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Home Investments Exchange Traded Funds Thornburg International Equity ETF TXUE
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TXUE

Thornburg International Equity ETF

Fund Assets
$553.96 M
As of 27 Aug 2026
NAV
$36.42
As of 28 Aug 2026
Change
$0.17
As of 28 Aug 2026
YTD NAV Performance
16.36%
As of 28 Aug 2026
Asset Category:
International Equity
Fund Benchmark:
MSCI EAFE Index

Portfolio Managers

Lei Wang, CFA
Portfolio Manager and Managing Director
Matt Burdett
Head of Equities, Portfolio Manager and Managing Director
OverviewFund FactsPricing & TradingPerformanceCharacteristicsPortfolioPortfolio ManagersLiterature
Overview

Overview

Why Invest in This ETF?

  • Long-Term Growth Potential — Combines rigorous, bottom-up research with a focus on identifying underappreciated businesses trading below intrinsic value and with a defined path to success to help unlock your portfolio’s growth potential.
  • Focused Exposure to Non-US Opportunities — Provides dedicated access to developed markets outside the U.S. through a highly concentrated portfolio of promising businesses with sound fundamentals, helping investors broaden their portfolios and enhance diversification.
  • Seeks to Provide Consistent Risk-Adjusted Returns — Leverages a three-basket approach—basic value, consistent earners, and emerging franchises—in an effort to provide style diversification, reduce volatility, and optimize risk-adjusted returns over time.

Investment Objective

The Thornburg International Equity ETF (the “ETF”) seeks long-term capital appreciation. The ETF’s investment objective may be changed without shareholder approval.

Investment Approach

The ETF offers investors long-term growth potential by capitalizing on promising businesses with sound fundamentals in developed international markets. By diversifying the portfolio across three types of stocks—basic value, consistent earners, and emerging franchises—the ETF seeks to balance risk exposure across styles while providing the opportunity to deliver attractive risk-adjusted returns across market cycles.

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Fund Facts

Fund Facts

(As of 27 Aug 2026)
Net Fund Assets
$553.96 M
Exchange
NASDAQ
Benchmark
MSCI EAFE Index
Morningstar Category
Foreign Large Blend
Inception Date
21 Jan 2025
CUSIP
88521L306
Distribution Frequency
Annual
Total Expense Ratio (%)
0.65%

Expense Ratios - Expressed as a percentage of total fund assets and include management fees and operating costs. Expense ratios fluctuate over time and the expense ratio in the prospectus may differ from the actual expense ratio. The fund's total return includes the deduction of expenses.

Pricing & Trading

Pricing & Trading

(As of 27 Aug 2026)
NAV
$36.25
Market Price / Closing Price
$36.37
Premium / Discount (%)
0.31%
30-Day Median Bid-Ask Spread (%)
0.28%
30-Day Average Volume
33,457
Shares Outstanding
15,280,000

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
39
Days at Discount
2
Days at NAV
0
Days at Premium
51
Days at Discount
11
Days at NAV
0
Days at Premium
49
Days at Discount
12
Days at NAV
0
Days at Premium
202
Days at Discount
35
Days at NAV
2
Performance

Performance

(As of 30 Jun 2026)
YTD
1y
Inception
Market Price (%)
10.11
18.09
26.10
Net Asset Value (%)
9.81
18.42
25.72
MSCI EAFE Index (%)
9.44
20.23
26.21
Morningstar Category Avg. (%)
10.85
21.46
—
Morningstar Quartile
—
3
—
Morningstar Quartile # of Funds
—
676
—
YTD
1y
Inception
Market Price (%)
15.12
24.77
28.16
Net Asset Value (%)
15.05
24.58
27.98
MSCI EAFE Index (%)
11.59
24.33
26.18
Morningstar Category Avg. (%)
11.87
24.46
—
Morningstar Quartile
—
3
—
Morningstar Quartile # of Funds
—
677
—

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 19 Dec 2025)
Ex-Date
Payable Date
Total ($)
Income ($)
ST Cap Gains ($)
LT Cap Gains ($)
19 Dec 2025
31 Dec 2025
0.33847
0.33847
—
—
Characteristics

Characteristics

Portfolio

(As of 31 Jul 2026)
Portfolio
Benchmark
Number of Holdings
48
—
Weighted Average Market Cap
$192.5 B
$123.4 B
Median Market Cap
$98.2 B
$21.6 B
Annual Portfolio Turnover
12%
—
Price to Earnings - Forward 1YR
16.4x
16.0x
Portfolio
Benchmark
Price to Earnings - Trailing 12 Months
21.1x
19.2x
Price to Cash Flow
9.5x
10.7x
Price to Book Value
2.5x
2.3x
Active Share
80.4%
—
Portfolio

