Schedule of Investments Carbon Transition & Infrastructure ETF^ (Unaudited)
May 31, 2022
Number of Shares | Value | |
Common Stocks 97.9% | ||
Building Products 1.7% | ||
1,683 | Johnson Controls Int'l PLC | $91,740 |
Chemicals 7.4% | ||
687 | Linde PLC | 223,055 |
594 | Sika AG | 164,415 |
387,470 | ||
Commercial Services & Supplies 2.0% | ||
810 | Waste Connections, Inc. | 103,359 |
Construction & Engineering 7.4% | ||
2,403 | Arcadis NV | 95,244 |
810 | Jacobs Engineering Group, Inc. | 113,473 |
1,499 | Quanta Services, Inc. | 178,381 |
387,098 | ||
Construction Materials 2.1% | ||
2,736 | CRH PLC | 112,858 |
Electric Utilities 18.1% | ||
891 | Acciona SA | 171,698 |
1,415 | Constellation Energy Corp. | 87,843 |
1,008 | Duke Energy Corp. | 113,420 |
2,385 | Exelon Corp. | 117,223 |
11,322 | Iberdrola SA | 134,127 |
2,991 | NextEra Energy, Inc. | 226,389 |
909 | Orsted AS(a) | 102,865 |
953,565 | ||
Electrical Equipment 24.9% | ||
6,039 | ABB Ltd. | 184,973 |
11,149 | Ballard Power Systems, Inc.* | 80,741 |
1,089 | Eaton Corp. PLC | 150,935 |
243 | Generac Holdings, Inc.* | 60,040 |
594 | Hubbell, Inc. | 112,777 |
6,444 | Nordex SE* | 76,063 |
2,737 | Plug Power, Inc.* | 50,580 |
990 | Schneider Electric SE | 137,146 |
10,115 | Siemens Gamesa Renewable Energy SA* | 195,027 |
3,636 | Sunrun, Inc.* | 94,972 |
6,469 | Vestas Wind Systems A/S | 165,285 |
1,308,539 | ||
Electronic Equipment, Instruments & Components 2.1% | ||
2,115 | Itron, Inc.* | 109,155 |
Number of Shares | Value | |
Independent Power and Renewable Electricity Producers 10.2% | ||
3,231 | Atlantica Sustainable Infrastructure PLC | $ 105,492 |
2,393 | NextEra Energy Partners L.P. | 171,458 |
1,413 | Ormat Technologies, Inc. | 118,636 |
7,056 | Sunnova Energy Int'l, Inc.* | 141,120 |
536,706 | ||
Machinery 1.1% | ||
324 | Chart Industries, Inc.* | 56,985 |
Multi-Utilities 8.5% | ||
3,654 | CenterPoint Energy, Inc. | 117,111 |
1,314 | Dominion Energy, Inc. | 110,665 |
11,007 | National Grid PLC | 162,417 |
333 | Sempra Energy | 54,565 |
444,758 | ||
Oil, Gas & Consumable Fuels 6.6% | ||
1,197 | Cheniere Energy, Inc. | 163,714 |
1,035 | DTE Midstream LLC | 60,134 |
3,339 | Williams Cos., Inc. | 123,743 |
347,591 | ||
Semiconductors & Semiconductor Equipment 5.8% | ||
3,922 | Canadian Solar, Inc.* | 125,739 |
576 | Enphase Energy, Inc.* | 107,246 |
1,056 | First Solar, Inc.* | 74,564 |
307,549 | ||
Total Common Stocks (Cost $5,509,578) | 5,147,373 | |
Short-Term Investments 2.0% | ||
Investment Companies 2.0% | ||
105,638 | State Street Institutional U.S. Government Money Market Fund Premier Class, 0.74%(b) (Cost $105,638) | 105,638 |
Total Investments 99.9% (Cost $5,615,216) | 5,253,011 | |
Other Assets Less Liabilities 0.1% | 4,647 | |
Net Assets 100.0% | $5,257,658 |
See Notes to Schedule of Investments
Schedule of Investments Carbon Transition & Infrastructure ETF^ (Unaudited)
(cont’d)
* | Non-income producing security. |
(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 May 31, 2022 amounted to $102,865, which represents 2.0% of net assets of the Fund. |
(b) | Represents 7-day effective yield as of May 31, 2022. |
