# EDGAR Filing Document

**Accession Number:** 0001506001
**File Stem:** 0000898432-25-000492
**Filing Date:** 2025-7
**Character Count:** 43947
**Document Hash:** ab3295b7613756a4ba763593ad4dc99a
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000898432-25-000492.hdr.sgml**: 20250717

**ACCESSION NUMBER**: 0000898432-25-000492

**CONFORMED SUBMISSION TYPE**: 485BPOS

**PUBLIC DOCUMENT COUNT**: 3

**FILED AS OF DATE**: 20250717

**DATE AS OF CHANGE**: 20250717

**EFFECTIVENESS DATE**: 20250717

**FILER**: 

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

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

**FILING VALUES:**
- **FORM TYPE:** 485BPOS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-23761
- **FILM NUMBER:** 251131177

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

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

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

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

**FILING VALUES:**
- **FORM TYPE:** 485BPOS
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 333-274577
- **FILM NUMBER:** 251131176

**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 Option Strategy ETF (Series ID: S000082346)

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

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

1933 Act Registration No. 333-274577

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-14

REGISTRATION STATEMENT UNDER

THE SECURITIES ACT OF 1933

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

(Check appropriate box or boxes)

#### NEUBERGER BERMAN ETF TRUST
(Exact Name of Registrant as Specified in Charter)

c/o Neuberger Berman Investment Advisers LLC

1290 Avenue of the Americas

New York, New York 10104-0002

(Address of Principal Executive Offices)

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

Joseph V. Amato

Chief Executive Officer and President

Neuberger Berman ETF Trust

c/o Neuberger Berman Investment Advisers LLC

1290 Avenue of the Americas

New York, New York 10104-0002

(Name and Address of Agent for Service)

With copies to:

Stacy L. Fuller, Esq.

Lori L. Schneider, Esq.

K&L Gates LLP

1601 K Street, N.W.

Washington, D.C. 20006-1600

(Names and Addresses of Agents for Service of Process)

For the new shares of Neuberger Berman Option Strategy ETF, a series of Neuberger Berman ETF Trust, the date of the public offering was January 26, 2024. The public offering of the Registrant's shares is ongoing.

Title of Securities being registered: Shares of beneficial interest, no par value per share, of Neuberger Berman Option Strategy ETF.

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

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

------

NEUBERGER BERMAN ETF TRUST<br> FORM N-14

CONTENTS OF REGISTRATION STATEMENT ON FORM N-14

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

Cover Sheet

Contents of Registration Statement on Form N-14

Part C – Other Information

Signature Page

Exhibits<br>The sole purpose of this filing is to file as an exhibit the opinion and consent of counsel supporting the tax matters and consequences to shareholders of the reorganization described in Registrant's Registration Statement on Form N-14, filed September 19, 2023, as required by Item 16(12) of Form N-14. Parts A and B of this Registration Statement are incorporated by reference to the Combined Prospectus and Information Statement, dated November 3, 2023, filed with the Securities and Exchange Commission under Rule 497 on November 3, 2023, File No. 333-274577.

