futures outstanding was $279,762,992 for long positions and $(46,475,237) for short positions.

See Notes to Consolidated Financial Statements

------

Consolidated Schedule of Investments Commodity Strategy ETF^ (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 August 31, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Asset Valuation Inputs** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Investments: |  |  |  |  |
| U.S. Treasury Obligations | $— | $10955650 | $— | $10955650 |
| Asset-Backed Securities<sup>#</sup> <br>|  | 35525422 |  | 35525422 |
| Corporate Bonds<sup>#</sup> <br>|  | 147353153 |  | 147353153 |
| Short-Term Investments |  | 39713632 |  | 39713632 |
| **Total Investments** | **$—** | **$233547857** | **$—** | **$233547857** |

---

&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 August 31, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Other Financial Instruments** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Futures<sup>@</sup> |  |  |  |  |
| Assets | $8468676 | $— | $— | $8468676 |
| Liabilities | (4492202)<br>|  |  | (4492202)<br>|
| **Total** | **$3976474** | **$—** | **$—** | **$3976474** |

---

&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

------

Schedule of Investments Core Equity ETF^ August 31, 2025

---

| | | |
|:---|:---|:---|
| Number of Shares | Number of Shares | Value |
| **Common Stocks 99.2%** | **Common Stocks 99.2%** | **Common Stocks 99.2%** |
| **Aerospace & Defense 2.6%** | **Aerospace & Defense 2.6%** | **Aerospace & Defense 2.6%** |
| 9200 | Boeing Co.<sup>\*</sup> | &nbsp;&nbsp; $2159056 |
| 12504 | General Electric Co. | &nbsp;&nbsp; 3441101 |
| 11842 | Howmet Aerospace, Inc. | &nbsp;&nbsp; 2061692 |
| 14657 | RTX Corp. | &nbsp;&nbsp; 2324600 |
|  |  | &nbsp;&nbsp; **9986449** |
| **Automobile Components 0.1%** | **Automobile Components 0.1%** | **Automobile Components 0.1%** |
| 5287 | Aptiv PLC<sup>\*</sup> | &nbsp;&nbsp; 420475 |
| 9929 | Mobileye Global, Inc. Class A<sup>\*</sup> | &nbsp;&nbsp; 139105 |
|  |  | &nbsp;&nbsp; **559580** |
| **Automobiles 1.8%** | **Automobiles 1.8%** | **Automobiles 1.8%** |
| 16624 | General Motors Co. | &nbsp;&nbsp; 974000 |
| 18046 | Tesla, Inc.<sup>\*</sup> | &nbsp;&nbsp; 6025018 |
|  |  | &nbsp;&nbsp; **6999018** |
| **Banks 4.2%** | **Banks 4.2%** | **Banks 4.2%** |
| 78465 | Bank of America Corp. | &nbsp;&nbsp; 3981314 |
| 23512 | Citigroup, Inc. | &nbsp;&nbsp; 2270554 |
| 16556 | Citizens Financial Group, Inc. | &nbsp;&nbsp; 865548 |
| 24734 | JPMorgan Chase & Co. | &nbsp;&nbsp; 7455322 |
| 4822 | PNC Financial Services Group, Inc. | &nbsp;&nbsp; 1000275 |
| 18229 | Truist Financial Corp. | &nbsp;&nbsp; 853482 |
|  |  | &nbsp;&nbsp; **16426495** |
| **Beverages 1.3%** | **Beverages 1.3%** | **Beverages 1.3%** |
| 40200 | Coca-Cola Co. | &nbsp;&nbsp; 2773398 |
| 14217 | PepsiCo, Inc. | &nbsp;&nbsp; 2113357 |
|  |  | &nbsp;&nbsp; **4886755** |
| **Biotechnology 0.6%** | **Biotechnology 0.6%** | **Biotechnology 0.6%** |
| 3082 | BioMarin Pharmaceutical, Inc.<sup>\*</sup> | &nbsp;&nbsp; 179588 |
| 10434 | Ionis Pharmaceuticals, Inc.<sup>\*</sup> | &nbsp;&nbsp; 444854 |
| 1077 | Regeneron Pharmaceuticals, Inc. | &nbsp;&nbsp; 625414 |
| 3043 | Vertex Pharmaceuticals, Inc.<sup>\*</sup> | &nbsp;&nbsp; 1189874 |
|  |  | &nbsp;&nbsp; **2439730** |
| **Broadline Retail 3.8%** | **Broadline Retail 3.8%** | **Broadline Retail 3.8%** |
| 63725 | Amazon.com, Inc.<sup>\*</sup> | &nbsp;&nbsp; **14593025** |
| **Building Products 0.5%** | **Building Products 0.5%** | **Building Products 0.5%** |
| 2217 | Builders FirstSource, Inc.<sup>\*</sup> | &nbsp;&nbsp; 307454 |
| 3532 | Trane Technologies PLC | &nbsp;&nbsp; 1467899 |
|  |  | &nbsp;&nbsp; **1775353** |
| **Capital Markets 3.7%** | **Capital Markets 3.7%** | **Capital Markets 3.7%** |
| 1678 | Ares Management Corp. Class A | &nbsp;&nbsp; 300698 |
| 1403 | Blackrock, Inc. | &nbsp;&nbsp; 1581377 |
| 3965 | Brookfield Corp. | &nbsp;&nbsp; 260580 |
| 14306 | Intercontinental Exchange, Inc. | &nbsp;&nbsp; 2526440 |
| 13326 | KKR & Co., Inc. | &nbsp;&nbsp; 1858844 |
| 1698 | Moody's Corp. | &nbsp;&nbsp; 865572 |
| 9433 | Morgan Stanley | &nbsp;&nbsp; 1419478 |

---

---

| | | |
|:---|:---|:---|
| Number of Shares | Number of Shares | Value |
| **Capital Markets – cont'd** | **Capital Markets – cont'd** | **Capital Markets – cont'd** |
| 1881 | MSCI, Inc. | &nbsp;&nbsp; $1067881 |
| 9816 | Nasdaq, Inc. | &nbsp;&nbsp; 929968 |
| 5158 | S&P Global, Inc. | &nbsp;&nbsp; 2828853 |
| 5751 | TPG, Inc. | &nbsp;&nbsp; 347073 |
| 3241 | Tradeweb Markets, Inc. Class A | &nbsp;&nbsp; 399810 |
|  |  | &nbsp;&nbsp; **14386574** |
| **Chemicals 0.9%** | **Chemicals 0.9%** | **Chemicals 0.9%** |
| 2177 | Ecolab, Inc. | &nbsp;&nbsp; 603116 |
| 9205 | Element Solutions, Inc. | &nbsp;&nbsp; 236753 |
| 5327 | Linde PLC | &nbsp;&nbsp; 2547851 |
|  |  | &nbsp;&nbsp; **3387720** |
| **Commercial Services & Supplies 0.4%** | **Commercial Services & Supplies 0.4%** | **Commercial Services & Supplies 0.4%** |
| 3651 | Republic Services, Inc. | &nbsp;&nbsp; 854224 |
| 4737 | Waste Connections, Inc. | &nbsp;&nbsp; 875445 |
|  |  | &nbsp;&nbsp; **1729669** |
| **Communications Equipment 0.1%** | **Communications Equipment 0.1%** | **Communications Equipment 0.1%** |
| 1154 | Motorola Solutions, Inc. | &nbsp;&nbsp; **545219** |
| **Construction Materials 0.3%** | **Construction Materials 0.3%** | **Construction Materials 0.3%** |
| 1717 | Martin Marietta Materials, Inc. | &nbsp;&nbsp; **1058359** |
| **Consumer Staples Distribution & Retail 1.3%** | **Consumer Staples Distribution & Retail 1.3%** | **Consumer Staples Distribution & Retail 1.3%** |
| 4328 | Costco Wholesale Corp. | &nbsp;&nbsp; 4082689 |
| 8337 | Dollar Tree, Inc.<sup>\*</sup> | &nbsp;&nbsp; 910150 |
|  |  | &nbsp;&nbsp; **4992839** |
| **Containers & Packaging 0.3%** | **Containers & Packaging 0.3%** | **Containers & Packaging 0.3%** |
| 5751 | Avery Dennison Corp. | &nbsp;&nbsp; 987159 |
| 6701 | Ball Corp. | &nbsp;&nbsp; 352741 |
|  |  | &nbsp;&nbsp; **1339900** |
| **Electric Utilities 1.6%** | **Electric Utilities 1.6%** | **Electric Utilities 1.6%** |
| 9845 | Alliant Energy Corp. | &nbsp;&nbsp; 640614 |
| 8117 | American Electric Power Co., Inc. | &nbsp;&nbsp; 901149 |
| 2960 | Constellation Energy Corp. | &nbsp;&nbsp; 911621 |
| 6680 | Duke Energy Corp. | &nbsp;&nbsp; 818233 |
| 4635 | Entergy Corp. | &nbsp;&nbsp; 408297 |
| 9324 | FirstEnergy Corp. | &nbsp;&nbsp; 406713 |
| 16573 | NextEra Energy, Inc. | &nbsp;&nbsp; 1194085 |
| 27424 | PG&E Corp. | &nbsp;&nbsp; 419039 |
| 6167 | TXNM Energy, Inc. | &nbsp;&nbsp; 349299 |
|  |  | &nbsp;&nbsp; **6049050** |
| **Electrical Equipment 1.0%** | **Electrical Equipment 1.0%** | **Electrical Equipment 1.0%** |
| 6676 | Eaton Corp. PLC | &nbsp;&nbsp; 2330858 |
| 18648 | nVent Electric PLC | &nbsp;&nbsp; 1685593 |
|  |  | &nbsp;&nbsp; **4016451** |
| **Electronic Equipment, Instruments & Components 0.7%** | **Electronic Equipment, Instruments & Components 0.7%** | **Electronic Equipment, Instruments & Components 0.7%** |
| 19679 | Amphenol Corp. Class A | &nbsp;&nbsp; 2142256 |
| 3071 | CDW Corp. | &nbsp;&nbsp; 505978 |
|  |  | &nbsp;&nbsp; **2648234** |

---

See Notes to Financial Statements

------

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

---

| | | |
|:---|:---|:---|
| Number of Shares | Number of Shares | Value |
| **Energy Equipment & Services 0.1%** | **Energy Equipment & Services 0.1%** | **Energy Equipment & Services 0.1%** |
| 12784 | Baker Hughes Co. | &nbsp;&nbsp; **$580394** |
| **Entertainment 3.1%** | **Entertainment 3.1%** | **Entertainment 3.1%** |
| 10037 | Electronic Arts, Inc. | &nbsp;&nbsp; 1725862 |
| 4157 | Netflix, Inc.<sup>\*</sup> | &nbsp;&nbsp; 5022695 |
| 4239 | TKO Group Holdings, Inc. | &nbsp;&nbsp; 803545 |
| 21625 | Walt Disney Co. | &nbsp;&nbsp; 2559967 |
| 167793 | Warner Bros Discovery, Inc.<sup>\*</sup> | &nbsp;&nbsp; 1953111 |
|  |  | &nbsp;&nbsp; **12065180** |
| **Financial Services 3.3%** | **Financial Services 3.3%** | **Financial Services 3.3%** |
| 9489 | Fiserv, Inc.<sup>\*</sup> | &nbsp;&nbsp; 1311190 |
| 9777 | MasterCard, Inc. Class A | &nbsp;&nbsp; 5820150 |
| 15714 | Visa, Inc. Class A | &nbsp;&nbsp; 5527871 |
|  |  | &nbsp;&nbsp; **12659211** |
| **Food Products 0.4%** | **Food Products 0.4%** | **Food Products 0.4%** |
| 11528 | Nestle SA ADR | &nbsp;&nbsp; 1085015 |
| 42282 | Utz Brands, Inc. | &nbsp;&nbsp; 567425 |
|  |  | &nbsp;&nbsp; **1652440** |
| **Gas Utilities 0.1%** | **Gas Utilities 0.1%** | **Gas Utilities 0.1%** |
| 13293 | UGI Corp. | &nbsp;&nbsp; **460470** |
| **Ground Transportation 1.1%** | **Ground Transportation 1.1%** | **Ground Transportation 1.1%** |
| 8832 | Canadian Pacific Kansas City Ltd. | &nbsp;&nbsp; 672910 |
| 6535 | Old Dominion Freight Line, Inc. | &nbsp;&nbsp; 986589 |
| 18594 | Uber Technologies, Inc.<sup>\*</sup> | &nbsp;&nbsp; 1743188 |
| 4599 | Union Pacific Corp. | &nbsp;&nbsp; 1028198 |
|  |  | &nbsp;&nbsp; **4430885** |
| **Health Care Equipment & Supplies 2.8%** | **Health Care Equipment & Supplies 2.8%** | **Health Care Equipment & Supplies 2.8%** |
| 22902 | Abbott Laboratories | &nbsp;&nbsp; 3038179 |
| 2024 | Align Technology, Inc.<sup>\*</sup> | &nbsp;&nbsp; 287327 |
| 20788 | Boston Scientific Corp.<sup>\*</sup> | &nbsp;&nbsp; 2193134 |
| 13892 | Cooper Cos., Inc.<sup>\*</sup> | &nbsp;&nbsp; 936251 |
| 8358 | Dexcom, Inc.<sup>\*</sup> | &nbsp;&nbsp; 629692 |
| 25960 | Medtronic PLC | &nbsp;&nbsp; 2409348 |
| 13077 | Zimmer Biomet Holdings, Inc. | &nbsp;&nbsp; 1387470 |
|  |  | &nbsp;&nbsp; **10881401** |
| **Health Care Providers & Services 1.3%** | **Health Care Providers & Services 1.3%** | **Health Care Providers & Services 1.3%** |
| 2538 | Cigna Group | &nbsp;&nbsp; 763608 |
| 9800 | CVS Health Corp. | &nbsp;&nbsp; 716870 |
| 1314 | Encompass Health Corp. | &nbsp;&nbsp; 159993 |
| 1159 | McKesson Corp. | &nbsp;&nbsp; 795816 |
| 3499 | Quest Diagnostics, Inc. | &nbsp;&nbsp; 635558 |
| 2573 | RadNet, Inc.<sup>\*</sup> | &nbsp;&nbsp; 184638 |
| 2783 | Tenet Healthcare Corp.<sup>\*</sup> | &nbsp;&nbsp; 512990 |
| 4417 | UnitedHealth Group, Inc. | &nbsp;&nbsp; 1368696 |
|  |  | &nbsp;&nbsp; **5138169** |
| **Health Care REITs 0.3%** | **Health Care REITs 0.3%** | **Health Care REITs 0.3%** |
| 18199 | Ventas, Inc. | &nbsp;&nbsp; **1238988** |

---

---

| | | |
|:---|:---|:---|
| Number of Shares | Number of Shares | Value |
| **Health Care Technology 0.1%** | **Health Care Technology 0.1%** | **Health Care Technology 0.1%** |
| 4712 | Doximity, Inc. Class A<sup>\*</sup> | &nbsp;&nbsp; $320133 |
| 5846 | Waystar Holding Corp.<sup>\*</sup> | &nbsp;&nbsp; 221447 |
|  |  | &nbsp;&nbsp; **541580** |
| **Hotels, Restaurants & Leisure 2.5%** | **Hotels, Restaurants & Leisure 2.5%** | **Hotels, Restaurants & Leisure 2.5%** |
| 408 | Booking Holdings, Inc. | &nbsp;&nbsp; 2284412 |
| 33683 | Carnival Corp.<sup>\*</sup> | &nbsp;&nbsp; 1074151 |
| 4283 | Darden Restaurants, Inc. | &nbsp;&nbsp; 886324 |
| 28739 | DraftKings, Inc. Class A<sup>\*</sup> | &nbsp;&nbsp; 1378897 |
| 10227 | Las Vegas Sands Corp. | &nbsp;&nbsp; 589382 |
| 8086 | McDonald's Corp. | &nbsp;&nbsp; 2535285 |
| 9007 | Wynn Resorts Ltd. | &nbsp;&nbsp; 1141637 |
|  |  | &nbsp;&nbsp; **9890088** |
| **Household Durables 0.2%** | **Household Durables 0.2%** | **Household Durables 0.2%** |
| 2774 | Lennar Corp. Class A | &nbsp;&nbsp; 369330 |
| 3593 | Toll Brothers, Inc. | &nbsp;&nbsp; 499427 |
|  |  | &nbsp;&nbsp; **868757** |
| **Household Products 0.5%** | **Household Products 0.5%** | **Household Products 0.5%** |
| 21133 | Colgate-Palmolive Co. | &nbsp;&nbsp; **1776651** |
| **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%** |
| 344 | Talen Energy Corp.<sup>\*</sup> | &nbsp;&nbsp; 130348 |
| 3307 | Vistra Corp. | &nbsp;&nbsp; 625387 |
|  |  | &nbsp;&nbsp; **755735** |
| **Industrial Conglomerates 0.6%** | **Industrial Conglomerates 0.6%** | **Industrial Conglomerates 0.6%** |
| 14979 | 3M Co. | &nbsp;&nbsp; **2329684** |
| **Industrial REITs 0.3%** | **Industrial REITs 0.3%** | **Industrial REITs 0.3%** |
| 9912 | Prologis, Inc. | &nbsp;&nbsp; **1127787** |
| **Insurance 3.7%** | **Insurance 3.7%** | **Insurance 3.7%** |
| 7091 | Allstate Corp. | &nbsp;&nbsp; 1442664 |
| 33044 | American International Group, Inc. | &nbsp;&nbsp; 2687138 |
| 14677 | Aon PLC Class A | &nbsp;&nbsp; 5386459 |
| 5848 | Globe Life, Inc. | &nbsp;&nbsp; 818427 |
| 10699 | MetLife, Inc. | &nbsp;&nbsp; 870471 |
| 42437 | Unum Group | &nbsp;&nbsp; 2964649 |
|  |  | &nbsp;&nbsp; **14169808** |
| **Interactive Media & Services 7.8%** | **Interactive Media & Services 7.8%** | **Interactive Media & Services 7.8%** |
| 32444 | Alphabet, Inc. Class C | &nbsp;&nbsp; 6927767 |
| 56895 | Alphabet, Inc. Class A | &nbsp;&nbsp; 12113515 |
| 13468 | Match Group, Inc. | &nbsp;&nbsp; 502895 |
| 14330 | Meta Platforms, Inc. Class A | &nbsp;&nbsp; 10585571 |
|  |  | &nbsp;&nbsp; **30129748** |
| **IT Services 0.1%** | **IT Services 0.1%** | **IT Services 0.1%** |
| 1620 | Wix.com Ltd.<sup>\*</sup> | &nbsp;&nbsp; **228550** |
| **Life Sciences Tools & Services 1.0%** | **Life Sciences Tools & Services 1.0%** | **Life Sciences Tools & Services 1.0%** |
| 3660 | Agilent Technologies, Inc. | &nbsp;&nbsp; 459916 |

