Neuberger US Equity Premium Fund

Investment rationale

This UCITS fund is designed to increase the value of shares through a combination of growth and income, using a put-writing strategy on U.S. equity markets including smaller cap securities. It has a summary risk indicator of 3 out of 7, classified as a medium-low risk product, and has a recommended holding period of 3 years. It may suit investors seeking income and/or capital growth as part of a diversified portfolio, rather than as a single investment or to achieve a specified return by a particular date. Eligible retail investors should have obtained professional investment advice and be able to bear the loss of their entire investment. Its distinct role is as a differentiated equity-related allocation that uses options and maintains a highly liquid fixed income portfolio to support the strategy.

2026-08-04

How the strategy works

The fund aims to increase the value of shares through a combination of growth and income by transacting in financial instruments such as options, using a put-writing strategy on U.S. equity markets, including smaller cap securities. When the fund writes put options, it generates a fee; the strategy leaves the fund fully exposed to market falls, although volatility is generally less than with direct investments in equity indices. The fund is obliged to maintain a highly liquid portfolio of fixed income assets to meet its obligations, may invest up to 30% of net asset value in securities rated below investment grade, and may also use financial derivative instruments to increase growth, reduce risk or improve operational efficiency. It is actively managed and does not intend to track its blended benchmark of 50% CBOE S&P 500 PutWrite Index and 50% CBOE S&P 500 One Week PutWrite Index, which is used only for performance comparison; income is accumulated rather than distributed, and the recommended holding period is 3 years.

2026-08-04

Investment philosophy

• The fund invests through a put-writing strategy on U.S. equity markets, including smaller cap securities, using options as the primary instrument described.

• A put option is used in a way that generates a fee when written, while leaving the fund fully exposed to market falls; volatility is generally lower than with direct investments in equity indices.

• The portfolio must maintain a highly liquid pool of fixed income assets to meet obligations arising from the strategy.

• The fund may invest up to 30% of net asset value in securities rated below investment grade and may also use other financial derivative instruments to pursue growth, reduce risk or improve operational efficiency.

• It is actively managed without being constrained by its blended benchmark of 50% CBOE S&P 500 PutWrite Index and 50% CBOE S&P 500 One Week PutWrite Index, which is used only as a performance comparator.

2026-08-04

Distinctive features

The fund stands out for combining growth and income objectives with a put-writing strategy focused on U.S. equity markets, including smaller cap securities. The strategy generates option premium fees while generally experiencing less volatility than direct investment in equity indices. It also combines this derivatives-based equity exposure with an obligation to hold a highly liquid fixed income portfolio to meet obligations. The USD Z accumulating class has 0.15% management and other administrative or operating costs, 0.07% transaction costs, and no performance fee.

2026-08-04

Risks

The fund has a summary risk indicator of 3 out of 7, classified as medium-low risk. The strategy leaves the fund fully exposed to market falls because of its put-writing approach on U.S. equity markets, even though volatility is generally stated to be lower than for direct investment in equity indices. The fund may invest up to 30% of net asset value in below-investment-grade securities, adding credit risk, and it uses financial derivative instruments that can exaggerate potential returns or losses. There is no protection from future market performance, investors could lose some or all of their investment, and if the depositary becomes insolvent investors may lose some or all of their investment; the fund does not apply the Stewardship and Sustainable Investing Policy and the sub-investment manager deems sustainability risks not relevant for the strategy.

2026-08-04

Asset manager

Neuberger Berman Asset Management Ireland Limited is the manufacturer of the fund. NBAMIL is part of the Neuberger Berman Group. NBAMIL is authorised in Ireland and regulated by the Central Bank of Ireland, and the fund is authorised by the Central Bank pursuant to the European Communities (Undertakings for Collective Investment in Transferable Securities) Regulations 2011, as amended.

2026-08-04