------

<u>PART C</u>

<u>OTHER INFORMATION</u>

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

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

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

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

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

------

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

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

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

---

| | |
|:---|:---|
| Exhibit<br> Number | Description  |
| (1)<br> (a) | [Certificate of Trust. Incorporated by Reference to the Registrant's Registration Statement on Form N-1A, File Nos. 333-261613 and 811-23761 (Filed December 9, 2021).](https://www.sec.gov/Archives/edgar/data/1506001/000089843221000766/ex99-a1.htm) |
| (b) | [<u>Trust Instrument. Incorporated by</u> <u>Reference</u> <u>to the Registrant's Registration Statement on Form N-1A, File Nos. 333-261613 and 811-23761 (Filed December 9, 2021).</u>](https://www.sec.gov/Archives/edgar/data/1506001/000089843221000766/ex99-a2.htm) |
| (c) | [Amended Trust Instrument Schedule A - Listing the Current Series of Neuberger Berman ETF Trust. Incorporated by reference to Post-Effective Amendment No. 32 to the Registrant's Registration Statement on Form N-1A, File Nos. 333-261613 and 811-23761 (Filed April 17, 2025).](https://www.sec.gov/Archives/edgar/data/1506001/000089843225000280/exh99-a3.htm) |
| (2) | [By-Laws. Incorporated by Reference to the Registrant's Registration Statement on Form N-1A, File Nos. 333-261613 and 811-23761 (Filed December 9, 2021).](https://www.sec.gov/Archives/edgar/data/1506001/000089843221000766/ex99-b.htm) |
| (3) | Voting Trust Agreement. Not Applicable. |
| (4) | [Plan of Reorganization and Termination. Incorporated by Reference to Registrant's Registration Statement on Form N-14, File No. 333-274577. (Filed September 19, 2023).](https://www.sec.gov/Archives/edgar/data/1506001/000089843223000673/form-n14.htm) |
| (5)<br> (a) | [<u>Amended and</u> <u>Restated Trust Instrument, Articles IV, V, and VI. Incorporated by</u> <u>Reference</u> <u>to Item (1)(b) above.</u>](https://www.sec.gov/Archives/edgar/data/1506001/000089843221000766/ex99-a2.htm) |
| (b) | [<u>By-Laws,</u> <u>Amended and Restated, Articles V, VI, and VIII. Incorporated by</u> <u>Reference</u> <u>to Item (2) above.</u>](https://www.sec.gov/Archives/edgar/data/1506001/000089843221000766/ex99-b.htm) |
| (6)<br> (a)<br> (i) | [<u>Management Agreement Between Registrant and Neuberger Berman Investment Advisers LLC ("NBIA").</u> <u>Incorporated by</u> <u>Reference to Post-Effective Amendment No. 4</u> <u>to the Registrant's Registration Statement on Form N-1A, File Nos. 333-261613 and 811-23761 (Filed December 14, 2022).</u>](https://www.sec.gov/Archives/edgar/data/1506001/000120677422002804/nb413557_exd1.htm) |
| (ii) | [Management Agreement schedules listing the current series of the Registrant subject to the Management Agreement included in Item (6)(a)(i) above. Incorporated by Reference to Post-Effective Amendment No. 25 to the Registrant's Registration Statement on Form N-1A, File Nos. 333-261613 and 811-23761 (Filed December 4, 2024).](https://www.sec.gov/Archives/edgar/data/1506001/000089843224000967/exh99-a3.htm) |
| (b)<br> (i) | [Management Agreement Between Registrant and NBIA. Incorporated by Reference to Post-Effective Amendment No. 4 to the Registrant's Registration Statement on Form N-1A, File Nos. 333-261613 and 811-23761 (Filed December 14, 2022).](https://www.sec.gov/Archives/edgar/data/1506001/000120677422002804/nb413557_exd1.htm) |
| (ii) | [Amended Management Agreement Schedules listing the current series of the Registrant subject to the Management Agreement included in Item (6)(b)(i) above. Incorporated by Reference to Post-Effective Amendment No. 36 to the Registrant's Registration Statement on Form N-1A, File Nos. 333-261613 and 811-23761 (Filed June 18, 2025).](https://www.sec.gov/Archives/edgar/data/1506001/000089843225000451/exh99-d4.htm) |
| (c) | [<u>Management Agreement Between NBIA and the wholly owned subsidiary of Neuberger Berman Commodity Strategy ETF.</u> <u>Incorporated by</u> <u>Reference</u> <u>to Post-Effective Amendment No. 4 to the Registrant's Registration Statement on Form N-1A, File Nos. 333-261613 and 811-23761 (Filed December 14, 2022).</u>](https://www.sec.gov/Archives/edgar/data/1506001/000120677422002804/nb413557_exd3.htm) |
| (d) | [<u>Sub-Advisory Agreement Between NBIA and Neuberger Berman Europe Limited ("NBEL") with respect to Neuberger Berman Emerging Marekts Debt Hard Currency ETF.</u> <u>Incorporated by</u> <u>Reference</u> <u>to Post-Effective Amendment</u> <u>No. 36 to the Registrant's Registration Statement on Form N-1A, File Nos. 333-261613 and 811-23761 (Filed June 18, 2025).</u>](https://www.sec.gov/Archives/edgar/data/1506001/000089843225000451/exh99-d6.htm) |