---

See Notes to Financial Statements

------

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

---

| | | |
|:---|:---|:---|
| Number of Shares | Number of Shares | Value |
| **Life Sciences Tools & Services – cont'd** | **Life Sciences Tools & Services – cont'd** | **Life Sciences Tools & Services – cont'd** |
| 8664 | Avantor, Inc.<sup>\*</sup> | &nbsp;&nbsp; $116704 |
| 6111 | Danaher Corp. | &nbsp;&nbsp; 1257766 |
| 2388 | IQVIA Holdings, Inc.<sup>\*</sup> | &nbsp;&nbsp; 455654 |
| 3124 | Thermo Fisher Scientific, Inc. | &nbsp;&nbsp; 1539257 |
|  |  | &nbsp;&nbsp; **3829297** |
| **Machinery 1.5%** | **Machinery 1.5%** | **Machinery 1.5%** |
| 4135 | Caterpillar, Inc. | &nbsp;&nbsp; 1732730 |
| 2623 | Deere & Co. | &nbsp;&nbsp; 1255473 |
| 7305 | Ingersoll Rand, Inc. | &nbsp;&nbsp; 580236 |
| 2744 | Parker-Hannifin Corp. | &nbsp;&nbsp; 2083657 |
|  |  | &nbsp;&nbsp; **5652096** |
| **Materials 0.3%** | **Materials 0.3%** | **Materials 0.3%** |
| 3707 | Sherwin-Williams Co. | &nbsp;&nbsp; **1356132** |
| **Metals & Mining 0.7%** | **Metals & Mining 0.7%** | **Metals & Mining 0.7%** |
| 5369 | Agnico Eagle Mines Ltd. | &nbsp;&nbsp; 774049 |
| 19672 | Freeport-McMoRan, Inc. | &nbsp;&nbsp; 873437 |
| 3988 | Nucor Corp. | &nbsp;&nbsp; 593135 |
| 4185 | Steel Dynamics, Inc. | &nbsp;&nbsp; 547900 |
|  |  | &nbsp;&nbsp; **2788521** |
| **Mortgage Real Estate Investment Trusts 0.2%** | **Mortgage Real Estate Investment Trusts 0.2%** | **Mortgage Real Estate Investment Trusts 0.2%** |
| 35620 | Starwood Property Trust, Inc. | &nbsp;&nbsp; **722017** |
| **Multi-Utilities 0.4%** | **Multi-Utilities 0.4%** | **Multi-Utilities 0.4%** |
| 18780 | CenterPoint Energy, Inc. | &nbsp;&nbsp; 708194 |
| 4209 | &nbsp;&nbsp; Public Service Enterprise Group, <br> Inc.<br>| &nbsp;&nbsp; 346527 |
| 7348 | Sempra | &nbsp;&nbsp; 606651 |
|  |  | &nbsp;&nbsp; **1661372** |
| **Oil, Gas & Consumable Fuels 2.8%** | **Oil, Gas & Consumable Fuels 2.8%** | **Oil, Gas & Consumable Fuels 2.8%** |
| 1598 | Cheniere Energy, Inc. | &nbsp;&nbsp; 386429 |
| 12396 | Chevron Corp. | &nbsp;&nbsp; 1990798 |
| 11055 | ConocoPhillips | &nbsp;&nbsp; 1094113 |
| 3049 | Diamondback Energy, Inc. | &nbsp;&nbsp; 453569 |
| 1379 | DT Midstream, Inc. | &nbsp;&nbsp; 143664 |
| 6804 | EOG Resources, Inc. | &nbsp;&nbsp; 849275 |
| 9955 | EQT Corp. | &nbsp;&nbsp; 516067 |
| 30924 | Exxon Mobil Corp. | &nbsp;&nbsp; 3534304 |
| 4346 | Hess Midstream LP Class A | &nbsp;&nbsp; 179055 |
| 5009 | Phillips 66 | &nbsp;&nbsp; 669102 |
| 3038 | Shell PLC ADR | &nbsp;&nbsp; 224448 |
| 1620 | Targa Resources Corp. | &nbsp;&nbsp; 271771 |
| 9383 | Williams Cos., Inc. | &nbsp;&nbsp; 543088 |
|  |  | &nbsp;&nbsp; **10855683** |
| **Passenger Airlines 0.2%** | **Passenger Airlines 0.2%** | **Passenger Airlines 0.2%** |
| 10012 | Delta Air Lines, Inc. | &nbsp;&nbsp; **618541** |
| **Personal Care Products 0.3%** | **Personal Care Products 0.3%** | **Personal Care Products 0.3%** |
| 18938 | Unilever PLC ADR | &nbsp;&nbsp; **1196882** |

---

---

| | | |
|:---|:---|:---|
| Number of Shares | Number of Shares | Value |
| **Pharmaceuticals 2.9%** | **Pharmaceuticals 2.9%** | **Pharmaceuticals 2.9%** |
| 8914 | AstraZeneca PLC ADR | &nbsp;&nbsp; $712229 |
| 16349 | Bristol-Myers Squibb Co. | &nbsp;&nbsp; 771346 |
| 6409 | Eli Lilly & Co. | &nbsp;&nbsp; 4695105 |
| 19765 | Johnson & Johnson | &nbsp;&nbsp; 3501765 |
| 16729 | Merck & Co., Inc. | &nbsp;&nbsp; 1407243 |
| 1687 | Novo Nordisk AS ADR | &nbsp;&nbsp; 95248 |
|  |  | &nbsp;&nbsp; **11182936** |
| **Professional Services 0.9%** | **Professional Services 0.9%** | **Professional Services 0.9%** |
| 1931 | CACI International, Inc. Class A<sup>\*</sup> | &nbsp;&nbsp; 926339 |
| 5572 | Jacobs Solutions, Inc. | &nbsp;&nbsp; 814794 |
| 11558 | TransUnion | &nbsp;&nbsp; 1021727 |
| 2132 | Verisk Analytics, Inc. | &nbsp;&nbsp; 571632 |
|  |  | &nbsp;&nbsp; **3334492** |
| **Residential REITs 0.4%** | **Residential REITs 0.4%** | **Residential REITs 0.4%** |
| 7966 | Equity LifeStyle Properties, Inc. | &nbsp;&nbsp; 480270 |
| 8260 | Equity Residential | &nbsp;&nbsp; 546152 |
| 19735 | Invitation Homes, Inc. | &nbsp;&nbsp; 617508 |
|  |  | &nbsp;&nbsp; **1643930** |
| **Retail REITs 0.3%** | **Retail REITs 0.3%** | **Retail REITs 0.3%** |
| 10690 | Realty Income Corp. | &nbsp;&nbsp; 628144 |
| 5694 | Regency Centers Corp. | &nbsp;&nbsp; 412815 |
|  |  | &nbsp;&nbsp; **1040959** |
| **Semiconductors & Semiconductor Equipment 11.6%** | **Semiconductors & Semiconductor Equipment 11.6%** | **Semiconductors & Semiconductor Equipment 11.6%** |
| 9491 | Analog Devices, Inc. | &nbsp;&nbsp; 2385183 |
| 609 | ASML Holding NV | &nbsp;&nbsp; 452256 |
| 31757 | Broadcom, Inc. | &nbsp;&nbsp; 9444214 |
| 18280 | Lam Research Corp. | &nbsp;&nbsp; 1830742 |
| 155522 | NVIDIA Corp. | &nbsp;&nbsp; 27088822 |
| 8785 | QUALCOMM, Inc. | &nbsp;&nbsp; 1412013 |
| 12619 | Texas Instruments, Inc. | &nbsp;&nbsp; 2555095 |
|  |  | &nbsp;&nbsp; **45168325** |
| **Software 11.2%** | **Software 11.2%** | **Software 11.2%** |
| 5116 | Autodesk, Inc.<sup>\*</sup> | &nbsp;&nbsp; 1610005 |
| 7088 | &nbsp;&nbsp; Check Point Software Technologies <br> Ltd.<sup>\*</sup><br>| &nbsp;&nbsp; 1368976 |
| 3806 | Crowdstrike Holdings, Inc. Class A<sup>\*</sup> | &nbsp;&nbsp; 1612602 |
| 618 | Fair Isaac Corp.<sup>\*</sup> | &nbsp;&nbsp; 940374 |
| 2058 | HubSpot, Inc.<sup>\*</sup> | &nbsp;&nbsp; 994364 |
| 3152 | Intuit, Inc. | &nbsp;&nbsp; 2102384 |
| 50325 | Microsoft Corp. | &nbsp;&nbsp; 25499174 |
| 13369 | Oracle Corp. | &nbsp;&nbsp; 3023132 |
| 9356 | Salesforce, Inc. | &nbsp;&nbsp; 2397475 |
| 2247 | ServiceNow, Inc.<sup>\*</sup> | &nbsp;&nbsp; 2061533 |
| 3208 | Synopsys, Inc.<sup>\*</sup> | &nbsp;&nbsp; 1936092 |
|  |  | &nbsp;&nbsp; **43546111** |
| **Specialized REITs 0.1%** | **Specialized REITs 0.1%** | **Specialized REITs 0.1%** |
| 11536 | Weyerhaeuser Co. | &nbsp;&nbsp; **298436** |

---

See Notes to Financial Statements

------

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

---

| | | |
|:---|:---|:---|
| Number of Shares | Number of Shares | Value |
| **Specialty Retail 2.8%** | **Specialty Retail 2.8%** | **Specialty Retail 2.8%** |
| 11726 | Home Depot, Inc. | &nbsp;&nbsp; $4769785 |
| 18291 | O'Reilly Automotive, Inc.<sup>\*</sup> | &nbsp;&nbsp; 1896411 |
| 15093 | TJX Cos., Inc. | &nbsp;&nbsp; 2061855 |
| 1872 | Ulta Beauty, Inc.<sup>\*</sup> | &nbsp;&nbsp; 922390 |
| 15651 | Valvoline, Inc.<sup>\*</sup> | &nbsp;&nbsp; 606946 |
| 20174 | Warby Parker, Inc. Class A<sup>\*</sup> | &nbsp;&nbsp; 528559 |
|  |  | &nbsp;&nbsp; **10785946** |
| **Technology Hardware, Storage & Peripherals 6.1%** | **Technology Hardware, Storage & Peripherals 6.1%** | **Technology Hardware, Storage & Peripherals 6.1%** |
| 101382 | Apple, Inc. | &nbsp;&nbsp; **23534817** |
| **Textiles, Apparel & Luxury Goods 0.3%** | **Textiles, Apparel & Luxury Goods 0.3%** | **Textiles, Apparel & Luxury Goods 0.3%** |
| 17585 | NIKE, Inc. Class B | &nbsp;&nbsp; **1360551** |
| **Tobacco 0.7%** | **Tobacco 0.7%** | **Tobacco 0.7%** |
| 15114 | Philip Morris International, Inc. | &nbsp;&nbsp; **2526003** |
| **Trading Companies & Distributors 0.3%** | **Trading Companies & Distributors 0.3%** | **Trading Companies & Distributors 0.3%** |
| 1149 | United Rentals, Inc. | &nbsp;&nbsp; **1098835** |
| **Wireless Telecommunication Services 0.5%** | **Wireless Telecommunication Services 0.5%** | **Wireless Telecommunication Services 0.5%** |
| 7721 | T-Mobile U.S., Inc. | &nbsp;&nbsp; **1945615** |
| **Total Common Stocks (Cost $336,226,145)** | **Total Common Stocks (Cost $336,226,145)** | &nbsp;&nbsp; **384893443** |

---

---

| | | |
|:---|:---|:---|
| Number of Shares | Number of Shares | Value |
| **Exchange-Traded Funds 0.8%** | **Exchange-Traded Funds 0.8%** | **Exchange-Traded Funds 0.8%** |
| 8201 | &nbsp;&nbsp; iShares Russell 1000 ETF <br>**(Cost $2,640,439)**<br>| &nbsp;&nbsp; **$2908977** |
| **Short-Term Investments 0.0%**<sup>‡</sup> | **Short-Term Investments 0.0%**<sup>‡</sup> | **Short-Term Investments 0.0%**<sup>‡</sup> |
| **Investment Companies 0.0%**<sup>‡</sup> | **Investment Companies 0.0%**<sup>‡</sup> | **Investment Companies 0.0%**<sup>‡</sup> |
| 122579 | &nbsp;&nbsp; State Street Institutional <br> U.S. Government Money Market <br> Fund Premier Class, 4.23%<sup>(a)</sup> <br>**(Cost $122,579)**<br>| &nbsp;&nbsp; **122579** |
| **Total Investments 100.0%** <br> **(Cost $338,989,163)** | **Total Investments 100.0%** <br> **(Cost $338,989,163)** | &nbsp;&nbsp; **387924999** |
| Other Assets Less Liabilities 0.0%<sup>‡</sup>  | Other Assets Less Liabilities 0.0%<sup>‡</sup>  | &nbsp;&nbsp; 141615 |
| **Net Assets 100.0%** | **Net Assets 100.0%** | &nbsp;&nbsp; **$388066614** |

---

&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 August 31, 2025.

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 August 31, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Asset Valuation Inputs** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Investments: |  |  |  |  |
| Common Stocks<sup>#</sup> <br>| $384893443 | $— | $— | $384893443 |
| Exchange-Traded Funds | 2908977 |  |  | 2908977 |
| Short-Term Investments |  | 122579 |  | 122579 |
| **Total Investments** | **$387802420** | **$122579** | **$—** | **$387924999** |

---

&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

------

Schedule of Investments Disrupters ETF^ August 31, 2025

---

| | | |
|:---|:---|:---|
| Number of Shares | Number of Shares | Value |
| **Common Stocks 98.0%** | **Common Stocks 98.0%** | **Common Stocks 98.0%** |
| **Aerospace & Defense 5.3%** | **Aerospace & Defense 5.3%** | **Aerospace & Defense 5.3%** |
| 2723 | HEICO Corp. | &nbsp;&nbsp; $849630 |
| 408 | TransDigm Group, Inc. | &nbsp;&nbsp; 570743 |
|  |  | &nbsp;&nbsp; **1420373** |
| **Automobiles 1.7%** | **Automobiles 1.7%** | **Automobiles 1.7%** |
| 1341 | Tesla, Inc.<sup>\*</sup> | &nbsp;&nbsp; **447720** |
| **Broadline Retail 4.7%** | **Broadline Retail 4.7%** | **Broadline Retail 4.7%** |
| 5482 | Amazon.com, Inc.<sup>\*</sup> | &nbsp;&nbsp; **1255378** |
| **Capital Markets 8.8%** | **Capital Markets 8.8%** | **Capital Markets 8.8%** |
| 12877 | Robinhood Markets, Inc. Class A<sup>\*</sup> | &nbsp;&nbsp; 1339594 |
| 8401 | Tradeweb Markets, Inc. Class A | &nbsp;&nbsp; 1036348 |
|  |  | &nbsp;&nbsp; **2375942** |
| **Electric Utilities 3.4%** | **Electric Utilities 3.4%** | **Electric Utilities 3.4%** |
| 2923 | Constellation Energy Corp. | &nbsp;&nbsp; **900226** |
| **Entertainment 5.6%** | **Entertainment 5.6%** | **Entertainment 5.6%** |
| 2200 | Spotify Technology SA<sup>\*</sup> | &nbsp;&nbsp; **1500136** |
| **Financial Services 2.4%** | **Financial Services 2.4%** | **Financial Services 2.4%** |
| 14092 | Toast, Inc. Class A<sup>\*</sup> | &nbsp;&nbsp; **635549** |
| **Ground Transportation 2.8%** | **Ground Transportation 2.8%** | **Ground Transportation 2.8%** |
| 8097 | Uber Technologies, Inc.<sup>\*</sup> | &nbsp;&nbsp; **759094** |
| **Health Care Equipment & Supplies 4.3%** | **Health Care Equipment & Supplies 4.3%** | **Health Care Equipment & Supplies 4.3%** |
| 2462 | Intuitive Surgical, Inc.<sup>\*</sup> | &nbsp;&nbsp; **1165252** |
| **Hotels, Restaurants & Leisure 3.4%** | **Hotels, Restaurants & Leisure 3.4%** | **Hotels, Restaurants & Leisure 3.4%** |
| 19191 | DraftKings, Inc. Class A<sup>\*</sup> | &nbsp;&nbsp; **920784** |
| **Interactive Media & Services 3.3%** | **Interactive Media & Services 3.3%** | **Interactive Media & Services 3.3%** |
| 3952 | Reddit, Inc. Class A<sup>\*</sup> | &nbsp;&nbsp; **889516** |
| **IT Services 7.8%** | **IT Services 7.8%** | **IT Services 7.8%** |
| 6923 | Shopify, Inc. Class A<sup>\*</sup> | &nbsp;&nbsp; 978081 |
| 4704 | Snowflake, Inc.<sup>\*</sup> | &nbsp;&nbsp; 1122657 |
|  |  | &nbsp;&nbsp; **2100738** |

---

---

| | | |
|:---|:---|:---|
| Number of Shares | Number of Shares | Value |
| **Semiconductors & Semiconductor Equipment 28.8%** | **Semiconductors & Semiconductor Equipment 28.8%** | **Semiconductors & Semiconductor Equipment 28.8%** |
| 5528 | Advanced Micro Devices, Inc.<sup>\*</sup> | &nbsp;&nbsp; $899019 |
| 6819 | ARM Holdings PLC ADR<sup>\*</sup> | &nbsp;&nbsp; 943136 |
| 907 | ASML Holding NV | &nbsp;&nbsp; 673556 |
| 2848 | Broadcom, Inc. | &nbsp;&nbsp; 846967 |
| 899 | Monolithic Power Systems, Inc. | &nbsp;&nbsp; 751348 |
| 4094 | Nova Ltd.<sup>\*</sup> | &nbsp;&nbsp; 1078114 |
| 14570 | NVIDIA Corp. | &nbsp;&nbsp; 2537802 |
|  |  | &nbsp;&nbsp; **7729942** |
| **Software 15.7%** | **Software 15.7%** | **Software 15.7%** |
| 705 | AppLovin Corp. Class A<sup>\*</sup> | &nbsp;&nbsp; 337406 |
| 1087 | HubSpot, Inc.<sup>\*</sup> | &nbsp;&nbsp; 525206 |
| 1039 | Intuit, Inc. | &nbsp;&nbsp; 693013 |
| 1671 | Microsoft Corp. | &nbsp;&nbsp; 846679 |
| 3712 | Palo Alto Networks, Inc.<sup>\*</sup> | &nbsp;&nbsp; 707210 |
| 6324 | Procore Technologies, Inc.<sup>\*</sup> | &nbsp;&nbsp; 439581 |
| 737 | ServiceNow, Inc.<sup>\*</sup> | &nbsp;&nbsp; 676168 |
|  |  | &nbsp;&nbsp; **4225263** |
| **Total Common Stocks (Cost $20,193,069)** | **Total Common Stocks (Cost $20,193,069)** | &nbsp;&nbsp; **26325913** |
| **Short-Term Investments 2.0%** | **Short-Term Investments 2.0%** | **Short-Term Investments 2.0%** |
| **Investment Companies 2.0%** | **Investment Companies 2.0%** | **Investment Companies 2.0%** |
| 550319 | &nbsp;&nbsp; State Street Institutional <br> U.S. Government Money Market <br> Fund Premier Class, 4.23%<sup>(a)</sup> <br>**(Cost $550,319)**<br>| &nbsp;&nbsp; **550319** |
| **Total Investments 100.0%** <br> **(Cost $20,743,388)** | **Total Investments 100.0%** <br> **(Cost $20,743,388)** | &nbsp;&nbsp; **26876232** |
| Liabilities Less Other Assets (0.0)%<sup>‡</sup>  | Liabilities Less Other Assets (0.0)%<sup>‡</sup>  | &nbsp;&nbsp; (7776)<br>|
| **Net Assets 100.0%** | **Net Assets 100.0%** | &nbsp;&nbsp; **$26868456** |

---

&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 August 31, 2025.

