Neuberger Growth ETFNBGX

Neuberger Berman Growth ETF (NBGX) has seen its net assets under management (AUM) drop slightly to $683 million in July 2026, down from a peak of $720 million earlier in the year. The fund, which launched in 2020, aims to provide investors with exposure to companies poised for above-average growth, but its top holdings are dominated by familiar names like Apple (12.5%), Microsoft (11.8%), and Amazon (7.2%). The fund’s fact sheet highlights its active management approach, but the concentration in its top 10 holdings, which make up over 60% of the portfolio, raises questions about how ‘active’ it really is.

The fund’s expense ratio of 0.70% is on the higher side for a growth ETF, especially when compared to passively managed funds that track similar sectors. While NBGX’s managers argue that the fee is justified by their stock-picking expertise, the fund’s performance has been largely in line with broader market indices, leaving investors to wonder if the premium is worth it. The fund’s fact sheet also mentions its focus on ‘emerging themes’ like AI and cloud computing, but the reality is that the portfolio is heavily weighted towards established tech giants that have been riding these trends for years.

NBGX’s performance in 2026 has been mixed, with the fund up around 10% year-to-date, slightly ahead of the S&P 500 but lagging behind some of its more aggressive growth-focused peers. The fund’s fact sheet notes that it uses a ‘multi-factor’ approach to stock selection, but the lack of transparency around these factors makes it hard to assess how much of an edge they really provide. The fund’s liquidity is decent, with an average daily volume of around $1 million, but it’s still a fraction of the trading volume seen in more established ETFs.

The fund’s fact sheet highlights its ‘active management’ approach, but the reality is that the portfolio is heavily concentrated in a handful of stocks. The top 10 holdings make up over 60% of the portfolio, leaving little room for the kind of nimble stock-picking that would justify the fund’s higher fee. The fund’s performance has been largely in line with broader market indices, raising questions about whether the premium is worth it. (source: SEC EDGAR, https://www.sec.gov/edgar/search/#/q=NBGX)