---

------

---

| | |
|:---|:---|
| (7)<br>(a) | [<u>Distribution Agreement Between Registrant and Neuberger Berman BD LLC ("NBBD").</u> <u>Incorporated by</u> <u>Reference</u> <u>to Post-Effective Amendment No. 4</u><u> </u><u>to the Registrant's Registration Statement on Form N-1A, File Nos. 333-261613 and 811-23761 (Filed December 14, 2022).</u>](https://www.sec.gov/Archives/edgar/data/1506001/000120677422002804/nb413557_exe1.htm) |
| (b) | [Schedule A to the Distribution Agreement. Incorporated by Reference to Post-Effective Amendment No. 36 to the Registrant's Registration Statement on Form N-1A, File Nos. 333-261613 and 811-23761 (Filed June 18, 2025).](https://www.sec.gov/Archives/edgar/data/1506001/000089843225000451/exh99-e2.htm) |
| (8) | Bonus or Profit Sharing Contracts. None. |
| (9) | [<u>Custodian Contract Between Registrant and State Street Bank and Trust Company. Incorporated by Reference</u> <u>to Pre-Effective Amendment No. 1</u> <u>to the Registrant's Registration Statement on Form N-1A, File Nos. 333-261613 and 811-23761 (Filed March 30, 2022).</u>](https://www.sec.gov/Archives/edgar/data/1506001/000089843222000231/ex99-g.htm) |
| (10)<br> (i) | [<u>Plan Pursuant to Rule 12b-1.</u> <u>Incorporated by</u> <u>Reference</u> <u>to Post-Effective Amendment No. 4</u><u> </u><u>to the Registrant's Registration Statement on Form N-1A, File Nos. 333-261613 and 811-23761 (Filed December 14, 2022).</u>](https://www.sec.gov/Archives/edgar/data/1506001/000120677422002804/nb413557_exm.htm) |
| (ii) | [Schedule A to the Plan Pursuant to Rule 12b-1. Incorporated by Reference to Post-Effective Amendment No. 33 to the Registrant's Registration Statement on Form N-1A, File Nos. 333-261613 and 811-23761 (Filed April 30, 2025).](https://www.sec.gov/Archives/edgar/data/1506001/000089843225000292/exh99-m2.htm) |
| (11) | [Opinion and Consent of Counsel. Incorporated by Reference to Registrant's Registration Statement on Form N-14, File No. 333-274577. (Filed September 19, 2023).](https://www.sec.gov/Archives/edgar/data/1506001/000089843223000673/exh99-11.htm) |
| (12) | [Opinion of Counsel Supporting Tax Matters.](exh99-12.htm#EXHIBIT12) (Filed herewith). |
| (13)<br> (a) | [<u>Transfer Agency and Service Agreement between Registrant and State Street Bank and Trust Company.</u> <u>Incorporated by</u> <u>Reference</u> <u>to Post-Effective Amendment No. 4</u><u> </u><u>to the Registrant's Registration Statement on Form N-1A, File Nos. 333-261613 and 811-23761 (Filed December 14, 2022).</u>](https://www.sec.gov/Archives/edgar/data/1506001/000120677422002804/nb413557_exh1.htm) |