See Notes to Financial Statements

------

Schedule of Investments Disrupters ETF^ (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; $23596162 | 87.8<br> %<br>|
| Israel | &nbsp;&nbsp; 1078114 | 4.0<br> %<br>|
| Canada | &nbsp;&nbsp; 978081 | 3.7<br> %<br>|
| Netherlands | &nbsp;&nbsp; 673556 | 2.5<br> %<br>|
| Short-Term Investments and Other Liabilities—Net | &nbsp;&nbsp; 542543 | 2.0<br> %<br>|
|  | &nbsp;&nbsp; **$26868456** | **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 August 31, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Asset Valuation Inputs** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Investments: |  |  |  |  |
| Common Stocks<sup>#</sup> <br>| $26325913 | $— | $— | $26325913 |
| Short-Term Investments |  | 550319 |  | 550319 |
| **Total Investments** | **$26325913** | **$550319** | **$—** | **$26876232** |

---

&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

------

Schedule of Investments Growth ETF^ August 31, 2025

---

| | | |
|:---|:---|:---|
| Number of Shares | Number of Shares | Value |
| **Common Stocks 100.3%** | **Common Stocks 100.3%** | **Common Stocks 100.3%** |
| **Aerospace & Defense 2.7%** | **Aerospace & Defense 2.7%** | **Aerospace & Defense 2.7%** |
| 271 | Boeing Co.<sup>\*</sup> | &nbsp;&nbsp; $63598 |
| 953 | General Electric Co. | &nbsp;&nbsp; 262266 |
|  |  | &nbsp;&nbsp; **325864** |
| **Biotechnology 1.1%** | **Biotechnology 1.1%** | **Biotechnology 1.1%** |
| 643 | AbbVie, Inc. | &nbsp;&nbsp; **135287** |
| **Broadline Retail 7.9%** | **Broadline Retail 7.9%** | **Broadline Retail 7.9%** |
| 4212 | Amazon.com, Inc.<sup>\*</sup> | &nbsp;&nbsp; **964548** |
| **Capital Markets 4.1%** | **Capital Markets 4.1%** | **Capital Markets 4.1%** |
| 2460 | &nbsp;&nbsp; Brookfield Asset Management Ltd. <br> Class A<sup>(a)</sup><br>| &nbsp;&nbsp; 147994 |
| 114 | CME Group, Inc. | &nbsp;&nbsp; 30382 |
| 1291 | KKR & Co., Inc. | &nbsp;&nbsp; 180081 |
| 268 | S&P Global, Inc. | &nbsp;&nbsp; 146982 |
|  |  | &nbsp;&nbsp; **505439** |
| **Commercial Services & Supplies 0.4%** | **Commercial Services & Supplies 0.4%** | **Commercial Services & Supplies 0.4%** |
| 229 | Waste Management, Inc. | &nbsp;&nbsp; **51843** |
| **Consumer Staples Distribution & Retail 2.4%** | **Consumer Staples Distribution & Retail 2.4%** | **Consumer Staples Distribution & Retail 2.4%** |
| 177 | Costco Wholesale Corp. | &nbsp;&nbsp; 166968 |
| 1272 | Walmart, Inc. | &nbsp;&nbsp; 123358 |
|  |  | &nbsp;&nbsp; **290326** |
| **Electrical Equipment 1.3%** | **Electrical Equipment 1.3%** | **Electrical Equipment 1.3%** |
| 1794 | nVent Electric PLC | &nbsp;&nbsp; **162160** |
| **Electronic Equipment, Instruments & Components 1.2%** | **Electronic Equipment, Instruments & Components 1.2%** | **Electronic Equipment, Instruments & Components 1.2%** |
| 1320 | Amphenol Corp. Class A | &nbsp;&nbsp; **143695** |
| **Entertainment 3.9%** | **Entertainment 3.9%** | **Entertainment 3.9%** |
| 259 | Netflix, Inc.<sup>\*</sup> | &nbsp;&nbsp; 312937 |
| 174 | Spotify Technology SA<sup>\*</sup> | &nbsp;&nbsp; 118647 |
| 391 | Walt Disney Co. | &nbsp;&nbsp; 46286 |
|  |  | &nbsp;&nbsp; **477870** |
| **Financial Services 5.2%** | **Financial Services 5.2%** | **Financial Services 5.2%** |
| 600 | MasterCard, Inc. Class A | &nbsp;&nbsp; 357174 |
| 801 | Visa, Inc. Class A | &nbsp;&nbsp; 281776 |
|  |  | &nbsp;&nbsp; **638950** |
| **Ground Transportation 1.5%** | **Ground Transportation 1.5%** | **Ground Transportation 1.5%** |
| 1209 | Uber Technologies, Inc.<sup>\*</sup> | &nbsp;&nbsp; 113344 |
| 286 | Union Pacific Corp. | &nbsp;&nbsp; 63941 |
|  |  | &nbsp;&nbsp; **177285** |
| **Health Care Equipment & Supplies 1.4%** | **Health Care Equipment & Supplies 1.4%** | **Health Care Equipment & Supplies 1.4%** |
| 1676 | Boston Scientific Corp.<sup>\*</sup> | &nbsp;&nbsp; **176818** |
| **Health Care Technology 0.8%** | **Health Care Technology 0.8%** | **Health Care Technology 0.8%** |
| 2671 | Waystar Holding Corp.<sup>\*</sup> | &nbsp;&nbsp; **101178** |

---

---

| | | |
|:---|:---|:---|
| Number of Shares | Number of Shares | Value |
| **Hotels, Restaurants & Leisure 1.0%** | **Hotels, Restaurants & Leisure 1.0%** | **Hotels, Restaurants & Leisure 1.0%** |
| 525 | Chipotle Mexican Grill, Inc.<sup>\*</sup> | &nbsp;&nbsp; $22124 |
| 324 | McDonald's Corp. | &nbsp;&nbsp; 101587 |
|  |  | &nbsp;&nbsp; **123711** |
| **Household Products 0.2%** | **Household Products 0.2%** | **Household Products 0.2%** |
| 175 | Procter & Gamble Co. | &nbsp;&nbsp; **27482** |
| **Interactive Media & Services 12.0%** | **Interactive Media & Services 12.0%** | **Interactive Media & Services 12.0%** |
| 3046 | Alphabet, Inc. Class A | &nbsp;&nbsp; 648524 |
| 1782 | Match Group, Inc. | &nbsp;&nbsp; 66540 |
| 1015 | Meta Platforms, Inc. Class A | &nbsp;&nbsp; 749780 |
|  |  | &nbsp;&nbsp; **1464844** |
| **IT Services 0.5%** | **IT Services 0.5%** | **IT Services 0.5%** |
| 270 | Cloudflare, Inc. Class A<sup>\*</sup> | &nbsp;&nbsp; **56352** |
| **Life Sciences Tools & Services 0.5%** | **Life Sciences Tools & Services 0.5%** | **Life Sciences Tools & Services 0.5%** |
| 119 | Thermo Fisher Scientific, Inc. | &nbsp;&nbsp; **58634** |
| **Machinery 1.1%** | **Machinery 1.1%** | **Machinery 1.1%** |
| 320 | Caterpillar, Inc. | &nbsp;&nbsp; **134093** |
| **Media 0.4%** | **Media 0.4%** | **Media 0.4%** |
| 888 | Trade Desk, Inc. Class A<sup>\*</sup> | &nbsp;&nbsp; **48538** |
| **Multi-Utilities 1.5%** | **Multi-Utilities 1.5%** | **Multi-Utilities 1.5%** |
| 4782 | CenterPoint Energy, Inc. | &nbsp;&nbsp; **180329** |
| **Oil, Gas & Consumable Fuels 0.5%** | **Oil, Gas & Consumable Fuels 0.5%** | **Oil, Gas & Consumable Fuels 0.5%** |
| 1132 | Williams Cos., Inc. | &nbsp;&nbsp; **65520** |
| **Pharmaceuticals 1.8%** | **Pharmaceuticals 1.8%** | **Pharmaceuticals 1.8%** |
| 294 | Eli Lilly & Co. | &nbsp;&nbsp; **215379** |
| **Professional Services 0.9%** | **Professional Services 0.9%** | **Professional Services 0.9%** |
| 458 | Equifax, Inc. | &nbsp;&nbsp; **112805** |
| **Semiconductors & Semiconductor Equipment 15.8%** | **Semiconductors & Semiconductor Equipment 15.8%** | **Semiconductors & Semiconductor Equipment 15.8%** |
| 254 | Analog Devices, Inc. | &nbsp;&nbsp; 63833 |
| 104 | ASML Holding NV | &nbsp;&nbsp; 77232 |
| 2257 | Broadcom, Inc. | &nbsp;&nbsp; 671209 |
| 6416 | NVIDIA Corp. | &nbsp;&nbsp; 1117539 |
|  |  | &nbsp;&nbsp; **1929813** |
| **Software 19.7%** | **Software 19.7%** | **Software 19.7%** |
| 198 | Crowdstrike Holdings, Inc. Class A<sup>\*</sup> | &nbsp;&nbsp; 83893 |
| 57 | CyberArk Software Ltd.<sup>\*</sup> | &nbsp;&nbsp; 25836 |
| 237 | HubSpot, Inc.<sup>\*</sup> | &nbsp;&nbsp; 114511 |
| 2893 | Microsoft Corp. | &nbsp;&nbsp; 1465854 |
| 437 | Salesforce, Inc. | &nbsp;&nbsp; 111981 |
| 229 | ServiceNow, Inc.<sup>\*</sup> | &nbsp;&nbsp; 210098 |
| 453 | Synopsys, Inc.<sup>\*</sup> | &nbsp;&nbsp; 273395 |
| 543 | Workday, Inc. Class A<sup>\*</sup> | &nbsp;&nbsp; 125335 |
|  |  | &nbsp;&nbsp; **2410903** |
| **Specialty Retail 4.6%** | **Specialty Retail 4.6%** | **Specialty Retail 4.6%** |
| 2051 | Chewy, Inc. Class A<sup>\*</sup> | &nbsp;&nbsp; 84009 |

---

See Notes to Financial Statements

------

Schedule of Investments Growth ETF^ (cont'd)

---

| | | |
|:---|:---|:---|
| Number of Shares | Number of Shares | Value |
| **Specialty Retail – cont'd** | **Specialty Retail – cont'd** | **Specialty Retail – cont'd** |
| 683 | Home Depot, Inc. | &nbsp;&nbsp; $277824 |
| 1422 | TJX Cos., Inc. | &nbsp;&nbsp; 194259 |
|  |  | &nbsp;&nbsp; **556092** |
| **Technology Hardware, Storage & Peripherals 4.9%** | **Technology Hardware, Storage & Peripherals 4.9%** | **Technology Hardware, Storage & Peripherals 4.9%** |
| 2591 | Apple, Inc. | &nbsp;&nbsp; **601475** |
| **Textiles, Apparel & Luxury Goods 0.4%** | **Textiles, Apparel & Luxury Goods 0.4%** | **Textiles, Apparel & Luxury Goods 0.4%** |
| 573 | NIKE, Inc. Class B | &nbsp;&nbsp; **44333** |
| **Tobacco 0.6%** | **Tobacco 0.6%** | **Tobacco 0.6%** |
| 452 | Philip Morris International, Inc. | &nbsp;&nbsp; **75543** |
| **Total Common Stocks (Cost $10,906,536)** | **Total Common Stocks (Cost $10,906,536)** | &nbsp;&nbsp; **12257109** |
| **Short-Term Investments 0.6%** | **Short-Term Investments 0.6%** | **Short-Term Investments 0.6%** |
| **Investment Companies 0.6%** | **Investment Companies 0.6%** | **Investment Companies 0.6%** |
| 79927 | &nbsp;&nbsp; State Street Institutional <br> U.S. Government Money Market <br> Fund Premier Class, 4.23%<sup>(b)</sup> <br>**(Cost $79,927)**<br>| &nbsp;&nbsp; **79927** |
| **Total Investments 100.9%** <br> **(Cost $10,986,463)** | **Total Investments 100.9%** <br> **(Cost $10,986,463)** | &nbsp;&nbsp; **12337036** |
| Liabilities Less Other Assets (0.9)% | Liabilities Less Other Assets (0.9)% | &nbsp;&nbsp; (112426)<br>|
| **Net Assets 100.0%** | **Net Assets 100.0%** | &nbsp;&nbsp; **$12224610** |

---

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

\* Non-income producing security.

(a) All or a portion of this security is on loan at August 31, 2025. Total value of all such securities at August 31, 2025 amounted to $149,384, collateralized by non-cash (U.S. Treasury Securities) collateral of $152,649 for the Fund (see Note A of the Notes to Financial Statements). 

(b) Represents 7-day effective yield as of August 31, 2025.

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 August 31, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Asset Valuation Inputs** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Investments: |  |  |  |  |
| Common Stocks<sup>#</sup> <br>| $12257109 | $— | $— | $12257109 |
| Short-Term Investments |  | 79927 |  | 79927 |
| **Total Investments** | **$12257109** | **$79927** | **$—** | **$12337036** |

---

&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

------

Schedule of Investments Japan Equity ETF^ August 31, 2025

---

| | | |
|:---|:---|:---|
| Number of Shares | Number of Shares | Value |
| **Common Stocks 98.5%** | **Common Stocks 98.5%** | **Common Stocks 98.5%** |
| **Automobile Components 5.1%** | **Automobile Components 5.1%** | **Automobile Components 5.1%** |
| 30200 | Niterra Co. Ltd. | &nbsp;&nbsp; $1075737 |
| 26000 | Sumitomo Electric Industries Ltd. | &nbsp;&nbsp; 728233 |
|  |  | &nbsp;&nbsp; **1803970** |
| **Automobiles 3.5%** | **Automobiles 3.5%** | **Automobiles 3.5%** |
| 63200 | Toyota Motor Corp. | &nbsp;&nbsp; **1223705** |
| **Banks 6.8%** | **Banks 6.8%** | **Banks 6.8%** |
| 62500 | Mitsubishi UFJ Financial Group, Inc. | &nbsp;&nbsp; 951191 |
| 107100 | Resona Holdings, Inc. | &nbsp;&nbsp; 1074152 |
| 8100 | Shiga Bank Ltd. | &nbsp;&nbsp; 358301 |
|  |  | &nbsp;&nbsp; **2383644** |
| **Beverages 0.5%** | **Beverages 0.5%** | **Beverages 0.5%** |
| 15000 | Asahi Group Holdings Ltd. | &nbsp;&nbsp; **188501** |
| **Broadline Retail 3.5%** | **Broadline Retail 3.5%** | **Broadline Retail 3.5%** |
| 25500 | &nbsp;&nbsp; Pan Pacific International Holdings <br> Corp.<br>| &nbsp;&nbsp; 919769 |
| 14200 | Ryohin Keikaku Co. Ltd. | &nbsp;&nbsp; 305406 |
|  |  | &nbsp;&nbsp; **1225175** |
| **Building Products 3.0%** | **Building Products 3.0%** | **Building Products 3.0%** |
| 24500 | Sanwa Holdings Corp. | &nbsp;&nbsp; 788796 |
| 4200 | &nbsp;&nbsp; Takasago Thermal Engineering Co. <br> Ltd.<br>| &nbsp;&nbsp; 254592 |
|  |  | &nbsp;&nbsp; **1043388** |
| **Capital Markets 1.8%** | **Capital Markets 1.8%** | **Capital Markets 1.8%** |
| 90800 | Nomura Holdings, Inc. | &nbsp;&nbsp; **646066** |
| **Chemicals 3.3%** | **Chemicals 3.3%** | **Chemicals 3.3%** |
| 18500 | Mitsubishi Gas Chemical Co., Inc. | &nbsp;&nbsp; 333781 |
| 91900 | Nippon Paint Holdings Co. Ltd. | &nbsp;&nbsp; 664987 |
| 14000 | Osaka Soda Co. Ltd. | &nbsp;&nbsp; 179507 |
|  |  | &nbsp;&nbsp; **1178275** |
| **Commercial Services & Supplies 2.2%** | **Commercial Services & Supplies 2.2%** | **Commercial Services & Supplies 2.2%** |
| 33300 | Daiei Kankyo Co. Ltd. | &nbsp;&nbsp; **759403** |
| **Construction & Engineering 3.8%** | **Construction & Engineering 3.8%** | **Construction & Engineering 3.8%** |
| 32400 | Kinden Corp. | &nbsp;&nbsp; 1155646 |
| 11200 | Obayashi Corp. | &nbsp;&nbsp; 181677 |
|  |  | &nbsp;&nbsp; **1337323** |
| **Electrical Equipment 1.0%** | **Electrical Equipment 1.0%** | **Electrical Equipment 1.0%** |
| 5800 | Fuji Electric Co. Ltd. | &nbsp;&nbsp; **365235** |
| **Electronic Equipment, Instruments & Components 2.8%** | **Electronic Equipment, Instruments & Components 2.8%** | **Electronic Equipment, Instruments & Components 2.8%** |
| 3600 | Ibiden Co. Ltd. | &nbsp;&nbsp; 172888 |
| 1000 | Keyence Corp. | &nbsp;&nbsp; 381243 |
| 15100 | Yokogawa Electric Corp. | &nbsp;&nbsp; 440776 |
|  |  | &nbsp;&nbsp; **994907** |

---

---

| | | |
|:---|:---|:---|
| Number of Shares | Number of Shares | Value |
| **Financial Services 1.5%** | **Financial Services 1.5%** | **Financial Services 1.5%** |
| 19900 | ORIX Corp. | &nbsp;&nbsp; **$513977** |
| **Ground Transportation 2.7%** | **Ground Transportation 2.7%** | **Ground Transportation 2.7%** |
| 39000 | East Japan Railway Co. | &nbsp;&nbsp; **956883** |
| **Health Care Equipment & Supplies 2.0%** | **Health Care Equipment & Supplies 2.0%** | **Health Care Equipment & Supplies 2.0%** |
| 3600 | Hoya Corp. | &nbsp;&nbsp; 464856 |
| 14400 | Terumo Corp. | &nbsp;&nbsp; 258204 |
|  |  | &nbsp;&nbsp; **723060** |
| **Hotels, Restaurants & Leisure 2.2%** | **Hotels, Restaurants & Leisure 2.2%** | **Hotels, Restaurants & Leisure 2.2%** |
| 60900 | Resorttrust, Inc. | &nbsp;&nbsp; **777679** |
| **Household Durables 3.2%** | **Household Durables 3.2%** | **Household Durables 3.2%** |
| 41900 | Sony Group Corp. | &nbsp;&nbsp; **1145175** |
| **Industrial Conglomerates 1.3%** | **Industrial Conglomerates 1.3%** | **Industrial Conglomerates 1.3%** |
| 17400 | Hitachi Ltd. | &nbsp;&nbsp; **468815** |
| **Insurance 4.8%** | **Insurance 4.8%** | **Insurance 4.8%** |
| 39200 | Tokio Marine Holdings, Inc. | &nbsp;&nbsp; **1681207** |
| **IT Services 5.1%** | **IT Services 5.1%** | **IT Services 5.1%** |
| 25000 | NEC Corp. | &nbsp;&nbsp; 761268 |
| 33000 | SCSK Corp. | &nbsp;&nbsp; 1051187 |
|  |  | &nbsp;&nbsp; **1812455** |
| **Machinery 11.4%** | **Machinery 11.4%** | **Machinery 11.4%** |
| 58400 | Amada Co. Ltd. | &nbsp;&nbsp; 742101 |
| 11100 | Daifuku Co. Ltd. | &nbsp;&nbsp; 349365 |
| 25000 | Ebara Corp. | &nbsp;&nbsp; 514058 |
| 4800 | FANUC Corp. | &nbsp;&nbsp; 133437 |
| 15100 | Hoshizaki Corp. | &nbsp;&nbsp; 580547 |
| 33100 | Mitsubishi Heavy Industries Ltd. | &nbsp;&nbsp; 835186 |
| 2300 | Organo Corp. | &nbsp;&nbsp; 173748 |
| 6400 | Toyota Industries Corp. | &nbsp;&nbsp; 704975 |
|  |  | &nbsp;&nbsp; **4033417** |
| **Media 2.4%** | **Media 2.4%** | **Media 2.4%** |
| 6000 | Fuji Media Holdings, Inc. | &nbsp;&nbsp; 134865 |
| 14500 | Nippon Television Holdings, Inc. | &nbsp;&nbsp; 379595 |
| 9500 | TBS Holdings, Inc. | &nbsp;&nbsp; 346850 |
|  |  | &nbsp;&nbsp; **861310** |
| **Metals & Mining 2.8%** | **Metals & Mining 2.8%** | **Metals & Mining 2.8%** |
| 12500 | &nbsp;&nbsp; OSAKA Titanium Technologies Co. <br> Ltd.<br>| &nbsp;&nbsp; 215319 |
| 17700 | UACJ Corp. | &nbsp;&nbsp; 755494 |
|  |  | &nbsp;&nbsp; **970813** |
| **Pharmaceuticals 2.1%** | **Pharmaceuticals 2.1%** | **Pharmaceuticals 2.1%** |
| 4800 | Chugai Pharmaceutical Co. Ltd. | &nbsp;&nbsp; 212118 |
| 6800 | Daiichi Sankyo Co. Ltd. | &nbsp;&nbsp; 162600 |
| 36000 | Sumitomo Pharma Co. Ltd.<sup>\*</sup> | &nbsp;&nbsp; 369137 |
|  |  | &nbsp;&nbsp; **743855** |

---

See Notes to Financial Statements

------

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

---

| | | |
|:---|:---|:---|
| Number of Shares | Number of Shares | Value |
| **Professional Services 1.6%** | **Professional Services 1.6%** | **Professional Services 1.6%** |
| 9600 | Recruit Holdings Co. Ltd. | &nbsp;&nbsp; **$549344** |
| **Real Estate Management & Development 5.5%** | **Real Estate Management & Development 5.5%** | **Real Estate Management & Development 5.5%** |
| 48000 | Mitsui Fudosan Co. Ltd. | &nbsp;&nbsp; 507467 |
| 12900 | &nbsp;&nbsp; Sumitomo Realty & Development <br> Co. Ltd.<br>| &nbsp;&nbsp; 529929 |
| 114000 | Tokyu Fudosan Holdings Corp. | &nbsp;&nbsp; 914447 |
|  |  | &nbsp;&nbsp; **1951843** |
| **Semiconductors & Semiconductor Equipment 0.8%** | **Semiconductors & Semiconductor Equipment 0.8%** | **Semiconductors & Semiconductor Equipment 0.8%** |
| 2200 | Tokyo Electron Ltd. | &nbsp;&nbsp; **299609** |
| **Specialty Retail 2.8%** | **Specialty Retail 2.8%** | **Specialty Retail 2.8%** |
| 81400 | USS Co. Ltd. | &nbsp;&nbsp; **986106** |
| **Textiles, Apparel & Luxury Goods 1.9%** | **Textiles, Apparel & Luxury Goods 1.9%** | **Textiles, Apparel & Luxury Goods 1.9%** |
| 24700 | Asics Corp. | &nbsp;&nbsp; **663975** |

---

---

| | | |
|:---|:---|:---|
| Number of Shares | Number of Shares | Value |
| **Trading Companies & Distributors 2.7%** | **Trading Companies & Distributors 2.7%** | **Trading Companies & Distributors 2.7%** |
| 10900 | ITOCHU Corp. | &nbsp;&nbsp; $615727 |
| 14400 | Mitsui & Co. Ltd. | &nbsp;&nbsp; 331508 |
|  |  | &nbsp;&nbsp; **947235** |
| **Transportation Infrastructure 3.0%** | **Transportation Infrastructure 3.0%** | **Transportation Infrastructure 3.0%** |
| 125700 | Mitsubishi Logistics Corp. | &nbsp;&nbsp; **1042394** |
| **Wireless Telecommunication Services 1.4%** | **Wireless Telecommunication Services 1.4%** | **Wireless Telecommunication Services 1.4%** |
| 28800 | KDDI Corp. | &nbsp;&nbsp; **497760** |
| **Total Investments 98.5%** <br> **(Cost $29,885,963)** | **Total Investments 98.5%** <br> **(Cost $29,885,963)** | &nbsp;&nbsp; **34776504** |
| Other Assets Less Liabilities 1.5% | Other Assets Less Liabilities 1.5% | &nbsp;&nbsp; 513438 |
| **Net Assets 100.0%** | **Net Assets 100.0%** | &nbsp;&nbsp; **$35289942** |

---

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

\* Non-income producing security.