See Notes to Schedule of Investments
Schedule of Investments Carbon Transition & Infrastructure ETF^ (Unaudited)
(cont’d)
POSITIONS BY COUNTRY | ||
Country | Investments at Value | Percentage of Net Assets |
United States | $3,047,374 | 58.0% |
Spain | 606,344 | 11.5% |
United Kingdom | 385,472 | 7.3% |
Switzerland | 349,388 | 6.6% |
Denmark | 268,150 | 5.1% |
Canada | 206,480 | 3.9% |
Ireland | 112,858 | 2.2% |
Netherlands | 95,244 | 1.8% |
Germany | 76,063 | 1.5% |
Short-Term Investments and Other Assets—Net | 110,285 | 2.1% |
$5,257,658 | 100.0% |
See Notes to Schedule of Investments
Schedule of Investments Carbon Transition & Infrastructure ETF^ (Unaudited)
(cont’d)
The following is a summary, categorized by Level (see the Notes to Schedule of Investments), of inputs used to value the Fund’s investments as of May 31, 2022:
Asset Valuation Inputs | Level 1 | Level 2 | Level 3 | Total |
Investments: | ||||
Common Stocks# | $5,147,373 | $— | $— | $5,147,373 |
Short-Term Investments | — | 105,638 | — | 105,638 |
Total Investments | $5,147,373 | $105,638 | $— | $5,253,011 |
# | 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 Schedule of Investments
Schedule of Investments Disrupters ETF^ (Unaudited)
May 31, 2022
Number of Shares | Value | |
Common Stocks 95.7% | ||
Automobiles 3.8% | ||
224 | Tesla, Inc.* | $169,850 |
Biotechnology 2.1% | ||
2,814 | Arrowhead Pharmaceuticals, Inc.* | 93,875 |
Capital Markets 4.5% | ||
2,980 | Tradeweb Markets, Inc. Class A | 201,478 |
Electronic Equipment, Instruments & Components 8.5% | ||
1,549 | Keysight Technologies, Inc.* | 225,534 |
461 | Zebra Technologies Corp. Class A* | 155,906 |
381,440 | ||
Health Care Equipment & Supplies 23.5% | ||
3,288 | Axonics, Inc.* | 164,400 |
816 | Danaher Corp. | 215,277 |
425 | DexCom, Inc.* | 126,625 |
2,188 | Edwards Lifesciences Corp.* | 220,660 |
367 | IDEXX Laboratories, Inc.* | 143,725 |
544 | Intuitive Surgical, Inc.* | 123,836 |
438 | Masimo Corp.* | 61,508 |
1,056,031 | ||
Interactive Media & Services 10.9% | ||
130 | Alphabet, Inc. Class C* | 296,501 |
1,301 | Match Group, Inc.* | 102,493 |
2,210 | ZoomInfo Technologies, Inc.* | 89,262 |
488,256 | ||
Internet & Direct Marketing Retail 1.0% | ||
530 | Etsy, Inc.* | 42,994 |
IT Services 2.3% | ||
1,135 | DigitalOcean Holdings, Inc.* | 55,445 |
Number of Shares | Value | |
IT Services – cont'd | ||
367 | Snowflake, Inc. Class A* | $ 46,847 |
102,292 | ||
Pharmaceuticals 2.1% | ||
300 | Eli Lilly & Co. | 94,032 |
Road & Rail 2.1% | ||
4,032 | Uber Technologies, Inc.* | 93,542 |
Semiconductors & Semiconductor Equipment 21.9% | ||
2,152 | Advanced Micro Devices, Inc.* | 219,203 |
1,739 | Analog Devices, Inc. | 292,848 |
367 | ASML Holding NV | 211,498 |
1,395 | NVIDIA Corp. | 260,474 |
984,023 | ||
Software 13.0% | ||
355 | Adobe, Inc.* | 147,850 |
473 | Intuit, Inc. | 196,040 |
225 | Palo Alto Networks, Inc.* | 113,125 |
1,408 | Zendesk, Inc.* | 128,762 |
585,777 | ||
Total Common Stocks (Cost $5,194,353) | 4,293,590 | |
Short-Term Investments 4.3% | ||
Investment Companies 4.3% | ||
