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Home Investments Exchange Traded Funds Thornburg Core Plus Bond ETF TPLS
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TPLS

Thornburg Core Plus Bond ETF

Fund Assets
$14.91 M
As of 22 Jul 2026
NAV
$24.81
As of 23 Jul 2026
Change
$-0.05
As of 23 Jul 2026
YTD NAV Performance
-0.29%
As of 23 Jul 2026
Asset Category:
Global Fixed Income
Fund Benchmark:
Bloomberg U.S. Aggregate Index

Portfolio Managers

Lon Erickson, CFA
Portfolio Manager and Managing Director
Christian Hoffmann, CFA
Head of Fixed Income, Portfolio Manager and Managing Director
OverviewFund FactsPricing & TradingPerformanceCharacteristicsPortfolioPortfolio ManagersLiterature
Overview

Overview

Why Invest in This ETF?

  • Income Generation — An actively managed fixed income “plus” portfolio that seeks to maximize total return superior to traditional core bonds, with a similar volatility profile.
  • High-Quality Bonds — The ETF seeks total return by primarily investing in investment-grade bonds and identifying relative value opportunities across sectors, including selective exposure to asset-backed and non-agency mortgage-backed securities when appropriate.
  • Conservative Investment Philosophy — We only invest in cash bonds and our approach is to take on risk when we believe we will be compensated for doing so.

Investment Objective

The Thornburg Core Plus Bond ETF (the “ETF”) seeks total return, consisting of income and capital appreciation. The Fund’s investment objective may be changed without shareholder approval.

Investment Approach

This ETF is actively managed and seeks income and total return greater than core bonds, with similar volatility as core. It manages risk through a portfolio primarily of high-quality investment-grade bonds, complemented by up to 25% in below-investment-grade securities. Using a flexible, unsiloed approach to duration, sectors, and structures, the ETF uncovers relative value opportunities that others may overlook in dynamic markets. Investors can expect a balance of income generation and capital preservation.

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Don’t Wait for the All Clear
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Fund Facts

Fund Facts

(As of 22 Jul 2026)
Net Fund Assets
$14.91 M
Exchange
NASDAQ
Benchmark
Bloomberg U.S. Aggregate Index
Morningstar Category
Intermediate Core-Plus Bond
Inception Date
4 Feb 2025
CUSIP
88521L108
Distribution Frequency
Monthly
Total Expense Ratio (%)
0.45%
Pricing & Trading

Pricing & Trading

(As of 22 Jul 2026)
NAV
$24.86
Market Price / Closing Price
$24.88
Premium / Discount (%)
0.10%
30-Day Median Bid-Ask Spread (%)
0.12%
30-Day Average Volume
9,522
Shares Outstanding
600,000

Prior versions of this website, between September 15, 2025, and September 16, 2025, included erroneous data in which the Premium/Discount (%) figure was not updated to reflect the labeled "As of 15 Sep 2025" date. For a period of time on these dates, the Premium/Discount (%) figure reflected the data as of September 12, 2025, instead of September 15, 2025. Please refer to the current data on this website instead of that on the previous website versions.

Premium / Discount History

Premium / Discount History

(As of Current Quarter)
Premium/Discount History Timeframe
Days at Premium
13
Days at Discount
0
Days at NAV
2
Days at Premium
60
Days at Discount
1
Days at NAV
1
Days at Premium
61
Days at Discount
0
Days at NAV
0
Days at Premium
227
Days at Discount
1
Days at NAV
1
Performance

Performance

(As of 30 Jun 2026)
YTD
1y
Inception
Market Price (%)
0.99
3.98
5.20
Net Asset Value (%)
0.99
4.02
5.08
Bloomberg U.S. Aggregate Index (%)
0.62
3.79
5.04
Morningstar Category Avg. (%)
0.83
4.06
—
Morningstar Quartile
—
3
—
Morningstar Quartile # of Funds
—
541
—
YTD
1y
Inception
Market Price (%)
0.99
3.98
5.20
Net Asset Value (%)
0.99
4.02
5.08
Bloomberg U.S. Aggregate Index (%)
0.62
3.79
5.04
Morningstar Category Avg. (%)
0.83
4.06
—
Morningstar Quartile
—
3
—
Morningstar Quartile # of Funds
—
541
—

Source: Confluence

Periods less than one year are not annualized.