&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; $34776504 | 98.5<br> %<br>|
| Short-Term Investments and Other Assets—Net | &nbsp;&nbsp; 513438 | 1.5<br> %<br>|
|  | &nbsp;&nbsp; **$35289942** | **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 August 31, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Asset Valuation Inputs** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Investments: |  |  |  |  |
| Common Stocks<sup>#</sup> <br>| $— | $34776504 | $— | $34776504 |
| **Total Investments** | **$—** | **$34776504** | **$—** | **$34776504** |

---

&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

------

Schedule of Investments Option Strategy ETF^ August 31, 2025

---

| | | |
|:---|:---|:---|
| Principal Amount | Principal Amount | Value |
| **U.S. Treasury Obligations 92.8%** | **U.S. Treasury Obligations 92.8%** | **U.S. Treasury Obligations 92.8%** |
|  | U.S. Treasury Notes |  |
| $53100000 | 3.50%, due 9/15/2025 | &nbsp;&nbsp; $53086692 |
| 57200000 | 4.00%, due 12/15/2025 | &nbsp;&nbsp; 57179891<br> <sup>(a)</sup><br>|
| 119200000 | 4.63%, due 3/15/2026 - 9/15/2026 | &nbsp;&nbsp; 119890924 |
| 58500000 | 4.13%, due 6/15/2026 | &nbsp;&nbsp; 58582837 |
| 60300000 | 4.38%, due 12/15/2026 | &nbsp;&nbsp; 60742828 |
| 55200000 | 4.25%, due 3/15/2027 | &nbsp;&nbsp; 55633406<br> <sup>(a)</sup><br>|
| **Total U.S. Treasury Obligations (Cost $404,214,626)** | **Total U.S. Treasury Obligations (Cost $404,214,626)** | &nbsp;&nbsp; **405116578** |
| Number of Shares | Number of Shares |  |
| **Short-Term Investments 6.5%** | **Short-Term Investments 6.5%** | **Short-Term Investments 6.5%** |
| **Investment Companies 6.5%** | **Investment Companies 6.5%** | **Investment Companies 6.5%** |
| 28286403 | &nbsp;&nbsp; State Street Institutional U.S. Government Money Market Fund Premier Class, 4.23%<sup>(b)</sup> <br>**(Cost $28,286,403)**<br>| &nbsp;&nbsp; **28286403** |
| **Total Investments 99.3% (Cost $432,501,029)** | **Total Investments 99.3% (Cost $432,501,029)** | &nbsp;&nbsp; **433402981** |
| Other Assets Less Liabilities 0.7% | Other Assets Less Liabilities 0.7% | &nbsp;&nbsp; 3157641<br> <sup>(c)</sup><br>|
| **Net Assets 100.0%** | **Net Assets 100.0%** | &nbsp;&nbsp; **$436560622** |

---

&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 August 31, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Includes the impact of the Fund's open positions in derivatives at August 31, 2025.

See Notes to Financial Statements

------

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

Derivative Instruments

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

At August 31, 2025, 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; 160 | &nbsp;&nbsp; $(10320800) | &nbsp;&nbsp; $632 | 9/5/2025 | &nbsp;&nbsp; $(12800) |
| SPDR S&P 500 ETF Trust | &nbsp;&nbsp; 1417 | &nbsp;&nbsp; (91403585) | &nbsp;&nbsp; 637 | 9/5/2025 | &nbsp;&nbsp; (202631) |
| SPDR S&P 500 ETF Trust | &nbsp;&nbsp; 156 | &nbsp;&nbsp; (10062780) | &nbsp;&nbsp; 647 | 9/5/2025 | &nbsp;&nbsp; (69810) |
| SPDR S&P 500 ETF Trust | &nbsp;&nbsp; 16 | &nbsp;&nbsp; (1032080) | &nbsp;&nbsp; 636 | 9/12/2025 | &nbsp;&nbsp; (4512) |
| SPDR S&P 500 ETF Trust | &nbsp;&nbsp; 752 | &nbsp;&nbsp; (48507760) | &nbsp;&nbsp; 641 | 9/12/2025 | &nbsp;&nbsp; (299672) |
| SPDR S&P 500 ETF Trust | &nbsp;&nbsp; 492 | &nbsp;&nbsp; (31736460) | &nbsp;&nbsp; 643 | 9/12/2025 | &nbsp;&nbsp; (226074) |
| SPDR S&P 500 ETF Trust | &nbsp;&nbsp; 470 | &nbsp;&nbsp; (30317350) | &nbsp;&nbsp; 644 | 9/12/2025 | &nbsp;&nbsp; (231945) |
| SPDR S&P 500 ETF Trust | &nbsp;&nbsp; 2 | &nbsp;&nbsp; (129010) | &nbsp;&nbsp; 637 | 9/19/2025 | (970) |
| SPDR S&P 500 ETF Trust | &nbsp;&nbsp; 48 | &nbsp;&nbsp; (3096240) | &nbsp;&nbsp; 641 | 9/19/2025 | &nbsp;&nbsp; (28536) |
| SPDR S&P 500 ETF Trust | &nbsp;&nbsp; 110 | &nbsp;&nbsp; (7095550) | &nbsp;&nbsp; 642 | 9/19/2025 | &nbsp;&nbsp; (68915) |
| SPDR S&P 500 ETF Trust | &nbsp;&nbsp; 1533 | &nbsp;&nbsp; (98886165) | &nbsp;&nbsp; 644 | 9/19/2025 | &nbsp;&nbsp; (1067734) |
| SPDR S&P 500 ETF Trust | &nbsp;&nbsp; 20 | &nbsp;&nbsp; (1290100) | &nbsp;&nbsp; 645 | 9/19/2025 | &nbsp;&nbsp; (14710) |
| SPDR S&P 500 ETF Trust | &nbsp;&nbsp; 115 | &nbsp;&nbsp; (7418075) | &nbsp;&nbsp; 640 | 9/26/2025 | &nbsp;&nbsp; (76993) |
| SPDR S&P 500 ETF Trust | &nbsp;&nbsp; 416 | &nbsp;&nbsp; (26834080) | &nbsp;&nbsp; 642 | 9/26/2025 | &nbsp;&nbsp; (304512) |
| SPDR S&P 500 ETF Trust | &nbsp;&nbsp; 816 | &nbsp;&nbsp; (52636080) | 642.5 | 9/26/2025 | &nbsp;&nbsp; (610776) |
| SPDR S&P 500 ETF Trust | &nbsp;&nbsp; 92 | &nbsp;&nbsp; (5934460) | &nbsp;&nbsp; 644 | 9/26/2025 | &nbsp;&nbsp; (73692) |
| SPDR S&P 500 ETF Trust | &nbsp;&nbsp; 234 | &nbsp;&nbsp; (15094170) | &nbsp;&nbsp; 645 | 9/26/2025 | &nbsp;&nbsp; (196326) |
| **Total options written (premium received $5,035,659)** | **Total options written (premium received $5,035,659)** | **Total options written (premium received $5,035,659)** | **Total options written (premium received $5,035,659)** | **Total options written (premium received $5,035,659)** | &nbsp;&nbsp; **$(3490608)** |

---

For the year ended August 31, 2025, the average market value for the months where the Fund had options written outstanding was $(5,025,493). At August 31, 2025, the Fund had securities pledged in the amount of $102,374,297 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 August 31, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Asset Valuation Inputs** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Investments: |  |  |  |  |
| U.S. Treasury Obligations | $— | $405116578 | $— | $405116578 |
| Short-Term Investments |  | 28286403 |  | 28286403 |
| **Total Investments** | **$—** | **$433402981** | **$—** | **$433402981** |

---

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 August 31, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Other Financial Instruments** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Options Written |  |  |  |  |
| Liabilities | $(3490608)<br>| $— | $— | $(3490608)<br>|
| **Total** | **$(3490608)**<br>| **$—** | **$—** | **$(3490608)**<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

------

Schedule of Investments Small-Mid Cap ETF^ August 31, 2025

---

| | | |
|:---|:---|:---|
| Number of Shares | Number of Shares | Value |
| **Common Stocks 98.5%** | **Common Stocks 98.5%** | **Common Stocks 98.5%** |
| **Aerospace & Defense 0.6%** | **Aerospace & Defense 0.6%** | **Aerospace & Defense 0.6%** |
| 6612 | VSE Corp. | &nbsp;&nbsp; **$1073789** |
| **Banks 6.7%** | **Banks 6.7%** | **Banks 6.7%** |
| 61090 | &nbsp;&nbsp; Community Financial System, <br> Inc.<br>| &nbsp;&nbsp; 3658680 |
| 18792 | Cullen/Frost Bankers, Inc. | &nbsp;&nbsp; 2424732 |
| 47960 | Prosperity Bancshares, Inc. | &nbsp;&nbsp; 3315475 |
| 23304 | UMB Financial Corp. | &nbsp;&nbsp; 2840757 |
|  |  | &nbsp;&nbsp; **12239644** |
| **Building Products 4.6%** | **Building Products 4.6%** | **Building Products 4.6%** |
| 19026 | &nbsp;&nbsp; Armstrong World Industries, <br> Inc.<br>| &nbsp;&nbsp; 3724720 |
| 14210 | &nbsp;&nbsp; Simpson Manufacturing Co., <br> Inc.<br>| &nbsp;&nbsp; 2715815 |
| 30189 | Trex Co., Inc.<sup>\*</sup> | &nbsp;&nbsp; 1860548 |
|  |  | &nbsp;&nbsp; **8301083** |
| **Commercial Services & Supplies 5.2%** | **Commercial Services & Supplies 5.2%** | **Commercial Services & Supplies 5.2%** |
| 47541 | Brady Corp. Class A | &nbsp;&nbsp; 3712001 |
| 45071 | Rollins, Inc. | &nbsp;&nbsp; 2548314 |
| 87509 | Tetra Tech, Inc. | &nbsp;&nbsp; 3187078 |
|  |  | &nbsp;&nbsp; **9447393** |
| **Construction & Engineering 4.5%** | **Construction & Engineering 4.5%** | **Construction & Engineering 4.5%** |
| 38399 | Arcosa, Inc. | &nbsp;&nbsp; 3799581 |
| 12018 | Valmont Industries, Inc. | &nbsp;&nbsp; 4412048 |
|  |  | &nbsp;&nbsp; **8211629** |
| **Consumer Staples Distribution & Retail 1.4%** | **Consumer Staples Distribution & Retail 1.4%** | **Consumer Staples Distribution & Retail 1.4%** |
| 5204 | Casey's General Stores, Inc. | &nbsp;&nbsp; **2573482** |
| **Containers & Packaging 2.1%** | **Containers & Packaging 2.1%** | **Containers & Packaging 2.1%** |
| 27326 | AptarGroup, Inc. | &nbsp;&nbsp; **3805692** |
| **Diversified Consumer Services 1.6%** | **Diversified Consumer Services 1.6%** | **Diversified Consumer Services 1.6%** |
| 24517 | &nbsp;&nbsp; Bright Horizons Family <br> Solutions, Inc.<sup>\*</sup><br>| &nbsp;&nbsp; **2893987** |
| **Electric Utilities 1.5%** | **Electric Utilities 1.5%** | **Electric Utilities 1.5%** |
| 42452 | Alliant Energy Corp. | &nbsp;&nbsp; **2762352** |
| **Electronic Equipment, Instruments & Components 2.1%** | **Electronic Equipment, Instruments & Components 2.1%** | **Electronic Equipment, Instruments & Components 2.1%** |
| 14848 | Littelfuse, Inc. | &nbsp;&nbsp; **3857956** |
| **Energy Equipment & Services 2.2%** | **Energy Equipment & Services 2.2%** | **Energy Equipment & Services 2.2%** |
| 66212 | Tidewater, Inc.<sup>\*</sup> | &nbsp;&nbsp; **3985962** |
| **Financial Services 1.0%** | **Financial Services 1.0%** | **Financial Services 1.0%** |
| 20350 | Shift4 Payments, Inc. Class A<sup>\*</sup> | &nbsp;&nbsp; **1840250** |
| **Health Care Equipment & Supplies 1.7%** | **Health Care Equipment & Supplies 1.7%** | **Health Care Equipment & Supplies 1.7%** |
| 56788 | Haemonetics Corp.<sup>\*</sup> | &nbsp;&nbsp; **3097217** |

---

---

| | | |
|:---|:---|:---|
| Number of Shares | Number of Shares | Value |
| **Health Care Providers & Services 1.9%** | **Health Care Providers & Services 1.9%** | **Health Care Providers & Services 1.9%** |
| 7660 | Chemed Corp. | &nbsp;&nbsp; **$3507897** |
| **Hotels, Restaurants & Leisure 1.7%** | **Hotels, Restaurants & Leisure 1.7%** | **Hotels, Restaurants & Leisure 1.7%** |
| 17534 | Texas Roadhouse, Inc. | &nbsp;&nbsp; **3025492** |
| **Household Durables 1.5%** | **Household Durables 1.5%** | **Household Durables 1.5%** |
| 10468 | Installed Building Products, Inc. | &nbsp;&nbsp; **2740732** |
| **Insurance 5.9%** | **Insurance 5.9%** | **Insurance 5.9%** |
| 115615 | Hagerty, Inc. Class A<sup>\*</sup> | &nbsp;&nbsp; 1323792 |
| 46761 | Ryan Specialty Holdings, Inc. | &nbsp;&nbsp; 2643399 |
| 42145 | &nbsp;&nbsp; Stewart Information Services <br> Corp.<br>| &nbsp;&nbsp; 3069842 |
| 1991 | &nbsp;&nbsp; White Mountains Insurance <br> Group Ltd.<br>| &nbsp;&nbsp; 3643888 |
|  |  | &nbsp;&nbsp; **10680921** |
| **Life Sciences Tools & Services 0.9%** | **Life Sciences Tools & Services 0.9%** | **Life Sciences Tools & Services 0.9%** |
| 31425 | Bio-Techne Corp. | &nbsp;&nbsp; **1716748** |
| **Machinery 16.0%** | **Machinery 16.0%** | **Machinery 16.0%** |
| 18927 | Crane Co. | &nbsp;&nbsp; 3507173 |
| 70088 | Enerpac Tool Group Corp. | &nbsp;&nbsp; 2967526 |
| 173407 | Gates Industrial Corp. PLC<sup>\*</sup> | &nbsp;&nbsp; 4432283 |
| 23705 | ITT, Inc. | &nbsp;&nbsp; 4035776 |
| 5492 | Kadant, Inc. | &nbsp;&nbsp; 1775454 |
| 15911 | Lincoln Electric Holdings, Inc. | &nbsp;&nbsp; 3860486 |
| 11653 | RBC Bearings, Inc.<sup>\*</sup> | &nbsp;&nbsp; 4544204 |
| 49000 | Toro Co. | &nbsp;&nbsp; 3971940 |
|  |  | &nbsp;&nbsp; **29094842** |
| **Marine Transportation 2.0%** | **Marine Transportation 2.0%** | **Marine Transportation 2.0%** |
| 36860 | Kirby Corp.<sup>\*</sup> | &nbsp;&nbsp; **3582792** |
| **Media 2.9%** | **Media 2.9%** | **Media 2.9%** |
| 58436 | John Wiley & Sons, Inc. Class A | &nbsp;&nbsp; 2371333 |
| 14306 | &nbsp;&nbsp; Nexstar Media Group, Inc. <br> Class A<br>| &nbsp;&nbsp; 2926006 |
|  |  | &nbsp;&nbsp; **5297339** |
| **Oil, Gas & Consumable Fuels 2.9%** | **Oil, Gas & Consumable Fuels 2.9%** | **Oil, Gas & Consumable Fuels 2.9%** |
| 111046 | CNX Resources Corp.<sup>\*</sup> | &nbsp;&nbsp; 3242543 |
| 53287 | Viper Energy, Inc. Class A | &nbsp;&nbsp; 2123221 |
|  |  | &nbsp;&nbsp; **5365764** |
| **Professional Services 1.0%** | **Professional Services 1.0%** | **Professional Services 1.0%** |
| 29927 | UL Solutions, Inc. Class A | &nbsp;&nbsp; **1890489** |
| **Real Estate Management & Development 4.5%** | **Real Estate Management & Development 4.5%** | **Real Estate Management & Development 4.5%** |
| 27735 | &nbsp;&nbsp; Colliers International Group, <br> Inc.<br>| &nbsp;&nbsp; 4585982 |
| 17920 | FirstService Corp. | &nbsp;&nbsp; 3605504 |
|  |  | &nbsp;&nbsp; **8191486** |
| **Semiconductors & Semiconductor Equipment 5.2%** | **Semiconductors & Semiconductor Equipment 5.2%** | **Semiconductors & Semiconductor Equipment 5.2%** |
| 28330 | Entegris, Inc. | &nbsp;&nbsp; 2372354 |

