ETF Research Center

Neuberger Berman Next Generation Connected Consumer ETF

ALTAR
Score™

2.4%

Recommen-
dation

UNDERWEIGHT

2025E 2026E
P/E ratio	22.7x	P/Sales ratio	2.2x
P/BV ratio	4.6x	Div. yield	1.2%

Description
Performance
Comps
Fundamentals
Valuation
Rating

NBCC actively selects global companies across multiple sectors, that are positioned to benefit from the growing economic power of the NextGen Consumers: Generations Y & Z.

FUND BASICS
Category	Global Equities
Fund Sponsor	Neuberger Berman
Website	www.nb.com/en/us/products/etfs/next-generation-connected-consumer-etf
Inception date	Apr 06, 2022
Assets (mns)	$30
Currency	USD
Expense ratio	56 bp
Distributions	Annually

FUND STRUCTURE
Regulation	Open-Ended Fund
Custodian
Weighting	Proprietary
Index replication
Uses derivatives	No
Options available	No

SECTOR BREAKDOWN

CONSTITUENT BREAKDOWN
No. of constituents	1
Wgt avg mkt cap (mns)	$265,196
Large cap (>$10bn)	82.8%
Mid cap ($2-10bn)	12.6%
Small cap (<$2bn)	4.7%
Developed mkts	98.3%
Emerging mkts	1.7%

TOP TEN HOLDINGS
Total	0.0 %
	0.0 %

TOP COUNTRY EXPOSURE
		0.0 %

HISTORICAL PERFORMANCE info

	Custom date range	Compare to
	thru

Standardized Annual Returns (thru November 30)
Year-to-date	1 year	5 years	10 years	Since Incep.
406.5%	397.2%	--	--	58.1%

Market Correlations
versus...	Beta	R-squared
S&P500	2.13	1%
MSCI EAFE	2.68	2%
MSCI Emg. Mkts.	3.22	2%

Technical Indicators
Recent close	$109.59
30d moving avg.	$84.00
Annualized volatility	160.4%
Short interest (ETF)	0.8%
Relative strength (RSI)	84

Liquidity measures
Avg. volume (thou.)	8,107
Turnover	2,958.8%
Bid/Ask (% of price)	0.23%
ADV underlying (mns)	$12,816

Distributions

There were no matches found with other funds under coverage.

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RESULTS & ESTIMATES

	2020	2021	2022	2023	2024	2025E	2026E
Sales per share	**	**	**	**	**	**	**
Earnings per share	**	**	**	**	**	**	**
Dividends per share	**	**	**	**	**	**	**
Book value per share	**	**	**	**	**	**	**

Sales per share growth		**%	**%	**%	**%	**%	**%
EPS growth		**%	**%	**%	**%	**%	**%

Sales per share growth		**%	**%	**%	**%	**%	**%
EPS growth		**%	**%	**%	**%	**%	**%

OTHER FUNDAMENTAL METRICS

Long term EPS growth est.	**%		Debt-to-equity	**x
Asset turnover	**%		Assets-to-equity	**x

Return on equity

Revision activity*

*Six months ago = 100

Net margins

Compound annual growth rates

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VALUATION METRICS

	2024	2025E	2026E
Price-to-sales	**	**	**
Price-to-earnings	**	**	**
Price-to-cash flow	**	**	**
Price-to-growth	**	**	**
Price-to-book value	**	**	**
Yield	**	**	**

Historical valuation trends

Forward multiple:	Neuberger Berman Next Generation Connected Consumer ETF
Relative to:	S&P500	MSCI EAFE	MSCI Emg. Mkts.	Other ETF:

UNDERWEIGHT

Below average appreciation potential. A rating of UNDERWEIGHT is assigned to ETFs with ALTAR Scores in the 2nd quintile (ranking higher than only 20%-40%) of their category. Typically, funds in this category consist of stocks trading at relatively expensive valuations and/or having below-average fundamentals.

ALTAR Score™

Calculation of ALTAR Score™
Avg. Return on Equity	13.4	%
Divided by: Fwd. P/BV	4.5	x
Less: Expense ratio	56	bp
Equals: ALTAR Score	2.4	%

More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS

COMPOSITE RATING	1.55	CATEGORY AVERAGE	1.58

The composite rating is a weighted average of analysts' consensus recommendations for individual ETF constituents, based on the following scale: BUY = 1; OVERWEIGHT = 1.5, HOLD = 2; UNDERWEIGHT = 2.5; and SELL = 3. Readers are cautioned that because analyst ratings tend to be inflated, the composite score may be more useful as a relative measure of sentiment between funds rather than as a stand-alone recommendation.