Total returns are calculated quarterly using the daily 4:00pm net asset value (NAV). Distributions, if any, are assumed to be reinvested back into the fund on the pay date at the NAV on that date. Performance data quoted represents past performance and past performance is no guarantee of future results. Current performance may be lower or higher than quoted. The investment return and principal value of an investment will fluctuate so that an investor's shares, when sold or redeemed, are subject to market volatility. They may be worth more or less than their original cost. ETF shares are bought and sold at market price (not NAV) and are not individually redeemed from the Fund. Brokerage commissions will reduce returns.

Distributions

Distributions

(As of 30 Jan 2026)
Ex-Date
Payable Date
Total ($)
Income ($)
ST Cap Gains ($)
LT Cap Gains ($)
31 Jan 2025
31 Jan 2025
0
—
—
—
28 Feb 2025
28 Feb 2025
0.07541
0.07541
—
—
31 Mar 2025
31 Mar 2025
0.11118
0.11118
—
—
30 Apr 2025
30 Apr 2025
0.09406
0.09406
—
—
30 May 2025
31 May 2025
0.08820
0.08820
—
—
30 Jun 2025
30 Jun 2025
0.08842
0.08842
—
—
31 Jul 2025
31 Jul 2025
0.10094
0.10094
—
—
29 Aug 2025
31 Aug 2025
0.09027
0.09027
—
—
30 Sep 2025
30 Sep 2025
0.07751
0.07751
—
—
31 Oct 2025
31 Oct 2025
0.10141
0.10141
—
—
28 Nov 2025
30 Nov 2025
0.08343
0.08343
—
—
31 Dec 2025
31 Dec 2025
0.17886
0.17886
—
—
30 Jan 2026
31 Jan 2026
0.01305
0.01305
—
—
Characteristics

Characteristics

Portfolio

(As of 30 Jun 2026)
Portfolio
Benchmark
Number of Holdings
349
—
Effective Duration
6.2 Yrs
5.8 Yrs
Average Effective Maturity
7.2 Yrs
8.1 Yrs
Weighted Average Coupon
3.9%
3.8%
Portfolio
Benchmark
30-Day SEC Yield
4.8%
—
Yield to Worst
5.3%
4.7%
Yield to Maturity
5.3%
—
Portfolio

Portfolio

Top Holdings

(As of 23 Jul 2026)
Name
Ticker/Symbol
Market Value
Weight %
United States Treasury Strip Coupon
912834KB3
$1,293,819.34
8.49%
United States Treasury Strip Principal
912803HS5
$713,114.63
4.68%
THORNBURG CAPITAL MANAGEMENT FUND
LIQUID
$378,382.86
2.48%
CBOT 10 Year US Treasury Note
TYU6
$325,265.63
2.13%
PRKCM 2023-AFC1 Trust
693981AC6
$247,484.96
1.62%
United States Treasury Inflation Indexed Bonds
912810SV1
$179,110.10
1.18%
Freddie Mac Pool
3132DWPS6
$172,943.23
1.13%
Fannie Mae Pool
31418EU99
$157,440.26
1.03%
Fannie Mae Pool
31418FR82
$156,093.59
1.02%
Fannie Mae Pool
3140XRWW1
$153,517.23
1.01%
Download Holdings Download PCF Report

Portfolio holdings are subject to change daily.