---

See Notes to Financial Statements

------

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

---

| | | |
|:---|:---|:---|
| Number of Shares | Number of Shares | Value |
| **Semiconductors & Semiconductor Equipment – cont'd** | **Semiconductors & Semiconductor Equipment – cont'd** | **Semiconductors & Semiconductor Equipment – cont'd** |
| 41719 | Lattice Semiconductor Corp.<sup>\*</sup> | &nbsp;&nbsp; $2769307 |
| 19822 | MKS, Inc. | &nbsp;&nbsp; 2048406 |
| 48401 | Power Integrations, Inc. | &nbsp;&nbsp; 2182885 |
|  |  | &nbsp;&nbsp; **9372952** |
| **Software 10.0%** | **Software 10.0%** | **Software 10.0%** |
| 60761 | Bentley Systems, Inc. Class B | &nbsp;&nbsp; 3381350 |
| 11456 | Commvault Systems, Inc.<sup>\*</sup> | &nbsp;&nbsp; 2138205 |
| 2668 | Fair Isaac Corp.<sup>\*</sup> | &nbsp;&nbsp; 4059735 |
| 15279 | Manhattan Associates, Inc.<sup>\*</sup> | &nbsp;&nbsp; 3291708 |
| 16824 | SPS Commerce, Inc.<sup>\*</sup> | &nbsp;&nbsp; 1855687 |
| 6109 | Tyler Technologies, Inc.<sup>\*</sup> | &nbsp;&nbsp; 3438634 |
|  |  | &nbsp;&nbsp; **18165319** |
| **Specialty Retail 2.3%** | **Specialty Retail 2.3%** | **Specialty Retail 2.3%** |
| 3200 | Murphy USA, Inc. | &nbsp;&nbsp; 1204800 |
| 49501 | Tractor Supply Co. | &nbsp;&nbsp; 3057182 |
|  |  | &nbsp;&nbsp; **4261982** |
| **Trading Companies & Distributors 3.2%** | **Trading Companies & Distributors 3.2%** | **Trading Companies & Distributors 3.2%** |
| 44641 | Core & Main, Inc. Class A<sup>\*</sup> | &nbsp;&nbsp; 2889166 |
| 7196 | Watsco, Inc. | &nbsp;&nbsp; 2895526 |
|  |  | &nbsp;&nbsp; **5784692** |

---

---

| | | |
|:---|:---|:---|
| Number of Shares | Number of Shares | Value |
| **Water Utilities 1.4%** | **Water Utilities 1.4%** | **Water Utilities 1.4%** |
| 33658 | American States Water Co. | &nbsp;&nbsp; **$2508531** |
| **Total Common Stocks (Cost $176,982,262)** | **Total Common Stocks (Cost $176,982,262)** | &nbsp;&nbsp; **179278414** |
| **Short-Term Investments 1.6%** | **Short-Term Investments 1.6%** | **Short-Term Investments 1.6%** |
| **Investment Companies 1.6%** | **Investment Companies 1.6%** | **Investment Companies 1.6%** |
| 2898185 | &nbsp;&nbsp; State Street Institutional <br> Treasury Money Market Fund <br> Premier Class, 4.19%<sup>(a)</sup> <br>**(Cost $2,898,185)**<br>| &nbsp;&nbsp; **2898185** |
| **Total Investments 100.1%** <br> **(Cost $179,880,447)** | **Total Investments 100.1%** <br> **(Cost $179,880,447)** | &nbsp;&nbsp; **182176599** |
| Liabilities Less Other Assets (0.1)% | Liabilities Less Other Assets (0.1)% | &nbsp;&nbsp; (272396)<br>|
| **Net Assets 100.0%** | **Net Assets 100.0%** | &nbsp;&nbsp; **$181904203** |

---

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

\* Non-income producing security. <br> (a) Represents 7-day effective yield as of August 31, 2025.

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 August 31, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Asset Valuation Inputs** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Investments: |  |  |  |  |
| Common Stocks<sup>#</sup> <br>| $179278414 | $— | $— | $179278414 |
| Short-Term Investments |  | 2898185 |  | 2898185 |
| **Total Investments** | **$179278414** | **$2898185** | **$—** | **$182176599** |

---

&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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------

Statements of Assets and Liabilities

**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>|
|  | **August 31, 2025** | **August 31, 2025** | **August 31, 2025** |
| **Assets** |  |  |  |
| Investments in securities, at value<sup>\*†</sup> (Note A)— <br>see Schedule of Investments:<br>|  |  |  |
| Unaffiliated issuers<sup>(a)</sup> | &nbsp;&nbsp; $7464862 | &nbsp;&nbsp; $233547857 | &nbsp;&nbsp; $387924999 |
| Cash | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Foreign currency<sup>(b)</sup> | &nbsp;&nbsp; 2044 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Cash collateral segregated for futures contracts (Note A) | &nbsp;&nbsp; — | &nbsp;&nbsp; 15031531 | &nbsp;&nbsp; — |
| Dividends and interest receivable | &nbsp;&nbsp; 910 | &nbsp;&nbsp; 1235465 | &nbsp;&nbsp; 301513 |
| Receivable for securities sold | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Receivable for accumulated variation margin on futures contracts (Note A) | &nbsp;&nbsp; — | &nbsp;&nbsp; 3976474 | &nbsp;&nbsp; — |
| Receivable from Management—net (Note B) | &nbsp;&nbsp; 30219 | &nbsp;&nbsp; 14360 | &nbsp;&nbsp; 7601 |
| Receivable for Fund shares sold | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Receivable for securities lending income (Note A) | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Prepaid expenses and other assets | &nbsp;&nbsp; 3225 | &nbsp;&nbsp; 9075 | &nbsp;&nbsp; 8255 |
| Total Assets | &nbsp;&nbsp; 7501260 | &nbsp;&nbsp; 253814762 | &nbsp;&nbsp; 388242368 |
| **Liabilities** |  |  |  |
| Payable to investment manager—net (Note B) | &nbsp;&nbsp; 3481 | &nbsp;&nbsp; 103997 | &nbsp;&nbsp; 64661 |
| Option contracts written, at value<sup>(c)</sup> (Note A) | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Due to custodian | &nbsp;&nbsp; — | &nbsp;&nbsp; 21516 | &nbsp;&nbsp; — |
| Payable for securities purchased | &nbsp;&nbsp; 38710 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Payable to administrator—net (Note B) | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Payable to trustees | &nbsp;&nbsp; 9832 | &nbsp;&nbsp; 9639 | &nbsp;&nbsp; 9599 |
| Payable for audit fees | &nbsp;&nbsp; 28780 | &nbsp;&nbsp; 52400 | &nbsp;&nbsp; 33010 |
| Payable for custodian and accounting fees | &nbsp;&nbsp; 11017 | &nbsp;&nbsp; 19150 | &nbsp;&nbsp; 14486 |
| Payable for shareholder reports | &nbsp;&nbsp; 7908 | &nbsp;&nbsp; 12127 | &nbsp;&nbsp; 6275 |
| Payable for legal fees | &nbsp;&nbsp; 48977 | &nbsp;&nbsp; 44012 | &nbsp;&nbsp; 39854 |
| Payable for organization costs | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Other accrued expenses and payables | &nbsp;&nbsp; 3722 | &nbsp;&nbsp; 20864 | &nbsp;&nbsp; 7869 |
| Total Liabilities | &nbsp;&nbsp; 152427 | &nbsp;&nbsp; 283705 | &nbsp;&nbsp; 175754 |
| Net Assets  | &nbsp;&nbsp; $7348833 | &nbsp;&nbsp; $253531057 | &nbsp;&nbsp; $388066614 |
| **Net Assets consist of:** |  |  |  |
| Paid-in capital | &nbsp;&nbsp; $23591584 | &nbsp;&nbsp; $343040571 | &nbsp;&nbsp; $338866326 |
| Total distributable earnings/(losses) | &nbsp;&nbsp; (16242751)<br>| &nbsp;&nbsp; (89509514)<br>| &nbsp;&nbsp; 49200288 |
| Net Assets  | &nbsp;&nbsp; $7348833 | &nbsp;&nbsp; $253531057 | &nbsp;&nbsp; $388066614 |
| **Shares Outstanding ($0.001 par value; unlimited shares authorized)** | &nbsp;&nbsp; 236994 | &nbsp;&nbsp; 11063076 | &nbsp;&nbsp; 12950001 |
| **Net Asset Value, offering and redemption price per share** | &nbsp;&nbsp; $31.01 | &nbsp;&nbsp; $22.92 | &nbsp;&nbsp; $29.97 |
| **†Securities on loan, at value:** |  |  |  |
| Unaffiliated issuers | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— |
| **\*Cost of Investments:** |  |  |  |
| (a) Unaffiliated issuers | &nbsp;&nbsp; $5994656 | &nbsp;&nbsp; $233238828 | &nbsp;&nbsp; $338989163 |
| (b) Total cost of foreign currency | &nbsp;&nbsp; $88 | &nbsp;&nbsp; $21516 | &nbsp;&nbsp; $— |
| (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

------

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Disrupters ETF** | **Growth ETF** | **Japan** <br>**Equity ETF**<br>| **Option Strategy ETF** | **Small-Mid Cap ETF** |
| **August 31, 2025** | **August 31, 2025** | **August 31, 2025** | **August 31, 2025** | **August 31, 2025** |
| $26876232 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $12337036 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $34776504 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $433402981 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $182176599 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 193787 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1084983 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| 4454 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7109 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35040 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6161597 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 100441 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 944287 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 629096 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 18565 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 27600 | &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; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 649653 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3288 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3587 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12160 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9538 |
| 26880686 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12366029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 36872001 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 440399621 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 182936231 |
| 12172 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3518 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11752 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 152573 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 76732 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3490608 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 379614 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1084171 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 46953 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 805890 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3481 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3479 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9831 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9820 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9433 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9666 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 29910 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 29280 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 42701 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30020 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9072 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10743 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7450 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15297 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4625 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12503 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8304 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 45000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 44987 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 55013 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 46890 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30469 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25031 |
| 58 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9595 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7067 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 18284 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10719 |
| 12230 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 141419 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1582059 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3838999 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1032028 |
| $26868456 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $12224610 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $35289942 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $436560622 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $181904203 |
| $21269746 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $10921659 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $30587638 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $438680620 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $184401580 |
| 5598710 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1302951 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4702304 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2119998)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2497377)<br>|
| $26868456 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $12224610 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $35289942 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $436560622 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $181904203 |
| 779000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 450001 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1200001 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16498476 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7000001 |
| $34.49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $27.17 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $29.41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $26.46 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $25.99 |
| $— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $149384 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $— |
| $20743388 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $10986463 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $29885963 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $432501029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $179880447 |
| $— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $1083988 | &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; $5035659 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $— |

---

------

Statements of Operations

**Neuberger Berman ETF Trust** 

---

| | | | |
|:---|:---|:---|:---|
|  | **China** <br>**Equity ETF**<br>| **Commodity** <br>**Strategy ETF**<sup>\*\*</sup><br>| **Core** <br>**Equity ETF**<br>|
|  | **For the Fiscal** <br>**Year Ended** <br>**August 31,** <br>**2025**<br>| **For the Fiscal** <br>**Year Ended** <br>**August 31,** <br>**2025**<br>| **For the Fiscal** <br>**Year Ended** <br>**August 31,** <br>**2025**<br>|
| **Investment Income:** |  |  |  |
| Income (Note A): |  |  |  |
| Dividend income—unaffiliated issuers | &nbsp;&nbsp; $149169 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $3339410 |
| Interest income—unaffiliated issuers | &nbsp;&nbsp; 10649 | &nbsp;&nbsp; 10435566 | &nbsp;&nbsp; 24305 |
| Income from securities loaned—net | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Foreign taxes withheld | &nbsp;&nbsp; (13511)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (7917)<br>|
| Total income  | &nbsp;&nbsp; $146307 | &nbsp;&nbsp; $10435566 | &nbsp;&nbsp; $3355798 |
| **Expenses:** |  |  |  |
| Investment management fees (Note B) | &nbsp;&nbsp; 36832 | &nbsp;&nbsp; 1102289 | &nbsp;&nbsp; 820021 |
| Administration fees (Note B) | &nbsp;&nbsp; 5525 | &nbsp;&nbsp; 198413 | &nbsp;&nbsp; 246006 |
| Transfer agent fees | &nbsp;&nbsp; 11917 | &nbsp;&nbsp; 11917 | &nbsp;&nbsp; 12000 |
| Audit fees | &nbsp;&nbsp; 27000 | &nbsp;&nbsp; 28747 | &nbsp;&nbsp; 32450 |
| Organization expenses (Note A) | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 56408 |
| Subsidiary administration fees | &nbsp;&nbsp; — | &nbsp;&nbsp; 50001 | &nbsp;&nbsp; — |
| Custodian and accounting fees | &nbsp;&nbsp; 40543 | &nbsp;&nbsp; 92036 | &nbsp;&nbsp; 59352 |
| Insurance | &nbsp;&nbsp; 150 | &nbsp;&nbsp; 6872 | &nbsp;&nbsp; 2663 |
| Legal fees | &nbsp;&nbsp; 93511 | &nbsp;&nbsp; 73992 | &nbsp;&nbsp; 73082 |
| Registration and filing fees | &nbsp;&nbsp; 489 | &nbsp;&nbsp; — | &nbsp;&nbsp; 25800 |
| Shareholder reports | &nbsp;&nbsp; 9241 | &nbsp;&nbsp; 15076 | &nbsp;&nbsp; 12864 |
| Stock exchange listing fees | &nbsp;&nbsp; 9325 | &nbsp;&nbsp; 9325 | &nbsp;&nbsp; 5417 |
| Trustees' fees and expenses | &nbsp;&nbsp; 60436 | &nbsp;&nbsp; 60822 | &nbsp;&nbsp; 59158 |
| Interest | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Miscellaneous and other fees (Note A) | &nbsp;&nbsp; 12121 | &nbsp;&nbsp; 21021 | &nbsp;&nbsp; 18153 |
| Total expenses | &nbsp;&nbsp; 307090 | &nbsp;&nbsp; 1670511 | &nbsp;&nbsp; 1423374 |
| Expenses reimbursed by Management (Note B) | &nbsp;&nbsp; (261431)<br>| &nbsp;&nbsp; (251427)<br>| &nbsp;&nbsp; (349629)<br>|
| Investment management fees waived (Note B) | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (273340)<br>|
| Total net expenses | &nbsp;&nbsp; 45659 | &nbsp;&nbsp; 1419084 | &nbsp;&nbsp; 800405 |
| Net investment income/(loss) | &nbsp;&nbsp; $100648 | &nbsp;&nbsp; $9016482 | &nbsp;&nbsp; $2555393 |
| **Realized and Unrealized Gain/(Loss) on Investments (Note A):** |  |  |  |
| **Net realized gain/(loss) on:** |  |  |  |
| Transactions in investment securities of unaffiliated issuers | &nbsp;&nbsp; 580080 | &nbsp;&nbsp; 196063 | &nbsp;&nbsp; (1086067)<br>|
| Redemption in-kind | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 730167 |
| Settlement of foreign currency transactions | &nbsp;&nbsp; (9404)<br>| &nbsp;&nbsp; 181 | &nbsp;&nbsp; 34 |
| Expiration or closing of futures contracts | &nbsp;&nbsp; — | &nbsp;&nbsp; 15001037 | &nbsp;&nbsp; — |
| Expiration or closing of option contracts written | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Net increase from payments by affiliates | &nbsp;&nbsp; 3342 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| **Change in net unrealized appreciation/(depreciation) in value of:** |  |  |  |
| Investment securities of unaffiliated issuers | &nbsp;&nbsp; 1432284 | &nbsp;&nbsp; 31894 | &nbsp;&nbsp; 39104179 |
| Foreign currency translations | &nbsp;&nbsp; (3847)<br>| &nbsp;&nbsp; (21516)<br>| &nbsp;&nbsp; — |
| Futures contracts | &nbsp;&nbsp; — | &nbsp;&nbsp; 4549693 | &nbsp;&nbsp; — |
| Option contracts written | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Net gain/(loss) on investments | &nbsp;&nbsp; 2002455 | &nbsp;&nbsp; 19757352 | &nbsp;&nbsp; 38748313 |
| Net increase/(decrease) in net assets resulting from operations | &nbsp;&nbsp; $2103103 | &nbsp;&nbsp; $28773834 | &nbsp;&nbsp; $41303706 |

---

&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

------

&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 Fiscal** <br>**Year Ended** <br>**August 31,** <br>**2025**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **For the Period from** <br>**December 18, 2024** <br>**(Commencement** <br>**of Operations) to** <br>**August 31,** <br>**2025**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **For the Period from** <br>**September 11, 2024** <br>**(Commencement** <br>**of Operations) to** <br>**August 31,** <br>**2025**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **For the Fiscal** <br>**Year Ended** <br>**August 31,** <br>**2025**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **For the Fiscal** <br>**Year Ended** <br>**August 31,** <br>**2025**<br>|
| $81587 | &nbsp;&nbsp;&nbsp;&nbsp; $49310 | &nbsp;&nbsp;&nbsp;&nbsp; $402469 | &nbsp;&nbsp;&nbsp;&nbsp; $14742 | &nbsp;&nbsp;&nbsp;&nbsp; $1960706 |
| 23627 | &nbsp;&nbsp;&nbsp;&nbsp; 4824 | &nbsp;&nbsp;&nbsp;&nbsp; 24331 | &nbsp;&nbsp;&nbsp;&nbsp; 20258952 | &nbsp;&nbsp;&nbsp;&nbsp; 134523 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; 57 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — |
| (1038)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (477)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (49981)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (4373)<br>|
| $104176 | &nbsp;&nbsp;&nbsp;&nbsp; $53714 | &nbsp;&nbsp;&nbsp;&nbsp; $376819 | &nbsp;&nbsp;&nbsp;&nbsp; $20273694 | &nbsp;&nbsp;&nbsp;&nbsp; $2090856 |
| 144466 | &nbsp;&nbsp;&nbsp;&nbsp; 35030 | &nbsp;&nbsp;&nbsp;&nbsp; 126168 | &nbsp;&nbsp;&nbsp;&nbsp; 1857394 | &nbsp;&nbsp;&nbsp;&nbsp; 1091957 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; 6708 | &nbsp;&nbsp;&nbsp;&nbsp; 18925 | &nbsp;&nbsp;&nbsp;&nbsp; 407721 | &nbsp;&nbsp;&nbsp;&nbsp; 173499 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; 8420 | &nbsp;&nbsp;&nbsp;&nbsp; 11667 | &nbsp;&nbsp;&nbsp;&nbsp; 11655 | &nbsp;&nbsp;&nbsp;&nbsp; 12000 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; 30910 | &nbsp;&nbsp;&nbsp;&nbsp; 31270 | &nbsp;&nbsp;&nbsp;&nbsp; 40921 | &nbsp;&nbsp;&nbsp;&nbsp; 29030 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; 83004 | &nbsp;&nbsp;&nbsp;&nbsp; 101622 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — |
|  | &nbsp;&nbsp;&nbsp;&nbsp; 26460 | &nbsp;&nbsp;&nbsp;&nbsp; 39721 | &nbsp;&nbsp;&nbsp;&nbsp; 73395 | &nbsp;&nbsp;&nbsp;&nbsp; 48484 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; 100 | &nbsp;&nbsp;&nbsp;&nbsp; 252 | &nbsp;&nbsp;&nbsp;&nbsp; 12252 | &nbsp;&nbsp;&nbsp;&nbsp; 2345 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; 45000 | &nbsp;&nbsp;&nbsp;&nbsp; 98373 | &nbsp;&nbsp;&nbsp;&nbsp; 71360 | &nbsp;&nbsp;&nbsp;&nbsp; 78850 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 23051 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; 5040 | &nbsp;&nbsp;&nbsp;&nbsp; 6053 | &nbsp;&nbsp;&nbsp;&nbsp; 29277 | &nbsp;&nbsp;&nbsp;&nbsp; 10469 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; 6495 | &nbsp;&nbsp;&nbsp;&nbsp; 9039 | &nbsp;&nbsp;&nbsp;&nbsp; 9702 | &nbsp;&nbsp;&nbsp;&nbsp; 5099 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; 37074 | &nbsp;&nbsp;&nbsp;&nbsp; 51877 | &nbsp;&nbsp;&nbsp;&nbsp; 61164 | &nbsp;&nbsp;&nbsp;&nbsp; 59188 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1689 | &nbsp;&nbsp;&nbsp;&nbsp; — |
|  | &nbsp;&nbsp;&nbsp;&nbsp; 9418 | &nbsp;&nbsp;&nbsp;&nbsp; 8990 | &nbsp;&nbsp;&nbsp;&nbsp; 39096 | &nbsp;&nbsp;&nbsp;&nbsp; 16994 |
| 144466 | &nbsp;&nbsp;&nbsp;&nbsp; 293659 | &nbsp;&nbsp;&nbsp;&nbsp; 503957 | &nbsp;&nbsp;&nbsp;&nbsp; 2615626 | &nbsp;&nbsp;&nbsp;&nbsp; 1550966 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; (251636)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (358269)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (107820)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (202389)<br>|
| (22226)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (9689)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (42056)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — |
| 122240 | &nbsp;&nbsp;&nbsp;&nbsp; 32334 | &nbsp;&nbsp;&nbsp;&nbsp; 103632 | &nbsp;&nbsp;&nbsp;&nbsp; 2507806 | &nbsp;&nbsp;&nbsp;&nbsp; 1348577 |
| $(18064)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $21380 | &nbsp;&nbsp;&nbsp;&nbsp; $273187 | &nbsp;&nbsp;&nbsp;&nbsp; $17765888 | &nbsp;&nbsp;&nbsp;&nbsp; $742279 |
| 108819 | &nbsp;&nbsp;&nbsp;&nbsp; (69044)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (325701)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (8936790)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (3919122)<br>|
| 777101 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (242392)<br>|
|  | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (2337)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — |
|  | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 36544012 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| 2191378 | &nbsp;&nbsp;&nbsp;&nbsp; 1350573 | &nbsp;&nbsp;&nbsp;&nbsp; 4890541 | &nbsp;&nbsp;&nbsp;&nbsp; (854159)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (4229579)<br>|
|  | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (1218)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — |
|  | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (1187948)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — |
| 3077298 | &nbsp;&nbsp;&nbsp;&nbsp; 1281529 | &nbsp;&nbsp;&nbsp;&nbsp; 4561285 | &nbsp;&nbsp;&nbsp;&nbsp; 25565115 | &nbsp;&nbsp;&nbsp;&nbsp; (8391093)<br>|
| $3059234 | &nbsp;&nbsp;&nbsp;&nbsp; $1302909 | &nbsp;&nbsp;&nbsp;&nbsp; $4834472 | &nbsp;&nbsp;&nbsp;&nbsp; $43331003 | &nbsp;&nbsp;&nbsp;&nbsp; $(7648814)<br>|

