Strategy. * The Board of Trustees of the Fund approved the liquidation of the Fund. The Fund will create and redeem creation units through the close of regular trading on January 9, 2025, on NYSE Arca, Inc., the Funds principal listing exchange (the Exchange). January 9, 2025 will also be the last day of trading of the Funds shares on the Exchange. Fund shareholders may sell their Fund holdings on the Exchange through January 9, 2025, after which the Fund will not accept creations or redemptions of the Funds shares. Customary brokerage charges may apply to such transactions. From January 10, 2025 through the Liquidation Date, shareholders will be unable to sell their shares on the Exchange. The Fund intends to … Show more… * The Board of Trustees of the Fund approved the liquidation of the Fund. The Fund will create and redeem creation units through the close of regular trading on January 9, 2025, on NYSE Arca, Inc., the Funds principal listing exchange (the Exchange). January 9, 2025 will also be the last day of trading of the Funds shares on the Exchange. Fund shareholders may sell their Fund holdings on the Exchange through January 9, 2025, after which the Fund will not accept creations or redemptions of the Funds shares. Customary brokerage charges may apply to such transactions. From January 10, 2025 through the Liquidation Date, shareholders will be unable to sell their shares on the Exchange. The Fund intends to complete the liquidation of its assets, cease operations, and distribute proceeds to shareholders of record on or about January 16, 2025 (the Liquidation Date). Shareholders of record of the Fund on the Liquidation Date will receive cash equal to the net asset value of their shares as of such date, which will include any dividends or distributions calculated as of that date. The Fund may depart from its stated goals, strategies and techniques as the Fund begins to convert all portfolio securities to cash or cash equivalents in preparation for the final distribution to shareholders. For more information, call us at 800-877-9700 or visit www.nb.com/ETF. To pursue its goal, the Fund normally invests at least 80% of its net assets in U.S. and non-U.S. equity securities issued by real estate investment trusts (REITs) and common stocks and other securities issued by other real estate companies, including rights and warrants, and convertible and preferred securities. The Fund defines a real estate company as one that derives at least 50% of its revenue or profits from real estate, or has at least 50% of its assets invested in real estate. Under normal market conditions, the Fund holds investments tied economically to at least 3 countries and invests a percentage of its net assets in securities of foreign issuers equal to at least the lesser of 30% or 5% below the percentage of foreign issuers in the FTSE EPRA Nareit Developed Index. The Fund is not limited in the extent to which it may invest in real estate equity securities of companies domiciled in emerging market countries. The Fund may also invest in securities of foreign companies in the form of depositary receipts. The Fund generally will invest in convertible securities only if, in the view of the Portfolio Managers, the conversion feature represents a significant element of the securities value. The Fund may invest up to 20% of its net assets in debt securities of real estate companies. These debt securities can be either investment grade or below investment grade (commonly known as junk bonds), provided that, at the time of purchase, they are rated at least B by S&P Global Ratings or Moodys Investor Service (or comparably rated by at least one independent credit rating agency) or, if unrated by either of these, determined by the Portfolio Managers to be of comparable quality. The Fund does not normally continue to hold securities that are in default or have defaulted with respect to the payment of interest or repayment of principal, but may do so depending on market conditions. The Fund may invest in companies across all market capitalizations. The Portfolio Managers make investment decisions through a fundamental analysis of each company while factoring in economic and market developments to identify regions, countries and/or real estate sectors that they believe may be particularly attractive. The Portfolio Managers review each companys current financial condition and industry position, as well as economic and market conditions. In doing so, they evaluate the companys growth potential, earnings estimates and quality of management, as well as other factors. The Fund normally seeks to invest for the long-term, but it may sell securities regardless of how long they have been held if the Portfolio Managers find an opportunity they believe is more compelling, if the Portfolio Managers outlook on the company or the market changes, if a stock reaches a target price, if a companys business fails to perform as expected, or when other opportunities appear more attractive. As part of their fundamental investment analysis the Portfolio Managers consider environmental, social and governance (ESG) factors they believe are financially material to individual investments, where applicable. While this analysis is inherently subjective and may be informed by both internally generated and third-party metrics, data and other information, the Portfolio Managers believe that the consideration of financially material ESG factors, alongside traditional financial metrics, may enhance the Funds overall investment process. The consideration of ESG factors does not apply to certain instruments, such as certain derivative instruments, other registered investment companies, cash and cash equivalents. The consideration of ESG factors as part of the investment process does not mean that the Fund pursues a specific impact or sustainable investment strategy. The Fund will not change its strategy of normally investing at least 80% of its net assets in U.S. and non-U.S. equity securities issued by REITs and common stocks and other securities issued by other real estate companies, without providing shareholders at least 60 days notice. This test and the test of whether a company is a real estate company are applied at the time the Fund invests; later percentage changes caused by a change in market values or company circumstances will not require the Fund to dispose of a holding. Show less