Neuberger Berman Commodity Strategy

NBCM • ARCA

Neuberger Berman Commodity Strategy is an exchange-traded fund on ARCA. As of Q3 2025, 14 institutional investors hold shares in this ETF, with total holdings valued at $222.9M. WEALTH ENHANCEMENT ADVISORY SERVICES, LLC is the largest holder with a position valued at $108.3M.

Overview

Overview of institutional ownership in NBCM as of Q3 2025

All Institutions

Institutions: 14
Value Held: $222.9M
Shares Held: 9.4M
Avg Position: $15.9M
Median Position: $1.5M

Hedge Funds

Hedge Funds: 0
Value Held: -
Shares Held: -
Avg Position: -
Median Position: -

Biggest Investors

Institutions with the largest positions in NBCM as of Q3 2025

Institution	Key People	Position Value	Ownership	Owned Since	Total AUM (Long)
WEALTH ENHANCEMENT ADVISORY SERVICES, LLC RIA/Wealth	James Loren Cahn Chairman	$108.3M 0.17% of portfolio	4.5M shares	Q4 2022 Held for 2y 11m	$65.5B
N Neuberger Berman Group LLC Institution	-	$85.7M 0.06% of portfolio	3.6M shares	Q4 2022 Held for 2y 11m	$136.94B
N NORTHWESTERN MUTUAL WEALTH MANAGEMENT CO Institution	-	$14.9M 0.01% of portfolio	631.7K shares	Q4 2022 Held for 2y 11m	$149.83B
Private Advisor Group, LLC RIA/Wealth	Franklin R Smith CEO	$3.8M 0.02% of portfolio	163.0K shares	Q2 2025 Held for 5 months	$20.3B
IAG Wealth Partners, LLC RIA/Wealth	Lori Ann Watt President	$3.2M 0.39% of portfolio	137.6K shares	Q4 2023 Held for 1y 11m	$832.4M
L LPL Financial LLC Institution	-	$3.0M 0.00% of portfolio	127.1K shares	Q3 2024 Held for 1y 2m	$340.07B
S STIFEL FINANCIAL CORP Long Only Manager	Adam Vartan Topalian CIO	$2.5M 0.00% of portfolio	106.4K shares	Q4 2023 Held for 1y 11m	$109.37B
A Advisor Group Holdings, Inc. Institution	-	$594.4K 0.00% of portfolio	25.9K shares	Q4 2022 Held for 2y 11m	$71.0B
RAYMOND JAMES FINANCIAL INC RIA/Wealth	Steven Robert Marcus CEO	$348.8K 0.00% of portfolio	14.8K shares	Q1 2025 Held for 8 months	$310.43B
Cambridge Investment Research Advisors, Inc. RIA/Wealth	Amy Lynn Webber CEO	$232.1K 0.00% of portfolio	9.9K shares	Q3 2025 Held for 2 months	$33.5B

Net Capital Flow

Institutional buying and selling activity for NBCM in Q3 2025

Traded: +$24.9M
Buyers: 11
Sellers: 5
Total Bought: +$27.6M
Total Sold: −$2.6M
Avg Position: $13.1M

Biggest Buyers

Institution	Net Bought	Current Position
N NORTHWESTERN MUTUAL WEALTH MANAGEMENT CO Institution	+$14.7M +624.0K shares	$14.9M 631.7K shares
WEALTH ENHANCEMENT ADVISORY SERVICES, LLC RIA/Wealth	+$4.9M +207.1K shares	$108.3M 4.5M shares
N Neuberger Berman Group LLC Institution	+$2.6M +108.6K shares	$85.7M 3.6M shares
Private Advisor Group, LLC RIA/Wealth	+$2.1M +90.6K shares	$3.8M 163.0K shares
S STIFEL FINANCIAL CORP Long Only Manager	+$1.9M +80.0K shares	$2.5M 106.4K shares
L LPL Financial LLC Institution	+$607.2K +25.8K shares	$3.0M 127.1K shares
IAG Wealth Partners, LLC RIA/Wealth	+$307.8K +13.1K shares	$3.2M 137.6K shares
Cambridge Investment Research Advisors, Inc. RIA/Wealth	+$232.1K +9.9K shares	$232.1K 9.9K shares
V Vise Technologies, Inc. Institution	+$223.3K +9.5K shares	$223.3K 9.5K shares
$US BANCORP \DE\ logo$ US BANCORP \DE\ Institution	+$20.5K +872.0 shares	$20.5K 872.0 shares