---

------

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> |
|  | **Fiscal Year** <br>**Ended**<br>| **Fiscal Year** <br>**Ended**<br>| **Fiscal Year** <br>**Ended**<br>| **Fiscal Year** <br>**Ended**<br>|
|  | **August 31,** <br>**2025**<br>| **August 31,** <br>**2024**<sup>(a)</sup><br>| **August 31,** <br>**2025**<br>| **August 31,** <br>**2024**<br>|
| **Increase/(Decrease) in Net Assets:** |  |  |  |  |
| **From Operations (Note A):** |  |  |  |  |
| Net investment income/(loss) | &nbsp;&nbsp; $100648 | &nbsp;&nbsp; $102027 | &nbsp;&nbsp; $9016482 | &nbsp;&nbsp; $12727267 |
| Net realized gain/(loss) on investments | &nbsp;&nbsp; 570676 | &nbsp;&nbsp; (726571)<br>| &nbsp;&nbsp; 15197281 | &nbsp;&nbsp; (14321251)<br>|
| Net increase from payments by affiliates (Note B) | &nbsp;&nbsp; 3342 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Change in net unrealized appreciation/(depreciation) of investments | &nbsp;&nbsp; 1428437 | &nbsp;&nbsp; 169455 | &nbsp;&nbsp; 4560071 | &nbsp;&nbsp; (5738199)<br>|
| Net increase/(decrease) in net assets resulting from operations | &nbsp;&nbsp; 2103103 | &nbsp;&nbsp; (455089)<br>| &nbsp;&nbsp; 28773834 | &nbsp;&nbsp; (7332183)<br>|
| **Distributions to Shareholders From (Note A):** |  |  |  |  |
| Distributable earnings | &nbsp;&nbsp; (69534)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (9842279)<br>| &nbsp;&nbsp; (10388667)<br>|
| **From Fund Share Transactions (Note D):** |  |  |  |  |
| Proceeds from shares sold | &nbsp;&nbsp; — | &nbsp;&nbsp; 4190902<br> <sup>(b)</sup><br>| &nbsp;&nbsp; 76831478 | &nbsp;&nbsp; 60378809 |
| Payments for shares redeemed | &nbsp;&nbsp; — | &nbsp;&nbsp; (93466)<sup>(b)</sup><br>| &nbsp;&nbsp; (69970143)<br>| &nbsp;&nbsp; (89646650)<br>|
| Net increase/(decrease) from Fund share transactions | &nbsp;&nbsp; — | &nbsp;&nbsp; 4097436 | &nbsp;&nbsp; 6861335 | &nbsp;&nbsp; (29267841)<br>|
| **Net Increase/(Decrease) in Net Assets** | &nbsp;&nbsp; 2033569 | &nbsp;&nbsp; 3642347 | &nbsp;&nbsp; 25792890 | &nbsp;&nbsp; (46988691)<br>|
| **Net Assets:** |  |  |  |  |
| Beginning of year | &nbsp;&nbsp; 5315264 | &nbsp;&nbsp; 1672917 | &nbsp;&nbsp; 227738167 | &nbsp;&nbsp; 274726858 |
| End of year | &nbsp;&nbsp; $7348833 | &nbsp;&nbsp; $5315264 | &nbsp;&nbsp; $253531057 | &nbsp;&nbsp; $227738167 |

---

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

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

(a) After the close of business on October 13, 2023, Neuberger Berman Greater China Equity Fund (the "Predecessor Fund") was reorganized into Neuberger Berman China Equity ETF. The amounts disclosed include those of the Predecessor Fund. Refer to Note A in the Notes to Financial Statements for additional information on the reorganization. 

(b) The dollar amounts disclosed are the total from fund share transaction of the Institutional Class shares, Class A shares and Class C shares of the Predecessor Fund. See Note D of the Notes to Financial Statements for additional information. 

See Notes to Financial Statements

------

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Core** <br>**Equity ETF** | **Core** <br>**Equity ETF** | **Disrupters ETF** | **Disrupters ETF** | **Growth ETF** | **Japan** <br>**Equity ETF**<br>|
| **Fiscal Year** <br>**Ended**<br>| **Period** <br>**from July 31, 2024** <br>**(Commencement** <br>**of Operations) to** <br>| **Fiscal Year** <br>**Ended**<br>| **Fiscal Year** <br>**Ended**<br>| **Period from** <br>**December 18, 2024** <br>**(Commencement** <br>**of Operations) to**<br>| **Period from** <br>**September 11, 2024** <br>**(Commencement** <br>**of Operations) to**<br>|
| **August 31,** <br>**2025**<br>| **August 31,** <br>**2024**<br>| **August 31,** <br>**2025**<br>| **August 31,** <br>**2024**<br>| **August 31,** <br>**2025**<br>| **August 31,** <br>**2025**<br>|
| $2555393 | &nbsp;&nbsp; $190948 | &nbsp;&nbsp; $(18064)<br>| &nbsp;&nbsp; $(19518)<br>| &nbsp;&nbsp; $21380 | &nbsp;&nbsp; $273187 |
| (355866)<br>| &nbsp;&nbsp; (191082)<br>| &nbsp;&nbsp; 885920 | &nbsp;&nbsp; 815471 | &nbsp;&nbsp; (69044)<br>| &nbsp;&nbsp; (328038)<br>|
| 39104179 | &nbsp;&nbsp; 9831657 | &nbsp;&nbsp; 2191378 | &nbsp;&nbsp; 2496517 | &nbsp;&nbsp; 1350573 | &nbsp;&nbsp; 4889323 |
| 41303706 | &nbsp;&nbsp; 9831523 | &nbsp;&nbsp; 3059234 | &nbsp;&nbsp; 3292470 | &nbsp;&nbsp; 1302909 | &nbsp;&nbsp; 4834472 |
| (1207938)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (132168)<br>|
| 130321115 | &nbsp;&nbsp; 216161298 | &nbsp;&nbsp; 7133044 | &nbsp;&nbsp; 6992959 | &nbsp;&nbsp; 10921701 | &nbsp;&nbsp; 30587638 |
| (8343090)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (2691827)<br>| &nbsp;&nbsp; (2063638)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| 121978025 | &nbsp;&nbsp; 216161298 | &nbsp;&nbsp; 4441217 | &nbsp;&nbsp; 4929321 | &nbsp;&nbsp; 10921701 | &nbsp;&nbsp; 30587638 |
| 162073793 | &nbsp;&nbsp; 225992821 | &nbsp;&nbsp; 7500451 | &nbsp;&nbsp; 8221791 | &nbsp;&nbsp; 12224610 | &nbsp;&nbsp; 35289942 |
| 225992821 | &nbsp;&nbsp; — | &nbsp;&nbsp; 19368005 | &nbsp;&nbsp; 11146214 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| $388066614 | &nbsp;&nbsp; $225992821 | &nbsp;&nbsp; $26868456 | &nbsp;&nbsp; $19368005 | &nbsp;&nbsp; $12224610 | &nbsp;&nbsp; $35289942 |

---

------

Statements of Changes in Net Assets (cont'd)

**Neuberger Berman ETF Trust**

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Option Strategy ETF**<sup>\*\*</sup> | **Option Strategy ETF**<sup>\*\*</sup> | **Option Strategy ETF**<sup>\*\*</sup> | **Small-Mid Cap ETF** | **Small-Mid Cap ETF** |
|  | **Fiscal Year** <br>**Ended**<br>| **Period Ended From** | **Fiscal Year** <br>**Ended**<br>| **Fiscal Year** <br>**Ended**<br>| **Period** <br>**from March 20, 2024** <br>**(Commencement** <br>**of Operations) to**<br>|
|  | **August 31,** <br>**2025**<br>| **November 1, 2023 to** <br>**August 31, 2024**<sup>(a)</sup><br>| **October 31,** <br>**2023**<br>| **August 31,** <br>**2025**<br>| **August 31,** <br>**2024**<br>|
| **Increase/(Decrease) in Net** <br> **Assets:**<br>|  |  |  |  |  |
| **From Operations (Note A):** |  |  |  |  |  |
| Net investment income/(loss) | &nbsp;&nbsp; $17765888 | &nbsp;&nbsp; $16778341 | &nbsp;&nbsp; $26027176 | &nbsp;&nbsp; $742279 | &nbsp;&nbsp; $192505 |
| Net realized gain/(loss) on <br> investments<br>| &nbsp;&nbsp; 27607222 | &nbsp;&nbsp; 40328986 | &nbsp;&nbsp; 806758 | &nbsp;&nbsp; (4161514)<br>| &nbsp;&nbsp; (1325826)<br>|
| Change in net unrealized <br> appreciation/(depreciation) of <br> investments<br>| &nbsp;&nbsp; (2042107)<br>| &nbsp;&nbsp; 4630064 | &nbsp;&nbsp; 24440979 | &nbsp;&nbsp; (4229579)<br>| &nbsp;&nbsp; 6525731 |
| Net increase/(decrease) in net <br> assets resulting from <br> operations<br>| &nbsp;&nbsp; 43331003 | &nbsp;&nbsp; 61737391 | &nbsp;&nbsp; 51274913 | &nbsp;&nbsp; (7648814)<br>| &nbsp;&nbsp; 5392410 |
| **Distributions to** <br> **Shareholders From (Note** <br> **A):**<br>|  |  |  |  |  |
| Distributable earnings | &nbsp;&nbsp; (30924624)<br>| &nbsp;&nbsp; (16777992)<sup>(b)</sup><br>| &nbsp;&nbsp; (27732358)<sup>(b)</sup><br>| &nbsp;&nbsp; (466665)<br>| &nbsp;&nbsp; — |
| Tax return of capital | &nbsp;&nbsp; (8105012)<br>| &nbsp;&nbsp; (4514912)<br>| &nbsp;&nbsp; (622678)<sup>(b)</sup><br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Total distributions to <br> shareholders<br>| &nbsp;&nbsp; (39029636)<br>| &nbsp;&nbsp; (21292904)<br>| &nbsp;&nbsp; (28355036)<br>| &nbsp;&nbsp; (466665)<br>| &nbsp;&nbsp; — |
| **From Fund Share** <br> **Transactions (Note D):**<br>|  |  |  |  |  |
| Proceeds from shares sold | &nbsp;&nbsp; 98720094 | &nbsp;&nbsp; 213413467<br> <sup>(c)</sup><br>| &nbsp;&nbsp; 156648618<br> <sup>(c)</sup><br>| &nbsp;&nbsp; 64338050 | &nbsp;&nbsp; 193135457 |
| Proceeds from reinvestment of <br> dividends and distributions<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; 3038359<br> <sup>(c)</sup><br>| &nbsp;&nbsp; 28262717<br> <sup>(c)</sup><br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Payments for shares redeemed | &nbsp;&nbsp; (108436635)<br>| &nbsp;&nbsp; (280231765)<sup>(c)</sup><br>| &nbsp;&nbsp; (209261486)<sup>(c)</sup><br>| &nbsp;&nbsp; (72846235)<br>| &nbsp;&nbsp; — |
| Net increase/(decrease) from <br> Fund share transactions<br>| &nbsp;&nbsp; (9716541)<br>| &nbsp;&nbsp; (63779939)<br>| &nbsp;&nbsp; (24350151)<br>| &nbsp;&nbsp; (8508185)<br>| &nbsp;&nbsp; 193135457 |
| **Net Increase/(Decrease) in** <br> **Net Assets**<br>| &nbsp;&nbsp; (5415174)<br>| &nbsp;&nbsp; (23335452)<br>| &nbsp;&nbsp; (1430274)<br>| &nbsp;&nbsp; (16623664)<br>| &nbsp;&nbsp; 198527867 |
| **Net Assets:** |  |  |  |  |  |
| Beginning of year | &nbsp;&nbsp; 441975796 | &nbsp;&nbsp; 465311248 | &nbsp;&nbsp; 466741522 | &nbsp;&nbsp; 198527867 | &nbsp;&nbsp; — |
| End of year | &nbsp;&nbsp; $436560622 | &nbsp;&nbsp; $441975796 | &nbsp;&nbsp; $465311248 | &nbsp;&nbsp; $181904203 | &nbsp;&nbsp; $198527867 |

---

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

\*\* The Fund changed its fiscal year end from October 31 to August 31. See Note H.

(a) After the close of business on January 26, 2024, Neuberger Berman U.S. Equity Index PutWrite Strategy Fund (the "Predecessor Fund") was reorganized into Neuberger Berman Option Strategy ETF. The amounts disclosed include those of the Predecessor Fund. Refer to Note A in the Notes to Financial Statements for additional information on the reorganization. 

(b) Included in these amounts are the distributions to shareholders and tax return of capital from Institutional Class shares, Class A shares, Class C shares and Class R6 shares of the Predecessor Fund: 

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

---

| | | |
|:---|:---|:---|
|  | **For the Period from** <br>**November 1, 2023 to** <br>**August 31, 2024**<br>| **For the Year Ended** <br>**October 31, 2023**<br>|
| **Distributable earnings:** |  |  |
| Institutional Class | &nbsp;&nbsp; $(20405632)<br>| &nbsp;&nbsp; $(18273823)<br>|
| Class A | &nbsp;&nbsp; — | &nbsp;&nbsp; (264159)<br>|
| Class C | &nbsp;&nbsp; — | &nbsp;&nbsp; (40785)<br>|
| Class R6 | &nbsp;&nbsp; (887272)<br>| &nbsp;&nbsp; (9153591)<br>|
| **Tax return of capital:** |  |  |
| Institutional Class | &nbsp;&nbsp; — | &nbsp;&nbsp; (410551)<br>|
| Class R6 | &nbsp;&nbsp; — | &nbsp;&nbsp; (212127)<br>|

---

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

&nbsp;&nbsp;&nbsp;&nbsp;(c) The dollar amounts disclosed are the total from fund share transaction of the Institutional
 Class shares, Class A shares, Class C shares and Class R6 shares of the Predecessor Fund. See Note D of the Notes to Financial
 Statements for additional information.

See Notes to Financial Statements

------

Notes to Financial Statements ETF Trust<sup>ß</sup>

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 Berman China Equity ETF ("China Equity ETF"), Neuberger Berman Commodity Strategy ETF ("Commodity Strategy ETF"), Neuberger Berman Core Equity ETF ("Core Equity ETF"), Neuberger Berman Disrupters ETF ("Disrupters ETF"), Neuberger Berman Growth ETF ("Growth ETF"), Neuberger Berman Japan Equity ETF ("Japan Equity ETF"), Neuberger Berman Option Strategy ETF ("Option Strategy ETF") and Neuberger Berman 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. As further described in Note A-2, 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.

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 August 31, 2025, 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; $47619164 | &nbsp;&nbsp;&nbsp;&nbsp; 18.8<br> %<br>|

---

Reorganizations: Pursuant to an Agreement and Plan of Reorganization previously approved by the Board of Trustees of the applicable trust, the following funds (each, a "Predecessor Fund" and collectively the "Predecessor Funds") were each reorganized into a newly organized series of the Trust (each, a "New Fund" and collectively, the "New Funds") (each, a "Reorganization") as of the close of business on the dates noted below (each, a "Closing Date"). Shares of each New Fund were initially listed on the NYSE Arca, Inc. (the "Exchange") on the dates noted below.

ß

Notes to Consolidated Financial Statements for Commodity Strategy ETF

------

---

| | | | |
|:---|:---|:---|:---|
| **Predecessor Fund**  | **New Fund** | **Closing Date** | **Initial Listing Date on** <br> **the Exchange**<br>|
| Neuberger Berman <br> Commodity <br> Strategy Fund<br>| Commodity <br> Strategy ETF<br>| October 21, 2022 | October 24, 2022 |
| Neuberger Berman <br> Greater China <br> Equity Fund<br>| China Equity ETF | October 13, 2023 | October 16, 2023 |
| Neuberger Berman <br> U.S. Equity Index <br> PutWrite Strategy <br> Fund<br>| Option Strategy <br> ETF<br>| January 26, 2024 | January 29, 2024 |

---

Each New Fund was organized solely in connection with its respective Reorganization for the purpose of acquiring the assets and liabilities of its respective Predecessor Fund and continuing the operations of the Predecessor Fund as an ETF. Each New Fund had no investment operations or performance history prior to the Closing Date. Each New Fund is the surviving legal entity, but has adopted the performance, cost basis of securities received and financial history of its respective Predecessor Fund, which is included in these financial statements. Each Reorganization was structured to be a tax-free reorganization under the U.S. Internal Revenue Code. In connection with each Reorganization, shareholders of a Predecessor Fund received shares of the New Fund equal in value to the number of shares of the Predecessor Fund they owned on the Closing Date, including a cash payment in lieu of fractional shares of the New Fund, which cash payment may have been taxable. Each New Fund (except China Equity ETF as noted below) has the same investment adviser, investment objective and fundamental investment policies and substantially similar principal investment strategies as its Predecessor Fund. China Equity ETF is managed by the same investment adviser, NBIA, as the Predecessor Fund but has different principal investment strategies, no longer has a subadviser and does not have the same portfolio managers as the Predecessor Fund. Effective as of the close of business on its Closing Date, each Predecessor Fund ceased operations in connection with the consummation of its Reorganization.

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 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).

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.

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.

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.