192,754 | State Street Institutional U.S. Government Money Market Fund Premier Class, 0.74%(a) (Cost $192,754) | 192,754 |
Total Investments 100.0% (Cost $5,387,107) | 4,486,344 | |
Liabilities Less Other Assets (0.0)%(b) | (100) | |
Net Assets 100.0% | $4,486,244 |
* | Non-income producing security. |
(a) | Represents 7-day effective yield as of May 31, 2022. |
(b) | Represents less than 0.05% of net assets of the Fund. |
See Notes to Schedule of Investments
Schedule of Investments Disrupters ETF^ (Unaudited) (cont’d)
The following is a summary, categorized by Level (see the Notes to Schedule of Investments), of inputs used to value the Fund’s investments as of May 31, 2022:
Asset Valuation Inputs | Level 1 | Level 2 | Level 3 | Total |
Investments: | ||||
Common Stocks# | $4,293,590 | $— | $— | $4,293,590 |
Short-Term Investments | — | 192,754 | — | 192,754 |
Total Investments | $4,293,590 | $192,754 | $— | $4,486,344 |
# | 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 Schedule of Investments
Schedule of Investments Next Generation Connected Consumer ETF^ (Unaudited)
May 31, 2022
Number of Shares | Value | |
Common Stocks 94.7% | ||
Beverages 3.3% | ||
4,419 | Keurig Dr Pepper, Inc. | $153,516 |
Diversified Consumer Services 3.9% | ||
7,434 | Coursera, Inc.* | 125,709 |
9,882 | Rover Group, Inc.* | 53,560 |
179,269 | ||
Entertainment 4.2% | ||
2,340 | ROBLOX Corp. Class A* | 70,060 |
1,080 | Spotify Technology SA* | 121,791 |
191,851 | ||
Food & Staples Retailing 2.1% | ||
747 | Walmart, Inc. | 96,087 |
Food Products 2.5% | ||
2,934 | Simply Good Foods Co.* | 117,243 |
Hotels, Restaurants & Leisure 22.7% | ||
3,681 | Basic-Fit NV*(a) | 154,513 |
144 | Chipotle Mexican Grill, Inc.* | 201,967 |
11,025 | DraftKings, Inc. Class A* | 149,389 |
1,277 | Marriott International, Inc. Class A | 219,108 |
21,357 | Membership Collective Group, Inc. Class A* | 189,864 |
1,663 | Starbucks Corp. | 130,545 |
1,045,386 | ||
Insurance 2.6% | ||
35,100 | ZhongAn Online P&C Insurance Co. Ltd. Class H*(a) | 117,393 |
Interactive Media & Services 5.0% | ||
2,106 | Match Group, Inc.* | 165,911 |
4,581 | Snap, Inc. Class A* | 64,638 |
230,549 | ||
Internet & Direct Marketing Retail 7.2% | ||
7,353 | Ocado Group PLC* | 86,243 |
2,628 | Overstock.com, Inc.* | 81,442 |
21,501 | RealReal, Inc.* | 70,523 |
10,827 | Stitch Fix, Inc. Class A* | 91,705 |
329,913 | ||
IT Services 2.4% | ||
1,735 | Wix.com Ltd.* | 109,322 |
Number of Shares | Value | |
Leisure Products 1.2% | ||
3,960 | Peloton Interactive, Inc. Class A* | $55,282 |
Pharmaceuticals 2.2% | ||
585 | Zoetis, Inc. | 99,994 |
Software 1.7% | ||
7,524 | Zuora, Inc. Class A* | 76,293 |
Specialty Retail 13.5% | ||
448 | Home Depot, Inc. | 135,632 |
7,200 | Mister Spex SE* | 40,812 |
3,628 | TJX Cos., Inc. | 230,632 |
279 | Ulta Beauty, Inc.* | 118,045 |
5,743 | Warby Parker, Inc. Class A* | 97,516 |
622,637 | ||
Textiles, Apparel & Luxury Goods 16.4% | ||
2,754 | Aritzia, Inc.* | 80,387 |
2,124 | Crocs, Inc.* | 118,434 |
738 | EssilorLuxottica SA | 118,882 |
13,500 | Li Ning Co. Ltd. | 105,330 |
2,907 | Moncler SpA | 139,500 |
