Thornburg International Equity ETF

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 TXUE and TXUG may include: (1) Equity Risk. The value of the Fund's equity investments may fluctuate due to factors affecting individual issuers, industries, or the broader market, while common stock carries greater risk in liquidation or bankruptcy, ranking below preferred stock and debt securities for claims. (2) Risks Affecting Specific Countries or Regions. If the Fund concentrates investments in a specific country or region, its value may be more volatile and susceptible to local conditions, global developments, and regulatory actions, such as U.S. restrictions on investments in certain foreign issuers, with exposure levels varying over time. (3) Market and Economic Risk. The Fund's investments are subject to declines in value due to economic and market conditions, including interest rate changes, political or legal developments, industry trends, and general market volatility.

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.