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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 August 31, 2025 were as follows:

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Cost**  | **Gross** <br>**Unrealized** <br>**Appreciation** <br>| **Gross** <br>**Unrealized** <br>**Depreciation** <br>| **Net Unrealized** <br>**Appreciation/** <br>**(Depreciation)** <br>|
| **China Equity ETF** | $6042207 | &nbsp;&nbsp; $1549131 | &nbsp;&nbsp; $126476 | &nbsp;&nbsp; $1422655 |
| **Commodity Strategy ETF** | 345199040 | &nbsp;&nbsp; 8786127 | &nbsp;&nbsp; 116460836 | &nbsp;&nbsp; (107674709)<br>|
| **Core Equity ETF** | 339606291 | &nbsp;&nbsp; 53559008 | &nbsp;&nbsp; 5240300 | &nbsp;&nbsp; 48318708 |
| **Disrupters ETF** | 20732509 | &nbsp;&nbsp; 6415307 | &nbsp;&nbsp; 271584 | &nbsp;&nbsp; 6143723 |
| **Growth ETF** | 11016967 | &nbsp;&nbsp; 1538865 | &nbsp;&nbsp; 218796 | &nbsp;&nbsp; 1320069 |
| **Japan Equity ETF** | 30630471 | &nbsp;&nbsp; 5359763 | &nbsp;&nbsp; 1214875 | &nbsp;&nbsp; 4144888 |
| **Option Strategy ETF** | 437066000 | &nbsp;&nbsp; 2549504 | &nbsp;&nbsp; 4667472 | &nbsp;&nbsp; (2117968)<br>|
| **Small-Mid Cap ETF** | 179862316 | &nbsp;&nbsp; 14459722 | &nbsp;&nbsp; 12145439 | &nbsp;&nbsp; 2314283 |

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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.

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:

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| | | |
|:---|:---|:---|
|  | **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 |

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

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **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; **Return of** <br>**Capital**  | &nbsp;&nbsp;&nbsp; **Return of** <br>**Capital**  | **Total** | **Total** |
|  | **2025** | **2024** | **2025** | **2024** | **2025** | **2024** | **2025** | **2024** |
| **China Equity ETF** | $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 ETF** | 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 ETF** | 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 Strategy** <br> **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 Cap** <br> **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>|

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&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 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 for 2024 are inclusive of the respective 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:

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **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>|

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&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.

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

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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:

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| | | |
|:---|:---|:---|
|  | **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 |

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&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:

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

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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.

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

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Organization expenses: Costs incurred by Core Equity ETF, Growth ETF and Japan Equity ETF in connection with each organization, which amounted to $56,408, $83,004 and $101,622, respectively, and are reflected in "Organization expenses" in the Statements of Operations, have been expensed as incurred.

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 Japanese economy may be subject to economic, political and social instability, which could have an adverse effect on the Japanese securities held by a Fund. The Japanese market can experience significant volatility due to exchange rates, social, political, regulatory, economic or environmental events and natural disasters that may occur in Japan. 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, an unstable financial services sector, relatively high unemployment, a highly regulated labor market, an aging demographic, declining population, and large government debt. As such, economic growth is heavily dependent on continued growth in international trade, relatively low commodities prices, government support of the financial services sector and other government policies.

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 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

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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 year ended August 31, 2025, is described below. Please see the Schedule of Investments for each Fund's open positions in derivatives, if any, at August 31, 2025. 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 year ended August 31, 2025, 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.

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

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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 year ended August 31, 2025, 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 August 31, 2025, the Funds listed below had the following derivatives (which did not qualify as hedging instruments under ASC 815), grouped by primary risk exposure:

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **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>| $8468676 | &nbsp;&nbsp; Receivable/Payable for <br> accumulated variation margin on <br> futures contracts<br>| $(4492202)<br>|
| **Option Strategy ETF** |  |  |  |  |
| Options written |  |  |  |  |
| Equity risk |  |  | Option contracts written, at value | (3490608)<br>|

---

The impact of the use of these derivative instruments on the Statements of Operations during the year ended August 31, 2025, 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; $15001037 | &nbsp;&nbsp; 4549693 |

---

------

---

| | | |
|:---|:---|:---|
| **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>|
| **Option Strategy ETF** |  |  |
| Options written |  |  |
| Equity risk | &nbsp;&nbsp; $36544012 | &nbsp;&nbsp; $(1187948)<br>|

---

&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 year ended August 31, 2025 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.

As of August 31, 2025, the Fund listed below had outstanding loans of securities to certain approved brokers with a value as follows:

---

| | |
|:---|:---|
|  | &nbsp;&nbsp;&nbsp; **Value of Securities** <br>**Loaned**<br>|
| **Growth ETF** | &nbsp;&nbsp;&nbsp;&nbsp; $149384 |

---

------

As of August 31, 2025, the Fund listed below had outstanding loans of securities to certain approved brokers for which the Fund 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** | $152649 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $152649 |

---

&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 August 31, 2025. 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 August 31, 2025.

---

| | | |
|:---|:---|:---|
| **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; $149384 | &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 | $149384 | $— | $(149384)<br>| $— | $— | $— | $— | $— |
| **Total** | **$149384** | **$—** | **$(149384)**<br>| **$—** | **$—** | **$—** | **$—** | **$—** |

---

&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 August 31,
 2025, in the event of a counterparty failure. A Net Amount less than zero represents amounts under-collateralized
 to each counterparty as of August 31, 2025.

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 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>|
| **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>| 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 and Disrupters ETF's average net assets. This undertaking lasts until April 8, 2026 (August 31, 2026 for Core Equity ETF) and may not be terminated during its term without the consent of the Board. NBIA has contractually agreed to waive its management fee by 0.13% and 0.20% of Growth ETF and Japan Equity ETF's average net assets, respectively. This undertaking lasts until August 31, 2026 and may not be terminated during its 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 year ended August 31, 2025 were as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Fund**  | **Percentage of** <br>**Average Daily** <br>**Net Assets**<br>| **Effective Date(s)**  | **Management Fees** <br>**Waived for the** <br>**Year Ended** <br>**August 31, 2025**<br>|
| **Core Equity ETF** | 0.10<br> %<br>| &nbsp;&nbsp; 7/31/2024 | &nbsp;&nbsp; $273340 |
| **Disrupters ETF** | 0.10<br> %<br>| &nbsp;&nbsp; 4/6/2022 | &nbsp;&nbsp; $22226 |
| **Growth ETF** | 0.13<br> %<br>| &nbsp;&nbsp; 12/18/2024 | &nbsp;&nbsp; $9689 |
| **Japan Equity ETF** | 0.20<br> %<br>| &nbsp;&nbsp; 9/11/2024 | &nbsp;&nbsp; $42056 |

---

------

Accordingly, for the year ended August 31, 2025, 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**<sup>(a)</sup> | 0.50<br> %<br>|
| **CS Subsidiary** | 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 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 year ended August 31, 2025, the expenses of the CS Subsidiary amounted to $308,112. Prior to each Reorganization, each Predecessor Fund incurred fees and engaged in transactions with affiliates. Expenses, other than management fees, which include balances of each Predecessor Fund and its respective Fund, as shown in the respective Fund's Statement of Operations were expenses incurred by that Predecessor Fund.

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 year ended August 31, 2025, there was no repayment to NBIA under these agreements.

At August 31, 2025, 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,**  |
|  |  |  | **2023** | **2024** | **2025** |
|  |  |  | **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** |
| **China Equity ETF** | 0.74<br> %<sup>(b)</sup><br>| &nbsp;&nbsp; 8/31/28 | &nbsp;&nbsp; $226862 | &nbsp;&nbsp; $285356 | &nbsp;&nbsp; $261431 |
| **Commodity Strategy ETF** | 0.64<br> %<sup>(c)</sup><br>| &nbsp;&nbsp; 8/31/28 | &nbsp;&nbsp; 269368 | &nbsp;&nbsp; 290488 | &nbsp;&nbsp; 251427 |
| **Core Equity ETF** | 0.29<br> %<sup>(d)</sup><br>| &nbsp;&nbsp; 8/31/26 | &nbsp;&nbsp; — | &nbsp;&nbsp; 155888 <br><sup>(e)</sup><br>| &nbsp;&nbsp; 349629 |
| **Growth ETF** | 0.43<br> %<sup>(f)</sup><br>| &nbsp;&nbsp; 8/31/26 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 251636<br> <sup>(g)</sup><br>|
| **Japan Equity ETF** | 0.49<br> %<sup>(h)</sup><br>| &nbsp;&nbsp; 8/31/26 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 358269<br> <sup>(i)</sup><br>|
| **Option Strategy ETF** | 0.55<br> %<sup>(j)</sup><br>| &nbsp;&nbsp; 8/31/28 | &nbsp;&nbsp; 152800 <br><sup>(k)</sup><br>| &nbsp;&nbsp; 183251 <br><sup>(l)</sup><br>| &nbsp;&nbsp; 107820 |
| **Small-Mid Cap ETF** | 0.64<br> %<sup>(m)</sup><br>| &nbsp;&nbsp; 8/31/28 | &nbsp;&nbsp; — | &nbsp;&nbsp; 178213 <br><sup>(n)</sup><br>| &nbsp;&nbsp; 202389 |

---

&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.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Expenses waived or reimbursed prior to the close of business on October 13, 2023,
 are of the 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 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 8/31/26 after taking into account
 the contractual management fee waiver discussed above, 0.39% per annum of the Fund's average net assets
 from 9/1/26 to 8/31/28.

&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 8/31/26 after taking into account
 the contractual management fee waiver discussed above, 0.56% per annum of the Fund's average net assets
 from 9/1/26 to 8/31/28.

&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 8/31/26 after taking into account
 the contractual management fee waiver discussed above, 0.69% per annum of the Fund's average net assets
 from 9/1/26 to 8/31/28.

&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 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.

For the year ended August 31, 2025, China Equity ETF recorded a capital contribution from Management in the amount of $3,342. This amount was paid in connection with losses incurred in the execution of a trade.

Note C—Securities Transactions:

During the year ended August 31, 2025, 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** | $7918985 | &nbsp;&nbsp; $7823231 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— |
| **Commodity Strategy ETF** | 163529210 | &nbsp;&nbsp; 135739059 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| **Core Equity ETF** | 123050398 | &nbsp;&nbsp; 121654473 | &nbsp;&nbsp; 129660033 | &nbsp;&nbsp; 7693344 |
| **Disrupters ETF** | 7346208 | &nbsp;&nbsp; 7396576 | &nbsp;&nbsp; 6966348 | &nbsp;&nbsp; 2600403 |
| **Growth ETF** | 3210169 | &nbsp;&nbsp; 3059335 | &nbsp;&nbsp; 10824746 | &nbsp;&nbsp; — |
| **Japan Equity ETF** | 13854508 | &nbsp;&nbsp; 13105772 | &nbsp;&nbsp; 29462928 | &nbsp;&nbsp; — |
| **Option Strategy ETF**<sup>(a)</sup> <br>| 598057644 | &nbsp;&nbsp; 432042105 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| **Small-Mid Cap ETF** | 74215559 | &nbsp;&nbsp; 74094251 | &nbsp;&nbsp; 62573344 | &nbsp;&nbsp; 71369668 |

---

&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 $219,017,168
 and $67,080,859, respectively.

During the year ended August 31, 2025, 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 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> <br>| &nbsp;&nbsp; 450001 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 450001 |
| **Japan Equity ETF**<sup>(b)</sup> <br>| &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.

Share activity for the year ended August 31, 2024, 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**<sup>(a)</sup> | &nbsp;&nbsp; 175001 | &nbsp;&nbsp; — | &nbsp;&nbsp; (3757)<br>| &nbsp;&nbsp; 171244 |
| **Commodity Strategy ETF** | &nbsp;&nbsp; 2825000 | &nbsp;&nbsp; — | &nbsp;&nbsp; (4150000)<br>| &nbsp;&nbsp; (1325000)<br>|
| **Core Equity ETF**<sup>(b)</sup> | &nbsp;&nbsp; 8675001 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 8675001 |
| **Disrupters ETF** | &nbsp;&nbsp; 250000 | &nbsp;&nbsp; — | &nbsp;&nbsp; (75000)<br>| &nbsp;&nbsp; 175000 |
| **Option Strategy ETF**<sup>(c)(d)</sup> | &nbsp;&nbsp; 16610726 | &nbsp;&nbsp; 197922 | &nbsp;&nbsp; (30204430)<br>| &nbsp;&nbsp; (13395782)<br>|
| **Small-Mid Cap ETF**<sup>(e)</sup> | &nbsp;&nbsp; 7575001 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 7575001 |

---

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

&nbsp;&nbsp;&nbsp;&nbsp;(a) After the close of business on October 13, 2023, the Predecessor Fund was reorganized
 into China Equity ETF. The share activities disclosed include those of the Predecessor Fund's Institutional
 Class.

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

&nbsp;&nbsp;&nbsp;&nbsp;(c) Share activity is for the period from November 1, 2023 to August 31, 2024. The share
 activities disclosed include those of the Predecessor Fund's Institutional Class and Class R6 shares sold
 of 14,560,725 and 36,668, shares issued on reinvestment of dividends and distributions of 197,922 and
 80,498, shares redeemed of 26,254,430 and 14,252,049, respectively.

&nbsp;&nbsp;&nbsp;&nbsp;(d) After the close of business on January 26, 2024, the Predecessor Fund was reorganized
 into Option Strategy ETF.

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

------

Share activity for the year ended October 31, 2023, was as follows:

---

| | |
|:---|:---|
| **Fund** | **Total** |
| **Option Strategy ETF**<sup>(a)</sup><br> &nbsp;&nbsp; 14875351 <br><sup>(b)</sup><br>&nbsp;&nbsp; 2707514 <br><sup>(c)</sup><br>&nbsp;&nbsp; (19903238 )<sup>(d)</sup><br>| &nbsp;&nbsp; (2320373)<br>|

---

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

&nbsp;&nbsp;&nbsp;&nbsp;(a) After the close of business on January 26, 2024, the Predecessor Fund was reorganized
 into Option Strategy ETF. Share activities disclosed are that of the Predecessor Fund.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Includes shares of Institutional Class 8,759,802, Class A 334,268, Class C 12,016
 and Class R6 5,769,265.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Includes shares of Institutional Class 1,787,154, Class A 25,061, Class C 3,718 and
 Class R6 891,581.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Includes shares of Institutional Class (9,654,329), Class A (886,246), Class C (147,978)
 and Class R6 (9,214,685).

The dollar amounts disclosed in the Statements of Changes and referenced in footnote (b) following the Statements of Changes are the totals from fund share transactions of the Institutional Class shares, Class A shares, and Class C shares of the Predecessor Fund of China Equity ETF. The dollar amounts disclosed in the Statements of Changes and referenced in footnote (c) following the Statements of Changes are the totals from fund share transactions of the Institutional Class shares, Class A shares, Class C shares and Class R6 shares of the Predecessor Fund of Option Strategy ETF:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **For the Year Ended August 31, 2024** | **For the Year Ended August 31, 2024** | **For the Year Ended August 31, 2024** | **For the Year Ended August 31, 2024** |
|  | **Proceeds** <br>**from** <br>**Shares** <br>**Sold**<br>| **Proceeds** <br>**from** <br>**Reinvestment** <br>**of Dividends** <br>**and** <br>**Distributions**<br>| **Payments** <br>**for Shares** <br>**Redeemed**<br>| **Total** |
| **China Equity ETF** | **China Equity ETF** | **China Equity ETF** | **China Equity ETF** |  |
| Institutional <br> Class<br>| $4190902 | $— | $(93466)<br>| $4097436 |
| Class A |  |  |  |  |
| Class C |  |  |  |  |
| **Option Strategy ETF** | **Option Strategy ETF** | **Option Strategy ETF** | **Option Strategy ETF** |  |
| Institutional <br> Class<br>| 213019464 | 2159325 | (123920246)<br>| 91258543 <br><sup>(a)</sup><br>|
| Class A |  |  |  |  |
| Class C |  |  |  |  |
| Class R6 | 394003 | 879034 | (156311519)<br>| (155038482 )<sup>(b)</sup><br>|

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **For the Year Ended October 31, 2023** | **For the Year Ended October 31, 2023** | **For the Year Ended October 31, 2023** | **For the Year Ended October 31, 2023** |
|  | **Proceeds** <br>**from** <br>**Shares** <br>**Sold**<br>| **Proceeds** <br>**from** <br>**Reinvestment** <br>**of Dividends** <br>**and** <br>**Distributions**<br>| **Payments** <br>**for Shares** <br>**Redeemed**<br>| **Total** |
| **Option Strategy ETF** | **Option Strategy ETF** | **Option Strategy ETF** | **Option Strategy ETF** |  |
| Institutional <br> Class<br>| $92467048 | $18657876 | $(100698979)<br>| $10425945 |
| Class A | 3530220 | 260171 | (9670216)<br>| (5879825)<br>|
| Class C | 120653 | 37371 | (1548537)<br>| (1390513)<br>|
| Class R6 | 60530697 | 9307299 | (97343754)<br>| (27505758)<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;(a) Period from November 1, 2023 to August 31, 2024.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Period from November 1, 2023 to January 12, 2024.

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 August 31, 2025, 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 1.10% 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 that is a participant 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 August 31, 2025. During the year ended August 31, 2025, none of the Funds utilized the Credit Facility.

Note F—Recent Accounting Pronouncement:

In December 2023, FASB issued Accounting Standards Update No. 2023-09, "Improvements to Income Tax Disclosures" ("ASU 2023-09"). ASU 2023-09 clarifies the guidance in ASC 740 "Income Taxes" to enhance the transparency and decision-usefulness of income tax disclosures, particularly in the rate reconciliation table and disclosures about income taxes paid. The amendments are intended to address investors' requests for income tax disclosures that provide more information to help them better understand an entity's exposure to potential changes in tax laws and the ensuing risks and opportunities and to assess income tax information that affects cash flow forecasts and capital allocation decisions. ASU 2023-09 is effective for annual reporting periods beginning after December 15, 2024. ASU 2023-09 is effective for Growth ETF and Management has determined that there is no material impact of the ASU on that Fund's financial statements. For the remaining Funds, Management is currently evaluating the impact, if any, of applying ASU 2023-09.

Note G—Change in Fiscal Year End:

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 Predecessor Fund. This change was effective beginning with the fiscal period, November 1, 2023.

------

Note H—Subsequent Event:

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 business on October 17, 2025, and the Merging Fund shareholders became shareholders of the Acquiring ETF on that date. The Merger qualified as a tax-free reorganization for federal income tax purposes.