| (b)<br> (i) | [Management Fee Waiver Agreement with respect to Neuberger Berman Disrupters ETF and Neuberger Berman Next Generation Connected Consumer ETF. Incorporated by Reference to Post-Effective Amendment No. 26 to the Registrant's Registration Statement on Form N-1A, File Nos. 333-261613 and 811-23761 (Filed December 13, 2024).](https://www.sec.gov/Archives/edgar/data/1506001/000120677424001111/nb438040_exh2i.htm) |
| (ii) | [Management Fee Waiver Agreement with respect to Neuberger Berman Flexible Credit Income ETF. Incorporated by Reference to Post-Effective Amendment No. 29 to the Registrant's Registration Statement on Form N-1A, File Nos. 333-261613 and 811-23761 (Filed February 26, 2025).](https://www.sec.gov/Archives/edgar/data/1506001/000101376225000186/ea0230425-01_ex99h2ii.htm) |
| (iii) | [Management Fee Waiver Agreement with respect to Neuberger Berman Core Equity ETF. Incorporated by Reference to Post-Effective Amendment No. 26 to the Registrant's Registration Statement on Form N-1A, File Nos. 333-261613 and 811-23761 (Filed December 13, 2024).](https://www.sec.gov/Archives/edgar/data/1506001/000120677424001111/nb438040_exh2iii.htm) |
| (iv) | [Management Fee Waiver Agreement with respect to Neuberger Berman Japan Equity ETF. Incorporated by Reference to Post-Effective Amendment No. 26 to the Registrant's Registration Statement on Form N-1A, File Nos. 333-261613 and 811-23761 (Filed December 13, 2024).](https://www.sec.gov/Archives/edgar/data/1506001/000120677424001111/nb438040_exh2iv.htm) |
| (v) | [Management Fee Waiver Agreement with respect to Neuberger Berman Growth ETF. Incorporated by Reference to Post-Effective Amendment No. 25 to the Registrant's Registration Statement on Form N-1A, File Nos. 333-261613 and 811-23761 (Filed December 4, 2024).](https://www.sec.gov/Archives/edgar/data/1506001/000089843224000967/exh99-h2v.htm) |
| (vi) | [Management Fee Waiver Agreement with respect to Neuberger Berman Small Value ETF. Incorporated by Reference to Post-Effective Amendment No. 33 to the Registrant's Registration Statement on Form N-1A, File Nos. 333-261613 and 811-23761 (Filed April 30, 2025).](https://www.sec.gov/Archives/edgar/data/1506001/000089843225000292/exh99-h2vi.htm) |
| (vii) | [Management Fee Waiver Agreement with respect to Neuberger Berman Quality Select ETF. Incorporated by Reference to Post-Effective Amendment No. 33 to the Registrant's Registration Statement on Form N-1A, File Nos. 333-261613 and 811-23761 (Filed April 30, 2025).](https://www.sec.gov/Archives/edgar/data/1506001/000089843225000292/exh99-h2vii.htm) |

