ETF Report: Neuberger Berman Energy Infrastructure and Income Fund Inc (NML)

What this ETF is trying to do

The NML ETF focuses on energy infrastructure. This means it invests in the companies that build and run the systems used to move energy around. The fund also aims to provide regular income to its investors.

What the numbers show

As of July 10, 2026, the current price of NML is $10.40. Looking back at the past year, the price has grown by about 17.78%. When you include the money paid out to investors, the total return for the last year was 27.66%.

The fund has shown strong growth over longer periods too. The three-year total return is 99.38%, which means the value of the investment nearly doubled over that time. This year so far (YTD), the price has already gone up by 22.35%.

Income and distribution explanation

This ETF pays out money to investors, which is called a "distribution." For NML, these payments usually happen every month. Over the last 12 months, there were 12 distributions totaling about $0.73 per share.

The distribution yield is 7.076%. This number tells you how much income the fund pays relative to its price. It is important to remember that a high yield alone can be misleading. A very high yield might look good, but it doesn't tell you if the actual value of the fund is staying healthy.

NAV erosion explanation

"NAV erosion" happens when an ETF's share price keeps falling over time because it is paying out more money than it is actually earning. If a fund's price drops from a high number to a much lower number, it can destroy your "principal." Principal is the original amount of money you put in. If you start with $100 and the price drops to $50, you have lost half your money, even if they paid you some dividends.

However, for NML, no price erosion was detected. The data shows a "good" erosion score, meaning the price has been growing rather than shrinking.

Pros

• The fund has shown strong total returns over one year and three years.

• It provides regular monthly income.

• The price has been increasing rather than falling.

Cons

• Investors must monitor if the high yield is sustainable.

• Energy infrastructure can be affected by changes in the energy industry.

Beginner takeaway

Income investors usually prefer ETFs that go sideways (stay at the same price) or move slightly up. They want to avoid funds that collapse in price. If a fund's price crashes, the income you receive might not be enough to make up for the money you lost in the share price. For NML, the data shows the price has been rising along with the income.