Biggest Sellers

Institution	Net Sold	Current Position
SUSQUEHANNA INTERNATIONAL GROUP, LLP Private Equity	−$2.6M −115.3K shares	Sold Off 0 shares
B BESSEMER GROUP INC Institution	−$43.0K −1.9K shares	Sold Off 0 shares
A Advisor Group Holdings, Inc. Institution	−$21.1K −921.0 shares	$594.4K 25.9K shares
RAYMOND JAMES FINANCIAL INC RIA/Wealth	−$7.6K −322.0 shares	$348.8K 14.8K shares
IFP Advisors, Inc RIA/Wealth	−$134.0 −6.0 shares	Sold Off 0 shares

Entry and Exit Activity

Institutions that initiated new positions or completely exited NBCM in Q3 2025

New Positions: 3
New Value: $476.0K
Exited Positions: 3
Exited Value: $2.6M

New Positions

Institution	Position Value
Cambridge Investment Research Advisors, Inc. RIA/Wealth	$232.1K 9.9K shares
V Vise Technologies, Inc. Institution	$223.3K 9.5K shares
$US BANCORP \DE\ logo$ US BANCORP \DE\ Institution	$20.5K 872.0 shares

Exited Positions

Institution	Previous Position
SUSQUEHANNA INTERNATIONAL GROUP, LLP Private Equity	$2.6M 115.3K shares
B BESSEMER GROUP INC Institution	$43.0K 1.9K shares
IFP Advisors, Inc RIA/Wealth	$134.0 6.0 shares

Options Activity

Institutions with the largest Call and Put options positions in NBCM as of Q3 2025

Call Positions: 0
Call Value: -
Put Positions: 0
Put Value: -

Call Positions

Institution	Position Value
No call positions found

Put Positions

Institution	Position Value
No put positions found

Most Committed Institutions

Institutions with NBCM as the highest % of their portfolio as of Q3 2025

Institution	Key People	Portfolio Weight	Ownership	Owned Since	Total AUM (Long)
IAG Wealth Partners, LLC RIA/Wealth	Lori Ann Watt President	0.39% $3.2M	137.6K shares	Q4 2023 Held for 1y 11m	$832.4M
WEALTH ENHANCEMENT ADVISORY SERVICES, LLC RIA/Wealth	James Loren Cahn Chairman	0.17% $108.3M	4.5M shares	Q4 2022 Held for 2y 11m	$65.5B
N Neuberger Berman Group LLC Institution	-	0.06% $85.7M	3.6M shares	Q4 2022 Held for 2y 11m	$136.94B
Private Advisor Group, LLC RIA/Wealth	Franklin R Smith CEO	0.02% $3.8M	163.0K shares	Q2 2025 Held for 5 months	$20.3B
N NORTHWESTERN MUTUAL WEALTH MANAGEMENT CO Institution	-	0.01% $14.9M	631.7K shares	Q4 2022 Held for 2y 11m	$149.83B
V Vise Technologies, Inc. Institution	-	0.01% $223.3K	9.5K shares	Q3 2025 Held for 2 months	$2.7B
S STIFEL FINANCIAL CORP Long Only Manager	Adam Vartan Topalian CIO	0.00% $2.5M	106.4K shares	Q4 2023 Held for 1y 11m	$109.37B
Golden State Wealth Management, LLC RIA/Wealth	John Emile Nahas Managing Partner	0.00% $11.6K	493.0 shares	Q1 2025 Held for 8 months	$903.5M
L LPL Financial LLC Institution	-	0.00% $3.0M	127.1K shares	Q3 2024 Held for 1y 2m	$340.07B
A Advisor Group Holdings, Inc. Institution	-	0.00% $594.4K	25.9K shares	Q4 2022 Held for 2y 11m	$71.0B