---

------

---

| | |
|:---|:---|
| (c)<br>(i) | [Expense Limitation Agreement with respect to Neuberger Berman Commodity Strategy ETF. Incorporated by Reference to Post-Effective Amendment No. 26 to the Registrant's Registration Statement on Form N-1A, File Nos. 333-261613 and 811-23761 (Filed December 13, 2024).](https://www.sec.gov/Archives/edgar/data/1506001/000120677424001111/nb438040_exh3i.htm) |
| (ii) | [Expense Limitation Agreement with respect to Neuberger Berman China Equity ETF, Neuberger Berman Option Strategy ETF, and Neuberger Berman Small-Mid-Cap ETF. Incorporated by Reference to Post-Effective Amendment No. 26 to the Registrant's Registration Statement on Form N-1A, File Nos. 333-261613 and 811-23761 (Filed December 13, 2024).](https://www.sec.gov/Archives/edgar/data/1506001/000120677424001111/nb438040_exh3ii.htm) |
| (iii) | [Expense Limitation Agreement with respect to Neuberger Berman Energy Transition & Infrastructure ETF, Neuberger Berman Short Duration Income ETF, and Neuberger Berman Total Return Bond ETF. Incorporated by Reference to Post-Effective Amendment No. 29 to the Registrant's Registration Statement on Form N-1A, File Nos. 333-261613 and 811-23761 (Filed February 26, 2025).](https://www.sec.gov/Archives/edgar/data/1506001/000101376225000186/ea0230425-01_ex99h3iii.htm) |
| (iv) | [Expense Limitation Agreement with respect to Neuberger Berman Flexible Credit Income ETF. Incorporated by Reference to Post-Effective Amendment No. 29 to the Registrant's Registration Statement on Form N-1A, File Nos. 333-261613 and 811-23761 (Filed February 26, 2025).](https://www.sec.gov/Archives/edgar/data/1506001/000101376225000186/ea0230425-01_ex99h3iv.htm) |
| (v) | [Expense Limitation Agreement with respect to Neuberger Berman Core Equity ETF. Incorporated by Reference to Post-Effective Amendment No. 26 to the Registrant's Registration Statement on Form N-1A, File Nos. 333-261613 and 811-23761 (Filed December 13, 2024).](https://www.sec.gov/Archives/edgar/data/1506001/000120677424001111/nb438040_exh3v.htm) |
| (vi) | [Expense Limitation Agreement with respect to Neuberger Berman Japan Equity ETF. Incorporated by Reference to Post-Effective Amendment No. 26 to the Registrant's Registration Statement on Form N-1A, File Nos. 333-261613 and 811-23761 (Filed December 13, 2024).](https://www.sec.gov/Archives/edgar/data/1506001/000120677424001111/nb438040_exh3vi.htm) |
| (vii) | [Expense Limitation Agreement with respect to Neuberger Berman Growth ETF. Incorporated by Reference to Post-Effective Amendment No. 25 to the Registrant's Registration Statement on Form N-1A, File Nos. 333-261613 and 811-23761 (Filed December 4, 2024).](https://www.sec.gov/Archives/edgar/data/1506001/000089843224000967/exh99-h3x.htm) |
| (viii) | [Expense Limitation Agreement with respect to Neuberger Berman Small Value ETF. Incorporated by Reference to Post-Effective Amendment No. 33 to the Registrant's Registration Statement on Form N-1A, File Nos. 333-261613 and 811-23761 (Filed April 30, 2025).](https://www.sec.gov/Archives/edgar/data/1506001/000089843225000292/exh99-h3viii.htm) |
| (ix) | [Expense Limitation Agreement with respect to Neuberger Berman Quality Select ETF. Incorporated by Reference to Post-Effective Amendment No. 33 to the Registrant's Registration Statement on Form N-1A, File Nos. 333-261613 and 811-23761 (Filed April 30, 2025).](https://www.sec.gov/Archives/edgar/data/1506001/000089843225000292/exh99-h3ix.htm) |
| (x) | [Expense Limitation Agreement with respect to Neuberger Berman Emerging Markets Debt Hard Currency ETF. Incorporated by Reference to Post-Effective Amendment No. 36 to the Registrant's Registration Statement on Form N-1A, File Nos. 333-261613 and 811-23761 (Filed June 18, 2025).](https://www.sec.gov/Archives/edgar/data/1506001/000089843225000451/exh99-h3x.htm) |
| (d) | [<u>Form of Authorized Participant Agreement. Incorporated by Reference</u> <u>to Pre-Effective Amendment No. 1</u> <u>to the Registrant's Registration Statement on Form N-1A, File Nos. 333-261613 and 811-23761 (Filed March 30, 2022).</u>](https://www.sec.gov/Archives/edgar/data/1506001/000089843222000231/ex99-h3.htm) |
| (e)<br> (i) | [Administration Agreement Between Registrant and NBIA. Incorporated by Reference to Post-Effective Amendment No. 4 to the Registrant's Registration Statement on Form N-1A, File Nos. 333-261613 and 811-23761 (Filed December 14, 2022).](https://www.sec.gov/Archives/edgar/data/1506001/000120677422002804/nb413557_exh5ii.htm) |