Portfolio

Top Holdings

(As of 28 Aug 2026)
Name
Ticker/Symbol
Market Value
Weight %
THORNBURG CAPITAL MANAGEMENT FUND
LIQUID
$31,499,630.69
5.67%
Taiwan Semiconductor Manufacturing Co. Ltd.
2330
$19,155,698.30
3.45%
BNP Paribas S.A.
BNP
$18,327,405.99
3.30%
Mitsubishi UFJ Financial Group, Inc.
8306
$17,169,750.04
3.09%
ING Groep N.V.
INGA
$16,479,735.96
2.97%
Siemens AG
SIE
$16,096,207.25
2.90%
NN Group N.V.
NN
$15,901,924.34
2.86%
Orange S.A.
ORA
$15,670,823.98
2.82%
TotalEnergies SE
TTE
$15,201,902.77
2.74%
AstraZeneca plc
AZN
$15,135,346.44
2.73%
Download Holdings Download PCF Report

Portfolio holdings are subject to change daily.

Exposure Breakdown

Exposure Breakdown

(As of 31 Jul 2026)
Sector
Sector Allocation
Fund (%)
Benchmark (%)

Fund

Benchmark

0%
5%
10%
15%
20%
25%
30%
Industrials
22.7
19.0
Financials
19.9
26.6
Utilities
9.5
3.8
Information Technology
8.1
10.0
Consumer Discretionary
7.7
8.4
Health Care
6.5
10.2
Cash & Equivalents
6.4
—
Materials
6.3
5.9
Communication Services
4.6
3.9
Consumer Staples
4.4
6.8
Energy
4.0
3.8
Sector Allocation
Fund (%)
Industrials
22.7
Financials
19.9
Utilities
9.5
Information Technology
8.1
Consumer Discretionary
7.7
Health Care
6.5
Cash & Equivalents
6.4
Materials
6.3
Communication Services
4.6
Consumer Staples
4.4
Energy
4.0
Top 10 Industries
Fund (%)
Benchmark (%)

Fund

Benchmark

0%
5%
10%
15%
20%
Capital Goods
17.5
15.7
Banks
9.8
16.4
Utilities
9.5
3.8
Insurance
6.9
5.9
Materials
6.3
5.9
Pharmaceuticals, Biotechnology & Life Sciences
4.9
8.7
Telecommunication Services
4.6
2.8
Transportation
4.1
1.7
Energy
4.0
3.8
Semiconductors & Semiconductor Equipment
3.5
6.2
Top 10 Industries
Fund (%)
Capital Goods
17.5
Banks
9.8
Utilities
9.5
Insurance
6.9
Materials
6.3
Pharmaceuticals, Biotechnology & Life Sciences
4.9
Telecommunication Services
4.6
Transportation
4.1
Energy
4.0
Semiconductors & Semiconductor Equipment
3.5
Top 10 Countries
Fund (%)
Benchmark (%)
Region

Portfolio

Benchmark

0%
5%
10%
15%
20%
25%
30%
France
19.3
9.9
Europe ex UK
Japan
14.2
23.3
Japan
Germany
11.9
8.9
Europe ex UK
United States
6.8
0.1
North America
Spain
6.3
4.0
Europe ex UK
Switzerland
6.3
9.4
Europe ex UK
United Kingdom
6.2
14.7
UK
Netherlands
6.1
5.7
Europe ex UK
Italy
4.3
3.3
Europe ex UK
Canada
4.0
—
North America
Top 10 Countries
Fund (%)
France
19.3
Japan
14.2
Germany
11.9
United States
6.8
Spain
6.3
Switzerland
6.3
United Kingdom
6.2
Netherlands
6.1
Italy
4.3
Canada
4.0
Capitalization
Fund (%)
Benchmark (%)

Fund

Benchmark

0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
Large Cap (> $12 B)
100.0
95.8
Capitalization
Fund (%)
Large Cap (> $12 B)
100.0

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

Portfolio holdings are subject to change daily.

Weights are percentages of the total portfolio unless otherwise noted.

May not add up to 100% due to rounding.

Cash and Equivalents 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

Lei Wang, CFA

Lei Wang, CFA

Portfolio Manager and Managing Director
Lei Wang is a portfolio manager for Thornburg Investment Management. He joined Thornburg Investment Management in 2004 as associate portfolio ­manager and was promoted to portfolio manager in 2006. Lei holds a BA and an MA from East China Normal University and an MBA from New York University. He is a CFA charterholder. Prior to joining Thornburg, he served as…
Learn More
Matt Burdett

Matt Burdett

Head of Equities, Portfolio Manager and Managing Director
Matt Burdett is head of equities and a portfolio manager for Thornburg Investment Management. He rejoined the firm in 2015 as an associate portfolio manager. Matt was named a managing director and was promoted to portfolio manager in 2018 and to head of equities in 2024. Matt spent several years as a senior vice president and portfolio manager at PIMCO,…
Learn More

Portfolio managers are supported by the entire Thornburg investment team.

Literature

Fact Sheet
Commentary
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 TXUE, TXUG and THOR 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.

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