1,620 | NIKE, Inc. Class B | 192,537 |
755,070 | ||
Wireless Telecommunication Services 3.8% | ||
1,314 | T-Mobile U.S., Inc.* | 175,142 |
Total Common Stocks (Cost $5,119,368) | 4,354,947 | |
Number of Units | ||
Master Limited Partnerships and Limited Partnerships 2.8% | ||
Hotels, Restaurants & Leisure 2.8% | ||
2,601 | Cedar Fair LP* (Cost $134,210) | 125,186 |
See Notes to Schedule of Investments
Schedule of Investments Next Generation Connected Consumer ETF^ (Unaudited)
(cont’d)
Number of Shares | Value | |
Short-Term Investments 2.5% | ||
Investment Companies 2.5% | ||
116,204 | State Street Institutional U.S. Government Money Market Fund Premier Class, 0.74%(b) (Cost $116,204) | $116,204 |
Total Investments 100.0% (Cost $5,369,782) | 4,596,337 | |
Other Assets Less Liabilities 0.0%(c) | 1,517 | |
Net Assets 100.0% | $4,597,854 |
* | Non-income producing security. |
(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 May 31, 2022 amounted to $271,906, which represents 5.9% of net assets of the Fund. |
(b) | Represents 7-day effective yield as of May 31, 2022. |
(c) | Represents less than 0.05% of net assets of the Fund. |
See Notes to Schedule of Investments
Schedule of Investments Next Generation Connected Consumer ETF^ (Unaudited)
(cont’d)
POSITIONS BY COUNTRY | ||
Country | Investments at Value | Percentage of Net Assets |
United States | $3,337,887 | 72.6% |
United Kingdom | 276,107 | 6.0% |
China | 222,723 | 4.8% |
Netherlands | 154,513 | 3.4% |
Italy | 139,500 | 3.0% |
France | 118,882 | 2.6% |
Israel | 109,322 | 2.4% |
Canada | 80,387 | 1.8% |
Germany | 40,812 | 0.9% |
Short-Term Investments and Other Assets—Net | 117,721 | 2.5% |
$4,597,854 | 100.0% |
See Notes to Schedule of Investments
Schedule of Investments Next Generation Connected Consumer ETF^ (Unaudited)
(cont’d)
The following is a summary, categorized by Level (see the Notes to Schedule of Investments), of inputs used to value the Fund’s investments as of May 31, 2022:
Asset Valuation Inputs | Level 1 | Level 2 | Level 3 | Total |
Investments: | ||||
Common Stocks | ||||
Insurance | $— | $117,393 | $— | $117,393 |
Textiles, Apparel & Luxury Goods | 649,740 | 105,330 | — | 755,070 |
Other Common Stocks# | 3,482,484 | — | — | 3,482,484 |
Total Common Stocks | 4,132,224 | 222,723 | — | 4,354,947 |
Master Limited Partnerships and Limited Partnerships# | 125,186 | — | — | 125,186 |
Short-Term Investments | — | 116,204 | — | 116,204 |
Total Investments | $4,257,410 | $338,927 | $— | $4,596,337 |
# | 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 Schedule of Investments
May 31, 2022
Notes to Schedule of Investments ETF Trust (Unaudited)
In accordance with Accounting Standards 820 “Fair Value Measurement” (“ASC 820”), all investments held by each of Neuberger Berman Carbon Transition & Infrastructure ETF, Neuberger Berman Disrupters ETF and Neuberger Berman Next Generation Connected Consumer ETF (each individually a “Fund,” and collectively, 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. Significant Management judgment may be necessary 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.