---

------

---

| | | |
|:---|:---|:---|
|  | (ii) | [Administration Agreement Schedules listing the current series of the Registrant Subject to the Administration Agreement included in Item (13)(e)(i) above. Incorporated by Reference to Post-Effective Amendment No. 36 to the Registrant's Registration Statement on Form N-1A, File Nos. 333-261613 and 811-23761 (Filed June 18, 2025).](https://www.sec.gov/Archives/edgar/data/1506001/000089843225000451/exh99-h5ii.htm) |
|  | (iii) | [<u>Administration Agreement Between NBIA and the wholly owned subsidiary of Neuberger Berman Commodity Strategy ETF.</u><u> </u><u>Incorporated by</u> <u>Reference</u> <u>to Post-Effective Amendment No. 4</u><u> </u><u>to the Registrant's Registration Statement on Form N-1A, File Nos. 333-261613 and 811-23761 (Filed December 14, 2022).</u>](https://www.sec.gov/Archives/edgar/data/1506001/000120677422002804/nb413557_exh5i.htm) |
| (14) | [<u>Consent of</u> <u>Ernst & Young LLP, Independent Registered Public Accounting Firm.</u><u> </u><u> </u><u>Incorporated by Reference to Registrant's Registration Statement on Form N-14, File No. 333-274577. (Filed September 19, 2023).</u>](https://www.sec.gov/Archives/edgar/data/1506001/000089843223000673/exh99-14.htm) | [<u>Consent of</u> <u>Ernst & Young LLP, Independent Registered Public Accounting Firm.</u><u> </u><u> </u><u>Incorporated by Reference to Registrant's Registration Statement on Form N-14, File No. 333-274577. (Filed September 19, 2023).</u>](https://www.sec.gov/Archives/edgar/data/1506001/000089843223000673/exh99-14.htm) |
| (15) | Financial Statements Omitted from Prospectus. None. | Financial Statements Omitted from Prospectus. None. |
| (16) | [Power of Attorney. Incorporated by Reference to Registrant's Registration Statement on Form N-14, File No. 333-274577. (Filed September 19, 2023).](https://www.sec.gov/Archives/edgar/data/1506001/000089843223000673/exh99-16.htm) | [Power of Attorney. Incorporated by Reference to Registrant's Registration Statement on Form N-14, File No. 333-274577. (Filed September 19, 2023).](https://www.sec.gov/Archives/edgar/data/1506001/000089843223000673/exh99-16.htm) |

---

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

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

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

------

#### SIGNATURES

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

---

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

---

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

---

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

---

\*Signatures affixed by Franklin H. Na on July 17, 2025, pursuant to a power of attorney filed to Registrant's Registration Statement on Form N-14 on September 19, 2023 (File No. 333-274577).

------

<u>Exhibit List</u>

---

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

---

## Exhibit 99.12

**EXHIBIT (12)**<br>

![](image00001.jpg)

January 26, 2024

Neuberger Berman Alternative Funds

Neuberger Berman ETF Trust

1290 Avenue of the Americas

New York, New York 10104

Re: <u>Reorganization to</u> <u>Combine</u> <u>Series</u> <u>of</u> <u>Delaware</u> <u>Statutory Trusts</u>

Ladies and Gentlemen:

Neuberger Berman ETF Trust, a Delaware statutory trust **("ETF Trust"),** on behalf of its segregated Fund of assets **("series")** Neuberger Berman Option Strategy ETF **("Acquiring ETF"),** and Neuberger Berman Alternative Funds, a Delaware statutory trust **("Target Trust"),** on behalf of its series Neuberger Berman U.S. Equity Index PutWrite Strategy Fund **("Target Fund")**<sup>1</sup> have requested our opinion as to certain federal income tax consequences of Acquiring ETF's proposed acquisition of Target Fund pursuant to an Agreement and Plan of Reorganization adopted by the Boards of Trustees of ETF Trust and Target Trust at a joint meeting thereof held on June 29, 2023 **("Plan").** The Plan contemplates (1) Acquiring ETF's acquisition of all Target Fund's Assets<sup>2</sup> in exchange solely for the issuance to Target Fund of voting shares of beneficial interest ("shares") in Acquiring ETF and Acquiring ETF's assumption of all Target Fund's Liabilities, followed by (2) Target Fund's distribution of those shares *pro rata* to its Shareholders in complete liquidation thereof (for federal tax purposes), and (3) Target Fund's termination as a series of the Trust and dissolution under Delaware law, all on the terms and conditions set forth in the Plan (all the foregoing transactions involving Acquiring ETF and Target Fund being referred to herein collectively as the **"Reorganization").**