------

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>d</sup>  | **China Equity ETF**<sup>d</sup>  | **China Equity ETF**<sup>d</sup>  | **China Equity ETF**<sup>d</sup>  | **China Equity ETF**<sup>d</sup>  | **China Equity ETF**<sup>d</sup>  | **China Equity ETF**<sup>d</sup>  | **China Equity ETF**<sup>d</sup>  |
| 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>g</sup> <br>| $30.58 | $(0.11)<br>| $(4.78)<br>| $(4.89)<br>| $(0.25)<br>| $— | $(0.00)<br>|
| 8/31/2022<sup>g</sup> <br>| $45.64 | $0.21 | $(12.73)<br>| $(12.52)<br>| $(0.32)<br>| $(2.22)<br>| $— |
| 8/31/2021<sup>g</sup> <br>| $40.43 | $0.32 | $5.14 | $5.46 | $(0.25)<br>| $— | $— |
| **Commodity Strategy ETF**<sup>i,j</sup>  | **Commodity Strategy ETF**<sup>i,j</sup>  | **Commodity Strategy ETF**<sup>i,j</sup>  | **Commodity Strategy ETF**<sup>i,j</sup>  | **Commodity Strategy ETF**<sup>i,j</sup>  | **Commodity Strategy ETF**<sup>i,j</sup>  | **Commodity Strategy ETF**<sup>i,j</sup>  | **Commodity Strategy ETF**<sup>i,j</sup>  |
| 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>k,l</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** |
| 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** |
| 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** |
| Period from <br>12/18/2024<sup>q</sup> to <br>8/31/2025<br>| $24.23 | $0.05 | $2.89 | $2.94 | $— | $— | $— |
| **Japan Equity ETF** | **Japan Equity ETF** | **Japan Equity ETF** | **Japan Equity ETF** | **Japan Equity ETF** | **Japan Equity ETF** | **Japan Equity ETF** | **Japan Equity ETF** |
| 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>| $— | $— |

---

See Notes to Financial Highlights

------

&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</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>c</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>|
| $(0.29)<br>| &nbsp;&nbsp; $0.01 | &nbsp;&nbsp; $31.01 | &nbsp;&nbsp;&nbsp;&nbsp; 39.92 %<sup>e</sup><br>| &nbsp;&nbsp; $7.3 | &nbsp;&nbsp;&nbsp;&nbsp; 5.00<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.74<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.64<br> % <br>| &nbsp;&nbsp; 130<br> % <br>|
| $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $22.43 | &nbsp;&nbsp; (11.84 )%<sup>f</sup><br>| &nbsp;&nbsp; $5.3 | &nbsp;&nbsp;&nbsp;&nbsp; 7.20<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.77<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 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 | &nbsp;&nbsp;&nbsp;&nbsp; 2.79<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.51 %<sup>h</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 | &nbsp;&nbsp;&nbsp;&nbsp; 1.91<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.51<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.55<br> % <br>| &nbsp;&nbsp; 53<br> % <br>|
| $(0.25)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $45.64 | &nbsp;&nbsp;&nbsp;&nbsp; 13.54<br> %<br>| &nbsp;&nbsp; $61.3 | &nbsp;&nbsp;&nbsp;&nbsp; 1.80<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.51<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.66<br> % <br>| &nbsp;&nbsp; 81<br> % <br>|
| $(1.09)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $22.92 | &nbsp;&nbsp;&nbsp;&nbsp; 14.31<br> %<br>| &nbsp;&nbsp; $253.5 | &nbsp;&nbsp;&nbsp;&nbsp; 0.76<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.64<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 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 | &nbsp;&nbsp;&nbsp;&nbsp; 0.76<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.65<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.87<br> % <br>| &nbsp;&nbsp; 83<br> % <br>|
| $(3.07)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $22.68 | &nbsp;&nbsp;&nbsp;&nbsp; 0.25<br> %<br>| &nbsp;&nbsp; $274.7 | &nbsp;&nbsp;&nbsp;&nbsp; 0.77<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.66<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.84<br> % <br>| &nbsp;&nbsp; 61<br> % <br>|
| $(11.35)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $25.91 | &nbsp;&nbsp;&nbsp;&nbsp; 13.67 %<sup>m</sup><br>| &nbsp;&nbsp; $209.5 | &nbsp;&nbsp;&nbsp;&nbsp; 0.92 %<sup>n</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.73 %<sup>n</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.22 %<sup>n</sup><br>| &nbsp;&nbsp; 57 %<sup>m</sup><br>|
| $(0.13)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $34.57 | &nbsp;&nbsp;&nbsp;&nbsp; 54.44 %<sup>f</sup><br>| &nbsp;&nbsp; $147.4 | &nbsp;&nbsp;&nbsp;&nbsp; 0.99<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 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 | &nbsp;&nbsp;&nbsp;&nbsp; 0.99<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.74<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.74<br> % <br>| &nbsp;&nbsp; 109<br> % <br>|
| $(0.13)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $29.97 | &nbsp;&nbsp;&nbsp;&nbsp; 15.57<br> %<br>| &nbsp;&nbsp; $388.1 | &nbsp;&nbsp;&nbsp;&nbsp; 0.52 %<sup>o</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.29<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.93<br> % <br>| &nbsp;&nbsp; 44 %<sup>p</sup><br>|
| $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $26.05 | &nbsp;&nbsp;&nbsp;&nbsp; 2.18 %<sup>m</sup><br>| &nbsp;&nbsp; $226.0 | &nbsp;&nbsp;&nbsp;&nbsp; 0.83 %<sup>n,o</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.29 %<sup>n</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.36 %<sup>n</sup><br>| &nbsp;&nbsp; 5 %<sup>m,p</sup><br>|
| $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $34.49 | &nbsp;&nbsp;&nbsp;&nbsp; 16.47<br> %<br>| &nbsp;&nbsp; $26.9 | &nbsp;&nbsp;&nbsp;&nbsp; 0.65<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.55<br> % <br>| &nbsp;&nbsp; (0.08)% <br>| &nbsp;&nbsp; 34 %<sup>p</sup><br>|
| $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $29.61 | &nbsp;&nbsp;&nbsp;&nbsp; 27.26<br> %<br>| &nbsp;&nbsp; $19.4 | &nbsp;&nbsp;&nbsp;&nbsp; 0.65<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.55<br> % <br>| &nbsp;&nbsp; (0.13)% <br>| &nbsp;&nbsp; 49 %<sup>p</sup><br>|
| $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $23.27 | &nbsp;&nbsp;&nbsp;&nbsp; 19.77<br> %<br>| &nbsp;&nbsp; $11.1 | &nbsp;&nbsp;&nbsp;&nbsp; 0.65<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.55<br> % <br>| &nbsp;&nbsp; (0.23)% <br>| &nbsp;&nbsp; 31 %<sup>p</sup><br>|
| $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $19.43 | &nbsp;&nbsp; (19.10 )%<sup>m</sup><br>| &nbsp;&nbsp; $5.4 | &nbsp;&nbsp;&nbsp;&nbsp; 0.65 %<sup>n</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.55 %<sup>n</sup><br>| &nbsp;&nbsp; (0.17 )%<sup>n</sup><br>| &nbsp;&nbsp; 9 %<sup>m,p</sup><br>|
| $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $27.17 | &nbsp;&nbsp;&nbsp;&nbsp; 12.11 %<sup>m</sup><br>| &nbsp;&nbsp; $12.2 | &nbsp;&nbsp;&nbsp;&nbsp; 3.61 %<sup>n,o</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.43 %<sup>n</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.29 %<sup>n</sup><br>| &nbsp;&nbsp; 29 %<sup>m,p</sup><br>|
| $(0.18)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $29.41 | &nbsp;&nbsp;&nbsp;&nbsp; 18.53 %<sup>m</sup><br>| &nbsp;&nbsp; $35.3 | &nbsp;&nbsp;&nbsp;&nbsp; 2.38 %<sup>n,o</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.49 %<sup>n</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.30 %<sup>n</sup><br>| &nbsp;&nbsp; 59 %<sup>m,p</sup><br>|

---

------

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>|
| **Option Strategy ETF**<sup>r</sup>  | **Option Strategy ETF**<sup>r</sup>  | **Option Strategy ETF**<sup>r</sup>  | **Option Strategy ETF**<sup>r</sup>  | **Option Strategy ETF**<sup>r</sup>  | **Option Strategy ETF**<sup>r</sup>  | **Option Strategy ETF**<sup>r</sup>  | **Option Strategy ETF**<sup>r</sup>  |
| 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>s</sup> <br>| $24.04 | $1.01 | $2.31 | $3.32 | $(0.94)<br>| $— | $(0.27)<br>|
| 10/31/2023<sup>t</sup> <br>| $22.91 | $1.33 | $1.27 | $2.60 | $(1.45)<br>| $— | $(0.02)<br>|
| 10/31/2022<sup>t</sup> <br>| $31.77 | $0.73 | $(3.69)<br>| $(2.96)<br>| $(0.64)<br>| $(5.26)<br>| $— |
| 10/31/2021<sup>t</sup> <br>| $25.09 | $0.02 | $6.71 | $6.73 | $(0.03)<br>| $(0.02)<br>| $— |
| 10/31/2020<sup>t</sup> <br>| $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** |
| 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

------

&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</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>c</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>|
| $(2.26)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $26.46 | &nbsp;&nbsp;&nbsp;&nbsp; 10.30<br> %<br>| &nbsp;&nbsp; $436.6 | &nbsp;&nbsp;&nbsp;&nbsp; 0.58<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.55<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.92<br> % <br>| &nbsp;&nbsp; 112<br> % <br>|
| $(1.21)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $26.15 | &nbsp;&nbsp;&nbsp;&nbsp; 14.02 %<sup>m</sup><br>| &nbsp;&nbsp; $442.0 | &nbsp;&nbsp;&nbsp;&nbsp; 0.62 %<sup>n</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.57 %<sup>n</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.38 %<sup>n</sup><br>| &nbsp;&nbsp; 39 %<sup>m</sup><br>|
| $(1.47)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $24.04 | &nbsp;&nbsp;&nbsp;&nbsp; 11.53<br> %<br>| &nbsp;&nbsp; $317.1 | &nbsp;&nbsp;&nbsp;&nbsp; 0.70<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.65<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 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 | &nbsp;&nbsp;&nbsp;&nbsp; 0.70<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.65<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.87<br> % <br>| &nbsp;&nbsp; 43<br> % <br>|
| $(0.05)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $31.77 | &nbsp;&nbsp;&nbsp;&nbsp; 26.82<br> %<br>| &nbsp;&nbsp; $287.2 | &nbsp;&nbsp;&nbsp;&nbsp; 0.69<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.65<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.09<br> % <br>| &nbsp;&nbsp; 38<br> % <br>|
| $(1.36)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $25.09 | &nbsp;&nbsp;&nbsp;&nbsp; 2.22<br> %<br>| &nbsp;&nbsp; $235.6 | &nbsp;&nbsp;&nbsp;&nbsp; 0.74<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.65<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.31<br> % <br>| &nbsp;&nbsp; 41<br> % <br>|
| $(0.06)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $25.99 | &nbsp;&nbsp; (0.62)%<br>| &nbsp;&nbsp; $181.9 | &nbsp;&nbsp;&nbsp;&nbsp; 0.80<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.70<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.39<br> % <br>| &nbsp;&nbsp; 39 %<sup>p</sup><br>|
| $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $26.21 | &nbsp;&nbsp;&nbsp;&nbsp; 3.95 %<sup>m</sup><br>| &nbsp;&nbsp; $198.5 | &nbsp;&nbsp;&nbsp;&nbsp; 0.92 %<sup>n,o</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.73 %<sup>n</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.26 %<sup>n</sup><br>| &nbsp;&nbsp; 12 %<sup>m,p</sup><br>|

---

------

Notes to Financial Highlights

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

---

| | |
|:---|:---|
| a | Calculated based on the average number of shares outstanding during each fiscal period. |
| b | 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>|
| c | 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>|
| d | Financial highlights prior to the close of business on October 13, 2023 are of the Predecessor Fund. |
| e | 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>|
| f | The class action proceeds received in 2024 had no impact on the Fund's total return for the year ended <br> August 31, 2024. The class action proceeds received in 2021 had no impact on the Fund's total return for <br> the year ended October 31, 2021.<br>|
| g | After the close of business on October 6, 2023, the Predecessor Fund's Institutional Class underwent a <br> reverse stock split pursuant to a stock split ratio of 1:0.2842 (old to new) for Greater China Equity Fund. <br> The per share data presented here has been retroactively adjusted to reflect this split.<br>|
| h | 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>|

---

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

---

| | |
|:---|:---|
|  | **Year Ended August 31,** |
|  | **2023** |
| **China Equity ETF**<sup>(1)</sup> | 1.51% |

---

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

<sup>(1)</sup> Amounts disclosed are that of the respective Predecessor Fund.<br>

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

---

| | |
|:---|:---|
| i | Financial highlights prior to the close of business on October 21, 2022 are of the Predecessor Fund. |
| j | Consolidated financial highlights. See Note A in the Notes to Consolidated Financial Statements. |
| k | After the close of business on October 14, 2022, the Predecessor Fund's Institutional Class underwent a <br> reverse stock split pursuant to a stock split ratio of 1:0.2256 (old to new). The per share data presented here <br> has been retroactively adjusted to reflect this split.<br>|
| l | The Predecessor Fund has changed its fiscal year end from October 31 to August 31. This period represents <br> the ten-month period from November 1, 2021 to August 31, 2022.<br>|
| m | Not annualized. |
| n | Annualized. |
| o | Organization expense, which is a non-recurring expense, is included in these ratios on a non-annualized <br> basis.<br>|

---

------

Notes to Financial Highlights (cont'd)

p 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;

---

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

---

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

---

| |
|:---|
| <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. |

---

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

---

| | |
|:---|:---|
| q | The date investment operations commenced. |
| r | Financial highlights prior to the close of business on January 26, 2024 are of the Predecessor Fund. |
| s | The Predecessor Fund has changed its fiscal year end from October 31 to August 31. This period represents <br> the ten-month period from November 1, 2023 to August 31, 2024.<br>|
| t | After the close of business on January 19, 2024, the Predecessor Fund's Institutional Class underwent a <br> reverse stock split pursuant to a stock split ratio of 1:0.4356 (old to new). The per share data presented here <br> has been retroactively adjusted to reflect this split.<br>|

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------

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of

Neuberger Berman ETF Trust and the Shareholders of:

Neuberger Berman China Equity ETF

Neuberger Berman Commodity Strategy ETF

Neuberger Berman Core Equity ETF

Neuberger Berman Disrupters ETF

Neuberger Berman Growth ETF

Neuberger Berman Japan Equity ETF

Neuberger Berman Option Strategy ETF

Neuberger Berman Small-Mid Cap ETF

**Opinion on the Financial Statements**

We have audited the accompanying consolidated statement of assets and liabilities of Neuberger Berman Commodity Strategy ETF (one of the series constituting the Neuberger Berman ETF Trust (the "Trust")), including the consolidated schedule of investments, as of August 31, 2025, and the related consolidated statements of operations and changes in net assets, and the consolidated financial highlights for each of the periods indicated in the table below and the related notes (collectively referred to as the "consolidated financial statements"). We have audited the accompanying statements of assets and liabilities of Neuberger Berman China Equity ETF, Neuberger Berman Core Equity ETF, Neuberger Berman Disrupters ETF, Neuberger Berman Growth ETF, Neuberger Berman Japan Equity ETF, Neuberger Berman Option Strategy ETF and Neuberger Berman Small-Mid Cap ETF (collectively, together with Neuberger Berman Commodity Strategy ETF, referred to as the "Funds") (seven of the series constituting the Trust), including the schedules of investments, as of August 31, 2025, and the related statements of operations and changes in net assets, and the financial highlights for each of the periods indicated in the table below and the related notes (collectively, together with the consolidated financial statements, referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position, or the consolidated financial position, of each of the Funds (eight of the series constituting Neuberger Berman ETF Trust) at August 31, 2025, and the results, or the consolidated results, of their operations, changes in net assets and financial highlights for each of the periods indicated in the table below, in conformity with U.S. generally accepted accounting principles.

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| | | | |
|:---|:---|:---|:---|
| **Individual fund constituting Neuberger** <br> **Berman ETF Trust**<br>| **Statement of** <br> **operations**<br>| **Statements of** <br> **changes in net** <br> **assets**<br>| **Financial** <br> **highlights**<br>|
| Neuberger Berman China Equity ETF | For the year ended <br> August 31, 2025<br>| For each of the <br> two years in the <br> period ended <br> August 31, 2025<br>| For each of the <br> five years in the <br> period ended <br> August 31, 2025<br>|
| Neuberger Berman Commodity Strategy ETF | For the year ended <br> August 31, 2025<br>| For each of the <br> two years in the <br> period ended <br> August 31, 2025<br>| For each of the <br> three years ended <br> August 31, 2025, <br> the period from <br> November 1, <br> 2021 to <br> August 31, 2022 <br> and each of the <br> two years in the <br> period ended <br> October 31, 2021<br>|

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------

---

| | | | |
|:---|:---|:---|:---|
| **Individual fund constituting Neuberger** <br> **Berman ETF Trust**<br>| **Statement of** <br> **operations**<br>| **Statements of** <br> **changes in net** <br> **assets**<br>| **Financial** <br> **highlights**<br>|
| Neuberger Berman Option Strategy ETF | For the year ended <br> August 31, 2025<br>| For the year ended <br> August 31, 2025, <br> the period from <br> November 1, <br> 2023 to <br> August 31, 2024 <br> and the year <br> ended <br> October 31, 2023<br>| For the year ended <br> August 31, 2025, <br> the period from <br> November 1, <br> 2023 to <br> August 31, 2024 <br> and each of the <br> four years in the <br> period ended <br> October 31, 2023<br>|
| Neuberger Berman Disrupters ETF | For the year ended <br> August 31, 2025<br>| For each of the <br> two years in the <br> period ended <br> August 31, 2025<br>| For each of the <br> three years ended <br> August 31, 2025 <br> and the period <br> from April 6, 2022 <br> (commencement <br> of operations) to <br> August 31, 2022<br>|
| Neuberger Berman Small-Mid Cap ETF | For the year ended <br> August 31, 2025<br>| For the year ended <br> August 31, 2025 <br> and the period <br> from March 20, <br> 2024<br> (commencement <br> of operations) to <br> August 31, 2024<br>| For the year ended <br> August 31, 2025 <br> and the period <br> from March 20, <br> 2024<br> (commencement <br> of operations) to <br> August 31, 2024<br>|
| Neuberger Berman Core Equity ETF | For the year ended <br> August 31, 2025<br>| For the year ended <br> August 31, 2025 <br> and the period <br> from July 31, <br> 2024<br> (commencement <br> of operations) to <br> August 31, 2024<br>| For the year ended <br> August 31, 2025 <br> and the period <br> from July 31, <br> 2024<br> (commencement <br> of operations) to <br> August 31, 2024<br>|
| Neuberger Berman Japan Equity ETF | For the period <br> from <br> September 11, <br> 2024<br> (commencement <br> of operations) to <br> August 31, 2025<br>| For the period <br> from <br> September 11, <br> 2024<br> (commencement <br> of operations) to <br> August 31, 2025<br>| For the period <br> from <br> September 11, <br> 2024<br> (commencement <br> of operations) to <br> August 31, 2025<br>|
| Neuberger Berman Growth ETF | For the period <br> from <br> December 18, <br> 2024<br> (commencement <br> of operations) to <br> August 31, 2025<br>| For the period <br> from <br> December 18, <br> 2024<br> (commencement <br> of operations) to <br> August 31, 2025<br>| For the period <br> from <br> December 18, <br> 2024<br> (commencement <br> of operations) to <br> August 31, 2025<br>|

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------

**Basis for Opinion**

These financial statements are the responsibility of the Trust's management. Our responsibility is to express an opinion on each of the Funds' financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Trust in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Trust is not required to have, nor were we engaged to perform, an audit of the Trust's internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Trust's internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of August 31, 2025, by correspondence with the custodian, brokers and others; when replies were not received from brokers and others, we performed other auditing procedures. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

![](imge8a742fb4.jpg)

We have served as the auditor of one or more Neuberger Berman investment companies since 1954.

Boston, Massachusetts

October 22, 2025

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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 Berman 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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Notice to Shareholders

For the fiscal period ended August 31, 2025, each Fund makes the following designation, or up to the maximum amount of such dividends allowable pursuant to the Internal Revenue Code, as Qualified Dividend Income. Complete information regarding each Fund's Qualified Dividend Income distributions during the calendar year 2025 will be reported in conjunction with Form 1099-DIV.

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| | |
|:---|:---|
| **Fund**  | &nbsp;&nbsp; **Qualified** <br>**Dividend** <br>**Income**<br>|
| **China Equity ETF** | $149169 |
| **Commodity Strategy ETF** |  |
| **Core Equity ETF** | 3274729 |
| **Disrupters ETF** |  |
| **Growth ETF** | 49024 |
| **Japan Equity ETF** | 402337 |
| **Option Strategy ETF** | 14742 |
| **Small-Mid Cap ETF** | 1944068 |

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![](img0f2431841.jpg)

**Neuberger Berman Investment Advisers LLC**

1290 Avenue of the Americas

New York, NY 10104-0002

877.628.2583 www.nb.com/ETF

*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.*

![](img3f0865935.jpg)

X0207 10/25

![](img16a7a5f56.jpg)

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

There was nothing to report with respect to this item.

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

There was nothing to report with respect to this item.

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.

There was nothing to report with respect to this item.

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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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.

(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.

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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 Neuberger Berman Alternative Funds' Form N-CSR, Investment Company Act file number 811-21715 (filed January 6, 2025)](https://www.sec.gov/Archives/edgar/data/1317474/000198115825000004/codeofethics.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#EXHIIT99.CERT)are filed herewith. |

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(a)(4) Not applicable to the Registrant.

(a)(5) Not applicable to the Registrant.

(b) The [certification required by Rule 30a-2(b) under the Act and Section 906 of the Sarbanes-Oxley Act](exh99-906cert.htm#EXHIBIT99-906CERT) 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 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: October 29, 2025

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: October 29, 2025

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

John M. McGovern

Treasurer and Principal Financial and Accounting Officer

Date: October 29, 2025

## Ex-99.Cert

**EXHIBIT 99.CERT**<br>

#### CERTIFICATIONS

#### <br>
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: October 29, 2025

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: October 29, 2025

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 <br>

## Exhibit 99.906

**EXHIBIT 99-906 CERT**<br>

#### 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 August 31, 2025, 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: October 29, 2025

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