Exposure Breakdown

Exposure Breakdown

(As of 30 Jun 2026)
Sector
Sector Allocation
Fund (%)
Benchmark (%)

Fund

Benchmark

0%
10%
20%
30%
40%
50%
Corporate Bond
36.0
24.1
Treasury Domestic
19.1
46.1
Mortgage Passthrough
15.2
23.7
Collateralized Mortgage Obligation
15.0
—
Asset Backed Securities
10.4
0.4
Commercial Mortgage Backed Security
2.3
1.4
Treasury Futures
1.1
—
Treasury-Foreign
0.8
2.4
Preferred Stock
0.5
—
Short-Term Investments, Other Assets & Liabilities
-0.5
—
Sector Allocation
Fund (%)
Corporate Bond
36.0
Treasury Domestic
19.1
Mortgage Passthrough
15.2
Collateralized Mortgage Obligation
15.0
Asset Backed Securities
10.4
Commercial Mortgage Backed Security
2.3
Treasury Futures
1.1
Treasury-Foreign
0.8
Preferred Stock
0.5
Short-Term Investments, Other Assets & Liabilities
-0.5
Top 10 Countries
Fund (%)
Benchmark (%)
Region

Portfolio

Benchmark

0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
United States
95.7
94.3
North America
Canada
1.4
1.1
North America
Australia
1.0
0.1
Asia Pacific ex Japan
United Kingdom
0.7
0.8
UK
Bermuda
0.3
0.0
Other
France
0.3
0.1
Europe ex UK
Israel
0.1
0.1
Other
New Zealand
0.1
—
Asia Pacific ex Japan
Guatemala
0.1
—
Latin America
Japan
0.1
0.5
Japan
Top 10 Countries
Fund (%)
United States
95.7
Canada
1.4
Australia
1.0
United Kingdom
0.7
Bermuda
0.3
France
0.3
Israel
0.1
New Zealand
0.1
Guatemala
0.1
Japan
0.1
Credit Quality
Fund (%)
Benchmark (%)

Fund

Benchmark

0%
10%
20%
30%
40%
50%
60%
70%
80%
U.S. Government
37.9
70.3
AAA
14.7
3.0
AA
5.8
4.6
A
11.5
11.5
BBB
21.4
10.7
Below Invest. Grade
6.6
0.0
Not Rated
2.6
—
Short-Term Investments, Other Assets & Liabilities
-0.5
—
Credit Quality
Fund (%)
U.S. Government
37.9
AAA
14.7
AA
5.8
A
11.5
BBB
21.4
Below Invest. Grade
6.6
Not Rated
2.6
Short-Term Investments, Other Assets & Liabilities
-0.5
Maturity
Fund (%)
Benchmark (%)

Fund

Benchmark

0%
5%
10%
15%
20%
25%
30%
Year 1
11.5
1.1
Year 2
12.8
12.5
Year 3
8.6
10.5
Year 4
9.6
9.4
Year 5
6.5
10.0
Year 6
8.4
7.0
Year 7
6.1
8.0
Year 8
3.5
7.4
Year 9
4.6
8.8
Year 10+
28.8
25.4
Short-Term Investments, Other Assets & Liabilities
-0.5
—
Maturity
Fund (%)
Year 1
11.5
Year 2
12.8
Year 3
8.6
Year 4
9.6
Year 5
6.5
Year 6
8.4
Year 7
6.1
Year 8
3.5
Year 9
4.6
Year 10+
28.8
Short-Term Investments, Other Assets & Liabilities
-0.5

Holdings within the Geography breakdown are classified by country of risk as determined by MSCI and Bloomberg.

Portfolio holdings are subject to change daily.

A bond credit rating assesses the financial ability of a debt issuer to make timely payments of principal and interest. Ratings of AAA (the highest), AA, A, and BBB are investment-grade quality. Ratings of BB, B, CCC, CC, C and D (the lowest) are considered below investment grade, speculative grade, or junk bonds. Credit quality ratings use the highest rating available from either S&P Global Ratings or Moody's Investors Service. Unrated securities are evaluated by the firm using available data and their own analysis that may be similar to that of a nationally recognized rating agency; however, such determination is not equivalent to a national agency credit rating. "NR" = Not Rated.

Weights are percentages of the total portfolio unless otherwise noted.

May not add up to 100% due to rounding.

Short-Term Investments, Other Assets & Liabilities includes cash, short-term securities, other assets less liabilities, accruals, derivatives and forwards. It may also include investments in money market or similar funds managed by Thornburg that are not offered to the public.