In rendering this opinion, we have examined (1) the Plan, (2) the Combined Information Statement/Prospectus dated November 3, 2023 **("Information Statement"),** regarding the Reorganization that was furnished to the shareholders of Target Fund , and (3) other documents we have deemed necessary or appropriate for the purposes hereof (collectively, **"Documents").** We have assumed, for those purposes, the accuracy and completeness of the information contained in all the Documents. As to various matters of fact material to this opinion, we have relied, exclusively and without independent verification (with your permission), on the representations and warranties set forth in the Plan, and on the statements and representations of

____________________<br>

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

**** 

<br> <sup>2</sup> Each capitalized term that is not defined herein has the meaning ascribed thereto in the Plan.

K&L GATES LLP

ONE CONGRESS STREET BOSTON MA 02114

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

------

Neuberger Berman Alternative Funds<br>

Neuberger Berman ETF Trust<br>

January 26, 2024<br>

Page 2<br>

officers and other representatives of the Acquiring ETF and the Target Fund (collectively, **"Representations").** We have assumed that any Representation made "to the knowledge and belief" (or similar qualification) of any person or party is, and at the Closing Date (as defined in the Plan) will be, correct without such qualification. We have assumed that any Representation made "to the knowledge and belief" (or similar qualification) of any person or party is, and as of the Closing Date with respect to the Reorganization, will be, correct without that qualification. We have also assumed that as to all matters for which a person or entity has represented that the person or entity is not a party to, does not have, or is not aware of any plan, intention, understanding, or agreement, there is and was no such plan, intention, understanding, or agreement. Finally, we have assumed that the Documents and the Representations present all the material and relevant facts relating to the Reorganization.

<u>OPINION</u>

With respect to the Reorganization and the Funds participating therein and the Shareholders thereof, it is our opinion that, based solely on the facts set forth in the Documents and the assumptions described above and conditioned on (1) all the Representations' being true and complete on the Closing Date with respect to the Reorganization and (2) the Reorganization's being consummated in accordance with the Plan (without the waiver or modification of any terms or conditions thereof and without taking into account any amendment thereof that we have not approved), for federal income tax purposes:

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) No gain or loss will be recognized by the Target Fund upon the transfer of all of its assets to, and the assumption of all of its liabilities by the Acquiring ETF in exchange solely for such Acquiring ETF Shares pursuant to Section 361(a) and Section 357(a) of the Code, except for (A) gain or loss that may be recognized on the transfer of "section 1256 contracts" as defined in Section 1256(b) of the Code, (B) gain that may be recognized on the transfer of stock in a "passive foreign investment company" as defined in Section 1297(a) of the Code, and (C) any other gain or loss that may be required to be recognized (i) under an applicable mark-to- market rule or (ii) upon the transfer of an asset regardless of whether such transfer would otherwise be a non-recognition transaction under the Code.

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

------

Neuberger Berman Alternative Funds<br>

Neuberger Berman ETF Trust<br>

January 26, 2024<br>

Page 3<br>

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

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

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

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

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

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

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

Our opinion is based on, and is conditioned on the continued applicability of, the provisions of the Code and the Regulations, judicial decisions, and rulings and other pronouncements of the IRS in existence on the date hereof. All the foregoing authorities are subject to change or modification that can be applied retroactively and thus also could affect the conclusions expressed herein; we assume no responsibility to update our opinion after the date hereof with respect to any such change or modification. Our opinion represents our best judgment regarding how a court would decide the issues addressed herein and is not binding on

------

Neuberger Berman Alternative Funds<br>

Neuberger Berman ETF Trust<br>

January 26, 2024<br>

Page 4<br>

the IRS or any court. Moreover, our opinion does not provide any assurance that a position taken in reliance thereon will not be challenged by the IRS, and although we believe that our opinion would be sustained by a court if challenged, there can be no assurances to that effect.

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

---

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

---

<br>