• | Level 1 – unadjusted quoted prices in active markets for identical investments |
• | Level 2 – other observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, amortized cost, etc.) |
• | 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 and master limited partnerships and limited partnerships, 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.
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 with readily determinable fair value are valued using the respective fund's daily calculated net asset value ("NAV") per share (Level 2 inputs).
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 readily available, the security is valued using methods the Neuberger Berman ETF Trust's Board of Trustees (the “Board”) has approved in the good-faith belief that the resulting valuation will reflect the fair value of the security. Inputs and assumptions considered in determining the fair value of a security based on Level 2 or Level 3 inputs may include, but are not limited to, the type of the 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 and/or pricing services; information obtained from the issuer and/or 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
Notes to Schedule of Investments ETF Trust (Unaudited) (cont’d)
days the New York Stock Exchange is open for business. The Board 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 on days 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). In the absence of precise information about the market values of these foreign securities as of the time as of which a Fund’s share price is calculated, the Board 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 are 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 next trades.
In December 2020, the Securities and Exchange Commission (“SEC”) adopted Rule 2a-5 under the Investment Company Act of 1940, as amended (the "1940 Act"), which establishes requirements for determining fair value in good faith for purposes of the 1940 Act, including related oversight and reporting requirements. The rule also defines when market quotations are “readily available” for purposes of the 1940 Act, which is the threshold for determining whether a fund must fair value a security. The rule became effective on March 8, 2021, however, the SEC adopted an eighteen-month transition period beginning from the effective date. Management is currently evaluating the rule.
Other Matters:
Coronavirus: The outbreak of the novel coronavirus in many countries has, among other things, disrupted global travel and supply chains, and adversely impacted global commercial activity, the transportation industry and commodity prices in the energy sector. The impact of this virus has negatively affected and may continue to affect the economies of many nations, individual companies and the global securities and commodities markets, including liquidity and volatility. The development and fluidity of this situation precludes any prediction as to its ultimate impact, which may have a continued adverse effect on global economic and market conditions. Such conditions (which may be across industries, sectors or geographies) have impacted and may continue to impact certain issuers of the securities held by the Funds and in turn, may impact the financial performance of the Funds.
Russia's Invasion of Ukraine: Russia's invasion of Ukraine, and corresponding events in late February 2022, have had, and could continue to have, severe adverse effects on regional and global economic markets for securities and commodities. Following Russia's actions, various governments, including the United States, have issued broad-ranging economic sanctions against Russia. The current events have had, and could continue to have, an adverse effect on global markets performance and liquidity, thereby negatively affecting the value of a Fund's investments beyond any direct exposure to Russian or Ukrainian issuers. The duration of ongoing hostilities and the vast array of sanctions and related events cannot be predicted. Those events present material uncertainty and risk with respect to markets globally and the performance of a Fund and its investments or operations could be negatively impacted.
Notes to Schedule of Investments ETF Trust (Unaudited) (cont'd)
Legend
Other Abbreviations: | |
Management | = Neuberger Berman Investment Advisers LLC |