Portfolio Managers

Portfolio Managers

Lon Erickson, CFA

Lon Erickson, CFA

Portfolio Manager and Managing Director
Lon Erickson is a portfolio manager for Thornburg Investment Management. He joined Thornburg in 2008 and was named a managing director and was promoted to portfolio manager in 2010. Prior to joining Thornburg Investment Management, Lon spent almost 11 years as an analyst for State Farm Insurance in the equity and corporate bond departments. Lon earned a bachelor’s degree in…
Learn More
Christian Hoffmann, CFA

Christian Hoffmann, CFA

Head of Fixed Income, Portfolio Manager and Managing Director
Christian Hoffmann is head of fixed income and a portfolio manager for Thornburg Investment Management. He joined the firm in 2012 as a fixed income analyst and was promoted to associate portfolio manager in 2014. Christian was named a managing director in 2017, was promoted to portfolio manager in 2018, and to head of fixed income in 2024. Prior to…
Learn More

Portfolio managers are supported by the entire Thornburg investment team.

Literature

Fact Sheet
Annual Financial Statements
Annual TSR
Semi-Annual Financial Statements
Semi-Annual TSR
Summary Prospectus
Prospectus
Statement of Additional Information (SAI)

Important Information

Before investing, carefully consider the Fund's investment goals, risks, charges, and expenses. For a prospectus or summary prospectus containing this and other information, contact your financial advisor or visit thornburg.com. Read them carefully before investing.

Thornburg ETFs are actively managed and do not seek to replicate the performance of a specified index. To determine whether to buy or sell a security, the portfolio managers consider, among other things, various fund requirements and standards, along with economic conditions, alternative investments, interest rates and various credit metrics. If the portfolio manager considerations are inaccurate or misapplied, the fund’s performance may suffer.

Please see our glossary for a definition of terms.

Investments carry risks, including possible loss of principal. Additional risks may be associated with investments outside the United States, especially in emerging markets, including currency fluctuations, illiquidity, volatility, and political and economic risks. Investments in small- and mid-capitalization companies may increase the risk of greater price fluctuations.

Risks associated with investing in Thornburg ETFs may include: (1) Investment Adviser Risk. (2) New and Smaller Sized Fund Risk. The Fund is new, lacks operating history, may face challenges in implementing its strategies, attracting sufficient assets, or achieving economies of scale, and similar ETFs often experience lower trading volumes, wider bid/ask spreads, and potential liquidation risks without shareholder approval. (3) Derivatives Risk. The Fund's use of derivatives, such as futures, options, swaps, and forward contracts, carries risks tied to the underlying assets as well as additional risks, including counterparty default, liquidity challenges, valuation difficulties, and potential delays in closing positions.

Additional risks associated with investing in TPLS, TMB and THOR may include: (1) Credit Risk. If obligations held by the Fund are downgraded by ratings agencies or go into default, or if management action, legislation or other government action reduces the ability of issuers to pay principal and interest when due, the value of those obligations and the Fund’s investment may decline. (2) High Yield Risk. Debt obligations that are rated below investment grade and unrated obligations of similar credit quality (commonly referred to as “junk” or “high yield” bonds) may have a substantial risk of loss. (3) Interest Rate Risk. When interest rates increase, the value of the Fund’s investments may decline and the Fund’s share value may be reduced. When interest rates decrease, the Fund’s dividends may decline. (4) Market and Economic Risk. The Fund's investments, particularly in lower-rated or unrated debt obligations like high-yield bonds, are more susceptible to value declines due to economic and market conditions, poor economic growth, and issuer-specific, political, economic, or legal developments.

Additional risks associated with investing in TPLS and THOR may include: (1) Emerging Markets Risk. The risks which may affect investments in foreign issuers may be more pronounced for investments in emerging markets, also known as developing countries, because the economies of those markets are usually less diversified; communications, transportation and economic infrastructures are less developed; and emerging markets ordinarily have less established legal, political, business and social frameworks.

Exchange Traded Funds (ETF) are bought and sold through exchange trading at market price (not NAV), and are not individually redeemed from the fund. Shares may trade at a premium or discount to their NAV in the secondary market. Brokerage commissions will reduce returns.

Thornburg ETFs are distributed by ALPS Distributors, Inc.

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